Nickel Asia Corporation (PSE: NIKL), a Philippine company that mines nickel and develops renewable energy projects, announced strong financial results for the first six months of 2026. According to their official filing with the Securities and Exchange Commission, the company’s profits almost doubled compared to the same period last year.

What Did Nickel Asia Earn?

The company reported an attributable net income of ₱4.06 billion for the first half of 2026. This is a 93% increase from the ₱2.10 billion they earned during the same period in 2025. In simpler terms, if you think of profit as money the company keeps after paying all its bills, Nickel Asia nearly doubled what it got to keep this year compared to last year.

The company also reported EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of ₱8.68 billion, up 67% from ₱5.20 billion last year. EBITDA is like looking at how much money a business makes from its main activities before considering loans, taxes, and equipment wear-and-tear.

Why Did Profits Go Up?

According to the company’s disclosure, three main things helped increase their earnings:

• Higher ore prices: The price companies paid for Nickel Asia’s nickel ore went up significantly
• More ore sold: They sold more nickel ore than last year
• Better exchange rate: The US Dollar became more valuable compared to the Philippine Peso, which helped since they sell their products in dollars

Mining Business Performance

Nickel Asia’s main business is mining nickel ore, which comes in two types: saprolite and limonite. Here’s what happened with their mining operations:

Overall Sales: Revenue from selling nickel ore increased by 45% to ₱15.39 billion from ₱10.59 billion last year.

Volume Sold: The company’s operating mines sold 8.65 million wet metric tons (WMT) of nickel ore, which is 10% more than the 7.85 million WMT they sold in the first half of 2025. Think of wet metric tons as the weight of the ore including moisture.

Price Increase: The average price per ton of ore rose by 23% to $29.25 per WMT from $23.87 per WMT last year.

Exchange Rate Benefit: When converting their dollar sales to pesos, they got ₱60.85 for every US Dollar, which is 8% better than the ₱56.47 rate they got last year.

Ore Exports

Nickel Asia exported 4.76 million WMT of ore at an average price of $42.86 per WMT in the first half of 2026. This represents a 21% increase in export volume and a 12% increase in export prices compared to last year when they exported 3.92 million WMT at $38.31 per WMT.

Sales to HPAL Plants

The company also delivered limonite ore to affiliated high-pressure acid leach (HPAL) plants—special facilities that process nickel ore. They delivered 3.88 million WMT at an average price of $8.07 per pound of payable nickel (equivalent to $12.57 per WMT), which is higher than last year’s price of $6.96 per pound ($9.43 per WMT).

Renewable Energy Business

Nickel Asia also has a renewable energy division called NAC Energy, Inc., which operates solar power projects. This business segment showed impressive growth:

Energy Generated: NAC Energy produced 213,186 megawatt-hours (MWh) of electricity in the first half of 2026, a 68% increase from 127,030 MWh last year. This increase was mainly because they turned on a new 120-megawatt solar facility in Leyte (Phase 1).

Operating Capacity: The company now operates solar facilities with a total capacity of 293-megawatt peak (MWp).

EBITDA: The renewable energy arm’s EBITDA grew 83% to ₱628 million from ₱343 million last year.

Upcoming Solar Projects

NAC Energy has several solar projects in development:

• Leyte: Phase 1 (120 MWp) received approval to connect to the national grid in April. Phase 2 (120 MWp) began energization in July 2026.
• Botolan, Zambales: Phase 1 (45 MWp) is scheduled for testing and commissioning in the fourth quarter of 2026, while Phase 2 (14 MWp) is expected to receive approval to proceed in Q4 2026.
• Subic, Cawag: A 145 MWp facility is under development. Phase 1 (70 MWp) construction is ongoing with targeted completion in the first half of 2027. Phase 2 (75 MWp) aims for energization by end of 2027, with plans to add battery energy storage systems (BESS).
• Nazareno, Bataan: A 50 MWp project is in pre-development, with the team evaluating battery storage integration.

Gold and Copper Exploration

Through its joint venture with Sumitomo Metal Mining Co., Ltd. called Cordillera Exploration Co., Inc. (CEXCI), Nickel Asia is exploring for gold and copper. During the second quarter of 2026, CEXCI completed eight drill holes totaling 3,339 meters at the Cordon Project in Isabela.

According to the disclosure, the findings continue to show a broad zone of porphyry copper-gold mineralization at San Luis. The company plans to continue drilling through 2026 with the goal of defining mineral reserves by 2027.

International Copper Investment

Nickel Asia announced it has completed due diligence on acquiring a 20% ownership stake in a copper mine in Kazakhstan. The company entered into an agreement on April 22, 2026, with Silk Road Resources Ltd. to purchase this interest in East Copper Production LLP, which owns the Karchiga copper mine.

The total purchase price is USD 30 million. Nickel Asia has already paid USD 10 million initially and will pay the remaining USD 20 million upon completing standard closing conditions and obtaining regulatory approvals. The company will make this investment through its Singapore subsidiary, NAC Global Investments Pte. Ltd., which was created to manage Nickel Asia’s international investments.

What the Company Says

Martin Antonio G. Zamora, President and CEO of Nickel Asia Corporation, stated that the nickel supply chain has remained resilient despite ongoing conflicts in the Middle East. He expressed optimism about nickel prices, noting that Class 1 production is slowing as costs increase, while Class 2 demand continues growing under regulated quota policies.

Zamora also highlighted NAC Energy’s role in helping lower electricity costs for Filipinos and mentioned the company is on track to reach almost 600 MW of operating capacity by the end of 2027. He added that NAC Global, their Singapore-based subsidiary, continues to create opportunities for the company in critical minerals internationally.

About Nickel Asia Corporation

Nickel Asia Corporation is a publicly listed natural resources development company in the Philippines, trading on the Philippine Stock Exchange under the ticker symbol NIKL. The company is primarily engaged in nickel mining operations and has expanded into renewable energy development. Its main office is located at the 28th Floor NAC Tower, 32nd Street, Bonifacio Global City, Taguig City.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.