Nickel 28 Capital Corp. NKL.V

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 the electric vehicle and energy storage supply chain. The company operates in the mining and natural resources sector, with a strategy centered on acquiring and managing interests in battery metal projects rather than operating large-scale mines directly. Its primary revenue driver is its interest in the Ramu Nickel-Cobalt Operation, an integrated nickel and cobalt mining and processing project located in Papua New Guinea. The company also maintains a portfolio of royalties and streaming interests linked to battery metals projects globally.

Nickel 28 evolved from a broader battery metals investment strategy associated with founder Anthony Milewski, who was involved in assembling exposure to strategic minerals used in electrification technologies. Over time, the company shifted toward a more concentrated royalty and streaming model, emphasizing long-term exposure to nickel and cobalt markets while limiting direct operating risk. Its positioning is tied to expected long-term demand growth for battery materials used in electric vehicles, grid storage systems, and industrial electrification.

Business Operations

The company’s operations are concentrated in two core areas: its ownership interest in the Ramu Nickel-Cobalt Operation and its portfolio of battery metals royalties and streams. Nickel 28 holds an approximately 8.56% joint venture interest in Ramu through a holding structure associated with the project. Revenue is primarily generated from the sale of nickel and cobalt products attributable to this interest, with earnings influenced by global commodity prices, production levels, and operating performance at the mine and processing facilities. The company has also invested in royalty agreements tied to additional nickel, cobalt, copper, and lithium-related projects.

Operationally, Nickel 28 has a relatively lean corporate structure compared with traditional mining companies because it does not directly operate most underlying assets. The company’s exposure spans both upstream mining production and royalty-based cash flow opportunities. Internationally, its economic exposure is strongest in Papua New Guinea through Ramu, while its investment portfolio has included interests connected to projects in North America, Australia, and other mining jurisdictions. Public filings and investor disclosures indicate the company relies heavily on joint venture structures and strategic investment agreements rather than wholly owned mining operations.

Strategic Position & Investments

Nickel 28’s strategic direction has focused on increasing exposure to metals viewed as critical to the global energy transition. The company has emphasized disciplined capital allocation, battery supply chain participation, and the expansion of its royalty and streaming portfolio. Its investment thesis has consistently centered on the expectation that long-term electrification trends will support demand for nickel and cobalt used in lithium-ion battery chemistries, particularly in electric vehicles and stationary storage applications.

A major strategic asset remains the Ramu Nickel-Cobalt Operation, which provides the company with direct exposure to large-scale nickel and cobalt production. Nickel 28 has also pursued investments in additional battery metals opportunities through royalty acquisitions and minority interests in mining projects. Public disclosures have referenced investments connected to broader battery materials ecosystems, though some portfolio positions and ownership levels have changed over time. Data regarding certain historical investment holdings and current portfolio composition is inconclusive based on available public sources and may vary across reporting periods.

Geographic Footprint

Nickel 28 is headquartered in Toronto, Canada, and is publicly traded on the TSX Venture Exchange under the symbol NKL.V. While its corporate headquarters and capital markets presence are Canadian, the company’s primary operational exposure is international due to its interest in the Ramu Nickel-Cobalt Operation in Papua New Guinea. The company’s investment activities and royalty interests have also provided exposure to mining development projects in multiple jurisdictions associated with battery metals production.

The company’s market relevance is tied to global supply chains for electric vehicle batteries and industrial metals. Its economic exposure extends into the broader Asia-Pacific mining and refining ecosystem through Ramu, while investor engagement and financing activities are largely centered in Canada and broader North American capital markets. Nickel 28’s strategy reflects participation in globally distributed battery materials supply chains rather than concentration in a single domestic operating market.

Leadership & Governance

Nickel 28 has historically been associated with Anthony Milewski, who played a significant role in the company’s formation and strategic direction around battery metals investing. Public filings and investor materials have emphasized a governance approach focused on commodity-cycle awareness, disciplined investment management, and long-term exposure to electrification-related mineral demand. The company operates under a board and executive structure typical of publicly listed mining investment companies, with oversight responsibilities tied to capital allocation, investment selection, and shareholder value creation.

Recent public disclosures identify the following leadership figures associated with the company, although executive roles may change over time and investors should confirm current appointments through the latest regulatory filings:

• Anthony Milewski – Founder and former Executive Chairman
• Justin Cochrane – Chief Executive Officer
• Gerrie van Wyk – Chief Financial Officer

Some historical leadership appointments and committee structures vary across reporting periods. Data regarding certain executive transitions is inconclusive based on available public sources.