Nickel 28 Capital Corp - CONXF STOCK NEWS

Nickel 28 Capital Corp has released its Q4 and full-year 2024 operational results for the Ramu Nickel-Cobalt operation in Papua New Guinea, where it holds an 8.56% joint-venture interest. The facility experienced decreased production due to a planned shutdown in September/October 2024:

Full-year 2024 production reached 28,669 tonnes of contained nickel and 2,625 tonnes of cobalt in MHP. Q4 2024 production was 5,952 tonnes of nickel and 549 tonnes of cobalt. Sales for 2024 totaled 30,523 tonnes of nickel and 2,793 tonnes of cobalt.

Average prices declined significantly: nickel dropped 22% to US$7.63/lb and cobalt fell 29% to US$11.26/lb compared to 2023. Production costs were US$3.33/lb for the full year. For 2025, Ramu targets production of 32,000 tonnes of nickel and 2,900 tonnes of cobalt, though this is impacted by a non-operational acid plant expected to resume by late February 2025.

Nickel 28 Capital Corp (TSXV: NKL) has announced two significant corporate updates. First, the company has appointed Cindy Davis as Chief Financial Officer, succeeding Craig Lennon who became President & CEO on January 1, 2025. Davis brings over 15 years of experience in accounting and financial services, particularly with Canadian reporting issuers through Marrelli Support Services Inc.

Additionally, the company has granted 1,050,000 stock options to Craig Lennon as part of his long-term incentive compensation. The options are exercisable at $0.84 per share for five years, with vesting over three years starting February 1, 2026. The options are tied to total shareholder return (TSR) performance criteria, with different tranches becoming eligible based on achieving TSR targets ranging from 20% to 80% during the period from January 22, 2025 to January 30, 2026.

Nickel 28 Capital Corp. (TSXV: NKL) reported its fiscal Q3 2024 results, highlighting strong performance from its 8.56% joint-venture interest in the Ramu Nickel-Cobalt operation. The company received a $4.0 million cash distribution and $7.5 million debt repayment from Ramu H1 2024 operations. Q3 production reached 6,880 tonnes of nickel and 634 tonnes of cobalt, with sales of 8,685 tonnes of nickel and 798 tonnes of cobalt in MHP.

The company reported total net income of $2.0 million ($0.02/share) and ended the quarter with $9.3 million cash balance. However, due to a mechanical failure in one of two acid plants, expected to be non-operational until February 2025, annual production guidance was revised down to 29,000 tonnes of nickel in MHP from the previous 30,000 tonnes target.

Nickel 28 Capital Corp (TSXV: NKL) announces significant operational changes and cost-cutting measures. Craig Lennon, current CFO and Head of Asia Pacific, will assume the role of CEO effective December 31st, 2024, replacing Chris Wallace while maintaining his responsibilities for the Ramu Nickel Project. Cindy Davis from Marelli Corporate Services will become CFO in a fractional capacity. Additionally, Board Chairman C. Ian Ross will resign effective December 31st, 2024. These changes follow the stabilization of company operations after the termination of former executives in May 2024.

Nickel 28 Capital Corp announces significant changes to its executive compensation structure and the adoption of a new Fixed Stock Option Plan. The company has implemented new contractual arrangements with Christopher Wallace as President & CEO (base salary US$300,000) and Craig Lennon as CFO & Corporate Secretary (base salary US$250,000), both including annual and long-term incentive plans capped at 100% of base salary. The new Fixed Stock Option Plan allows for options to acquire up to 8,932,230 common shares, representing 9.9% of outstanding shares. The company has granted 500,000 stock options to Wallace at $0.82 per share, vesting over three years.

Nickel 28 Capital Corp reported Q3 2024 operational results for its Ramu Nickel-Cobalt operation in Papua New Guinea, where it holds an 8.56% joint-venture interest. Q3 production reached 6,880 tonnes of contained nickel and 634 tonnes of cobalt in MHP, showing a decrease from 8,979 and 851 tonnes respectively in Q3 2023. The decline was attributed to a planned shutdown for capital improvements. Sales included 8,685 tonnes of nickel and 798 tonnes of cobalt. Average prices were US$7.37/lb for nickel (17% decrease) and US$11.52/lb for cobalt (31% decrease). Cash cost was US$2.96/lb of nickel, up 7% year-over-year.

Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) has announced the pending receipt of its seventh cash distribution from the Ramu joint venture. The company will receive approximately US$4.0 million for H1 2024 operating performance, related to its 8.56% interest in the Ramu Nickel-Cobalt project in Papua New Guinea. Additionally, Nickel 28 confirmed a US$7.5 million repayment of its portion of the remaining joint venture partner construction debt, reducing its attributable balance to about US$37.7 million.

Despite low nickel and cobalt prices in the first half of 2024, Ramu's efficient operations and low operating costs allowed for surplus cash generation. The distribution amount was also positively affected by changes in working capital balances. The company expects to receive the distributions in October 2024, although the exact timing is yet to be confirmed.

Nickel 28 Capital Corp. (TSXV: NKL) has released its fiscal Q2 2024 results, highlighting strong performance from its 8.56% joint-venture interest in the Ramu Nickel-Cobalt operation in Papua New Guinea. Key points include:

- Production of 7,555 tonnes of nickel and 675 tonnes of cobalt in MHP
- Sales of 7,666 tonnes of nickel and 684 tonnes of cobalt in MHP
- Cash costs of US$3.37/lb of contained nickel
- Share of operating profit from Ramu: $2.2 million
- Quarter-end cash balance: US$7.3 million
- Total net income: US$1.2 million (US$0.01/share)
- Non-recourse debt: US$45.2 million

The new management team, led by CEO Christopher Wallace, focuses on expense control and shareholder value, with operating expenses down 71% year-over-year and 33% quarter-over-quarter. The company also initiated a share buyback program and reduced outstanding shares by 5% through a settlement with a former executive.

Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) has announced progress on its normal course issuer bid (NCIB) approved by the TSX Venture Exchange. The company has purchased 120,500 common shares for a total of C$78,900 up to September 13, 2024, through its broker Haywood Securities Inc. From August 9 to September 13, 2024, a total of 480,000 shares have been bought under the NCIB.

Nickel 28 is conducting these purchases on the open market through the TSXV or alternative Canadian trading systems. The company has implemented an automatic purchase plan to allow for share buybacks during blackout periods. As of September 9, 2024, Nickel 28 had 89,842,222 common shares issued and outstanding, not reflecting the recent NCIB purchases.