C05966-2023

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)
Aug 3, 2023
2. SEC Identification Number
CS200811530
3. BIR Tax Identification No.
007085191
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
(632) 7798-7622
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) 13,882,210,614
11. Indicate the item numbers reported herein
Item 9. Other Events

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 the Unaudited Financial and Operating Results for the Six-Month Period ended June 30, 2023
Background/Description of the Disclosure

At the Regular Meeting of the Board of Directors of Nickel Asia Corporation held on August 3, 2023, the Board approved the unaudited financial and operating results for the six-month period ended June 30, 2023.

During the period, the Company recorded an attributable net income (net of minority interest) of P1.7 billion, down 55 percent from P3.8 billion year-on-year.

Excluding the company’s equity interest in the Coral Bay and Taganito HPAL projects, NAC’s attributable net-income (net of minority interest) of P1.8 billion is down 33 percent from P2.7 billion year-on-year due to lower nickel ore prices due to the growth in Indonesian nickel production and the slowdown in the Chinese economy. The combined losses incurred by the high-pressure acid leach (HPAL) plants were due to lower metal prices of nickel and cobalt year-on-year.

Revenues declined by 8 percent to P10.9 billion from P11.8 billion in the same period last year, due to lower nickel ore prices. Operating mines sold a combined 7.52 million wet metric tons (WMT) of nickel ore, an improvement of 8 percent compared to the same period the year prior.

The Company exported 3.66 million WMT of saprolite and limonite ore at the average price of $28.22/WMT during the period against 3.12 million WMT at $42.05/WMT from the previous year.

Additionally, the Company delivered 3.86 million WMT of limonite ore to the Coral Bay and Taganito HPAL plants, realizing an average price of $10.13 per pound of payable nickel for the first six months of the year. This compares to 3.83 million WMT at $12.52 per pound of payable nickel in the same period of the previous year.

As a result, the weighted average nickel ore sales price during the period decreased by 26 percent to $22.32/WMT from $30.03/WMT last year. The Company realized P55.33 per US dollar from nickel ore sales, a 5 percent increase from P52.56 year-on-year.

The group’s consolidated Earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled P4.79 billion, a 25.7-percent decline from the same period last year. NAC registered a loss from its equity interests in the two HPAL plants in the combined amount of P77.4 million against a profit of P1.1 billion the year prior.
Other Relevant Information

Please refer to attached disclosure on SEC Form 17-C.
Filed on behalf by:
Name Maria Angela Villamor
Designation Senior Vice President-Finance and Revenue Management Group, Chief Finance Officer, and Treasurer