NIKL, FNI, MARC — actively mining saprolite and limonite ore, all shipping to Chinese HPAL and NPI plants. FY2025 net profit up +312% / +91% / +299%.
ORE — Palawan mines through Citinickel, EBITDA swung negative recently. NI (NiHAO) — essentially an exploration shell with 2 staff and ~14,000 ha of tenements.
Every peso move in these five names traces back to a decision made in Jakarta. Indonesia's RKAB quota rhythm sets the marginal ton — Philippine miners either fill the gap or get squeezed with it.
These five are the only pure-play nickel equities on the PSE. If you want to trade the corridor thesis in listed form, this is the universe — everything else on the board tagged as "mining" is copper, gold, or diversified. We map each name to its actual mines below.
| Code / Company | Last (PHP) | 52w Range | Mkt Cap | P/E | Yield | 1Y Return | Class |
|---|---|---|---|---|---|---|---|
| NIKLNickel Asia Corp. | 3.74 | 2.155.73 |
52.2B | 8.5 | 5.6% | +57% | Producer · leader |
| FNIGlobal Ferronickel | 1.77 | 1.042.45 |
~9.0B | 6.8 | n/a | +115% | Producer |
| MARCMarcventures Hldgs | 0.61 | 0.4350.94 |
~1.8B | 4.6 | 17.9% | +36% | Producer · high-yield |
| OREOriental Peninsula | 0.405 | 0.300.69 |
~0.6B | n/a | n/a | −17% | Producer · thin |
| NINiHAO Mineral Res. | 0.41 | 0.2290.70 |
~0.41B | n/a | n/a | −16% | Explorer · speculative |
Market cap for FNI and MARC has been re-derived from the current share count against the newer peso price — aggregator sites can be several weeks behind on thinly-traded PSE small caps. ORE and NI last traded prices are the most recent available, not real-time. Where a reliable data point does not exist, we mark n/a — nothing is filled in by estimate.
Business: The Philippines' largest nickel miner, operating six mines — Rio Tuba, Taganito, Tagana-an, Cagdianao, Manicani, Dinapigue — producing saprolite and limonite laterite ore. Structured across Mining, Services, and Power segments. Taganito and Rio Tuba both sit next to Chinese HPAL smelters, making NIKL the most direct listed proxy for the Indonesia-to-Philippines demand rotation. 2025 revenue up 32%, net profit up 312% on stronger realised ore prices and tighter supply. Positioned as the flagship Philippine ESG nickel name.
Business: Higher-grade nickel ore exporter. Core assets: Cagdianao mine in Surigao del Norte via subsidiary PGMC (~5,229 ha) and the Ipilan/IPMC concession in Palawan. Adjacent segments include port logistics, cement, and steel. First 2026 shipment out of PGMC lifted 20 April; Q1 Palawan mining revenue up 36% YoY. Formerly Southeast Asia Cement Holdings. Highest 1-year gain in the group (+115%) at the lowest valuation band (P/E 6.8).
Business: Nickel laterite as primary product, with chromite / copper / gold / manganese as minor lines. Tenements: multiple MPSAs in Surigao del Sur (Carrascal / Cantilan) and on Samar. 2025 revenue +58%, net profit +299%. Cheapest name in the group at P/E 4.6; declared dividend of ₱0.13/share implies ~18% yield at current price — worth checking how much is a special one-off vs recurring. Beta 0.29 makes the tape relatively unresponsive to the broad market.
Business: An investment holding company operating through ~99%-owned Citinickel Mines in Palawan — two blocks, Pulot (1,408 ha) and Toronto (768 ha), producing saprolite / limonite laterite. Earnings have been sharply bimodal: swinging between −138.6M and +8.25M net income by quarter, EBITDA now negative, no dividend. Price sits near the 52-week low. Beta ~0 — largely disconnected from the broader tape and driven by idiosyncratic news.
Business: Name reads "Bountiful Nickel" (Ni + hao). Stated ambition: build a leading Philippine nickel miner and processor. Reality: essentially an exploration and holding shell. Three tenements — Botolan in Zambales (MPSA granted), Manticao in Misamis Oriental, and Masbate — total ~14,000 ha, but the operating footprint is just 2 staff. Effectively no revenue and small persistent losses. Historic profit-sharing arrangement with Nickel Asia on the Geogen subsidiary. Beta slightly negative — the tape is idiosyncratic, event-driven.
NIKL, FNI, and MARC posted FY2025 net profit growth of +312%, +91%, and +299%. Two things happened in unison: realised laterite prices lifted off a low base, and marginal supply tightened. The Philippines is the world's second-largest laterite supplier after Indonesia; every notch tighter on Indonesia's RKAB quota and HPM benchmark pushes marginal Chinese demand toward Philippine tonnage.
NIKL and FNI have deep operational ties to Chinese HPAL sites (Taganito, Rio Tuba). When Jakarta throttles, the pass-through to Manila is direct. That is the corridor thesis translated into an equity tape.
The following tickers show up in sector chatter but are excluded from this coverage — their revenue base is elsewhere:
Price β to LME nickel and to Jakarta. Any RKAB re-opening or downstream demand slowdown compresses the whole basket at once. There is no diversification within the PSE nickel bench.
Small-cap + thin float. FNI, MARC, ORE, NI trade in tens of thousands to a few million shares per session. Slippage is real. Aggregator quotes lag.
PCD Nominee concentration. MARC, ORE, NI are effectively controlled through PCD Nominee blocks, meaning free float is even smaller than headline share count suggests.
Wet season · shipment permits. Philippine ore lifting has a hard seasonal profile. A single quarter can flip positive to negative on shipping windows (see ORE).
Time-stamps matter. NIKL is priced 2026-07-06; the other producers 2026-07-08. ORE and NI use the most recent available print (2025-11 and 2026-07-02 respectively) — these are not intraday quotes.
Market cap for FNI & MARC has been re-derived from the current share count against the newer price. The aggregator numbers (₱11.65B and ₱2.17B) were built on stale 2.30 / 0.75 prices from May.
52w ranges use rolling aggregator data. Wherever a reliable figure does not exist, we mark n/a. No estimates, no interpolation — the reader can add their own conviction.
Every dot ties back to a shipping window, a Chinese HPAL off-taker, and a mining permit. The producers cluster on the eastern Mindanao coast (Surigao) and Palawan — both regions monsoon-sensitive. Exploration-stage NI sits in Zambales and northern Mindanao, geographies with weaker Chinese buyer relationships today.
ANC 24/7 covers the diplomatic and industrial-policy framing of the corridor from Manila's point of view. Al Jazeera English brings the community and ESG lens — the same lens that shapes whether Western OEMs buy Philippine nickel or route around it. If you own NIKL or FNI, both narratives will show up in your P&L eventually.
Live corridor map, twice-weekly briefings, deep reports, and the shipper & permit database used by miners, smelters, cathode makers, banks and OEMs across the IndoPhil corridor.
Apply Now →Information & research use only — not investment advice, not a solicitation, not a recommendation to buy or sell any security. Philippine small-cap mining equities are illiquid and volatile; prices and 52-week ranges shift intraday and reference prints in this note are timestamped. Verify against a broker terminal or the PSE before acting. Consult a licensed adviser for anything position-related.