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Nickel 28 Capital Corp
(NKL)
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Rating:49Neutral
Price Target:
C$1.00
▼(-10.36% Downside)
Action:Reiterated
Date:09/23/26
The score is held back primarily by uneven financial performance—positive TTM net income but negative EBIT and weak cash conversion—alongside bearish-to-neutral technical signals with price below key moving averages and negative MACD. A moderate P/E provides some valuation support, but not enough to offset the operating and trend risks.
Positive Factors
Royalty and streaming model
The royalty and streaming structure gives Nickel 28 exposure to battery metals without directly operating mines. Contractual payment or purchase rights can provide recurring participation in production and metal prices, while limiting direct mine-management responsibilities.
Negative Factors
Core operating losses
Negative EBIT indicates that reported net income is not currently supported by profitable core operations. The multi-year swings between profit and loss make earnings quality less predictable and reduce confidence that positive results can persist through the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Royalty and streaming model
The royalty and streaming structure gives Nickel 28 exposure to battery metals without directly operating mines. Contractual payment or purchase rights can provide recurring participation in production and metal prices, while limiting direct mine-management responsibilities.
Read all positive factors
Nickel 28 Capital Corp (NKL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$85.20M
Dividend YieldN/A
Average Volume (3M)27.70K
Price to Earnings (P/E)12.8
Beta (1Y)1.05
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees7
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.06
Shares Outstanding85,202,620
10 Day Avg. Volume34,412
30 Day Avg. Volume27,702
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. makes money primarily through royalties and streaming arrangements linked to nickel and cobalt production. Under royalty agreements, the company earns a contractual payment—typically calculated as a percentage of revenue, a...
Nickel 28 Capital Corp Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
62
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Jan 2026 | Apr 2026 | Apr 2025 | Jan 2024 | Apr 2023 |
|---|---|---|---|---|---|---|
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 | 785.91K | 422.35K | 45.00 | -29.00 | 14.63M | 80.00 |
| Net Income | 4.83M | -1.06M | -1.93M | -6.18M | 6.11M | 11.18M |
Balance Sheet | ||||||
| Total Assets | 131.07M | 123.96M | 130.94M | 141.74M | 154.72M | 160.13M |
| Cash, Cash Equivalents and Short-Term Investments | 9.23M | 9.08M | 8.06M | 7.86M | 2.39M | 4.08M |
| Total Debt | 32.73M | 31.95M | 36.56M | 44.15M | 55.90M | 73.42M |
| Total Liabilities | 46.61M | 43.33M | 48.45M | 55.14M | 63.97M | 76.51M |
| Stockholders Equity | 84.46M | 80.63M | 82.50M | 86.60M | 90.75M | 83.62M |
Cash Flow | ||||||
| Free Cash Flow | 1.09M | -623.46K | -5.71M | -8.37M | -7.14M | -5.71M |
| Operating Cash Flow | 1.09M | -620.99K | -5.71M | -8.37M | -7.14M | -5.70M |
| Investing Cash Flow | 1.37M | 2.52M | 7.01M | 14.51M | 6.93M | 3.18M |
| Financing Cash Flow | -1.30M | -874.49K | -1.08M | -678.20K | -1.39M | 110.97K |
Nickel 28 Capital Corp Technical Analysis
Negative
1.11
Price Trends
1.11
Negative
1.13
Negative
1.13
Negative
Market Momentum
-0.02
Positive
33.13
Neutral
66.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NKL, the sentiment is Negative. The current price of 1.11 is above the 20-day moving average (MA) of 1.08, above the 50-day MA of 1.11, and below the 200-day MA of 1.13, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 33.13 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
52 Neutral | C$147.83M | -1.10 | -22.53% | 1.62% | 17.30% | -44.89% | |
49 Neutral | C$85.20M | 12.82 | 5.87% | ― | ― | ― | |
48 Neutral | C$31.31M | -7.22 | -154.32% | ― | ― | 6.73% | |
45 Neutral | C$7.90M | -8.62 | -3.73% | ― | ― | 71.14% | |
43 Neutral | C$24.38M | -18.75 | 45.30% | ― | ― | 45.30% | |
41 Neutral | C$14.21M | -6.79 | -61.83% | ― | ― | 43.36% |
* Basic Materials Sector Average
TSE:NKL
Nickel 28 Capital Corp
1.00
0.27
36.99%
TSE:S
Sherritt International
0.21
0.08
68.00%
TSE:GIGA
Giga Metals Corporation
0.05
-0.08
-61.54%
TSE:NICO
Class 1 Nickel & Technologies
0.12
0.08
166.67%
TSE:SPC
SPC Nickel
0.07
0.03
75.00%
TSE:EVNI
EV Nickel, Inc.
0.11
-0.09
-45.00%
Nickel 28 Capital Corp Corporate Events
Business Operations and StrategyFinancial Disclosures
Nickel 28 Secures Ramu Cash Distribution but Warns of Margin Pressure Ahead
Positive
Oct 15, 2026
Nickel 28 Capital Corp. has confirmed it will receive its eleventh cash distribution from the Ramu Nickel-Cobalt joint venture, reflecting strong operating performance in the first half of 2026. The company expects about US$4.4 million in cash dis...
Business Operations and StrategyFinancial Disclosures
Nickel 28 Posts Strong Q2 at Ramu Amid Rising Nickel, Cobalt Prices
Positive
Aug 10, 2026
Nickel 28 Capital Corp reported solid second-quarter 2026 operating performance from the Ramu nickel-cobalt operation in Papua New Guinea, with contained nickel production slightly lower year-on-year but cobalt output and sales volumes for both me...
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.