What Nickel 28 does

Nickel 28 Capital Corp. (TSXV: NKL; FSE: 3JC0) is a Canadian battery-metals holding company that provides investors with exposure to nickel and cobalt through an 8.56% joint-venture interest in the producing Ramu Nickel-Cobalt Operation in Papua New Guinea, supplemented by a portfolio of 10 royalties on development and exploration projects in Canada and Australia. The Ramu operation, operated by China Metallurgical Group Corporation (MCC) since 2012, uses High Pressure Acid Leach (HPAL) processing to convert laterite ore into Mixed Hydroxide Precipitate (MHP) containing approximately 40% nickel and 3.5% cobalt with a ~10:1 nickel-to-cobalt ratio optimized for NMC and NCA lithium-ion battery cathodes. FY2025 Ramu production of 33,007 tonnes of nickel and 3,099 tonnes of cobalt exceeded nameplate capacity at 101% utilization, with first-quartile cash production costs of US$2.81/lb in Q1 2026 and the lowest GHG intensity among HPAL operations globally (15.6 vs 36.6 tCO2e/t Ni industry average).

The company's revenue model is built on two streams: (1) attributable share of MHP sales to lithium-ion battery cathode producers and nickel sulfate converters, with pricing linked to LME benchmarks and MHP payability consistently above 90%; and (2) royalty income from a portfolio that includes a 1.75% NSR on the Dumont project (Quebec), a 2.0% NSR on the Turnagain project (British Columbia), and GRR royalties on Flemington and Nyngan in Australia. Total Ramu project revenue was approximately US$529 million in FY2025, of which Nickel 28's 8.56% interest is the basis for its attributable economics. The company's go-to-market is sales-led and investor-relations focused, with participation in BMO, PDAC, TD Securities, and Mining Indaba conferences targeting institutional investors and strategic offtake partners.

Nickel 28's equity mechanics include an automatic step-up of its Ramu interest to 11.3% upon repayment of the US$31.9 million construction debt, with an option to acquire an additional 9.25% at market value (potentially 20.55% total). The portfolio also includes a non-core 2.0% NSR on Turnagain and is positioned around the long-term EV and energy-storage demand thesis. Notable risks include a Papua New Guinea litigation seeking ~US$5 billion in damages related to Ramu's deep-sea tailings placement, commodity-price volatility (though partially offset by cobalt by-product credits), and a market capitalization of approximately US$9.5 million that trades at a meaningful discount to NAV, with ~86.9 million shares outstanding at US$1.15.

Name

Nickel 28

Legal name

Nickel 28 Capital Corp.

Website

https://nickel28.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Nickel 28 Capital Corp. holds an 8.56% JV interest in the producing Ramu nickel-cobalt mine in Papua New Guinea and a portfolio of 10 nickel-cobalt royalties, providing shareholders exposure to battery-grade nickel and cobalt for EV and energy storage supply chains.

Ownership category

akta.pro rank

Product category

Nickel-Cobalt Mining

NAICS

Nonferrous Metal (except Aluminum) Production and Processing (3314), Nonferrous Metal (except Aluminum) Smelting and Refining (331410)

SIC

Metal Mining (1000)

akta.pro primary industry

Nickel Mining & Concentrates (IMAKAFAB)

akta.pro secondary industries

Cobalt Mining & Refining (IMAKAFAC), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE)

Keywords

• Nickel cobalt mining
• Battery metals production
• Mixed hydroxide precipitate
• Mineral royalties
• Laterite ore processing

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales

Revenue model

1. Nickel and Cobalt MHP Sales: Primary revenue stream from the 8.56% JV interest in Ramu Nickel-Cobalt Operation. The company receives attributable share of production revenues from sales of mixed hydroxide precipitate (MHP) containing nickel and cobalt to battery and cathode manufacturers. Total Ramu project revenue was approximately US$529 million for FY 2025. The JV structure provides 8.56% of production revenues, with this stake increasing to 11.3% upon construction debt repayment and potentially to 20.55% if optional additional 9.25% interest is exercised.
2. Royalty Income: Portfolio of 10 nickel and cobalt royalties on development and exploration projects including Dumont (1.75% NSR), Turnagain (2.0% NSR), Flemington (1.5% GRR), Nyngan (1.7% GRR), and others. These royalties provide non-operating income as projects advance to production.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Nickel 28 Capital Corp. is a nickel-cobalt producer that holds an 8.56% joint venture interest in the producing Ramu Nickel-Cobalt Operation in Papua New Guinea, which yields mixed hydroxide precipitate (MHP) containing approximately 40% nickel and 3.5% cobalt sold to lithium-ion battery cathode manufacturers. The company complements this producing asset with a portfolio of 10 nickel and cobalt royalties on development and exploration projects in Canada and Australia.

Product overview

Nickel 28 Capital Corp. is a nickel-cobalt producer offering direct exposure to two critical metals for electric vehicles and energy storage. The company's core asset is an 8.56% joint-venture interest in the producing Ramu Nickel-Cobalt Operation in Papua New Guinea, which generates near-term attributable nickel and cobalt production through the sale of mixed hydroxide precipitate (MHP). Complementing the producing asset is a portfolio of nickel and cobalt royalties on development and exploration projects, including the Dumont and Turnagain nickel-cobalt royalty interests in Canada and the Flemington and Nyngan cobalt-scandium-nickel royalty interests in Australia. Upon repayment of construction debt owed to MCC, Nickel 28's ownership in Ramu will increase to 11.3%, with an option to purchase an additional 9.25% interest.

Differentiator

Problem solved

Functional benefit

Products and services

• Ramu Nickel-Cobalt Operation A producing, long-life nickel-cobalt integrated operation located in Papua New Guinea, operated by MCC. The mine produces mixed hydroxide precipitate (MHP) containing approximately 40% nickel and 3.5% cobalt, which is sold to battery and cathode manufacturers for use in lithium-ion batteries for electric vehicles.
• Dumont Nickel-Cobalt Royalty A Life-of-Mine 1.75% Net Smelter Returns (NSR) royalty on the Dumont Nickel-Cobalt project in Quebec, Canada, which contains the world's largest undeveloped, permitted, and construction-ready reserves of nickel and cobalt.
• Turnagain Nickel-Cobalt Royalty A 2% Net Smelter Return (NSR) royalty on the Turnagain Nickel-Cobalt project in British Columbia, Canada, which is among the world's largest undeveloped nickel-cobalt sulphide deposits.
• Flemington Cobalt-Scandium-Nickel Royalty A 1.5% Gross Revenue Royalty (GRR) on the Flemington Nickel-Cobalt-Scandium Project in Australia owned by Australian Mines Ltd.
• Nyngan Cobalt-Scandium-Nickel Royalty A 1.7% Gross Revenue Royalty (GRR) on the Nyngan Cobalt-Scandium-Nickel Project in Australia owned by Scandium International Mining Corp.

Quantifiable outcome

• Q1 2026 production increased 26% to 8,785 tonnes nickel and 32% to 855 tonnes cobalt YoY
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• China Metallurgical Group Corporation (MCC)coreStrategic or Co-development PartnerMCC is the majority owner (85%) and operator of the Ramu Nickel-Cobalt Operation through its subsidiary Ramu NiCo Management (MCC) Limited. Nickel 28 holds 8.56% JV interest. MCC has operated Ramu for over 13 years and continues to prove as one of the top operators of HPAL projects globally. Upon repayment of construction debt, Nickel 28's interest automatically increases to 11.3% with option to purchase additional 9.25% at market value.
• Waterton Global Resource ManagementminorOthersWaterton acquired remaining 28% interest in the Dumont Nickel Project from Karora Resources. Nickel 28 holds a 1.75% NSR royalty on Dumont, one of the world's largest undeveloped nickel sulphide deposits located in Quebec, Canada.
• Giga Metals CorporationminorOthersGiga Metals owns the Turnagain Nickel-Cobalt Project, one of the world's largest undeveloped nickel-cobalt sulphide deposits in British Columbia, Canada. Nickel 28 holds a 2.0% NSR royalty on all future metal production.
• Australian MinesminorOthersAustralian Mines owns the Flemington Nickel-Cobalt-Scandium Project in Australia. Nickel 28 holds a 1.5% GRR royalty on this exploration-stage project.
• Scandium International Mining Corp.minorOthersScandium International Mining Corp. owns the Nyngan Nickel-Cobalt-Scandium Project in Australia. Nickel 28 holds a 1.7% GRR royalty on this advanced-stage development project.

Scale indicators8 records

Recent moves11 records

Expansion highlights4 records

Direct peers

• Sherritt International Corporation: Operates the Moa JV in Cuba, one of the world's few large-scale HPAL nickel-cobalt operations outside Indonesia. Closest direct comparable to Nickel 28's Ramu stake given shared HPAL technology, similar MHP/SH output for battery markets, and minority JV economic exposure.
• Nickel Asia Corporation: Philippines-listed producer of laterite nickel ore and a partner in the Coral Bay and Taganito HPAL nickel-cobalt processing ventures. Comparable as a publicly traded junior/mid-cap nickel producer with minority JV interests in HPAL processing for the battery supply chain.

Broad incumbents

• Glencore plc: Operates the Murrin Murrin HPAL nickel-cobalt operation in Australia and trades significant volumes of battery-grade nickel and cobalt. Comparable as a major diversified miner with HPAL exposure and large-scale nickel/cobalt marketing capability.
• Sumitomo Metal Mining Co., Ltd. Vertically integrated nickel-cobalt producer and refiner supplying battery cathode materials, including via the Ambatovy HPAL JV. Comparable as an established HPAL operator and downstream nickel sulfate/cathode precursor supplier to Asian battery OEMs.
• BHP Group Limited: Operates Nickel West in Western Australia, producing nickel sulphate and briquettes for battery markets. Comparable as a diversified major with dedicated battery-metals marketing arm and downstream battery-grade nickel processing capability.

Others

• Eramet SA: Operates the SLN nickel operation in New Caledonia and the Weda Bay nickel project in Indonesia, with downstream battery-grade nickel refining. Comparable as a major integrated nickel producer with exposure to laterite HPAL/NPI processing serving battery markets.
• Waterton Global Resource Management: Private mining-focused investment firm that acquired the Dumont nickel-cobalt project from Karora Resources; Nickel 28 holds the 1.75% NSR royalty on Dumont. Comparable as a counterparty/royalty partner on Nickel 28's largest undeveloped-stage royalty asset.
• Giga Metals Corporation: Owner of the Turnagain nickel-cobalt project in British Columbia on which Nickel 28 holds a 2.0% NSR royalty. Comparable as a royalty/development counterparty tied directly to one of Nickel 28's flagship royalties.

Emerging players

• Canada Nickel Company Inc. Canadian developer of large-scale nickel sulphide projects including Crawford in Ontario. Comparable as a Canadian-listed nickel pure-play advancing tier-one assets through development and into the battery supply chain.
• Talon Metals Corp. Developer of the Tamarack nickel-copper-cobalt project in Minnesota targeting battery-grade nickel for the U.S. EV supply chain. Comparable as an emerging North American nickel-cobalt developer positioned to supply domestic battery manufacturers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/nickel28capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nickel 28