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Nickel Industries Limited (ASX:NIC) Quarterly Activities Presentation For the period ended 30 September 2025 For personal use only
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2 Safety and Sustainability ▪ The Company-wide 12-month lost time injury frequency rate (LTIFR) as at end of June 2025, was 0.00, with no lost time injuries (LTI) recorded during the quarter, against 4.5 million safe man hours registered. For the twelve months to 30 September 2025, there were 18.5 million safe man hours registered, with no LTI’s occurring ▪ The Company-wide 12-month rolling total recordable injury frequency rate (TRIFR) as at the end of September 2025 was 0.92 ▪ The Company received the Gold award for Biodiversity Management at the 2025 Indonesia Sustainable Responsible Awards (ISRA) ▪ The Company received national recognition at the 2025 Innovation Technology for Social and Environmental Awards (IntechSEA) event held by Hasanuddin University in Makassar For personal use only
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3 US$87m Adjusted EBITDA from Operations ▪ RKEF nickel metal production of 31,148 tonnes – 2% higher than June quarter (30,463 tonnes) ▪ RKEF Adjusted EBITDA of US$40.5m – 20% higher than June quarter (US$33.7m) ▪ HPAL attributable production of 2,166 tonnes of nickel and 192 tonnes of cobalt in MHP – 44% above nameplate capacity ▪ HPAL attributable EBITDA of US$13.1m, 21% higher than June quarter – attributable HNC EBITDA of US$9.6m, down 4% with higher MHP prices offset by higher operating expenditure and lower sales volume – trading division EBITDA of US$3.5m, up 343% due to changes in the ENC integrated refinery commissioning schedule during the prior quarter and final contract settlements from previous months ▪ Record mining ore sales of 3,094,230 wmt – 2% higher than June quarter (3,021,678 wmt) ▪ Mining Adjusted EBITDA of US$32.8m – 21% lower than June quarter (US$41.4m) due to decreased nickel ore pricing and higher operating costs due to the unexpected delay in the increased RKAB approval – Adjusted EBITDA/wmt of US$10.6/t was 23% lower than the June quarter September quarter review For personal use only
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4 RKEF operations (1) Production Units Q2 2025 Q3 2025 Variance NPI production tonnes 260,071 263,430 1% Nickel grade % 11.7 11.8 1% Total nickel production tonnes 30,463 31,148 2% Cash costs US$/t Ni 10,348 9,846 (5%) ▪ RKEF production increased 2.0% ▪ Cash costs were 5% lower than the previous quarter predominantly due to lower repairs and maintenance, lower fixed costs per tonne from higher production, as well as decreased electricity costs ▪ Lower electricity costs were driven by maintenance activities at the integrated power plants of both ANI and ONI during the June quarter. All maintenance work was completed by the end of July ▪ NPI contract pricing of US$11,078/t was 3% lower than the previous quarter (although prices increased month on month during the quarter), while decreased operating costs and higher sales volume resulted in Adjusted EBITDA increasing 20% Sales Units Q2 2025 Q3 2025 Variance Sale price US$/t Ni 11,449 11,078 (3%) Sales tonnes 30,458 30,622 1% Revenue US$m 346.0 345.0 (0%) Adjusted EBITDA US$m 33.7 40.5 20% Adjusted EBITDA/t US$/t Ni 1,107 1,324 20% (1) 80% indirect interest held by Nickel Industries For personal use only
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5 HPAL operations (1) ▪ HNC produced 21,656 tonnes of nickel and 1,924 tonnes of cobalt, outperforming HNC’s nameplate capacity by 44% ▪ Combined operating cash costs decreased by 3% primarily due to lower nickel ore costs ▪ Attributable EBITDA of US$13.1m, up 21% from June quarter – attributable HNC EBITDA of US$9.6m, down 4% with higher MHP prices offset by lower sales and by higher operating expenditure – trading division EBITDA of US$3.5m, up 343% due to changes in the ENC integrated refinery commissioning schedule in June and final contract settlements from previous months ▪ Implied combined MHP EBITDA margin of US$5,681/t Ni (including the NIC trading division’s 2025 average profit of approximately US$1,300/t Ni) decreased slightly from the June quarter (1) Nickel Industries holds a 10% indirect interest in HNC HNC (100%) Units Q2 2025 Q3 2025 Variance Production Ni tonnes 20,750 21,656 4% Co tonnes 1,877 1,924 3% Sales Ni tonnes 22,520 21,965 (2%) Co tonnes 2,030 1,949 (4%) Cash costs US$/t Ni 7,881 7,610 (3%) EBITDA US$m 100.5 96.2 (4%) EBITDA/t US$/t Ni 4,461 4,381 (2%) Attributable (10%) Units Q2 2025 Q3 2025 Variance HNC EBITDA US$m 10.0 9.6 (4%) NIC trading EBITDA US$m 0.8 3.5 343% Combined EBITDA US$m 10.8 13.1 21% For personal use only
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6 ENC Project update HPAL smelter with integrated sulphuric acid and power plants Integrated nickel refinery ▪ Key reagents that will be used to extract valuable metals have commenced delivery in anticipation of commissioning solvent extraction ▪ Final optimisations are being completed to enable full commissioning of the end-to-end process next quarter, which will result in finished nickel and cobalt products suitable for battery chemical markets and super alloys (with ore feed sourced solely from NIC's Hengjaya Mine) HPAL smelter ▪ Integration commenced for water, steam, electricity and key reagents at the HPAL Smelter, connecting via pipe racks and bridges to all major process equipment ▪ Integration of key shared infrastructure of Smelter and Refinery continued, which will enable ENC to take advantage of common reagents and economies of scale across the integrated plants ▪ Power and water infrastructure are now largely complete and along with the acid plant, will be some of the first commissioned processes later in the quarter Integrated nickel refinery For personal use only
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7 Mining operations (1) ▪ Total production consistent whilst sales increased 2% for a quarterly record ▪ Sales were negatively impacted by unexpected RKAB delays during September, which meant the majority of nickel ore sales occurred in July and August ▪ Operating costs increased 17% during the quarter, driven by the unexpected delay in the approval of the increased RKAB sales quota, which resulted in mining contractor standby charges ▪ Adjusted EBITDA for the quarter of US$32.8m decreased 21% driven by lower nickel ore prices and higher operating costs due to the increased RKAB approval delay – Adjusted EBITDA/wmt of US$10.6/t of ore, 23% below the June quarter Production Units Q2 2025 Q3 2025 Variance Saprolite production wmt 1,411,238 1,290,014 (9%) Limonite production wmt 4,512,301 4,627,943 3% Total production wmt 5,923,539 5,917,957 (0%) Overburden BCM (2) 822,550 832,247 1% Strip ratio BCM/wmt 0.14 0.14 1% Sales Units Q2 2025 Q3 2025 Variance Saprolite sales wmt 1,395,152 1,144,020 (18%) Limonite sales wmt 1,626,526 1,950,210 20% Total sales wmt 3,021,678 3,094,230 2% Saprolite grade % 1.43 1.47 3% Limonite grade % 1.13 1.09 (3%) Saprolite sale price US$/wmt 25.6 26.3 3% Limonite sale price US$/wmt 26.8 24.6 (8%) Average sale price US$/wmt 26.2 25.2 (4%) Unit operating costs US$/wmt 12.5 14.6 17% Adjusted EBITDA US$m 41.4 32.8 (21%) Adjusted EBITDA/wmt US$/wmt 13.7 10.6 (23%) (1) Nickel Industries holds an 80% interest in the Hengjaya Mine (2) BCM represents “bank cubic metres” For personal use only
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8 Sampala Project ▪ Completed a detailed mine plan for the PT Erabaru Timur Lestari (ETL) IUP – targeting a production license of 6 million wmt per annum. The Company expects to receive approval for the RKAB by the end of the year ▪ Feasibility study is being prepared for the PT ANN (formerly MJN) IUP tenement, with the intention to submit it before the end of 2025 ▪ Construction of 8km of haul road, a 60-metre bridge, internal road systems and stage one accommodation is progressing well ▪ The construction activities have resulted in the creation of approximately 800 new jobs ▪ During the quarter drill rigs completed 767 drill holes for 23,133 metres ▪ Exploration drilling focus has shifted to the GF exploration area whilst infill drilling programs have commenced in the ANN IUP area to support detailed mine planning Sampala Mine camp and bridge construction For personal use only
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132 132 201 - 88 88 180 - 77 220 220 381 108 - - 200 400 600 800 2025 2026 2027 2028 2029 2030 800 33 101 101 113 108 0 200 400 600 800 2025 2026 2027 2028 2029 2030 Notes: 1) 2025 amortisation reflects 30 September 2025 to 31 December 2025 Debt refinancing has strengthened the capital structure 9 Pro forma debt maturity profile (post refinancing) as at 30 September 2025 (US$m) Debt maturity profile (prior to refinancing) as at 30 September 2025 (US$m) Senior Unsecured Bank Facilities New Issue (1) (1) ▪ US$800m proceeds from new bond issuance used to: ‐ fully repay the US$400m Senior Unsecured Notes ‐ repay US$150m of bank facilities, with $25m allocated to secured tranches ▪ Strengthened the credit profile through: ‐ extended tenor ‐ optimised amortisation profile ‐ lower cost of funding ‐ enhanced liquidity via increased cash on the balance sheet and repayment of revolver ‐ increased capacity under the secured debt basket WAL of 2.3 years WAL of 4.0 years September refinancing significantly enhances the Company’s debt amortisation schedule for the next 5 years For personal use only
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10 Further information Justin Werner Managing Director jwerner@nickelindustries.com Cameron Peacock Investor Relations and Business Development cpeacock@nickelindustries.com For personal use only