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Nickel 28 Capital Corp (NKL) AI Stock Analysis

TSE:NKL

Nickel 28 Capital Corp

(TSXV:NKL)

Select Model
Rating:52.2Neutral
Price Target:CAD 0.99▲(1.12% Upside)
Action:reiterated
Date:09/23/26

The overall score is held down primarily by weak and unstable financial performance—especially historically negative operating and free cash flow and negative EBIT despite recent TTM profitability—partially offset by a deleveraged balance sheet and solid equity base; technical indicators currently lean mildly bearish with the price below key short- and medium-term moving averages and a negative MACD, while a moderate P/E without a dividend and with uncertain earnings quality supports only a modest valuation advantage.

Positive Factors
Royalty and streaming modelThe royalty and streaming model provides contractual exposure to battery-metal production while avoiding direct mine operation. This structure can support portfolio scalability and recurring participation in metal output, although results still depend on asset and operator performance.
Negative Factors
Negative core operating profitNegative EBIT indicates that reported net income is not currently supported by profitable core operations. The repeated swings between annual profits and losses make earnings quality less dependable and complicate forecasting of sustainable returns over the next several periods.

Nickel 28 Capital Corp (NKL) vs. iShares MSCI Canada ETF (EWC)

-20%0%20%40%60%80%100%TSE:NKL+38.03%EWC+21.27%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
CAD 59.64M
Dividend Yield
―
Average Volume (3M)
32.34K
Price to Earnings (P/E)
12.6
Beta (1Y)
1.07
Revenue Growth
―
EPS Growth
―
Country
Canada
Employees
7
Sector
Basic Materials
Sector Strength
61
Industry
Industrial Materials

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, its...

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 pe...

Nickel 28 Capital Corp Financial Statement Overview

Summary

Financials are mixed: income is volatile with no reported revenue and negative EBIT despite a recent return to modest TTM profit, the balance sheet is relatively strong with materially reduced debt and solid equity, but operating and free cash flow have been persistently weak and only recently turned slightly positive, keeping overall performance slightly below mid-range.

Income Statement

48Neutral

Balance Sheet

72Positive

Cash Flow

38Negative
Financial statement breakdown
BreakdownTTMApr 2026Jan 2026Apr 2025Jan 2024Apr 2023
Income Statement
Total Revenue000000
Gross Profit000000
EBITDA1.46M45422.35K-2914.63M80
Net Income-3.18M-1.93M-1.06M-6.18M6.11M11.18M
Balance Sheet
Total Assets129.96M130.94M123.96M141.74M154.72M160.13M
Cash, Cash Equivalents and Short-Term Investments8.02M8.06M9.08M7.86M2.39M4.08M
Total Debt37.47M36.56M31.95M44.15M55.90M73.42M
Total Liabilities49.07M48.45M43.33M55.14M63.97M76.51M
Stockholders Equity80.89M82.50M80.63M86.60M90.75M83.62M
Cash Flow
Free Cash Flow-2.65M-5.71M-623.46K-8.37M-7.14M-5.71M
Operating Cash Flow-2.65M-5.71M-620.99K-8.37M-7.14M-5.70M
Investing Cash Flow5.21M7.01M2.52M14.51M6.93M3.18M
Financing Cash Flow-1.89M-1.08M-874.49K-678.20K-1.39M110.97K

Nickel 28 Capital Corp Technical Analysis

Technical Analysis SentimentNegative
Last Price0.98

Price Trends

50DMA1.11Negative
100DMA1.13Negative
200DMA1.13Negative

Market Momentum

MACD-0.03Positive
RSI30.47Neutral
STOCH56.86Neutral

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 0.98 is below the 20-day moving average (MA) of 1.07, below the 50-day MA of 1.11, and below the 200-day MA of 1.13, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 30.47 is Neutral, neither overbought nor oversold. The STOCH value of 56.86 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

Overall Rating

UnderperformOutperform
Sector (61)

Financial Indicators

TSE:NKL against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
Sector *61Neutral$10.43B7.12-0.05%2.87%2.86%-36.73%
TSE:NKLTSE:NKL52NeutralCAD 83.50M12.605.87%―――
TSE:SPCTSE:SPC48NeutralCAD 31.31M-7.22-154.32%――6.73%
TSE:STSE:S45NeutralCAD 147.83M-1.10-22.53%―17.30%-44.89%
TSE:NICOTSE:NICO43NeutralCAD 24.38M-18.7545.30%――45.30%
TSE:GIGATSE:GIGA40UnderperformCAD 7.90M-8.62-3.73%――71.14%
TSE:EVNITSE:EVNI39UnderperformCAD 14.21M-6.79-61.83%――43.36%

* Basic Materials Sector Average

Performance Comparison

0%200%400%TSE:NKLTSE:STSE:GIGATSE:NICOTSE:SPCTSE:EVNIDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
TSE:NKL and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TSE:NKLNickel 28 Capital Corp0.980.2738.03%
TSE:SSherritt International0.210.0755.56%
TSE:GIGAGiga Metals Corp0.05-0.08-61.54%
TSE:NICOClass 1 Nickel & Technologies Ltd.0.120.07166.67%
TSE:SPCSpc Nickel Corp.0.070.04100.00%
TSE:EVNIEV Nickel, Inc.0.11-0.13-54.17%

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 distri...

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 metal...

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.

Date of analysis: Sep 23, 2026