Nordic Mining Asa · OSL:NOM
Nordic Mining Asa — Q4 2023 Earnings Presentation
23 slides from Nordic Mining Asa's earnings presentation, Feb 6, 2024
Slide 1: Minerals for a sustainable future – Q4 2023 interim presentation
Minerals for a sustainable future Q4 2023 interim presentation 06 February 2024
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: Agenda: Introduction, Engebø, Financial update, Q&A
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q4-2023 4. Q & A
Slide 4: Engebø Rutile and Garnet – 2023 events
Engebø Rutile and Garnet – 2023 events ✓ 5-year offtake agreement on Garnet signed with global partner ✓ Share issues of NOK 1 billion completed securing full project financing ✓ Underground infrastructure ground works successfully completed ✓ Key management positions for operations recruited ✓ USD
Slide 5: Q4 2023 Highlights
Introduction Q4 2023 Highlights • No Lost Time Injuries (LTI) in the 4th quarter Safety & • 656 days to date without LTI ESG • NOK 322 million invested in Engebø in 4th quarter Progress • Approx. NOK 1.4 billion invested in total • Project execution passed halfway towards production • All four EPCs
Slide 6: Nordic Mining's permits and licenses remain solid vs legal claims
Introduction Nordic Mining’s permits and licenses remain solid vs legal claims • On January 10th, the Oslo District Court ruled in favor of the Norwegian state in the case were the environmental NGO's Naturvernforbundet and Natur og Ungdom summoned the state claiming that the permits for Engebø are
Slide 7: The world's most climate friendly titanium feedstock
Introduction The world’s most climate friendly titanium feedstock Industry leader on GHG emissions1 Global Warming Potential 3.3 2,3 kgCO2 eq. per kg product concentrate 2,2 2 0,79 0,41 0,5 0,17 Natural rutile Engebø Natural Titanium rutile South slag Canada Africa Natural rutile Australia Titanium
Slide 8: NM is actively exploring alternative use of the Engebø tailings
Introduction NM is actively exploring alternative use of the Engebø tailings • Nordic Mining and Saferock have established a joint cooperation to evaluate use of residual mineral waste streams from Engebø Rutile and Garnet project in the production of cement binders • Nordic Mining has signed an MoU
Slide 9: Investigating post-exploration assets and other growth opportunities
Introduction Investigating post-exploration assets and other growth opportunities • Evaluating further development of a high purity quartz deposit in Kvinnherad, Norway. Forward looking analysis are estimating that the solar PV market will more than double towards 2030 • Nordic Mining has completed
Slide 10: Agenda: Engebø Rutile and Garnet
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q4-2023 4. Q & A
Slide 11: Health & Safety
Engebø Rutile and Garnet Health & Safety Key Performance Project to HSE status Q4 Target indicator date3 ▪ No Lost Time Injuries (LTI) recorded in the period or project to date, Lost time injuries (1/1 million working 0 0 <2,51 with total LTI of 656 days hours) Total recordable ▪ Average of 90 worke
Slide 12: Construction on track to start production in Q4 2024
Engebø Rutile and Garnet Construction on track to start production in Q4 2024 Project Development1 Economy ▪ Detail engineering and design freeze process with EPCs and finalization of contracts has resulted in increased cost ▪ The expected project cost has increased due to contract and scope changes
Slide 13: Primary rod mill shipment from Italy to site for installation in Q1-24
Engebø Rutile and Garnet Primary rod mill shipment from Italy to site for installation in Q1-24 1) Left: Primary Rod Mill Shell Arrival in intermediate storage in Bergen 2) Right: Primary Rod Mill Shell and other parts arriving Engebø 13
Slide 14: Progress on mechanical installation in Q4-23 and start of Q1-24 as planned
Engebø Rutile and Garnet Progress on mechanical installation in Q4-23 and start of Q1-24 as planned 1) Left: Overview of Process Plant area 2) Top right corner: Bird view of Comminution & Milling Plant 14 3) Bottom right corner: Bird view of Wet Plant
Slide 15: Mechanical installation to start on dry plant in early February
Engebø Rutile and Garnet Mechanical installation to start on dry plant in early February 1) Left: Overview of Process plant 2) Top right corner: Preparations and installation of pipes for water distribution 15 3) Bottom right corner: Start of tunneling work from mining service area into open-pit are
Slide 16: Near completion of multipurpose administration building
Engebø Rutile and Garnet Near completion of multipurpose administration building 1) Top left : Open seating area in administration building 2) Bottom Right: Coffee area outside control room in administration building 16 3) Right: Hallway with offices in the administration building
Slide 17: Recruitment campaign in preparation for Q2-24
Engebø Rutile and Garnet Recruitment campaign in preparation for Q2-24 1) Left: baseline update of environment parameters continues. 2) Right: Preparation for recruitment campaign by participation in both local and regional student and job fairs. 17
Slide 18: Improved outlook for pigment and strong Ti-metal market
Engebø Rutile and Garnet Improved outlook for pigment and strong Ti-metal market TiO2/Rutile: • Still slow pigment market; due to state of real estate sector in Europe, China and the Americas • Positive signals emerged towards the end of 2023 for European pigment producers • Improved sales volumes r
Slide 19: Financial update Q4-2023
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q4-2023 4. Q & A
Slide 20: ~ NOK 1.4 billion invested in Engebø Project
Financial update Q4-2023 ~ NOK 1.4 billion invested in Engebø Project ▪ Engebø construction expenditures of NOK 322 million capitalized under «Mine under construction» in Q4. o «Mine under construction» consolidated carrying amount at end of Q4 of NOK 1.4 billion. ▪ The Group completed drawdown of t
Slide 21: Highlights and Q&A
VY. 656 days to date without LTT ' + NOK 322 million invested in Engebg in 4th quarter + Approx. NOK 1.4 billion invested in total | © Project execution passed halfway towards production QQ i”! Sa Ss | + All four EPCs at site with construction workers. : Construction Progress as planned, project on
Slide 22: Consolidated income statement
Appendix Consolidated income statement NOK million Q4 2023 Q3 2023 Q4 2022 FY 2023 FY 2022 1 Main financial items in Q4: Other income - - - - - - net gain on foreign exchange Payroll and related costs (2.9) (4.9) (2.9) (15.1) (11.7) related to the bond, the bond Depreciation and amortization (0.1) (
Slide 23: Consolidated statement of financial position
Appendix Consolidated statement of financial position NOK million Q4 2023 Q3 2023 YE 2022 Mine under construction 1 1 377.1 1 055.0 288.4 1 Engebø construction works of NOK 322 million, Property, plant and equipment 3.1 3.1 1.1 Right-of-use assets 1.0 0.0 0.1 capitalized under «Mine under constructi