Nickel 28 Releases Ramu Q1 2023 Operating Performance and Provides Update on Shareholder Engagement
2023年5月3日 - 7:30PM
ビジネスワイヤ(英語)
- Nickel 28 confirms receipt of largest ever cash distribution
from Ramu joint venture of US$9.7 million.
- Concurrent with cash distribution, Nickel 28's Ramu
construction debt reduced by US$18.1 million leaving a balance of
approximately US$55.8 million as of January 2, 2023.
- Nickel 28 provides update on shareholder engagement
efforts.
Nickel 28 Capital Corp. (“Nickel 28” or the
“Company”) (TSXV: NKL) (FSE: 3JC0) is pleased
to provide operational results for the quarter ending March 31,
2023 for the Company’s largest asset, the Ramu Nickel-Cobalt
integrated operation in Papua New Guinea (“Ramu”), as well
as an update on its shareholder engagement efforts.
Q1 2023 Ramu Highlights
Nickel 28 currently holds an 8.56% joint-venture interest in
Ramu, which is operated by Metallurgical Corporation of China. In
respect of the quarter ending March 31, 2023 (“Q1 2023”),
the Company is pleased to update as follows:
- Ramu Q1 2023 production of 9,016 tonnes of contained nickel in
Mixed Hydroxide Precipitate (“MHP”), compared to 8,756
tonnes in the same period last year.
- Ramu Q1 2023 production of 798 tonnes of contained cobalt in
MHP, compared to 830 tonnes in the same period last year.
- Ramu Q1 2023 nickel sales of 7,914 tonnes of contained nickel,
compared to 3,336 tonnes in the same period last year.
- LME average nickel price of US$11.83/lb. in Q1 2023,
essentially unchanged from the same period last year and a 3%
increase from Q4 2022.
- Fast Markets average cobalt price of US$16.98/lb. in Q1 2023,
representing a 53% decrease from the same period last year and 26%
decrease from Q4 2022.
- Actual cash cost, net of by-product credits of $3.12/lb. of
nickel produced as MHP, compared to $1.48/lb. in the same period
last year.
- On April 24, 2023, the Company received its largest ever cash
distribution of approximately US$9.7 million from the Ramu joint
venture.
- Concurrent with the cash distribution, Nickel 28’s Ramu
construction debt was reduced by US$18.1 million, leaving a balance
of approximately US$55.8 million as of January 2, 2023.
“Ramu delivered strong operational and financial results again
with operations performing at 111% of nameplate capacity in the
first quarter of this year,” stated Nickel 28’s Executive Chairman,
Anthony Milewski. “In addition, we are seeing reductions in input
and operational costs which resulted in improved production costs
compared to the last quarter. We expect that Ramu’s full year costs
and production will remain within guidance being 33,000 tonnes of
contained Ni in MHP and cash costs in the range of $2.50-$3.50/lb.
of Ni. The first quarter saw sales improve from traditionally
sluggish first quarters and we anticipate sales to remain strong
for the balance of 2023 as EV production increases globally,”
continued Mr. Milewski.
Ramu’s unaudited operating performance for the period is
presented below (along with a comparison to prior years).
2021
2022
2023
Q1
Q1
Q1
Ore Processed (dry kt)
952
953
928
MHP Produced (dry tonne)
22,845
22,229
22,623
Contained Nickel (tonne)
8,805
8,756
9,016
Contained Cobalt (tonne)
813
830
798
Nickel Capacity Utilization (% of
design1)
108%
107%
111%
MHP Shipped (dry tonne)
22,648
8,436
19,663
Contained Nickel (tonne)
8,746
3,336
7,914
Contained Cobalt (tonne)
787
305
673
Cash Cost Actual2
$1.68
$1.48
$3.12
Notes:
- Ramu design capacity of 32,600 tonnes/year of nickel contained
in MHP.
- Actual cost per pound of nickel contained in MHP net of
by-product credits.
- The foregoing production figures 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.
Shareholder Engagement Update
Consistent with Nickel 28’s commitment to shareholder
engagement, Nickel 28 has had discussions with several of the
significant shareholders of the Company on governance and
compensation related matters. These shareholders do not include
Pelham Investment Partners LP, which has not engaged with the board
of directors (the “Board”) or senior management of the
Company since the launch of its unsolicited and now expired
“mini-tender” offer.
Having publicly articulated Nickel 28’s vision for the future,
and considered the feedback provided by shareholders, the Board and
management have determined not to seek renewal of the Company’s
existing equity-based compensation plan at the forthcoming annual
and special meeting of shareholders of the Company to be held on
June 12, 2023. Given the significant equity ownership of the Board
and management, Nickel 28 continues to believe that there is strong
alignment between shareholders and the Board and management. Nickel
28 believes that its decision demonstrates a continued commitment
to acting in the best interests of all of Nickel 28’s
shareholders.
The long-term, significant shareholders management has spoken
with support Nickel 28 and appreciate the complexity of managing
the Company’s active joint-venture interest in one of the world’s
largest operating nickel-cobalt mines, the Ramu project, as well as
managing a portfolio of royalty interests in some of the world's
largest undeveloped nickel projects. These shareholders recognize
that the Ramu project joint venture is not a passive stream or
royalty interest, but an actively managed relationship with the
Company’s partners.
Management of Nickel 28’s Ramu joint venture interest and
royalty portfolio requires significant experience in mining,
operations, commodity trading and sales, geology and mergers and
acquisitions, as well as experience managing local relationships,
many of which have been forged over decades with Nickel 28’s
partners in Papua New Guinea and the People’s Republic of China.
For example, senior members of management are currently in Turkey
engaged in collaboration with representatives of the Ramu project
joint venture on marketing efforts, given that the sale of the MHP
product produced by Ramu is not a simple matter of selling refined
metal over a metals exchange, and noting that it requires
considerable time and effort to develop and maintain sales
relationships. Other members of management are in Singapore and a
third team member in Papua New Guinea next week for joint venture
related matters. In addition, Nickel 28’s Executive Chairman, Mr.
Anthony Milewski, will be participating in Canaccord Genuity’s
Global Metals and Mining Conference next week from May 10-12th.
Shareholders interested in meeting with Mr. Milewski, or a member
of the Nickel 28 team, are encouraged to contact
info@nickel28.com.
Shareholders can be confident that the Nickel 28 team will
continue to leverage its expertise and experience in order to
deliver on the Company’s vision and business plan.
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 Statements 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 global market for electric
vehicles; statements related to the repayment of the Company’s Ramu
operating debt (including the timing thereof) and the timing of
repayments and payments under the Ramu Nickel project joint venture
agreement by the operator; statements related to the Company’s
future use of excess cash flow from the Ramu Nickel project (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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230503005432/en/
Investor Contact:
Justin Cochrane, President Tel: + 1 289 314 4766 Email:
info@nickel28.com
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