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.
- Financials score of 1/10 is weaker than the peer average of 3.5/10.
- All-in sustaining cost of $6,195/t is 54% lower than the peer producer average of $13,518/t.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Dec 2012 · Source
- Reached — date not disclosed · 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.
Not in place: tailings facility, grid power.
Jurisdiction (40%)4/10
Papua New Guinea carries material operating risk -- infrastructure, logistics, and political/regulatory volatility around resource-sector agreements -- despite Ramu being a long-life, currently producing operation.
Infrastructure (40%)5.7/10
A confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at Ramu Nickel-Cobalt Operation, Papua New Guinea.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Kainantu (K92 Mining Inc.), 96 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:3.5/10
Nearest producing mine: Kainantu (K92 Mining Inc.), 96 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:4/10
Papua New Guinea: jurisdiction score 4/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:4/10
Primary commodity: Nickel
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
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.; also Chief Financial Officer of Green Canada Uranium 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, LP (managed by PART V Capital Management, LLC) has increased its position to 17.39% (14,963,778 shares) as of May 2026, remaining Nickel 28's largest shareholder -- up from the previously-reported ~14%.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Nickel 28 Capital holds an 8.56% non-operating joint-venture interest in the Ramu nickel-cobalt operation in Madang Province, Papua New Guinea, which is operated by China's Metallurgical Corporation of China (MCC), and the interest rises to 11.3% at no cost once construction debt owed to MCC is repaid. Ramu has been producing since 2012 and, in the quarter ended 30 June 2026, produced 8,234 t of contained nickel and 811 t of contained cobalt in mixed hydroxide precipitate, running at 101% of nickel design capacity. Operator estimates effective 31 December 2025 put Ramu's resources at 205 Mt at 0.86% nickel in the measured and indicated categories and its reserves at 76 Mt at 0.87% nickel on a 100% basis, enough for about 20 years at current production rates, although the company notes these estimates were not prepared under NI 43-101. A proposed Phase II expansion, submitted to Papua New Guinea's Mineral Resources Authority in April 2026 at an estimated cost of about US$1.6B and targeting roughly double the production capacity, triggers a joint-venture provision requiring MCC to offer to buy minority partners' interests at fair market value, and Nickel 28 is evaluating whether to accept, fund its share or be diluted. Nickel 28 also holds about 10 nickel and cobalt royalties on projects in Canada, Australia and Papua New Guinea.