Nickel 28 Files Fiscal Q2 Financial Statements
NEWS RELEASE TSX Venture: NKL
FSE: 3JC0
NICKEL 28 FILES FISCAL Q2 FINANCIAL STATEMENTS
TORONTO, ONTARIO, September 29, 2022 —Nickel 28 Capital Corp. (“Nickel 28” or the “Company”)
(TSXV: NKL) (FSE: 3JC0) has released its results for the quarter ended July 31, 2022.
“During the quarter, Ramu continued its strong production results and remained one of the lowest cost
nickel mines in the world ” stated Anthony Milewski, the Company’s Chairman. “Ramu sales continue to
be slower than expected, however nickel and cobalt prices remain elevated.”
Quarterly 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 quarter. Highlights from Ramu and the
Company during the quarter include:
- Strong quarter end cash balance of US$4.6 million, providing ample liquidity for the Company.
- Production of 8,128 tonnes of contained nickel and 695 tonnes of contained cobalt in mixed
hydroxide (MHP) during the second calendar quarter, placing Ramu as the number one producer
of MHP globally.
- Actual cash costs for the second calendar quarter, net of by-product sales, of US$3.03/lb. of
contained nickel.
- Total net and comprehensive income of $3.0 million ($0.03/share) and $0.2 million ($0.00/share)
for the three and six months ended July 31, 2022, respectively, largely as a result of lower sales and
higher input and labour costs.
Ramu Update
On September 11, 2022, Papua New Guinea experienced a 7.6 magnitude earthquake 150km south of
Madang. Emergency protocols were initiated at the Ramu Mine and it was determined that no injuries to
personnel occurred. MCC has reduced throughput at Ramu’s refinery while specialists are engaged to
ensure integrity of all key equipment before returning to full production. It’s expected that Ramu will
operate at reduced capacity for at least 2 months.
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 13 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 sta tements’ 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; statements with respect to the prospects of
nickel and cobalt in the global electrification of vehicles; statements related to the repayment of the
Company’s Ramu operating debt; statements related to the production impacts of the Covid-19 pandemic;
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 Contact:
Justin Cochrane
Tel: 289.314.4766
Email: [email protected]