Nordic Mining ASA: Update on financial situation
2026-10-26 08:00:18
Oslo, 26 October 2026
Reference is made to the previous stock exchange announcements regarding Nordic
Mining ASA (the "Company") and Engebø Rutile and Garnet AS' ("ERG") financial
situation, including the announcement on 10 September 2026 regarding the summons
for a bondholder meeting, the announcement on 22 September 2026 regarding the
need for a comprehensive financial restructuring, the announcement by the
Company on 13 October 2026 regarding the minutes from the extraordinary general
meeting passing resolutions that could facilitate solutions for the Company's
liquidity needs, the announcement on 15 October 2026 regarding the status of
ongoing negotiations with creditors, and the announcement on 20 October 2026
regarding the Summons for a Written Resolution of the bondholders under ERG's
12.5% Senior Secured Bonds (ISIN: NO0012734112) in respect of, among other
matters, (i) certain waivers to permit ERG to issue a new, separate series of
short-term super senior bonds, (ii) a further extension of the waiver expiry
date applicable to the minimum liquidity and minimum book equity ratio
covenants, and (iii) a further deferral of the cash interest payment previously
due under the bond terms (together, the "Proposed Matters").
The Company and ERG continue to be in discussions with Nordic Trustee AS, as
bond trustee for the bondholders, and with the Royalty Holder regarding the
Proposed Matters and the wider financial restructuring of the Company and ERG.
Since the announcement on 20 October 2026, the parties' respective positions
have moved further apart, and no agreement has been reached on the Proposed
Matters. The discussions are ongoing, and there can be no assurance that the
Proposed Matters will be approved, or that a comprehensive and final solution to
the Company's and ERG's financial situation will be achieved, on these or any
other terms.
In light of the continued uncertainty regarding the outcome of these
negotiations and in order to reduce costs and preserve liquidity pending a
resolution, ERG has decided to temporarily suspend its mining operations at the
Engebø project. The suspension will remain in effect until further notice,
pending the outcome of the ongoing negotiations with the Company's and ERG's
creditors.
Further information regarding the Company's and ERG's financial situation,
including the outcome of the process described above, will be provided when
available.
For further information, please contact:
Tord Meling, CFO
Tel: +47 99 09 87 66
[email protected]
or visit: https://nordicmining.com/
This information is considered to include inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Tord Meling, on 26 October 2026, at 08:00 (CEST).
announcement was published by Tord Meling\, on 26 October 2026\, at 08:00 (CEST).\