Nickel 28 Capital Corp. (TSXV: NKL,OTC:CONXF) (FSE: 3JC0) (“Nickel 28” or the “Company”) is pleased to announce the upcoming receipt of the ninth cash distribution from the Ramu joint venture.
Nickel 28 has received confirmation of a cash distribution for H1 2025 operating performance of approximately US$1.4 million in respect of its 8.56% joint venture interest in the Ramu Nickel-Cobalt project in Papua New Guinea, operated by Metallurgical Corporation of China. Nickel 28 also received confirmation of the repayment of $2.5 million of Nickel 28’s portion of the remaining construction debt from joint venture partner Ramu, reducing Nickel 28’s attributable balance to approximately $34.9 million. The time of receipt of benefits is yet to be confirmed but is expected to take place in October 2025.
Nickel 28 Chief Executive Officer, Mr Craig Lennon, said: “The cash distribution received and loan repayments were impacted by reduced production in the first half of 2025, but with a full six months of continuous production expected in the second half of 2025, we would expect a better outcome in six months, assuming commodity prices remain flat or improve. As we previously detailed, the first half of 2025 was affected by the mechanical failure of one of the two fans at the acid plant at Ramu’s HPAL plant, which reduced production from mid-November 2024 to mid-February 2025. As previously mentioned, all three HPAL trains completed their annual maintenance in the first half of 2025.
Mr. Lennon also noted: “Projects within our royalty portfolio are progressing well, with a recently published article on the Dumont Nickel project indicating positive developments in energy allocation. Also, Giga Metals announced it is conducting a geophysical program at its flagship Turnagain project in northern British Columbia, and Australian Mines announces a targeted drilling program of ~1,000 m at its Flemington Project in NSW, Australia. While the projects still have some time to complete in production, these activities are all positive developments for Nickel 28’s royalty portfolio.
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% joint venture interest in the producing, sustainable and world-class Ramu Nickel-Cobalt operation in Papua New Guinea. Ramu provides Nickel 28 with significant nickel and cobalt production, giving our shareholders direct exposure to two metals critical to electric vehicle adoption. In addition, Nickel 28 manages a portfolio of ten nickel and cobalt royalties on development and exploration projects in Canada, Australia and Papua New Guinea.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain information that constitutes “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities laws. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this press release include, but are not limited to: statements and figures regarding the operating and financial results of the Ramu Project (including the total amount of the expected distribution (and the timing thereof)); statements regarding the repayment of Ramu’s business debt (and the timing thereof); statements regarding the Company’s attributable cash flow (and its receipt and timing); and statements regarding the company’s operations and assets and its future strategy. Readers are cautioned not to place undue reliance on forward-looking statements. 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 the assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may differ 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 press release and, except as required by applicable securities laws, the Company undertakes no obligation to update or revise them to reflect new events or circumstances. The forward-looking statements in this press 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 approved or disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269804
#Nickel #Announces #Confirmation #Cash #Distribution #Ramu #Joint #Venture