Nickel 28 Files Fiscal Q1 Financial Statements
NEWS RELEASE TSX Venture: NKL
FSE: 3JC0
NICKEL 28 FILES FISCAL Q1 FINANCIAL STATEMENTS
TORONTO, ONTARIO, June 28, 2023 —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, a n 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 suc h 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 know n 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 e ither approved or
disapproved of the contents of this news release.
Investor Contact:
Justin Cochrane, President
Tel: + 1 289 314 4766
Email: [email protected]
Media:
Gagnier Communications
Riyaz Lalani & Dan Gagnier
Tel: +1 416 305 1459
Email: [email protected]