Nickel 28 Capital Corp (TSE:NKL)
:NKL
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Nickel 28 Capital Corp
(NKL)
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Rating:50Neutral
Price Target:
C$1.50
▲(94.81% Upside)
Action:Reiterated
Date:05/29/26
The score is held back primarily by weak financial performance—recent losses, negative operating profit, and consistently negative operating/free cash flow. Technical indicators provide a partial offset with price trending above key moving averages and a positive MACD. Valuation remains unattractive due to a negative P/E and no dividend yield data.
Positive Factors
Royalty business model
A royalty/stream model is capital-light and shifts operational risk to the Ramu operator. Over months this structural setup preserves cash and management bandwidth, providing a durable income mechanism tied to production volumes rather than mine operating execution.
Negative Factors
Persistent negative operating cash flow
Recurring negative operating and free cash flow erodes liquidity and forces reliance on external funding or asset sales. Over a multi-month horizon this limits the firm's ability to sustain distributions, absorb payment timing shocks from Ramu, or finance strategic initiatives organically.
Read all positive and negative factors
Positive Factors
Negative Factors
Royalty business model
A royalty/stream model is capital-light and shifts operational risk to the Ramu operator. Over months this structural setup preserves cash and management bandwidth, providing a durable income mechanism tied to production volumes rather than mine operating execution.
Read all positive factors
Nickel 28 Capital Corp (NKL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$100.87M
Dividend YieldN/A
Average Volume (3M)28.19K
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue GrowthN/A
EPS Growth47.87%
CountryCA
Employees7
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.01
Shares Outstanding86,213,920
10 Day Avg. Volume37,811
30 Day Avg. Volume28,189
Financial Highlights & Ratios
PEG Ratio1.12
Price to Book (P/B)0.79
Price to Sales (P/S)0.00
P/FCF Ratio-102.63
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. is a Toronto, Canada-based enterprise, incorporated in 2019, specializing in base metals. The company maintains an 8.56% joint venture interest in the Ramu Nickel-Cobalt operation, located in Papua New Guinea. Furthermore, ...
How the Company Makes Money
Nickel 28 Capital Corp generates revenue primarily by receiving cash payments under its nickel and cobalt royalty/streaming interest linked to the Ramu mine’s production. As the mine produces nickel and cobalt, Nickel 28 is entitled to a defined s...
Nickel 28 Capital Corp Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
28
Negative
| Breakdown | Jan 2026 | Jan 2025 | Apr 2025 | Jan 2024 | Apr 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | 422.35K | 1.13M | -723.45K | 14.71M | 18.26M |
| Net Income | -1.06M | -1.93M | -6.18M | 6.11M | 11.18M |
Balance Sheet | |||||
| Total Assets | 123.96M | 130.94M | 141.74M | 154.72M | 160.13M |
| Cash, Cash Equivalents and Short-Term Investments | 9.08M | 8.06M | 7.86M | 2.39M | 4.08M |
| Total Debt | 31.95M | 36.56M | 44.15M | 55.90M | 73.42M |
| Total Liabilities | 43.33M | 48.45M | 55.14M | 63.97M | 76.51M |
| Stockholders Equity | 80.63M | 82.50M | 86.60M | 90.75M | 83.62M |
Cash Flow | |||||
| Free Cash Flow | -623.46K | -5.71M | -8.37M | -7.14M | -5.71M |
| Operating Cash Flow | -620.99K | -5.71M | -8.37M | -7.14M | -5.70M |
| Investing Cash Flow | 2.52M | 7.01M | 14.51M | 6.93M | 3.18M |
| Financing Cash Flow | -874.49K | -1.08M | -678.20K | -1.39M | 110.97K |
Nickel 28 Capital Corp Technical Analysis
Positive
0.77
Price Trends
1.22
Negative
1.15
Positive
0.97
Positive
Market Momentum
-0.02
Positive
45.14
Neutral
33.33
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 1.20, below the 50-day MA of 1.22, and below the 200-day MA of 0.97, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 45.14 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 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% | |
50 Neutral | C$100.87M | -70.98 | -5.33% | ― | ― | 47.87% | |
48 Neutral | C$31.45M | -7.73 | -269.19% | ― | ― | -22.22% | |
45 Neutral | C$59.55M | -0.80 | -12.25% | ― | 11.65% | 17.14% | |
44 Neutral | C$11.38M | -11.94 | -11.70% | ― | ― | 67.94% | |
43 Neutral | C$34.51M | -21.15 | 82.92% | ― | ― | 25.45% | |
43 Neutral | C$19.38M | -9.94 | -83.99% | ― | ― | 52.15% |
* Basic Materials Sector Average
TSE:NKL
Nickel 28 Capital Corp
1.17
0.42
56.00%
TSE:S
Sherritt International
0.12
-0.02
-17.24%
TSE:GIGA
Giga Metals Corporation
0.08
>-0.01
-5.88%
TSE:NICO
Class 1 Nickel & Technologies
0.17
-0.02
-10.81%
TSE:SPC
SPC Nickel
0.09
0.07
325.00%
TSE:EVNI
EV Nickel, Inc.
0.16
-0.05
-22.50%
Nickel 28 Capital Corp Corporate Events
Business Operations and Strategy
Nickel 28 Weighs Options as Ramu Expansion Plan Aims to Double Output
Positive
Apr 15, 2026
Nickel 28 Capital Corp. said operator Ramu NiCo Management has lodged a development proposal with Papua New Guinea’s Mineral Resources Authority for a phase II expansion of the Ramu nickel-cobalt operation that would roughly double its curre...
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.