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Nickel 28 Announces Filing of Annual Financial Statements
Toronto, Ontario--(Newsfile Corp. - May 29, 2025) - Nickel 28 Capital Corp.  (TSXV: NKL) (FS...
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"Nickel 28 Announces Filing of Annual Financial StatementsToronto, Ontario--(Newsfile Corp. - May 29, 2025) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) (\"Nickel 28\" or the \"Company\") today announced that it filed on May 28, 2025 its annual audited financial statements for the financial year ended January 31, 2025 (\"2024 financial year\"). Full Year Highlights Key financial and operating highlights from the Company's financial year ended January 31, 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\"), included the following:Production of 28,669 tonnes of contained nickel and 2,625 tonnes of contained cobalt in mixed hydroxide precipitate (\"MHP\"), making Ramu a significant producer of MHP globally. Sales of 30,523 tonnes of contained nickel and 2,793 tonnes of contained cobalt in MHP. Average production costs, net of by-product sales, of US$3.21/lb. of contained nickel. (1)Total Ramu project revenue for the year of approximately US$471 million (2023 financial year US$644 million). Total net and comprehensive loss of US$1.9 million (US$0.02/share) (2023 financial year US$6.2 million, US$0.07/share). Financial year end cash balance of US$8.1 million (2023 financial year $7.8 million). Full year debt repayment of US$9.6 million, with a remaining construction debt balance of US$36.5 million as at January 31, 2025.(1) Non-IFRS financial measure. For additional information, see the \"Non-IFRS and Other Financial Measures\" section of this news release.\"As detailed in previous releases, the 2024 financial year was not as strong as in previous years, due to operational issues and a planned shutdown for capital improvement projects. However, the Ramu Nickel-Cobalt Project continues to be a world class nickel producer which has now returned to operating at or above name plate capacity. As commodity prices improve, our low-cost operating profile will ensure the project generates strong margins and the Company generates strong returns for its shareholders. During the financial year ended January 31, 2025, the Company repaid US$9.6 million of its construction debt during the financial year, which leaves a remaining construction debt balance of US$36.5 million as at the end of the financial year. In additio...