Nickel 28 Capital Corp Stock Price, News & Analysis

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.

Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) has announced the purchase of 230,000 common shares under its TSXV-approved normal course issuer bid (NCIB) for a total of C$172,110 up to August 23, 2024. The company views this share buyback as the best use of capital in the current challenging nickel and cobalt price environment, aiming to reduce outstanding shares and create shareholder value. Nickel 28 has implemented an automatic purchase plan allowing for share buybacks during blackout periods. As of July 24, 2024, the company had 90,143,722 common shares outstanding, not reflecting the recent NCIB purchases.

Nickel 28 Capital Corp. (TSXV: NKL) has released Q2 2024 operational results for its Ramu Nickel-Cobalt integrated operation in Papua New Guinea. Key highlights include:

• Production of 7,555 tonnes of contained nickel and 675 tonnes of contained cobalt in MHP
• Sales of 7,666 tonnes of contained nickel and 684 tonnes of contained cobalt
• Average nickel price of US$8.34/lb, down 18% year-over-year
• Average cobalt price of US$12.92/lb, down 15% year-over-year
• Cash cost of $3.37/lb of nickel produced as MHP, down 14% year-over-year

Despite slightly lower production due to ongoing capital replacement work, Ramu continues to operate at near nameplate capacity and remains one of the lowest-cost MHP producers globally.

Nickel 28 Capital Corp. (TSXV: NKL) has received TSXV approval for a normal course issuer bid (NCIB) to repurchase up to 7,153,629 common shares, representing approximately 7.9% of its outstanding shares. The NCIB will run from July 26, 2024, to July 25, 2025. Management believes the stock is trading at a substantial discount to net asset value and aims to enhance shareholder value through this program. Haywood Securities Inc. will administer the NCIB, with purchases made on the open market through TSXV or alternative Canadian trading systems. An automatic purchase plan will allow for share repurchases during blackout periods.

Nickel 28 Capital has announced a proposed normal course issuer bid (NCIB) to repurchase up to 7,153,629 of its common shares, representing approximately 7.9% of its total shares. This decision accompanies the adoption of a new shareholder capital return policy aimed at increasing the net asset value per share by utilizing excess liquidity. The board believes the current trading price undervalues the company. All shares bought back will be canceled, benefiting remaining shareholders by increasing their ownership percentage. The NCIB is pending approval from the TSX Venture Exchange and will be managed by Haywood Securities Inc.

Nickel 28 Capital Corp. has filed its annual financial statements for the fiscal year ending January 31, 2024, and interim financial statements for the quarter ending April 30, 2024.

Key highlights include production of 33,604 tonnes of nickel and 3,072 tonnes of cobalt, and sales of 34,122 tonnes of nickel and 3,086 tonnes of cobalt. The Ramu project generated revenues of approximately $644 million. The company faced a net loss of $6.2 million for the year, despite repaying $14.4 million of its construction debt.

For the first quarter of 2024, Nickel 28 reported production of 8,282 tonnes of nickel and 767 tonnes of cobalt, with sales totaling 8,864 tonnes of nickel and 822 tonnes of cobalt. The company experienced a net loss of $0.9 million but ended the quarter with a cash balance of $9.7 million. Additionally, Nickel 28 received a $3.0 million cash distribution from the Ramu project for its share of operating surpluses for the latter half of 2023.

The company also announced permanent appointments for Christopher Wallace as CEO and Craig Lennon as CFO.

The management cease trade order granted for delayed filings is expected to be lifted on July 4, 2024.