• Nickel Industries to invest US$169M for 17.5% interest in TMI
• Payment due in November 2026
• TMI expansion to ENC in Indonesia

Nickel Industries Limited has announced an investment of US$169 million for a 17.5% interest in the PT Teluk Metal Industry (TMI) HPAL project, an expansion to the Excelsior Nickel Cobalt (ENC) project in Indonesia. The acquisition payment is due on 26 November 2026. TMI, located in the Indonesia Morowali Industrial Park, is designed to produce mixed hydroxide precipitate (MHP) for the EV battery supply chain. Nickel Industries' interest is supported by a Construction Guarantee, ensuring the total acquisition cost will not exceed US$169 million, with nameplate production expected by September 2027. The project is a strategic move for Nickel Industries to expand its presence in the HPAL sector, especially given the Indonesian Government's moratorium on new HPAL projects.

Nickel Industries' investment in TMI to deliver nameplate capacity by September 2027

TMI expansion is expected to enhance Nickel Industries' production capacity and revenue in the EV battery supply chain.