Quarterly Activities Report

• Record ore sales and Adjusted EBITDA from Hengjaya Mine
• ENC HPAL project advanced with first MHP and cathode produced
• Received exemption from restriction on export of MHP
• Ranked in top 20% of Asia Pacific metals and mining peers in sustainability assessment
• Raised US$245 million of debt financing post-quarter end

Nickel Industries Ltd reported robust operational performance for the quarter ended 30 September 2026. The Hengjaya Mine delivered record quarterly ore sales of 4.49 million wet metric tonnes (wmt), up 56%, and record Adjusted EBITDA of US$76.9 million, up 68%. The ENC HPAL project continued to ramp up, reaching 50% of nameplate capacity. The Company received an exemption from the regulation restricting the export of MHP. Nickel Industries ranked in the top 20% of Asia Pacific metals and mining peers in the S&P Global Corporate Sustainability Assessment. Post-quarter end, the Company raised US$245 million of debt financing.

Nickel Industries Ltd expects Adjusted EBITDA to increase by 68% to US$125.9 million for the quarter ended 30 September 2026.

Nickel Industries Ltd anticipates further growth in EBITDA as it starts to recognize additional cash flow contributions from its ENC operations once normal rainfall returns.