Nordic Mining Asa · OSL:NOM
Nordic Mining Asa — Investor Presentation (January 2026)
61 slides from Nordic Mining Asa's investor presentation, January 2026
Slide 1: Minerals for a Sustainable Future – Corporate Presentation
MINERALS FOR A SUSTAINABLE FUTURE Corporate Presentation
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: Summary of risk factors
Summary of risk factors The Group is exposed to numerous risk factors, and an investment in the securities of the Company involves inherent and significant risks, which, if they were to materialise, individually or together with other circumstances, may materially adversely affect the Group’s busine
Slide 4: Summary of risk factors (cont'd)
Summary of risk factors (cont'd) • Infrastructure and logistics – The Group's business depends on adequate infrastructure, including reliable power sources, and the location of the processing plant near the sea has inherent risk for operational disruption caused by weather conditions. • Dependence o
Slide 5: Summary of risk factors (cont'd)
Summary of risk factors (cont'd) Financial risks • Commodity price risk – The viability of the Engebø Project relies in part on market prices for rutile and garnet which are beyond the Group's control, and prolonged decline in prices may have a material adverse effect on the Group. • Foreign exchang
Slide 6: Table of contents
Table of contents 1. Company overview 2. Engebø – Challenges and mitigations 3. Market overview 4. Financials 5. Additional information 6. Risk factors
Slide 7: Executive summary
Executive summary • Nordic Mining ASA has successfully constructed and commissioned Norway’s first new mine in ~40 years Establishing a new critical minerals • Flagship asset Engebø Rutile & Garnet has entered production and is in a structured ramp-up phase producer in Europe • Positioned as a new E
Slide 8: Nordic Mining – New European supplier of strategic industrial minerals
Nordic Mining – New European supplier of strategic industrial minerals Company overview Project location and products Summary statistics • Nordic Mining ASA is a producer of strategic minerals in Norway – One of very few natural rutile producers globally NOK ~1.8bn1 and the only garnet producer in E
Slide 9: Minerals with unique properties and strong fundamental drivers
Minerals with unique properties and strong fundamental drivers Rutile Garnet • Titanium is one of the most versatile elements with broad applications in • Garnet is the only viable mineral for industrial waterjet cutting – demand multiple value chains - rutile is the cleanest and purest form of TiO2
Slide 10: NOK ~3bn invested to date – Minimal capex ahead
NOK ~3bn invested to date – Minimal capex ahead Capex overview (NOKm)1 Comments • A total of ~NOK 3bn has been spent to date Development and ramp-up period Production in developing the Engebø Rutile and Garnet Project 1 404 Maintenance Capex Expansion capex • Minimal expected capex the next 5 years
Slide 11: Full ramp-up of Engebø by Q4'2026
Full ramp-up of Engebø by Q4’2026 Processing plant capacity by quarter (kt)1 Commentary • As processing plant rectifications are implemented, NOM expects operational uptime to improve and achieve nameplate capacity of 1,500ktpa ore to plant by Q4’2026 • Rutile and garnet production is expected to ra
Slide 12: Engebø is expected to be Free Cash Flow Positive by 2027
Engebø is expected to be Free Cash Flow Positive by 2027 Free Cash Flow before net financial costs (NOKm)1 Run rate (NOKm)1 2026e Steady state Revenue 300 to 325 950 to 1,050 Royalty -37 to -40 -115 to -130 Cash opex -410 to -440 -395 to -410 CAPEX - 30 to -40 -10 to -20 Free cash flow before net fi
Slide 13: Engebø Project (2006-2025): Discovery to Ramp-up
Engebø Project (2006-2025): Discovery to Ramp-up Discovery & Permitting & Approval Financing & Commissioning & Definition De-risking Breakthrough Construction Ramp Up 2006-2014 2015-2019 2020-2022 2023-2024 2025-present • Nordic Mining founded • Additional geological • Final operating and • Full pro
Slide 14: World class high-grade rutile resources secures long term strategic supply position
World class high-grade rutile resources secures long term strategic supply position Major operational and planned rutile resources (MI) Indicative rutile grades (MI&I)6 8 West Balranald, Australia 3,68% Engebø, Norway 3,27% 7 Vilnohirsk, Ukraine 1,50% Akonolinga, Cameroon 1,15% Sembehun, Sierra Leon
Slide 15: Favourable location with available infrastructure
Favourable location with available infrastructure Location highlights 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 Power supply readily available at site 40
Slide 16: Location and topography offers efficient design and solutions
Location and topography offers efficient design and solutions Operations and plant layout Designed for energy-efficient transport of ore and minerals • Compact plant layout optimize use of land and infrastructure at • Ore pass in pit into primary crushing chamber Engebø • Conveyors transport ore fro
Slide 17: From rock to revenue
From rock to revenue Comminution Circuit Mineral Separation Circuits Crushing & Milling Wet Processing Dry Processing Revenue/Offtake • Crushing: Run-of-mine (ROM) • Feed Preparation: Removes fine particles • Electrostatic Separation: Uses high- • Rutile offtakes: 5-year contract with feed/rocks are
Slide 18: World's most climate friendly titanium feedstock
World’s most climate friendly titanium feedstock Industry leader on GHG emissions1 Life cycle analysis proves superior rutile product2 Titanium producers analysis Lowest CO2 footprint 3.3 Total Scope 1 and 2 Emissions vs Emission Intensity Emissions Intensity (tCO2e/t product) Total Emissions(millio
Slide 19: Future growth opportunities beyond current operations
Future growth opportunities beyond current operations Nordic Quartz – High Purity Quartz Platform Additional revenue streams at Engebø Nordic Titanium • Ownership of the Kvinnherad quartz deposit, • Rutile at below 93% titanium content • Potential pathway into low-carbon titanium among the purity qu
Slide 20: Table of contents
Table of contents 1. Company overview 2. Engebø – Challenges and mitigations 3. Market overview 4. Financials 5. Additional information 6. Risk factors
Slide 21: Addressing the operational challenges with the right resources
Addressing the operational challenges with the right resources The challenges The solution • During 2025 focus has been on solving technical issues and • Nordic Mining has retained a team of world class making the plant work expertise to bring ERG to capacity – Technical issues have largely been sol
Slide 22: The new Engebø team
The new Engebø team Productivity Management New Managing Director at ERG Ramp-up manager at ERG Extended ramp-up team Expert • Andrew Templeman appointed as • Kyle Greene from The Barton • Experienced in mining • Robin Cattermole (ex-Yara as Managing Director of ERG, Group as Ramp up manager commiss
Slide 23: Systemex – Ongoing operations review and ramp-up support
Systemex – Ongoing operations review and ramp-up support • Systemex from Canada has been retained and are onsite at ERG offering operational and technical support in ramp up and asset performance management • Initial scope of work to review the process plant and organization Technical and – Verify t
Slide 24: Overview of operational challenges during the ramp-up
Overview of operational challenges during the ramp-up Issue Impact on operations Rectification • Components and systems, mainly within • While the components have had to be • Nordic Mining with support from Hatch EPC scope of work, have required re- modified/replaced, the plant has have been identif
Slide 25: Overview of operational challenges during the ramp-up
Overview of operational challenges during the ramp-up Plant component Issue Rectifications Status Pump circuits Slurry pumps were not able to achieve required A detailed analysis was undertaken to identify Continuous monitoring and performance head and flow design requirements in the wet the root ca
Slide 26: Long-term offtake agreements secure future revenue visibility
Long-term offtake agreements secure future revenue visibility Rutile Garnet Offtaker: US Company • The Barton Group is a global industrial • Global leader in TiO2 Pigments as a • Headquartered in Osaka, Japan minerals company and one of the major producer and marketer of TiO2 • Engaged in the provis
Slide 27: Negotiating to revise offtake agreements with Barton and potentially enter into a joint venture
Negotiating to revise offtake agreements with Barton and potentially enter into a joint venture ▪ Nordic Mining has a minimum guaranteed volume of 125.000 tons of garnet to Barton for the first contract year, running from September 15th 2025 to September 15th 2026 ▪ The base case is that the minimum
Slide 28: Fully permitted, well-proven tailings solutions
Fully permitted, well-proven tailings solutions Seabed Tailings Disposal Design measures to reduce risk • Seabed Tailing Disposal ("STD") is a well-proven solution with five operational • Tailings is conditioned by seawater to increase density of the discharge plume and several historical STDs in No
Slide 29: Ongoing legal disputes
Ongoing legal disputes NGOs vs Norwegian Government NGOs vs Nordic Mining • NGOs vs the Norwegian Government – Nordic Mining’s discharge permit • NGOs vs Nordic Mining - temporary injunction case (the seabed tailings deposit) o Sogn og Fjordane District Court ruled 10. November 2025 in favor of o Os
Slide 30: Potential outcomes from the legal challenges
Potential outcomes from the legal challenges Potential Verdicts Governmental Support Remains Resilient Verdicts in favour of: “Access to critical minerals was part of the justification when the permit was granted. Given today’s security policy situation, the need for such minerals has become even mo
Slide 31: Table of contents
Table of contents 1. Company overview 2. Engebø – Challenges and mitigations 3. Market overview 4. Financials 5. Additional information 6. Risk factors
Slide 32: Natural rutile – Superior titanium feedstock
Natural rutile – Superior titanium feedstock Mineral overview Rutile supply (2025) 3% • Titanium is one of the most versatile elements Properties with broad applications in multiple value chains 11% 2% 25% 1% • Rutile is the cleanest and purest form of titanium Sierra Leone CIS feedstock and the onl
Slide 33: Garnet – Major producer's market position challenged by high freight costs
Garnet – Major producer’s market position challenged by high freight costs Mineral overview Garnet supply (2025) • The only viable mineral for industrial waterjet cutting 6% 7% Properties • The waterjet technology has revolutionized the production processes for e.g., cars and aircrafts 9% Australia
Slide 34: Healthy demand growth and resource depletion drives long-term supply deficit of rutile
Healthy demand growth and resource depletion drives long-term supply deficit of rutile Demand from the pigment sector expected to grow1 Commentary • Supply of rutile has been decreasing over the last few years • The decline in supply is a result of resource depletion, numerous large resources of rut
Slide 35: Rutile price forecast reflects supply deficit
Rutile price forecast reflects supply deficit Nominal bulk rutile price forecast to 2029 Commentary • Declining natural rutile production is expected to put an upward pressure on prices • Natural rutile is expected to benefit from positive pricing dynamics for the next 5-10 years due to the supply-
Slide 36: China – competition and duties
China – competition and duties • China is a net importer of titanium feedstock and especially rutile as there is limited known rutile resources in China1 Titanium feedstock • The domestic titanium feedstock supply mainly consists of low-grade ilmenite with high impurities1 • We are not aware of any
Slide 37: Table of contents
Table of contents 1. Company overview 2. Engebø – Challenges and mitigations 3. Market overview 4. Financials 5. Additional information 6. Risk factors
Slide 38: Cash operating costs expected to range between NOK 370-410m per year
Cash operating costs expected to range between NOK 370-410m per year Commentary Cash OPEX/year (NOKm)1 • Cash opex expected to range between NOK 370m and NOK 410m per year from 2027 – 2030 – Equivalent of NOK ~1,550 and ~1,750 per ton of garnet and rutile produced on average NOK 275-295m • Lower cas
Slide 39: Current financing
Current financing Commentary Simplified corporate structure • USD 155.5m (NOK ~1,550m) Senior Secured Nordic Bond Public market equity – 1st lien security over substantially all assets related to Engebø Rutile and Garnet AS – Nordic Mining ASA is the guarantor USD 155.5m Guarantee Nordic Mining ASA
Slide 40: Financial results impacted by operational challenges
Financial results impacted by operational challenges Group level Profit and Loss (NOKm) Q3'25 update Revenue Q3 2025 Q3 2024 YTD 2025 YE 2024 • Revenue of NOK 1.0 million from sale of garnet in Q3'25 Revenue 1.0 - 3.6 - Payroll and related costs (12.3) (2.6) (31.6) (11.1) Depreciation and amortizati
Slide 41: Consolidated statement of financial position
Consolidated statement of financial position Group level Balance Sheet Q3'25 update NOK million Q3 2025 Q2 2025 YE 2024 • Total combined carried amount of Producing mine, Property, plant Mine under construction - - 2 654 and equipment and Intangible assets as of Q3 2025 of NOK 2.84 Producing mine 48
Slide 42: Table of contents
Table of contents 1. Company overview 2. Engebø – Challenges and mitigations 3. Market overview 4. Financials 5. Additional information 6. Risk factors
Slide 43: Executive management with complementary skillset
Executive management with complementary skillset Finn Ivar Marum Tord Meling Andreas Davidsen CEO CFO CCO • Seasoned professional with experience in • Extensive financial and managerial • Seasoned professional with experience in industrial scale up and capital markets expertise spanning over 19 year
Slide 44: New Engebø Operations Team
New Engebø Operations Team Andrew Templeman Fabrizio Stefani Christopher Power Odd Gunnar Røyseth Kyle Greene Managing Director Project Execution Mining Manager Process Manager Ramp-up Plant Manager • Former General Manager at • Project Execution Manager in • Chris Power has 45 years • With the Comp
Slide 45: Board of Directors
Board of Directors Kjell Roland Kjell Sletsjøe Eva Kaijser Benedicte Nordang Tom Lileng Chair Deputy Chair Board Member Board Member Board Member • Previously CEO at Norfund • Management experience • More than 20 years of • Extensive experience from • Strong financial background and co-founder/CEO o
Slide 46: Sustainability at the core of our business
Sustainability at the core of our business Environmental responsible Positive impact on communities Safe and healthy work environment ✓ Work towards zero-emission operations and ✓ Establish relations based on transparency, ✓ Build operations with safety embedded in contribute to reduce value-chain e
Slide 47: Extended ramp-up team
Extended ramp-up team About the company • Systemex Group is a privately held industrial technology and consulting group focused on Industry 4.0 solutions — combining automation, robotics, asset performance, and consulting services to help industrial clients improve productivity, efficiency, reliabil
Slide 48: Project due diligence processes and verification work conducted
Project due diligence processes and verification work conducted Process Optimization Managers’ Independent Orion’s and Managers’ Bondholders and Orion’s ITE Consultant Technical Engineer (“ITE”) Market Due Diligence Assisting Nordic Mining with Provided a technical due Independent technical review o
Slide 49: Large resource gives basis for long-term industrial activity
Large resource gives basis for long-term industrial activity…. Engebø Rutile and Garnet mineral resources • Resource estimates (June 2018) completed by Competent Person Adam Wheeler, corresponding to the guidelines of the JORC Code (2012 edition) • A total of 0.48Mt of ore has been extracted from th
Slide 50: Table of contents
Table of contents 1. Company overview 2. Engebø – Challenges and mitigations 3. Market overview 4. Financials 5. Additional information 6. Risk factors
Slide 51: Risk factors
Risk factors An investment in the Shares and the Company involves inherent risks. Investors should consider all information set forth in this document and, in particular, the specific risk factors set out below. An investment in the shares of the Company is suitable only for investors who understand
Slide 52: Risk factors (cont'd)
Risk factors (cont'd) The further ramp-up is dependent on, among other things, resolving equipment failures on handling equipment, managing wear on components, and achieving sufficient operational uptime. ERG is working with OEMs, EPCs, and technical support from customers Iwatani and Barton, as wel
Slide 53: Risk factors (cont'd)
Risk factors (cont'd) In connection with the construction phase, ERG has taken measures to mitigate risks of overrun of capital and operating expenditures, including signing of lump-sum Engineering, Procurement and Construction (“EPC”) contracts with selected EPC contractors. The EPC contracts have
Slide 54: Risk factors (cont'd)
Risk factors (cont'd) If the Group is unable to deliver garnet to the Barton Group in accordance with the offtake agreement due to further delays in the ramp-up of production at the Engebø Project or for any other reason, this could result in: (i) defaults under the offtake agreement with Barton Gro
Slide 55: Risk factors (cont'd)
Risk factors (cont'd) Risks related to insurance and insurance coverage ERG's business is subject to several risks and hazards generally, including adverse environmental conditions, industrial accidents, unexpected or unusual geological operating conditions, ground failures, fires, labour disputes,
Slide 56: Risk factors (cont'd)
Risk factors (cont'd) Risk for inaccurate estimates There are considerable uncertainty factors in estimating the size and value of mineral resources and reserves. The reservoir technique is a subjective and inexact process where the estimation of the accumulation of mineral resources and reserves in
Slide 57: Risk factors (cont'd)
Risk factors (cont'd) RISKS RELATED TO THE ISSUER'S BUSINESS, MARKET CONDITIONS AND FUTURE SALES Risks relating to the Group’s dependency on offtake agreements and third parties EERG's business depends on a limited number of offtake agreements for the future sales of rutile and garnet. ERG has signe
Slide 58: Risk factors (cont'd)
Risk factors (cont'd) FINANCIAL RISKS Commodity price risk The Group is exposed to commodity price risk. The viability of the Engebø Project and the Group's future financial performance will rely in part on the market prices for rutile and garnet, which are beyond the control of the Group. Prices fo
Slide 59: Risk factors (cont'd)
Risk factors (cont'd) The high level of leverage could have significant consequences for the Issuer, including, but not limited to: • limiting ERG’s ability to obtain additional financing to fund future working capital, capital expenditures and other corporate requirements; • requiring the dedicatio
Slide 60: Risk factors (cont'd)
Risk factors (cont'd) Future issuances of shares or other securities in the Company may dilute the holdings of shareholders and could materially affect the price of the Shares: The Company may be dependent on raising additional equity capital to finance ongoing operations during the ramp-up phase, a
Slide 61: Minerals for a Sustainable Future – End of presentation
MINERALS FOR A SUSTAINABLE FUTURE End of presentation