Last C$0.02 CAD
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As of 3:01 PM 01/27/15 All times are local (Market data is delayed by at least 15 minutes).

first nickel inc (FNI) Snapshot

Open
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Previous Close
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Day High
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Day Low
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52 Week High
05/9/14 - C$0.06
52 Week Low
12/2/14 - C$0.01
Market Cap
10.2M
Average Volume 10 Days
217.1K
EPS TTM
C$-0.03
Shares Outstanding
678.8M
EX-Date
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P/E TM
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Dividend
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Dividend Yield
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Current Stock Chart for FIRST NICKEL INC (FNI)

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first nickel inc (FNI) Details

First Nickel Inc., a mining company, is engaged in mining, exploration, development, and acquisition of base metal properties in North America. The company explores for nickel, as well as its by-products, such as copper and cobalt. It principally holds interest in the Lockerby Mine located in Sudbury, Ontario. The company was incorporated in 2003 and is headquartered in Toronto, Canada.

180 Employees
Last Reported Date: 03/20/14
Founded in 2003

first nickel inc (FNI) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$350.0K
Chief Financial Officer and Vice President
Total Annual Compensation: C$46.0K
Head of Corporate Development and Vice Presid...
Total Annual Compensation: C$193.8K
Vice President of Exploration
Total Annual Compensation: C$190.0K
Compensation as of Fiscal Year 2013.

first nickel inc (FNI) Key Developments

First Nickel Inc. Reports Preliminary Production Results for the Year 2014; Provides Production and Capital Expenditure Guidance for the Year 2015

First Nickel Inc. reported preliminary production results for the year 2014. For the year, the company produced approximately 13.3 million contained and 6.9 million GMV-net payable pounds of nickel, at the lower end of the 2014 guidance range; Produced approximately 7.8 million contained and 4.0 million GMV-net payable pounds of copper, at the upper end of the 2014 guidance range. For the year 2015, the company expects Production of between 12.7 and 13.5 million pounds of contained nickel, consistent with 2014 production; Production of between 6.9 and 7.5 million pounds of contained copper; and GMV-net payable production of between 6.4 and 6.8 million pounds of nickel, and between 3.5 and 3.7 million pounds of copper. The company announced that Capital expenditures, including underground development, are projected to be approximately $6.5 million in 2015 and exploration and evaluation expenses in 2015 are projected to be approximately $0.9 million, including 6,300 metres of exploration drilling and related costs.

First Nickel Inc. Announces Executive Changes

First Nickel Inc. recently engaged Mr. Vern Baker as Vice President, Sudbury Operations. Mr. Baker was most recently President of Duluth Metals and was previously the Vice President of Operations of FNX Mining in Sudbury. He has a track record of leading effective change in underground mines, keeping mines operating where they would have otherwise been closed. In addition, Mark Isto, Vice President of Operations, has decided to leave the company and take a senior-level position at a mining-related company.

First Nickel Restructures the Lockerby Mine, Reducing Costs and Ensuring Continued Economic Viability

First Nickel Inc. has announced that the Lockerby nickel/copper mine, located in the Sudbury basin in Ontario, is being restructured in order to reduce costs, increase exploration and extend mine life. In 2013, the Company disclosed that, as a result of low nickel prices, ramp development below the 6800 level would be suspended. The Company has also said that if a decision was not made to restart ramp development, Lockerby would cease mining operations in 2015. In December 2014, the Company concluded that, unless costs could be substantially reduced, developing the mine below the 6800 level would be uneconomic based on the current cost structure. The Company has recently engaged Mr. Vern Baker as Vice President, Sudbury Operations. Mr. Baker was most recently President of Duluth Metals and was previously the Vice President of Operations of FNX Mining in Sudbury. He has a track record of leading effective change in underground mines, keeping mines operating where they would have otherwise been closed. Mr. Baker, together with the mine leadership team, undertook a review of the Lockerby Mine to determine whether it could continue operating in a safe manner with a lower cost basis. This work has resulted in a restructuring plan that reduces costs to a level that will enable FNI to continue to operate the Lockerby Mine in a sustainable manner, preserving the jobs of 115 FNI employees. The Plan was recently reviewed and approved by the FNI board of directors. The Plan is founded on productivity improvements to be realized through a strong focus on basics and essential work, and is expected to allow a reduction in costs while maintaining relatively consistent nickel production. Cost reductions and productivity changes require a 30% reduction in FNI personnel, and a 75% reduction in third-party contractor personnel, for an overall workforce reduction of 45%. Costs at the Toronto corporate office are also being reduced as part of the Plan. The expected reduction of costs at the Lockerby Mine has resulted in a decision to recommence the ramp development below the 6800 level to reach the 7100 level in the first half of 2016. The underlying mine plan is essentially unchanged from the 2012 Technical Report. The Company expects to file a new Technical Report on the Lockerby Mine during the first half of 2015. Production in 2015 is not expected to be significantly impacted and is expected to continue through 2016. FNI plans to release 2015 production and cost guidance later in January. The Plan also includes the restart of exploration diamond drilling at Lockerby, with a planned 6,300 metres of underground exploration drilling in 2015 and 7,200 metres in 2016, targeting increased resources/reserves and increasing mine life.

 

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