Nickel Industries Limited · ASX:NIC
Nickel Industries — Q3 2025 Earnings Presentation
10 slides from Nickel Industries's earnings presentation, Oct 28, 2025
Slide 1: Quarterly Activities Presentation
For personal use only Nickel Industries Limited (ASX:NIC) Quarterly Activities Presentation For the period ended 30 September 2025
Slide 2: Safety and Sustainability
Safety and Sustainability ▪ The Company-wide 12-month lost time injury frequency rate (LTIFR) as For personal use only at end of June 2025, was 0.00, with no lost time injuries (LTI) recorded during the quarter, against 4.5 million safe man hours registered. For the twelve months to 30 September 202
Slide 3: September quarter review
September quarter review US$87m Adjusted EBITDA from Operations For personal use only ▪ RKEF nickel metal production of 31,148 tonnes – 2% higher than June quarter (30,463 tonnes) ▪ RKEF Adjusted EBITDA of US$40.5m – 20% higher than June quarter (US$33.7m) ▪ HPAL attributable production of 2,166 ton
Slide 4: RKEF operations
RKEF operations (1) ▪ RKEF production increased 2.0% For personal use only Production Units Q2 2025 Q3 2025 Variance ▪ Cash costs were 5% lower than the previous quarter NPI production tonnes 260,071 263,430 1% predominantly due to lower repairs and maintenance, Nickel grade % 11.7 11.8 1% lower fix
Slide 5: HPAL operations
HPAL operations (1) ▪ HNC produced 21,656 tonnes of nickel and 1,924 For personal use only HNC (100%) Units Q2 2025 Q3 2025 Variance tonnes of cobalt, outperforming HNC’s nameplate capacity by 44% Ni tonnes 20,750 21,656 4% Production ▪ Combined operating cash costs decreased by 3% Co tonnes 1,877 1
Slide 6: ENC Project update
ENC Project update For personal use only Integrated nickel refinery ▪ Key reagents that will be used to extract valuable metals have commenced delivery in anticipation of commissioning solvent extraction ▪ Final optimisations are being completed to enable full commissioning of the end-to-end process
Slide 7: Mining operations
Mining operations (1) Production Units Q2 2025 Q3 2025 Variance ▪ Total production consistent whilst sales increased 2% For personal use only for a quarterly record Saprolite production wmt 1,411,238 1,290,014 (9%) Limonite production wmt 4,512,301 4,627,943 3% ▪ Sales were negatively impacted by un
Slide 8: Sampala Project
Sampala Project For personal use only ▪ Completed a detailed mine plan for the PT Erabaru Timur Lestari (ETL) IUP – targeting a production license of 6 million wmt per annum. The Company expects to receive approval for the RKAB by the end of the year ▪ Feasibility study is being prepared for the PT
Slide 9: Debt refinancing has strengthened the capital structure
Debt refinancing has strengthened the capital structure For personal use only Debt maturity profile (prior to refinancing) as at 30 September 2025 (US$m) ▪ US$800m proceeds from new bond issuance used to: WAL of 2.3 years 800 ‐ fully repay the US$400m Senior Unsecured Notes 600 381 ‐ repay US$150m o
Slide 10: Further information
Further information For personal use only Justin Werner Cameron Peacock Managing Director Investor Relations and Business Development jwerner@nickelindustries.com cpeacock@nickelindustries.com 10