Nordic Mining ASA: 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 2026.
"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 30th 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 10th, 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 finn.ivar.marum@nordicmining.com or visit: https://nordicmining.com/
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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