Nordic Mining Asa · OSL:NOM
Nordic Mining Asa — Q1 2024 Earnings Presentation
25 slides from Nordic Mining Asa's earnings presentation, May 7, 2024
Slide 1: Minerals for a Sustainable Future – Q1 2024 Interim Presentation
MINERALS FOR A SUSTAINABLE FUTURE Q1 2024 Interim presentation May 7th, 2024
Slide 2: Contents and Disclaimer
CONTENTS •DISCLAIMER Introduction 4 By Ivar Fossum This document has been used by Nordic Mining during an oral • Engebø Rutile and Garnet 10 presentation. Therefore, this document is incomplete without the Byexplanations, oral Kenneth Nakken Angedal and supporting instruments that comments were subm
Slide 3: Introduction
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q1-2024 4. Q & A 3
Slide 4: Q1 2024 Highlights
Q1 2024 Highlights • No Lost Time Injuries (LTI) in the 1st quarter Safety & • 743 days to date without LTI ESG • Focus on heavy lifts and mechanical installation • NOK 543 million invested in Engebø in 1st quarter Progress & • Approx. NOK 1.9 billion invested in total schedule • Construction on pla
Slide 5: Nordic Mining wins against AMR on all counts at the Supreme Court
Nordic Mining wins against AMR on all counts at the Supreme Court Arctic Mineral Resources (AMR) vs Nordic Mining After full oral arguments before the Supreme Court over 5 days in late January, the Norwegian Supreme Court ruled on March 22nd. As expected, the ruling was in favor of Nordic Mining on
Slide 6: Norway aligns its policy with EU and US on strategic minerals
Norway aligns its policy with EU and US on strategic minerals • On 18 March, the EU Council adopted the regulation to establish a framework to ensure a secure and sustainable supply of critical raw materials, better known as the Critical Raw Materials Act (CRMA) “With the Critical Raw Materials Act
Slide 7: Global energy production to be dominated by photovoltaics (PV)
Global energy production to be dominated by photovoltaics (PV) kt Source: Rystad Energy Source: CRU and Exawatt • Nordic Mining has exclusive rights for exploration and development of a quartz deposit in the Kvinnherad • Global energy production and • Expected high purity quartz municipality held jo
Slide 8: Focus on biodiversity – annual tracking
Focus on biodiversity – annual tracking • Nordic Mining has adopted a goal of net biodiversity gain over the life of mine for the Engebø project, aligned with the United Nation’s goal. • A Biodiversity Action Plan (“BAP”) has been developed with support and collaboration with Det Norske Veritas (“DN
Slide 9: Engebø Rutile and Garnet
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q1-2024 4. Q & A 9
Slide 10: Health and safety
Health and safety • No Lost Time Injuries (LTI) recorded in the period or project to date, with a total of 743 LTI free days. • Average of 100 workers on site increasing to 130 workers during Q2 as mechanical, piping and electrical installations take place across all plant areas. • During April, the
Slide 11: Construction on schedule for production ramp-up in Q4
Construction on schedule for production ramp-up in Q4 • The administration and workshop buildings are completed. Certification of completion on the administration building has been received from the municipality. • EPC 2 finalized concrete foundations for all main processing areas (primary crushing
Slide 12: Close to completion on fabrication for all mechanical packages
Close to completion on fabrication for all mechanical packages CPI1 Package name Fabrication status Wet Vibrating Screens √ Stack Sizer Screens √ Rod Mill √ Vertical Stirred Mill √ Thickener √ Spiral Concentrators √ WHIMS √ HTRS √ RED - Magnetic Separators √ RER - Magnetic Separators √ Up-Current Cl
Slide 13: Installation activities continues in all process plant areas
Installation activities continues in all process plant areas Project achieved the planned milestones including execution of several heavy lifting operations in April Primary crushing chamber Product silos 13
Slide 14: Installation activities continues in all process plant areas
Installation activities continues in all process plant areas Project achieved the planned milestones including execution of several heavy lifting operations in April Process plant area Intermediate buffer silos 14
Slide 15: Installation activities continues in all process plant areas
Installation activities continues in all process plant areas Peak activity at site estimated for Q2 with activities within SMPP and E&I in all main process areas Comminution & Milling Plant Wet Plant Dry Plant SMPP = Structural, Mechanical, Piping & Platework E&I = Electro & Instrumentation 15
Slide 16: Installation activities continues in all process plant areas
Installation activities continues in all process plant areas Securing construction on time for production start-up in Q4 2024 Comminution & Milling Plant Wet Plant Dry Plant • Installation of primary jaw crusher and secondary • Ground floor installations of sumps and pumps • Mechanical installation
Slide 17: Strong Ti-metal market and improved TiO2 pigment market
Strong Ti-metal market and improved TiO2 pigment market • TiO2 feedstock • Producers reported improved market conditions and reported sales volumes were mostly above reported production volumes for the quarter. • TiO2 pigment • The major titanium dioxide pigment producers reported a continued improv
Slide 18: High interest in technical and operator positions
High interest in technical and operator positions Operational Readiness • Recruitment campaigns started in Q1 resulting in over 150 applications for various open positions during March and April. • Resource ramp-up plan has been slightly revised, taking advantage of the high number of applications r
Slide 19: Preparations for logistics and commencement of shipments ongoing
Preparations for logistics and commencement of shipments ongoing • The permanent International Ship and Port Facility Security (“ISPS”) approval is in progress for the deep-sea quay at Engebø. • Temporary use of port facilities has been allowed by the authorities on the basis of the approved risk as
Slide 20: Financial update Q1-2024
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q1-2024 4. Q & A 20
Slide 21: ~NOK 1.9 billion invested in Engebø Project
~ NOK 1.9 billion invested in Engebø Project • Engebø construction expenditures of NOK 543 million capitalized under «Mine under construction» in Q1. • «Mine under construction» consolidated carrying amount at end of Q1 of NOK 1.9 billion. • The Group completed the first release of USD 30 million fr
Slide 22: Q&A
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q1-2024 4. Q & A 22
Slide 23: Highlights and Q&A
No Lost Time Injuries (LTI) in the 1st quarter 743 days to date without LTI Focus on heavy lifts and mechanical installation Pp & NOK 543 million invested in Engebg in 1st quarter rogress * Approx. NOK 1.9 billion invested in total schedule * Construction on plan towards ramp-up in Q4 2024 + Clear w
Slide 24: Consolidated income statement
Consolidated income statement 1 Refund of legal expenses of NOK 12.4 million NOK million Q1 2024 Q4 2023 Q1 2023 FY 2023 related to the win in the Norwegian Supreme Payroll and related costs (2.8) (2.9) (4.4) (15.1) Court in March 2024 has been recorded as a Depreciation and amortization (0.1) (0.1)
Slide 25: Consolidated statement of financial position
Consolidated statement of financial position NOK million Q1 2024 Q4 2023 1 Engebø construction works of NOK 543 million capitalized under “Mine under construction” in Mine under construction 1 1 920.3 1 377.1 Q1 2024, up from NOK 322 million in Q4 2023. Property, plant and equipment 3.0 3.1 Right-of