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Nickel 28 Capital Corp. reports developments tied to its nickel-cobalt production exposure through an 8.56% joint-venture interest in the Ramu Nickel-Cobalt integrated operation in Papua New Guinea. Company updates regularly cover Ramu operating performance, production costs, sales tonnages, financial results and project-level developments communicated by the operation's manager.
News also addresses Nickel 28's portfolio of 10 nickel and cobalt royalties on development and exploration projects in Canada, Australia and Papua New Guinea, along with capital-allocation and governance items such as normal course issuer bids and equity-compensation grants.
Nickel 28 (OTC:CONXF) reported fiscal Q1 2027 results for the quarter ended April 30, 2026, driven by its 8.56% interest in the Ramu nickel-cobalt operation in Papua New Guinea.
Ramu produced 8,785 tonnes of contained nickel and 855 tonnes of contained cobalt in MHP, with sales of 8,632 tonnes of nickel and 838 tonnes of cobalt. Actual production costs were US$2.81/lb of contained nickel, net of by-product sales. Nickel 28 recorded a US$4.0 million share of Ramu operating profit and total net and comprehensive profit of US$2.1 million, or US$0.02 per share. Quarter-end cash was US$8.1 million, with non-recourse construction debt of US$32.3 million, and a post-quarter cash distribution of US$2.1 million from Ramu.
The company also launched a Normal Course Issuer Bid allowing repurchase of up to 7,050,819 shares; 753,300 shares were bought for US$605,475 in Q1. Management expects Q2 production, sales and payabilities to be broadly similar to Q1, while warning that higher sulphur prices may pressure operating margins.
Nickel 28 (OTC:CONXF, TSXV:NKL) reported results of its June 23, 2026 annual shareholder meeting. All five nominees, Edward (Ned) Collery, Craig Lennon, Brett A. Richards, Clark Wang and David Whittle, were elected as directors with support ranging from 73.12% to 99.71%.
Shareholders also approved reappointment of Baker Tilly WM LLP as auditor, with about 83.39% of votes for (38,932,765) and 16.61% against (7,753,178), and authorized the Board to set auditor remuneration.
Nickel 28 (OTC:CONXF) reported Q1 2026 operating results for its 8.56% interest in the Ramu nickel-cobalt operation. Contained nickel production rose to 8,785 tonnes and cobalt to 855 tonnes, with capacity utilization at 108%.
Nickel and cobalt prices increased 11% and 130% year over year, while production costs fell 24% to US$2.81/lb. Management highlights strong payability levels but notes sulphur cost inflation could pressure operating margins if nickel prices remain unchanged.
Nickel 28 (OTCQX: CONXF) filed its audited annual financial statements for the year ended January 31, 2026. The company holds an 8.56% interest in the Ramu nickel-cobalt operation.
Ramu highlights: 33,007 t nickel and 3,099 t cobalt production, revenue about US$529M, net loss US$1.1M, cash US$9.1M, construction debt US$31.9M after US$6.5M repayment.
Nickel 28 (OTC:CONXF)/b) reported updated 2025 mineral resources and reserves for the Ramu nickel-cobalt operation, where it currently holds an 8.56% joint-venture interest.Key changes:
- Total mineral reserves tonnage stayed at 76 Mt, while average nickel grade increased from 0.81% to 0.87%.
- Measured and indicated mineral resource tonnage rose about 16% to 205 Mt, with average nickel grade declining from 0.88% to 0.86%, yielding roughly a 13% increase in contained nickel.
- Inferred resources decreased from 37 Mt to 24 Mt, with nickel grade falling from 0.88% to 0.81%.
- Exploration in 2025 included 1,026 boreholes totaling 10,397 metres, mainly in Areas 4 West and 6.
- According to Nickel 28, current reserves support an estimated mine life of about 20 years.
- The company cautions that these estimates were prepared under the JORC Code and are not NI 43-101 compliant.
Nickel 28 (OTC:CONXF) confirmed its tenth cash distribution from the Ramu joint venture, tied to H2 2025 performance. The company expects about US$2.1 million and repayment of US$4.0 million of construction debt, reducing its attributable Ramu debt to roughly US$31.9 million.
Ramu produced 33,007 t nickel and 3,099 t cobalt in 2025, with sales of 32,627 t nickel and 3,061 t cobalt in MHP. According to Nickel 28, margins stayed robust, supported by average realised nickel prices of US$6.88/lb and cobalt prices of US$16.07/lb.
For 2026 to date, production is tracking in line with targets, with nickel and cobalt prices trending above 2025 averages and improving payable terms. However, significantly higher sulphur costs and supply constraints for HPAL operations are putting pressure on operating margins, although Nickel 28 reports it is currently securing sulphur through its operating partner.
Nickel 28 (CONXF) announced a proposal has been lodged for a phase II expansion of the Ramu Nickel‑Cobalt operation in Papua New Guinea that would, if completed, approximately double production capacity at an estimated cost of US$1.6 billion.
The expansion is conditional on mining leases, permits and agreements with the PNG government and triggers joint‑venture governance steps that may include offers to buy minority interests or dilution if partners do not fund their pro rata share.
Nickel 28 (CONXF) reported Ramu Q4 2025 production of 8,231 t Ni in MHP and full-year 2025 production of 33,007 t Ni, up from 28,669 t in 2024. Full-year cobalt production was 3,099 t. Q4 nickel sales were 8,763 t; full-year nickel sales were 32,622 t.
LME nickel averaged US$6.75/lb in Q4 and US$6.88/lb for 2025 (≈10% lower than 2024); cobalt averaged US$16.07/lb for 2025 (≈43% higher). Production cost net of by-product credits was US$3.47/lb for 2025. 2026 guidance targets ~33,100 t Ni and 3,100 t Co.
Nickel 28 (TSXV: NKL) received TSXV approval to launch a normal course issuer bid to buy up to 7,050,819 common shares, about 8.1% of issued shares. The NCIB runs from February 23, 2026 to February 23, 2027 and will be administered by Haywood Securities.
The company also implemented an automatic purchase plan to allow market purchases during blackout periods; repurchases will be made on the open market and sized based on market conditions, share price, and available cash.
Nickel 28 (CONXF) announced a grant of 810,811 stock options to Craig Lennon on February 9, 2026 as part of long-term incentive compensation for the fiscal year ending January 31, 2027.
The options are exercisable at $1.01 per share for five years, vest rateably over three years starting February 1, 2027, and are performance-contingent based on TSR hurdles measured from a $1.09 starting price through market close on January 31, 2027 (25% tranches at 20%, 40%, 60%, and 80% TSR thresholds).