Nickel 28 Directors Win Dismissal of Former Executives’ Claims as Company Presses Counterattack

Nickel 28 Capital Corp ( (TSE:NKL) ) has issued an announcement.

Nickel 28 Capital Corp. reported that Ontario’s Superior Court of Justice has dismissed in full the claims brought personally against directors Brett Richards and Edward Collery by former executives Justin Cochrane and Conor Kearns, and awarded costs to the two board members. The court found that Cochrane and Kearns failed to plead the necessary material facts to support personal claims against the directors and rejected their request to amend the allegations, underscoring judicial skepticism about the basis for pursuing the board members individually. The ruling follows Nickel 28’s 2024 decision to terminate Cochrane and Kearns for cause after an independent special committee found serious misconduct, including policy-violating trades, self-dealing and improper compensation and consulting arrangements. With the directors cleared, Nickel 28 will continue to defend itself against the remaining lawsuits from the former executives and to press its own counterclaims seeking millions of dollars in damages for alleged breaches of contract and fiduciary duty, unjust enrichment, conspiracy and related causes of action, a posture that signals an aggressive legal strategy to protect its governance framework and reassure shareholders.

The most recent analyst rating on (TSE:NKL) stock is a Hold with a C$0.94 price target. To see the full list of analyst forecasts on Nickel 28 Capital Corp stock, see the TSE:NKL Stock Forecast page.

Spark’s Take on TSE:NKL Stock

According to Spark, TipRanks’ AI Analyst, TSE:NKL is a Neutral.

The score is primarily constrained by weak and volatile financial performance, including recent losses and low earnings visibility, despite a healthier leverage profile and improved TTM cash flow. Technicals are supportive due to an uptrend above major moving averages, but extreme overbought signals raise near-term risk. Valuation is also a headwind because losses make the negative P/E less informative and there is no dividend support.

To see Spark’s full report on TSE:NKL stock, click here.

More about Nickel 28 Capital Corp

Nickel 28 Capital Corp. is a nickel-cobalt producer with an 8.56% joint-venture interest in the Ramu Nickel-Cobalt Operation in Papua New Guinea, providing the company with significant attributable nickel and cobalt production tied to the electric vehicle supply chain. The company also manages a portfolio of 10 nickel and cobalt royalties on development, pre-feasibility and exploration projects in Canada, Australia and Papua New Guinea, giving it broad exposure to key battery metals markets.

Average Trading Volume: 56,039

Technical Sentiment Signal: Buy

Current Market Cap: C$89.47M

For an in-depth examination of NKL stock, go to TipRanks’ Overview page.