Highlights

• Nickel Industries reported record Hengjaya Mine ore sales of 4.49 million wet metric tonnes during September quarter.

• Quarterly ore sales grew 56% from the preceding period, according to the reported September update figures.

• The group reported adjusted EBITDA growth of 4% to USD 125 million in its quarterly performance.

• Operational attention remained on the ENC high-pressure acid leach plant and the conditions affecting its ramp-up schedule.

Record mine sales and the progress of a major processing plant are shaping the operational story at Nickel Industries Limited (ASX:NIC). The Indonesian nickel group detailed quarterly output while tracking the ENC HPAL development.

Market Activity

Nickel Industries shares were trading around 66 cents at about 2:40pm AEDT on 11 November 2026, up roughly 3.1% on the previous close of 64 cents, . Volume of about 4.3 million shares was below the stock’s average of around 7.5 million. The company’s latest filings date from October, so the rise cannot be tied to a specific release.

Latest Contract Activity

Nickel Industries released its September 2026 Quarterly Report on 22 October. the Hengjaya Mine achieved record ore sales of 4.49 million wet metric tonnes, up 56% on the previous quarter. Group adjusted EBITDA rose 4% to USD 125.9 million, and attributable EBITDA rose 3% to USD 102.4 million. Unit operating costs at Hengjaya fell 15% to USD 18.5 per wet tonne. Two related ASX announcements followed: “ENC HPAL Project Financing Established” on 21 October and “ENC HPAL Project Receives IUI” on 29 October.

Company Operations

Nickel Industries owns Mining and Downstream nickel processing Assets in Indonesia, producing nickel for the stainless steel and electric vehicle Supply chains, . Its operations include the Hengjaya Mine, rotary kiln electric furnace (RKEF) smelting and HPAL processing. The company said it is also progressing the Sampala, Siduarsi, TMI and CNE projects.

Financial Performance

Nickel Industries reported Revenue of about USD 1.65 billion in 2025, down from USD 1.74 billion in 2024, with a net loss of about USD 57 million. That follows a USD 169 million net loss in 2024 and profits in 2022 and 2023. It has about 4.34 billion shares on issue and a Market Capitalisation of about AUD 2.8 billion. Its last Dividend recorded on was 1.5 cents, paid in March 2025. The shares have traded between 56.5 cents and AUD 1.125 over the past 52 weeks.

The rain problem

Managing Director Justin Werner said in the quarterly report that the company is well positioned to grow EBITDA as it starts to recognise additional Cash Flow from ENC once normal rainfall returns. severe El Nino-driven dry conditions had affected ore hauling and water supply, temporarily limiting output at some operations. Full ramp-up of ENC depends on the return of rain and better water availability, which the company expects in the December quarter.

Sector context and risks

Nickel Industries sells into the stainless steel and electric vehicle supply chains, so its Earnings depend on nickel prices and Demand from those markets. Ramp-ups can run behind schedule, and weather dependence is already evident. The company is also carrying significant debt, with ing total liabilities of about USD 3.2 billion against total assets of about USD 6.2 billion. Guidance reported by for the current year includes mine sales of 14.3 million wet metric tonnes, RKEF nickel sales of 100 to 110 thousand tonnes, and attributable HPAL sales of 10 to 11 thousand tonnes.

Next Milestones

The company has said it expects ENC to ramp up as rainfall returns, with the December quarter flagged.