Nickel 28 Files Fiscal Q2 Financial Statements
NEWS RELEASE TSX Venture: NKL
FSE: 3JC0
NICKEL 28 FILES FISCAL Q2 FINANCIAL STATEMENTS
TORONTO, ONTARIO, September 26, 2023 —Nickel 28 Capital Corp. (“ Nickel 28” or the “Company”)
(TSXV: NKL) (FSE: 3JC0) has released its results for the quarter ended July 31, 2023.
“In the second calendar quarter of 2023, Ramu continued its strong performance of operations maintaining
its industry leading low costs and ability to operate at above nameplate capacity” stated Anthony Milewski,
the Company’s Chief Executive Officer. “Ramu experi enced reduced production during the quarter as it
pursued the opportunity to implement certain maintena nce procedures and upgrades. Nickel 28’s share of
operating profit from Ramu exceeded the previous qua rter and exceeded the same quarter last year,
notwithstanding the maintenance work that was undertaken.”
Quarterly Highlights
The Company’s principal asset, an 8.56% joint-ventur e 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 7,784 tonnes of contained nickel and 717 tonnes of contained cobalt in MHP during
the second calendar quarter, placing Ramu as one of the top producers of mixed hydroxide
precipitate (“MHP”) globally
- Sales of 9,078 tonnes of contained nickel and 822 tonnes of contained cobalt in MHP during the
second calendar quarter
- Actual cash costs for the second calendar quarter, net of by-product sales, of US$3.92/lb. of
contained nickel, a 26% increase compared to Q1
- Share of operating profit from Ramu Nickel Mi ne of $5.1 million duri ng the second calendar
quarter
- Strong quarter end cash balance of US$6.5 million
- Total net and comprehensive income of US$0.6 million (US$0.01/share) for the three months ended
July 31, 2023, largely as a result of the Compa ny’s share of operating profit from Ramu Nickel
Mine and higher costs attributable to the Co mpany’s contested Annual General and Special
Meeting
- Total non-recourse construction debt of US$57.2 million as at July 31, 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-cl ass Ramu Nickel-Cobalt Oper ation located in Papua New
Guinea. Ramu provides Nickel 28 with signifi cant 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 informati on which constitutes “for ward-looking statements”
and “forward-looking information” within the meaning of applicab le 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. Forw ard-looking statements are often identified by
terms such as “may”, “should”, “anticipate”, “exp ect”, “potential”, “believe”, “intend” or the
negative of these terms and simila r 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 busin ess 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 ri sks 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 reflec t 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 Regu lation 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, President
Tel: + 1 289 314 4766
Email: [email protected]