Nickel Industries Limited · ASX:NIC
Nickel Industries — Shareholder Meeting (May 2026)
17 slides from Nickel Industries's shareholder meeting presentation, May 26, 2026
Slide 1: 2026 Annual General Meeting
NICKEL INDUSTRIES LIMITED · ASX:NIC For personal use only 2026 Annual General Meeting MAY 2026
Slide 2: Important legal information
Important legal information This presentation has been prepared by Nickel Industries Limited (ABN 44 127 510 589) (NIC). The information contained in this presentation is for For personal use only information purposes only and has been prepared for use in conjunction with a verbal presentation and s
Slide 3: Nickel Industries overview – largest, listed nickel producer globally
Nickel Industries overview – largest, listed nickel producer globally Vertical integration of our upstream mining and downstream processing assets underpins our advantage as a bottom quartile nickel producer For personal use only Business overview Overview of NIC value chain 3 6 4,700 MINING PROCESS
Slide 4: Full year 2025 highlights
Full year 2025 highlights For personal use only Group financials Corporate updates US$1,649m US$283m1 US$866m US$800m 14m wmt Partnership External revenue Adjusted EBITDA Net debt 5-yr senior notes @ Sampala ore MOU SpaceX nickel 9% supplier Processing - NPI and MHP Mining - saprolite and limonite o
Slide 5: Safety and ESG achievements
Safety and ESG achievements For personal use only 1 ESG achievements and ratings Safety & people performance Recent milestones Best Community Award – Global CSR & Q1 Community 0.00 0.68 17.7M ESG Summit (Vietnam) LTIFR vs world TRIFR vs world Safe man-hours Environmental & Social Innovation steel av
Slide 6: Resilient profitability through-the-cycle
Resilient profitability through-the-cycle While many high-cost producers have been forced to close, NIC has remained profitable For personal use only Nickel Industries financial & operating metrics through-the-cycle 2022 2023 2024 2025 2026E EBITDA US$339m US$403m US$326m US$283m Q1: US$136m Dividen
Slide 7: 2026 corporate highlights
2026 corporate highlights For personal use only 1 Sphere acquires 10% of ENC for US$240m with a 10-year SpaceX nickel supply agreement 2 ENC HPAL commissioning in May, ramping to 72ktpa nameplate (expected by October 26) 3 Sampala JORC resource upgrade and mine development underpin long-life nickel
Slide 8: ENC 10% acquisition by strategic partner
ENC 10% acquisition by strategic partner For personal use only Transaction overview Strategic value of transaction ▪ NIC's entry into supplying Western aerospace and US$240m 10% US$2.4bn aeronautical sectors, which demand the highest product Sphere acquisition ENC interest ENC valuation quality and
Slide 9: Strategic value of key partnerships
Strategic value of key partnerships For personal use only Partnership overview Strategic value ▪ Tsingshan – globally leading nickel and stainless-steel Mining 100% NPI subcontractor offtake producer; provides immediate access to operating expertise and long-term offtake certainty, reducing commerci
Slide 10: World's largest listed pure nickel producer
World’s largest listed pure nickel producer ENC positions NIC as a top-5 global nickel producer with industry leading ESG credentials and first quartile operating costs For personal use only Attributable finished nickel production (kt, 2025)¹ 350 300 300 Growth in HPAL capacity 250 enables NIC to in
Slide 11: HPAL – driving our transition to Class 1 nickel products
HPAL – driving our transition to Class 1 nickel products HPAL diversifies our product mix and broadens our customer base For personal use only HNC · Huayue Nickel Cobalt ENC · Excelsior Nickel Cobalt Watch progress 2021 10% 60ktpa Q2 2026 46% 72ktpa Operating since NIC interest Nameplate Commissioni
Slide 12: Strategically located nickel ore resources underpin our processing operations
Strategically located nickel ore Resources underpin our processing operations Resource development central to NIC recognition as a leader in responsible and sustainable mining in Indonesia For personal use only Current operations · Hengjaya Mine New projects · Sampala & Siduarsi Sampala Project 285M
Slide 13: Nickel Industries resources portfolio
Nickel Industries resources portfolio Sampala and Siduarsi projects will increase NIC total contained nickel metal resources to 12 million tonnes For personal use only Global nickel Resources by Project (Million dmt v Ni grade) 3.3% 3.0% 2.7% 2.4% 2.1% Nickel Grade (%) 1.8% 12.0 Mt 1.5% 3.3 Mt 1.2%
Slide 14: Debt refinancing has strengthened the capital structure
Debt refinancing has strengthened the capital structure For personal use only NIC capital structure post-refinancing Debt maturity profile (prior to refinancing) (US$m) (1) 1000 US$450m US$994m 2.3x 800 WAL of 3.5 years 800 New facility Net debt Leverage 600 ▪ Facility structure: US$350m term loan +
Slide 15: Our near-term catalysts transforming the Company
Our near-term catalysts transforming the Company Three near-term catalysts driving margin expansion and expected EBITDA growth through 2026 and into 2027 For personal use only Catalyst Capex Expected EBITDA Impact ▪ Sales license increased from 9m wmt to 14.3m wmt per annum None Q1 2026 ▪ Additional
Slide 16: Contact
Nickel Industries Limited (ASX:NIC) For personal use only For more information, please contact: Justin Werner Managing Director jwerner@nickelindustries.com +61 2 9300 3311 Andrew Coleman Investor Relations acoleman@nickelindustries.com +62 811 1938 331 www.nickelindustries.com
Slide 17: Peer comparison information
Peer comparison information Resources Measured (Mt) Indicated (Mt) Inferred (Mt) Resources (Mt) Resources (Ni %) Nickel Metal (Mt) Standard Producers Ni kt Weda Bay 629 836 228 1,694 1.2% 19.8 JORC Tsingshan 300 For personal use only SCM 157 275 527 956 1.2% 11.8 JORC Jinchuan 230 Sorowako 45 304 25