Nickel 28 Announces Confirmation of Cash Distribution from Ramu Joint Venture
Nickel 28 Announces Confirmation of Cash
Distribution from Ramu Joint Venture
Toronto, Ontario--(Newsfile Corp. - October 9, 2024) - Nickel 28 Capital Corp.
(TSXV: NKL) (FSE:
3JC0)
("
Nickel 28
" or the "
Company
") is pleased to announce the pending receipt of its seventh cash
distribution from the Ramu joint venture.
Nickel 28 has received confirmation of a cash distribution for H1 2024 operating performance of
approximately US$4.0 million in respect of its 8.56% joint-venture interest in the Ramu Nickel-Cobalt
project in Papua New Guinea, which is operated by Metallurgical Corporation of China. Nickel 28 also
received confirmation of the repayment of US$7.5 million of Nickel 28's portion of the remaining Ramu
joint venture partner construction debt, reducing Nickel 28's attributable balance to approximately
US$37.7 million. The timing of receipt of the distributions remains to be confirmed but is anticipated to
occur during October 2024.
"The first half of 2024 was characterized by low nickel and cobalt prices. Ramu's efficient operations and
low operating costs allowed it to generate surplus cash, even in this environment," commented
Christopher Wallace, Nickel 28's CEO. "The amount of the distribution also benefitted from certain
changes in working capital balances. Working capital tends to even out over the course of the year and
subsequent distributions may also be affected by working capital changes, either negatively or positively.
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 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 operational and financial results of the Ramu project (including the total
amount of the anticipated distribution (and the timing thereof)); statements related to the repayment of
the Company's Ramu operating debt (and the timing thereof); statements related to the Company's
attributable cash flow (and the receipt and timing thereof); 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.
Investor Relations Contact Information
:
Nickel 28 Investor Relations
Attn: Christopher Wallace, CEO
Tel: +1 604 307 6229
Email:
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/226080