Nickel 28 Releases Ramu Q3 2025 Operating Performance
Nickel 28 Releases Ramu Q3 2025 Operating
Performance
Toronto, Ontario--(Newsfile Corp. - November 11, 2025) - 28 Capital Corp. (TSXV: NKL) (FSE:
3JC0) ("
Nickel 28
" or the "
Company
") is pleased to provide operational results for the quarter ending
September 30, 2025 for the Company's largest asset; the Ramu Nickel-Cobalt ("
Ramu
") integrated
operation in Papua New Guinea. Nickel 28 currently holds an 8.56% joint-venture interest in Ramu which
is operated by the Metallurgical Corporation of China ("
MCC
").
Q3 2025 Ramu Highlights:
Production of 9,242 tonnes of contained nickel in Mixed Hydroxide Precipitate ("
MHP
"), compared
to 6,880 tonnes in the same period last year.
Production of 887 tonnes of contained cobalt in MHP, compared to 634 tonnes in the same period
last year.
Nickel sales of 9,880 tonnes of contained nickel, compared to 8,685 tonnes in the same period
last year.
Nickel inventory on hand at quarter end was 2,205 tonnes of nickel in MHP.
Cobalt sales of 948 tonnes of contained cobalt, compared to 798 tonnes in the same period last
year.
LME average nickel price of US$6.81/lb in Q3 2025, a decrease of 8% from the same period last
year.
Average cobalt price of US$15.48/lb. in Q3 2025 an increase of 34% from the same period last
year.
Production costs, net of by-product credits, were US$3.07/lb. of nickel produced as MHP in Q3
2025, compared to US$2.96/lb in the same period last year. YTD 2025 cash cost, net of by-
product credits, were US$3.27/lb. of nickel produced as MHP, compared to US$3.10/lb in the
same period last year.
Nickel 28's Chief Executive Officer, Craig Lennon stated:
"The production and sales performance at
Ramu during Q3 2025 was very strong.
Production for the quarter was interruption free in terms of
planned shutdowns and scheduled maintenance, and we expect the same for Q4 2025.
With respect
to sales, the market continues to be stronger than the previous 3 quarters, and Ramu was able to sell
more than it produced, as it was able to reduce the inventory balance and take advantage of the
stronger price environment.
We are guiding for Q4 2025 that sales tonnage should be as equally
strong as Q3 2025.
"In the commodity market during the period, nickel prices have been stable, driven largely by
stainless steel supply and demand, and we are seeing an increase in payabilities as the MHP market
tightens.
Cobalt has also seen small positive increases in pricing and in payabilities, again driven by
the tightness in the MHP market and due to the export restrictions on cobalt in the DRC, who continue
to remain the largest global producer of cobalt.
"There has been a recent announcement by the Indonesian government indicating they are stopping
the granting of new licenses for plants only producing Nickel Pig Iron, Ferronickel, Nickel Matte, and
MHP, unless they include further downstream processing to stainless steel or nickel sulphate.
1
This
should prove to be an interesting development and may curtail some of the supply coming on to the
market in the future."
Ramu's operating performance for the period is presented below along with a comparison to the prior
year.
2024
2025
Q3
YTD
Q3
YTD
Ore Processed (dry kt)
MHP Produced (dry tonne)
Contained Nickel (tonne)
Contained Cobalt (tonne)
Nickel Capacity Utilization (% of design
1
)
790
17,113
6,880
634
84%
2,583
56,538
22,717
2,076
93%
991
22,844
9,242
887
113%
2,600
60,606
24,776
2,322
101%
MHP Shipped (dry tonne)
Contained Nickel (tonne)
Contained Cobalt (tonne)
21,323
8,685
798
62,733
25,215
2,305
24,615
9,880
948
58,423
23,854
2,235
Production Cost Actual (US$)
(2)
$
2.96
$
3.10
$
3.07
$
3.27
Note 1.
Ramu's design capacity of 32,600 t Ni per year is an annualized benchmark. Quarterly utilization rates may exceed 100% in periods without
maintenance shutdowns or when the operation benefits from incremental process improvements.
Note 2. Actual cost per pound of nickel contained in MHP net of by-product credits
The figures in the table above have not been audited and are subject to change. As Ramu has not yet
finished any audit or review procedures in respect of the fiscal quarter, the financial information
presented in this press release is preliminary, subject to audit, final adjustment and may change
materially. The information presented above has not been reviewed or audited by the Company's auditor
and should not be considered a substitute for reviewed or audited financial statements and should not be
regarded as a representation by the Company as to the actual financial results.
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% joint-venture interest in the
producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea.
Ramu provides Nickel 28 with significant attributable nickel and cobalt production thereby offering our
shareholders direct exposure to two metals which are critical to the adoption of electric vehicles. In
addition, Nickel 28 manages a portfolio of 10 nickel and cobalt royalties on development and exploration
projects in Canada, Australia and Papua New Guinea.
Scientific and Technical Information
Disclosures of a scientific or technical nature in this news release have been reviewed on behalf of
Nickel 28 by Alan Lambden, P. Geo., an independent consultant to Nickel 28 and a "qualified person" as
defined by National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes 'forward-looking statements' and
'forward-looking information' within the meaning of applicable Canadian securities laws. Any statements
that are contained in this news release that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often identified by terms such as "may",
"should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements in this news release include, but are not limited to: statements
and figures with respect to the operational and financial results of the Ramu project; statements with
respect to the prospects of nickel and cobalt in the global electrification of vehicles; statements related to
the repayment of the Company's Ramu operating debt (and the timing thereof); statements related to the
Company's attributable cash flow (and the receipt and timing thereof); and statements with respect to the
business and assets of the Company and its strategy going forward. Readers are cautioned not to place
undue reliance on forward-looking statements. Forward-looking statements involve known and unknown
risks and uncertainties, most of which are beyond the Company's control. Should one or more of the
risks or uncertainties underlying these forward-looking statements materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual results, performance or achievements
could vary materially from those expressed or implied by the forward-looking statements.
The forward-looking statements contained herein are made as of the date of this release and, other than
as required by applicable securities laws, the Company does not assume any obligation to update or
revise them to reflect new events or circumstances. The forward-looking statements contained in this
release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release. No securities regulatory authority has either approved or
disapproved of the contents of this news release.
Investor Relations Contact Information:
Nickel 28 Investor Relations
Attn: Brett Richards, Director/Advisor
Director Tel: +1 905 449 1500
Email:
1
https://www.mining.com/web/indonesia-limits-new-nickel-permits-to-add-value-to-production/
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/273950