The presentation as of May 2022 has been adjusted. Especially with regard to the outlook. A base scenario of $12.50/lb Ni and $35/lb Co is assumed. But the question arises whether the cash flow portion of Nickel 28 at Ramu is included in the figures (which would not be good) or whether these transactions are not yet reflected (which would be very good).
In order to answer this question conclusively, the figures at 2 documents ex SEDAR as well as the investor presentation as of May 2022 have to be taken into account:
1. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021.
Debt: $ 78,955,067
Cash: $ 3,843,381
2. NR dated 30/11/2021 NICKEL 28 FILES Q3 2021 FINANCIAL STATEMENTS:
(...) which triggered a US$3.2 million cash distribution.
Investor Presentation of 05.2022:
Debt: 79m$ (Slide pdf 5)
Cash: 6m$ (Slide pdf 3)
Conclusion:
It is very good: The repayment of the CAPEX Debt from the cash flow of Ramu as well as the transfer of the FCF to Nickel 28 will take place on 1 January 2022. This Debt repayment resp. the FCF payment is not yet included in the presentation of May 2022.
Regarding the repayment of CAPEX debt, the situation is as follows (Ni 12.50$/lb):
- As at 30.9.2021: 79m$
- As at 01.01.2022: 65m$
- As at 01.07.2022: 47m$
- As at 01.0q.2023: 28m$
- Per 01.07.2023: 9m$
As of 1.1.2024, at a nickel price of 12.50$/lb, the CAPEX Debt could be repaid. The consequences in terms of FCF for Nickel 28 would be dramatically positive:
- New share 11.3%
- 100% FCF for the attention of NKL
- Monthly settlement
With a nickel price of 12.50$/lb and OPEX Ramu of 300m$, more than 80m$ p.a. could be expected from 1.1.2024.
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