Slide 1: Q4 2025 results
Q4 2025 results February 4, 2026
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. Q4 2025 highlights 3. Engebø Rutile and Garnet update 4. Financial 5. Legal 6. Q&A Andreas Davidsen CCO, Nordic Mining
Slide 4: Full focus on ramp-up to steady state production at design capacity
Full focus on ramp-up to steady state production at design capacity NOK 3 billion invested limited CAPEX going forward 5-year offtake secured Garnet Rutile 5yr offtake agreements Production for rutile and garnet (MT) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 FCF positive in 2027 production r
Slide 5: Q4 2025 highlights
Q4 2025 highlights Targeted actions to address ramp-up challenges • Ramp-up in Q4 2025 progressed slower than expected, mainly Garnet production Rutile production (mt) (mt) due to execution issues causing process-plant instability and equipment-reliability issues affecting operational consistency •
Slide 6: Limited new supply and strong long-term demand
Limited new supply and strong long-term demand Rutile – Properties and end-use demand Resource depletion drives long-term supply deficit • Titanium is one of the most versatile • Titanium feedstock demand from the pigment and elements with broad applications in metals sector has been soft through 20
Slide 7: 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 • Demand is stabile across abrasive blasting, waterjet waterjet cutting cutting and industrial applications. Proper
Slide 8: 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 major • Headquartered in Osaka, Japan minerals company and one of the world’s producer and marketer of TiO2 pigments • Engag
Slide 9: Entering a new phase for Nordic Mining with an action plan
Entering a new phase for Nordic Mining with an action plan based on extensive experience 1 2 3 4 Improved balance sheet Strengthened Targeted operational and Systemex to support through NOK 200 million operational leadership technical initiatives operational execution equity raise with proven experi
Slide 10: Experienced operational management in place
Experienced operational management in place Third-party provider with hands-on support Ramp up experience and execution capabilities Ongoing technical and operations review and ramp-up support • Validates plant capability against • Execute review and support Andrew Templeman Kyle Green design capaci
Slide 11: Systemex has completed their assessment of the Engebø operation
Systemex has completed their assessment of the Engebø operation Key findings Asset base is largely installed and capable of meeting design throughput Upstream circuits (mining, crushing, milling and wet concentration) demonstrate the ability to operate at or near nameplate Dry plant is not con
Slide 12: Systemex report and ramp-up plan
Systemex report and ramp-up plan Systemex has delivered a comprehensive assessment covering: Technical constraints – root causes of production losses and equipment underperformance People and organizational constraints – roles, capabilities, and the behaviors required to stabilize operations P
Slide 13: Financial summary
Financial summary Condensed income statement (NOK million) Q4 2025 Q4 2024 FY 2025 FY 2024 Revenue 1.1 - 4.8 - Q4 2025 Operating expenses -112.6 -25.4 -350.4 -51.9 • Revenue of NOK 1.1 million reflecting early stages of EBITDA -111.5 -25.4 -345.6 -51.9 production and initiation of sales Depreciation
Slide 14: Cash flow and projections
Cash flow and projections Q4 2025 • Negative cash flow from operations due to scaling activities with limited production output Q4 2025 and 2026 estimate NOK million • Investments reflecting expansion CAPEX from the construction project. Offtake assumption: Garnet: 86 kt • Positive contribution from
Slide 15: Increased 2026 cash OPEX before steady state
Increased 2026 cash OPEX Steady state cash OPEX of NOK 395 – 410 million before steady state ERG cash OPEX projection, NOK million ~395-410 Q4 2025 • Operating cash cost of NOK 88.4 million in Q4, reflecting high use of external services and inefficient operation • The cost base consisted of: • Mini
Slide 16: Ongoing legal disputes
Ongoing legal disputes NGO vs Norwegian Government NGO vs Nordic Mining NGOs vs the Norwegian Government –Nordic Mining’s discharge permit (the seabed NGOs vs Nordic Mining -temporary injunction case tailings deposit) Sogn og Fjordane District Court ruled 10. November 2025 in favor of Nordic Osl
Slide 17: Engebø receives continued political support
Engebø recieves continued “Access to critical minerals was part of the political support justification when the permit was granted. Given today’s security policy situation, the need for such minerals has become even more important. [..]” • Throughout its lifetime, Nordic Mining has received strong a
Slide 18: Near-term operational and technical disclosures
Near-term operational and technical disclosures Activities Period/Date 2026 Ramp-up and operational update ERG First half of March Trading and production update Q1 13 April Subsequent offering End of April Supreme court hearing: NGO vs State 27 April – 5 May Q1 2026 report 12 May
Slide 19: On path to steady state production of high-demand and critical minerals
On path to steady state production of high-demand and critical minerals NOK 3 billion invested Expected steady state cash generation limited CAPEX going forward Based on current offtake terms, NOK million 5yr offtake agreements Base case High case for rutile and garnet Revenue 950 1,050 Royalty -115
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