Nickel Industries' total production in 1Q25 missed Morgan Stanley's forecast by -5% and sales fell short by -4%. Production was weaker than expected at all the three nickel projects.

RKEF costs came in lower than expected and price 1% higher than the broker's estimate. The company deferred the final payment for the Excelsior Nickel Project by six months to January 1 and April 1 2026, with the project commissioning expected in 3Q25.

Forecasts largely unchanged. Equal-weight. Target unchanged at 55c.

Sector: Materials.

Target price is $0.55.Current Price is $0.56. Difference: ($0.01) - (brackets indicate current price is over target). If NIC meets the Morgan Stanley target it will return approximately -2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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