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Nickel 28 Capital Files Q3 2021 Financial Statements
TORONTO / Nov 30, 2021 / Business Wire / Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) has released its results for the three a
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"TORONTO / Nov 30, 2021 / Business Wire / Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) has released its results for the three and nine-months ended September 30, 2021. “Following a strong H1 2021 performance from Ramu, the Company reached a significant milestone and repaid the first of two non-recourse debt tranches, which triggered a US$3.2 million cash distribution. For this event, we would like to thank our partners at Ramu, MCC, for their exceptional stewardship and continuing to deliver outstanding financial and production results from Ramu,” stated Anthony Milewski, chairman of the board. Q3 2021 Highlights The Company’s principal asset, an 8.56% joint-venture interest in the Ramu Nickel-Cobalt (“Ramu”) integrated operation in Papua New Guinea, continued to have another strong quarter in terms of production, sales and cash flow. Highlights from Ramu during the quarter include: Repayment of the Company’s operating debt from Ramu’s H1 2021 operating results, the first of two debt tranches, which triggered a US$3.2 million cash distribution to the Company. Average cash costs for the quarter, net of by-product credits, of US$1.55/lb. of contained nickel, while the corresponding nickel price increased to US$8.67/lb for the quarter. This was the highest quarterly margin in the Company’s history as a result of continued strong commodity prices and high payability factors. Project revenue in Q3 2021 of over US$180 million from quarterly sales of 8,085 tonnes of contained nickel and 766 tonnes of contained cobalt in mixed hydroxide product (MHP). Quarterly production of 8,649 tonnes of contained nickel and 841 tonnes of contained cobalt in MHP, placing Ramu as the number one producer of MHP globally. Nickel 28 Highlights Earnings per share of US$0.07 and US$0.19 for the three and nine-months ended September 30, 2021, respectively. Following repayment of the Company’s operating debt, the non-recourse joint-venture debt as of September 30, 2021, consists of US$79.0 million of construction debt. This compares to total joint-venture debt on December 31, 2020, of US$107.1 million. 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 Ni...