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Nickel Industries Ltd ASX:NIC

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

12 Mar 2026 to today

Commentary Showing 2 of 3

DateManagerActionSummary

31 Jul 2026L1 CapitalHeldL1 Capital continues to hold Nickel Industries because it views the recent share price decline as driven by external factors rather than a change in fundamentals. L1 notes the stock was impacted during the month by ongoing regulatory volatility in Indonesia, where nickel operations are based, combined with concerns over the availability and pricing of sulphuric acid following supply disruptions originating in the Middle East. The manager's commentary focuses on these near-term headwinds affecting sentiment and input costs rather than any structural deterioration in the company's operations, framing the weakness as a function of regulatory and supply chain uncertainty in the sector.

Monthly Report, price recorded $0.82

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18 May 2026Seneca Financial SolutionsHeldSeneca Financial Solutions continues to hold Nickel Industries Ltd because the company is increasing production in Indonesia at a time when many other Indonesian nickel suppliers are being curtailed, positioning it to generate a free cash flow yield in excess of 15–20% in the next 6–12 months as production growth combines with recovering nickel prices. Seneca Financial Solutions views Indonesian nickel as the way to participate in the market rather than fight against the supply dynamic.

Critical MineralsPresentation, price recorded $1.01

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on NIC.

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About Nickel Industries Ltd

Materials, Metals and Mining

Nickel Industries (ASX:NIC), an Indonesian nickel producer, divides fund managers amid regulatory uncertainty. In July 2026, L1 Capital reported Nickel Industries declined, hurt by ongoing regulatory volatility in Indonesia and concerns about ore availability. In May, Seneca argued nickel is back from the dead, noting Indonesian supply has weighed on the market but expecting a recovery, and in March said production growth and improving nickel prices could drive strong returns. Nickel Industries operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 3 comments from 2 fund managers, L1 and Seneca. Headquartered in Sydney, Nickel Industries produces nickel pig iron and nickel matte through processing operations in Indonesia in partnership with Tsingshan, and owns the Hengjaya nickel mine, supplying the stainless steel and battery industries.

Market cap: $3.0b
Price to earnings: Loss-making
Return on equity: 0.3%
Dividend yield: 0.0%
Price to book: 1.28x
Net margin: -0.9%
52-week range: $0.66 to $1.13

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Nickel Industries Ltd (ASX:NIC)?

Fund managers including Seneca Financial Solutions and L1 Capital have invested in Nickel Industries Ltd (ASX:NIC).

What opportunities or catalysts do fund managers highlight for Nickel Industries Ltd?

Seneca highlights potential recovery in nickel prices and production growth, which it believes could drive strong returns.

What are the key risks to the Nickel Industries Ltd investment thesis, according to fund managers?

L1 notes regulatory volatility in Indonesia and concerns about nickel ore availability, which weighed on the shares.

What does Nickel Industries Ltd (ASX:NIC) do?

Nickel Industries Ltd. is an exploration and development company focused on nickel mining projects. It operates through the Tsingshan collaboration and Hengjaya Mine projects, including Hengjaya Nickel, Ranger Nickel, Angel Nickel, Oracle Nickel and Hengjaya Mine. Founded on September 12, 2007, the company is headquartered in Sydney, Australia.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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