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Visual21 Nov 2025
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Nordic Mining (NOM) investor relations material
Nordic Mining Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Operational and technical challenges delayed ramp-up, but significant progress was made in crushing and milling, with more material processed in six weeks than the prior six months.
Garnet and rutile production met quality specifications, but throughput and stability issues limited output.
First rutile shipment is targeted for end of Q1 2026, with design capacity expected by late Q2 2026.
Additional capital was raised, including a USD 22.5 million bond tap, to support operations until positive cash flow is achieved.
The company received the Fennoscandian Mining Award for 2025, recognizing operational achievements and environmental stewardship.
Financial highlights
Q3 2025 revenue was NOK 1.0 million, primarily from garnet sales.
Operating loss for Q3 2025 was NOK 129.1 million, with a net loss of NOK 144.8 million.
Negative cash flow from operations was NOK 94 million for the quarter, and NOK -212.1 million year-to-date.
Cash and cash equivalents at quarter-end were NOK 273.3 million, with liquidity increased by a USD 22.5 million bond tap in October.
Production expenses and maintenance costs were higher than expected, impacting profitability.
Outlook and guidance
Ramp-up plan targets first rutile shipment by end of Q1 2026 and design capacity by late Q2 2026.
Quarterly production statistics will be published to enhance transparency.
Demand for all produced volume is expected for the next year, with rutile prices flat or slightly increasing and garnet prices fixed.
Liquidity is considered sufficient to fund operations until positive cash flow is achieved.
Focus remains on achieving stable plant operations before considering dividends.
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Next Nordic Mining earnings date
Q4 20256 Feb, 2026
Next Nordic Mining earnings date
Q4 20256 Feb, 2026
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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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