Nickel 28 Announces Increase in Ramu Mineral Resources and Mineral Reserves
Rhea-AI Summary
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.
Positive
- Ramu total mineral reserves maintained at 76 Mt with higher 0.87% Ni grade
- Measured and indicated resources increased about 16% to 205 Mt
- Contained nickel in measured and indicated resources up roughly 13% year-over-year
- 2025 exploration program completed 1,026 boreholes totaling 10,397 metres
- According to Nickel 28, reserves support an estimated 20-year mine life
- Nickel 28’s JV interest in Ramu can rise to 11.3% after debt repayment
Negative
- Average nickel grade in measured and indicated resources fell from 0.88% to 0.86%
- Inferred resources decreased from 37 Mt to 24 Mt with lower nickel grade
- Updated resource and reserve estimates are not NI 43-101 compliant
- Measured resource tonnage declined from 111 Mt to 102 Mt
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Toronto, Ontario--(Newsfile Corp. - May 15, 2026) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) ("Nickel 28" or the "Company") is pleased to provide an update on mineral resources and reserves based on data (unaudited) for the Ramu Nickel-Cobalt operation ("Ramu") from the project operator, China Metallurgical Group Corporation ("MCC").
Nickel 28 currently holds an
The updated Ramu mineral resources and mineral reserve estimates provided by MCC (prepared by Nanjing Center, China Geological Survey ("Nanjing")) includes the addition of resources and reserves from exploration work undertaken in 2025, and was prepared according to the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC" or the "JORC Code") by Competent Persons as defined by those guidelines. The effective date of resource and reserve estimation is December 31, 2025.
Key Highlights:
- Total mineral reserves tonnage remained effectively unchanged year-over-year, while average nickel grades increased from
0.81% to0.87% , despite material depletion from ongoing mining activities, reflecting successful reserve replacement through continued drilling and resource conversion. - Measured and indicated mineral resource tonnage increased by approximately
16% year-over-year, while average nickel grades decreased modestly from0.88% to0.81% , resulting in an approximate13% increase in contained nickel. - Year-over-year increases in mineral resources and continued reserve replacement were driven by successful exploration in 2025, including 1,026 boreholes for a total of 10,397 metres, primarily within Areas 4 West and 6.
The 2025 remaining in-situ mineral resources have been adjusted to account for material depletion resulting from mining activities completed since the previous estimate in 2024. The overall increase in total mineral resources is primarily attributable to additional exploration drilling completed in Areas 4 west and 6 at the Ramu project.
The Company wishes to caution investors that these updated estimates from Nanjing have not been prepared in accordance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101"). "The updated mineral resource and reserve estimates reflect continued exploration success and ongoing conversion of mineral resources into mineral reserves at Ramu," commented Craig Lennon, Nickel 28's Chief Executive Officer and President. "At current production rates, the reserve base supports an estimated mine life of approximately 20 years, while the broader mineral resource inventory continues to provide additional long-term upside potential," continued Mr. Lennon.
In November 2022, the Company's independent consulting firm (RedDot3D Inc.) conducted a site visit to the Ramu facility and mine site in order to satisfy themselves regarding drilling procedures, QA/QC, and general adherence to good practice with respect to mining activities. The Company and its independent consultants are satisfied that the Nanjing report appears reasonable and consistent with observations made during the site visit and due diligence review.
Mineral Resources and Mineral Reserves
The following tables summarize the updated end-of-year 2025 mineral resources (Table 1) and reserves (Table 2) extracted from the JORC report dated May 13, 2026, prepared by Nanjing. The end-of-year 2024 summary of the mineral resources and reserves are shown for the purpose of identifying changes.
Table 1 - Ramu Mineral Resources - Effective Date December 31, 2025 (
| Year | 2025 | 2024 | ||||
| Category | Tonnage | Average grade (%) | Tonnage | Average grade (%) | ||
| （Mt） | Ni | Co | （Mt） | Ni | Co | |
| Measured | 102 | 0.89 | 0.09 | 111 | 0.92 | 0.09 |
| Indicated | 103 | 0.83 | 0.07 | 66 | 0.82 | 0.08 |
| Subtotal | 205 | 0.86 | 0.08 | 177 | 0.88 | 0.09 |
| Inferred | 24 | 0.81 | 0.08 | 37 | 0.88 | 0.08 |
Note: Mineral resources at a cut off of
Table 2 - Ramu Mineral Reserves - Effective Date December 31, 2025 (
| Year | 2025 | 2024 | ||||
| Category | Tonnage | Average grade (%) | Tonnage | Average grade (%) | ||
| （Mt） | Ni | Co | （Mt） | Ni | Co | |
| Proven | 68 | 0.87 | 0.09 | 66 | 0.8 | 0.09 |
| Probable | 8 | 0.90 | 0.09 | 10 | 0.91 | 0.09 |
| Total | 76 | 0.87 | 0.09 | 76 | 0.81 | 0.09 |
Note: Mineral reserves at a cut off of
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its
Scientific and Technical Information
Disclosures of a scientific or technical nature in this news release have been reviewed and approved on behalf of Nickel 28 by Alan Lambden, P.Geo., an independent consultant to Nickel 28 and a "qualified person" as defined by NI 43-101.
The majority owner and operator of Ramu is MCC Ramu Nico Ltd., a
While the underlying estimates were prepared in accordance with the JORC Code by the operator, the disclosure contained in this news release has been reviewed for compliance with NI 43-101 disclosure requirements. For reporting in a NI 43-101 format, the inferred resources are not totaled with the measured and indicated mineral resources. The Ramu data has been reviewed and verified in relation to CIM best operating practices for reporting and for scope and content of JORC and NI 43-101 reporting through a due diligence conducted by an independent qualified person on behalf of the Company. The technical report in respect of the updated mineral resource and reserve estimate, when filed, will contain more detailed information concerning individual responsibilities, associated quality assurance and quality control, and other data verification matters, and the key assumptions, parameters and methods used by the Company. The Company is not currently aware of any legal, political, environmental, or other material risks that would be expected to materially affect the current operation or reported mineral reserves and mineral resources.
For additional scientific and technical information in respect of Ramu, including an overview of the sampling, analytical, and test data underlying the Company's previous mineral resource and reserve estimates (and associated quality assurance and quality control, and other data verification matters, and the key assumptions, parameters and methods used by the Company), please refer to the Company's current NI 43-101 technical report entitled "Ramu Nickel Cobalt Project, Located in Madang Province, Papua New Guinea, NI 43-101 Technical Report" dated effective as of October 25, 2019 filed under the Company's profile on SEDAR+ at www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to: statements and figures with respect to the operational and financial results; and statements with respect to the business and assets of the Company and its strategy going forward. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company's control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements, could vary materially from those expressed or implied by the forward-looking statements.
The forward-looking statements contained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this news release.
For more investor information - please contact:
Nickel 28 Investor Relations
Attn: Mr. Brett Richards
+1 905 449 1500
Email: info@nickel28.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297457