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Nickel 28 Reports Ramu’s 2023 Performance & Nickel Production Insights

Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) has announced substantial operational results for Ramu Nickel-Cobalt Operations in Papua New Guinea for Q4 and the entire year of 2023. The company, holding an 8.56% joint-venture interest, highlights Ramu’s resilience despite global market pressures.

Ramu’s 2023 Production Overview

Ramu concluded 2023 with a nickel production of 7,825 tonnes in Q4, reflecting an 8% decrease due to unexpected outages caused by earthquakes. The full year recorded a slight 2% decrease in nickel production, totaling 33,604 tonnes, yet achieving 103% of its designed capacity. Meanwhile, cobalt production remained stable, with 706 tonnes in Q4 and 3,072 tonnes over the year. Despite a significant drop in nickel and cobalt prices, Ramu maintained low cash costs, asserting its position among the lowest-cost MHP producers.

Market Impact and Future Projections

Anthony Milewski, CEO of Nickel 28, emphasized the increased MHP supply from Indonesia and its growing preference among EV battery manufacturers. Despite the challenges, Milewski is optimistic about Ramu’s future, especially with planned improvements in 2024 intending to boost production capacity.

About Ramu and Mixed Hydroxide Precipitate (MHP)

Ramu stands out as a rare operation excelling in MHP production, a key factor for the lithium-ion battery sector. This HPAL operation not only surpasses its design capacity but also serves as a critical supply source for nickel and cobalt sulphate.

About Nickel 28

With its strategic investment in Ramu, Nickel 28 offers stakeholders direct exposure to essential metals for electric vehicles, alongside managing a portfolio of nickel and cobalt royalties globally.

For further information, prospective investors can reach out to Nickel 28 Investor Relations at 289.314.4766 or via email.

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