Nickel 28 Releases Ramu Q3 2025 Operating Performance

Rhea-AI Summary

Nickel 28 (CONXF) reported Q3 2025 operational results for its 8.56% interest in the Ramu nickel-cobalt operation in Papua New Guinea for the quarter ended September 30, 2025.

Key highlights: Q3 2025 contained nickel production 9,242t (vs 6,880t Q3 2024); contained cobalt production 887t (vs 634t Q3 2024). Nickel sales 9,880t (vs 8,685t Q3 2024); cobalt sales 948t (vs 798t Q3 2024). LME average nickel price US$6.81/lb and average cobalt price US$15.48/lb in Q3 2025. Production cost net of by-product credits US$3.07/lb for the quarter. Inventory at quarter end: 2,205t nickel in MHP. Figures are preliminary and unaudited.

Positive

• Nickel production +34% Q3 2025 vs Q3 2024 (9,242t vs 6,880t)
• Cobalt production +40% Q3 2025 vs Q3 2024 (887t vs 634t)
• Nickel sales +14% Q3 2025 vs Q3 2024 (9,880t vs 8,685t)
• Capacity utilization 113% in Q3 2025 (exceeds design benchmark)
• Cobalt price +34% YoY average in Q3 2025 (US$15.48/lb)

Negative

• Reported figures are preliminary and unaudited; subject to change
• Inventory present at quarter end: 2,205t nickel in MHP (may affect near-term sales timing)

Toronto, Ontario--(Newsfile Corp. - November 11, 2025) - 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) ("Nickel 28" or the "Company") is pleased to provide operational results for the quarter ending September 30, 2025 for the Company's largest asset; the Ramu Nickel-Cobalt ("Ramu") integrated operation in Papua New Guinea. Nickel 28 currently holds an 8.56% joint-venture interest in Ramu which is operated by the Metallurgical Corporation of China ("MCC").

Q3 2025 Ramu Highlights:

• Production of 9,242 tonnes of contained nickel in Mixed Hydroxide Precipitate ("MHP"), compared to 6,880 tonnes in the same period last year.
• Production of 887 tonnes of contained cobalt in MHP, compared to 634 tonnes in the same period last year.
• Nickel sales of 9,880 tonnes of contained nickel, compared to 8,685 tonnes in the same period last year.
• Nickel inventory on hand at quarter end was 2,205 tonnes of nickel in MHP.
• Cobalt sales of 948 tonnes of contained cobalt, compared to 798 tonnes in the same period last year.
• LME average nickel price of US$6.81/lb in Q3 2025, a decrease of 8% from the same period last year.
• Average cobalt price of US$15.48/lb. in Q3 2025 an increase of 34% from the same period last year.
• Production costs, net of by-product credits, were US$3.07/lb. of nickel produced as MHP in Q3 2025, compared to US$2.96/lb in the same period last year. YTD 2025 cash cost, net of by-product credits, were US$3.27/lb. of nickel produced as MHP, compared to US$3.10/lb in the same period last year.

Nickel 28's Chief Executive Officer, Craig Lennon stated: "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. With respect to sales, the market continues to be stronger than the previous 3 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. We are guiding for Q4 2025 that sales tonnage should be as equally strong as Q3 2025.

"In the commodity market during the period, nickel prices have been stable, driven largely by stainless steel supply and demand, and we are seeing an increase in payabilities as the MHP market tightens. Cobalt has also seen small positive increases in pricing and in payabilities, again driven by the tightness in the MHP market and due to the export restrictions on cobalt in the DRC, who continue to remain the largest global producer of cobalt.

"There has been a recent announcement by the Indonesian government indicating they are stopping the granting of new licenses for plants only producing Nickel Pig Iron, Ferronickel, Nickel Matte, and MHP, unless they include further downstream processing to stainless steel or nickel sulphate.¹ This should prove to be an interesting development and may curtail some of the supply coming on to the market in the future."

Ramu's operating performance for the period is presented below along with a comparison to the prior year.

	2024		2025
	Q3	YTD	Q3	YTD
Ore Processed (dry kt) MHP Produced (dry tonne) Contained Nickel (tonne) Contained Cobalt (tonne) Nickel Capacity Utilization (% of design1)	790 17,113 6,880 634 84%	2,583 56,538 22,717 2,076 93%	991 22,844 9,242 887 113%	2,600 60,606 24,776 2,322 101%
MHP Shipped (dry tonne) Contained Nickel (tonne) Contained Cobalt (tonne)	21,323 8,685 798	62,733 25,215 2,305	24,615 9,880 948	58,423 23,854 2,235
Production Cost Actual (US$) (2)	$ 2.96	$ 3.10	$ 3.07	$ 3.27

 

Note 1. Ramu's design capacity of 32,600 t Ni per year is an annualized benchmark. Quarterly utilization rates may exceed 100% in periods without maintenance shutdowns or when the operation benefits from incremental process improvements.
Note 2. Actual cost per pound of nickel contained in MHP net of by-product credits

The figures in the table above have not been audited and are subject to change. As Ramu has not yet finished any audit or review procedures in respect of the fiscal quarter, the financial information presented in this press release is preliminary, subject to audit, final adjustment and may change materially. The information presented above has not been reviewed or audited by the Company's auditor and should not be considered a substitute for reviewed or audited financial statements and should not be regarded as a representation by the Company as to the actual financial results.

About Nickel 28

Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% joint-venture interest in the producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea. Ramu provides Nickel 28 with significant attributable nickel and cobalt production thereby offering our shareholders direct exposure to two metals which are critical to the adoption of electric vehicles. In addition, Nickel 28 manages a portfolio of 10 nickel and cobalt royalties on development and exploration projects in Canada, Australia and Papua New Guinea.

Scientific and Technical Information

Disclosures of a scientific or technical nature in this news release have been reviewed on behalf of Nickel 28 by Alan Lambden, P. Geo., an independent consultant to Nickel 28 and a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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 of the Ramu project; statements with respect to the prospects of nickel and cobalt in the global electrification of vehicles; statements related to the repayment of the Company's Ramu operating debt (and the timing thereof); statements related to the Company's attributable cash flow (and the receipt and timing thereof); 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.

Investor Relations Contact Information:

Nickel 28 Investor Relations
Attn: Brett Richards, Director/Advisor
Director Tel: +1 905 449 1500
Email: info@nickel28.com

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¹ https://www.mining.com/web/indonesia-limits-new-nickel-permits-to-add-value-to-production/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273950

FAQ

What did Nickel 28 report for Ramu production in Q3 2025 (CONXF)?

Ramu produced 9,242 tonnes of contained nickel and 887 tonnes of contained cobalt in Q3 2025.

How many tonnes of nickel did Ramu sell in Q3 2025 and how does that compare to Q3 2024 for CONXF?

Ramu sold 9,880 tonnes of contained nickel in Q3 2025 versus 8,685 tonnes in Q3 2024.

What were average prices for nickel and cobalt in Q3 2025 cited by Nickel 28 (CONXF)?

The LME average nickel price was US$6.81/lb and the average cobalt price was US$15.48/lb in Q3 2025.

What was Ramu's production cost per pound of nickel in Q3 2025 for CONXF's disclosure?

Production cost net of by-product credits was reported as US$3.07 per lb of nickel produced as MHP in Q3 2025.

Is the Q3 2025 Ramu data in Nickel 28's release audited for CONXF?

No, the company said the figures are preliminary and unaudited and subject to change after audit.

What was Ramu's nickel inventory at quarter end reported by Nickel 28 (CONXF)?

Nickel inventory on hand at quarter end was reported as 2,205 tonnes of nickel in MHP.