Slide 1: Update on Production Ramp-Up, Liquidity and Regulatory Status
Update on Production Ramp-Up, Liquidity and Regulatory Status 7 August 2026
Slide 2: Disclaimer
Disclaimer IMPORTANT INFORMATION THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES, DEPENDENCIES OR POSSESSIONS, INCLUDING ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COL
Slide 3: Key Risk Factors
Key Risk Factors • Liquidity and going concern risk. The Company faces an immediate liquidity shortfall. Although the Company has received relevant covenant waiver up to 4 September 2026, including an agreement to roll up interest until 4 September, the Company's available liquidity is expected to b
Slide 4: Status on production ramp-up and liquidity situation
Status on production ramp-up and liquidity situation Ramp-up behind revised schedule Runway temporarily extended to 4 September ‘26 • Nordic Mining ASA ("Nordic Mining" or the "Company") is a resource 200 000 company focused on critical minerals in an extensive ramp-up phase of its 150 000 mine at E
Slide 5: Stabilizing the situation and securing long-term financing
Stabilizing the situation and securing long-term financing First: Secure liquidity to continue operations Preliminary 2026 timeline • A liquidity injection of USD 10-15 million would secure sufficient liquidity for Aug Sep Oct Nov operations until the November coupon payment, including the revised r
Slide 6: Our ambition remains intact: The Engebø mine is a strategic, long-life, cash-generative 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 7: Table of contents
Table of contents 1 Technical and operational challenges, progress and ambitions 2 Liquidity forecast and revised financial projections and ambitions
Slide 8: Technical and operational challenges, uncertainty with regards to permitting and financial issues
Technical and operational challenges, uncertainty Summary of key challenges with regards to permitting and financial issues Ramp-up Technical and operational challenges continue to constrain product quality and Delayed ramp-up and lower production forecasts production volumes • Q2 performance has fa
Slide 9: Updated production estimates: Technical and operational challenges continue to constrain product quality and production volumes
Updated production estimates: Technical and operational challenges continue to constrain product quality and production volumes Rutile Garnet • Currently producing on spec rutile, but in limited volumes • Issues related to fines (dust) impacting final product quality although the garnet is technical
Slide 10: Ramp-up more challenging than originally anticipated, whilst progress is being made
Ramp-up more challenging than originally anticipated, whilst progress is being made Ramp-up status from Jan 2026 until today PHASE 1 PHASE 2 Increase operational uptime Increase mineral recovery • Following arrival of new operational team in early 2026, key • Key challenges remain for metallurgical
Slide 11: Permitting uncertainty: Summary of legal and regulatory situation
Permitting uncertainty: Summary of legal and regulatory situation Permits found invalid by Supreme Court … but no immediate suspension of disposal required • The Norwegian Supreme Court upheld the Court of Appeal's • Following the ruling, the government stated that it will carry out a decision and f
Slide 12: A demanding journey: A two-decade development process culminating in Norway's first new mine
A demanding journey: A two-decade development process culminating in Norway’s first new mine in ~40 years 2006-2014 2015-2022 2023-2024 2025 2026 Discovery & definition: Permitting & approval: Financing & construction: Operational challenges: Ramp-up & permitting uncertainty: Investment in surveying
Slide 13: Further expansion potential at Engebø and potential to build a broader position in the mineral industry
Further expansion potential at Engebø and potential to utilize organization and platform to build a broader position in the mineral industry Additional Revenue Nordic Quartz – High Potential to increase capacity Nordic Titanium Streams at Engebø Purity Quartz Platform • Rutile at below 93% titanium
Slide 14: Table of contents
Table of contents 1 Technical and operational challenges, progress and ambitions 2 Liquidity forecast and revised financial projections and ambitions
Slide 15: Short-term liquidity needs: an imminent requirement that does not allow for a structured long-term process first
Short-term liquidity needs: an imminent requirement that does not allow for a structured long-term process first – hence two steps Weekly cash flow forecasts – beginning of week cash balance on ERG level (NOK ‘000) Comments 200 000 • Liquidity situation at a critical point – the company needs to imp
Slide 16: Revised medium- and long-term forecasts
Revised medium- and long-term forecasts 2026e and steady state vs. previous forecast (1Q 26) Free cash flow before financing (NOKm) Base case as per 1Q’26 Updated base case Steady state ~480 Run rate (NOKm)1 2026e Steady state 2026e (~2031)1 Revenue 300 to 325 950 to 1,050 102 ~1,050 Royalty2 -37 to
Slide 17: A two-step process necessary to establish a long-term viable financial position
A two-step process necessary to establish a long-term viable financial position ERG Base case financials key metrics – quarterly and annual excluding any potential capital raise • 2026 liquidity: Negative cash Unit Q1 26 Q2 26 Q3 26 Q4 26 2026 2027 2028 2029 2030 2031 balance by year-end, elevated c
Slide 18: The plan – ramp-up turnaround: the right people, the right technical fixes, and independent verification
The plan – ramp-up turnaround: the right people, the right technical fixes, and independent verification Ramp-up turnaround Technical improvements Independent verification • Ramp-up plan to be further verified by • New ERG operational management in • Key technical bottlenecks in the independent tech
Slide 19: 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 solid 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 fo
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