Cannon Resources

What Cannon Resources does

Cannon Resources is a Western Australia-based nickel exploration and development company focused on advancing the Fisher East Nickel Project and the Collurabbie Project. The flagship Fisher East project, located approximately 430 km north of Kalgoorlie in the North-Eastern Goldfields, hosts four nickel sulphide deposits — Camelwood, Cannonball, Musket, and Sabre — with a combined JORC 2012 Mineral Resource of 20.6 million tonnes at 2.0% Ni containing 410,700 tonnes of nickel metal. The company's core technology centers on conventional underground mining of Archean komatiite-associated nickel sulphide deposits with simple deposit geometry, requiring no proprietary processing innovations. The tenure package covers 406 square kilometres including 13 granted exploration licenses, 1 granted mining lease, and 2 mining lease applications. A secondary Collurabbie Project, located approximately 65 km east, hosts the Olympia nickel-copper-PGE deposit (Inferred Resource of 573,000 tonnes at 1.63% Ni, 1.19% Cu, 0.082% Co, with palladium and platinum credits).

Since acquisition by Toronto-based private equity firm Kinterra Capital in February 2023, Cannon Resources has aggressively expanded the resource base, achieving approximately 250% growth in tonnage through successive drilling campaigns (30,386 m in 2023, 49,000 m in 2024, and extensional drilling in 2025). A Preliminary Economic Assessment announced in April 2026 outlined a 15-year mine life producing approximately 23,800 tonnes per annum of nickel equivalent, first-quartile cash costs of US$3.88 per pound of nickel equivalent, an IRR of approximately 53.8%–54%, initial capital costs of US$247 million, a post-tax NPV8 of US$746 million, and a 2-year payback. By-product credits from cobalt and palladium provide additional revenue optionality.

Cannon Resources is pre-revenue and operates a B2B offtake model that will sell payable nickel concentrate or metal directly to smelting and refining companies, with future targeting of battery supply chain participants for the EV and energy transition end-market. Pricing is commodity-market determined (LME nickel price). The company is targeting a Final Investment Decision in early 2029 and first production in the first half of 2030. Kinterra Capital owns the company in full and provides capital and strategic direction; Cheryl Brandon, Co-Founder and Co-Managing Partner of Kinterra, serves as Non-Executive Chair. The company has 11–50 employees and is headquartered in Subiaco, Western Australia.

Name

Cannon Resources

Legal name

Cannon Resources Pty Ltd

Website

https://cannonres.com.au

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Cannon Resources is a Western Australia-based nickel exploration and development company advancing the Fisher East Nickel Project, a 20.6Mt at 2.0% Ni resource, toward first production in H1 2030 under Kinterra Capital ownership. It will sell nickel concentrate to smelters and battery supply chain participants via offtake agreements.

Ownership category

akta.pro rank

Product category

Nickel Mining and Mineral Exploration

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Metal Mining (1000)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industries

Nickel Mining & Concentrates (IMAKAFAB), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

Keywords

• Nickel exploration
• Nickel mining
• Mineral resource development
• Base metals extraction
• Sulphide ore mining

Headquarters

HQ city

Subiaco

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Nickel Metal and By-product Sales: Pre-revenue mining company planning to generate revenue from nickel sulphide production. The Fisher East Nickel Project is projected to produce approximately 23,800 tonnes per annum of nickel equivalent, with by-product credits from cobalt and palladium. The company will sell payable nickel concentrate/metal to offtake partners, smelters, and battery supply chain participants upon achieving production.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Cannon Resources is a nickel exploration and development company advancing the Fisher East Nickel Project and Collurabbie Project in Western Australia's North-Eastern Goldfields. The company's core product will be nickel concentrate and payable nickel metal produced from four high-grade sulphide deposits (Camelwood, Cannonball, Musket, Sabre) with a JORC 2012 Mineral Resource of 20.6Mt at 2.0% Ni for 410,700 tonnes of contained nickel. The project targets first production in the first half of 2030 with projected annual production of approximately 23,800 tonnes of nickel equivalent plus by-product cobalt and palladium credits.

Product overview

Cannon Resources is a Western Australia-based nickel exploration and development company with two core projects: the flagship Fisher East Nickel Project and the Collurabbie Project. The Fisher East Nickel Project hosts four nickel sulphide deposits (Camelwood, Cannonball, Musket, and Sabre) with combined mineral resources of 20.6Mt at 2.0% Ni containing 410,700 tonnes of nickel. The Collurabbie Project, located 65 km east, contains additional nickel-copper-PGE resources at Olympia. Both projects are situated in the North-Eastern Goldfields region of Western Australia and are focused on advancing toward production for the clean energy revolution.

Differentiator

Problem solved

Functional benefit

Products and services

• Fisher East Nickel Project The flagship project comprising four nickel sulphide deposits (Camelwood, Cannonball, Musket, and Sabre) with a combined JORC 2012 Mineral Resource of 20.6Mt at 2.0% Ni containing 410,700 tonnes of nickel metal. Located approximately 430 km north of Kalgoorlie in Western Australia's North-Eastern Goldfields region. Targeting first production in the first half of 2030 with projected annual production of approximately 23,800 tonnes of nickel equivalent plus by-product cobalt and palladium credits.
• Collurabbie Project A nickel exploration project located approximately 65 km east of the Fisher East Nickel Project, containing a JORC 2012 Inferred Mineral Resource of 573,000 tonnes grading 1.63% Ni, 1.19% Cu, 0.082% Co, 1.49g/t Pd, 0.85g/t Pt at the Olympia deposit. The project consists of three granted exploration licences and provides further exploration opportunities.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators13 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Canada Nickel Company: Canadian nickel developer advancing the Crawford Project, a large-scale nickel sulphide project with a completed PEA/baseline studies. Comparable as a Western-world nickel sulphide developer targeting the battery/EV supply chain.
• Panoramic Resources: Western Australian nickel sulphide producer/developer with the Savannah Project. Comparable as a small-mid cap WA-focused nickel sulphide operator pursuing offtake with battery supply chain participants.
• Mincor Resources: Australian nickel sulphide producer restarting operations at Kambalda (Northern Operations) and Cassini. Direct peer given shared Kambalda-style komatiite nickel geology and WA operating footprint.
• Poseidon Nickel: Australian nickel sulphide explorer/developer advancing the Black Swan and Lake Johnston projects in Western Australia. Direct comparable in commodity, geology (komatiite-hosted sulphides), jurisdiction, and pre-production development stage.
• Chalice Mining: Australian critical minerals explorer/developer with the Gonneville PGE-nickel-copper project in WA. Comparable as a pre-revenue critical minerals developer pursuing downstream battery-related metals, with shared WA jurisdiction and similar stage.

Broad incumbents

• First Quantum Minerals: Global diversified miner with nickel-copper operations and projects. Comparable as a nickel producer/developer in the global critical materials supply chain relevant to Cannon's downstream customers.
• Nickel Industries: ASX-listed nickel producer with rotary kiln electric furnace (RKAB) operations in Indonesia and emerging interests in Australian sulphide projects. Comparable as a nickel producer but operating a different (laterite) technology pathway.
• IGO Limited: Major Australian critical minerals producer with nickel operations (Nova, Forrestania) and battery materials exposure via downstream partnerships. Broad incumbent operating in the same WA nickel/battery materials space.
• BHP (Nickel West): Diversified major operating Nickel West in Western Australia (Mt Keith, Leinster). Broad incumbent representing the largest established WA nickel operator and likely offtake competitor.

Emerging players

• Talon Metals: North American nickel sulphide developer advancing the Tamarack Project in Minnesota with an explicit focus on EV/battery supply chain. Comparable as a junior pre-production nickel sulphide developer with similar ESG/offtake narrative.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/cannonresource
• LinkedInlinkedin.com/company/cannon-resources-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cannon Resources