Nickel Industries Limited reported combined July and August 2026 Adjusted EBITDA from operations of approximately US$90 million, supported by record output at the Hengjaya Mine while the ramp-up of the Excelsior Nickel Cobalt project in Central Sulawesi faced temporary water supply constraints.

The strong two-month earnings follow an Adjusted EBITDA of approximately US$120 million for the June quarter of 2026. The Hengjaya Mine countered regional dry conditions, recording monthly nickel ore sales of 1.6 million wet metric tonnes in August 2026 following 1.4 million in July. Total ore sales for the period reached 3.1 million wet metric tonnes. Year-to-date ore sales have reached 9.0 million wet metric tonnes, keeping the operation on track to fully utilise its 2026 RKAB sales quota of 14.3 million wmt, prompting an application for a quota increase.

Conversely, the ramp-up of the Excelsior Nickel Cobalt high-pressure acid leach project has been interrupted by dry conditions. If water constraints persist, the facility is expected to operate at 30% capacity until conditions normalise with the wet season by December 2026. Nickel Industries holds a 46% interest in the project, which is designed to produce over 72,000 tonnes of nickel metal per annum.

To clear the path for commercial deliveries, the operation received an exemption from regulations restricting mixed hydroxide precipitate exports. The next regulatory phase requires online documentation and a site inspection to secure the industrial business licence, known as an Izin Usaha Industri, across all product lines.

“ENC has performed exceptionally well since commissioning, reaching approximately 50% of nameplate capacity within four weeks, which is a genuine credit to our operating team. The dry conditions in Central Sulawesi are an unusual and temporary constraint on water supply, and we expect availability to normalise with the onset of the wet season.”

— Justin Werner, Managing Director

The company expects to receive the industrial business licence for the Excelsior Nickel Cobalt project in October 2026.

Read the full announcement: Operating Update