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 Capital Corp. (TSXV: NKL) has reported strong Q2 2025 operational results from its 8.56% joint-venture interest in the Ramu Nickel-Cobalt operation in Papua New Guinea. The facility achieved significant production increases, with 8,564 tonnes of contained nickel and 787 tonnes of contained cobalt in MHP, representing year-over-year increases of 13.4% and 16.6% respectively.
Production costs improved to US$2.68/lb of nickel (net of by-product credits), down from US$3.37/lb in Q2 2024. The company completed annual maintenance on two HPAL autoclaves during June, setting up expectations for an interruption-free second half of 2025. With 2,843 tonnes of nickel inventory in MHP at quarter-end, management anticipates stronger sales volumes in H2 2025.
Nickel 28 Capital Corp. (TSXV: NKL) held its annual general meeting of shareholders on June 24, 2025, where shareholders voted on key corporate matters. All nominated directors - Edward Collery, Craig Lennon, Brett Richards, Clark Wang, and David Whittle - were successfully elected to the board. Craig Lennon received the highest approval with 99.93% of votes in favor.
Shareholders also approved the reappointment of Baker Tilly WM LLP as the company's auditor, with 74.69% of votes supporting the decision. The Board has been authorized to determine the auditor's remuneration.
Nickel 28 Capital Corp has released Q1 2025 operational results for its Ramu Nickel-Cobalt operation in Papua New Guinea, where it holds an 8.56% joint-venture interest. The facility experienced significant production challenges due to an acid plant blower fan failure in early 2025.
Key Q1 2025 metrics include:
- Nickel production: 6,970 tonnes (down from 8,282 tonnes in Q1 2024)
- Cobalt production: 648 tonnes (down from 767 tonnes)
- Nickel sales: 6,133 tonnes (down from 8,864 tonnes)
- Production costs: US$3.61/lb (up 20% from US$3.00/lb)
- Average prices: Nickel US$7.06/lb (down 6%), Cobalt US$11.09/lb (down 18%)
Despite early challenges, the operation achieved record performance levels after repairs were completed. Management plans to conduct HPAL autoclave maintenance in Q2 2025, aiming for uninterrupted production in H2 2025.
Nickel 28 Capital Corp (TSXV: NKL) announced its eighth cash distribution from the Ramu Nickel-Cobalt project in Papua New Guinea. The company will receive approximately US$1.2 million for H2 2024 operations from its 8.56% joint-venture interest. Additionally, US$2.1 million of construction debt was repaid, reducing Nickel 28's balance to US$36.5 million.
Production in H2 2024 was affected by two events: a planned 30-day plant-wide shutdown for capital improvements and a mechanical failure in the acid plant's blower that impacted operations from mid-November 2024 to mid-February 2025. Despite these challenges, Ramu maintains its position as one of the world's lowest-cost nickel laterite operations. The company expects improved production in 2025 and aims to keep corporate costs under US$2.5 million for FY2026.
Nickel 28 Capital Corp (TSXV: NKL) announced that its Ramu Nickel-Cobalt Mine has successfully resumed full production capacity following the repair of a mechanical failure. The issue, which involved one of two blowers in the acid plant at Ramu's HPAL plant, had caused a temporary reduction in production since December 18, 2024.
With the mechanical repair and replacement of the fan blower now completed, the company maintains its production guidance for calendar 2025 at approximately 32,000 Mt of contained nickel and 2,900 Mt of contained cobalt.
Nickel 28 Capital Corp has released its Q4 and full-year 2024 operational results for the Ramu Nickel-Cobalt operation in Papua New Guinea, where it holds an 8.56% joint-venture interest. The facility experienced decreased production due to a planned shutdown in September/October 2024:
Full-year 2024 production reached 28,669 tonnes of contained nickel and 2,625 tonnes of cobalt in MHP. Q4 2024 production was 5,952 tonnes of nickel and 549 tonnes of cobalt. Sales for 2024 totaled 30,523 tonnes of nickel and 2,793 tonnes of cobalt.
Average prices declined significantly: nickel dropped 22% to US$7.63/lb and cobalt fell 29% to US$11.26/lb compared to 2023. Production costs were US$3.33/lb for the full year. For 2025, Ramu targets production of 32,000 tonnes of nickel and 2,900 tonnes of cobalt, though this is impacted by a non-operational acid plant expected to resume by late February 2025.
Nickel 28 Capital Corp (TSXV: NKL) has announced two significant corporate updates. First, the company has appointed Cindy Davis as Chief Financial Officer, succeeding Craig Lennon who became President & CEO on January 1, 2025. Davis brings over 15 years of experience in accounting and financial services, particularly with Canadian reporting issuers through Marrelli Support Services Inc.
Additionally, the company has granted 1,050,000 stock options to Craig Lennon as part of his long-term incentive compensation. The options are exercisable at $0.84 per share for five years, with vesting over three years starting February 1, 2026. The options are tied to total shareholder return (TSR) performance criteria, with different tranches becoming eligible based on achieving TSR targets ranging from 20% to 80% during the period from January 22, 2025 to January 30, 2026.