Nickel Stocks

Glencore mines, processes and markets metals and energy commodities. Its nickel business includes Sudbury and Raglan in Canada, Murrin Murrin in Australia and the Nikkelverk refinery in Norway. The group produced 71,900 tonnes of own-sourced nickel in 2025. Koniambo in New Caledonia remains in care and maintenance. Nickel is one part of a broader portfolio that includes copper, zinc, coal and commodity trading, so the company’s earnings and market value reflect much more than nickel.

Vale is a diversified Brazilian miner whose largest business is iron ore. Its nickel operations include Sudbury, Voisey’s Bay and Long Harbour in Canada and Onça Puma in Brazil. Vale reported 42,000 tonnes of nickel production in the second quarter of 2026. Through Vale Canada, it also holds 33.88% of separately listed PT Vale Indonesia. Copper and nickel sit within Vale’s base-metals business, while the listed group’s value also reflects iron ore and its other operations.

Sumitomo Metal Mining operates mines, smelters and materials businesses across several metals. Its Philippine nickel interests include wholly owned Coral Bay Nickel and a 75% interest in Taganito HPAL. These plants turn laterite ore into a mixed nickel-cobalt sulfide intermediate for refining in Japan into products including nickel metal and nickel sulfate. The group also has copper, gold and battery-materials businesses and participates with Mitsubishi Corporation in the consortium supporting Ardea’s Goongarrie Hub development study.

IGO’s remaining operating nickel mine is Nova in Western Australia, which also produces copper and cobalt. IGO agreed in July 2026 to sell Nova to Global Lithium Resources, with completion subject to transaction conditions and the end of mining. Cosmos remains in care and maintenance. IGO retained nickel and lithium rights following the sale of Forrestania and also owns 49% of Tianqi Lithium Energy Australia, giving it substantial lithium exposure.

ANTAM, listed in Indonesia as PT Aneka Tambang Tbk, mines nickel ore and produces ferronickel at Pomalaa. Nickel sits alongside gold and bauxite in its diversified mining business. Its nickel ore and ferronickel serve different processing and customer markets, so ore volumes and tonnes of nickel in ferronickel measure different outputs. ANTAM provides exposure to Indonesian nickel operations through a separately listed company, while its earnings also depend on its other commodity businesses.

Harita Nickel is the operating brand of PT Trimegah Bangun Persada Tbk, an Indonesian company with nickel mining and processing interests on Obi Island in North Maluku. Its operations use electric-furnace processing for ferronickel and high-pressure acid leaching for nickel-cobalt intermediates and downstream chemicals. Its June 2026 presentation showed KPS phase 3 still under construction and commissioning. The full KPS development has a stated design capacity of 185,000 tonnes of contained nickel per year across 12 lines, measured on a gross project basis.

PT Vale Indonesia produces nickel in matte at its Sorowako complex and sells nickel ore from its Indonesian mining portfolio. It reported 72,027 tonnes of nickel in matte and 2.316 million wet metric tonnes of saprolite ore sales for 2025. Its growth portfolio includes Bahodopi and Pomalaa. At the end of 2025, MIND ID held 34%, Vale Canada 33.88% and Sumitomo Metal Mining 11.48%; public shareholders held the remaining 20.64%. These growth projects have separate development and commissioning schedules.

Nickel Industries owns Indonesian nickel-mining and processing interests, including the Hengjaya, Ranger, Oracle and Angel RKEF projects. These operations produce nickel pig iron or matte, while its HPAL investments provide exposure to nickel-cobalt intermediates and refined products. The company holds 46% of Excelsior Nickel Cobalt, which began commissioning in May 2026, produced first mixed hydroxide precipitate in July and reported first nickel cathode in August. ENC’s stated 72,000-tonne annual nickel-equivalent capacity is a gross design figure; the plant is still ramping up.

Sunrise Energy Metals is prioritizing the Syerston scandium project in New South Wales while retaining the separate Sunrise nickel-cobalt development project. Sunrise’s nickel-cobalt development decision remains deferred pending more favorable market conditions. In August 2026, the company announced a conditional, non-binding commitment for up to US$400 million of financing for Syerston and preparations for a possible US listing. Those developments relate to its scandium strategy. They do not establish committed finance or a construction decision for the nickel-cobalt project.

The Metals Company is developing a proposed business collecting polymetallic nodules from the Clarion-Clipperton Zone of the Pacific Ocean. The nodules contain nickel, copper, cobalt and manganese. Its NORI-D pre-feasibility study reported probable mineral reserves in August 2025. Separately, TMC USA is pursuing US exploration and commercial-recovery authorisations, alongside international pathways through sponsored subsidiaries. Commercial-scale collection has not begun. Project development depends on regulatory decisions, environmental assessment, financing and the performance of the proposed collection and processing system.

Eramet is a diversified mining group with manganese, nickel, mineral-sands and lithium businesses. Its nickel interests include a 38.7% indirect stake in Indonesia’s Weda Bay operation and 56% of SLN in New Caledonia. Weda Bay’s ore sales depend partly on Indonesian production quotas. Eramet’s July 2026 update retained a 9-million-wet-tonne external-sales target for the year while an increased quota was being sought. SLN remains financially stressed, and Eramet excludes it from adjusted group performance indicators despite retaining its equity interest.

Talon Metals owns the producing Eagle nickel-copper mine and Humboldt mill in Michigan, acquired from Lundin Mining in January 2026. It also holds 51% of the Tamarack nickel-copper-cobalt project in Minnesota, with a contractual pathway to increase that interest. The US Department of Energy awarded up to US$114.8 million toward a proposed North Dakota processing facility. That development project is separate from the operating Michigan assets, and its funding and construction depend on the award terms and other project milestones.

Chalice Mining is developing the wholly owned Gonneville palladium-nickel-copper project in Western Australia. A December 2025 pre-feasibility study assessed a staged open-pit operation producing precious metals, nickel, copper and cobalt. The company is carrying out feasibility work, metallurgical testing and environmental approvals, with the feasibility study targeted for the second half of 2027. Financing and a final investment decision remain ahead. Gonneville is a polymetallic development project whose economics depend on several metals, including palladium and nickel.

Lifezone Metals is developing the Kabanga nickel-copper-cobalt project in Tanzania. It owns all of Kabanga Nickel Limited, which holds 84% of the local operating company; the Tanzanian government holds 16%. The mine-and-concentrator feasibility case is separate from the proposed downstream Hydromet refinery. Lifezone is pursuing project financing and government agreements, with a final investment decision targeted for the first quarter of 2027 in its H1 2026 update. It also develops hydrometallurgical technology and related commercial opportunities.

Canada Nickel Company is developing the wholly owned Crawford nickel-cobalt sulfide project near Timmins, Ontario. Crawford has completed a feasibility study and received a Canadian federal approval decision in July 2026, while further project requirements and financing remain to be completed. The company closed a C$21 million private placement in August 2026 to support permitting, engineering, debt repayment and working capital. Its proposed NetZero Metals processing facilities are separate development plans; neither those facilities nor Crawford is producing nickel commercially.

Centaurus Metals is developing the Jaguar nickel-sulfide project in Brazil. Its published reserve totals about 52 million tonnes containing 406,100 tonnes of nickel, distinct from the larger mineral resource. The company is completing engineering and financing work; its July 2026 update described non-binding debt proposals and a final investment decision targeted toward the end of the third quarter. Jaguar is not yet producing. Centaurus also holds Brazilian copper-gold exploration interests and the Jambreiro iron-ore project.

Sherritt International owns 50% of the Moa nickel-cobalt joint venture, linking laterite mining in Cuba with refining at Fort Saskatchewan in Canada. Operations were interrupted in the second quarter of 2026: refining stopped on June 22 after feed was depleted, and mining and processing at Moa ceased near quarter-end amid fuel and supply disruption. Sherritt’s August results said a restart required US government approval. The company’s nickel exposure therefore rests on interrupted assets and their potential restart, rather than current steady-state production.

FPX Nickel is developing the Baptiste project in British Columbia, where nickel occurs in awaruite, a naturally occurring nickel-iron alloy in ultramafic rock. A 2023 pre-feasibility study assessed a mine and concentrator, followed by further test work and project development. FPX is also studying a separate refinery concept for awaruite feed. Baptiste is not an operating mine, and the refinery remains a proposed downstream facility. The company’s development case depends on recovery performance, approvals and financing.

Nickel 28 Capital holds an 8.56% non-operated interest in the Ramu nickel-cobalt operation in Papua New Guinea and a separate portfolio of royalties. Ramu produces mixed hydroxide precipitate under an operation managed by Metallurgical Corporation of China. The project produced 8,234 tonnes of contained nickel in the second quarter of 2026 on a 100% basis. Nickel 28’s joint-venture interest is due to increase to 11.3% after the relevant partner loans are repaid; the increase remains conditional on loan repayment.

Ardea Resources is developing nickel laterite assets in Western Australia. Its Goongarrie Hub is held through Kalgoorlie Nickel Pty Ltd, in which Ardea owns 65% and a Sumitomo Metal Mining–Mitsubishi Corporation consortium owns 35%. The consortium is funding the definitive feasibility study and could increase its interest to 50% following a positive final investment decision. Ardea’s June 2026 update deferred the study’s final-report timing. Other assets, including Kalpini, have a different ownership scope.

Lunnon Metals holds nickel and gold assets in Western Australia’s Kambalda district. Its nickel portfolio includes Baker and Foster, which have been studied but lack a confirmed current processing route following the suspension of BHP’s Kambalda concentrator. Lunnon withdrew Baker’s ore reserve while retaining its nickel mineral resources. The company completed mining at its short-life Lady Herial gold open pit in early August 2026, with rehabilitation and final commercial settlement remaining at the time of the August 13 update. Further gold and nickel developments have separate approval and processing requirements.

Nickel Asia operates nickel-ore mines in the Philippines and holds a 10% interest in Taganito HPAL, which processes laterite ore into a nickel-cobalt intermediate. Its mines sold 18.56 million wet metric tonnes of ore in 2025. The company has exited Coral Bay Nickel and also invests in renewable power through Emerging Power. That business includes the Jobin-SQM solar project, reported at 172MWp in its FY2025 presentation. Nickel Asia’s earnings therefore combine nickel mining, processing investments and a separate power-development business.

Magna Mining is a TSX-listed copper and nickel producer and developer in Ontario’s Sudbury Basin. Its operating McCreedy West mine sells ore for processing at Vale’s Clarabelle mill. Development assets include Crean Hill, acquired through Lonmin Canada in 2022, and Shakespeare, as well as other Sudbury properties. In August 2026, Magna completed a roughly C$140 million strategic investment from Alpayana to support its development plans. Copper is a substantial part of current production, alongside nickel and precious metals.