Nickel 28 Files Fiscal Q1 2027 Financial Statements

About this update from Nickel 28 Capital Corp

Toronto, Ontario--(Newsfile Corp. - June 29, 2026) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) ("Nickel 28" or the "Company") has released its financial results for the quarter ended April 30, 2026.Quarterly HighlightsKey financial and operating highlights from the Company's first financial quarter ended April 30, 2026, and the operations of the Company's principal asset, an 8.56% joint-venture interest in the Ramu Nickel-Cobalt integrated operation ("Ramu") in Papua New Guinea, included the following:Production of 8,785 tonnes of contained nickel and 855 tonnes of contained cobalt in mixed hydroxide precipitate ("MHP").Sales of 8,632 tonnes of contained nickel and 838 tonnes of contained cobalt in MHP.Actual production costs, net of by-product sales, of US$2.81/lb of contained nickel.Share of operating profit from Ramu Nickel Mine of US$4.0 million.Total net and comprehensive profit of US$2.1 million (US$0.02/share).Financial quarter end cash balance of US$8.1 million.Total non-recourse construction debt of US$32.3 million.Craig Lennon, the Company's Chief Executive Officer stated: "The first quarter of calendar year 2026 (fiscal year 2027) delivered a strong operational and financial performance for Ramu. Production and sales volumes were robust, supported by favourable nickel and cobalt prices, strong payability levels for both metals, and relatively low operating costs net of by-product credits. These factors contributed to a strong financial outcome from the Company's investment in Ramu and for the Company overall. Ramu generated a profit contribution of US$4.0 million for the quarter, after depreciation and amortisation of US$2.2 million.The Company ended the quarter with a cash balance of US$8.1 million. This balance excludes a cash distribution of US$2.1 million received from the Ramu Project subsequent to quarter end in May 2026. Corporate overheads have returned to more normalised levels, with expenditure associated with legal matters and one-off transaction costs remaining relatively low during the quarter.Looking ahead, the Company expects production, sales and payabilities in the second quarter to remain broadly consistent with those experienced during the first quarter. Consensus forecasts also show nickel and cobalt prices to remain relatively unchanged quarter over quarter as well. It is however anticipated that the fl...

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