NIKL and EPI 1Q-24 Highlights

Nickel Mining

• Revenues from ore sales declined by 41 percent to P2. 09 billion from P3. 55 billion last year, due to lower ore prices.

• The Company’s operating mines sold a combined 2.61 million wet metric tons (WMT) of nickel ore during the period, slightly higher than last year’s 2.39 million WMT.

• The weighted average nickel ore sales price during the period decreased by 48% percent to $13.84 per WMT against $26.80 per WMT in the same period last year.

• The group’s consolidated Earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled P1. 05 billion against P2. 21 billion from the prior year.

• NAC recognized losses from its combined equity share in investments in the two HPAL plants in the amount of P193. 90 million against P252. 12 million income in the prior year.

• Reported attributable net income of P2 02 million for 1Q-2024, which was down 79% YoY due to a reduction in ore revenues by 34% year-on-year and losses incurred from our HPAL operations.

Renewable Energy (Emerging Power Inc.)

• EPI's operating asset Jobin-SQM Inc. (JSI) is presently operating at a total capacity of 172-MW with the new additional capacity achieved last February 28, 2024 from 100 MW YoY (began in July 2022); generation for 1Q24 is up 19.3% YoY to 44,881-megawatt hours.

• JSI’s EBITDA up 3.6% YoY to P160. 1 million.

• 145-MW plant pre-development activities underway with EPI's other long-term lease agreement with the Subic Bay Metropolitan Authority (SBMA). Preliminary studies and application of permits are ongoing.

• Leyte Phase 1 - 120 MW project under Greenlight Renewables (JV with Shell) - notice to proceed (NTP) was issued in September 2023. The Project is on schedule with its construction and for COD in April 2025.

• For Biliran Geothermal 2 MW pilot project, the turbines have been installed and energized since February 17, 2024. This paves the way to expand the development plan up to 10MW, which supports the goal of achieving its full potential of 50MW.