TORONTO--(BUSINESS WIRE)--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 experienced reduced production during the quarter as it pursued the opportunity to implement certain maintenance procedures and upgrades. Nickel 28’s share of operating profit from Ramu exceeded the previous quarter and exceeded the same quarter last year, notwithstanding the maintenance work that was undertaken.”
The Company’s principal asset, an 8.56% joint-venture 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 Mine of $5.1 million during 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 Company’s share of operating profit from Ramu Nickel Mine and higher costs attributable to the Company’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-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 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 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.
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