Business
Conic Metals Announces Change of Name to Nickel 28 & Repositions Itself as a Producer of Nickel and Cobalt
TORONTO / Jan 12, 2021 / Business Wire / Conic Metals Corp. (“Conic” or the “Company”) (TSXV: NKL), is pleased to provide an update on its strategic direction a
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"TORONTO / Jan 12, 2021 / Business Wire / Conic Metals Corp. (“Conic” or the “Company”) (TSXV: NKL), is pleased to provide an update on its strategic direction and announce a proposed name change to Nickel 28 Capital Corp. to better represent its status as one of Canada’s only listed nickel producers. As the world slowly re-emerges from COVID-19 and equities linked to base metals continue to move higher, we have considered the need to reposition the Company and update our shareholders in greater detail regarding the Company’s strategic plans and portfolio. We have observed that the Company is not consistently and/or accurately included in either nickel producer or streaming and royalty comp sets. We have contemplated why this may be, and believe that the market may not fully understand Conic’s assets and its unique position as an owner of one of the world’s top producing nickel-cobalt mines and one of the only pure-play nickel cobalt producers listed on the TSX Venture Exchange (the “TSXV”). As nickel and cobalt continue to have strong industrial demand and stand on the verge of having their demand profiles transformed with widespread adoption of electric vehicles and other battery storage systems, the market’s view of Conic needs to appreciate these drivers. A wave of green investment globally stands only to bolster demand for these key metals, and, unlike many other publicly traded mining stocks, our flagship asset – a joint venture interest in the Ramu nickel-cobalt mine located in Papua New Guinea (“Ramu”) - is at full production and has been for a number of years. Conic has always been a nickel and cobalt producer. This is important. We are not an exploration story, nor are we a development story. Unlike so many exploration companies, we are not a promise of future production unlikely to be realized. When you own Conic you don’t have to worry about whether a mining permit will be granted or if the market will support billions of dollars of equity and debt capital raises, or if the technology will work. Instead, we offer exposure to the production of nickel and cobalt metal today. We currently own a 8.56% joint venture interest in the Ramu nickel-cobalt mine and management expects this interest will increase over time. The Ramu mine produces an average of 33,000 tonnes of nickel and 3,000 tonnes of cobalt annually, has been i...