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Nordic Mining (NOM) investor relations material

Nordic Mining Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary19 Aug, 2025

Executive summary

  • Official opening of the Engebø/Engieberg plant marked by strong governmental support and first commercial garnet shipment in May, with 3,900 tonnes produced in Q2 2025.

  • Production ramp-up continued, though output was limited prior to maintenance shutdowns and upgrades in June/July, with focus on quality and reliability.

  • Rutile production commenced, targeting stable output and first shipments by end of Q3 2025.

  • First revenues of NOK 2.7 million recorded from garnet sales.

  • Court of appeals ruled against the Norwegian state on permits, but company operations and permits remain unaffected.

Financial highlights

  • Q2 2025 operating revenue: NOK 2.7 million; operating loss: NOK 103.4 million; net loss: NOK 81.6 million.

  • Cash and cash equivalents at quarter-end: NOK 419.7–439 million, with NOK 349–368 million allocated to the project.

  • Negative operational cash flow of NOK 93 million, impacted by high activity and working capital timing.

  • Investment activity of NOK 44 million, mainly for construction and plant upgrades.

  • Equity ratio stood at 40%.

Outlook and guidance

  • Targeting stable production at design/signed capacity for rutile and garnet by year-end 2025.

  • Rutile shipments expected to begin by end of Q3 2025.

  • Ongoing plant adjustments and tuning expected as ramp-up continues.

  • Market for titanium dioxide expected to be flat or slightly down next quarter; garnet market remains tight with strong demand.

  • Updated strategy to be concluded later in the fall.

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Frequently asked questions

Nordic Mining ASA is a Norway-based company engaged in the exploration, extraction, and production of minerals and metals. Its primary focus is on developing high-grade rutile (titanium dioxide) and garnet deposits at its Engebø project on the west coast of Norway. The company also holds stakes in Keliber Oy, a Finnish company advancing a lithium project aimed at producing battery-grade lithium hydroxide. In addition to these core projects, Nordic Mining explores opportunities in other mineral sectors, including seabed resources and patented technology for alumina production. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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