olivLaw · European equity research
Nordic Mining ASA NOM.OL
Norway · Euronext Oslo Børs · ISIN NO0013162693 · Vertical: Listed companies from Norway
Nordic Mining ASA develops a mining project in Norway at Engebø, where 2025 was the first full year of operations and a ramp-up year. The company is closely watched for how it manages tailings deposition in the fjord and its impact on water and biodiversity.
At the close of 06 Nov 2026, Nordic Mining ASA (NOM.OL) stock was 1.00 NOK (+38.89% on the day), with market capitalisation 108.4 m NOK, beta 0.42, 52-week range 0.45–18.28 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 0.29 – 0.94
- above the upper band · %B 1.10 · band width 106.2%
- SMA 50 / 200
- 1.20 / 6.99
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.4% | −0.6% | +7.0 pp | — |
| 3 months | −60.8% | −4.2% | −56.6 pp | — |
| 6 months | −91.4% | +4.3% | −95.7 pp | — |
| Year to date | −94.5% | +7.5% | −102.0 pp | — |
| 1 year | −92.7% | +9.9% | −102.6 pp | −4.7% |
| 3 years | −92.8% | +49.8% | −142.7 pp | +12.7% |
| 5 years | −97.3% | +42.8% | −140.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | 0 | 4.8 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -46.1 m | -115.0 m | -437.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.51 | -1.06 | -4.04 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -9,171.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 982.8 m NOK
- Total assets
- 3.3 bn NOK
- Debt / equity
- unavailable
- Current ratio
- 2.35x
- ROE
- -36.6%
- ROA
- -13.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 0 | 4.8 m | esef· 21 Oct 2026verified |
| Operating income | -46.5 m | -54.6 m | -453.3 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | — | 2.7 m | 107.8 m | esef· 21 Oct 2026verified |
| EBITDA | — | -51.9 m ≈ | -345.6 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 55.0 m | 3.1 m | 290.5 m | esef· 21 Oct 2026verified |
| Pre-tax income | -46.1 m | -115.0 m | -437.9 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | -46.1 m | -115.0 m | -437.9 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.51 | -1.06 | -4.04 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 643.4 m | 467.4 m | — | esef· 21 Oct 2026verified |
| Receivables | 30.6 m | 27.7 m | 32.3 m | esef· 21 Oct 2026verified |
| Inventories | — | 10.0 m | 61.7 m | esef· 21 Oct 2026verified |
| Current assets | 1.7 bn | 505.1 m | 442.9 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 21.6 m | esef· 21 Oct 2026verified |
| Total assets | 3.1 bn | 3.3 bn | 3.3 bn | esef· 21 Oct 2026verified |
| Current liabilities | 180.8 m | 201.2 m | 188.1 m | esef· 21 Oct 2026verified |
| Total liabilities | 1.6 bn | 1.8 bn | 2.3 bn | esef· 21 Oct 2026verified |
| Equity | 1.5 bn | 1.4 bn | 982.8 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 90.4 m | 108.5 m | 108.4 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 108.4 m NOK
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -9,171.6% | 5 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.6x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NORDIC MINING ASA (NOM.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.8 m NOK in 2025; net margin -9,171.6%; ROE -36.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- Net margin: -9,171.6%
- Interest coverage: -1.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| NOM.OLNordic Mining Asa | 108.4 m | — | -36.6% | -9,171.6% | unavailable | −94% / −94% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for NOM.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nordic Mining ASA develops a mining project in Norway at Engebø, where 2025 was the first full year of operations and a ramp-up year. The company is closely watched for how it manages tailings deposition in the fjord and its impact on water and biodiversity 1.
SWOT
Strengths
- The company runs a detailed environmental monitoring programme with baselines set before start-up, supporting data-based decisions.
- The water and waste reuse strategy reduces pressure on local resources.
- Relations with local communities are structured through a resource group and regular meetings.
Weaknesses
- Pollutant data was not published in the 2025 report due to incomplete data quality.
- The company is still in start-up, and some reported figures are estimates with a degree of uncertainty.
- Tailings deposition in the fjord requires continuous optimisation to limit the impact.
Opportunities
- Electrification of equipment could reduce operational emissions as solutions become feasible.
- Reuse of waste rock could open new waste valorisation streams.
- Stronger sustainability reporting could build confidence among investors and authorities.
Threats
- Changes in regulatory requirements could generate additional compliance costs.
- Impact on marine biodiversity could bring restrictions if monitoring shows deterioration.
- Opposition from local communities could delay permitting or expansion.
Risks
- Impact on the fjordhigh
Tailings deposition in the fjord could affect sediments and fauna, and a particle cloud has already been observed at about 250 metres depth 1.
- Permit compliancemedium
Meeting discharge conditions and environmental permits could become more costly if requirements tighten 1.
- Environmental data qualitymedium
Pollutant data was omitted for 2025, which could limit confidence in environmental reporting until the series is complete 1.
- Water managementlow
Estimates of water use and discharge are reported with uncertainty, and corrections could change consumption figures 1.
- Workforce dependencelow
Staff turnover and reliance on a few key employees could affect operational continuity 1.
Investment thesis
What would need to be true (bull case)
- If production stabilises after start-up, the company could capitalise on infrastructure and monitoring investments already made.
- Water and waste reuse could lower operating costs and support a sustainability profile that is valued by stakeholders.
- Partial fleet electrification could improve the emissions profile and attract ESG-sensitive financing.
What would break the thesis
- If fjord monitoring shows larger effects than estimated, the company could be forced to change its deposition method, with added costs.
- The lack of complete pollutant data could delay recognition of environmental performance and weigh on authority confidence.
- Regulatory processes and local opposition could delay expansion, which could limit growth.
What to watch
- Results of fjord particle and sedimentation monitoring2027
- Stabilisation of production volume after start-up2027
- Progress of the equipment electrification evaluation2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Nordic Mining ASA operates a mining project at Engebø in Norway, with operations in Førde and offices in Oslo 1. Fiscal 2025 was the first full year of operations and a ramp-up year, which is why pollution datapoints were omitted from the report until data quality is ensured 1. Processing requires water, supplied by seawater treated through an on-site reverse osmosis facility and recycled water from the sedimentation pond 1.
The main material flows are waste rock from the mine, deposited on land under the operating licence, and tailings from the processing plant, deposited in the fjord under the applicable permit 1. At the end of 2025 the company reported 102 employees, including 22 women, 80 men and 13 nationalities represented 1.
Activities are governed by a sustainability framework aiming at long-term net-zero operational emissions, electrification where feasible and intensive monitoring of the marine environment, with data reported annually to Norwegian authorities 1.
Segments
Extraction and processing at Engebø
The core segment covers mineral extraction and processing in the plant, which uses water for transport and separation 1.
Waste and water management
This segment covers waste rock deposition, water reuse and recycling of general waste, of which approximately 84 % was diverted to recycling or reuse in 2025 1.
Market context
The annual report does not detail prices or demand for the company's products, so the market analysis rests mainly on the Norwegian regulatory and environmental context 1. Norwegian authorities monitor water quality through data the company submits, making the regulatory environment an important factor 1.
European reference documents on best available techniques for extractive waste serve as the benchmark for the waste management plan 1. If reporting or permit requirements change, compliance costs could rise.
Trends
- Electrification of operationstailwind
The company is evaluating electrification of diesel equipment, which could reduce operational emissions if solutions become technically feasible 1.
- Stricter environmental regulationheadwind
Intensive monitoring and annual reporting of water and biodiversity data could become harder to meet during start-up conditions 1.
- Water and waste reusetailwind
Redirecting sedimentation pond water to processing and exploring waste rock reuse could reduce freshwater demand and waste volumes 1.
- Particle cloud in the fjordmixed
A particle cloud linked to tailings deposition has been observed in the fjord, and operational changes could reduce the impact if monitoring results remain favourable 1.
Competitive position
The annual report does not identify direct competitors; the market for titanium and rutile minerals is however dominated by a few global producers, whose presence could influence prices 1.
The project's relative advantage could lie in its location in Norway and in a well-known regulatory system, but the lack of comparative data in the source limits the assessment 1.
- Global rutile and ilmenite producers
Companies in Australia, South Africa and Asia supplying the global market; not named in the source, so identification is general.
- Scandinavian industrial mineral producers
Operators in Scandinavia with similar extraction and regulatory activities, mentioned only in general terms.
- European titanium mineral suppliers
European companies competing in pigment feedstock, without details in the source provided.
- Asian titanium producers
Players in Asia with significant processing capacity, whose share could matter in price competition.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202421 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Nordic Mining ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.