Nickel 28 Releases Ramu Q3 2024 Operating Performance
Nickel 28 Releases Ramu Q3 2024 Operating
Performance
Toronto, Ontario--(Newsfile Corp. - October 28, 2024) - Nickel 28 Capital Corp.
(TSXV: NKL) (FSE:
3JC0)
("
Nickel 28
" or the "
Company
") is pleased to provide operational results for the quarter ending
September 30, 2024 for the Company's largest asset; 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 the Metallurgical Corporation of China ("
MCC
").
Q3 2024 Ramu Highlights:
Ramu Q3 2024 production of 6,880 tonnes of contained nickel in MHP, compared to 8,979 tonnes
in the same period last year.
Decrease due to the planned full shutdown.
Ramu Q3 2024 production of 634 tonnes of contained cobalt in MHP, compared to 851 tonnes in
the same period last year.
Ramu Q3 2024 nickel sales of 8,685 tonnes of contained nickel, compared to 8,832 tonnes in the
same period last year.
Ramu Q3 2024 cobalt sales of 798 tonnes of contained cobalt, compared to 836 tonnes in the
same period last year.
LME average nickel price of US$7.37/lb. in Q3 2024, a decrease of 17% from the same period
the previous year.
Fast Markets average cobalt price of US$11.52/lb. in Q3 2024, a 31% decrease from the same
period last year.
Ramu Q3 2024 cash cost, net of by-product credits of $2.96/lb. of nickel produced as MHP,
representing a increase of 7% from the same period last year.
YTD 2024 cash cost, net of by-
product credits of US$3.10/lb. of nickel produced as MHP representing a decrease of 4% from the
same period last year.
"Ramu's Q3 production was affected, as expected, by the planned shutdown during the month of
September to undertake some capital improvement projects, which are expected to increase Ramu's
production capacity. We continue to expect that Ramu's full year production will remain within guidance,
being 30,000 tonnes of contained nickel in mixed hydroxide precipitate. Future periods should benefit
from the capital improvement projects and result in higher tonnage produced starting next year." stated
Nickel 28's Chief Executive Officer, Christopher Wallace. "During the capital improvement project work
there unfortunately was a fatality of an external contractor."
continued Mr. Wallace. "Investigations were
conducted by internal Ramu staff as well as by the Mineral Resource Authority. These investigations
extended the length of the shutdown by a couple of days, however the investigations are now complete
and Ramu is working back towards full production."
Ramu's operating performance for the period are presented below along with comparison to prior years.
2023
2024
Q3
YTD
Q3
YTD
Ore Processed (dry kt)
MHP Produced (dry tonne)
Contained Nickel (tonne)
Contained Cobalt (tonne)
Nickel Capacity Utilization (% of design
1
)
960
22,529
8,979
851
110%
2,741
64,622
25,237
2,302
105%
790
17,113
6,880
634
84%
2,583
56,538
22,717
2,076
93%
MHP Shipped (dry tonne)
Contained Nickel (tonne)
Contained Cobalt (tonne)
25,183
8,832
836
67,779
25,824
2,331
21,323
8,685
798
62,733
25,215
2,305
Cash Cost Actual
(2)
$
2.77
$
3.24
$
2.96
$
3.10
Note 1. Ramu design capacity of 32,600 tonnes/year of nickel contained in MHP
Note 2. Actual cost per pound of nickel contained in MHP net of by-product credits
The figures in the table above have not been audited and are subject to change. As the company has not
yet finished any audit or review procedures in respect of the fiscal quarter, the financial information
presented in this press release is preliminary, subject to adjustment and may change materially. The
information presented above has not been reviewed or audited by the Company's auditor, should not be
considered a substitute for reviewed or audited financial statements and should not be regarded as a
representation by the Company as to the actual financial results.
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 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", "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; 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 (and the timing thereof); statements related to the
Company's attributable cash flow (and the receipt and timing thereof); 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 Relations Contact Information:
Nickel 28 Investor Relations
Attn: Christopher Wallace, CEO
Director Tel:+1 604 307 6229
Email:
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/227980