About Nickel

About Nickel

A Strategic Metal for the Clean Energy Transition

Nickel is a critical building block for stainless steel, electric vehicle (EV) batteries, and energy storage systems. Global demand for nickel continues to surge as decarbonization accelerates.

---

Global Nickel Market Overview

• 2025 Production: ~3.74 million tonnes
• 2025 Consumption: ~3.54 million tonnes
• 2025 Surplus: ~198,000 tonnes
• Top Producer: Indonesia, contributing over 50% of global supply
• Key Market Driver: High-nickel battery chemistries (e.g., NMC, NCA)

While stainless steel still dominates total nickel use, the battery sector has grown from <3% in 2017 to a significant and expanding share today. EV battery deployments reached 950 GWh in 2024—a 25% year-over-year increase—with battery-grade nickel demand up 27%.

---

Why Class I Nickel Matters

Class I nickel (≥99.8% purity) is essential for high-performance battery cathodes, particularly in nickel-rich lithium-ion chemistries. It is primarily sourced from:

• High-grade sulphide deposits
• Laterite ores via HPAL (High Pressure Acid Leach)

Battery manufacturers and EV OEMs increasingly seek sustainable, high-purity Class I nickel to meet long-term energy storage targets.

---

Market Outlook to 2030

• Forecast Demand: ~4.9 million tonnes by 2030
• EV Uptake: Driven by global electrification, policy mandates, and energy density requirements
• Western Supply Chain Pressure: U.S. and allied nations investing in refining to reduce dependence on Asia

---

Our View

Nickel is not just a metal—it’s an enabler of clean energy and sustainable infrastructure. Nickel 28 is uniquely positioned with near-term cash flow from Ramu, long-term upside through royalties, and direct leverage to the EV megatrend.