Nickel Stocks

Glencore is a diversified miner and commodity marketer whose nickel operations include Sudbury Integrated Nickel Operations and Raglan in Canada, Murrin Murrin in Australia, and the Nikkelverk refinery in Norway. Murrin Murrin is shown as a selected asset rather than the full portfolio. Glencore reported 71,900 tonnes of own-sourced nickel production for 2025; Koniambo in New Caledonia remained in care and maintenance. The company also markets refined nickel through its trading business.

Vale is a diversified miner whose nickel portfolio spans Sudbury, Voisey's Bay and Long Harbour in Canada and Onça Puma in Brazil. It also owns 33.88% of separately listed PT Vale Indonesia; at 31 December 2025, MIND ID owned 34.00%, Sumitomo Metal Mining 11.48% and public shareholders 20.64%. Vale reported 42,000 tonnes of nickel production in the second quarter of 2026, including record quarterly production at Long Harbour. PT Vale Indonesia appears separately in this list, so the two whole-company market capitalizations should not be treated as independent nickel exposure.

Sumitomo Metal Mining is a diversified Japanese metals company with nickel operations in the Philippines and refining assets in Japan. It owns 100% of Coral Bay Nickel and 75% of Taganito HPAL. The Philippine plants process laterite ore into mixed nickel-cobalt sulfide, which is shipped to Japan and used as feed for products including electrolytic nickel, cobalt and nickel sulfate. This is an integrated route, but product mix and refinery routing vary by facility and period. Sumitomo Metal Mining also participates in the Japanese consortium funding the Kalgoorlie Nickel Project study.

IGO is an ASX-listed critical-minerals company whose remaining operating nickel exposure is the late-life Nova underground nickel-copper-cobalt mine in Western Australia. Nova produced 15,304 tonnes of nickel in FY2026, and IGO expects mining to conclude in the December quarter of 2026. In July 2026, IGO agreed to sell Nova to Global Lithium Resources, with completion tied to the end of mining and other transaction conditions. Forrestania reached end of mine life in September 2024 and was sold; Cosmos remains on care and maintenance. Nova's short remaining life and the pending divestment are central to the current nickel exposure.

ANTAM is an IDX-listed, Indonesian state-controlled diversified miner. Nickel is a material operating segment: the company mines nickel ore and produces ferronickel at Pomalaa, while also operating gold and bauxite businesses. ANTAM's 2024 annual report recorded 9.94 million wet metric tonnes of nickel ore production and 20,103 tonnes of nickel in ferronickel production; the figures are dated operating results rather than current guidance. It is included under the same controlled-subsidiary policy as PT Vale Indonesia because it is separately listed and has direct material nickel exposure.

Harita Nickel is an IDX-listed integrated nickel producer on Obi Island in North Maluku. Its June 2026 public-expose materials state that KPS phase 1 reached full capacity in March 2025 and phase 2 in December 2025, while two phase 3 lines began operating in the first quarter of 2026. Phase 3 was 94% complete at 30 June 2026; the same presentation retained a first-half 2026 completion target but did not confirm completion, so phase 3 is treated here as under construction and commissioning. Across the three phases, KPS is designed for 12 RKEF lines and 185,000 tonnes per year of contained nickel capacity. Harita also operates HPAL and downstream facilities producing mixed hydroxide precipitate, nickel sulfate and cobalt products; capacity figures are nameplate or company targets unless stated as actual production.

PT Vale Indonesia is an IDX-listed integrated nickel producer. At 31 December 2025, its share-information page reported MIND ID at 34.00%, Vale Canada at 33.88%, Sumitomo Metal Mining at 11.48%, public shareholding at 20.64% and free float at 20.39%. The company reported 72,027 tonnes of nickel in matte production and 2.316 million wet metric tonnes of saprolite ore sales for 2025. It is included despite controlled ownership because it is separately listed, has a reported public float and has direct material nickel exposure. Its whole-company market capitalization overlaps economically with Vale's ownership interest and should not be added to Vale's as independent nickel exposure.

Nickel Industries is an ASX-listed Indonesian nickel producer. Its operating portfolio comprises four RKEF projects — Hengjaya, Ranger, Oracle and Angel Nickel — with combined nameplate capacity of about 120,000 tonnes per year of nickel in NPI or matte, plus a 10% interest in Huayue Nickel Cobalt. Nickel Industries increased its interest in the Excelsior Nickel Cobalt HPAL project to 46% in early 2026. ENC began commissioning in the second quarter of 2026 and produced first mixed hydroxide precipitate during the ramp-up; its stated nameplate capacity is about 72,000 tonnes per year of nickel equivalent. Nameplate and ramp-up targets are not presented as achieved annual production.

The Metals Company is a Nasdaq-listed developer seeking to collect polymetallic nodules containing nickel, copper, cobalt and manganese from the Clarion-Clipperton Zone. Its August 2025 NORI-D pre-feasibility study declared probable mineral reserves, but a PFS does not support a development decision and commercial-scale collection has not begun. On 19 August 2026, NOAA published TMC USA's consolidated USA-A application for an exploration license and commercial recovery permit. Certification, environmental review, public comment and a final permit decision remained outstanding. TMC is also pursuing rights through subsidiaries sponsored by Nauru and Tonga. Permitting, environmental assessment, legal challenges, financing and unproven commercial-scale collection and processing are central risks, so issuer resource and timetable claims are not presented as achieved production.

Sunrise Energy Metals is an ASX-listed developer with separate scandium and nickel-cobalt development plans in New South Wales. The company reports a 180 million tonne Sunrise nickel-cobalt resource grading 0.53% nickel and 0.10% cobalt, containing about 940,000 tonnes of nickel and 170,000 tonnes of cobalt; the estimate dates to 2020 and should not be read as a reserve or production forecast. Pre-development work continued during 2024/25, but the company says a development decision awaits improved nickel and cobalt market conditions. Community minutes record that nickel-cobalt work was scaled back while Syerston scandium became the priority. Sunrise is therefore included as a deferred nickel-cobalt developer, not a near-term producer.

Eramet is a diversified mining group with nickel exposure in Indonesia and New Caledonia. It holds a 38.7% indirect interest in PT Weda Bay Nickel, which sold 38.5 million wet metric tonnes of ore externally in 2025. Eramet's July 2026 interim update retained a 9 million wet metric tonne external-sales target for 2026 based on Weda Bay's initial 12 million tonne quota, pending a requested quota increase; that target is not an achieved volume. Eramet also owns 56% of SLN in New Caledonia. French State and Eramet loans to SLN were converted into perpetual subordinated quasi-equity instruments for reporting purposes, and subsequent State support has also been structured as quasi-equity financing rather than ordinary share capital. Since 2024, Eramet's adjusted performance indicators exclude SLN.

Nickel Asia is a PSE-listed Philippine nickel ore producer with six operating mines. It reported 18.56 million wet metric tonnes of ore sales in 2025 and attributable net income of ₱6.27 billion; those are dated company-reported results, not forward guidance. The company sold its Coral Bay interest to Sumitomo Metal Mining in 2025 and retains a 10% interest in Taganito HPAL. Its renewable-energy subsidiary, Emerging Power, reported 172 MW of operating capacity in the company's FY2025 investor materials. Nickel Asia's mining exposure is Philippine, so it is not grouped with the Indonesian operating examples.

Talon Metals completed its acquisition of the Eagle Mine and Humboldt Mill in January 2026. Talon describes Eagle as the only primary nickel mine currently operating in the United States; that claim is company-attributed and refers to a primary nickel mine, not every source of US nickel. Talon's development portfolio includes a 51% interest in the Tamarack nickel-copper-cobalt project and regional exploration ground. The US Department of Defense awarded Talon up to US$114.8 million for a proposed North Dakota processing facility. Talon's ownership page showed Lundin Mining at approximately 18.2% on 31 May 2026, after subsequent dilution.

Magna Mining is a TSX-Venture-listed nickel-copper producer and developer in Ontario's Sudbury Basin. McCreedy West is operating: Magna reported 98,446 tons processed in the second quarter of 2026 and 4.5 million payable copper-equivalent pounds, including 0.27 million pounds of nickel. McCreedy West ore is processed at Vale Base Metals' Clarabelle mill under an ore-sales and offtake arrangement; it is not a Magna-owned mill. Crean Hill is a past-producing development asset acquired from Glencore, and Shakespeare is a development-stage nickel-copper-PGM project with a completed feasibility study.

Lifezone Metals is developing the Kabanga nickel-copper-cobalt project in Tanzania. After the July 2025 acquisition and termination of the former BHP agreements, Lifezone owns 100% of Kabanga Nickel Limited. KNL owns 84% of the Tanzanian operating company and the Government of Tanzania owns 16%; BHP is no longer a current project backer. The November 2025 feasibility study defines a 52.2 million tonne probable reserve grading 1.98% nickel for the mine and concentrator plan. Its economics exclude the proposed downstream Hydromet refinery. Hydromet refining and technology licensing are separate development and commercial scopes and should not be read as part of the mine-and-concentrator feasibility case.

Chalice Mining is an ASX-listed developer of the Gonneville PGE-nickel-copper-cobalt deposit in Western Australia. The often-cited figure of approximately 10 million tonnes is contained nickel equivalent across palladium, platinum, nickel, copper and cobalt; it is not 10 million tonnes of contained nickel. Chalice released the preliminary feasibility study in December 2025. Feasibility-study work began in the first quarter of 2026, alongside metallurgical test work, approvals and engineering, with the company targeting completion in the second half of 2027. PGEs are the principal value driver, so Gonneville is retained as polymetallic nickel exposure rather than a primary nickel project.

Canada Nickel is a TSX-Venture-listed developer of the Crawford nickel project near Timmins, Ontario. Canada Nickel ranks the Crawford reserve second globally and bases its carbon-storage claims on mineral-carbonation test work and project studies; both descriptions are company-attributed and remain subject to study assumptions and execution. Named strategic shareholders include Agnico Eagle, Samsung SDI, Taykwa Tagamou Nation and Anglo American. Vale is not identified as a strategic equity investor. Canada Nickel's NetZero Metals nickel and stainless-steel facilities are proposed downstream projects and are separate from Crawford's mine plan, permitting and financing.

Centaurus Metals is an ASX-listed developer of the Jaguar Nickel Sulphide Project in Brazil. The August 2024 mineral resource is 138.2 million tonnes at 0.87% nickel for approximately 1.20 million tonnes of contained nickel. The May 2025 proved and probable open-pit ore reserve is 52.0 million tonnes at 0.78% nickel for 406,100 tonnes of contained nickel. A feasibility study was completed in July 2024 and the 2025 value-engineering work updated project economics and the reserve. The project has key installation approvals, while strategic partnering, financing and a final investment decision remain outstanding.

Sherritt International owns 50% of the Moa Joint Venture with Cuba's General Nickel Company. Moa produces mixed sulfide precipitate for refining at Fort Saskatchewan, Alberta. In February 2026, Sherritt issued 100%-basis guidance of 26,000–28,000 tonnes of finished nickel and 2,750–2,850 tonnes of cobalt; these were guidance figures, not nameplate capacity or attributable production. Sherritt's August 2026 results said Moa mining and processing had ceased near the end of the second quarter because of fuel and supply disruption, and Fort Saskatchewan refining stopped on 22 June after feed was depleted. Restart requires US government approval and updated 2026 guidance was pending, so the February guidance is no longer presented as current expected output.

FPX Nickel is a TSX-Venture-listed developer of the Baptiste project in British Columbia. Baptiste hosts awaruite, a naturally occurring sulfur-free nickel-iron alloy, commonly represented as Ni₃Fe, in ultramafic rock. The mine and concentrator were assessed in a 2023 pre-feasibility study, with feasibility, pilot-scale test work and environmental assessment activities continuing. FPX's Awaruite Refinery study is a separate, stand-alone downstream concept that assumes external feed and British Columbia hydroelectricity; it is not part of Baptiste's mineral resource. Reported carbon-intensity advantages are project-study outcomes based on specified power, flowsheet and sequestration assumptions, not universal properties of all awaruite processing.

Nickel 28 Capital is a TSX-Venture-listed investment company. Its principal operating exposure is an 8.56% non-operated joint-venture interest in the Ramu Nickel-Cobalt Operation in Papua New Guinea, supplemented by a portfolio of nickel and cobalt royalties. Ramu produced 33,007 tonnes of contained nickel and 3,099 tonnes of contained cobalt in mixed hydroxide precipitate in 2025 on a 100%-project basis. Nickel 28's 2026 guidance is also stated on a 100%-project basis: 33,100 tonnes of nickel and 3,100 tonnes of cobalt. Those figures are not attributable production. The interest increases to 11.3% only after the relevant partner loans have been repaid.

Ardea Resources is an ASX-listed developer of the Kalgoorlie Nickel Project in Western Australia. Ardea owns 65% and a Sumitomo Metal Mining–Mitsubishi Corporation consortium owns 35%. The consortium's potential increase to 50% is conditional on a positive final investment decision; it is not current ownership. Ardea's 3 June 2026 update said the definitive feasibility study final report would extend beyond 30 June and that a schedule update was expected by the end of October 2026, replacing the stale first-half 2026 target. Potential support from Export Finance Australia and US EXIM is conditional and non-binding and does not constitute committed project finance.

Lunnon Metals is an ASX-listed gold and nickel company in Western Australia's Kambalda district. At 30 June 2025, Lunnon reported a nickel portfolio of 4.2 million tonnes at 2.7% nickel for 113,600 tonnes of contained nickel across Foster, Baker, Silver Lake and Fisher. A July 2025 scoping study assessed Baker and Foster, but Lunnon withdrew Baker's ore reserve because BHP's Kambalda concentrator was placed on care and maintenance and no current processing facility is available. Lunnon's March 2026 quarterly report recorded no on-ground nickel activity and described a watching brief on nickel markets. The company began mining the short-life Lady Herial gold open pit in January 2026, so it is an operating gold company with development-stage nickel exposure rather than a current nickel producer.