Update on Conic’s Canadian and Australian Tier 1 Nickel Royalty Portfolio
July 29 2020 - 1:28PM
Business Wire
Conic Metals Corp. (“Conic” or the “Company”)
(TSXV: NKL) is pleased to provide an update on its royalty
portfolio and remind investors that it has tremendous exposure to
the types of nickel mines that Tesla’s Chief Executive Officer,
Elon Musk, is looking for.
Elon Musk, Tesla’s CEO, stated on their recent quarterly
conference call that “Tesla will give you a giant contract for a
long period of time if you mine nickel efficiently and in an
environmentally sensitive way. So hopefully this message goes out
to all mining companies. Please get nickel.”
“Tesla is looking for nickel that is mined in an efficient and
environmentally sensitive way and Conic holds significant royalties
on three of the largest undeveloped nickel mines in the World”
stated Justin Cochrane, President and CEO. “Canada and Australia
have some of the toughest environmental regulations in the world
and both countries host several very large open-pit sulphide nickel
deposits. Some of the best of which we hold royalties on. When
these projects are eventually developed, each will be a significant
cash contributor to Conic.”
On July 22, 2020, Waterton Global Resource Management, Inc.
(“Waterton”) announced that it was acquiring the remaining
28% interest in the Dumont Nickel Project (“Dumont”) from
Karora Resources Inc. (formerly RNC Minerals) for up to $48
million, consisting of $7.4 million in cash and up to $40.2 million
in deferred consideration upon the sale or other monetization of
Dumont by Waterton. Conic holds a 1.75% NSR on Dumont, which is a
large-scale, low-cost, long-life, shovel-ready and fully permitted
nickel-cobalt-PGE development project located in Quebec,
Canada.
In addition to the Dumont NSR of 1.75%, Conic also holds a 2.0%
NSR on the Turnagain Nickel-Cobalt Project, owned by Giga Metals
Corp. (TSXV: GIGA) and a 1.5% GRR on the Flemington
Nickel-Cobalt-Scandium Project owned by Australian Mines (ASX:
AUZ), among many other royalty assets.
The table below presents Conic’s nickel assets inside its
investment portfolio.
Royalty Name
Owner
Country
Stage
Primary Metal(s)
Royalty Type and %
Ramu Nickel Cobalt Mine
Metallurgical Corporation of
China
Papua New Guinea
Production
Ni-Co
JV Interest
(8.56-11.3%)
Dumont Nickel Project
Waterton
Canada
Advanced/ Development
Ni-Co
1.75% NSR
Turnagain Project
Giga Metals Corporation
Canada
Exploration
Ni-Co
2.0% NSR
Flemington Project
Australian Mines Ltd.
Australia
Exploration
Ni-Co-Sc
1.5% GRR
Nyngan Project
Scandium International Mining
Corp.
Australia
Advanced/ Development
Ni-Co-Sc
1.7% GRR
About Conic
Conic Metals Corp. is a base metals company offering direct
exposure to nickel and cobalt, both being critical elements of
electric vehicles and energy storage systems. Conic holds an 8.56%
joint-venture interest in the producing, long-life and world-class
Ramu Nickel-Cobalt Operation located in Papua New Guinea which
provides Conic with significant attributable nickel and cobalt
production. In addition, Conic manages a portfolio of 11 nickel and
cobalt royalties on advanced/development and exploration projects
in Canada and Australia. Conic will continue to invest in a battery
metals-focused portfolio of streams, royalties and direct interests
in mineral properties containing battery metals.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes
‘forward-looking statements’ and ‘forward-looking information’
within the meaning of applicable Canadian securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as “may”, “should”, “anticipate”, “expect”, “potential”,
“believe”, “intend” or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include, but are not limited to: statements with respect to the
business; and, assets of Conic and its strategy going forward;
statements with respect to the operational and financial results;
statements with respect to the prospects of nickel and cobalt in
the global electrification of vehicles; and statements with respect
to the business and assets of Conic and its strategy going forward.
Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties, most of which are beyond
the Company’s control. Should one or more of the risks or
uncertainties underlying these forward-looking statements
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements.
The forward-looking statements contained herein are made as of
the date of this release and, other than as required by applicable
securities laws, the Company does not assume any obligation to
update or revise them to reflect new events or circumstances. The
forward-looking statements contained in this release are expressly
qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No securities regulatory authority has
either approved or disapproved of the contents of this news
release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200729005824/en/
Justin Cochrane Tel: 647.846.7765 Email:
info@conicmetals.com
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