Nordic Mining on track for Q1 2026 rutile cargo despite Q3 delays

Nordic Mining ASA faced operational and technical issues in Q3 2025, leading to a delayed ramp-up. The company produced 3,800 tonnes of garnet, generating NOK 1.0 million in sales, but reported an operating loss of NOK -129.1 million. Nordic Mining is leveraging expertise from customers Iwatani and Barton, and technical support from Orion Resource Partners, to address these issues and is committed to delivering its first rutile cargo by Q1 2026. An amended ramp-up plan aims to achieve design capacity by late Q2 2026.

To enhance transparency, Nordic Mining will begin publishing quarterly production data. The company secured an additional $22.5 million through a bond tap issuance in October 2025, bolstering its liquidity position. This liquidity is deemed sufficient to fund operations until positive cash flow. As of September 30, 2025, Nordic Mining held NOK 273.3 million in cash, with total assets at NOK 3.2 bn and total equity at NOK 1.2 bn.

The company also appeared in court in October regarding a temporary injunction sought by two NGOs concerning its permits, with a verdict expected around November 10, 2025. This legal challenge, along with the operational adjustments, forms part of the ongoing efforts to stabilize and scale production at the Engebø Project.