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2026-11-06
◂ Monitor NIC ASX

NICKEL INDUSTRIES LIMITED

Producer · Nickel · Cobalt · Indonesia Rating locked: sign in to view v8 · nic-20261024t193523-full
Last 2026-11-06
A$0.59
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$2.6B
EV
A$4B
Cash
A$378.6M
Debt
A$1.8B
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

12 assets

Core asset

Hengjaya Mine

Indonesia

Producer80% ownedNickelCobalt

Held economic interest 80%; operational/permitting status as disclosed in cited primary releases.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
NM
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal285M dry tonnes 100%1.17% Ni, 0.09% CoNickel · Cobalt2025-10-31
Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
2026 RKAB 14.3m wmt sales quotaIndonesiaGranted2026-12-31Yes
Requested increased RKAB allocationIndonesiaPending—No

Material

Hengjaya Nickel

Indonesia

Producer80% ownedNickel

Held economic interest 80%; operational/permitting status as disclosed in cited primary releases.

Producer · Producer
Production annualised (attributable)
12.6k td
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
NM

Material

Ranger Nickel

Indonesia

Producer80% ownedNickel

Held economic interest 80%; operational/permitting status as disclosed in cited primary releases.

Producer · Producer
Production annualised (attributable)
13.0k td
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
NM

Material

Angel Nickel

Indonesia

Producer80% ownedNickel

Held economic interest 80%; operational/permitting status as disclosed in cited primary releases.

Producer · Producer
Production annualised (attributable)
28.0k td
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
NM

Material

Oracle Nickel

Indonesia

Producer80% ownedNickel

Held economic interest 80%; operational/permitting status as disclosed in cited primary releases.

Producer · Producer
Production annualised (attributable)
35.6k td
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
NM

Material

Huayue Nickel Cobalt and Tsing Creation trading

Indonesia

Producer10% ownedNickelCobalt

Held economic interest 10%; operational/permitting status as disclosed in cited primary releases.

Producer · Producer
Production annualised (attributable)
7.0k td
Production (last FY, 100%)
85.0k t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
NM

Core asset

Excelsior Nickel Cobalt

Indonesia

Ramping Producer46% ownedNickelCobalt

Held economic interest 46%; operational/permitting status as disclosed in cited primary releases.

Producer · Ramping producer
Production annualised (attributable)
—
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
NM
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
IUI industrial business licence for commercial product salesIndonesiaPending—Yes

Material

Sampala ANN and ETL contractual acquisition rights

Indonesia

Resource Stage0% ownedNickelCobalt

Contractual acquisition/swap rights; no vested equity at cutoff. Conditional future economic interests are distinguished in the independent model.

Resource / scoping · Resource stage
Contained metal (attributable)
0 td
Resource grade
1.2%
% Measured + Indicated
7.8%d
Resource tonnes
648.00 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal648M dry tonnes 100%1.24% Ni, 0.09% CoNickel · Cobalt2026-05-25
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Indonesian feasibility-study approvalIndonesiaPending—Yes

Material

Sampala Gita Flora

Indonesia

Discovery Drill Stage60% ownedNickel

Held economic interest 60%; operational/permitting status as disclosed in cited primary releases.

Exploration · Discovery drill stage
Ownership
60%d
Commodity
Nir
Country
IDr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Material

Siduarsi

Indonesia

Resource Stage51% ownedNickelCobalt

Held economic interest 51%; operational/permitting status as disclosed in cited primary releases.

Resource / scoping · Resource stage
Contained metal (attributable)
291.7k td
Resource grade
1.1%
% Measured + Indicated
30.8%d
Resource tonnes
52.00 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal52M dry tonnes 100%1.1% Ni, 0.1% CoNickel · Cobalt2024-05-31
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Indonesian feasibility-study approvalIndonesiaPending—Yes

Material

Chengsheng New Energy contractual swap rights

Indonesia

Construction0% ownedNickelCobalt

Contractual acquisition/swap rights; no vested equity at cutoff. Conditional future economic interests are distinguished in the independent model.

Processing plant / refinery · Construction
Product and spec
Mixed hydroxide precipitate; capacity stated as contained nickel, not tonnes of MHP
Nameplate capacity
2.836e+04 tpa
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Sampala planned exclusive ore supply
Offtake contracted
—

Material

Teluk Metal Industry acquisition rights

Indonesia

Construction0% ownedNickelCobalt

Contractual acquisition/swap rights; no vested equity at cutoff. Conditional future economic interests are distinguished in the independent model.

Processing plant / refinery · Construction
Product and spec
Mixed hydroxide precipitate; capacity stated as contained nickel, not tonnes of MHP
Nameplate capacity
3.864e+04 tpa
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Sampala planned exclusive ore supply
Offtake contracted
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)