Nickel 28 Announces Further Operational Changes and Cost Cutting Measures

Rhea-AI Summary

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.

Positive

• Implementation of cost-cutting measures through streamlined management structure
• Stabilization of company operations and establishment of appropriate controls

Negative

• Significant management turnover with CEO and Board Chairman departures
• Potential operational risks during leadership transition

Toronto, Ontario--(Newsfile Corp. - December 2, 2024) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) ("Nickel 28" or the "Company") is pleased to provide an update regarding further cost cutting measures and resulting organizational changes.

Change to the Executive Management of Nickel 28:

Effective December 31^st, 2024 Chris Wallace will be stepping down as Chief Executive Officer. Craig Lennon, Chief Financial Officer and Head of Asia Pacific, will be assuming the role of Chief Executive Officer, in addition to his current role of managing the Company's interest in the Ramu Nickel Project.

The Company's business is now stabilized and the appropriate controls have been put in place following the termination of the Company's former executives in May 2024. After reviewing the Company's objectives, the Board has concluded that the Company can further streamline its cost structure, resulting in the appointment of Craig Lennon as Chief Executive Officer. Cindy Davis, from Marelli Corporate Services, will fill the role of Chief Financial Officer on an out-sourced basis acting in a fractional capacity.

C. Ian Ross, Chairman of Nickel 28's Board had the following to say, "Chris was appointed to the role of Chief Executive Officer at a time of considerable operational upheaval for the Company, and his mandate was to establish effective control over the Company's operations and finances and insure institutional stability. Chris's tenure has been successful in this regard, and we thank him for his efforts as CEO on behalf of the Company".

Changes to the Board of Directors of Nickel 28:

Effective December 31^st, 2024, C. Ian Ross, Chairman of the Board of Nickel 28 will be resigning from the Board.

The remaining Directors stated: "Ian joined Nickel 28's Board under incredibly difficult circumstances with a remit of reconstituting the Company's Board following its 2023 Annual General Meeting. Ian was successful in establishing a Board that provided for continuity and accountability and has overseen substantial changes and positive improvements in the Company's governance and operating structure. With the original tasks set in front of him completed, we thank Ian for his leadership and efforts on behalf of the Company and its shareholders and wish him well."

The Board is considering further changes to its composition to ensure it can successfully support Mr. Lennon in his new role and provide adequate independent oversight.

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 Nickel 28 with significant attributable nickel and cobalt production thereby offering our shareholders direct exposure to two metals which are critical to the adoption of electric vehicles. In addition, Nickel 28 manages a portfolio of 10 nickel and cobalt royalties on development, pre-feasibility and exploration projects in Canada, Australia and Papua New Guinea.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain information which constitutes "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "will" "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include but are not limited to statements regarding the Company's strategic vision and objectives. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company's control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements.

The forward-looking statements contained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this news release.

Investor Relations Contact Information:

Nickel 28 Investor Relations
Attn: Brett A. Richards
Tel: +1 905 449 1500
Email: info@nickel28.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232077

FAQ

Who will be the new CEO of Nickel 28 (TSXV: NKL) from December 31st, 2024?

Craig Lennon, current CFO and Head of Asia Pacific, will become the new CEO while maintaining his existing responsibilities for the Ramu Nickel Project.

What major management changes were announced by Nickel 28 (TSXV: NKL) in December 2024?

The company announced the departure of CEO Chris Wallace and Board Chairman C. Ian Ross, effective December 31st, 2024, with Craig Lennon appointed as new CEO and Cindy Davis as CFO in a fractional capacity.

Why is Nickel 28 (TSXV: NKL) implementing these operational changes?

The company is implementing these changes to further streamline its cost structure following the stabilization of operations after the termination of former executives in May 2024.