Highlights

  • Bell Potter Securities (Institutional) has issued a BUY rating on Nickel Industries with a price target of AUD 1.20.
  • Nickel Industries reported quarterly production growth, with RKEF EBITDA up 20% quarter-on-quarter.
  • The company achieved record quarterly mine sales of 3.1 million wet metric tonnes (wmt) for the period ended 30 September 2025.

Nickel Industries Limited (ASX:NIC) has received a BUY rating from Bell Potter Securities (Institutional) with a price target of AUD 1.20 per share. The analyst rating might follow the company’s quarterly activities report for the period ended 30 September 2025, which showcased steady operational progress across its RKEF, HPAL, and mining segments.

Operational Highlights – Consistent Growth Across Segments

During the September 2025 quarter, Nickel Industries reported improved performance across its key operations.

RKEF Operations

  • Nickel production: 31,148 tonnes, up 2% quarter-on-quarter.
  • Nickel sales: 30,622 tonnes, up 1%.
  • Cash costs: Reduced 5% to US$9,846/t Ni.
  • Adjusted EBITDA: Rose 20% to US$40.5 million (US$1,324/t Ni).

HPAL Operations

  • Attributable nickel production: 2,166 tonnes, up 4%.
  • Cash costs: Down 3% to US$7,610/t Ni.
  • Attributable EBITDA: Up 21% to US$13.1 million.

Mining Operations

  • Ore sales: 3.09 million wmt, a 2% increase quarter-on-quarter.
  • Ore production: Stable at 5.9 million wmt.
  • Adjusted EBITDA: US$32.8 million, down 21%, impacted by higher operating costs of US$14.6/wmt.
  • Record mine sales: 1.4 million wmt in July and 1.5 million wmt in August, the highest monthly volumes achieved to date.

Financial and Strategic Developments

During the quarter, Nickel Industries successfully issued USD 800 million in five-year senior unsecured notes, enhancing liquidity and refinancing capacity. Following the quarter’s end, the company repaid USD 400 million in senior unsecured notes and USD 150 million in bank loans, strengthening its balance sheet.

Additionally, the company announced payment deferrals related to the ENC acquisition, extending until the second half of 2026.

Record Operational Momentum

The September quarter marked a new record for quarterly mine sales, reaching 3.1 million wmt, highlighting stable demand and encouraging logistics execution.