Nickel Asia Corporation (NAC) reported lower attributable net income for the first quarter of 2026 but highlighted a turnaround in core earnings and strong growth from its renewable energy business.
The listed mining company posted attributable net income of PHP 371.77 million in Q1 2026, down 26% from PHP 501.03 million in the same period last year. EBITDA also declined to PHP 1.35 billion from PHP 1.55 billion.
However, NAC noted that first-quarter 2025 earnings included a one-time PHP 800.49-million gain from the sale of its stake in Coral Bay Nickel Corporation. Excluding the one-time gain, the company said core earnings improved from a net loss to positive territory year-on-year.
Mining revenues from saprolite and limonite ore sales rose 3% to PHP 2.42 billion despite a 9% decline in nickel ore sales volume to 2.27 million wet metric tons (WMT).
The company said higher ore prices helped offset lower sales volumes. Weighted average ore prices increased 10% year-on-year to USD 18.03 per WMT.
Saprolite ore exports declined 15% to 0.56 million WMT, while limonite ore deliveries to affiliated high-pressure acid leach (HPAL) plants reached 1.71 million WMT.
NAC also highlighted strong performance from its renewable energy subsidiary Emerging Power, Inc. (EPI).
The company said EPI increased generation by 63% year-on-year to 95,831 megawatt-hours (MWh), while EBITDA surged 130% to PHP 267 million.
The growth was mainly attributed to the additional 120-megawatt peak (MWp) capacity from Phase 1 of the San Isidro solar project in Leyte, which began testing and commissioning last year. NAC said Phase 1 of the San Isidro project is expected to begin commercial operations this quarter, while Phase 2 is targeting testing and commissioning within the third quarter.
The company also provided updates on other renewable energy developments, including the Botolan solar project in Zambales, the Subic Cawag solar facility, and the Nazareno solar project in Bataan. Overall, it reported that all the aforementioned projects are right on schedule.
Beyond renewable energy, NAC reported continued copper-gold exploration activities in Isabela through Cordillera Exploration Company, Inc. (CEXCI), its joint venture with Sumitomo Metal Mining Co., Ltd.
The company also disclosed plans to acquire a 20% stake in Kazakhstan-based East Copper Production LLP as part of its diversification strategy beyond nickel mining.
“We have demonstrated notable resilience amid the macroeconomic turbulence stemming from the ongoing Middle East conflict with the oil shock reigniting inflation and weighing down on the Peso,” said NAC President and CEO Martin Antonio G. Zamora.
“As our mining operations ramp-up in the second quarter, we remain confident in a stronger performance for the year, supported by the current strength in nickel prices,” he added.
Zamora concluded that the company’s renewable energy expansion and copper investments reflect NAC’s continued transformation into a “diversified, regional natural resources development company.”
Nickel Asia Corporation is a natural resources company with interests in nickel mining, HPAL processing, and renewable energy development.
As mining companies expand into renewable energy and critical minerals, will diversification become increasingly necessary for long-term resilience in the resource sector?
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