Nordic Mining ASA — Earnings Release 2025

Feb 4, 2026

Nordic Mining Q4 2025: Entering a new phase defined by execution and operational discipline towards target of steady state production at year-end 2026

Nordic Mining Q4 2025: Entering a new phase defined by execution and operational discipline towards target of steady state production at year-end 2026

Oslo, Norway - February 4, 2026 - Nordic Mining ASA ("Nordic Mining" or the

"Company"), a resource company with focus on critical minerals, today released

its fourth-quarter financial results and operational update.  With an

experienced operational management now in place, the Company enters a new phase

in the ramp-up of Engebø & Rutile Garnet (ERG) defined by strong focus on

execution and operational discipline.

Supported by Systemex, a Canada-based firm specializing in industrial and mining

ramp-ups, the Company continues its operational improvement program towards

achieving design capacity by year end 2026. Systemex' initial review confirms

that ERG is a viable operation with sufficient installed capacity.

"Our year-end operational challenges prompted immediate action: We brought in

experienced operational management, supported by Systemex and other technical

partners, and we are pleased that the initial assessments performed in January

confirms that[ ]Engebø is a viable operation with sufficient installed capacity

capable of reaching design throughput." said CEO Finn Ivar Marum.

In January 2026, the company raised NOK 200 million through a private placement,

strengthening its financial position to execute remaining ramp-up activities.

The proceeds will support working capital, essential maintenance and expansion

capex, and general corporate purposes.

Q4 2025 highlights:

· One Lost Time Injury (LTI) recorded in the quarter

· Ramp-up was slower than expected, primarily due to plant stability and

equipment reliability impacting production consistency

· Significant improvements were made in crushing, milling and wet processing

uptime in November and December; dry processing plant throughput remains low.

· Production volumes in the quarter included 4,950 mt of garnet and a first

rutile batch of 150 mt

· Onboarding of strengthened operational team at ERG including international

experts on rutile and garnet

· EBIT in the quarter of NOK -142.8 million, as a result of ramp-up phase with

limited volumes sold. This includes one-off adjustment of NOK -20 million in

relation to a potential liability for delayed volumes in first contract year

with Barton

Going forward, the company will reinforce systems and embed disciplined

execution to meet our target.

"Our team and our partners are aligned behind a focused ramp-up plan. With

a strengthened operational team, an improved operational platform and a

reinforced capital structure, Nordic Mining is now positioned to deliver

on our ambitions and create value," Marum continued.

Fourth quarter 2025 presentation

The fourth quarter 2025 materials are enclosed and available on the company's

website: www.nordicmining.com

Nordic Mining will present its financial results for the fourth quarter of 2025

in a live audio webcast today at 10:00 CET, hosted by Finn Ivar Marum, CEO of

Nordic Mining, Tord Meling, CFO of Nordic Mining, and Andreas Davidsen, CCO of

Nordic Mining.

The presentation will be followed by a Q&A session, and questions may be

submitted in writing at any time during the event. A recording of the webcast

will be made available on the company's website after the live event has been

concluded.

Webcast link: https://qcnl.tv/p/DY8OY_6f0s0TZJFhJTE5dg

For more information, please contact:

Chief Executive Officer

finn.ivar.marum@nordicmining.com

About Nordic Mining ASA

Nordic Mining ASA ("Nordic Mining" or the "Company"), listed on Euronext Oslo

Børs, 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.

For more information, please visit www.nordicmining.com.