Milewski, Cochrane and Kearns denied the allegations in a separate statement and said they believe their terminations are tied to a fight for control led by top shareholder Pelham Investment Partners LP, a New York-based hedge fund. Pelham didn’t immediately reply to a request for comment.
The upheaval at Nickel 28 comes at a time of turmoil in the wider battery-metal industry, as demand for electric vehicles stagnates in some key markets. The fits and starts of the sector are nothing new for commodities investors like Milewski, whose previous company owned the largest private cobalt stockpile on the planet right before prices crashed in 2018.
Undeterred, he then formed Nickel 28 to continue to invest in the battery-metal sector. The Toronto-based company owns interests and royalties in mining projects in Canada, Australia and Papua New Guinea, with a focus on nickel and cobalt mining.
In March 2023, Pelham launched a tender…
