Nordic Mining ASA (LTS:0GYZ)

Q4 2025 Nordic Mining ASA Earnings Call Transcript

Feb 6, 2026 / 09:00 AM GMT

Release Date Price: kr11.42 (+1.69%)

Transcript

Key Points

Positve

Nordic Mining ASA (STU:7NM0) completed a 200 million equity raise, strengthening its balance sheet and providing adequate funding through to full production.
The company has appointed a new operational management team and is implementing major operational improvements at the site.
Nordic Mining ASA (STU:7NM0) has secured long-term offtake agreements, ensuring stable demand for its products.
The company is receiving ongoing operational technical support from consultants through System X, which has confirmed the plant's capacity to meet design throughput.
There is strong political support for Nordic Mining ASA (STU:7NM0)'s operations, despite ongoing legal challenges.

Negative

The ramp-up of production has progressed slower than expected due to execution issues and plant instability.
The company reported a negative EBITDA of 111.5 million for the fourth quarter, impacted by a $2 million provision for a potential penalty.
There is a drop in the equity ratio from 38% in the third quarter to 30% in the fourth quarter, indicating financial strain.
Nordic Mining ASA (STU:7NM0) faces ongoing legal disputes, including a Supreme Court case regarding discharge permits.
The current production plan is not expected to meet the minimum volumes specified in the offtake agreement for Garnet, leading to potential financial penalties.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NOM.OL - Nordic Mining ASA
Q4 2025 Nordic Mining ASA Earnings Call
Feb 06, 2026 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to Nordic Mining's presentation of our 4th quarter results. Today, we will be covering, operational highlights, market developments, and an update from Engebe Ruthal and Garnett, a couple of financial issues, legal status, and then go into Q&A and, Today I have with me Tor Meling, who's our group CFO and as well as Andreas Stvitz, who is our Chief Commercial Officer. The highlights from the 4th quarter is obviously, as we pointed out in our operational update, that the ramp up has progressed slower than expected.

We had execution issues causing plant instability and also some outstanding technical reliability issues.

Despite that, this has been our best quarter to date, as it comes to production of Garnet and

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