Mangueiros Project
A large-scale nickel sulphide system in Bahia State, Brazil, with copper and cobalt credits, shallow mineralization, and development characteristics.
Mangueiros Project
• Mangueiros West
• Mangueiros Main
• Lagoa da Onça
• Lagoa da Onça North
Why Brazil
• Top-five global mineral producer
• ~81% renewable power
• Efficient permitting
De-Risked
• ~$7.5M invested to date
• Extensive recent drilling and field programs completed
Nickel
2026 Price: $17,608/t | +14.6% YoY
2026 Balance: Primary nickel surplus: 156 kt
Drivers
-
Indonesia reduced 2026 ore output quota to ~250–260 MMt
-
Policy decisions in Indonesia remain a key supply variable
-
Demand supported by EV batteries and stainless steel
Copper
2026 Price: $11,415/t | +14.5% YoY
2026 Balance: Concentrate deficit: 543 kt
Drivers
-
Copper concentrate market forecast deficit in 2026
-
US‑centered buying/stockpiling may tighten inventories elsewhere
-
Prices reached consecutive highs in 2025
Cobalt
2026 Price: $26.20/lb | +57.0% YoY
2026 Balance: Refined cobalt deficit: 23 kt
Drivers
-
DRC export flows expected to set the effective price ceiling
-
Tightness anticipated in 1H 2026, with potential easing later in 2026
-
Secondary supply growth may be insufficient to fully offset disruption
Source: S&P Global Market Intelligence.
Capital Markets Strength.
Nickel Sulphide Expertise.
Our Journey in Numbers
100
Years of Combined
Experience
Top 5
Brazil Global Mineral Producer
$7.5M
Spent De-risking the Project
