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- Last 2026-11-06
- A$0.59
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Quarterly Activities PresentationLatest Four Activities Reports
- Quarterly Activities ReportLatest Four Activities Reports
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Sign in or enter a guest codeAnnouncements
Latest 12 of 7All sources ▸Event calendar · next 12 months
9 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| October 2026, remaining window at cutoff | ENC commercial IUI licence expected | Permitting | Company Guided | High | Source-defined milestone; test actual licence, cash payment, commissioning and/or cash remittance against the stated date or window. |
| 22 October 2026 | September-quarter results and webcast | Results | Confirmed | High | Source-defined milestone; test actual licence, cash payment, commissioning and/or cash remittance against the stated date or window. |
| 26 November 2026 | TMI acquisition payment | Transaction | Confirmed | High | Source-defined milestone; test actual licence, cash payment, commissioning and/or cash remittance against the stated date or window. |
| December 2026 | Expected wet-season water normalization | Production | Company Guided | High | Source-defined milestone; test actual licence, cash payment, commissioning and/or cash remittance against the stated date or window. |
| April 2027 | ANN final acquisition payment | Transaction | Company Guided | High | Source-defined milestone; test actual licence, cash payment, commissioning and/or cash remittance against the stated date or window. |
| Mid-2027, calendar window inferred | CNE commissioning target | Construction Or Commissioning | Company Guided | High | Source-defined milestone; test actual licence, cash payment, commissioning and/or cash remittance against the stated date or window. |
| Mid-2027, calendar window inferred | TMI commissioning target | Construction Or Commissioning | Company Guided | High | Source-defined milestone; test actual licence, cash payment, commissioning and/or cash remittance against the stated date or window. |
| September 2027 | TMI guaranteed nameplate delivery | Construction Or Commissioning | Company Guided | High | Source-defined milestone; test actual licence, cash payment, commissioning and/or cash remittance against the stated date or window. |
| Required, no announced date | CNE related-party EGM and definitive terms | Economic Arrangement | Company Guided | High | Source-defined milestone; test actual licence, cash payment, commissioning and/or cash remittance against the stated date or window. |
Executive roster
As of 2026-10-13Background checks ▸Executive directors and secretary confirmed from reviewed August financial report, July quarter and October webcast filing; operational/technical senior management roster not fully disclosed. Excludes non-executive directors and external IR contacts.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Norman Seckold | Executive Chairman | Executive Director | 2007-09-12 | Half Year Financial Report |
| Justin Werner | Managing Director | Chief Executive · Executive Director | 2012-08-23 | Half Year Financial Report · Operating Update |
| Christopher Shepherd | Executive Director and CFO | Executive Director · Finance | 2022-12-23 | Half Year Financial Report · June 2026 Quarterly Activities Report |
| Richard Edwards | Company Secretary | Company Secretary | — | September Quarterly Webcast Details |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Hengjaya Mine
Indonesia
Producer80% ownedNickelCobalt
Held economic interest 80%; operational/permitting status as disclosed in cited primary releases.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 285M dry tonnes 100% | 1.17% Ni, 0.09% Co | Nickel · Cobalt | 2025-10-31 |
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| 2026 RKAB 14.3m wmt sales quota | Indonesia | Granted | 2026-12-31 | Yes |
| Requested increased RKAB allocation | Indonesia | Pending | — | No |
Material
Hengjaya Nickel
Indonesia
Producer80% ownedNickel
Held economic interest 80%; operational/permitting status as disclosed in cited primary releases.
- 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.
- 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.
- 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.
- 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.
- 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.
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- —
- Head grade
- NM
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| IUI industrial business licence for commercial product sales | Indonesia | Pending | — | 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.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 648M dry tonnes 100% | 1.24% Ni, 0.09% Co | Nickel · Cobalt | 2026-05-25 |
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Indonesian feasibility-study approval | Indonesia | Pending | — | Yes |
Material
Sampala Gita Flora
Indonesia
Discovery Drill Stage60% ownedNickel
Held economic interest 60%; operational/permitting status as disclosed in cited primary releases.
- 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.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 52M dry tonnes 100% | 1.1% Ni, 0.1% Co | Nickel · Cobalt | 2024-05-31 |
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Indonesian feasibility-study approval | Indonesia | Pending | — | 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.
- 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.
- 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)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid | Ordinary Share | 4.3B | — | — |
| Performance rights | Performance Right | 11.4M | — | — |
| Share rights | Other | 1M | — | — |
KPI history
Operating metrics · Angel Nickel
| Metric | Unit | Trend | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| production | t Ni | 11,599 | 11,591 | 10,560 | 8,735 | |
| c1_cost | USD/t Ni | 9,605 | 9,449 | 11,005 | 12,689 |
KPI history
Operating metrics · Hengjaya Nickel
| Metric | Unit | Trend | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| production | t Ni | 4,072 | 3,942 | 4,089 | 3,944 | |
| c1_cost | USD/t Ni | 10,874 | 11,341 | 11,111 | 12,231 |
KPI history
Operating metrics · Oracle Nickel
| Metric | Unit | Trend | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| production | t Ni | 11,431 | 12,076 | 11,447 | 11,110 | |
| c1_cost | USD/t Ni | 9,262 | 9,688 | 9,621 | 12,606 |
KPI history
Operating metrics · Ranger Nickel
| Metric | Unit | Trend | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| production | t Ni | 4,047 | 3,953 | 4,168 | 4,075 | |
| c1_cost | USD/t Ni | 11,155 | 11,932 | 10,696 | 12,717 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| RKEF gross contained nickel | t Ni | 31,148 | 31,561 | 30,264 | 27,864 | |
| RKEF aggregate cash cost | USD/t Ni | 9,846 | 10,088 | 10,453 | 12,595 |
Operating metric source table50
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| production | Hengjaya Nickel | Q3 2025 | Quarter | 4,072 t Ni | Reported |
| c1_cost | Hengjaya Nickel | Q3 2025 | Quarter | 10,874 USD/t Ni | Reported |
| production | Ranger Nickel | Q3 2025 | Quarter | 4,047 t Ni | Reported |
| c1_cost | Ranger Nickel | Q3 2025 | Quarter | 11,155 USD/t Ni | Reported |
| production | Angel Nickel | Q3 2025 | Quarter | 11,599 t Ni | Reported |
| c1_cost | Angel Nickel | Q3 2025 | Quarter | 9,605 USD/t Ni | Reported |
| production | Oracle Nickel | Q3 2025 | Quarter | 11,431 t Ni | Reported |
| c1_cost | Oracle Nickel | Q3 2025 | Quarter | 9,262 USD/t Ni | Reported |
| RKEF gross contained nickel | Company | Q3 2025 | Quarter | 31,148 t Ni | Reported |
| RKEF aggregate cash cost | Company | Q3 2025 | Quarter | 9,846 USD/t Ni | Reported |
| production | Hengjaya Nickel | Q4 2025 | Quarter | 3,942 t Ni | Reported |
| c1_cost | Hengjaya Nickel | Q4 2025 | Quarter | 11,341 USD/t Ni | Reported |
| production | Ranger Nickel | Q4 2025 | Quarter | 3,953 t Ni | Reported |
| c1_cost | Ranger Nickel | Q4 2025 | Quarter | 11,932 USD/t Ni | Reported |
| production | Angel Nickel | Q4 2025 | Quarter | 11,591 t Ni | Reported |
| c1_cost | Angel Nickel | Q4 2025 | Quarter | 9,449 USD/t Ni | Reported |
| production | Oracle Nickel | Q4 2025 | Quarter | 12,076 t Ni | Reported |
| c1_cost | Oracle Nickel | Q4 2025 | Quarter | 9,688 USD/t Ni | Reported |
| RKEF gross contained nickel | Company | Q4 2025 | Quarter | 31,561 t Ni | Reported |
| RKEF aggregate cash cost | Company | Q4 2025 | Quarter | 10,088 USD/t Ni | Reported |
| production | Hengjaya Nickel | Q1 2026 | Quarter | 4,089 t Ni | Reported |
| c1_cost | Hengjaya Nickel | Q1 2026 | Quarter | 11,111 USD/t Ni | Reported |
| production | Ranger Nickel | Q1 2026 | Quarter | 4,168 t Ni | Reported |
| c1_cost | Ranger Nickel | Q1 2026 | Quarter | 10,696 USD/t Ni | Reported |
| production | Angel Nickel | Q1 2026 | Quarter | 10,560 t Ni | Reported |
| c1_cost | Angel Nickel | Q1 2026 | Quarter | 11,005 USD/t Ni | Reported |
| production | Oracle Nickel | Q1 2026 | Quarter | 11,447 t Ni | Reported |
| c1_cost | Oracle Nickel | Q1 2026 | Quarter | 9,621 USD/t Ni | Reported |
| RKEF gross contained nickel | Company | Q1 2026 | Quarter | 30,264 t Ni | Reported |
| RKEF aggregate cash cost | Company | Q1 2026 | Quarter | 10,453 USD/t Ni | Reported |
| production | Hengjaya Nickel | Q2 2026 | Quarter | 3,944 t Ni | Reported |
| c1_cost | Hengjaya Nickel | Q2 2026 | Quarter | 12,231 USD/t Ni | Reported |
| production | Ranger Nickel | Q2 2026 | Quarter | 4,075 t Ni | Reported |
| c1_cost | Ranger Nickel | Q2 2026 | Quarter | 12,717 USD/t Ni | Reported |
| production | Angel Nickel | Q2 2026 | Quarter | 8,735 t Ni | Reported |
| c1_cost | Angel Nickel | Q2 2026 | Quarter | 12,689 USD/t Ni | Reported |
| production | Oracle Nickel | Q2 2026 | Quarter | 11,110 t Ni | Reported |
| c1_cost | Oracle Nickel | Q2 2026 | Quarter | 12,606 USD/t Ni | Reported |
| RKEF gross contained nickel | Company | Q2 2026 | Quarter | 27,864 t Ni | Reported |
| RKEF aggregate cash cost | Company | Q2 2026 | Quarter | 12,595 USD/t Ni | Reported |
| HNC attributable nickel production from half less Q1 | Huayue Nickel Cobalt | Q2 2026 | Quarter | 1,738 t Ni | Source Derived |
| HNC attributable nickel sales, distinct from production | Huayue Nickel Cobalt | Q2 2026 | Quarter | 1,782 t Ni | Reported |
| production | Hengjaya Mine | Q2 2026 | Quarter | 4,131,917 wmt ore | Reported |
| sales | Hengjaya Mine | Q2 2026 | Quarter | 2,883,068 wmt ore | Reported |
| unit_cost | Hengjaya Mine | Q2 2026 | Quarter | 21.9 USD/wmt ore | Reported |
| production | Hengjaya Mine | FY2025 | Year | 19,156,483 wmt ore | Reported |
| sales | Hengjaya Mine | FY2025 | Year | 9,902,504 wmt ore | Reported |
| ebitda | Hengjaya Mine | H1 2026 | Half Year | 73,358,561 USD | Reported |
| Group mixed-consolidation adjusted EBITDA | Company | H1 2026 | Half Year | 247,647,881 USD | Reported |
| NIC attributable adjusted EBITDA after corporate cost | Company | H1 2026 | Half Year | 203,633,503.6 USD | Source Derived |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Rkab Ore Sales Quota | hengjaya-mine | 2026 | 14,300,000 | 14,300,000 wmt ore | Current |
| Nameplate Capacity, Not 2026 Production Guidance | excelsior-nickel-cobalt | At nameplate | 72,000 | 72,000 t Ni/year 100% | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-08-26 | Debt | US$169M | — | — | Announced | — |
| 2026-04-28 | Debt | US$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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The team combines long Indonesian nickel operations, commercial and finance experience. A contractor death and regional community allegations require careful oversight; evidence of individual culpability is not established.
Decision-relevant facts
Material summary
Norman Seckold
Executive Chairman
GovernanceIssuer Reported · Medium materiality
Chairman-linked service payments
The 2025 annual report says MIS Corporate, an entity in which Seckold has an interest, charged Nickel A$600,000 for administration and company-secretarial support in 2025.
Individual involvement documented · The relationship and disclosed amounts are facts; the disclosure alone does not establish an improper transaction.
2025 Annual Report · pp. 31 and 104 related-party disclosures
Evidence gaps · 3
- Independent confirmation of credentials and complete employment dates remains incomplete.
- Targeted open-web searches are limited; original court, regulator, prior-employer and Indonesian-language records were not exhaustively obtained.
- The issuer states a board appointment date, but the beginning of the current executive role was not independently established.
Justin Werner
Managing Director
SafetyIssuer Reported · High materiality
ENC contractor fatality and mine suspension
A contractor engaged by Fajar Metal Industry died during ENC transmission-line construction on the Hengjaya haul road in March 2026. Nickel said the energy ministry investigation had concluded and mining resumed on 9 April; the authority’s detailed findings were not obtained. ENC was equity accounted and excluded from the controlled-entity lost-time injury rate, so a zero rate did not encompass this death.
Role overlaps event; causation unproven · Management oversight and an incident during tenure do not establish personal fault or control of the third-party contractor.
March 2026 quarterly activities report · p. 3 safety and footnote 2
Evidence gaps · 4
- Independent confirmation of credentials and complete employment dates remains incomplete.
- Targeted open-web searches are limited; original court, regulator, prior-employer and Indonesian-language records were not exhaustively obtained.
- The issuer states a board appointment date, but the beginning of the current executive role was not independently established.
- The ESDM investigation’s original detailed report and responsibility findings were not obtained.
Christopher Shepherd
Executive Director and CFO
Company SuccessIssuer Reported · Medium materiality
Hengjaya quarter and water-constrained processing
Nickel reported September 2026 quarter ore production of 6.14 million wet tonnes and first ENC mixed hydroxide and nickel cathode commissioning products; it said dry conditions restricted ENC ramp-up and later cut RKEF operation.
Role overlaps event; causation unproven · Financial and operational outcomes are company-level and not a measure of individual causation.
September 2026 Quarterly Activities Report · pp. 1–5 and ENC operations
Evidence gaps · 2
- Independent confirmation of credentials and complete employment dates remains incomplete.
- Targeted open-web searches are limited; original court, regulator, prior-employer and Indonesian-language records were not exhaustively obtained.
Richard Edwards
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Independent confirmation of credentials and complete employment dates remains incomplete.
- Targeted open-web searches are limited; original court, regulator, prior-employer and Indonesian-language records were not exhaustively obtained.
Fanfan Zhao
Chief Development Officer
EnvironmentAlleged · High materiality
Weda Bay community allegations and company response
Climate Rights International reported community allegations of deforestation, displacement and pollution around the Weda Bay industrial park, where Nickel has an Angel Nickel interest. The reporting addresses the wider park and surrounding mines, not an adjudication that Angel caused each alleged harm. Nickel’s written response, reproduced with the January 2024 report, described supplier screening, environmental plans, jobs and community programs. It predates the June 2025 follow-up and is not an independent determination or a response to that later report.
Role overlaps event; causation unproven · The allegations concern the wider park and mining district, and neither source establishes individual wrongdoing by this person.
Nickel Unearthed: Human and Climate Costs · IWIP impacts and Nickel Industries correspondence
Ongoing Harms, Limited Accountability · summary and IWIP follow-up interviews
Evidence gaps · 3
- Independent confirmation of credentials and complete employment dates remains incomplete.
- Targeted open-web searches are limited; original court, regulator, prior-employer and Indonesian-language records were not exhaustively obtained.
- The issuer leadership page is undated; exact role continuity at the evidence cutoff is not independently confirmed.
Tony Green
Chief Operating Officer
SafetyIssuer Reported · High materiality
ENC contractor fatality and mine suspension
A contractor engaged by Fajar Metal Industry died during ENC transmission-line construction on the Hengjaya haul road in March 2026. Nickel said the energy ministry investigation had concluded and mining resumed on 9 April; the authority’s detailed findings were not obtained. ENC was equity accounted and excluded from the controlled-entity lost-time injury rate, so a zero rate did not encompass this death.
Role overlaps event; causation unproven · Management oversight and an incident during tenure do not establish personal fault or control of the third-party contractor.
March 2026 quarterly activities report · p. 3 safety and footnote 2
Evidence gaps · 4
- Independent confirmation of credentials and complete employment dates remains incomplete.
- Targeted open-web searches are limited; original court, regulator, prior-employer and Indonesian-language records were not exhaustively obtained.
- The issuer leadership page is undated; exact role continuity at the evidence cutoff is not independently confirmed.
- The ESDM investigation’s original detailed report and responsibility findings were not obtained.
Simon Miller
General Manager Battery Materials
FailureDocumented · Medium materiality
Previous employer Northvolt later entered bankruptcy
Nickel identified Miller as Northvolt’s former raw-materials senior director in October 2024. Northvolt filed for Swedish bankruptcy in March 2025 after financing and production-ramp difficulties.
Employer context; no individual link established · Nickel’s appointment disclosure establishes his prior position, not his role at bankruptcy or personal causation.
September 2024 quarterly report · p. 17 appointment biography
Northvolt files for bankruptcy in Sweden · 12 March 2025 statement
Evidence gaps · 4
- Independent confirmation of credentials and complete employment dates remains incomplete.
- Targeted open-web searches are limited; original court, regulator, prior-employer and Indonesian-language records were not exhaustively obtained.
- The issuer leadership page is undated; exact role continuity at the evidence cutoff is not independently confirmed.
- Exact Northvolt departure date and any personal contribution to its eventual insolvency were not independently established.
Muchtazar
Sustainability Manager
EnvironmentAlleged · High materiality
Weda Bay community allegations and company response
Climate Rights International reported community allegations of deforestation, displacement and pollution around the Weda Bay industrial park, where Nickel has an Angel Nickel interest. The reporting addresses the wider park and surrounding mines, not an adjudication that Angel caused each alleged harm. Nickel’s written response, reproduced with the January 2024 report, described supplier screening, environmental plans, jobs and community programs. It predates the June 2025 follow-up and is not an independent determination or a response to that later report.
Role overlaps event; causation unproven · The allegations concern the wider park and mining district, and neither source establishes individual wrongdoing by this person.
Nickel Unearthed: Human and Climate Costs · IWIP impacts and Nickel Industries correspondence
Ongoing Harms, Limited Accountability · summary and IWIP follow-up interviews
Personal SuccessDocumented · Medium materiality
UN recycling recognition
UN Global Compact described Muchtazar’s Unilever recycling program and named him a 2019 SDG Pioneer. Nickel’s annual report identifies the same prior employer and award.
Individual involvement documented · The recognition is independently recorded; it is not proof of mining outcomes.
Muchtazar: 2019 SDG Pioneer · 2019 Muchtazar profile
2025 Annual Report · p. 18 management
Evidence gaps · 3
- Independent confirmation of credentials and complete employment dates remains incomplete.
- Targeted open-web searches are limited; original court, regulator, prior-employer and Indonesian-language records were not exhaustively obtained.
- The issuer leadership page is undated; exact role continuity at the evidence cutoff is not independently confirmed.
Vijay Nair
CFO Mining Operations
GovernanceIssuer Reported · Medium materiality
Finance appointment dates require reconciliation
Nickel’s annual report says mining-operations CFO since 1 July 2010; its undated leadership page says chief financial controller for Indonesian operations from October 2011. The differing roles and dates have not been reconciled.
Individual involvement documented · The records could refer to different positions; no misstatement or misconduct is inferred.
2025 Annual Report · p. 18 Vijay Nair
Board and Management · Vijay Nair biography
FailureDocumented · Medium materiality
Former employer entered administration
Nickel reports that Nair previously worked at Tamaya Resources. A separate issuer filing records Tamaya entering voluntary administration in 2008 and becoming insolvent.
Employer context; no individual link established · Nair’s Tamaya dates, responsibilities and any overlap with the 2008 insolvency are not established; the record does not link him to the insolvency.
2025 Annual Report · p. 18 management biography
Tamaya Resources director disclosure · director nominee insolvency disclosures
Evidence gaps · 5
- Independent confirmation of credentials and complete employment dates remains incomplete.
- Targeted open-web searches are limited; original court, regulator, prior-employer and Indonesian-language records were not exhaustively obtained.
- The issuer leadership page is undated; exact role continuity at the evidence cutoff is not independently confirmed.
- CFO date in annual report versus controller appointment in the undated website remains unreconciled.
- His Tamaya employment dates, duties and overlap with the company’s 2008 insolvency are unverified.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-30 · 4,341,935,875 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 20.13% | 874,140,000 | |
| 2 | 15.80% | 686,100,423 | |
| 3 | 12.47% | 541,225,586 | |
| 4 | 12.09% | 524,778,245 | |
| 5 | 11.76% | 510,786,395 | |
| 6 | 3.80% | 164,930,374 | |
| 7 | 2.54% | 110,284,667 | |
| 8 | 2.53% | 109,640,638 | |
| 9 | 1.81% | 78,521,331 | |
| 10 | 1.08% | 46,949,048 | |
| 11 | 0.98% | 42,375,956 | |
| 12 | 0.81% | 35,133,400 | |
| 13 | 0.71% | 30,741,913 | |
| 14 | 0.67% | 29,234,347 | |
| 15 | 0.51% | 22,253,318 | |
| 16 | 0.38% | 16,568,390 | |
| 17 | 0.24% | 10,411,521 | |
| 18 | 0.23% | 9,800,000 | |
| 19 | 0.19% | 8,422,599 | |
| 20 | — | 99,203,423 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 10.44%Voting power | 2026-04-27 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- Issuer describes the top-20 as grouped holders; the table does not disclose whether each row represents a single account or a grouping, so underlying beneficial owners cannot be inferred.
- The issuer assigns Shanghai Wanlu 99,203,423 shares and 2.54%; the percentage conflicts with 4,341,935,875 issued shares. It is withheld rather than silently corrected.
- The issuer’s capital structure page shows PT Danusa at 857,000,000 shares while its later grouped list gives PT Danusa Tambang Nusantara 874,140,000; legal identity and the difference need reconciliation.
- The issuer’s Shanghai Decent group total is not assigned an unsupported measurement date; L1 is the only fully dated group notice included.
- Repeated BNP Paribas names are distinguished by source rank only.
- The grouped holder list and L1 relevant interest may overlap and must not be summed.
Sources
- Top 20 Shareholders
Nickel Industries Limited · Published date not stated · Accessed 2026-10-31
Issuer grouped list of ordinary fully paid holders and holdings, with one reported percentage discrepancy.
Top Holders (Grouped), as of 30 September 2026, ranks 1–20
- Capital Structure
Nickel Industries Limited · Published date not stated · Accessed 2026-10-31
Total 4,341,935,875 ordinary shares; the stated group register separately reports historical substantial notices.
Top holders distribution as of 30 September 2026
- L1 Capital change in substantial holding
L1 Capital via ASX · Published 2026-04-29 · Accessed 2026-10-31
453,445,965 relevant votes and 10.44% voting power on 27 April 2026.
downloads/NIC/2026/2026-04-29_Change in substantial holding_bfd78d5ce136c341.pdf, page 1
Disclosed activity
Insider transactions
Trading activity27 buys · 5 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-04-29 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-04-29Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 43,245 | — | — | — |
| 2026-04-27 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-04-27Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 19,035,949 | — | — | — |
| 2026-04-24 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-04-24Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 292,250 | — | — | — |
| 2026-04-22 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-04-22Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 31,453 | — | — | — |
| 2026-04-20 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-04-20Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Sale.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | SaleFully paid ordinary shares | 250,722 | — | — | — |
| 2026-04-13 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-04-13Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 11,700 | — | — | — |
| 2026-03-31 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-03-31Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Sale.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | SaleFully paid ordinary shares | 1,132,484 | — | — | — |
| 2026-03-24 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-03-24Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 4,058,512 | — | — | — |
| 2026-03-20 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-03-20Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 2,258,573 | — | — | — |
| 2026-03-19 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-03-19Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 2,009,591 | — | — | — |
| 2026-03-17 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-03-17Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Sale.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | SaleFully paid ordinary shares | 24,300 | — | — | — |
| 2026-03-12 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-03-12Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 500,000 | — | — | — |
| 2026-03-10 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-03-10Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 1,037,082 | — | — | — |
| 2026-03-10 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-03-10Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 853,759 | — | — | — |
| 2026-02-27 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-02-27Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Sale.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | SaleFully paid ordinary shares | 315,675 | — | — | — |
| 2026-02-27 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-02-27Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 1,138,038 | — | — | — |
| 2026-02-26 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-02-26Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Sale.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | SaleFully paid ordinary shares | 482,042 | — | — | — |
| 2026-02-20 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-02-20Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 107,351 | — | — | — |
| 2026-02-16 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-02-16Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 23,474 | — | — | — |
| 2026-02-11 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-02-11Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 11,642 | — | — | — |
| 2026-01-30 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-30Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 5,737 | — | — | — |
| 2026-01-30 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-30Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 1,024,777 | — | — | — |
| 2026-01-29 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-29Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 412,891 | — | — | — |
| 2026-01-28 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-28Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 2,737,338 | — | — | — |
| 2026-01-27 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-27Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 1,057,279 | — | — | — |
| 2026-01-23 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-23Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 1,725,248 | — | — | — |
| 2026-01-21 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-21Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 16,760 | — | — | — |
| 2026-01-20 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-20Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 863,880 | — | — | — |
| 2026-01-19 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-19Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 9,784 | — | — | — |
| 2026-01-19 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-19Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 1,904,763 | — | — | — |
| 2026-01-16 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-16Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 3,486,328 | — | — | — |
| 2026-01-15 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty LtdL1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-01-15Annexure row; holder-level aggregate discrepancy remains unresolved. As disclosed: On-Market Purchase.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 2,898,903 | — | — | — |
Disclosed holding observations1 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-04-27 | L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd
Details & evidence for L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd on 2026-04-27Reported aggregate 453,445,965 votes / 10.44%; annexure B holder rows sum to that figure. Annexure A includes 29 April row after reported 27 April change date.
L1 Capital Pty Ltd · reporting group member L1 Capital Strategic Equity Management Pty Ltd · reporting group member Change in substantial holding ↗ Change in substantial holding ↗ | PositionFully paid ordinary shares voting interest | 453,445,965 | 10.44%Voting Power |
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Narrative and provenance
Research & Sources
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Sign in or enter a guest codeChronological evidenceSource-document inventory18 documents
September Quarterly Webcast DetailsOther · MediumPartial
September Quarterly Webcast Details; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20261013-webcast
- Published UTC
- 2026-10-13T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
NIC cutoff-date local closeMarket Data · MediumExtracted
Cutoff close A$0.715, volume 7,140,166; market data provider via miners.collect_stock_prices. This is the October 13 observation, not an October 24 quote.
- Document ID
- doc-nic-20261013-price
- Published UTC
- 2026-10-13T06:10:00+00:00
- Projects
- —
- Commodities
- nickel
RBA F11.1 daily exchange rates, released 13 October 2026Other · MediumExtracted
RBA F11.1 retained CSV: 13-Oct-2026 USD/AUD 0.6961. June30 0.6869, December31 0.6693. Native USD forecast converted once at cutoff FX; balance-date factual ledger retains historical FX.
- Document ID
- doc-nic-20261013-fx
- Published UTC
- 2026-10-13T00:00:00+00:00
- Projects
- —
- Commodities
- nickel
Resources and Energy Quarterly September 2026Other · HighPartial
Official eligible HTML nickel outlook: persistent surplus and around US$17,000/t in real terms by2031. PDF download failed through approved routes; no retained PDF or claimed PDF table inspection.
- Document ID
- doc-nic-20261002-req
- Published UTC
- 2026-10-02T00:00:00+00:00
- Projects
- —
- Commodities
- nickel
Cessation of SecuritiesCorporate Action · MediumPartial
Cessation of Securities; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260930-shares
- Published UTC
- 2026-09-30T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
Operating UpdateOperations · HighPartial
Operating Update; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260915-op
- Published UTC
- 2026-09-15T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
Half Year Financial ReportResults · HighPartial
Half Year Financial Report; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260826-half
- Published UTC
- 2026-08-26T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
Half Year Results PresentationOther · HighPartial
Half Year Results Presentation; primary source read for the independently rebuilt assumptions.
- Document ID
- doc-nic-20260826-presentation
- Published UTC
- 2026-08-26T00:00:00+00:00
- Projects
- —
- Commodities
- nickel
Maiden Nickel Cathode ProductionOperations · HighPartial
Maiden Nickel Cathode Production; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260811-enc
- Published UTC
- 2026-08-11T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
June 2026 Quarterly Activities ReportResults · HighPartial
June 2026 Quarterly Activities Report; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260729-jun
- Published UTC
- 2026-07-29T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
CNE HPAL Investment and Sampala MonetisationTransaction · HighPartial
CNE HPAL Investment and Sampala Monetisation; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260624-cne
- Published UTC
- 2026-06-24T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
TMI HPAL InvestmentTransaction · HighPartial
TMI HPAL Investment; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260624-tmi
- Published UTC
- 2026-06-24T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
Sampala Resource UpdateResource Update · HighPartial
Sampala Resource Update; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260525-sp
- Published UTC
- 2026-05-25T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
March 2026 Quarterly Activities ReportResults · HighPartial
March 2026 Quarterly Activities Report; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260429-mar
- Published UTC
- 2026-04-29T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
2025 Annual ReportResults · HighPartial
2025 Annual Report; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260424-annual
- Published UTC
- 2026-04-24T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
Hengjaya Mine Resource UpdateResource Update · HighPartial
Hengjaya Mine Resource Update; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260219-hm
- Published UTC
- 2026-02-19T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
December 2025 Quarterly Activities ReportResults · HighPartial
December 2025 Quarterly Activities Report; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20260129-dec
- Published UTC
- 2026-01-29T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
September 2025 Quarterly Activities ReportResults · HighPartial
September 2025 Quarterly Activities Report; factual baseline rechecked against retained primary pages. Publication date is distinct from its financial period.
- Document ID
- doc-nic-20251028-sep
- Published UTC
- 2025-10-28T00:00:00+00:00
- Projects
- —
- Commodities
- nickel · cobalt
Evidence facts118
323327295 USD
2025-12-311226113016 USD
2025-12-312043062787 USD
2025-12-311649099517 USD
2025-12-31-57061395 USD
2025-12-31187918763 USD
2025-12-3138066559 USD
2025-12-31283027229 USD
2025-12-31234686757.8 USD
2025-12-31270000000 USD
2025-12-31323327295 USD
2025-12-312043062787 USD
2025-12-311649099517 USD
2025-12-31-57061395 USD
2025-12-31187918763 USD
2025-12-314340935875 shares
2025-12-3152000000 t
2024-05-311.1 %
2024-05-3185031 t
2025-12-3160000 tpa
2026-04-24260050595 USD
2026-06-301248371954 USD
2026-06-302096395284 USD
2026-06-30938382871 USD
2026-06-3052476206 USD
2026-06-3078755878 USD
2026-06-3038094476 USD
2026-06-30247647881 USD
2026-06-30203633502.60000002 USD
2026-06-3046 %
2026-06-308304411 USD
2026-06-3051137188 USD
2026-06-30260050595 USD
2026-06-302096395284 USD
2026-06-30938382871 USD
2026-06-3052476206 USD
2026-06-3078755878 USD
2026-06-3080 %
2026-06-3080 %
2026-06-3080 %
2026-06-3080 %
2026-06-3080 %
2026-06-3010 %
2026-06-3046 %
2026-06-3051 %
2026-06-3019967921.0 USD
2026-06-301538109.0 USD
2026-06-304089 t
2026-03-3111111 USD/t
2026-03-314168 t
2026-03-3110696 USD/t
2026-03-3110560 t
2026-03-3111005 USD/t
2026-03-3111447 t
2026-03-319621 USD/t
2026-03-313944 t
2026-06-3012231 USD/t
2026-06-304075 t
2026-06-3012717 USD/t
2026-06-308735 t
2026-06-3012689 USD/t
2026-06-3011110 t
2026-06-3012606 USD/t
2026-06-3010182 USD/t
2026-03-313942 t
2025-12-3111341 USD/t
2025-12-313953 t
2025-12-3111932 USD/t
2025-12-3111591 t
2025-12-319449 USD/t
2025-12-3112076 t
2025-12-319688 USD/t
2025-12-314072 t
2025-09-3010874 USD/t
2025-09-304047 t
2025-09-3011155 USD/t
2025-09-3011599 t
2025-09-309605 USD/t
2025-09-3011431 t
2025-09-309262 USD/t
2025-09-30285000000 dmt
2025-10-313344000 t Ni
2025-10-31285000000 t
2025-10-311.17 %
2025-10-318035000 t Ni
2026-05-25144000000 USD
2026-05-255000000 USD
2026-05-257000000 USD
2026-05-25648000000 t
2026-05-251.24 %
2026-05-2542 %
2026-06-2436 %
2026-06-2428357 tpa
2026-06-24Mixed hydroxide precipitate; capacity stated as contained nickel, not tonnes of MHP text
2026-06-24Sampala planned exclusive ore supply text
2026-06-24construction text
2026-06-2417.5 %
2026-06-24169000000 USD
2026-06-2438640 tpa
2026-06-24Mixed hydroxide precipitate; capacity stated as contained nickel, not tonnes of MHP text
2026-06-24Sampala planned exclusive ore supply text
2026-06-24construction text
2026-06-2430 %nameplate
2026-09-153100000 wmt
2026-08-3190000000 USD
2026-08-3172000 tpa
2026-09-1511351051 rights
2026-09-304341935875 shares
2026-09-300.715 AUD/share
2026-10-137140166 shares
2026-10-130.6693 USD/AUD
2026-10-130.6869 USD/AUD
2026-10-130.6449051792828685 USD/AUD
2026-10-130.7026219512195122 USD/AUD
2026-10-130.7098770491803279 USD/AUD
2026-10-130.6961 USD/AUD
2026-10-1315 years
2026-08-2617000 USD/t nickel
2026-10-02Conflicts requiring judgment4
- ENC current ownership
Prior55%target and associated deferred payment schedule superseded by March final2% acquisition: current46%, no unpaid253m obligation.
- Hengjaya resource indicated dry tonnes
Annual condensed table appears to repeat measured196Mwmt/121Mdmt for indicated; original February JORC statement indicates122Mwmt/75Mdmt. Source gross total285Mdmt and3.344MtNi retained.
- June unrestricted cash
Quarter unaudited268.3m includes cash reserve; reviewed cash260.050595m plus reserve8.304411m reconciles268.355006m. Only unrestricted cash enters comparison/valuation.
- HNC Q2 physical quantity
Junefront1782t is attributable sales, not production. Half3,891t attributableproduction less March2,153t gives Q2production1,738t; sidecar divides by10% before attribution.