Nickel coverage.

Most nickel goes into stainless steel. A smaller but faster-growing share goes into batteries. The two markets need different products and price differently.

The setup.

Class 1 vs Class 2 nickel is a real structural split. Battery nickel has different economics than stainless nickel.

The risk.

Indonesian HPAL capacity has changed the game. Cost curves reset when Indonesia scales.

Our read.

We watch: LME nickel inventories, Indonesian HPAL projects online, EV chemistry mix (NMC vs LFP), and TSXV nickel-sulphide juniors.

Related research.

Plain-language research on small cap mining and resource companies on the TSXV and CSE.

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Bellmare Capital publishes research and commentary for informational purposes only. Nothing here is investment advice or a recommendation. Bellmare Capital is operated by Apollo Shareholder Relations, which provides paid investor relations services and may be compensated in cash or securities by companies discussed. See the full Disclaimer. © 2026 Bellmare Capital.

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