Nickel 28 Capital Files Fiscal Q3 Financial Statements

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[{"type":"text","content":"TORONTO / Dec 20, 2022 / Business Wire / Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) has released its results for the quarter ended October 31, 2022. “Ramu had an exceptionally strong third calendar quarter, with sales of 13,961 tonnes of contained nickel in MHP and production of 8,939 tonnes of contained nickel in MHP” stated Anthony Milewski, the Company’s Chairman. “Additionally, and despite reduced production for a short period of time because of the previously reported earthquake and higher costs due to global supply chain issues and rising inflation, Ramu continues to be highly profitable.” Quarterly Highlights The Company’s principal asset, an 8.56% joint-venture interest in the Ramu Nickel-Cobalt (“Ramu”) integrated operation in Papua New Guinea, had another outstanding quarter. Highlights from Ramu and the Company during the quarter include: Total net and comprehensive income of $7.6 million ($0.08/share) for the three months ended October 31, 2022, largely as a result of the Company’s share of operating profit from Ramu Nickel Mine. Sales of 13,961 tonnes of contained nickel and 1,198 tonnes of contained cobalt in mixed hydroxide product (“MHP”) during the third calendar quarter, well in excess of production, reducing inventory that had been built up earlier in the year Production of 8,939 tonnes of contained nickel and 759 tonnes of contained cobalt in MHP during the third calendar quarter, placing Ramu as the number one producer of MHP globally. Actual cash costs for the third calendar quarter, net of by-product sales, of US$4.34/lb. of contained nickel. Strong quarter end cash balance of US$3.5 million, providing ample liquidity for the Company. A cash distribution for H1 2022 of $1.7 million was received after quarter end, as well as the repayment of $3.2 million of construction debt, which occurred on July 1, 2022. A construction debt balance of $73.0 million as at October 31, 2022. 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...

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