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Canada Nickel Company Inc V.CNC

Alternate Symbol(s):  CNIKF

Canada Nickel Company Inc. is a Canada-based company, which is engaged in advancing the nickel-sulfide projects to deliver nickel required to feed the electric vehicle and stainless-steel markets. The Company owns flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. The Company also owns 25 additional nickel targets located near the Crawford Project. Its wholly owned NetZero Metals Inc. to develop zero-carbon production of Nickel, Cobalt and Iron and applied for the trademarks NetZero Nickel NetZero Cobalt and NetZero Iron across several jurisdictions.


TSXV:CNC - Post by User

Comment by CEOofEPOon Jun 28, 2023 3:40am
113 Views
Post# 35517828

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Could FNI be the next CNC

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Could FNI be the next CNC
N3tPr0phet wrote: $14.8M cash and equivalents
$1.9M receivable and prepaid expenses
<$4.8M> payable
<.9M> share premium liability

=$11.0M working capital

Now consider that:

(1) It's unlikely that the FS has already been paid in full if it's going to be delivered in September.

(2) They still need to pay for a PEA at Texmont.

(3) It's prime drilling season and the company is dead-set on prodigously plugging holes across the entirety of the Canadian Shield.

(4) General opex like payroll is a thing. 

And I don't see how they make it to 2024 without funding. 

But, like, CNC is finna boutta cash 9 figure government checks, so all is good in the hood. There is a long table with many big players sitting at it. BRB grabbing chairs. 

Still waiting on the nickel recovery % from the one and only pilot scale program they've done, but it probably doesn't matter, because Anglo will not doubt apply highly advanced non-specific technology to this project and get those numbers through the roof. When does their bulk sample come through? 

Dumont sale any day now.

GLTA

EndZonefor7 wrote:  I see $14 million cash and cash equivalents but I'm no accountant. 


Incase you're wondering where all the cash goes.


Exploration and evaluation expenditures
 
Exploration and evaluation expenditures include costs related to exploration at Crawford and its regional properties, feasibility study and permitting. Approximately $11 million was spent in relation to feasibility study work for the six months ended April 30, 2023 and $15 million for the same period in 2022 ($6 million for the second quarter 2023 and $6 million for second quarter 2022). Approximately $12 million was spent on regional and Crawford exploration for the six months ended April 30, 2023 and $8 million for the same period in 2022 ($5 million for the second quarter 2023 and $6 million for second quarter 2022).

 
Use of proceeds from the financings
 
On March 3, 2023, the Company received over $46 million in additional financing (as described earlier in Key Developments). The Company spent $14.5 million to repay the Auramet Inc. loan and the remaining available funds are expected to be used as follows:
(i) approximately $8 million is expected to be used to complete the feasibility study incorporating additional value-added initiatives, including carbon sequestration
(ii) approximately $3 million is expected to be used towards planning, permitting and bulk sampling at the Crawford Project
(iii) approximately $9.5 million is expected to be used to satisfy the Company's general corporate and working capital requirements
(iv) approximately $6 million is expected to be used to complete exploration programs to incur Qualifying Expenditures at the Company's regional properties, surrounding the Crawford Project, with a focus on properties with higher nickel grade potential
(v) approximately $5 million is expected to be used to continue various provincial and federal permitting processes and community activities.



Someone's gotta pay for those Cruz interviews 
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