Nordic Mining ASA’s shares fell 1.4% to NOK 2.40 on Monday after the company reported a deeper quarterly loss and warned of a funding shortfall, despite producing 1,262 metric tons of rutile and 10,127 metric tons of garnet at its Engebø facility.
The Oslo-listed miner posted an operating loss of NOK 154 million and a net loss of NOK 223 million for the second quarter, as revenue remained at zero due to an unresolved dispute with customer Barton. The supplier rejected a May shipment of garnet, citing excessive dust content, preventing Nordic Mining from recognizing any sales for the quarter.
Cash reserves declined sharply to NOK 150 million by June 30 from NOK 360 million at the end of March, leaving the company facing an immediate funding need of USD 10–15 million by September 2026. Management estimates total financing requirements of approximately NOK 475 million through 2027 to sustain operations.
Regulatory challenges compounded the financial strain after a Court of Appeal ruling invalidated tailings disposal permits for the Førdefjorden project, a key component of Nordic Mining’s operational plans. The company’s shares have approached within a narrow margin of their 52-week low, reflecting investor concern over liquidity and project viability.
The broader Norwegian market showed little movement, with the Oslo OBX down 0.2% in the prior session, while U.S. benchmarks were largely flat. No peer companies released material updates, leaving Nordic Mining’s operational and financial challenges as the primary drivers of its share price decline.
