[SMM Nickel Market Flash] Nickel 28 Reports Ramu MHP Output of 33,007t Ni in FY2025 at Cash Cost of $3.47/lb

Published: May 29, 2026 23:35

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Nickel 28 Capital (TSXV: NKL), which holds an 8.56% joint-venture interest in the Ramu Nickel-Cobalt operation in Papua New Guinea, reported FY2025 (year ended Jan 31, 2026) production of 33,007 tonnes of contained nickel and 3,099 tonnes of cobalt in MHP — positioning Ramu among the larger global MHP producers. Average realized nickel prices were $6.88/lb ($15,164/t) and cobalt $16.07/lb, generating total Ramu project revenue of approximately $529 million, up from $471 million in FY2024. Net production costs, net of by-products, averaged $3.47/lb of contained nickel. The company repaid $6.5 million of construction debt during the year, reducing the remaining balance to $31.9 million, and ended the period with a cash balance of $9.1 million.

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