Top Page
Nickel Mines Ltd.
(Sydney:NIC)
Nickel Mines Ltd. (NIC) vs. iShares MSCI Australia ETF (EWA)
Nickel Mines Ltd. Business Overview & Revenue Model
Nickel Mines Ltd. Earnings Call Summary
Nickel Mines Ltd. Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.71B | 1.74B | 2.76B | 1.22B | 645.94M |
| Gross Profit | 171.13M | 314.65M | 659.78M | 360.42M | 252.73M |
| EBITDA | 247.35M | 62.72M | 405.85M | 457.29M | 306.58M |
| Net Income | -59.05M | -168.59M | 121.60M | 158.98M | 137.94M |
Balance Sheet | |||||
| Total Assets | 4.27B | 3.90B | 4.07B | 2.67B | 1.77B |
| Cash, Cash Equivalents and Short-Term Investments | 357.00M | 210.95M | 774.97M | 144.24M | 137.86M |
| Total Debt | 1.20B | 1.05B | 845.02M | 824.73M | 327.61M |
| Total Liabilities | 1.81B | 1.35B | 1.16B | 857.98M | 472.71M |
| Stockholders Equity | 2.04B | 2.12B | 2.43B | 1.30B | 1.00B |
Cash Flow | |||||
| Free Cash Flow | 88.57M | 208.79M | 170.76M | -120.42M | 179.15M |
| Operating Cash Flow | 105.25M | 281.39M | 229.76M | 63.04M | 189.02M |
| Investing Cash Flow | -41.56M | -288.91M | -1.15B | -430.01M | -597.86M |
| Financing Cash Flow | 57.43M | -64.01M | 1.06B | 373.15M | 197.29M |
Nickel Mines Ltd. Technical Analysis
Nickel Mines Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | AU$11.96B | 29.98 | -26.55% | ― | -15.27% | -817.26% | |
56 Neutral | AU$4.39B | -50.75 | -7.26% | 5.03% | -2.30% | -234.27% | |
54 Neutral | AU$16.72B | -173.00 | -5.63% | ― | -38.69% | -174.12% | |
52 Neutral | AU$2.28B | -36.34 | -50.19% | ― | ― | -20.85% | |
49 Neutral | AU$6.52B | -31.54 | -35.65% | ― | -37.23% | -32433.33% | |
43 Neutral | AU$2.91B | -10.07 | 7.84% | 1.04% | -4.84% | -30.61% |
Nickel Mines Ltd. Corporate Events
Nickel Industries Limited has announced a change in director Chris Shepherd’s interests following the conversion of vested share rights into fully paid ordinary shares. Shepherd converted 1,000,000 share rights into 1,000,000 fully paid ordinary shares at nil consideration, increasing his direct and indirect holding of ordinary shares while reducing his unconverted share rights, in line with the company’s executive incentive arrangements and ASX disclosure requirements.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.10 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries Limited has applied to the ASX for quotation of 1,000,000 new ordinary fully paid shares, with an issue date of February 24, 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instruments, modestly expanding the company’s share base and potentially increasing its trading liquidity for investors.
While the size of this issuance is relatively limited compared with typical market capitalisations, it reflects ongoing equity-related activity tied to prior commitments within Nickel Industries’ capital structure. The move may slightly dilute existing holders but also signals continued utilisation of equity incentives or financing mechanisms as the company pursues its operational and growth objectives in the nickel sector.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.10 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries Limited has reaffirmed its commitment to best practice corporate governance, aligning its policies with the ASX Corporate Governance Council’s fourth-edition Principles and Recommendations. The company has detailed the extent of its compliance and provides explanations where it adopts alternative approaches, making these materials publicly available on its website.
The board has formalised a clear division of responsibilities between directors and management through a Board Charter, which defines strategic oversight at board level and day-to-day operational authority at management level. This structure is designed to strengthen accountability, transparency, and performance review processes, supporting robust governance as the company scales its operations.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.10 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries Limited has released an annual results presentation for 2025, providing information intended to accompany a verbal briefing to its audience. The document is framed as informational rather than advisory and is aimed at institutional recipients under strict confidentiality.
The company emphasises that no assurance is given on the completeness or accuracy of the material and disclaims liability for losses arising from its use. It also clarifies that the presentation does not constitute an offer or recommendation to buy or sell securities, underscoring its limited purpose and formal, compliance-focused nature.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.10 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries Limited has scheduled the release of its 2025 Annual Report for Monday, 23 February 2026, signaling an upcoming update on its financial and operational performance. Managing Director Justin Werner will host a webcast and teleconference at 11.00am AEDT that day to discuss the full-year results, providing investors and analysts with an opportunity to hear management’s views and ask questions on the company’s progress and outlook.
The webcast will be available via a watch-only link, while a separate registration is required for participants who wish to join the teleconference Q&A session. This structured results presentation underscores the company’s engagement with the market and offers stakeholders a dedicated forum to assess how recent developments may influence Nickel Industries’ strategic positioning and future plans.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.10 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries has reshaped the ownership and funding structure of its flagship Excelsior Nickel Cobalt HPAL project, following the completion of Sphere Corp’s acquisition of a 10% stake at a US$2.4 billion project valuation. In parallel, Nickel Industries agreed with major shareholder Shanghai Decent to acquire an additional 2% interest in ENC for US$46 million by 31 March 2026, lifting its stake to 46% and making it the project’s largest shareholder, while replacing previously scheduled payments totalling US$253 million and cutting expected cash outflows by US$207 million. The company is also providing a credit enhancement to back Sphere’s US$210 million acquisition loan, giving Nickel Industries effective priority over Sphere’s 10% ENC stake in the event of default and potential discounted access to that interest, while receiving compensation for the guarantee. Separately, Nickel Industries signed a 15‑year memorandum of understanding for its Sampala Project to supply up to 14 million wet metric tonnes of limonite ore annually to a neighbouring HPAL plant under construction, including plans for a feed preparation plant and slurry pipeline that could make previously uneconomic low-grade saprolite commercially viable. Together, these moves strengthen shareholder alignment around ENC, improve Nickel Industries’ funding profile, and enhance the long-term integration and value of its upstream ore assets for future downstream growth opportunities.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.90 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries reported strong safety performance for the year to 31 December 2025, achieving a lost time injury frequency rate of zero across 17.7 million safe man hours and maintaining a low total recordable injury frequency rate, underlining its robust safety culture and operational discipline. The company further strengthened its sustainability credentials by winning CNBC Indonesia’s Excellence in Sustainability Leadership award and securing financial close on a major 262MWp solar and 80MWh battery storage project at the Indonesian Morowali Industrial Park, which will supply renewable power to its ENC HPAL plant under a 25-year fixed-tariff agreement, positioning the operation to deliver some of the lowest-carbon nickel units globally and enhancing its ESG appeal to stakeholders.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.90 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries reported adjusted EBITDA of US$37.3 million from operations for the December 2025 quarter, with RKEF production and sales slightly higher but margins lower, strong margin expansion from its HNC HPAL operation, and a sharp temporary downturn in mining EBITDA due to delays in securing its 2025 mining quota (RKAB), which have since been resolved. The quarter saw key strategic milestones, including approval of a revised environmental permit (AMDAL) enabling a planned 19 million wmt sales quota for the Hengjaya Mine in 2026, progress toward first production at the ENC HPAL project targeted for late March quarter, and a notable strategic investment from Sphere Corp—an accredited SpaceX supplier—acquiring 10% of ENC with associated nickel cathode offtake, signalling confidence in ENC’s product quality, sustainability credentials and opening a first Western-market offtake channel as nickel and NPI prices trend higher into 2026.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.90 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries Limited has scheduled the release of its December quarter activities report for Thursday, 29 January 2026, and will host a webcast led by Managing Director Justin Werner to discuss the company’s operational activities and financial results for the period. The event, which includes a watch-only webcast and a separate teleconference option for Q&A participation, underscores the company’s efforts to maintain transparent communication with investors and stakeholders about its recent performance and outlook.
The most recent analyst rating on (AU:NIC) stock is a Hold with a A$0.97 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries reported that its adjusted EBITDA from operations for the December 2025 quarter is expected to be between US$35 million and US$40 million, after a delay in securing an increased 2025 mining work plan and budget (RKAB) sharply curtailed ore sales from the Hengjaya Mine. The late approval, received only on 11 December, reduced quarterly ore sales to 945,631 wmt from over 3 million wmt in the prior quarter, with the company estimating about US$45 million in lost ore sales and an additional US$18 million in standby contractor costs, though operations resumed on 12 December and the mine has started 2026 strongly, selling about 735,000 wmt of nickel ore by 17 January and benefiting from record quarterly adjusted EBITDA of US$129 million at its HNC HPAL project on a 100% basis.
The most recent analyst rating on (AU:NIC) stock is a Hold with a A$0.97 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries Limited has brought in South Korea’s Sphere Corp. as a strategic partner in its Excelsior Nickel Cobalt HPAL project, with Sphere acquiring a 10% stake that values ENC at US$2.4 billion, while Nickel Industries’ 44% holding remains unchanged as the interest is sold down by another shareholder. Sphere, a KOSDAQ-listed premium alloy and precision materials producer and key supplier to global aerospace players including SpaceX, will offtake its 10% share of ENC’s nickel output as cathode and has secured additional market-priced offtake rights, marking ENC’s first western-market offtake and positioning Nickel Industries to tap growth in the North American aerospace and aeronautical sectors, where product quality and traceability standards are stringent.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.90 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries Limited has disclosed a change in director Norman Seckold’s interests in the company’s securities, as required under ASX Listing Rule 3.19A. The notice details Seckold’s direct and indirect holdings, including shares held via investment entities and a superannuation fund over which he has pre-emptive acquisition rights, signalling updated governance and transparency around board-level equity exposure for shareholders and the market.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$1.90 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.
Nickel Industries Limited has received approval to extend its 2025 nickel ore sales quota from 9 million to 10.5 million wet metric tonnes, allowing immediate resumption of sales. This extension is supported by the approval of an environmental impact analysis, which also facilitates a potential increase in 2026. The company is implementing innovative environmental practices, such as in-pit tailings storage and slurry pipelines, to reduce costs and emissions, enhancing its position as a low-carbon nickel producer. These developments are significant for Nickel Industries’ operational expansion and commitment to sustainable practices, potentially impacting its market positioning and stakeholder interests.
The most recent analyst rating on (AU:NIC) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on Nickel Mines Ltd. stock, see the AU:NIC Stock Forecast page.