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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
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$378.6M Not Meaningful
Debt A$1.8B Net cash A$-1.4B
Basic shares 4.3B 2026-09-30
Runway Not Meaningful Positive operations with material dated acquisition, debt and associate working-capital calls; simple burn runway is not decision-useful.

Liquidity

Financial position

June30 reported unrestricted cash US$260.050595m; reserve US$8.304411m excluded. Face debt US$1.25bn versus carrying debt US$1.248371954bn. October13 attributable treasury estimate is separately reconciled with source-rate accrued-to-cash interest and current-tax claim bridges; known TMI169m and ANN/ETL149m payments, bank amortization and2030 maturities require a nominal funding calendar. TMI facility is earmarked and not assumed drawn without its full pricing/maturity terms.

Inventory composition4

Operating inventory only, native USD carrying values. Physical wet/dry/product quantities, product grade and market-realizable value not disclosed. No inventory cash or strategic investment uplift added to valuation.

Hengjaya current nickel ore stockpiles
US$50.3M carrying
Hengjaya non-current limonite stockpiles
US$77.8M carrying
RKEF production raw materials
US$211.1M carrying
Finished nickel pig iron
US$4.8M carrying

Capital structure

Ownership and dilution

Ordinary shares
4.3B
Fully diluted
4.4B

September30 ordinary4,341,935,875 +11,351,051 performance rights +1m share rights =4,354,286,926. Ordinary increased1m from2025; September lapse57,240 reduces performance rights. All outstanding rights included; no double dilution of prior vested awards.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paidOrdinary Share4.3B——
Performance rightsPerformance Right11.4M——
Share rightsOther1M——

KPI history

Operating metrics · Angel Nickel

production shown
03,2486,4959,74312,991Q3 2025: 11,599 t NiQ3 2025Q4 2025: 11,591 t NiQ4 2025Q1 2026: 10,560 t NiQ1 2026Q2 2026: 8,735 t NiQ2 2026
MetricUnitTrendQ3 2025Q4 2025Q1 2026Q2 2026
productiont NiQ3 2025: 11,599 t NiQ4 2025: 11,591 t NiQ1 2026: 10,560 t NiQ2 2026: 8,735 t Ni11,59911,59110,5608,735
c1_costUSD/t NiQ3 2025: 9,605 USD/t NiQ4 2025: 9,449 USD/t NiQ1 2026: 11,005 USD/t NiQ2 2026: 12,689 USD/t Ni9,6059,44911,00512,689

KPI history

Operating metrics · Hengjaya Nickel

production shown
01,1452,2903,4354,580Q3 2025: 4,072 t NiQ3 2025Q4 2025: 3,942 t NiQ4 2025Q1 2026: 4,089 t NiQ1 2026Q2 2026: 3,944 t NiQ2 2026
MetricUnitTrendQ3 2025Q4 2025Q1 2026Q2 2026
productiont NiQ3 2025: 4,072 t NiQ4 2025: 3,942 t NiQ1 2026: 4,089 t NiQ2 2026: 3,944 t Ni4,0723,9424,0893,944
c1_costUSD/t NiQ3 2025: 10,874 USD/t NiQ4 2025: 11,341 USD/t NiQ1 2026: 11,111 USD/t NiQ2 2026: 12,231 USD/t Ni10,87411,34111,11112,231

KPI history

Operating metrics · Oracle Nickel

production shown
03,3816,76310,14413,525Q3 2025: 11,431 t NiQ3 2025Q4 2025: 12,076 t NiQ4 2025Q1 2026: 11,447 t NiQ1 2026Q2 2026: 11,110 t NiQ2 2026
MetricUnitTrendQ3 2025Q4 2025Q1 2026Q2 2026
productiont NiQ3 2025: 11,431 t NiQ4 2025: 12,076 t NiQ1 2026: 11,447 t NiQ2 2026: 11,110 t Ni11,43112,07611,44711,110
c1_costUSD/t NiQ3 2025: 9,262 USD/t NiQ4 2025: 9,688 USD/t NiQ1 2026: 9,621 USD/t NiQ2 2026: 12,606 USD/t Ni9,2629,6889,62112,606

KPI history

Operating metrics · Ranger Nickel

production shown
01,1672,3343,5014,668Q3 2025: 4,047 t NiQ3 2025Q4 2025: 3,953 t NiQ4 2025Q1 2026: 4,168 t NiQ1 2026Q2 2026: 4,075 t NiQ2 2026
MetricUnitTrendQ3 2025Q4 2025Q1 2026Q2 2026
productiont NiQ3 2025: 4,047 t NiQ4 2025: 3,953 t NiQ1 2026: 4,168 t NiQ2 2026: 4,075 t Ni4,0473,9534,1684,075
c1_costUSD/t NiQ3 2025: 11,155 USD/t NiQ4 2025: 11,932 USD/t NiQ1 2026: 10,696 USD/t NiQ2 2026: 12,717 USD/t Ni11,15511,93210,69612,717

KPI history

Operating metrics · Company

RKEF gross contained nickel shown
08,83717,67426,51135,348Q3 2025: 31,148 t NiQ3 2025Q4 2025: 31,561 t NiQ4 2025Q1 2026: 30,264 t NiQ1 2026Q2 2026: 27,864 t NiQ2 2026
MetricUnitTrendQ3 2025Q4 2025Q1 2026Q2 2026
RKEF gross contained nickelt NiQ3 2025: 31,148 t NiQ4 2025: 31,561 t NiQ1 2026: 30,264 t NiQ2 2026: 27,864 t Ni31,14831,56130,26427,864
RKEF aggregate cash costUSD/t NiQ3 2025: 9,846 USD/t NiQ4 2025: 10,088 USD/t NiQ1 2026: 10,453 USD/t NiQ2 2026: 12,595 USD/t Ni9,84610,08810,45312,595
Operating metric source table50
MetricProjectPeriodPeriod typeValueStatus
productionHengjaya NickelQ3 2025Quarter4,072 t NiReported
c1_costHengjaya NickelQ3 2025Quarter10,874 USD/t NiReported
productionRanger NickelQ3 2025Quarter4,047 t NiReported
c1_costRanger NickelQ3 2025Quarter11,155 USD/t NiReported
productionAngel NickelQ3 2025Quarter11,599 t NiReported
c1_costAngel NickelQ3 2025Quarter9,605 USD/t NiReported
productionOracle NickelQ3 2025Quarter11,431 t NiReported
c1_costOracle NickelQ3 2025Quarter9,262 USD/t NiReported
RKEF gross contained nickelCompanyQ3 2025Quarter31,148 t NiReported
RKEF aggregate cash costCompanyQ3 2025Quarter9,846 USD/t NiReported
productionHengjaya NickelQ4 2025Quarter3,942 t NiReported
c1_costHengjaya NickelQ4 2025Quarter11,341 USD/t NiReported
productionRanger NickelQ4 2025Quarter3,953 t NiReported
c1_costRanger NickelQ4 2025Quarter11,932 USD/t NiReported
productionAngel NickelQ4 2025Quarter11,591 t NiReported
c1_costAngel NickelQ4 2025Quarter9,449 USD/t NiReported
productionOracle NickelQ4 2025Quarter12,076 t NiReported
c1_costOracle NickelQ4 2025Quarter9,688 USD/t NiReported
RKEF gross contained nickelCompanyQ4 2025Quarter31,561 t NiReported
RKEF aggregate cash costCompanyQ4 2025Quarter10,088 USD/t NiReported
productionHengjaya NickelQ1 2026Quarter4,089 t NiReported
c1_costHengjaya NickelQ1 2026Quarter11,111 USD/t NiReported
productionRanger NickelQ1 2026Quarter4,168 t NiReported
c1_costRanger NickelQ1 2026Quarter10,696 USD/t NiReported
productionAngel NickelQ1 2026Quarter10,560 t NiReported
c1_costAngel NickelQ1 2026Quarter11,005 USD/t NiReported
productionOracle NickelQ1 2026Quarter11,447 t NiReported
c1_costOracle NickelQ1 2026Quarter9,621 USD/t NiReported
RKEF gross contained nickelCompanyQ1 2026Quarter30,264 t NiReported
RKEF aggregate cash costCompanyQ1 2026Quarter10,453 USD/t NiReported
productionHengjaya NickelQ2 2026Quarter3,944 t NiReported
c1_costHengjaya NickelQ2 2026Quarter12,231 USD/t NiReported
productionRanger NickelQ2 2026Quarter4,075 t NiReported
c1_costRanger NickelQ2 2026Quarter12,717 USD/t NiReported
productionAngel NickelQ2 2026Quarter8,735 t NiReported
c1_costAngel NickelQ2 2026Quarter12,689 USD/t NiReported
productionOracle NickelQ2 2026Quarter11,110 t NiReported
c1_costOracle NickelQ2 2026Quarter12,606 USD/t NiReported
RKEF gross contained nickelCompanyQ2 2026Quarter27,864 t NiReported
RKEF aggregate cash costCompanyQ2 2026Quarter12,595 USD/t NiReported
HNC attributable nickel production from half less Q1Huayue Nickel CobaltQ2 2026Quarter1,738 t NiSource Derived
HNC attributable nickel sales, distinct from productionHuayue Nickel CobaltQ2 2026Quarter1,782 t NiReported
productionHengjaya MineQ2 2026Quarter4,131,917 wmt oreReported
salesHengjaya MineQ2 2026Quarter2,883,068 wmt oreReported
unit_costHengjaya MineQ2 2026Quarter21.9 USD/wmt oreReported
productionHengjaya MineFY2025Year19,156,483 wmt oreReported
salesHengjaya MineFY2025Year9,902,504 wmt oreReported
ebitdaHengjaya MineH1 2026Half Year73,358,561 USDReported
Group mixed-consolidation adjusted EBITDACompanyH1 2026Half Year247,647,881 USDReported
NIC attributable adjusted EBITDA after corporate costCompanyH1 2026Half Year203,633,503.6 USDSource Derived
Company guidance2
MetricProjectPeriodLowHighStatus
Rkab Ore Sales Quotahengjaya-mine202614,300,00014,300,000 wmt oreCurrent
Nameplate Capacity, Not 2026 Production Guidanceexcelsior-nickel-cobaltAt nameplate72,00072,000 t Ni/year 100%Current

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-26DebtUS$169M——Announced—
2026-04-28DebtUS$450M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Current filing-derived ownership, feed, royalties, strategic credit, acquisitions and corporate debt; full offtake price/payability, lender/guarantee schedules and later working-capital terms unavailable. No supported live commodity/FX hedge identified in checked financial disclosures; absence of disclosed terms is not a hedge assumption.

Primary contractual terms and current/conditional ownership recorded above; economics are treated exactly once in the valuation arrangement register.

Joint Venture · Active
Counterparties
Shanghai Decent / Tsingshan-related partners
Applies to
Hengjaya Mine · Hengjaya Nickel · Ranger Nickel · Angel Nickel · Oracle Nickel · Huayue Nickel Cobalt and Tsing Creation trading · Excelsior Nickel Cobalt · Nickel
Economic direction
Mixed
Period
Dates not stated
Key terms
HM/RKEF current effective interest: 80 %
HNC current effective interest: 10 %
ENC current effective interest: 46 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Primary contractual terms and current/conditional ownership recorded above; economics are treated exactly once in the valuation arrangement register.

Offtake · Active
Counterparties
Shanghai Decent / Tsingshan-related partners
Applies to
Hengjaya Mine · Hengjaya Nickel · Ranger Nickel · Angel Nickel · Oracle Nickel · Excelsior Nickel Cobalt · Nickel
Economic direction
Mixed
Period
Dates not stated
Key terms
Saprolite supply to RKEF: intra-group text
ENC slurry pipeline: 22 km
How it affects our valuation

No valuation treatment is available for this arrangement.

Primary contractual terms and current/conditional ownership recorded above; economics are treated exactly once in the valuation arrangement register.

Royalty · Active
Counterparties
Indonesian Government
Applies to
Hengjaya Mine · Nickel
Economic direction
Burden
Period
Dates not stated
Key terms
April 2026 HPM change: higher ore price and royalty burden text
How it affects our valuation

No valuation treatment is available for this arrangement.

Primary contractual terms and current/conditional ownership recorded above; economics are treated exactly once in the valuation arrangement register.

Strategic Partnership · Active
Counterparties
Sphere · Shanghai Decent · financing banks
Applies to
Excelsior Nickel Cobalt · Nickel
Economic direction
Mixed
Period
Dates not stated
Key terms
Sphere third-party stake: 10 %
ENC external transaction valuation: 2,400,000,000 USD
NIC credit enhancement guarantee: 210,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Primary contractual terms and current/conditional ownership recorded above; economics are treated exactly once in the valuation arrangement register.

Joint Venture · Conditional
Counterparties
Adi Wijoyo local partner · PT Jaya Agung Investasi (JAYA), associated with William Shangjaya
Applies to
Sampala ANN and ETL contractual acquisition rights · Chengsheng New Energy contractual swap rights · Nickel
Economic direction
Mixed
Period
Dates not stated
Key terms
Future ANN/ETL pre-swap interest: 60 %
Future post-swap interest: 42 %
ANN/ETL final acquisition payments: 149,000,000 USD
CNE future interest: 36 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Primary contractual terms and current/conditional ownership recorded above; economics are treated exactly once in the valuation arrangement register.

Other · Active
Counterparties
Shanghai Decent / Tsingshan-related partners
Applies to
Sampala Gita Flora · Nickel
Economic direction
Mixed
Period
Dates not stated
Key terms
Paid GF consideration: 7,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Primary contractual terms and current/conditional ownership recorded above; economics are treated exactly once in the valuation arrangement register.

Earn In · Conditional
Counterparties
Shanghai Decent / Tsingshan-related partners
Applies to
Siduarsi · Nickel
Economic direction
Mixed
Period
Dates not stated
Key terms
Held interest: 51 %
Interest after FS approval: 82.5 %
Potential final interest: 100 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Primary contractual terms and current/conditional ownership recorded above; economics are treated exactly once in the valuation arrangement register.

Other · Conditional
Counterparties
Shanghai Decent / Tsingshan-related partners
Applies to
Teluk Metal Industry acquisition rights · Nickel
Economic direction
Mixed
Period
Dates not stated
Key terms
Future interest: 17.5 %
Payment: 169,000,000 USD
Guaranteed nameplate delivery: September2027 date
How it affects our valuation

No valuation treatment is available for this arrangement.

Primary contractual terms and current/conditional ownership recorded above; economics are treated exactly once in the valuation arrangement register.

Other · Active
Counterparties
Shanghai Decent / Tsingshan-related partners
Applies to
Teluk Metal Industry acquisition rights · Nickel
Economic direction
Burden
Period
Dates not stated
Key terms
Executed unsecured funding: 169,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Primary contractual terms and current/conditional ownership recorded above; economics are treated exactly once in the valuation arrangement register.

Other · Active
Counterparties
Bondholders · Syndicated lenders
Applies to
Company-wide · Nickel
Economic direction
Burden
Period
Dates not stated
Key terms
Bond face principal: 800,000,000 USD
Bank face principal: 450,000,000 USD
Bank max leverage: 3.5 times
Bank minimum debt service coverage: 1.3 times
How it affects our valuation

No valuation treatment is available for this arrangement.