In a disclosure to the stock exchange, NAC said its board of directors approved on Jan. 16, 2023 the additional investment through a subscription to additional common shares of EPI.

It said the EPI shall utilize the additional investment for EPI's operations, operating expenses of EPI affiliate, Biliran Geothermal Inc.; operating expenses of EPI subsidiary, Mindoro Geothermal Power Corp.; EPI's investments in the projects of its other subsidiaries; and EPI's investments in Greenlight Renewables Holdings Inc., its joint venture with Shell Overseas Investments B.V.

"With this additional investment, the company's equity ownership in EPI will increase to 95.8 percent," NAC said.

The company booked a 12-percent improvement in its unaudited attributable net income to P6.90 billion in the first nine months of 2022 from the P6.17 billion earned in the same period last year.

Nickel Asia has other properties in various stages of exploration for nickel while continuing to seek opportunities in copper and gold. The company also exports saprolite and limonite ore to customers in Japan and China.