Nickel 28 Capital Corp. reported Q1 2025 financial results for the quarter ended April 30, 2025, highlighting its 8.56% joint-venture interest in the Ramu Nickel-Cobalt operation in Papua New Guinea. The company produced 6,970 tonnes of nickel and 648 tonnes of cobalt in MHP, with sales of 6,133 tonnes of nickel and 569 tonnes of cobalt. Production costs averaged US$3.61/lb of nickel. The quarter saw a net loss of US$0.9 million and ended with a cash balance of US$8.6 million. Production was impacted by an offline acid plant, reducing output by 20% and increasing unit costs. Despite challenges, the company received a US$1.2 million distribution from Ramu and maintains its annual production target of 32,000 tonnes of nickel in MHP. The company aims to keep corporate costs under US$2.5 million for the fiscal year 2026.
Nickel 28 Capital Corp. ha comunicato i risultati finanziari del primo trimestre 2025, chiuso il 30 aprile 2025, sottolineando il suo interesse dell'8,56% nella joint venture dell'operazione Ramu Nickel-Cobalt in Papua Nuova Guinea. La societ脿 ha prodotto 6.970 tonnellate di nichel e 648 tonnellate di cobalto in MHP, con vendite pari a 6.133 tonnellate di nichel e 569 tonnellate di cobalto. I costi di produzione medi sono stati di 3,61 dollari USA per libbra di nichel. Il trimestre ha registrato una perdita netta di 0,9 milioni di dollari USA e si 猫 concluso con un saldo di cassa di 8,6 milioni di dollari USA. La produzione 猫 stata influenzata da un impianto di acido offline, che ha ridotto la produzione del 20% e aumentato i costi unitari. Nonostante le difficolt脿, la societ脿 ha ricevuto una distribuzione di 1,2 milioni di dollari USA da Ramu e mantiene l'obiettivo annuale di produzione di 32.000 tonnellate di nichel in MHP. L'azienda punta a mantenere i costi aziendali sotto i 2,5 milioni di dollari USA per l'anno fiscale 2026.
Nickel 28 Capital Corp. inform贸 los resultados financieros del primer trimestre de 2025, finalizado el 30 de abril de 2025, destacando su participaci贸n del 8,56% en la empresa conjunta de la operaci贸n Ramu Nickel-Cobalt en Pap煤a Nueva Guinea. La compa帽铆a produjo 6.970 toneladas de n铆quel y 648 toneladas de cobalto en MHP, con ventas de 6.133 toneladas de n铆quel y 569 toneladas de cobalto. Los costos de producci贸n promediaron 3,61 d贸lares estadounidenses por libra de n铆quel. El trimestre registr贸 una p茅rdida neta de 0,9 millones de d贸lares y termin贸 con un saldo de efectivo de 8,6 millones de d贸lares. La producci贸n se vio afectada por una planta de 谩cido fuera de servicio, lo que redujo la producci贸n en un 20% y aument贸 los costos unitarios. A pesar de los desaf铆os, la compa帽铆a recibi贸 una distribuci贸n de 1,2 millones de d贸lares de Ramu y mantiene su objetivo anual de producci贸n de 32.000 toneladas de n铆quel en MHP. La empresa aspira a mantener los costos corporativos por debajo de 2,5 millones de d贸lares para el a帽o fiscal 2026.
Nickel 28 Capital Corp. a publi茅 ses r茅sultats financiers du premier trimestre 2025, cl么tur茅 au 30 avril 2025, mettant en avant sa participation de 8,56 % dans la coentreprise de l'op茅ration Ramu Nickel-Cobalt en Papouasie-Nouvelle-Guin茅e. La soci茅t茅 a produit 6 970 tonnes de nickel et 648 tonnes de cobalt en MHP, avec des ventes de 6 133 tonnes de nickel et 569 tonnes de cobalt. Les co没ts de production ont atteint en moyenne 3,61 USD par livre de nickel. Le trimestre a enregistr茅 une perte nette de 0,9 million USD et s'est termin茅 avec un solde de tr茅sorerie de 8,6 millions USD. La production a 茅t茅 impact茅e par une usine d'acide hors service, r茅duisant la production de 20 % et augmentant les co没ts unitaires. Malgr茅 ces d茅fis, la soci茅t茅 a re莽u une distribution de 1,2 million USD de Ramu et maintient son objectif annuel de production de 32 000 tonnes de nickel en MHP. L'entreprise vise 脿 maintenir ses co没ts corporatifs en dessous de 2,5 millions USD pour l'exercice 2026.
Nickel 28 Capital Corp. ver枚ffentlichte die Finanzergebnisse f眉r das erste Quartal 2025, das am 30. April 2025 endete, und hob dabei seinen 8,56%igen Joint-Venture-Anteil am Ramu Nickel-Cobalt-Betrieb in Papua-Neuguinea hervor. Das Unternehmen produzierte 6.970 Tonnen Nickel und 648 Tonnen Kobalt in MHP, mit Verk盲ufen von 6.133 Tonnen Nickel und 569 Tonnen Kobalt. Die Produktionskosten lagen durchschnittlich bei 3,61 US-Dollar pro Pfund Nickel. Das Quartal verzeichnete einen Nettoverlust von 0,9 Millionen US-Dollar und schloss mit einem Kassenbestand von 8,6 Millionen US-Dollar ab. Die Produktion wurde durch eine au脽er Betrieb genommene S盲ureanlage beeintr盲chtigt, was die Produktion um 20 % reduzierte und die St眉ckkosten erh枚hte. Trotz der Herausforderungen erhielt das Unternehmen eine Aussch眉ttung von 1,2 Millionen US-Dollar von Ramu und h盲lt an seinem j盲hrlichen Produktionsziel von 32.000 Tonnen Nickel in MHP fest. Das Unternehmen strebt an, die Unternehmensausgaben im Gesch盲ftsjahr 2026 unter 2,5 Millionen US-Dollar zu halten.
Positive
Received US$1.2 million cash distribution from Ramu operations
Maintaining annual production target of 32,000 tonnes of nickel in MHP
Targeting reduced corporate costs under US$2.5 million for FY2026
Strong production rates reported in Q2 to date
Negative
Net loss of US$0.9 million (US$0.01/share)
20% reduction in production and sales due to offline acid plant
20% increase in unit costs
Remaining non-recourse construction debt of US$37.0 million
Toronto, Ontario--(Newsfile Corp. - June 19, 2025) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) ("Nickel 28" or the "Company") has released its results for the quarter ended April 30, 2025.
Quarterly Highlights
Key financial and operating highlights from the Company's first financial quarter ended April 30, 2025, and the operations of the Company's principal asset, an 8.56% joint-venture interest in the Ramu Nickel-Cobalt integrated operation in Papua New Guinea ("Ramu"), include the following:
Production of 6,970 tonnes of contained nickel and 648 tonnes of contained cobalt in mixed hydroxide precipitate ("MHP").
Sales of 6,133 tonnes of contained nickel and 569 tonnes of contained cobalt in MHP.
Average production costs, net of by-product sales, of US$3.61/lb of contained nickel.
Total net and comprehensive loss of US$0.9 million (US$0.01/share).
Financial quarter end cash balance of US$8.6 million.
Receipt by the Company of a cash distribution of approximately US$1.2 million from Ramu for its distributable share of the mine's operating surpluses for the second half of calendar 2024; and
Total non-recourse construction debt of US$37.0 million as at April 30, 2025.
Craig Lennon, the Company's Chief Executive Officer, stated: "As detailed in our Q1 2025 Operating Performance press release, the first quarter of calendar year 2025 was impacted by one of the two acid plants being offline, impacting production and sales by approximately 20% and increasing unit costs by about the same percentage. Towards the end of the quarter and throughout Q2 to date, production rates have been strong, and we remain on track to achieve our annual production target of 32,000 tonnes of nickel in MHP. In June, annual maintenance for two of the three HPAL (high pressure acid leach) autoclaves will be performed, with the third HPAL autoclave already undergoing annual maintenance earlier in the year, which should permit production for the second half of 2025 to be interruption free. Also encouraging is that we are starting to demonstrate reduced corporate costs and we are confident that we will achieve our target of keeping these under US$2.5 million for the year ended January 31, 2026, excluding any costs associated with legal claims and transaction costs – categories of expense which we cannot reasonably forecast."
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 and exploration projects in Canada, Australia and Papua New Guinea.
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 related to the anticipated annual production from the Ramu project; statements related to the Company's anticipated future corporate costs; 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.
For more investor information – please contact: Nickel 28 Investor Relations Attn: Mr. Brett Richards +1 905 449 1500 Email: [email protected]
To view the source version of this press release, please visit
FAQ
What were Nickel 28's (CONXF) Q1 2025 production numbers?
Nickel 28 produced 6,970 tonnes of contained nickel and 648 tonnes of contained cobalt in mixed hydroxide precipitate (MHP).
What caused the production decline in Nickel 28's Q1 2025 results?
Production declined approximately 20% due to one of the two acid plants being offline during the quarter.
What is Nickel 28's annual production target for 2025?
Nickel 28 maintains its annual production target of 32,000 tonnes of nickel in MHP for 2025.
How much cash distribution did Nickel 28 receive from Ramu operations?
Nickel 28 received approximately US$1.2 million in cash distribution from Ramu for its share of operating surpluses from the second half of 2024.
What was Nickel 28's production cost per pound of nickel in Q1 2025?
Average production costs, net of by-product sales, were US$3.61/lb of contained nickel.
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