Nickel Industries Limited · ASX:NIC
Nickel Industries — Q4 2025 Earnings Presentation
11 slides from Nickel Industries's earnings presentation, Feb 23, 2026
Slide 1: Quarterly Activities Presentation
Nickel Industries Limited (ASX:NIC) Quarterly Activities Presentation For the period ended 31 December 2025
Slide 2: Safety and Sustainability
Safety and Sustainability ▪ The Company-wide 12-month lost time injury frequency rate (LTIFR) as at end of December 2025, was 0.00, with no lost time injuries (LTI) recorded during the quarter, against 3.8 million safe man hours registered. For the twelve months to 31 December 2025, there were 17.7
Slide 3: December quarter review
December quarter review US$37.3m Adjusted EBITDA from Operations. Mining operations impacted by RKAB delay. Strong HPAL contribution ▪ RKEF nickel metal production of 31,561 tonnes – 1% higher than September quarter (31,148 tonnes) ▪ RKEF Adjusted EBITDA of US$35.0m – 13% lower than September quarte
Slide 4: RKEF operations
RKEF operations (1) ▪ RKEF production increased 1% Production Units Q3 2025 Q4 2025 Variance ▪ Cash costs were 2% higher than the previous quarter NPI production tonnes 263,430 269,528 2% predominantly due to higher nickel ore costs offset by Nickel grade % 11.8 11.7 (1%) lower electricity costs Tot
Slide 5: HPAL operations
HPAL operations (1) ▪ HNC produced 21,441 tonnes of nickel and 2,301 Production Units Q3 2025 Q4 2025 Variance tonnes of cobalt, outperforming HNC’s nameplate capacity by 43% Attributable HNC Ni tonnes 2,166 2,144 (1%) Production ▪ Combined operating cash costs increased by 10% Co tonnes 192 230 20%
Slide 6: ENC Project update
ENC Project update Integrated nickel Refinery ▪ Standalone unit testing is complete and wet commissioning equipment has been set up in anticipation of final commissioning of end-to-end nickel cathode production ▪ Installation of crystallisers to produce nickel and cobalt sulphates has been completed
Slide 7: Mining operations
Mining operations (1) Production Units Q3 2025 Q4 2025 Variance ▪ Hengjaya Mine experienced substantial downtime as the RKAB extension was not granted until 12 Saprolite production wmt 1,290,014 445,902 (65%) December Limonite production wmt 4,627,943 1,220,171 (74%) ▪ This delay resulted in US$18m
Slide 8: Sampala Project
Sampala Project ▪ The Company anticipates receiving approval for the ETL RKAB by the end of Q1’2026 ▪ The Company is targeting submitting the feasibility study for the ANN IUP by the end of Q1’2026. The feasibility study includes mine planning, slurry preparation plant and mine infrastructure layout
Slide 9: ENC 10% acquisition by strategic partner
ENC 10% acquisition by strategic partner Transaction Overview Strategic Value of Transaction Represents Nickel Industries’ entry into supplying Western ✓ aerospace and aeronautical sectors, which demand the highest product quality and strictest qualification standards 10% 44% (1) 46% (2) Sphere’s ac
Slide 10: Aerial overview of ENC construction – video link
Aerial overview of ENC construction – video link 10
Slide 11: Further information
Further information Justin Werner Chris Shepherd Managing Director Chief Financial Officer jwerner@nickelindustries.com cshepherd@nickelindustries.com 11