Nickel Asia doubles nine-month net income in 2025

Nickel Asia Corp. (PSE: NIKL) reported that its attributable net income more than doubled to PHP 5.19 billion for the nine-month period ending September 30, 2025, from PHP 2.55 billion a year earlier.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 64 percent to PHP 10.88 billion from PHP 6.64 billion in 2024, driven by higher saprolite ore export prices.

Revenues from saprolite and limonite ore climbed 41 percent to PHP 20.96 billion from PHP 14.82 billion in the same period last year.

Operating mines sold a combined 13.89 million wet metric tons (WMT) of nickel ore, up two percent from 13.57 million WMT in 2024.

The weighted average ore price rose by 39 percent to USD 26.55 per WMT from USD 19.09 per WMT, while the average exchange rate for sales slightly declined to PHP 56.81 per USD 1 from PHP 57.22.

Exports of saprolite and limonite ore totaled 8.32 million WMT at an average price of USD 37.52 per WMT, up from 8.07 million WMT at USD 24.74 per WMT last year, representing a 52 percent increase in export prices.

Deliveries of limonite ore to the Coral Bay and Taganito HPAL plants reached 5.57 million WMT, with an average realized price of USD 6.90 per pound of payable nickel, equivalent to USD 10.17 per WMT, compared with last year’s 5.49 million WMT at USD 7.78 per pound or USD 10.78 per WMT.

In renewable energy, Nickel Asia’s subsidiary Emerging Power Inc. (EPI), through Jobin SQM Inc. (JSI), operated at a capacity of 172 megawatts (MW), generating 171,279 MWh, up two percent year-on-year.

EPI’s EBITDA, however, declined 16 percent to PHP 617 million due to lower weighted average tariffs following a drop in Wholesale Electricity Spot Market (WESM) prices.

EPI’s joint venture with Shell Overseas Investments B.V., Greenlight Renewables Holdings Inc. (GRHI), began testing and commissioning Phase 1 of its 120 MWp San Isidro solar project in Leyte in October, with commercial operations expected in the second quarter of 2026.

Construction for Phase 2, also with a 120 MWp capacity, began in early 2025.

GRHI also issued the Notice to Proceed for Phase 1 (45 MWp) of the Botolan solar project in Zambales at the end of October 2025, targeting energization by the third quarter of 2026 and full operations by year-end.

Meanwhile, EPI’s wholly owned subsidiary is developing a 145 MWp solar facility in Subic, Cawag, with Phase 1 (70 MWp) slated for testing by late 2026 and commercial operations in 2027, while construction for Phase 2 (75 MWp) will start before year-end.

Pre-development activities for a 50 MWp solar project in Nazareno, Bataan, are ongoing, including an assessment of integrating battery energy storage systems (BESS) to enhance efficiency and value.

Construction for the Nazareno project is targeted to begin in the third quarter of 2026.

During EPI’s Annual Shareholders’ Meeting, three new independent directors were elected: former PLDT Inc. CFO Anabelle L. Chua, former Ayala Land Inc. President and CEO Bernard Vincent O. Dy, and Sunseap Group Co-founder Frank Phuan Ling Fong.

Their collective expertise in finance, project development, and renewable energy is expected to reinforce EPI’s strategic direction and governance.

In exploration, Nickel Asia’s joint venture with Sumitomo Metal Mining Co. Ltd., Cordillera Exploration Co. Inc. (CEXCI), reported positive assay results from its Cordon Project in Isabela confirming gold-bearing veins and porphyry copper-gold mineralization.

Drilling highlights at the San Luis Prospect included a gold-silver intercept of 4.6 meters grading 15.5 grams per ton (g/t) of gold and 85 g/t of silver from 69.9 to 74.5 meters in drill hole SLD003.

Another intercept showed 50 meters grading 0.50 g/t of gold and 0.42 percent copper from 300 to 350 meters in drill hole SLD002.

“These encouraging results strengthen our confidence in the Cordon Project’s potential and reaffirm our commitment to advancing exploration activities through year-end,” Nickel Asia said in a statement.

The company’s board approved a special cash dividend of PHP 0.07 per common share payable on December 15, 2025, to shareholders of record as of November 28, 2025.

This brings total dividends declared this year to PHP 0.18 per share.

“Nickel ore prices remain elevated amid tight supply, which continues to positively impact our performance,” said Nickel Asia President and CEO Martin Antonio G. Zamora.

“We expect this tightness to persist as Indonesia enforces stricter policies on production permits,” he added.

“The positive results from CEXCI’s exploration further strengthen our diversification into copper and gold, and EPI’s continued ramp-up of solar projects drives additional growth,” Zamora said.

“Building on this momentum, we anticipate closing the year with strong operational and financial results, delivering sustained value to our stakeholders,” he added.

Nickel Asia is the Philippines’ largest integrated nickel mining and renewable energy company, operating seven nickel mines and holding a 10 percent stake in the Taganito HPAL project.

Its renewable energy arm continues to expand across solar, wind, and geothermal power as part of its sustainability roadmap and environmental, social, and governance (ESG) commitments.