Nordic Mining Asa · OSL:NOM
Nordic Mining Asa — TZMI 2022, Singapore
26 slides from Nordic Mining Asa's conference presentation, November 2022
Slide 1: Engebø Rutile and Garnet
Engebø Rutile and Garnet EN Expand Oslo: NOM TZMI 2022, Singapore Ivar S. Fossum, CEO November 2022
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: Company overview, Project status, Update on financing
➢ Company overview ➢ Project status ➢ Update on financing 3
Slide 4: Sustainable production of high-end industrial minerals and metals
Company overview Sustainable production of high-end industrial minerals and metals Engebø Rutile (TiO2) and Garnet (100%) Titanium Garnet Nordic Ocean Resources (NORA) Environmentally Positive impact on Safe and healthy work Seabed minerals responsible communities environment (100%) 4
Slide 5: R & D projects
Company overview R & D projects Alumina Battery production • Qualification of patented technology for green alumina • Multi discipline research project production with integrated CO2 with focus on critical steps of big consumption scale battery manufacturing. Partners: Partners: Funded by EU/Horizon
Slide 6: Building a Norwegian sustainable industrial company to deliver critical minerals
Company overview Building a Norwegian sustainable industrial company to deliver critical minerals Broad push from Norwegian industry, Fully permitted high-quality asset Strong political drive in the EU and politicians and local communities for with low cost and industry-leading Western world to incr
Slide 7: 15 years of progress at the Engebø project, positioned for the next ~40 years
Company overview 15 years of progress at the Engebø project, positioned for the next ~40 years 2006 2007 – 2021 2022 and onwards Project initiated Studies, regulatory, permits and stakeholders Construction and long-term value-creation 2006: Acquired rights to the 2009: Scoping Study completed 2022:
Slide 8: Company overview, Project status, Update on financing
➢ Company overview ➢ Project status ➢ Update on financing 8
Slide 9: Health & Safety
Engebø Rutile and Garnet Health & Safety Key Performance Q3 Year to Target HSE status indicator date ▪ No injuries in Q1-Q3 Lost time injuries (1/1 million working 0 0 <2,51 ▪ No incident when drilling into area with old explosives hours) Total recordable ▪ The Norwegian Labor Inspection Authority (
Slide 10: Favorable location with available infrastructure
Engebø Rutile and Garnet Favorable location with available infrastructure Location highlights Area overview Norway, a politically stable jurisdiction Location by the North Sea provides advantageous logistics Road access and two local airports Deep-sea, ice-free quay on site Renewable hydro power Pow
Slide 11: Large deposit with unique characteristics
Engebø Rutile and Garnet Large deposit with unique characteristics Mineral resources (2% TiO2 cut-off) Deposit Location Tonnes (Mt) TiO2 grade (%) Garnet grade (%) Measured (M) 29.2 3.60 44.5 Indicated (I) 104.0 3.48 43.9 Total M&I 133.2 3.51 44.0 Inferred 254.1 3.15 41.3 Ore reserves Tonnes (Mt) Ti
Slide 12: 39 years mine-life with rapid ramp-up
Engebø Rutile and Garnet 39 years mine-life with rapid ramp-up Production profile Mtpa ore 3,0 Open pit ore to plant Underground ore to plant Stockpile to plant feed Ore to stockpile Feed to plant 2,5 2,0 1,5 1,0 0,5 0,0 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 2052
Slide 13: Mature project with efficient design and engineering solutions
Engebø Rutile and Garnet Mature project with efficient design and engineering solutions • Short haulage distance from blast area • Vertical shaft from open pit to underground primary crusher • Shaft entrance adjusted when 221 meter progressing mining in open pit 380 meter ~600 meter Location and top
Slide 14: Process plant area overview
Process plant area overview Ore conveyor Ore silos Communition/milling Workshop Admin Dry plant Wet plant Tailing system Product silos 14
Slide 15: World's most climate friendly titanium feedstock?
Engebø Rutile and Garnet World’s most climate friendly titanium feedstock ? Industry leader on GHG emissions1 Life Cycle Analysis proves superior rutile product2 Titanium producers analysis Global Warming Potential 3.3 Total Scope 1 and 2 Emissions vs Emission Intensity Emissions Intensity (tCO2e/t
Slide 16: Focus on biodiversity
Engebø Rutile and Garnet Focus on biodiversity New methods for continuous tracking of biodiversity • As a response to The UN Convention on biodiversity ’The Post-2020 Global Biodiversity Framework’, the Engebø project has a goal of net gain for biodiversity over the Life of Mine • A Biodiversity Act
Slide 17: Possible to reach net-gain for biodiversity?
Engebø Rutile and Garnet Possible to reach net-gain for biodiversity? • Mapping and categorization of redlisted species, natural, modified and critical habitats • Different habitat and species calls for different strategies • Plans and systems to avoid, minimize, restore and compensate • Actions ini
Slide 18: Preparatory groundworks progresses according to plan
Engebø Rutile and Garnet Preparatory groundworks progresses according to plan • 18
Slide 19: Site progress: groundworks and access road
Waste rock/ stockpile Access road Open pit Ore shaft • Total staff of ~ 55 persons at site • Groundworks on schedule, work on concrete foundations to start December 2022 • Access road 50% completed • Preparations for underground infrastructure work completed Process plant • Detail engineering ongoin
Slide 20: Early construction started H1'22 and on track to produce in 2024
Engebø Rutile and Garnet Early construction started H1’22 and on track to produce in 2024 Project Timeline 2022 2023 2024 FID Process Design Owners team – Follow-up EPC 1 - Earthworks EPC 2 – Civil & Buildings EPC 3 – Structural & Mechanical EPC 4 – Electro & Installation Mechanical completion Commi
Slide 21: Company overview, Project status, Update on financing
➢ Company overview ➢ Project status ➢ Update on financing 21
Slide 22: Material funding progress in 2022 from large financial and strategic partners
Financing Material funding progress in 2022 from large financial and strategics partners USD 50m royalty (non-dilutive) Binding 5 year off-take agreement UDS 5m equity commitment USD 19m equity commitment1 USD 190m from large financial Nordic Bond EPC partners and strategic partners during 2022 USD
Slide 23: Significant progress on financing in 2022 – less than 25% in equity remaining
Financing Significant progress on financing in 2022 – less than 25% in equity remaining The remaining equity raise is the last piece of the puzzle to become fully financed 277 277 10 G&A and transaction costs USD million 28 Bond interest ~66 Fully committed capital12 19 30 Project reserve 5 Pre-prod
Slide 24: Forecast for solid revenue and low cost, provides substantial EBITDA
Financing Forecast for solid revenue and low cost, provides substantial EBITDA1 USD million +39 years revenue and EBITDA generation Total revenue 104 of USD 624 99 Revenue Garnet revenue million from 94 89 2023-2030 Royalty prepayment 84 83 EBITDA 73 68 Avg. EBITDA 64 margin of 65% 59 from start of
Slide 25: Significantly improved economics, NPV8 increased by >70% since UDFS
Financing Significantly improved economics, NPV8 increased by > 70% since UDFS USD 453m 24.4% IRR USD 62m USD 50m Unlevered post Unlevered post Avg. annual Avg. annual free tax NPV8 tax EBITDA ’25-’303 cash flow ’25-’303 LOCATION RESOURCE INFRASTRUCTURE PROJECT READINESS Stable and supportive 133.2
Slide 26: Thank you!
Thank you! Source: 26