Nickel Asia Corp. · PSE:NIKL
Nickel Asia — Q1 2025 Earnings Presentation
20 slides from Nickel Asia's earnings presentation, May 8, 2025
Slide 1: 1Q-2025 Earnings
NICKEL ASIA CORP. 1Q-2025 EARNINGS MAY 08, 2025
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: 1Q-25 Highlights
1Q-25 HIGHLIGHTS NICKEL MINING RENEWABLE ENERGY (EMERGING POWER INC.) Revenues from ore sales increased by 16% to P2.36 billion EPI’s operating asset Jobin-SQM Inc. (JSI) is presently operating at from P2.03 billion last year, due to higher ore prices. a total capacity of 172-MW; generation for 1Q-2
Slide 4: Nickel Mining Performance
NICKEL MINING PERFORMANCE
Slide 5: Financial Highlights (1Q-25 vs 1Q-24)
FINANCIAL HIGHLIGHTS (1Q-25 VS 1Q-24) REVENUE (PHP BN) EBITDA (PHP BN) NET INCOME (PHP BN) 2022 2023 2024 1Q2025 1Q2024 EBITDA Margin (1) 51% 46% 39% 33% 40% Ave. NI LME price per pound (US $) 11.21 9.49 7.66 7.05 7.57 Ore Exports 39.39 30.59 27.34 36.6 25.57 Average Price in US$/WMT HPAL Deliveries
Slide 6: Shipments and Revenues by Ore Type
SHIPMENTS AND REVENUES BY ORE TYPE First Quarter Period Comparison -11.4% YoY Limo HPAL +16.2% YoY change in Ore revenue -5.0% YoY Sales Volume +43.3% YoY ore exports -17.2% YoY change in limo HPAL revenues -9.0% YoY Limo HPAL +60.9% YoY change in ore exports revenues +8.2% YoY ore exports
Slide 7: Revenue – Variance Analysis
REVENUE – VARIANCE ANALYSIS First Quarter Period Comparison Sales Volume (in millions WMT) Gross Revenues, in Php Millions, 3M-2025 v 3M-2024 1Q-25 -5.0 YoY 2.48 1Q-24 2.61 Sales Price (in USD$ per WMT) 1Q-25 +18.6% YoY 16.40 1Q-24 13.83 FX Rate (PHP/USD) 1Q-25 +3.1% YoY 57.85 1Q-24 56.13 TSF- Taili
Slide 8: Cost & Expenses – Variance Analysis
COST & EXPENSES – VARIANCE ANALYSIS First Quarter Period Comparison Sales Volume (in millions WMT) Costs and Expenses, in Php Millions, 3M-2025 v 3M-2024 1Q-25 -5.0 YoY 2.48 1Q-24 2.61 Fuel Prices (PHP/Liter) 1Q-25 -4.2% YoY change 50.49 1Q-24 52.71 EPEP – Environmental Protection and Enhancement Pr
Slide 9: Investment in HPAL Equity Earnings
INVESTMENT IN HPAL EQUITY EARNINGS We completed the sale of our 15.625% equity stake in CBNC to Sumitomo Metal Mining (SMM). We trimmed total losses in our equity investments by 53% versus the same period last year, as a result of the divestment.
Slide 10: The New Mines
NEW MINES RESOURCES: 241M WMT THE NEW MINES TARGET ANNUAL GROSS ADDITIONAL PRODUCTION: 7.5M WMT SOUTH UPPER DINAPIGUE MANICANI GUINTALUNAN TOTAL RESOURCES AS OF 12/31/2024 129 M WMT @ 1.12% Ni 50 M WMT @1.39% Ni 62 M WMT @1.43% Ni SAPROLITE RESOURCES 42 M WMT @ 1.35% Ni 19 WMT @ 1.64% Ni 49 M WMT @
Slide 11: Renewable Energy Performance & Pipeline
RENEWABLE ENERGY PERFORMANCE & PIPELINE
Slide 12: JSI Financial Highlights (1Q-24 to 1Q-25)
JSI FINANCIAL HIGHLIGHTS (1Q-24 TO 1Q-25) Source: Company Data
Slide 13: Solar Assets Slated Near-Term
2025/2026 ADDITIONAL SOLAR ASSETS TOTAL GROSS CAPACITY: 120 MW / 360 MW SLATED NEAR-TERM 2025/2026 ADDITIONAL ATTRIBUTABLE CAPACITY: 72 MW / 274 MW LEYTE PROJECT P1 SUBIC CAWAG P1 LEYTE PROJECT P2 SUBIC CAWAG P2 CAPACITY UNDER CONSTRUCTION OR 120 MW 70 MW 120 MW 75 MW FOR CONSTRUCTION TOTAL ATTRIBUT
Slide 14: Solar Assets Slated Near-Term
SOLAR ASSETS SLATED NEAR-TERM BOTOLAN P1 NAZARENO CAPACITY UNDER CONSTRUCTION OR FOR CONSTRUCTION 45 MW 50 MW TOTAL ATTRIBUTABLE MW TO EPI 27 MW 30 MW PRE-DEVELOPMENT To be completed Complete mid 2025 CONSTRUCTION To start June 2025 3Q 2025 TESTING AND COMMISSIONING 2Q 2026 3Q 2026 COMMERCIAL OPERAT
Slide 15: 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: By 2025 it will be 293 MW By 2026 it will be 667 MW PSAs and GEAP participation for offtake.
Slide 16: Appendix
APPENDIX
Slide 17: Nickel Deficit Is Inevitable Beyond 2027
NICKEL DEFICIT IS INEVITABLE BEYOND 2027 IMPLIED UPSIDE TO NICKEL PRICES The mass adoption of NEVs and the increase in nickel demand will continue into the next decade. Nickel supply visibility beyond 2027 is limited, considering the availability of ore supply, regulatory challenges, and execution r
Slide 18: Regulatory Updates
REGULATORY UPDATES Senate Bill 2826 proposes to ban ore exports with a 5- year grace period from its passing. The additional taxes have an approximately 3% impact to our net-income. LEGISLATIVE SENATE BILL COMMENTS FEATURES (THIRD READING) FEB 4, 2025 TIERED ROYALTY OUTSIDE MINERAL MARGIN NAC’s two
Slide 19: Nickel Processing Plant Study
NAC and DMCI Mining, will come together to explore the feasibility of developing and operating a nickel processing plant in the Philippines. The announcement was made on 5th March, 2025. The plant aims to process low-grade nickel ore that’s currently not viable for export, thereby maximizing the Phi
Slide 20: 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