Kuala Lumpur, 19 September 2025 — Niche Capital Emas Holdings Berhad (NICE) has secured shareholder approval for a series of corporate exercises designed to strengthen its balance sheet, boost funding flexibility, and accelerate the development of its gold mining projects in Kelantan.
At its Extraordinary General Meeting (EGM), investors voted in favour of a RM70 million share capital reduction, a bonus issue of warrants, and a private placement of nearly 297 million new shares. Together, the measures are aimed at clearing accumulated losses, creating retained earnings, and channelling fresh capital into NICE’s flagship Sokor Gold Mine and the newly acquired KK Hill project.
Reshaping the Financial Base
The capital reduction will allow NICE to extinguish its past losses, giving it a cleaner financial profile and a stronger platform for potential dividend payments once operations turn consistently profitable. The bonus issue of warrants, to be distributed at no cost, is intended to increase shareholder participation while providing a future avenue for capital injection when exercised.
Meanwhile, the private placement will raise significant new funds to support expansion. Pricing will be set based on a five-day volume weighted average market price (VWAP) at the time of issuance. Proceeds are earmarked for expanding processing facilities at Sokor and for advancing development at KK Hill, positioning both assets as long-term revenue pillars.
Expanding Gold Resources
NICE recently secured rights to the 97.12-hectare KK Hill concession in Kelantan, which has an independently verified JORC-compliant Mineral Resource Estimate of 169,300 troy ounces of gold, equal to 7.64 million tonnes of ore at 0.69 g/t. Combined with Sokor’s reserves, the group’s total estimated resource now stands at 186,400 troy ounces, valued at roughly US$671 million at current gold prices.
To unlock KK Hill’s potential, NICE plans to deploy a Carbon-in-Leach (CIL) processing system with capacity of up to 2,500 tonnes per day, equivalent to around 70,000 tonnes of ore monthly. With an expected recovery rate of 85%, management forecasts output of approximately 1,320 troy ounces per month.
At Sokor, where commercial extraction has already begun, the heap leach facility commissioned last November has reached target recovery levels, while a new tank agitation leaching system is broadening ore processing capabilities. Gold production, according to NICE’s own data, has been on a steady upward trend since May 2025.
Strategic Positioning
Management says the combination of corporate restructuring and fresh capital will allow NICE to fast-track development while reducing reliance on borrowings. “With these corporate exercises, we are not only strengthening the Group’s financial footing but also sharpening our focus on sustainable growth,” the company said in a statement. “Sokor and KK Hill will be central to this strategy, enabling us to accelerate development, diversify revenue streams, and create long-term value for shareholders.”
Beyond its mining operations, NICE is also engaging with potential joint-venture partners to further explore and develop its concessions. Regulatory approvals, including Environmental Impact Assessments (EIA), are progressing for Sokor and KK Hill.
Outlook
While commercial production will take time to scale, the combination of expanding resource estimates, upgraded processing capacity, and stronger financial flexibility has positioned NICE to evolve into one of Malaysia’s leading gold mining players. Investors will be watching closely for updates on regulatory milestones, production ramp-ups, and how warrant exercises may contribute to future working capital.
