Nordic Mining Asa · OSL:NOM
Nordic Mining Asa — Q2 2024 Earnings Presentation
24 slides from Nordic Mining Asa's earnings presentation, Aug 27, 2024
Slide 1: Minerals for a Sustainable Future: Q2 2024 Interim Presentation
MINERALS FOR A SUSTAINABLE FUTURE Q2 2024 Interim presentation August 27th, 2024
Slide 2: Contents and Disclaimer
CONTENTS •DISCLAIMER Introduction 4 By Ivar Fossum This document has been used by Nordic Mining during an oral • Engebø Rutile and Garnet 10 presentation. Therefore, this document is incomplete without the Byexplanations, oral Kenneth Nakken Angedal and supporting instruments that comments were subm
Slide 3: Agenda
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q2-2024 4. Q & A 3
Slide 4: Highlights
Highlights • No Lost Time Injuries (LTI) in the 2nd quarter Safety & • 854 days to date without LTI ESG • Environmental base line studies completed • NOK 385 million invested in Engebø in 2nd quarter Progress & • Approx. NOK 2.3 billion invested in total schedule • Construction on schedule towards p
Slide 5: Financing package fully released
Financing package fully released The Company has completed the release of all financing for the Engebø Project. • Second release of USD 30 million from the bond escrow completed in Q2. • Third and final release of USD 48 million from the bond escrow completed in August. The Company has completed 4 c
Slide 6: Sole rights owner of the Kvinnherad quartz deposit
Nordic Mining progresses as the sole rights owner of the Kvinnherad quartz deposit • Nordic Mining has utilized its right to enter the landowner agreement as the sole party and continues the assessment of the quartz deposit. • Currently validating the quartz quality and homogeneity through ia. varia
Slide 7: Nordic Mining partners with Barton Group on Garnet sales
Nordic Mining partners with world leader Barton Group on Garnet sales 1 • We are pleased to announce that BARTON Group is our partner related to the offtake agreement announced 16th January 20241). • The BARTON Group® (“BARTON”) is a family-owned company that has produced the world’s highest-quality
Slide 8: CH) asaze
CH) asaze
Slide 9: NOM will seek transfer of listing from Euronext Expand to Oslo Børs
NOM will seek transfer of listing from Euronext Expand to Oslo Børs As a natural evolvement of Nordic Mining becoming a long-term industrial mineral producer, it has been decided to seek transfer from the current listing at Euronext Expand to Oslo Børs. A listing at Oslo Børs will strengthen NOM’s a
Slide 10: Engebø Rutile and Garnet
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q2-2024 4. Q & A 10
Slide 11: Health and safety
Health and safety • No Lost Time Injuries (LTI) recorded over the project to date, with a total of 854 LTI free days. • Over the last quarter, the project focused on closing up the buildings, allowing for greater safety control per area with average of 125 construction workers at site. • Average of
Slide 12: Alliance agreement signed for mining operations with regional partner
Alliance agreement signed for mining operations with regional partner • A 5-year mining alliance agreement has been signed with Sunnfjord Industripartner to deliver mining services for the operations at Engebø. • The Alliance Partner's responsibility includes drilling, blasting, loading and hauling
Slide 13: Construction on schedule and cost for production ramp-up in Q4
Construction on schedule and cost for production ramp-up in Q4 • All process plant equipment (“CPI”)1 completed and delivered to site. • The Civil and Buildings contractor Aasen & Øvrelid has started installation of the roof and wall panels on the last processing building as per the schedule. All ma
Slide 14: Commissioning of process plant has commenced
Commissioning of process plant has commenced Activities are executed in stages to progress area by area towards production ramp-up Cold Commissioning Hot Commissioning / start-up Tuning of process plant • Installation verification and dry starts of critical • Dedicated team of process engineers from
Slide 15: Operations team are getting ready for production ramp-up
Operations team are getting ready for production ramp-up Recruitment • 12 new team members started in August and 29 will start in September, increasing the head count in the operative organization to 71. Further new colleagues will onboard in October and November. • The operations will have 110 empl
Slide 16: Environmental baseline updated through monitoring and surveys
Environmental baseline updated through monitoring and surveys Activity name Supported by: Water quality DNV Bathymetric mapping of sea bottom Åkerblå (Now DNV) Soft bottom survey DNV Beach zone survey DNV Subsea noise survey DNV Natural chemistry of sea water survey DNV Spawning area for cod DNV Vis
Slide 17: TiO2 pigment demand above 2023 levels
TiO2 pigment demand above 2023 levels leading to higher production rates by pigment producers • Most western titanium dioxide pigment producers reported 2024 demand levels to be above 2023 level. First half 2024 sales volumes were positively influenced by inventory rebuilding as pigment buyers’ inve
Slide 18: Aircraft industry will continue to drive Ti metal demand
Aircraft industry will continue to drive Ti metal demand: Airbus & Boeing both forecast >40,000 new aircraft deliveries until 2043 • In Airbus’ Global Market Forecast, an estimate of 42,430 new deliveries is given, both based on growth and replacements. They estimate 33,510 single aisle aircraft and
Slide 19: Financial update Q2-2024
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q2-2024 4. Q & A 19
Slide 20: ~NOK 2.3 billion invested in Engebø Project
~ NOK 2.3 billion invested in Engebø Project • Engebø construction expenditures of NOK 385 million capitalized on the balance sheet in Q2. • NOK 41.3 million moved from Mine under construction to Property, plant and equipment in Q2. • The Group completed the second release of USD 30 million from the
Slide 21: Q&A
1. Introduction 2. Engebø Rutile and Garnet 3. Financial update Q2-2024 4. Q & A 21
Slide 22: Highlights and Q&A
Highlights and Q&A • No Lost Time Injuries (LTI) in the 2nd quarter Safety & • 854 days to date without LTI ESG • Environmental base line studies completed • NOK 385 million invested in Engebø in 2nd quarter Progress & • Approx. NOK 2.3 billion invested in total schedule • Construction on schedule t
Slide 23: Consolidated income statement
Appendix Consolidated income statement Depreciation increased due to activation of 1 Engebø administration building in Q2. NOK million Q2 2024 Q1 2024 Q4 2023 1H 2024 FY 2023 Other operating cost in Q1 were positively Payroll and related costs (1.8) (2.8) (2.9) (4.6) (15.1) impacted by refund of NOK
Slide 24: Consolidated statement of financial position
Appendix Consolidated statement of financial position NOK million Q2 2024 Q1 2024 YE 2023 1 • Engebø construction works of NOK 385 million Mine under construction 2 264.1 1 920.3 1 377.1 capitalized on balance sheet in Q2 2024, down Property, plant and equipment 46.2 3.0 3.1 from NOK 543 million in