Connect with us

Base Metals

Nickel 28 Sees Net Income Climb 55% In Second Quarter

Nickel 28 Capital Corp (TSXV: NKL) yesterday announced its operating results for the second quarter ended June 30, 2020. The
The post Nickel 28 Sees Net…

Published

on

This article was originally published by The Deep Dive

Nickel 28 Capital Corp (TSXV: NKL) yesterday announced its operating results for the second quarter ended June 30, 2020. The company posted a net and comprehensive income of $6.1 million, a significant improvement over the prior quarter on a sequential basis.

Positive net income was generated as a result of the firms share of operating profit from the Ramu Nickel Mine in Papua New Guinea. The mine generated the firm $8.4 million in operating profits for the quarter, a 29.9% increase over the $6.5 million in profits the firm saw from its 8.56% ownership in the joint venture in Q1.

Perhaps more significantly, the firm is under the understanding that it has seen the repayment of the firms operating debt as a result of the quarterly results at the mine, which will trigger cash flow for Nickel 28. This repayment is expected to be confirmed within the next six weeks, with cash flow expected to exceed the current US$10.2 million in operating debt that is remaining.

“In addition to another exceptionally strong quarterly performance from Ramu, the Company believes it has reached a significant milestone and repaid its operating debt based on Ramu Mine’s continued exceptionally strong results,” commented Chairman Anthony Milewski on the results at Ramu.

Outside of Ramu, the firm saw operating expenses of $1.1 million during the three month period, down from $1.4 million in the first quarter. The largest expense is currently general and administrative expenses, which came in at $0.4 million during the quarter.

The company ended the quarter with a net income of $6.1 million, a 55.0% increase over the $4.0 million generated in the first quarter by the company. Year to date, the firm has recorded $10.1 million in net income.

The results posted today by the firm follow the previously announced operating results for Ramu for the first half of the year, with the mine producing 16,578 tonnes of contained nickel.

Nickel 28 Capital last traded at $0.97 on the TSX Venture.


FULL DISCLOSURE: Nickel28 Capital Corp. is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Nickel28 Capital Corp. on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

The post Nickel 28 Sees Net Income Climb 55% In Second Quarter appeared first on the deep dive.



Energy & Critical Metals

Weir Minerals Warman® MCR® çamur pompası uzun vadede maliyet kazancı sağlıyor – Bölüm 2

Bu serinin birinci blog yayınında, Warman® MCR® çamur pompasının Weir Minerals müşterileri için toplam mülkiyet maliyetini (TMM) nasıl azalttığını…

Continue Reading
Energy & Critical Metals

Class 1 Nickel and Technologies Ltd. Announces Director Resignation

TORONTO, May 25, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) ("Class 1 Nickel" or the "Company") announced…

Continue Reading
Lithium

Resources Top 5: Galileo says ‘discovery confirmed!’ as near term copper producer makes waves

Galileo Mining (ASX:GAL) has now surged ~550% since hitting the PGE-nickel-copper jackpot in hole number one at ‘Callisto’ early this … Read More
The…

Continue Reading

Trending