C03805-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
May 12, 2023
2. SEC Identification Number
CS200811530
3. BIR Tax Identification No.
007-085-191
4. Exact name of issuer as specified in its charter
NICKEL ASIA CORPORATION
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
28th Floor NAC Tower, 32nd Street, Bonifacio Global City, Taguig City Postal Code 1634
8. Issuer's telephone number, including area code
(63 2) 77987622
9. Former name or former address, if changed since last report
Not applicable.
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common (NIKL) 13,877,300,207
11. Indicate the item numbers reported herein
Item 9.

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Nickel Asia CorporationNIKL

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Approval of unaudited financial statements for the three months ended 31 March 2023
Background/Description of the Disclosure

Approval of unaudited financial statements for the three months ended 31 March 2023
Other Relevant Information

At the Regular Meeting of the Board of Directors of Nickel Asia Corporation held on May 12, 2023, the Board approved the unaudited financial and operating results for the three-month period ended March 31, 2023.

During the period, the Company recorded an attributable net income (net of minority interest) of P970 million, down 8 percent from P1.05 billion year-on-year.

Mining revenues rose by 5.7 percent to P3.51 billion from P3.32 billion in the same period last year, driven by the combination of favorable exchange rates and better prices on ore export sales. Operating mines sold a combined 2.39 million wet metric tonnes (WMT) of nickel ore, which remained stable compared to the same period the year prior.

The Company exported 604 Thousand WMT of saprolite and limonite ore at the average price of $50.37/WMT during the period against 651 Thousand WMT at $47.48/WMT year-on-year.

Additionally, the Company delivered 1.79 million WMT of limonite ore to the Coral Bay and Taganito high pressure acid leach (HPAL) plants, realizing an average price of $11.98 per pound of payable nickel for this quarter. This compares to 1.74 million WMT at $11.80 per pound of payable nickel in the same period of the previous year. However, the average price for the deliveries to the HPAL plants decreased to $18.84/WMT from $19.58/WMT a year ago due to weaker cobalt prices.

As a result, the weighted average nickel ore sales price during the period decreased by 1.4 percent to $26.80/WMT from $27.19/WMT last year. The Company realized P54.80 per US dollar from nickel ore sales, a 6.4-percent increase from P51.51 year-on-year.

The Group’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled P2.21 billion, relatively unchanged from the same period last year. NAC also recognized gains from its equity interests in the two HPAL plants in the combined amount of P252 million against P305 million the year prior.
Filed on behalf by:
Name Maria Angela Villamor
Designation Senior Vice President-Finance and Revenue Management Group, Chief Finance Officer, and Treasurer