Ramu Pauses Operations Following Earthquake IN Madang Province
NEWS RELEASE TSX Venture: NKL
FSE: 3JC0
RAMU PAUSES OPERATIONS FOLLOWING EARTHQUAKE IN
MADANG PROVINCE
TORONTO, ONTARIO, October 10, 2023 —Nickel 28 Capital Corp. (“ Nickel 28 ” or the
“Company”) (TSXV: NKL) (FSE: 3JC0) announces that on October 7, 2023 at approximately
18:34 local time an earthquake of magnitude 6.7 struck Papua New Guinea (“PNG”) with the
epicenter approximately 5 km to the south of Ramu Mine’s Basumuk HPAL plant (56 km southeast
of Madang). Immediately following the earthquake, Ramu Mine personnel initiated a controlled
plant shutdown in order to address any issues and to ascertain the extent of any damage that may
have occurred as a result of the incident. No casualties or serious injuries have been reported, all
operations have maintained integrity throughout the incident and there is no known impact to the
mining operations.
Once a full integrity inspection has been completed and full system operations can be reasonably
assured, the Ramu Mine intends to re-start operations. During these challenging times, the
Company’s thoughts are with the people of Madang and all those affected by this earthquake. The
Company will provide an additional update once further information is available.
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, pre-feasibility 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 exp ressions. Forward-looking statements in this news release
include, but are not limited to: statements with respect to the impact of the earthquake on the Ramu
Mine; and statements with respect to the status of operations at the Ramu Mine the re -start of
operations at the Ramu Mine (and the potential timing thereof). 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 a chievements 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 Com pany 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 Re gulation 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]