Nordic Mining ASA

Investor Presentation • Aug 19, 2025

MINERALS FOR A SUSTAINABLE FUTURE

Q2 2025 Interim presentation August 19th , 2025

DISCLAIMER

This document has been used by Nordic Mining during an oral presentation. Therefore, this document is incomplete without the oral explanations, comments and supporting instruments that were submitted during the referred presentation. To the extent permitted by law, no representation or warranty is given, express or implied, as to the accuracy of the information contained in this document.

Some of the statements made in this document contain forwardlooking statements. To the extent permitted by law, no representation or warranty is given, and nothing in this document or any other information made available during the oral presentation should be relied upon as a promise or representation as to the future condition of Nordic Mining's business.

HEALTH – SAFETY – ENVIRONMENT - QUALITY

1. Introduction

• 1. Engebø Rutile and Garnet
• 1. Financial update Q2-2025
• 1. Q & A

Highlights and main events

• HSE: 1 LTI
• Official opening of Engebø Rutile and Garnet with representatives from local authorities and the government
• First shipment of garnet
• The ramp-up has continued with high operational activity but limited output in the second quarter
• Improvements carried out during the maintenance shutdown in June have been successful and appear to have the desired effect on the process plant
• Production of rutile and ramp-up of garnet and rutile will continue in the third quarter with the aim of being ready for the first shipment of rutile towards the end of the quarter
• Working on an updated strategy to be concluded later this fall
• Verdict in the appeals case between the NGOs and the government
• Remain committed to reaching stable production at design capacity for both rutile and garnet by year-end

Market update

• The titanium dioxide prices were flat in Q2 across most regions compared to Q1
• The demand for titanium sponge remains strong while the pigment segment continues to be weak
  • o We expect the market to be flat or slightly down in the next quarter
• The garnet abrasive market is quite tight with growing demand
  • o Curtailments in supply from South Africa and delayed commissioning of new production in Australia

• 1. Introduction
• 2. Engebø Rutile and Garnet
• 1. Financial update Q2-2025
• 1. Q & A

Positive results after maintenance stop in July

• Underperforming slurry pumps were modified to achieve design flow rate according to plan
• Adjustments/changes to bulk material handling transfer chutes, were also carried out to improve material flow, reduce spillage and increase operational time on the equipment
• Initial production figures shows performance in line with expectations. The slurry pump performance is being closely monitored as ramp up progress
• Other Inspections, repairs and modifications were done throughout the plant to prepare for increased throughput from mining pit-to-port

Production statistics

Threefold focus for the ramp-up

• Increase towards designed throughput in each mineral liberation and separation step
• Increase operational time of the plant to design
• Increase recovery and production volume of mineral concentrates

Plant throughput achieved after maintenance stop

• 85% design capacity achieved in crushing circuit
• 75% design load on primary mill and into wet plant
• 50% design capacity achieved in dry separation plant

Mineral production

• Mineral concentrates have met expected quality
• The production is still at low volumes to maintain quality
• Continuous tuning of mineral separation equipment

Production continue ramp-up

• Production ramp-up continues with target of stable production at design capacity for rutile and garnet by year end
• Focus on maintaining quality of the mineral concentrates
• We are in a phase with uncertainty, where process equipment has increasing load and extended operating hours.
• We anticipate the need for continued adjustment and tuning in the coming months as we progress towards plant design capacity

Source; Ramp-up schedule and production volumes from UDFS (Updated Definitive Feasibility Study)

• 1. Introduction
• 1. Engebø Rutile and Garnet
• 3. Financial update Q2-2025
• 1. Q & A

Cash flow impacted by high operational activity in the quarter

Foreign exchange effects

Quarterly cash flow (mNOK)

Operational activity of NOK 93 million

• High activity in the second quarter
• A negative operating cash flow influenced by timing effects on working capital in the quarter

Investment activity of NOK 44 million

• Limited remaining CAPEX from the construction project

MNOK 439 million in closing balance

• NOK 368 in Engebø Rutile and Garnet AS

Opening balance

Investing activity

Financial results – first commercial sale

Group level Profit and Loss (mNOK) First commercial sale

	Q2 2025	Q2 2024	1H 2025	1H 2024
Revenue	2.7	-	2.7	-
Payroll and related costs	(11.7)	(1.8)	(19.3)	(4.6)
Depreciation and amortization	(28.8)	(0.4)	(48.6)	(0.5)
Production expenses	(47.6)	-	(83.1)
Other operating expenses	(18.0)	(10.5)	(33.2)	(7.7)
Operating profit/(loss)	(103.4)	(12.7)	(181.5)	(12.8)
Net exchange rate gain/loss (-)	70.2	18.9	185.4	(27.4)
Financial income	18.1	4.6	52.3	11.4
Financial costs	(66.5)	(0.5)	(115.8)	(1.6)
Profit/(loss) before tax	(81.6)	10.3	(59.6)	(30.5)
Income tax	-	-	-	-
Profit/(loss) for the period	(81.6)	10.3	(59.6)	(30.5)

• Revenue of NOK 2.7 million from sale of garnet

Operating expenses

• High activity in the mine and process plant throughout the quarter
• Processing and maintenance cost affected by inconsistent operation and low production level
• Share-based compensation granted to key personnel in the second quarter have been charged to salary costs of NOK 4.8 million

Net financial results impacted by currency fluctuations

• Unrealized currency gain from stronger NOK
• Financial costs from interest paid on bond loan and amortized costs under the royalty agreement

• 1. Introduction
• 1. Engebø Rutile and Garnet
• 1. Financial update Q2-2025
• 4. Q & A

Appendix

Consolidated statement of financial position

NOK million	Q2 2025	Q1 2025	YE 2024
Mine under construction	-	-	2 654
Producing mine	484	433	-
Property, plant and equipment	2 349	2 359	97
Intangible assets	21	20	-
Right-of-use assets	0	1	1
Pension assets	0	0	0
Total non-current assets	2 855	2 813	2 752
Trade and other receivables	42	38	28
Spare parts and inventory	29	14	10
Restricted cash	19	19	13
Cash and cash equivalents	420	617	455
Total current assets	510	689	505
TOTAL ASSETS	3 365	3 501	3 257
Total equity	1 358	1 435	1 413
Lease liabilities	0	0	0
Bond loan	1 262	1 315	1 044
Royalty liability	551	570	600
Other non-current liabilities	4	-	-
Total non-current liabilities	1 817	1 886	1 644
	-
Trade payables	43	44	44
Other current liabilities	147	137	157
Total current liabilities	190	181	201
Total liabilities	2 007	2 067	1 845
TOTAL EQUITY AND LIABILITIES	3 365	- 3 501	3 257

• Total combined carried amount of Producing mine, Property, plant and equipment and Intangible assets as of Q2 2025 of NOK 2.85 billion
• Cash balance of NOK 420 million, of which NOK 349 in Engebø Rutile and Garnet AS
• Equity ratio of 40 %