Nickel 28 Releases Ramu 2023 Production and Provides 2024 Production Guidance
NEWS RELEASE TSX Venture: NKL
FSE: 3JC0
NICKEL 28 RELEASES RAMU 2023 PRODUCTION AND PROVIDES
2024 PRODUCTION GUIDANCE
TORONTO, ONTARIO, January 8, 2024 — Nickel 28 Capital Corp. (“ Nickel 28” or the “ Company”)
(TSXV: NKL) (FSE: 3JC0) is pleased to provide nickel and cobalt production levels for the Company’s
largest asset, being the Ramu Nickel-Cobalt (“Ramu”) integrated operation in Papua New Guinea. Nickel
28 currently holds an 8.56% joint-venture interest in Ramu which is operated by Metallurgical Corporation
of China (“MCC”).
Annoucement Highlights:
• For the calendar year ending December 31, 2023 Ramu produced 33,604 tonnes of nickel and 3,072
tonnes of cobalt contained in mixed hydroxide precipitate (“ MHP”), exceeding Ramu’s design
capacity for a 7th consecutive year.
• For the 2024 calendar year, MCC will undertake a US$33 million capital upgrade plan at Ramu,
requiring a 30-day plant shutdown throughout September. As a result, we are expecting to produce
approximately 30,000 tonnes of contained nickel and 2,700 tonnes of contained cobalt in MHP in
2024.
• The capital upgrades will primarily focus on enhancing equipment performance and stability, as
well as phasing out outdated equipment. It is expected that these upgrades will have a positive
impact on production levels.
The 2023 production figures are subject to final year end adjustment, which is expected to be negligible,
and are consistent with previously reported guidance of 33,000 tonnes of Ni.
“Given that Ramu experienced multiple earthquake events in the later half of 2023 and lost over 7
production days to ascertain potential damage from these earthquakes, this is a remarkable achievement”
commented Anthony Milewski, Nickel 28’s CEO. “In 2024, Ramu will undertake significant capital
upgrades to improve longer-term production and reliability levels after 11 years of production.” continued
Mr. Milewski.
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 and exploration projects in
Canada, Australia and Papua New Guinea.
Cautionary Statements Regarding Forward-Looking Statements
This news release contains certain informat ion 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”, “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 of the Ramu project (including historical and
future production levels and capital spending plans ); statements with respect t o the anticipated levels of
production from the Ramu project in 2024 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 underl ying 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, President
Tel: 289.314.4766
Email: [email protected]