Nickel 28’s Ramu Mine Delivers Strong 2025 Output Amid Tightening Nickel and Cobalt Markets
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The latest announcement is out from Nickel 28 Capital Corp ( (TSE:NKL) ).
Nickel 28 reported strong operational performance for the Ramu nickel-cobalt operation in 2025, with contained nickel production rising to 33,007 tonnes and cobalt output increasing to 3,099 tonnes, both up year-on-year. Sales volumes of nickel and cobalt also grew, and despite slightly higher full-year unit costs, Ramu remains positioned in the lowest quartile of the global HPAL nickel laterite cost curve.
The company highlighted significantly improved cobalt prices and a recent recovery in nickel prices, helped by policy-driven supply constraints in the Democratic Republic of Congo and Indonesia, which are tightening global markets. Management believes Ramu’s cost competitiveness, improving payabilities, and stable 2026 production plans with no major shutdowns should support strong margins and reinforce the asset’s standing against newer HPAL projects in Indonesia.
The most recent analyst rating on (TSE:NKL) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Nickel 28 Capital Corp stock, see the TSE:NKL Stock Forecast page.
Spark’s Take on TSE:NKL Stock
According to Spark, TipRanks’ AI Analyst, TSE:NKL is a Neutral.
The score is primarily constrained by weak and volatile financial performance, including recent losses and low earnings visibility, despite a healthier leverage profile and improved TTM cash flow. Technicals are supportive due to an uptrend above major moving averages, but extreme overbought signals raise near-term risk. Valuation is also a headwind because losses make the negative P/E less informative and there is no dividend support.
To see Spark’s full report on TSE:NKL stock, click here.
More about Nickel 28 Capital Corp
Nickel 28 Capital Corp. is a Toronto-based company focused on nickel and cobalt through its interests in battery metals projects, with its largest asset being an 8.56% joint-venture stake in the Ramu integrated nickel-cobalt operation in Papua New Guinea. Ramu is a high-pressure acid leach (HPAL) laterite project producing mixed hydroxide precipitate for the global battery and stainless steel supply chains, operated by Metallurgical Corporation of China.
YTD Price Performance: 41.98%
Average Trading Volume: 73,090
Technical Sentiment Signal: Buy
Current Market Cap: C$97.28M
For an in-depth examination of NKL stock, go to TipRanks’ Overview page.
