Poseidon Enters Binding Agreement to Sell Lake Johnston

Poseidon Nickel Limited (ASX: POS) has finalized a Binding Heads of Agreement to sell Lake Johnston to Mineral Resources Limited (MRL). The deal includes a $15 million cash consideration, consisting of a $1 million non-refundable payment and $14 million in cash, with additional royalties on mineral extraction. CEO Craig Jones stated that the sale will unlock shareholder value and bolster Poseidon's balance sheet for strategic exploration and operational activities.

The divestment will reduce annual expenditures by $1.4 million and eliminate rehabilitation provisions. Poseidon aims to focus on high-grade nickel discoveries while maintaining Black Swan as a production asset. The agreement marks a significant step in Poseidon's strategy to become a profitable nickel producer, leveraging existing infrastructure and exploration opportunities.

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