Metro Manila, Philippines — Global Ferronickel Holdings, Inc. (PSE: FNI), one of the Philippines’ leading nickel ore producers, delivered a strong financial performance for 2025, reporting revenues of ₱8.555 billion, net income attributable to shareholders of ₱1.422 billion, and earnings per share of ₱0.2774.
Stronger average realized nickel ore prices—driven by tight global supply and sustained demand from key Asian markets—propelled mining revenues up 13.7% year-on-year to ₱8.631 billion. Surigao contributed ₱5.066 billion or 59% of total revenues, marking an 8.5% increase, while Palawan delivered ₱3.565 billion, accounting for 41% of total revenues, up 21.9%. China remained the largest market, representing 89% of total shipments, followed by Indonesia at 11%.
Total shipment volume reached 4.605 million WMT, down 15.5% from the previous year, impacted by extended rainfall. Notably, the Company strategically increased its shipment of low-grade ores, with volumes rising by 7.5% and comprising 83% of total shipments, compared to 65% in 2024. In contrast, medium-grade ore volumes declined by 58.8%, accounting for 17% of total shipments from 35% a year earlier, aligning output with market opportunities and operational priorities. The Company achieved a substantial uplift in realized pricing, with the average nickel ore price rising by 33.3% to US$32.34 per WMT from US$24.26 in 2024. This was driven by a favorable market environment for medium-grade ores, which commanded an average price of US$43.33 per WMT, up 31.1% from last year’s US$33.06 per WMT. Meanwhile, low-grade ores were sold at an average of US$30.10 per WMT, up 53.7% from US$19.58 per WMT in the prior year.
In Surigao, Platinum Group Metals Corporation (PGMC)’s proactive early stockpiling strategy supported total shipments of 3.161 million WMT, partially mitigating the impact of heavy rainfall that reduced operating days and resulted in a 20.8% decline from the 3.991 million WMT shipped in 2024. As weather conditions improved, the site accelerated shipments and fully leveraged improved nickel pricing, with average realized prices rising significantly by 37.5% to US$27.98 per WMT from US$20.34 per WMT in the prior year. This combination of operational foresight, agility, and disciplined execution translated into higher revenues and further strengthened PGMC’s position as a reliable and efficient export platform.
In Palawan, Ipilan Nickel Corporation (Ipilan) reinforced its long-term growth trajectory, anchored by the successful renewal of its Mineral Production Sharing Agreement (MPSA) in May 2025, extending validity until September 2043 and providing a strong foundation for future expansion. Continued investments in operational readiness—including mine sequencing, digital integration, and workforce capability enhancement—supported resilience amid adverse weather conditions, resulting in a modest 0.9% decline in shipment volumes from 1.457 million WMT in 2024 to 1.444 million WMT in 2025. With the period’s higher prevailing nickel prices, average realized prices went up by 19.7% from US$34.99 per WMT in the prior year to US$41.87 per WMT in 2025.
Total costs and expenses went up by 1.3% from ₱6.658 billion in 2024 to ₱6.745 billion in 2025. Cost of sales declined by 4.2% to ₱3.900 billion in 2025 from ₱4.070 billion in the prior year, primarily driven by lower contract hire expenses due to reduced production and shipment volumes and a shift toward lower-grade ore shipments with lower corresponding rates, alongside lower operations overhead from a shift toward conducting exploration activities in-house, and reduced fuel and lubricant costs from lower operational activity in the Surigao mine operations. These improvements were partially offset by higher environmental protection costs related to compliance and ongoing rehabilitation activities.
Operating expenses increased by 9.9% to ₱2.845 billion in 2025 from ₱2.588 billion in the prior year, mainly due to higher shipping and distribution costs from cost and freight shipments, as well as increased excise taxes and royalties in line with stronger revenues from the Group’s operating mines. After accounting for non-controlling interests, net income attributable to FNI shareholders surged by 91.1% to ₱1.422 billion. Earnings per share increased to ₱0.2774 from ₱0.1451 in the previous year, highlighting the Company’s strong earnings momentum and enhanced value creation for shareholders.
Sustained investment in growth and resource expansion.
The Company’s capital expenditure amounted to ₱464.3 million, representing 5.4% of revenues. These were primarily directed toward the acquisition of key machinery and equipment, including excavators, dump trucks, and transport and handling assets, as well as road development to support the opening of a new pit and other infrastructure.
As of 15 October 2025, total measured and indicated mineral resources in Surigao stood at 109.1 million WMT, consisting of 47.2% limonite and 52.8% saprolite, with an estimated average grade of 1.1% nickel and 28.8% iron. Proven and probable mineral reserves were recorded at 48.6 million WMT with average grades of 1.1% nickel and 29.5% iron.
In Palawan, total measured and indicated mineral resources as of 31 December 2025 reached 79.0 million WMT, composed of 30.4% limonite and 69.6% saprolite, with an estimated average grade of 1.2% nickel and 22.9% iron. Proven and probable mineral reserves totaled 38.3 million WMT at average grades of 1.3% nickel and 24.8% iron.
Advancing responsible mining through ESG leadership
FNI delivered broad-based economic impact by distributing the value it generated to key stakeholders. ₱66.6 million was allocated to the Social Development and Management Program (SDMP), while ₱277.3 million was directed to the Environmental Protection and Enhancement Program (EPEP). In addition, national and local governments received ₱1.519 billion in income tax, royalties, excise tax on minerals, and other taxes and fees, which includes ₱78.2 million granted to indigenous cultural communities during the year.
In 2025, FNI strengthened its integrated approach to responsible mining across Surigao and Palawan, through initiatives under its SDMP and EPEP. Social initiatives supported education infrastructure, public mobility, frontline health services, and agricultural livelihoods, while environmental programs drove continuous rehabilitation of mined-out areas, reforestation activities, ecosystem and coastal preservation measures, and enhanced natural resource management systems. Reinforcing these efforts, PGMC was honored by the Department of Environment and Natural Resources – Environmental Management Bureau (DENR-EMB) with the Best Adopt-an-Estero/Waterbody Program award at the Water Summit 2025, recognizing its long-standing rehabilitation and protection initiatives for the Kinalablaban River in Claver, Surigao del Norte. Additionally, in recognition of its contributions to environmental responsibility, PGMC was recognized 1st Runner-Up Best Mining Forest in the Metallic Category at the 71st Annual Mine Safety and Environment Conference.
Highlighting the Company’s strong governance culture, FNI earned multiple local and regional recognitions in legal excellence and responsible business practices. FNI secured top honors at the 2025 Asian Legal Business (ALB) Southeast Asia Law Awards in Singapore, winning In-House Team of the Year (Construction and Real Estate), alongside several finalist distinctions at the Southeast Asia and Philippine ALB Law Awards. Meanwhile, PGMC earned recognition from both the Employers Confederation of the Philippines (ECOP) as a finalist in the prestigious 2025 Kapatiran sa Industriya (KAPATID) Awards, and the Philippine Extractive Industries Transparency Initiative (PH-EITI) as one of the Top Performing Reporting Entities in the Metallic Mining Sector.
Outlook
FNI continues to advance the proposed expansion of Ipilan’s annual nickel ore production capacity from 1.5 million to 3.0 million WMT, with the Environmental Impact Statement (EIS) process currently progressing through regulatory review and stakeholder engagement stages. Further growth is planned under FNI’s exploration initiatives across Southern Luzon, Central Visayas, and the MIMAROPA Region, with applications currently undergoing regulatory clearances and stakeholder consultations aimed at unlocking new mineral prospects and expanding the Company’s long-term resource base.
The Company also sees significant strategic opportunities arising from the deepening cooperation between the Philippines and Indonesia, particularly in advancing regional nickel value chain integration, downstream development, ESG collaboration, and potential cross-border partnerships. Coupled with the Philippine government’s stronger push to expand responsible mining, downstream processing, and value-added industries, FNI remains strategically positioned to capture emerging growth opportunities in the evolving global nickel value chain.
“Our 2025 performance reflects the discipline and agility of the entire FNI Group, as both our Surigao and Palawan operations successfully navigated weather-related challenges while capitalizing on favorable market conditions and upholding the highest standards of responsible mining and ESG stewardship,” said FNI President Atty. Dante R. Bravo. “With a solid resource base, expanding growth pipeline, and increasing opportunities in regional nickel value chain integration, we are moving forward from a position of strength and remain committed to delivering lasting value for our shareholders, host communities, employees, and stakeholders.”