08:03 AM EST, 03/03/2025 (MT Newswires) -- Canada Nickel ( CNIKF ) provided Monday the improved project economics for the Crawford nickel-cobalt project in Ontario based on the results of front-end engineering and design (FEED) activities.

After completing the FEED, the project's net present value at an 8% discount rate improved to US$2.81 billion from US$2.48 billion outlined in a November 2023 feasibility study.

The internal rate of return rose to 17.6% from 17.1% while the initial capital cost jumped to US$2.05 billion from US$1.94 billion.

Canada Nickel ( CNIKF ) said the "resequencing of the mining plan and updated operating costs" improved the project economics.

"Many mining development projects have seen significant cost inflation over the last several years - I am very proud of our team and the robustness of our project that the initial capital cost increased by only 5%," CEO Mark Selby said.

Canada Nickel ( CNIKF ) said it is working with project financing partners Scotiabank, Deutsche Bank and Cutfield Freeman to complete the funding package for Crawford by year-end.

The company also said it is pursuing government funding and other non-equity financing initiatives to provide the funding needed to complete the remaining permitting and engineering activities this year.

Canada Nickel's ( CNIKF ) share price gained 2.9% on Friday to $0.875 on the TSXV.