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
- Extracted
- 2026-09-14 15:27:04 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Nickel 28 has announced an update to the Ramu mineral resources and reserves, reporting a 10% increase in total reserves and significant growth in resource categories. The update, based on 2024 exploration drilling, shows M&I resources increased by 18% and Inferred resources by 146% year-over-year.
Reasoning: Significant increases in both mineral resources (M&I and Inferred) and mineral reserves driven by successful 2024 exploration drilling.
Positive factors
- Tonnage growth in M&I and Inferred categories
- Reserve growth (10% increase)
- Continued exploration success in 2024
- JORC compliant reporting
Negative factors
- Material depletion from mining activities accounted for in adjustments
Facts used in scoring: 10
Classification and evidence
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: Total reserves increased by 10% year-over-year.
Evidence · text
“10% increase in total reserves year-over-year”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: Significant increase in Measured & Indicated resources (18%) and Inferred resources (146%).
Evidence · text
“18% increase in Measured & Indicated resources and 146% increase in Inferred resources”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The resource and reserve estimate was prepared according to JORC guidelines.
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" )”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The cut-off grade for both resources and reserves is explicitly stated as 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: 111000000Grade: 0.92Grade 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
- 2024-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:b87dccb937bb834f88f6
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 111000000
- Grade
- 0.92
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2024-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-06-02T00:00:00.000Z
Reasoning: Measured nickel grade of 0.92%.
Evidence · table
“0.92”
Context: 111
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: 111000000Grade: 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
- 2024-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:b87dccb937bb834f88f6
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 111000000
- Grade
- 0.09
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2024-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-06-02T00:00:00.000Z
Reasoning: Measured cobalt grade of 0.09%.
Evidence · table
“0.09”
Context: 111
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: 66000000Grade: 0.82Grade 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
- 2024-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:8e724b7f7499523de650
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 66000000
- Grade
- 0.82
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2024-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-06-02T00:00:00.000Z
Reasoning: Indicated nickel grade of 0.82%.
Evidence · table
“0.82”
Context: 66
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: 66000000Grade: 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
- 2024-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:8e724b7f7499523de650
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 66000000
- Grade
- 0.08
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2024-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-06-02T00:00:00.000Z
Reasoning: Indicated cobalt grade of 0.08%.
Evidence · table
“0.08”
Context: 66
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: 37000000Grade: 0.88Grade 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
- 2024-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:f6b39e5d8f80f90e40ea
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 37000000
- Grade
- 0.88
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2024-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-06-02T00:00:00.000Z
Reasoning: Inferred nickel grade of 0.88%.
Evidence · table
“0.88”
Context: 37
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: 37000000Grade: 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
- 2024-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:f6b39e5d8f80f90e40ea
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 37000000
- Grade
- 0.08
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2024-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-06-02T00:00:00.000Z
Reasoning: Inferred cobalt grade of 0.08%.
Evidence · table
“0.08”
Context: 37
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: 66000000Grade: 0.8Grade 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
- 2024-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:5e0652e4b2e210e85029
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 66000000
- Grade
- 0.8
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2024-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-06-02T00:00:00.000Z
Reasoning: Proven nickel grade of 0.8%.
Evidence · table
“0.8”
Context: 66
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: 66000000Grade: 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
- 2024-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:5e0652e4b2e210e85029
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 66000000
- Grade
- 0.09
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2024-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-06-02T00:00:00.000Z
Reasoning: Proven cobalt grade of 0.09%.
Evidence · table
“0.09”
Context: 66
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: 10000000Grade: 0.91Grade 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
- 2024-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:8d4d8a264df09d99ccf3
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 10000000
- Grade
- 0.91
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2024-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-06-02T00:00:00.000Z
Reasoning: Probable nickel grade of 0.91%.
Evidence · table
“0.91”
Context: 10
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: 10000000Grade: 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
- 2024-12-31T00:00:00.000Z
- Reporting standards
- jorc
- Resource group id
- resource:8d4d8a264df09d99ccf3
- Deposit or zone
- Ramu
- Ownership percent
- 67.02 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 10000000
- Grade
- 0.09
- Grade Unit
- %
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Ni
Prior Estimate
- Resource Date
- 2024-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-06-02T00:00:00.000Z
Reasoning: Probable cobalt grade of 0.09%.
Evidence · table
“0.09”
Context: 10
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.