Nickel 28 Files Fiscal Q3 2026 Financial Statements
Ramu Operational Recovery Drives Debt Reduction While Legal Shadows Linger
The news release dated December 19, 2025, reports the fiscal Q3 2026 financial results (period ended October 31, 2025). Key highlights include a net income of $0.6 million (US$0.01 per share) and a cash balance of $9.5 million. Operationally, the Ramu Nickel-Cobalt project in Papua New Guinea (PNG) produced 9,242 tonnes of nickel and 887 tonnes of cobalt in calendar Q3 2025. Sales outpaced production (9,880 tonnes of nickel sold), allowing the company to reduce its inventory. Average production costs sat at $3.07/lb nickel, net of by-products. The company expects Q4 performance to mirror Q3, facilitating further debt repayment and cash distributions in the second half of the year.
The impact is positive but largely routine as it confirms the operational recovery previously signaled in November. - Operational Stability: The project has successfully moved past the mechanical failures (acid plant blower) that plagued the start of 2025. Operating at 113% capacity utilization shows the asset's robustness. - Inventory Monetization: Selling more than produced in a "stronger" sales environment (as per CEO comments) is a tactical win for cash flow. - Debt Reduction: The non-recourse construction debt was reduced from $37.5 million (July) to $35.4 million (October). This is critical because Nickel 28’s ownership interest in Ramu increases from 8.56% to 11.3% automatically once this debt is retired. - Cost Control: Management has maintained a tight lid on corporate overhead (targeted at <$2.5 million for the year), though this figure excludes legal costs, which remain a significant "hidden" variable.
Nickel 28 is a base metals royalty and streaming company. Its flagship asset is an 8.56% joint-venture interest in the Ramu Nickel-Cobalt Operation, an integrated HPAL (High-Pressure Acid Leach) mine in Papua New Guinea operated by Metallurgical Corp. of China (MCC). Ramu is one of the lowest-cost nickel producers globally. The company also holds a portfolio of 13 nickel-cobalt royalties, most notably a 1.75% NSR on the Dumont project (Quebec) and a 2.0% NSR on the Turnagain project (BC).