Northwire Canada EditionSaturday, November 7, 2026
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Resource Estimate Routine +

Nickel 28 Announces Increase in Ramu Mineral Resources and Mineral Reserves

Resource Upgrade Confirms Longevity, But Expansion Dilution and Litigation Overhang Remain Key Risks

By The Northwire Desk — AI Analysis May 15, 2026 · 07:01 NKL · 1.27 Nickel 28 Capital Corp.
Executive Summary
  • Nickel 28 Capital Corp. announced an update to its Ramu Mineral Resources and Reserves effective December 31, 2025.
  • Measured and Indicated mineral resource tonnage increased by approximately 16% year-over-year.
  • Total mineral reserves remained stable at 76 Mt, but average nickel grades improved from 0.81% to 0.87%.
  • The updated reserve base supports an estimated mine life of approximately 20 years at current production rates.
  • Current joint-venture interest is 8.56%, which will automatically increase to 11.3% upon repayment of construction debt.
  • Exploration activity in 2025 included 1,026 boreholes totaling 10,397 metres.
  • Estimates were prepared by Nanjing Center under JORC guidelines but are not yet NI 43-101 compliant.
Material Impact
  • The resource update is consistent with the company's historical trajectory and previous announcements (June 2025), confirming ongoing exploration success rather than introducing a surprise discovery.
  • Grade improvement (Ni 0.81% to 0.87%) enhances the economic viability of the existing reserve base, supporting the 20-year mine life claim.
  • However, this does not resolve the immediate capital structure risks associated with the Phase II expansion announced in April 2026 ($1.6 billion cost).
  • The news validates the asset's longevity but does not mitigate the dilution risk if Nickel 28 cannot fund its share of the expansion costs under existing Joint Venture Agreements.
  • Given the stable reserve tonnage and incremental grade improvement, this is viewed as a positive confirmation of operational health rather than a fundamental valuation shift.
NKL · Price
Company Overview
  • Company: Nickel 28 Capital Corp. (TSX-V: NKL).
  • Strategy: Leverage cash flow from Ramu JV to increase ownership stake, repay debt, and diversify via royalty portfolio.
  • Flagship Project: Ramu Nickel-Cobalt Operation in Papua New Guinea (Madang Province).
  • Operation Type: Hydrometallurgical processing of laterite ore (HPAL) producing Mixed Hydroxide Precipitate (MHP).
  • Status: Producing since 2012.
  • Ownership: Indirect wholly owned subsidiary Ramu Nickel Limited holds an 8.56% interest in the Joint Venture operated by MCC.
  • Royalty Portfolio: Includes Dumont (Quebec), Turnagain (BC), Nyngan (Australia), and Flemington (Australia) with exposure to Ni, Co, Scandium, and REEs.
Read the original news release →

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Oct 15, 2026 · 07:01

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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

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

Production / Operations