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Blackstone Minerals
Investor Insights
Rapidly emerging as Southeast Asia’s premier base and battery metals developer, Blackstone Minerals now holds two globally significant projects: the Ta Khoa nickel-cobalt project in Vietnam and the Mankayan copper-gold porphyry project in the Philippines. Both projects are critical to the company’s strategy to become a vertically integrated, low-cost, low-carbon producer of critical battery and base metals.
Overview
As the global economy accelerates toward net-zero emissions, the demand for critical minerals continues to rise, with nickel and copper positioned at the forefront of the energy transition. Historically used in stainless steel, nickel is now a core component in lithium-ion batteries; while copper, vital for electrification infrastructure, is similarly facing a looming supply crunch.
Blackstone Minerals (ASX:BSX,OTC:BLSTF,FRA:B9S) recognizes this strategic imperative and has positioned itself as a diversified, vertically integrated producer of low-cost, low-carbon battery and base metals.
Following its transformational merger with IDM International, Blackstone now controls two globally significant assets: the Ta Khoa nickel project in Vietnam and the Mankayan copper-gold project in the Philippines. Together, they represent a rare combination of scale, grade and strategic location in Southeast Asia, an increasingly vital region in the global clean energy supply chain.
The Mankayan copper-gold project is located in Northern Luzon, Philippines
The recently acquired Mankayan project adds substantial scale and diversification to Blackstone’s portfolio. One of the largest undeveloped copper-gold porphyry systems in Asia, Mankayan features over 56,000 meters of historical drilling and a resource of 793 million tonnes (Mt) at 0.756 percent copper equivalent (CuEq), including a high-grade core of 170 Mt at 1.049 percent CuEq. The project benefits from proximity to existing infrastructure and its location just 2.5 km from the operating Lepanto gold mine, owned and operated by Lepanto Consolidated Mining Company, and Far Southeast Gold Resources’ Far Southeast project.
The Ta Khoa project, meanwhile, includes both a past-producing underground nickel sulphide mine (Ban Phuc) and an advanced-stage refinery designed to produce battery-grade precursor cathode active material (pCAM). Vietnam’s low labor and energy costs, coupled with regulated power pricing and surging foreign direct investment, make it an ideal base for Blackstone’s vertically integrated strategy.
Blackstone is uniquely positioned to benefit from geopolitical tailwinds. Vietnam’s Free Trade Agreement with the European Union and the US Inflation Reduction Act are drawing significant interest from global partners and battery manufacturers. Meanwhile, the Philippines is undergoing a mining renaissance, with the government promoting foreign investment in responsible resource development. Mankayan has already been identified as a priority project by the Philippines’ Mines and Geosciences Bureau.
The company’s development strategy is underpinned by a commitment to ESG leadership. Blackstone is advancing renewable energy solutions for Ta Khoa via a direct power purchase agreement with Limes Renewables and is collaborating with Arca Climate Technologies to explore carbon capture through mineralization. At Mankayan, the company is focused on sustainable development in partnership with local communities.
Financially, Blackstone is well-capitalized to deliver on its dual-track growth plan. Following the merger with IDM, the company raised AU$22.6 million and holds AU$24.36 million in cash as of June 2025. The company’s experienced leadership team and strong partnerships provide a clear path to near-term value creation, as both projects progress toward definitive feasibility studies and long-term production.
Blackstone Minerals is now one of Southeast Asia’s leading battery and base metals developers, with a clear vision to supply responsibly sourced nickel and copper for the global energy transition.
Company Highlights
- Nickel Supply Deficit: The global nickel market is projected to enter a structural deficit with battery-grade nickel demand expected to grow 950 percent by 2040.
- Diversified Portfolio: With Ta Khoa in Vietnam and Mankayan in the Philippines, Blackstone offers exposure to two critical and high-demand metal classes: nickel and copper-gold.
- Strategic Southeast Asia Presence: Vietnam and the Philippines are emerging hubs for EV and mineral resource development, with robust government support and increasing foreign direct investment.
- Infrastructure Advantage: Both projects benefit from existing infrastructure, including hydroelectric power, trained workforces, and government collaboration.
- Sustainability Leadership: Blackstone is pursuing low-emission mining solutions through partnerships in renewable energy and carbon capture technologies.
- Financially Strong: Blackstone raised AU$22.6 million post-merger, supporting an aggressive exploration and development strategy across both assets.
Key Project
Mankayan Copper-Gold Project – Philippines
Following its merger with IDM International, Blackstone now owns a 64 percent effective interest in the world-class Mankayan copper-gold project through Crescent Mining Development. Located in the prolific mineral belt of Northern Luzon, Philippines, Mankayan is one of Asia’s largest undeveloped copper-gold porphyry systems. It lies approximately 340 km from Manila by road, and just 2.5 kilometers from the operating Lepanto gold mine, which includes a 900 ktpa underutilized milling facility.
The Mankayan deposit spans roughly 1,100 meters of strike and 600 meters in width, with mineralization open to the north, south and at depth. Over 56,000 meters of diamond drilling has been completed to date, and the deposit hosts a JORC 2012-compliant mineral resource estimate of 793 Mt at 0.37 percent copper and 0.40 grams per ton (g/t) gold, equating to 0.756 percent CuEq. This includes a high-grade core of 170 Mt at 0.48 percent copper and 0.59 g/t gold (1.049 percent CuEq), offering valuable optionality.
Drilling results support Mankayan’s classification as a globally significant resource. Notable historic intercepts include:
- 911 meters at 1 percent CuEq, including 253 meters at 1.43 percent CuEq
- 543 meters at 1.08 percent CuEq, including 277 meters at 1.43 percent CuEq
- 1,119 meters at 0.86 percent CuEq, including 352 meters at 1.15 percent CuEq
- 754 meters at 1.03 percent CuEq, including 430 meters at 1.21 percent CuEq
In July 2025, Blackstone confirmed significant new surface mineralization through historical rock chip samples returning grades up to 6 g/t gold and 1.9 percent copper, and a standout recent drill hole – 432 meters at 1.25 percent CuEq (including 210 meters at 1.60 percent) – further underscoring the project's scale and growth potential.
A key strategic advantage of Mankayan is its dual development pathway. The high-grade core supports a low-capex startup via selective mining methods, while the bulk of the deposit can be exploited through larger-scale mining scenarios that benefit from lower operating costs and economies of scale. This tiered approach allows Blackstone to balance capital efficiency with long-term growth.
Regulatory and community engagement milestones have also been achieved. The project’s 25-year mineral production sharing agreement was renewed in 2022, and a memorandum of agreement with local Indigenous Peoples was signed in 2024, making Blackstone the first mining company to obtain IP consent in the area. The Mines and Geosciences Bureau of the Philippines has since designated Mankayan as a priority development project.
Mankayan stands out globally when benchmarked against peer porphyry systems. A comparative analysis of undeveloped copper-gold projects ranks it near the top in terms of grade and copper equivalent tonnage, reaffirming its strategic and economic potential on the world stage.
In 2025 and beyond, Blackstone will continue metallurgical testwork, geophysics (including magnetics, IP and electromagnetics), environmental baseline studies, and further drilling to refine and expand the resource. These efforts will support upcoming mining studies and a targeted prefeasibility study.
Ta Khoa
Ta Khoa nickel project in Vietnam
Blackstone Minerals holds a 90 percent interest in the Ta Khoa nickel project, located in the Son La Province of northern Vietnam, about 160 km west of Hanoi. The project comprises the Ban Phuc underground nickel sulphide mine – a modern operation built to Australian standards that operated between 2013 and 2016 – and the adjacent Ta Khoa refinery, currently being developed to produce battery-grade precursor cathode active material (pCAM).
The Ban Phuc mine is currently under care and maintenance but is poised for recommissioning alongside the construction of a concentrator and refinery. The broader Ta Khoa asset base contains probable reserves of 48.7 million tonnes (Mt) at 0.43 percent nickel, equivalent to 210 kilotonnes (kt) of contained nickel. The mining inventory totals 64.5 Mt at 0.41 percent nickel, containing 265 kt of nickel. This figure excludes additional developing prospects such as Ban Khoa.
Over the planned 10-year mine life, Ta Khoa is expected to produce an average of 18 kt of nickel concentrate annually, with the potential to extend well beyond this horizon through integrated refining. The existing infrastructure onsite, including a 450 ktpa mill and a mining camp, provides significant capital efficiency and accelerates time to production.
A recent 12-month pilot program, conducted in partnership with ALS and Wood, successfully demonstrated that Ta Khoa’s hydrometallurgical flowsheet can convert concentrate into nickel sulphate at 99.95 percent purity and 97 percent recovery. This success positions the refinery as a credible supplier to the Asia-Pacific battery supply chain.
The project is further distinguished by its low emissions profile. Independent assessments by Digbee, Minviro, Circulor and an audit by the Nickel Institute have confirmed Ta Khoa as the lowest-emitting pCAM flowsheet in the industry, with carbon intensity of just 9.8 kg CO₂ per kg of pCAM, with opportunities for further reduction.
Blackstone’s development strategy includes flexible feedstock acceptance – from nickel concentrate to black mass – and is strengthened by partnerships with Cavico Laos for third-party supply, Arca Climate Technologies for carbon capture via mineralization, and Limes Renewables to supply clean wind energy. Additionally, the company has secured byproduct offtake arrangements for manganese sulphate and sodium sulphate with VinaChem, PVChem and Nam Phong Green, reinforcing its commitment to full-cycle resource utilization and ESG leadership.
Management Team
Hamish Halliday - Non-executive Chairman
Hamish Halliday is a geologist with over 20 years of corporate and technical experience. He is also the founder of Adamus Resources Limited, an AU$3 million float that became a multimillion-ounce emerging gold producer.
Scott Williamson - Managing Director
Scott Williamson is a mining engineer with a commerce degree from the West Australian School of Mines and Curtin University. He has over 10 years of experience in technical and corporate roles in the mining and finance sectors.
Geoff Gilmour – Non-executive Director
Appointed following Blackstone’s merger with IDM, Geoff Gilmour brings deep experience in Southeast Asian mining ventures. He has held senior roles in exploration and development across copper and gold projects in the Philippines and broader Asia-Pacific.
Tessa Kutscher - Executive
Tessa Kutscher is an executive with more than 20 years of experience in working with C-Level executive teams in the fields of business strategy, business planning/optimisation and change management. After starting her career in Germany, she has worked internationally across different industries, such as mining, finance, tourism and tertiary education.
Lon Taranaki - Executive
Lon Taranaki is an international mining professional with over 25 years of extensive experience in all aspects of resources and mining, feasibility, development and operations. Taranaki is a qualified process engineer from the University of Queensland Australia. He holds a Master of Business Administration, and is a fellow of the Australian Institute of Company Directors. Taranaki has established his career in Asia where he has successfully worked (and lived) across multiple jurisdictions and commodities ranging from technical, mine management and executive management roles.
A diversified developer of battery-grade nickel and copper-gold assets in Southeast Asia
Fathom Announces Completion of the Gochager Lake Summer Field Exploration Program and Further "Footprint" Expansion Along Strike
Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) (the "Company" or "Fathom") is pleased to announce the completion of the summer field exploration program at the Gochager Lake Project.
The Gochager Lake Project Summer Field Program (the "Program") Highlights:
- 2,926 B-horizon soil samples were collected from 3,183 designated sites.
- 337 rock samples, consisting of both chip samples and grab samples were collected from various outcrop locations.
- All 337 samples were analysed on-site by pXRF for nickel-copper-cobalt-sulphur and key mafic-ultramafic rock pathfinder elements (chrome and magnesium).
- Multiple well-mineralized samples have been submitted for multi-element assay along with a select number of samples for whole rock geochemical analysis.
- Unfortunately, due to a lightning-induced wildfire in the Gochager Lake area, the field crew was evacuated, and the Program was cut short by three days. Despite the truncated program, the crew was able to complete approximately 90% of the intended soil geochemistry sampling coverage.
The Program summary is presented in Figures 1 & 2.
- Figure 1 illustrates the extension of the soil geochemistry along strike to the northeast and southwest of the area where the 2024 soil geochemistry survey was performed.
- The 2025 program has added approximately 3.5km of coverage to the northeast and approximately 2.5km of coverage to the southwest.
- Note: the areas to the southwest that are not highlighted in grey, are the areas where crews were unable to complete their work due to the encroaching wildfire.
- The area now covered by B-horizon soil geochemistry (from 2024 and 2025) totals approximately 9km in strike and 1-3km in width. To date, the soil geochemistry coverage has been focused within the interpreted structural corridor highlighted in Figures 1 and 2.
- Figure 2 illustrates chip sample locations and 3 notable polygons where pXRF analysis detected anomalous to very anomalous nickel in sulphide mineralization within metasedimentary, gabbroic and ultramafic rock.
- Nickel (Ni) in disseminated sulphide mineralization in an ultramafic host was detected approximately 1,200m along strike of the historic Gochager Lake deposit.
- Multiple locations of Ni in disseminated sulphide mineralization, in gabbroic rock was detected approximately 400-500m along strike of the historic Gochager Lake deposit.
- Note variable texture gabbro with Ni occurring in disseminated sulphide mineralization is the host rock at the historic Gochager Lake deposit. Furthermore, Fathom recognizes Ni in disseminated sulphide mineralization in ultramafic rock (pyroxenite) occurring immediately north of the historic Gochager Lake deposit.
- Elevated Ni in disseminated to semi-massive sulphide mineralization within a metasediment host was detected approximately 800m west-southwest of the historic Gochager Lake deposit. It is within this area that the highest Ni-in soil sample was collected (Fathom Press Release July 21, 2025).
- The historic Gochager Lake deposit area geology map will be updated once all analyses have been received and interpreted.
- We anticipate the receipt of all soil and rock geochemistry results by mid-September.
In acknowledging the efforts of the team in response to the wildfires, Ian Fraser, Fathom CEO and VP Exploration stated, "Firstly, I would like to thank the crew at TerraLogic Exploration Inc. for an excellent job done under extremely challenging circumstances. I must also acknowledge the leadership teams at both TerraLogic and Osprey Wings Ltd. for their swift action in ensuring a safe and complete evacuation of the Gochager Lake camp. I must also thank the team at JP Enterprises Inc. for their efforts in manning the pumps and sprinkler system at our camp. It has been a very challenging exploration season due to wildfires burning in our project area and we are very grateful that the crew was extracted safely and further commend the efforts of those individuals who remained in camp and ultimately saved our newly constructed 20-25 person all season camp."
He went on to comment on the exploration program and the future plans at Gochager Lake, "We look forward to interpreting the results of the soil and rock geochemistry program once assays are in hand in September. It is obvious from preliminary rock geochemistry that mineralized gabbro continues for a minimum of 500m along strike of the historic Gochager Lake deposit. We were delighted and very encouraged with the discovery of a mineralized ultramafic outcrop further along strike and on the other side of the lake from the known mineralized gabbro occurrences. We look forward to completing a geophysical survey to determine the conductivity associated with the newly discovered mineralized gabbro and ultramafic rock and to specifically determine if there is a conductor(s) below the small lake. Once we have all results in hand we will be in a better position to discuss the robust multi-element in-soil anomalies that flank the boundaries of the interpreted structural corridor and to determine the next exploration steps as we further define this burgeoning nickel camp in north central Saskatchewan."
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Quality Assurance / Quality Control (QA/QC) Disclosure Statement
The Company contracted the services of TerraLogic Exploration Inc. ("TerraLogic") to conduct its soil and rock geochemistry program within the historic Gochager Lake deposit area. Soil samples were collected using either a hand auger or a geotool at pre-determined sites utilizing a 50m x 50m sample spacing configuration. B-horizon soil samples were collected at each site, placed in kraft soil sample bags and all metadata associated with each sample location was recorded. Once sorted and logged, samples were shipped to ALS Canada Ltd. ("ALS") in North Vancouver, British Columbia for multi-element analyses. All rock samples collected for analyses, once logged and sorted, were also sent to ALS for multi-element analyses.
As part of its ongoing exploration activities, Fathom is utilizing a portable Vanta™ XRF Analyzer ("pXRF") to provide real-time lithogeochemical, multi-element data on surface rock chip samples and rock grab samples collected in the field. The Vanta™ XRF Analyzer is a hand-held device, held in position for a total 120 seconds - beam 1 (30 seconds), beam 2 (60 seconds) and beam 3 (30 seconds) to allow for an effective reading of elements occurring at that specific point, and at that specific surface of a rock sample. All elements detected at that specific point; nickel, copper, cobalt plus key pathfinder elements, chrome and magnesium, are recorded. The reader is cautioned that pXRF data should be treated only as an indication of elements, as the accuracy of the beam position on a particular element is variable.
Qualified Person and Data Verification
Ian Fraser, P.Geo., CEO, VP Exploration and a Director of the Company and the "qualified person" as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of the Company.
About Fathom Nickel Inc.
Fathom is an exploration company that is targeting magmatic nickel sulphide discoveries to secure the supply of North American Critical Minerals and to support the global green energy transition.
The Company now has a portfolio of three high-quality exploration projects located in the prolific Trans Hudson Corridor in Saskatchewan: 1) The Albert Lake Project, a 90,000+ hectare project that hosts the historic Rottenstone Mine1. Fathom exploration to date at the Albert Lake project confirms: the Rottenstone deposit mineralization (Ni-Cu+Pd-Pt+Au ) extends to the south a minimum 40m and remains open, and the potential for a footwall offset of the Rottenstone deposit; a new Rottenstone-like (similar host rock and similar mineralization) discovery by drilling 500-550m W-NW of the historic mine; and similar Rottenstone-like host rock and mineralization intersected by drilling approximately 1.5km S-SW of the historic mine. 2) The 34,000+ hectare Gochager Lake Project that hosts the historic Gochager Lake deposit2. Fathom exploration to date at the Gochager Lake project confirms: the vertical extension of Ni-Cu-Co mineralization a minimum of 150m below the interpreted historic deposit boundary, and very good potential remains open for expansion in all directions; and multiple high-grade zones / chutes of vertically oriented Ni-Cu-Co sulphide breccia mineralization occur within the historic deposit and remain open for further expansion and delineation; and surface mapping and soil / rock geochemistry has confirmed the Gochager Lake deposit host rock and mineralization style; the footprint, extends a minimum 1,200m to the northeast and remains open for expansion along strike. 3) The 10,000+ hectare Friesen Lake Project located 40km southwest of the historic Rottenstone Mine and 30km northwest of the historic Gochager Lake deposit. The Friesen Lake property hosts the Olsen Cu-Ni-Pt Showing also referred to as the Friesen Lake Cu-Ni-Pt showing and is described as an ultramafic dyke that historic trenching and drilling demonstrates Cu-Ni-Pt-Pd and Au mineralization within the ultramafic dyke (Saskatchewan Mineral Deposit Index (SMID) #0928a). To date Fathom has not performed any exploration at the Friesen Lake Project.
1 - The Rottenstone Mine; a small open-pit mining / milling operation in production 1965-1969. Milling commenced September 5, 1965, operated through November 7, 1965, and 5,500 short tons were mined and milled, the average production grade being 3.23% Ni, 1.83% Cu, 0.14 oz/ton Pt, 0.10 oz/ton Pd, 0.03 oz/ton Au (9.26 g/t* 3E) and 0.20 oz/ton Ag for this period. Initial milling operations in 1965 produced 1,070 dry short tons of concentrates, the average grade being: 10.835% Ni, 5.74% Cu, 0.33 oz/ton Pt, 0.53oz/ton Pd, 0.10 oz/ ton Au (32.91 g/t* 3E) and 1.25 oz/ton Ag. (Richards, B.R. and Robinson, B.G.W. 1966), Mining and milling a small ore deposit …. Rottenstone Mining Limited: The Canadian Mining and Metallurgical Bulleting for December 1966. The Saskatchewan Mineral Deposit Index (SMDI) #0958 reports final mine production in 1969 of 28,724 tons with an average grade of 3.28% Ni, 1.83% Cu and 9.63 g/t 3E (Pd-Pt+Au) and that approximately 9,000 tons of concentrate were sold to the International Nickel Company of Canada Limited. * A factor of 34.286 g/tonne was used to convert 1 oz/ton to g/tonne (g/t).
2 - The Gochager Lake property is host to the historic Gochager Lake Ni-Cu deposit. There is no source or available Technical Reports to verify the historic resource estimate for the Gochager Lake deposit; hence, Fathom will treat the Gochager Lake deposit historic estimate as an Exploration Target. Available records in the SMDI and Saskatchewan Mineral Assessment Database (SMAD) suggest an Exploration Target of 4-5 million tons grading 0.3% Ni - 0.4% Ni and 0.08% Cu - 0.09% Cu, containing a higher-grade core of 1.5-2 million tons grading 0.6% NiEq - 0.7% NiEq (note NiEq is based on Ni-Cu only). The ranges of tons and grade are conceptual as there is insufficient historic data to verify the historical resource estimate(s) for the Gochager Lake deposit, and the higher-grade core. At present, Fathom has drilled 16 drillholes (5,549m) into the historic Gochager Lake deposit and has confirmed Ni-Cu grades comparable to and higher than the historical grades reported, thus confirming that a deposit of Ni-Cu+Co metal accumulation does exist at the historic Gochager Lake deposit / property. Furthermore, insufficient drilling has been done by the Company to define a current mineral resource, and again at this time, it is uncertain if further drilling will result in the Exploration Target being delineated as a mineral resource. The disclosed potential quantity and grade has been determined by historic records notably; the Saskatchewan Mineral Deposit Index (SMDI #0880) reports delineation drilling outlined a deposit at the historic Gochager Lake Deposit; Steel, J.S. (1990)(SMAD 73P15-0091) : Report on a Diamond Drilling Program on the Gallagher (Gochager) Lake Property of McNickel Inc., reported that Scurry-Rainbow Oil Ltd. constructed vertical sections and a longitudinal section from drill data collected 1966-1968, and an orebody with reasonably well-defined limits was interpreted. Ore reserves were then calculated for the Zone A. As stated above the historic estimate is not well documented and there are no available Technical Reports to support the historic resource estimate(s).
ON BEHALF OF THE BOARD
"Ian Fraser"
CEO, VP Exploration, Director
For further information, please contact:
Ian Fraser, CEO, VP Exploration
1-403-650-9760
ifraser@fathomnickel.com
Or
Doug Porter, President and CFO
1-403-870-4349
dporter@fathomnickel.com
Forward Looking Statements:
This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding payment of terms under the Option Agreement, permitting for the Property, receipt of an exploration permit, timing of the exploration program on the Property and the Company achieving the earn-in thresholds under the Option Agreement. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.
Nickel Price Update: Q2 2025 in Review
Nickel prices sink to 2020 lows
Nickel prices crashed at the start of Q2, falling to a five year low and reaching US$14,150 on April 8. However, the metal quickly recovered from the rout and reached US$15,880 on April 24.
The end of April saw nickel retreat to US$15,230. Prices were largely rangebound through May, rising to US$15,850 on May 9 before collapsing again to US$15,085 on May 27.
Nickel price, April 1 to July 24, 2025.
Chart via TradingEconomics.
Nickel had a short-lived rebound to US$15,510 on June 2 before falling to below the US$15,000 mark to reach US$14,840 on June 24. Since then, prices have experienced some upward momentum, reaching US$15,575 on July 23.
Supply surplus causing nickel price pressure
In a presentation at the Indonesian Mining Conference on June 30, Ricardo Ferreira, director of market research and statistics at the International Nickel Study Group (INSG), outlined the current state of the nickel market.
He suggested that high output from Indonesian miners has continued to exert downward pressure on nickel over the last several years, resulting in a decline from an average price of US$30,425 in 2022 to an average of US$15,000 during the first five months of 2025. Meanwhile, combined inventories on the London Metal Exchange and Shanghai Futures Exchange have exploded from 38,200 MT at the end of May 2023 to 230,600 MT at the end of April 2025.
This coincides with a 15.1 percent increase in global nickel production in 2023 and a 2.3 percent increase in 2024. The expectation is that nickel output will surge an additional 8.5 percent in 2025, with a significant portion to come from Indonesia, whose share is forecast to grow to 63.4 percent from 61.6 percent in the previous year.
Nickel demand not keeping up with supply
Demand has not kept pace with the increase in production. Ferreira stated that nickel demand increased by 7.8 percent in 2023 and 4.8 percent in 2024, and is expected to grow by 5.7 percent in 2025.
Stainless steel has been the primary driver of nickel demand for decades. Still, Olivier Masson, principal analyst for battery raw materials at Fastmarkets, predicts a changing demand landscape over the next couple of years.
At Fastmarkets' 2025 Lithium Supply & Battery Raw Materials conference in June, Masson provided insight into why he believes the current oversupply situation will begin to shift by 2027.
Currently, nickel’s primary demand driver is in the production of stainless steel, accounting for just over 2 million MT per year. However, the expectation is that between now and 2035, total demand for nickel will increase by 2 million tons, with stainless production accounting for just 564,000 MT — that's a CAGR of 2 percent.
“We expect to see more end-of-life scrap being generated within China, and then that should start slowing down the growth requirements for primary nickel in the Chinese stainless-steel industry,” Masson explained.
The remaining demand is predicted to come from a 12.8 percent, or 1.4 million MT, increase from the EV sector.
“Most of this growth will come from pure EV, so pure battery EVs, where we expect sales growth of over 30 million vehicles … But we still expect an increase in plug-in hybrids with an additional 11.5 million vehicle sales over the next decade,” Masson said. The expert went on to say that over that time, supply is expected to grow at a slower rate, with the majority owed to increases in nickel sulfate destined for battery manufacturing.
“What does that mean for the balance for the nickel market? Well, the nickel market has been oversupplied for the past couple of years. We expect that to continue this year and for the next few years," Masson explained.
"We are in a state of structural oversupply. That said, it's only by around 2027 or 2028 that we think the market will start to return to a semblance of balance," he added. Looking to the long term, Masson stated that an additional 750,000 MT will be needed by 2035, which he doesn’t see as a significant problem.
Nickel producers still curtailing output
With the nickel market currently experiencing a supply glut, more producers have taken to curtailing production or shuttering operations. Since 2024, there have been closures of significant operations, including First Quantum Minerals' (TSX:FM,OTC:FQVLF) Ravensthorpe, Panoramic Resources’ Savannah operations in Australia and major miner Glencore's (LSE:GLEN) Koniambo nickel mine in New Caledonia.
Likewise, refiners have been under pressure. BHP (ASX:BHP,NYSE:BHP,LSE:BHP,OTC:BHPLF) has suspended operations at its Nickel West refinery in Australia until 2027, and Sibanye Stillwater (NYSE:SBSW) repurposed its Sandouville nickel refinery in France to produce precursor cathode active material during the first half of 2025.
According to INSG data, 32 percent of global nickel production lines are currently offline.
One of the few companies to buck the trend was Vale (NYSE:VALE), which announced a 44 percent year-on-year increase in nickel production in its Q2 report, released on July 22.
Its nickel output rose to 40,300 MT from 27,900 MT during the same quarter last year. The company said gains were driven by strong performance from its Canadian assets and the Onca Puma mine in Brazil.
While there was some speculation that Indonesia may reduce its output, no cuts have materialized, which has in part led Australian investment bank Macquarie Group (ASX:MQG) to downgrade its nickel outlook to US$14,500 by the end of the year; that's in contrast to the US$15,500 it predicted at the end of Q1.
How are trade tensions impacting nickel?
Base metals were caught up in the fallout from US President Donald Trump’s “Liberation Day” announcement on April 2. The administration applied a 10 percent across-the-board baseline tariff to all but a handful of countries, and left open the possibility of more significant retaliatory tariffs starting on April 9.
However, a steep US$6.6 trillion selloff in equity markets and a squeeze in the bond market that sent yields for 10 year Treasuries up more than half a percent caused the US administration to walk back its plans. Instead, it announced a 90 day pause on the higher tariff rate and stated that it would work to negotiate new trade agreements.
The commodity price rout came as more analysts began to speculate about a recession later in 2025, which would reduce consumer spending on steel-dependent goods, such as light vehicles and new home builds.
Naditha Manubag, associate research analyst of metals and mining research at S&P Global, has suggested that nickel is likely to experience headwinds from the evolving trade policy in the US.
“We expect nickel prices to remain volatile in the near term as the Trump administration’s trade policies continue to evolve. Forecast for 2025 global primary nickel demand is lowered to 2.8 percent year-on-year due to the expected slowdown in global economic activity,” she said during her firm's State of the Market: Mining Q1’ 25 webinar on May 14.
Manubag said the slowdown would have a negative impact on demand for Chinese consumer goods, which would come alongside a rising Indonesian mining quota in 2025. Although prices spiked in March, she explained that it was due to tight supplies from the rainy season and increased royalty rates.
Manubag suggested that S&P’s overall expectation is that the nickel market will be in a surplus of 198,000 MT in 2025. As a result, the organization has lowered its nickel price forecast to US$15,730.
It’s more than just US tariffs that are expected to weigh on nickel prices in the short term. When Trump signed the One Big Beautiful Bill into law on July 4, it marked an end to the federal EV tax credit and other tax credits aimed at expanding charging infrastructure, a cornerstone of the Inflation Reduction Act.
The consumer credit was meant to provide a US$7,500 rebate toward the purchase of new EVs, and is expected to have an impact on overall demand when it expires on September 30. Although the majority of nickel demand comes from the production of stainless steel, the growing demand from EV battery production has provided additional tailwinds; however, a decline in EV demand could impact future demand growth.
“If and when this bill is passed, a slowdown of EV uptake is expected to lead to higher EV prices and slower rollout of charging infrastructure,” Manubag said.
Nickel price forecast for 2025
Currently, the easiest way to sum up the nickel market is that it's widely disliked. The fundamentals aren’t there, and a significant portion of nickel is being produced at a loss.
In an interview with the Investing News Network on July 20, Steve Barton, host of the "In It To Win It" podcast, suggested that while investors have avoided nickel, there may still be opportunities in the sector.
“You know, nickel is hated right now. I think there’s a decent case for nickel, just like when we went into platinum, right? Platinum did nothing for a decade; it just hung around US$900 to US$1,000 (per ounce), and now we’ve finally broken out … You have no idea when, but buy it when it’s boring. At US$900, no one cares, and then you get to ride the wave up. So I think that would be it. Pay attention to what’s unloved and hated and buy that,” he said.
Others in the investment community have expressed a similar sentiment. Although fundamentals for nickel are currently lacklustre, demand, especially from the automotive sector, is expected to grow over the next 10 years.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
