Strong track record of revenue growth driven by production ramp up in mining and nickel processing facilities (smelter).

Healthy profitability margin with double digit gross profit, EBITDA and profit attributable to owners of the parent company.

Slower growth of performance’s EBITDA and and profit attributable to owners of the parent company in 9M23 was due to lower nickel and cobalt prices  and share in net profit associates coming from PT HPL.

In 9M22, TBP only had 1 operating smelter RKEF (PT MSP) with 4 production lines and production capacity 25,000 tons contained Ni/year. In HPAL capacity, TBP had 2 production lines of HPAL (PT HPL) with capacity of 37,000 tons contained Ni/year.

Higher demand of nickel ore in 9M23 was coming from commissioning of the 3rd line of HPAL (PT HPL) and also completion of 8 production lines of RKEF (PT HJF). Therefore, TBP has a total 12 production lines with 120,000 tons contained Ni/year of RKEF capacity and 3 production lines of HPAL with total capacity 55,000 tons contained Ni/year by end of 9M23.

From FY20 -FY22, FeNi production came from PT MSP, which has been operating since 2017.

PT HJF RKEF has commenced its operation at the end of FY22 with 2 production lines. The next 3 production lines, 3rd, 4th, and 5th lines were completed in January 2023, February 2023 and March 2023, respectively. The remaining 3 production lines completed by end of 1H23. PT HJF reach 100% production capacity in 3Q23. Thus, it drives the significant growth of FeNi sales YoY.

Actual average production of PT HJF in August–September already reach 8,390 tons contained Ni/month, above 6% from the name plate capacity.

At the end of 2021, 2 production lines of HPAL (PT HPL) have commenced its operation with designed capacity of 37,000 tons contained Ni/year. The 3rd line with designed capacity of 18,000 tons contained Ni/year commissioned in January 2023 and ramped up to full capacity within 2 months.

PT HPL started to produce Nickel Sulfate in April 2023 and did the initial export in May 2023. furthermore, in July 2023 PT HPL started to produce and initial export of Cobalt Sulfate.

In production output, Nickel Sulfate output is part of MHP output, because Nickel Sulfate is product conversion from MHP. While in sales volume, total sales will be MHP + Nickel Sulfate volume.