Nickel 28's Ramu produces 8,564 t contained Ni in Q2

Executive Summary

• Nickel 28 reported a 13% increase in contained nickel production and a 17% rise in cobalt production at its Ramu joint‑venture asset for Q2 2025 versus the prior year.
• Net cash cost per pound of nickel fell to $2.68, improving from $3.37 YoY, while first‑half cash cost averaged $3.10 per lb.
• Management indicated that completed HPAL autoclave maintenance positions the project for an uninterrupted second half of 2025 and higher sales volumes.

Key Details

• Production: 8,564 t of contained nickel (MHP) vs. 7,555 t YoY; 787 t of contained cobalt vs. 675 t YoY.
• Sales: Nickel sold – 7,846 t (vs. 7,666 t YoY); Cobalt sold – 719 t (vs. 684 t YoY).
• Inventory: Quarter‑end nickel inventory – 2,843 t in MHP; corrected Q1 2025 inventory figure now disclosed as 2,125 t (previously misstated as 4,134 t).
• Pricing: LME average nickel price $6.88/lb (down 18% YoY); average cobalt price $15.23/lb (up 18% YoY).
• Cost Structure: Net of by‑product credits production cost $2.68/lb Ni (vs. $3.37/lb YoY); first‑half cash cost $3.10/lb Ni (vs. $3.17/lb prior period).
• Maintenance Update: Annual shutdown maintenance completed on two of three HPAL autoclaves in June 2025; third autoclave serviced in Q1 2025 – all now operational, supporting expectation of interruption‑free production H2 2025.
• Management Outlook: CEO Craig Lennon expects stronger second‑half sales driven by robust production and the 2,843 t nickel inventory on hand.

Notable Quotes

“Performance during Q2 2025 was strong…the annual maintenance has been completed means that, assuming no unforeseen issues, we expect the second half of 2025 will be interruption‑free in terms of production.” – Craig Lennon, CEO, Nickel 28 Capital Corp.