Slide 1: Q2 2026 results
Q2 2026 results August 18, 2026
Slide 2: Important information
Important information 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, n
Slide 3: Speakers of the day and agenda
Speakers of the day Agenda Finn Ivar Marum Tord Meling 1. Q2 2026 highlights CEO, Nordic Mining CFO, Nordic Mining 2. Ramp up status and liquidity situation 3. Market 4. Regulatory update 5. Financials 6. Q&A Andreas Davidsen CCO, Nordic Mining
Slide 4: Q2 2026 highlights
Q2 2026 highlights Increased production, whilst key challenges continue • Increased throughput and uptime during the quarter • Production volumes up from Q1, though separation and recovery remain a challenge Rutile production Garnet production (mt) (mt) Regulatory status 1,262 10,127 • The Supreme C
Slide 5: Increased throughput at Engebø, while mineral recovery remains a challenge
Increased throughput at Engebø, while mineral recovery remains a challenge Throughput milling (% of design capacity) Rutile production 7 days rolling avg. 7 days rolling avg. 100% 30% 25% 20% 80% 15% 10% 5% 0% 60% Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 Garnet production 7 days rolling avg.
Slide 6: Status on production ramp-up and liquidity situation
Status on production ramp-up and liquidity situation Liquidity shortfall following ramp-up challenges Preliminary 2026 timeline • Despite a ramp-up reset at ERG in January 2026 that brought in new Aug Sep Oct Nov management and expert support, progress has been slower than expected and final product
Slide 7: Our ambition remains intact: The Engebø mine is a strategic, long-life asset
Our ambition remains intact: The Engebø mine is a strategic, long-life, and cash-generative asset once operating at capacity Significant investments and asset values Asset with material long-term potential1 Life of Mine Free Cash Flow (NOK million) 39-year Unique life of mine securing longevity and
Slide 8: Challenging ramp-up at Engebø, but progress continues
Challenging ramp-up at Engebø, but progress continues Ramping up Engebø remains the top priority for Nordic Mining Ramp-up status from January 2026 until today Ramp-up turnaround Phase 1: increase operational uptime New ERG management since January 2026 has lifted uptime and throughput toward design
Slide 9: Rutile: A strategic mineral with strong long-term demand
Rutile: A strategic mineral with strong long-term demand Rutile – Properties and end-use demand Subdued titanium market short-term • Titanium is one of the most versatile • Titanium feedstock demand from the pigment and elements with broad applications in metals sector has started the year quite sub
Slide 10: Garnet: Market remains stable in key regions
Garnet: Market remains stable in key regions Garnet – properties and industrial applications Limited high-quality supply supports garnet pricing • The only viable mineral for industrial • No major developments for garnet in the second waterjet cutting quarter Properties • The waterjet technology has
Slide 11: Permitting uncertainty: Summary of legal and regulatory situation
Permitting uncertainty: Summary of legal and regulatory situation Permitting found invalid by Supreme Court … but no immediate suspension of operations required • The Norwegian Supreme Court upheld the Court of Appeal's decision and found the permits allowing mine waste disposal in • Following the r
Slide 12: Financial summary
Financial summary Condensed income statement (NOK million) Q2 2026 Q2 2025 FY 2025 Revenue - 2.7 4.8 Q2 2026 Operating expenses -122.1 -77.3 -350.4 • No revenue recognized in the second quarter, pending the EBITDA -122.1 -74.6 -345.6 outcome of ongoing discussions regarding the quality of Depreciati
Slide 13: Cash flow development reflecting ramp-up phase
Cash flow development reflecting Q2 2026 ramp-up phase • Operating cash flow remained negative, reflecting a high activity level combined with limited production output and no revenue in Q2 2026 the quarter NOK million • Working capital effects negatively impacted 360 the operating cash flow • Limit
Slide 14: ERG cash OPEX
ERG cash OPEX Cash cost affected by ramp-up stage and legal fees Q2 2026 • Underlying cost base remained stable relative to the first quarter of 2026 • Operating cash cost of NOK 112.7 million in Q2, reflecting activity level and high use of external ramp-up support • Increased use of external ramp-
Slide 15: We're facing challenges, but they are solvable – the destination is unchanged
We’re facing challenges, but they are solvable – the destination is unchanged Once at capacity: Decades of positive free cash flow from a 39-year resource Minimal remaining CAPEX Offtake agreements covering the initial years Intact strategic value Attractive entry into a fully built strategic asset
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