Sirius Resources sign native title agreement

Sirius Resources have signed a native title agreement with the Ngadju people for its Nova nickel project.

The miner, and its Nova-Bollinger project, has been touted as one of the prospective in the country.

Last year Sirius became the industry's newest billion dollar company following a huge spike in shares after very promising drill results on its Fraser Range nickel copper project.

Shares in the company jumped 48c to a $4.67 in early afternoon trade on one day, lifting the group's market capitalisation to $1.04 billion mid last year.

The previous July the company was trading at just 5.7c per share and was down to its last $1 million.

It continued its upwards trend following the release of a definitive feasibility study in October last year for its $471 million Nova project.

Sirius managing director Mark Bennett said the company is already fielding significant interest from financiers after releasing its Scoping Study in the previous September.

“Our scoping study has firmed that Nova and its nearby subsequent Bollinger discovery is a financially and technically low risk minimum ten year mine life project,” Bennett said.

Bennet said the project is attracting unsolicited financing offers at “incredibly cheap rates” just so that parties could “get a seat at the table”.

“We believe that once production commences, Sirius will emerge as between the 10th and 14th largest nickel producer in the world,” he said at the time.

Now the miner has taken another significant step forward, with the signing of a native title agreement.

This new agreement will enable the Western Australian DMP to proceed with the grant of the Nova mining lease, and for Sirius to develop the mine.

"This is a major milestone for the company as it is the key trigger for the Nova nickel project approvals process and, ultimately, the project development timeline," the company said in a statement.

The agreement between Sirius and the Ngadju people includes a variety of economic, educational, vocational, and cultural initiatives.

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