Nickel Industries, a complex ASX-listed nickel miner and processor in Indonesia, reports strong quarterly earnings driven by record ore sales and increased margins, while its shares and the nickel price have both risen significantly over the past month and six months.
There haven't been too many single-commodity ASX resource sector companies over the years with more moving parts than Nickel Industries . It mines, processes, and is jointly involved in all manner of nickel ventures in Indonesia, making it challenging to get a clear fix on what's what.
The good news is that the nickel price is on the rise, and Nickel Industries' shares have been reacting. Both are up circa 12–13% over the past month, while on a six-month basis, the metal price is up 28–29% versus the 35% of Nickel Industries' shares. So that's something for the owners of the business, notwithstanding the raison d'etre of buying resource sector equities is to enjoy returns that significantly outperform the associated commodity/hard asset.
That said, fair to say the nickel market of the last 2-3 years has made it very tough for both miners and equities sentiment alike. Meanwhile, this week's quarterly report from the miner relayed records and strong performances aplenty.
"We are pleased to announce our strongest earnings from operations since December 2023, driven by our Hengjaya Mine operations delivering in excess of 3 million wmt of ore sales for the quarter, increased quarterly margins across our NPI operations, which rose 155% from US$1114/t in the December 2025 quarter to US$2842/t, and increased margins at our HPAL operations, which also increased 20% from US$8307/t to US$9992/t," the company breathlessly said. "A significant catalyst for our mine operations was announced during the quarter with our 2026 RKAB sales licence increasing almost 60% from 9 million wmt to 14.3 million wmt per annum, a significant achievement given the vast majority of our Indonesian mining peers RKABs were cut significantly.
"The Indonesian Government's intervention to reduce and more closely control RKAB licence volumes has already had a significant impact on the LME price, which rose 16% from an average price of US$14,892/t in the December 2025 quarter to US$17,338/t for the March 2026 quarter. "The increased LME nickel price has translated into both NPI and MHP prices increasing by 19% and 15%, respectively, with costs increasing only modestly at our NPI operations by 4%.
"For the record, LME nickel was this week trading at $19,400/t, a circa two-year high. As per the nickel price, Nickel Industries' shares are at similar level to where they were two years ago , at around the A$1 mark. The high point for the stock was in early 2022, when it was at levels around $1.50–1.60/share, a period when the nickel price surged to as high as $48,000/t.
At the $1.04 Nickel Industries was trading at today, the stock is capitalised at about $4.4 billion. In October last year, a representative of the company had this to say to MNN: "From next year , we will see a step change increase in our annual EBITDA, which should lead to a heathy re-rating. "I say ‘should' as financial markets are unpredictable. "
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