Nickel Asia Corporation (NAC) reported a robust first-quarter performance, posting an attributable net income of ₱501.03 million for the three months ended March 31, 2025, up 148% from ₱202.38 million in the same period last year. The strong performance was driven by favorable nickel ore prices and a one-time gain of ₱800 million from the sale of the Company’s 15.625% stake in Coral Bay Nickel Corp. (CBNC).
Despite weather-related challenges and plant maintenance at Taganito HPAL, NAC remains confident in its outlook for the second quarter as improving weather conditions and the reopening of its Surigao, Manicani, and Dinapigue mines are expected to normalize mining costs and sustain revenue growth.
“Additionally, ongoing enhancements to the causeway at our Dinapigue mine will boost production and shipping efficiency,” said Martin Antonio G. Zamora, President and CEO of NAC. “We expect these infrastructure upgrades, combined with operational normalization, to support our continued momentum in the quarters ahead.”
Solid Revenue Performance Amid Adverse Conditions
Revenues from saprolite and limonite ore rose 16% to ₱2.36 billion from ₱2.03 billion in the first quarter of 2024, driven by a significant increase in average ore prices. The weighted average sales price climbed 18% to $16.40 per WMT from $13.84 per WMT a year earlier, helping offset the slight decline in total sales volume to 2.48 million WMT from 2.61 million WMT, due to inclement weather.
Export volumes included 0.66 million WMT of saprolite ore at an average price of $36.60 per WMT—a 43% improvement from last year’s $25.57. Deliveries to CBNC and Taganito HPAL reached 1.82 million WMT of limonite ore, with realized prices averaging $9.10 per WMT, slightly lower than $10.27 last year.
EBITDA for the quarter stood at ₱969.63 million, compared to ₱1.05 billion in the same period last year, reflecting elevated mining costs from weather disruptions.
Expanding Renewable Energy and Exploration Initiatives
NAC is also advancing its diversification strategy. “In the area of renewable energy, we look forward to adding 120 MW of capacity in the second half of the year, with the launch of the Leyte Phase 1 solar project,” Zamora announced.
The Company is also pushing forward with the exploration and development of gold and copper prospects through its subsidiary, Cordillera Exploration Co., Inc., signaling long-term commitment to responsible growth and portfolio diversification.
“As we scale, we remain focused on delivering strong performance and ensuring sustainability across our operations, even amid evolving global market conditions,” added Zamora.
Nickel Asia Corporation (NAC) is the Philippines’ largest producer of lateritic nickel ore and a key player in renewable energy and mineral exploration. With a strong commitment to sustainability and innovation, NAC operates several major mining sites and continues to expand its footprint in clean energy and resource development.
