Nickel Industries (ASX:NIC) expects adjusted EBITDA from operations for the December 2025 quarter to be between US$35 million and US$40 million.
The company attributed the decline from the previous quarter to delays in securing an increased Rencana Kerja dan Anggaran Biaya for its Hengjaya Mine, which caused ore sales to fall sharply from 3,094,230 wmt in September 2025 to 945,631 wmt in December 2025.
The delay, which was resolved on Dec. 11, 2025, led to an estimated US$45 million in foregone ore sales and an additional US$18 million in contractor standby costs.
Despite the disruption, operations resumed on Dec. 12, 2025 and delivered strong performance over the final 19 days of the month.
The company also reported a record quarterly adjusted EBITDA of US$129 million (100% basis) from its HNC HPAL operations.
Hengjaya Mine has started 2026 strongly, with approximately 735,000 wmt of nickel ore sold as of Jan. 17, despite unexpectedly heavy rainfall.
Managing Director Justin Werner said the company was "pleased to start 2026 strong" despite the previous quarter's operational setbacks.