Minerals for a sustainable future

Annual Report 2025

A forward-looking resource company with integrated operations in exploration, extraction and production of high-end minerals and metals

SAFETY | ENVIRONMENT | INNOVATION

CONTENTS

ramp-up should not be underestimated. Being the first new greenfield mine and mineral separation plant in Norway in almost 40 years means that we are breaking new ground. Not only in terms of approvals and construction, but also in terms of ramp-up and commissio- ning. Our team at Engebø solved a number of technical issues during the year. However, the debottlenecking brought to the fore operational challenges.

Our year-end operational challenges prompted immediate action: We brought in experienced operational management, supported by technical partners, and we are pleased that the initial assessments performed in January confirms that the asset base at Engebø can reach design throughput. Our focus now is stabilising performance to enable optimization for ramp-up and steady state production at design capacity by year end. In January 2026, we also successfully raised NOK 200 million through a private placement, giving us financing to navigate the ramp-up.

Focused on execution and ready for a year of real progress

Nordic Mining enters 2026 with strong focus on execution and a clear plan to reach design capacity by year-end. Throughout 2025 we saw an even further tightening in the supply of critical minerals. With rutile from Engebø expected to account for about 10 percent of the global supply, Nordic Mining will play a key role in securing a stable source of titanium feedstock. A demand that increases in step with the unfortunate geopolitical uncertainty we are seeing today. The Norwegian government reiterated their support in a royal decree in May, and despite ongoing legal disputes, I remain confident in a favourable outcome given the strong backing from national authorities.

Strengthening efforts to stabilise throughput and move toward full performance

2025 marked the year we transitioned from construction to production. In my letter last year, I emphasized that the complexity of the

Dear shareholder,

CEO’S REPORT

Safety – Environment – Innovation

We minimise our impact in everything we do

Being a responsible steward for the environment is our license to operate and we take this responsibility with the utmost care. This means that we will not only comply with the regulations set by the government and reporting according to the TSM (Towards Sustainable Mining) standard, but in our everyday operations and actions seek to minimise our impact on the environment.

An operation structured for long term performance

As we ramp up production, we are looking at a forty-year life of mine. The first phase of any new operation comes with challenges, and we are working through ours with focus and transparency. What matters over time is the strength of the resource, the long life of the project and the markets we are serving.

The operations and logistics at Engebø are compact and fully integrated from mining, through crushing, processing and to finished product concentrate, all within just a few hundred meters. This design simplifies logistics and supports stable, low cost operations once we reach steady state. That opportunity belongs to our shareholders, and we are grateful for your continued commitment and support. I also want to emphasise the drive and determination our employees bring every day to get the plant up to speed. With that in mind, I am confident 2026 will bring meaningful improvements and real progress.

GENERAL INFORMATION

Basis for preparation

This sustainability report covers the calendar year 2025 and is prepared in accordance with the VSME standard (Voluntary Sustainability Reporting Standard for non-listed SMEs). The report is prepared based on both the Basic and Comprehensive module of VSME. Some additional information is included in the disclosures in addition to the mandatory information where this is assessed as important to provide a comprehensive and transparent view of our sustainability efforts.

While the company was previously expected to report in accordance with the Corporate Sustainability Reporting Directive (CSRD) during the coming years, this requirement no longer applies following the adoption of the EU “Stop-the-Clock” directive. The VSME standard is recommended for companies that are not subject to reporting obligations (CSRD) but choose to report voluntarily, regardless of listing status, provided they remain below the applicable size thresholds and that the standard is suitable for their business.

This report is prepared on a consolidated basis for Nordic Mining, covering the combined activities of the following entities:

Nordic Mining ASA

Engebø Rutile and Garnet AS

Nordic Quartz AS

Nordic Titanium AS

Sustainability report

Strategy: Business model and sustainability

Nordic Mining is a Norwegian mineral company focused on the development and production of high-quality industrial minerals and metals for international markets. The company’s business model is based on long-term ownership of strategic mineral resources, combined with responsible extraction, efficient operations and offtake agreements. The core activity per 2025 is the Engebø Project located in Western Norway, where Nordic Mining’s subsidiary Engebø Rutile and Garnet have entered production and is currently in a ramp-up phase towards steady state operations. The Engebø Project produces natural rutile and garnet with a low carbon footprint, as the location is supported by access to renewable hydropower and a compact infrastructure with short transport distances.

The company operates in the business-to- business (B2B) market and creates value across the value chain, from exploration and extraction, to processing and delivery of mineral products to industrial customers under long-term offtake agreements, supporting long- term revenue visibility.

Sustainability is integrated into Nordic Mining’s strategy and operations, in order to contribute to the green transition through the supply of critical minerals. The company works systematically with environmental, social and governance (ESG) matters and has committed to reporting in line with the internationally recognized Towards Sustainable Mining (TSM) framework, with the first reporting in 2026 for the calendar year 2025.

Nordic Mining is committed to aligning its operations with the United Nations Sustainable Development Goals (SDGs), which provide a

The table below summarizes information about the different entities in the Group:

This report complies with the VSME disclosure requirements, with the omission of datapoints listed below as this information is not collected and available for 2025.

As 2025 is our first operational year, several data points are not yet available. Accordingly, qualitative statements on emissions represent intentions and design assumptions rather than measured performance.

global framework for addressing global challenges. The company’s sustainability goals focus on economic, environmental and social performance and guide all stages of its projects, from explora- tion and development to production and closure.

Nordic Mining’s long-term ambition is to achieve net-zero greenhouse gas emissions from its own operations, supported by energy-efficient plant design, use of renewable electricity and continuous improvement initiatives. Once robust GHG data collection exists, a transition plan will be developed.

Our strategy for ESG matters is tied to our projects and is built on four key pillars:

Business ethics and anti-corruption

Environmental and climate responsibility

Social responsibility

A safe and healthy work environment

Nordic Mining aims to create long-term, sustainable value for shareholders, customers, employees and society in line with its vision «Minerals for a sustainable future».

Practices, policies and future initiatives for transitioning towards a more sustainable economy

Nordic Mining’s approach to the transition towards a more sustainable economy is based on established policies that guide operations and governance. The Sustainability Policy provides a common framework for sustain- ability and is aligned with the UN Sustainable Development Goals and the TSM framework. This policy is supported by complementary policies on business ethics, human and labor rights, health and safety, environmental protection and ethical behavior. Responsibility for these policies rests with the Board and the Chief Executive Officer.

ENVIRONMENT AND BIODIVERSITY

We work to minimize the impacts on eco- systems and biodiversity supporting SDG 14 (Life Below Water) and SDG 15 (Life on Land) through responsible land and water manage- ment and restoration of affected areas.

ENERGY EFFICIENCY AND CLIMATE ACTION

We are committed to reducing emissions and improving energy efficiency, supporting SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Change) through energy-efficient project design and continuous improvements.

SOCIAL RESPONSIBILITY

Our people and local communities are central to our sustainability efforts, supporting SDG 3 (Good Health and Wellbeing) and SDG 11 (Sustainable Cities and Communities) through safe, inclusive and diverse workplaces and active community engagement.

Our key

customer industries

Rutile

• TI-metal

• Pigment

• Welding

• Renewable energy

Garnet

• Waterjet cutting

• Sand blasting

• Water cleaning

• Abrasives/other

The policies are translated into operational practices relating to emissions, waste and water management, biodiversity considerations, health and safety, risk management and stakeholder engagement. While not all practices are supported by targets, the company is working to further develop its sustainability framework, including clear objectives in areas such as circular resource use, greenhouse gas emissions and climate performance. This policy-based approach provides a structured foundation for the company’s ongoing efforts to operate responsibly and contribute to a gradual transition towards a more sustainable economy. The policies are available on the Company’s website www.nordicmining.com.

Double materiality assessment

Although the VSME standard does not formally require a double materiality assessment (DMA), Nordic Mining has elected to apply this approach as it provides valuable insights into sustainability priorities and strategic direction. Nordic Mining has conducted the company’s first DMA to identify and prioritize the sustain- ability topics most relevant to the company’s operations, stakeholders and regulatory obligations. The assessment was carried out in line with the VSME framework and considered information requirements from VSME, TSM, ESG reporting to our royalty holder, Orion Resource Partners, and reporting requirements

according to our emission permit. The DMA assessed sustainability matters from both an impact materiality perspective, reflecting the company’s actual or potential impacts on people and the environment across the value chain, and a financial materiality perspective, addressing sustainability matters that may affect financial and operational performance.

The assessment is based on a structured review of relevant data points. Based on the assessment, six sustainability topics have been identified as strategic areas of focus, described in the section to the right. The DMA provides a focused foundation for the company’s

sustainability priorities and reporting and will be reviewed at least annually or more frequently if significant changes occur.

ENVIRONMENT

Energy and greenhouse gas emissions

Energy use and greenhouse gas emissions are relevant to Nordic Mining’s activities, particularly

in connection with the Engebø Project as a production facility. Energy considerations have been integrated into planning, design and construction of the process plant, with the aim of supporting efficient operations over the project’s lifetime.

ENVIRONMENT

• Biodiversity and ecosystems Material due to the potential impacts of our mining and processing activities on terrestrial and marine ecosystems. The company is therefore required to conduct comprehensive environmental assessments, monitoring and implement appropriate mitigation measures.

• Pollution and GHG emissions Material as mining and processing involve energy use and emissions to air, water and soil. Effective management is necessary to limit environmental impact and ensure compliance with regulatory and operational requirements.

• Resource use, circular economy and waste Material due to significant material flows, including waste rock and tailings. Efficient resource utilization and responsible waste management are critical to minimizing environmental footprint and supporting long-term operational sustainability.

• Water and marine resources Material as operations rely on water use and involve discharges to freshwater and marine environments that may result in environmental impacts if not properly managed.

SOCIAL

• Health and safety Material due to the inherent risks associated with mining and industrial operations affecting employees and contractors.

GOVERNANCE

• Human rights and safeguards Material as the company’s responsibility extends across its own operations and value chain. This requires due diligence, ethical business conduct and compliance with applicable legislation and international standards.

Our most relevant sustainability topics

Based on the double materiality assessment, the following sustainability topics have been identified as most relevant to Nordic Mining’s operations and value creation.

Greenhouse gas emissions mainly relate to direct fuel use and indirect emissions from purchased energy and relevant value-chain activities. The company assesses its emissions and works to improve data quality and transpa- rency. Energy efficiency and use of low-emissi- on solutions are considered as part of the company’s sustainability and risk management framework. As 2025 has been the first full year of operations and marks a year of ramp-up, systems for GHG data collection and verificati- on are not in place. Accordingly, GHG emissions datapoints for 2025 are not reported and these datapoints are omitted for the 2025 report. GHG data will be disclosed once data quality and completeness are ensured.

Greenhouse gas emissions reduction targets and climate transition

Nordic Mining’s climate transition is based on a long-term ambition to reduce GHG emissions

mining operations and explosives used for ore extraction. Annual GHG emissions are estimated to be 3,085 tonnes of CO 2 eq with estimated energy consumption of 0.08TWh. The study benchmarked the Engebø Project against alternative titanium feedstocks, indicating a lower GWP profile for Engebø.

Climate risks

Nordic Mining is exposed to both physical and transition-related climate risks. Physical risks mainly relate to weather variability with extreme weather events, rising temperatures and natural disasters that can have potential impact on operations and infrastructure. Transition risks are linked to regulatory developments, reporting requirements and market expectations. Stricter environmental regulations and carbon pricing mechanisms could lead to increased operating costs, while rapid technological innovation may require adaptation to new processing methods. Climate-related risks are addressed through project design, sustain- ability governance and ongoing assessments to support long-term operational resilience.

Climate change also represents opportunities for Nordic Mining. Growing demand for critical minerals is key to technological developments and the green transition. By investing in energy efficiency, electrification and renewable energy, we can reduce emissions, lower long-term energy costs and strengthen our competitive- ness. Sustainable mining practices support strong stakeholder relationships, improve access to green financing and help future-proof

from operations and to improve energy efficiency. The company’s stated ambition for the Engebø Project is net-zero emissions from its operations. The Engebø Project is designed to benefit from renewable power and a compact infrastructure where the mine is located just a few hundred meters from the process plant and port, meaning a tight infrastructure with minimal transportation, hence supporting a lower operational footprint.

To evaluate the GHG emissions from our rutile production, an independent life cycle assess- ment (LCA) covering scope 1, 2 and 3 emissions from production covering all stages from extraction to final product, was performed by Minviro 1 in 2022. The assessment deter- mined a global warming potential (GWP) of 0.17 kg CO 2 equivalents per kg product concentrate, with the main contributors to the carbon footprint being diesel consumption in

our operations while contributing to a more sustainable development.

Pollution of air, water and soil

Nordic Mining’s activities impact air, water and soil and the company work systematically to prevent, reduce and control pollution from its operations. As 2025 has been the first full year of operations and marks a year of ramp-up, the datapoints for pollution have been omitted for the 2025 report. Data on pollutants will be disclosed once data quality and completeness are ensured.

Our main sources of air emissions are related to mining activities, including the use of diesel- powered equipment and explosives. We seek to limit air pollution through efficient mine planning, modern equipment and continuous improvements in energy efficiency, electrification and operational practices.

Water management is a key focus area. We know that our operations may have direct and indirect impacts on water and marine resources. The company applies strict controls for water discharge and tailings, supported by monitoring systems and regular measurements to protect surrounding water bodies and ensure compliance with applicable permits and regulations.

Potential impacts on soil are linked to extraction activities and waste rock handling. To ensure proper management of waste rock, we have implemented a Waste Management Plan, aligned with EU’s best available techniques for extractive waste management. 2 This ensures

Minviro (2022), Prospective Life Cycle Assessment Study of Nordic Mining’s Natural Rutile Project at Engebø.

2. European Commission Reference Document on Best Available Techniques for Management of Waste from the Extractive Industries, in accordance with Directive 2006/21/EC 2018.

that the right measures are in place to minimize environmental impact. We are also exploring opportunities for re-use of waste materials.

Through a precautionary approach, continuous monitoring and compliance with environmental permits, the company aims to limit pollution to air, water and soil and to reduce our environ- mental footprint over time.

Biodiversity

Our operations directly impact biodiversity and ecosystems. These impacts are primarily related to activities in and around freshwater bodies and the fjord receiving tailings from the processing plant. The company applies a precautionary approach to biodiversity management, with a strong emphasis on monitoring, data collection and analyses to minimize environmental impact.

To assess how our operations affect marine ecosystems, biodiversity and surrounding habitats, we have an in-depth environmental monitoring program in place. Monitoring activities include both monthly and quarterly measurements of airborne dust, as well as water quality and potential emissions to the fjord surface water and fresh-water bodies. Water samples are collected, analyzed and registered monthly and reported annually to the Norwegian Environment Agency (Miljø- direktoratet) through their portal ”Vannmiljø”.

In addition, targeted marine monitoring has been conducted to assess the condition of the fjord, including soft and hardbottom habitats, sediment conditions and biodiversity using seabed sampling and ROV surveys. Baseline studies completed in 2024, prior to production start-up, provide a reference for assessing observed changes and supporting an evidence-

based and adaptive approach to biodiversity management.

Based on monitoring results from 2025, a particle cloud related to the tailings deposition has been observed in the fjord. The particle cloud is located at approximately 250 meters depth, and measured particle concentrations are below the defined threshold levels. The company has used this knowledge to imple- ment operational improvements aimed at reducing particle resuspension and dispersion, including the development of updated deposition procedures and adjustments to slurry characteristics. These measures form part of a continuous optimization process to minimize environmental impact.

Nordic Mining has a strong focus on bio- diversity. A Biodiversity Action Plan is in place to guide actions to avoid, reduce, restore and compensate biodiversity impacts. The plan also includes a system for tracking biodiversity performance through “nature points”, covering both terrestrial and marine ecosystems.

A selection of biodiversity related actions performed in 2025, including monitoring, mitigation and optimization measures, is presented in the table on the next page.

Water and marine resources

Water is a critical resource for Nordic Mining’s operations, as it is essential for transporting minerals through the process plant for separation. Our activities affect water resources through water use and discharges that may impact local water bodies and the marine environment, potentially causing disturbances in aquatic habitats and biodiversity.

To understand and manage these impacts, Nordic Mining has developed a Water Stewardship Program in collaboration with external experts. The program is based on a Water Balance Model, a Water Impact Assessment and a Water Management Plan, and provides a structured framework for responsible water use and discharge manage- ment across operations. One key measure includes reducing discharges of contaminated water from the waste rock deposit and sedimentation pond by redirecting water for reuse in the processing plant.

The Company’s operations are supplied by two main water sources: seawater and land-based water. Seawater is treated through an on-site reverse osmosis (RO) facility, while land-based water consists of both groundwater and recycled process water recovered from the sedimentation pond through the on-site water treatment system.

Due to the start-up phase of operations, the reported figures are considered estimates and are subject to a degree of uncertainty. Nordic Mining has established improved routines for water monitoring going forward to enhance data quality and accuracy for future reporting.

Nordic Mining does not operate in areas of high water-stress. Our operations are located in Førde and Oslo in Norway, which are classified as low to medium water-stress areas according to the WRI Aqueduct Water Risk Atlas.

Resource use, circular economy and waste management

One of the key challenges in the mining industry is finding sustainable ways to manage extractive waste. Nordic Mining’s operations involve significant use of natural resources and

generate waste streams related to mining and processing activities. The main material flows consist of waste rock from the mine and tailings from the processing plant, in addition to general waste. In accordance with our operating license issued by the Directorate of Mining (DirMin), waste rock is deposited at a land-based disposal site, while tailings are deposited in the fjord in line with the applicable permit.

Waste management focuses on minimizing environmental impact through proper handling, sorting and disposal of waste streams. Waste volumes, handling practices and disposal methods are monitored and reported in accordance with permit conditions. In line with the principles of the circular economy, the company seeks to prioritize waste reduction and explore opportunities for reuse or recycling of materials where technically and environ- mentally feasible. For 2025, approximately 84 % of the general waste was diverted to recycling or reuse, all of which was material recovered. The remaining 16 % was sent to energy recovery, with zero waste disposed to landfill.

SOCIAL

Workforce characteristics

Employees are Nordic Mining’s most important resource, and the company is committed to providing a safe, inclusive and respectful working environment. The workforce consists of employees with diverse backgrounds, skills and experience, and the company values equal opportunities and fair treatment regardless of

gender, nationality, background or other personal characteristics. Recruitment is based on competence, suitability for the role and alignment with the company’s values, with a preference for permanent employment where possible. Through a focus on employee development, engagement and responsible workforce management, Nordic Mining seeks to retain competence, support long-term employment relationships and ensure that employees can work safely and sustainably.

Human rights

Nordic Mining is committed to respecting human rights and conducting its operations in accordance with applicable laws, ethical standards and internationally recognized principles. The company’s Code of Conduct, supported by its sustainability policy, sets clear expectations for responsible behavior, non

discrimination and respect for human rights across its own workforce, contractors and suppliers as it covers child and forced labor, human trafficking, discrimination and occupational health and safety.

Nordic Mining’s responsibility extends throughout the value chain, and human rights due diligence is carried out in line with the Norwegian Transparency Act, covering suppliers and business relationships. The Group’s work with the Norwegian Transparency Act is reported annually and published within 30 June each year on the Company’s website www.nordicmining.com .

Mechanisms are in place to report concerns related to unethical conduct or potential human rights breaches, including issues affecting employees or workers in the value chain, through

an established whistleblowing channel. These processes are intended to ensure transparency, accountability and appropriate follow up. Based on the information available, Nordic Mining is not aware of any confirmed severe human rights incidents of child or forced labor, human trafficking, discrimination or other topics within its own operations, value chain, affected communities or end-users during the reporting period.

Engagement with affected communities and stakeholders is central for Nordic Mining. The company has established regular dialogue mechanisms to ensure transparency, information sharing and the opportunity for stakeholders to raise concerns. This includes bi annual meetings with a local Resource Group, as well as quarterly neighborhood meetings in Vevring and Kvammen.

Feedback and concerns raised through these forums are considered as part of the company’s ongoing assessment of social and environmental impacts. Nordic Mining remains committed to maintaining an open and respectful dialogue and to continuously improving its engagement with local communities throughout the life of the mine.

Health and safety

Health and safety are fundamental to Nordic Mining’s operations, particularly given the risks associated with mining and industrial activities. The company works systematically with HSE to prevent injuries, accidents and occupational illness and to promote a safe and healthy workplace for both employees and contractors. This includes established procedures, training and regular follow-up.

Nordic Mining seeks to foster a safety driven culture where HSE considerations are integrated into daily operations and contractor management. The company places emphasis on both physical safety and employee well being and remains committed to maintaining high health and safety standards and continuously improving its HSE practices.

Remuneration, collective bargaining and training

Nordic Mining seeks to offer fair and competitive remuneration in line with applicable laws and market conditions. In Norway, there is set a minimum wage for a total of nine sectors. The

mining sector is not included in this overview, but all employees of the company are paid above the minimum wage for these nine sectors. No employees at Nordic Mining are covered by collective bargaining agreements. Even though no employees are covered by collective bargaining agreements through the union, the Company has facilitated a local collective agreement with the elected employ- ee representative in line with the collective agreement through the union.

Employee competence and skills development are essential to safe and efficient operations in a technically demanding industry. Nordic Mining provides training and onboarding adapted to employees’ roles and responsibilities, with parti- cular emphasis on health and safety, operational requirements and regulatory compliance.

Through responsible remuneration practices, social dialogue and continuous competence development, Nordic Mining aims to support employee engagement, retention and long term value creation for both the company and its workforce.

GOVERNANCE

Nordic Mining is committed to responsible business conduct, ethical behavior and compliance with applicable laws and regulati- ons. The Company’s governance framework is based on its Code of Conduct and supporting policies covering anti corruption, transparency,

7. The rate of recordable work-related incidents is calculated as the number of recordable work-related incidents divided by the total number of hours worked during the reporting period, multiplied by 200 000, as defined in VSME. The reported rate of recordable work-related accidents reflects a strong reporting culture supported by comprehensive welfare arrangements at both company and national level. The incidents resulted in days away from work and medical treatment for the employees in question. None of the incidents during the reporting period led to long-term-absence.

human rights and accountability. The disclosures below address key governance related matters in line with the VSME standard.

Convictions and fines for corruption and bribery

Nordic Mining is committed to responsible business conduct and to conducting its business with integrity and in compliance with applicable anti corruption and anti bribery laws and regulations. The Company’s Code of Conduct and ethics framework set clear expectations for responsible business conduct, including zero tolerance for bribery, corruption and other unethical practices. These principles apply to employees, management and relevant business partners.

Nordic Mining has not been subject to any convictions or fines related to violations of anti corruption or anti bribery legislation during the year 2025 or any year before this period. Mechanisms are in place to report suspected misconduct, supporting transparency, accountability and compliance across the organization.

Revenues from certain sectors and exclusion from EU reference benchmarks

As Nordic Mining’s business model concerns exploration, extraction, processing and delivery of mineral products, the company is not active in any of the following sectors listed in the VSME standard:

The production or trade of controversial weapons

The cultivation and production of tobacco

The fossil fuel sector

The manufacturing of pesticides and other agrochemical products

Moreover, Nordic Mining is not excluded from any EU reference benchmarks aligned with the Paris Agreement.

Gender diversity ratio in the governance body

For 2025, our gender diversity ratio in our Board of Directors stands at 40 %, with two women among our five board members, and at 0 % in the management team at Group level. In the management team at Engebø, the gender diversity ratio is at 38 %, with three women amongst the eight people in the management team. The company recognizes

the importance of gender diversity in leadership roles and continues to consider diversity aspects in board and management appointments.

SUMMARY