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Nickel 28 Files Fiscal Q2 2024 Financial Statements
Toronto, Ontario--(Newsfile Corp. - September 27, 2024) - Nickel 28 Capital Corp. (TSXV: NKL) (FS...
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"Nickel 28 Files Fiscal Q2 2024 Financial StatementsToronto, Ontario--(Newsfile Corp. - September 27, 2024) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) (\"Nickel 28\" or the \"Company\") has released its results for the quarter ended July 31, 2024. All figures are expressed in United States dollars, unless otherwise indicated.Quarterly HighlightsThe Company's principal asset, an 8.56% joint-venture interest in the Ramu Nickel-Cobalt integrated operation in Papua New Guinea (\"Ramu\"), had another outstanding quarter. Highlights from Ramu and the Company during the quarter include:Production of 7,555 tonnes of contained nickel and 675 tonnes of contained cobalt in mixed hydroxide precipitate (\"MHP\") during the second calendar quarter, placing Ramu as one of the top producers of MHP globallySales of 7,666 tonnes of contained nickel and 684 tonnes of contained cobalt in MHP during the second calendar quarterActual cash costs for the second calendar quarter, net of by-product sales, of US$3.37/lb. of contained nickelShare of operating profit from Ramu Nickel Mine of $2.2 million during the second calendar quarterQuarter end cash balance of US$7.3 millionTotal net and comprehensive income of US$1.2 million (US$0.01/share) for the three months ended July 31, 2024Total non-recourse construction debt of US$45.2 million as at July 31, 2024Christopher Wallace, the Company's Chief Executive Officer, stated: \"As the first quarter since new management was appointed, Q2 marked a significant milestone for Nickel 28. The focus of our slimmed down management team has been on re-building Nickel 28 with an emphasis on prudent business management keeping in our mind, always, the responsibility we have to our shareholders. \"During the quarter the price of nickel fell from a May 1 price of roughly USD $19,000 per tonne to a July 31 price of approximately $16,400 per tonne, a decline of approximately 13%. A decline of similar magnitude was experienced in the cobalt price; together these resulted in a decline in our revenues attributed from our joint venture in Ramu. Though revenue from our joint venture declined from the year earlier period, it improved from the previous quarter. \"Ramu performed very well during this difficult nickel price environment maintaining costs within our previous guidance and once again exceeding nameplate productio...