C02258-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Mar 24, 2023
2. SEC Identification Number
ASO94-03992
3. BIR Tax Identification No.
003-871-592
4. Exact name of issuer as specified in its charter
Global Ferronickel Holdings, Inc.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
Penthouse, Platinum Tower, Asean Ave. cor. Fuentes St., Aseana, Parañaque City Postal Code 1701
8. Issuer's telephone number, including area code
(02) 8519 7888
9. Former name or former address, if changed since last report
n.a.
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common shares 5,189,785,829
11. Indicate the item numbers reported herein
9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Global Ferronickel Holdings, Inc.FNI

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

FNI reports 2022 net income of ₱2.2 billion and provides update on strategy
Background/Description of the Disclosure

March 24, 2023 – Global Ferronickel Holdings, Inc. (PSE: FNI) delivered resilient financial results and key operating achievements in 2022, with net income growing 9% to ₱2.2 billion and earnings before interest, taxes, depreciation, and amortization (EBITDA) margin expanding to 48% from 39% in the previous year.

“Our performance during the year showed our Company’s ability to evolve and make further progress against our strategic priorities,” said Dante R. Bravo, FNI President. “Most notably, we completed the commissioning and started commercial export of nickel ore from our mine in Palawan. We also completed the acquisition of a 20% stake in Guangdong Century Tsingshan Nickel Industry Co. Ltd (GCTN), the owner of a 33-hectare rotary kiln-electric furnace (RKEF) processing facility in China that caters to customers from within and outside Guangdong’s Economic and Technological Development Zones. Finally, for the second consecutive year, we received the highest Presidential Mineral Industry Environmental Award by the Department of Environment and Natural Resources and the Philippine Mine Safety and Environment Association in recognition for our environmentally and socially responsible surface mining operations.”

Revenues decreased 13% year-over-year to ₱6.7 billion due to adverse weather, partially offset by a rise in medium-grade ore prices and a favorable foreign exchange impact when compared to 2021. Total shipped volume declined 24% to 3.735 million wet metric tons (WMT) resulting from weather events such as more rain days that affected the production of nickel ore. Overall product mix was 76% low-grade ore and 24% medium-grade ore with an average realized price slightly lower by 0.3% from prior year to US$31.68 per WMT.

“The start of commercial operations at the Palawan mine along with the acquisition of 20% interest of GCTN, both in the fourth quarter, should enable us to carry out production all year-round and generate improved financial growth as we scale and integrate the business. We believe this positions us to achieve more consistent profitability throughout the year. It will also allow us to benefit from higher nickel prices and China’s ongoing reopening, which is expected to prompt a rebound in stainless steel production and in the new energy vehicle supply chain.”

"Moving forward, we are very excited about expanding our nickel ore production by 20% this year with the addition of our Palawan mine with an annual production capacity of 1.5 million WMT that would complement our Surigao mine's 7.5 million WMT. We are also on track with our medium-term strategy which includes the construction of a steel processing plant in Mariveles, Bataan and its commercial production, and the development of a nearby port,” Bravo concluded.

About Global Ferronickel Holdings, Inc.
Global Ferronickel Holdings, Inc. (PSE: FNI) is a holding company whose principal subsidiary is Platinum Group Metals Corporation, the Philippines’ second largest nickel ore producer with mining assets covering 5,219 hectares within Cagdianao, Surigao del Norte, and 2,835 hectares in Brooke’s Point, Palawan. Through our portfolio across the Philippines and in China, we are pursuing a multipronged strategy to diversify into steel production and port operations. For more information, visit www.gfni.com.ph or contact [email protected].

Forward-Looking Statements
This disclosure contains forward-looking statements subject to several risks and uncertainties that could affect the Company's business and results of operations. Although the Company believes that the expectations reflected in this disclosure are based on reasonable assumptions, it does not guarantee future performance, actions, or events.
Other Relevant Information

-
Filed on behalf by:
Name Eveart Grace Pomarin-Claro
Designation Corporate Secretary and Alternate Corporate Information Officer