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
- 2026-08-22 02:52:07 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Nickel 28 has announced updated mineral resources and reserves for the Ramu project, effective December 31, 2025. The update highlights a 13% increase in contained nickel and successful reserve replacement through exploration drilling, despite a slight decrease in average nickel grades.
Reasoning: The update shows a significant 13% increase in contained nickel despite a modest grade decline, driven by successful exploration and resource conversion.
Positive factors
- Contained metal growth
- Reserve replacement
- JORC compliant
Negative factors
- Grade decline
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 updated estimates were prepared according to 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")”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The release mentions that the technical information was reviewed and approved by an independent consultant, Alan Lambden, P.Geo., a qualified person.
Evidence · text
“reviewed and approved on behalf of Nickel 28 by Alan Lambden, P.Geo., an independent consultant to Nickel 28 and a "qualified person"”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Measured and indicated mineral resource tonnage increased by approximately 16% year-over-year.
Evidence · text
“Measured and indicated mineral resource tonnage increased by approximately 16% year-over-year”
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Average nickel grades for measured and indicated resources decreased from 0.88% to 0.81%.
Evidence · text
“average nickel grades decreased modestly from 0.88% to 0.81%”
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)
measurednickelTonnes: 102000000Grade: 0.89Grade Unit: %View all detailsHide details
Identity
- Commodity
- nickel
- Ticker
- NKL
Resource Data
- Category
- measured
- Tonnes
- 102000000
- Grade
- 0.89
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Measured nickel grade decreased from 0.92% in 2024 to 0.89% in 2025.
Negative factors
- Grade decline
Evidence · table
“0.89”
Context: 102
measuredcobaltTonnes: 102000000Grade: 0.09Grade Unit: %View all detailsHide details
Identity
- Commodity
- cobalt
- Ticker
- NKL
Resource Data
- Category
- measured
- Tonnes
- 102000000
- Grade
- 0.09
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Cobalt grade remains stable at 0.09%.
Evidence · table
“0.09”
Context: 102
indicatednickelTonnes: 103000000Grade: 0.83Grade Unit: %View all detailsHide details
Identity
- Commodity
- nickel
- Ticker
- NKL
Resource Data
- Category
- indicated
- Tonnes
- 103000000
- Grade
- 0.83
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Indicated nickel grade increased from 0.82% to 0.83%.
Negative factors
- Grade decline
Evidence · table
“0.83”
Context: 103
indicatedcobaltTonnes: 103000000Grade: 0.07Grade Unit: %View all detailsHide details
Identity
- Commodity
- cobalt
- Ticker
- NKL
Resource Data
- Category
- indicated
- Tonnes
- 103000000
- Grade
- 0.07
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Indicated cobalt grade decreased from 0.08% to 0.07%.
Negative factors
- Grade decline
Evidence · table
“0.07”
Context: 103
inferrednickelTonnes: 24000000Grade: 0.81Grade Unit: %View all detailsHide details
Identity
- Commodity
- nickel
- Ticker
- NKL
Resource Data
- Category
- inferred
- Tonnes
- 24000000
- Grade
- 0.81
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Inferred nickel grade decreased from 0.88% to 0.81%.
Negative factors
- Grade decline
Evidence · table
“0.81”
Context: 24
inferredcobaltTonnes: 24000000Grade: 0.08Grade Unit: %View all detailsHide details
Identity
- Commodity
- cobalt
- Ticker
- NKL
Resource Data
- Category
- inferred
- Tonnes
- 24000000
- Grade
- 0.08
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Inferred cobalt grade remains stable at 0.08%.
Evidence · table
“0.08”
Context: 24
provennickelTonnes: 68000000Grade: 0.87Grade Unit: %View all detailsHide details
Identity
- Commodity
- nickel
- Ticker
- NKL
Resource Data
- Category
- proven
- Tonnes
- 68000000
- Grade
- 0.87
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Proven nickel grade increased from 0.8% to 0.87%.
Positive factors
- Grade improvement
Evidence · table
“0.87”
Context: 68
provencobaltTonnes: 68000000Grade: 0.09Grade Unit: %View all detailsHide details
Identity
- Commodity
- cobalt
- Ticker
- NKL
Resource Data
- Category
- proven
- Tonnes
- 68000000
- Grade
- 0.09
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Proven cobalt grade remains stable at 0.09%.
Evidence · table
“0.09”
Context: 68
probablenickelTonnes: 8000000Grade: 0.9Grade Unit: %View all detailsHide details
Identity
- Commodity
- nickel
- Ticker
- NKL
Resource Data
- Category
- probable
- Tonnes
- 8000000
- Grade
- 0.9
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Probable nickel grade decreased from 0.91% to 0.90%.
Negative factors
- Grade decline
Evidence · table
“0.90”
Context: 8
probablecobaltTonnes: 8000000Grade: 0.09Grade Unit: %View all detailsHide details
Identity
- Commodity
- cobalt
- Ticker
- NKL
Resource Data
- Category
- probable
- Tonnes
- 8000000
- Grade
- 0.09
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-15T00:00:00.000Z
Reasoning: Probable cobalt grade remains stable at 0.09%.
Evidence · table
“0.09”
Context: 8
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.