Nickel 28 Files Fiscal Q1 Financial Statements
June 28 2023 - 4:18PM
Business Wire
Nickel 28 Capital Corp. (“Nickel 28” or the
“Company”) (TSXV: NKL) (FSE: 3JC0) has
released its results for the quarter ended April 30, 2023.
“In the first calendar quarter of 2023, Ramu had another
outstanding quarter of production and sales,” stated Anthony
Milewski, the Company’s Executive Chairman. “Additionally, we’re
starting to see a material reduction in Ramu’s cash costs on
reduced input and operating costs.”
Quarterly Highlights
The Company’s principal asset, an 8.56% joint-venture interest
in the Ramu Nickel-Cobalt integrated operation in Papua New Guinea
(“Ramu”), had another outstanding quarter. Highlights from
Ramu and the Company during the quarter include:
- Production of 9,016 tonnes of contained nickel and 798 tonnes
of contained cobalt in MHP during the first calendar quarter,
placing Ramu as one of the top producers of mixed hydroxide
precipitate (“MHP”) globally;
- Sales of 7,914 tonnes of contained nickel and 673 tonnes of
contained cobalt in MHP during the first calendar quarter;
- Actual cash costs for the first calendar quarter, net of
by-product sales, of US$3.12/lb. of contained nickel, a 32%
reduction compared to Q4 2022;
- Strong quarter end cash balance of US$10.6 million;
- Total net and comprehensive income of US$0.5 million
(US$0.01/share) for the three months ended April 30, 2023, largely
as a result of the Company’s share of operating profit from Ramu
Nickel Mine;
- Receipt by the Company of a cash distribution of approximately
US$9.7M from Ramu for its distributable share of the mine’s
operating surpluses for the second half of calendar 2022; and,
- Total non-recourse construction debt of US$56.5 million as at
April 30, 2023.
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its
8.56% joint-venture interest in the producing, long-life and
world-class Ramu Nickel-Cobalt Operation located in Papua New
Guinea. Ramu provides Nickel 28 with significant attributable
nickel and cobalt production thereby offering our shareholders
direct exposure to two metals which are critical to the adoption of
electric vehicles. In addition, Nickel 28 manages a portfolio of 10
nickel and cobalt royalties on development, pre-feasibility and
exploration projects in Canada, Australia and Papua New Guinea.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes
“forward-looking statements” and “forward-looking information”
within the meaning of applicable Canadian securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as “may,” “should,” “anticipate,” “expect,” “potential,”
“believe,” “intend” or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include, but are not limited to: statements and figures with
respect to the operating performance of Ramu; and statements with
respect to the business and assets of the Company and its strategy
going forward. Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties, most of which are beyond
the Company’s control. Should one or more of the risks or
uncertainties underlying these forward-looking statements
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements.
The forward-looking statements contained herein are made as of
the date of this release and, other than as required by applicable
securities laws, the Company does not assume any obligation to
update or revise them to reflect new events or circumstances. The
forward-looking statements contained in this release are expressly
qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No securities regulatory authority has
either approved or disapproved of the contents of this news
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230628951784/en/
Investors:
Justin Cochrane, President Tel: + 1 289 314 4766 Email:
info@nickel28.com
Media:
Gagnier Communications Riyaz Lalani & Dan Gagnier Tel: +1
416 305 1459 Email: NKL28@gagnierfc.com
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