Atlantic Nickel (“Atlantic Nickel” or the “Company”) and Appian Capital Advisory Limited (“Appian”) announce a record monthly performance at the Company’s Santa Rita nickel sulphide mine (“Santa Rita” or the “Mine”) located in Bahia, Brazil.
- Santa Rita delivered a record production of 12,464 tonnes of nickel concentrate in August 2026
- Building on a strong H1 2026 with Adjusted EBITDA of US$66.5 million at a first-quartile C1 cost of US$3.10/lb
- Results delivered as early works for the underground development commenced, with over 600 meters of tunnels now excavated
In August, Santa Rita produced a record 12,464 tonnes of nickel concentrate and achieved a record metallurgical recovery rate of 86.72%, the highest levels since operations restarted under Appian’s ownership in 2019.
August’s record performance builds on a strong H1, when Atlantic Nickel generated Adjusted EBITDA of US$66.5 million and gross revenue of US$163.3 million. Operations processed 3.39 million tonnes of ore, yielding concentrate grades of 12.5%–13.4% nickel with significant copper, PGMs, cobalt and other by-products. The mine achieved an average C1 cost of US$3.10/lb over the six months, maintaining the company’s position as a consistent first-quartile producer. During the period, the company shipped 49,717 tonnes of nickel concentrate to customers in Canada, Finland and China.
Atlantic Nickel is also advancing the transition of Santa Rita from open-pit to underground extraction. The underground transition is expected to extend the mine’s operating life beyond 30 years, with annual production of approximately 30,000 tonnes of nickel equivalent and a competitive cost structure.
Following the completion of the Pre-Feasibility Study in 2024, Appian is now advancing the Definitive Feasibility Study. The initial works for the underground transition are being carried out simultaneously. The inaugural blast for the South Portal was completed in March 2026, and over 600 meters of tunnels have since been excavated.
Santa Rita continues to operate to the highest safety standards across its operations, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.63 over the last 12 months. Santa Rita delivered over 4,079 Visible Felt Leadership (“VFL”) instances and 54,300 man-hours of safety, health and environmental training in H1 2026, contributing to a best-in-class safety culture and awareness on site.
Milson Mundim, Country Manager of Appian Brazil, commented: “These results reflect the strength of our operating model and our disciplined approach to value creation. As we advance the transition of Santa Rita to underground operations, we remain committed to continuous improvement across the mine’s operations and processes. This approach has enabled us to increase productivity, enhance nickel recovery and strengthen the operation’s results, while continuing to uphold the highest standards of safety and environmental stewardship.”
For further information:
About Atlantic Nickel
The Santa Rita nickel mine is an operating open-pit nickel sulphide (“NiS”) mine, located in the north-eastern Brazilian state of Bahia. Appian acquired the mine in 2018, optimized the pit design, refurbished the processing facilities, and successfully restarted operations in 2019. Current operations involve open-pit mining and a concentrator with a capacity of approximately 6.5 million tonnes per year, producing a nickel sulphide concentrate. The concentrate also contains by-products including copper, cobalt, platinum, palladium, and gold. In 2024, Santa Rita processed 6.6 million tonnes (Mt) of open-pit ore, producing 31.8 million pounds of nickel, 10.1 million pounds of copper, and 0.6 million pounds of cobalt in concentrates.
Appian is advancing the development of a large, higher-grade underground resource, extending the initial 8-year open-pit life of mine to over 30 years. In 2024, Atlantic Nickel delivered its Pre-Feasibility Study (“PFS”) for the mine’sunderground expansion. The PFS further reinforced Appian’s confidence in the project, outlining a long-life mine with higher annual production, low capital intensity, and a competitive cost structure. Atlantic Nickel is advancing this scenario through the ongoing Definitive Feasibility Study, with early works progressing on underground development.
Appian Capital Advisory Limited:
Andrew Todd, Head of Communications: +44 7990416759 / [email protected]
+44 (0)20 7004 0951 / [email protected]
About Appian
Appian Capital Advisory Limited is the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries.
Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies in metals, mining, and adjacent industries to achieve their development targets, with a global operating portfolio overseeing approximately 13,500 employees.
Appian has a global team of ~100 experienced investment professionals, combining financial and technical expertise, with presences in London, Abu Dhabi, New York, Dubai, Belo Horizonte, Hong Kong, São Paulo and Toronto.
