Atlantic Nickel and Appian Capital Advisory Ltd have announced a record monthly performance at the company’s Santa Rita nickel sulphide mine located in Bahia, Brazil.
In August, Santa Rita produced a record 12,464 t 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 Mt 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 t 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 t 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 m 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 Capital 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.”
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