# Nickel 28 Announces Increase in Ramu Mineral Resources and Mineral Reserves Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b Original source: https://money.tmx.com/en/quote/NKL/news/4517453241700911/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves Publisher: tmx Original announcement: 2026-05-15T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas 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 factor: Contained nickel metal increased by ~13% year-over-year - Positive factor: Successful reserve replacement through drilling and resource conversion - Positive factor: M&I resource tonnage increased by ~16% - Positive factor: Reserve nickel grade increased from 0.81% to 0.87% - Negative factor: Modest decrease in M&I nickel grades from 0.88% to 0.81% - Negative factor: Material depletion from ongoing mining activities Facts used in scoring: 10 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b#fact-resource-facts-0) Ramu · nickel #### 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 Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b#fact-resource-facts-1) Ramu · cobalt #### 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 Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b#fact-resource-facts-2) Ramu · nickel #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b#fact-resource-facts-3) Ramu · cobalt #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b#fact-resource-facts-4) Ramu · nickel #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b#fact-resource-facts-5) Ramu · cobalt #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b#fact-resource-facts-6) Ramu · nickel #### 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 Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b#fact-resource-facts-7) Ramu · cobalt #### 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 Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b#fact-resource-facts-8) Ramu · nickel #### 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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--059f107c-8b75-494c-882f-3aaa2f33336b#fact-resource-facts-9) Ramu · cobalt #### 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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: 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.