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Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7% Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7%
Production / Operations Routine +

Nickel 28 Announces Confirmation of Cash Distribution from Ramu Joint Venture

Ramu JV Cash Flow Validates Valuation, But Expansion Dilution Risk Looms

By The Northwire Desk — AI Analysis May 13, 2026 · 07:01 NKL · 1.24 Nickel 28 Capital Corp.
Executive Summary
  • Nickel 28 Capital Corp. confirmed a pending cash distribution of approximately US$2.1 million for H2 2025 performance from its 8.56% interest in the Ramu joint venture.
  • The company received a US$4.0 million repayment of its portion of the Ramu joint venture partner construction debt, reducing its attributable balance to approximately US$31.9 million.
  • 2025 production and sales figures were reported alongside an operational outlook for 2026 noting positive production trends despite rising sulphur costs.
  • The company holds a Normal Course Issuer Bid (NCIB) approved in February 2026 to repurchase up to ~8.1% of outstanding shares, currently active or recently concluded based on the timeline.
  • A proposed Phase II expansion of the Ramu operation was announced in April 2026, requiring significant capital expenditure (~US$1.6 billion) with potential dilution for minority partners who do not fund their share.
Material Impact
  • The cash distribution confirms the operational viability and cash generation capability of the Ramu joint venture, validating the company's primary revenue stream.
  • Debt repayment is material as it directly increases Nickel 28's ownership percentage in the Ramu operation from 8.56% to 11.3% upon full repayment, enhancing future cash flow exposure without additional capital outlay.
  • The US$4.0 million debt repayment reduces interest burden and improves the balance sheet, though the remaining ~US$31.9 million non-recourse debt remains a significant liability relative to the company's market cap.
  • The expansion news (April 2026) introduces a binary risk: if Nickel 28 funds its share of the US$1.6 billion expansion, it increases production capacity; if not, ownership is diluted monthly based on development costs versus cumulative project costs. This was flagged in prior months but remains an active material consideration.
  • The news does not exceed expectations significantly as debt repayment and cash distributions have been tracked quarterly throughout 2025 and early 2026.
NKL · Price
Company Overview
  • Company Strategy: Leverage a world-class, low-cost nickel-cobalt operation (Ramu) to generate free cash flow, increase JV ownership as debt is repaid, and diversify through royalty interests.
  • Flagship Project: Ramu Nickel-Cobalt Operation in Papua New Guinea (Madang Province).
    • Status: Producing since 2012.
    • Ownership: Indirect wholly owned subsidiary holds 8.56% interest (increasing to 11.3% upon debt repayment).
    • Production Type: Mixed Hydroxide Precipitate (MHP) via High-Pressure Acid Leach (HPAL).
    • Reserves: Total reserves of 76 Mt at ~0.81% Ni and 0.09% Co (JORC compliant Dec 2024).
  • Royalty Portfolio: Includes Dumont (Quebec), Turnagain (BC), Nyngan (Australia), Flemington (Australia) with exposure to Nickel, Cobalt, Scandium, and REEs.
Read the original news release →

More from Nickel 28 Capital Corp.

Oct 15, 2026 · 07:01

Ramu paid out US$12.6 million but flagged weaker second-half cash generation.

Earnings Sep 21, 2026 · 07:01

Nickel 28 reported a Q2 profit of US$2.8M, with sulphur driving costs to US$4.81/lb and prompting a margin warning for the second half.

Earnings Sep 14, 2026 · 07:01

Nickel 28 reports regulatory and exploration milestones across four key projects in its latest royalty portfolio update.

Production / Operations Aug 10, 2026 · 07:01

Nickel 28 reports Ramu Q2 costs of $4.81/lb driven by sulphur, while strong metal prices buffer margins and full-year guidance remains intact.

Production / Operations Jun 29, 2026 · 09:06

Nickel 28 Files Fiscal Q1 2027 Financial Statements

Earnings Jun 10, 2026 · 07:01

Nickel 28 reported expanded Q1 margins driven by lower costs and higher cobalt prices, though Phase II dilution remains a concern.

Production / Operations