Atlantic Nickel (“Atlantic Nickel” or the “Company”) and Appian Capital Advisory Limited (the investment advisor to long-term value focused private capital funds, “Appian”) today announced the 2025 operational and financial results from the Santa Rita nickel sulphide mine located in Bahia, Brazil.
- Atlantic Nickel reported revenue of US$274.5 million and EBITDA of US$103.4 million in 2025, with 25% of revenue generated from by-products
- Operations produced 122 thousand dry metric tonnes (kdmt) of nickel concentrate, averaging 13.4% NiS, equivalent to 16.3 thousand tonnes of contained nickel
- The Company maintained a competitive C1 cash cost of US$3.48/lb of nickel, 15% below budget
In 2025, Atlantic Nickel generated revenue of US$274.5 million and EBITDA of US$103.4 million, with 25% derived from by-products, despite a challenging nickel price environment. Production reached 122,000 dry metric tonnes (kdmt) of nickel concentrate, averaging 13.4% nickel sulphide (NiS). Atlantic Nickel maintained a competitive C1 cash cost of US$3.48 per pound of nickel. During the year, 27.8 million tonnes of material were mined and 6.7 million tonnes of ore processed, with an average nickel sulphide recovery of 84%.
Since restarting operations in 2019, Atlantic Nickel has consistently operated within the first quartile of the global cost curve. In 2025, Atlantic Nickel exported 121,000 dry metric tonnes (kdmt) of nickel sulphide concentrate to customers in North America, Europe, and Asia, representing a 6% increase year-on-year. A total of 12 shipments departed from the Port of Ilhéus (Bahia). Since exports began in 2020 under Appian’s management, more than 632,000 tonnes of concentrate have been shipped to Canada, China and Finland.
Appian and Atlantic Nickel are advancing the development of a large, higher-grade underground resource, extending the initial 8-year open pit life of the Santa Rita mine to over 30 years. In 2024, Atlantic Nickel delivered its Pre-Feasibility Study (“PFS”) for the mine’s underground expansion. The PFS further reinforced Appian’s confidence in the project, outlining a long-life mine with a higher annual production rate of 30,000 tonnes per year of nickel equivalent, low capital intensity, and a competitive cost structure. Atlantic Nickel is advancing this scenario through the ongoing Definitive Feasibility Study, with early works already beginning on underground development.
Milson Mundim, Country Manager of Appian Brazil, commented: “Atlantic Nickel demonstrates how assets with resilient cost structures and strong operational fundamentals can deliver long-term value, even during periods of commodity price volatility. Our confidence in Atlantic Nickel’s role in the global nickel supply chain is reinforced by the asset quality, cost competitiveness, and disciplined execution that underpin these results.”
For further information:
About Atlantic Nickel
The Santa Rita nickel mine (“Atlantic Nickel” as of Q2 2019, previously known as Mirabela Mineração do Brasil) is an operating open-pit nickel sulphide (“NiS”) mine, located in the north-eastern Brazilian state of Bahia. Appian acquired the mine in 2018, optimized the pit design, refurbished the processing facilities, and successfully restarted operations in 2019. Current operations involve open-pit mining and a concentrator with a capacity of approximately 6.5 million tonnes per year, producing a nickel sulphide concentrate. The concentrate also contains by-products including copper, cobalt, platinum, palladium, and gold. In 2024, Santa Rita processed 6.6 million tonnes (Mt) of open-pit ore, producing 31.8 million pounds of nickel, 10.1 million pounds of copper, and 0.6 million pounds of cobalt in concentrates.
Appian Capital Advisory Limited:
Andrew Todd, Head of Communications: +44 7990416759 / [email protected]
+44 (0)20 7004 0951 / [email protected]
About Appian
Appian Capital Advisory Limited is the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries.
Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies in metals, mining, and adjacent industries to achieve their development targets, with a global operating portfolio overseeing approximately 8,500 employees.
Appian has a global team of ~100 experienced investment professionals, combining financial and technical expertise, with presences in London, Abu Dhabi, New York, Dubai, Belo Horizonte, São Paulo, Beijing, Hong Kong, Toronto, Lima and Perth.
For more information, please visit www.appiancapitaladvisory.com or find us on LinkedIn, Instagram or Twitter/X.
