Nordic Mining ASA
OSE:NOM
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Nordic Mining ASA
OSE:NOM
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Nordic Mining ASA
Nordic Mining ASA engages in the exploration, extraction, and production of industrial minerals and metals. The company is headquartered in Oslo, Oslo. The company went IPO on 2007-09-14. The firm carries out project development activities related to anorthosite in Gudvangen in the Sogn og Fjordane region, Norway, as well as in Engebofjellet in Sogn og Fjordane, where it also has rights to deposits of rutile and garnet. Nordic Mining ASA has established cooperation with the Department of Geology and Mineral Resources Engineering at the Norwegian University of Science and Technology in Trondheim (NTNU) and the Norwegian Geological Survey (NGU). The agreement enables the Company to carry out mapping and prospecting activities for mineral and metal deposits in Norway. The firm is operational mainly in the Nordic region, through a number of subsidiaries, which include Keliber Oy, Nordic Mining America, Inc., Gudvangen Stein AS and Nordic Rutile AS.
Nordic Mining ASA engages in the exploration, extraction, and production of industrial minerals and metals. The company is headquartered in Oslo, Oslo. The company went IPO on 2007-09-14. The firm carries out project development activities related to anorthosite in Gudvangen in the Sogn og Fjordane region, Norway, as well as in Engebofjellet in Sogn og Fjordane, where it also has rights to deposits of rutile and garnet. Nordic Mining ASA has established cooperation with the Department of Geology and Mineral Resources Engineering at the Norwegian University of Science and Technology in Trondheim (NTNU) and the Norwegian Geological Survey (NGU). The agreement enables the Company to carry out mapping and prospecting activities for mineral and metal deposits in Norway. The firm is operational mainly in the Nordic region, through a number of subsidiaries, which include Keliber Oy, Nordic Mining America, Inc., Gudvangen Stein AS and Nordic Rutile AS.
Operational Ramp-Up: The ramp-up at Engebo has been slower than expected due to execution and technical reliability issues, but Q4 was the best quarter yet for garnet production and saw the first batch of quality rutile.
Financing Secured: Nordic Mining completed a NOK 200 million equity raise after quarter-end and believes it is now adequately funded to reach full production, with a repair issue planned to provide additional buffer.
Management Strengthened: The company appointed a new operational management team and brought in experienced consultants, including Systemex, to accelerate the path to design capacity by year-end.
EBITDA Loss: Q4 EBITDA was negative NOK 111.5 million, impacted by low revenues and a USD 2 million provision for potential garnet delivery penalties.
Legal Updates: Ongoing legal proceedings continue, but management expresses confidence in political support and the ability to operate despite challenges.
Market Outlook: Rutile and garnet markets remain tight with stable prices, and significant demand growth is expected in 2026, especially for high-grade titanium feedstock.
No Major CapEx Needs: Technical reviews found no need for additional large CapEx to reach design capacity; existing upgrades and modifications have been accounted for.
