Mr. Anthony Milewski reports

NICKEL 28 ANNOUNCES FISCAL 2023 FINANCIAL RESULTS

Nickel 28 Capital Corp. has released its financial results for the financial period ended Jan. 31, 2023.

The company's chairman, Anthony Milewski, said: "With another strong year of production and sales performance from Ramu, the company continues to receive significant cash distributions from Ramu. As a result of Ramu's strong operating results and financial performance, the company repaid $21.3-million (U.S.) of its construction debt, which leaves a remaining construction debt balance of $55.8-million (U.S.) at the end of the fiscal year." Mr. Milewski continued, "We would once again like to thank our joint venture partner, Metallurgical Corp. of China, for another exceptional year."

Full-year highlights

The company's principal asset, an 8.56-per-cent joint venture interest in the Ramu nickel-cobalt integrated operation in Papua New Guinea, had another outstanding year in terms of production, sales and cash flow. Highlights from Ramu and the company during the year include:

• Full-year debt repayment of $21.3-million (U.S.), with a remaining construction debt balance of $55.8-million (U.S.) as at Jan. 31, 2023.
• Production of 34,302 tonnes of contained nickel and 2,987 tonnes of contained cobalt in mixed hydroxide precipitate (MHP), placing Ramu as one of the top producers of MHP globally.
• Total Ramu project revenue of over $820-million (U.S.).
• Average cash costs for the year, net of byproduct sales, of $3.37 (U.S.)/pound of contained nickel.
• Total net and comprehensive income of $6.1-million (U.S.) or seven U.S. cents per share.

"Ramu's consistent performance of production at the bottom of the cost curve continues to translate into strong cash flow regardless of commodity prices. Given this, we expect Ramu to again deliver strong results in 2023 as EV demand for nickel rich batteries improves," stated Justin Cochrane, president of the company.

About Nickel 28 Capital Corp.

Nickel 28 Capital is a nickel-cobalt producer through its 8.56-per-cent 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 its 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 and exploration projects in Canada, Australia and Papua New Guinea.

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