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Nickel 28 Files Fiscal Q1 2026 Financial Statements
Toronto, Ontario--(Newsfile Corp. - June 19, 2025) - Nickel 28 Capital Corp. (TSXV: NKL) (FS...
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"Nickel 28 Files Fiscal Q1 2026 Financial StatementsToronto, Ontario--(Newsfile Corp. - June 19, 2025) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) (\"Nickel 28\" or the \"Company\") has released its results for the quarter ended April 30, 2025. Quarterly HighlightsKey financial and operating highlights from the Company's first financial quarter ended April 30, 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\"), include the following:Production of 6,970 tonnes of contained nickel and 648 tonnes of contained cobalt in mixed hydroxide precipitate (\"MHP\").Sales of 6,133 tonnes of contained nickel and 569 tonnes of contained cobalt in MHP.Average production costs, net of by-product sales, of US$3.61/lb of contained nickel.Total net and comprehensive loss of US$0.9 million (US$0.01/share).Financial quarter end cash balance of US$8.6 million.Receipt by the Company of a cash distribution of approximately US$1.2 million from Ramu for its distributable share of the mine's operating surpluses for the second half of calendar 2024; andTotal non-recourse construction debt of US$37.0 million as at April 30, 2025.Craig Lennon, the Company's Chief Executive Officer, stated: \"As detailed in our Q1 2025 Operating Performance press release, the first quarter of calendar year 2025 was impacted by one of the two acid plants being offline, impacting production and sales by approximately 20% and increasing unit costs by about the same percentage. Towards the end of the quarter and throughout Q2 to date, production rates have been strong, and we remain on track to achieve our annual production target of 32,000 tonnes of nickel in MHP. In June, annual maintenance for two of the three HPAL (high pressure acid leach) autoclaves will be performed, with the third HPAL autoclave already undergoing annual maintenance earlier in the year, which should permit production for the second half of 2025 to be interruption free. Also encouraging is that we are starting to demonstrate reduced corporate costs and we are confident that we will achieve our target of keeping these under US$2.5 million for the year ended January 31, 2026, excluding any costs associated with legal claims and transaction costs – categories of expen...