Kinterra-Backed Fisher East PEA Delivers US$746 Million NPV and 54% IRR, Tripling Resource Since 2023 Acquisition

New updates have been reported about Kinterra Capital Corp.

Kinterra Capital Corp. has crystallized a major value step at its Fisher East exposure, with portfolio company Cannon Resources releasing a Preliminary Economic Assessment that pegs the post-tax NPV (8%) at US$746 million and an IRR of about 53.8%, supported by an initial capex of US$247 million and a payback period of roughly two years. Since Kinterra acquired the project in early 2023, disciplined drilling and engineering programs have expanded the mineral resource to 20.6 million tonnes at 2.2% nickel equivalent, a 175% increase in tonnage and 206% growth in contained nickel, materially enhancing the asset base underpinning Kinterra’s battery metals strategy.

The PEA, developed by Kinterra alongside Cannon and external consultants, outlines a 15-year underground long hole open stoping operation in Western Australia producing roughly 23,800 tonnes per year of nickel equivalent over years one through eleven, at first-quartile C1 cash costs of US$3.88 per pound of nickel equivalent and life-of-mine AISC of US$4.66 per pound. Using long-term prices of US$9.35 per pound nickel, US$21.82 per pound cobalt, and US$1,231 per ounce palladium, the study forecasts average annual EBITDA of about US$207 million and free cash flow of US$131 million in the first 11 years, with upside as higher-grade underground ore lifts EBITDA above US$275 million from years nine to eleven.

Operationally, the plan envisages plant throughput of up to 1.9 million tonnes per annum, conventional crush-grind-flotation processing, and nickel recovery of around 84.4% into an 11% nickel concentrate with payable cobalt and palladium credits, producing a clean, low-penalty concentrate consistent with established smelter requirements. Permitting is progressing on a largely state-based pathway in a tier-one jurisdiction, with one mining lease granted, two further mining lease applications advancing, all miscellaneous licences in place, and baseline environmental and heritage work underway to support permits targeted by 2027.

From Kinterra’s perspective, the scale and quality of the upgraded resource, combined with strong economics and a clear route to first production targeted in the first half of 2030 following an expected final investment decision in early 2029, reinforce Fisher East as a cornerstone development asset within its battery metals mining fund. Management has signalled that Kinterra and Cannon are actively evaluating offtake and co-investment partnerships, responding to strong inbound interest and positioning the project for potential third-party capital and commercial agreements that could de-risk development, secure long-term cash flows, and enhance Kinterra’s strategic role in critical minerals supply chains.