Nickel 28 Files Fiscal Q3 Financial Statements
NEWS RELEASE TSX Venture: NKL
FSE: 3JC0
NICKEL 28 FILES FISCAL Q3 FINANCIAL STATEMENTS
TORONTO, ONTARIO, December 20, 2022 —Nickel 28 Capital Corp. (“ Nickel 28” or the “Company”)
(TSXV: NKL) (FSE: 3JC0) has released its results for the quarter ended October 31, 2022.
“Ramu had an exceptionally strong third calendar quarter, with sales of 13,961 tonnes of contained nickel
in MHP and production of 8,939 tonnes of contained nickel in MHP” stated Anthony Milewski, the
Company’s Chairman. “Additionally, and despite reduced production for a short period of time because of
the previously reported earthquake and higher costs due to global supply chain issues and rising inflation,
Ramu continues to be highly profitable.”
Quarterly Highlights
The Company’s principal asset, an 8.56% joint-ve nture 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:
- Total net and comprehensive income of $7.6 m illion ($0.08/share) for the three months ended
October 31, 2022, largely as a result of the Company’s share of operating profit from Ramu Nickel
Mine.
- Sales of 13,961 tonnes of contained nickel and 1,198 tonnes of contained cobalt in mixed hydroxide
product (“ MHP”) during the third calendar quarter, we ll in excess of production, reducing
inventory that had been built up earlier in the year
- Production of 8,939 tonnes of contained nickel and 759 tonnes of contained cobalt in MHP during
the third calendar quarter, placing Ramu as the number one producer of MHP globally.
- Actual cash costs for the third calendar quarter, net of by-product sales, of US$4.34/lb. of contained
nickel.
- Strong quarter end cash balance of US$3.5 million, providing ample liquidity for the Company.
- A cash distribution for H1 2022 of $1.7 million wa s received after quarter end, as well as the
repayment of $3.2 million of construction debt, which occurred on July 1, 2022.
- A construction debt balance of $73.0 million as at October 31, 2022.
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 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”, “should”,
“anticipate”, “expect”, “potential”, “believe”, “int end” 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 r esults; statements with respect to the prospects of
nickel and cobalt in the global electrification of vehi cles; 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 un certainties 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 do es not assume any obligation to update or revise
them to reflect new events or circumstances. The forw ard-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]