Revenue growth driven by higher production in mining and nickel processing facilities (HJF smelter).

Despite Lower global nickel and cobalt prices, TBP can still maintain positive growth on Gross Profit by 3% and EBITDA by 1% YoY.

Mining production comes from 2 operating mines (TBP & GPS); while JMP, OAM and GTS are still in exploration stage. YoY 30% 3.61 2.78 2.06 0.72 1Q23 1.97 1.65 1Q24 

In 1Q23, TBP already had 2 RKEF smelters, (MSP)- 4 production lines with capacity of 25,000 tons contained Ni/year of FeNi and (HJF)- 5 production lines (out of 8) of RKEF smelter. Apart from the 2 RKEF smelters, TBP also operated 1 HPAL refinery (HPL)- 3 production lines with capacity of 55,000 tons contained Ni/year of MHP.

Higher demand of nickel ore in 1Q24 was coming from full capacity of 8 production lines of RKEF (HJF). Therefore in 1Q24, TBP has a total of 12 production lines with 120,000 tons contained Ni/year of FeNi capacity and 3 production lines of HPAL with total capacity 55,000 tons contained Ni/year of MHP.

Higher production of limonite ore vs last year is for the upcoming HPAL refinery (ONC).

At the end of 2021, two production lines of HPAL (HPL) commenced operations with a designed capacity of 37,000 tons of contained nickel per year in the form of MHP. A third line, with a designed capacity of 18,000 tons of contained nickel per year in the form of MHP, was commissioned in January 2023 and ramped up to full capacity within two months.

HPL began exporting nickel sulfate in June 2023 and cobalt sulfate in July 2023. There was no production output from the sulfate facility in the first quarter of 2023.

In the first quarter of 2024, HPL’s production reached 16,716 tons of contained nickel in the form of MHP, which is 22 percent above nameplate capacity.

For HPAL production, nickel sulfate output is included within MHP production since nickel sulfate is converted from MHP. However, for sales volume reporting, total HPL sales volume in the first quarter of 2024 is calculated as MHP volume plus nickel sulfate volume.

At the end of 2021, two production lines of HPAL (HPL) commenced operations with a designed capacity of 37,000 tons of contained nickel per year in the form of MHP. The third line, with a designed capacity of 18,000 tons of contained nickel per year in the form of MHP, was commissioned in January 2023 and ramped up to full capacity within two months.

HPL started exporting nickel sulfate in June 2023 and cobalt sulfate in July 2023. There was no production output from the sulfate facility in the first quarter of 2023.

In the first quarter of 2024, HPL’s production reached 16,716 tons of contained nickel in the form of MHP, which is 22 percent above nameplate capacity.

In HPAL production reporting, nickel sulfate output is counted as part of MHP production because nickel sulfate is converted from MHP. However, for sales volume, HPL’s total in the first quarter of 2024 will be calculated as MHP volume plus nickel sulfate volume