Nordic Mining Asa · OSL:NOM
Nordic Mining Asa — Q1 2025 Earnings Presentation
19 slides from Nordic Mining Asa's earnings presentation, May 21, 2025
Slide 1: Minerals for a Sustainable Future – Q1 2025 Interim presentation
MINERALS FOR A SUSTAINABLE FUTURE Q1 2025 Interim presentation May 21st, 2025
Slide 2: Disclaimer
DISCLAIMER This document has been used by Nordic Mining during an oral presentation. Therefore, this document is incomplete without the oral explanations, comments and supporting instruments that were submitted during the referred presentation. To the extent permitted by law, no representation or wa
Slide 3: Agenda
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q1-2025 4. Q & A 3
Slide 4: Highlights and main events
Highlights and main events • HSE: 1 LTIs • Construction complete: Entered ramp up phase in January: Complex and demanding process • Bond tap issue of USD 33 million: creates runway • Operational issues: slurry pump design • First cargo of garnet shipped on 12 May • New CCO hired to start on 1 July •
Slide 5: Engebø Rutile and Garnet
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q1-2025 4. Q & A 5
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Slide 8: Operational experience growing fast in the organization
Operational experience growing fast in the organization • 110 employees at Engebø including Alliance partner for • Unique experience gained as the operations have been in mining. Five operating shifts for the process plant in place the front seat driving the hot commissioning and ramp-up since Octob
Slide 9: Mining operations
Mining operations • Mining operations are well advanced and has prepared for access to high-grade ore, months ahead of schedule • The mining operations at Engebø produced and moved ~570kt of rock during the first quarter. • ~1Mt of rock has been transported to deposit area since start of mining oper
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Slide 11: First commercial shipment of garnet to Barton
First commercial shipment of garnet to Barton • The first steady state production to final mineral product silo, at low volumes • We produced garnet according to our customer’s quality requirements • The first commercial shipment of 569 tons of garnet was dispatched from Engebø on 12 May destined fo
Slide 12: Priority slurry pumps modified in May confirming design performance
Priority slurry pumps modified in May confirming design performance • Most outstanding items in EPC contracts closed out • We did not achieve the internal ramp-up goal as set out in first quarter due to design issues in the pump circuits • A remedial solution was installed in March, but without the
Slide 13: Production to ramp-up during 2025
Production to ramp-up during 2025 Mineral production volumes Targeting annual production rate end of 2025 235 kt • Focus on maintaining quality of the mineral concentrates 35 kt • Updated ramp-up plans defers revenue streams compared to original plans by approximately two quarters Q1 Q2 Q3 Q4 2026 2
Slide 14: Environment, Social & Governance
Environment, Social & Governance • Seven-member team to follow up regulatory requirements and environmental monitoring: o Continuous monitoring of the deposition of tailings o No deviation or breach of permits has been registered • Significant update to baseline studies before production startup • R
Slide 15: Financial update Q1-2025
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q1-2025 4. Q & A 15
Slide 16: Cash flow in quarter
Cash flow in quarter Quarterly cash flow (mNOK) 313 6 636 ( 16) Investment activity of NOK 110 million 467 • Q1 includes capitalized operational costs for January 2025 ( 25) Tap issue of USD 33 million ( 110) • Net proceed of NOK 349 million • Interest paid NOK 36 million NOK 636 million closing bal
Slide 17: Financial results impacted by currency fluctuation
Financial results impacted by currency fluctuation Group Cashlevel flow Profit in the and Loss quarter (mNOK) (mNOK) Moved from project phase to operating P&L • Cut-off date: 1 February 2025 Q1 2025 Q1 2024 FY 2024 • Operating expenses and salaries at Engebø capitalized for January Revenue - - - Pay
Slide 18: Q & A
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q1-2025 4. Q & A 18
Slide 19: Consolidated statement of financial position
Appendix Consolidated statement of financial position NOK million Q1 2025 Q4 2024 • NOK 80.1 million in capitalized cost related to the Engebø project. Mine under construction - 2 654 Producing mine 433 - Property, plant and equipment 2 359 97 • The combined carried amount of Producing mine, Propert