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Nickel Industries (NIC) investor relations material
Nickel Industries Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved a 12-month LTIFR of 0.00 with 18.5 million safe man hours and no lost time injuries; TRIFR at 0.92, reflecting strong safety performance.
Received multiple sustainability awards, including Gold for Biodiversity Management at ISRA and national recognition for innovation.
Delivered US $87m Adjusted EBITDA from operations in Q3 2025, up 1% from Q2, with strong RKEF and HPAL performance despite reduced mining sales in September.
Record mining sales in July and August, but September sales dropped due to RKAB quota limits.
Financial highlights
RKEF Adjusted EBITDA rose 20% quarter-over-quarter to US $40.5m, with a 5% reduction in cash costs and production up 2% to 31,148 tonnes.
HPAL attributable EBITDA increased 21% to US $13.1m, with production up 4% to 2,166 tonnes of nickel and 192 tonnes of cobalt.
Mining Adjusted EBITDA was US $32.8m, down 21% due to lower ore prices and higher operating costs; sales up 2% to a record 3.1M wmt.
Trading division EBITDA surged 343% to US $3.5m.
Group cash and cash equivalents at quarter-end were US $986.9m.
Outlook and guidance
Confident in imminent approval to increase annual RKAB quota from 9 million to 19 million wmtpa, supporting future mine sales growth.
ENC project integration and commissioning progressing, with full commissioning expected early 2026.
Sampala and Siduarsi projects advancing, with mine plans and feasibility studies underway.
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