“As a long-term investor, this transaction is aligned with our strategy of building sustainable value chains around the raw materials that support a changing economy,” said Stephen Gill, managing partner of Pala. “We look forward to remaining a supportive shareholder of Nickel 28, as it goes forward with a clean balance sheet to continue building its asset base, in particular, by leveraging its recently acquired exposure to the producing Ramu nickel-cobalt mine.”

Nickel 28 will hold Cobalt 27’s joint-venture interest in Ramu, a lowcost, long-life producing nickel-cobalt mine, its royalty portfolio on future projects, including the Turnagain royalty, a royalty over one of the largest undeveloped nickel sulphide projects globally, the Dumont royalty, a shovel-ready nickel project in Canada, and certain equity positions including in Giga Metals Corp.