Nickel 28 Capital Corp (TSE:NKL)
:NKL
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Nickel 28 Capital Corp
(NKL)
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Rating:51Neutral
Price Target:
C$1.00
▲(29.87% Upside)
Action:ReiteratedDate:01/07/26
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.
Positive Factors
Asset-light royalty/stream model
The royalty/stream business model provides exposure to nickel and battery metals without operating mines, lowering capital intensity and operational risk. Contractual payment rights create durable upside to commodity cycles while avoiding mine-level capex and operating liabilities.
Negative Factors
Weak and volatile profitability
The company reported a TTM net loss (~$4.5M) and negative operating profit, indicating earnings weakness. Persistent losses undermine retained earnings, limit reinvestment capacity, and make long-term cash distributions or growth initiatives more uncertain without sustained profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset-light royalty/stream model
The royalty/stream business model provides exposure to nickel and battery metals without operating mines, lowering capital intensity and operational risk. Contractual payment rights create durable upside to commodity cycles while avoiding mine-level capex and operating liabilities.
Read all positive factors
Nickel 28 Capital Corp (NKL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$94.68M
Dividend YieldN/A
Average Volume (3M)28.19K
Price to Earnings (P/E)17.5
Beta (1Y)1.22
Revenue GrowthN/A
EPS Growth16.24%
CountryCA
Employees7
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.01
Shares Outstanding86,860,560
10 Day Avg. Volume37,811
30 Day Avg. Volume28,189
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)0.55
Price to Sales (P/S)0.00
P/FCF Ratio-5.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Nickel 28 Capital Corp Business Overview & Revenue Model
Company Description
Nickel 28 Capital Corp. operates as a base metals company. The company holds an 8.56% joint-venture interest in the Ramu Nickel-Cobalt operation located in Papua New Guinea. It also manages a portfolio of 13 nickel and cobalt royalties on explorat...
How the Company Makes Money
Nickel 28 Capital Corp makes money primarily through its investments in nickel and cobalt streams and royalties. The company earns revenue by receiving a percentage of the production output or sales from the mines in which it has a stake. These st...
Nickel 28 Capital Corp Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
63
Positive
Cash Flow
46
Neutral
| 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
Positive
0.77
Price Trends
1.08
Positive
0.94
Positive
0.84
Positive
Market Momentum
<0.01
Negative
52.80
Neutral
56.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NKL, the sentiment is Positive. The current price of 0.77 is below the 20-day moving average (MA) of 1.07, below the 50-day MA of 1.08, and below the 200-day MA of 0.84, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.80 is Neutral, neither overbought nor oversold. The STOCH value of 56.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NKL.
Nickel 28 Capital Corp Peers Comparison
UnderperformOutperform
Sector (61)
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$94.68M | 17.52 | -5.33% | ― | ― | 16.24% | |
47 Neutral | C$109.18M | -1.53 | -12.25% | ― | 13.25% | 31.69% | |
46 Neutral | C$12.48M | -6.86 | -11.70% | ― | ― | -17.47% | |
43 Neutral | C$26.67M | -4.42 | 82.92% | ― | ― | 37.82% | |
43 Neutral | C$20.24M | -11.07 | -237.82% | ― | ― | 10.17% | |
43 Neutral | C$26.48M | -12.53 | -83.99% | ― | ― | 21.31% |
* Basic Materials Sector Average
TSE:NKL
Nickel 28 Capital Corp
1.09
0.48
78.69%
TSE:S
Sherritt International
0.22
0.08
57.14%
TSE:GIGA
Giga Metals Corporation
0.10
<0.01
5.56%
TSE:NICO
Class 1 Nickel & Technologies
0.15
-0.06
-27.50%
TSE:SPC
SPC Nickel
0.06
0.03
103.70%
TSE:EVNI
EV Nickel, Inc.
0.21
-0.06
-21.15%
Nickel 28 Capital Corp Corporate Events
Business Operations and StrategyFinancial Disclosures
Nickel 28’s Ramu Mine Delivers Strong 2025 Output Amid Tightening Nickel and Cobalt Markets
Positive
Feb 23, 2026
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 an...
Business Operations and StrategyStock Buyback
Nickel 28 Wins TSXV Nod for Share Buyback as It Seeks to Unlock Value
Positive
Feb 19, 2026
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 ...
Business Operations and StrategyExecutive/Board Changes
Nickel 28 Ties Executive Stock Options to Aggressive Shareholder Return Targets
Positive
Feb 9, 2026
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 exer...
Business Operations and StrategyExecutive/Board Changes
Nickel 28 Grants Performance-Based Stock Options Tied to Shareholder Returns
Positive
Feb 9, 2026
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 a...
Business Operations and StrategyLegal Proceedings
Nickel 28 Directors Win Dismissal of Former Executives’ Claims as Company Presses Counterattack
Positive
Jan 21, 2026
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 awar...
Business Operations and StrategyStock Buyback
Nickel 28 Plans Share Buyback as Management Sees Deep Valuation Discount
Positive
Jan 7, 2026
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. Manage...
Business Operations and StrategyFinancial Disclosures
Nickel 28 Posts Solid Q3 on Strong Ramu Output and Tight Cost Control
Positive
Dec 19, 2025
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.