Conico announcement has to be good for Tasman., page-2

Conico Ltd Investment (ASX Code: CNJ)
• Tasman has a 12.2% interest in Conico Ltd.
Conico owns 50% of the Mt Thirsty nickel-cobalt-manganese oxide deposit in Western Australia.


EXTRACTIONS SURGE IN MT THIRSTY TESTWORK HIGHLIGHTS
• Significant improvements in metal extractions returned from leach
optimisation test work on the master composite compared to those
reported in the Scoping Study
o Average cobalt leach extraction improved to 85% with some
results as high as 88%
o Average nickel leach extraction improved to 32% with some
results as high as 37%
• Commensurately higher project revenues expected to be available for
minimal additional reagents and costs
• Cobalt and nickel extractions were achieved on whole ore and therefore
do not have to allow for additional losses from beneficiation
• The extractions were achieved using modest quantities of SO2 for leaching
without requiring the addition of supplemental acid
• Neutralisation tests show that iron and aluminium can be effectively
precipitated after leaching prior to payable metals
• Engineering to enable capital estimation to a PFS level of accuracy
scheduled to commence subject to JV funding
Barra’s Managing Director and CEO Sean Gregory said “These high-quality
technical results are expected to significantly improve the economics of the Mt
Thirsty project. They will go a long way to mitigate the present temporary dip in
cobalt spot pricing. The long-term outlook for cobalt remains strong as an
essential and scarce ingredient for batteries to fuel the electric vehicle revolution.”


Introduction
The Mt Thirsty Cobalt Nickel Project is located 16km northwest of Norseman, Western Australia (Figure 1). The project is jointly owned by Barra Resources Limited and Conico Limited, together the Mt Thirsty Joint Venture (MTJV).
The Project contains the Mt Thirsty Cobalt-Nickel Oxide Deposit that has the potential to emerge as a significant cobalt producer.
The MTJV is progressing a Pre-Feasibility Study (PFS) on the project utilising industry leading consultants led by Amec Foster Wheeler Australia Pty Ltd, trading as Wood.


6A920050_CNJ-2.pdf