Zamora-led mining firm Nickel Asia Corp. (NAC) reported a 148 percent increase in its attributable net income to ₱501.03 million in the first quarter of 2025, from ₱202.38 million in the previous year, driven by the sale of its minority stake in a nickel processing operator in Palawan.

In a disclosure to the Philippine Stock Exchange (PSE), NAC said its earnings in the first month of the year, which are net of minority interest, were primarily driven by a one-time income of ₱800 million from the sale of the firm’s stake in Coral Bay Nickel Corp. (CBNC).

In February, NAC signed a share purchase agreement with its Japanese partner, Sumitomo Metal Mining Co. Ltd. (SMM), regarding its 15.625 percent share in CBNC.

The mining firm said its revenues rose by 16 percent to ₱2.36 billion in the first three months of the year, compared to ₱2.03 billion in the same period in 2024.

The positive performance was fueled by higher prices for ore exports, which offset the lower sales volume of 2.48 million wet metric tons (WMT) versus last year’s 2.61 million WMT. 

During the reference period, the weighted average ore sales price grew by 18 percent to $16.40 per WMT, up from $13.84 per WMT. NAC realized ₱57.85 per US Dollar from ore sales, a 3 percent increase from ₱56.13 last year.

The company noted that the lower sales volume in the first quarter was due to challenging weather conditions, which further increased mining costs.

NAC incurred ₱91.91 million in losses from its equity share in the Taganito HPAL (high-pressure acid leach) project in Surigao del Norte.

However, following the sale of its stake in CNBC, total losses were trimmed by 53 percent from last year’s ₱193.90 million.

The lower sales were also a direct result of the Taganito HPAL’s plant maintenance in March, which affected ore deliveries from the Taganito Mine.

NAC President and Chief Executive Officer (CEO) Martin Antonio Zamora said he is expecting mining costs to normalize and revenue growth to continue in the second quarter following improving weather conditions and the opening of the firm’s new mines in Surigao, Manicani, and Dinapigue.

Zamora added that this projection will be supported by the “continuing recovery in nickel ore prices and volume growth from our new mining areas.”

“Additionally, ongoing enhancements to the causeway at our Dinapigue mine will boost production and shipping efficiency,” he said.

The executive said the company will also continue advancing its exploration and development of gold and copper prospects under its subsidiary, Cordillera Exploration Co. Inc. 

“Through these efforts, we remain focused on scaling responsibly and maintaining strong performance amid evolving global market conditions,” said Zamora.

In the first quarter, NAC exported 0.66 million WMT of saprolite ore at an average price of $36.60 per WMT, a 43-percent improvement from $25.57 per WMT last year.

The mining firm delivered 1.82 million WMT of limonite ore to the CBNC and Taganito HPAL plants. The prices of which were linked to the London Metal Exchange, the leading marketplace for trading industrial metals.

The realized average price for the period settled at $7.05 per pound of payable nickel, equivalent to $9.10 per WMT, which compares to 2.0 million WMT at $7.53 per pound, equivalent to $10.27 per WMT last year.

NAC’s earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 8 percent from ₱1.05 billion to ₱969.63 million.