Nickel 28 Capital Corp. CONXF

Company Overview

Nickel 28 Capital Corp. is a Canada-based battery metals investment and streaming company focused primarily on nickel and cobalt exposure tied to electric vehicle (EV) batteries and energy storage supply chains. The company operates within the mining finance and battery materials sectors, generating value through royalty, streaming, and direct ownership interests in producing or development-stage mining assets. Its core asset is an 8.56% joint venture interest in the Ramu Nickel-Cobalt Operation in Papua New Guinea, a large integrated laterite nickel and cobalt mining and processing operation. The company also maintains a portfolio of royalty and streaming interests linked to battery metals projects.

The company evolved from a broader mining investment strategy into a more specialized battery metals platform as global demand for EV-related raw materials accelerated. Nickel 28 has positioned itself as a publicly traded vehicle offering investors exposure to nickel and cobalt markets without directly operating mines. Its strategic positioning is supported by long-life resource exposure, participation in battery supply chain commodities, and a portfolio approach that combines cash-flow-generating interests with development-stage optionality.

Business Operations

Nickel 28 generates revenue primarily through its attributable share of production and distributions from the Ramu Nickel-Cobalt Operation, along with royalty and streaming agreements tied to battery metals assets. The company’s operations are largely investment-based rather than operator-based, meaning it does not directly manage mine development or processing facilities. Its business model centers on acquiring and holding interests in projects that provide exposure to nickel, cobalt, copper, and other energy-transition metals. The company has also historically evaluated opportunities in lithium and other electrification-related commodities.

Internationally, the company’s most significant operational exposure is through Papua New Guinea via the Ramu joint venture, which includes mining, refining, and processing infrastructure. Nickel 28 also holds interests in various exploration and development-stage assets through royalties and equity investments. Strategic relationships include participation alongside major mining and metals companies associated with the Ramu operation, including entities linked to Chinese metallurgical groups. Data regarding certain minority investment structures and project economics is limited in public disclosures and may vary across reporting periods.

Strategic Position & Investments

Nickel 28’s strategic direction has focused on increasing exposure to commodities tied to EV adoption and global electrification trends. The company has pursued a capital allocation strategy centered on battery metals royalties, streaming transactions, and investments intended to provide long-term leverage to nickel and cobalt pricing. Management has emphasized shareholder returns through both asset monetization strategies and exposure to cash-flow-generating mining interests. The company has also evaluated additional acquisition opportunities in the broader critical minerals sector.

Its most significant investment remains the Ramu Nickel-Cobalt Operation, which provides direct exposure to refined nickel and cobalt production. Nickel 28 has also maintained a portfolio of royalty and streaming assets connected to exploration and development projects in North America and other mining jurisdictions. The company’s strategic positioning is tied to growing demand for battery materials used in electric vehicles, grid storage systems, and industrial electrification. While management has highlighted long-term demand fundamentals for critical minerals, future expansion initiatives remain dependent on capital availability, commodity prices, and project-level developments.

Geographic Footprint

Nickel 28 is headquartered in Toronto, Canada, and operates as an internationally focused mining investment company with exposure to projects across multiple jurisdictions. Its primary producing asset exposure is located in Papua New Guinea, where the Ramu Nickel-Cobalt Operation represents the company’s largest economic interest. The company also maintains investment and royalty exposure connected to projects in North America and other resource-rich regions associated with battery metal exploration and development.

The company’s market presence is primarily tied to global battery supply chains serving manufacturers and industrial users in Asia, North America, and Europe. Through its indirect participation in nickel and cobalt production, Nickel 28 is positioned within international commodity markets supporting electric vehicles, stainless steel production, and energy storage technologies. Its operational influence is therefore linked more to investment exposure and commodity participation than to direct mine operation across multiple regions.

Leadership & Governance

Nickel 28’s leadership team combines mining finance, capital markets, and natural resources experience. The company’s governance approach has emphasized disciplined capital allocation, exposure to battery metals demand growth, and management of long-term mining investment interests. Public disclosures and corporate filings indicate that leadership strategy has centered on maintaining exposure to critical minerals while seeking opportunities to expand royalty and streaming assets.

Key executives and directors have included:

• Anthony Milewski – Founder and former Chairman
• Perry Dellelce – Executive Chairman
• Linda Armstrong – Chief Financial Officer
• Justin Cochrane – Director
• Mark Selby – Director

Executive composition and board membership have changed periodically through corporate governance updates and shareholder actions. Certain leadership roles and appointments may differ across the company’s most recent filings and public disclosures.