The five calendar-year annual reports use US dollars for consolidated statements. This review compares group statutory results, cash and funding with whole-project RKEF/mining output and separately identified 10%-attributable HNC measures.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
Group statutory sales revenue
Attributable to owners, distinct from group loss
Consolidated cash inflow from operations
Calculated carrying borrowings less cash, excluding cash reserve
The reported footprint expanded from Hengjaya/Ranger processing in FY2021 as Angel commissioned in FY2022 and Oracle reached 70% ownership and control in September 2022. HNC then added a 10% equity-accounted HPAL interest in FY2023, while ENC reached a 44% interest in FY2024. This is a changing business perimeter: group revenue and assets are comparable as statutory totals, but physical RKEF totals and attributable HPAL production have different ownership bases. The company changed its name from Nickel Mines Limited in 2022.
Revenue rose during expansion to FY2023 and eased in FY2024–FY2025. The FY2024 statutory loss included a large RKEF impairment; FY2025 operating profit recovered, while higher net finance expense and tax left the group in loss. Operating cash remained positive in each of the five years, but project investment, acquisitions, financing and distributions varied substantially.
Hengjaya began supplying limonite to the HNC HPAL project in November, adding a market for ore previously treated as overburden. The December agreement for Oracle set up the next processing expansion; Oracle was not yet controlled in FY2021.
The final ownership step lifted Oracle to 70% and gave NIC control in September; Angel also commissioned four RKEF lines during the year. The changed consolidation perimeter matters when comparing the statutory and production series with FY2021.
The January agreement covered a 10% HNC interest and further Oracle interest. HNC’s 10%-attributable operating record begins during 2023, so it is not a five-full-year HPAL series.
Cash payments in April and July lifted NIC’s ENC project interest to 44%. The year also carried a US$236.58m statutory impairment expense against the established processing assets, materially affecting the reported loss.
NIC issued US$800m of 9% notes due 2030, repurchased the US$400m 11.25% notes due 2028 and repaid US$150m of bank loans. Hengjaya’s RKAB extension came in December after standby charges, a distinct operating headwind.
The FY2024 impairment drove a sharp break in operating profit. FY2025 operating activities returned to profit, but net finance expense rose and income tax expense left a group loss. Owner-attributable profit is lower than the group result because the non-controlling share remained positive in FY2025.
The FY2025 annual statement splits consultants/administration and directors’ fees; the earlier presentation combines them. The table preserves a combined line for comparison and retains the two exact FY2025 source rows in its calculation evidence.
US$m unless stated
AI-generated presentation · values from Consolidated income statement; no missing values plotted as zero.
US$m unless stated
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Sales revenue | 645.94 | 1,217.04 | 1,880.10 | 1,744.45 | 1,649.10 |
| Cost of sales | -393.20 | -856.62 | -1,430.42 | -1,429.80 | -1,368.14 |
| Depreciation and amortisation expense | -35.98 | -66.60 | -111.66 | -127.98 | -115.26 |
| Gross profit | 216.76 | 293.83 | 338.03 | 186.68 | 165.71 |
| Consultants, administration and directors' fees | -9.43 | -9.29 | -12.44 | -15.35 | -18.94 |
| Exploration and evaluation expenditure | Not separately presented | -3.35 | -3.48 | -1.32 | -0.35 |
| Share of profit/(loss) of equity-accounted investees | -0.05 | 0.40 | -2.56 | 7.24 | 18.36 |
| Share-based payments | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | -1.13 |
| Other expenses | -13.26 | -22.71 | -38.87 | -19.13 | -29.05 |
| Impairment expense | Not separately presented | Not separately presented | 0 (nil) | -236.58 | -8.11 |
| Results from operating activities | 194.02 | 258.88 | 280.67 | -78.46 | 126.48 |
| Financial income | 2.79 | 1.01 | 13.52 | 13.20 | 7.39 |
| Financial expense | -15.76 | -42.84 | -90.90 | -108.20 | -140.53 |
| Net financial expense | -12.98 | -41.84 | -77.38 | -95.00 | -133.14 |
| (Loss)/profit before income tax | 181.04 | 217.05 | 203.29 | -173.46 | -6.66 |
| Income tax expense | -5.06 | -7.68 | -27.09 | -16.34 | -34.51 |
| (Loss)/profit for the year | 175.98 | 209.37 | 176.20 | -189.80 | -41.17 |
Group statutory figures. Expenses retain source-negative signs. FY2024 and earlier generally show the originally reported year in each annual report. FY2024 statutory share-based payments are 0 (nil): both the FY2025 P&L comparative and cash-flow reconciliation show a dash, and the original FY2024 P&L components reconcile exactly without this expense. The FY2025 report split the comparative consultancy/directors line without changing its combined amount.
The FY2024 impairment line and FY2025 impairment line are statutory expenses. Gross profit excludes the separately presented depreciation and amortisation expense.
Source: NIC annual statements of profit or loss; FY2025 selected original table and interpreted rows.
US$m except EPS in US cents
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| (Loss)/profit attributable to owners of the CompanyUS$m | 137.94 | 158.98 | 121.60 | -168.59 | -57.06 |
| (Loss)/profit attributable to non-controlling interestUS$m | 38.04 | 50.39 | 54.61 | -21.21 | 15.89 |
| Basic and diluted (loss)/profit per shareUS cents | 5.48 | 5.93 | 3.57 | -3.93 | -1.32 |
Owner profit is distinct from the consolidated result. The EPS row is cents per ordinary share and is not a US$m amount.
Source: NIC annual income statements and earnings per share disclosures.
The asset base increased as NIC acquired and funded downstream projects; the equity-accounted line became material after HNC and ENC interests were added. Borrowings exceeded unrestricted cash at each year-end, with net debt stepping up during the expansion and refinancing cycle.
The September 2025 note transaction extended a substantial part of debt maturity. The annual report also flags forecast potential covenant non-compliance on bank facilities within the following 12 months, so year-end cash alone does not describe funding risk.
US$m
AI-generated presentation · values from Borrowings and net debt at 31 December; no missing values plotted as zero.
US$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 137.86 | 144.24 | 284.05 | 210.95 | 323.33 |
| Cash reserve / restricted cash | Not separately presented | nil | 494.75 | 11.51 | 33.44 |
| Trade and other receivables (current) | 125.09 | 235.62 | 328.51 | 345.63 | 309.82 |
| Inventories (current) | 107.00 | 204.85 | 199.45 | 139.82 | 224.22 |
| Total current assets | 385.16 | 632.50 | 1,344.67 | 743.92 | 1,155.56 |
| Property, plant and equipment | 1,296.28 | 1,922.11 | 1,836.77 | 1,572.65 | 1,484.08 |
| Investment in equity-accounted investees (HPAL) | Not separately presented | Not separately presented | 527.24 | 1,230.27 | 1,248.64 |
| Goodwill | 77.98 | 102.75 | 102.75 | 47.34 | 47.34 |
| Total assets | 1,802.62 | 2,672.52 | 4,071.35 | 3,896.25 | 4,264.42 |
| Trade and other payables (current) | 55.74 | 177.19 | 192.76 | 194.77 | 241.13 |
| Current borrowings | 9.28 | 7.77 | 257.27 | 136.38 | 123.85 |
| Total current liabilities | 73.83 | 207.38 | 477.88 | 354.98 | 625.18 |
| Non-current borrowings | 318.32 | 551.52 | 587.75 | 918.18 | 1,102.26 |
| Total liabilities | 472.71 | 857.98 | 1,164.70 | 1,348.02 | 1,805.91 |
| Net assets | 1,329.91 | 1,814.54 | 2,906.64 | 2,548.23 | 2,458.51 |
| Non-controlling interest | 301.47 | 515.93 | 481.59 | 432.21 | 415.44 |
| Total equity | 1,329.91 | 1,814.54 | 2,906.64 | 2,548.23 | 2,458.51 |
Cash reserve is displayed separately from cash and cash equivalents; the reserve is excluded from the net debt chart and summary calculation.
FY2021 is the original FY2021 statement. The FY2022 report restated the prior FY2021 balance sheet after a US$32m Angel provisional-acquisition adjustment, so its FY2021 comparative is not substituted into this original-year series.
Equity-accounted project investments become material from FY2023. Earlier blank cells mean this line was not separately presented in the selected balance sheet.
Source: NIC annual consolidated balance sheets, current-year columns.
US$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Current borrowings | 9.28 | 7.77 | 257.27 | 136.38 | 123.85 |
| Non-current borrowings | 318.32 | 551.52 | 587.75 | 918.18 | 1,102.26 |
| Cash and cash equivalents | 137.86 | 144.24 | 284.05 | 210.95 | 323.33 |
| Net debt (calculated; cash reserve excluded) | 189.74 | 415.05 | 560.97 | 843.61 | 902.79 |
Net debt is an analytical calculation, not a separately reported issuer measure. It uses carrying values of borrowings and cash and cash equivalents, excluding cash reserves.
Source: NIC annual consolidated balance sheets; formula and operands in author evidence.
Operating cash was positive throughout the period, while large project payments and acquisitions dominated investing outflows in the build-out years. FY2025 investing outflow narrowed, but the financing statement reflects gross refinancing flows that are much larger than the net financing subtotal.
Interest paid is a financing cash outflow in these statements and is distinct from accrual financial expense. The cash bridge includes exchange-rate effects on balances.
US$m
AI-generated presentation · values from Consolidated cash flow; no missing values plotted as zero.
US$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash from operating activities | 189.02 | 63.04 | 229.76 | 281.39 | 187.92 |
| Net cash used in investing activities | -597.86 | -430.01 | -1,153.09 | -288.91 | -40.16 |
| Net cash from/(used in) financing activities | 197.29 | 373.15 | 1,061.17 | -64.01 | -30.72 |
| Net increase/(decrease) in cash and cash equivalents | -211.54 | 6.19 | 137.84 | -71.52 | 117.04 |
| Effect of exchange rate adjustments on cash held | -2.04 | 0.19 | 1.97 | -1.58 | -4.67 |
| Cash and cash equivalents at beginning of year | 351.45 | 137.86 | 144.24 | 284.05 | 210.95 |
| Cash and cash equivalents at end of year | 137.86 | 144.24 | 284.05 | 210.95 | 323.33 |
Operating, investing and financing are cash flows for each year ended 31 December. Exchange-rate movement explains why the three activity subtotals alone do not bridge opening to closing cash.
Source: NIC annual consolidated cash flow statements, current-year columns.
US$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments for property, plant and equipment | -6.49 | -9.39 | -19.11 | -54.19 | -14.00 |
| Payments for construction in progress | -41.72 | -110.38 | -179.88 | -3.70 | -2.12 |
| Advance payments for Oracle construction | Not separately presented | -81.20 | 0 (nil) | Not separately presented | Not separately presented |
| Payments for exploration and evaluation assets (investing) | Not separately presented | Not separately presented | -24.88 | -18.41 | -21.95 |
| Payments for investments | Not separately presented | Not separately presented | -341.30 | -695.80 | 0 (nil) |
| Payments for project ownership or controlled entities | -527.60 | -235.00 | -75.00 | 0 (nil) | Not separately presented |
These are selected statement lines, not a calculated total or a substitute for net investing cash flow. FY2022 Oracle construction advances (US$81.20m) are distinct from controlled-entity acquisition payments and construction-in-progress spending.
A FY2021 Oracle construction-advance candidate in the editorial input pointed to the FY2020 comparative and was excluded.
Source: NIC annual consolidated cash flow statements.
US$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Proceeds from issue of shares (cash) | 0 (nil) | 106.00 | 828.93 | 0 (nil) | 0 (nil) |
| Dividend distributions to equity holders | -75.09 | -72.72 | -85.57 | -142.73 | -17.01 |
| Distributions to non-controlling interest | -29.12 | -28.13 | -38.85 | -31.39 | -32.67 |
| Proceeds from borrowings, net of borrowing costs | 320.84 | 230.30 | 580.53 | 454.76 | 780.86 |
| Repayment of borrowings | -45.00 | -5.60 | -315.48 | -252.72 | -627.09 |
| Payment of interest charges | -6.34 | -26.75 | -51.01 | -84.25 | -86.21 |
| Payment of financing expenses | Not separately presented | Not separately presented | -18.48 | 0 (nil) | -22.32 |
Cash proceeds from shares are distinct from non-cash issue consideration. FY2021, FY2024 and FY2025 cash share-proceeds lines each have matching-period reported-nil records and display 0 (nil).
Dividend distributions in this table are cash paid to equity holders; FY2025 equity dividends of US$40.74m include amounts settled through DRIP and differ from the US$17.01m cash outflow.
Source: NIC annual consolidated cash flow statements; FY2025 equity movement and DRIP disclosure for distinction.
NIC paid cash dividends in all five years, with FY2025 cash distributions substantially lower than the prior year. The FY2025 equity charge was larger than the cash dividend because the dividend reinvestment plan absorbed part of the declared amount. Cash paid to non-controlling holders is shown separately in financing cash flows.
US$m
AI-generated presentation · values from Shareholder distributions and share base; no missing values plotted as zero.
By row
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash dividends to equity holdersUS$m | -75.09 | -72.72 | -85.57 | -142.73 | -17.01 |
| Ordinary shares on issue at year-endshares | 2,515,029,051 | 2,731,273,497 | 4,285,809,880 | 4,289,809,880 | 4,340,935,875 |
| Basic and diluted earnings per shareUS cents | 5.48 | 5.93 | 3.57 | -3.93 | -1.32 |
Cash distributions differ from amounts charged to equity where a dividend reinvestment plan applies. Share counts are year-end ordinary shares, unlike weighted-average shares used in EPS.
Source: NIC annual cash flow, share capital and EPS disclosures.
RKEF nickel output and sales rose during commissioning and expansion, then eased in FY2025. The lower FY2025 weighted contract price and RKEF Adjusted EBITDA accompanied lower output; the issuer’s non-IFRS measure is distinct from group operating profit.
Hengjaya ore volumes expanded sharply as limonite sales scaled. FY2025 mining Adjusted EBITDA reflects US$21.3m of standby charges while an RKAB extension was pending. HNC’s attributable nickel and cobalt measures represent NIC’s 10% interest, whereas RKEF physical volumes are total project output.
tonnes
AI-generated presentation · values from RKEF production, sales and unit economics; no missing values plotted as zero.
By row
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| NPI productiontonnes | 298,353 | 473,116 | 834,192 | 1,042,655 | 1,055,658 |
| Total nickel production (NPI + matte)tonnes | 40,410 | 65,336 | 128,259 | 127,261 | 124,966 |
| Sales volume (RKEF, tonnes of nickel)tonnes | 41,193 | 63,500 | 128,327 | 128,418 | 125,341 |
| Weighted cash cost per tonne Ni (RKEF)US$/t Ni | Not comparable | Not comparable | 11,385 | 10,223 | 10,042 |
| Weighted average contract price (RKEF)US$/t Ni | Not comparable | Not comparable | 14,021 | 12,265 | 11,187 |
| RKEF Adjusted EBITDA (non-IFRS)US$m | Not comparable | 298.70 | 343.40 | 187.20 | 150.10 |
Physical production is total project output, not NIC-attributable ownership tonnes. The operating footprint expanded as Angel and Oracle commissioned; changes in total tonnes therefore reflect a changing set of operations. Earlier project-specific unit costs and contract prices are not substituted for the FY2023–FY2025 group-weighted RKEF measures.
Adjusted EBITDA is issuer-defined non-IFRS and unaudited. FY2023 Adjusted EBITDA is a comparative from the FY2024 report. Unit cash cost and contract price are group-weighted RKEF measures where available.
Source: NIC annual operating summary tables and claims.
By row
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Ore mined (saprolite plus limonite)wmt | Not comparable | 6,792,851 | 13,401,289 | 19,028,180 | 19,156,483 |
| Ore sold (saprolite plus limonite)wmt | 2,169,972 | 3,519,352 | 5,593,908 | 9,000,000 | 9,902,504 |
| Strip ratioBCM/wmt | 1.60 | 0.38 | 0.10 | 0.11 | 0.13 |
| Mining Adjusted EBITDAUS$m | Not comparable | Not comparable | 87.90 | 100.90 | 91.60 |
Volumes are wet metric tonnes. FY2021 combined ore mined is deliberately unplotted: the selected annual records give saprolite wmt and a separate limonite/overburden BCM quantity, which cannot be added. FY2022 sold wmt adds two disclosed ore sale volumes; operands are retained in evidence.
Adjusted EBITDA is issuer-defined non-IFRS and unaudited. FY2023 is a comparative in the FY2024 report; FY2024–FY2025 come from the FY2025 operating summary.
Source: NIC annual Hengjaya Mine operating disclosures and comparative tables.
By row
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Attributable nickel production (10%)Ni tonnes | Not applicable | Not applicable | 2,868 | 8,341 | 8,503 |
| Attributable cobalt production (10%)Co tonnes | Not applicable | Not applicable | 210 | 769 | 802 |
| HNC cash cost per tonne NiUS$/t Ni | Not applicable | Not applicable | N/A (issuer) | 7,115 | 7,765 |
| Attributable HNC Adjusted EBITDA (10%)US$m | Not applicable | Not applicable | Not comparable | 36.80 | 41.30 |
Production and FY2024–FY2025 Adjusted EBITDA are NIC-attributable 10% HNC measures, not HNC whole-project output or consolidated revenue. Cash cost is a unit measure per tonne of HNC nickel; ownership percentage does not scale a per-tonne cost. HNC is an equity-accounted investee.
FY2021–FY2022 HNC attributable measures are not applicable before the FY2023 partial-year production series. FY2023 cobalt tonnes are a disclosed partial-year whole-project amount multiplied by 10%; the calculation is explicit. FY2023 HNC cash cost is source-reported N/A, not zero or a comparable unit-cost figure. FY2023 US$5.2m was a combined Tsing Creation EBITDA/HNC equity-accounted-profit measure, so it is not shown as HNC-attributable Adjusted EBITDA. The FY2024–FY2025 HNC Adjusted EBITDA series is issuer-defined non-IFRS and unaudited.
Source: NIC annual HNC operating disclosures and comparable annual table.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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