Nickel Asia Corp. · PSE:NIKL
Nickel Asia — Q1 2026 Earnings Presentation
28 slides from Nickel Asia's earnings presentation, May 11, 2026
Slide 1: 1Q-2026 Earnings Briefing
NAC 1Q-2026 EARNINGS BRIEFING May 11, 2026 wa iN
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: NIKL and EPI 1Q-26 Highlights
NIKL AND EPI 1Q-26 HIGHLIGHTS NICKEL MINING RENEWABLE ENERGY (EMERGING POWER INC.) • Revenues from ore sales increased by 3% ₱2.42 billion • EPI, which now operates at an operating capacity of 293-megawatt peak (MWp), from ₱2.36 billion, due to an improvement in weighted increased generation by 63%
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 5: Financial Highlights (1Q-26 vs 1Q-25)
FINANCIAL HIGHLIGHTS (1Q-26 VS 1Q-25) Revenue (PHP billions) EBITDA (PHP billions) Attributable Net Income (PHP billions) Services and others Total 4.0 2.9 3.2 1.0 2.7 2.2 1.1 1.5 1.3 0.5 0.4 0.2 1Q-23 1Q-24 1Q-25 1Q-26 1Q-23 1Q-24 1Q-25 1Q-26 1Q-23 1Q-24 1Q-25 1Q-26 1Q2023 1Q2024 1Q2025 1Q2026 Gros
Slide 6: Nickel Mining Performance
NICKEL MINING PERFORMANCE NICKEL ASIA CORP
Slide 7: Mining Highlights (1Q-26 vs 1Q-25)
MINING HIGHLIGHTS (1Q-26 VS 1Q-25) Sales Volume Average Ore Sale Prices Ore Revenue (in millions WMT) (in US$/WMT) (in PHP bn) 5.0 $40.00 5.0 4.0 4.0 $30.00 3.0 2.48 3.0 2.27 2.36 2.42 $20.00 36.60 35.63 2.0 2.0 0.96 1.82 1.24 1.71 $10.00 1.0 1.0 9.10 12.29 1.40 1.18 0.66 0.56 0.0 $0.00 0.0 1Q-25 1Q
Slide 8: Revenue – Variance Analysis
REVENUE – VARIANCE ANALYSIS YoY Comparison Gross Revenues in Php Millions 3M-2026 v 3M-2025 3,500 M 189 M 3,155 M 2,926 M 284 M 55 M (25 M) 3,000 M (0 M) (2 M) Higher (272 M) Higher average generation due 2,500 M Fx on revenues, Better to additional Php59.19 to $1 capacity from Lower export weighted
Slide 9: Cost & Expenses – Variance Analysis
COST & EXPENSES – VARIANCE ANALYSIS YoY Comparison Costs and Expenses in Php Millions 3M-2026 v 3M-2025 3,000 M 2,470 M 36 M 2,500 M 76 M 2,374 M 20 M Increase in (21 M) (207 M) depreciation Increase due to 2,000 M due to the Improved additional replacement production capacity from of CapEx. volume
Slide 10: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS in PHP millions 31 March 2026 31 Dec 2025 % Change 31 March 2026 31 Dec 2025 Assets 65,653 70,168 -6% Debt Ratio (1) 0.30x 0.32x Cash and Cash Equivalents 11,915 17,574 -32% Trade and Other Receivables 1,865 2,382 -22% Debt to Equity Ratio (2) 0.43x 0.47x PPE 34,233 33,126 3
Slide 11: Renewable Energy Performance
RENEWABLE ENERGY PERFORMANCE NICKEL ASIA CORP
Slide 12: JSI Project Overview
JSI PROJECT OVERVIEW Project Details Project 172MWp Capacity Mt. Sta Rita, Subic Bay Location Freeport Zone PSA:WESM average sales mix for 1Q26 stood at 94:6. Offtake Profile As of end March 2026, 170MWp has been contracted. Additional 72MWp was Other details energized last February 2024
Slide 13: San Isidro, Leyte Overview
SAN ISIDRO, LEYTE OVERVIEW (UNDER GREENLIGHT RENEWABLES HOLDINGS INC.) Project Details P1 P2 Project Capacity 120MWp 120MWp Location San Isidro, Leyte Offtake Profile 100% contracted Energization date 4Q 2025 3Q 2026 COD date 2Q 2026 1Q 2027
Slide 14: EPI Consolidated Financial Highlights (1Q-26 vs 1Q-25)
EPI CONSOLIDATED FINANCIAL HIGHLIGHTS (1Q-26 vs 1Q-25) Generation (in MWh) EBITDA (in PHP millions) 267 95,831 58,857 116 1Q-26 1Q-25 1Q-26 1Q-25 1Q-26 1Q-25 1Q-26 1Q-25 1Q-26 1Q-25 YoY% change Remarks Generation (in MWh) 95,831 58,857 63% Energization of SISPC Phase 1 (120 MW) JSI: Additional PSA c
Slide 15: Development Pipeline
DEVELOPMENT ill PIPELINE a a may at Speen
Slide 16: San Juan, Botolan, Zambales Overview
SAN JUAN, BOTOLAN, ZAMBALES OVERVIEW (UNDER GREENLIGHT RENEWABLES HOLDINGS INC.) Project Details P1 P2 Project Capacity 45MWp 14MWp Location Botolan, Zambales Target to be 100% Offtake Profile 100% contacted contracted Energization date 4Q 2026 1Q 2027 COD date 2Q 2027 3Q 2027
Slide 17: Subic, Cawag Overview
SUBIC, CAWAG OVERVIEW Project Details P1 P2 Project Capacity 70MWp 75MWp Brgy Cawag, Subic Bay Freeport Location Zone, Zambales 64% contracted, with Target to be Offtake Profile active ongoing 100% negotiations contracted for the remaining 36% Energization date 2Q 2027 4Q 2027 COD date 3Q 2027 1Q 20
Slide 18: Nazareno, Bataan Overview
NAZARENO, BATAAN OVERVIEW Project Details Project Capacity 50MWp Location Hermosa, Bataan Target to be 100% Offtake Profile contracted Energization Date 3Q 2028 COD date 4Q 2028
Slide 19: EPI's Projected Capacity Buildup of Generation Assets
EPI’S PROJECTED CAPACITY BUILDUP OF GENERATION ASSETS Gross Capacity, MW EPI’s gross capacity will reach the following: 1,600 • By 2026, it will be 458 MW - 1,400 182 • By 2027, it will be 617 MW 332 1,200 532 150 • PSAs and GEAP participation for offtake. 130 1,000 182 518 Summary 2025 2026 2027 20
Slide 20: Gold and Copper Exploration Updates
Slide 21: Copper-Gold Exploration | Luzon, Philippines
COPPER-GOLD EXPLORATION | LUZON, PHILIPPINES C OR D O N P RO J E CT | O VER VI EW & STR ATEG Y WHERE VALUE CREATION MILESTONES 4,967 ha across Cordon (Isabela) and Diadi (Nueva Vizcaya), Luzon. 40 drill holes complete; scout EP-000026-II renewed through 2026. NOW drilling ongoing EP renewal secured;
Slide 22: 1Q26 Exploration Highlights & Significant Drill Intercepts
1Q26 EXPLORATION HIGHLIGHTS & SIGNIFICANT DRILL INTERCEPTS 4 SLD0004 PORPHYRY COPPER-GOLD EPITHERMAL GOLD SLD0006 — 2 intercepts DRILL HOLES COMPLETED 0.32% Cu | 0.33 g/t Au 3.66 g/t Au 47.6m from 311.6m 4.0m from 53.0m 1,795m TOTAL METERS DRILLED SLD0005 — 2 intercepts 3.74 g/t Au 1.0m from 83.6m S
Slide 23: Grade Benchmarking: How Does Cordon Stack Up Against Philippine Cu-Au Operations?
GRADE BENCHMARKING: HOW DOES CORDON STACK UP AGAINST PHILIPPINE CU-AU OPERATIONS? Average Gold Grade (g/t Au) Average Copper Grade (% Cu) Philippine porphyry Cu operations & indicated resource vs. Cordon exploration Gold deposit peer comparison — Philippine alkaline rock-hosted operations target 2.4
Slide 24: Appendix
Slide 25: New Nickel Ore Benchmark Price
NEW NICKEL ORE BENCHMARK PRICE Indonesia - The Ministry of Mineral and Energy Resources (ESDM) has changed the pricing formula for nickel ore and effectively doubled the benchmark prices for saprolite nickel ore and limonite nickel ore.
Slide 26: Regulatory Updates
REGULATORY UPDATES RA No. 12253 (Enhanced Fiscal Regime for Large-Scale Metallic Mining Act) was signed on Sept. 4, 2025. LEGISLATIVE FEATURES RA No. 12253 COMMENTS Royalty within • Carried over from previous regime Mineral Reservations 5% • Surigao mine sites are presently impacted: CMC, HMC, TMC M
Slide 27: Capex Updates
CAPEX UPDATES Mining and RE CapEx & CEXCI Mining Explo Costs, 2026 Forecasted Mining and RE CapEx & CEXCI Mining PhP millions Explo Costs, PhP Millions 10,000 9,318 9,338 6,000 9,000 5,053 5,000 8,000 7,000 4,000 6,000 7,656 7,259 5,000 3,000 4,383 2,735 4,000 1,937 1,962 2,000 3,000 2,438 2,000 89
Slide 28: 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