Oslo, Norway - May 12, 2026 - Nordic Mining ASA ("Nordic Mining" or the
"Company"), a resource company with focus on critical minerals, today released
its first-quarter financial results and operational update. The quarter was
characterized by meaningful operational improvements at Engebø Rutile & Garnet
(ERG), with significantly improved uptime and throughput stability across the
plant. With key bottlenecks now addressed, the Company's focus is shifting to
lifting mineral recovery, which will be central to driving production volumes
through the remainder of the year.
"In January we launched a dedicated action plan to address challenges with
ramping up production at Engebø. This initiative included a range of technical
improvements, strengthened operational management, and the engagement of
industry experts with deep experience in ramp-up and commissioning. The plan is
now translating into tangible improvements. Some important challenges remain
before the next step-up change in volumes comes through, but we remain confident
in the direction and in the team driving it", said CEO Finn Ivar Marum.
Q1 2026 highlights
· Ramp-up at Engebø: Increased uptime and throughput enabling targeted
adjustments and tuning of the facility going forward
· Production volumes in the quarter totalled 5,587 mt of garnet and 230 mt of
rutile
· Nordic Mining won the temporary injunction appeals case. Verdict from the
Supreme Court is expected before summer
· A more gradual ramp-up in mineral recovery has shifted the near-term revenue
timeline
· Nordic Quartz moving forward: highly attractive opportunity, with fast-track
to market as a viable option
Operational status and ramp-up
The Company has worked continuously to address the operational challenges that
affected production and throughput. This work has delivered significantly
improved uptime and stability across crushing, milling and wet processing during
the first quarter. With the plant now operating at meaningfully more stable
throughput levels, focus has shifted to the final stages of the dry plant and to
improving mineral recovery.
Driving recovery is central to lifting production volumes of both rutile and
garnet, with specific actions identified to increase recovery rates. These
include fine-tuning the mineral separation and metallurgic processes, continued
work on equipment performance and reliability, and calibrating the plant's
control systems so each process step can be operated at its intended design
performance.
Operating the plant at higher throughput also brings cost levels up, and the
Company is managing this carefully as part of the day-to-day operational focus.
Financial update
Operating result in the quarter was NOK -156 million, reflecting continued ramp
-up with limited volumes sold during the period.
As mineral recovery has built up more gradually than initially expected, the
near-term revenue timeline has shifted somewhat. Nordic Mining is actively
pursuing a range of measures to strengthen the liquidity position, including
cost optimization initiatives, improvements in working capital and evaluation of
financing options such as additional equity.
Legal proceedings
Nordic Mining won the appeals case in the injunction suit in April. Looking
ahead, the Supreme Court case between the NGOs and the State is expected to
reach a verdict before the summer.
"We approach the upcoming Supreme Court verdict with confidence, given the
continued and strong support we receive from Norwegian authorities. Our license
to operate is well-anchored, and we remain firmly committed to advancing Engebø
responsibly and in line with the highest standards", said Marum.
Nordic Quartz advancing at Kvinnherad
Nordic Mining is also moving forward with the development of its high purity
quartz deposit at Kvinnherad. The business case is highly attractive, and the
Company sees a fast-track to market as a viable option.
The ambition is to build a leading critical minerals company in the Nordics. The
expertise and know-how already established within the organization for
developing greenfield mineral projects positions Nordic Mining to advance
Kvinnherad efficiently and at pace, supporting the potential for an accelerated
timeline.
First quarter 2026 presentation
The first quarter 2026 materials are enclosed and available on the Company's
website: www.nordicmining.com.
Nordic Mining will present its financial results for the first quarter of 2026
in a live audio webcast today at 10:00 CEST.
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
concluded.
Webcast link: https://qcnl.tv/p/0C0I7Eq-I -8KBlRVOqewtQ
About Nordic Mining
Nordic Mining ASA ("Nordic Mining" or the "Company"), listed on Euronext Oslo
Børs, is a resource company focused on critical minerals. The Company is
currently in the ramp-up phase at Engebø on the west coast of Norway, the first
greenfield mine established in Norway in 40 years. Through its wholly owned
subsidiary Engebø Rutile and Garnet AS ("ERG"), Nordic Mining holds the mining
rights and required permits for a significant mineral deposit estimated to
support a 39-year life of mine, positioning the Company as one of very few
natural rutile producers globally and the only garnet producer in Europe. In
addition, the Group holds a landowner agreement for a high-purity quartz deposit
in the Kvinnherad Municipality in Norway, where test results confirm world-class
quality. Nordic Mining is now progressing the project toward regulatory
approval. With significant growth opportunities beyond current operations at
Engebø, Nordic Mining's portfolio is of high international standards and
provides a solid long -term value basis for its shareholders.
For more information, please visit www.nordicmining.com
This information is subject to disclosure requirements pursuant to Article 5-12
of the Norwegian Securities Trading Act.
ease visit www.nordicmining.com\
\
This information is subject to disclosure requirements pursuant to Article 5-12\
of the Norwegian Securities Trading Act.\