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Nordic Mining
Nordic Mining (NOM) investor relations material
Nordic Mining Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Ramp-up at Engebø progressed slower than expected due to execution, technical reliability, and process issues, but Q4 2025 marked record garnet output and first quality rutile batch.
New operational management and technical support from Systemex were implemented to address challenges and accelerate ramp-up.
NOK 200 million equity raise in January 2026 improved liquidity and supports ramp-up, working capital, and equipment upgrades.
Five-year offtake agreements for rutile and garnet secure future revenue visibility, with some contract terms under renegotiation.
Strategic positioning as a key European supplier of rutile and garnet, with strong political support and long-term growth opportunities.
Financial highlights
Q4 2025 revenue was NOK 1.1 million, with negative EBITDA of -NOK 111.5 million and operating loss of NOK -143 million due to ramp-up phase and limited sales.
Q4 2025 net loss was NOK -233.5 million; full year net loss NOK -437.9 million.
Pro-forma cash position post-capital raise is NOK 519.4 million; cash and cash equivalents at year-end 2025 were NOK 329.4 million.
Cash flow in Q4 was +NOK 56 million, aided by a $22.5 million tap issue; negative free cash flow of NOK 175–200 million expected in 2026.
One-off NOK 20 million adjustment and $2 million provision for potential garnet delivery shortfall penalty.
Outlook and guidance
Targeting stable production at design capacity for rutile and garnet by year-end 2026, with annual revenues just under NOK 1 billion and EBITDA just under NOK 500 million at full production.
Free cash flow expected to turn positive in 2027 as ramp-up completes; fully funded to reach cash-positive operations.
No additional CapEx expected beyond already budgeted upgrades for the dry plant; commercial longstop date for royalty agreement extended to March 2027.
Next operational update scheduled for March, with Q1 production update in April and full Q1 report in May.
Operating cash flow projected to improve as production and sales volumes increase through 2026.
Repercussions of Orion longstop extension
Offtake agreement renegotiation outlook
Dry processing plant throughput strategy
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Next Nordic Mining earnings date
Q1 202612 May, 2026
Nordic Mining
Next Nordic Mining earnings date
Q1 202612 May, 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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