First Nickel Receives Notice Of TSX Delisting Review
Jun 26 15
First Nickel Inc. announced that it has received notice from the Toronto Stock Exchange (TSX) that the TSX is reviewing the eligibility of the Corporation's common shares for continued listing on the TSX. Specifically, the TSX has advised that it is reviewing whether FNI meets the TSX's continued listing criteria in the following areas: the Corporation's financial condition and operating results; whether the Corporation has adequate working capital and an appropriate capital structure; and whether the share price of FNI's common shares has been so reduced as to not warrant continued listing. First Nickel is being reviewed under the TSX's remedial review process and has been granted 120 days to comply with all requirements for continued listing. If the Corporation cannot demonstrate that it meets all TSX requirements set out in Part VII of The Toronto Stock Exchange Company Manual on or before October 28, 2015, FNI's common shares will be delisted 30 days from such date. First Nickel intends to cooperate fully with the TSX review process, including with respect to the consideration of listing alternatives for its common shares. Any continued listing or alternate listing of the Corporation's common shares will be dependent on a number of factors. In light of the status of First Nickel's operations under the current nickel price environment, there can be no assurance that the Corporation will be able to maintain a listing of its common shares on the TSX, or obtain an alternate listing on another exchange.
First Nickel Inc. Announces Discontinuation of Underground Ramp Development at its Lockerby Nickel/Copper Mine
Jun 8 15
First Nickel Inc. announced the discontinuation of underground ramp development at its Lockerby nickel/copper mine, located in the Sudbury basin in Ontario. Considering low nickel prices and production levels of the Lockerby mine, the company has evaluated a range of options from continuing the current operating plan at Lockerby to discontinuing ramp development and mining only the ore remaining on and above the 6,800-foot level. Primarily as a result of continued weakness in nickel prices, the Company has decided to discontinue ramp development at this time. The remaining economic ore on and above the 6,800-foot level is expected to be mined out in the third quarter of 2015, at which time the mine will either be put on care and maintenance or closed. The accounting implications of this change will be reflected in the Company's interim financial statements for the second quarter of 2015, which will be filed in early August.
First Nickel Inc. Announces Unaudited Earnings and Production Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Full Year of 2015
May 8 15
First Nickel Inc. announced unaudited earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of CAD 9,708,599 against CAD 16,787,275 a year ago. Loss from operations was CAD 11,796,888 against CAD 4,993,538 a year ago. Loss before taxes was CAD 17,011,431 against CAD 9,254,003 a year ago. Net loss and comprehensive loss was CAD 17,011,431 or CAD 0.02 per basic and diluted share against CAD 9,254,003 or CAD 0.01 per basic and diluted share a year ago. Lower revenues in the first quarter were driven by lower nickel market prices (approximately a CAD 4.0 million impact) and lower production and GMV-net payable nickel (approximately a CAD 3.0 million impact). Contained-nickel production in the first quarter of 2015 was 20% lower than the 2.7 million pounds produced in the first quarter of 2014, reflecting a 15% decrease in ore tonnes produced combined with a 5% decrease in average nickel grades mined. Contained nickel production in the first quarter was also below the levels reflected in the Lockerby Restructuring Plan for the first three months of the year. Lower tonnes mined in the first quarter mainly reflect the impact of challenges experienced with the implementation of the Lockerby Restructuring Plan, which included lower equipment availabilities experienced, and the assumption of new tasks by FNI personnel, where the work had been formerly performed by contracted labour. Nickel grade was also below expected levels, reflecting stope sequencing considerations and slightly higher ore dilution experienced.
As a result of lower production realized in the first quarter, the Corporation's production outlook for 2015 is expected to change. Exploration expenditures are projected to be approximately CAD 0.9 million, respectively, in 2015. The increase in expected exploration expenditures is a result of the restart of exploration diamond drilling at Lockerby as part of the Lockerby Restructuring Plan.