Nickel 28 Capital Corp Stock Price, News & Analysis

Nickel 28 Capital Corp. (TSXV: NKL) reported its fiscal Q3 2024 results, highlighting strong performance from its 8.56% joint-venture interest in the Ramu Nickel-Cobalt operation. The company received a $4.0 million cash distribution and $7.5 million debt repayment from Ramu H1 2024 operations. Q3 production reached 6,880 tonnes of nickel and 634 tonnes of cobalt, with sales of 8,685 tonnes of nickel and 798 tonnes of cobalt in MHP.

The company reported total net income of $2.0 million ($0.02/share) and ended the quarter with $9.3 million cash balance. However, due to a mechanical failure in one of two acid plants, expected to be non-operational until February 2025, annual production guidance was revised down to 29,000 tonnes of nickel in MHP from the previous 30,000 tonnes target.

Nickel 28 Capital Corp (TSXV: NKL) announces significant operational changes and cost-cutting measures. Craig Lennon, current CFO and Head of Asia Pacific, will assume the role of CEO effective December 31st, 2024, replacing Chris Wallace while maintaining his responsibilities for the Ramu Nickel Project. Cindy Davis from Marelli Corporate Services will become CFO in a fractional capacity. Additionally, Board Chairman C. Ian Ross will resign effective December 31st, 2024. These changes follow the stabilization of company operations after the termination of former executives in May 2024.

Nickel 28 Capital Corp announces significant changes to its executive compensation structure and the adoption of a new Fixed Stock Option Plan. The company has implemented new contractual arrangements with Christopher Wallace as President & CEO (base salary US$300,000) and Craig Lennon as CFO & Corporate Secretary (base salary US$250,000), both including annual and long-term incentive plans capped at 100% of base salary. The new Fixed Stock Option Plan allows for options to acquire up to 8,932,230 common shares, representing 9.9% of outstanding shares. The company has granted 500,000 stock options to Wallace at $0.82 per share, vesting over three years.

Nickel 28 Capital Corp reported Q3 2024 operational results for its Ramu Nickel-Cobalt operation in Papua New Guinea, where it holds an 8.56% joint-venture interest. Q3 production reached 6,880 tonnes of contained nickel and 634 tonnes of cobalt in MHP, showing a decrease from 8,979 and 851 tonnes respectively in Q3 2023. The decline was attributed to a planned shutdown for capital improvements. Sales included 8,685 tonnes of nickel and 798 tonnes of cobalt. Average prices were US$7.37/lb for nickel (17% decrease) and US$11.52/lb for cobalt (31% decrease). Cash cost was US$2.96/lb of nickel, up 7% year-over-year.

Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) has announced the pending receipt of its seventh cash distribution from the Ramu joint venture. The company will receive approximately US$4.0 million for H1 2024 operating performance, related to its 8.56% interest in the Ramu Nickel-Cobalt project in Papua New Guinea. Additionally, Nickel 28 confirmed a US$7.5 million repayment of its portion of the remaining joint venture partner construction debt, reducing its attributable balance to about US$37.7 million.

Despite low nickel and cobalt prices in the first half of 2024, Ramu's efficient operations and low operating costs allowed for surplus cash generation. The distribution amount was also positively affected by changes in working capital balances. The company expects to receive the distributions in October 2024, although the exact timing is yet to be confirmed.

Nickel 28 Capital Corp. (TSXV: NKL) has released its fiscal Q2 2024 results, highlighting strong performance from its 8.56% joint-venture interest in the Ramu Nickel-Cobalt operation in Papua New Guinea. Key points include:

- Production of 7,555 tonnes of nickel and 675 tonnes of cobalt in MHP
- Sales of 7,666 tonnes of nickel and 684 tonnes of cobalt in MHP
- Cash costs of US$3.37/lb of contained nickel
- Share of operating profit from Ramu: $2.2 million
- Quarter-end cash balance: US$7.3 million
- Total net income: US$1.2 million (US$0.01/share)
- Non-recourse debt: US$45.2 million

The new management team, led by CEO Christopher Wallace, focuses on expense control and shareholder value, with operating expenses down 71% year-over-year and 33% quarter-over-quarter. The company also initiated a share buyback program and reduced outstanding shares by 5% through a settlement with a former executive.

Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) has announced progress on its normal course issuer bid (NCIB) approved by the TSX Venture Exchange. The company has purchased 120,500 common shares for a total of C$78,900 up to September 13, 2024, through its broker Haywood Securities Inc. From August 9 to September 13, 2024, a total of 480,000 shares have been bought under the NCIB.

Nickel 28 is conducting these purchases on the open market through the TSXV or alternative Canadian trading systems. The company has implemented an automatic purchase plan to allow for share buybacks during blackout periods. As of September 9, 2024, Nickel 28 had 89,842,222 common shares issued and outstanding, not reflecting the recent NCIB purchases.

Nickel 28 Capital Corp. (TSXV: NKL) has announced the purchase of 129,500 common shares for C$91,070 under its TSXV-approved normal course issuer bid (NCIB) up to September 6, 2024. Since August 9, 2024, a total of 359,500 shares have been bought back. The company views this as the best use of capital in the current challenging nickel and cobalt price environment, aiming to create shareholder value by reducing outstanding shares. Purchases are made on the open market through the TSXV or alternative Canadian trading systems. An automatic purchase plan has been implemented to allow share buybacks during blackout periods. As of September 6, 2024, Nickel 28 had 89,842,222 common shares issued and outstanding.

Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) announced the results of its annual general and special meeting held on August 29, 2024. Shareholders elected all of the company's nominees as directors and approved the reappointment of Baker Tilly WM LLP as auditor. The election results showed strong support for all directors, with votes in favor ranging from 65.89% to 67.95%. The auditor reappointment was carried with 78.75% of votes in favor.

Notably, the company deferred formal consideration of its proposed omnibus long-term incentive plan to a future date, removing it from the meeting's agenda. This decision did not affect the validity of proxies submitted by shareholders.