The Nickel Industries Ltd (ASX: NIC) share price is in focus after the company delivered US$120.5 million in adjusted EBITDA from operations in the June 2026 quarter, with Hengjaya Mine reporting a record adjusted EBITDA and the Sampala project receiving a significant resource upgrade.
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What did Nickel Industries report?
- Group adjusted EBITDA of US$120.5 million, down 11% from the prior quarter
- Hengjaya Mine adjusted EBITDA up 58% to a record US$45.7 million
- RKEF production down 8% to 27,864 tonnes of nickel; RKEF adjusted EBITDA down 30% to US$60.3 million
- HPAL attributable adjusted EBITDA of US$14.4 million, down 30%
- Sampala project updated JORC resource to 1,095 million tonnes at 1.24% nickel
- Executed US$450 million unsecured loan facilities
What else do investors need to know?
Nickel Industries continued its expansion into high-pressure acid leach (HPAL) projects, acquiring interests in PT Chengsheng New Energy and PT Teluk Metal Industry, with commissioning at the ENC HPAL project well advanced and first MHP produced in July. The Sampala project was valued in excess of US$1.3 billion after a share swap transaction and is now one of the world's largest known nickel resources.
Operationally, Hengjaya Mine improved ore production by 4% despite a temporary suspension, and achieved a 50% increase in sale prices due to Indonesian government policy changes. The company closed the quarter with US$268 million in cash, buoyed by strong cash flow generation and successful loan refinancing.
What did Nickel Industries management say?
Managing Director Justin Werner said:
The June quarter marked the beginning of a transformational period for Nickel Industries, with first MHP produced in July and the first nickel cathode expected by mid-August—a landmark moment that will see the Company producing across the full nickel value chain, from our own ore through to exchange-grade cathode… With our balance sheet strengthened by the US$450m refinancing completed in April, and growing cash returns from across the portfolio—including a maiden distribution from HNC—the Company is well positioned as we enter this next phase of growth.
What's next for Nickel Industries?
Looking ahead, Nickel Industries expects continued growth through new HPAL operations as commissioning transitions to commercial production later in the year. The Sampala project remains a focal point for future development and is expected to provide long-term ore supply for both CNE and TMI HPAL projects.
In addition to operational expansion, the company is maintaining a strong commitment to sustainability, safety, and community engagement. Nickel Industries will also progress regulatory approvals and feasibility work for both Sampala and Siduarsi projects in the coming months.
Nickel Industries share price snapshot
Over the past 12 months, Nickel Industries has increased 1%, trailing the S&P/ASX 200 Index (ASX: XJO), which has risen 3% over the same period.
