That's because the team at Bell Potter has named two ASX mining shares as top picks this month.

Here's what it is recommending to clients and why they could be top options for a $2,000 investment:

BHP Group Ltd (ASX: BHP)

The first ASX mining share that could be worth a look is BHP.

Bell Potter has named the Big Australian in its Core Portfolio, which is a diversified, benchmark aware portfolio of 25-35 Australian shares, with a bias towards growth-orientated, quality companies.

Commenting on BHP, the broker said:

BHP Group is the world's largest diversified miner, with a portfolio increasingly oriented toward commodities with structural demand tailwinds from energy transition and data centre buildout. The investment case centres on a copper volume upgrade cycle, with FY26 group production guidance recently lifted and further upgrades flowing through to FY27, underpinned by record throughput at Escondida and a pipeline of Tier 1 growth projects.

Longer-dated optionality is provided by the Jansen potash project, with first production expected mid-2027. The balance sheet is in excellent shape, supporting a material step-up in the interim dividend and a portfolio expected to generate significant free cash flow over FY26-30, providing capacity to sustain strong shareholder returns through the cycle.

Nickel Industries Ltd (ASX: NIC)

Another ASX mining share that gets the thumbs up is Nickel Industries.

It is the largest listed pure-play nickel producer globally with an 80% economic interest in four operating RKEF plants in Indonesia.

Bell Potter has named it among its Australian equities small cap panel. This is its panel of favoured small cap Australian equities that it believes offer attractive returns over the long term.

Bell Potter believes the nickel producer is well-placed to deliver a major uptick in production and cash flow generation in the coming years. It said:

NIC is the only material ASX way to gain exposure to the nickel price, has a growth story, and is diversifying earnings to span Type 1 and Type 2 nickel. NIC continues to generate positive cash flows in a tough nickel market and is set to deliver major growth milestones in CY25 across its highest margin nickel operations.

All up, given the forecast high production growth and potential for a very large free cash flow uplift in the next 2 years or so, NIC presents a compelling story and appears cheap at current valuation.

The post 2 ASX mining shares to buy with $2,000 appeared first on The Motley Fool Australia.

As such, we head into the weekend with the ASX 200 at 8,516.3 points.

This disappointing conclusion to the week's trading for Australian investors was preceded by an even more downbeat morning on the American markets.

The Dow Jones Industrial Average Index (DJX: .DJI) gave up an early lead to finish at a significant 1.01% loss.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) was hit even harder, falling by 2.38%.

But let's return to the local markets now and dive a little deeper into how the various ASX sectors fared amid today's tough trading conditions.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

At the time of writing, the nickel producer's shares are up 6.78% to 94.5 cents.

Despite recent volatility, the stock remains a strong performer over a longer period, up roughly 50% over the past 12 months.

Here's what's behind today's move.

Approval supports near-term production outlook

Earlier today, media reports confirmed that Nickel Industries has secured approval for its 2026 nickel ore sales plan in Indonesia.

The approval, known as the RKAB, essentially sets the company's permitted production and sales volumes for the year. In this case, it allows for a material increase in output from its Hengjaya Mine.

Nickel Industries is now targeting around 14.3 million wet metric tonnes (wmt) of ore sales in 2026, up from approximately 9 million wmt previously.

A large portion of this supply is expected to feed into its downstream processing operations, including the Excelsior Nickel Cobalt (ENC) project.

This gives the company more certainty over feedstock and supports its mining and processing operations.

Fatal incident disclosed in ASX release

Alongside this, Nickel Industries also released an announcement addressing a fatal accident at its Indonesian operations.

According to the update, the incident involved a contractor engaged in transmission line construction linked to the ENC project.

The accident occurred on a haul road at the Hengjaya Mine, where infrastructure is currently being developed.

Management stated that it is working with the relevant contractor and Indonesian authorities as investigations continue.

While the announcement does not directly impact the company's production guidance, it remains a significant development for its operations.

Nickel price backdrop remains mixed

The nickel market has remained volatile in recent weeks.

Nickel prices have eased back toward around US$17,000 per tonne, reflecting softer demand expectations and broader macro uncertainty.

At the same time, supply-side factors in Indonesia continue to play a key role in shaping market dynamics, particularly as production levels increase.

Higher production is being approved while prices are still weak, so keeping costs low is becoming more important.

Foolish Takeaway

Today's move reflects clearer production expectations and continued progress across its Indonesian projects.

The RKAB approval provides a set pathway for higher output in 2026, particularly as the company ramps up downstream processing capacity.

However, this is offset by the fatal incident disclosed in today's release, along with ongoing pressure on nickel prices.

With the stock up strongly over the past year, near-term performance will depend on execution and nickel price movements.

The post This ASX mining stock just jumped. Here's what's driving the move today appeared first on The Motley Fool Australia.

That's because fuel is both a major cost and key input for mining operations across the country.

Bell Potter has been looking at this and has earmarked a number of ASX mining stocks that are better placed than others in the current environment.

What is the broker saying?

Bell Potter highlights that diesel prices have been rising in response to the conflict in the Middle East. It said:

The Middle East conflict and associated rally in oil prices, flows almost directly through to higher costs for much of the mining sector. The sector may also have to manage scarcity of diesel supply, which could impact production volumes. These risks are particularly apparent for large-scale open pit operations relying heavily on diesel powered trucking fleets. Many mining and exploration projects are also reliant on diesel gensets to power plant and associated infrastructure.

Which ASX mining stocks should you buy?

There are a number of stocks under the broker's research coverage which are less exposed to these diesel price and supply risks.

The first is uranium producer Boss Energy Ltd (ASX: BOE), which has been named as a buy with a $1.95 price target. It said:

The Honeymoon project draws power directly from the grid (connected to Broken Hill). In-situ-recovery operations by nature do not require high-diesel consuming truck and shovel fleet typically seen in open-pit operations. The only exposure is via 3rd party site deliveries for reagents.

Another ASX mining stock to get the thumbs up is Liontown Ltd (ASX: LTR). Bell Potter has a buy rating and $2.42 price target on the lithium miner's shares. It commented:

The Kathleen Valley underground lithium operation achieved 82% renewable energy penetration in 1H FY26. Lithium is likely to benefit from the increased incentive to Electric Vehicle take-up and Battery Energy Storage Systems emerging role in providing grid stability.

Nickel Industries Ltd (ASX: NIC) could be another stock to consider. Bell Potter has a buy rating and $1.45 price target on its shares. It said:

Insulated from oil price shock and security of supply issues due to Indonesia's near-self-sufficient diesel supply and a subsidised domestic fuel market. Process plant power supply secure, via on-site coal-fired power utilising abundant domestic coal. NIC is exposed to cost and supply risks of elemental sulphur, which is used to produce acid for High-Pressure-Acid-Leaching (HPAL) of nickel – a key growth area for NIC in CY26. NIC is highly leveraged to the nickel price, a first derivative beneficiary of higher EV demand.

Lastly, it notes that Vulcan Energy Resources Ltd (ASX: VUL) is well-positioned due to its geothermal electricity generation. It has a speculative buy rating and $6.10 price target on its shares. It said:

Phase One Lionheart lithium brine project (first production 2028) is vertically integrated from geothermal electricity generation and heat supply through to electrolysis production of lithium hydroxide. Like LTR, we expect VUL will benefit from stronger lithium markets.

The post 4 of the best ASX mining stocks to buy in the current environment appeared first on The Motley Fool Australia.

After suffering some nasty drops this week, investors couldn't quite summon up the fortitude to end the week higher today. Although the ASX 200 did spend some time in green territory this session, it ended up closing 0.14% lower.

That leaves the index at 8,617.1 points as we head into the weekend.

This uninspiring end to the Australian trading week follows a far nastier morning on the American markets.

The Dow Jones Industrial Average Index (DJX: .DJI) was a car crash-like scene, enduring a 1.56% drop.

Things were even worse for the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC), which lost 1.78% of its value.

But let's get back to the local markets now and see how the various ASX sectors ended their trading weeks.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Australia appears to be in a new mining boom, however, experts say this one will look very different to the last.

If you're looking for investment inspiration, here are two ASX mining shares that brokers rate a buy today.

Torque Metals Ltd (ASX: TOR)

This ASX gold mining share is 48 cents apiece, down 4% today and up 433% over the past 12 months.

Torque Metals has been developing the Paris Gold Project in Western Australia's goldfields region since acquiring it in 2021.

The Mineral Resource Estimate (MRE) is 2,518Kt at 3.1g/t gold for 250,000 ounces. 

This week, Torque announced that three former Spartan Resources executives will join its new management team.

Ramelius Resources Ltd (ASX: RMS) acquired Spartan Resources in July last year.

The incoming executives at Torque Metals are Simon Lawson, who will be the non-executive chair, Craig Jones, who will be the CEO and managing director, and David Coyne, who will serve as a non-executive director.

Morgans issued a new note on the ASX gold mining share today.

The broker maintained its speculative buy rating on Torque Metals with a 12-month share price target of 90 cents.

This implies a potential 100% capital gain over the next year.

Morgans said:

The Spartan Resources team has joined Torque Metals, positioning the company to drive the next phase of high-grade growth at the 250koz Paris Gold Camp.

This is the same group who discovered and grew the Never Never and Pepper deposits from 303koz to 2,372koz Au in less than two years, ultimately transacting to RMS for A$2.5bn.

Check out some 2026 gold price forecasts here.

Nickel Industries Ltd (ASX: NIC)

The Nickel Industries share price is 90 cents on Thursday, down 3% today but up 37% over the past year.

Nickel Industries owns a portfolio of nickel mines and processing plants in Indonesia.

This week, Bell Potter retained its buy rating on this ASX nickel mining share with a $1.45 target.

This suggests a possible 61% share price lift over the next year.

Bell Potter said:

While the conflict in the Middle East is resulting in an immediate market impact to key input costs and the duration is uncertain, Bell Potter's view is that while margins may be impacted, NIC is insulated due to its diversified nickel product suite.

The post 2 ASX mining shares with 60% to 100% potential upside: experts appeared first on The Motley Fool Australia.

The broker has responded to potential supply constraints emerging due to the conflict in the Middle East. 

Nickel Industries overview

The company is a vertically integrated nickel producer. It has production assets spanning nickel ore mining, Nickel Pig Iron (NPI) production and nickel Mixed Hydroxide Precipitate (MHP) production. 

This is via several Rotary Kiln Electric Furnace (RKEF) processing lines across two Industrial Parks in Indonesia. 

Most of the global NPI consumption goes into stainless steel manufacturing, which is the largest end-market for nickel. 

This ASX materials stock has had a solid 12 months. 

Its share price has risen 15.8% in that period. 

However, like many ASX materials companies, it has dipped significantly in March. 

It is down almost 13% since 2 March. 

This is largely in line with the S&P/ASX 200 Materials Index (ASX: XMJ) which is down 14.6% over the same period.

Bell Potter's updated outlook

Yesterday, Bell Potter released an updated report on the ASX small-cap.

The broker acknowledged reports of increased sulphur pricing and potential supply constraints emerging due to the conflict in the Middle East. 

Bell Potter said primarily produced as a by-product of petroleum and natural gas refining, approximately 25% of global production is sourced from the region.

Production disruptions and shipping restrictions (much of exported supply is shipped through the Strait of Hormuz) have led to supply concerns and price spikes from ~US$250/t to US$500/t.

Sulphuric acid (produced from sulphur) is a substantial input into the High Pressure Acid Leach (HPAL) nickel production process, requiring ~8-10t of sulphur per tonne of nickel produced.

What does this all mean?

Essentially, the conflict in the Middle East is causing higher sulphur prices and possible supply shortages.

About 25% of global sulphur production comes from the Middle East, mostly as a by-product of oil and gas refining.

Shipping risks through the Strait of Hormuz and potential production disruptions have pushed sulphur prices from around US$250/t to about US$500/t.

Sulphur is used to produce sulphuric acid, a key input in the HPAL nickel production process, which requires roughly 8–10 tonnes of sulphur to produce one tonne of nickel.

Nickel Industries produces its own acid on site using elemental sulphur, with sulphur accounting for about 40% of HPAL production costs.

The company currently holds around 2–3 months of sulphur inventory at its HPAL operations.

Target price unchanged 

Based on this guidance, Bell Potter has retained its buy recommendation on the ASX small-cap stock. 

While the conflict in the Middle East is resulting in an immediate market impact to key input costs and the duration is uncertain, we form the view that while margins may be impacted, NIC is insulated due to its diversified nickel product suite. There is also a potential offset from higher nickel prices to which NIC has strong leverage.

The broker also retained its price target of $1.45. 

From yesterday's closing price of $0.88, that indicates an upside of 64.8%. 

The post Bell Potter is tipping this ASX small-cap to rise 65% appeared first on The Motley Fool Australia.

Will the market be able to bounce back from this on Tuesday? Here are five things to watch:

ASX 200 set for massive rebound

The Australian share market looks set for a very strong session on Tuesday following a solid start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 200 points or 2.3% higher. In late trade on Wall Street, the Dow Jones is up 0.5%, the S&P 500 is up 0.8%, and the Nasdaq is 1.4% higher.

Oil prices tumble

It could be a poor session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is down 5.25% to US$86.13 a barrel and the Brent crude oil price is down 3.2% to US$89.71 a barrel. This was driven by comments from President Trump, suggesting that the US could take control of the Strait of Hormuz.

Buy Nickel Industries shares

Nickel Industries Ltd (ASX: NIC) shares could be in the buy zone according to analysts at Bell Potter. This morning, the broker has retained its buy rating and $1.45 price target on the nickel producer's shares. It said: "While the conflict in the Middle East is resulting in an immediate market impact to key input costs and the duration is uncertain, we form the view that while margins may be impacted, NIC is insulated due to its diversified nickel product suite. There is also a potential offset from higher nickel prices to which NIC has strong leverage. We retain our Buy recommendation and leave our $1.45/sh Target Price unchanged."

Gold price slips

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a subdued session on Tuesday after the gold price slipped overnight. According to CNBC, the gold futures price is down 0.25% to US$5,146.5 an ounce. A stronger US dollar and higher rate expectations put pressure on the precious metal.

ASX 200 shares going ex-div

A number of ASX 200 shares are going ex-dividend today and could trade lower. This includes CSL Ltd (ASX: CSL), Coles Group Ltd (ASX: COL), Iress Ltd (ASX: IRE), News Corporation (ASX: NWS), and Qantas Airways Ltd (ASX: QAN). With respect to the latter, the airline operator is paying shareholders a fully franked 19.8 cents per share interim dividend next month on 15 April.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

The broker has just named an ASX mining stock that is "ready to rip" as a buy.

Which ASX mining stock?

Bell Potter is bullish on Nickel Industries Ltd (ASX: NIC) and believes its shares could rise strongly from current levels.

It is a vertically integrated nickel producer with production assets spanning nickel ore mining, nickel pig iron (NPI) production and nickel mixed hydroxide precipitate (MHP) production.

This is achieved through several rotary kiln electric furnace (RKEF) processing lines across two industrial parks in Indonesia.

What is the broker saying?

Bell Potter was pleased with Nickel Industries' performance in FY 2025. It notes that its revenue and EBITDA were in line with expectations.

NIC has released its CY25 financial result which was in-line with our revenue and EBITDA forecasts, but below our earnings forecast on higher D&A charges, taxes, financing costs and an impairment. Key metrics from the result included: revenue US$1,649m vs BPe US$1,601m, EBITDA (underlying): US$283m vs BPe US$278m, NPAT (reported, consolidated) US$41m loss vs BPe US$31m profit. No dividend was declared, as expected.

But the main reason that Bell Potter is bullish on this ASX mining stock is its "exceptional nickel price" leverage. The broker believes that its strong margins mean it will benefit greatly when nickel prices move from cyclical lows. It adds:

While technically a miss at the NPAT line, we view the result as a positive one that continues to demonstrate the fundamental strength and profitability of NIC's vertically integrated business model. Underlying EBITDA of US$283m equates to a 17% EBITDA margin through one of the toughest nickel price cycles in years. Margins have been maintained through a combination of cost control and production growth.

This places NIC in a position of exceptional leverage to the nickel price in the event of its recovery off cyclical lows. The industry has seen the closure or suspension of projects globally, tightening any potential supply response. Recently announced production restrictions by the Indonesian Government have been the catalyst for a rise in the nickel price, which we expect to be a positive price support in CY26.

Big returns could be on the cards

According to the note, the broker has retained its buy rating on the ASX mining stock with an improved price target of $1.45 (from $1.30).

Based on its current share price of $1.01, this implies potential upside of approximately 44% for investors over the next 12 months.

In addition, the broker is forecasting a 4% dividend yield over the period, boosting the total potential return to almost 50%.

Commenting on the investment opportunity here, Bell Potter said:

NIC is one of the world's largest listed nickel producers and offers exposure across a range of nickel products and markets. It continues to make money through low nickel prices, benefitting from its upstream and downstream operations, diversified risk and margin exposure across an integrated value chain. We retain our Buy recommendation on an increased Target Price of $1.45/sh.

The post Guess which ASX mining stock is 'ready to rip' 40% higher appeared first on The Motley Fool Australia.

What did Nickel Industries report?

• 2026 RKAB sales quota increased to 14.3 million wmt (up from 9.0 million wmt)
• ~60% quota increase, significantly above peer group
• January 2026 Adjusted EBITDA from Operations of ~US$50 million
• Nickel pig iron (NPI) margins from RKEF operations up 150% to ~US$2,800/t in January
• ENC HPAL margins exceeded US$10,000/t in January
• 2025 NPI production base of 124,966 Ni tonnes

What else do investors need to know?

The increased RKAB quota means Nickel Industries can continue to supply up to 6.0 million wmt of saprolite ore to its rotary kiln electric furnace (RKEF) operations and meet the 8.3 million wmt demand for its ENC HPAL limonite ore in 2026. This positions the company to maintain stable production while supporting ongoing ramp-up at the new ENC project.

Unlike many industry peers, which reportedly received less than 30% of their requested RKAB quotas, Nickel Industries' strong environmental, social, and governance (ESG) credentials were credited for the substantial allocation. The company also plans to apply for further quota increases as 2026 progresses, especially after commissioning the ENC project.

What's next for Nickel Industries?

Nickel Industries will submit further documentation for the 2026 RKAB approval and expects to apply for additional quota increases later in the year. The company is also focused on ramping up the new ENC HPAL project to its full annual capacity of 72,000 tonnes of nickel, aiming to diversify its nickel portfolio and reduce carbon emissions.

With expectations of higher nickel and NPI prices continuing into the year, management indicates the company is highly leveraged to market improvements, with increased EBITDA expected if price trends hold.

Nickel Industries share price snapshot

Over the past 12 months, Nickel Industries shares have risen 30%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 6% over the same period.

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The post Nickel Industries lifts 2026 quota, driving stronger outlook and margins appeared first on The Motley Fool Australia.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

The good news is that some ASX 200 shares are tipped to scream higher over the next 12 months. Here are five of them, and they're all forecast to gain 100% or more in 2026.

Mesoblast Ltd (ASX: MSB)

Mesoblast is an Australian clinical-stage biotech company that develops and commercialises allogeneic cellular medicines to treat complex diseases. It has a couple of products already in use, and other cell therapy candidates are in the late stages of clinical trials. The business has exceptional potential for strong growth this year, it's well-funded, and it won't be subject to the US 100% pharmaceutical tariff. Analysts think the shares could climb another 109.52% from the share price at the time of writing, to $5.04 a piece.

Block Inc (ASX: XYZ)

The US-founded company, best known for providing payment-acquiring and related services to businesses, posted some impressive profit results late last year. But the ASX 200 company has been caught in a perfect storm of rising interest rates, regulatory scrutiny, and concerns around buy now, pay later models, which slashed investor sentiment towards the end of 2025. It looks like the sell-off has continued into 2026, but analysts are bullish that there will be a huge upside ahead. Block shares are tipped to climb as high as $245 each, which implies a 199.64% upside at the time of writing. 

Nextdc Ltd (ASX: NXT)

I'm a big fan of this ASX 200 stock, and I think the business has a lot more to bring to the table amid the AI boom. NextDC operates a rapidly expanding network of data centres focused on cloud computing and telecommunications, and supports AI workloads. It has physical centres, cooling, power, security services, and project support. As data usage continues growing, demand for this type of secure, high-quality infrastructure is very likely to grow alongside it. The company is heavily investing in expanding its business, too, with new partnerships and contracts. Some analysts think the share price will climb to $29.36 a piece this year, which implies a 124.04% upside at the time of writing. 

Catalyst Metals Ltd (ASX: CYL)

The Western Australian gold producer announced a significant new high-grade discovery at its Plutonic Gold Belt. The ASX 200 gold miner also delivered impressive FY25 financial results last year. This represents a long period of operational consistency and organic growth. It looks like there will be plenty more upside ahead for its shares this year. Analysts tip a maximum target price of $18.90, which implies a potential 149.01% upside at the time of writing.

Nickel Industries Ltd (ASX: NIC)

Nickel Industries owns a portfolio of mining and downstream nickel processing assets in Indonesia. It has a controlling interest in the Hengjaya nickel mine and four rotary kiln electric furnace projects. These produce nickel pig iron (NPI) for the stainless-steel industry and materials for EV batteries. The company has had a very strong start to 2026. It has posted news of a new acquisition and strong financial results, pushing its share price higher this year. The ASX 200 Nickel business is planning to expand further this year, too. Analysts are tipping the shares to climb another 131.26% to $2.10 a piece over the next 12 months, at the time of writing.

The post 5 ASX 200 shares forecast to soar 100% (or more) in 2026 appeared first on The Motley Fool Australia.

What did Nickel Industries report?

• Sphere acquires a 10% interest in the ENC project at a US$2.4 billion valuation
• Nickel Industries to increase ENC holding from 44% to 46%, becoming the largest shareholder
• The final US$46 million payment for an extra 2% stake replaces US$253 million previously scheduled, reducing future cash outflows
• Secured an exclusive 15-year, 14 million wmt/year limonite ore supply MOU for the Sampala Project
• Nickel Industries provides credit support to Sphere's US$210 million acquisition loan

What else do investors need to know?

Nickel Industries' agreement with Shanghai Decent not only builds its stake in ENC, but also consolidates its leadership in the project, reducing payment uncertainty and bolstering its balance sheet. The restructuring slashes expected ENC payment obligations by US$207 million while capping future outflows, giving investors more clarity.

By backing Sphere's loan for its ENC stake, Nickel Industries also secures priority rights over those shares, should Sphere ever default. This protects NIC's long-term strategic position and could even allow it to acquire more of ENC on favourable terms in such a scenario.

What did Nickel Industries management say?

Managing Director Justin Werner said:

We are pleased to welcome Sphere as a strategic partner in ENC. Sphere's position as a key accredited supplier to SpaceX underscores the importance of quality, traceability and reliability in advanced and high‑performance end‑markets, and its decision to invest in ENC is a strong endorsement of the project and the quality of ENC's nickel cathode.

The reduced ENC acquisition percentage reduces payment obligations to our largest shareholder, reinforcing the strength of our balance sheet and enhances the Company's financial flexibility.

Finally, the exclusive 15 year, 14 million wmt per annum ore supply MOU reinforces the value of the Sampala Project. Consistent with our integrated business model, the ore supply MOU positions the Company well for any future downstream growth opportunities.

What's next for Nickel Industries?

As ENC nears commissioning, Nickel Industries aims to further its transition into battery-grade nickel and cobalt products used in electric vehicles. The Sampala ore supply MOU, with its innovative transport solution, could unlock extra value and efficiency in supply to the adjacent HPAL project.

The reduced acquisition costs and enhanced ownership position should also help Nickel Industries manage funding more effectively, strengthening its growth platform as it targets downstream opportunities beyond stainless steel.

Nickel Industries share price snapshot

Over the past 12 months, Nickel Industries shares have risen 24%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 5% over the same period.

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The post Nickel Industries cements leadership in ENC, welcomes Sphere as strategic partner appeared first on The Motley Fool Australia.

What did Nickel Industries report?

• Adjusted EBITDA from operations: US$37.3 million, down 57% from Q3
• RKEF division production: 31,561 tonnes nickel, up 1%; adjusted EBITDA of US$35.0 million, down 13%
• HPAL division (HNC) attributable EBITDA: US$17.2 million, up 32%; record margin of US$8,012/t Ni
• Mining operations adjusted EBITDA: –US$14.9 million, hit by a delayed RKAB extension
• Cash and cash equivalents as at 31 December: US$361.1 million
• No lost time injuries reported in the quarter; TRIFR of 0.68

What else do investors need to know?

Nickel Industries' mining segment was impacted by a late government approval for its mining plan (RKAB), which delayed ore sales until mid-December and led to higher operating costs for the quarter. However, operations rebounded strongly in the final weeks and are on track for over 1.4 million wet metric tonnes (wmt) of ore sales in January.

On the corporate front, the company secured Sphere Corp – a SpaceX supplier – as a 10% strategic partner in its Excelsior Nickel Cobalt HPAL project (ENC), marking the first long-term offtake agreement for ENC nickel cathode into Western aerospace markets. During the quarter, Nickel Industries also made progress commissioning its ENC HPAL project, with full production targeted towards the end of the March quarter.

What did Nickel Industries management say?

Managing Director Justin Werner said:

Whilst the quarter was impacted by a delay in the issuance of an extended RKAB for 2025, the Company was able to ramp up mine operations quickly once an extended RKAB was secured and is on track to sell approximately 1.4 million wmt of ore in January. Approval of the revised AMDAL during the quarter to support an increased RKAB of 19 million wmt for 2026 was a major milestone, and the Company remains confident of securing its increased RKAB imminently. Pleasingly, our HNC operations recorded their strongest margin of $8,012/t, which bodes very well for the commissioning of ENC, which is targeted to commence towards the end of the March quarter. … Finally, with both LME and NPI prices off to a strong start in 2026, the imminent commissioning of ENC and increase in ore sales should set the Company up for a strong 2026.

What's next for Nickel Industries?

Investors can watch for the full commissioning and ramp-up of the large-scale ENC HPAL project, which is set to lift production and diversify market exposure. The company is focused on securing a higher 2026 mining quota and boosting ore sales volumes.

Nickel Industries continues prioritising sustainability and safety, including delivering Indonesia's largest solar project to supply renewable energy for the ENC HPAL plant. These initiatives aim to strengthen its reputation as a low-carbon nickel producer with recognised ESG credentials.

Nickel Industries share price snapshot

Over the past 12 months, Nickel Industries shares have risen 18%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 5% over the same period.

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The post Nickel Industries December 2025 quarter: Strong HPAL margins, mining rebounds appeared first on The Motley Fool Australia.

What did Nickel Industries report?

• December quarter adjusted EBITDA from operations forecast at US$35m–US$40m
• HNC HPAL achieved record quarterly adjusted EBITDA of US$129m (100% basis)
• Hengjaya Mine ore sales dropped to 945,631 wmt due to regulatory delays
• Estimated US$45m in foregone ore sales, plus US$18m in contractor stand-by costs
• Hengjaya Mine sold 735,000 wmt of ore by 17 January 2026, despite heavy rainfall

What else do investors need to know?

The company's financial performance took a hit in the December quarter as a result of delays in securing an increased Rencana Kerja dan Anggaran Biaya (RKAB) permit for its Hengjaya Mine. This delay meant ore sales fell sharply from the previous quarter.

On the positive side, operations at Hengjaya resumed in mid-December, supporting a quick recovery. The ongoing pivot towards electric vehicle battery materials is progressing too, with the HNC HPAL project delivering a record result and the Excelsior Nickel Cobalt (ENC) project on track.

What did Nickel Industries management say?

Managing Director Justin Werner said:

Whilst the Company has been frustrated in the delay to secure its 2025 RKAB extension, which was only issued on 11 December 2025 and resulted in foregone ore sales of US$45m, plus a further US$18m in contractor stand-by costs, we are extremely pleased to start 2026 strong with 735,000 wmt of nickel ore sold as at 17 January.

What's next for Nickel Industries?

Nickel Industries is turning its attention to the future, with early 2026 operations at Hengjaya Mine off to a strong start despite unusually high rainfall. The company is looking to further diversify with the commissioning of the new ENC project, expected to add significant nickel production focused on the electric vehicle battery supply chain.

This transition is part of a broader strategy to reduce carbon emissions and expand Nickel Industries' presence across the battery materials market. Investors will be watching progress at the ENC project closely over the coming quarters.

Nickel Industries share price snapshot

Over the past 12 months, Nickel Industries shares have risen 6%, slightly trailing the S&P/ASX 200 Index (ASX: XJO) which has risen

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Nickel Industries shares closed down 2.66% on Wednesday, trading for 92 cents each. That sees the miner commanding a market cap of nearly $4 billion.

Despite that slip, shares in the ASX 200 mining stock remain up an impressive 113% since closing at 42.5 cents apiece on 9 April.

If you're not familiar with Nickel Industries, the company owns a portfolio of mining and downstream nickel processing assets in Indonesia. The miner has a controlling interest in the Hengjaya nickel mine, as well as four rotary kiln electric furnace projects. These produce nickel pig iron (NPI) for the stainless-steel industry.

Nickel Industries is also increasingly focused on producing materials for the electric vehicle battery supply chain.

Nickel Industries shares tipped to gain another 14%

With an eye on the global commodity rally and Nickel Industries' promising prospects, Canaccord Genuity analyst Timothy Hoff recently upgraded the ASX 200 mining stock from a hold rating to a buy rating (courtesy of The Bull).

Canaccord also upped its share price target to $1.05, from the prior 80 cents per share. That represents a potential upside of 14% from Wednesday's closing price.

What's the latest from the ASX 200 mining stock?

Nickel Industries is off to a strong start in 2026, with shares up 8.9% year to date.

Shares in the ASX 200 mining stock closed up 7.8% on 2 January after the company announced that South Korean-listed Sphere Corp will acquire a 10% stake in the Excelsior Nickel Cobalt (ENC) HPAL project.

The deal values ENC at US$2.4 billion.

According to the release, ENC is a next-generation HPAL (High Pressure Acid Leach) project capable of producing mixed hydroxide precipitate (MHP), nickel and cobalt sulphate, and nickel cathode.

Nickel Industries will maintain its 44% shareholding in ENC, with Sphere entering an offtake agreement for ENC nickel cathode at market prices, including volumes above its 10% ownership share.

ENC is targeting annual production of 72,000 tonnes of nickel metal once commissioned.

Commenting on the deal with Sphere that sent the ASX 200 mining stock sharply higher on the day, Nickel Industries managing director Justin Werner said:

This transaction marks the first offtake agreement for ENC material into Western markets, and we are particularly pleased that it is into the growing aerospace and aeronautical industries, which demands the highest product quality and is forecast to grow by approximately 8% CAGR [compound annual growth rate] to 2030.

Sphere has an existing 10-year supply contract with Elon Musk's SpaceX.

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The company is a producer of nickel pig iron, a key ingredient in stainless steel. It is also engaged in exploring, mining, acquiring, and developing nickel projects globally.

It closed 2025 trading at $0.83 each, and closed yesterday at $0.95. 

That's almost 15% higher in just a few days of trading. 

Why the red hot start?

Investors have been reacting positively to the announcement of a strategic partnership with Sphere Corp, including a US$2.4 billion valuation for its ENC HPAL project and the first Western offtake agreement for ENC nickel cathode.

What does this mean?

South Korean-listed Sphere Corp will acquire a 10% stake in the ENC HPAL project at a US$2.4 billion valuation.

The funding completion is expected in early Q1 2026.

The partnership is the company's first offtake deal into Western markets, specifically targeting the fast-growing aerospace and aeronautical industries.

What's Bell Potter's view?

Following the announcement, broker Bell Potter released a new report on this ASX penny stock. 

The broker said there have been positive catalysts emerging for the company in the last couple of weeks. 

Bell Potter views these as a precursor to a transformational year for Nickel Industries. 

These include receipt of an increased ore sales permit, the disclosure of a strategic partnership at the ENC HPAL plant and a rising nickel price.

The broker highlighted The LME nickel price has surged from an 8-month low to a 14-month high in the last two weeks in a burst of volatility that can be a feature of the nickel market. 

NIC's share price has appreciated ~27% since early December, with this being a key driver.

Increased target price

In the report, Bell Potter included EPS changes of: CY25: -25%; CY26: +22%; CY27: +4%.

The broker also reinforced its buy recommendation, and upgraded its price target to $1.30. 

From yesterday's closing price of $0.95, this indicates an upside of 36.84%. 

NIC is one of the world's largest listed nickel producers and offers exposure across a range of nickel products and markets. It continues to make money through low nickel prices, benefitting from its upstream and downstream operations, diversified risk and margin exposure across an integrated value chain.

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Four ASX shares that are rising more than most today are listed below. Here's why they are starting the year positively:

4DMedical Ltd (ASX: 4DX)

The 4DMedical share price is up a further 15% to $4.51. Investors have been fighting to get hold of this respiratory imaging technology company's shares in recent weeks. This has been driven by the announcement of a commercial arrangement for the clinical use of its CT:VQ platform with United States-based Cleveland Clinic. CT:VQ is a CAT scan-based ventilation-perfusion software. Commenting on the contract win, 4DMedical's CEO, Andreas Fouras, said: "In just over three months since FDA clearance, we've established CT:VQ at three of America's leading academic medical centres: Stanford, University of Miami, and Cleveland Clinic. This rapid adoption by elite institutions demonstrates the compelling clinical and operational advantages of CT:VQ over traditional nuclear VQ imaging."

Elsight Ltd (ASX: ELS)

The Elsight share price is up 11% to $3.43. This morning, the uncrewed systems connectivity platform provider released an update on its strategic development program with a leading defence prime contractor. Elsight revealed that it has moved its Aura platform out of the development phase and has commenced the delivery of the initial batch of units ordered under the first phase of the program. The company's CEO, Yoav Amitai, said: "Completing the development phase of Aura and moving into delivery is an important execution milestone for this program. In parallel, we are investing deliberately in the U.S. market, both through senior hires and through close engagement with government and OEM partners."

Judo Capital Holdings Ltd (ASX: JDO)

The Judo Capital share price is up 5% to $1.81. This follows the release of an update from the small business lender. Judo Capital revealed that its unaudited closing balance for gross loans and advances (GLAs) at 31 December was approximately $13.4 billion. Judo's CEO, Chris Bayliss, said: "We are pleased to have delivered strong loan growth in the first half of FY26, in line with our expectations. Our relationship-led value proposition continues to resonate with SME customers, and we are seeing good momentum across our business." Management also reaffirmed its profit guidance for FY 2026.

Nickel Industries Ltd (ASX: NIC)

The Nickel Industries share price is up over 7% to 89.7 cents. This morning, this nickel producer revealed that Sphere Corp has agreed to acquire a 10% interest in the ENC HPAL project at a US$2.4 billion valuation. Sphere is a South Korean premium alloy and precision materials manufacturer for the global aerospace industry.

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