NICKEL INDUSTRIES LIMITED — Proxy Solicitation & Information Statement 2026

May 11, 2026

NICKEL INDUSTRIES

SUPPLEMENTARY NOTICE OF ANNUAL GENERAL MEETING

This Supplementary Notice of Annual General Meeting (Supplementary Notice) supplements, and should be read together with, the Notice of Annual General Meeting and Explanatory Memorandum dated 24 April 2026 (Original Notice) issued by Nickel Industries Limited ACN 127 510 589 (the Company) in respect of the Annual General Meeting (AGM) of Shareholders to be held at DLA Piper Australia, Level 22, No.1 Martin Place, Sydney, NSW, on Tuesday, 26 May 2026 at 11.00am (AEST) (Meeting).

Capitalised terms used in this Supplementary Notice have the same meaning as in the Original Notice unless otherwise defined.

This Supplementary Notice has been released to ASX and dispatched to Shareholders in accordance with section 12 of ASX Listing Rules Guidance Note 35 to provide Shareholders with at least 10 days to consider the supplementary information before the AGM on 26 May 2026.

ASX takes no responsibility for the contents of this Supplementary Notice.

Purpose of this Supplementary Notice

Resolution 4 in the Original Notice proposed the re-election of Ms Emma Hall as a Director. Ms Hall was re-elected as a Director at the Company's 2025 Annual General Meeting and is not required to retire and stand for re-election at the Meeting. Mr William Shangjaya is required to retire and stand for re-election at the Meeting, however a resolution to re-elect Mr Shangjaya was not included in the Original Notice.

Notice is hereby given that:

(a) Resolution 4 (Re-election of Emma Hall as a Director) as set out in the Original Notice is withdrawn; and
(b) Resolution 8 (Re-election of William Shangjaya as a Director) will be proposed at the Meeting.

All other resolutions, the meeting venue, date, time and other details set out in the Original Notice remain unchanged.

Resolution 8: Re-election of William Shangjaya as a Director

To consider and, if thought fit, pass the following Resolution with or without amendment:

'That in accordance with Article 15.6 of the Constitution, and for all other purposes, William Shangjaya retires and being eligible, is re-elected as a Director on the terms and conditions in the Supplementary Explanatory Memorandum.'

Supplementary Explanatory Memorandum — Resolution 8: Re-election of William Shangjaya as a Director

Position: Non-Independent, Non-Executive Director

Director since 9 May 2023

In accordance with Article 15.6 of the Company's Constitution and the Corporations Act, Mr William Shangjaya retires as a Director by rotation and, being eligible, offers himself for re-election.

NICKEL INDUSTRIES LIMITED
ABN 44 127 510 589
Level 2, 66 Hunter Street
Sydney NSW 2000 Australia
T +61 2 9300 3311
E info@nickelindustries.com
W www.nickelindustries.com

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NICKEL INDUSTRIES

Mr Shangjaya has been a key member of the rapid development of Tsingshan since 2000. His previous experience spans many senior roles and operations including head of AOD Department of Zhejiang Tsingshan Special Steel Company Limited, the General Manager of Zhejiang Tsingshan Steel Company Limited, the Chairman of Zhejiang Ruipu Machinery Company Limited, the Vice President of Ruipu Technology Group Company Limited, the Chairman of Fujian Dingxin Nickel Company Limited and the Vice Chairman of Tsingtuo Group Company Limited.

Mr Shangjaya has played a key role in the development of the Company's RKEF operations, as a Shanghai Decent nominee to the Board of the Company's Indonesian RKEF entities, as well as director of the Company's Singaporean subsidiary companies.

In his current role as Chairman of Eternal Tsingshan, Mr Shangjaya has successfully led the management, development and operations of the IMIP and the IWIP, which are the world's largest integrated nickel processing industrial parks with nearly 100,000 employees.

Mr Shangjaya is a member of the Company's Risk Management and Sustainability Committee.

The Board has reviewed Mr Shangjaya's performance since his appointment to the Board and considers that his skills and experience will continue to enhance the Board's ability to perform its role.

Board Recommendation

The Directors (with Mr Shangjaya abstaining) recommend that you vote IN FAVOUR of Resolution 8. The Chairman of the Meeting intends to vote undirected proxies IN FAVOUR of Resolution 8.

Voting and Proxies

A replacement proxy form accompanies this Supplementary Notice. Shareholders who wish to give voting instructions on new Resolution 8, or to change their voting instructions on any other Resolution in the Original Notice, should complete and lodge the revised proxy form in accordance with the instructions on that form. A proxy form lodged later in time will revoke any earlier proxy form to the extent of any inconsistency.

Where a shareholder has lodged a proxy form in respect of the Original Notice and does not lodge a revised proxy form, that proxy form will continue to be valid in respect of Resolutions 1, 2, 3, 5, 6 and 7. As Resolution 4 has been withdrawn, any voting instructions on the original proxy form in respect of Resolution 4 will be disregarded. Shareholders who wish to direct their proxy on new Resolution 8 must complete and lodge the revised proxy form.

To be valid, proxy forms (and any power of attorney under which the proxy form is signed) must be received by the Company's share registry no later than 11.00am (AEST) on Sunday, 24 May 2026.

The Directors have determined pursuant to regulation 7.11.37 of the Corporations Regulations 2001 (Cth) that the persons eligible to vote at the Meeting are those who are registered as Shareholders on Sunday, 24 May 2026 at 7.00pm (AEST).

By order of the Board

Richard Edwards

Company Secretary

12 May 2026

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NICKEL

INDUSTRIES

ABN 44 127 510 589

Need assistance?

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Phone: 1300 850 505 (within Australia) +61 3 9415 4000 (outside Australia)

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Online: www.investorcentre.com/contact

NIC

MR SAM SAMPLE

FLAT 123

123 SAMPLE STREET

THE SAMPLE HILL

SAMPLE ESTATE

SAMPLEVILLE VIC 3030

YOU'RE A LITTLE FACTIVE FOR A LITTLE FACTORS?

YOU'RE A LITTLE FACTORS FOR A LITTLE FACTORS

YOU'RE A LITTLE FACTORS FOR A LITTLE FACTORS

Replacement Proxy Form

How to Vote on Items of Business

All your securities will be voted in accordance with your directions.

APPOINTMENT OF PROXY

Voting 100% of your holding: Direct your proxy how to vote by marking one of the boxes opposite each item of business. If you do not mark a box your proxy may vote or abstain as they choose (to the extent permitted by law). If you mark more than one box on an item your vote will be invalid on that item.

Voting a portion of your holding: Indicate a portion of your voting rights by inserting the percentage or number of securities you wish to vote in the For, Against or Abstain box or boxes. The sum of the votes cast must not exceed your voting entitlement or 100%.

Appointing a second proxy: You are entitled to appoint up to two proxies to attend the meeting and vote on a poll. If you appoint two proxies you must specify the percentage of votes or number of securities for each proxy, otherwise each proxy may exercise half of the votes. When appointing a second proxy write both names and the percentage of votes or number of securities for each in Step 1 overleaf.

A proxy need not be a securityholder of the Company.

SIGNING INSTRUCTIONS FOR POSTAL FORMS

Individual: Where the holding is in one name, the securityholder must sign.

Joint Holding: Where the holding is in more than one name, all of the securityholders should sign.

Power of Attorney: If you have not already lodged the Power of Attorney with the registry, please attach a certified photocopy of the Power of Attorney to this form when you return it.

Companies: Where the company has a Sole Director who is also the Sole Company Secretary, this form must be signed by that person. If the company (pursuant to section 204A of the Corporations Act 2001) does not have a Company Secretary, a Sole Director can also sign alone. Otherwise this form must be signed by a Director jointly with either another Director or a Company Secretary. Please sign in the appropriate place to indicate the office held. Delete titles as applicable.

PARTICIPATING IN THE MEETING

Corporate Representative

If a representative of a corporate securityholder or proxy is to participate in the meeting you will need to provide the appropriate "Appointment of Corporate Representative". A form may be obtained from Computershare or online at www.investorcentre.com/au and select "Printable Forms".

Lodge your Proxy Form: XX

Online:

Lodge your vote online at www.investorvote.com.au using your secure access information or use your mobile device to scan the personalised QR code.

Your secure access information is

Control Number: 999999

SRN/HIN: I9999999999

PIN: 99999

For Intermediary Online

subscribers (custodians) go to

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By Mail:

Computershare Investor Services Pty Limited

GPO Box 242

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Australia

By Fax:

1800 783 447 within Australia or

+61 3 9473 2555 outside Australia

PLEASE NOTE: For security reasons it is important that you keep your SRN/HIN confidential.

You may elect to receive meeting-related documents, or request a particular one, in electronic or physical form and may elect not to receive annual reports. To do so, contact Computershare.

Samples/000001/000001

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MR SAM SAMPLE
FLAT 123
123 SAMPLE STREET
THE SAMPLE HILL
SAMPLE ESTATE
SAMPLEVILLE VIC 3030

Change of address. If incorrect, mark this box and make the correction in the space to the left. Securityholders sponsored by a broker (reference number commences with 'X') should advise your broker of any changes.

I 9999999999 IND

Replacement Proxy Form

Please mark ☐ to indicate your directions

Step 1 Appoint a Proxy to Vote on Your Behalf

XX

I/We being a member/s of Nickel Industries Limited hereby appoint

☐ the Chairman of the Meeting
OR
PLEASE NOTE: Leave this box blank if you have selected the Chairman of the Meeting. Do not insert your own name(s).

or failing the individual or body corporate named, or if no individual or body corporate is named, the Chairman of the Meeting, as my/our proxy to act generally at the meeting on my/our behalf and to vote in accordance with the following directions (or if no directions have been given, and to the extent permitted by law, as the proxy sees fit) at the Annual General Meeting of Nickel Industries Limited to be held at DLA Piper Australia, Level 22, No.1 Martin Place, Sydney, NSW 2000 on Tuesday, 26 May 2026 at 11:00am (AEST) and at any adjournment or postponement of that meeting.

Chairman authorised to exercise undirected proxies on remuneration related resolutions: Where I/we have appointed the Chairman of the Meeting as my/our proxy (or the Chairman becomes my/our proxy by default), I/we expressly authorise the Chairman to exercise my/our proxy on Resolutions 1, 5, 6 and 7 (except where I/we have indicated a different voting intention in step 2) even though Resolutions 1, 5, 6 and 7 are connected directly or indirectly with the remuneration of a member of key management personnel, which includes the Chairman.

Important Note: If the Chairman of the Meeting is (or becomes) your proxy you can direct the Chairman to vote for or against or abstain from voting on Resolutions 1, 5, 6 and 7 by marking the appropriate box in step 2.

Step 2 Items of Business

PLEASE NOTE: If you mark the Abstain box for an item, you are directing your proxy not to vote on your behalf on a show of hands or a poll and your votes will not be counted in computing the required majority.

		For	Against	Abstain
Resolution 1	Approval of Remuneration Report	☐	☐	☐
Resolution 2	Re-election of Chris Shepherd as a Director	☐	☐	☐
Resolution 3	Re-election of Muliady Sutio as a Director	☐	☐	☐
Resolution 4	Re-election of Emma Hall as a Director	Withdrawn Resolution
Resolution 5	Approval to grant Performance Rights to a Director, Norman Seckold	☐	☐	☐
Resolution 6	Approval to grant Performance Rights to the Managing Director, Justin Werner	☐	☐	☐
Resolution 7	Approval to grant Performance Rights to a Director, Chris Shepherd	☐	☐	☐
Resolution 8	Re-election of William Shangjaya as a Director	☐	☐	☐

The Chairman of the Meeting intends to vote undirected proxies in favour of each item of business. In exceptional circumstances, the Chairman of the Meeting may change his/her voting intention on any resolution, in which case an ASX announcement will be made.

Step 3 Signature of Securityholder(s)

This section must be completed.

N I C
3 2 5 6 2 3 A
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