2330 GMT - Nickel Industries' 1Q result demonstrates its leverage to nickel prices, says Bell Potter analyst David Coates. The miner's RKEF operations are the standout. 1Q Ebitda there jumped to US$85.8 million from US$35.0 million the quarter prior almost entirely on prices, Coates says. Yet margins at the HPAL operations also lifted. Ebitda per metric ton rose by 20% on a 15% increase in price, despite a 22% cost increase, he says. "Combined with the re-start at Hengjaya, NIC delivered its best quarter of earnings since December 2023," says Coates. The result "also highlights the earnings growth power of HPAL," he says. Production there is expected to rise to about 19,000 tons in 2026 and 46,000 tons in 2027, from about 8,500 tons last year.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

May 03, 2026 19:30 ET (23:30 GMT)

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