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Nickel 28 Capital Corp
(NKL)
Nickel 28 Capital Corp (NKL) vs. iShares MSCI Canada ETF (EWC)
Nickel 28 Capital Corp Business Overview & Revenue Model
Nickel 28 Capital Corp Financial Statement Overview
| Breakdown | TTM | Apr 2025 | Jan 2024 | Apr 2023 | Apr 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -3.96M | 0.00 | 14.71M | 18.26M | 3.91M | 128.34K |
| Net Income | -4.50M | -1.93M | 6.11M | 11.18M | 2.56M | -6.18M |
Balance Sheet | ||||||
| Total Assets | 128.99M | 130.94M | 154.72M | 160.13M | 176.22M | 191.10M |
| Cash, Cash Equivalents and Short-Term Investments | 9.48M | 8.06M | 2.39M | 4.08M | 6.52M | 5.55M |
| Total Debt | 35.48M | 36.56M | 55.90M | 73.42M | 107.10M | 123.83M |
| Total Liabilities | 47.43M | 48.45M | 63.97M | 76.51M | 107.18M | 125.26M |
| Stockholders Equity | 81.56M | 82.50M | 90.75M | 83.62M | 69.05M | 65.84M |
Cash Flow | ||||||
| Free Cash Flow | -1.03M | -5.71M | -7.14M | -5.71M | -3.17M | -4.75K |
| Operating Cash Flow | -1.03M | -5.71M | -7.14M | -5.70M | -3.17M | -4.75K |
| Investing Cash Flow | 2.52M | 7.01M | 6.93M | 3.18M | 5.18M | -58.12K |
| Financing Cash Flow | -1.36M | -1.08M | -1.39M | 110.97K | -69.94K | 67.31K |
Nickel 28 Capital Corp Technical Analysis
Nickel 28 Capital Corp Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | C$91.20M | 17.52 | -5.33% | ― | ― | 16.24% | |
46 Neutral | C$15.11M | -6.86 | -11.32% | ― | ― | -17.47% | |
45 Neutral | C$84.37M | -1.53 | -12.98% | ― | 13.25% | 31.69% | |
43 Neutral | C$19.31M | -4.42 | ― | ― | ― | 37.82% | |
43 Neutral | C$23.92M | -11.07 | -150.61% | ― | ― | 10.17% | |
43 Neutral | C$25.84M | -12.53 | -58.79% | ― | ― | 21.31% |
Nickel 28 Capital Corp Corporate Events
Nickel 28 reported strong operational performance for the Ramu nickel-cobalt operation in 2025, with contained nickel production rising to 33,007 tonnes and cobalt output increasing to 3,099 tonnes, both up year-on-year. Sales volumes of nickel and cobalt also grew, and despite slightly higher full-year unit costs, Ramu remains positioned in the lowest quartile of the global HPAL nickel laterite cost curve.
The company highlighted significantly improved cobalt prices and a recent recovery in nickel prices, helped by policy-driven supply constraints in the Democratic Republic of Congo and Indonesia, which are tightening global markets. Management believes Ramu’s cost competitiveness, improving payabilities, and stable 2026 production plans with no major shutdowns should support strong margins and reinforce the asset’s standing against newer HPAL projects in Indonesia.
The most recent analyst rating on (TSE:NKL) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Nickel 28 Capital Corp stock, see the TSE:NKL Stock Forecast page.
Nickel 28 Capital Corp., a nickel-cobalt producer with a stake in the Ramu operation in Papua New Guinea, also oversees a portfolio of royalties on nickel and cobalt projects in Canada, Australia and Papua New Guinea. Its assets provide investors leveraged exposure to metals central to the build-out of electric vehicle supply chains.
Nickel 28 has received TSX Venture Exchange approval to launch a normal course issuer bid allowing it to repurchase up to 7,050,819 common shares, or about 8.1% of its outstanding stock, over a one-year period starting February 23, 2026. Management views the shares as trading at a substantial discount to net asset value and sees the buyback, to be administered by Haywood Securities under an automatic purchase plan, as a key tool in its capital return strategy to enhance shareholder value.
Repurchases will be made on the open market through Canadian trading systems, with the pace and scale of buying determined by market conditions, share price and available cash. The program, which can be ended early at the company’s discretion, signals confidence in Nickel 28’s underlying asset base and may support the stock while potentially improving per-share metrics for existing 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.
Nickel 28 Capital Corp. has granted 810,811 stock options to Craig Lennon under its fixed stock option plan as part of his long-term incentive compensation for the financial year ending January 31, 2027. The options have a five-year term, are exercisable at $1.01 per share and will vest over three years starting February 1, 2027, but only if stringent total shareholder return thresholds of 20%, 40%, 60% and 80% are met by January 31, 2027.
The performance-linked structure ties executive rewards directly to shareholder value creation, reflecting a stronger emphasis on aligning management incentives with market performance. This approach may reassure investors that future equity compensation is contingent on robust returns, reinforcing Nickel 28’s positioning as a leveraged play on nickel and cobalt demand driven by electric vehicle growth.
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.
Nickel 28 Capital Corp., a nickel-cobalt producer with an interest in the Ramu operation in Papua New Guinea and a portfolio of royalties across Canada, Australia and Papua New Guinea, offers investors leverage to metals tied to electric vehicle adoption. The company has granted 810,811 performance-based stock options to Craig Lennon as long-term incentive compensation for the financial year ending January 31, 2027, with vesting over three years and earning thresholds tied to total shareholder return targets ranging from 20% to 80% over the period ending January 31, 2027, aligning executive rewards with shareholder value creation.
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.
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.
Nickel 28 Capital Corp. has announced plans for a normal course issuer bid to repurchase up to 7,050,819 of its common shares, or about 8.1% of its outstanding stock, through the TSX Venture Exchange, with all shares bought to be cancelled. Management argues that the current trading price significantly undervalues the company relative to its net asset value, and believes that using excess liquidity to buy back shares will be accretive to net asset value per share and increase remaining shareholders’ proportional ownership; the bid, to be administered by Haywood Securities and supported by an automatic purchase plan during blackout periods, is subject to TSXV approval and could run for up to 12 months, reflecting a continued focus on capital return and balance-sheet-driven value creation for investors.
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.
Nickel 28 Capital Corp. reported fiscal third-quarter 2026 results showing steady production and profitability from its Ramu Nickel-Cobalt joint venture in Papua New Guinea, with 9,242 tonnes of contained nickel and 887 tonnes of contained cobalt produced, and 9,880 tonnes of nickel and 948 tonnes of cobalt sold in mixed hydroxide precipitate. The company posted a US$1.4 million share of operating profit from Ramu, net profit of US$0.6 million, an improved cash balance of US$9.5 million, and maintained non-recourse construction debt at US$35.4 million, while keeping corporate overheads below US$2.5 million excluding legal and one-time costs. Management highlighted uninterrupted operations and expectations for similar performance in the final quarter of 2025, which should support stronger loan repayment and potential cash distributions in the second half of the year, even as nickel prices remain flat, cobalt prices tick up, and Indonesian policy actions on illegal mining introduce potential supply-side tightening for the broader market.