Norway · Delayed Price · Currency is NOK Nordic Mining ASA Earnings Call Transcripts
Fiscal Year 2025
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Ramp-up at Engebø was slower than planned, but Q4 saw record garnet output and first quality rutile. Financials remain challenged with negative EBITDA and tight liquidity, but recent equity raise and operational improvements support the path to full production by year-end.
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Q3 saw operational challenges but also progress in ramp-up, with increased material processed and quality maintained. Cash flow was negative due to limited shipments and high costs, but liquidity was boosted by a bond tap. Rutile shipment is targeted for Q1 2026, with strong demand outlook.
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Engeberg plant achieved first commercial shipments and is ramping up production, with strong demand for garnet and rutile. Q2 saw NOK 2.7 million in revenue and a NOK 103 million operating loss, but cash reserves remain strong and legal risks are being managed.
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Transition from construction to production ramp-up at Engebø faced operational challenges, delaying revenue and requiring technical fixes, but the first garnet shipment was completed and rutile production is set to begin. Cash position strengthened by a bond tap issue, with design capacity targeted by year-end.
Fiscal Year 2024
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Engebø construction is complete, with ramp-up to full production by end of 2025 and first shipments of garnet and rutile expected in Q1 and Q2 2025, respectively. Year-end cash stands at NOK 467 million, and the company remains fully funded until positive cash flow in H2 2025.
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Engebø construction is nearly complete, with production ramp-up set for Q4 and first shipments in Q1 2025. The project is fully financed, maintains strong safety records, and expects stable rutile and garnet output, despite current market softness.
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Engebø project construction remains on track with full financing secured and production ramp-up set for Q4 2024. Cash reserves are strong, and key contracts and offtake agreements are in place, while market outlook for titanium and garnet remains positive.