Oslo - September 7, 2026 - Reference is made to the stock exchange notice 7
August 2026 regarding Nordic Mining ASA's (the "Company") production ramp-up,
liquidity and regulatory status, and today's announcement from Engebø Rutile and
Garnet AS ("ERG") as issuer of the Senior Secured Bonds (the "Senior Secured
Bonds"; ISIN: NO0012734112).
Following constructive dialogue, bondholders representing a majority of the
voting bonds have indicated their support for a USD 7.5 million financing
solution securing near-term liquidity. This is expected to take the Company
through important clarifications from the Norwegian government regarding the
discharge permit for the operations at Engebø.
The short-term financing solution comprises a USD 30 million tap on the Senior
Secured Bonds issued at a 75 percent discount to par (the "Tap Issue") and
otherwise unchanged terms. The Tap Issue's cash consideration to Nordic Mining
is therefore USD 7.5 million, providing a liquidity runway which is expected to
last to mid-October.
To ensure sufficient liquidity pending a decision on the temporary permit
application, the waivers announced 7 August 2026 are planned to be extended to
15 October 2026:
· Extension of temporary waivers for minimum liquidity and book equity ratio
to 15 October 2026
· Further deferral of the coupon payment originally due in August to 15
October 2026
The Tap Issue is subject to the consent of two thirds (2/3) of the voting bonds
and documentation to be agreed.
As communicated on 7 August 2026, SRK Consulting has been engaged to carry out
an independent technical review of ERG in connection with the tap issue. The
review has taken longer to complete than originally anticipated. The Company
expects the report to be completed in the coming weeks. The terms and timetable
of the tap issue are not contingent on the progress or outcome of the SRK
technical review. A summary of findings from the SRK technical review, to the
extent the findings are considered material or relevant, will be disclosed to
the market in due course.
August production progressing well
Following the updated production plan announced in early August, ramp-up has
continued at Engebø with solid production volumes of rutile and garnet through
August in line with the updated estimates. The Company has also engaged an on
-site team from Hatch, an independent ramp-up adviser, to further strengthen the
ramp-up progress going forward.
Permitting uncertainty remain a key risk
Uncertainty remains around the discharge permit, although The Norwegian
Environment Agency (Norwegian: "Miljødirektoratet") has recommended that the
Company be granted a temporary permit to continue tailings disposal in
Førdefjorden for a three-year period. A conclusion of the temporary permit
application is expected during September. The outcome of this process is a
critical prerequisite for advancing the Company's long-term financing efforts.
With the initial financing step outlined in early August now being implemented,
the Company's work is directed at the remaining elements required to establish a
sustainable capital structure, including dialogue with bondholders, potential
new investors and potential strategic partners.
Contact:
Finn Ivar Marum, CEO, Nordic Mining, finn.ivar.marum@nordicmining.com
Tord Meling, CFO, Nordic Mining, tord.meling@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 07 September 2026, at 12:25
(CEST).
xchange\
announcement was published by Tord Meling\, on 07 September 2026\, at 12:25\
(CEST).\