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Earnings

Nickel 28 earns $600,000 (U.S.) in fiscal Q3

By The Northwire Desk — AI Analysis Dec 19, 2025 · 12:42 NKL · 0.70 Nickel 28 Capital Corp.
NKL · Price

Executive Summary

  • Nickel 28 Capital Corp. released its financial results for the third quarter ended October 31, 2025, reporting a total net profit of $600,000 (US) or $0.01 per share.
  • The company’s principal asset, the Ramu nickel-cobalt operation in Papua New Guinea, produced 9,242 tonnes of contained nickel and 887 tonnes of contained cobalt in mixed hydroxide precipitate (MHP) during the quarter.
  • The company ended the quarter with a cash balance of $9.5 million (US) and reported an average production cost of $3.07 (US)/lb of contained nickel, net of byproduct sales.

Key Details

  • Production Volume: 9,242 tonnes of contained nickel and 887 tonnes of contained cobalt in MHP produced in Q3 2025.
  • Sales Volume: 9,880 tonnes of contained nickel and 948 tonnes of contained cobalt in MHP sold in Q3 2025.
  • Production Costs: Average production costs were $3.07 (US)/lb of contained nickel, net of byproduct sales.
  • Operating Profit: Share of operating profit from the Ramu nickel mine was $1.4 million (US).
  • Net Profit: Total net and comprehensive profit was $600,000 (US), equating to $0.01 per share.
  • Cash Position: Quarter-end cash balance was $9.5 million (US).
  • Debt: Total non-recourse construction debt stood at $35.4 million (US) as of October 31, 2025.
  • Corporate Costs: Net overheads were under $2.5 million (US) for the year ended January 31, 2026, excluding insurance reimbursements for legal costs related to former management claims.
  • Market Commentary: CEO Craig Lennon noted that nickel prices remained flat while cobalt prices increased slightly. He highlighted that Indonesian government actions regarding illegal mining fines may cause short-term tightening of ore supply.
  • Outlook: Calendar Q4 2025 is expected to produce similar results to Q3 2025, leading to improved loan repayment and cash distribution for the second half of 2025.

Notable Quotes

  • "The third quarter of calendar year 2025 was interruption free in terms of planned shutdowns and scheduled maintenance, and as a result the project had strong production, sales tonnages and financial results." — Craig Lennon, CEO
  • "Financially, we have ended the quarter with an improved cash balance of $9.5-million (U.S.) and while our corporate costs were assisted by insurance reimbursements for the company's legal costs to defend former management claims, our corporate costs are well within our targeted and budgeted levels excluding these reimbursements." — Craig Lennon, CEO
Read the original news release →

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