19 December 2025 | 9:09AM HKT Equity Research China PCB: Kingboard (1888.HK): Mgmt. call takeaway: CCL supplier with vertical integration, mix upgrade towards high-end products We talked to Kingboard Laminates (1888.HK, Not Covered) management recently. Kingboard is the local CCL supplier that produces CCL and upstream raw materials. Management views Kingboard's vertically integrated solution as the company's key strength, which empowers its higher manufacturing efficiency and CCL products with competitive ...

Financial Performance & Projections - The Pre-Feasibility Study (PFS) shows a Net Present Value (NPV) of $5.5 billion [9], while the Initial Assessment (IA) indicates an NPV of $18.1 billion [9] - The PFS estimates a 27% Internal Rate of Return (IRR), and the IA projects a 36% IRR [47, 63] - The PFS anticipates steady-state production of 11 million wet tonnes of nodules per annum from 2031 to 2043 [47] - The PFS projects an EBITDA margin of 43% during steady-state production years, translating to $254 per dry tonne of nodules [56] - The company estimates C1 cash costs of $1,065 per tonne of nickel, including byproduct credits, placing it in the 1st quartile of the nickel cost curve [54] Resource & Production - The PFS focuses on the NORI-D area, with probable reserves of 51 million tonnes [10] and a total resource of 352 million tonnes [47] - The IA covers the TOML and NORI areas (excluding NORI-D), estimating a resource of 1,276 million tonnes [63] - The company anticipates first production in Q4 2027 [15] - The combined PFS and IA cover an estimated resource of 1.6 billion tonnes of nodules [65] Strategic Investments & Partnerships - Korea Zinc made a strategic equity investment of $85.2 million in exchange for 19.6 million common shares at $4.34 per share [25] - The company has a pro forma cash balance of $120.7 million as of June 30, 2025, and total liquidity of $165 million including borrowing capacity [72]