Nickel 28 Capital Corp.
Nickel 28 holds an 8.56% joint-venture interest (rising to 11.3% after attributable loan repayment) in the producing Ramu Nickel-Cobalt Operation in Papua New Guinea, operated by China's Metallurgical Corporation of China (MCC). For the fiscal year ended January 31, 2026, Ramu produced over 33,000 tonnes of contained nickel and over 3,000 tonnes of contained cobalt in mixed hydroxide precipitate. NKL also holds a portfolio of roughly 10 nickel/cobalt royalties on other development and exploration projects in Canada, Australia and PNG, and received a ~US$2.1 million H2 2025 cash distribution from Ramu.
Notable vs. Peers
- Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 8.1/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · The Ramu Nickel-Cobalt project was granted a Special Mining Lease in 2000. This records the operator's (Metallurgical Corporation of China / MCC's predecessor JV's) real permitting history -- Nickel 28 holds a non-operating 8.56% interest and was never itself the permit holder, but per lifecycle-gates.ts NON_OPERATING_INTEREST is deliberately NOT exempted from these gates (unlike ROYALTY_STREAMING), so the mine's own real history is what backs the stage=PRODUCTION claim. Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
- Reached — date not disclosed · MCC's decision to finance and build Ramu is evidenced by construction commencing in 2008 (financed by MCC), following the 2000 Special Mining Lease grant. No separately dated 'board approves construction' release distinct from the construction start was found; recorded reached-but-undated to the same year. · Source
- Reached — date not disclosed · MCC commenced construction of the Ramu Nickel-Cobalt project in 2008. Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
- Dec 2012 · Ramu NiCo loaded its first ore shipment for export to China on December 6, 2012, following commissioning and ramp-up of the mine and refinery that year. · Source
- Reached — date not disclosed · Genuinely reached, but no single Nickel-28-era date exists: Nickel 28 holds a confirmed 8.56% NON-OPERATING joint-venture interest in the Ramu Nickel-Cobalt Operation (Papua New Guinea), which is operated by MCC Ramu NiCo Limited (a subsidiary of China's Metallurgical Corporation of China) and was ALREADY in commercial production when Nickel 28 acquired its minority stake in 2018 -- production predates Nickel 28's involvement entirely under an unrelated operator, matching the Hemlo Mining Corp/ARG/TBR/RND precedent. businessModel is already correctly NON_OPERATING_INTEREST in the DB; the same established nuance as RND above applies -- correctly still in scope, not exempted. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Chief Executive Officer of Nickel 28 Capital Corp., having been appointed Head of Asia Pacific of the company in 2019. (CA, AGIA) Corporate and finance executive who served as Managing Director (2016-2019) and Chief Executive Officer (2007-2016) of ASX-listed Highlands Pacific Limited; previously five years with KPMG in Australia and two years in UK manufacturing. Chartered Accountant and member of the Institute of Chartered Accountants Australia.
Chief Financial Officer of Nickel 28 Capital Corp. 15+ years providing accounting, financial reporting, regulatory compliance and management advisory services to publicly listed companies through Marrelli Support Services Inc.; also serves as CFO of Royal Road Minerals Limited. Canadian Chartered Professional Accountant with a B.Sc. in Accounting and Economics from the University of the West Indies, Jamaica.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Pelham Investment Partners, managed by PART V Capital Management, is Nickel 28's largest shareholder at roughly 14%, having built the position through open-market purchases in December 2024 and January 2025.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Ramu Nickel-Cobalt Operation (Madang Province, Papua New Guinea; Nickel 28 holds an 8.56% JV interest, operated by MCC/Nanjing which holds the remaining 85.0% together with its partners -- Nickel 28's interest automatically rises to 11.3% at no cost on repayment of construction debt owed to MCC, plus an option on a further 9.25% at market value). 15 May 2026 update (effective 31 Dec 2025, 1,026 boreholes / 10,397m of drilling): Mineral Resources (100% basis) Measured 102 Mt + Indicated 103 Mt (205 Mt M+I at 0.86% Ni/0.08% Co, up ~16% in tonnage y/y) + Inferred 24 Mt at 0.81% Ni; Mineral Reserves (100% basis) Proven 68 Mt + Probable 8 Mt = 76 Mt at 0.87% Ni/0.09% Co, stable y/y with grade improving despite ongoing depletion. 'At current production rates, the reserve base supports an estimated mine life of approximately 20 years.' CAVEAT, stated verbatim by the company: 'these updated estimates from Nanjing have not been prepared in accordance with National Instrument 43-101' -- they are preliminary operator data pending independent NI 43-101-compliant technical report filing, not a fully qualified reserve statement, though the company states the data has been reviewed by qualified persons. No NPV or IRR has ever been disclosed for Ramu by either Nickel 28 or its predecessor Cobalt 27 (checked the original 24 Jul 2019 NI 43-101 technical report press coverage, which discloses only a then-14-year LOM/52.3 Mt processed/428kt Ni + 47kt Co produced/US$247M sustaining capex with no NPV/IRR, and this 15 May 2026 update, which discloses none either) -- dcfNpvUsd/irrPct left null rather than estimated. A Phase II Ramu expansion (proposed to PNG's Mineral Resources Authority Apr 2026, ~US$1.6B cost, targeting ~2x production capacity) is in early proposal stage with no economics of its own disclosed yet. MATERIAL OWNERSHIP-RISK CAVEAT: the Phase II proposal filing triggers a JV provision requiring MCC to offer to purchase each qualifying minority JV partner's interest at fair market value; Nickel 28 states it is still "analyzing and evaluating" whether to accept a buyout, fund its pro-rata share, or be diluted. projectOwnershipPct=8.56 (and the pending 11.3% step-up) are correct as of this pass but are actively at risk of near-term change depending on that decision -- recheck on any Nickel 28 release referencing the Phase II buyout offer or its outcome.