New Risk • May 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr458m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr458m free cash flow). Earnings have declined by 66% per year over the past 5 years. Revenue is less than US$1m (kr9.1m revenue, or US$991k). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Annonce • Apr 09
Nordic Mining ASA Advances the Nordic Quartz Project At Kvinnherad into Its Next Development Phase Nordic Mining ASA is advancing the Nordic Quartz project at Kvinnherad into its next development phase. Key milestones have now been achieved, including establishment of a dedicated project team and enhancement of the landowner agreement, ensuring long-term stability. The Company is preparing to initiate necessary regulatory processes, engage with potential customers and partners for product validation, and plan a qualified drilling programme to update the mineral resource estimate in accordance with international reporting standards. Together, these developments strengthen the project's foundation and support the Company's plans for further progression. The Kvinnherad quartz deposit, held through the wholly owned subsidiary Nordic Quartz AS, has long been a promising asset in Nordic Mining's portfolio. Recent pilot testing has demonstrated that the deposit can be processed to exceptionally high-purity levels, reinforcing its potential as a future source of a high-value industrial mineral. Nordic Mining is currently initiating dialogue with several potential partners and customers to validate product quality and suitability for industrial applications, such as crucibles, silicon metal and specialized glassware for the semiconductor and solar PV manufacturing value chains. Nordic Mining sees this phase as an important step toward de-risking the project and welcomes interest from parties seeking long-term, high-quality quartz supply or collaboration opportunities in high-value end markets. In collaboration with Dorfner Anzaplan GmbH, Nordic Mining has carried out metallurgic testing and pilot-scale production to support the upcoming product qualification with potential customers. In total, 800 kilograms of processed sample material has been produced from raw quartz feedstock from the Kvinnherad deposit. The material underwent a full industrial processing route, including magnetic separation, acid treatment, and hot chlorination, to replicate the conditions of a finished product. The tests generated high-purity quartz (HPQ) with very low impurity levels, demonstrating that the Kvinnherad quartz deposit is among the most suitable quartz resources globally to produce high-end HPQ. HPQ is a critical raw material used in semiconductors, fiber optics, and solar-grade applications, where high chemical purity and thermal stability are essential. Demand for HPQ continues to rise, driven amongst others by rapid growth in semiconductor manufacturing linked to AI development and data-center expansion. As a key input in chip production, HPQ plays an increasingly strategic role in global technology supply chains. The Company has also strengthened its landowner agreement at Kvinnherad, enhancing prospects for long-term planning and stability for the operations, and securing land access and use rights throughout the life of mine. Nordic Mining has the flexibility to advance the project in line with its overall project strategy. While no material investments have been made to date, the progression and pace of further development will be aligned with the Company's overall funding situation and capital allocation plans. Nordic Mining expects less than NOK 20 million in costs for the project during 2026. Although the Kvinnherad Quartz project represents a highly attractive opportunity, Nordic Mining's primary focus remains the continued ramp-up of the Engebø Rutile and Garnet operation toward design capacity by year-end 2026. Progress at Engebø is well underway and remains the Company's top operational priority. The Kvinnherad Quartz project will advance in parallel without drawing resources from Engebø, while at the same time offering additional value-creation potential for the Company. Annonce • Mar 13
Nordic Mining ASA Provides Operational And Ramp-Up Update At Engebø Rutile And Garnet Nordic Mining ASA provided an operational and ramp-up update from Engebø Rutile and Garnet, including progress made since the launch of the improvement plan in January and the key priorities for reaching steady-state production. Nordic Mining continues to advance through the ramp-up phase. Since January, several technical and operational initiatives have been implemented, with early effects now becoming visible, particularly in the wet plant. In February, an independent third-party validation confirmed that the processing plant can operate at full design capacity. Structured ramp-up plan progressing, with clear priorities for both wet and dry plant. Steady-state production at design capacity by year-end remains the target. Technical adjustments underway across circuits, combined with strengthened operational routines and training. Team of technical and operational experts onsite to support the execution of the ramp up plan. Process and logistics setup continues to support efficient operations as stabilization improves. Overall, the plan initiated in January is beginning to deliver results, with the main operational gains expected through Second Quarter as remaining bottlenecks are addressed. Wet plant improvements: Adjustments to water management and process control have improved water quality, supporting lower number of downtime events and higher throughput. Additional effects are expected during Second Quarter. Rutile circuit: Optimization depends on stable dry-plant performance. This remains a key focus area, supported by external rutile-processing expertise now being brought in. WHIMS circuits: Magnetic separators are being tuned and adjusted for increased capacity and more stable output. The Company will publish a production update on April 13 and present its First Quarter results on May 12. New Risk • Feb 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 54% per year over the past 5 years. Revenue is less than US$1m (kr4.8m revenue, or US$504k). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • Jan 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m (kr3.6m revenue, or US$359k). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Annonce • Aug 28
Nordic Mining Announces Receipt of Claim for Injunction Nordic Mining ASA announced that reference made to the stock exchange notice 12 August 2025 regarding the Borgarting Court of Appeal's ruling in the dispute between the NGOs Naturvernforbundet and Natur og Ungdom and the Norwegian state. The NGOs have filed for an injunction against Nordic Mining with the claim that deposit of tailings in the Førdefjord from mining operations shall be prohibited. Nordic Mining will vigorously defend itself against the claim. New Risk • Aug 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr979m free cash flow). Earnings have declined by 3.3% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). New Risk • May 22
New major risk - Revenue and earnings growth Earnings have declined by 3.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr1.2b free cash flow). Earnings have declined by 3.3% per year over the past 5 years. Revenue is less than US$1m. Recent Insider Transactions • Apr 07
Finance Manager recently bought kr103k worth of stock On the 3rd of April, Merete Juel bought around 6k shares on-market at roughly kr18.10 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr203k more in shares than they have sold in the last 12 months. Annonce • Dec 13
Nordic Mining ASA, Annual General Meeting, May 27, 2025 Nordic Mining ASA, Annual General Meeting, May 27, 2025. Annonce • Dec 06
Nordic Mining ASA Appoints Finn Ivar Marum as CEO, Starting 1 March 2025 Nordic Mining ASA referred to the announcement on 28 June 2024 that Ivar S. Fossum has decided to retire from his position as CEO of the Company. The process of hiring is now completed, and Finn Ivar Marum has been appointed as new CEO of Nordic Mining. He will assume the position starting 1 March 2025. He brings extensive experience from industrial scale up as well as capital markets. Most recently, Mr. Marum was the CEO of the Nortek Group. His prior experience includes Senior Partner of Hitecvision and EVP of Norfund. Mr. Marum holds a Master of International Affairs from Columbia University and a Bachelor of Arts from Concordia College. Annonce • May 09
Nordic Mining ASA Appoints Tord Meling as New Chief Financial Officer, Effective from 12 August 2024 Nordic Mining ASA has appointed Mr. Tord Meling as new Chief Financial Officer (CFO), effective from 12 August 2024. Mr. Meling comes from the private investment company Ojada AS/Sayonara AS where he served as Investment Director and has broad financial and managerial experience. Mr. Meling has also background from Norwegian Air ASA, where he served as Head of aircraft finance and prior held other key financial positions such as Business development manager and Financial consultant during his tenure. Mr. Meling also has audit experience from his time with Deloitte. Annonce • Mar 24
Nordic Mining ASA Wins Against AMR on All Counts at the Supreme Court Nordic Mining ASA announced that reference is made to the stock exchange notice from Nordic Mining ASA on 30 November 2022 regarding Artic Mineral Resources' appeal of the ruling from Borgarting Court concerning the Engebø deposit. After full oral arguments before the Supreme Court over 5 days in late January, the Norwegian Supreme Court has ruled. As expected, the ruling is in favour of Nordic Mining on all counts. The court has also ruled that AMR shall pay all legal expenses. With this ruling the litigation from AMR is at an end. As argued by Nordic Mining and the Norwegian Government, the ruling concludes that all minerals in the Engebø deposit ore are owned by the Norwegian state. As a consequence, Nordic Mining, through the mining rights granted by the state, has a sole and exclusive right to mine the Engebø deposit, including titanium and garnet. AMR has never had any claim or rights in the deposit. Recent Insider Transactions • Mar 01
Interim Chief Financial Officer recently bought kr502k worth of stock On the 28th of February, Jens Schnelle bought around 700k shares on-market at roughly kr0.72 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Jens' only on-market trade for the last 12 months. New Risk • Feb 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Annonce • Feb 01
Jens Gisle Schnelle Accepts the Role of Interim CFO of Nordic Mining ASA, Effective February 1, 2024 Nordic Mining ASA informed that Jens Gisle Schnelle has accepted the role of Interim CFO starting February 1, 2024. The process of recruiting a successor will continue. Annonce • Jan 15
Nordic Mining Asa Announces Resignation of Jens Gisle Schnelle from His Position as CFO Nordic Mining ASA informed that Jens Gisle Schnelle has tendered his resignation from his position as CFO in Nordic Mining to pursue opportunities outside of the Company. The effective date of his resignation will be 31 January 2024. Mr. Schnelle will continue to assist Nordic Mining through a service agreement going forward to ensure a smooth transition. Nordic Mining will immediately start the process to recruit a successor. Annonce • Aug 23
Nordic Mining Appoints Jens Gisle Schnelle as New Chief Financial Officer, Effective from 15 October 2023 Nordic Mining has appointed Jens Gisle Schnelle as new Chief Financial Officer (CFO), effective from 15 October 2023. Mr. Schnelle has broad managerial and international finance experience. Mr. Schnelle comes to NOM from former Oslo-listed shipping group Team Tankers International Ltd., where he served as CFO and has been responsible for strategic initiatives, financing, and mergers and acquisitions during his tenure. Prior to that, Mr. Schnelle was Finance Manager at Eitzen Chemical ASA. Recent Insider Transactions • Jun 12
Chief Financial Officer recently sold kr365k worth of stock On the 9th of June, Christian Gjerde sold around 650k shares on-market at roughly kr0.56 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Christian's only on-market trade for the last 12 months. Annonce • May 26
Nordic Mining ASA Announces Appointment of Tom Lileng as New Board Member Nordic Mining ASA announced the appointment of Tom Lileng as New Board Member, at its AGM held on May 25, 2023. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr2.38, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 6x in the Metals and Mining industry in Europe. Total loss to shareholders of 4.8% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 20% share price gain to kr2.48, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 6x in the Metals and Mining industry in Europe. Total loss to shareholders of 18% over the past three years. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Director Tony Beckmand was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Director Tony Beckmand was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • May 15
Chief Executive Officer exercised options to buy kr3.6m worth of stock. On the 13th of May, Ivar Fossum exercised options to buy 1m shares at a strike price of around kr2.63, costing a total of kr2.8m. This transaction amounted to 143% of their direct individual holding at the time of the trade. Since September 2021, Ivar has owned 732.76k shares directly. Company insiders have collectively bought kr6.0m more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 20% share price gain to kr4.67, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 101% over the past three years. Recent Insider Transactions • Sep 15
Chief Executive Officer recently bought kr101k worth of stock On the 14th of September, Ivar Fossum bought around 36k shares on-market at roughly kr2.79 per share. This was the largest purchase by an insider in the last 3 months. This was Ivar's only on-market trade for the last 12 months. Is New 90 Day High Low • Jan 18
New 90-day high: kr2.40 The company is up 43% from its price of kr1.68 on 20 October 2020. The Norwegian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 30% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: kr2.29 The company is up 13% from its price of kr2.03 on 01 September 2020. The Norwegian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 10.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day low: kr1.98 The company is down 20% from its price of kr2.48 on 10 July 2020. The Norwegian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 6.0% over the same period.