# Nickel 28 Announces Increase in Ramu Mineral Resources and Mineral Reserves

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9

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

- Extracted: 2026-08-22 02:52:07 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas 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 factor: Contained metal growth

- Positive factor: Reserve replacement

- Positive factor: JORC compliant

- Negative factor: Grade decline

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 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 Signed**

Polarity: positive

Definition: 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 Growth**

Polarity: positive

Definition: 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 Decline**

Polarity: negative

Definition: 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 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-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9#fact-resource-facts-0)

nickel

#### 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 factor: Grade decline

Evidence · table

> 0.89

Context: 102

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9#fact-resource-facts-1)

cobalt

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9#fact-resource-facts-2)

nickel

#### 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 factor: Grade decline

Evidence · table

> 0.83

Context: 103

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9#fact-resource-facts-3)

cobalt

#### 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 factor: Grade decline

Evidence · table

> 0.07

Context: 103

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9#fact-resource-facts-4)

nickel

#### 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 factor: Grade decline

Evidence · table

> 0.81

Context: 24

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9#fact-resource-facts-5)

cobalt

#### 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

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9#fact-resource-facts-6)

nickel

#### 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 factor: Grade improvement

Evidence · table

> 0.87

Context: 68

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9#fact-resource-facts-7)

cobalt

#### 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

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9#fact-resource-facts-8)

nickel

#### 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 factor: Grade decline

Evidence · table

> 0.90

Context: 8

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/nickel-28-announces-increase-in-ramu-mineral-resources-and-mineral-reserves--066c77e7-8a38-49a7-9097-f8d3344ebdb9#fact-resource-facts-9)

cobalt

#### 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.