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). Announcement • 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. Announcement • 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. 
