Slides
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Q2 2026 results August 18, 2026
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Important information Disclaimer This document has been used by Nordic Mining during an oral presentation. Therefore, this document is incomplete without the oral explanations, comments and supporting instruments that were submitted during the referred presentation. To the extent permitted by law, no representation or warranty is given, express or implied, as to the accuracy of the information contained in this document. Some of the statements made in this document contain forward- looking statements. To the extent permitted by law, no representation or warranty is given, and nothing in this document or any other information made available during the oral presentation should be relied upon as a promise or representation as to the future condition of Nordic Mining’s business.
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1. Q2 2026 highlights 2. Ramp up status and liquidity situation 3. Market 4. Regulatory update 5. Financials 6. Q&A Agenda Speakers of the day Finn Ivar Marum CEO, Nordic Mining Tord Meling CFO, Nordic Mining Andreas Davidsen CCO, Nordic Mining
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Q2 2026 highlights Increased production, whilst key challenges continue • Increased throughput and uptime during the quarter • Production volumes up from Q1, though separation and recovery remain a challenge Regulatory status • The Supreme Court ruled against the State in the case concerning the discharge permits • Disposal continues under existing conditions and government support remains strong. • Decision on a new temporary permit expected in September Ramp-up challenges and liquidity need • The slower ramp-up and revised production profile have resulted in a need to address both short-term liquidity and the long-term capital structure • Ongoing dialogue with bondholders to find a balanced solution that supports continued operations and provides sufficient financial flexibility Now resetting for the next phase • With more than NOK 3 billion now invested in a newly built Engebø, the Company enters its next phase, building on Engebø's underlying value and focusing on a sustainable capital structure and operational progress Rutile production (mt) 1,262 Garnet production (mt) 10,127 Revenue (NOK million) 0.0 Operating loss (NOK million) -154
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Increased throughput at Engebø, while mineral recovery remains a challenge Throughput milling (% of design capacity) 7 days rolling avg. Rutile production 7 days rolling avg. Garnet production 7 days rolling avg. 0% 20% 40% 60% 80% 100% Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 0% 5% 10% 15% 20% 25% 30% Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 0% 10% 20% 30% 40% 50% Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26
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6 Liquidity shortfall following ramp-up challenges • Despite a ramp-up reset at ERG in January 2026 that brought in new management and expert support, progress has been slower than expected and final product performance remains short of previously stated plans, while the Company continues to face a demanding regulatory environment • Production and sales are delayed, long-term projections are lowered, and the Company needs elevated use of external services to address the ramp- up challenges • Negative cash flow is projected through 2H 2026 and 2027 amounting to a total liquidity need of NOK 475 million (USD ~49 million) by the end of 2027, assuming the current debt is refinanced in full Pursuing a long-term term sustainable capital structure • Following waivers from bondholders, the Company’s current liquidity extend into September 2026. The Company is working to secure liquidity in the amount of USD 10 - 15 million to provide a runway for a long-term solution • Upon completion of the first step of USD 10-15 million liquidity injection, the Company will engage with existing stakeholders, potential new financial and strategic investors and other parties with the aim of securing a long-term sustainable capital structure Preliminary 2026 timeline Aug Sep Oct Nov Current runway Technical review Technical validation report by SRK Covenant waivers Minimum liquidity and equity ratio covenants waived Short term liquidity Working with stakeholders to secure short term liquidity Long term solution working with stakeholders to secure long-term financial solution Status on production ramp-up and liquidity situation
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-500 -300 -100 100 300 500 700 900 1 100 1 300 1 500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 Significant investments and asset values Our ambition remains intact: The Engebø mine is a strategic, long-life, and cash-generative asset once operating at capacity 7 Source: Updated financial model 1) Price assumptions based on offtake agreements and TZMI price decks following the offtake agreements. Refer to the table on page 17 in 8th of August Company update for detailed price assumptions for the period 2026 - 2031. Long-term garnet price assumptions subject for update. 2) Based on FCF before cash flow from financi ng (chart on right hand side). 3) The NPV 840m NPV figure is per year- end 2026 after all investments are made and is subject to an index adjustment not reflected in the USD 491m UDFS NPV before capex • Solid free cash flow once at capacity with unique longevity of 39-year Life of Mine • Further potential beyond Engebø to build a broader position in the mineral industry Asset with material long-term potential1 Life of Mine Free Cash Flow (NOK million) 39-year Life of Mine USD ~840m Post-tax project NPV8 2 NOK ~3bn Invested Unique life of mine securing longevity and attractive cash flow profile for decades Vast investments made on site and in equipment with minimal capex remaining Compared to USD 491m in the UDFS before CAPEX 3
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Ramping up Engebø remains the top priority for Nordic Mining Challenging ramp-up at Engebø, but progress continues Ramp-up status from January 2026 until today 8 Ramp-up turnaround New ERG management since January 2026 has lifted uptime and throughput toward design levels, with plant design and viability independently confirmed by Systemex Technical improvements Separation bottlenecks are being addressed, with new equipment arriving in September alongside improvements to water quality and mill performance Independent verification SRK Consulting is now conducting an independent technical review of the ramp-up plan, with findings expected by early September to support the bondholder approval of a potential tap issue Navigating a complex process Specialist competence and hands-on experience are required, given the technical complexity and unpredictability. Nordic Mining therefore continuously builds capability both internally and externally Phase 1: increase operational uptime • A new operational team in place from January 2026 has lifted plant uptime, with throughput now running close to design capacity run -rate • Gains delivered through improved crushing circuit and wet plant pump availability, and modifications to the water circuit reducing circulation of fines • Mineral recovery has not yet followed throughput, keeping final product volumes below plan Phase 2: increase mineral recovery • Metallurgical performance, primarily rutile recovery, remains the key challenge, driven by separation, water quality, ore feed stabilization and liberation • The operational team is addressing these together with OEMs and industry specialists, while building valuable operating experience on site • Further external ramp-up support is under evaluation to accelerate progress
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Subdued titanium market short-term • Titanium feedstock demand from the pigment and metals sector has started the year quite subdued • Demand growth for 2026 is revised somewhat down, partly related to negative consumer sentiment as a result of the war in Iran • Very little liquidity in bulk natural rutile trade – prices over the last three months has been at a discount to synthetic rutile • We now expect rutile prices in 2026 to be down from 2025 Update on contract with Iwatani • Long-stop date for plant start-up agreed to be moved to 31st of December 2026 • Titanium is one of the most versatile elements with broad applications in multiple value chains • Rutile is the cleanest and purest form of titanium feedstock and the only feedstock that can be used directly in production of pigment and metal Properties Demand by end use1 Pigment ~86% Ti-metal ~9% Welding ~5% Renewable energy Rutile – Properties and end-use demand 1 Company estimates Rutile: A strategic mineral with strong long-term demand
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Limited high-quality supply supports garnet pricing • No major developments for garnet in the second quarter • Demand is stabile across abrasive blasting, waterjet cutting and industrial applications • May shipment quality disputed Update on contract with Barton • Ongoing discussions with Barton to adjust the offtake agreement • The only viable mineral for industrial waterjet cutting • The waterjet technology has revolutionized the production processes for e.g., cars and aircrafts • Easily recyclable for multiple uses Properties Demand by end use1 Waterjet cutting ~47% Sand blasting ~37% Water filtration ~5% Abrasives / speciality ~11% Garnet – properties and industrial applications Garnet: Market remains stable in key regions 1 Company estimates
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• The Norwegian Supreme Court upheld the Court of Appeal's decision and found the permits allowing mine waste disposal in Førdefjorden to be invalid • The economic benefits cited by the authorities – such as tax revenues, employment, and regional business activity – were found insufficient to qualify as “overriding public interests” under the Directive • The Court found that security of supply considerations for strategic minerals were not sufficiently reflected in the original permitting decisions, and therefore could not be relied upon as a basis for upholding those decisions in the judicial review 11 Permitting uncertainty: Summary of legal and regulatory situation *Press release on 29.06.2026 by the Ministry of Climate and the Environment • Following the ruling, the government stated that it will carry out a new assessment of the project in line with the Supreme Court's decision • However, the government emphasized that the judgment does not require an immediate suspension of tailings disposal and that that the company may continue operating under the existing environmental conditions • We assume a new temporary permit is in place in September and replaced by a new permanent permit before expiry Permitting found invalid by Supreme Court … but no immediate suspension of operations required The EU is structurally short of titanium feedstock; the strategic importance of ERG underlined by the government itself: «The Government considers the Engebø project to be important both for Norway and for Europe. The EU has a large deficit of titanium feedstock and is entirely dependent on imports. The Engebø mountain contains one of the world's largest known deposits of the titanium feedstock rutile. In Europe, Norway and Ukraine are the only countries with such resources of any significance.»*
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Financial summary Q2 2026 • No revenue recognized in the second quarter, pending the outcome of ongoing discussions regarding the quality of products shipped in the period • Operating expenses of NOK 122.1 million for the quarter were marginally below the first-quarter level of NOK 128.5 million • One-off adjustment of NOK -10 million recognized in respect of a potential liability to Barton for delayed volumes in the first contract year Balance sheet • Cash balance of NOK 150 million • Equity ratio of 26 % Condensed income statement (NOK million) Balance sheet (NOK million) Q2 2026 Q2 2025 FY 2025 Revenue - 2.7 4.8 Operating expenses -122.1 -77.3 -350.4 EBITDA -122.1 -74.6 -345.6 Depreciation and amort. -32.2 -28.8 -107.8 EBIT -154.3 -103.4 -453.3 Net financial -68.8 21.8 15.5 Tax - - - Net profit -223.1 -81.6 -437.9 Q2 2026 Q4 2025 Total non-current assets 2 820 2 863 Cash and cash equivalents 150 329 Total current assets 292 443 Total assets 3 112 3 306 Total equity 795 983 Total liabilities 2 317 2 323 Total shareholders' equity 3 112 3 306 and liabilities
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Cash flow development reflecting ramp-up phase 31 Mar 2026 Operations Investments Financing FX 30 Jun 2026 Q2 2026 • Operating cash flow remained negative, reflecting a high activity level combined with limited production output and no revenue in the quarter • Working capital effects negatively impacted the operating cash flow • Limited CAPEX in the quarter Q2 2026 NOK million 2026 • Liquidity stands at NOK 150 million, with ramp-up spending and financing costs continuing to draw on cash • Under the short-term arrangement reached with bondholders, the August coupon rolled- up and covenants are waived until 4 September • Talks with both bondholders and shareholders around a long-term capital structure remain ongoing • Significant costs to advisors related to the financing process ( 158) ( 6) ( 46) ( 1) 360 150
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24% 37% 27% 12% Mining Process and plant Maintenance G&A Cash cost affected by ramp-up stage and legal fees • Underlying cost base remained stable relative to the first quarter of 2026 • Increased use of external ramp-up support during the quarter • Legal costs are expected to continue into the second half ERG cash OPEX % of cash operating expenses Q2 2026 • Operating cash cost of NOK 112.7 million in Q2, reflecting activity level and high use of external ramp-up support Q2 2026 Q1 2026 Mining 26.9 30.5 Process and plant 42.1 31.4 Maintenance 30.5 26.4 G&A 13.3 23.2 Total cash cost 112.7 111.4 Cash cost Q2 One-off legal cost Ramp-up support Underlying cash cost 112.8 - 3.2 - 7.9 101.8
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We’re facing challenges, but they are solvable – the destination is unchanged 15 Once at capacity: Our goal is to set the right course and establish a sound framework that enables the company to focus on production, delivery of high-quality minerals to customers, and the development of unique mineral industry expertise at an important point in the industry. Decades of positive free cash flow from a 39-year resource Minimal remaining CAPEX Offtake agreements covering the initial years Intact strategic value Attractive entry into a fully built strategic asset