NICKEL ASIA CORP. (NAC) reported an attributable net income of P6.25 billion for 2025, greater than 4 times the P1.52 billion recorded a 12 months earlier, supported by higher ore export prices.
In an announcement on Thursday, the listed miner said revenues from saprolite and limonite ore climbed 39% to P27.25 billion from P19.56 billion in 2024.
NAC’s operating mines sold a combined 18.56 million wet metric tons (WMT) of nickel ore in 2025, up 9% from 17.02 million WMT the previous 12 months.
The corporate said its weighted average ore price increased 28% to $25.66 per WMT from $20.04 per WMT a 12 months earlier.
Saprolite and limonite ore exports rose 13% to 10.93 million WMT from 9.64 million WMT previously. Average export prices for each ore types increased 32% to $36.14 per WMT, compared with $27.34 per WMT in 2024.
At a briefing on Thursday, NAC said costs and expenses rose 18% to P18.32 billion from P15.52 billion a 12 months earlier.
The corporate said it’s targeting 20 million WMT in ore production this 12 months.
Meanwhile, NAC said its renewable energy arm, Emerging Power, Inc. (EPI), through its subsidiary Jobin SQM, Inc. (JSI), is working at a capability of 172 megawatts (MW), with power generation up 1% to 226,897 megawatt-hours in 2025.
JSI’s earnings before interest, taxes, depreciation, and amortization declined 16% to P788 million from P939 million, attributed to lower wholesale electricity spot market prices.
Phase 1 of the San Isidro, Leyte Solar project achieved energization in October and is targeting industrial operations within the second quarter of 2026, NAC said. The project is operated by Greenlight Renewables Holdings, Inc. (GRHI), EPI’s three way partnership with Shell Overseas Investments B.V.
The San Isidro solar project is anticipated so as to add 120 megawatt-peak (MWp), of which 72 MWp will probably be attributable to EPI. Construction of Phase 2, also with a capability of 120 MWp, is ongoing, with testing and commissioning expected within the second quarter.
NAC said Phase 1 of the Botolan solar project in Zambales, also under GRHI, received a notice to proceed in October, with testing and commissioning scheduled for the fourth quarter of 2026.
Individually, EPI is developing a 145‑MWp solar facility in Cawag, Subic. The corporate said testing and commissioning for Phase 1 has been moved to the primary half of 2027, while Phase 2 is scheduled to start construction in the primary quarter of this 12 months.
Pre-development activities are also under way for the 50‑MWp Nazareno solar project in Bataan, with construction targeted to start out within the third quarter of the 12 months.
“EPI is transitioning from volume-driven to value-focused expansion. That is in response to the changing market dynamics and to optimize its pipeline of solar energy projects,” NAC said.
The corporate added that EPI is expanding its development strategy to incorporate run-of-river hydro projects, in addition to hybrid diesel, solar, and battery systems fitted to island grid operations.
In a separate disclosure, NAC said it has established three wholly owned subsidiaries. One will provide corporate support services, one other will function a holding entity for geothermal investments, and the third will hold international investments.
On Thursday, NAC shares closed at P5.64, up 18 centavos or 3.3%. — Vonn Andrei E. Villamiel