Core Viewpoint - Nickel 28 Capital Corp. reported strong operational results for Q4 2025 and the full year, highlighting the Ramu Nickel-Cobalt operation's consistent performance and cost efficiency in the nickel laterite sector [1][3]. Production Highlights - Q4 2025 production of contained nickel in Mixed Hydroxide Precipitate (MHP) reached 8,231 tonnes, up from 5,952 tonnes in Q4 2024 - Full year production of contained nickel in MHP was 33,007 tonnes, compared to 28,669 tonnes in 2024 - Q4 2025 production of contained cobalt in MHP was 777 tonnes, an increase from 549 tonnes in the same period last year - Full year production of contained cobalt in MHP totaled 3,099 tonnes, compared to 2,625 tonnes in 2024 [11]. Sales Performance - Q4 2025 nickel sales amounted to 8,763 tonnes, compared to 5,308 tonnes in Q4 2024 - Full year sales of contained nickel in MHP were 32,622 tonnes, up from 30,523 tonnes in 2024 - Q4 2025 cobalt sales reached 825 tonnes, compared to 488 tonnes in the same period last year - Full year cobalt sales were 3,061 tonnes, an increase from 2,793 tonnes in 2024 [11]. Cost and Pricing Insights - Production costs for Q4 2025 were US$4.06 per pound of nickel produced, down from US$4.17 in Q4 2024 - Full year production costs were US$3.47 per pound, compared to US$3.33 in 2024 - The average nickel price in Q4 2025 was US$6.75 per pound, a decrease of 7% from the same period last year - The average cobalt price in Q4 2025 was US$22.48 per pound, an increase of 126% from the same period last year [11]. Future Production Guidance - For 2026, the project targets production and sales of 33,100 tonnes of contained nickel and 3,100 tonnes of contained cobalt in MHP - No anticipated shutdowns for 2026, aside from annual maintenance for the three HPAL trains [11]. Operational Efficiency - Ramu continues to rank in the lowest quartile of the cost curve among nickel laterite HPAL operations - The project benefits from being an integrated mine and process plant, reducing dependency on third-party ore supply [4][6]. Market Context - Cobalt prices have significantly increased in the latter half of 2025, with nickel prices also rising from recent lows - The upward pressure on nickel prices is attributed to Indonesian government quota policies affecting global nickel supply [5]. Company Overview - Nickel 28 Capital Corp. holds an 8.56% joint-venture interest in the Ramu Nickel-Cobalt Operation, providing significant exposure to nickel and cobalt production critical for electric vehicle adoption - The company also manages a portfolio of ten nickel and cobalt royalties on development and exploration projects in Canada, Australia, and Papua New Guinea [8].