Global Ferronickel Holdings, Inc. (FNI) is pushing ahead with expansion and exploration plans this year as it looks to sustain growth following a sharp rise in earnings last year driven by higher nickel prices.

The nickel miner said Thursday net income attributable to shareholders climbed 91.1 percent to P1.422 billion in 2025, while revenues reached P8.555 billion. Earnings per share rose to P0.2774 from P0.1451 a year earlier.

Mining revenues increased 13.7 percent to P8.631 billion as stronger nickel ore prices offset lower shipment volumes caused by prolonged rainfall.

Average realized nickel ore prices jumped 33.3 percent to $32.34 per wet metric ton (WMT), supported by tight global supply and sustained demand from Asian markets.

China remained FNI’s largest export market, accounting for 89 percent of shipments, while Indonesia took 11 percent.

Shipment volumes declined 15.5 percent to 4.605 million WMT after bad weather disrupted operations, but the company shifted more aggressively toward low-grade ore shipments, which accounted for 83 percent of total volume.

Surigao operations contributed P5.066 billion in revenues, up 8.5 percent, while Palawan operations posted a 21.9 percent increase to P3.565 billion.

FNI is betting on higher production, new mineral prospects, and regional partnerships to sustain growth after its strong 2025 performance.

The company said government efforts to expand responsible mining and develop value-added mineral industries could create more opportunities for the nickel sector.

FNI is currently pushing to double the annual production capacity of Ipilan Nickel Corp. in Palawan from 1.5 million WMT to 3 million WMT, with the project now undergoing regulatory review and stakeholder consultations.

At the same time, the miner is expanding exploration activities in Southern Luzon, Central Visayas, and the MIMAROPA Region to grow its long-term resource base.

“Our 2025 performance reflects the discipline and agility of the entire FNI Group, as both our Surigao and Palawan operations successfully navigated weather-related challenges while capitalizing on favorable market conditions and upholding the highest standards of responsible mining and ESG stewardship,” FNI President Atty. Dante R. Bravo said.

FNI also said deeper cooperation between the Philippines and Indonesia in nickel processing, downstream development, ESG initiatives, and cross-border partnerships could open new opportunities as both countries strengthen their position in the global nickel supply chain.

“With a solid resource base, expanding growth pipeline, and increasing opportunities in regional nickel value chain integration, we are moving forward from a position of strength and remain committed to delivering lasting value for our shareholders, host communities, employees, and stakeholders,” Bravo said.