Nickel Stocks

Glencore

Glencore is one of the world's largest diversified mining and commodity trading houses, with nickel among its key metals alongside copper, cobalt, and coal. Its nickel operations span Canada (Sudbury Integrated Nickel Operations and Raglan in Québec), Australia (Murrin Murrin HPAL, one of only five global nickel briquette producers), and Norway (Nikkelverk refinery). Full-year 2025 own-sourced nickel production came in at ~71,900 tonnes, with Q4 recovering strongly after a Sudbury furnace disruption. Koniambo in New Caledonia was placed into care and maintenance in early 2024. Glencore's trading arm remains one of the world's largest marketers of refined nickel.

Vale

Vale is one of the world's largest diversified miners, with iron ore as its core business and nickel as its most strategically significant secondary commodity for energy transition investors. Its nickel portfolio spans Canada (Sudbury integrated operations and Voisey's Bay underground mines), Brazil (Onça Puma ferronickel smelter), and Indonesia via listed subsidiary PT Vale Indonesia, in which Vale retains an 80% offtake agreement. In FY2025 Q4, Vale produced 46.2kt of nickel, with Onça Puma delivering a record quarter. Vale's nickel business has repositioned significantly toward battery supply chains, with Sudbury recently recording its strongest ore output since 2016.

Sumitomo Metal Mining

Sumitomo Metal Mining is a Tokyo-listed diversified metals company and one of the world's most technically sophisticated nickel producers, with a focus on HPAL technology and battery supply chain integration. Its nickel operations are anchored in the Philippines: Coral Bay Nickel (100% owned following acquisition of Nickel Asia's stake in early 2025) and Taganito HPAL (75% SMM). Both plants produce mixed sulphides shipped to Japanese refineries for conversion to Class 1 nickel and cobalt. SMM is also the co-funder of the Ardea Resources Kalgoorlie Nickel Project DFS. SMM is among the few non-Chinese companies with an end-to-end HPAL-to-refinery nickel supply chain at commercial scale.

IGO Limited

IGO is an ASX-listed critical minerals company with a dual focus on nickel and lithium. Its nickel business centres on Nova, a high-grade underground nickel-copper-cobalt sulphide mine in Western Australia's Great Western Woodlands (100% owned), in its final phase of mine life with production guidance of 15,000–18,000 tonnes of nickel through December 2026. H1 FY2026 delivered improved EBITDA (up 15%) and lower cash costs (~A$5.62/lb). Forrestania reached end of mine life in September 2024 and has been sold; Cosmos remains on care and maintenance. IGO's lithium exposure comes via a 49% stake in TLEA, which holds a 51% interest in the world-class Greenbushes lithium mine.

Harita Nickel

Harita Nickel is an Indonesia Stock Exchange-listed company and one of the country's most vertically integrated nickel producers, built on Obi Island in North Maluku. It operates two RKEF smelters (~120,000 tpa combined capacity), two HPAL plants producing MHP and downstream products (PT Obi Nickel Cobalt at full commercial capacity since August 2024), and a developing third RKEF associate targeting up to 185,000 tpa capacity by early 2026. Harita also produces nickel sulphate and electrolytic cobalt — the broadest downstream product suite of any Indonesian-listed nickel company. Q1 2025 net profit rose 19.4% year-on-year despite the lowest nickel prices since 2020.

Nickel Industries Ltd

Nickel Industries is an ASX-listed company with one of the most extensive nickel processing portfolios of any Western-listed company, built entirely in Indonesia. Its core operations comprise four RKEF lines (Hengjaya, Ranger, Oracle, and Angel Nickel) with combined nameplate capacity of ~120,000 tpa of nickel in NPI/matte, plus a 10% stake in the Huayue Nickel Cobalt HPAL project. The Excelsior Nickel Cobalt (ENC) HPAL project (44% interest) is commissioning through early 2026, targeting 67,000 tpa of nickel equivalent capacity — the only HPAL globally designed to simultaneously produce Class 1 nickel, MHP, and nickel sulphate. The company delivered ~US$87M in Adjusted EBITDA in Q3 2025, maintaining profitability through the nickel price downturn.

Eramet Group

Eramet is a Paris-listed diversified mining group whose nickel business spans two geographies. In Indonesia, Eramet holds a ~38.7% indirect stake in PT Weda Bay Nickel — the world's largest nickel mine by volume — which sold 30.3 million wet metric tonnes of ore in 2024. In New Caledonia, legacy subsidiary SLN has been in deep financial difficulty, with the French State having converted SLN's debt into quasi-equity instruments totalling ~€655M. Eramet's most visible near-term growth is in lithium and manganese, while Weda Bay ore volumes remain the primary valuation driver for nickel investors.

Nickel Asia Corporation

Nickel Asia Corporation is the Philippines' largest nickel ore producer, listed on the Philippine Stock Exchange, with six operating mines. In 2025, attributable net income tripled to ₱6.27 billion (up 312% year-on-year) driven by a 9% increase in ore volumes to 18.56 million WMT and a 28% surge in weighted average ore prices, as Indonesian supply restrictions redirected demand toward Philippine ore. The company divested its 15.625% stake in Coral Bay to Sumitomo in early 2025, retaining a 10% stake in Taganito. Nickel Asia is also diversifying into renewable energy through Emerging Power Inc. (172 MW capacity).

Talon Metals

Talon Metals is a TSX-listed company that completed the acquisition of Lundin Mining's Eagle Mine and Humboldt Mill in Michigan's Upper Peninsula in January 2026 — the only operating primary nickel mine in the United States. Its portfolio spans: Eagle Mine (100%, producing), Tamarack Nickel-Copper-Cobalt Project in Minnesota (51% JV with Rio Tinto, 8.6Mt at 1.73% Ni indicated), and over 400,000 acres of exploration tenure in Michigan. Talon holds a DOE-backed US$114.8M grant for a Battery Minerals Processing Facility in North Dakota. Lundin Mining retains a ~19.86% stake in Talon following the share-based transaction.

Magna Mining

Magna Mining is a TSX-Venture-listed developer focused on building a near-term nickel-copper producer in the Sudbury Basin of Ontario. Its portfolio centres on the Shakespeare Nickel-Copper-PGM project (100%, Feasibility Study complete) and the Crean Hill mine (100%), a past-producing underground nickel-copper-cobalt mine acquired from Glencore in 2023. The Sudbury location provides direct access to Vale's Copper Cliff smelter under a tolling arrangement, significantly de-risking the processing pathway. Magna's strategy is to become an intermediate nickel-copper producer in a jurisdiction benefiting from renewed Western supply chain interest.

Lifezone Metals

Lifezone Metals is a NYSE-listed company developing the Kabanga Nickel Project in northwestern Tanzania — one of the world's largest and highest-grade undeveloped nickel sulphide deposits (~58Mt at ~2.6% Ni), in partnership with the Government of Tanzania. Lifezone's proprietary Hydromet technology is a low-temperature, low-pressure leaching process designed to produce battery-grade nickel, cobalt, and copper directly at or near the mine site, bypassing conventional smelting. BHP's involvement provides both technical credibility and financial support. Lifezone also explores licensing Hydromet technology to third parties. The company listed on the NYSE via a SPAC merger in 2023.

Chalice Mining

Chalice Mining is an ASX-listed explorer-developer with one of the most significant new mineral discoveries in Australia in recent decades. Its flagship Gonneville PGE-Ni-Cu discovery in the Julimar region of Western Australia — found in 2020 — hosts a resource of ~10 million tonnes of contained nickel equivalent across palladium, platinum, nickel, copper, and cobalt. The deposit is notable for its shallow, large-scale nature and amenability to conventional open-pit and flotation processing. Chalice released a Preliminary Feasibility Study in 2024 and is progressing toward a Definitive Feasibility Study. PGEs are the dominant value driver, with nickel as a significant contributor, making this a rare large-scale Western PGE-nickel-copper asset in a tier-one jurisdiction.

Canada Nickel Co

Canada Nickel Company is a TSX-Venture-listed developer advancing the Crawford Nickel-Cobalt Sulphide Project near Timmins, Ontario — one of the largest new nickel sulphide discoveries globally, with a resource exceeding 1.2 billion tonnes and over 4 million tonnes of contained nickel. Crawford is notable for its scale and naturally occurring serpentinite host rock, which has the potential to permanently sequester significant volumes of CO₂, offering a pathway to carbon-neutral or carbon-negative nickel production. Vale has made a strategic equity investment in the company. Canada Nickel has proposed a CAD$1B+ nickel processing facility in Ontario — NetZero Metals — to refine Crawford ore into battery-grade nickel sulphate.

Centaurus Metals

Centaurus Metals is an ASX-listed developer focused exclusively on the Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil. Jaguar hosts a global resource of 109.2Mt at 0.87% Ni (948,900 tonnes contained nickel). A full Feasibility Study was completed in July 2024 and updated in May 2025: updated ore reserve of 52Mt at 0.78% Ni, 15-year open pit mine life, average annual production of ~22,600 tpa over the first seven years, first-quartile C1 cash cost of US$2.67/lb, and pre-production capex of US$380M. An Installation Licence was granted in March 2025. Strategic partnering and financing are the current critical path to a Final Investment Decision.

FPX Nickel

FPX Nickel is a TSX-Venture-listed developer with a wholly distinct deposit type: awaruite, a naturally occurring nickel-iron alloy (Ni₃Fe) hosted in an ultramafic ophiolite complex in central British Columbia. The Baptiste Nickel Project — the most advanced awaruite deposit globally — has completed a 2023 Pre-Feasibility Study, with a Feasibility Study and Environmental Assessment underway following MYAB drilling programs in summer 2025. The absence of sulphur in awaruite means no roasting or acid leaching is required; concentrate can be refined directly to battery-grade nickel sulphate, with significantly lower carbon intensity than conventional processing routes. NRCan awarded C$3.5M in non-repayable funding in September 2025, and Baptiste is the first project in BC's new Critical Minerals Office concierge programme.

Ardea Resources Ltd

Ardea Resources is an ASX-listed nickel-cobalt developer advancing the Kalgoorlie Nickel Project (KNP) in Western Australia — Australia's largest nickel-cobalt resource and one of the top 10 globally (854Mt at 0.71% Ni, 0.045% Co). The Goongarrie Hub is progressing through a fully-funded A$98.5M Definitive Feasibility Study with Sumitomo Metal Mining and Mitsubishi Corporation, who are earning into a 50% interest upon FID. The DFS uses a simplified HPAL-only flowsheet producing Mixed Sulphide Precipitate and is targeted for completion in H1 2026. Conditional financing support from Export Finance Australia and US EXIM Bank totals approximately A$1 billion. The project holds Major Project Status through October 2028.

Nickel 28 Capital

Nickel 28 Capital is a TSX-Venture-listed battery metals royalty and streaming company whose primary asset is an 8.56% joint-venture interest in the Ramu Nickel-Cobalt Operation in Papua New Guinea (operated by MCC). Ramu is a long-life, first-quartile cost HPAL operation producing MHP at a cash cost of approximately US$3.07/lb in Q3 2025. Attributable production in Q3 2025 was 9,242 tonnes of contained nickel — up 34% year-on-year. Nickel 28 also manages ten NSR royalties on nickel and cobalt projects in Canada, Australia, and Papua New Guinea, including royalties on the Dumont and Turnagain projects. Upon repayment of partner loans, Nickel 28's Ramu interest will step up to 11.3%.

Sherritt International

Sherritt International is a TSX-listed nickel-cobalt producer primarily through its 50% stake in the Moa Joint Venture in Cuba — one of the few operating HPAL facilities in the Western hemisphere outside Australia, with the other 50% held by the Cuban government. The Moa JV produces mixed sulphides (~33,000 tonnes nickel and ~3,300 tonnes cobalt per year at nameplate), shipped to Fort Saskatchewan, Alberta, where Sherritt's refinery converts them into finished nickel and cobalt rounds. The company faces persistent headwinds from US sanctions on Cuba that limit capital market access and complicate banking relationships, and has undergone multiple debt restructurings.

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