Nordic Mining ASA - Update on Production Ramp-Up, Liquidity and Regulatory Status
Oslo, 7 August 2026
INSIDE INFORMATION pursuant to Article 17 of the Market Abuse Regulation (MAR)
Nordic Mining ASA ("Nordic Mining" or the "Company") today publishes the following update regarding the production ramp up, liquidity and regulatory status. The Company is simultaneously publishing a separate stock exchange announcement from Engebø Rutile and Garnet AS (Nordic Rutile, ISIN: NO0012734112) as issuer of the Senior Secured Bonds.
Production ramp-up: The ramp-up at Engebø Rutile and Garnet AS ("ERG") is behind the original schedule. Following a ramp-up reset under new operational management in early 2026 and with the support of external technical adviser Systemex, plant throughput is approaching design capacity. However, challenges with product separation (rutile) and fines (garnet) have required a downward revision of production forecasts.
Liquidity: The Company and ERG have initiated discussions with a group of bondholders under the Senior Secured bonds and has been informed that Bondholders representing more than two-thirds (2/3) of the Voting Bonds have indicated their support to a deferral of the 9 August coupon payment for the Senior Secured bonds and further waiver as described in the separate announcement made by ERG today, the Company's current liquidity extends to 4 September 2026. A liquidity injection of USD 10-15 million is required to fund operations through to November 2026. The Company is working to secure this through a tap issue under ERG's existing Senior Secured Bonds, subject to bondholder consent and the outcome of an independent technical review being conducted by SRK Consulting, expected to conclude by 4 September 2026. The Company will also need to cover a further liquidity shortfall in 2027 and at the same time address its 2027 bond maturity to establish a viable long-term financial platform.
Regulatory status: As previously communicated, the Norwegian Supreme Court has upheld the Court of Appeal's finding that the permits for tailings disposal in Førdefjorden are invalid due to insufficient reasoning. The Government will conduct a new assessment of the project. The ruling does not require an immediate suspension of operations, and ERG continues to operate under existing environmental conditions.
An updated presentation containing detailed information regarding the Company's operational status, financial projections, and strategic outlook is attached to this announcement and made available on the Company's website at nordicmining.com.
Contact
Finn Ivar Marum, CEO Nordic Mining finn.ivar.marum@nordicmining.com
This announcement has been prepared pursuant to Article 17 of MAR, cf. the Norwegian Securities Trading Act section 5-2. Forward-looking statements are subject to uncertainty and risk, and actual results may differ materially.
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