Nordic Mining Q2 2026: Engebø ramping up, but slower than planned - The Company addressing liquidity and long-term financing

Oslo, Norway - August 18, 2026 - Nordic Mining ASA ("Nordic Mining" or the
"Company"), a resource company with focus on critical minerals, today released
its financial results and operational update for the second quarter and first
half of 2026.

Nordic Mining increased both throughput and production volumes at Engebø Rutile
and Garnet (ERG) in the quarter. Following years of planning, permitting and
construction, and with more than NOK 3 billion invested, Nordic Mining is
leaving its capital-intensive stage and is now in a ramp-up phase at Engebø. The
ramp-up has, however, progressed more slowly than expected, resulting in a
revised production profile and a liquidity shortfall. Nordic Mining is therefore
working to address short-term liquidity needs while securing a sustainable
capital structure. The Company's long-term ambition remains intact, with Engebø
expected to generate significant free cash flow once operating at capacity.

"Operations at Engebø progressed in the quarter, increasing throughput and
strengthening our operational routines. At the same time, we remain realistic
about the challenges ahead and the time needed to reach full performance and
reliability. This has created a need to address our liquidity situation, and we
are now in constructive discussions with bondholders and shareholders to find a
balanced, sustainable solution", says Finn Ivar Marum, CEO of Nordic Mining.

As announced on 7 August 2026, the Company currently has liquidity headroom to 4
September 2026, following a deferred coupon payment and waivers. Nordic Mining
is working to secure additional liquidity of USD 10-15 million to fund
operations through November 2026. The Company will also engage with existing
stakeholders, potential new financial and strategic investors and other parties
to establish a sustainable capital structure in line with the revised production
profile.

"The majority of investments are behind us, and our priority is now to build on
the progress achieved, address the remaining operational and financial
challenges, and position the Company as a strategic supplier of natural rutile
and garnet to international markets", added Marum.

Q2 2026 highlights

  · Strong operational uptime and throughput operating close to design capacity
run-rate
  · 1,262 tonnes of rutile and 10,127 tonnes of garnet were produced in the
quarter
  · The Supreme Court ruled against the State on the Førdefjorden discharge
permits, and while operations continue, a decision on a temporary permit
application is expected in September
  · Following a comprehensive review of the ramp-up, Nordic Mining has revised
its outlook to a more conservative production profile
  · The Company faces an immediate liquidity shortfall and is working to secure
USD 10-15 million to fund operations through to November 2026
  · Nordic Mining's long-term ambition remains intact, with Engebø expected to
generate significant free cash flow once operating at capacity

Regulatory status

As previously announced, the Norwegian Supreme Court has upheld the Court of
Appeal's finding that the permits for tailings disposal in Førdefjorden are
invalid due to insufficient reasoning. The ruling does not require an immediate
suspension of operations, and ERG continues to operate under existing
environmental conditions.

The Government is reassessing the matter, and the Company continues to
experience support from authorities at both national and local level. Nordic
Mining expects a decision on its temporary permit application in September.

"We have a good dialogue with the government and experience support from the
authorities both on a national and local level. This support is important for
the continued development of Engebø and reflects the strategic relevance of the
project for Norway and Europe", says Marum.

Financial update

Operating result in the quarter was NOK -154.3 million, with operating expenses
of NOK 122.1 million. Cash position at the end of the period was approximately
NOK 150 million, with negative operating cash flow reflecting a high activity
level combined with limited production and no recognized revenue in the quarter,
pending the outcome of ongoing discussions regarding the quality of products
shipped in the period.

Despite operational, financial and regulatory challenges, the Company continues
to pursue its strategy of establishing Engebø as a significant long-term
supplier of natural rutile and garnet to global markets.

Second quarter 2026 presentation

The second quarter 2026 materials are enclosed and available on the Company's
website: www.nordicmining.com. Nordic Mining will present its financial results
for the second quarter of 2026 in a live audio webcast today at 10:00 (CEST).

The presentation will be followed by a Q&A session, and questions may be
submitted in writing at any time during the event. A recording of the event will
be made available on the Company's website after the live event has concluded.

Webcast link: https://qcnl.tv/p/JX_nQdR6LF9Ny_FtdWcfMw

Contact:

Finn Ivar Marum, CEO, Nordic Mining

[email protected]

Tord Meling, CFO, Nordic Mining

[email protected]

About Nordic Mining
Nordic Mining ASA ("Nordic Mining" or the "Company"), listed on Euronext Oslo
Børs, is a resource company focused on critical minerals. The Company is
currently in the ramp-up phase at Engebø on the west coast of Norway, the first
greenfield mine established in Norway in 40 years. Through its wholly owned
subsidiary Engebø Rutile and Garnet AS ("ERG"), Nordic Mining holds the mining
rights and required permits for a significant mineral deposit estimated to
support a 39-year life of mine, positioning the Company as one of very few
natural rutile producers globally and the only garnet producer in Europe. In
addition, the Group holds a landowner agreement for a high-purity quartz deposit
in the Kvinnherad Municipality in Norway, where test results confirm world-class
quality. Nordic Mining is now progressing the project toward regulatory
approval. With significant growth opportunities beyond current operations at
Engebø, Nordic Mining's portfolio is of high international standards and
provides a solid long -term value basis for its shareholders.

For more information, please visit www.nordicmining.com
s portfolio is of high international standards and\
provides a solid long -term value basis for its shareholders.\
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For more information\, please visit www.nordicmining.com\