top of page
Nickel white.png


September 16, 2022

The report (xlsx format) is an attempt to bring together a set of the key technical and financial metrics for the most salient undeveloped global nickel sulphide projects (exploration and development stage) and provide insight into the relationship between market value of an in-situ tonne of nickel equivalent (NiEq) resource and resource quality (NiEq grade). 



Mt NiEq in-situ r

US$B in-situ metal value

The spreadsheet comprises key project metrics including resource size (tonnes), in-situ metal content, NiEq computation, planned mill throughput capacities, process flowsheet / key process stages, commercial products including volume and quality (where relevant data is available), pre-production CAPEX estimates, capital intensity (US$ per concentrator throughput tonnes and per Ni tonne contained in saleable product), payabilities per metal (where disclosed) and cash costs estimates (where disclosed).

A separate working sheet provides an EV/Resources multiple vs NiEq grade chart based on the market data of 22 predominantly single-asset explorers and developers whose resources are dominated by nickel (Ni in-situ US$-denominated value >50% of total MRE value).


The multiple values range from as low as low as US$1.9 to above US$2,420 per tonne of contained NiEq. Though the multiple's dispersion is fairly wide, the analysis reveals a reasonable correlation between NiEq resource grade and EV/NiEq with the correl coef of >0.67. Resources of higher quality in terms of NiEq grade, in general, tend to be valued at premium to lower grade properties.


All primary data and metrics have been meticulously collected from corporate disclosures, published reports, presentations and IAMR's archive.

Single-Asset Ni Explorers & Developers - EV/NiEq resources (M,I&I) attributable 

As of September 16, 2022

Source: Corporate reports and disclosures, Yahoo Finance

All information on this website is provided for information purposes only. Please refer to Terms of use for more details.

Report preview

bottom of page