Earnings release
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1 March 2025 Quarterly Activities.d 1 1 Adjusted EBITDA is defined by the Company as profit/(loss) for the period, plus depreciation and amortisation costs, plus impairment, plus foreign exchange gains/(losses), plus interest income/(expenses), plus tax expense, plus ITDA on equity accounted investees. EBITDA reconciliation included on page 9. RKEF operations Key reporting metrics Units Q2 2025 Q3 2025 Variance Production Ni tonnes 30,463 31,148 2% Sales Ni tonnes 30,458 30,622 1% Cash costs US$/t Ni 10,348 9,846 (5%) Adjusted EBITDA US$m 33.7 40.5 20% Adjusted EBITDA/t US$/t Ni 1,107 1,324 20% HPAL operations Key reporting metrics Units Q2 2025 Q3 2025 Variance Attributable production Ni tonnes 2,075 2,166 4% Cash costs US$/t Ni 7,881 7,610 (3%) Attributable EBITDA US$m 10.8 13.1 21% Mining operations Key reporting metrics Units Q2 2025 Q3 2025 Variance Ore production wmt 5,923,539 5,917,957 (0%) Ore sales wmt 3,021,678 3,094,230 2% Unit operating cost US$/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%) Highlights • US$800m 5-year Senior Unsecured Notes Issued • US$400m Senior Unsecured Notes and US$150m bank loans repaid after quarter end • ENC acquisition payment deferrals (until second half of 2026) • Record monthly Mine sales of 1.4M wmt in July and 1.5M wmt in August • Record quarterly Mine sales of 3.1M wmt QUARTERLY ACTIVITIES REPORT For the quarter ended 30 September 2025 US$87m Adjusted EBITDA from Operations ASX ticker: NIC ASX release: 28 October 2025 Shares on issue: 4.34B Market capitalisation: A$3.21B (@ A$0.74) Board of Directors Executive Chairman Norman Seckold Managing Director Justin Werner Executive Director and CFO Chris Shepherd Non-Executive Directors James Crombie Emma Hall William Shangjaya Muliady Sutio Haijun Wang Yuanyuan Xu Substantial shareholders (as per last substantial holder notices) Shanghai Decent 22.7% PT DTN 20.0% L1 Capital 6.8% Further enquiries Cameron Peacock cpeacock@nickelindustries.com + 61 (0) 439 908 732 info@nickelindustries.com +61 2 9300 3311 ACN 127 510 589 For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 2 The Directors are pleased to present the September 2025 Quarterly Activities Report for Nickel Industries Limited ( Nickel Industries or the Company) and its controlled entities (the Group). For the quarter under review, the Company held an 80% interest in the Hengjaya Nickel ( HNI), Ranger Nickel ( RNI), Angel Nickel (ANI) and Oracle Nickel (ONI) rotary kiln electric furnace (RKEF) projects, an 80% interest in the Hengjaya Mine and a 51% interest in the Siduarsi nickel ore resource project (Siduarsi), a 10% interest in the Huayue Nickel Cobalt HPAL project (HNC) and a 44% interest in the Excelsior Nickel Cobalt HPAL project ( ENC), which is under construction and nearing production. Additionally, the Company has entered into binding agreements to acquire a 60% interest in the Sampala nickel ore resource project (Sampala). Commenting on the September quarter’s activities, Managing Director Justin Werner said: “We are pleased to deliver another strong quarter of EBITDA, with both our RKEF and HPAL operations delivering a 20% and 21% increase in EBITDA respectively vs Q2 2025. US$87 m of EBITDA was delivered during the quarter despite significantly reduced sales from our Hengjaya Mine operations in September. At the end of the quarter, the Company achieved a 12-month rolling LTIFR of 0.00, with no lost time injuries recorded over 18.5 million man -hours worked during the past twelve months, this is a tremendous achievement, and we commend all of our dedicated staff for their continued focus on safety and best operating practices. New monthly records were set at the Hengjaya Mine operations in July and August, with deliveries of over 1.4m and 1.5m wmt per month respectivel y for total sales of over 2. 9m tonnes in the first two months of the quarter . Unfortunately, sales were reduced in September to just over 200,000 wmt as the C ompany continued to work on securing its increased RKAB quota. T his drop in production saw Hengjaya Mine combined EBITDA for July and August of US$36.3m fall to a US$3.7m loss in September. Had this not occurre d the C ompany believes that the H engjaya Mine would have delivered over US$50 m in EBITDA for the quarter. During the quarter we continued to make good progress towards final approval of a Analisis Mengenai Dampak Lingkungan (AMDAL), including in recent days a key letter of support from the Ministry of Environment (ESDM) recommending the AMDAL, to support our application to increase our annual Rencana Kerja dan Anggaran Belanja (RKAB) from its current level of 9 million wmtpa to 19 million wmtpa , having satisfied all of the technical and reporting requirements we remain confident of imminent approval. Our RKEF operations performed strongly during the quarter with EBITDA up 20%, driven by a 5% decrease in RKEF costs. HPAL EBITDA was up 21% on increased sales, and strong increased by -product credits from cobalt. Good progress continues to be made at our ENC Project, where we are progressing towards full commissioning early in 2026. We also announced at the end of the quarter a 6 month payment deferral of the final US$253m of acquisition payments, with US$126.5m now due on 1 July 2026 and a further US$126.5m on 1 October 2026. We were honoured once again to receive the Gold award for Biodiversity Management at the 2025 Indonesia Sustainable Responsible Awards (ISRA) and to secure a further two platinum, two gold, and three silver trophies. On the corporate front, the C ompany issued US$800m of senior unsecured notes at a coupon of 9% . The issuance attracted strong support from global investors, including from North America and Europe, underscoring the growing international recognition of our business and long-term strategy. Proceeds were used to tender the existing US$400m senior unsecured notes (which had a coupon of 11.25%) and US$150m of existing amortising bank loans. The transaction extends our debt maturities, reduces our cost of debt an d removes US$88m in annual note amortisation and approximately US$31m in annual loan amortisation. Overall, the quarter once again demonstrated the advantages of our integrated and diversified operations with EBITDA increases across our RKEF and HPAL operations helping to smooth out the effect of limited ore sales in September. For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 3 Safety The Company-wide 12-month lost time injury frequency rate (LTIFR) as at the end of September 2025 was 0.00, with no lost time injur ies (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. Sustainability Nickel Industries’ leadership in sustainability was recognised through multiple external awards and media features during the quarter. The Company received the Gold award for Biodiversity Management at the Indonesia Sustainable Responsible Awards (ISRA) 2025 in July and secured two platinum, two gold, and three silver trophies at the Environmental and Social Innovation Awards (ENSIA) 2025 in September. In addition, the Company’s commitment to promoting the sustainability of nickel mining in Indonesia has again received national recognition at the Innovation Technology for Social and Environmental Awards (IntechSEA) 2025 event held by Hasanuddin University in Makassar. These accolades, along with features in national and international publications, underscore the Company’s ongoing commitment to ESG excellence and its role as a thought leader in the mining sector. Award ceremonies For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 4 RKEF operations (80% indirect interest held by Nickel Industries) 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%) 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% RKEF production of 31,148 tonnes of nickel metal was up 2% from the June quarter (30,463 tonnes). Combined operating cash costs were 5% lower quarter on quarter, primarily due to lower fixed costs per tonne from higher production, as well as decreased electricity costs. The higher production during the quarter was achieved despite ongoing maintenance at ONI due to the flooding earlier this year, which reduced nickel production by approximately 1,000 tonnes during the September quarter. Realised NPI contract pricing increased month on month during the quarter with an average NPI contract price of US$10,902/t in July increasing to an average of in September of US$11,336/t Ni . Despite this, the average NPI contract price for the quarter of US$11,078/t Ni was 3% lower than the June quarter. Decreased operating costs and higher sales resulted in Adjusted EBITDA increasing 20% during the quarter. Further RKEF detail is contained in Appendix A. World Mental Health Day For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 5 HPAL operations Huayue Nickel Cobalt (10% indirect interest held by Nickel Industries) Production Units Q2 2025 Q3 2025 Variance HNC production (100%) Ni tonnes 20,750 21,656 4% Co tonnes 1,877 1,924 3% Attributable HNC production (10%) Ni tonnes 2,075 2,166 4% Co tonnes 188 192 3% Cash costs2 US$/t Ni 7,881 7,610 (3%) Sales Units Q2 2025 Q3 2025 Variance HNC sales (100%) Ni tonnes 22,520 21,965 (2%) Co tonnes 2,030 1,949 (4%) Attributable HNC sales (10%) Ni tonnes 2,252 2,197 (2%) Co tonnes 203 195 (4%) NIC trading division sales Ni tonnes 1,233 2,441 98% Co tonnes 115 212 83% EBITDA Units Q2 2025 Q3 2025 Variance HNC EBITDA (100%) US$m 100.5 96.2 (4%) HNC EBITDA/t US$/t Ni 4,461 4,381 (2%) Attributable HNC EBITDA (10%) US$m 10.0 9.6 (4%) NIC trading division EBITDA US$m 0.8 3.5 343% Combined attributable EBITDA US$m 10.8 13.1 21% HNC distributes offtake to shareholders on a pro -rata ownership basis, with Nickel Industries holding a 10% interest via its trading entity (NIC trading division). This division’s profit is driven by profit on provisional sales during the quarter and final contract settlements from previous quarters. 3 Since operating the NIC trading division from October 2023, the Group has incrementally profited approximately US$2,100/t Ni on mixed hydroxide precipitate (MHP) sales. During 2025, the NIC trading division has delivered an incremental profit of approximately US$1,300/t Ni. During the quarter, HNC produced 21,656 tonnes of nickel and 1,924 tonnes of cobalt in MHP, outperforming nameplate capacity (60,000 tonnes of nickel per annum) by 44%. Combined operating cash costs decreased by 3% quarter on quarter, primarily due to lower nickel ore costs. Meanwhile, the MHP sale price increased , supported by higher metal payability and stronger cobalt prices. Although the cash costs do not include credits from byproducts, the cobalt byproduct increased from an equivalent of ~$2,300/t Ni during the quarter to ~$3,000/t Ni in October. Cobalt hydroxide stocks have been drawn down outside DRC since the DRC government export ban in February and the recently announced quota system at levels inadequate to meet demand. HNC EBITDA for the quarter of US$4, 381/t Ni was 2% lower than the June Quarter, driven by lower MHP sales volumes and higher operating expenditure from stockpiled MHP earlier this year . The increase in the NIC trading division EBITDA for the quarter from US$ 0.8m to US$ 3.5m, was driven by delaying June sales to the September quarter due to changes in the ENC integrated refinery commissioning schedule and final contract settlements from previous months. Ignoring the quarterly timing impacts, the quarterly “un derlying” combined HPAL margin is estimated at approximately US$5 ,681/t Ni (including the NIC trading division’s 2025 average profit of approximately US$1,300/t Ni). 2 Cash costs do not include credits from byproducts. The cobalt byproduct increased to an equivalent of ~$2,300/t Ni during the quarter. 3 MHP sold by NIC trading division is exported and the provisional price is linked to the nickel and cobalt price on the month of shipment, whilst the final price is based on a period after the month of shipment. Consequently, the final invoice price differs from the original pro forma invoice price, and adjustments cross over quarterly periods. For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 6 Excelsior Nickel Cobalt Project (44% indirect interest currently held by Nickel Industries)4 During the quarter, 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. Nearby at the 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 the Refinery to enable full commissioning of the end-to-end process next quarter, which will result in finished nickel and cobalt products suitable for the battery chemical and super alloys markets. ENC HPAL Smelter construction progress ENC integrated Sulfate and Cathode refinery construction progress 4 The Company is scheduled to move to a 55% equity interest in ENC by 1 October 2026. For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 7 Mining operations Hengjaya Mine (80% interest held by Nickel Industries) Production Units Q2 2025 Q3 2025 Variance Saprolite wmt 1,411,238 1,290,014 (9%) Limonite wmt 4,512,301 4,627,943 3% Total wmt 5,923,539 5,917,957 (0%) Overburden BCM5 822,550 832,247 1% Strip ratio BCM/wmt 0.14 0.14 1% Sales Units Q2 2025 Q3 2025 Variance Saprolite sales6 wmt 1,395,152 1,144,020 (18%) Limonite sales wmt 1,626,526 1,950,210 20% Total ore 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 costs7 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%) During the quarter, the Hengjaya Mine production was consistent whilst sales increased 2% for a quarterly record of 3,094,230 tonnes. Despite the quarterly record, the sales volumes were negatively impacted by the unexpected delay in the increased RKAB approval during September, which meant the majority of nickel ore sales occurred in July and August. During the quarter, the limonite contract price decreased by 8%, driven by lower grades and a slight decrease in demand. Operating costs increased 17% during the quarter, driven by the unexpected delay in the approval of the increased RKAB sales quota – despite minimal sales in September , the Company incurred mining contractor standby charges . Adjusted EBITDA for the quarter of US $32.8m was 21% lower than the US$41.4m reported in the June quarter. This result was driven by lower ore prices and higher operating costs. 5 BCM represents ‘bank cubic metres’. 6 Sales of saprolite ore by Hengjaya Mine to HNI, RNI and ONI are intra-group transactions and are eliminated on consolidation. Profit from saprolite ore sales is recognised on a consolidated level as a reduction in the cost of operations, once the saprolite ore has been consumed by the group in NPI operations. 7 Unit operating costs include mining, transport, royalty and administration costs. For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 8 Sampala Project (Nickel Industries with a right to acquire a 60% interest) The Sampala Project continues to progress well; the Company completed a detailed mine plan for the PT Erabaru Timur Lestari (ETL) IUP8, targeting a production license of 6 million wmt of ore p er annum. The mine plan, along with the accompanying feasibility study, has been submitted to the Indonesian Mines Department. The Company expects to receive approval for the RKAB by the end of the year. Additionally, a 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 Siduarsi Project (51% interest held by Nickel Industries, with a right to acquire a 100% interest) During the quarter, 1,200 hectares of ground penetrating radar surveying northwest of the current IUP were completed. Surface sampling was completed and is currently in transit for laboratory testing. The Company continued to advance approval of its feasibility study which will target a production license of 3 million wmt of ore per annum. 8 Operation and production mining license. For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 9 Finance9 Balance sheet – 30 September 2025 Units Cash and cash equivalents Trade receivables Inventories RKEF US$m 82.6 169.4 107.2 HPAL US$m 23.9 0.4 - Mining US$m 26.5 44.910 113.2 Head office US$m 853.9 - - Total US$m 986.9 214.7 220.4 During the quarter , Hengjaya and Oracle RKEF entities made distributions to Nickel Industries and Shanghai Decent (and its associates), in proportion to the respective ownership interests . Nickel Industries received US $21.8m, and Shanghai Decent received US$5.4m. The Company also received distributions from the NIC trading division totalling US$8.0m. During the quarter, the Company issued US$800m of 5-year bullet senior unsecured notes at a coupon of 9%. Proceeds from the notes were used during October to tender the existing US$400m senior unsecured notes and repay US$150m of existing amortising bank loans. The transaction extends our debt maturities, reduces our cost of debt and removes US$88m in annual note amortisation and approximately US$31m in annual loan amortisation. EBITDA from operations reconciliation Units Q2 2025 Q3 2025 Variance RKEF Adjusted EBITDA US$m 33.7 40.5 20% HPAL Attributable EBITDA US$m 10.8 13.1 21% Mining Adjusted EBITDA US$m 41.4 32.8 (21%) Adjusted EBITDA US$m 85.9 86.6 1% FX gains / (losses)11 US$m 3.2 (6.1) (291%) EBITDA US$m 89.1 80.4 (10%) 9 Unaudited numbers from monthly operating entity financial reporting. 10 Trade receivables exclude saprolite ore receivables which are eliminated on consolidation. 11 The FX exposure is arising predominantly from the RKEF operations working capital IDR exposure. This includes ~ US$110m of historical value-added tax (VAT) receivable between ANI and ONI. The Company anticipates receiving this remaining historical VAT receivable ov er the next twelve months. For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 10 Cashflow The following cashflow waterfall provides a reconciliation of cash movements for the Group during the Se ptember 2025 quarter. Cash flow waterfall – September 2025 quarter For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 11 Expenditures Expenditure on mine production and development activities at the Hengjaya Mine during the quarter totalled US$52.6 m, of which US$1.3m was capex. Expenditure on exploration activities undertaken at the Hengjaya Mine during the quarter totalled U S$0.1m. Exploration expenditure at the Sampala Project was US$2.6m and the Siduarsi Project totalled US$0.2m. Related party expenditures During the quarter, the aggregate amount of payment to related parties and their associates totalled US$6 69,571, comprising US$572,141 of payments to Directors or Director-related entities for Directors’ consulting fees and US$97,430 in fees were paid to The Trustee for Mining Services Trust (MIS), an entity in which Director Norman Seckold has a controlling interest. MIS provides full administrative services, including administrative, accounting, company secretarial and investor relations staff both wit hin Australia and Indonesia, office premises, services and supplies to the Group. Corporate highlights 23 September 2025 – ENC Acquisition Payment Schedule 25 September 2025 – US$800 Million Senior Unsecured Notes Issued Contact information For further information please contact: Justin Werner Cameron Peacock Managing Director Investor Relations & Business Development jwerner@nickelindustries.com cpeacock@nickelindustries.com +62 813 8191 2391 +61 439 908 732 For personal use only
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SEPTEMBER 2025 QUARTERLY ACTIVITIES REPORT 12 Appendix A RKEF operations – additional details Production Units HNI RNI ANI ONI Total Total nickel production tonnes 4,072 4,047 11,599 11,431 31,148 - June quarter tonnes 4,038 4,205 11,444 10,777 30,463 Cash costs US$/t Ni 10,874 11,155 9,605 9,262 9,846 - June quarter US$/t Ni 11,150 11,192 10,343 9,724 10,348 Sales Units HNI RNI ANI ONI Total Tonnes sold tonnes 4,072 4,047 11,072 11,431 30,622 - June quarter tonnes 4,038 4,205 11,438 10,777 30,458 Adjusted EBITDA US$m 1.0 (0.1) 15.2 24.4 40.5 - June quarter US$m 0.8 0.8 12.8 19.4 33.7 Adjusted EBITDA/t US$/t Ni 243 (20) 1,375 2,130 1,322 - June quarter US$/t Ni 195 187 1,118 1,796 1,107 For personal use only