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Nordic Mining ASA (EN Expand:NOM): Interim report per 30 September 2024

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Please find enclosed Nordic Mining’s interim report and company presentation for the third quarter of 2024. The interim report and company update will be presented digitally today, Tuesday 5 November 2024 at 10.00 (CET). The presentation and Q&A session will be held in English and transferred via webcast. You will have the opportunity to post questions online throughout the webcast session. The webcast will be available on: https://channel.royalcast.com/landingpage/hegnarmedia/20241105_5/

Summary of important events in the third quarter of 2024:

  • The Company reported NOK 278.3 million in capitalized costs related to the construction of the Engebø Project in the third quarter, compared to NOK 385.1 million in the second quarter of 2024. The Company’s consolidated carrying amount for Mine under construction and Property, plant and equipment was NOK 2.6 billion as of 30 September 2024.
  • The Company and the Engebø project have continued with the commissioning phase of the plant in the third quarter and achieved planned milestones. The commissioning phase continues into the fourth quarter with the expectation of first ore to mill and first concentrate to take place before year-end. This will mark the production ramp-up. 
  • Key milestones successfully achieved:
    • Mechanical installation in the wet plant
    • Mechanical installation of product silos
    • Process plant connected to regional power grid
    • Cold and Hot commissioning in various plant areas
    • First ore to primary crushing, including ore pass design verification
       
  • No lost time injuries (“LTI”) have been registered at the Engebø Project site during the third quarter of 2024.
  • In August the Company completed the third and final release of USD 48 million from the bond Escrow account that holds the proceeds from the issuance of the USD 100 million senior secured bond. An independent engineer appointed on behalf of the bondholders confirmed for the third time that the project is on track with the cost estimates and timeline and a cost-to-complete test has been satisfied in relation to the release.
     
  • Application for admission to trading on Euronext Oslo Børs as a transfer from Euronext Expand was filed in October.

Oslo, 5 November 2024
Nordic Mining ASA

Nordic Mining ASA (“Nordic Mining” or the “Company”) (www.nordicmining.com) is a resource company with focus on high-end industrial minerals and metals. The Company’s project portfolio is of high international standard and holds significant economic potential. The Company’s assets are in the Nordic region.

Nordic Mining is undertaking a large-scale construction project at Engebø on the west coast of Norway where the Company has rights and permits to a substantial eclogite deposit with rutile and garnet. In addition, Nordic Mining holds interests in other initiatives at various stages of development. This includes patented rights for a new technology for production of alumina and exploration of high purity quartz.

Nordic Mining is listed on Euronext Expand with ticker symbol “NOM”.

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