Global Ferronickel Holdings, Inc. (FNI), one of the Philippines’ leading nickel ore producers, delivered a strong financial performance for 2025, with net income surging 91.1 percent to PHP1.422 billion following revenues of PHP8.555 billion, driven by stronger nickel ore prices amid tight global supply and sustained demand from key Asian markets.
Based on a disclosure to the Philippine Stock Exchange, FNI said high nickel prices offset lower shipment volume, pushing mining revenues 13.7 percent higher year-on-year to PHP8.631 billion.
The strong financials led to increased earnings per share to PHP0.2774 from PHP0.1451 in the previous year, highlighting the company’s strong earnings momentum and enhanced value creation for shareholders.
Its Surigao operations contributed the largest at PHP5.066 billion or 59 percent of total revenues, marking an 8.5 percent increase, while Palawan delivered PHP3.565 billion, accounting for 41 percent of total revenues, up 21.9 percent.
China remained the largest market, representing 89 percent of total shipments, followed by Indonesia at 11 percent. Total shipment volume reached 4.605 million WMT, down 15.5 percent from the previous year, impacted by extended rainfall.
Notably, the company strategically increased its shipment of low-grade ores, with volumes rising by 7.5 percent and comprising 83 percent of total shipments, compared to 65 percent in 2024.
In contrast, medium-grade ore volumes declined by 58.8 percent, accounting for 17 percent of total shipments from 35 percent a year earlier, aligning output with market opportunities and operational priorities.
Nickel pricing
FNI also achieved a substantial uplift in realized pricing, with the average nickel ore price rising by 33.3 percent to USD32.34 per WMT from USD24.26 in 2024. This was driven by a favorable market environment for medium-grade ores, which commanded an average price of USD43.33 per WMT, up 31.1 percent from last year’s USD33.06 per WMT.
Meanwhile, low-grade ores were sold at an average of US$30.10 per WMT, up 53.7 percent from USD19.58 per WMT in the prior year. In Surigao, Platinum Group Metals Corporation (PGMC)’s proactive early stockpiling strategy supported total shipments of 3.161 million WMT, partially mitigating the impact of heavy rainfall that reduced operating days and resulted in a 20.8 percent decline from the 3.991 million WMT shipped in 2024. As weather conditions improved, the site accelerated shipments and fully leveraged improved nickel pricing, with average realized prices rising significantly by 37.5 percent to USD27.98 per WMT from USD20.34 per WMT in the prior year.
This combination of operational foresight, agility, and disciplined execution translated into higher revenues and further strengthened PGMC’s position as a reliable and efficient export platform.
In Palawan, Ipilan Nickel Corporation (Ipilan) reinforced its long-term growth trajectory, anchored by the successful renewal of its Mineral Production Sharing Agreement (MPSA) in May 2025, extending validity until September 2043 and providing a strong foundation for future expansion.
Continued investments in operational readiness—including mine sequencing, digital integration, and workforce capability enhancement—supported resilience amid adverse weather conditions, resulting in a modest 0.9 percent decline in shipment volumes from 1.457 million WMT in 2024 to 1.444 million WMT in 2025.
Total costs and expenses went up by 1.3 percent from PHP6.658 billion in 2024 to PHP6.745 billion in 2025.
Cost of sales declined by 4.2 percent to PHP3.900 billion in 2025 from PHP4.070 billion in the prior year, primarily driven by lower contract hire expenses due to reduced production and shipment volumes and a shift toward lower-grade ore shipments with lower corresponding rates, alongside lower operations overhead from a shift toward conducting exploration activities in-house, and reduced fuel and lubricant costs from lower operational activity in the Surigao mine operations.
These improvements were partially offset by higher environmental protection costs related to compliance and ongoing rehabilitation activities. Operating expenses increased by 9.9 percent to PHP2.845 billion in 2025 from PHP2.588 billion in the prior year, mainly due to higher shipping and distribution costs from cost and freight shipments, as well as increased excise taxes and royalties in line with stronger revenues from the Group’s operating mines. Higher personnel costs, consultancy fees, and provisions for impairment losses also contributed to the increase.
Meantime, the company’s capital expenditure amounted to PHP464.3 million, representing 5.4 percent of revenues. These were primarily directed toward the acquisition of key machinery and equipment, including excavators, dump trucks, and transport and handling assets, as well as road development to support the opening of a new pit and other infrastructure.
