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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 (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.
Nickel 28 (OTC:CONXF) confirmed its tenth cash distribution from the Ramu joint venture, tied to H2 2025 performance. The company expects about US$2.1 million and repayment of US$4.0 million of construction debt, reducing its attributable Ramu debt to roughly US$31.9 million.
Ramu produced 33,007 t nickel and 3,099 t cobalt in 2025, with sales of 32,627 t nickel and 3,061 t cobalt in MHP. According to Nickel 28, margins stayed robust, supported by average realised nickel prices of US$6.88/lb and cobalt prices of US$16.07/lb.
For 2026 to date, production is tracking in line with targets, with nickel and cobalt prices trending above 2025 averages and improving payable terms. However, significantly higher sulphur costs and supply constraints for HPAL operations are putting pressure on operating margins, although Nickel 28 reports it is currently securing sulphur through its operating partner.
Nickel 28 (CONXF) announced a proposal has been lodged for a phase II expansion of the Ramu Nickel‑Cobalt operation in Papua New Guinea that would, if completed, approximately double production capacity at an estimated cost of US$1.6 billion.
The expansion is conditional on mining leases, permits and agreements with the PNG government and triggers joint‑venture governance steps that may include offers to buy minority interests or dilution if partners do not fund their pro rata share.
Nickel 28 (CONXF) reported Ramu Q4 2025 production of 8,231 t Ni in MHP and full-year 2025 production of 33,007 t Ni, up from 28,669 t in 2024. Full-year cobalt production was 3,099 t. Q4 nickel sales were 8,763 t; full-year nickel sales were 32,622 t.
LME nickel averaged US$6.75/lb in Q4 and US$6.88/lb for 2025 (≈10% lower than 2024); cobalt averaged US$16.07/lb for 2025 (≈43% higher). Production cost net of by-product credits was US$3.47/lb for 2025. 2026 guidance targets ~33,100 t Ni and 3,100 t Co.
Nickel 28 (TSXV: NKL) received TSXV approval to launch a normal course issuer bid to buy up to 7,050,819 common shares, about 8.1% of issued shares. The NCIB runs from February 23, 2026 to February 23, 2027 and will be administered by Haywood Securities.
The company also implemented an automatic purchase plan to allow market purchases during blackout periods; repurchases will be made on the open market and sized based on market conditions, share price, and available cash.
Nickel 28 (CONXF) announced a grant of 810,811 stock options to Craig Lennon on February 9, 2026 as part of long-term incentive compensation for the fiscal year ending January 31, 2027.
The options are exercisable at $1.01 per share for five years, vest rateably over three years starting February 1, 2027, and are performance-contingent based on TSR hurdles measured from a $1.09 starting price through market close on January 31, 2027 (25% tranches at 20%, 40%, 60%, and 80% TSR thresholds).
Nickel 28 (CONXF) announced a proposed normal course issuer bid (NCIB) to repurchase and cancel up to 7,050,819 common shares, representing approximately 8.1% of its 86,977,221 issued and outstanding shares as of January 5, 2026. Purchases will be made on the TSXV through Haywood Securities and will be cancelled.
Decisions on timing and quantity will be at the Board's discretion based on market conditions, share price and available cash. Nickel 28 intends to use an automatic purchase plan for execution during blackout periods. The NCIB is subject to TSXV approval and may run for up to 12 months.
Nickel 28 (CONXF) filed fiscal Q3 2026 results for the quarter ended October 31, 2025, reporting operations tied to its 8.56% JV interest in Ramu in Papua New Guinea.
Key figures: production of 9,242 tonnes contained nickel and 887 tonnes contained cobalt (MHP) in calendar Q3; sales of 9,880 tonnes nickel and 948 tonnes cobalt; average production cost US$3.07/lb nickel (net of by-products); share of operating profit from Ramu US$1.4M in the quarter; net profit US$0.6M (US$0.01/share); cash US$9.5M; and non-recourse construction debt US$35.4M as at October 31, 2025.
Management noted interruption-free Q3, expected similar calendar Q4 performance, insurance reimbursements helped corporate costs, and commodity comments: nickel flat, cobalt up slightly, with attention to Indonesian policy and fines for illegal mining.
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.
Nickel 28 Capital (OTCQB:CONXF) provided a portfolio update on October 30, 2025 covering royalties across nickel, cobalt and scandium projects in Canada, Australia and Papua New Guinea. Key developments include a mining license grant for Nyngan, a Lockheed Martin option for up to 15 tonnes of scandium oxide over five years near Sunrise's Syerston project, and mill-scale metrics for Dumont (30-year life, 33,000 tpa ramping to 50,000 tpa by year 8; C1 cash costs of $3.22/lb). The company lists royalty rates for major assets (Dumont 1.75% NSR; Turnagain 2.0% NSR; Flemington 1.5% GRR; Nyngan 1.7% GRR) and notes the Sunset property impairment as of Jan 31, 2025.