Nordic Mining (NOM) Q4 2024 earnings summary

Executive summary

• Engebø construction and commissioning completed in Q4 2024 with no lost time injuries; first mineral concentrate produced in December and ramp-up to full production capacity targeted by end of 2025.

• CEO transition to Finn Ivar Marum effective March 1, 2025, with onboarding underway and corporate staff strengthened.

• Engebø mine has a 39-year life, with 15 years open pit and 24 years underground mining.

• Offtake agreements secured for full rutile and garnet production for first five years.

• Transitioned to Euronext Oslo Børs in November 2024.

Financial highlights

• Year-end cash position at NOK 467 million; NOK 2.75 billion invested in Engebø to date.

• Q4 2024 operating loss of NOK 26.9 million; full-year 2024 loss before tax at NOK 115.0 million, impacted by NOK 135 million foreign exchange loss.

• NOK 142 million invested in Engebø CapEx and NOK 35 million paid in bond interest during the quarter.

• Cash and cash equivalents at year-end: NOK 454.8 million; total assets NOK 3.3 billion; equity NOK 1.4 billion.

• Positive operational cash flow in Q4 due to VAT reimbursements.

Outlook and guidance

• First shipment of garnet targeted for end of Q1 2025, rutile for Q2 2025; ramp-up to full annual production by end of 2025.

• Revenue stream delayed by one quarter due to ramp-up challenges; fully funded until positive cash flow, expected in the second half of 2025.

• No changes to long-term volume or cost plans; dividend timeline unchanged.

• Rutile and garnet markets expected to improve in 2025.