Nordic Mining Q4 2025: Entering a new phase defined by execution and operational discipline towards target of steady state production at year-end 2026

04 Feb 2026 08:00 CET

Oslo, Norway - February 4, 2026 - Nordic Mining ASA ("Nordic Mining" or the
"Company"), a resource company with focus on critical minerals, today released
its fourth-quarter financial results and operational update.  With an
experienced operational management now in place, the Company enters a new phase
in the ramp-up of Engebø & Rutile Garnet (ERG) defined by strong focus on
execution and operational discipline.

Supported by Systemex, a Canada-based firm specializing in industrial and mining
ramp-ups, the Company continues its operational improvement program towards
achieving design capacity by year end 2026. Systemex' initial review confirms
that ERG is a viable operation with sufficient installed capacity.

"Our year-end operational challenges prompted immediate action: We brought in
experienced operational management, supported by Systemex and other technical
partners, and we are pleased that the initial assessments performed in January
confirms that[ ]Engebø is a viable operation with sufficient installed capacity
capable of reaching design throughput." said CEO Finn Ivar Marum.

In January 2026, the company raised NOK 200 million through a private placement,
strengthening its financial position to execute remaining ramp-up activities.
The proceeds will support working capital, essential maintenance and expansion
capex, and general corporate purposes.


Q4 2025 highlights:

· One Lost Time Injury (LTI) recorded in the quarter
· Ramp-up was slower than expected, primarily due to plant stability and
equipment reliability impacting production consistency
· Significant improvements were made in crushing, milling and wet processing
uptime in November and December; dry processing plant throughput remains low.
· Production volumes in the quarter included 4,950 mt of garnet and a first
rutile batch of 150 mt
· Onboarding of strengthened operational team at ERG including international
experts on rutile and garnet
· EBIT in the quarter of NOK -142.8 million, as a result of ramp-up phase with
limited volumes sold. This includes one-off adjustment of NOK -20 million in
relation to a potential liability for delayed volumes in first contract year
with Barton

Going forward, the company will reinforce systems and embed disciplined
execution to meet our target.

"Our team and our partners are aligned behind a focused ramp-up plan. With
a strengthened operational team, an improved operational platform and a
reinforced capital structure, Nordic Mining is now positioned to deliver
on our ambitions and create value," Marum continued.


Fourth quarter 2025 presentation

The fourth quarter 2025 materials are enclosed and available on the company's
website: www.nordicmining.com

Nordic Mining will present its financial results for the fourth quarter of 2025
in a live audio webcast today at 10:00 CET, hosted by Finn Ivar Marum, CEO of
Nordic Mining, Tord Meling, CFO of Nordic Mining, and Andreas Davidsen, CCO of
Nordic Mining.

The presentation will be followed by a Q&A session, and questions may be
submitted in writing at any time during the event. A recording of the webcast
will be made available on the company's website after the live event has been
concluded.
Webcast link: https://qcnl.tv/p/DY8OY_6f0s0TZJFhJTE5dg
For more information, please contact:
Chief Executive Officer
finn.ivar.marum@nordicmining.com

About Nordic Mining ASA
Nordic Mining ASA ("Nordic Mining" or the "Company"), listed on Euronext Oslo
Børs, is a resource company with focus on critical minerals. The Company is
undertaking a large-scale industrial development at Engebø on the west coast of
Norway through its wholly owned subsidiary, Engebø Rutile and Garnet AS, which
has mining rights and permits to a substantial eclogite deposit with rutile and
garnet. In addition, the Group holds a landowner agreement for exploration and
development of a high purity quartz deposit in the Kvinnherad Municipality in
Norway and is currently conducting a test work program where bulk samples from
the deposit will be used for pilot scale processing of high purity quartz
product through a full cycle process. Nordic Mining's project portfolio is of
high international standards and holds significant economic potential. The
assets, and in particular the wholly owned Engebø Project, provide a solid value
basis for Nordic Mining's shareholders.

For more information, please visit www.nordicmining.com.

More information:
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664819_Q4_2025_Nordic_Mining_ASA_presentation.pdf
664819_2025_Q4_Report_NOM.pdf