ASX Nickel Stocks Rally: Which Players Are Winning in 2025?

Despite a challenging price environment that squeezed most nickel producers, several Australian-listed companies have managed impressive stock gains this year. The sector faced headwinds from Indonesian supply gluts, weakened EV demand as battery chemistry shifted away from nickel, and China’s struggling real estate sector. Yet long-term demand forecasts remain bullish, and a projected supply-demand rebalancing offers hope for the medium term.

The Investing News Network screened ASX-listed nickel stocks with market caps exceeding AU$10 million as of December 19, 2025. Here’s the breakdown of top performers and why they’re capturing investor attention.

Early-Stage Explorers Leading the Rally

Pivotal Metals (ASX:PVT) has emerged as the year’s standout performer with an 85.71% year-to-date surge, bringing its market cap to AU$14.71 million at a share price of AU$0.013. The exploration-stage company operates two properties in Québec, Canada—the Horden Lake advanced-exploration project and the Belleterre-Angliers greenstone belt—both rich in copper, nickel, and platinum-group metals.

Horden Lake delivered impressive metallurgical results in March, achieving total copper recoveries between 87-94% alongside high-grade nickel concentrates grading approximately 12% with potential recovery exceeding 50%. The April resource update confirmed a JORC-compliant resource of 37 million tonnes grading 1.1% copper equivalent (407,000 tonnes contained), including 72,000 tonnes of contained nickel.

Belleterre’s exploration work proved equally exciting. A May data review uncovered Bonanza-grade gold connected to a larger copper-nickel system near the historic Lorraine mine. August’s fixed-loop electromagnetic survey identified new undrilled conductors at Lorraine, while October’s follow-up work at Midrim revealed a high-grade extension 150 metres below previous drilling. Most recently, November’s work verified the Kelly Lake East target hosting widespread copper and gold anomalies with samples returning up to 1.9 g/t gold, 2% copper, and 0.71% zinc. Management has scheduled comprehensive drilling to commence in January 2026.

Mid-Tier Developers Gaining Ground

Ardea Resources (ASX:ARL) posted a 79.41% gain with a AU$111.73 million market cap and AU$0.61 share price. Its flagship Kalgoorlie nickel project hosts what the company claims is the world’s largest nickel-cobalt resource in a developed nation. The 2023 prefeasibility study outlined a 40-year open-pit operation producing 30,000 tonnes of nickel and 2,000 tonnes of cobalt annually from 194.1 million tonnes at 0.7% nickel and 0.05% cobalt.

Momentum accelerated after Sumitomo Metal Mining and Mitsubishi committed AU$98.5 million to the definitive feasibility study in February 2024. By July, the consortium reached 50% funding, securing 17.5% equity interest. September’s infill drilling at Goongarrie South returned 249 significant intercepts, including one 1.75% nickel interval spanning 34 metres. The DFS remains on track for H1 2026 completion and will incorporate a simplified high-pressure acid leach flowsheet targeting 3.5 million tonnes per year production.

Australian Mines (ASX:AUZ) achieved a 66.67% gain, closing at AU$0.015 with AU$28.71 million market cap. Its Sconi nickel-cobalt project in Queensland aims to supply EV battery feedstock, supported by a June 2019 feasibility study showing AU$817 million NPV and 15% IRR. Facing the low-nickel-price environment, the company is hedging exposure through its Flemington scandium project in NSW and the Jequie rare earth elements project in Brazil.

In June, commodities trader HMS Bergbau expressed interest in an offtake agreement for Sconi nickel, cobalt, and scandium. July brought a binding term sheet with GoldMining subsidiary Cabral Resources to earn up to 80% of the Brazilian Boa Vista gold project. As of October’s quarterly report, management remains engaged with potential European partners regarding development and offtake arrangements for Sconi.

Advanced-Stage Projects Nearing Decision Points

Centaurus Metals (ASX:CTM) delivered a 26.76% return, valuing the company at AU$247.64 million with AU$0.45 shares. Its Jaguar nickel sulphide project in Brazil’s Para state, acquired from Vale for US$7 million in 2020, released optimised engineering results in May. The revised 15-year mine plan (down from 18 years) showed US$735 million after-tax NPV and 34% IRR at US$19,800 nickel, with 406,100 tonnes of contained nickel reserves at 0.78% average grade yielding 22,600 tonnes annual output in the first seven years.

August’s AU$23 million capital financing secured funding ahead of the H1 2026 final investment decision. October’s mining lease grant removed the final approval hurdle, positioning the company to commence pre-production activities in Q2 2026.

Alliance Nickel (ASX:AXN) rounded out the top five with an 8.82% gain, trading at AU$0.037 with AU$28.17 million market cap. Its NiWest project in Western Australia, adjacent to Glencore’s Murrin Murrin mine, received major project status in May 2024—the first nickel project to earn this designation since nickel’s critical mineral listing.

November 2024’s DFS outlined AU$1.5 billion after-tax NPV and 17.6% IRR at US$20,216 average nickel price, based on 971,000 tonnes nickel from 93.4 million tonnes at 1.04% grade. The 35-year mine plan targets 20,000 tonnes annual nickel and 1,600 tonnes cobalt production over the first 12 years. March’s heap-leach testing validated DFS assumptions. However, November brought news that Stellantis terminated its May 2023 offtake agreement due to milestone delays, though both parties expressed willingness to renegotiate terms reflecting revised timelines and market conditions.

The Path Forward

These five nickel stocks reflect divergent maturity stages—from early exploration to final development—yet all benefit from improving long-term demand fundamentals. Investors seeking exposure to the nickel sector can choose between high-risk/high-reward explorers or more established developers with near-term production timelines. The key watch: whether these companies can secure financing and offtake agreements as market conditions gradually improve.

Data compiled from company announcements and ASX filings through December 2025.