Mr. Mark Selby reports
RNC MINERALS REFILES THIRD QUARTER MD&A AND NEWS RELEASE
Royal Nickel Corp. has refiled management discussion and analysis (MD&A) for the three and nine months ended Sept. 30, 2018, and related news release, each filed on SEDAR on Nov. 13, 2018, to correct a clerical error.
The adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and adjusted EBITDA per share table on page 23 of the MD&A contained a clerical error, which affected each of the reported time periods by overstating each figure by $2-million. Adjusted EBITDA and adjusted EBITDA per share for the three and nine months ended Sept. 30, 2018, have been corrected in the attached table (with corresponding corrections made to the 2017 comparative figures).
(in thousands of dollars, Three months ended, Nine months ended,
except per-share amounts) Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2018 2017 2018 2017
Adjusted EBITDA $ 8,751 $ (665) $ 11,382 $ 1,173
Adjusted EBITDA per share $ 0.02 $ (0.00) $ 0.03 $ 0.00
Corresponding references to adjusted EBITDA and adjusted EBITDA per share were corrected on the following pages of the MD&A:
Page 5 in the executive summary table;
Page 5 in the paragraph "solid EBITDA performance improvement"; adjusted EBITDA has been amended to $8.8-million;
Page 10 in the financial results of operations table.
There are no other amendments to the MD&A that was previously filed on SEDAR on Nov. 13, 2018. There are no changes required to Royal Nickel's condensed interim consolidated financial statements for the three and nine months ended Sept. 30, 2018 (filed on Nov. 13, 2018).
The Royal Nickel news release issued on Nov. 13, 2018, with references to these figures has also been corrected as follows:
Page 1 in Mark Selby's quote; the reference to third quarter EBITDA has been amended to $8.8-million;
Page 1 in the paragraph "solid EBITDA performance improvement"; adjusted EBITDA has been amended to $8.8-million, or two cents per share;
Page 2 the last two lines of the table has been amended as in the table set out herein.
About Royal Nickel Corp.
Royal Nickel has a 100-per-cent interest in the producing Beta Hunt gold mine located in Western Australia, where a significant high-grade gold discovery -- the Father's Day vein -- was recently made. Royal Nickel also has a 28-per-cent interest in a nickel joint venture that owns the Dumont nickel-cobalt project, located in the Abitibi region of Quebec, which contains the second-largest nickel reserve and eighth-largest cobalt reserve in the world. Royal Nickel owns a 35-per-cent interest in Orford Mining Corp., a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec and the U.S. Carolina gold belt.
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