Nordic Mining Asa · OSL:NOM
Nordic Mining Asa — Q1 2026 Earnings Presentation
17 slides from Nordic Mining Asa's earnings presentation, May 12, 2026
Slide 1: Q1 2026 results
Q1 2026 results May 12, 2026 Ch acres
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 / Agenda
Speakers of the day Agenda Finn Ivar Marum Tord Meling 1. Introduction CEO, Nordic Mining CFO, Nordic Mining 2. Q1 2026 highlights 3. Engebø Rutile and Garnet update 4. Nordic Quartz 5. Financial 6. Q&A Andreas Davidsen CCO, Nordic Mining
Slide 4: Q1 2026 highlights
Q1 2026 highlights Ramp-up at Engebø: Increased uptime and throughput • Key operational challenges addressed during the first quarter, including significantly improved uptime and throughput Garnet production Rutile production • This enables focus to shift towards recovery of the minerals, (mt) (mt)
Slide 5: Rutile is strategic with strong long-term demand
Rutile is strategic with strong long-term demand Rutile – Properties and end-use demand Limited impact from the war in Iran • 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 subdued Pr
Slide 6: 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 first waterjet cutting quarter, except for an increase in transportation
Slide 7: Key challenges addressed through targeted initiatives
Key challenges addressed through targeted initiatives Uptime and increased throughput • Increased processing throughput and stabilised the production runtime through elimination of major plant downtime drivers Water quality • Improved water quality management across the wet and dry plant that reduce
Slide 8: Increased and more stable operations shifting focus to mineral recovery
Increased and more stable operations shifting focus to mineral recovery Throughput milling (% of design capacity) Rutile production 7 days rolling avg. 7 days rolling avg. 100% 25% 20% 15% 80% 10% 5% 0% 60% jan 26 feb 26 mar 26 apr 26 mai 26 Garnet production 7 days rolling avg. 40% 25% 20% 15% 20%
Slide 9: Ramp up at Engebø progressing with focus on recovery in the coming period
Ramp up at Engebø progressing with focus on recovery in the coming period Resolving remaining Dry separation a key enabler for increased challenges mineral recovery Mining • Stable operations enables metallurgical tuning and investigations on recovery losses throughout the mineral separation plant C
Slide 10: Extending the critical mineral portfolio at Kvinnherad
Extending the critical mineral portfolio at Kvinnherad The EU Critical Raw Materials Act (CRMA) recognizes the silicon metal supply chain as critical and strategic. High-purity quartz plays an essential enabling role in the CRMA-defined silicon value chain. Portfolio of high international standards
Slide 11: Nordic Quartz moving towards next phase
Nordic Quartz moving towards next phase High-purity quartz (HPQ) - a scarce primary input powering fast-growing critical infrastructure World class quality Structural growth driven by AI, Successful pilot testing with Dorfner Anzaplan confirmed advanced semiconductors processability capabilities to
Slide 12: Preliminary timeline pending investment decision
Preliminary timeline pending investment decision • Pilot testing confirmed high-purity quality Confirmed • Dedicated project team established • Customer and partner product validation Ongoing • Establish dialogue with regulatory bodies • Drilling campaigns and feasibility studies Planning • Mineral
Slide 13: Financial summary
Financial summary Condensed income statement (NOK million) Q1 2026 Q1 2025 FY 2025 Revenue 4.3 - 4.8 Q1 2026 Operating expenses -128.5 -58.3 -350.4 • Revenue of NOK 4.3 million reflecting early stages of EBITDA -124.2 -58.3 -345.6 production and initiation of sales Depreciation and amort. -31.5 -19.
Slide 14: Cash flow development reflecting ramp-up phase
Cash flow development reflecting Q1 2026 ramp-up phase • Negative cash flow from operations due to scaling activities with limited production output Q1 2026 NOK million • Positive contribution from financing activities ( 7) relates to NOK 200 million in private 142 360 placement in January 329 • FX
Slide 15: ERG cash OPEX
ERG cash OPEX Cash cost affected by ramp-up stage and legal fees Q1 2026 • The mining operation has been affected by increased activity • Operating cash cost of NOK 111.4 million in Q1, reflecting • Process and plant mainly driven by increase cost of electricity increased activity and high use of ex
Slide 16: Near-term operational and financial disclosures
Near-term operational and financial disclosures Activities Period/Date 2026 Annual General Meeting 27 May Operational update ERG Late June Supreme Court verdict Expected pre-summer Production update Q2 11 July Q2/H1 2026 report 18 August
Slide 17: Slide 17