Nickel 28 Capital Corp announced that Anthony Milewski, former CEO, Justin Cochrane, former president, and Conor Kearns, former CFO (the founding management team), have been terminated for cause with immediate effect after the company said it found evidence of serious misconduct, breach of duties and obligations, repeated lack of judgment, care and diligence and non-compliance with various of Nickel 28’s policies and procedures. None of the company’s findings have been proven in court.
Nickel 28 is a nickel-cobalt producer through its 8.56% joint-venture interest in the Ramu nickel-cobalt operation located in Papua New Guinea. The company also manages a portfolio of 10 nickel and cobalt royalties on development, pre-feasibility and exploration projects.
Cochrane and Kearns’ employment and/or consulting arrangements with the Nickel 28 were terminated for cause with immediate effect following the close of business on May 3, 2024, after the company’s board considered the findings and recommendations made by an independent special committee, which was formed in December 2023 to conduct an independent investigation into compensation arrangements, and other policies and practices relating to actual or potential conflicts of interest.
The board has appointed Christopher S. Wallace, a board member, as interim CEO with immediate effect. During the transition, the board said it will ensure the company has the management expertise and skills needed to execute its strategic vision and plans. Brett Richards, who has operational management and project development experience, has agreed to provide certain transition consultancy services to the company.
The founding management team issued a statement saying they believe that these terminations are part of the year-long contest for control of Nickel 28 launched by Ned Collery of Pelham Investments. This contest saw Brett Richards along with Ned Collery join the board of directors of Nickel 28 and work together to take control of the company.
