Maintaining goal of first cargo of rutile in Q1 and reaching design capacity in late Q2 2026
Maintaining goal of first cargo of rutile in Q1 and reaching design capacity in late Q2 2026
OSLO - October 31, 2025 - Nordic Mining ASA (ticker NOM.OL), a resource company
with focus on critical minerals, experienced a delayed ramp up due to
operational and technical issues during the third quarter. However, the company
is maintaining its goal of first cargo of rutile by the end of first quarter
"We have expertise on site from customers Iwatani and Barton as well as
technical support from our financing partner Orion Resource Partners and I am
committed to us having ready for delivery our first rutile cargo during the
first quarter next year, as addressed earlier", says CEO Finn Ivar Marum in
Nordic Mining.
The company has reviewed the operational and technical aspects to establish a
new path forward with an amended ramp up plan.
"As we have communicated earlier the original ramp up plan was too ambitious,
but I am confident that we will deliver on our recently updated goal of reaching
design capacity late second quarter 2026", says Marum.
Nordic Mining is rapidly increasing its production by crushing and milling more
minerals within six weeks, than the company did in the preceding six months.
"We have decided to publish quarterly production data to provide full
transparency and visibility on progress and make it easier for the market to
assess the company", says Marum.
A total of 3,800 tonnes of garnet were produced in the third quarter. The
company reported NOK 1.0 million from sale of garnet during the quarter with an
operating loss of NOK -129.1 million.
In October, a tap issuance on the existing bond facility was successfully
executed, generating an additional USD 22.5 million in proceeds. At the end of
the third quarter, the company held NOK 273.3 million in cash. Nordic Mining's
total assets as of 30[th] September 2025 were NOK 3.2 billion (30 June 2025: NOK
3.4 billion), and total equity was NOK 1.2 billion (30 June 2025: NOK 1.4
billion).
"Based on the amended production ramp-up plan, the company's liquidity position
is considered sufficient to fund operations until the business reaches positive
cash flow", says Marum.
In October, the company appeared in court in a case raised by two NGOs
concerning a temporary injunction over the company's permits, with the verdict
expected on or about November 10[th], 2025.
"We made the case that environmental impact is low, and that the EU water
directive might not even be applicable", says Marum.
The interim report and company update will be presented digitally today, Friday
31 August 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/20251031_1/
For further information, please contact CEO, Finn Ivar Marum, mob: +47 982 06
339 [email protected] or visit: https://nordicmining.com/
About Nordic Mining:
Nordic Mining ASA ("Nordic Mining" or the "Company") is a resource company with
focus on critical minerals. The Company is undertaking a large-scale industrial
development at Engebø on the west coast of Norway through its wholly owned
subsidiary, Engebø Rutile and Garnet AS, which has mining rights and permits to
a substantial eclogite deposit with rutile and garnet.
In addition, the Group holds a landowner agreement for exploration and
development of a high purity quartz deposit in the Kvinnherad Municipality in
Norway and is currently conducting a test work program where bulk samples from
the deposit will be used for pilot scale processing of high purity quartz
product through a full cycle process. Nordic Mining's project portfolio is of
high international standards and holds significant economic potential. The
assets, and in particular the wholly owned Engebø Project, provide a solid value
basis for Nordic Mining's shareholders.
Nordic Mining is listed on Oslo Stock Exchange