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Nickel 28 Announces Filing of Annual and Interim Financial Statements
Toronto, Ontario--(Newsfile Corp. - July 2, 2024) - Nickel 28 Capital Corp.  (TSXV: NKL...
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"Nickel 28 Announces Filing of Annual and Interim Financial StatementsToronto, Ontario--(Newsfile Corp. - July 2, 2024) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) (\"Nickel 28\" or the \"Company\") today announced that it filed on June 30, 2024, its annual audited financial statements for the financial year ended January 31, 2024 (\"2023 financial year\") and its unaudited interim financial statements for the quarter ended April 30, 2024 (\"first quarter of 2024\").\"We are pleased to announce the filing of the annual financial statements for our 2023 financial year and the interim financial statements for the first quarter of 2024,\" said Christopher Wallace, Chief Executive Officer of Nickel 28. \"The 2023 financial year represented another strong performance from the Company's joint venture interest in the Ramu Nickel-Cobalt Project. As a result of this strong performance, the Company repaid US$14.4 million of its construction debt, which leaves a remaining construction debt balance of US$44.1 million as of the end of the financial year. This strong performance continued into the first quarter of 2024 with improving production costs, stable operating margins and the receipt of a cash distribution for the second half of the 2023 financial year of US$3.0 million.\"Full Year Highlights Key financial and operating highlights from the Company's financial year ended January 31, 2024, 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\"), included the following:Production of 33,604tonnes of contained nickel and 3,072tonnes of contained cobalt in mixed hydroxide precipitate (\"MHP\"), making Ramu a significant producer of MHP globally. Sales of 34,122tonnes of contained nickel and 3,086tonnes of contained cobalt in MHP. Average cash costs, net of by-product sales, of US$3.26/lb. of contained nickel.Total Ramu project revenue for the year of approximately US$644 million.Total net and comprehensive loss of US$6.2 million (US$0.07/share). Financial year end cash balance of US$7.8 million. Full year debt repayment of US$14.4 million, with a remaining construction debt balance of US$44.1 million as at January 31, 2024.Quarterly HighlightsKey financial and operating highlights from the Company's first finan...