Nickel 28 Announces Fiscal 2023 Financial Results
NEWS RELEASE TSX Venture: NKL
FSE: 3JC0
NICKEL 28 ANNOUNCES FISCAL 2023 FINANCIAL RESULTS
TORONTO, ONTARIO, May 17, 202 3 —Nickel 28 Capital Corp. (“Nickel 28 ” or the “ Company”)
(TSXV: NKL) (FSE: 3JC0) has released its financial results for the financial period ended January 31,
2023.
The Company’s Chairman, Anthony Milewski is pleased to announce that “with another strong year of
production and sales performance from Ramu, the Company continues to receive significant cash
distributions from Ramu. As a result of Ramu’s strong operating results and financial performance, the
Company repaid US$21.3 million of its construction debt, which leaves a remaining construction debt
balance of US$55.8 million at the end of the fiscal year.” Mr. Milewski continued, “we would once again
like to thank our joint venture partner, Metallurgical Corporation of China, for another exceptional year.”
Full Year Highlights
The Company’s principal asset, a n 8.56% joint -venture interest in the Ramu Nickel -Cobalt (“ Ramu”)
integrated operation in Papua New Guinea, had another outstanding year in terms of production, sales and
cash flow. Highlights from Ramu and the Company during the year include:
- Full year debt repayment of US$ 21.3 million, with a remaining construction debt balance of
US$55.8 million as at January 31st, 2023.
- Production of 34,302 tonnes of contained nickel and 2,987 tonnes of contained cobalt in mixed
hydroxide precipitate (MHP) placing Ramu as one of the top producers of MHP globally.
- Total Ramu project revenue of over US$820 million.
- Average cash costs for the year, net of by-product sales, of US$3.37/lb. of contained nickel.
- Total net and comprehensive income of US$6.1 million or US$0.07 per share.
“Ramu’s consistent performance of production at the bottom of the cost curve continues to translate into
strong cash flow regardless of commodity prices. Give n this, we expect Ramu to again deliver strong
results in 2023 as EV demand for nickel rich batteries improves ,” stated Justin Cochrane, President of the
Company.
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 statemen ts’ 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 with
respect to anticipated future production, sales and cash flow from Ramu and matters relating thereto.
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 incor rect, 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 Contact:
Justin Cochrane
Tel: + 1 289 314 4766
Email: [email protected]
Kingsdale Advisors
Tel: 1-888-518-1557 or 416-867-2272
Email: [email protected]
Media:
Gagnier Communications
Riyaz Lalani & Dan Gagnier
Tel: +1 416 305 1459
Email: [email protected]