Nordic Mining (NOM) Q2 2025 earnings summary

Executive summary

• Official opening of the Engebø plant with strong authority support; first commercial garnet shipment in May, producing 3,900 tons, and ongoing ramp-up with all plant stages operating.

• Maintenance shutdowns in June and July led to successful improvements and increased reliability, with production ramp-up and quality focus continuing.

• Commitment to reach stable production at design capacity for both rutile and garnet by year-end, with rutile production commenced and first shipment expected by end of Q3.

• First revenues from Engebø recorded at NOK 2.7 million; operating loss for Q2 was NOK 103.4 million, and net loss NOK 81.6 million.

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

Financial highlights

• Revenue of NOK 2.7 million from first commercial garnet sales in Q2 2025.

• Operating loss of NOK 103.4 million for Q2 2025; net loss NOK 81.6 million.

• Negative operating cash flow of NOK 93 million; investment cash flow of NOK 44 million, mainly from construction.

• Cash and cash equivalents at quarter-end: NOK 419.7–439 million.

• Equity ratio at 40%; total assets NOK 3.36 billion, total equity NOK 1.36 billion.

Outlook and guidance

• Targeting stable production at design capacity for rutile and garnet by year-end, with ongoing plant adjustments and tuning.

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

• Market for titanium dioxide expected to remain flat or slightly down next quarter due to soft demand in China.

• Updated company strategy to be concluded in the fall.