INCO - Posts steady FY25, key re-rating catalyst: Pomala HPAL

INCO - Posts steady FY25, key re-rating catalyst: Pomala HPAL Vale Indonesia (INCO) delivered steady FY25 nickel matte production of 72,027t (vs. 71,300t FY24), beating its annual target despite a softer 4Q25 (~17,000t) due to a planned furnace rebuild targeted for completion May-26. The main re-rating catalyst is the Pomala HPAL plant, now 60% complete, with first mechanical completion targeted 3Q26 and full five-autoclave capacity by Jan ‘27. FY26 RKAB is approved at 8.1mn wmt with management pre-positioning stockpiles ahead of a potential earlier revision window. Key risks include sulfuric acid supply tightening from the Middle East conflict which had partially mitigated by pyrite substitution trials , and unit cash cost edging higher to ~USD 18/wmt, with energy inventory secured through ~Sep/Oct ‘26. (Source : Company)