Parabellum Establishes Shallow Nickel-Cobalt Resource at Miandetta

Maiden Resource Establishes Miandetta Scale

Parabellum Resources Limited (ASX:PBL) has converted several years of drilling at its Miandetta nickel-cobalt prospect into a maiden Mineral Resource Estimate of 4.8 million tonnes at 0.77% nickel and 0.04% cobalt. The estimate contains 37,000 tonnes of nickel and 1,920 tonnes of cobalt, giving the company its first formal resource base at the Redlands Project in central New South Wales.

The resource comprises 3.1Mt of Indicated material and 1.7Mt classified as Inferred, with no Measured Resource. Limonite accounts for 3.6Mt at 0.78% nickel, while saprolite contributes 1.2Mt at 0.73% nickel. Both domains sit within the weathered profile above ultramafic rocks, with mineralisation generally starting near surface and extending less than 50 metres below ground.

Shallow Laterite Supports Open-Pit Concept

The deposit’s shallow geometry is central to the company’s initial economic case. Parabellum has reported the resource at a 0.70% nickel cut-off based on a conceptual open-pit scenario and Atmospheric Acid Leach processing route aimed at producing Mixed Nickel-Cobalt Hydroxide Precipitate.

That case is not yet a development study. The baseline evaluation assumes 100% mining recovery, zero dilution, 95% processing recovery for nickel and cobalt, and long-term commodity prices of US$30,000 a tonne for nickel and US$80,000 a tonne for cobalt. The company describes these as high-level inputs used to demonstrate Reasonable Prospects for Eventual Economic Extraction, rather than definitive project parameters.

Density and Metallurgy Remain Important Gaps

The most immediate technical limitation is the tonnage calculation. The estimate uses a single assumed bulk density of 1.66 rather than project-specific measurements across the limonite, saprolite and other geological domains. Mining One, the independent consultant that prepared the estimate, has recommended a comprehensive density program as a priority.

Further metallurgical and mineralogical testwork is also required. Earlier testwork cited in the announcement produced nickel recoveries ranging from 74% to 99% on representative samples, with several results above 90%, but the current resource still lacks a detailed variable recovery model, product specification assessment or acid-consumption optimisation study. Preliminary mining, geotechnical and hydrogeological work will also be needed before the project can be assessed on a more rigorous basis.

Drilling Could Expand or Upgrade the Estimate

Parabellum’s next technical priorities are expansion drilling into open lateral extensions and infill drilling within the existing resource. The stated aim is to add tonnes and improve confidence, particularly in areas currently classified as Inferred. The estimate is based on aircore and reverse-circulation drilling completed between 2023 and 2025, generally spaced about 50 to 100 metres apart.

The company is also reviewing additional nickel-cobalt targets across Redlands and the adjacent Whitbarrow project. A broader prospectivity review of its NSW tenements is due in the fourth quarter of calendar 2026, while Parabellum continues to assess potential precious and base-metal acquisitions. The question now is whether Miandetta’s shallow resource can survive more detailed density, metallurgical and mining scrutiny while growing beyond its initial footprint.