Nickel 28 Announces Senior Management Terminations
NEWS RELEASE TSX Venture: NKL
FSE: 3JC0
NICKEL 28 ANNOUNCES SENIOR MANAGEMENT TERMINATIONS
TORONTO, ONTARIO, May 6, 2024 —Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV:
NKL) (FSE: 3JC0) today announced that Mr. Anthony Milewski, former Chief Executive Officer of the
Company, Mr. Justin Cochrane, former President of the Company, and Mr. Conor Kearns, former Chief
Financial Officer of the Company, have been terminated for cause with immediate effect after the Company
found evidence of serious misconduct, breach of duties and obligations, repeated lack of judgment, care
and diligence and non- compliance with various of Nickel 28’s policies and procedures . None of the
Company’s findings have been proven in court.
Messrs. Milewski, Cochrane and Kearns’ employment and/or consulting arrangements with the Company
have been terminated for cause with immediate effect following the close of business on May 3, 2024 after
the Company’s board of directors (the “ Board”) received and considered the findings and
recommendations made by an independent special committee of the Board (the “Special Committee ”).
The Special Committee was formed in early December 2023 to conduct an independent investigation, in
consultation with independent legal counsel and professional advisors, into, among other things, historical
compensation arrangements, including grants made under the Company’s Omnibus Long-Term Incentive
Plan, compliance with the Company’s various internal policies and procedures (including its Insider
Trading Policy, Expense Policy and Code of Business Conduct and Ethics), as well as a review of policies
and practices relating to actual or potential conflicts of interest and related party and similar transactions
involving the Company’s insiders and key employees . Following its review, the Special Committee
reported its findings to the Board and unanimously recommended to the Board, and the Board approved,
the termination for cause of each of Messrs. Milewski, Cochrane and Kearns. The Special Committee
members have asked Mr. Milewski to resign from the Board. The Company has reserved all of its rights
against the aforementioned individuals and intends to take such steps or initiate such proceedings as may
be available and appropriate to recover from the terminated individuals the losses it alleges the Company
has suffered, and may continue to suffer, and recover the gains the Company alleges they may have
benefited from, due to the serious misconduct found by the Special Committee. The Special Committee’s
findings are currently not expected to materially change or impact the Company’s prior financial statements
and associated reportings.
The Board has appointed Mr. Christopher S. Wallace as Interim Chief Executive Officer of the Company
with immediate effect. As a current member of the Company’s Board appointed as part of the reconstitution
undertaken last year , chair of the Company’s Audit Committee , and with a wealth of experience in
leadership and finance, including in the critical minerals industry through other public corporate
directorships, Mr. Wallace brings a renewed perspective and discipline of oversight during this transition
period. During the transition, the Board will ensure the Company has the management expertise and skills
needed to execute on its strategic vision and plans; and will exit the transition with a Board that is properly
constituted with the requisite skills and experience to lead the Company accordingly. Mr. Brett Richards,
also a current member of the Board and an experienced and accomplished natural resources executive and
corporate director with over 37 years of experience in senior and operational management, project
development and business development roles in the mining and metals industry, has agreed to provide
certain transition consultancy services to the Company in the coming months to support the Company’s
ongoing business and operations until the vacant leadership roles have been filled. Mr. Martin Vydra, EVP,
Strategy, and Mr. Craig Lennon, Head of Asia Pacific, remain with the Company and will continue their
roles helping to manage Nickel 28’s business and operations.
The Company’s core strategic vision and objectives remain unchanged. The Board and continuing
leadership team remain committed to maintaining the highest standards of integrity , transparency, and
accountability in all aspects of Nickel 28’s operations. Full details of the impact of the terminations of
Messrs. Milewski, Cochrane and Kearns will be disclosed, as and when required, in the Company’s future
continuous disclosure filings, including its 2025 management information circular.
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”, “will”
“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
regarding the Company’s strategic vision and objectives and the impact of the findings on the Company’s
financial statements or reporting obligations . 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 Contact:
Brett A. Richards
Nickel 28 Investor Relations
Tel: + 1 905 449 1500
Email: [email protected]