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presentation and Q&A session will be held in English and transferred via
webcast. You will have the opportunity to post questions online throughout the
webcast session. The webcast will be available on:
https://channel.royalcast.com/landingpage/hegnarmedia/20250211_4/
Summary of important events in the fourth quarter of 2024:
· The construction project at Engebø has to date (31st December 2024) reported
995 working days by the four EPCs, including subcontractors, with zero LTIs.
Total hours worked at site by the EPCs exceeded 400 000 hours in the quarter.
· The Company reported NOK 139.4 million in capitalized costs related to the
construction of the Engebø Project in the fourth quarter. The Company’s
consolidated carrying amount for Mine under construction and Property, plant and
equipment was NOK 2.75 billion as of 31 December 2024.
· The main construction activities at Engebø were completed during the fourth
quarter. Only minor balance of plant items remains to complete the scope of work
for the EPC and sub-contractors. These activities have no impact to the
production ramp-up as final testing of machinery is ongoing with EPCs and
process equipment suppliers.
· The final documentation requirements according to the Planning and Building
Act are being prepared by the various responsible companies in accordance with
the different building applications.
· First ore to the milling and mineral separation circuits achieved in
November 2024.
· First mineral concentrate achieved on 23 December 2024.
· The Company did not achieve all ramp-up goals set for January 2025 due to
unforeseen challenges realised as capacity was increased during production ramp
up. These issues have been identified and most have been rectified. Where
rectification has not been possible, temporary short-term solutions have been
implemented as we await remedied equipment for the final solution. Temporary
solutions reduce part of plant throughput but is not expected to have a
significant impact on requirements in this current stage of ramp-up.
· The ramp-up is currently in a phase with uncertainty, where process
equipment has increasing load and extended operating hours. Additional
unforeseen challenges or debottlenecking requirements might occur as the ongoing
tasks are of high complexity, and activities are running in parallel to achieve
the production ramp-up plans.
· Revenue forecast shifted approximately one quarter by comparison to previous
expectations based on the production ramp-up challenges.
· The Company target for first shipment of garnet in the end of first quarter
and first shipment of rutile in second quarter.
· The Company is fully funded until positive cash flow, but due to deferred
revenues the cash low-point will be lower than the previously reported project
reserves of USD 25 million.
· The company transferred from trading on Euronext Expand to Euronext Oslo
Børs in November 2024.
Oslo, 11 February 2025
Nordic Mining ASA
Nordic Mining ASA (“Nordic Mining” or the “Company”) (www.nordicmining.com) is a
resource company with focus on high-end industrial minerals and metals. The
Company’s project portfolio is of high international standard and holds
significant economic potential. The Company’s assets are in the Nordic region.
Nordic Mining is undertaking a large-scale construction project at Engebø on the
west coast of Norway where the Company has rights and permits to a substantial
eclogite deposit with rutile and garnet. In addition, Nordic Mining holds
interests in other initiatives at various stages of development. This includes
patented rights for a new technology for production of alumina and exploration
of high purity quartz.
Nordic Mining is listed on Euronext Oslo Børs with ticker symbol “NOM”.
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