Shares of nickel miner PT PAM Mineral (NICL) have skyrocketed by 278.85 percent year to date (ytd) in 2025, with Tuesday’s, November 4, 2025  trading session exposing the stock climbed by another 2.07 percent to Rp985, pushing its market capitalization to Rp10.48 trillion (US$1.2 trillion).

Established in 2008, PT PAM Mineral is a nickel mining company operating in Southeast Sulawesi and Central Sulawesi. It is part of the PAM business group and also has a subsidiary, PT Indrabakti Mustika.

NICL booked a 131 percent annual increase in net profit to Rp400.93 billion in the first nine months of 2025, up from Rp173.66 billion in the same period last year. According to its financial report, revenue jumped 64.8 percent year on year, from Rp821.35 billion in January–September 2024 to Rp1.35 trillion, driven by an 88.76 percent surge in nickel sales volume to 2.40 million metric tons from 1.27 million metric tons previously.

NICL President Director, Ruddy Tjanaka, said domestic benchmark nickel price had fallen by around 5.2 percent since late 2024, following global market corrections and the cooling of electric vehicle battery demand. He described the decline as a “positive correction” that the company had already anticipated.

As of the third quarter of 2025, NICL’s production rate had reached 92.48 percent of its approved 2025 Work and Budget Plan (RKAB). To meet rising demand, the company has submitted a revised RKAB to the Energy and Mineral Resources (ESDM) Ministry to increase its authorized production quota.

“Despite strong operational and financial performance in Q3 2025, we have not yet met our full expectations due to delays in RKAB approval. This remains one of our main challenges this year,” Ruddy said as quoted in a statement on Tuesday, November 4, 2025.

He projected that nickel prices will remain volatile through the end of 2025, influenced by U.S. trade tariffs and a lingering global supply glut. Nevertheless, he sees opportunities for Indonesia’s nickel industry amid rising geopolitical tensions between China and Western countries, as nations seek alternative sources of critical minerals.

He added that signs of recovery were emerging, with oversupply gradually easing and domestic prices stabilizing. Still, he acknowledged several domestic challenges, including regulatory changes that have slowed the approval process for feasibility studies (FS), environmental impact assessments (AMDAL), and RKABs. One major change is the shortening of RKAB validity from three years to one, forcing companies to renew documentation more frequently.

“Regulatory certainty plays a crucial role in ensuring operational continuity and cash flow stability,” Ruddy said. “As a price taker dependent on smelters, our bargaining position remains limited − especially for small and mid-sized miners that must often sell below benchmark prices.”

NICL aims to produce 2.6 million tons of nickel ore by the end of 2025, alongside an expanded drilling program to increase resource reserves. The company is also prioritizing operational efficiency and quality control through stricter QAQC procedures and the use of advanced analytical equipment to minimize errors in product specifications.

To strengthen its supply chain and sales network, NICL is building strategic partnerships with smelters and traders across Sulawesi, Obi Island, and Halmahera.

“These partnerships are designed to reinforce our market position, accelerate distribution, and maintain stable sales amid global nickel price fluctuations,” Ruddy said.