2025 年 9 月 8 日 降息节点将至 镍价重心或有上移 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jygh.com. cn 从业资格号：F03112296 投资咨询号：20021040 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 敬请参阅最后一页免责声明 1/15 镍月报 ⚫ 宏观层面，报告期内，降息预期反复摇摆，8 月初劳 动力市场爆冷推高美联储降息预期，贝森特表示 9 月 降息幅度或达 50bp。随后，美联储部分官员表示， 通胀风险或大于劳动力市场，且经济软数据表现尚 可，市场于月底大幅下修降息预期。 ⚫ 成本方面，镍矿供给逐渐趋向宽松，印尼矿价已有松 动 ...

Accessibility StatementSkip Navigation CEO Mark Selby said, "Reid continues to deliver, with today's results confirming its substantial potential size and scale and the potential for multiple projects in the Timmins Nickel District. These results also validate the considerable potential identified when the initial resource was published at the end of last year, supported by a 3.9-square-kilometre geophysical target that is more than twice the size of Crawford. We look forward to further demonstrating Reid's ...

Core Nickel Announces Results from Property-Wide Airborne Electromagnetic Survey on the Mel and Odei River Projects and Provides Management UpdateSeptember 02, 2025 5:00 AM EDT | Source: Core Nickel Corp.Saskatoon, Saskatchewan--(Newsfile Corp. - September 2, 2025) - Core Nickel Corp. (TSXV: CNCO) ("Core Nickel" or the "Company") is pleased to announce results from property-wide airborne electromagnetic surveys on its 100%-owned Mel and Odei River Projects. The successful completion of the 202 ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for the first half of 2025 was $159.3 million, slightly above the $155.7 million recorded in 2024, with profit after tax increasing by 80% to $25.5 million from $14 million in 2024 [3][11][12] - Gross profit rose to $114.8 million, up 19%, and operating profit increased by 12% to $98.7 million [8] - Total liabilities decreased slightly due to amortizing debt, with a focus on refinancing to extend tenor and lower costs [10] Business Line Data and Key Metrics Changes - The Hangzhou mine produced over 11.5 million wet metric tons, with adjusted EBITDA of $70.3 million, a significant improvement from 2024 [4][16] - RKF operations saw lower EBITDA due to higher costs and ore shortages, despite an improving NPI price [9][12] - HPAL operations performed well, with production above 2024 levels and stable cash costs, resulting in EBITDA per ton margins around $5,900 [14][15] Market Data and Key Metrics Changes - NPI price increased from $11,290 to $11,350, while cash costs rose from $9,716 to $10,117 due to higher oil prices [12][13] - The company is experiencing a slight upward trend in nickel prices, which is expected to positively impact future margins [13] Company Strategy and Development Direction - The company is focused on responsible and sustainable mining, with initiatives like the Nickel Industries Foundation and a conservation area within the Hengjai mining concession [2][3] - Development of the Sampala project is progressing well, with expectations to host over 1 billion wet metric tons [6][19] - The company aims to double production at the Hengdai mine and is targeting commissioning of the cathode plant by late 2025 [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite challenges in nickel prices, highlighting strong growth in the mining sector [42] - The company anticipates further growth with the imminent release of an RKB that requires no CapEx for increased mine sales [42] Other Important Information - The company has deferred payments for E and C totaling $126.5 million to January and April, allowing for additional production and EBITDA [11] - The cathode plant is expected to be commissioned in October or November, with all key equipment fabricated and erected [17][35] Q&A Session Summary Question: Update on debt refinancing and balance sheet management - Management confirmed entering a commitment letter for a $100 million loan facility to support working capital and is evaluating alternative debt funding options [21][23] Question: Dividend withdrawal reasoning - Management stated the withdrawal is a prudent balance sheet management decision, prioritizing financial stability over dividend payouts [26] Question: Update on VAT refunds and timing - Management expects the $110 million VAT refunds within the next six to twelve months and is in dialogue with the Indonesian government [28][29] Question: Timing for environmental study approval and production targets - Management indicated that the RKB approval is expected by September, with Sampala targeting 6 million tonnes per annum by the end of the year [30] Question: Factors influencing commissioning of the cathode plant - Management explained the delay in commissioning is due to high working capital demands and the need to ensure a strong balance sheet [34][36]

Nickel Industries Limited (ASX:NIC) Half Year Results Presentation For the period ended 30 June 2025 For personal use only Continuing to play a leadership role in responsible and sustainable mining Hengjaya Mine ▪ Over 22.6 million work hours registered since the last reported lost time injury (LTI) in November 2021 Group Operations 2024 Sustainability Report highlights 2 ▪ Company-wide 12-month lost time injury frequency rate (LTIFR) as at the end of June 2025 was 0.05, with no lost time injuries (LTI) rec ...

GRAND FALLS-WINDSOR, Newfoundland and Labrador, Aug. 13, 2025 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") reports assays and Davis Tube Recovery ("DTR") metallurgical test results from drill hole AN-25-06, the first hole reported in the Phase 2 drill program at the RPM Zone, part of the district-scale Atlantic Nickel Project (the "Project") in Newfoundland. Drill hole AN-25-06 is the deepest and the longest drilled to date at the ...

Indigenous Partnerships and Engagement Environmental Stewardship and Climate Innovation TORONTO, Aug. 5, 2025 /PRNewswire/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQB: CNIKF) today released its 2024 Environmental, Social and Governance (ESG) Report, showcasing continued progress across carbon storage innovation, Indigenous partnerships, local economic development, health and safety, and environmental stewardship. The report underscores Canada Nickel's growing role in O ...

Project Overview - Jaguar Project aims to become the Western World's next major nickel sulphide mine [1] - The project boasts a Tier-1 scale Mineral Resource of 138.2 million tonnes containing 1.2 million tonnes of nickel [4, 9] - It also has a 52 million tonnes Ore Reserve containing 406,100 tonnes of nickel [4, 9] - The project is moving towards a Final Investment Decision (FID) in H1 2026 [7, 61] Financials and Operations - The project anticipates a Life-of-Mine (LOM) Post-Tax operating cash flow of US$2 billion (A$3.12 billion) [10] - It has a Post-Tax Net Present Value (NPV) of US$735 million (A$1.15 million) and a 34% Internal Rate of Return (IRR) [10] - The capital payback period is estimated at 1.8 years [10, 48] - The project targets an average nickel production of 22,600 tonnes per annum (tpa) in the first 7 years [9, 45] - The Life-of-Mine All-In Sustaining Cost (AISC) is projected to be US$4.43/lb Ni (payable basis) [4, 9, 19, 48] Environmental and Approvals - All key environmental approvals have been received, including EIA approval and Preliminary & Installation Licences (LP & LI) [6, 54] - The project has a low carbon footprint, with a forecast of 6.54 tonnes of CO2 per tonne of Nickel [9, 10, 56]

Safety and Sustainability - The company's 12-month lost time injury frequency rate (LTIFR) was 0.05 as of the end of June 2025 [4] - There were 186 million work hours registered in the twelve months to 30 June 2025, with one lost time injury (LTI) occurring [4] - The company's 12-month rolling total recordable injury frequency rate (TRIFR) was 129 as of the end of June 2025 [4] Production and Sales - RKEF nickel metal production reached 30,463 tonnes [7] - HPAL attributable production included 2,075 tonnes of nickel and 188 tonnes of cobalt in MHP, exceeding nameplate capacity by 38% [7] - Mining operations achieved record ore sales of 3,021,678 wmt, a 6% increase compared to the previous quarter [7] Financial Performance - HPAL attributable EBITDA was US$108 million, a 51% decrease from the March quarter [7] - Mining EBITDA amounted to US$414 million, a 33% increase from the March quarter [7] - RKEF Adjusted EBITDA was US$337 million, a 24% decrease from the March quarter [7]

TORONTO, July 29, 2025 /PRNewswire/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQB: CNIKF) today announced that the Company has filed on SEDAR+ an independent technical report (the "Report") prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") supporting the initial mineral resource estimate for its Mann Nickel Sulphide Project (the "Mann Project") which consists of the Mann West and Mann Central Properties an ...