How are these ASX nickel shares performing today?

5 min read | November 04, 2022 12:52 PM AEDT | By Ritwika

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How are these ASX nickel shares performing today? — Image source: © Jjumawan | Megapixl.com

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Highlights:

Nickel’s application can be widely found in our day-to-day lives.

The commodity is primarily used for making stainless steel.

Australia is considered as one of the largest nickel reserves in the world. This commodity is an essential component for manufacturing stainless and heat-resistant steel. Nickel is also used for making certain types of batteries. In addition to that, Nickel is employed in electroplating, a process of coating a metal with a thin layer of nickel to protect it from corrosion or damage.

Nickel mining is a crucial sector in Australia as it contributes a significant percentage to the country’s economy.

Here in this article, we have discussed about three ASX-listed nickel stocks and their respective performance on ASX. These nickel stocks are - Pacific Nickel Mines Limited (ASX:PNM), Nickel Industries Limited (ASX:NIC), and Widgie Nickel Limited (ASX:WIN).

Pacific Nickel Mines Limited (ASX:PNM)

Shares of Pacific Nickel Mines Limited (ASX:PNM) opened Thursday’s trading session at AU$0.072 per share at 10:09 AM AEDT.

Pacific Nickel Mines is an ASX-listed explorer and miner of nickel ores in the Solomon Islands. The company’s headquarters are in Sydney, and it holds a market capitalisation of AU$25.79 million at present.

On 28 October 2022, Pacific Nickel Mines has shared the activity results from the September 2022 quarter. The company primarily focused on advancing its Kolosori Nickel Projects during this quarter. Let us have a look at key highlights of Pacific Nickel Mines’ quarterly report:

Pacific Nickel Mines has secured the mining Lease for the Kolosori Nickel Project from the Minister of the Ministry of Mines, Energy and Rural Electrification during the September 2022 quarter.
Pacific Nickel Mines has also signed a Mining Agreement with the Government of the Solomon Islands setting out the mining, environmental and fiscal terms for the Kolosori Nickel Project during the given period.
The updated JORC (2012) Mineral Resource Estimate for Kolosori – 6.02 million tonnes at 1.52% Ni at a 1.2% Ni cut-off (93,000 tonnes of contained nickel).
The company mentioned in its quarterly report that the resources in the measured and indicated categories gained by 27% compared to the initial resource estimate.
In addition to the above-mentioned pointers, the company has also progressed work on the Definitive Feasibility Study (DFS) during the given period.

The share price of Pacific Nickel Mines has declined over 34% on ASX in the past 12 months, and on a YTD basis, the company’s share price came down by 20% on ASX (as of 10:09 AM AEDT today).

Nickel Industries Limited (ASX:NIC)

Image source: © Adwo | Megapixl.com

Shares of Nickel Industries Limited (ASX:NIC) opened trading on a negative note on Friday morning. Its stock price stood at AU$0.770 per share after falling marginally by 0.645% on ASX at 10:18 AM AEDT today.

Nickel Industries is a nickel pig iron and nickel ore-producing company based in Sydney. The company currently holds a market capitalisation of AU$2.11 billion.

On 31 October 2022, Nickel Industries released its quarterly activity report for the period that ended on 30 September 2022. The key pointers of the company’s September 2022 quarter are as follows:

Nickel Industries has reported a total production of 10.275 tonnes of nickel metal in its Rotary Kiln Electric Furnace (RKEF) operation in Indonesia.
Out of the total amount of nickel metal produced, the company sold 20,045 tonnes in the September quarter.
The total quarterly sales amount of nickel metal during the given period was US$319.2 million.
Nickel Industries’ quarterly EBITDA was US$45.3 million in the September quarter.
The company generated underlying cash from operations worth US$54.9 million in the given period.
In the Hengjaya Mine, the company produced a total of 1,697,976 wmt of nickel ore in the September quarter.
The EBITDA generated from Hengjaya Mine in the same quarter was US$10.2 million.

The share price of Nickel Industries has declined by almost 24% on ASX in the past 12 months, and on a YTD basis, the nickel producer’s share price fell almost by 47% on ASX (as of 11:05 AM AEDT today).

Widgie Nickel Limited (ASX:WIN)

Image source: © Robertohunger | Megapixl.com

Shares of Widgie Nickel Limited (ASX:WIN) were buzzing in the green territory on Friday morning. Its share price gained 10.937% to AU$0.355 per share on ASX at 11:24 AM AEDT today.

Widgie Nickel is a Perth-based nickel exploration and mining company with a market capitalisation of AU$80.32 million.

On 2 November 2022, Widgie Nickel announced that it had successfully begun the lithium drilling project at the company’s newly discovered Faraday Lithium prospect. The company had discovered the Faraday prospect while field reconnaissance with assays received from a rock chip sampling program. These assays have confirmed the presence of lithium-bearing pegmatites outcropping more than a 600m strike, along with surface expressions of about 25m wide.

The share price of Widgie Nickel has gone up more than 54% on ASX in the past 12 months, and on a YTD basis, the company’s share price appreciated by 42% on ASX (as of 11:27 AM AEDT today).

Meanwhile, the S&P/ASX 200 Materials sector (INDEXASX:XMJ) was quoted at 15,449 points, up by 0.704% or by 108 points on ASX at 11:54 AM AEDT today (4 November 2022).

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