Board Change • May 20
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Ned Collery is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 30
Nickel 28 Capital Corp., Annual General Meeting, Jun 23, 2026 Nickel 28 Capital Corp., Annual General Meeting, Jun 23, 2026. Announcement • Feb 26
Nickel 28 Capital Corp. Provides Production and Sales Guidance for the Full Year 2026 Nickel 28 Capital Corp. provided production and sales guidance for the full year 2026. for the year, the company expects production and sales of 33,100 tonnes of contained nickel and 3,100 tonnes of contained cobalt in MHP. Announcement • Jun 26
Nickel 28 Capital Corp. Appoints Clark Wang as Director Nickel 28 Capital Corp. at its annual general meeting of shareholders held on June 24, 2025, approved the appointment of Clark Wang as director. Announcement • Jun 03
Nickel 28 Capital Corp. Provides an Update on Mineral Resources and Reserves Based on Data for the Ramu Nickel-Cobalt Operation Nickel 28 Capital Corp. provided an update on mineral resources and reserves based on data (unaudited) for the Ramu Nickel-Cobalt operation (" Ramu") from the project operator, China Metallurgical Group Corporation ("MCC"). Nickel 28 currently holds an 8.56% joint-venture interest in Ramu. Ramu is operated by MCC which, along with its partners, owns an 85.0% interest. Following repayment of the Company's construction debt owed to MCC, Nickel 28's ownership interest in Ramu will automatically increase to 11.3% at no cost to the Company. Additionally, when the Company has repaid the construction debt, the Company will have the option to purchase an additional 9.25% interest in Ramu at market value, which if exercised would take the Company's interest to 20.55%. The updated Ramu mineral resources and reserves estimated from MCC (prepared by Nanjing Center, China Geological Survey, "Nanjing", which is MCC's Competent Person) includes the addition of resources and reserves from exploration work undertaken in 2024, and was prepared according to the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC" or the " JORC Code") by Competent Persons as defined by those guidelines. The effective date of resource and reserve estimation is December 31, 2024. 10% increase in total reserves year-over-year. 18% increase in Measured & Indicated resources and 146% increase in Inferred resources Year-over-year increases in reserves and resources are a result of continued exploration success in 2024 with over 1,370 boreholes drilled for a total of 17,687 metres. The 2024 remaining in-situ mineral resources have been adjusted to account for material depletion resulting from mining activities completed since the previous estimate in 2023. The overall increase in total mineral resources is primarily attributable to additional exploration drilling completed in Areas 3 and 4 at the Ramu project. Announcement • May 09
Nickel 28 Capital Corp., Annual General Meeting, Jun 24, 2025 Nickel 28 Capital Corp., Annual General Meeting, Jun 24, 2025. Announcement • Jan 27
Nickel 28 Capital Corp. Appoints Cindy Davis as Chief Financial Officer Nickel 28 Capital Corp. announced the appointment of Cindy Davis as Chief Financial Officer. Mrs. Davis possesses over 15 years of experience, providing accounting, financial reporting, regulatory compliance, and management advisory services to a diverse portfolio of Canadian reporting issuers through Marrelli Support Services Inc. She has served as Chief Financial Officer for a number of junior resource reporting issuers. Mrs. Davis is a Canadian Chartered Professional Accountant and holds a Bachelor of Science degree specializing in Accounting and Economics from the University of West Indies in Jamaica. Mrs. Davis replaces Craig Lennon following his appointment as President & Chief Executive Officer of the Company effective January 1, 2025. Announcement • Nov 13
Justin Cochrane Commences Lawsuit Against Nickel 28 and Current Board Members for over USD 30 Million Employment law firm Mathers McHenry & Co announced that its client, Justin Cochrane, who is the former President and Co-Founder and a current holder of approximately 6.0% of the common shares of Nickel 28 Capital Corp. is suing the Company for over USD 30 million in damages arising from his wrongful dismissal and the bad faith conduct of Nickel 28 and its directors. In a Statement of Claim filed in the Ontario Superior Court of Justice, Mr. Cochrane alleges that he was wrongfully terminated by Nickel 28 following a lengthy and acrimonious battle for control of the Company launched by Pelham Investment Partners LP (“Pelham”). Mr. Cochrane claims that these events culminated in a frivolous investigation against him, which was based on baseless allegations and tainted by conflicts of interest from the outset. Mr. Cochrane has named Edward (Ned) Collery, a current director of Nickel 28 and the founder of Pelham, and Brett Richards, a current director of Nickel 28, as defendants in the lawsuit. He alleges that Mr. Richards and Mr. Collery directed Nickel 28 to launch a meritless investigation and withhold his compensation in a bad faith effort to drive him out of the organization. Mr. Cochrane has claimed damages for wrongful dismissal, breach of contract, and unjust enrichment. He is also seeking compensatory damages for loss of competitive advantage arising out of the bad faith conduct of Nickel 28 at the direction of Messrs. Richards and Collery, which has destroyed his reputation and will result in income loss for the rest of his life. New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings have declined by 8.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 8.5% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (€42.4m market cap, or US$47.3m). Board Change • Sep 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Maurice Swan is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jul 31
Nickel 28 Capital Corp., Annual General Meeting, Aug 29, 2024 Nickel 28 Capital Corp., Annual General Meeting, Aug 29, 2024. New Risk • Jul 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Market cap is less than US$100m (€47.9m market cap, or US$51.5m). Announcement • Jun 06
Nickel 28 and China Metallurgical Group Corporation Announces Update on Ramu Mineral Resources and Mineral Reserves Nickel 28 Capital Corp. provided an update on mineral resources and reserves based on data (unaudited) for the Ramu Nickel-Cobalt operation ("Ramu") from the project operator; China Metallurgical Group Corporation ("MCC"). Nickel 28 currently holds an 8.56% joint-venture interest in Ramu. Ramu is operated by MCC which, along with its partners, owns an 85.0% interest. Following repayment of the Company's construction debt owed to MCC; Nickel 28's ownership interest in Ramu will automatically increase to 11.3% at no cost to the Company. Additionally, when the Company has repaid the construction debt, the Company will have the option to purchase an additional 9.25% interest in Ramu at market value, which if exercised would take the Company's interest to 20.55%. The updated Ramu mineral resources and reserves estimate from MCC (prepared by Sinomine Resource Group Co. Ltd, "Sinomine", which is MCC's Competent Person) includes exploration work from 2020 to 2023 and was prepared according to the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC" or the "JORC Code") by Competent Persons as defined by those guidelines. The effective date of resource and reserve estimation is December 31, 2023. In November 2022, the Company's independent consulting firm was able to visit the Ramu facility and mine site in order to satisfy themselves regarding drilling procedures, QA/QC, and general adherence to good practice with respect to mining activities. The Company and their independent consultants are satisfied that the Sinomine report accurately represents Ramu's mineral resources and reserves. Board Change • Jan 25
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Chair of the Board Charles Ross was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 10
Nickel 28 Capital Corp. Provides Production Guidance for the Year 2024 Nickel 28 Capital Corp. provided production guidance for the year 2024. For the year, the company expects to produce approximately 30,000 tonnes of contained nickel and 2,700 tonnes of contained cobalt in MHP in 2024. Announcement • Oct 26
Nickel 28 Capital Corp. Announces Resumes Full Production Levels At the Ramu Mine's Basumuk HPAL Plant Nickel 28 Capital Corp. announced resumption of full production levels at the Ramu Mine's Basumuk HPAL plant following the earthquake on October 7, 2023. The earthquake, which had a magnitude of 6.7, triggered immediate safety protocols and a comprehensive evaluation of the site's infrastructure. While the event disrupted operations temporarily, MCC's commitment to safety, environmental responsibility and operational excellence guided the recovery process. The Company reported that there were no injuries or significant environmental impacts associated with the earthquake or MCC's subsequent response efforts. At this time, the Company is not anticipating any material impact on production and is still guiding for annual production levels at Ramu of approximately 33,000 Mt of contained nickel and 2,900 Mt of contained cobalt in calendar 2023. Announcement • Oct 12
Nickel 28 Capital Corp. Announces Ramu Pauses Operations Following Earthquake in Madang Province Nickel 28 Capital Corp. announced that on October 7, 2023 an earthquake of magnitude 6.7 struck Papua New Guinea ("PNG") with the epicenter approximately 5 km to the south of Ramu Mine's Basumuk HPAL plant (56 km southeast of Madang). Immediately following the earthquake, Ramu Mine personnel initiated a controlled plant shutdown in order to address any issues and to ascertain the extent of any damage that may have occurred as a result of the incident. No casualty or serious injuries have been reported, all operations have maintained integrity throughout the incident and there is no known impact to the mining operations. Once a full integrity inspection has been completed and full system operations can be reasonably assured, the Ramu Mine intends to re-start operations. During these challenging times, the Company's thoughts are with the people of Madang and all those affected by this earthquake. The Company will provide an additional update once further information is available. New Risk • Sep 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Market cap is less than US$100m (€58.7m market cap, or US$62.1m). Board Change • Aug 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Chair of the Board Charles Ross was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jul 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 27% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 27% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (€74.9m market cap, or US$81.8m). Announcement • Jun 17
Nickel 28 Capital Corp. Appoints C. Ian Ross as Independent Director, Member of the Nominating and Corporate Governance Committee and Compensation Committee Nickel 28 Capital Corp. announced the appointment of Mr. C. Ian Ross as a new independent director to the Board of Directors, effective immediately. Mr. Ross brings extensive board, senior management and transactional experience in a wide variety of public companies and highly complex special situations. Mr. Ross has been appointed to serve as a member of the Nominating and Corporate Governance Committee and Compensation Committee. Mr. Ross is currently the Chair of the Board and Interim Chief Executive Officer of Growthworks Canadian Fund Ltd. and the Chair of the Independent Review Committee for the mutual fund assets of Tangerine Bank. Mr. Ross has previously served as Chair of the Board and Interim Chief Executive Officer of Partners Real Estate Investment Trust. Mr. Ross is also a former Chair of the Board of Menu Foods Income Trust and former Chair of the Board of Pet Valu Canada Inc. Mr. Ross has also served as a director of numerous other public and private companies, including Ontario Power Generation Inc. Mr. Ross is a member of the Law Society of Ontario and the Institute of Corporate Directors. Announcement • May 10
Pelham Investment Partners, LP managed by PART V Capital Management, LLC acquired an additional 2.2% stake in Nickel 28 Capital Corp. (TSXV:NKL) for CAD 3.4 million. Pelham Investment Partners, LP managed by PART V Capital Management, LLC acquired an additional 2.2% stake in Nickel 28 Capital Corp. (TSXV:NKL) for CAD 3.4 million on May 8, 2023. Under the share purchase agreement, Pelham Investment Partners, LP acquired an aggregate of 2 million common shares, at a price per share of CAD 1.70. Following the completion of the acquisition, Pelham Investment Partners will own and control an aggregate of 13 million common shares, representing approximately 14.2% stake in Nickel 28 Capital Corp.Pelham Investment Partners, LP managed by PART V Capital Management, LLC completed the acquisition of an additional 2.2% stake in Nickel 28 Capital Corp. (TSXV:NKL) on May 8, 2023. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €1.05, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 5.0% over the past year. Recent Insider Transactions • Apr 06
Non-Executive Chairman recently bought €392k worth of stock On the 3rd of April, Anthony Milewski bought around 480k shares on-market at roughly €0.82 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Anthony has been a buyer over the last 12 months, purchasing a net total of €636k worth in shares. Recent Insider Transactions • Feb 13
Non-Executive Chairman recently bought €103k worth of stock On the 10th of February, Anthony Milewski bought around 150k shares on-market at roughly €0.69 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Anthony's only on-market trade for the last 12 months. Announcement • Feb 09
Nickel 28 Appoints Lance C. Frericks to the Board of Directors Nickel 28 announced appointment of Lance C. Frericks to the Board of Directors, effective immediately. With the appointment of Mr. Frericks, the Board of Directors is now comprised of a majority of independent directors. Mr. Frericks is currently a private investor and corporate director. Mr. Frericks started his career at the CME group as a Eurodollar options trader before transitioning to proprietary trading activities on the S&P 500 Index. For over 20 years, Mr. Frericks was one of the traders in the S&P pit, managing capital and serving as a market liquidity provider. He holds a Bachelor of Arts from Western Illinois University. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Maurice Swan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 20% share price gain to €1.03, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 53% over the past year. Recent Insider Transactions • Apr 13
CFO & Corporate Secretary recently bought €192k worth of stock On the 11th of April, Conor Kearns bought around 177k shares on-market at roughly €1.08 per share. This was the largest purchase by an insider in the last 3 months. This was Conor's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improved over the past week After last week's 21% share price gain to €1.04, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 148% over the past year.