Nickel Industries Limited (NIC) Report Analysis
Corporate Events
Nickel Mines Limited Omits to Approve Amendments to the Constitution of the Company
2022-05-31 01:35:00
Nickel Mines Limited held its Annual General Meeting of members on May 31, 2022. At the meeting, the shareholders omit to approve the amendments to the constitution of the company.
Nickel Mines Limited has Changed its Name to Nickel Industries Limited
2022-05-31 01:35:00
On May 31, 2022, Nickel Mines Limited changed its name to Nickel Industries Limited.
Nickel Mines Limited's Fourth RKEF Line Commences Commissioning
2022-05-16 02:39:00
The Directors of Nickel Mines Limited announced that the company's 80%-owned Angel Nickel Project within the Indonesia Weda Bay Industrial Park (`IWIP') on Halmahera Island, has now commenced commissioning of its fourth and final RKEF line. With the Project's Indonesian operating entity PT Angel Nickel Industry now in receipt of its Izin Usaha Industri (`IUI' or `Industrial Business Licence') the Company looks forward to the Project completing its first commercial sales later this month, with contracts for the export of NPI in May now having been signed. The Project has already produced over 4,000 tonnes of nickel metal (in NPI), with all lines continuing to ramp-up production levels in line with expectations. As previously advised, during its commissioning phase, NPI production from ANI's RKEF lines will run at less than 100% of the 36,000 tonnes of nickel metal production nameplate capacity per annum depending on power availability. ANI's designated power plant remains on track to commence commissioning in August after which time the Company expects production levels across all 4 RKEF lines to rapidly ramp- up to above the nameplate capacity historically the Company's RKEF lines have operated in excess of 30% above nameplate capacity.
Nickel Mines Limited Announces Acquisition of the Siduarsi Nickel-Cobalt Project
2022-05-16 01:43:00
The Directors of Nickel Mines Limited announced that the Company has signed a binding definitive agreement for the staged acquisition of a 100% interest in the Siduarsi Nickel-Cobalt project (`Siduarsi') in Papua province, Indonesia. This follows on from the binding Memorandum of Agreement (`MoA') signed in September 2021. Siduarsi is a 6th generation Contract of Work (`CoW') held by PT Iriana Mutiara Mining (`IMM'), and is one of only four active nickel CoWs in Indonesia; the other three being VALE-INCO (which hosts its Soroako nickel matte production facilities - 65kt of nickel in 2021), Weda Bay which hosts the Indonesia Weda Bay Industrial Park (`IWIP') where the Company's four Angel Nickel rotary kiln electric furnaces are currently commissioning and Gag Island in West Papua province. The Siduarsi CoW covers 16,470 hectares (`ha') with previous work undertaken by Battle Mountain (IMM JV partner, 1994 - 1997) and Freeport McMoran (IMM Option holder, 1998 - 1999), who were assessing the project's limonite potential. Work undertaken by Battle Mountain and Freeport McMoran included approximately 367 shallow hand and machine soil augurs, 24 drill holes and 4 test pits, which returned individual grades of 2.07% nickel and 0.36% cobalt across 1-metre vertical channel samples at very shallow depths. As part of its due diligence and earn in requirements, Nickel Mines has completed over 100,000m of ground penetrating radar (`Ultra GPR') and 2,976m of drilling (174 holes) since signing of the MoA in September 2021 until the end of March 2022. Under the terms of the Definitive Agreement, the Company can acquire up to 100% of the Siduarsi CoW by meeting the following key conditions: payment of AUD 500,000 upon signing of the Definitive Agreement.
Nickel Mines Limited announces Angel Nickel Project Receives Izin Usaha Industri Commercial Sales Licence
2022-05-02 23:32:00
The Directors of Nickel Mines Limited announced that its 80% owned Angel Nickel Project (Angel Nickel or ANI) has now received its Izin Usaha Industri (IUI or Industrial Business Licence) enabling it to commence commercial sales. The IUI has been issued to the Project's Indonesian operating entity PT Angel Nickel Industry and first sales from ANI will occur later the month of May 2022. As at the end of April ANI had produced 2,975 tonnes of nickel metal (in NPI) with three of the Project's four lines having entered commissioning. All producing lines are continuing to ramp-up production levelsin line with expectations, with all production to date having been stockpiled awaiting the receipt of the IUI licence. The Project's fourth line is scheduled to commence commissioning by mid-May.
Nickel Mines Limited - Shareholder/Analyst Call
2022-04-29 01:38:00
AGM
Nickel Mines Limited, Annual General Meeting, May 31, 2022
2022-04-29 01:38:00
Nickel Mines Limited, Annual General Meeting, May 31, 2022, at 11:00 E. Australia Standard Time. Location: at Level 2, 66 Hunter Street, Sydney, NSW, 2000 Sydney New South Wales Australia Agenda: To consider approval of Remuneration Report; to consider re-election of a Director; to consider change of Company Name; to consider pproval of amendments to Constitution; and to transact any other business that may be brought forward in accordance with the Company's Constitution.
Nickel Mines Limited Proposes Amendments to Constitution
2022-04-29 01:38:00
Nickel Mines Limited announced that at its AGM to be held on 31 May 2022, to propose amendments to constitution of the company.
Nickel Mines Limited to Report Q1, 2022 Results on Apr 28, 2022
2022-04-20 01:11:00
Nickel Mines Limited announced that they will report Q1, 2022 results on Apr 28, 2022
Nickel Mines Limited, Q1 2022 Earnings Call, Apr 28, 2022
2022-04-20 01:11:00
Nickel Mines Limited, Q1 2022 Earnings Call, Apr 28, 2022
Nickel Mines Limited, Special/Extraordinary Shareholders Meeting, May 03, 2022
2022-03-29 04:02:00
Nickel Mines Limited, Special/Extraordinary Shareholders Meeting, May 03, 2022, at 11:01 AUS Eastern Standard Time. Location: Level 2, 66 Level 2, 66 Sydney New South Wales Australia Agenda: To consider Approval of the proposed issue of the Shanghai Decent Shares; to consider Ratification of the issue of 108,122,223 Shares to institutional and sophisticated investors; and to consider other matters.
Nickel Mines Limited - Shareholder/Analyst Call
2022-03-29 04:02:00
EGM
Nickel Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 148.127446 million.
2022-02-10 00:00:00
Nickel Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 148.127446 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 108,122,223 Price\Range: AUD 1.37 Discount Per Security: AUD 0.0274 Transaction Features: Subsequent Direct Listing
Nickel Mines Reportedly Mulls Fund Raising
2022-02-09 01:59:00
Nickel Mines Limited (ASX:NIC) is believed to be poised for a potential equity raising as it looks to get money through the door after its recent acquisition in Indonesia. Sources say that should the company pull the trigger on a raise, Bank of America is on hand to provide advice in a deal that could be worth about $200 million. The group, which declined to comment on suggestions a raise was looming, has tapped the market a number of times in the past and has previously worked with Bell Potter to source capital from the equity market.
Nickel Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 296.254891 million.
2022-02-09 00:00:00
Nickel Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 296.254891 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 216,244,446 Price\Range: AUD 1.37 Discount Per Security: AUD 0.0274 Transaction Features: Subsequent Direct Listing
Nickel Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 18.166574 million.
2022-02-09 00:00:00
Nickel Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 18.166574 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 13,260,273 Price\Range: AUD 1.37
Nickel Mines Limited, 0.02 (AUD), Cash Dividend, Feb-02-2022
2022-01-27 00:00:00
Nickel Mines Limited, 0.02 (AUD), Cash Dividend, Feb-02-2022
Nickel Mines Limited Announces Angel Nickel Project Produces First NPI
2022-01-26 21:18:00
Nickel Mines Limited announced that the Company's 80%-owned Angel Nickel Project (`Angel Nickel' or `ANI') within the Indonesia Weda Bay Industrial Park (`IWIP') on Halmahera Island, has entered its commissioning phase with the first of its four RKEF lines having commenced nickel pig iron (`NPI') production. This maiden `NPI tap' occurred on 25 January and will see a further accelerated timetable where the Project's other three RKEF lines will be progressively commissioned over the following 60 to 90 days, resulting in all four RKEF lines anticipated to have commenced operations by the end of April 2022. The introduction of ANI will be transformative to the Company's existing operations, more than doubling annual attributable nickel metal nameplate capacity from 24.0kt to 52.8kt with the introduction of the Oracle Nickel Project (`ONI') by First Quarter 2023 set to further increase attributable nickel metal nameplate capacity to 78kt pa. The ANI power plant is scheduled to commence commissioning by the end of September 2022 ahead of the October 2022 contractual delivery date, with the ANI project utilising power from the operating power plants within IWIP in the interim. During this period NPI production from ANI's RKEF lines will run at less than 100% of the 36,000 tonnes of nickel metal production nameplate capacity per annum depending on power availability. Full NPI production capacity is expected to be achieved around one month after the commissioning of the ANI power plant. As with the Company's existing HNI and RNI projects, ANI will require the issuance of an Industrial Business Licence (Izin Usaha Industri) (`IUI') to commence commercial sales of NPI. Any NPI produced ahead of the IUI issuance will be stockpiled (as was the case with initial HNI and RNI sales) however it is presently anticipated ANI's IUI will be in place to allow first commercial sales to be recorded in early Second Quarter 2022.
Nickel Mines Limited (ASX:NIC) signed a Conditional Share Purchase Agreement to acquire Tablasufa Nickel Project from Bolt Metals Corp. (CNSX:BOLT) for $8.5 million.
2021-12-22 00:00:00
Nickel Mines Limited (ASX:NIC) signed a Conditional Share Purchase Agreement to acquire Tablasufa Nickel Project from Bolt Metals Corp. (CNSX:BOLT) for $8.5 million on December 22, 2021. The transaction is subject to completion of satisfactory due diligence, at Nickel Mines absolute discretion, extension of the Tablasufa Production IUP and positive Bolt Metals shareholder approval.
Nickel Mines Limited Signs Multi-Faceted MOU with Shanghai Decent Investment (Group) Co., Ltd
2021-11-21 22:33:00
The Directors of Nickel Mines Limited announced that Company has signed a multi-faceted MoU with Shanghai Decent Investment (Group) Co., Ltd. setting out a framework for future collaborations between the parties over the next several years. The MoU consolidates and expands the strong existing strategic partnership between the parties and outlines a plan by which Nickel Mines can participate in numerous future development projects the Tsingshan group has planned across Indonesia with an immediate focus on the IMIP and the Indonesia Weda Bay Industrial Park (`IWIP') where the Company has existing ownership interests in projects in partnership with SDI. Importantly, the MoU also outlines a framework under which both parties will collaborate on future energy projects aimed at delivering significantly reduced carbon emissions and cleaner energy solutions acrossboth industrial parks.
Nickel Mines Limited Provides Update on Angel Nickel Project
2021-11-16 21:33:00
Nickel Mines Limited announced that first Nickel Pig Iron production from its 80% owned Angel Nickel Project within the Indonesia Weda Bay Industrial Park is now expected in the first quarter of 2022, well ahead of the October 2022 contractual delivery date for the commencement of commissioning. The revised commissioning timetable is expected to see the first of four ANI RKEF lines commissioning in March 2022 with the other three RKEF lines to be commissioned progressively over the following 60 to 90 days, resulting in all four RKEF lines producing NPI by June 2022. The ANI power plant is scheduled to commence commissioning by the end of September 2022, ahead of the October 2022 contractual delivery date, with the ANI project utilising power from the existing IWIP electricity grid in the interim. During this period NPI production from ANI's RKEF lines will run at less than 100% of the 36,000 tonnes of nickel metal production nameplate capacity per annum depending on power availability. Full NPI production capacity is expected to be achieved around one month after the commissioning of the ANI power plant. As with the Company's existing HNI and RNI projects, ANI will require the issuance of an Industrial Business Licence (Izin Usaha Industri) to commence commercial sales of NPI. Any NPI produced ahead of the IUI issuance will be stockpiled however it is presently anticipated ANI's IUI will be in place to allow first commercial sales to be recorded in second quarter of 2022.
Nickel Mines Limited Announces Resignation of Peter Nightingale as Executive Director
2021-11-14 22:39:00
Nickel Mines Limited announced the resignation of Mr. Peter Nightingale as Executive Director of the Company.
Nickel Mines Limited Announces Executive Changes
2021-11-14 22:39:00
Nickel Mines Limited announced the resignation of Mr. Peter Nightingale as Chief Financial Officer (`CFO') of the Company. Peter will be succeeded as CFO by Mr. Chris Shepherd, a Chartered Accountant who holds Bachelor degrees in Applied Finance and Commerce. Most recently Chris acted as a Partner and Managing Director of The Pallinghurst Group in London and has over 20 years' experience in private equity, investment banking and corporate finance, advising on more than USD 30 billion in transactions across Australasia, North America, Europe and Africa.
Nickel Mines Limited to Report Q3, 2021 Results on Oct 28, 2021
2021-10-13 23:04:00
Nickel Mines Limited announced that they will report Q3, 2021 results on Oct 28, 2021
Nickel Mines Limited, Q3 2021 Earnings Call, Oct 28, 2021
2021-10-13 23:04:00
Nickel Mines Limited, Q3 2021 Earnings Call, Oct 28, 2021
Nickel Mines Limited (ASX:NIC) completed the acquisition of 80% stake in Nickel Development Project in North Maluku from Shanghai Decent Investment (Group) Co., Ltd.
2021-10-01 00:00:00
Nickel Mines Limited (ASX:NIC) signed a memorandum of understanding to acquire 70% stake in Nickel Development Project in North Maluku from Shanghai Decent Investment (Group) Co., Ltd. for $490 million on October 16, 2020. Nickel Mines Limited (ASX:NIC) executed a binding definitive agreement to acquire 70% stake in Nickel Development Project in North Maluku from Shanghai Decent Investment (Group) Co., Ltd. on November 24, 2020. As per terms, $210 million is payable at the end of first quarter of 2021 to secure an initial 30% interest and $280 million by the end of fourth quarter of 2021 to secure a further 40% interest. Out of $210 million, $10 million is paid on execution of memorandum of understanding and $20 million upon execution of definitive agreement. This initial $30 million is funded from existing cash reserves with the remaining $460 million to be funded from a combination of cash reserves, debt and equity. Nickel Mines Limited launched a fully underwritten accelerated pro-rata non-renounceable entitlement offer to raise AUD 364 million ($281.7 million) to fund the initial 30% stake acquisition. As on March 18, 2020, Nickel Mines Limited intends to offer, subject to market and other conditions, an aggregate principal amount of $300 million Senior Unsecured Notes. Cash proceeds from the offering of Senior Unsecured Notes, together with existing cash reserves, will be used to fund the second stage acquisition of a 50% stake in Nickel Development Project in North Maluku. Nickel Mines Limited executed a binding definitive agreement to acquire 80% stake in Nickel Development Project in North Maluku from Shanghai Decent Investment (Group) Co., Ltd. for $560 million. As of January 20, 2021, Nickel Mines Limited (ASX:NIC) has negotiated to acquire an additional 10% of Nickel Development Project in North Maluku increasing Nickel Mines’ total ownership in the project to 80% as follows: i) The additional 10% interest forms part of the second stage acquisition, increasing the second stage acquisition percentage from 40% to 50%. ii) The purchase price for the additional 10% interest is, subject to a discount for an early payment detailed below, $70 million. Consideration for the second stage acquisition of 50% of Angel Nickel (including the additional 10% detailed above) increases from $280 million to $350 million and remains payable by December 31, 2021. At the Nickel Mines election, if the second stage payment is made by June 30, 2021, the acquisition consideration will be reduced to $344 million inclusive of discount of $6 million for early payment. NIC shareholder vote to approve the transaction is expected to take place in January 2021. The transaction is subject to the execution of a binding definitive agreement and shareholder approval. As of November 24, 2020, an initial acquisition, the ‘First Acquisition’, whereby Nickel Mines will acquire an initial interest of 30% in Angel Nickel and 30% of all shareholder loans due to Shanghai Decent (and its affiliates) at cost of $210 million (based on a valuation of $700 million) with this initial acquisition to be finalized by no later than March 31, 2021 and under the ‘Second Acquisition’ Nickel Mines will acquire an additional 40% in Angel Nickel and 40% of all shareholder loans due to Shanghai Decent (and its affiliates) at cost of $280 million (based on a valuation of $700 million). The transaction was approved by the shareholder of Nickel Mines Limited on January 19, 2021. As of February 1, 2021, Nickel Mines Limited has completed the first stage of its 30% investment in the Angel Nickel Project of $180 million. The second acquisition is to be finalized not until December 31, 2021. As of April 21, 2021, Nickel Mines Limited has completed the acquisition of further 20% stake in Nickel Development Project in North Maluku. The second stage acquisition of a further 50% of Angel has been split into two parts, thereby providing funding flexibility for the Company, Part A being 20% for payment of $137.6 million by June 30, 2021 and Part B being 30% for payment of $210 million by December 31, 2021. Nickel Mines Limited (ASX:NIC) completed the acquisition of 80% stake in Nickel Development Project in North Maluku from Shanghai Decent Investment (Group) Co., Ltd. on October 1, 2021. Nickel Mines Limited already acquired 30% interest in February 2021 and additional 20% interest in April 2021. As of October 1, 2021, Nickel Mines acquired remaining 30% stake following the payment of $210 million. Remaining 20% stake in Nickel Development Project in North Maluku will be retained by Shanghai Decent Investment (Group) Co., Ltd.
Nickel Mines Limited Announces Acquisition of Further 30% Interest Angel Nickel Project Ownership Increased to 80%
2021-09-30 22:09:00
The Directors of Nickel Mines Limited announced that the company has completed the acquisition of a further 30% interest in Angel Capital Private Limited, the Singaporean holding company and ultimate 100% owner of the Angel Nickel project currently under construction within the Indonesia Weda Bay Industrial Park. The Angel Nickel project comprises four next generation RKEF 1 lines with nameplate nickel production of 36,000 tonnes per annum and a 380MW power station. Following the payment of USD 210 million, Nickel Mines' direct ownership interest in the Angel Nickel project has increased to 80%, having acquired its initial 30% interest in February 2021 and a further 20% in April 2021. The Company now holds an 80% interest across all of its RKEF operations - Angel Nickel, Hengjaya Nickel and Ranger Nickel. The remaining 20% is held by company's large shareholder and strategic partner, Shanghai Decent Investment (Group) Co., Ltd, a group company of the world's large stainless-steel producer, Tsingshan. Angel Nickel is expected to have commenced commissioning by no later than October 2022. Once commissioned, the Company's nameplate production profile will more than double, with annual production capacity increasing from 30,000 tonnes of nickel metal to 66,000 tonnes Importantly, Shanghai Decent has provided the Company with a contractual commitment that the total cost of Angel Nickel will not exceed US$700 million - Nickel Mines, through its acquisition of the 80% interest, has now paid its share of this and as such, has no capital expenditure risk in relation to Angel Nickel. Construction at Angel Nickel is progressing well, and the Company looks forward to providing a more detailed update on the various Project workstreams in its upcoming September quarterly activities report.
Nickel Mines Limited has completed a Fixed-Income Offering in the amount of $150 million.
2021-09-09 00:00:00
Nickel Mines Limited has completed a Fixed-Income Offering in the amount of $150 million. Security Name: 6.5% Senior Unsubordinated Unsecured Notes due April 1, 2024 Security Type: Corporate Bond/Note (Non Convertible) Principal Amount: $150 million Price\Range: 100% Security Features: Callable; EuroBonds; Eurodollar bonds; Senior; Unsecured; Unsubordinated Coupon Type: Fixed Transaction Features: Regulation S; Rule 144A
Nickel Mines Limited has announced a Fixed-Income Offering.
2021-09-07 00:00:00
Nickel Mines Limited has announced a Fixed-Income Offering. Security Name: 6.5% Senior Unsubordinated Unsecured Notes due April 1, 2024 Security Type: Corporate Bond/Note (Non Convertible) Security Features: Callable; EuroBonds; Eurodollar bonds; Senior; Unsecured; Unsubordinated Coupon Type: Fixed Transaction Features: Regulation S; Rule 144A
Nickel Mines Limited, 0.02 (AUD), Cash Dividend, Sep-01-2021
2021-08-26 00:00:00
Nickel Mines Limited, 0.02 (AUD), Cash Dividend, Sep-01-2021
Nickel Mines Limited Announces Ordinary Fully Paid Distribution for the Six Months Ended June 30, 2021, Payable on September 10, 2021
2021-08-25 23:08:00
Nickel Mines Limited announced ordinary fully paid distribution of AUD 0.02000000 per share for the six months ended June 30, 2021 payable on September 10, 2021 with record date of September 2, 2021 and ex-date of September 1, 2021.
Nickel Mines Limited to Report First Half, 2021 Results on Aug 26, 2021
2021-08-18 05:02:00
Nickel Mines Limited announced that they will report first half, 2021 results on Aug 26, 2021
Nickel Mines Limited, H1 2021 Earnings Call, Aug 26, 2021
2021-08-18 05:02:00
Nickel Mines Limited, H1 2021 Earnings Call, Aug 26, 2021
Nickel Mines Limited to Report Q4, 2021 Results on Jul 28, 2021
2021-07-22 23:24:00
Nickel Mines Limited announced that they will report Q4, 2021 results on Jul 28, 2021
Nickel Mines Limited, Q4 2021 Earnings Call, Jul 28, 2021
2021-07-22 23:24:00
Nickel Mines Limited, Q4 2021 Earnings Call, Jul 28, 2021
Fundamental Summary
The financials published by Nickel for Q4 were weak and discouraging. Their growth and value factors indicate a poor execution and strategy, which isn't generating exciting growth. These results indicate a weak growth potential for Nickel's stock's price moving forward. We therefore gave Nickel a total score of 56 out of 100 and a UNDERPERFORM recommendation.
Nickel Mines Limited announced earnings results for the half year ended June 30, 2021. For the half year, the company announced sales was USD 288.717 million compared to USD 227.842 million a year ago. Operating income was USD 88.897 million compared to USD 51.572 million a year ago. Net income was USD 65.291 million compared to USD 24.383 million a year ago. Basic earnings per share from continuing operations was USD 0.026 compared to USD 0.014 a year ago.
Business Description
Nickel engages in nickel ore mining and nickel pig iron production operations in Singapore and Indonesia. The company holds an 80% interest in the Hengjaya Mine that covers an area of 5,983 hectares located in the Morowali Regency of Central Sulawesi; 80% interest in the Ranger Nickel project; and 70% interest in the Angel Nickel project. It also has an option to acquire a 70% interest in the Oracle Nickel project. The company was formerly known as Nickel Mines Limited and changed its name to Nickel in June 2022. Nickel was incorporated in 2007 and is headquartered in Sydney, Australia.
Sector Overview
Nickel is included in the Metals & Mining according to GICS (global industry classification standard). The Metals & Mining industry is included in the Materials sector. It includes the producers of aluminum, iron, steel, gold, other diversified metals and minerals, and their related products, as well as the mining and production the above materials. Nickel's industry and sector affiliation are expected to negatively affect their likelihood to overperform the market in the upcoming period, as other sectors appear more likely to benefit from the macroeconomic environment we see now.
Fundamental Highlights
| Parameter | Value | Change | Score | |
|---|---|---|---|---|
| Return on Equity | 14.6 | -14.3% | 55 | |
| Net Cashflow | -213.6 | -316.7% | 75 | |
| Capital Expenditure | -48.2 | -594.1% | 76 | |
| Asset Turnover | 0.4 | -13.4% | 61 | |
| Free Cashflow | 0.1 | -12.7% | 63 |
* All values are TTM
The below chart reflects Nickel's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While Nickel's peer average final assessment score stands on 67.0, Nickel's score is 56.
- NIC
- Peers average
Technical Analysis
When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. Nickel's stock is now priced above its 5-day, but below its 50-day and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a positive setup in the near-term. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), Nickel's stock indicates that it's likely oversold. Overall, these technical indicators signal negative momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 52.
5D MA
1.04
50D MA
1.19
200D MA
1.24
MACD
-0.05
RSI
0.33
STOCH
34.04
Balance Sheet Analysis
Nickel's recently published balance sheet conveys disappointing growth, particularly with respect to Liabilities and Assets metrics. At filing, Nickel's liabilities were 472.7, representing a 75.8% change from the previous period. These liabilities metrics show that management has been unsuccessful in encouraging healthy growth while managing liabilities. Its liabilities movement component, therefore, received a grade of 41. Also, Mediocre performance in terms of assets could drop the bar on expectations for Nickel's future attractiveness, as they changed to 1802.6 in the latest filing. This works out to a 29.8% change from the last period. Nickel's unremarkable asset growth results, specifically compared to their industry peers' performance, should present negative pressure on Nickel's stock price. Consequently, their asset movement received a grade of 44. However, one encouraging metric, Equity, stood out. Nickel reported solid equity numbers this period. At filing, equity was reported as 1028.4, representing 6.4% change from the previous period. Companies in the same sector and market capitalization will usually be affected by up to 5.9 percent by this parameter. This performance is significantly more impressive than its peers and competitors. The company's equity movement component, therefore, received a grade of 72. Therefore, its balance sheet earned a grade of 54.
| Parameter | Value | Change | Score |
|---|---|---|---|
| Assets | 1,802.6 | 29.8% | 44 |
| Liabilities | 472.7 | 75.8% | 41 |
| Price to Book | 2.1 | 10.0% | 70 |
| Cash & Equivalents | 137.9 | -27.4% | 50 |
| Equity | 1,028.4 | 6.4% | 72 |
The below chart describes Nickel's performance as reflected on its balance sheet with respect to its peers. While Nickel received a balance sheet score of 54, the average of its peers stands on 69.0.
- NIC
- Peers average
| Name | Market Cap | Liabilities Movement | Asset Change | Equity/Intangibles Adjustments | Cash & Equivalents | Book Value Momentum | Balance Sheet | mc_sort | Hidden |
|---|---|---|---|---|---|---|---|---|---|
| BHP Group Limited | 208.5B | 74 | 92 | 47 | 52 | 76 | 58 | 0 | 1 |
| Fortescue Metals Group Limited | 55.0B | 83 | 66 | 68 | 55 | 69 | 65 | 1 | 1 |
| Newcrest Mining Limited | 19.4B | 85 | 72 | 46 | 46 | 73 | 52 | 2 | 1 |
| South32 Limited | 18.7B | 74 | 73 | 80 | 79 | 74 | 84 | 3 | 1 |
| Mineral Resources Limited | 9.2B | 83 | 73 | 52 | 42 | 90 | 55 | 4 | 1 |
| Lynas Rare Earths Limited | 8.3B | 74 | 59 | 77 | 62 | 68 | 70 | 5 | 1 |
| Northern Star Resources Limited | 8.2B | 87 | 70 | 56 | 48 | 65 | 56 | 6 | 1 |
| IGO Limited | 7.8B | 43 | 37 | 80 | 42 | 63 | 50 | 7 | 1 |
| BlueScope Steel Limited | 7.3B | 64 | 75 | 87 | 90 | 68 | 85 | 8 | 1 |
| Pilbara Minerals Limited | 6.9B | 87 | 59 | 81 | 87 | 56 | 86 | 9 | 1 |
| Allkem Limited | 6.9B | 53 | 64 | 44 | 65 | 89 | 57 | 10 | 1 |
| OZ Minerals Limited | 6.2B | 87 | 72 | 72 | 69 | 72 | 74 | 11 | 1 |
| Evolution Mining Limited | 4.8B | 47 | 57 | 76 | 96 | 54 | 82 | 12 | 1 |
| Alumina Limited | 4.4B | 51 | 69 | 50 | 46 | 84 | 50 | 13 | 1 |
| OZ Minerals Holdings Pty Ltd | 4.0B | 81 | 62 | 51 | 97 | 87 | 84 | 14 | 1 |
| Iluka Resources Limited | 3.9B | 76 | 66 | 87 | 69 | 53 | 77 | 15 | 1 |
| Andean Resources Ltd. | 3.7B | 70 | 37 | 60 | 97 | 92 | 86 | 16 | 1 |
| Coronado Global Resources Inc. | 2.9B | 44 | 56 | 87 | 85 | 71 | 83 | 17 | 1 |
| AVZ Minerals Limited | 2.8B | 99 | 56 | 82 | 98 | 66 | 95 | 18 | 1 |
| Sims Limited | 2.7B | 85 | 72 | 83 | 49 | 57 | 68 | 19 | 1 |
| Zimplats Holdings Limited | 2.6B | 80 | 69 | 68 | 76 | 73 | 77 | 20 | 1 |
| Liontown Resources Limited | 2.4B | 43 | 55 | 82 | 97 | 37 | 81 | 21 | 1 |
| Perseus Mining Limited | 2.3B | 81 | 70 | 73 | 82 | 66 | 81 | 22 | 1 |
| Deterra Royalties Limited | 2.3B | 99 | 79 | 61 | 75 | 68 | 77 | 23 | 1 |
| Sandfire Resources Limited | 1.9B | 41 | 64 | 87 | 87 | 73 | 82 | 24 | 1 |
| Core Lithium Ltd | 1.8B | 37 | 55 | 82 | 94 | 66 | 83 | 25 | 1 |
| Chalice Mining Limited | 1.5B | 98 | 78 | 39 | 46 | 89 | 54 | 26 | 1 |
| Grange Resources Limited | 1.5B | 54 | 70 | 51 | 71 | 92 | 65 | 27 | 1 |
| Capricorn Metals Ltd | 1.3B | 69 | 59 | 81 | 91 | 65 | 86 | 28 | 1 |
| West African Resources Limited | 1.3B | 92 | 56 | 81 | 92 | 42 | 87 | 29 | 1 |
| Silver Lake Resources Limited | 1.2B | 69 | 62 | 62 | 71 | 57 | 66 | 30 | 1 |
| De Grey Mining Limited | 1.2B | 44 | 49 | 79 | 69 | 48 | 66 | 31 | 1 |
| Gold Road Resources Limited | 1.2B | 83 | 72 | 56 | 65 | 60 | 64 | 32 | 1 |
| Lake Resources NL | 1.2B | 78 | 74 | 55 | 64 | 78 | 66 | 33 | 1 |
| Sayona Mining Limited | 1.2B | 78 | 74 | 55 | 64 | 78 | 66 | 34 | 1 |
| Regis Resources Limited | 1.1B | 77 | 74 | 51 | 48 | 63 | 53 | 35 | 1 |
| Piedmont Lithium Inc. | 1.1B | 97 | 54 | 82 | 97 | 39 | 88 | 36 | 1 |
| 5E Advanced Materials Inc. | 927.2M | 44 | 83 | 54 | 45 | 37 | 47 | 37 | 1 |
| ioneer Ltd | 867.9M | 98 | 56 | 80 | 86 | 52 | 85 | 38 | 1 |
| Syrah Resources Limited | 856.9M | 63 | 75 | 38 | 46 | 94 | 49 | 39 | 1 |
| Equigold NL | 854.0M | 57 | 46 | 86 | 50 | 45 | 50 | 40 | 1 |
| Ramelius Resources Limited | 828.4M | 67 | 41 | 78 | 48 | 49 | 56 | 41 | 1 |
| Vulcan Energy Resources Limited | 826.7M | 39 | 53 | 80 | 74 | 41 | 67 | 42 | 1 |
| Jervois Global Limited | 813.1M | 71 | 71 | 44 | 94 | 95 | 78 | 43 | 1 |
| Mincor Resources NL | 808.9M | 83 | 78 | 43 | 62 | 56 | 62 | 44 | 1 |
| Imdex Limited | 796.9M | 59 | 69 | 83 | 61 | 75 | 71 | 45 | 1 |
| Bellevue Gold Limited | 722.0M | 96 | 56 | 81 | 87 | 42 | 84 | 46 | 1 |
| St Barbara Limited | 701.5M | 80 | 69 | 51 | 49 | 61 | 53 | 47 | 1 |
| Emerald Resources NL | 679.4M | 51 | 58 | 80 | 51 | 57 | 60 | 48 | 1 |
| Red 5 Limited | 671.6M | 49 | 45 | 39 | 55 | 96 | 47 | 49 | 1 |
| Boart Longyear Group Ltd. | 651.0M | 85 | 79 | 39 | 60 | 87 | 60 | 50 | 1 |
| Mount Gibson Iron Limited | 629.5M | 94 | 76 | 39 | 41 | 74 | 48 | 51 | 1 |
| Westgold Resources Limited | 575.3M | 77 | 65 | 55 | 47 | 73 | 54 | 52 | 1 |
| OM Holdings Limited | 563.6M | 84 | 69 | 84 | 81 | 50 | 84 | 53 | 1 |
| Australian Strategic Materials Ltd | 540.9M | 44 | 69 | 55 | 46 | 84 | 51 | 54 | 1 |
| Neometals Ltd | 531.9M | 97 | 77 | 46 | 50 | 97 | 60 | 55 | 1 |
| Adriatic Metals PLC | 528.8M | 78 | 74 | 55 | 64 | 78 | 66 | 56 | 1 |
| Argosy Minerals Limited | 467.8M | 78 | 74 | 55 | 64 | 78 | 66 | 57 | 1 |
| Perenti Global Limited | 461.4M | 68 | 71 | 51 | 61 | 74 | 60 | 58 | 1 |
| Champion Iron Limited | 441.1M | 66 | 49 | 73 | 47 | 67 | 58 | 59 | 1 |
| Panoramic Resources Limited | 420.4M | 78 | 75 | 43 | 58 | 85 | 58 | 60 | 1 |
| Hastings Technology Metals Limited | 404.8M | 75 | 72 | 56 | 67 | 67 | 65 | 61 | 1 |
| Alkane Resources Limited | 402.0M | 45 | 56 | 83 | 88 | 40 | 78 | 62 | 1 |
| Centaurus Metals Limited | 397.2M | 78 | 74 | 55 | 64 | 78 | 66 | 63 | 1 |
| Bowen Coking Coal Limited | 385.5M | 78 | 74 | 55 | 64 | 78 | 66 | 64 | 1 |
| Jupiter Mines Limited | 372.2M | 63 | 93 | 46 | 52 | 80 | 66 | 65 | 1 |
| Galan Lithium Limited | 362.2M | 78 | 74 | 55 | 64 | 78 | 66 | 66 | 1 |
| Talga Group Ltd | 359.9M | 90 | 78 | 38 | 45 | 95 | 53 | 67 | 1 |
| BCI Minerals Limited | 349.8M | 86 | 73 | 58 | 67 | 82 | 71 | 68 | 1 |
| Metals X Limited | 344.8M | 90 | 77 | 50 | 67 | 80 | 68 | 69 | 1 |
| Pantoro Limited | 330.8M | 78 | 74 | 55 | 64 | 78 | 66 | 70 | 1 |
| Aurelia Metals Limited | 327.8M | 85 | 69 | 59 | 60 | 72 | 65 | 71 | 1 |
| Macmahon Holdings Limited | 283.7M | 47 | 61 | 72 | 78 | 44 | 68 | 72 | 1 |
| Lotus Resources Limited | 277.3M | 78 | 74 | 55 | 64 | 78 | 66 | 73 | 1 |
| Firefinch Limited | 236.2M | 78 | 74 | 55 | 64 | 78 | 66 | 74 | 1 |
| Andromeda Metals Limited | 229.8M | 78 | 74 | 55 | 64 | 78 | 66 | 75 | 1 |
Income Statement Analysis
Nickel's income statement showed strong financials, specifically Revenue Efficiency and EBITDA. Nickel's financials reveal an interesting trend for their revenue efficiency. This parameter often affects companies in the same industry and market capitalization by up to 24.0%. Their revenue efficiency, specifically in contrast to their industry peers', should support a positive movement in the company's stock price. The company's revenue efficiency, therefore, received a grade of 66. Also, Nickel reported impressive EBITDA this period. At filing, EBITDA was reported as 230.0, representing -0.2% change from the previous period. Companies in the same industry and market capitalization are typically affected by this parameter by up to 20.0%. Its EBITDA metrics highlight an impressive overall financial performance, which is expected to continue moving forward. Therefore, its EBITDA component earned a score of 61. However, one discouraging result, Return Factors, stood out. Return factors metrics and ratios were disappointing in this report. Nickel reported a return on equity (ROE) ratio of 14.6, representing a change of -14.3% from the last report.change of -14.3% from the previous period. This metric might have a 10.6 percent impact on companies in the same industry and with the same market capitalization. They does not yet appear to be headed in the right direction regarding these return on equity and return on assets metrics. Therefore, their return factors component earned a score of 55. their income statement received an overall score of 60.
| Parameter | Value | Change | Score |
|---|---|---|---|
| EBITDA | 230.0 | -0.2% | 61 |
| Total Revenues | 645.9 | 10.5% | 66 |
| Return on Equity | 14.6 | -14.3% | 55 |
The below chart describes Nickel's performance as reflected on its income statement with respect to its peers. While Nickel received a income statement score of 60 , the average of its peers stands on 63.0.
- NIC
- Peers average
| Name | Market Cap | Revenue Momentum | Earning Movement | Return Factors Momentum | Income Statement | mc_sort | Hidden |
|---|---|---|---|---|---|---|---|
| BHP Group Limited | 208.5B | 64 | 79 | 79 | 71 | 0 | 1 |
| Fortescue Metals Group Limited | 55.0B | 58 | 78 | 75 | 67 | 1 | 1 |
| Newcrest Mining Limited | 19.4B | 95 | 45 | 48 | 66 | 2 | 1 |
| South32 Limited | 18.7B | 47 | 94 | 95 | 72 | 3 | 1 |
| Mineral Resources Limited | 9.2B | 94 | 42 | 44 | 63 | 4 | 1 |
| Lynas Rare Earths Limited | 8.3B | 50 | 91 | 83 | 69 | 5 | 1 |
| Northern Star Resources Limited | 8.2B | 48 | 66 | 68 | 56 | 6 | 1 |
| IGO Limited | 7.8B | 98 | 72 | 48 | 78 | 7 | 1 |
| BlueScope Steel Limited | 7.3B | 86 | 71 | 66 | 72 | 8 | 1 |
| Pilbara Minerals Limited | 6.9B | 38 | 96 | 96 | 69 | 9 | 1 |
| Allkem Limited | 6.9B | 46 | 75 | 74 | 61 | 10 | 1 |
| OZ Minerals Limited | 6.2B | 48 | 82 | 82 | 66 | 11 | 1 |
| Evolution Mining Limited | 4.8B | 94 | 46 | 43 | 64 | 12 | 1 |
| Alumina Limited | 4.4B | 87 | 73 | 76 | 79 | 13 | 1 |
| OZ Minerals Holdings Pty Ltd | 4.0B | 39 | 88 | 45 | 61 | 14 | 1 |
| Iluka Resources Limited | 3.9B | 50 | 62 | 89 | 60 | 15 | 1 |
| Andean Resources Ltd. | 3.7B | 37 | 89 | 91 | 97 | 16 | 1 |
| Coronado Global Resources Inc. | 2.9B | 39 | 98 | 97 | 74 | 17 | 1 |
| AVZ Minerals Limited | 2.8B | 87 | 63 | 41 | 68 | 18 | 1 |
| Sims Limited | 2.7B | 45 | 90 | 92 | 69 | 19 | 1 |
| Zimplats Holdings Limited | 2.6B | 94 | 50 | 52 | 68 | 20 | 1 |
| Liontown Resources Limited | 2.4B | 87 | 78 | 91 | 84 | 21 | 1 |
| Perseus Mining Limited | 2.3B | 42 | 88 | 83 | 65 | 22 | 1 |
| Deterra Royalties Limited | 2.3B | 45 | 83 | 66 | 61 | 23 | 1 |
| Sandfire Resources Limited | 1.9B | 64 | 73 | 74 | 69 | 24 | 1 |
| Core Lithium Ltd | 1.8B | 87 | 47 | 81 | 70 | 25 | 1 |
| Chalice Mining Limited | 1.5B | 99 | 65 | 76 | 81 | 26 | 1 |
| Grange Resources Limited | 1.5B | 74 | 61 | 61 | 64 | 27 | 1 |
| Capricorn Metals Ltd | 1.3B | 37 | 98 | 97 | 69 | 28 | 1 |
| West African Resources Limited | 1.3B | 43 | 84 | 63 | 59 | 29 | 1 |
| Silver Lake Resources Limited | 1.2B | 95 | 42 | 41 | 63 | 30 | 1 |
| De Grey Mining Limited | 1.2B | 44 | 45 | 76 | 47 | 31 | 1 |
| Gold Road Resources Limited | 1.2B | 94 | 48 | 49 | 67 | 32 | 1 |
| Lake Resources NL | 1.2B | 87 | 62 | 66 | 73 | 33 | 1 |
| Sayona Mining Limited | 1.2B | 87 | 62 | 66 | 73 | 34 | 1 |
| Regis Resources Limited | 1.1B | 65 | 50 | 45 | 53 | 35 | 1 |
| Piedmont Lithium Inc. | 1.1B | 87 | 63 | 68 | 77 | 36 | 1 |
| 5E Advanced Materials Inc. | 927.2M | 74 | 37 | 56 | 58 | 37 | 1 |
| ioneer Ltd | 867.9M | 87 | 55 | 60 | 69 | 38 | 1 |
| Syrah Resources Limited | 856.9M | 38 | 67 | 62 | 50 | 39 | 1 |
| Equigold NL | 854.0M | 79 | 44 | 91 | 65 | 40 | 1 |
| Ramelius Resources Limited | 828.4M | 94 | 51 | 48 | 68 | 41 | 1 |
| Vulcan Energy Resources Limited | 826.7M | 87 | 67 | 84 | 78 | 42 | 1 |
| Jervois Global Limited | 813.1M | 37 | 94 | 93 | 71 | 43 | 1 |
| Mincor Resources NL | 808.9M | 98 | 57 | 59 | 77 | 44 | 1 |
| Imdex Limited | 796.9M | 77 | 60 | 56 | 56 | 45 | 1 |
| Bellevue Gold Limited | 722.0M | 87 | 44 | 83 | 69 | 46 | 1 |
| St Barbara Limited | 701.5M | 93 | 56 | 53 | 70 | 47 | 1 |
| Emerald Resources NL | 679.4M | 37 | 96 | 94 | 68 | 48 | 1 |
| Red 5 Limited | 671.6M | 95 | 58 | 66 | 75 | 49 | 1 |
| Boart Longyear Group Ltd. | 651.0M | 93 | 58 | 67 | 74 | 50 | 1 |
| Mount Gibson Iron Limited | 629.5M | 99 | 62 | 66 | 78 | 51 | 1 |
| Westgold Resources Limited | 575.3M | 84 | 58 | 43 | 65 | 52 | 1 |
| OM Holdings Limited | 563.6M | 50 | 96 | 97 | 75 | 53 | 1 |
| Australian Strategic Materials Ltd | 540.9M | 91 | 62 | 66 | 74 | 54 | 1 |
| Neometals Ltd | 531.9M | 87 | 66 | 56 | 72 | 55 | 1 |
| Adriatic Metals PLC | 528.8M | 87 | 62 | 66 | 73 | 56 | 1 |
| Argosy Minerals Limited | 467.8M | 87 | 62 | 66 | 73 | 57 | 1 |
| Perenti Global Limited | 461.4M | 73 | 81 | 87 | 78 | 58 | 1 |
| Champion Iron Limited | 441.1M | 95 | 50 | 45 | 71 | 59 | 1 |
| Panoramic Resources Limited | 420.4M | 95 | 50 | 62 | 71 | 60 | 1 |
| Hastings Technology Metals Limited | 404.8M | 90 | 51 | 53 | 68 | 61 | 1 |
| Alkane Resources Limited | 402.0M | 68 | 74 | 74 | 70 | 62 | 1 |
| Centaurus Metals Limited | 397.2M | 87 | 62 | 66 | 73 | 63 | 1 |
| Bowen Coking Coal Limited | 385.5M | 87 | 62 | 66 | 73 | 64 | 1 |
| Jupiter Mines Limited | 372.2M | 96 | 46 | 50 | 81 | 65 | 1 |
| Galan Lithium Limited | 362.2M | 87 | 62 | 66 | 73 | 66 | 1 |
| Talga Group Ltd | 359.9M | 87 | 40 | 47 | 60 | 67 | 1 |
| BCI Minerals Limited | 349.8M | 94 | 47 | 56 | 68 | 68 | 1 |
| Metals X Limited | 344.8M | 94 | 84 | 79 | 87 | 69 | 1 |
| Pantoro Limited | 330.8M | 87 | 62 | 66 | 73 | 70 | 1 |
| Aurelia Metals Limited | 327.8M | 68 | 58 | 49 | 58 | 71 | 1 |
| Macmahon Holdings Limited | 283.7M | 88 | 51 | 48 | 65 | 72 | 1 |
| Lotus Resources Limited | 277.3M | 87 | 62 | 66 | 73 | 73 | 1 |
| Firefinch Limited | 236.2M | 87 | 62 | 66 | 73 | 74 | 1 |
| Andromeda Metals Limited | 229.8M | 87 | 62 | 66 | 73 | 75 | 1 |
Cash Flow Analysis
Capex and Net Cash Flow stand out as the most significant drivers of Nickel's cash flow's strength. Nickel's management did a great job this period managing its capital expenditure (CapEx). In terms of the raw numbers, CapEx was reported as -48.2, which represents a -594.1% change from the last period. This performance is all the more impressive relative to their peers and competitors. Consequently, their CapEx movement received a grade of 76. Also, Nickel's management was effective in improving their net cash flow, which now sits at -213.6 and represents a -316.7% change from the previous report. This industry-leading net cash flow momentum should reinforce broader positive momentum for its's stock price going forward. Consequently, their net cash flow movement received a grade of 75. However, one discouraging result, Asset Turnover, stood out. Nickel's asset turnover metrics were concerning and highlighted potential issues management is having effectively turning assets into sales efficiently. At filing, their asset turnover metrics were 0.4, representing a -13.4% change from the previous period. Companies in the same industry and market capitalization are typically affected by this parameter by up to 2.7%. Their asset turnover numbers are significantly less impressive when compared to their peers and competitors. Correspondingly, their asset turnover movement received a grade of 61. Because their management is doing an excellent job managing these critical metrics, the cash_flow was given a score of 70.
| Parameter | Value | Change | Score |
|---|---|---|---|
| Net Cashflow | -213.6 | -316.7% | 75 |
| Capital Expenditure | -48.2 | -594.1% | 76 |
| Asset Turnover | 0.4 | -13.4% | 61 |
| Free Cashflow | 0.1 | -12.7% | 63 |
The below chart describes Nickel's performance as reflected on its cash flow with respect to its peers. While Nickel received a cash flow score of 70, the average of its peers stands on 73.0.
- NIC
- Peers average
| Name | Market Cap | Cashflow Momentum | Free Cashflow Growth | Capital Expenditure Growth | Assets Factors Momentum | Cash Flow | mc_sort | Hidden |
|---|---|---|---|---|---|---|---|---|
| BHP Group Limited | 208.5B | 70 | 77 | 80 | 71 | 75 | 0 | 1 |
| Fortescue Metals Group Limited | 55.0B | 74 | 78 | 69 | 74 | 75 | 1 | 1 |
| Newcrest Mining Limited | 19.4B | 58 | 48 | 63 | 55 | 57 | 2 | 1 |
| South32 Limited | 18.7B | 72 | 86 | 82 | 75 | 78 | 3 | 1 |
| Mineral Resources Limited | 9.2B | 58 | 69 | 54 | 63 | 61 | 4 | 1 |
| Lynas Rare Earths Limited | 8.3B | 78 | 63 | 76 | 58 | 70 | 5 | 1 |
| Northern Star Resources Limited | 8.2B | 70 | 58 | 54 | 91 | 73 | 6 | 1 |
| IGO Limited | 7.8B | 80 | 73 | 66 | 57 | 72 | 7 | 1 |
| BlueScope Steel Limited | 7.3B | 48 | 47 | 56 | 70 | 52 | 8 | 1 |
| Pilbara Minerals Limited | 6.9B | 87 | 97 | 76 | 78 | 86 | 9 | 1 |
| Allkem Limited | 6.9B | 75 | 77 | 70 | 84 | 82 | 10 | 1 |
| OZ Minerals Limited | 6.2B | 69 | 97 | 66 | 73 | 78 | 11 | 1 |
| Evolution Mining Limited | 4.8B | 54 | 49 | 61 | 39 | 50 | 12 | 1 |
| Alumina Limited | 4.4B | 68 | 74 | 76 | 70 | 72 | 13 | 1 |
| OZ Minerals Holdings Pty Ltd | 4.0B | 49 | 86 | 84 | 39 | 50 | 14 | 1 |
| Iluka Resources Limited | 3.9B | 75 | 84 | 52 | 74 | 74 | 15 | 1 |
| Andean Resources Ltd. | 3.7B | 40 | 55 | 56 | 37 | 41 | 16 | 1 |
| Coronado Global Resources Inc. | 2.9B | 77 | 86 | 53 | 93 | 81 | 17 | 1 |
| AVZ Minerals Limited | 2.8B | 60 | 69 | 76 | 37 | 58 | 18 | 1 |
| Sims Limited | 2.7B | 83 | 98 | 56 | 82 | 82 | 19 | 1 |
| Zimplats Holdings Limited | 2.6B | 75 | 77 | 63 | 44 | 64 | 20 | 1 |
| Liontown Resources Limited | 2.4B | 59 | 69 | 76 | 51 | 62 | 21 | 1 |
| Perseus Mining Limited | 2.3B | 69 | 94 | 90 | 83 | 83 | 22 | 1 |
| Deterra Royalties Limited | 2.3B | 77 | 88 | 96 | 51 | 75 | 23 | 1 |
| Sandfire Resources Limited | 1.9B | 73 | 85 | 63 | 71 | 76 | 24 | 1 |
| Core Lithium Ltd | 1.8B | 61 | 69 | 76 | 72 | 69 | 25 | 1 |
| Chalice Mining Limited | 1.5B | 53 | 62 | 84 | 38 | 55 | 26 | 1 |
| Grange Resources Limited | 1.5B | 75 | 79 | 76 | 62 | 73 | 27 | 1 |
| Capricorn Metals Ltd | 1.3B | 81 | 83 | 81 | 79 | 82 | 28 | 1 |
| West African Resources Limited | 1.3B | 73 | 84 | 42 | 58 | 66 | 29 | 1 |
| Silver Lake Resources Limited | 1.2B | 63 | 53 | 64 | 47 | 58 | 30 | 1 |
| De Grey Mining Limited | 1.2B | 80 | 69 | 76 | 61 | 73 | 31 | 1 |
| Gold Road Resources Limited | 1.2B | 57 | 57 | 54 | 50 | 56 | 32 | 1 |
| Lake Resources NL | 1.2B | 68 | 69 | 76 | 60 | 68 | 33 | 1 |
| Sayona Mining Limited | 1.2B | 68 | 69 | 76 | 60 | 68 | 34 | 1 |
| Regis Resources Limited | 1.1B | 65 | 76 | 68 | 69 | 69 | 35 | 1 |
| Piedmont Lithium Inc. | 1.1B | 59 | 62 | 69 | 54 | 60 | 36 | 1 |
| 5E Advanced Materials Inc. | 927.2M | 55 | 48 | 71 | 71 | 61 | 37 | 1 |
| ioneer Ltd | 867.9M | 47 | 57 | 54 | 51 | 51 | 38 | 1 |
| Syrah Resources Limited | 856.9M | 59 | 58 | 43 | 98 | 69 | 39 | 1 |
| Equigold NL | 854.0M | 91 | 69 | 72 | 84 | 87 | 40 | 1 |
| Ramelius Resources Limited | 828.4M | 59 | 56 | 81 | 58 | 62 | 41 | 1 |
| Vulcan Energy Resources Limited | 826.7M | 67 | 69 | 76 | 69 | 71 | 42 | 1 |
| Jervois Global Limited | 813.1M | 43 | 51 | 38 | 82 | 54 | 43 | 1 |
| Mincor Resources NL | 808.9M | 63 | 63 | 72 | 45 | 57 | 44 | 1 |
| Imdex Limited | 796.9M | 71 | 72 | 79 | 73 | 74 | 45 | 1 |
| Bellevue Gold Limited | 722.0M | 51 | 64 | 56 | 51 | 54 | 46 | 1 |
| St Barbara Limited | 701.5M | 54 | 46 | 71 | 55 | 56 | 47 | 1 |
| Emerald Resources NL | 679.4M | 84 | 81 | 80 | 81 | 84 | 48 | 1 |
| Red 5 Limited | 671.6M | 68 | 49 | 48 | 59 | 59 | 49 | 1 |
| Boart Longyear Group Ltd. | 651.0M | 62 | 74 | 81 | 63 | 68 | 50 | 1 |
| Mount Gibson Iron Limited | 629.5M | 68 | 69 | 59 | 56 | 64 | 51 | 1 |
| Westgold Resources Limited | 575.3M | 59 | 69 | 71 | 59 | 63 | 52 | 1 |
| OM Holdings Limited | 563.6M | 75 | 90 | 90 | 75 | 82 | 53 | 1 |
| Australian Strategic Materials Ltd | 540.9M | 72 | 69 | 76 | 69 | 72 | 54 | 1 |
| Neometals Ltd | 531.9M | 62 | 54 | 71 | 52 | 60 | 55 | 1 |
| Adriatic Metals PLC | 528.8M | 68 | 69 | 76 | 60 | 68 | 56 | 1 |
| Argosy Minerals Limited | 467.8M | 68 | 69 | 76 | 60 | 68 | 57 | 1 |
| Perenti Global Limited | 461.4M | 61 | 69 | 54 | 78 | 67 | 58 | 1 |
| Champion Iron Limited | 441.1M | 56 | 69 | 51 | 49 | 55 | 59 | 1 |
| Panoramic Resources Limited | 420.4M | 69 | 69 | 79 | 54 | 67 | 60 | 1 |
| Hastings Technology Metals Limited | 404.8M | 65 | 68 | 74 | 57 | 67 | 61 | 1 |
| Alkane Resources Limited | 402.0M | 69 | 58 | 68 | 71 | 68 | 62 | 1 |
| Centaurus Metals Limited | 397.2M | 68 | 69 | 76 | 60 | 68 | 63 | 1 |
| Bowen Coking Coal Limited | 385.5M | 68 | 69 | 76 | 60 | 68 | 64 | 1 |
| Jupiter Mines Limited | 372.2M | 51 | 51 | 84 | 44 | 50 | 65 | 1 |
| Galan Lithium Limited | 362.2M | 68 | 69 | 76 | 60 | 68 | 66 | 1 |
| Talga Group Ltd | 359.9M | 53 | 48 | 76 | 70 | 62 | 67 | 1 |
| BCI Minerals Limited | 349.8M | 62 | 54 | 76 | 49 | 60 | 68 | 1 |
| Metals X Limited | 344.8M | 70 | 81 | 72 | 55 | 68 | 69 | 1 |
| Pantoro Limited | 330.8M | 68 | 69 | 76 | 60 | 68 | 70 | 1 |
| Aurelia Metals Limited | 327.8M | 72 | 58 | 54 | 49 | 60 | 71 | 1 |
| Macmahon Holdings Limited | 283.7M | 72 | 53 | 46 | 57 | 62 | 72 | 1 |
| Lotus Resources Limited | 277.3M | 68 | 69 | 76 | 60 | 68 | 73 | 1 |
| Firefinch Limited | 236.2M | 68 | 69 | 76 | 60 | 68 | 74 | 1 |
| Andromeda Metals Limited | 229.8M | 68 | 69 | 76 | 60 | 68 | 75 | 1 |
This report is intended for general guidance and information purposes only and under no circumstances is tailored to a specific factor or variable related to its reader or intended to be used or considered as financial or investment advice, a solicitation of any offer, a recommendation, or an offer to sell or buy any securities or other form of a financial asset. For the full disclaimer, click here.