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Nickel 28 Capital Corp. reports developments tied to its nickel-cobalt production exposure through an 8.56% joint-venture interest in the Ramu Nickel-Cobalt integrated operation in Papua New Guinea. Company updates regularly cover Ramu operating performance, production costs, sales tonnages, financial results and project-level developments communicated by the operation's manager.
News also addresses Nickel 28's portfolio of 10 nickel and cobalt royalties on development and exploration projects in Canada, Australia and Papua New Guinea, along with capital-allocation and governance items such as normal course issuer bids and equity-compensation grants.
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.
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