In a dramatic overhaul at Nickel 28 Capital Corp., the board has ousted three top executives following a rigorous internal investigation.
The shake-up at the nickel-cobalt producer saw CEO Anthony Milewski, President Justin Cochrane, and CFO Conor Kearns dismissed for serious breaches of conduct and policy non-compliance, sending shockwaves through the corporate ranks.
Nickel 28 shares soared 18% on the news of the termination in early trading on May 6th.
- Cochrane and Milewski are founders of a research and consulting group
- Milewski was the original CEO of Carbon Streaming Corp before Cochrane became the CEO in late 2020.
- Kearns is the current CFO of Carbon Streaming Corp under CEO Justin Cocrhane
- Maurice Swan, Board Member of Nickel 28, is also the Chairman of Carbon Streaming Corp.
The firings, effective after the close of business on May 3, 2024, were announced following findings from an independent special committee formed in early December 2023. This committee was tasked with examining the executives’ adherence to insider-trading, expense policies, and the code of business conduct and ethics.
Their investigation revealed misconduct including breaches of duty, poor judgment, and various violations of Nickel 28’s internal policies. None of the company’s findings have been proven in court.
Dismissed Executives Justin Cochrane, Conor Kearns and Board Member Maurice Swan’s ties to Carbon Streaming Corp.
Amid the upheavals at Nickel 28, the connections between ousted executives and other industry entities have come under scrutiny.
Notably, Conor Kearns, the former CFO, along with Justin Cochrane, the ousted president, and Nickel 28 board member Maurice Swan, are all known to have ties with Carbon Streaming Corp., a firm specializing in carbon credits and streams.
This involvement raises questions about potential conflicts of interest and the integrity of their professional judgments in their roles at Nickel 28, and now, potentially Carbon Streaming.
The overlap in executive roles between different corporations is a common practice but invites a closer examination of governance and ethical standards, especially in light of the recent findings of misconduct at Nickel 28. Maurice Swan is Director of Nickel 28, and current Chairman of Carbon Streaming. Swan was the former Chair of the Compensation Committee at Carbon Streaming until he stepped down late in 2023.
Such relationships are particularly relevant as they could influence decision-making processes and strategic directions not only at Nickel 28 but across the broader business spectrum where these individuals hold influence.
- Carbon Streaming has come under fire recently from activist shareholder groups for executive compensation and G&A spending.
- The company promoted a new CEO in June 2023, before he resigned after only 3 weeks on the job – and Cochrane retook the position.
Investigation and Findings
The special committee’s investigation at Nickel 28 delved into historical compensation arrangements and the compliance of these senior figures with the company’s insider-trading, expense policy, and code of business conduct and ethics. It also examined potential conflicts of interest and related party transactions involving company insiders and key employees.
Their thorough review culminated in an unanimous recommendation to the board to terminate the implicated executives for cause. The board, accepting these recommendations, has also reserved all rights to initiate legal proceedings to recover losses and gains obtained through the executives’ alleged misconduct. However, they noted that these findings are not expected to materially impact the company’s prior financial statements.
Immediate and Future Leadership Changes
In response to the leadership vacuum, the board acted swiftly to appoint Christopher S. Wallace as the interim CEO. Wallace, a current board member known for his extensive experience in leadership and finance within the critical-minerals industry, is expected to steer the company through this turbulent period.
Additionally, Brett Richards, another board member with over 37 years in the mining and metals industry, will provide consultancy services to assist with the transition.
Martin Vydra, Executive Vice-President of Strategy, and Craig Lennon, Head of Asia-Pacific, will continue in their roles, ensuring operational continuity.
Company Outlook and Strategic Vision
Despite these significant upper-management upheavals, Nickel 28 reassures stakeholders that its core strategic vision and objectives remain steadfast. The board and the continuing leadership team are committed to upholding the highest standards of integrity, transparency, and accountability in all operations.
Nickel 28 Capital, known for its 8.56-percent joint venture interest in the producing, long-life, and world-class Ramu nickel-cobalt operation located in Papua New Guinea, continues to be a pivotal player in the nickel and cobalt markets. These metals are critical for the burgeoning electric vehicle sector, underscoring the company’s strategic importance.
In addition to Ramu, Nickel 28 manages a portfolio of 10 nickel and cobalt royalties on development, prefeasibility, and exploration projects across Canada, Australia, and Papua New Guinea.
Implications for Stakeholders
The abrupt leadership changes and the circumstances leading to them could stir investor concerns regarding governance and oversight within Nickel 28. However, the board’s proactive stance in addressing these issues and setting a course for robust oversight and transparent management practices might help in stabilizing trust among investors and partners.
As the company navigates through these changes, the outcomes of any legal actions and future disclosures related to the termination of the senior executives will be closely watched by shareholders and industry analysts alike.
The full details of the impact of these terminations will be disclosed in the company’s future continuous disclosure filings, including its 2025 management information circular, ensuring that stakeholders are kept fully informed.
The coming months will be critical for Nickel 28 as it seeks to maintain its operational integrity and market position amidst these internal challenges. With a renewed leadership team at the helm, the company aims to navigate through these turbulent waters, reaffirming its commitment to best practices and shareholder value.
The post Nickel 28 Capital Ousts CEO Anthony Milewski and President Justin Cochrane in Leadership Purge Over Misconduct appeared first on Carbon Credits.
Carbon Footprint
The Strategic Case for Nature-Based Carbon Investments
Nature-based carbon investments deserve consideration when they address a specific business dependency and produce outcomes you can measure. Imagine Moonbucks, a global coffee roaster planning next season’s espresso blend. It is considering natural Grade 4 coffee from Jimma, in southwestern Oromia, Ethiopia. Its sourcing decisions affect the roasting schedule and the cash tied up in coffee purchases. Moonbucks needs to understand which measures could protect that supply, what they would cost and how it would judge the results.
1. Define the sourcing problem before choosing a project
Moonbucks needs a dependable component for its espresso blend. Its procurement team wants continuity of volume and an agreed cup profile. Replacing a shipment at short notice could require new sample approval and changes to the blend, and given the schedules for cultivation, processing, and freight delivery, is practically impossible. Moonbucks needs to get this right, and its initial concern is inconsistent deliveries. It commissions an assessment of the supplying farms and post-harvest chain. The questions cover land condition, harvest availability and whether drying or storage problems are affecting saleable lots.
This distinction changes the investment brief. A tree-planting proposal cannot be assumed to fix drying problems. Better storage cannot restore eroded land. The team must establish which problem exists before selecting the response.
CCC’s guide to finding nature-based solutions in your supply chain explains where to look. Here, the next task is to turn a broad concern into a testable proposal.
2. Develop nature-based carbon investments around the actual supply chain
The assessment would trace Moonbucks’ purchases back through the exporter and supplying producer groups. Which farms supply the contracted lots? Who controls land-management decisions? How long does the buyer expect to maintain the purchasing relationship?
Furthermore, Jimma natural Grade 4 cannot be treated as interchangeable with every Ethiopian coffee. Moonbucks would need to test any substitute against its own blend and quality requirements.
Suppose Moonbucks’ assessment identifies an opportunity to maintain shade trees and restore vegetation along exposed streambanks. The IPCC describes agroforestry as a way to store carbon in vegetation and soil, with potential benefits for erosion control and water quality.1 Moonbucks would need local advice on species, growing conditions and maintenance before deciding how these measures fit its sourcing plan.
The proposal now has a defined sourcing connection and a candidate intervention. The next steps are to test its effect on production, assess carbon eligibility and build the financial case.
3. Compare the proposal with other ways to protect supply
WBCSD’s Nature-based Solutions Blueprint recommends comparing nature-based options with other responses across their benefits and costs.2 For Moonbucks, that means evaluating the landscape proposal alongside drying improvements, storage controls and alternative sourcing arrangements.
The product’s natural-process designation matters. Moonbucks should examine the drying and dry-milling chain alongside land conditions. Its team would check storage practices, contamination risks and incoming-lot quality to see whether problems arise before or after the coffee leaves the farms.
The revised proposal might combine land stewardship with separate post-harvest controls. Each component needs its own purpose and budget. A sustainability label should not obscure which activity is expected to solve which problem.
The project develops as the evidence improves. Its scope should follow the diagnosis rather than preserve the first idea unchanged.
4. Establish what the carbon outcome could count toward
Moonbucks’ sustainability team now tests the proposed carbon case separately from the sourcing case. Is the objective a measurable change in Moonbucks’ value-chain emissions, verified credits for separate voluntary use, or distinct outcomes under carefully defined arrangements?
Scope 3 covers value-chain emissions. A purchasing relationship alone does not prove that a farm intervention can be included in Moonbucks’ inventory. The team needs an applicable accounting method, defensible boundaries and evidence supporting attribution.
SBTi’s FLAG Guidance (forest, land and agriculture), version 1.2, says purchased credits used as offsets cannot meet near-term FLAG or energy and industry targets. Eligible land-based removals are subject to accounting requirements.3 Moonbucks needs to test its proposal against those rules before including an outcome in its targets.
For Moonbucks’ Jimma proposal, maintaining existing trees and establishing new vegetation could involve different carbon questions. Specialists must examine the baseline and additionality, meaning what changes because the project proceeds. They must also assess measurement and the risk that stored carbon is lost. CCC’s MRV and additionality article introduces those tests.
Until that work is complete, Moonbucks should not budget an assumed Scope 3 reduction or credit-sale receipt. Direct emissions reductions remain the priority.
5. Build a financial case that survives weaker assumptions
Moonbucks’ finance team would now build a multi-year budget. UNEP’s State of Finance for Nature 2023 compares current finance with the investment needed to meet climate, biodiversity and land-restoration goals.4 The company would cost its proposed activities, farmer participation and ongoing monitoring. Verification, where required, is a separate expense. Maintenance and responsibility for replacing failed plantings must remain visible after the initial establishment budget ends.
Operational benefits need equally careful treatment. If fewer rejected lots reduce emergency purchasing, count that saving once. Do not add “supply resilience” as another financial benefit when it represents the same avoided cost.
Moonbucks should compare a base case with slower benefits, higher implementation costs and no carbon revenue. It should also distinguish production outcomes from quality and shipment outcomes. A single good harvest would not prove that the landscape intervention caused better delivery performance.
A project can remain worth funding even when its carbon case needs more work. That decision must rest on the operational evidence and the company’s objectives, without unsupported environmental claims.
6. Fund a pilot with a clear expansion decision
Moonbucks’ first approval would fund a bounded pilot, rather than commit the entire sourcing program. Before spending, Moonbucks would agree on participating farms, responsibilities and the evidence needed at review.
Its scorecard could track farmer participation, implementation costs and plant survival, alongside accepted coffee volumes and lot-quality results. Carbon measurements would follow the selected method. Farm-level traceability must connect the intervention to the actual sourcing relationship.
Suppose Moonbucks’ review later finds that storage changes explain most quality improvements, while the land measures need longer observation. Those findings would shape the next decision: expand the proven component, adjust the landscape work or pause further spending. They would not justify crediting all improvements to tree planting.
This gives nature-based carbon investments a practical place in a multi-year strategy. Funding increases as the evidence supports it, and the project can change direction before a larger commitment.
Discuss a sourcing opportunity with CCC
Carbon Credit Capital’s nature-based supply-chain investment service uses its Dual-Value Model to examine supply-chain economics alongside potential sustainability outcomes.
Schedule a consultation to discuss your sourcing exposure and the questions to resolve before allocating capital.
Sources
- Intergovernmental Panel on Climate Change (IPCC), Climate Change 2022: Mitigation of Climate Change, Chapter 7, Agriculture, Forestry and Other Land Uses, section 7.4.3.3 (Agroforestry).
- World Business Council for Sustainable Development (WBCSD), Nature-based Solutions Blueprint, 5 June 2024.
- Science Based Targets initiative (SBTi), Forest, Land and Agriculture Science-Based Target-Setting Guidance, version 1.2, March 2026, section 3.1.4, pp. 37–38.
- United Nations Environment Programme (UNEP), State of Finance for Nature 2023, 2023.
Carbon Footprint
How to buy plastic credits, and what to check before you do
A plastic credit funds the collection of plastic waste in places where no formal system exists to collect it. Each credit represents a measured, independently audited quantity of plastic taken out of the environment or returned to use, tracked on a public registry.
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Carbon Footprint
EU carbon credit claims after 27 September 2026
EU carbon credit claims changed on 27 September 2026, the day the Directive (EU) 2024/825 began to apply across the European Union. The change is narrow. It changes how a company can talk about the credits it buys. A product can no longer be called neutral on the strength of compensation alone; however, every specific, evidenced statement about what a company measured, reduced, and funded stays fully available.
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