Top 3 ASX Nickel Stocks in 2026

1. NiCo Resources (ASX:NC1)

Year-to-date gain: 45.83 percent
Market cap: AU$23.94 million
Share price: AU$0.175

NiCo Resources is a nickel and cobalt exploration company advancing its Wingellina project in Australia.

The property covers an area of 1,756 square kilometres in the Musgrave block, which straddles the border between Western Australia, South Australia and the Northern Territory.

Mineralised deposits were originally discovered on the property in 1956, with exploration starting the following year. According to a 2016 resource estimate included in NiCo's half-year report for December 2025, Wingellina hosts 187.3 million tonnes at 0.91 percent nickel and 0.06 percent cobalt for 1.7 million tonnes of contained nickel metal.

In the report, NiCo notes the weak market conditions within the nickel market, but also states that it is focused on progressing the project due to the unrealised value contained at the property.

The company did not release any project or fundraising news during the quarter.

Shares of NiCo reached a year-to-date high of A$0.35 on January 20.

2. Alliance Nickel (ASX:AXN)

Year-to-date gain: 11.11 percent
Market cap: AU$30.45 million
Share price: AU$0.04

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 is adjacent to Glencore's (LSE:GLEN,OTCPL: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, making it the first project to achieve that 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 definitive feasibility study (DFS) released in November 2024 shows an after-tax NPV of AU$1.5 billion, an IRR 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, NiWest holds a resource of 93.4 million tonnes at 1.04 percent nickel and 0.07 percent cobalt for 971,000 tonnes of contained nickel; about 83 percent is in the measured and indicated JORC category, and the cut off is 0.8 percent nickel. 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.

In a update on March 12 , Alliance reported that it had undertaken a capital cost optimisation program for NiWest, with a focus using vat leaching as an alternative to heap leaching. The company said the investigation was being carried out due to the reduced water demand from the vat-leaching process. According to the company, AU$310 million of the capital expenditures outlined in the DFS are due to water infrastructure.

The company also said it was working on revised terms for an offtake agreement with Stellantis (NYSE:STLA), and the proposal was currently in the hands of Stellantis’ legal team.

Shares of Alliance reached a year-to-date high of AU$0.051 on January 29.

3. Lunnon Metals (ASX:LM8)

Year-to-date gain: 4.48 percent
Market cap: AU$75.94 million
Share price: AU$0.35

Lunnon Metals is a nickel and gold exploration and development company advancing projects in the Kambalda/St. Ives nickel and gold district in Western Australia. Its primary focus has been the Baker deposit, which is fully permitted. In June 2024, the company released an updated resource estimate, demonstrating measured, indicated and inferred contained nickel of 33,700 tonnes with an average grade of 3.3 percent from 1.03 million tonnes of ore.

The company has yet to make a final investment decision, as it’s awaiting completion of a second scoping study for the project. However, the project is reliant on the nearby Kambalda nickel concentrator at BHP's (ASX:BHP,NYSE:BHP,LSE:BHP) Nickel West, which is on care and maintenance until 2027 due to weak nickel prices.

The company also owns the former-producing Foster nickel mine, which operated between 1981 and 1994. During that time, the mine produced 60,000 tonnes of nickel. The mining area hosts four mineralised zones.

In its half-year report, released on March 10, Lunnon said it has received full regulatory approval for the Baker mine during the September quarter; it was also approved to dewater the Foster mine and begin underground exploration activities. However, due to the state of the nickel market, the company has not proceeded with those plans, noting that there is only minimal cost to maintaining the current status of Baker and Foster.

Lunnon also said it was monitoring media reports that BHP was considering divesting its Nickel West operations and the Kambalda nickel concentrator. For the time being, it has shifted its focus to its gold projects in the St. Ives area.

Shares of Lunnon reached a year-to-date high of AU$0.50 on January 19.