Australian Mines Ltd (AUZ) is developing the Sconi nickel-cobalt-scandium project in Queensland, Australia. Sconi is an oxide limonite deposit with mineralisation from surface. The deposit has a resource of 89Mt at 0.58% Ni and 0.06% Co and is currently subject to a Definitive Feasibility Study (BFS), due for release in the current quarter. We expect the BFS to outline a 2.0-2.4Mtpa operation producing 15ktpa Ni and 3ktpa Co in battery grade sulphate products. AUZ has 100% of Ni/Co sulphate products committed to a binding offtake agreement with Korean based battery producer SK Innovation. Sconi benefits from free-dig low strip mining, proximity to an established town and the port city of Townsville. The Project is on a granted Mining Lease (ML) and has sealed roads and power to site. We regard Sconi as the most advanced laterite Ni/Co project in Australia. SPEC BUY recommendation.
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