Nordic Mining Asa · OSL:NOM
Nordic Mining Asa — Q3 2025 Earnings Presentation
18 slides from Nordic Mining Asa's earnings presentation, Oct 31, 2025
Slide 1: Minerals for a Sustainable Future – Q3 2025 Interim presentation
MINERALS FOR A SUSTAINABLE FUTURE Q3 2025 Interim presentation October 31st , 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: 1. Introduction
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q3-2025 4. Q & A 3
Slide 4: Highlights and main events
Highlights and main events • HSE: 1 LTI • Delayed ramp up due to operational and technical issues during the quarter • Garnet and rutile production on spec • Expertise on site from customers Iwatani and Barton as well as technical support from our financing partner Orion Resource Partners • Operatio
Slide 5: Winner of the 11th Fennoscandia Mining Award
Winner of the 11th Fennoscandia Mining Award • Fennoscandian Exploration and Mining is the largest mining conference in the Nordics and we are proud to announce that Nordic Mining earlier this week won this years Fennoscandian Mining Award for the Engebø Project and its contribution to the mining in
Slide 6: Market update
Market update • The titanium dioxide prices weakened in Q3 across most regions compared to first half of the year • The demand for titanium sponge remains strong while the pigment segment continues to be soft o We expect the market to be flat in the next quarter • There is limited trade of natural r
Slide 7: 2. Engebø Rutile and Garnet
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q3-2025 4. Q & A 7
Slide 8: 8
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Slide 9: Plant ramp-up status: mining well positioned opening the pit
Plant ramp-up status Mining is well positioned opening the pit through removal of waste rock Mining production • Mined 0,550 Mt of rock in third quarter • Mined 1,65 Mt of rock year to date • Ore grade in line with feasibility study according to grade control of mined ore • Waste rock movement to de
Slide 10: Ch) acees :
Ch) acees :
Slide 11: Insufficient operational time and plant stability to increase rutile production
Insufficient operational time and plant stability to increase rutile production Plant throughput achieved in third quarter • 95% design load achieved in crushing circuit • 100% design load on primary mill and into wet plant Throughput • 50% design load achieved in dry separation plant Operative aspe
Slide 12: Prioritization is to increase dry plant throughput and operational time
Prioritization is to increase dry plant throughput and operational time 2025 Q1 Q2 Q3 Q4 Mining Crushing Milling Wet Separation Dry Separation • Ramping up mining activities • Debottlenecking of dry • Modification to large amount of • Wet plant performance is material handling system in pump circuit
Slide 13: Example of operational issues being solved continuously
Example of operational issues being solved continuously Pumps circuits Screw feeder in Dry plant feeding mineral dryer • Start and stops of the plant introduces increased • Limited throughput from buffer silo mineral dryer due wear on systems and equipment to various design defects • Design layout i
Slide 14: 3. Financial update Q3-2025
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q3-2025 4. Q & A 14
Slide 15: Cash flow in the quarter
Cash flow in the quarter Quarterly cash flow (mNOK) Operational activity of NOK 94 million • Operational cash flow impacted by high activity and low revenue 439 Investment activity of NOK 9 million • Limited remaining CAPEX from the construction project ( 94) ( 9) 292 ( 43) ( 1) MNOK 292 million in
Slide 16: Financial results impacted by operational challenges
Financial results impacted by operational challenges Group level Profit and Loss (mNOK) Revenue • Revenue of NOK 1,0 million from sale of garnet Q3 2025 Q3 2024 YTD 2025 YE 2024 Operating expenses Revenue 1.0 - 3.6 - Payroll and related costs (12.3) (2.6) (31.6) (11.1) • Production expenses of NOK 7
Slide 17: 4. Q & A
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q3-2025 4. Q & A 17
Slide 18: Consolidated statement of financial position
Appendix Consolidated statement of financial position NOK million Q3 2025 Q2 2025 YE 2024 Mine under construction - - 2 654 Producing mine 489 484 - Property, plant and equipment 2 328 2 349 97 • Total combined carried amount of Producing mine, Property, plant and Intangible assets 22 21 - equipment