Horizonte Minerals PLC's (LON:HZM) deal last year with titan Glencore (LON:GLEN) to buy the adjacent nickel project to Araguaia was a 'game changer', says boss Jeremy Martin.
And the focus in the first half of 2016 will be to integrate the two sites, he said in final results today.
"...this includes updating the combined mineral resource estimate with the phase 4 drilling completed in 2015, an updated process flow sheet with the data and results from the pilot programme and updated capital costings which will all flow into an updated pre-feasibility study."
The company boss said last year had been productive, despite the backdrop of highly challenging commodities prices.
Another highlight was the successful pilot plant programme using the Rotary Kiln Electric Furnace method to process Araguaia ore proving the suitability of Araguaia to generate ferronickel product.
For the year to December 31, 2015, the pre-tax loss was around £1.6mln against a loss of £1.2mln in 2014.
Cash at end of year was around £2.7mln (2014 end: £5mln).