Nickel 28's Ramu produces 9,242 t contained Ni in Q3

Executive Summary

• Nickel 28 Capital Corp. reported strong operational performance for its 8.56% joint venture interest in the Ramu nickel-cobalt operation in Papua New Guinea for the quarter ended September 30, 2025.
• The company reported significant year-over-year increases in both nickel and cobalt production and sales volumes, driven by interruption-free operations and favorable market conditions.
• While nickel prices decreased by 8% year-over-year, cobalt prices surged by 34%, contributing to strong sales performance where Ramu sold more than it produced, reducing inventory levels.

Key Details

• Nickel Production: 9,242 tonnes of contained nickel in mixed hydroxide precipitate (MHP), compared to 6,880 tonnes in Q3 2024.
• Cobalt Production: 887 tonnes of contained cobalt in MHP, compared to 634 tonnes in Q3 2024.
• Nickel Sales: 9,880 tonnes of contained nickel, compared to 8,685 tonnes in Q3 2024.
• Cobalt Sales: 948 tonnes of contained cobalt, compared to 798 tonnes in Q3 2024.
• Nickel Inventory: Ended the quarter with 2,205 tonnes of nickel in MHP on hand.
• Nickel Price: LME average price was $6.81 USD per pound in Q3 2025, an 8% decrease from the same period last year.
• Cobalt Price: Average price was $15.48 USD per pound in Q3 2025, a 34% increase from the same period last year.
• Production Costs (Q3 2025): $3.07 USD per pound of nickel produced as MHP (net of byproduct credits), compared to $2.96 USD per pound in Q3 2024.
• Year-to-Date Cash Cost (2025): $3.27 USD per pound of nickel produced as MHP (net of byproduct credits), compared to $3.10 USD per pound in the prior year.
• Operational Status: Production was interruption-free regarding planned shutdowns and scheduled maintenance; management expects similar performance in Q4 2025.
• Market Context: Management noted tighter MHP markets, increased payabilities, and potential supply curtailments due to Indonesian government restrictions on new licenses for plants not including downstream processing.

Notable Quotes

• Craig Lennon, CEO: "The production and sales performance at Ramu during Q3 2025 was very strong. Production for the quarter was interruption-free in terms of planned shutdowns and scheduled maintenance, and we expect the same for Q4 2025."
• Craig Lennon, CEO: "With respect to sales, the market continues to be stronger than the previous three quarters, and Ramu was able to sell more than it produced as it was able to reduce the inventory balance and take advantage of the stronger price environment."
• Craig Lennon, CEO: "There has been a recent announcement by the Indonesian government indicating they are stopping the granting of new licences for plants only producing nickel pig iron, ferronickel, nickel matte and MHP, unless they include further downstream processing to stainless steel or nickel sulphate. This should prove to be an interesting development and may curtail some of the supply coming onto the market in the future."