Nickel is a key battery metal used in many EV battery chemistries (notably NMC/NCA) and remains critical for higher-energy batteries even as LFP adoption grows in some markets — meaning nickel demand is still driven by EVs, grid storage and aerospace applications.
The market has been volatile: large new output from Indonesia and China created surplus pressure in 2024–2025 and inventories rose, but exchange stocks and prices have recently stabilized in the mid-$14,000–$15,000/tonne range as markets re-balance and battery-grade (class-1) nickel and nickel-sulphate supply dynamics tighten. Forecasts now show the market remaining challenged through 2026 before tighter fundamentals materialize later in the decade.
For Canadian investors, this means opportunity and risk: Canada hosts several advanced nickel projects and processing initiatives aiming to supply high-purity, ethically sourced nickel for battery supply chains, plus growing interest in recycling and “green” nickel processing — positioning Canadian names to benefit if demand for class-1, traceable nickel recovers.
Below we’ll break down the risks and rewards of investing in nickel and help you choose some great Canadian nickel stocks trading on the Toronto Stock Exchange.
What are nickel stocks?
Nickel stocks are mining companies responsible for feeding the world’s ever-growing demand for nickel. Many of these companies are literally digging in the dirt for nickel, while others are financiers (royalty and streaming companies) who give nickel mines the funds they need to operate at full capacity.
Nickel is one of the most abundant resources in the world. It’s highly resistant to corrosion, which makes it an essential metal for the manufacturing and industrial industries.
Top uses of nickel
Demand for nickel has skyrocketed over the last few years, mainly due to three popular uses:
- Renewable energy. Nickel is used to manufacture cathode, which is the negatively charged part of batteries. As an essential ingredient in rechargeable batteries, nickel consumption is intricately tied to both the renewable energy industry and EV production.
- Semiconductors. “Electroless” nickel is used to produce semiconductors, which is itself a booming industry.
- Stainless steel. Historically, nickel has been a primary ingredient in steelmaking, as its chemical properties make it highly resistant to corrosion.
Top nickel stocks in Canada
Canada has a major presence in global nickel production. In 2023, it ranked sixth in terms of nickel production (158,668 metric tonnes of nickel mined) and seventh in reserve holders of nickel (2.2 million metric tonnes)1. Canada’s nickel and nickel-based product exports were valued at $5.8 billion in 2023.
Below are some of the top nickel stocks trading in Canada.
| Nickel Stocks | Description |
| First Quantum Minerals (TSX:FM) | Global mining company with heavy reserves of copper, nickel, gold, and cobalt. |
| Lundin Mining (TSX:LUN) | Large diversified mining company with operations in North and South America and Europe. |
| Nickel 28 Capital (TSXV:NKL) | Toronto-based royalty and streaming companies with a heavy focus on battery minerals. |
First Quantum Minerals
Headquartered in Toronto, First Quantum (TSX:FM) is one of Canada’s largest global mining companies, best known for its copper operations, which drive the vast majority of its revenue. While nickel represents a smaller portion of its overall portfolio, the company still maintains a meaningful presence in the market through its 70% stake in the Ravensthorpe Nickel Mine in Western Australia.
Today, copper is entering a major supercycle, with global demand expected to rise roughly 25% by 2040 due to clean-energy infrastructure and electric vehicle (EV) growth. First Quantum is strategically positioned to benefit from this long-term trend. In Q2 2025, the company reported net earnings of $18 million, supported by higher copper and gold prices as well as stronger sales volumes.
Alongside its diversified exposure to copper, nickel, and cobalt — three essential metals for EV batteries — First Quantum is expanding its footprint in Zambia and other key regions. These growth projects, combined with growing global demand for high-purity metals, make the stock a compelling way for investors to gain exposure to the clean-energy and EV supply chain.
Lundin Mining
Lundin Mining (TSX:LUN) is a diversified base-metals miner whose core business centers on copper, but also includes zinc, gold, nickel and molybdenum. In 2024 the company delivered record production levels for copper (369,067 tonnes) and zinc (191,704 tonnes), along with meaningful gold and nickel production.
Lundin has posted strong financials in 2025. In Q3 2025 alone it recorded US$1,007 million in revenue from continuing operations, gross profit rose to US$347.7 million, and net earnings climbed to US$184.6 million. Its debt load was substantially reduced, boosting financial flexibility, while its operations remained efficient, with copper production costs among the lower end of the industry range.
Looking ahead, Lundin is positioned to benefit from rising copper demand, driven by clean energy infrastructure, electrification, and global decarbonization trends. Its major upcoming growth lever is a newly formed joint venture, Vicuña Corp., which holds its high-potential copper-gold projects in Argentina. As the company transitions to a more copper-centric portfolio with strong cash flow and reduced leverage, Lundin Mining could represent a compelling way for investors to gain exposure to the long-term copper supercycle.
Nickel 28 Capital
Nickel 28 (TSXV:NKL) is a micro-cap stock that offers investors exposure to the royalties and streaming side of the nickel industry.
Nickel 28 remains focused on its 8.56% joint-venture interest in Ramu, a long-life nickel-cobalt mine in Papua New Guinea, and a portfolio of about 10 royalty interests on development and exploration properties. For the 2024 production year, Ramu yielded 28,669 tonnes of nickel and 2,625 tonnes of cobalt in MHP, with sales exceeding 30,000 tonnes of nickel and nearly 2,800 tonnes of cobalt, at a cash cost of about US$3.21/lb of nickel.
After a temporary production disruption in early 2025 due to mechanical issues, full production resumed, and in Q3 2025 the mine delivered 9,242 tonnes of nickel and 887 tonnes of cobalt — a substantial quarter-over-quarter increase. Nickel 28 also recently received a cash distribution of roughly US$1.4 million and reduced part of its construction-debt obligation.
A potentially transformative aspect: upon full repayment of its share of JV construction debt, Nickel 28’s ownership in Ramu would automatically rise to 11.3%. The company also holds the option to increase its stake further, up to a total of ~20%. Meanwhile, its royalty portfolio offers optional exposure to future nickel/cobalt projects. So while Nickel 28 remains a smaller, more leveraged way to gain exposure to battery-metals production, 2025’s figures suggest improving production and a path toward greater cash flow and ownership upside.
Other micro-cap Canadian nickel companies include:
- FPX Nickel (TSXV:FPX)
- Talon Metals (TSX:TLO)
- Canada Nickel Company (TSXV:CNC)
- Polymet Mining (TSX:POM)
Investing in foreign nickel stocks
Though Canada has a viable nickel market, you’ll find the world’s largest nickel producers trading on foreign exchanges. Below are three of the top nickel stocks in the world.
| Nickel Stocks | Description |
| BHP Group (BHP) | Headquartered in Australia, BHP is one of the world’s largest mining conglomerates. |
| Glencore (GLNCY) | Based in Switzerland, Glencore is a massive mining company with a heavy hand in copper, cobalt, and nickel. |
| Vale S.A (VALE) | A Brazilian company and the world’s largest producer of nickel. |
Pros of nickel stocks
- Experts expect demand for nickel to increase. Given its versatility, the global sentiment around nickel is overwhelmingly positive. In fact, since 2019, nickel demand has increased from 2.4 million metric tonnes in 2019 to 3.4 metric tonnes in 2024.3
- Nickel offers you exposure to a booming mining industry. Since the pandemic, mining, mineral, and other raw materials have exploded in value. Supply chain hiccups, coupled with raging demand for EV vehicles and technology, have made these highly sought minerals extremely valuable.
- Nickel is abundant in nature. This mineral is literally the fifth-most common element on planet earth. So you know the supply of nickel isn’t going away anytime soon.
Cons of nickel stocks
- Nickel stocks are highly cyclical. Like other mineral stocks, nickel is heavily influenced by the ups and downs of the economy. If you’re going to invest in nickel stocks, expect more volatility than consistency.
- Nickel is expensive to mine. And it’s not getting cheaper. As inflation has made shipping, fuel, power, and labor more expensive, the profits on nickel mines have narrowed significantly.4 Couple that with the industry’s mining expenses – also fairy high – and you can understand how operational costs can easily bog down a nickel company’s revenues.
- Nickel prices are vulnerable to geopolitical turmoil. Right now, much of the world’s supply of nickel comes from just a handful of countries: Indonesia, Australia, the Philippines, New Caledonia, Brazil, and Russia. When political events cause instability in these countries – above all the war in Ukraine – the price of nickel can fluctuate erratically.
Are nickel stocks right for you?
Nickel stocks have a promising future. But bear in mind the risks: mining companies have high operational costs. Their business is cyclical, and there are plenty of factors outside their control that can negatively impact the business, such as geopolitical conflict and regular supply and demand.
If you’d like to invest in mining stocks, consider exposing only a small portion of your holdings, such as 5% or less.
You might also want to invest in a nickel-focused ETF, which can diversify your investing dollars. Some popular nickel-focused ETFs include:
- iShares S&P/TSX Global Base Metals Index ETF
- IPath Series B Bloomberg Nickel Subindex Total Return ETN
- VanEck Green Metals ETF