Nordic Mining (NOM) Q1 2026 earnings summary

Executive summary

• Engebø operations achieved increased uptime and throughput in Q1 2026 after resolving key operational challenges, with focus shifting to improving mineral recovery and ramping up rutile and garnet production toward design capacity.

• Management changes, targeted initiatives, and technical support—including water quality improvements, plant debottlenecking, and equipment modifications—contributed to operational gains.

• Legal position advanced with favorable injunction and appeals rulings; Supreme Court verdict on license to operate expected before summer.

• Strategic partnership with Barton Europe for garnet distribution was concluded, including a USD 2 million investment and joint venture negotiations.

• High purity quartz project at Kvinnherad/Nordic Quartz advanced with a new 99-year landowner agreement, pilot testing, and organizational readiness.

Financial highlights

• Q1 2026 revenue was NOK 4.3 million, reflecting early production and sales.

• Operating loss for Q1 2026 was NOK 156 million; EBITDA at NOK -124.2 million.

• Cash and cash equivalents at quarter-end were NOK 360 million; equity ratio at 31%.

• Negative cash flow from operations due to ramp-up phase; NOK 200 million raised in private placement in January 2026.

• Operational expenses and maintenance costs increased due to higher plant activity and external services.

Outlook and guidance

• Target remains to reach full design capacity at Engebø within 2026, with ongoing optimization and process improvements expected beyond ramp-up.

• Liquidity measures include cost controls, working capital improvements, and potential equity or alternative financing.

• Supreme Court verdict on license to operate expected in June; next operational and production updates scheduled for late June and July.