Nickel 28 Announces Increase in Ramu Mineral Resources and Mineral Reserves
Original announcement by tmx on
- Company
- Nickel 28 Capital Corp.
- Ticker
- NKL
- Exchange
- TSX
- Region
- Papua New Guinea
- Primary commodity
- Nickel
- Secondary commodities
- Cobalt
- Document categories
- Resource update, Production
- Extracted
- 2026-09-14 14:47:48 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Nickel 28 has announced updated mineral resources and reserves for the Ramu Nickel-Cobalt operation, effective December 31, 2025. The update highlights a 13% increase in contained nickel metal and successful reserve replacement, driven by 2025 exploration drilling.
Reasoning: The update shows significant growth in contained nickel metal and successful reserve replacement despite mining depletion, driven by 2025 exploration.
Positive factors
- Contained nickel metal increased by ~13% year-over-year
- Successful reserve replacement through drilling and resource conversion
- M&I resource tonnage increased by ~16%
- Reserve nickel grade increased from 0.81% to 0.87%
Negative factors
- Modest decrease in M&I nickel grades from 0.88% to 0.81%
- Material depletion from ongoing mining activities
Facts used in scoring: 10
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The update was prepared according to the guidelines of the JORC Code by Competent Persons.
Evidence · text
“prepared according to the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (" JORC " or the " JORC Code")”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The update resulted in an approximate 13% increase in contained nickel.
Evidence · text
“resulting in an approximate 13% increase in contained nickel”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The mineral resources and reserves are reported at a cut-off of 0.5% Ni.
Evidence · text
“Mineral resources at a cut off of 0.5% Ni”
Extracted facts
Stored fact records: 10. Some facts used in scoring do not have a stored record.
Resource Estimates (10)
measuredRamu · nickelTonnes: 102000000Grade: 0.89Grade Unit: %View all detailsHide details
Identity
- Project
- Ramu
- Commodity
- nickel
- Region
- png
- Reported Region
- Papua New Guinea
- Ticker
- NKL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:678a0abdea8d81c83441
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 102000000
- Grade
- 0.89
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Measured nickel grade of 0.89% in a large tonnage intercept.
Evidence · table
“0.89”
Context: 102
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
measuredRamu · cobaltTonnes: 102000000Grade: 0.09Grade Unit: %View all detailsHide details
Identity
- Project
- Ramu
- Commodity
- cobalt
- Region
- png
- Reported Region
- Papua New Guinea
- Ticker
- NKL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:678a0abdea8d81c83441
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 102000000
- Grade
- 0.09
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Measured cobalt grade of 0.09%.
Evidence · table
“0.09”
Context: 102
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedRamu · nickelTonnes: 103000000Grade: 0.83Grade Unit: %View all detailsHide details
Identity
- Project
- Ramu
- Commodity
- nickel
- Region
- png
- Reported Region
- Papua New Guinea
- Ticker
- NKL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:4775bb8bbff77c79c87b
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 103000000
- Grade
- 0.83
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Indicated nickel grade of 0.83%.
Evidence · table
“0.83”
Context: 103
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedRamu · cobaltTonnes: 103000000Grade: 0.07Grade Unit: %View all detailsHide details
Identity
- Project
- Ramu
- Commodity
- cobalt
- Region
- png
- Reported Region
- Papua New Guinea
- Ticker
- NKL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:4775bb8bbff77c79c87b
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 103000000
- Grade
- 0.07
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Indicated cobalt grade of 0.07%.
Evidence · table
“0.07”
Context: 103
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredRamu · nickelTonnes: 24000000Grade: 0.81Grade Unit: %View all detailsHide details
Identity
- Project
- Ramu
- Commodity
- nickel
- Region
- png
- Reported Region
- Papua New Guinea
- Ticker
- NKL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:9246021adb05cb19b478
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 24000000
- Grade
- 0.81
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Inferred nickel grade of 0.81%.
Evidence · table
“0.81”
Context: 24
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredRamu · cobaltTonnes: 24000000Grade: 0.08Grade Unit: %View all detailsHide details
Identity
- Project
- Ramu
- Commodity
- cobalt
- Region
- png
- Reported Region
- Papua New Guinea
- Ticker
- NKL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:9246021adb05cb19b478
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 24000000
- Grade
- 0.08
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Inferred cobalt grade of 0.08%.
Evidence · table
“0.08”
Context: 24
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
provenRamu · nickelTonnes: 68000000Grade: 0.87Grade Unit: %View all detailsHide details
Identity
- Project
- Ramu
- Commodity
- nickel
- Region
- png
- Reported Region
- Papua New Guinea
- Ticker
- NKL
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:3327191d8604d88075db
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 68000000
- Grade
- 0.87
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Proven nickel grade of 0.87%.
Evidence · table
“0.87”
Context: 68
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
provenRamu · cobaltTonnes: 68000000Grade: 0.09Grade Unit: %View all detailsHide details
Identity
- Project
- Ramu
- Commodity
- cobalt
- Region
- png
- Reported Region
- Papua New Guinea
- Ticker
- NKL
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:3327191d8604d88075db
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 68000000
- Grade
- 0.09
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Proven cobalt grade of 0.09%.
Evidence · table
“0.09”
Context: 68
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
probableRamu · nickelTonnes: 8000000Grade: 0.9Grade Unit: %View all detailsHide details
Identity
- Project
- Ramu
- Commodity
- nickel
- Region
- png
- Reported Region
- Papua New Guinea
- Ticker
- NKL
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:3d165d65b336be049b25
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 8000000
- Grade
- 0.9
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Probable nickel grade of 0.90%.
Evidence · table
“0.90”
Context: 8
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
probableRamu · cobaltTonnes: 8000000Grade: 0.09Grade Unit: %View all detailsHide details
Identity
- Project
- Ramu
- Commodity
- cobalt
- Region
- png
- Reported Region
- Papua New Guinea
- Ticker
- NKL
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:3d165d65b336be049b25
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 8000000
- Grade
- 0.09
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Probable cobalt grade of 0.09%.
Evidence · table
“0.09”
Context: 8
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.