Nickel Asia Corp. · PSE:NIKL
Nickel Asia — Q1 2024 Earnings Presentation
22 slides from Nickel Asia's earnings presentation, May 14, 2024
Slide 1: Nickel Asia Corp. 1Q-24 Earnings
Slide 2: Disclaimer
DISCLAIMER This presentation and the information contained herein as well as the materials distributed herewith ("Presentation") are the sole and exclusive property of Nickel Asia Corporation ("NAC") and shall only be used for the purpose intended herein, This Presentation is not intended to provide
Slide 3: Revenues from ore sales declined 41 percent to P2.09 billion
▪ Revenues from ore sales declined by 41 percent to P2.09 billion from P3.55 billion last year, due to lower ore prices. • with the new additional capacity achieved last February 28, 2024 from 100 MW YoY (began in July 2022); ▪ The Company’s operating mines sold a combined 2.61 million wet metric to
Slide 4: Financial Highlights (1Q-24 vs 1Q-23)
FINANCIAL HIGHLIGHTS (1Q-24 VS 1Q-23) Revenue (PHP bn) ™Sale of ore ™ Services and others 27.4 29.0 7.9 onl [.. “* as "9 ‘20 ‘22 ‘23 1Q'24 1Q'23 EBITDA (PHP bn) 44 2022 2023 1Q 34 10- 23 2019 =2020 2021 2019 2020 Net Income (PHP bn) 78 79 2021 2022 2023 = 1834 10-23 36% 43% 53% EBITDA Margin? Net In
Slide 5: Sales Volume, Average Ore Sale Prices and Ore Revenue
Sales Volume Q1-23 Average Ore Sale Q1-24 Average Ore Sale Ore Revenue (in millions WMT) Prices Prices (in PHP bn) 3.00 (in US$/WMT) (in US$/WMT) 4 2.50 60 60 3.5 3 2.00 50 50 1.8 2.5 1.50 1.79 2.00 40 40 2 1.00 30 30 1.5 1.2 50.4 1 1.7 0.50 20 20 0.60 0.61 0.5 0.9 25.6 0 0.00 10 18.8 10 10.3 1Q-23
Slide 6: Revenue - Variance Analysis
REVENUE - VARIANCE ANALYSIS First Quarter Period Comparison Sales Volume (in millions WMT) 1a. FJ20 10-23 Jj 239 +9.6% YoY Sales Price (in USD$ per WMT) 1Q-24 -48% YoY [BRET FX Rate (PHP/USD) 4,500 2,500 4,042 2023 Revenues, in Php Millions, 3M-2024 v 3M-2023 win 51 2,661 (1,767) Nivolume —_Niprice
Slide 7: Cost & Expenses - Variance Analysis
COST & EXPENSES - VARIANCE ANALYSIS First Quarter Period Comparison Sales Volume (in millions WMT) 1Q-24 | 2.61 +9.6% YoY 1Q-23 | 2.39 = +9.6% YoY Fuel Prices (P/Liter) 1Q'24 6% YoY change 52.39 Costs and Expenses, in Php Millions, 3M-2024 v 3M-2023 148 2,247 a | es} 4s (266) (83) Due to volume Mktg
Slide 8: Net Income Variance
NET INCOME VARIANCE First Quarter Period Comparison Net Income (in Peso millions) 969.0 -79% YoY change in Mining operation earnings due to lower ore prices and HPAL performance | 202.0 1Q-23 a] _ m@ NAC Net-Income @ HPAL Equity Earnings Combined HPAL losses reached P194 million NAC's Reported attri
Slide 9: Investment in HPAL Equity Earnings
INVESTMENT IN HPAL EQUITY EARNINGS 1,200 1,000 800 600 400 200 (200) (400) (600) Equity Earnings, in PHP Millions (1Q-23 VS 1Q-24 comparison) 252 229 23 6 (200) -194 10-23 10-24 mTHPAL ®CBNC * The reduced Nickel and Cobalt prices had impacted Equity earnings from investments in the HPAL operations
Slide 10: JSI Financial Highlights (1Q'2023 to 1Q'2024)
JSI FINANCIAL HIGHLIGHTS (1Q'2023 to 1Q'2024) Generation (in MWh) EBITDA (in PHP millions) 160.1 44,881 37,628 154.5 1Q'2023 1Q'2024 1Q'2023 1Q'2024 ™1Q'2023 ™1Q'2024 ™1Q'2023 ™1Q'2024 Generation (in MWh) 37,628 44,881 19.3% tT Due to energization of Phase 4A EBITDA (Php in Millions) 154.5 160.1 3.6
Slide 11: The New Mines & RE Pipeline
THE NEW MINES & RE PIPELINE
Slide 12: Total Resources as of 12/31/2022
DINAPIGUE BULANJAO MANICANI Total Resources as of 12/31/2022 129 M WMT @ 1.12% Ni 56 M WMT @1.38% Ni 43 M WMT @1.59% Ni 41 M WMT @ 1.35% Ni 20 WMT @ 1.54% Ni 25 M WMT @ 1.77% Ni Saprolite resources 88 WMT @ 1.02% Ni 36 WMT @ 1.30% Ni 18 M WMT @ 1.35% Ni Limonite Resources Target Annual Production 2.
Slide 13: Operating Capacity and Capacity Under Construction
JSI Subic Cawag Leyte Project Operating Capacity 172 MW Developing. Constructing. Capacity Under Construction Already completed. 145 MW 240 MW or For Construction The incremental Attribute capacity under 153 MW 145 MW 144 MW construction to EPI (in MW) Ongoing, Target completion: Pre-development Com
Slide 14: Biliran (BGI)
BILIRAN (BGI) Capacity Initially 50 MW (P50 of 200 MW+) Attributable MW to EPI 22MW Proof of Concept Pilot Project Energized since Feb 17, 2024 Next phase: Finalizing development plan for 10 Development MW, leading to 50 MW 2Q2024 for 2 MW Commercial Operations Date “COD” 2025-2027 for 10 MW
Slide 15: EPI's Projected Capacity Buildup of Generation Assets
EPI'S PROJECTED CAPACITY BUILDUP OF GENERATION ASSETS (Gross Capacity, MW) 3,000 2,500 2,000 1,500 1,000 500 . 730 . 2,591 2,616 . 1,884 2023 2024 2025 2026 2027 2028 ™ Operational mUnder Construction mAdvance Development m Early Development Load profile being developed to serve solar peak and night
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Slide 17: DOF proposes to simplify mining tax last March 7, 2024
DOF proposes to simplify mining tax last March 7, 2024. “Philippine Mining DOF Proposals Fiscal Regime Act” or Legislative features Comments House Bill No. 8937 March 7, 2024 Sept 18, 2023 MARGIN RATE 1% UP TO 10% 1.00% • Reduce to four-tiers instead Government benefits. 1. Margin-based royalty rate
Slide 18: Nickel Deficit Is Inevitable Beyond 2027
NICKEL DEFICIT IS INEVITABLE BEYOND 2027 IMPLIED UPSIDE TO NICKEL PRICES Nickel Demand Supply forecast 2020 - 2032, in kt Ni For 2023-2027, we assume an 7,000 optimistic launch 400 of all announced HPAL projects, 6,000 _ with no delays. 200 5,000 - - 4,000 (200) 3,000 (400) 2,000 (600) 1,000 (800) .
Slide 19: Sustainability
SUSTAINABILITY
Slide 20: ESG Risk Rating Score and Risk Category
Score and Risk Category ESG Risk Exposure ESG Risk Management ESG Risk Rating Contribution to Issue Name Score | Category Score | Category Score | Category ESG Risk Rating 34.8 High Risk Community Relations 8.1 High 41.2 Average 5.1 Medium 14.7% Emissions, Effluents, Negligible Low Medium High Sever
Slide 21: Awards and Recognition
x FinanceAsia ASIA’S BEST COMPANIES FINANCEASIA ASIA'S BEST COMPANIES NAC received a Gold citation and was one of only four companies in the Basic Materials Company sector recognized this year by FinanceAsia, the premier capital markets publication in the region. KSIAMONEY | @PSE ASIAMONEY PHILIPPIN
Slide 22: Disclaimer
DISCLAIMER This presentation and the information contained herein as well as the materials distributed herewith ("Presentation") are the sole and exclusive property of Nickel Asia Corporation ("NAC") and shall only be used for the purpose intended herein, This Presentation is not intended to provide