Nickel Mines Limited Q3 2026 Earnings Recap

Nickel Industries’ quarter was mixed: record mining sales and higher group adjusted EBITDA were offset by lower EBITDA at its RKEF and HNC operations, while drought conditions curtailed ENC production. The stock was unchanged after earnings.

Key Takeaways

• Adjusted EBITDA was **$125.9 million**, up on the June quarter; Hengjaya Mine contributed a record **$76.9 million**, up **68%**.
• Mining sales reached a record **4.5 million tonnes**, up **56%** quarter over quarter. EBITDA per wet metric tonne rose to just over **$17**, as revised HPM pricing and lower limonite haulage costs helped margins.
• RKEF EBITDA fell **30% to $40.7 million**, with higher ore costs the key factor; sales were **26,800 tonnes**, slightly lower.
• HNC EBITDA declined **42% to $8.4 million**, driven by higher sulfur costs. Sulfur prices had eased from roughly **$1,100–$1,200** to around **$800** by the time of the call.
• ENC reached **50% of nameplate capacity** within weeks of commissioning, but El Niño-related rainfall shortages forced production reductions. Quarter-to-date output was **4,840 tonnes of nickel** and **494 tonnes of cobalt** in MHP.