Rising Ore Prices Support Nickel Market, Steel Mills Increase Indicative Prices Amid Gradual Recovery

Nickel 28 Capital Corp. said on April 15 that the operator of Papua New Guinea's Ramu nickel-cobalt project has submitted a Phase 2 expansion plan to the country's Mineral Resources Authority. The $1.6 billion project could double Ramu's capacity if completed, but still requires government approval of mining leases and permits. Under the joint venture agreement, majority shareholder MCC must make a fair-market-value buyout offer to minority shareholders including Nickel 28. Minority holders who decline can either fund their share of expansion costs or face gradual equity dilution. CEO Craig Lennon said Ramu's operations are stable and MCC is experienced. The company will evaluate all options under the agreement to maximize shareholder value.

[SMM Daily Comment: Multiple Factors Drove Notably Active Market, High-Grade NPI Prices Edged Up] April 16 — The SMM high-grade NPI upstream sentiment factor was 2.9, up 0.06 MoM, and the high-grade NPI downstream sentiment factor was 1.56, up 0.04 MoM.