# 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--7d33cb10-90ab-4829-ab4e-8ae599415afa Original source: https://money.tmx.com/en/quote/NKL/news/7526293969251998/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves Publisher: tmx Original announcement: 2025-06-02T11:00:00.000Z 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 - Extracted: 2026-09-14 15:27:04 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Tonnage growth in M&I and Inferred categories - Positive factor: Reserve growth \(10% increase\) - Positive factor: Continued exploration success in 2024 - Positive factor: JORC compliant reporting - Negative factor: Material depletion from mining activities accounted for in adjustments Facts used in scoring: 10 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: 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 Upgrade** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--7d33cb10-90ab-4829-ab4e-8ae599415afa#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: 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 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--7d33cb10-90ab-4829-ab4e-8ae599415afa#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: 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 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--7d33cb10-90ab-4829-ab4e-8ae599415afa#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: 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 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--7d33cb10-90ab-4829-ab4e-8ae599415afa#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: 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 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--7d33cb10-90ab-4829-ab4e-8ae599415afa#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: 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 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--7d33cb10-90ab-4829-ab4e-8ae599415afa#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: 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 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--7d33cb10-90ab-4829-ab4e-8ae599415afa#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: 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 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--7d33cb10-90ab-4829-ab4e-8ae599415afa#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: 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 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--7d33cb10-90ab-4829-ab4e-8ae599415afa#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: 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 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--7d33cb10-90ab-4829-ab4e-8ae599415afa#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: 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 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.