• April-May 2026 Adjusted EBITDA: US$80m
• US$70m working capital release expected by July
• Shanghai Decent refunded US$15m
• ENC commissioning ongoing, MHP expected by July

Nickel Industries Ltd reported an Adjusted EBITDA from operations of approximately US$80m for April and May 2026. April's Adjusted EBITDA of US$29m was impacted by downtime at the Hengjaya Mine and planned maintenance. May saw a rebound to approximately US$51m in Adjusted EBITDA. The company expects to receive around US$70m in working capital distributions by early July. Shanghai Decent refunded the US$15m option fee related to the ONI matte converter. The ENC project is commissioning, with first ore received in May and first ore to the autoclave expected by early July.

Nickel Industries Ltd expects to receive approximately US$70m in working capital distributions by early July.

Nickel Industries Ltd is optimistic about its future production and cash flow, with the ENC project expected to produce over 72,000 tonnes of nickel metal per annum.