Nordic Mining (NOM) Q3 2025 earnings summary

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.