Slides
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Nickel Industries Limited (ASX:NIC) Quarterly Activities Presentation For the period ended 30 September 2026
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2 Safety and ESG Achievements Notes: 1) Safety statistics as at 30 September 2026 Safety & People Performance Quarterly Milestones ESG Rating Top 20% of Asia Pacific metals and mining peers in the S&P Global CSA0.06 12-month LTIFR 0.67 12-month TRIFR 17.8M Safe man-hours worked Community Environment Planted 1,000 mangrove seedlings with local communities on World Mangrove Day CSR Hengjaya Mine won gold at IntechSEA 2026 for waste and coastal conservation education People Expanded scholarships with Hasanuddin University and a new UPN Veteran program Recognised by ESDM for disaster response; ran a tsunami preparedness drill in One Ete Map of residence distribution of NIC scholarship recipients
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3 Quarterly Summary Group operations and corporate highlights US$125.9m Adjusted EBITDA Ore sales Quarterly record Top 20% S&P Global CSA, APAC mining peers Mining – Hengjaya Mine US$76.9m Record Adjusted EBITDA 4.5m wmt Ore sales $17.1/wmt Adjusted EBITDA/wmt Processing – RKEF Processing – HPAL US$40.7m Adjusted EBITDA 26.8kt Ni sold US$14,408/t NPI price US$8.4m Adjusted EBITDA US$13.0m HNC distributions ENC HPAL First MHP & cathode production Notes: 1) Variance % indicate increase/decrease relative to the June 2026 quarter +68% +56% +8% -33% -4% -1% -42% +4% US$125.9m Adjusted EBITDA, with record ore sales and EBITDA at Hengjaya Mine and first MHP and nickel cathode from ENC +271%
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4 Mining Operations (1) Production Units Q2 2026 Q3 2026 Variance Saprolite wmt 1,736,274 1,976,658 14% Limonite wmt 2,395,643 4,166,786 74% Total wmt 4,131,917 6,143,444 49% Overburden BCM (2) 860,930 1,433,933 67% Strip ratio BCM/wmt 0.21 0.23 12% Sales Units Q2 2026 Q3 2026 Variance Saprolite wmt 1,507,689 1,682,693 12% Limonite wmt 1,375,380 2,802,477 104% Total wmt 2,883,068 4,485,170 56% Saprolite grade % 1.48 1.50 2% Limonite grade % 1.13 1.09 (3%) Saprolite sale price US$/wmt 51.6 58.1 13% Limonite sale price US$/wmt 22.7 22.2 (2%) Average sale price US$/wmt 37.8 35.7 (6%) Unit operating costs US$/wmt 21.9 18.5 (15%) Adjusted EBITDA US$m 45.7 76.9 68% Adjusted EBITDA/wmt US$/wmt 15.9 17.1 8% EBITDA margin % 42.0 46.7 5% Mining quarterly performance 4.5m wmt Ore sales US$35.7/wmt Average realised sale price Reduced due to higher proportion of limonite sales US$17.1/wmt Adjusted EBITDA/wmt Driven by lower operating costs associated with more efficient haulage routes +56% -6% +8% US$76.9m Adjusted EBITDA Second consecutive record quarterly result +68% Notes: 1) Nickel Industries holds an 80% interest in the Hengjaya Mine 2) BCM represents “bank cubic metres” Increase due to a full quarter of operation
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5 Sampala and Siduarsi Projects ▪ ANN IUP Feasibility Study awaiting evaluation from the Indonesian Government; ETL Feasibility Study remains under regulatory review ▪ Construction of three community bridges supporting logistics and heavy equipment mobilisation was completed ▪ Construction of first 8km of the 24km Sampala haul road completed, linking ETL and ANN concessions ▪ 274 drill holes completed for 6,922 metres across ANN and Gita Flora areas to support detailed mine planning ▪ Additional geotechnical drilling continued in support of engineering design and permitting requirements ▪ Feasibility Study remains under review by Indonesian Government Sampala Project Siduarsi Project
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6 HPAL operations (1) ENC quarterly performance HNC (and Trading Division) quarterly performance US$8.4m Total adjusted EBITDA 1.9kt Ni HNC attributable nickel sales US$4,416/t Adjusted EBITDA/t Ni -42% +7% -45% Driven by lower prices and increased costs Notes: 1) Nickel Industries holds a 10% indirect interest in HNC and 46% indirect interest in ENC US$13.0m Received in distributions from HNC +271% 4,840t Ni & 494t Co MHP Production US$13,943/t MHP cash cost US$3,888/t Cathode conversion cash cost C O M M I S S I O N I N G R O A D M A P Jul 2026 Ore slurry from Hengjaya Mine. MHP produced and delivered to refinery Aug–Sep 2026 First Class 1 nickel cathode produced, then cobalt cathode. MHP export exemption received Q4 2026Oct 2026 IUI expected to be received in Q4 (IUI Government inspection completed) US$245m OCBC- led project finance signed; enables dividend recap to shareholders
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7 ENC overview by segment FPP · Feed Preparation Plant located at Hengjaya Mine HPAL Smelter · High Pressure Acid Leach smelter1 2 Integrated Refinery · Sulphate and cathode refinery Finished products · Ni & Co in MHP and nickel cathode3 4 Watch progress
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8 RKEF quarterly performance 27,822t Nickel production Scheduled maintenance to HNI RKEF line US$13,054/t Ni Cash costs Continued effect of Indonesian Government raising nickel ore Mineral Benchmark Price resulting in an increase to the RKEF costs, plus HNI maintenance US$14,408/t Ni Sale price Resilient NPI pricing with strong stainless steel customer demand in a decreasing LME nickel price environment Production Units Q2 2026 Q3 2026 Variance NPI production tonnes 245,601 239,959 (2%) Nickel grade % 11.3 11.6 2% Total nickel production tonnes 27,864 27,822 - Cash costs US$/t Ni 12,595 13,054 4% Sales Units Q2 2026 Q3 2026 Variance Sale price US$/t Ni 14,522 14,408 (1%) Sales tonnes 27,961 26,837 (4%) Revenue US$m 407.8 386.2 (5%) Adjusted EBITDA US$m 60.3 40.7 (33%) Adjusted EBITDA/t US$/t Ni 2,157 1,516 (30%) RKEF operations (1) Flat +4% -1% Notes: 1) 80% indirect interest held by Nickel Industries
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9 Cash flow overview Adjusted EBITDA to cash from operations Units RKEF Mining HPAL (1) Adjusted EBITDA US$m 40.7 76.9 0.6 Tax paid US$m (13.6) (4.1) - Inventory movement (2) US$m 24.6 (13.1) (27.9) Receivables movement US$m (34.3) (43.0) - Payables movement US$m (23.9) 5.0 - Other US$m (0.8) (4.3) - Cash from operations US$m (7.3) 17.4 (27.4) (US$12.2m) cash flow before growth and debt (US$12.2m) Cash flow Cash movements were driven primarily by working capital. RKEF and Mine trade receivables increased, the latter on sales up 56% quarter-on-quarter. ANI inventories rose on shipment timing, which management is working to unwind. In the trading division, a June quarter customer advance was applied to an August shipment, and HNC was prepaid for July and August MHP allocations. Corporate costs include a US$4.4m advisor fee for Sphere’s 10% ENC acquisition, recoverable from Shanghai Decent. US$50.5m Growth spend US$1,104m Net debt US$450m syndicated loans and US$800m unsecured notes. US$245m ENC debt not included in consolidated group debt. ENC working capital loan and Sampala development capex, partly offset by US$15m ONI matte converter option refund. Cash flow summary Cash flow waterfall - September 2026 quarter (US$m) Notes: 1) HPAL represents HPAL trading division and therefore excludes HNC 2) Inventory includes prepayments predominately for inventory with a small portion of other prepayments
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10 FY26 guidance YTD progress against FY26 guidance midpoint 73% Mine consolidated sales 10.4M of 14.3M wmt; RKAB increase to 19M wmt sought 81% RKEF consolidated sales 85.0kt of 100–110kt Ni; HNI overhaul and dry season 55% HPAL attributable sales 5.8kt of 10–11kt Ni; ENC sales to start once IUI received 73% Total capex US$51.0m of US$66–73m; Sampala haul road continues Guidance (2) Units YTD Sep-26 FY26 outlook Sampala development capex US$m 37.5 48–53 Maintenance capex US$m 13.5 18–20 Total capex (3) US$m 51.0 66–73 Mine consolidated sales M wmt 10.4 14.3 (4) RKEF consolidated sales Ni kt 85.0 100–110 HPAL attributable sales Ni kt 5.8 10–11 Notes: 1) YTD progress compares year-to-date actuals with the midpoint of FY26 guidance 2) Capex and sales guidance for FY26 are forward-looking statements based on the Company’s current expectations, estimates and assumptions, including: one RKEF line overhaul in 2026; and ENC receipt of IUI in 2026. These statements are subject to known and unknown risks and uncertainties, many of which are beyond the Company’s control, and actual results may differ materially 3) In addition, the Company has a US$169m acquisition payment for its 17.5% interest in the TMI HPAL (ASX announcement, 24 June 2026) and an executed US$169m unsecured loan facility should this be required 4) Additional sales may occur should an increase in Hengjaya Mine’s 2026 RKAB sales quota be received.
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11 Further information Justin Werner Managing Director jwerner@nickelindustries.com Andrew Coleman Head of Investor Relations acoleman@nickelindustries.com