Nordic Mining ASA

Earnings Release • May 21, 2025

Nordic Mining ASA (EN Oslo Børs:NOM): Interim report per 31 March 2025

Nordic Mining ASA (EN Oslo Børs:NOM): Interim report per 31 March 2025

Please find enclosed Nordic Mining's interim report and company presentation for

the first quarter of 2025. The interim report and company update will be

presented digitally today, Wednesday 21 May 2025 at 10.00 (CET). The

presentation and Q&A session will be held in English and transferred via

webcast. You will have the opportunity to post questions online throughout the

webcast session. The webcast will be available on:

https://channel.royalcast.com/landingpage/hegnarmedia/20250521_5/

Summary of important events in the first quarter of 2025:

· The Company recorded one Lost Time Injury (LTI) related to production at the

Engebø plant.

· The first steady state production of garnet to final mineral product storage

silo at Engebø.

· A total of 571.754 tons of rock, including both ore and waste, were drilled,

blasted, and hauled from the open pit at Engebø during the first quarter.

· The Company reported NOK 80.1 million in capitalized cost related to the

Engebø project in the first quarter. The Company's consolidated carrying amount

for the Producing mine, Property Plant and Equipment and Intangible Assets was

NOK 2.8 billion as of 31 March 2025. As of 1 February, the carrying amount in

the balance sheet of Mine under construction has been reclassified to Producing

Mine, Property, Plant and Equipment and Intangible Assets.

· In March, Engebø Rutile and Garnet AS completed a tap issue of the existing

high yield bond by USD 33 million to strengthen liquidity and to be able to

continue the progress of the production ramp-up efficiently until cash flow

positive.

During the quarter, Nordic Mining produced garnet according to our customer's

quality requirements but at low volumes. Nordic Mining did not achieve the

internal ramp-up goal as set out in first quarter due to design issues in the

pump circuits. A remedial solution was installed by the responsible contractor

in March, but without the expected effect. An external party was contracted to

review the slurry pump circuits based on the "as built" solution. Several

modifications were identified for the plant to operate at design capacity.

Rutile production was put on hold pending the rectification of the slurry pump

issue. In total, 90 tons of garnet was produced during the quarter.

The prioritized pumps have been modified in May, and their early performance is

in accordance with expectations and the plant design requirements. The remaining

pumps will be modified on an ongoing basis with completion during planned

downtime for maintenance and modifications in July. Ramp-up of rutile production

is scheduled to begin by the end of May.

The first commercial shipment of 569 tons of garnet was dispatched from Engebø

on 12 May destined for the Barton Group's Rotterdam facility. For the commercial

partnership with The Barton Group, the cargo was an important test of the entire

logistics chain from the mine to the end-customer.

The production ramp-up is a highly complex and demanding process. Although we

take a proactive approach to the ramp up, unforeseen challenges may occur.

Nordic Mining has mandated the external party contracted to review the slurry

pump circuit to also review all the other parts of the plant with a view to

uncover any other risks. Preliminary feedback indicates no significant findings

that would cause any additional delays to the ramp-up. Nordic Mining remains

committed to reaching steady production at design capacity for both rutile and

garnet by the end of 2025.

Oslo, 21 May 2025

Nordic Mining ASA

Nordic Mining ASA ("Nordic Mining" or the "Company") (www.nordicmining.com) is a

resource company with focus on high-end industrial minerals and metals. The

Company's project portfolio is of high international standard and holds

significant economic potential. The Company's assets are in the Nordic region.

Nordic Mining is undertaking a large-scale construction project at Engebø on the

west coast of Norway where the Company has rights and permits to a substantial

eclogite deposit with rutile and garnet. In addition, Nordic Mining holds

interests in other initiatives at various stages of development. This includes

patented rights for a new technology for production of alumina and exploration

of high purity quartz.

Nordic Mining is listed on Euronext Oslo Børs with ticker symbol "NOM".