Top 5 ASX Nickel Stocks of 2025

1. Pivotal Metals (ASX:PVT)

Year-to-date gain: 171.43 percent
Market cap: AU$24.53 million
Share price: AU$0.019

Pivotal Metals is an exploration and development-stage company with two properties in Québec, Canada: its flagship advanced-exploration Horden Lake project and the Belleterre-Angliers greenstone belt project.

Both properties contain copper, nickel and platinum-group metals mineralisation.

The company released metallurgical test results from Horden Lake in March that demonstrated total copper recoveries of 87 to 94 percent with clean copper concentrates produced that graded 22 to 28 percent copper. In addition, the test work produced high-grade clean nickel concentrates grading approximately 12 percent nickel with the potential for nickel recoveries exceeding 50 percent at expected resource sulphur grades.

As of an April resource update, Horden Lake hosts a JORC-compliant indicated and inferred resource estimate of 407,000 tonnes of contained copper equivalent from 37 million tonnes of ore at 1.1 percent copper equivalent, which comprises copper, nickel, palladium, gold and more. Its contained nickel resource stands at 72,000 tonnes.

Exploration work at Belleterre produced significant results throughout the year, with the company announcing first on May 27 that a review of data identified Bonanza-grade gold that connects to the larger copper and nickel system that was part of the historic Lorraine mine and the broader areas that include the Midrim, Alotta and Laforce areas.

Then, on August 24, the company announced that its fixed loop electromagnetic (FLTEM) survey had identified new undrilled conductors at Lorraine. In a follow up on October 20, Pivotal announced that FLTEM surveys at Midrim resulted in another high-grade discovery that extends for 150 metres below previous drilling at the Alotta target.

In the release, Ivan Fairhall, Pivotal’s managing director, commented, “This adds to our suite of conductors that significantly expand the exploration potential of the entire Midrim Project and supports the systematic application of modern geophysics across our wider Belleterre land package.”

Shares of Pivotal climbed through October and reached a year-to-date high of AU$0.03 on October 28.

2. Australian Mines (ASX:AUZ)

Year-to-date gain: 77.78 percent
Market cap: AU$34.18 million
Share price: AU$0.016

Australian Mines is an explorer with projects in Queensland and New South Wales, Australia, and in Brazil.

Its Sconi nickel-cobalt project in Queensland is being developed to deliver carbon-neutral feedstock for the production of electric vehicle batteries. An updated feasibility study released in June 2019 demonstrated a post-tax net present value of AU$817 million, an internal rate of return of 15 percent and a payback period of 5.8 years.

The company originally targeted 2028 for the start of production at Sconi. However, but due to the low nickel price environment, Australian Mines is currently focusing on other projects in its portfolio, including its Flemington scandium-nickel-cobalt project in New South Wales and its Jacquie rare earth elements project in Brazil.

In its quarterly activities report, released on January 28, the board said it is looking for alternatives to de-risk Sconi, including working with the Department of Resources to focus required expenditures on advancing environmental studies, and engaging joint venture partners and battery manufacturers to identify beneficial partnerships.

On June 4, Australian Mines announced that it had received an expression of interest from commodities trader HMS Bergbau to discuss a potential long-term offtake agreement for nickel, cobalt and scandium from Sconi.

As part of its diversification, on July 4, the company entered into a binding term sheet with GoldMining (TSX:GOLD,NYSE:GLDG) subsidiary Cabral Resources to earn up to 80 percent of the Brazilian Boa Vista gold project, which boasts a historic resource of 336,000 ounces of gold grading 1.23 grams per tonne from 8.47 tonnes of ore.

Shares of Australian Mines reached a year-to-date high of AU$0.026 on October 14.

3. Ardea Resources (ASX:ARL)

Year-to-date gain: 75 percent
Market cap: AU$130.46 million
Share price: AU$0.595

Ardea Resources is developing its wholly owned Kalgoorlie nickel project (KNP) in Western Australia, which includes the Goongarrie Hub deposit. The company has said the project “hosts the largest nickel-cobalt resource in the developed world.” It is currently working toward a planned definitive feasibility study (DFS).

A 2023 prefeasibility study shows an ore reserve of 194.1 million tonnes at 0.7 percent nickel and 0.05 percent cobalt, resulting in 1.36 million tonnes of contained nickel and 99,000 tonnes of contained cobalt. The study indicates an open-pit operation with a 40 year life and annual output of 30,000 tonnes of nickel and 2,000 tonnes of cobalt.

In February 2024, Ardea shared that Sumitomo Metal Mining (TSE:5713) and Mitsubishi (TSE:8058) had agreed on AU$98.5 million in funding and a scope of work for the KNP Goongarrie Hub DFS.

On July 4, Ardea announced that the consortium of Sumitomo and Mitsubishi had reached 50 percent of the AU$98.5 million in funding, a milestone that earned them a 17.5 percent interest in the KNP.

The latest update regarding the DFS came on September 8, when Ardea announced its completion is now expected mid-way through the first half of 2026. Originally expected to be finished in December 2025, the study encountered several minor delays. The company said it is working to minimise further delays while maintaining the quality of the study.

The most recent update from the project area came on September 22, when the company received results from infill drilling at the Goongarrie South target. The program consisted of 230 holes for a total of 16,234 metres, and returned 249 significant intercepts, defined as a minimum of 0.5 percent nickel over 2 metres. Among them is one intercept of 1.75 percent nickel over 34 metres starting at 12 metres from the surface.

In addition to exploration and development work, Ardea reported on September 3 that it had signed a heritage agreement with Marlinyu Ghoorlie Native Title Claimant Group. The agreement covers 100 tenements which overlap the native title claim area and creates a framework for identifying and protecting Aboriginal cultural heritage sites.

Shares of Ardea reached a year-to-date high of AU$0.64 on October 2.

4. Alliance Nickel (ASX:AXN)

Year-to-date gain: 41.18 percent
Market cap: AU$37.29 million
Share price: AU$0.048

Alliance Nickel is an exploration and development company advancing its NiWest nickel-cobalt project in Western Australia. The project is situated in a region with known nickel and cobalt mineralisation and its adjacent to Glencore's (LSE:GLEN,OTC Pink:GLCNF) Murrin Murrin mine. To date, the project has seen more than AU$30 million in investment capital for exploration, metallurgical testing and development studies.

In May 2024, NiWest was awarded major project status from the Australian government, marking the first project to achieve the status since nickel was listed as a critical mineral. Alliance said the inclusion will allow it to receive support in navigating Federal and State regulatory processes for a period of three years.

A DFS released in November 2024 shows an after-tax net present value of AU$1.5 billion, an internal rate of return of 17.6 percent and a payback period of five years at an annual long-term average nickel price of US$20,216.

According to the DFS, it holds a JORC resource of 971,000 tonnes of nickel from 93.4 tonnes at an average grade of 1.04 percent. The DFS focuses on a 35 year mine life for NiWest, with planned average annual production of 20,000 tonnes of contained nickel and 1,600 tonnes of contained cobalt over the first 12 years.

On March 24, the company completed heap-leach testing, confirming assumptions in the DFS. Alliance said the results validate the study's assumptions, allowing it to move to the financing and development phase for the project.

The firm is currently working on negotiating funding and offtake agreements to support advancing NiWest further, and as of its September quarterly report has AU$5.2 million in unsecured loan facilities.

Additionally, on October 28, the company reported that it had appointed Cohen and Company Capital Markets as financial advisors as it explores a strategic SPAC transaction for a potential US listing on the Nasdaq.

Shares of Alliance reached a year-to-date high of AU$0.051 on October 16.

5. Centaurus Metals (ASX:CTM)

Year-to-date gain: 15.49 percent
Market cap: AU$242.02 million
Share price: AU$0.41

Centaurus Metals is an explorer and developer advancing its Jaguar nickel sulphide project in Brazil's Para state. The project was originally acquired from Vale (NYSE:VALE) in April 2020 for total cash consideration of US$7 million and a 0.75 percent royalty on all concentrate production. The companies also agreed to enter into a future offtake agreement that will allow Vale to purchase 100 percent of the production at prevailing market prices.

On May 8, Centaurus released results of a value engineering process that builds on its 2024 feasibility study.

The new report optimises the previous 18 year mine plan, with the new 15 year mine life outlining an after-tax net present value of US$735 million, an internal rate of return of 34 percent and a payback period of 1.8 years, assuming a nickel price of US$19,800. The included ore reserve shows total proven and probable reserves of 406,100 tonnes of contained nickel with an average grade of 0.78 percent from 52 million tonnes of ore.

Annual nickel production is planned to average 22,600 tonnes in the first seven years.

In the report, the company said it plans to commence pre-production mining in Q2 2026, starting with vegetation clearance, construction of temporary contractor facilities and development of mine access roads.

Then, on August 14, the company announced that it had secured AU$23 million in capital financing for the project, ahead of a final investment decision it expects in the first half of 2026. The company said it was satisfied with the funding support, which will allow it to undertake ongoing development activities at Jaguar.

The most recent updates from the project came on October 10, when Centaurus reported that it had been granted the mining lease for Jaguar, marking the final approval required for its final investment decision. The company said it holds all required environmental and mining licenses and approval to begin construction.

Shares of Centaurus reached a year-to-date high of AU$0.495 on October 15.