Global Ferronickel Holdings No Longer Pursues FNI Rebar Steel Project

At its meeting on December 27, 2024, upon assessment of its strategic priorities, the Board of Directors of Global Ferronickel Holdings, Inc. (FNI) was informed by the management of FNI Steel Corporation that it will no longer pursue its planned FNI Rebar Steel Project, prospectively explored since 2019.

This decision follows a comprehensive review of market conditions, capital requirements, and the outlook or the rebar steel industry. The Company believes it is in its best interest to focus on opportunities from its current businesses that offer greater long-term value—nickel ore mining and export, port operations and logistics, and ferronickel smelting—which continue to see strong demand driven by the global transition to clean energy and electric vehicles.

In line with this decision, FNI Steel Corporation will also initiate the de-registration process with the Authority of the Freeport Area of Bataan (AFAB). While the steel project will not proceed, it has generated value for the company through the acquisition of land in Bataan that has appreciated in value. These assets will be strategically evaluated for profitable use. The company is committed to maximizing value for its stakeholders through continued growth in its current business operations.

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 in Cagdianao, Surigao del Norte and Brooke’s Point, Palawan. Through our presence across the Philippines and in China, we are pursuing a multi-pronged strategy to diversify our investment portfolio into value-added nickel processing, cement manufacturing, and port operations and logistics.