Nordic Mining (NOM) Q1 2026 earnings summary

Executive summary

• Engebø operations achieved increased uptime and throughput in Q1 2026, resolving key bottlenecks and shifting focus to recovery improvements and ramping up rutile and garnet production toward design capacity.

• Management changes, targeted initiatives, and technical support contributed to operational gains and stability.

• Legal proceedings resulted in a favorable injunction ruling and appeals court win; Supreme Court verdict on license to operate expected before summer.

• Strategic partnership and investment in Barton Europe ($2 million for 13.85% stake) to strengthen garnet distribution and risk mitigation.

• Nordic/Kvinnherad Quartz project advanced with new landowner agreement, pilot testing, and organizational readiness.

Financial highlights

• Q1 2026 revenue was NOK 4.3 million, reflecting early production and sales.

• Operating loss for Q1 2026 was NOK 156 million; EBITDA at NOK -124.2 million.

• Cash and cash equivalents at quarter-end were NOK 360 million.

• Negative cash flow from operations due to ramp-up phase; NOK 200 million raised in private placement in January 2026.

• Increased OPEX and operational expenses driven by higher throughput, external services, and maintenance.

Outlook and guidance

• Target remains to reach full design capacity at Engebø within 2026, with ongoing optimization expected beyond ramp-up.

• Recovery improvements expected in Q2, though behind initial plans.

• Liquidity remains sensitive to delays or cost increases; management is pursuing cost optimization, working capital improvements, and potential additional equity financing.

• Supreme Court verdict on license to operate expected before summer, which could resolve regulatory uncertainty.

• No major CapEx expected for the Kvinnherad Quartz project in 2026; Engebø remains the top priority.