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"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS \u00a0
NOTE 1 - GENERAL INFORMATION \u00a0
Nordic Mining ASA
(\u201cthe Company\u201d) and its
subsidiaries (together \u201cthe Group\u201d) is engaged in
the exploration for and development of projects
for high-end industrial minerals and metals. The
address to Nordic Mining\u2019s o\ufb03ce is Munkedams- \u00a0
veien 45, N-0250 Oslo, Norway.
These \ufb01nancial \u00a0
statements were approved for issue by the Board \u00a0
of Directors on 25 April 2023. \u00a0
NOTE 2 - SUMMARY OF SIGNIFICANT \u00a0
ACCOUNTING PRINCIPLES \u00a0
Basis of preparation \u00a0
The principal accounting policies applied in the \u00a0
preparation of these consolidated \ufb01nancial \u00a0
statements are set out below. These policies have \u00a0
been consistently applied unless otherwise stated. \u00a0
The consolidated \ufb01nancial statements of Nordic \u00a0
Mining ASA have been prepared in accordance with \u00a0
International Financial Reporting Standards (IFRS) \u00a0
as adopted by the European Union. \u00a0
The consolidated \ufb01nancial statements have been \u00a0
prepared under the historical cost convention with \u00a0
some exceptions outlined below; the main \u00a0
exceptions being Financial investments and \u00a0
Convertible loan at fair value through pro\ufb01t or loss. \u00a0
The annual accounts are based on the going \u00a0
concern assumption. \u00a0
Going concern assumption \u00a0
The Group has historically used equity \ufb01nancing to \u00a0
\ufb01nance research, operations, purchase of licenses \u00a0
and other investments. In order to secure \ufb01nancing \u00a0
of the Engeb\u00f8 project, the Group has in 2022 issued \u00a0
a bond loan and a convertible loan in addition to \u00a0
divesting its investment in Keliber. At the date of \u00a0
these annual \ufb01nancial statements the Group has fully \u00a0
\ufb01nanced the Engeb\u00f8 Rutile and Garnet Project. The \u00a0
project \ufb01nancing comprises of equity, debt, and \u00a0
royalty \ufb01nancing. For more information on liquidity \u00a0
risk see Board of Directors\u2019 report and note 20. \u00a0
Signi\ufb01cant accounting judgments, estimates \u00a0
and assumptions \u00a0
The preparation of the Group\u2019s \ufb01nancial state- \u00a0
ments requires Management to make judgments, \u00a0
estimates and assumptions that a\ufb00ect the \u00a0
reported amounts of revenues, expenses, assets \u00a0
and liabilities, and the disclosure of contingent \u00a0
liabilities, at the reporting date. However, \u00a0
uncertainty about these assumptions and \u00a0
estimates could result in outcomes that could \u00a0
require a material adjustment to the carrying \u00a0
amount of the asset or liability. \u00a0
Key areas of judgement and estimation uncertainty: \u00a0
\u2022
Impairment of non-\ufb01nancial assets \u00a0
(Note 11 and 12): \u00a0
The Group reviews whether its non-\ufb01nancial \u00a0
assets have su\ufb00ered any impairment whenever \u00a0
events or changes in circumstances indicate \u00a0
that the carrying amount may not be recoverable. \u00a0
An asset is wri\ua881en down to its recoverable \u00a0
amount when the recoverable amount is lower \u00a0
than the carrying value of the asset. The \u00a0
recoverable amount is the higher of fair value \u00a0
less expected cost to sell and value in use (present \u00a0
value based on the future use of the asset). \u00a0
All impairment assessments require a high \u00a0
degree of estimation, including assessments of \u00a0
expected future cash \ufb02ows from the cash \u00a0
generating unit and the estimation of applicable \u00a0
discount rates. Impairment testing requires \u00a0
long-term assumptions to be made concerning \u00a0
a number of economic factors such as future \u00a0
production levels, market conditions, production \u00a0
expense, discount rates and political risk among \u00a0
others, in order to establish relevant future \u00a0
cash \ufb02ow estimates. There is a high degree of \u00a0
reasoned judgement involved in establishing \u00a0
these assumptions and in determining other \u00a0
relevant factors. \u00a0
\u2022
Classi\ufb01cation of bond loan and Bond Escrow \u00a0
(Note 15): \u00a0
The Group issued in 2022 a USD 100 million \u00a0
senior secured bond. The proceeds from the \u00a0
bonds will following satisfaction of certain \u00a0
pre-disbursement conditions precedent, \u00a0
including conditions of the full amount of equity \u00a0
\ufb01nancing and royalty \ufb01nancing having been \u00a0
spent towards the development and construction \u00a0
of the Engeb\u00f8 Project, be released in three \u00a0
tranches from the Bond Escrow account. The bonds \u00a0
are until satisfaction of the pre-disbursement \u00a0
conditions precedent results in drawdown of \u00a0
the bond proceeds from the bond escrow \u00a0
account classi\ufb01ed as a current liability in the \u00a0
statement of \ufb01nancial position. The restricted \u00a0
cash balances from the bonds are classi\ufb01ed as \u00a0
\u201cBond Escrow\u201d in the consolidated statement of \u00a0
\ufb01nancial position and will \ufb01rst be recognized as \u00a0
cash in the consolidated statement of \ufb01nancial \u00a0
position once the funds are released from the \u00a0
escrow account. Interest expenses up to the \u00a0
satisfaction of the condition of the Engeb\u00f8 \u00a0
Project being fully \ufb01nanced are recognized as \u00a0
expense in the income statement at amortized \u00a0
cost using the e\ufb00ective interest-rate method. \u00a0
The conditions were satis\ufb01ed on 8 March 2023. \u00a0
Following the satisfaction of the \ufb01nancing \u00a0
conditions, borrowing costs related to the bond \u00a0
loan a be capitalized as part of \u201cMine under \u00a0
construction\u201d at amortized cost using the \u00a0
e\ufb00ective interest-rate method. \u00a0
\u2022
Valuation of convertible loan (Note 19): \u00a0
The Group entered in 2022 into a convertible \u00a0
loan with a local investor group. The loan is \u00a0
measured at fair value with changes in the fair \u00a0
value recognized in the income statement. \u00a0
As there is no observable market price for the \u00a0
convertible loan, the Group is assessing the fair \u00a0
value of the convertible loan using valuation \u00a0
techniques. Fair value is the price that would be \u00a0
received to divest the convertible loan in an \u00a0
orderly transaction between market participants \u00a0
at the measurement date. The fair value of the \u00a0
convertible loan is measured using the \u00a0
assumptions that market participants would \u00a0
use when pricing the loan. The Group uses \u00a0
valuation techniques that are appropriate in the \u00a0
circumstances and for which su\ufb03cient data are \u00a0
available to measure fair value, maximizing the \u00a0
use of relevant observable inputs and minimizing \u00a0
the use of unobservable inputs. The determination \u00a0
of the fair value of the convertible loan still \u00a0
requires signi\ufb01cant judgment from management. \u00a0
The valuation of the convertible loan has been \u00a0
based on level 3 inputs in the fair value hierarchy. \u00a0
As there were no observable market price for \u00a0
the convertible loan at year end 2022, the fair \u00a0
value of the loan is based on Management\u2019s \u00a0
internal assessment of the market value at year \u00a0
end, see note 19 for further information. \u00a0
Basis for consolidation \u00a0
The consolidated \ufb01nancial statements comprise \u00a0
the \ufb01nancial statements of the Company and its \u00a0
subsidiaries. Control is achieved when the Group is \u00a0
exposed, or has rights, to variable returns from its \u00a0
involvement with the investee, and has the ability \u00a0
to a\ufb00ect those returns through its power over the \u00a0
investee. Speci\ufb01cally, the Group controls an \u00a0
investee if, and only if, the Group has: \u00a0
\u2022
Power over the investee (i.e. existing rights that \u00a0
give it the current ability to direct the relevant \u00a0
activities of the investee) \u00a0
\u2022
Exposure, or rights, to variable returns from its \u00a0
involvement with the investee \u00a0
\u2022
The ability to use its power over the investee to \u00a0
a\ufb00ect its returns \u00a0
The subsidiaries include Nordic Rutile AS, Nordic \u00a0
Ocean Resources AS, and Nordic Quartz AS, all 100% \u00a0
owned and located in Oslo. The accounting principles \u00a0
of the subsidiaries have been changed when \u00a0
necessary to ensure consistency with the policies \u00a0
adopted by the Group. All intra-group transactions, \u00a0
balances, income and expenses are eliminated. \u00a0
Business combinations \u00a0
The acquisition method of accounting is used to \u00a0
account for the acquisition of businesses and \u00a0
subsidiaries by the Group. The cost of an acquisition \u00a0
is measured as the fair value of the assets given, \u00a0
equity instruments issued, and liabilities incurred \u00a0
or assumed at the date of exchange. Identi\ufb01able \u00a0
assets acquired, and liabilities and contingent \u00a0
liabilities assumed in a business combination are \u00a0
measured initially at their fair values at the acquisition \u00a0
date, irrespective of the extent of any non-controlling \u00a0
interest. The excess of the cost of acquisition over \u00a0
the fair value of the Group\u2019s share of the identi\ufb01able \u00a0
net assets acquired is recorded as goodwill. \u00a0
Directly a\ua881ributable transaction costs related to \u00a0
business combinations are expensed as incurred. \u00a0
Foreign currency translation \u00a0
Functional and presentation currency \u00a0
NOK is the functional currency of the parent and the \u00a0
presentation currency of the Group. Assets and \u00a0
liabilities in foreign entities, including goodwill and \u00a0
fair value adjustments related to business \u00a0
combinations are translated to NOK at the \u00a0
exchange rate at the balance sheet date. Revenues, \u00a0
expenses, gains and losses are translated using the \u00a0
average exchange rate during each quarterly \u00a0
period. Translation adjustments are recognized \u00a0
directly to Other Comprehensive Income. \u00a0
Transactions and balances \u00a0
Transactions in foreign currencies are initially \u00a0
recorded by the Group\u2019s entities at their respective \u00a0
functional currency spot rates at the date the \u00a0
transaction \ufb01rst quali\ufb01es for recognition. Monetary \u00a0
items denominated in foreign currencies are \u00a0
translated at the exchange rate at the balance \u00a0
sheet date. Foreign exchange gains and losses \u00a0
resulting from the se\ua881lement of such transactions \u00a0
and from the translation at year-end exchange rates \u00a0
of monetary assets and liabilities denominated in \u00a0
foreign currencies are recognized as \ufb01nance income \u00a0
or \ufb01nance expense in the income statement. \u00a0
Acquisition of mining and mineral properties and \u00a0
exploration and development of such properties \u00a0
IFRS 6 \u201cExploration for and evaluation of mineral \u00a0
resources\u201d requires that exploration and evaluation \u00a0
assets are classi\ufb01ed as tangible or intangible \u00a0
according to the nature of the assets acquired. \u00a0
Some exploration and evaluation assets should be \u00a0
classi\ufb01ed as intangibles, such as drilling rights and \u00a0
capitalized exploration cost. When technical \u00a0
feasibility and commercial viability of extracting a \u00a0
mineral resource is demonstrable, the assets \u00a0
should be re-classi\ufb01ed as \u201dMine under construction\u201d. \u00a0
Evaluation and exploration assets that are \u00a0
classi\ufb01ed as intangible assets are tested for \u00a0
impairment prior to reclassi\ufb01cation. \u00a0
Exploration and development for mineral properties \u00a0
The Group employs the successful e\ufb00orts method \u00a0
to account for exploration and development cost. \u00a0
All exploration cost, with the exception of \u00a0
acquisition cost of licenses and direct drilling cost \u00a0
of exploration wells is expensed as incurred. \u00a0
Drilling costs are temporarily capitalized pending \u00a0
the evaluation of the potential existence of mineral \u00a0
reserves. If reserves are not found, or if discoveries \u00a0
are assessed not to be technically and commercially \u00a0
recoverable, the drilling costs are expensed. Cost \u00a0
of acquiring licenses is capitalized and assessed \u00a0
for impairment at each reporting date. \u00a0
Mine under construction \u00a0
During 2022, Evaluation and exploration assets \u00a0
related to Engeb\u00f8 was reclassi\ufb01ed in the balance \u00a0
sheet to Mine under construction. The Group\u2019s \u00a0
accounting policy is to test Evaluation and \u00a0
exploration assets for impairment and transfer to \u00a0
Mine under construction as soon as a project has \u00a0
been sanctioned for construction. A\ua882er transfer of \u00a0
the evaluation and exploration assets, all subsequent \u00a0
expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. A\ua882er production \u00a0
starts, all costs included in Mine under construction \u00a0
are transferred to the category \u2018Producing mine\u2019. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. \u00a0
Property, plant and equipment \u00a0
The Group\u2019s property, plant and equipment, \u00a0
consisting of machinery and equipment, are \u00a0
recorded at cost less accumulated depreciation. \u00a0
Acquisition cost include cost directly a\ua881ributable \u00a0
to the acquisition of the asset. \u00a0
Subsequent cost is included in the asset\u2019s carrying \u00a0
amount or recognized as a separate asset, as \u00a0
appropriate, only when it is probable that future \u00a0
economic bene\ufb01ts associated with the item will \u00a0
\ufb02ow to the Group and the cost of the item can be \u00a0
measured reliably. All other repairs and maintenance \u00a0
cost are expensed as incurred. \u00a0
An item of property, plant and equipment is \u00a0
de-recognized upon disposal or when no future \u00a0
economic bene\ufb01ts are expected from its use or \u00a0
disposal. Any gain or loss arising on de-recognition \u00a0
of the asset is calculated as the di\ufb00erence \u00a0
between the net disposal proceeds and the \u00a0
carrying amount of the asset and is presented as a \u00a0
net gain or net loss in the income statement. \u00a0
Depreciation is calculated on a straight-line basis \u00a0
over the useful life of the asset (land is not \u00a0
depreciated): \u00a0
\u2022
Machinery and equipment: 4-10 years \u00a0
The asset\u2019s useful life and residual amount are \u00a0
reviewed on an annual basis and revised if \u00a0
necessary. The carrying amount of the asset is \u00a0
wri\ua881en down to recoverable amount when the \u00a0
carrying amount is higher that the estimated \u00a0
recoverable amount (further details are \u00a0
provided under \u201cImpairment of non-\ufb01nancial \u00a0
assets\u201d below). \u00a0
Impairment of non-\ufb01nancial assets \u00a0
Intangible assets that have an inde\ufb01nite useful life \u00a0
or intangible assets not yet available for use are \u00a0
not subject to amortization and are tested annually \u00a0
for impairment. Assets that are subject to \u00a0
amortization are reviewed for impairment \u00a0
whenever events or changes in circumstances \u00a0
indicate that the carrying amount may not be \u00a0
recoverable. An impairment loss is recognized \u00a0
for the amount by which the asset\u2019s carrying \u00a0
amount exceeds its recoverable amount. The \u00a0
recoverable amount is the higher of an asset\u2019s fair \u00a0
value less cost to sell and value in use. For the \u00a0
purposes of assessing impairment, assets are \u00a0
grouped at the lowest levels for which there are \u00a0
separately identi\ufb01able cash \ufb02ows (cash- \u00a0
generating units). Non-\ufb01nancial assets other than \u00a0
goodwill that su\ufb00ered impairment are reviewed for \u00a0
possible reversal of the impairment at each \u00a0
reporting date. \u00a0
Government grants \u00a0
Government grants are recognized where there is \u00a0
reasonable assurance that the grant will be \u00a0
received, and all a\ua881ached conditions will be \u00a0
complied with. When the grant relates to an \u00a0
expense item, it is recognized as income on a \u00a0
systematic basis over the periods that the related \u00a0
costs, for which it is intended to compensate, are \u00a0
expensed. When the grant relates to an asset, it is \u00a0
recognized as income in equal amounts over the \u00a0
expected useful life of the related asset. \u00a0
Leases (as lessee) \u00a0
The Group adopted IFRS 16 \u2013 Leases from 1 \u00a0
January 2019. IFRS 16 sets out the principles for \u00a0
recognition, measurement, presentation and \u00a0
disclosures of leases. IFRS 16 de\ufb01nes a lease as a \u00a0
contract that conveys the right to control the use \u00a0
of an identi\ufb01ed asset for a period of time in exchange \u00a0
for consideration. For each contract that meets this \u00a0
de\ufb01nition, IFRS 16 requires lessees to recognize a \u00a0
right-of-use asset and a lease liability in the \u00a0
balance sheet with certain exemptions for short \u00a0
term and low value leases. Lease payments are to \u00a0
be re\ufb02ected as interest expense and a reduction of \u00a0
lease liabilities, while the right-of-use assets are to \u00a0
be depreciated over the shorter of the lease term \u00a0
and the assets\u2019 useful life. Lease liabilities are \u00a0
measured at the present value of remaining lease \u00a0
payments, discounted using the Group\u2019s calculated \u00a0
borrowing rate. Right-of-use assets are measured \u00a0
at an amount equal to the lease liability. \u00a0
Financial assets \u00a0
Initial recognition and measurement: \u00a0
Financial assets are classi\ufb01ed, at initial recognition, \u00a0
as subsequently measured at amortized cost, fair \u00a0
value through other comprehensive income (OCI) \u00a0
and fair value through pro\ufb01t or loss. \u00a0
Financial assets at fair value through pro\ufb01t \u00a0
or loss: \u00a0
Financial assets at fair value through pro\ufb01t or loss \u00a0
include \ufb01nancial assets held for trading, \ufb01nancial \u00a0
assets designated upon initial recognition at fair \u00a0
value through pro\ufb01t or loss, or \ufb01nancial assets \u00a0
mandatorily required to be measured at fair value. \u00a0
Financial assets are classi\ufb01ed as held for trading if \u00a0
they are acquired for the purpose of selling or \u00a0
repurchasing in the near term. Derivatives, \u00a0
including separated embedded derivatives, are \u00a0
also classi\ufb01ed as held for trading unless they are \u00a0
designated as e\ufb00ective hedging instruments. \u00a0
Financial assets with cash \ufb02ows that are not solely \u00a0
payments of principal and interest are classi\ufb01ed \u00a0
and measured at fair value through pro\ufb01t or loss. \u00a0
Receivables \u00a0
Receivables are recognized initially at fair value and \u00a0
subsequently measured at amortized cost using the \u00a0
e\ufb00ective interest method, less provision for \u00a0
impairment. \u00a0
Cash and cash equivalents \u00a0
Cash and short-term deposits in the balance sheet \u00a0
comprise cash at banks and other short-term highly \u00a0
liquid investments that are readily convertible to \u00a0
known amounts of cash, are subject to an \u00a0
insigni\ufb01cant risk of changes in fair value and with \u00a0
original maturities of three months or less. \u00a0
Financial liabilities \u00a0
Initial recognition and measurement: \u00a0
Financial liabilities are classi\ufb01ed, at initial recognition, \u00a0
as \ufb01nancial liabilities at fair value through pro\ufb01t or \u00a0
loss, loans and borrowings, payables, or as derivatives \u00a0
designated as hedging instruments in an e\ufb00ective \u00a0
hedge, as appropriate. All \ufb01nancial liabilities are \u00a0
recognized initially at fair value and, in the case of loans \u00a0
and borrowings and payables, net of directly \u00a0
a\ua881ributable transaction costs. The Group\u2019s \ufb01nancial \u00a0
liabilities include trade and other payables and loans \u00a0
and borrowings, including bond loan and convertible \u00a0
loan. \u00a0
Subsequent measurement: \u00a0
For purposes of subsequent measurement, \u00a0
\ufb01nancial liabilities are classi\ufb01ed in two categories: \u00a0
\u2022
Financial liabilities at amortized cost (loans \u00a0
and borrowings and trade and other payables) \u00a0
\u2022
Financial liabilities at fair value through pro\ufb01t \u00a0
or loss \u00a0
Financial liabilities at amortized cost \u00a0
A\ua882er initial recognition, interest-bearing loans and \u00a0
borrowings and trade and other payables are \u00a0
subsequently measured at amortized cost using \u00a0
the e\ufb00ective interest method; any di\ufb00erence between \u00a0
proceeds (net of transaction cost) and the redemption \u00a0
value is recognized on the income statement over the \u00a0
period of the interest-bearing liabilities. \u00a0
Financial liabilities at fair value through \u00a0
pro\ufb01t or loss \u00a0
A\ua882er initial recognition, \ufb01nancial liabilities \u00a0
measured at fair value through pro\ufb01t or loss are \u00a0
measured at fair value at each balance sheet date, \u00a0
with changes in fair value through pro\ufb01t or loss. \u00a0
Financial liabilities at fair value through pro\ufb01t or \u00a0
loss include \ufb01nancial liabilities held for trading and \u00a0
\ufb01nancial liabilities designated upon initial recognition \u00a0
as at fair value through pro\ufb01t or loss. The Group has \u00a0
designated its convertible loan into this category. \u00a0
Financial liabilities are classi\ufb01ed as held for trading \u00a0
if they are incurred for the purpose of repurchasing \u00a0
in the near term. This category also includes derivative \u00a0
\ufb01nancial instruments entered into by the Group that \u00a0
are not designated as hedging instruments in hedge \u00a0
relationships as de\ufb01ned by IFRS 9. Separated \u00a0
embedded derivatives are also classi\ufb01ed as held for \u00a0
trading unless they are designated as e\ufb00ective \u00a0
hedging instruments. Gains or losses on liabilities \u00a0
held for trading are recognized in the statement of \u00a0
pro\ufb01t or loss and other comprehensive income. \u00a0
De-recognition of \ufb01nancial liabilities \u00a0
The Group de-recognizes a \ufb01nancial liability (or a part \u00a0
of a \ufb01nancial liability) from its balance sheet when, \u00a0
and only when, it is extinguished. A \ufb01nancial liability is \u00a0
extinguished when the obligation speci\ufb01ed in the \u00a0
contract is discharged or cancelled, or when it expires. \u00a0
Share capital \u00a0
Ordinary shares are classi\ufb01ed as equity. \u00a0
Share issuance cost that is incremental and directly \u00a0
a\ua881ributable to the issue of new shares or options are \u00a0
shown in equity as a deduction from the proceeds. If \u00a0
deferred tax assets are not recognized, items \u00a0
recorded directly to equity are accounted for gross, \u00a0
without any deduction of deferred taxes. \u00a0
Share-based compensation \u00a0
The Group uses equity se\ua881led options to incentivize \u00a0
employees and quali\ufb01ed resource persons. The fair \u00a0
value of the options is recognized as a payroll expense \u00a0
in the statement of pro\ufb01t or loss over the vesting \u00a0
period and as other paid in equity in the balance sheet. \u00a0
Fair value of options is estimated by use of the Black \u00a0
Scholes option model and is charged to the statement \u00a0
of pro\ufb01t or loss over the vesting period without \u00a0
revaluation of the value of the options. \u00a0
Income taxes \u00a0
Income tax expense represents the sum of the taxes \u00a0
currently payable and deferred tax. Taxes payable \u00a0
are provided based on taxable pro\ufb01ts at the current \u00a0
tax rate. Deferred taxes are recognized on di\ufb00erences \u00a0
between the carrying amounts of assets and liabilities \u00a0
in the \ufb01nancial statements and the corresponding \u00a0
tax bases used in the computation of taxable pro\ufb01t. \u00a0
Deferred tax liabilities are generally recognized for \u00a0
all temporary di\ufb00erences, and deferred tax assets \u00a0
are recognized to the extent that it is probable that \u00a0
taxable pro\ufb01ts will be available against which \u00a0
deductible temporary di\ufb00erences can be utilized. \u00a0
Deferred income tax is not recognized on temporary \u00a0
di\ufb00erences arising from initial recognition of an asset \u00a0
or liability in a transaction other than a business \u00a0
combination that at the time of the transaction \u00a0
a\ufb00ects neither accounting nor taxable pro\ufb01t nor loss. \u00a0
The carrying amount of deferred tax assets is \u00a0
reviewed at each balance sheet date and reduced \u00a0
to the extent that it is no longer probable that \u00a0
su\ufb03cient taxable income will be available to allow \u00a0
all or part of the asset to be recovered. \u00a0
If deferred tax assets are not recognized, items \u00a0
recorded directly to equity, or in other comprehen- \u00a0
sive income (OCI), are accounted for gross, without \u00a0
any deduction of deferred taxes. \u00a0
Pensions \u00a0
De\ufb01ned bene\ufb01t plan: \u00a0
The Group has a de\ufb01ned bene\ufb01t pension plan for its \u00a0
employees that meet the Norwegian statutory \u00a0
requirement. For the de\ufb01ned bene\ufb01t plan, the cost of \u00a0
providing the bene\ufb01ts is determined using the unit \u00a0
credit method, with actual valuations being carried \u00a0
out at the end of each annual reporting period. \u00a0
Re-measurement, comprising actuarial gains and \u00a0
losses, the e\ufb00ect of asset ceiling (if applicable) and \u00a0
the return on plan assets (excluding interest), is \u00a0
re\ufb02ected immediately in the statement of \ufb01nancial \u00a0
position with a charge or credit recognized in other \u00a0
comprehensive income in the period in which they \u00a0
occur. Past service cost is recognized in pro\ufb01t or loss \u00a0
in the period of a plan amendment. Net interest is \u00a0
calculated by applying the discount rate at the \u00a0
beginning of the period to the net de\ufb01ned bene\ufb01t \u00a0
liability or asset. \u00a0
De\ufb01ned contribution plan: \u00a0
In the de\ufb01ned contribution pension plan, the Group \u00a0
is responsible for making an agreed contribution to \u00a0
the employee\u2019s pension assets. The future pension \u00a0
will be determined by the amount of the contributions \u00a0
and the return on the pension savings. Once the \u00a0
contributions have been paid, there are no further \u00a0
payment obligations a\ua881ached to the de\ufb01ned \u00a0
contribution pension. \u00a0
Contingent liabilities \u00a0
Contingent liabilities are de\ufb01ned as: \u00a0
\u2022
possible obligations resulting from past events \u00a0
whose existence depends on future events \u00a0
\u2022
obligations that are not recognized because it \u00a0
is not probable that they will lead to an out\ufb02ow \u00a0
of resources \u00a0
\u2022
obligations that cannot be measured with \u00a0
su\ufb03cient reliability \u00a0
Contingent liabilities are not recognized on the \u00a0
balance sheet unless arising from assuming assets \u00a0
and liabilities in a business combination. Signi\ufb01cant \u00a0
contingent liabilities are disclosed unless the \u00a0
possibility of an out\ufb02ow of resources embodying \u00a0
economic bene\ufb01ts is remote. Reference is made to \u00a0
Note 11 and 27 in the consolidated \ufb01nancial \u00a0
statements regarding contingent liabilities related \u00a0
to the Engeb\u00f8 rutile deposit. \u00a0
Cash \ufb02ow statement \u00a0
The Group reports the cash \ufb02ow statement using \u00a0
the indirect method. The method involves adjusting \u00a0
the result for the period for the e\ufb00ects of transactions \u00a0
without e\ufb00ect on cash and changes in assets and \u00a0
liabilities to show net cash \ufb02ow from operations. \u00a0
Cash \ufb02ow relating to investment activities and \u00a0
\ufb01nancing activities are shown separately. \u00a0
Related party transactions \u00a0
All transactions, agreements and business \u00a0
activities with related parties are conducted \u00a0
according to ordinary business terms and \u00a0
conditions. Parties are related if one party has the \u00a0
ability, directly or indirectly, to control the other \u00a0
party or exercise signi\ufb01cant in\ufb02uence over the \u00a0
other party in making \ufb01nancial and operating \u00a0
decisions. Parties are also related if they are \u00a0
subject to common control or common signi\ufb01cant \u00a0
in\ufb02uence. The Group provides note disclosure for \u00a0
related party transactions and balances in Note 20 \u00a0
in the consolidated \ufb01nancial statements. \u00a0
Earnings per share \u00a0
The calculation of basic earnings per share is based \u00a0
on the pro\ufb01t/loss a\ua881ributable to ordinary \u00a0
shareholders using the weighted average number \u00a0
of shares outstanding during the year a\ua882er \u00a0
deduction of the average number of treasury \u00a0
shares held over the period. The calculation of \u00a0
diluted earnings per share is consistent with the \u00a0
calculation of basic earnings per share while giving \u00a0
e\ufb00ect to all dilutive potential ordinary shares that \u00a0
were outstanding during the period, that is: \u00a0
\u2022
The net pro\ufb01t for the period a\ua881ributable to \u00a0
ordinary shares is increased by the a\ua882er-tax \u00a0
amount of dividends and interest recognized in the \u00a0
period in respect of the dilutive potential ordinary \u00a0
shares and adjusted for any other changes in \u00a0
income or expense that would result from the \u00a0
conversion of the dilutive potential ordinary shares. \u00a0
\u2022
Weighted average number of shares which \u00a0
includes the e\ufb00ect of all potential dilutive \u00a0
shares as if converted at the beginning of the \u00a0
period, or from the issue date if later. \u00a0
New accounting standards \u00a0
New standards and amendments to standards and \u00a0
interpretations e\ufb00ective from 1 January 2022 did \u00a0
not have any signi\ufb01cant impact on the \ufb01nancial \u00a0
statements. \u00a0
New standards, amendments and interpretations \u00a0
issued but not adopted by the Group \u00a0
A number of new standards and amendments to \u00a0
standards and interpretations are e\ufb00ective for \u00a0
annual periods beginning on or a\ua882er 1 January \u00a0
2023 and have not been applied in preparing these \u00a0
\ufb01nancial statements. None of these new standards \u00a0
and amendments to standards and interpretations \u00a0
are expected to have any signi\ufb01cant impact on the \u00a0
Group\u2019s \ufb01nancial statements. \u00a0
NOTE 3 - SEGMENTS \u00a0
The Group presents segments based on of the \u00a0
Group\u2019s mineral projects. The only reportable \u00a0
segment of the Group is the Titanium and Garnet \u00a0
segment. These are the minerals which can be \u00a0
produced from the mineral deposit at Engeb\u00f8. \u00a0
The zoning plan and the discharge permit for the \u00a0
project are approved and \ufb01nal, without possibility \u00a0
for appeals, and the operating license for the \u00a0
project was granted in June 2020. In May 2022, \u00a0
the Ministry of Trade, Industry and Fisheries \u00a0
(\u201cMTIF\u201d) resolved that Nordic Mining\u2019s operating \u00a0
license is maintained as granted with full rights to \u00a0
the Engeb\u00f8 deposit, con\ufb01rming the resolution from \u00a0
the Directorate of Mining. The De\ufb01nitive Feasibility \u00a0
Study was presented in January 2020 and an \u00a0
Updated Feasibility Study was presented in May \u00a0
2021. \u00a0
In April 2022, Nordic Rutile commenced early \u00a0
construction works at Engeb\u00f8, which includes \u00a0
preparing the properties for construction, \u00a0
continuation of detailed project planning and \u00a0
process for procurement of critical process \u00a0
equipment, and commencement of groundworks \u00a0
on process plant area and preparatory works for \u00a0
underground infrastructure. \u00a0
NOTE 4 - SALARIES \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
11 404 \u00a0
10 982 \u00a0
Social security costs \u00a0
2 089 \u00a0
2 266 \u00a0
Pension costs de\ufb01ned bene\ufb01t plan \u00a0
734 \u00a0
862 \u00a0
Pension costs de\ufb01ned contribution plan \u00a0
431 \u00a0
272 \u00a0
Board members, etc \u00a0
1 300 \u00a0
1 300 \u00a0
Share-based compensation \u00a0
-
234 \u00a0
Other personnel costs \u00a0
588 \u00a0
304 \u00a0
Capitalized payroll costs \u00a0
(4 896) \u00a0
-
Total \u00a0
11 650 \u00a0
16 220 \u00a0
Average number of full time employees \u00a0
9
8
Reference is made to Note 23 for further information about remuneration of Senior Management and \u00a0
guidelines for remuneration. \u00a0
NOTE 5 - SHARE-BASED COMPENSATION \u00a0
On 1 November 2018, the General Meeting of Nordic Mining approved an equity se\ua881led share-based \u00a0
compensation program of up to 4.5 million options for employees and quali\ufb01ed resource persons. On 26 \u00a0
November 2018, the Board of Directors granted 3 million options at a strike price of NOK 2.63 per share \u00a0
to employees in the Group. The options vest by 1/3 each year, \ufb01rst time on 30 June 2019. The option \u00a0
agreements expired on 30 June 2022 and were conditional on the employee remaining in the Group\u2019s \u00a0
employment for the duration of the vesting period. \u00a0
In April 2021 additional 0.4 million options were granted at a strike price of NOK 2.62 per share. These \u00a0
options vested at grant date and expired on 30 June 2022. \u00a0
All options have been exerciced during 2022 and there are no outstanding options at year end. \u00a0
2022 \u00a0
2021 \u00a0
Number of \u00a0
Weighted \u00a0
Number of \u00a0
Weighted \u00a0
options \u00a0
average \u00a0
options \u00a0
average \u00a0
exercise price \u00a0
exercise price \u00a0
Outstanding 1 January \u00a0
2 825 000 \u00a0
2,63 \u00a0
2 425 000 \u00a0
2,63 \u00a0
Granted during the year \u00a0
-
-
400 000 \u00a0
2,62 \u00a0
Cancelled during the year \u00a0
-
-
-
-
Exercised during the year \u00a0
(2 825 000) \u00a0
2,63 \u00a0
-
-
Expired during the year \u00a0
-
-
-
-
Outstanding 31 December \u00a0
-
-
2 825 000 \u00a0
2,63 \u00a0
Exercisable 31 December \u00a0
-
-
2 825 000 \u00a0
2,63 \u00a0
The average fair value of options granted in 2018 was NOK 0.59 at time of grant, and the average fair \u00a0
value of options granted in 2021 was NOK 0.33 at time of grant. The average remaining contractual life \u00a0
for options outstanding as per 31 December 2021 was 0.5 years. \u00a0
The Group has no expenses for share based payment in 2022 (2021: NOK 234 thousand). \u00a0
The Group used the Black Scholes model to estimate fair value of the options granted at time of grant. \u00a0
The following table show the weighted-average assumptions used in the model: \u00a0
Weighted-average assumptions \u00a0
2022 \u00a0
2021 \u00a0
Volatility * \u00a0
41 % \u00a0
41 % \u00a0
Expected life \u00a0
2,35 \u00a0
2,35 \u00a0
Risk free interest \u00a0
1,05 % \u00a0
1,05 % \u00a0
Share price \u00a0
2,47 \u00a0
2,47 \u00a0
Exercise price \u00a0
2,63 \u00a0
2,63 \u00a0
* The expected volatility has been estimated based on historical volatility of the share price of the Company. \u00a0
NOTE 6 - OTHER OPERATING COSTS \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Lease expenses \u00a0
2 932 \u00a0
2 329 \u00a0
Project costs \u2013 Engeb\u00f8 Rutile and Garnet \u00a0
17 994 \u00a0
31 999 \u00a0
Consulting and legal fees \u00a0
9 807 \u00a0
7 181 \u00a0
Other costs \u00a0
7 191 \u00a0
3 342 \u00a0
Other operating expenses capitalized \u00a0
(3 818) \u00a0
-
Total \u00a0
34 106 \u00a0
44 504 \u00a0
Auditor fees \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Statutory audit \u00a0
1 117 \u00a0
704 \u00a0
Other a\ua881estation services \u00a0
191 \u00a0
62 \u00a0
Total \u00a0
1 308 \u00a0
766 \u00a0
The amounts exclude VAT. \u00a0
NOTE 7 - FINANCE INCOME AND FINANCE COSTS \u00a0
The following table shows the components of \ufb01nancial income and \ufb01nancial expense: \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Interest income on bank deposits \u00a0
1 575 \u00a0
40 \u00a0
Interest income, Bond Escrow \u00a0
5 795 \u00a0
-
Foreign exchange gains \u00a0
56 117 \u00a0
87 \u00a0
Finance income \u00a0
63 487 \u00a0
127 \u00a0
Interest cost \u00a0
(20 056) \u00a0
(28) \u00a0
Other \ufb01nance costs \u00a0
(25 605) \u00a0
(184) \u00a0
Foreign exchange losses \u00a0
(42 862) \u00a0
(244) \u00a0
Finance costs \u00a0
(88 523) \u00a0
(456) \u00a0
Other \ufb01nance costs relates to fees in relation to the convertible loan (see Note 19 for details on convertible \u00a0
loan), transaction costs related to USD 50 milllion non-dilutive royalty \ufb01nancing agreement entered into \u00a0
with between Nordic Rutile AS and Orion Resource Partner in February 2023, including the intercreditor \u00a0
agreement entered into between Nordic Trustee on behalf of the senior secured bonds and Orion \u00a0
Resource Partner, and other \ufb01nance costs. \u00a0
NOTE 8 - INCOME TAXES \u00a0
The Group has incurred substantial tax losses carried forward and the related tax asset is shown in the \u00a0
table below. At year end 2022, the Group cannot substantiate that there will be su\ufb03cient future taxable \u00a0
income to be able to realize the Group\u2019s unused tax losses, and therefore the Group has not recognized \u00a0
deferred tax assets at 31 December 2022. Tax losses can be carried forward inde\ufb01nitely in Norway. \u00a0
Amounts in NOK thousands \u00a0
2022 \u00a0
2021 \u00a0
Taxes payable \u00a0
-
-
Deferred tax \u00a0
-
-
Income tax expense/(income) \u00a0
-
-
Tax e\ufb00ects of temporary di\ufb00erences and tax loss carryforwards at 31 December: \u00a0
Amounts in thousands \u00a0
2022 \u00a0
2021 \u00a0
Mine under construction/PP&E \u00a0
9 563 \u00a0
9 591 \u00a0
Pensions \u00a0
399 \u00a0
234 \u00a0
Bond loan \u00a0
(16 455) \u00a0
-
Tax loss carryforwards \u00a0
162 428 \u00a0
128 922 \u00a0
Total net deferred tax assets \u00a0
155 935 \u00a0
138 747 \u00a0
Nominal tax rate (used for measurement) \u00a0
22 % \u00a0
22 % \u00a0
Recognized in the statement of \ufb01nancial position \u00a0
Deferred tax asset \u00a0
-
-
Deferred tax liability \u00a0
-
-
The Group recognized nil in gross transaction cost of the 2022 share issues directly in equity (in 2021: \u00a0
NOK 4.1 million) which is included in tax loss carry forwards. \u00a0
The following table shows the reconciliation of expected tax using the nominal tax rate to the actual tax \u00a0
expense/(income): \u00a0
Amounts in thousands \u00a0
2022 \u00a0
2021 \u00a0
Income/loss (-) before tax \u00a0
202 412 \u00a0
5 371 \u00a0
Nominal tax rate \u00a0
22 % \u00a0
22 % \u00a0
Expected income tax \u00a0
44 531 \u00a0
1 182 \u00a0
Non-deductible costs \u00a0
(39) \u00a0
119 \u00a0
Non-taxable income \u00a0
-
(332) \u00a0
E\ufb00ect of non-taxable gains/losses on convertible loan \u00a0
989 \u00a0
-
E\ufb00ect of non taxable gains/losses on investments \u00a0
(62 446) \u00a0
(14 602) \u00a0
Non-recognized tax assets on current year result \u00a0
16 965 \u00a0
13 633 \u00a0
Tax expense/(income) \u00a0
-
-
NOTE 9 - EARNINGS PER SHARE \u00a0
(Amounts in NOK thousands and number of shares in thousands) \u00a0
2022 \u00a0
2021 \u00a0
Earnings \u00a0
A\ua881ributable to ordinary shareholders \u00a0
202 412 \u00a0
5 371 \u00a0
Number of shares \u00a0
Weighted average number of ordinary shares outstanding - basic \u00a0
231 249 \u00a0
224 569 \u00a0
Weighted average number of ordinary shares outstanding - diluted \u00a0
268 286 \u00a0
227 272 \u00a0
(Amounts in NOK) \u00a0
Earnings per share a\ua881ributable to ordinary shareholders \u00a0
Basic earnings per share \u00a0
0,88 \u00a0
0,02 \u00a0
Diluted earnings per share \u00a0
0,75 \u00a0
0,02 \u00a0
The e\ufb00ect of potentially dilutive shares arising from the convertible loan (ref. Note 19) is included in the \u00a0
calculation of diluted earnings per share for 2022. \u00a0
The e\ufb00ect of potentially dilutive shares arising from options (ref. Note 5) was included in the calculation \u00a0
of diluted earnings per share for 2021 since the options were in-the-money in 2021. \u00a0
NOTE 10 - EVALUATION AND EXPLORATION ASSETS \u00a0
License \u00a0
Capitalized \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
exploration \u00a0
Total \u00a0
Cost at 1 January 2021 \u00a0
13 447 \u00a0
18 621 \u00a0
32 068 \u00a0
Additions \u00a0
451 \u00a0
-
451 \u00a0
Cost at 31 December 2021 \u00a0
13 898 \u00a0
18 621 \u00a0
32 519 \u00a0
Additions \u00a0
-
-
-
Reclassi\ufb01ed to Mine under construction \u00a0
(13 898) \u00a0
(14 902) \u00a0
(28 800) \u00a0
Cost at 31 December 2022 \u00a0
-
3 719 \u00a0
3 719 \u00a0
Provision for impairment at 1 January 2021 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2021 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Net book value 31 December 2022 \u00a0
-
-
-
Net book value 31 December 2021 \u00a0
13 898 \u00a0
14 902 \u00a0
28 800 \u00a0
Net book value 1 January 2021 \u00a0
13 447 \u00a0
14 902 \u00a0
28 349 \u00a0
NOTE 11 - MINE UNDER CONSTRUCTION \u00a0
(Amounts in NOK thousands) \u00a0
Mine under construction \u00a0
Cost at 1 January 2022 \u00a0
-
Transfer from evaluation and exploration assets \u00a0
28 800 \u00a0
Additions \u00a0
259 610 \u00a0
Cost at 31 December 2022 \u00a0
288 410 \u00a0
Impairment \u00a0
-
Provision for impairment 31 December 2022 \u00a0
-
Net book value 31 December 2022 \u00a0
288 410 \u00a0
Net book value 31 December 2021 \u00a0
-
Net book value 1 January 2021 \u00a0
-
In April 2022 Nordic Rutile AS has exercised the agreements with landowners to acquire the main \u00a0
properties at Engeb\u00f8, which includes immediate access to the process plant area. The Company has \u00a0
started construction works at Engeb\u00f8, which includes preparing the properties for construction, \u00a0
continuation of detailed project planning and process for procurement of critical process equipment, \u00a0
and commencement of groundworks on process plant area and preparatory works for underground \u00a0
infrastructure. The direct costs related to the work described above has been capitalized in the balance \u00a0
sheet as Mine under construction, together with the cost of acquiring the land properties at Engeb\u00f8. \u00a0
In addition, Evaluation and exploration assets related to Engeb\u00f8 has in 2022 been reclassi\ufb01ed in the \u00a0
balance sheet to Mine under construction. \u00a0
Mining concessions Engeb\u00f8 \u00a0
The carrying amount for licenses related to the Engeb\u00f8 area is included in the transfer from Evaluation \u00a0
and exploration assets. Additionally, the Group has a conditional liability to the seller of NOK 40 million \u00a0
that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has been recognized \u00a0
as per 31 December 2022. \u00a0
NOTE 12 - PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS \u00a0
Machinery & \u00a0
Right-of-use \u00a0
(Amounts in NOK thousands) \u00a0
equipment \u00a0
assets \u00a0
Total \u00a0
Cost \u00a0
1 January 2021 \u00a0
941 \u00a0
664 \u00a0
1 605 \u00a0
Additions \u00a0
-
-
-
Disposals \u00a0
(285) \u00a0
(285) \u00a0
31 December 2021 \u00a0
656 \u00a0
664 \u00a0
1 320 \u00a0
Additions \u00a0
921 \u00a0
-
921 \u00a0
Disposals \u00a0
-
-
-
31 December 2022 \u00a0
1 577 \u00a0
664 \u00a0
2 241 \u00a0
Depreciation \u00a0
1 January 2021 \u00a0
(567) \u00a0
(287) \u00a0
(854) \u00a0
Depreciation expense \u00a0
-
(138) \u00a0
(138) \u00a0
Disposals \u00a0
111 \u00a0
111 \u00a0
31 December 2021 \u00a0
(456) \u00a0
(425) \u00a0
(881) \u00a0
Depreciation expense \u00a0
(31) \u00a0
(133) \u00a0
(164) \u00a0
Disposals \u00a0
-
-
-
31 December 2022 \u00a0
(487) \u00a0
(558) \u00a0
(1 045) \u00a0
Net book value \u00a0
31 December 2022 \u00a0
1 090 \u00a0
106 \u00a0
1 196 \u00a0
31 December 2021 \u00a0
200 \u00a0
239 \u00a0
439 \u00a0
1 January 2021 \u00a0
374 \u00a0
377 \u00a0
751 \u00a0
Machinery and equipment are depreciated over a period of 4-10 years. \u00a0
In 2021 the Group has sold a vehicle to its Senior Advisor, Lars K. Gr\u00f8ndahl, for NOK 363,000, which \u00a0
represented the estimated market value. \u00a0
NOTE 13 - FINANCIAL INVESTMENTS \u00a0
The Group\u2019s only \ufb01nancial investment in 2022 and 2021 has been the holding of shares in the Finnish \u00a0
mining company Keliber Oy. At year end 2021 the Group had a 12.7% interest in Keliber. The investment \u00a0
has been measured at Fair Value Through Pro\ufb01t and Loss under IFRS 9 (\u201cFVPL Method\u201d). \u00a0
2022 \u00a0
In June 2022, the Group accepted an o\ufb00er from Sibanye-Stillwater Limited to divest its shares in Keliber \u00a0
for a cash consieration of EUR 157.28 per share, in total EUR 46.9 million. The sale of the shares was \u00a0
completed in Q3 2022, with a gain on investment in 2022 of NOK 283.8 million. In addition, the \u00a0
consideration received in EUR resulted in foreign exchange gains from the close of the sale to the funds \u00a0
was recieved and sold to NOK, included in \ufb01nancial income in 2022 of NOK 16.1 million. \u00a0
2021 \u00a0
At year end 2021 the Group assessed the fair value of Keliber to EUR 64 per share, corresponding to \u00a0
NOK 190.5 million. This resulted in a gain on the investment of NOK 66.3 million for the year. The \u00a0
valuation as per 31 December 2021 was based on level 3 inputs in the fair value hierarchy. \u00a0
Summary of e\ufb00ects from Keliber investment in 2022 and 2021 \u00a0
Balance sheet
Statement of \u00a0
(Amounts in NOK thousands) \u00a0
pro\ufb01t or loss \u00a0
Fair value 1 January 2022 \u00a0
190 519 \u00a0
Gain on investment 2022 \u00a0
283 844 \u00a0
283 844 \u00a0
Disposal \u00a0
(474 363) \u00a0
Fair value 31 December 2022/ \u00a0
Total e\ufb00ects on statement of pro\ufb01t or loss \u00a0
-
283 844 \u00a0
Fair value 1 January 2021 \u00a0
100 114 \u00a0
Addition in 2021 \u00a0
24 030 \u00a0
Gain on investment 2021 \u00a0
66 374 \u00a0
66 374 \u00a0
Fair value 31 December 2021/ \u00a0
Total e\ufb00ects on statement of pro\ufb01t or loss \u00a0
190 519 \u00a0
66 374 \u00a0
NOTE 14 -TRADE AND OTHER RECEIVABLES \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Other \ufb01nancial receivables \u00a0
918 \u00a0
802 \u00a0
Prepayments \u00a0
829 \u00a0
821 \u00a0
Ska\ua881efunn (receivable tax credit) \u00a0
-
347 \u00a0
VAT receivable \u00a0
21 550 \u00a0
1 474 \u00a0
Totalt \u00a0
23 297 \u00a0
3 444 \u00a0
NOTE 15 - BOND LOAN AND BOND ESCROW \u00a0
In November 2022, Nordic Rutile AS completed the issue of a USD 100 million 5-year senior secured \u00a0
bond. The bonds are administered by Nordic Trustee. The bond has \ufb01xed coupon of 12.5% per annum, \u00a0
with interest payable quarterly in arrears, and an issue price of 90%. \u00a0
The bond loan is classi\ufb01ed as a current liability in the statement of \ufb01nancial position until satisfaction of \u00a0
the pre-disbursement conditions precedent results in drawdown of the bond proceeds from the Bond \u00a0
Escrow account. \u00a0
The bond loan was initially recognized at cost, being the fair value of the consideration received net of \u00a0
issue costs associated with the borrowing (inclusive the 10% discount). A\ua882er initial recognition, the bond \u00a0
loan is subsequently measured at amortized cost using the e\ufb00ective interest method; any di\ufb00erence \u00a0
between proceeds (net of transaction cost including the 10% discount) and the redemption value is \u00a0
recognized on the income statement over the period of the loan. \u00a0
The net proceeds of the bonds of USD 90 million was on issue deposited into a Bond Escrow account, \u00a0
together with issue discount of USD 10 million, four months bond interest of USD 4.2 million, and \u00a0
transaction costs of USD 3.3 million (in total NOK 178.8 million), transferred by Nordic Rutile AS in line \u00a0
with the bond terms. Following conditions of the Engeb\u00f8 Project being fully funded, which were satis\ufb01ed \u00a0
on 8 March 2023, and certain pre-disbursement conditions precedent, the proceeds from the bonds will \u00a0
be released in three tranches from the Bond Escrow account to be used for costs and expenditures to \u00a0
bring the Engeb\u00f8 Project into commercial production. \u00a0
2022 \u00a0
Carrying \u00a0
Carrying \u00a0
Cash \u00a0
amount \u00a0
amount \u00a0
transferred to \u00a0
(Amounts in thousands) \u00a0
Bond Loan \u00a0
Bond Escrow \u00a0
Bond Escrow \u00a0
Loan at nominal value \u00a0
1 025 220 \u00a0
1 025 220 \u00a0
-
10% discount \u00a0
(102 522) \u00a0
(102 522) \u00a0
-
Fees paid at inception \u00a0
(33 361) \u00a0
(33 361) \u00a0
-
Other fees \u00a0
(1 606) \u00a0
-
-
Amortization of fees \u00a0
2 583 \u00a0
-
-
Future interest transferred to Bond Escrow \u00a0
-
42 900 \u00a0
(42 900) \u00a0
Discount and fees transferred to Bond Escrow \u00a0
-
135 883 \u00a0
(135 883) \u00a0
Accrued interest \u00a0
-
5 795 \u00a0
-
Foreign exchange \u00a0
(39 490) \u00a0
(41 318) \u00a0
-
Total at year end \u00a0
850 825 \u00a0
1 032 597 \u00a0
(178 782) \u00a0
NOTE 16 - CASH AND CASH EQUIVALENTS \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Bank deposits \u00a0
164 703 \u00a0
32 086 \u00a0
Total cash and cash equivalents \u00a0
164 703 \u00a0
32 086 \u00a0
Restriced cash in tax withholding account \u00a0
720 \u00a0
478 \u00a0
In addition to the amounts referred to above, the Group has a deposit of NOK 4.2 million on a restricted \u00a0
account at year end pledged toward the Directorate of Mining. The purpose of the deposit is clean-up \u00a0
measures in accordance with the operating license. \u00a0
NOTE 17 - SHARE CAPITAL \u00a0
Number of shares outstanding \u00a0
Ordinary Shares \u00a0
2021 \u00a0
Opening balance \u00a0
197 491 772 \u00a0
Share issuance \u00a0
32 000 000 \u00a0
31 December 2021 \u00a0
229 491 772 \u00a0
2022 \u00a0
Opening balance \u00a0
229 491 772 \u00a0
Share issuance \u00a0
2 825 000 \u00a0
31 December 2022 \u00a0
232 316 772 \u00a0
All shares carry equal rights and has a par value of 0.60 per share. \u00a0
Share issues in 2022 \u00a0
In May 2022 a total of 2,825,000 options held by Management were exercised. Following the exercise \u00a0
there are no outstanding options for shares in the Company held by Management. Gross proceeds were \u00a0
NOK 7.4 million in accordance with the authorization to the Board to increase the share capital granted \u00a0
by the general meeting on 14 May 2020. Following registration of the new share capital Nordic Mining\u2019s \u00a0
share capital has increased by NOK 1,695,000 to NOK 139,390,063.20 divided into 232,316,772 \u00a0
shares, each with a par value of NOK 0.60. \u00a0
Share issues in 2021 \u00a0
In February 2021, Nordic Mining completed a private placement of 32,000,000 shares with gross \u00a0
proceeds of NOK 80 million. Following registration of the new share capital the Company\u2019s share capital \u00a0
has increased by NOK 19,200,000 to NOK 137,695,063.20 divided into 229,491,772 shares, each with \u00a0
a par value of NOK 0.60. \u00a0
Components of other comprehensive income \u00a0
The following table shows a reconciliation of the components of other comprehensive income (\u201cOCI\u201d): \u00a0
Actuarial \u00a0
(Amounts in NOK thousands) \u00a0
gain/loss \u00a0
Total OCI \u00a0
Balance on 1 January 2021 \u00a0
(3 123) \u00a0
(3 123) \u00a0
Actuarial gain/(loss) \u00a0
(100) \u00a0
(100) \u00a0
Balance on 31 December 2021 \u00a0
(3 223) \u00a0
(3 223) \u00a0
Actuarial gain/(loss) \u00a0
(1 009) \u00a0
(1 009) \u00a0
Balance on 31 December 2022 \u00a0
(4 232) \u00a0
(4 232) \u00a0
NOTE 18 - OTHER CURRENT LIABILITIES \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Tax withholding and social security accrual \u00a0
1 230 \u00a0
1 131 \u00a0
Employee salary and holiday pay accrual \u00a0
1 395 \u00a0
1 120 \u00a0
VAT payable \u00a0
342 \u00a0
193 \u00a0
Lease liability \u00a0
116 \u00a0
132 \u00a0
Accrued interest bond loan \u00a0
17 456 \u00a0
-
Accrued expenses \u00a0
6 607 \u00a0
2 781 \u00a0
Total \u00a0
27 146 \u00a0
5 358 \u00a0
NOTE 19 - CONVERTIBLE LOAN \u00a0
In January 2022, Nordic Mining entered into a NOK 132.5 million 5% interest bearing convertible loan in \u00a0
favor of Fjordavegen Holding AS, a local investor group led by two of the EPC partners for the Engeb\u00f8 \u00a0
project. This transaction is the \ufb01rst step in the project \ufb01nancing of the Engeb\u00f8 Project. \u00a0
The lenders may, and is contractually obliged to, convert all tranches from the loan, together with accrued \u00a0
interests, into shares in Nordic Mining upon a share issue in Nordic Mining in relation to \ufb01nal investment \u00a0
decision (or delay of \ufb01nal investment decision) for the Engeb\u00f8 Rutile and Garnet Project, however, at \u00a0
latest 1 August 2023. The conversion price will as a starting point be NOK 3.355 per share, however, shall \u00a0
be the lowest of NOK 3.355 and the subscription price in a subsequent share issue in Nordic Mining in \u00a0
relation to \ufb01nal investment decision/delay of \ufb01nal investment decision, or if no such share issue occurs, \u00a0
the lowest of NOK 3.355 and the volume-weighted average trading price the Nordic Mining\u2019s share for \u00a0
the last 20 trading days prior to 30 June 2023. \u00a0
The convertible loan is measured at fair value with changes in fair value recognized in the income \u00a0
statement. The Group has assessed the fair value of the convertible loan to be NOK 143.0 million at year \u00a0
end 2022 and the recognized a fair vale loss of NOK 10.5 million in 2022. The valuation as per 31 \u00a0
December 2022 has been based on level 3 inputs in the fair value hierarchy. \u00a0
The fair value of the convertible loan is calculated as the fair value of the loan plus the fair value of the \u00a0
conversion option determined using Black Scholes option model for three (3) di\ufb00erent scenarios for \u00a0
conversion date to provide probability weighted maturity. The key unobservable input to the valuation \u00a0
include: 1) risk free NOK interest rate curve at the valuation date constructed from e\ufb00ective yields on \u00a0
Norwegian Treasury bills, 2) volatility of Nordic Mining share price calculated based on historical share \u00a0
prices, and 3) expected conversion date based on managements expectation for \ufb01nal investment devision. \u00a0
The convertible loan with accrued interests, in total NOK 139.6 million, was converted into 232,703,125 \u00a0
new shares in Nordic Mining ASA on 4 March 2023, in relation to the private placement to fully fund the \u00a0
Engeb\u00f8 Project. See note 28 for more information. \u00a0
2022 \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
amount \u00a0
Cash \ufb02ow \u00a0
Convertible loan \u00a0
132 500 \u00a0
132 500 \u00a0
Fees paid at inception \u00a0
-
(6 089) \u00a0
Change in fair value \u00a0
10 476 \u00a0
-
Total \u00a0
142 976 \u00a0
126 412 \u00a0
NOTE 20 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT \u00a0
Management of \ufb01nancial risk \u00a0
Nordic Mining is exposed to certain types of \ufb01nancial risk related to the Group\u2019s \ufb01nancial instruments, \u00a0
primarily market risk related to \ufb02oating interest rate risk on cash and cash equivalents, liquidity risk and \u00a0
currency risk. \u00a0
Management of Nordic Mining manages the Group\u2019s \ufb01nancial risk primarily by identifying and evaluating \u00a0
potential risk areas. Management\u2019s focus is primarily on managing liquidity risk to secure continuing \u00a0
operations and \ufb01nancing of the Group\u2019s capital-intensive projects. Nordic Mining\u2019s cash holdings are \u00a0
placed in bank accounts in Norwegian Kroner (NOK), United States Dollars (USD) and Euro (EUR). At year \u00a0
end 2022, the Group\u2019s main currency exposure is related to its bond loan and Bond Escrow, both wich are \u00a0
denominated in USD. \u00a0
The Group has at year end 2022 interest-bearing debt in the form of a bond loan and a convertible loan. \u00a0
The Group does not have recurring revenues since the Group\u2019s projects are still in the development phase. \u00a0
The Group\u2019s \ufb01nancial instruments at year end 2022 mainly consist of the bond loan and Bond Escrow, a \u00a0
convertible loan, bank deposits, customary short-term receivables, trade and other payables. \u00a0
Liquidity risk \u00a0
Liquidity risk is the risk that the Group will not be able to se\ua881le its \ufb01nancial obligations as they fall due. \u00a0
The Group has historicalley used equity \ufb01nancing in order to meet liquidity requirements related to \u00a0
\ufb01nancial obligations, covering operational losses, exploration activities and investments. In order to \u00a0
secure \ufb01nancing of the Engeb\u00f8 project, the Group has in 2022 issued a bond loan, and a convertible loan. \u00a0
Of the Group\u2019s \ufb01nancial liabilities as at 31 December 2022 NOK 188.1 million mature within 6 months from \u00a0
balance sheet date (31 December 2021: all \ufb01nancial liabilities of NOK 7.0 million mature within 6 months). \u00a0
At the date of these annual \ufb01nancial statements the Group has secured the full project \ufb01nancing package \u00a0
for the Engeb\u00f8 Rutile and Garnet Project Project of USD 277 million, comprising equity, senior secured \u00a0
bond, and non-dilutive royalty \ufb01nancing. The project \ufb01nancing package is expected to fund all costs and \u00a0
expenditures to bring the Engeb\u00f8 Project into commercial production, including a contingency of USD 25 \u00a0
million and project reserve of USD 30 million. The bond and royalty \ufb01nancing and is subject to certain \u00a0
pre-disbursement conditions precedent before the proceeds can be released to the Project, including \u00a0
standard conditions and utilization in full of the equity and royalty funds, respectively. The bond loan is \u00a0
classi\ufb01ed as a current liability in the statement of \ufb01nancial position until satisfaction of the pre-disbursement \u00a0
conditions precedent results in drawdown of the bond proceeds from the Bond Escrow account. \u00a0
Market risk \u00a0
Market risk consists of the risk that real value or future cash \ufb02ow related to \ufb01nancial instruments will \u00a0
vary as a consequence of \ufb02uctuation in market prices. Market risk includes, but is not limited to, currency \u00a0
risk, interest rate risk and price risk from sales. Currently, the Group has no exposure to price risk from \u00a0
sale of goods, and no \ufb01nancial instruments have been entered into related to future expected exposures. \u00a0
(i) Interest rate risk \u00a0
The Group\u2019s interest bearing debt at year end is at \ufb01xed interest rates. Changes in interest rates a\ufb00ect \u00a0
the fair value of the debt. The Group will going forward calculate the sensitivity on the change in fair value \u00a0
of the debt of a de\ufb01ned parallel shi\ua882 in the yield curve of the relevant curreny. The Group\u2019s bank deposits \u00a0
and the Bond Escrow are exposed to changes in the market interest rate. The Group\u2019s exposure on the \u00a0
result at year end 2022 is approximately +/-NOK 12 015 thousand per percentage-point change in the \u00a0
variable market interest rate (2021: NOK 321 thousand). \u00a0
(ii) Currency exchange risk \u00a0
At year end 2022, the Group\u2019s main currency exposure is related to its bond loan and Bond Escrow, both \u00a0
wich are denominated in USD. A 10% increase or decrease in the USD currency rates would increase/ \u00a0
decrease the net income by approximately NOK 4.7 million at year end. \u00a0
At year end 2021, the Group\u2019s only currency exposure of signi\ufb01cance was the investment in Keliber Oy \u00a0
(EUR). A 10% increase or decrease in the EUR currency rates would increase/decrease the net income by \u00a0
approximately NOK 19.1 million at year end 2021. \u00a0
Credit risk \u00a0
Credit risk is the risk of \ufb01nancial losses if a customer or counterpart of a \ufb01nancial instrument is unable to \u00a0
meet contractual obligations. \u00a0
The Group\u2019s current business has only limited credit risk. Cash and cash equivalents and security deposits \u00a0
in banks in addition to the Bond Escrow represent a large portion of the Group\u2019s \ufb01nancial assets at \u00a0
31 December 2022. There has been no recognized loss on trade receivables in 2022 or 2021. \u00a0
Procedures for evaluation of credit risk has only to a limited degree been introduced. However, \u00a0
discretionary evaluations are done on a case-by-case basis. Management will evaluate the necessity of \u00a0
implementing stricter credit evaluations on an on-going basis. \u00a0
Political risk \u00a0
In addition to \ufb01nancial risk, the Group is exposed to political risk related to its mining projects. The political \u00a0
risk includes the risk of not obtaining or extending the relevant governmental permits necessary to extract \u00a0
and produce minerals from these mining projects. \u00a0
The Group operates in an industry which is subject to extensive laws and regulations relevant for mining \u00a0
operations, in particular in relation to environmental and operational issues, which has become more \u00a0
stringent over time, and this development is expected to continue. Compliance with respect to environmental \u00a0
regulations, closure and other ma\ua881ers may involve signi\ufb01cant costs and/or other liabilities. \u00a0
Failure to comply with applicable environmental laws, regulations and permi\ua881ing requirements may result \u00a0
in enforcement actions including orders issued by regulatory or judicial authorities causing operations to \u00a0
cease or be curtailed and may include obligations to take corrective measures requiring capital expenditures, \u00a0
installation of additional equipment or remedial actions. There is a risk that the Group due to its engagement \u00a0
in mining and mineral processing activities will be required to compensate those su\ufb00ering loss or damage by \u00a0
reason of such activities and may incur civil or criminal \ufb01nes or penalties for violation of applicable laws or \u00a0
regulations. \u00a0
Current environmental laws, regulations and permits governing operations and activities of mining companies \u00a0
may be changed. Regulatory requirements surrounding site reclamation and remediation activities, or more \u00a0
stringent implementation thereof, could have a material adverse impact on the Group and cause increases in \u00a0
capital expenditures or production costs or reduction in levels of operational production, or require \u00a0
abandonment or delays in the development of new sites. There are no current amendments that the Group \u00a0
is aware of that may impact the assets of the Group. \u00a0
Nordic Mining\u2019s climate-related \ufb01nancial risk is considered to be low. The mining operations at the Group\u2019s \u00a0
main asset, the Engeb\u00f8 Project, is expected to have the lowest greenhouse gas footprint of all titanium \u00a0
feedstock producers due to available hydroelectric power in the area and a tight infrastructure with minimal \u00a0
transportation. Nordic Mining has a target of zero greenhouse gas emissions at Egneb\u00f8 and has initiated the \u00a0
development of a Climate Strategy Plan. The Group considers that there is minimal risk for stranded assets. \u00a0
Categories and fair value of \ufb01nancial instruments \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, receivables, payables to \u00a0
suppliers, and other short-term \ufb01nancial items are close to fair value due to the short time period till \u00a0
maturity. For the convertible loan the carrying amount equals fair value. \u00a0
The bond loan was issued in November 2022 and it is assessed that the fair value at year end was around \u00a0
the redemption price of 92% of the nominal value of USD 100 million, provided the condition of the \u00a0
Engeb\u00f8 Project being fully funded by 9 March 2023, and assuming no signi\ufb01cant change in interest rate \u00a0
level and credit spread since the completion of the transaction. It is further assessed that the fair value of \u00a0
Bond Escrow is approximately equal to book value of USD 104.8 million. \u00a0
Year ended 31 December 2022 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Trade and \ufb01nancial receivables \u00a0
918 \u00a0
918 \u00a0
Bond Escrow \u00a0
1 032 597 \u00a0
1 032 597 \u00a0
Restricted cash \u00a0
4 215 \u00a0
4 215 \u00a0
Cash and cash equivalents \u00a0
164 703 \u00a0
164 703 \u00a0
Total \ufb01nancial assets \u00a0
1 202 433 \u00a0
-
1 202 433 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
37 168 \u00a0
37 168 \u00a0
Bond loan \u00a0
850 825 \u00a0
850 825 \u00a0
Convertible loan \u00a0
-
142 976 \u00a0
142 976 \u00a0
Other current \ufb01nancial liabilities \u00a0
8 002 \u00a0
8 002 \u00a0
Total \ufb01nancial liabilities \u00a0
895 995 \u00a0
142 976 \u00a0
1 038 971 \u00a0
Year ended 31 December 2021 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Financial investments \u00a0
190 519 \u00a0
190 519 \u00a0
Trade and \ufb01nancial receivables \u00a0
802 \u00a0
802 \u00a0
Cash and cash equivalents \u00a0
32 086 \u00a0
32 086 \u00a0
Total \ufb01nancial assets \u00a0
32 888 \u00a0
190 519 \u00a0
223 407 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
3 093 \u00a0
3 093 \u00a0
Other current \ufb01nancial liabilities \u00a0
3 901 \u00a0
3 901 \u00a0
Total \ufb01nancial liabilities \u00a0
6 994 \u00a0
-
6 994 \u00a0
Capital management \u00a0
The Group has historically used equity \ufb01nancing to \ufb01nance research, operations, purchase of licenses and \u00a0
other investments. In order to secure \ufb01nancing of the Engeb\u00f8 project, the Group has in 2022 issued a \u00a0
bond loan and a convertible loan in addition to divesting its investment in Keliber. At the date of these \u00a0
annual \ufb01nancial statements the Group has fully \ufb01nanced the Engeb\u00f8 Rutile and Garnet Project. The \u00a0
project \ufb01nancing comprises of equity, debt and royalty \ufb01nancing. For more information on liquidity risk \u00a0
see Board of Directors\u2019 report. The ratio of net debt (debt less cash) divided by total capital (net debt and \u00a0
equity) as of 31 December 2022 is 59% (as of 31 December 2021 -9%). \u00a0
NOTE 21 - INVESTMENTS IN SUBSIDIARIES \u00a0
The table below provides an overview of Nordic Mining ASA\u2019s subsidiaries as at 31 December 2022: \u00a0
(Amounts in NOK thousands) \u00a0
Location \u00a0
Year incorp. \u00a0
Ownership \u00a0
Nordic Rutile AS \u00a0
Oslo, Norge \u00a0
2006 \u00a0
100 % \u00a0
Nordic Ocean Resources AS \u00a0
Oslo, Norge \u00a0
2011 \u00a0
100 % \u00a0
Nordic Quartz AS \u00a0
Oslo, Norge \u00a0
2011 \u00a0
100 % \u00a0
NOTE 22 - SHAREHOLDERS \u00a0
The table below shows the Company\u2019s 20 largest shareholders as at 31 December 2022: \u00a0
Shareholder \u00a0
Number of shares \u00a0
% ownership \u00a0
Nordnet Bank AB \u00a0
21 023 753 \u00a0
9,05 % \u00a0
Clearstream Banking S.A. \u00a0
8 663 269 \u00a0
3,73 % \u00a0
Nordea Bank Abp \u00a0
5 404 701 \u00a0
2,33 % \u00a0
Knut Fosse AS \u00a0
4 870 161 \u00a0
2,10 % \u00a0
Nordnet Livsforsikring AS \u00a0
4 270 190 \u00a0
1,84 % \u00a0
Carlsen \u00a0
3 607 500 \u00a0
1,55 % \u00a0
Danske Bank A/S \u00a0
3 593 285 \u00a0
1,55 % \u00a0
Citibank, N.A. \u00a0
2 549 660 \u00a0
1,10 % \u00a0
Naturlig Valg AS \u00a0
2 300 000 \u00a0
0,99 % \u00a0
Magil AS \u00a0
2 140 000 \u00a0
0,92 % \u00a0
Infoinvest AS \u00a0
2 015 000 \u00a0
0,87 % \u00a0
Fossum \u00a0
1 759 230 \u00a0
0,76 % \u00a0
Stavanger Forvaltning AS \u00a0
1 736 913 \u00a0
0,75 % \u00a0
Dybvad Consulting AS \u00a0
1 710 000 \u00a0
0,74 % \u00a0
Snati AS \u00a0
1 700 000 \u00a0
0,73 % \u00a0
Joma Invest AS \u00a0
1 500 000 \u00a0
0,65 % \u00a0
Melum M\u00f8lle AS \u00a0
1 500 000 \u00a0
0,65 % \u00a0
Espmart Invest AS \u00a0
1 500 000 \u00a0
0,65 % \u00a0
Huldrast\u00f8len AS \u00a0
1 484 124 \u00a0
0,64 % \u00a0
Norden\ua880eldske Management AS \u00a0
1 375 000 \u00a0
0,59 % \u00a0
Total 20 largest shareholders \u00a0
74 702 786 \u00a0
32,16 % \u00a0
Other shareholders \u00a0
157 613 986 \u00a0
67,84 % \u00a0
Total \u00a0
232 316 772 \u00a0
100,00 % \u00a0
NOTE 23 - RELATED PARTIES AND COMPENSATION OF MANAGEMENT \u00a0
Compensation to Board members and Senior Management in 2022 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
Share based \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
compensation \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
2 355 \u00a0
-
218 \u00a0
389 \u00a0
-
2 962 \u00a0
Christian Gjerde, CFO \u00a0
1 727 \u00a0
-
21 \u00a0
104 \u00a0
-
1 851 \u00a0
Kenneth N. Angedal, Operations Director \u00a0
1 591 \u00a0
-
7
86 \u00a0
-
1 684 \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
1 535 \u00a0
-
21 \u00a0
253 \u00a0
-
1 808 \u00a0
Maurice Kok, Commercial Director \u00a0
521 \u00a0
-
8
40 \u00a0
-
568 \u00a0
Terje Gundersen, Project Director \u00a0
1 356 \u00a0
-
9
88 \u00a0
-
1 453 \u00a0
Ole Klevan, Nomination Commi\ua881ee (Chair) \u00a0
-
50 \u00a0
-
-
-
50 \u00a0
Brita Eilersen, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Torger Lien, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
350 \u00a0
-
-
-
350 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Eva Kaijser, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Benedicte Nordang, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Antony Beckmand, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Total \u00a0
9 085 \u00a0
1 300 \u00a0
283 \u00a0
959 \u00a0
0
11 627 \u00a0
1. Maurice Kok started as Commercial Director on 1 August 2022. \u00a0
2. Terje Gundersen started as Project Director for Engeb\u00f8 on 1 February 2022. \u00a0
Compensation to Board members and Senior Management in 2021 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
Share based \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
compensation \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
2 427 \u00a0
-
225 \u00a0
414 \u00a0
45 \u00a0
3 110 \u00a0
Christian Gjerde, CFO \u00a0
1 822 \u00a0
28 \u00a0
94 \u00a0
131 \u00a0
2 075 \u00a0
Lars K. Gr\u00f8ndahl, Senior Advisor1 \u00a0
1 301 \u00a0
-
126 \u00a0
222 \u00a0
17 \u00a0
1 665 \u00a0
Kenneth N. Angedal, Operations Director \u00a0
1 635 \u00a0
-
7
81 \u00a0
17 \u00a0
1 740 \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
1 572 \u00a0
-
28 \u00a0
268 \u00a0
17 \u00a0
1 886 \u00a0
Ole Klevan, Nomination Commi\ua881ee (Chair) \u00a0
-
50 \u00a0
-
-
-
50 \u00a0
Brita Eilersen, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Torger Lien, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
350 \u00a0
-
-
-
350 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Eva Kaijser, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Benedicte Nordang, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Antony Beckmand, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Total \u00a0
8 757 \u00a0
1 300 \u00a0
414 \u00a0
1 079 \u00a0
227 \u00a0
11 777 \u00a0
1. Lars K. Gr\u00f8ndal le\ua882 the Company on 30 June 2021. \u00a0
In 2021, all employees in the Group were paid a bonus for \ufb01nalization of the UDFS for the Engeb\u00f8 Project \u00a0
under the on-year Short-Term Incentive Program. No bonuses were paid under the Short-Term Incentive \u00a0
Program in 2022. Senior Management is subject to termination periods of 3-6 months. \u00a0
Guidelines for management remuneration \u00a0
The main components of the guidelines for Senior Management salaries are as follows: \u00a0
\u2022
The compensation package should re\ufb02ect the responsibility and the tasks that the individual persons \u00a0
in Senior Management, and that the employee contributes towards the long-term creation of value in \u00a0
Nordic Mining. \u00a0
\u2022
The Company will o\ufb00er competitive conditions to a\ua881ract relevant expertise for the development of \u00a0
the Company. \u00a0
\u2022
The compensation package consists of \ufb01xed salary plus participation in an option program that has \u00a0
been approved by the annual meeting. \u00a0
\u2022
Senior Management participates in pension and insurance plans. \u00a0
These guidelines have been used to recruit Senior Management in Nordic Mining ASA and to establish \u00a0
salary levels. \u00a0
Other transactions with related parties \u00a0
In 2021 the Group has sold a vehicle to its Senior Advisor, Lars K. Gr\u00f8ndahl, for NOK 363,000, which \u00a0
represented the estimated market value. \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2022 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
290 475 \u00a0
0,13 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Ivar S. Fossum, CEO \u00a0
1 759 230 \u00a0
0,76 % \u00a0
Christian Gjerde, CFO \u00a0
400 000 \u00a0
0,17 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0,19 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
441 063 \u00a0
0,19 % \u00a0
Terje Gundersen, Project Director \u00a0
66 333 \u00a0
0,03 % \u00a0
Total \u00a0
3 424 599 \u00a0
1,47 % \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2021 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
190 475 \u00a0
0,08 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Eva Kaijser1 \u00a0
110 472 \u00a0
0,05 % \u00a0
Ivar S. Fossum, CEO \u00a0
732 755 \u00a0
0,32 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
45 822 \u00a0
0,02 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
41 063 \u00a0
0,02 % \u00a0
Total \u00a0
1 142 263 \u00a0
0,49 % \u00a0
1. The shares are owned by the the company F\u00e5gels\u00e5ngen AB. \u00a0
NOTE 24 - PENSIONS \u00a0
The Group has a de\ufb01ned bene\ufb01t plan or a de\ufb01ned contribution plan (for new employees) for its employees \u00a0
in the parent company, Nordic Mining ASA and a de\ufb01ned contribution plan for its employees in Nordic \u00a0
Rutile AS. The plans meet the Norwegian statutory requirements for pension plans for employees. \u00a0
De\ufb01ned Bene\ufb01t Plan \u00a0
The Group has one bene\ufb01t plan for Norwegian employees with a total of 2 active members. The Group\u2019s \u00a0
de\ufb01ned bene\ufb01t pension plan is a \ufb01nal salary plan and contributions are made to a separately administered \u00a0
fund. The level of bene\ufb01ts provided depends on the member\u2019s length of service and salary at retirement age. \u00a0
Pension cost \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Pension cost - employee bene\ufb01t \u00a0
617 \u00a0
880 \u00a0
Pension cost - interest expense \u00a0
24 \u00a0
24 \u00a0
Total pension related costs \u00a0
642 \u00a0
904 \u00a0
Remeasurement gains/(losses) recorded to OCI \u00a0
(1 009) \u00a0
(100) \u00a0
Movement in pension obligation during the year \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Pension obligations January 1 \u00a0
15 704 \u00a0
14 785 \u00a0
Current value of pension bene\ufb01ts for the year \u00a0
642 \u00a0
904 \u00a0
Interest costs \u00a0
263 \u00a0
222 \u00a0
Payments \u00a0
(365) \u00a0
(133) \u00a0
Remeasurement loss/ (gain) \u00a0
1 080 \u00a0
(4) \u00a0
Other \u00a0
81 \u00a0
(71) \u00a0
Pension obligations as of 31 December \u00a0
17 404 \u00a0
15 704 \u00a0
Movement in pension funds during the year \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Pension funds 1 January \u00a0
14 641 \u00a0
13 417 \u00a0
Expected return on plan assets \u00a0
212 \u00a0
179 \u00a0
Contributions \u00a0
994 \u00a0
1 271 \u00a0
Payments \u00a0
(365) \u00a0
(133) \u00a0
Other \u00a0
40 \u00a0
11 \u00a0
Remeasurement (loss)/ gain \u00a0
71 \u00a0
(104) \u00a0
Pension funds as of 31 December \u00a0
15 593 \u00a0
14 641 \u00a0
Pension liability is classi\ufb01ed in the balance sheet as follows \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Pension funds \u00a0
15 593 \u00a0
14 641 \u00a0
Pension obligations \u00a0
(17 404) \u00a0
(15 704) \u00a0
Net pension asset \u00a0
(1 812) \u00a0
(1 062) \u00a0
Pension asset/(liability) is shown in the balance sheet as \u00a0
Other long-term asset \u00a0
-
-
Pension liabilities \u00a0
(1 812) \u00a0
(1 062) \u00a0
Assumptions \u00a0
2022 \u00a0
2021 \u00a0
Discount interest rate \u00a0
3,00 % \u00a0
1,90 % \u00a0
Annual projected increase in salary \u00a0
3,50 % \u00a0
2,75 % \u00a0
Annual projected G- regulation \u00a0
3,25 % \u00a0
2,50 % \u00a0
Annual projected regulation of pension \u00a0
1,50 % \u00a0
0,00 % \u00a0
The major categories of plan assets as a percentage of the fair value of total plan assets \u00a0
2022 \u00a0
2021 \u00a0
Equities \u00a0
10,20 % \u00a0
9,70 % \u00a0
Bonds \u00a0
14,60 % \u00a0
19,60 % \u00a0
Money market \u00a0
4,20 % \u00a0
10,60 % \u00a0
Hold to maturity bonds \u00a0
38,10 % \u00a0
26,70 % \u00a0
Loans and receivables \u00a0
20,90 % \u00a0
19,10 % \u00a0
Real estate \u00a0
11,00 % \u00a0
13,60 % \u00a0
Other \u00a0
1,00 % \u00a0
0,70 % \u00a0
NOTE 25 - LEASES \u00a0
The Group implemented IFRS 16 Leases from 1 January 2019 and recognized a right-to-use asset \u00a0
related to the leasing of vehicles; see note 11. Short-term leases have been expensed as incurred; see \u00a0
note 6. The Group\u2019s o\ufb03ce lease is cancellable with 4 months\u2019 notice with no more than an insigni\ufb01cant \u00a0
penalty and is as such considered a short-term lease. \u00a0
Lease liability \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Lease liability 1 January \u00a0
245 \u00a0
373 \u00a0
Additions lease contracts \u00a0
-
-
Accretion lease liability, included in \ufb01nance cost \u00a0
22 \u00a0
28 \u00a0
Payments of lease liability \u00a0
(151) \u00a0
(156) \u00a0
Total lease liability 31 December \u00a0
116 \u00a0
245 \u00a0
Speci\ufb01cation of lease liability in the balance sheet \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Current * \u00a0
116 \u00a0
132 \u00a0
Non-current \u00a0
-
113 \u00a0
Total lease liability 31 December \u00a0
116 \u00a0
245 \u00a0
* Current lease liability is included in other current liabilities; see note 16. \u00a0
Future minimum lease payments under non-cancellable lease agreements (undiscounted) \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Within a year \u00a0
725 \u00a0
744 \u00a0
From year 2-5 \u00a0
-
132 \u00a0
Total \u00a0
725 \u00a0
876 \u00a0
NOTE 26 - PAYMENTS TO AND FROM GOVERNMENTAL INSTITUTIONS \u00a0
In accordance with the Accounting Act, section 3-3d, the Group has assessed its relations with and \u00a0
payments to and from governmental institutions. The Group\u2018s governmental relations are only with \u00a0
institutions in Norway. All relations and payments are in the ordinary course of business and related to i.a. \u00a0
license payments, payment of prospectus/\ufb01nancial authority fees, R&D projects grants, tax refund, etc. \u00a0
Estimated total payment from the Group to various Norwegian governmental institutions was NOK 0.6 \u00a0
million in 2022 (2021: NOK 0.2 million). Estimated total payment to the Group from various Norwegian \u00a0
governmental institutions was NOK 0.0 million in 2022 (2021: NOK 1.2 million). \u00a0
NOTE 27 - COMMITMENTS AND CONTINGENCIES \u00a0
Conditional liability Engeb\u00f8 \u00a0
The Group has a conditional liability to the seller of the mining rights in the Engeb\u00f8 area of NOK 40 million \u00a0
that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has been recognized \u00a0
as per 31 December 2022. \u00a0
In October 2021 the Oslo District Court has ruled in favour of the subsidiary Nordic Rutile in the court \u00a0
case against Artic Mineral Resources (AMR). The ruling con\ufb01rms that Nordic Rutile\u2019s extraction rights are \u00a0
valid and that the company has the right to extract and - within the limits of the Norwegian Mining\u2019s Act \u00a0
- utilize garnet and all other minerals on the Vevring side of the Engeb\u00f8 deposit. AMR appealed the ruling. \u00a0
The Borgarting Court of Appeal ruled in October 2022 in favour of the subsidiary, Nordic Rutile. \u00a0
The ruling received con\ufb01rms that Nordic Rutile has exclusive right to all minerals in the Engeb\u00f8 deposit - \u00a0
within the limits of the Norwegian Mining Act - in line with the operating licence granted by the Ministry \u00a0
of Trade, Industry and Fisheries in May 2022. The court ruled that AMR shall pay all legal expenses. \u00a0
AMR appealed the verdict to the Supreme Court in November 2022. In April 2023 the Supreme Court\u2019s \u00a0
appeals commi\ua881ee concluded that the appeal by AMR will be heard before the Supreme Court, tentatively \u00a0
scheduled to take place before the summer \u00a0
2023. \u00a0
NOTE 28 - EVENTS AFTER BALANCE SHEET DATE \u00a0
In January 2023 Nordic Rutile AS entered into a globally exclusive o\ua883ake agreement for the full planned \u00a0
garnet production from Engeb\u00f8 for the \ufb01rst 5 years of production. The o\ua883ake agreement is for the \u00a0
supply and delivery of minimum total of 762,500 metric tonnes of garnet concentrate in the 5-year \u00a0
contract period, up to a total of 785,000 metric tonnes, which is the full planned garnet production the \u00a0
\ufb01rst 5-years. The consideration will be based on a pre-agreed price schedule for the 5-year period. Nordic \u00a0
Rutile has through this o\ua883ake agreement secured, together with the rutile o\ua883ake agreements \u00a0
announced earlier, commi\ua881ed sales for up to the full production of both rutile and garnet from Engeb\u00f8 for \u00a0
the \ufb01rst 5 years of production, all with highly reputable buyers. In addition to materially de-risk the \u00a0
market side, Nordic Rutile will with the three o\ua883ake agreements in place satisfy the o\ua883ake related \u00a0
conditions in the company\u2019s \ufb01nancing agreements. The o\ua883ake agreements are inter alia subject to \u00a0
certain conditions precedent. \u00a0
In February 2023 Nordic Rutile AS has signed binding agreements with a fund managed by Orion Resource \u00a0
Partners for USD 55 million investment in the Engeb\u00f8 Rutile and Garnet Project. The investment \u00a0
comprises a USD 50 million non-dilutive royalty \ufb01nancing to Nordic Rutile AS and USD 5 million in equity, \u00a0
which will be contributed to Nordic Mining ASA. The royalty instrument is secured, subordinate to the \u00a0
USD 100 million senior secured bond issued on 9 November 2022, subject to the terms of an Intercreditor \u00a0
Agreement. \u00a0
In March 2023 the Company raised NOK 940 million in gross proceeds in a private placement through the \u00a0
allocation of 1,566,666,667 new shares, at a subscription price of NOK 0.60 per share. The new capital \u00a0
subscribed is, together with other sources of commi\ua881ed equity, debt, and other \ufb01nancing, expected to \u00a0
fully \ufb01nance the Engeb\u00f8 Project up to start of production. \u00a0
Following the subscription mentioned above the Company\u2019s convertible loan was converted. The convertible \u00a0
loan with accrued interests, in total NOK 139.6 million was converted at the same subscription price as in \u00a0
the private placement referred to above, i.e. NOK 0.60 per share. \u00a0
In April 2023, the Company completed a subsequent o\ufb00ering of 136,544,091 shares of in total \u00a0
216,666,667 shares available in the o\ufb00ering at the same subscription price as the private placement of \u00a0
NOK 0.60 per share. \u00a0
In April 2023 the Supreme Court\u2019s appeals commi\ua881ee concluded that the appeal by AMR will be heard \u00a0
before the Supreme Court, tentatively scheduled to take place before the summer 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1273": {
"value": "Going concern assumption \u00a0
The Group has historically used equity \ufb01nancing to \u00a0
\ufb01nance research, operations, purchase of licenses \u00a0
and other investments. In order to secure \ufb01nancing \u00a0
of the Engeb\u00f8 project, the Group has in 2022 issued \u00a0
a bond loan and a convertible loan in addition to \u00a0
divesting its investment in Keliber. At the date of \u00a0
these annual \ufb01nancial statements the Group has fully \u00a0
\ufb01nanced the Engeb\u00f8 Rutile and Garnet Project. The \u00a0
project \ufb01nancing comprises of equity, debt, and \u00a0
royalty \ufb01nancing. For more information on liquidity \u00a0
risk see Board of Directors\u2019 report and note 20. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1264": {
"value": "NOTE 1 - GENERAL INFORMATION \u00a0
Nordic Mining ASA
(\u201cthe Company\u201d) and its
subsidiaries (together \u201cthe Group\u201d) is engaged in
the exploration for and development of projects
for high-end industrial minerals and metals. The
address to Nordic Mining\u2019s o\ufb03ce is Munkedams- \u00a0
veien 45, N-0250 Oslo, Norway.
These \ufb01nancial \u00a0
statements were approved for issue by the Board \u00a0
of Directors on 25 April 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1266": {
"value": "NOTE 1 - GENERAL INFORMATION \u00a0
Nordic Mining ASA
(\u201cthe Company\u201d) and its
subsidiaries (together \u201cthe Group\u201d) is engaged in
the exploration for and development of projects
for high-end industrial minerals and metals. The
address to Nordic Mining\u2019s o\ufb03ce is Munkedams- \u00a0
veien 45, N-0250 Oslo, Norway.
These \ufb01nancial \u00a0
statements were approved for issue by the Board \u00a0
of Directors on 25 April 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1053": {
"value": "Nordic Mining ASAsubsidiaries (together \u201cthe Group\u201d) is engaged in the exploration for and development of projects for high-end industrial minerals and metals",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1267": {
"value": "Nordic Mining ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1268": {
"value": "NOTE 2 - SUMMARY OF SIGNIFICANT \u00a0
ACCOUNTING PRINCIPLES \u00a0
Basis of preparation \u00a0
The principal accounting policies applied in the \u00a0
preparation of these consolidated \ufb01nancial \u00a0
statements are set out below. These policies have \u00a0
been consistently applied unless otherwise stated. \u00a0
The consolidated \ufb01nancial statements of Nordic \u00a0
Mining ASA have been prepared in accordance with \u00a0
International Financial Reporting Standards (IFRS) \u00a0
as adopted by the European Union. \u00a0
The consolidated \ufb01nancial statements have been \u00a0
prepared under the historical cost convention with \u00a0
some exceptions outlined below; the main \u00a0
exceptions being Financial investments and \u00a0
Convertible loan at fair value through pro\ufb01t or loss. \u00a0
The annual accounts are based on the going \u00a0
concern assumption. \u00a0
Going concern assumption \u00a0
The Group has historically used equity \ufb01nancing to \u00a0
\ufb01nance research, operations, purchase of licenses \u00a0
and other investments. In order to secure \ufb01nancing \u00a0
of the Engeb\u00f8 project, the Group has in 2022 issued \u00a0
a bond loan and a convertible loan in addition to \u00a0
divesting its investment in Keliber. At the date of \u00a0
these annual \ufb01nancial statements the Group has fully \u00a0
\ufb01nanced the Engeb\u00f8 Rutile and Garnet Project. The \u00a0
project \ufb01nancing comprises of equity, debt, and \u00a0
royalty \ufb01nancing. For more information on liquidity \u00a0
risk see Board of Directors\u2019 report and note 20. \u00a0
Basis for consolidation \u00a0
The consolidated \ufb01nancial statements comprise \u00a0
the \ufb01nancial statements of the Company and its \u00a0
subsidiaries. Control is achieved when the Group is \u00a0
exposed, or has rights, to variable returns from its \u00a0
involvement with the investee, and has the ability \u00a0
to a\ufb00ect those returns through its power over the \u00a0
investee. Speci\ufb01cally, the Group controls an \u00a0
investee if, and only if, the Group has: \u00a0
\u2022
Power over the investee (i.e. existing rights that \u00a0
give it the current ability to direct the relevant \u00a0
activities of the investee) \u00a0
\u2022
Exposure, or rights, to variable returns from its \u00a0
involvement with the investee \u00a0
\u2022
The ability to use its power over the investee to \u00a0
a\ufb00ect its returns \u00a0
The subsidiaries include Nordic Rutile AS, Nordic \u00a0
Ocean Resources AS, and Nordic Quartz AS, all 100% \u00a0
owned and located in Oslo. The accounting principles \u00a0
of the subsidiaries have been changed when \u00a0
necessary to ensure consistency with the policies \u00a0
adopted by the Group. All intra-group transactions, \u00a0
balances, income and expenses are eliminated. \u00a0
Business combinations \u00a0
The acquisition method of accounting is used to \u00a0
account for the acquisition of businesses and \u00a0
subsidiaries by the Group. The cost of an acquisition \u00a0
is measured as the fair value of the assets given, \u00a0
equity instruments issued, and liabilities incurred \u00a0
or assumed at the date of exchange. Identi\ufb01able \u00a0
assets acquired, and liabilities and contingent \u00a0
liabilities assumed in a business combination are \u00a0
measured initially at their fair values at the acquisition \u00a0
date, irrespective of the extent of any non-controlling \u00a0
interest. The excess of the cost of acquisition over \u00a0
the fair value of the Group\u2019s share of the identi\ufb01able \u00a0
net assets acquired is recorded as goodwill. \u00a0
Directly a\ua881ributable transaction costs related to \u00a0
business combinations are expensed as incurred. \u00a0
Foreign currency translation \u00a0
Functional and presentation currency \u00a0
NOK is the functional currency of the parent and the \u00a0
presentation currency of the Group. Assets and \u00a0
liabilities in foreign entities, including goodwill and \u00a0
fair value adjustments related to business \u00a0
combinations are translated to NOK at the \u00a0
exchange rate at the balance sheet date. Revenues, \u00a0
expenses, gains and losses are translated using the \u00a0
average exchange rate during each quarterly \u00a0
period. Translation adjustments are recognized \u00a0
directly to Other Comprehensive Income. \u00a0
Transactions and balances \u00a0
Transactions in foreign currencies are initially \u00a0
recorded by the Group\u2019s entities at their respective \u00a0
functional currency spot rates at the date the \u00a0
transaction \ufb01rst quali\ufb01es for recognition. Monetary \u00a0
items denominated in foreign currencies are \u00a0
translated at the exchange rate at the balance \u00a0
sheet date. Foreign exchange gains and losses \u00a0
resulting from the se\ua881lement of such transactions \u00a0
and from the translation at year-end exchange rates \u00a0
of monetary assets and liabilities denominated in \u00a0
foreign currencies are recognized as \ufb01nance income \u00a0
or \ufb01nance expense in the income statement. \u00a0
Acquisition of mining and mineral properties and \u00a0
exploration and development of such properties \u00a0
IFRS 6 \u201cExploration for and evaluation of mineral \u00a0
resources\u201d requires that exploration and evaluation \u00a0
assets are classi\ufb01ed as tangible or intangible \u00a0
according to the nature of the assets acquired. \u00a0
Some exploration and evaluation assets should be \u00a0
classi\ufb01ed as intangibles, such as drilling rights and \u00a0
capitalized exploration cost. When technical \u00a0
feasibility and commercial viability of extracting a \u00a0
mineral resource is demonstrable, the assets \u00a0
should be re-classi\ufb01ed as \u201dMine under construction\u201d. \u00a0
Evaluation and exploration assets that are \u00a0
classi\ufb01ed as intangible assets are tested for \u00a0
impairment prior to reclassi\ufb01cation. \u00a0
Exploration and development for mineral properties \u00a0
The Group employs the successful e\ufb00orts method \u00a0
to account for exploration and development cost. \u00a0
All exploration cost, with the exception of \u00a0
acquisition cost of licenses and direct drilling cost \u00a0
of exploration wells is expensed as incurred. \u00a0
Drilling costs are temporarily capitalized pending \u00a0
the evaluation of the potential existence of mineral \u00a0
reserves. If reserves are not found, or if discoveries \u00a0
are assessed not to be technically and commercially \u00a0
recoverable, the drilling costs are expensed. Cost \u00a0
of acquiring licenses is capitalized and assessed \u00a0
for impairment at each reporting date. \u00a0
Mine under construction \u00a0
During 2022, Evaluation and exploration assets \u00a0
related to Engeb\u00f8 was reclassi\ufb01ed in the balance \u00a0
sheet to Mine under construction. The Group\u2019s \u00a0
accounting policy is to test Evaluation and \u00a0
exploration assets for impairment and transfer to \u00a0
Mine under construction as soon as a project has \u00a0
been sanctioned for construction. A\ua882er transfer of \u00a0
the evaluation and exploration assets, all subsequent \u00a0
expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. A\ua882er production \u00a0
starts, all costs included in Mine under construction \u00a0
are transferred to the category \u2018Producing mine\u2019. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. \u00a0
Property, plant and equipment \u00a0
The Group\u2019s property, plant and equipment, \u00a0
consisting of machinery and equipment, are \u00a0
recorded at cost less accumulated depreciation. \u00a0
Acquisition cost include cost directly a\ua881ributable \u00a0
to the acquisition of the asset. \u00a0
Subsequent cost is included in the asset\u2019s carrying \u00a0
amount or recognized as a separate asset, as \u00a0
appropriate, only when it is probable that future \u00a0
economic bene\ufb01ts associated with the item will \u00a0
\ufb02ow to the Group and the cost of the item can be \u00a0
measured reliably. All other repairs and maintenance \u00a0
cost are expensed as incurred. \u00a0
An item of property, plant and equipment is \u00a0
de-recognized upon disposal or when no future \u00a0
economic bene\ufb01ts are expected from its use or \u00a0
disposal. Any gain or loss arising on de-recognition \u00a0
of the asset is calculated as the di\ufb00erence \u00a0
between the net disposal proceeds and the \u00a0
carrying amount of the asset and is presented as a \u00a0
net gain or net loss in the income statement. \u00a0
Depreciation is calculated on a straight-line basis \u00a0
over the useful life of the asset (land is not \u00a0
depreciated): \u00a0
\u2022
Machinery and equipment: 4-10 years \u00a0
The asset\u2019s useful life and residual amount are \u00a0
reviewed on an annual basis and revised if \u00a0
necessary. The carrying amount of the asset is \u00a0
wri\ua881en down to recoverable amount when the \u00a0
carrying amount is higher that the estimated \u00a0
recoverable amount (further details are \u00a0
provided under \u201cImpairment of non-\ufb01nancial \u00a0
assets\u201d below). \u00a0
Impairment of non-\ufb01nancial assets \u00a0
Intangible assets that have an inde\ufb01nite useful life \u00a0
or intangible assets not yet available for use are \u00a0
not subject to amortization and are tested annually \u00a0
for impairment. Assets that are subject to \u00a0
amortization are reviewed for impairment \u00a0
whenever events or changes in circumstances \u00a0
indicate that the carrying amount may not be \u00a0
recoverable. An impairment loss is recognized \u00a0
for the amount by which the asset\u2019s carrying \u00a0
amount exceeds its recoverable amount. The \u00a0
recoverable amount is the higher of an asset\u2019s fair \u00a0
value less cost to sell and value in use. For the \u00a0
purposes of assessing impairment, assets are \u00a0
grouped at the lowest levels for which there are \u00a0
separately identi\ufb01able cash \ufb02ows (cash- \u00a0
generating units). Non-\ufb01nancial assets other than \u00a0
goodwill that su\ufb00ered impairment are reviewed for \u00a0
possible reversal of the impairment at each \u00a0
reporting date. \u00a0
Government grants \u00a0
Government grants are recognized where there is \u00a0
reasonable assurance that the grant will be \u00a0
received, and all a\ua881ached conditions will be \u00a0
complied with. When the grant relates to an \u00a0
expense item, it is recognized as income on a \u00a0
systematic basis over the periods that the related \u00a0
costs, for which it is intended to compensate, are \u00a0
expensed. When the grant relates to an asset, it is \u00a0
recognized as income in equal amounts over the \u00a0
expected useful life of the related asset. \u00a0
Leases (as lessee) \u00a0
The Group adopted IFRS 16 \u2013 Leases from 1 \u00a0
January 2019. IFRS 16 sets out the principles for \u00a0
recognition, measurement, presentation and \u00a0
disclosures of leases. IFRS 16 de\ufb01nes a lease as a \u00a0
contract that conveys the right to control the use \u00a0
of an identi\ufb01ed asset for a period of time in exchange \u00a0
for consideration. For each contract that meets this \u00a0
de\ufb01nition, IFRS 16 requires lessees to recognize a \u00a0
right-of-use asset and a lease liability in the \u00a0
balance sheet with certain exemptions for short \u00a0
term and low value leases. Lease payments are to \u00a0
be re\ufb02ected as interest expense and a reduction of \u00a0
lease liabilities, while the right-of-use assets are to \u00a0
be depreciated over the shorter of the lease term \u00a0
and the assets\u2019 useful life. Lease liabilities are \u00a0
measured at the present value of remaining lease \u00a0
payments, discounted using the Group\u2019s calculated \u00a0
borrowing rate. Right-of-use assets are measured \u00a0
at an amount equal to the lease liability. \u00a0
Financial assets \u00a0
Initial recognition and measurement: \u00a0
Financial assets are classi\ufb01ed, at initial recognition, \u00a0
as subsequently measured at amortized cost, fair \u00a0
value through other comprehensive income (OCI) \u00a0
and fair value through pro\ufb01t or loss. \u00a0
Financial assets at fair value through pro\ufb01t \u00a0
or loss: \u00a0
Financial assets at fair value through pro\ufb01t or loss \u00a0
include \ufb01nancial assets held for trading, \ufb01nancial \u00a0
assets designated upon initial recognition at fair \u00a0
value through pro\ufb01t or loss, or \ufb01nancial assets \u00a0
mandatorily required to be measured at fair value. \u00a0
Financial assets are classi\ufb01ed as held for trading if \u00a0
they are acquired for the purpose of selling or \u00a0
repurchasing in the near term. Derivatives, \u00a0
including separated embedded derivatives, are \u00a0
also classi\ufb01ed as held for trading unless they are \u00a0
designated as e\ufb00ective hedging instruments. \u00a0
Financial assets with cash \ufb02ows that are not solely \u00a0
payments of principal and interest are classi\ufb01ed \u00a0
and measured at fair value through pro\ufb01t or loss. \u00a0
Receivables \u00a0
Receivables are recognized initially at fair value and \u00a0
subsequently measured at amortized cost using the \u00a0
e\ufb00ective interest method, less provision for \u00a0
impairment. \u00a0
Cash and cash equivalents \u00a0
Cash and short-term deposits in the balance sheet \u00a0
comprise cash at banks and other short-term highly \u00a0
liquid investments that are readily convertible to \u00a0
known amounts of cash, are subject to an \u00a0
insigni\ufb01cant risk of changes in fair value and with \u00a0
original maturities of three months or less. \u00a0
Financial liabilities \u00a0
Initial recognition and measurement: \u00a0
Financial liabilities are classi\ufb01ed, at initial recognition, \u00a0
as \ufb01nancial liabilities at fair value through pro\ufb01t or \u00a0
loss, loans and borrowings, payables, or as derivatives \u00a0
designated as hedging instruments in an e\ufb00ective \u00a0
hedge, as appropriate. All \ufb01nancial liabilities are \u00a0
recognized initially at fair value and, in the case of loans \u00a0
and borrowings and payables, net of directly \u00a0
a\ua881ributable transaction costs. The Group\u2019s \ufb01nancial \u00a0
liabilities include trade and other payables and loans \u00a0
and borrowings, including bond loan and convertible \u00a0
loan. \u00a0
Subsequent measurement: \u00a0
For purposes of subsequent measurement, \u00a0
\ufb01nancial liabilities are classi\ufb01ed in two categories: \u00a0
\u2022
Financial liabilities at amortized cost (loans \u00a0
and borrowings and trade and other payables) \u00a0
\u2022
Financial liabilities at fair value through pro\ufb01t \u00a0
or loss \u00a0
Financial liabilities at amortized cost \u00a0
A\ua882er initial recognition, interest-bearing loans and \u00a0
borrowings and trade and other payables are \u00a0
subsequently measured at amortized cost using \u00a0
the e\ufb00ective interest method; any di\ufb00erence between \u00a0
proceeds (net of transaction cost) and the redemption \u00a0
value is recognized on the income statement over the \u00a0
period of the interest-bearing liabilities. \u00a0
Financial liabilities at fair value through \u00a0
pro\ufb01t or loss \u00a0
A\ua882er initial recognition, \ufb01nancial liabilities \u00a0
measured at fair value through pro\ufb01t or loss are \u00a0
measured at fair value at each balance sheet date, \u00a0
with changes in fair value through pro\ufb01t or loss. \u00a0
Financial liabilities at fair value through pro\ufb01t or \u00a0
loss include \ufb01nancial liabilities held for trading and \u00a0
\ufb01nancial liabilities designated upon initial recognition \u00a0
as at fair value through pro\ufb01t or loss. The Group has \u00a0
designated its convertible loan into this category. \u00a0
Financial liabilities are classi\ufb01ed as held for trading \u00a0
if they are incurred for the purpose of repurchasing \u00a0
in the near term. This category also includes derivative \u00a0
\ufb01nancial instruments entered into by the Group that \u00a0
are not designated as hedging instruments in hedge \u00a0
relationships as de\ufb01ned by IFRS 9. Separated \u00a0
embedded derivatives are also classi\ufb01ed as held for \u00a0
trading unless they are designated as e\ufb00ective \u00a0
hedging instruments. Gains or losses on liabilities \u00a0
held for trading are recognized in the statement of \u00a0
pro\ufb01t or loss and other comprehensive income. \u00a0
De-recognition of \ufb01nancial liabilities \u00a0
The Group de-recognizes a \ufb01nancial liability (or a part \u00a0
of a \ufb01nancial liability) from its balance sheet when, \u00a0
and only when, it is extinguished. A \ufb01nancial liability is \u00a0
extinguished when the obligation speci\ufb01ed in the \u00a0
contract is discharged or cancelled, or when it expires. \u00a0
Share capital \u00a0
Ordinary shares are classi\ufb01ed as equity. \u00a0
Share issuance cost that is incremental and directly \u00a0
a\ua881ributable to the issue of new shares or options are \u00a0
shown in equity as a deduction from the proceeds. If \u00a0
deferred tax assets are not recognized, items \u00a0
recorded directly to equity are accounted for gross, \u00a0
without any deduction of deferred taxes. \u00a0
Share-based compensation \u00a0
The Group uses equity se\ua881led options to incentivize \u00a0
employees and quali\ufb01ed resource persons. The fair \u00a0
value of the options is recognized as a payroll expense \u00a0
in the statement of pro\ufb01t or loss over the vesting \u00a0
period and as other paid in equity in the balance sheet. \u00a0
Fair value of options is estimated by use of the Black \u00a0
Scholes option model and is charged to the statement \u00a0
of pro\ufb01t or loss over the vesting period without \u00a0
revaluation of the value of the options. \u00a0
Income taxes \u00a0
Income tax expense represents the sum of the taxes \u00a0
currently payable and deferred tax. Taxes payable \u00a0
are provided based on taxable pro\ufb01ts at the current \u00a0
tax rate. Deferred taxes are recognized on di\ufb00erences \u00a0
between the carrying amounts of assets and liabilities \u00a0
in the \ufb01nancial statements and the corresponding \u00a0
tax bases used in the computation of taxable pro\ufb01t. \u00a0
Deferred tax liabilities are generally recognized for \u00a0
all temporary di\ufb00erences, and deferred tax assets \u00a0
are recognized to the extent that it is probable that \u00a0
taxable pro\ufb01ts will be available against which \u00a0
deductible temporary di\ufb00erences can be utilized. \u00a0
Deferred income tax is not recognized on temporary \u00a0
di\ufb00erences arising from initial recognition of an asset \u00a0
or liability in a transaction other than a business \u00a0
combination that at the time of the transaction \u00a0
a\ufb00ects neither accounting nor taxable pro\ufb01t nor loss. \u00a0
The carrying amount of deferred tax assets is \u00a0
reviewed at each balance sheet date and reduced \u00a0
to the extent that it is no longer probable that \u00a0
su\ufb03cient taxable income will be available to allow \u00a0
all or part of the asset to be recovered. \u00a0
If deferred tax assets are not recognized, items \u00a0
recorded directly to equity, or in other comprehen- \u00a0
sive income (OCI), are accounted for gross, without \u00a0
any deduction of deferred taxes. \u00a0
Pensions \u00a0
De\ufb01ned bene\ufb01t plan: \u00a0
The Group has a de\ufb01ned bene\ufb01t pension plan for its \u00a0
employees that meet the Norwegian statutory \u00a0
requirement. For the de\ufb01ned bene\ufb01t plan, the cost of \u00a0
providing the bene\ufb01ts is determined using the unit \u00a0
credit method, with actual valuations being carried \u00a0
out at the end of each annual reporting period. \u00a0
Re-measurement, comprising actuarial gains and \u00a0
losses, the e\ufb00ect of asset ceiling (if applicable) and \u00a0
the return on plan assets (excluding interest), is \u00a0
re\ufb02ected immediately in the statement of \ufb01nancial \u00a0
position with a charge or credit recognized in other \u00a0
comprehensive income in the period in which they \u00a0
occur. Past service cost is recognized in pro\ufb01t or loss \u00a0
in the period of a plan amendment. Net interest is \u00a0
calculated by applying the discount rate at the \u00a0
beginning of the period to the net de\ufb01ned bene\ufb01t \u00a0
liability or asset. \u00a0
De\ufb01ned contribution plan: \u00a0
In the de\ufb01ned contribution pension plan, the Group \u00a0
is responsible for making an agreed contribution to \u00a0
the employee\u2019s pension assets. The future pension \u00a0
will be determined by the amount of the contributions \u00a0
and the return on the pension savings. Once the \u00a0
contributions have been paid, there are no further \u00a0
payment obligations a\ua881ached to the de\ufb01ned \u00a0
contribution pension. \u00a0
Contingent liabilities \u00a0
Contingent liabilities are de\ufb01ned as: \u00a0
\u2022
possible obligations resulting from past events \u00a0
whose existence depends on future events \u00a0
\u2022
obligations that are not recognized because it \u00a0
is not probable that they will lead to an out\ufb02ow \u00a0
of resources \u00a0
\u2022
obligations that cannot be measured with \u00a0
su\ufb03cient reliability \u00a0
Contingent liabilities are not recognized on the \u00a0
balance sheet unless arising from assuming assets \u00a0
and liabilities in a business combination. Signi\ufb01cant \u00a0
contingent liabilities are disclosed unless the \u00a0
possibility of an out\ufb02ow of resources embodying \u00a0
economic bene\ufb01ts is remote. Reference is made to \u00a0
Note 11 and 27 in the consolidated \ufb01nancial \u00a0
statements regarding contingent liabilities related \u00a0
to the Engeb\u00f8 rutile deposit. \u00a0
Cash \ufb02ow statement \u00a0
The Group reports the cash \ufb02ow statement using \u00a0
the indirect method. The method involves adjusting \u00a0
the result for the period for the e\ufb00ects of transactions \u00a0
without e\ufb00ect on cash and changes in assets and \u00a0
liabilities to show net cash \ufb02ow from operations. \u00a0
Cash \ufb02ow relating to investment activities and \u00a0
\ufb01nancing activities are shown separately. \u00a0
Related party transactions \u00a0
All transactions, agreements and business \u00a0
activities with related parties are conducted \u00a0
according to ordinary business terms and \u00a0
conditions. Parties are related if one party has the \u00a0
ability, directly or indirectly, to control the other \u00a0
party or exercise signi\ufb01cant in\ufb02uence over the \u00a0
other party in making \ufb01nancial and operating \u00a0
decisions. Parties are also related if they are \u00a0
subject to common control or common signi\ufb01cant \u00a0
in\ufb02uence. The Group provides note disclosure for \u00a0
related party transactions and balances in Note 20 \u00a0
in the consolidated \ufb01nancial statements. \u00a0
Earnings per share \u00a0
The calculation of basic earnings per share is based \u00a0
on the pro\ufb01t/loss a\ua881ributable to ordinary \u00a0
shareholders using the weighted average number \u00a0
of shares outstanding during the year a\ua882er \u00a0
deduction of the average number of treasury \u00a0
shares held over the period. The calculation of \u00a0
diluted earnings per share is consistent with the \u00a0
calculation of basic earnings per share while giving \u00a0
e\ufb00ect to all dilutive potential ordinary shares that \u00a0
were outstanding during the period, that is: \u00a0
\u2022
The net pro\ufb01t for the period a\ua881ributable to \u00a0
ordinary shares is increased by the a\ua882er-tax \u00a0
amount of dividends and interest recognized in the \u00a0
period in respect of the dilutive potential ordinary \u00a0
shares and adjusted for any other changes in \u00a0
income or expense that would result from the \u00a0
conversion of the dilutive potential ordinary shares. \u00a0
\u2022
Weighted average number of shares which \u00a0
includes the e\ufb00ect of all potential dilutive \u00a0
shares as if converted at the beginning of the \u00a0
period, or from the issue date if later. \u00a0
New accounting standards \u00a0
New standards and amendments to standards and \u00a0
interpretations e\ufb00ective from 1 January 2022 did \u00a0
not have any signi\ufb01cant impact on the \ufb01nancial \u00a0
statements. \u00a0
New standards, amendments and interpretations \u00a0
issued but not adopted by the Group \u00a0
A number of new standards and amendments to \u00a0
standards and interpretations are e\ufb00ective for \u00a0
annual periods beginning on or a\ua882er 1 January \u00a0
2023 and have not been applied in preparing these \u00a0
\ufb01nancial statements. None of these new standards \u00a0
and amendments to standards and interpretations \u00a0
are expected to have any signi\ufb01cant impact on the \u00a0
Group\u2019s \ufb01nancial statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1269": {
"value": "NOTE 2 - SUMMARY OF SIGNIFICANT \u00a0
ACCOUNTING PRINCIPLES \u00a0
Basis of preparation \u00a0
The principal accounting policies applied in the \u00a0
preparation of these consolidated \ufb01nancial \u00a0
statements are set out below. These policies have \u00a0
been consistently applied unless otherwise stated. \u00a0
The consolidated \ufb01nancial statements of Nordic \u00a0
Mining ASA have been prepared in accordance with \u00a0
International Financial Reporting Standards (IFRS) \u00a0
as adopted by the European Union. \u00a0
The consolidated \ufb01nancial statements have been \u00a0
prepared under the historical cost convention with \u00a0
some exceptions outlined below; the main \u00a0
exceptions being Financial investments and \u00a0
Convertible loan at fair value through pro\ufb01t or loss. \u00a0
The annual accounts are based on the going \u00a0
concern assumption. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1271": {
"value": "Basis of preparation \u00a0
The principal accounting policies applied in the \u00a0
preparation of these consolidated \ufb01nancial \u00a0
statements are set out below. These policies have \u00a0
been consistently applied unless otherwise stated. \u00a0
The consolidated \ufb01nancial statements of Nordic \u00a0
Mining ASA have been prepared in accordance with \u00a0
International Financial Reporting Standards (IFRS) \u00a0
as adopted by the European Union. \u00a0
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1275": {
"value": "Signi\ufb01cant accounting judgments, estimates \u00a0
and assumptions \u00a0
The preparation of the Group\u2019s \ufb01nancial state- \u00a0
ments requires Management to make judgments, \u00a0
estimates and assumptions that a\ufb00ect the \u00a0
reported amounts of revenues, expenses, assets \u00a0
and liabilities, and the disclosure of contingent \u00a0
liabilities, at the reporting date. However, \u00a0
uncertainty about these assumptions and \u00a0
estimates could result in outcomes that could \u00a0
require a material adjustment to the carrying \u00a0
amount of the asset or liability. \u00a0
Key areas of judgement and estimation uncertainty: \u00a0
\u2022
Impairment of non-\ufb01nancial assets \u00a0
(Note 11 and 12): \u00a0
The Group reviews whether its non-\ufb01nancial \u00a0
assets have su\ufb00ered any impairment whenever \u00a0
events or changes in circumstances indicate \u00a0
that the carrying amount may not be recoverable. \u00a0
An asset is wri\ua881en down to its recoverable \u00a0
amount when the recoverable amount is lower \u00a0
than the carrying value of the asset. The \u00a0
recoverable amount is the higher of fair value \u00a0
less expected cost to sell and value in use (present \u00a0
value based on the future use of the asset). \u00a0
All impairment assessments require a high \u00a0
degree of estimation, including assessments of \u00a0
expected future cash \ufb02ows from the cash \u00a0
generating unit and the estimation of applicable \u00a0
discount rates. Impairment testing requires \u00a0
long-term assumptions to be made concerning \u00a0
a number of economic factors such as future \u00a0
production levels, market conditions, production \u00a0
expense, discount rates and political risk among \u00a0
others, in order to establish relevant future \u00a0
cash \ufb02ow estimates. There is a high degree of \u00a0
reasoned judgement involved in establishing \u00a0
these assumptions and in determining other \u00a0
relevant factors. \u00a0
\u2022
Classi\ufb01cation of bond loan and Bond Escrow \u00a0
(Note 15): \u00a0
The Group issued in 2022 a USD 100 million \u00a0
senior secured bond. The proceeds from the \u00a0
bonds will following satisfaction of certain \u00a0
pre-disbursement conditions precedent, \u00a0
including conditions of the full amount of equity \u00a0
\ufb01nancing and royalty \ufb01nancing having been \u00a0
spent towards the development and construction \u00a0
of the Engeb\u00f8 Project, be released in three \u00a0
tranches from the Bond Escrow account. The bonds \u00a0
are until satisfaction of the pre-disbursement \u00a0
conditions precedent results in drawdown of \u00a0
the bond proceeds from the bond escrow \u00a0
account classi\ufb01ed as a current liability in the \u00a0
statement of \ufb01nancial position. The restricted \u00a0
cash balances from the bonds are classi\ufb01ed as \u00a0
\u201cBond Escrow\u201d in the consolidated statement of \u00a0
\ufb01nancial position and will \ufb01rst be recognized as \u00a0
cash in the consolidated statement of \ufb01nancial \u00a0
position once the funds are released from the \u00a0
escrow account. Interest expenses up to the \u00a0
satisfaction of the condition of the Engeb\u00f8 \u00a0
Project being fully \ufb01nanced are recognized as \u00a0
expense in the income statement at amortized \u00a0
cost using the e\ufb00ective interest-rate method. \u00a0
The conditions were satis\ufb01ed on 8 March 2023. \u00a0
Following the satisfaction of the \ufb01nancing \u00a0
conditions, borrowing costs related to the bond \u00a0
loan a be capitalized as part of \u201cMine under \u00a0
construction\u201d at amortized cost using the \u00a0
e\ufb00ective interest-rate method. \u00a0
\u2022
Valuation of convertible loan (Note 19): \u00a0
The Group entered in 2022 into a convertible \u00a0
loan with a local investor group. The loan is \u00a0
measured at fair value with changes in the fair \u00a0
value recognized in the income statement. \u00a0
As there is no observable market price for the \u00a0
convertible loan, the Group is assessing the fair \u00a0
value of the convertible loan using valuation \u00a0
techniques. Fair value is the price that would be \u00a0
received to divest the convertible loan in an \u00a0
orderly transaction between market participants \u00a0
at the measurement date. The fair value of the \u00a0
convertible loan is measured using the \u00a0
assumptions that market participants would \u00a0
use when pricing the loan. The Group uses \u00a0
valuation techniques that are appropriate in the \u00a0
circumstances and for which su\ufb03cient data are \u00a0
available to measure fair value, maximizing the \u00a0
use of relevant observable inputs and minimizing \u00a0
the use of unobservable inputs. The determination \u00a0
of the fair value of the convertible loan still \u00a0
requires signi\ufb01cant judgment from management. \u00a0
The valuation of the convertible loan has been \u00a0
based on level 3 inputs in the fair value hierarchy. \u00a0
As there were no observable market price for \u00a0
the convertible loan at year end 2022, the fair \u00a0
value of the loan is based on Management\u2019s \u00a0
internal assessment of the market value at year \u00a0
end, see note 19 for further information. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1290": {
"value": "Business combinations \u00a0
The acquisition method of accounting is used to \u00a0
account for the acquisition of businesses and \u00a0
subsidiaries by the Group. The cost of an acquisition \u00a0
is measured as the fair value of the assets given, \u00a0
equity instruments issued, and liabilities incurred \u00a0
or assumed at the date of exchange. Identi\ufb01able \u00a0
assets acquired, and liabilities and contingent \u00a0
liabilities assumed in a business combination are \u00a0
measured initially at their fair values at the acquisition \u00a0
date, irrespective of the extent of any non-controlling \u00a0
interest. The excess of the cost of acquisition over \u00a0
the fair value of the Group\u2019s share of the identi\ufb01able \u00a0
net assets acquired is recorded as goodwill. \u00a0
Directly a\ua881ributable transaction costs related to \u00a0
business combinations are expensed as incurred. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1292": {
"value": "Business combinations \u00a0
The acquisition method of accounting is used to \u00a0
account for the acquisition of businesses and \u00a0
subsidiaries by the Group. The cost of an acquisition \u00a0
is measured as the fair value of the assets given, \u00a0
equity instruments issued, and liabilities incurred \u00a0
or assumed at the date of exchange. Identi\ufb01able \u00a0
assets acquired, and liabilities and contingent \u00a0
liabilities assumed in a business combination are \u00a0
measured initially at their fair values at the acquisition \u00a0
date, irrespective of the extent of any non-controlling \u00a0
interest. The excess of the cost of acquisition over \u00a0
the fair value of the Group\u2019s share of the identi\ufb01able \u00a0
net assets acquired is recorded as goodwill. \u00a0
Directly a\ua881ributable transaction costs related to \u00a0
business combinations are expensed as incurred. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1323": {
"value": "Mine under construction \u00a0
During 2022, Evaluation and exploration assets \u00a0
related to Engeb\u00f8 was reclassi\ufb01ed in the balance \u00a0
sheet to Mine under construction. The Group\u2019s \u00a0
accounting policy is to test Evaluation and \u00a0
exploration assets for impairment and transfer to \u00a0
Mine under construction as soon as a project has \u00a0
been sanctioned for construction. A\ua882er transfer of \u00a0
the evaluation and exploration assets, all subsequent \u00a0
expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. A\ua882er production \u00a0
starts, all costs included in Mine under construction \u00a0
are transferred to the category \u2018Producing mine\u2019. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1324": {
"value": "Mine under construction \u00a0
During 2022, Evaluation and exploration assets \u00a0
related to Engeb\u00f8 was reclassi\ufb01ed in the balance \u00a0
sheet to Mine under construction. The Group\u2019s \u00a0
accounting policy is to test Evaluation and \u00a0
exploration assets for impairment and transfer to \u00a0
Mine under construction as soon as a project has \u00a0
been sanctioned for construction. A\ua882er transfer of \u00a0
the evaluation and exploration assets, all subsequent \u00a0
expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. A\ua882er production \u00a0
starts, all costs included in Mine under construction \u00a0
are transferred to the category \u2018Producing mine\u2019. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1306": {
"value": "Acquisition of mining and mineral properties and \u00a0
exploration and development of such properties \u00a0
IFRS 6 \u201cExploration for and evaluation of mineral \u00a0
resources\u201d requires that exploration and evaluation \u00a0
assets are classi\ufb01ed as tangible or intangible \u00a0
according to the nature of the assets acquired. \u00a0
Some exploration and evaluation assets should be \u00a0
classi\ufb01ed as intangibles, such as drilling rights and \u00a0
capitalized exploration cost. When technical \u00a0
feasibility and commercial viability of extracting a \u00a0
mineral resource is demonstrable, the assets \u00a0
should be re-classi\ufb01ed as \u201dMine under construction\u201d. \u00a0
Evaluation and exploration assets that are \u00a0
classi\ufb01ed as intangible assets are tested for \u00a0
impairment prior to reclassi\ufb01cation. \u00a0
Exploration and development for mineral properties \u00a0
The Group employs the successful e\ufb00orts method \u00a0
to account for exploration and development cost. \u00a0
All exploration cost, with the exception of \u00a0
acquisition cost of licenses and direct drilling cost \u00a0
of exploration wells is expensed as incurred. \u00a0
Drilling costs are temporarily capitalized pending \u00a0
the evaluation of the potential existence of mineral \u00a0
reserves. If reserves are not found, or if discoveries \u00a0
are assessed not to be technically and commercially \u00a0
recoverable, the drilling costs are expensed. Cost \u00a0
of acquiring licenses is capitalized and assessed \u00a0
for impairment at each reporting date. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1307": {
"value": "Acquisition of mining and mineral properties and \u00a0
exploration and development of such properties \u00a0
IFRS 6 \u201cExploration for and evaluation of mineral \u00a0
resources\u201d requires that exploration and evaluation \u00a0
assets are classi\ufb01ed as tangible or intangible \u00a0
according to the nature of the assets acquired. \u00a0
Some exploration and evaluation assets should be \u00a0
classi\ufb01ed as intangibles, such as drilling rights and \u00a0
capitalized exploration cost. When technical \u00a0
feasibility and commercial viability of extracting a \u00a0
mineral resource is demonstrable, the assets \u00a0
should be re-classi\ufb01ed as \u201dMine under construction\u201d. \u00a0
Evaluation and exploration assets that are \u00a0
classi\ufb01ed as intangible assets are tested for \u00a0
impairment prior to reclassi\ufb01cation. \u00a0
Property, plant and equipment \u00a0
The Group\u2019s property, plant and equipment, \u00a0
consisting of machinery and equipment, are \u00a0
recorded at cost less accumulated depreciation. \u00a0
Acquisition cost include cost directly a\ua881ributable \u00a0
to the acquisition of the asset. \u00a0
Subsequent cost is included in the asset\u2019s carrying \u00a0
amount or recognized as a separate asset, as \u00a0
appropriate, only when it is probable that future \u00a0
economic bene\ufb01ts associated with the item will \u00a0
\ufb02ow to the Group and the cost of the item can be \u00a0
measured reliably. All other repairs and maintenance \u00a0
cost are expensed as incurred. \u00a0
An item of property, plant and equipment is \u00a0
de-recognized upon disposal or when no future \u00a0
economic bene\ufb01ts are expected from its use or \u00a0
disposal. Any gain or loss arising on de-recognition \u00a0
of the asset is calculated as the di\ufb00erence \u00a0
between the net disposal proceeds and the \u00a0
carrying amount of the asset and is presented as a \u00a0
net gain or net loss in the income statement. \u00a0
Depreciation is calculated on a straight-line basis \u00a0
over the useful life of the asset (land is not \u00a0
depreciated): \u00a0
\u2022
Machinery and equipment: 4-10 years \u00a0
The asset\u2019s useful life and residual amount are \u00a0
reviewed on an annual basis and revised if \u00a0
necessary. The carrying amount of the asset is \u00a0
wri\ua881en down to recoverable amount when the \u00a0
carrying amount is higher that the estimated \u00a0
recoverable amount (further details are \u00a0
provided under \u201cImpairment of non-\ufb01nancial \u00a0
assets\u201d below). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1284": {
"value": "Basis for consolidation \u00a0
The consolidated \ufb01nancial statements comprise \u00a0
the \ufb01nancial statements of the Company and its \u00a0
subsidiaries. Control is achieved when the Group is \u00a0
exposed, or has rights, to variable returns from its \u00a0
involvement with the investee, and has the ability \u00a0
to a\ufb00ect those returns through its power over the \u00a0
investee. Speci\ufb01cally, the Group controls an \u00a0
investee if, and only if, the Group has: \u00a0
\u2022
Power over the investee (i.e. existing rights that \u00a0
give it the current ability to direct the relevant \u00a0
activities of the investee) \u00a0
\u2022
Exposure, or rights, to variable returns from its \u00a0
involvement with the investee \u00a0
\u2022
The ability to use its power over the investee to \u00a0
a\ufb00ect its returns \u00a0
The subsidiaries include Nordic Rutile AS, Nordic \u00a0
Ocean Resources AS, and Nordic Quartz AS, all 100% \u00a0
owned and located in Oslo. The accounting principles \u00a0
of the subsidiaries have been changed when \u00a0
necessary to ensure consistency with the policies \u00a0
adopted by the Group. All intra-group transactions, \u00a0
balances, income and expenses are eliminated. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1294": {
"value": "Foreign currency translation \u00a0
Functional and presentation currency \u00a0
NOK is the functional currency of the parent and the \u00a0
presentation currency of the Group. Assets and \u00a0
liabilities in foreign entities, including goodwill and \u00a0
fair value adjustments related to business \u00a0
combinations are translated to NOK at the \u00a0
exchange rate at the balance sheet date. Revenues, \u00a0
expenses, gains and losses are translated using the \u00a0
average exchange rate during each quarterly \u00a0
period. Translation adjustments are recognized \u00a0
directly to Other Comprehensive Income. \u00a0
Transactions and balances \u00a0
Transactions in foreign currencies are initially \u00a0
recorded by the Group\u2019s entities at their respective \u00a0
functional currency spot rates at the date the \u00a0
transaction \ufb01rst quali\ufb01es for recognition. Monetary \u00a0
items denominated in foreign currencies are \u00a0
translated at the exchange rate at the balance \u00a0
sheet date. Foreign exchange gains and losses \u00a0
resulting from the se\ua881lement of such transactions \u00a0
and from the translation at year-end exchange rates \u00a0
of monetary assets and liabilities denominated in \u00a0
foreign currencies are recognized as \ufb01nance income \u00a0
or \ufb01nance expense in the income statement. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1296": {
"value": "Foreign currency translation \u00a0
Functional and presentation currency \u00a0
NOK is the functional currency of the parent and the \u00a0
presentation currency of the Group. Assets and \u00a0
liabilities in foreign entities, including goodwill and \u00a0
fair value adjustments related to business \u00a0
combinations are translated to NOK at the \u00a0
exchange rate at the balance sheet date. Revenues, \u00a0
expenses, gains and losses are translated using the \u00a0
average exchange rate during each quarterly \u00a0
period. Translation adjustments are recognized \u00a0
directly to Other Comprehensive Income. \u00a0
Transactions and balances \u00a0
Transactions in foreign currencies are initially \u00a0
recorded by the Group\u2019s entities at their respective \u00a0
functional currency spot rates at the date the \u00a0
transaction \ufb01rst quali\ufb01es for recognition. Monetary \u00a0
items denominated in foreign currencies are \u00a0
translated at the exchange rate at the balance \u00a0
sheet date. Foreign exchange gains and losses \u00a0
resulting from the se\ua881lement of such transactions \u00a0
and from the translation at year-end exchange rates \u00a0
of monetary assets and liabilities denominated in \u00a0
foreign currencies are recognized as \ufb01nance income \u00a0
or \ufb01nance expense in the income statement. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1328": {
"value": "Property, plant and equipment \u00a0
The Group\u2019s property, plant and equipment, \u00a0
consisting of machinery and equipment, are \u00a0
recorded at cost less accumulated depreciation. \u00a0
Acquisition cost include cost directly a\ua881ributable \u00a0
to the acquisition of the asset. \u00a0
Subsequent cost is included in the asset\u2019s carrying \u00a0
amount or recognized as a separate asset, as \u00a0
appropriate, only when it is probable that future \u00a0
economic bene\ufb01ts associated with the item will \u00a0
\ufb02ow to the Group and the cost of the item can be \u00a0
measured reliably. All other repairs and maintenance \u00a0
cost are expensed as incurred. \u00a0
An item of property, plant and equipment is \u00a0
de-recognized upon disposal or when no future \u00a0
economic bene\ufb01ts are expected from its use or \u00a0
disposal. Any gain or loss arising on de-recognition \u00a0
of the asset is calculated as the di\ufb00erence \u00a0
between the net disposal proceeds and the \u00a0
carrying amount of the asset and is presented as a \u00a0
net gain or net loss in the income statement. \u00a0
Depreciation is calculated on a straight-line basis \u00a0
over the useful life of the asset (land is not \u00a0
depreciated): \u00a0
\u2022
Machinery and equipment: 4-10 years \u00a0
The asset\u2019s useful life and residual amount are \u00a0
reviewed on an annual basis and revised if \u00a0
necessary. The carrying amount of the asset is \u00a0
wri\ua881en down to recoverable amount when the \u00a0
carrying amount is higher that the estimated \u00a0
recoverable amount (further details are \u00a0
provided under \u201cImpairment of non-\ufb01nancial \u00a0
assets\u201d below). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1310": {
"value": "Exploration and development for mineral properties \u00a0
The Group employs the successful e\ufb00orts method \u00a0
to account for exploration and development cost. \u00a0
All exploration cost, with the exception of \u00a0
acquisition cost of licenses and direct drilling cost \u00a0
of exploration wells is expensed as incurred. \u00a0
Drilling costs are temporarily capitalized pending \u00a0
the evaluation of the potential existence of mineral \u00a0
reserves. If reserves are not found, or if discoveries \u00a0
are assessed not to be technically and commercially \u00a0
recoverable, the drilling costs are expensed. Cost \u00a0
of acquiring licenses is capitalized and assessed \u00a0
for impairment at each reporting date. \u00a0
Mine under construction \u00a0
During 2022, Evaluation and exploration assets \u00a0
related to Engeb\u00f8 was reclassi\ufb01ed in the balance \u00a0
sheet to Mine under construction. The Group\u2019s \u00a0
accounting policy is to test Evaluation and \u00a0
exploration assets for impairment and transfer to \u00a0
Mine under construction as soon as a project has \u00a0
been sanctioned for construction. A\ua882er transfer of \u00a0
the evaluation and exploration assets, all subsequent \u00a0
expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. A\ua882er production \u00a0
starts, all costs included in Mine under construction \u00a0
are transferred to the category \u2018Producing mine\u2019. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1313": {
"value": "Exploration and development for mineral properties \u00a0
The Group employs the successful e\ufb00orts method \u00a0
to account for exploration and development cost. \u00a0
All exploration cost, with the exception of \u00a0
acquisition cost of licenses and direct drilling cost \u00a0
of exploration wells is expensed as incurred. \u00a0
Drilling costs are temporarily capitalized pending \u00a0
the evaluation of the potential existence of mineral \u00a0
reserves. If reserves are not found, or if discoveries \u00a0
are assessed not to be technically and commercially \u00a0
recoverable, the drilling costs are expensed. Cost \u00a0
of acquiring licenses is capitalized and assessed \u00a0
for impairment at each reporting date. \u00a0
Mine under construction \u00a0
During 2022, Evaluation and exploration assets \u00a0
related to Engeb\u00f8 was reclassi\ufb01ed in the balance \u00a0
sheet to Mine under construction. The Group\u2019s \u00a0
accounting policy is to test Evaluation and \u00a0
exploration assets for impairment and transfer to \u00a0
Mine under construction as soon as a project has \u00a0
been sanctioned for construction. A\ua882er transfer of \u00a0
the evaluation and exploration assets, all subsequent \u00a0
expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. A\ua882er production \u00a0
starts, all costs included in Mine under construction \u00a0
are transferred to the category \u2018Producing mine\u2019. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1346": {
"value": "Financial assets \u00a0
Initial recognition and measurement: \u00a0
Financial assets are classi\ufb01ed, at initial recognition, \u00a0
as subsequently measured at amortized cost, fair \u00a0
value through other comprehensive income (OCI) \u00a0
and fair value through pro\ufb01t or loss. \u00a0
Financial assets at fair value through pro\ufb01t \u00a0
or loss: \u00a0
Financial assets at fair value through pro\ufb01t or loss \u00a0
include \ufb01nancial assets held for trading, \ufb01nancial \u00a0
assets designated upon initial recognition at fair \u00a0
value through pro\ufb01t or loss, or \ufb01nancial assets \u00a0
mandatorily required to be measured at fair value. \u00a0
Financial assets are classi\ufb01ed as held for trading if \u00a0
they are acquired for the purpose of selling or \u00a0
repurchasing in the near term. Derivatives, \u00a0
including separated embedded derivatives, are \u00a0
also classi\ufb01ed as held for trading unless they are \u00a0
designated as e\ufb00ective hedging instruments. \u00a0
Financial assets with cash \ufb02ows that are not solely \u00a0
payments of principal and interest are classi\ufb01ed \u00a0
and measured at fair value through pro\ufb01t or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1348": {
"value": "Financial assets \u00a0
Initial recognition and measurement: \u00a0
Financial assets are classi\ufb01ed, at initial recognition, \u00a0
as subsequently measured at amortized cost, fair \u00a0
value through other comprehensive income (OCI) \u00a0
and fair value through pro\ufb01t or loss. \u00a0
Financial assets at fair value through pro\ufb01t \u00a0
or loss: \u00a0
Financial assets at fair value through pro\ufb01t or loss \u00a0
include \ufb01nancial assets held for trading, \ufb01nancial \u00a0
assets designated upon initial recognition at fair \u00a0
value through pro\ufb01t or loss, or \ufb01nancial assets \u00a0
mandatorily required to be measured at fair value. \u00a0
Financial assets are classi\ufb01ed as held for trading if \u00a0
they are acquired for the purpose of selling or \u00a0
repurchasing in the near term. Derivatives, \u00a0
including separated embedded derivatives, are \u00a0
also classi\ufb01ed as held for trading unless they are \u00a0
designated as e\ufb00ective hedging instruments. \u00a0
Financial assets with cash \ufb02ows that are not solely \u00a0
payments of principal and interest are classi\ufb01ed \u00a0
and measured at fair value through pro\ufb01t or loss. \u00a0
Financial liabilities \u00a0
Initial recognition and measurement: \u00a0
Financial liabilities are classi\ufb01ed, at initial recognition, \u00a0
as \ufb01nancial liabilities at fair value through pro\ufb01t or \u00a0
loss, loans and borrowings, payables, or as derivatives \u00a0
designated as hedging instruments in an e\ufb00ective \u00a0
hedge, as appropriate. All \ufb01nancial liabilities are \u00a0
recognized initially at fair value and, in the case of loans \u00a0
and borrowings and payables, net of directly \u00a0
a\ua881ributable transaction costs. The Group\u2019s \ufb01nancial \u00a0
liabilities include trade and other payables and loans \u00a0
and borrowings, including bond loan and convertible \u00a0
loan. \u00a0
Subsequent measurement: \u00a0
For purposes of subsequent measurement, \u00a0
\ufb01nancial liabilities are classi\ufb01ed in two categories: \u00a0
\u2022
Financial liabilities at amortized cost (loans \u00a0
and borrowings and trade and other payables) \u00a0
\u2022
Financial liabilities at fair value through pro\ufb01t \u00a0
or loss \u00a0
Financial liabilities at amortized cost \u00a0
A\ua882er initial recognition, interest-bearing loans and \u00a0
borrowings and trade and other payables are \u00a0
subsequently measured at amortized cost using \u00a0
the e\ufb00ective interest method; any di\ufb00erence between \u00a0
proceeds (net of transaction cost) and the redemption \u00a0
value is recognized on the income statement over the \u00a0
period of the interest-bearing liabilities. \u00a0
Financial liabilities at fair value through \u00a0
pro\ufb01t or loss \u00a0
A\ua882er initial recognition, \ufb01nancial liabilities \u00a0
measured at fair value through pro\ufb01t or loss are \u00a0
measured at fair value at each balance sheet date, \u00a0
with changes in fair value through pro\ufb01t or loss. \u00a0
Financial liabilities at fair value through pro\ufb01t or \u00a0
loss include \ufb01nancial liabilities held for trading and \u00a0
\ufb01nancial liabilities designated upon initial recognition \u00a0
as at fair value through pro\ufb01t or loss. The Group has \u00a0
designated its convertible loan into this category. \u00a0
Financial liabilities are classi\ufb01ed as held for trading \u00a0
if they are incurred for the purpose of repurchasing \u00a0
in the near term. This category also includes derivative \u00a0
\ufb01nancial instruments entered into by the Group that \u00a0
are not designated as hedging instruments in hedge \u00a0
relationships as de\ufb01ned by IFRS 9. Separated \u00a0
embedded derivatives are also classi\ufb01ed as held for \u00a0
trading unless they are designated as e\ufb00ective \u00a0
hedging instruments. Gains or losses on liabilities \u00a0
held for trading are recognized in the statement of \u00a0
pro\ufb01t or loss and other comprehensive income. \u00a0
De-recognition of \ufb01nancial liabilities \u00a0
The Group de-recognizes a \ufb01nancial liability (or a part \u00a0
of a \ufb01nancial liability) from its balance sheet when, \u00a0
and only when, it is extinguished. A \ufb01nancial liability is \u00a0
extinguished when the obligation speci\ufb01ed in the \u00a0
contract is discharged or cancelled, or when it expires. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1362": {
"value": "Financial liabilities \u00a0
Initial recognition and measurement: \u00a0
Financial liabilities are classi\ufb01ed, at initial recognition, \u00a0
as \ufb01nancial liabilities at fair value through pro\ufb01t or \u00a0
loss, loans and borrowings, payables, or as derivatives \u00a0
designated as hedging instruments in an e\ufb00ective \u00a0
hedge, as appropriate. All \ufb01nancial liabilities are \u00a0
recognized initially at fair value and, in the case of loans \u00a0
and borrowings and payables, net of directly \u00a0
a\ua881ributable transaction costs. The Group\u2019s \ufb01nancial \u00a0
liabilities include trade and other payables and loans \u00a0
and borrowings, including bond loan and convertible \u00a0
loan. \u00a0
Subsequent measurement: \u00a0
For purposes of subsequent measurement, \u00a0
\ufb01nancial liabilities are classi\ufb01ed in two categories: \u00a0
\u2022
Financial liabilities at amortized cost (loans \u00a0
and borrowings and trade and other payables) \u00a0
\u2022
Financial liabilities at fair value through pro\ufb01t \u00a0
or loss \u00a0
Financial liabilities at amortized cost \u00a0
A\ua882er initial recognition, interest-bearing loans and \u00a0
borrowings and trade and other payables are \u00a0
subsequently measured at amortized cost using \u00a0
the e\ufb00ective interest method; any di\ufb00erence between \u00a0
proceeds (net of transaction cost) and the redemption \u00a0
value is recognized on the income statement over the \u00a0
period of the interest-bearing liabilities. \u00a0
Financial liabilities at fair value through \u00a0
pro\ufb01t or loss \u00a0
A\ua882er initial recognition, \ufb01nancial liabilities \u00a0
measured at fair value through pro\ufb01t or loss are \u00a0
measured at fair value at each balance sheet date, \u00a0
with changes in fair value through pro\ufb01t or loss. \u00a0
Financial liabilities at fair value through pro\ufb01t or \u00a0
loss include \ufb01nancial liabilities held for trading and \u00a0
\ufb01nancial liabilities designated upon initial recognition \u00a0
as at fair value through pro\ufb01t or loss. The Group has \u00a0
designated its convertible loan into this category. \u00a0
Financial liabilities are classi\ufb01ed as held for trading \u00a0
if they are incurred for the purpose of repurchasing \u00a0
in the near term. This category also includes derivative \u00a0
\ufb01nancial instruments entered into by the Group that \u00a0
are not designated as hedging instruments in hedge \u00a0
relationships as de\ufb01ned by IFRS 9. Separated \u00a0
embedded derivatives are also classi\ufb01ed as held for \u00a0
trading unless they are designated as e\ufb00ective \u00a0
hedging instruments. Gains or losses on liabilities \u00a0
held for trading are recognized in the statement of \u00a0
pro\ufb01t or loss and other comprehensive income. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1340": {
"value": "Government grants \u00a0
Government grants are recognized where there is \u00a0
reasonable assurance that the grant will be \u00a0
received, and all a\ua881ached conditions will be \u00a0
complied with. When the grant relates to an \u00a0
expense item, it is recognized as income on a \u00a0
systematic basis over the periods that the related \u00a0
costs, for which it is intended to compensate, are \u00a0
expensed. When the grant relates to an asset, it is \u00a0
recognized as income in equal amounts over the \u00a0
expected useful life of the related asset. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1351": {
"value": "Financial assets at fair value through pro\ufb01t \u00a0
or loss: \u00a0
Financial assets at fair value through pro\ufb01t or loss \u00a0
include \ufb01nancial assets held for trading, \ufb01nancial \u00a0
assets designated upon initial recognition at fair \u00a0
value through pro\ufb01t or loss, or \ufb01nancial assets \u00a0
mandatorily required to be measured at fair value. \u00a0
Financial assets are classi\ufb01ed as held for trading if \u00a0
they are acquired for the purpose of selling or \u00a0
repurchasing in the near term. Derivatives, \u00a0
including separated embedded derivatives, are \u00a0
also classi\ufb01ed as held for trading unless they are \u00a0
designated as e\ufb00ective hedging instruments. \u00a0
Financial assets with cash \ufb02ows that are not solely \u00a0
payments of principal and interest are classi\ufb01ed \u00a0
and measured at fair value through pro\ufb01t or loss. \u00a0
Financial liabilities at fair value through \u00a0
pro\ufb01t or loss \u00a0
A\ua882er initial recognition, \ufb01nancial liabilities \u00a0
measured at fair value through pro\ufb01t or loss are \u00a0
measured at fair value at each balance sheet date, \u00a0
with changes in fair value through pro\ufb01t or loss. \u00a0
Financial liabilities at fair value through pro\ufb01t or \u00a0
loss include \ufb01nancial liabilities held for trading and \u00a0
\ufb01nancial liabilities designated upon initial recognition \u00a0
as at fair value through pro\ufb01t or loss. The Group has \u00a0
designated its convertible loan into this category. \u00a0
Financial liabilities are classi\ufb01ed as held for trading \u00a0
if they are incurred for the purpose of repurchasing \u00a0
in the near term. This category also includes derivative \u00a0
\ufb01nancial instruments entered into by the Group that \u00a0
are not designated as hedging instruments in hedge \u00a0
relationships as de\ufb01ned by IFRS 9. Separated \u00a0
embedded derivatives are also classi\ufb01ed as held for \u00a0
trading unless they are designated as e\ufb00ective \u00a0
hedging instruments. Gains or losses on liabilities \u00a0
held for trading are recognized in the statement of \u00a0
pro\ufb01t or loss and other comprehensive income. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1343": {
"value": "Leases (as lessee) \u00a0
The Group adopted IFRS 16 \u2013 Leases from 1 \u00a0
January 2019. IFRS 16 sets out the principles for \u00a0
recognition, measurement, presentation and \u00a0
disclosures of leases. IFRS 16 de\ufb01nes a lease as a \u00a0
contract that conveys the right to control the use \u00a0
of an identi\ufb01ed asset for a period of time in exchange \u00a0
for consideration. For each contract that meets this \u00a0
de\ufb01nition, IFRS 16 requires lessees to recognize a \u00a0
right-of-use asset and a lease liability in the \u00a0
balance sheet with certain exemptions for short \u00a0
term and low value leases. Lease payments are to \u00a0
be re\ufb02ected as interest expense and a reduction of \u00a0
lease liabilities, while the right-of-use assets are to \u00a0
be depreciated over the shorter of the lease term \u00a0
and the assets\u2019 useful life. Lease liabilities are \u00a0
measured at the present value of remaining lease \u00a0
payments, discounted using the Group\u2019s calculated \u00a0
borrowing rate. Right-of-use assets are measured \u00a0
at an amount equal to the lease liability. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1334": {
"value": "Impairment of non-\ufb01nancial assets \u00a0
Intangible assets that have an inde\ufb01nite useful life \u00a0
or intangible assets not yet available for use are \u00a0
not subject to amortization and are tested annually \u00a0
for impairment. Assets that are subject to \u00a0
amortization are reviewed for impairment \u00a0
whenever events or changes in circumstances \u00a0
indicate that the carrying amount may not be \u00a0
recoverable. An impairment loss is recognized \u00a0
for the amount by which the asset\u2019s carrying \u00a0
amount exceeds its recoverable amount. The \u00a0
recoverable amount is the higher of an asset\u2019s fair \u00a0
value less cost to sell and value in use. For the \u00a0
purposes of assessing impairment, assets are \u00a0
grouped at the lowest levels for which there are \u00a0
separately identi\ufb01able cash \ufb02ows (cash- \u00a0
generating units). Non-\ufb01nancial assets other than \u00a0
goodwill that su\ufb00ered impairment are reviewed for \u00a0
possible reversal of the impairment at each \u00a0
reporting date. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1355": {
"value": "Receivables \u00a0
Receivables are recognized initially at fair value and \u00a0
subsequently measured at amortized cost using the \u00a0
e\ufb00ective interest method, less provision for \u00a0
impairment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1358": {
"value": "Cash and cash equivalents \u00a0
Cash and short-term deposits in the balance sheet \u00a0
comprise cash at banks and other short-term highly \u00a0
liquid investments that are readily convertible to \u00a0
known amounts of cash, are subject to an \u00a0
insigni\ufb01cant risk of changes in fair value and with \u00a0
original maturities of three months or less. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1400": {
"value": "Pensions \u00a0
De\ufb01ned bene\ufb01t plan: \u00a0
The Group has a de\ufb01ned bene\ufb01t pension plan for its \u00a0
employees that meet the Norwegian statutory \u00a0
requirement. For the de\ufb01ned bene\ufb01t plan, the cost of \u00a0
providing the bene\ufb01ts is determined using the unit \u00a0
credit method, with actual valuations being carried \u00a0
out at the end of each annual reporting period. \u00a0
Re-measurement, comprising actuarial gains and \u00a0
losses, the e\ufb00ect of asset ceiling (if applicable) and \u00a0
the return on plan assets (excluding interest), is \u00a0
re\ufb02ected immediately in the statement of \ufb01nancial \u00a0
position with a charge or credit recognized in other \u00a0
comprehensive income in the period in which they \u00a0
occur. Past service cost is recognized in pro\ufb01t or loss \u00a0
in the period of a plan amendment. Net interest is \u00a0
calculated by applying the discount rate at the \u00a0
beginning of the period to the net de\ufb01ned bene\ufb01t \u00a0
liability or asset. \u00a0
De\ufb01ned contribution plan: \u00a0
In the de\ufb01ned contribution pension plan, the Group \u00a0
is responsible for making an agreed contribution to \u00a0
the employee\u2019s pension assets. The future pension \u00a0
will be determined by the amount of the contributions \u00a0
and the return on the pension savings. Once the \u00a0
contributions have been paid, there are no further \u00a0
payment obligations a\ua881ached to the de\ufb01ned \u00a0
contribution pension. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1396": {
"value": "Income taxes \u00a0
Income tax expense represents the sum of the taxes \u00a0
currently payable and deferred tax. Taxes payable \u00a0
are provided based on taxable pro\ufb01ts at the current \u00a0
tax rate. Deferred taxes are recognized on di\ufb00erences \u00a0
between the carrying amounts of assets and liabilities \u00a0
in the \ufb01nancial statements and the corresponding \u00a0
tax bases used in the computation of taxable pro\ufb01t. \u00a0
Deferred tax liabilities are generally recognized for \u00a0
all temporary di\ufb00erences, and deferred tax assets \u00a0
are recognized to the extent that it is probable that \u00a0
taxable pro\ufb01ts will be available against which \u00a0
deductible temporary di\ufb00erences can be utilized. \u00a0
Deferred income tax is not recognized on temporary \u00a0
di\ufb00erences arising from initial recognition of an asset \u00a0
or liability in a transaction other than a business \u00a0
combination that at the time of the transaction \u00a0
a\ufb00ects neither accounting nor taxable pro\ufb01t nor loss. \u00a0
The carrying amount of deferred tax assets is \u00a0
reviewed at each balance sheet date and reduced \u00a0
to the extent that it is no longer probable that \u00a0
su\ufb03cient taxable income will be available to allow \u00a0
all or part of the asset to be recovered. \u00a0
If deferred tax assets are not recognized, items \u00a0
recorded directly to equity, or in other comprehen- \u00a0
sive income (OCI), are accounted for gross, without \u00a0
any deduction of deferred taxes. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1397": {
"value": "Income taxes \u00a0
Income tax expense represents the sum of the taxes \u00a0
currently payable and deferred tax. Taxes payable \u00a0
are provided based on taxable pro\ufb01ts at the current \u00a0
tax rate. Deferred taxes are recognized on di\ufb00erences \u00a0
between the carrying amounts of assets and liabilities \u00a0
in the \ufb01nancial statements and the corresponding \u00a0
tax bases used in the computation of taxable pro\ufb01t. \u00a0
Deferred tax liabilities are generally recognized for \u00a0
all temporary di\ufb00erences, and deferred tax assets \u00a0
are recognized to the extent that it is probable that \u00a0
taxable pro\ufb01ts will be available against which \u00a0
deductible temporary di\ufb00erences can be utilized. \u00a0
Deferred income tax is not recognized on temporary \u00a0
di\ufb00erences arising from initial recognition of an asset \u00a0
or liability in a transaction other than a business \u00a0
combination that at the time of the transaction \u00a0
a\ufb00ects neither accounting nor taxable pro\ufb01t nor loss. \u00a0
The carrying amount of deferred tax assets is \u00a0
reviewed at each balance sheet date and reduced \u00a0
to the extent that it is no longer probable that \u00a0
su\ufb03cient taxable income will be available to allow \u00a0
all or part of the asset to be recovered. \u00a0
If deferred tax assets are not recognized, items \u00a0
recorded directly to equity, or in other comprehen- \u00a0
sive income (OCI), are accounted for gross, without \u00a0
any deduction of deferred taxes. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1412": {
"value": "Cash \ufb02ow statement \u00a0
The Group reports the cash \ufb02ow statement using \u00a0
the indirect method. The method involves adjusting \u00a0
the result for the period for the e\ufb00ects of transactions \u00a0
without e\ufb00ect on cash and changes in assets and \u00a0
liabilities to show net cash \ufb02ow from operations. \u00a0
Cash \ufb02ow relating to investment activities and \u00a0
\ufb01nancing activities are shown separately. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1383": {
"value": "De-recognition of \ufb01nancial liabilities \u00a0
The Group de-recognizes a \ufb01nancial liability (or a part \u00a0
of a \ufb01nancial liability) from its balance sheet when, \u00a0
and only when, it is extinguished. A \ufb01nancial liability is \u00a0
extinguished when the obligation speci\ufb01ed in the \u00a0
contract is discharged or cancelled, or when it expires. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1415": {
"value": "Related party transactions \u00a0
All transactions, agreements and business \u00a0
activities with related parties are conducted \u00a0
according to ordinary business terms and \u00a0
conditions. Parties are related if one party has the \u00a0
ability, directly or indirectly, to control the other \u00a0
party or exercise signi\ufb01cant in\ufb02uence over the \u00a0
other party in making \ufb01nancial and operating \u00a0
decisions. Parties are also related if they are \u00a0
subject to common control or common signi\ufb01cant \u00a0
in\ufb02uence. The Group provides note disclosure for \u00a0
related party transactions and balances in Note 20 \u00a0
in the consolidated \ufb01nancial statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1387": {
"value": "Share capital \u00a0
Ordinary shares are classi\ufb01ed as equity. \u00a0
Share issuance cost that is incremental and directly \u00a0
a\ua881ributable to the issue of new shares or options are \u00a0
shown in equity as a deduction from the proceeds. If \u00a0
deferred tax assets are not recognized, items \u00a0
recorded directly to equity are accounted for gross, \u00a0
without any deduction of deferred taxes. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1406": {
"value": "Contingent liabilities \u00a0
Contingent liabilities are de\ufb01ned as: \u00a0
\u2022
possible obligations resulting from past events \u00a0
whose existence depends on future events \u00a0
\u2022
obligations that are not recognized because it \u00a0
is not probable that they will lead to an out\ufb02ow \u00a0
of resources \u00a0
\u2022
obligations that cannot be measured with \u00a0
su\ufb03cient reliability \u00a0
Contingent liabilities are not recognized on the \u00a0
balance sheet unless arising from assuming assets \u00a0
and liabilities in a business combination. Signi\ufb01cant \u00a0
contingent liabilities are disclosed unless the \u00a0
possibility of an out\ufb02ow of resources embodying \u00a0
economic bene\ufb01ts is remote. Reference is made to \u00a0
Note 11 and 27 in the consolidated \ufb01nancial \u00a0
statements regarding contingent liabilities related \u00a0
to the Engeb\u00f8 rutile deposit. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1390": {
"value": "Share-based compensation \u00a0
The Group uses equity se\ua881led options to incentivize \u00a0
employees and quali\ufb01ed resource persons. The fair \u00a0
value of the options is recognized as a payroll expense \u00a0
in the statement of pro\ufb01t or loss over the vesting \u00a0
period and as other paid in equity in the balance sheet. \u00a0
Fair value of options is estimated by use of the Black \u00a0
Scholes option model and is charged to the statement \u00a0
of pro\ufb01t or loss over the vesting period without \u00a0
revaluation of the value of the options. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1418": {
"value": "Earnings per share \u00a0
The calculation of basic earnings per share is based \u00a0
on the pro\ufb01t/loss a\ua881ributable to ordinary \u00a0
shareholders using the weighted average number \u00a0
of shares outstanding during the year a\ua882er \u00a0
deduction of the average number of treasury \u00a0
shares held over the period. The calculation of \u00a0
diluted earnings per share is consistent with the \u00a0
calculation of basic earnings per share while giving \u00a0
e\ufb00ect to all dilutive potential ordinary shares that \u00a0
were outstanding during the period, that is: \u00a0
\u2022
The net pro\ufb01t for the period a\ua881ributable to \u00a0
ordinary shares is increased by the a\ua882er-tax \u00a0
amount of dividends and interest recognized in the \u00a0
period in respect of the dilutive potential ordinary \u00a0
shares and adjusted for any other changes in \u00a0
income or expense that would result from the \u00a0
conversion of the dilutive potential ordinary shares. \u00a0
\u2022
Weighted average number of shares which \u00a0
includes the e\ufb00ect of all potential dilutive \u00a0
shares as if converted at the beginning of the \u00a0
period, or from the issue date if later. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1431": {
"value": "NOTE 3 - SEGMENTS \u00a0
The Group presents segments based on of the \u00a0
Group\u2019s mineral projects. The only reportable \u00a0
segment of the Group is the Titanium and Garnet \u00a0
segment. These are the minerals which can be \u00a0
produced from the mineral deposit at Engeb\u00f8. \u00a0
The zoning plan and the discharge permit for the \u00a0
project are approved and \ufb01nal, without possibility \u00a0
for appeals, and the operating license for the \u00a0
project was granted in June 2020. In May 2022, \u00a0
the Ministry of Trade, Industry and Fisheries \u00a0
(\u201cMTIF\u201d) resolved that Nordic Mining\u2019s operating \u00a0
license is maintained as granted with full rights to \u00a0
the Engeb\u00f8 deposit, con\ufb01rming the resolution from \u00a0
the Directorate of Mining. The De\ufb01nitive Feasibility \u00a0
Study was presented in January 2020 and an \u00a0
Updated Feasibility Study was presented in May \u00a0
2021. \u00a0
In April 2022, Nordic Rutile commenced early \u00a0
construction works at Engeb\u00f8, which includes \u00a0
preparing the properties for construction, \u00a0
continuation of detailed project planning and \u00a0
process for procurement of critical process \u00a0
equipment, and commencement of groundworks \u00a0
on process plant area and preparatory works for \u00a0
underground infrastructure. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1433": {
"value": "NOTE 4 - SALARIES \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
11 404 \u00a0
10 982 \u00a0
Social security costs \u00a0
2 089 \u00a0
2 266 \u00a0
Pension costs de\ufb01ned bene\ufb01t plan \u00a0
734 \u00a0
862 \u00a0
Pension costs de\ufb01ned contribution plan \u00a0
431 \u00a0
272 \u00a0
Board members, etc \u00a0
1 300 \u00a0
1 300 \u00a0
Share-based compensation \u00a0
-
234 \u00a0
Other personnel costs \u00a0
588 \u00a0
304 \u00a0
Capitalized payroll costs \u00a0
(4 896) \u00a0
-
Total \u00a0
11 650 \u00a0
16 220 \u00a0
Average number of full time employees \u00a0
9
8
Reference is made to Note 23 for further information about remuneration of Senior Management and \u00a0
guidelines for remuneration. \u00a0
NOTE 23 - RELATED PARTIES AND COMPENSATION OF MANAGEMENT \u00a0
Compensation to Board members and Senior Management in 2022 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
Share based \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
compensation \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
2 355 \u00a0
-
218 \u00a0
389 \u00a0
-
2 962 \u00a0
Christian Gjerde, CFO \u00a0
1 727 \u00a0
-
21 \u00a0
104 \u00a0
-
1 851 \u00a0
Kenneth N. Angedal, Operations Director \u00a0
1 591 \u00a0
-
7
86 \u00a0
-
1 684 \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
1 535 \u00a0
-
21 \u00a0
253 \u00a0
-
1 808 \u00a0
Maurice Kok, Commercial Director \u00a0
521 \u00a0
-
8
40 \u00a0
-
568 \u00a0
Terje Gundersen, Project Director \u00a0
1 356 \u00a0
-
9
88 \u00a0
-
1 453 \u00a0
Ole Klevan, Nomination Commi\ua881ee (Chair) \u00a0
-
50 \u00a0
-
-
-
50 \u00a0
Brita Eilersen, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Torger Lien, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
350 \u00a0
-
-
-
350 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Eva Kaijser, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Benedicte Nordang, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Antony Beckmand, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Total \u00a0
9 085 \u00a0
1 300 \u00a0
283 \u00a0
959 \u00a0
0
11 627 \u00a0
1. Maurice Kok started as Commercial Director on 1 August 2022. \u00a0
2. Terje Gundersen started as Project Director for Engeb\u00f8 on 1 February 2022. \u00a0
Compensation to Board members and Senior Management in 2021 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
Share based \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
compensation \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
2 427 \u00a0
-
225 \u00a0
414 \u00a0
45 \u00a0
3 110 \u00a0
Christian Gjerde, CFO \u00a0
1 822 \u00a0
28 \u00a0
94 \u00a0
131 \u00a0
2 075 \u00a0
Lars K. Gr\u00f8ndahl, Senior Advisor1 \u00a0
1 301 \u00a0
-
126 \u00a0
222 \u00a0
17 \u00a0
1 665 \u00a0
Kenneth N. Angedal, Operations Director \u00a0
1 635 \u00a0
-
7
81 \u00a0
17 \u00a0
1 740 \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
1 572 \u00a0
-
28 \u00a0
268 \u00a0
17 \u00a0
1 886 \u00a0
Ole Klevan, Nomination Commi\ua881ee (Chair) \u00a0
-
50 \u00a0
-
-
-
50 \u00a0
Brita Eilersen, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Torger Lien, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
350 \u00a0
-
-
-
350 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Eva Kaijser, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Benedicte Nordang, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Antony Beckmand, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Total \u00a0
8 757 \u00a0
1 300 \u00a0
414 \u00a0
1 079 \u00a0
227 \u00a0
11 777 \u00a0
1. Lars K. Gr\u00f8ndal le\ua882 the Company on 30 June 2021. \u00a0
In 2021, all employees in the Group were paid a bonus for \ufb01nalization of the UDFS for the Engeb\u00f8 Project \u00a0
under the on-year Short-Term Incentive Program. No bonuses were paid under the Short-Term Incentive \u00a0
Program in 2022. Senior Management is subject to termination periods of 3-6 months. \u00a0
Guidelines for management remuneration \u00a0
The main components of the guidelines for Senior Management salaries are as follows: \u00a0
\u2022
The compensation package should re\ufb02ect the responsibility and the tasks that the individual persons \u00a0
in Senior Management, and that the employee contributes towards the long-term creation of value in \u00a0
Nordic Mining. \u00a0
\u2022
The Company will o\ufb00er competitive conditions to a\ua881ract relevant expertise for the development of \u00a0
the Company. \u00a0
\u2022
The compensation package consists of \ufb01xed salary plus participation in an option program that has \u00a0
been approved by the annual meeting. \u00a0
\u2022
Senior Management participates in pension and insurance plans. \u00a0
These guidelines have been used to recruit Senior Management in Nordic Mining ASA and to establish \u00a0
salary levels. \u00a0
Other transactions with related parties \u00a0
In 2021 the Group has sold a vehicle to its Senior Advisor, Lars K. Gr\u00f8ndahl, for NOK 363,000, which \u00a0
represented the estimated market value. \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2022 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
290 475 \u00a0
0,13 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Ivar S. Fossum, CEO \u00a0
1 759 230 \u00a0
0,76 % \u00a0
Christian Gjerde, CFO \u00a0
400 000 \u00a0
0,17 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0,19 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
441 063 \u00a0
0,19 % \u00a0
Terje Gundersen, Project Director \u00a0
66 333 \u00a0
0,03 % \u00a0
Total \u00a0
3 424 599 \u00a0
1,47 % \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2021 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
190 475 \u00a0
0,08 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Eva Kaijser1 \u00a0
110 472 \u00a0
0,05 % \u00a0
Ivar S. Fossum, CEO \u00a0
732 755 \u00a0
0,32 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
45 822 \u00a0
0,02 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
41 063 \u00a0
0,02 % \u00a0
Total \u00a0
1 142 263 \u00a0
0,49 % \u00a0
1. The shares are owned by the the company F\u00e5gels\u00e5ngen AB. \u00a0
NOTE 24 - PENSIONS \u00a0
The Group has a de\ufb01ned bene\ufb01t plan or a de\ufb01ned contribution plan (for new employees) for its employees \u00a0
in the parent company, Nordic Mining ASA and a de\ufb01ned contribution plan for its employees in Nordic \u00a0
Rutile AS. The plans meet the Norwegian statutory requirements for pension plans for employees. \u00a0
De\ufb01ned Bene\ufb01t Plan \u00a0
The Group has one bene\ufb01t plan for Norwegian employees with a total of 2 active members. The Group\u2019s \u00a0
de\ufb01ned bene\ufb01t pension plan is a \ufb01nal salary plan and contributions are made to a separately administered \u00a0
fund. The level of bene\ufb01ts provided depends on the member\u2019s length of service and salary at retirement age. \u00a0
Pension cost \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Pension cost - employee bene\ufb01t \u00a0
617 \u00a0
880 \u00a0
Pension cost - interest expense \u00a0
24 \u00a0
24 \u00a0
Total pension related costs \u00a0
642 \u00a0
904 \u00a0
Remeasurement gains/(losses) recorded to OCI \u00a0
(1 009) \u00a0
(100) \u00a0
Movement in pension obligation during the year \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Pension obligations January 1 \u00a0
15 704 \u00a0
14 785 \u00a0
Current value of pension bene\ufb01ts for the year \u00a0
642 \u00a0
904 \u00a0
Interest costs \u00a0
263 \u00a0
222 \u00a0
Payments \u00a0
(365) \u00a0
(133) \u00a0
Remeasurement loss/ (gain) \u00a0
1 080 \u00a0
(4) \u00a0
Other \u00a0
81 \u00a0
(71) \u00a0
Pension obligations as of 31 December \u00a0
17 404 \u00a0
15 704 \u00a0
Movement in pension funds during the year \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Pension funds 1 January \u00a0
14 641 \u00a0
13 417 \u00a0
Expected return on plan assets \u00a0
212 \u00a0
179 \u00a0
Contributions \u00a0
994 \u00a0
1 271 \u00a0
Payments \u00a0
(365) \u00a0
(133) \u00a0
Other \u00a0
40 \u00a0
11 \u00a0
Remeasurement (loss)/ gain \u00a0
71 \u00a0
(104) \u00a0
Pension funds as of 31 December \u00a0
15 593 \u00a0
14 641 \u00a0
Pension liability is classi\ufb01ed in the balance sheet as follows \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Pension funds \u00a0
15 593 \u00a0
14 641 \u00a0
Pension obligations \u00a0
(17 404) \u00a0
(15 704) \u00a0
Net pension asset \u00a0
(1 812) \u00a0
(1 062) \u00a0
Pension asset/(liability) is shown in the balance sheet as \u00a0
Other long-term asset \u00a0
-
-
Pension liabilities \u00a0
(1 812) \u00a0
(1 062) \u00a0
Assumptions \u00a0
2022 \u00a0
2021 \u00a0
Discount interest rate \u00a0
3,00 % \u00a0
1,90 % \u00a0
Annual projected increase in salary \u00a0
3,50 % \u00a0
2,75 % \u00a0
Annual projected G- regulation \u00a0
3,25 % \u00a0
2,50 % \u00a0
Annual projected regulation of pension \u00a0
1,50 % \u00a0
0,00 % \u00a0
The major categories of plan assets as a percentage of the fair value of total plan assets \u00a0
2022 \u00a0
2021 \u00a0
Equities \u00a0
10,20 % \u00a0
9,70 % \u00a0
Bonds \u00a0
14,60 % \u00a0
19,60 % \u00a0
Money market \u00a0
4,20 % \u00a0
10,60 % \u00a0
Hold to maturity bonds \u00a0
38,10 % \u00a0
26,70 % \u00a0
Loans and receivables \u00a0
20,90 % \u00a0
19,10 % \u00a0
Real estate \u00a0
11,00 % \u00a0
13,60 % \u00a0
Other \u00a0
1,00 % \u00a0
0,70 % \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1434": {
"value": "NOTE 4 - SALARIES \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
11 404 \u00a0
10 982 \u00a0
Social security costs \u00a0
2 089 \u00a0
2 266 \u00a0
Pension costs de\ufb01ned bene\ufb01t plan \u00a0
734 \u00a0
862 \u00a0
Pension costs de\ufb01ned contribution plan \u00a0
431 \u00a0
272 \u00a0
Board members, etc \u00a0
1 300 \u00a0
1 300 \u00a0
Share-based compensation \u00a0
-
234 \u00a0
Other personnel costs \u00a0
588 \u00a0
304 \u00a0
Capitalized payroll costs \u00a0
(4 896) \u00a0
-
Total \u00a0
11 650 \u00a0
16 220 \u00a0
Average number of full time employees \u00a0
9
8
Reference is made to Note 23 for further information about remuneration of Senior Management and \u00a0
guidelines for remuneration. \u00a0
NOTE 5 - SHARE-BASED COMPENSATION \u00a0
On 1 November 2018, the General Meeting of Nordic Mining approved an equity se\ua881led share-based \u00a0
compensation program of up to 4.5 million options for employees and quali\ufb01ed resource persons. On 26 \u00a0
November 2018, the Board of Directors granted 3 million options at a strike price of NOK 2.63 per share \u00a0
to employees in the Group. The options vest by 1/3 each year, \ufb01rst time on 30 June 2019. The option \u00a0
agreements expired on 30 June 2022 and were conditional on the employee remaining in the Group\u2019s \u00a0
employment for the duration of the vesting period. \u00a0
In April 2021 additional 0.4 million options were granted at a strike price of NOK 2.62 per share. These \u00a0
options vested at grant date and expired on 30 June 2022. \u00a0
All options have been exerciced during 2022 and there are no outstanding options at year end. \u00a0
2022 \u00a0
2021 \u00a0
Number of \u00a0
Weighted \u00a0
Number of \u00a0
Weighted \u00a0
options \u00a0
average \u00a0
options \u00a0
average \u00a0
exercise price \u00a0
exercise price \u00a0
Outstanding 1 January \u00a0
2 825 000 \u00a0
2,63 \u00a0
2 425 000 \u00a0
2,63 \u00a0
Granted during the year \u00a0
-
-
400 000 \u00a0
2,62 \u00a0
Cancelled during the year \u00a0
-
-
-
-
Exercised during the year \u00a0
(2 825 000) \u00a0
2,63 \u00a0
-
-
Expired during the year \u00a0
-
-
-
-
Outstanding 31 December \u00a0
-
-
2 825 000 \u00a0
2,63 \u00a0
Exercisable 31 December \u00a0
-
-
2 825 000 \u00a0
2,63 \u00a0
The average fair value of options granted in 2018 was NOK 0.59 at time of grant, and the average fair \u00a0
value of options granted in 2021 was NOK 0.33 at time of grant. The average remaining contractual life \u00a0
for options outstanding as per 31 December 2021 was 0.5 years. \u00a0
The Group has no expenses for share based payment in 2022 (2021: NOK 234 thousand). \u00a0
The Group used the Black Scholes model to estimate fair value of the options granted at time of grant. \u00a0
The following table show the weighted-average assumptions used in the model: \u00a0
Weighted-average assumptions \u00a0
2022 \u00a0
2021 \u00a0
Volatility * \u00a0
41 % \u00a0
41 % \u00a0
Expected life \u00a0
2,35 \u00a0
2,35 \u00a0
Risk free interest \u00a0
1,05 % \u00a0
1,05 % \u00a0
Share price \u00a0
2,47 \u00a0
2,47 \u00a0
Exercise price \u00a0
2,63 \u00a0
2,63 \u00a0
* The expected volatility has been estimated based on historical volatility of the share price of the Company. \u00a0
NOTE 23 - RELATED PARTIES AND COMPENSATION OF MANAGEMENT \u00a0
Compensation to Board members and Senior Management in 2022 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
Share based \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
compensation \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
2 355 \u00a0
-
218 \u00a0
389 \u00a0
-
2 962 \u00a0
Christian Gjerde, CFO \u00a0
1 727 \u00a0
-
21 \u00a0
104 \u00a0
-
1 851 \u00a0
Kenneth N. Angedal, Operations Director \u00a0
1 591 \u00a0
-
7
86 \u00a0
-
1 684 \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
1 535 \u00a0
-
21 \u00a0
253 \u00a0
-
1 808 \u00a0
Maurice Kok, Commercial Director \u00a0
521 \u00a0
-
8
40 \u00a0
-
568 \u00a0
Terje Gundersen, Project Director \u00a0
1 356 \u00a0
-
9
88 \u00a0
-
1 453 \u00a0
Ole Klevan, Nomination Commi\ua881ee (Chair) \u00a0
-
50 \u00a0
-
-
-
50 \u00a0
Brita Eilersen, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Torger Lien, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
350 \u00a0
-
-
-
350 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Eva Kaijser, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Benedicte Nordang, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Antony Beckmand, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Total \u00a0
9 085 \u00a0
1 300 \u00a0
283 \u00a0
959 \u00a0
0
11 627 \u00a0
1. Maurice Kok started as Commercial Director on 1 August 2022. \u00a0
2. Terje Gundersen started as Project Director for Engeb\u00f8 on 1 February 2022. \u00a0
Compensation to Board members and Senior Management in 2021 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
Share based \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
compensation \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
2 427 \u00a0
-
225 \u00a0
414 \u00a0
45 \u00a0
3 110 \u00a0
Christian Gjerde, CFO \u00a0
1 822 \u00a0
28 \u00a0
94 \u00a0
131 \u00a0
2 075 \u00a0
Lars K. Gr\u00f8ndahl, Senior Advisor1 \u00a0
1 301 \u00a0
-
126 \u00a0
222 \u00a0
17 \u00a0
1 665 \u00a0
Kenneth N. Angedal, Operations Director \u00a0
1 635 \u00a0
-
7
81 \u00a0
17 \u00a0
1 740 \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
1 572 \u00a0
-
28 \u00a0
268 \u00a0
17 \u00a0
1 886 \u00a0
Ole Klevan, Nomination Commi\ua881ee (Chair) \u00a0
-
50 \u00a0
-
-
-
50 \u00a0
Brita Eilersen, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Torger Lien, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
350 \u00a0
-
-
-
350 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Eva Kaijser, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Benedicte Nordang, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Antony Beckmand, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Total \u00a0
8 757 \u00a0
1 300 \u00a0
414 \u00a0
1 079 \u00a0
227 \u00a0
11 777 \u00a0
1. Lars K. Gr\u00f8ndal le\ua882 the Company on 30 June 2021. \u00a0
In 2021, all employees in the Group were paid a bonus for \ufb01nalization of the UDFS for the Engeb\u00f8 Project \u00a0
under the on-year Short-Term Incentive Program. No bonuses were paid under the Short-Term Incentive \u00a0
Program in 2022. Senior Management is subject to termination periods of 3-6 months. \u00a0
Guidelines for management remuneration \u00a0
The main components of the guidelines for Senior Management salaries are as follows: \u00a0
\u2022
The compensation package should re\ufb02ect the responsibility and the tasks that the individual persons \u00a0
in Senior Management, and that the employee contributes towards the long-term creation of value in \u00a0
Nordic Mining. \u00a0
\u2022
The Company will o\ufb00er competitive conditions to a\ua881ract relevant expertise for the development of \u00a0
the Company. \u00a0
\u2022
The compensation package consists of \ufb01xed salary plus participation in an option program that has \u00a0
been approved by the annual meeting. \u00a0
\u2022
Senior Management participates in pension and insurance plans. \u00a0
These guidelines have been used to recruit Senior Management in Nordic Mining ASA and to establish \u00a0
salary levels. \u00a0
Other transactions with related parties \u00a0
In 2021 the Group has sold a vehicle to its Senior Advisor, Lars K. Gr\u00f8ndahl, for NOK 363,000, which \u00a0
represented the estimated market value. \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2022 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
290 475 \u00a0
0,13 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Ivar S. Fossum, CEO \u00a0
1 759 230 \u00a0
0,76 % \u00a0
Christian Gjerde, CFO \u00a0
400 000 \u00a0
0,17 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0,19 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
441 063 \u00a0
0,19 % \u00a0
Terje Gundersen, Project Director \u00a0
66 333 \u00a0
0,03 % \u00a0
Total \u00a0
3 424 599 \u00a0
1,47 % \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2021 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
190 475 \u00a0
0,08 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Eva Kaijser1 \u00a0
110 472 \u00a0
0,05 % \u00a0
Ivar S. Fossum, CEO \u00a0
732 755 \u00a0
0,32 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
45 822 \u00a0
0,02 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
41 063 \u00a0
0,02 % \u00a0
Total \u00a0
1 142 263 \u00a0
0,49 % \u00a0
1. The shares are owned by the the company F\u00e5gels\u00e5ngen AB. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1436": {
"value": "NOTE 4 - SALARIES \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
11 404 \u00a0
10 982 \u00a0
Social security costs \u00a0
2 089 \u00a0
2 266 \u00a0
Pension costs de\ufb01ned bene\ufb01t plan \u00a0
734 \u00a0
862 \u00a0
Pension costs de\ufb01ned contribution plan \u00a0
431 \u00a0
272 \u00a0
Board members, etc \u00a0
1 300 \u00a0
1 300 \u00a0
Share-based compensation \u00a0
-
234 \u00a0
Other personnel costs \u00a0
588 \u00a0
304 \u00a0
Capitalized payroll costs \u00a0
(4 896) \u00a0
-
Total \u00a0
11 650 \u00a0
16 220 \u00a0
Average number of full time employees \u00a0
9
8
Reference is made to Note 23 for further information about remuneration of Senior Management and \u00a0
guidelines for remuneration. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1424": {
"value": "New accounting standards \u00a0
New standards and amendments to standards and \u00a0
interpretations e\ufb00ective from 1 January 2022 did \u00a0
not have any signi\ufb01cant impact on the \ufb01nancial \u00a0
statements. \u00a0
New standards, amendments and interpretations \u00a0
issued but not adopted by the Group \u00a0
A number of new standards and amendments to \u00a0
standards and interpretations are e\ufb00ective for \u00a0
annual periods beginning on or a\ua882er 1 January \u00a0
2023 and have not been applied in preparing these \u00a0
\ufb01nancial statements. None of these new standards \u00a0
and amendments to standards and interpretations \u00a0
are expected to have any signi\ufb01cant impact on the \u00a0
Group\u2019s \ufb01nancial statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1426": {
"value": "New accounting standards \u00a0
New standards and amendments to standards and \u00a0
interpretations e\ufb00ective from 1 January 2022 did \u00a0
not have any signi\ufb01cant impact on the \ufb01nancial \u00a0
statements. \u00a0
New standards, amendments and interpretations \u00a0
issued but not adopted by the Group \u00a0
A number of new standards and amendments to \u00a0
standards and interpretations are e\ufb00ective for \u00a0
annual periods beginning on or a\ua882er 1 January \u00a0
2023 and have not been applied in preparing these \u00a0
\ufb01nancial statements. None of these new standards \u00a0
and amendments to standards and interpretations \u00a0
are expected to have any signi\ufb01cant impact on the \u00a0
Group\u2019s \ufb01nancial statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1441": {
"value": "NOTE 6 - OTHER OPERATING COSTS \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Lease expenses \u00a0
2 932 \u00a0
2 329 \u00a0
Project costs \u2013 Engeb\u00f8 Rutile and Garnet \u00a0
17 994 \u00a0
31 999 \u00a0
Consulting and legal fees \u00a0
9 807 \u00a0
7 181 \u00a0
Other costs \u00a0
7 191 \u00a0
3 342 \u00a0
Other operating expenses capitalized \u00a0
(3 818) \u00a0
-
Total \u00a0
34 106 \u00a0
44 504 \u00a0
NOTE 12 - PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS \u00a0
Machinery & \u00a0
Right-of-use \u00a0
(Amounts in NOK thousands) \u00a0
equipment \u00a0
assets \u00a0
Total \u00a0
Cost \u00a0
1 January 2021 \u00a0
941 \u00a0
664 \u00a0
1 605 \u00a0
Additions \u00a0
-
-
-
Disposals \u00a0
(285) \u00a0
(285) \u00a0
31 December 2021 \u00a0
656 \u00a0
664 \u00a0
1 320 \u00a0
Additions \u00a0
921 \u00a0
-
921 \u00a0
Disposals \u00a0
-
-
-
31 December 2022 \u00a0
1 577 \u00a0
664 \u00a0
2 241 \u00a0
Depreciation \u00a0
1 January 2021 \u00a0
(567) \u00a0
(287) \u00a0
(854) \u00a0
Depreciation expense \u00a0
-
(138) \u00a0
(138) \u00a0
Disposals \u00a0
111 \u00a0
111 \u00a0
31 December 2021 \u00a0
(456) \u00a0
(425) \u00a0
(881) \u00a0
Depreciation expense \u00a0
(31) \u00a0
(133) \u00a0
(164) \u00a0
Disposals \u00a0
-
-
-
31 December 2022 \u00a0
(487) \u00a0
(558) \u00a0
(1 045) \u00a0
Net book value \u00a0
31 December 2022 \u00a0
1 090 \u00a0
106 \u00a0
1 196 \u00a0
31 December 2021 \u00a0
200 \u00a0
239 \u00a0
439 \u00a0
1 January 2021 \u00a0
374 \u00a0
377 \u00a0
751 \u00a0
Machinery and equipment are depreciated over a period of 4-10 years. \u00a0
In 2021 the Group has sold a vehicle to its Senior Advisor, Lars K. Gr\u00f8ndahl, for NOK 363,000, which \u00a0
represented the estimated market value. \u00a0
NOTE 18 - OTHER CURRENT LIABILITIES \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Tax withholding and social security accrual \u00a0
1 230 \u00a0
1 131 \u00a0
Employee salary and holiday pay accrual \u00a0
1 395 \u00a0
1 120 \u00a0
VAT payable \u00a0
342 \u00a0
193 \u00a0
Lease liability \u00a0
116 \u00a0
132 \u00a0
Accrued interest bond loan \u00a0
17 456 \u00a0
-
Accrued expenses \u00a0
6 607 \u00a0
2 781 \u00a0
Total \u00a0
27 146 \u00a0
5 358 \u00a0
NOTE 25 - LEASES \u00a0
The Group implemented IFRS 16 Leases from 1 January 2019 and recognized a right-to-use asset \u00a0
related to the leasing of vehicles; see note 11. Short-term leases have been expensed as incurred; see \u00a0
note 6. The Group\u2019s o\ufb03ce lease is cancellable with 4 months\u2019 notice with no more than an insigni\ufb01cant \u00a0
penalty and is as such considered a short-term lease. \u00a0
Lease liability \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Lease liability 1 January \u00a0
245 \u00a0
373 \u00a0
Additions lease contracts \u00a0
-
-
Accretion lease liability, included in \ufb01nance cost \u00a0
22 \u00a0
28 \u00a0
Payments of lease liability \u00a0
(151) \u00a0
(156) \u00a0
Total lease liability 31 December \u00a0
116 \u00a0
245 \u00a0
Speci\ufb01cation of lease liability in the balance sheet \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Current * \u00a0
116 \u00a0
132 \u00a0
Non-current \u00a0
-
113 \u00a0
Total lease liability 31 December \u00a0
116 \u00a0
245 \u00a0
* Current lease liability is included in other current liabilities; see note 16. \u00a0
Future minimum lease payments under non-cancellable lease agreements (undiscounted) \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Within a year \u00a0
725 \u00a0
744 \u00a0
From year 2-5 \u00a0
-
132 \u00a0
Total \u00a0
725 \u00a0
876 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1442": {
"value": "NOTE 6 - OTHER OPERATING COSTS \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Lease expenses \u00a0
2 932 \u00a0
2 329 \u00a0
Project costs \u2013 Engeb\u00f8 Rutile and Garnet \u00a0
17 994 \u00a0
31 999 \u00a0
Consulting and legal fees \u00a0
9 807 \u00a0
7 181 \u00a0
Other costs \u00a0
7 191 \u00a0
3 342 \u00a0
Other operating expenses capitalized \u00a0
(3 818) \u00a0
-
Total \u00a0
34 106 \u00a0
44 504 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1443": {
"value": "NOTE 6 - OTHER OPERATING COSTS \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Lease expenses \u00a0
2 932 \u00a0
2 329 \u00a0
Project costs \u2013 Engeb\u00f8 Rutile and Garnet \u00a0
17 994 \u00a0
31 999 \u00a0
Consulting and legal fees \u00a0
9 807 \u00a0
7 181 \u00a0
Other costs \u00a0
7 191 \u00a0
3 342 \u00a0
Other operating expenses capitalized \u00a0
(3 818) \u00a0
-
Total \u00a0
34 106 \u00a0
44 504 \u00a0
Auditor fees \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Statutory audit \u00a0
1 117 \u00a0
704 \u00a0
Other a\ua881estation services \u00a0
191 \u00a0
62 \u00a0
Total \u00a0
1 308 \u00a0
766 \u00a0
The amounts exclude VAT. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1444": {
"value": "NOTE 6 - OTHER OPERATING COSTS \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Lease expenses \u00a0
2 932 \u00a0
2 329 \u00a0
Project costs \u2013 Engeb\u00f8 Rutile and Garnet \u00a0
17 994 \u00a0
31 999 \u00a0
Consulting and legal fees \u00a0
9 807 \u00a0
7 181 \u00a0
Other costs \u00a0
7 191 \u00a0
3 342 \u00a0
Other operating expenses capitalized \u00a0
(3 818) \u00a0
-
Total \u00a0
34 106 \u00a0
44 504 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1446": {
"value": "Auditor fees \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Statutory audit \u00a0
1 117 \u00a0
704 \u00a0
Other a\ua881estation services \u00a0
191 \u00a0
62 \u00a0
Total \u00a0
1 308 \u00a0
766 \u00a0
The amounts exclude VAT. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1449": {
"value": "NOTE 7 - FINANCE INCOME AND FINANCE COSTS \u00a0
The following table shows the components of \ufb01nancial income and \ufb01nancial expense: \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Interest income on bank deposits \u00a0
1 575 \u00a0
40 \u00a0
Interest income, Bond Escrow \u00a0
5 795 \u00a0
-
Foreign exchange gains \u00a0
56 117 \u00a0
87 \u00a0
Finance income \u00a0
63 487 \u00a0
127 \u00a0
Interest cost \u00a0
(20 056) \u00a0
(28) \u00a0
Other \ufb01nance costs \u00a0
(25 605) \u00a0
(184) \u00a0
Foreign exchange losses \u00a0
(42 862) \u00a0
(244) \u00a0
Finance costs \u00a0
(88 523) \u00a0
(456) \u00a0
Other \ufb01nance costs relates to fees in relation to the convertible loan (see Note 19 for details on convertible \u00a0
loan), transaction costs related to USD 50 milllion non-dilutive royalty \ufb01nancing agreement entered into \u00a0
with between Nordic Rutile AS and Orion Resource Partner in February 2023, including the intercreditor \u00a0
agreement entered into between Nordic Trustee on behalf of the senior secured bonds and Orion \u00a0
Resource Partner, and other \ufb01nance costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1450": {
"value": "NOTE 7 - FINANCE INCOME AND FINANCE COSTS \u00a0
The following table shows the components of \ufb01nancial income and \ufb01nancial expense: \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Interest income on bank deposits \u00a0
1 575 \u00a0
40 \u00a0
Interest income, Bond Escrow \u00a0
5 795 \u00a0
-
Foreign exchange gains \u00a0
56 117 \u00a0
87 \u00a0
Finance income \u00a0
63 487 \u00a0
127 \u00a0
Interest cost \u00a0
(20 056) \u00a0
(28) \u00a0
Other \ufb01nance costs \u00a0
(25 605) \u00a0
(184) \u00a0
Foreign exchange losses \u00a0
(42 862) \u00a0
(244) \u00a0
Finance costs \u00a0
(88 523) \u00a0
(456) \u00a0
Other \ufb01nance costs relates to fees in relation to the convertible loan (see Note 19 for details on convertible \u00a0
loan), transaction costs related to USD 50 milllion non-dilutive royalty \ufb01nancing agreement entered into \u00a0
with between Nordic Rutile AS and Orion Resource Partner in February 2023, including the intercreditor \u00a0
agreement entered into between Nordic Trustee on behalf of the senior secured bonds and Orion \u00a0
Resource Partner, and other \ufb01nance costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1451": {
"value": "NOTE 7 - FINANCE INCOME AND FINANCE COSTS \u00a0
The following table shows the components of \ufb01nancial income and \ufb01nancial expense: \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Interest income on bank deposits \u00a0
1 575 \u00a0
40 \u00a0
Interest income, Bond Escrow \u00a0
5 795 \u00a0
-
Foreign exchange gains \u00a0
56 117 \u00a0
87 \u00a0
Finance income \u00a0
63 487 \u00a0
127 \u00a0
Interest cost \u00a0
(20 056) \u00a0
(28) \u00a0
Other \ufb01nance costs \u00a0
(25 605) \u00a0
(184) \u00a0
Foreign exchange losses \u00a0
(42 862) \u00a0
(244) \u00a0
Finance costs \u00a0
(88 523) \u00a0
(456) \u00a0
Other \ufb01nance costs relates to fees in relation to the convertible loan (see Note 19 for details on convertible \u00a0
loan), transaction costs related to USD 50 milllion non-dilutive royalty \ufb01nancing agreement entered into \u00a0
with between Nordic Rutile AS and Orion Resource Partner in February 2023, including the intercreditor \u00a0
agreement entered into between Nordic Trustee on behalf of the senior secured bonds and Orion \u00a0
Resource Partner, and other \ufb01nance costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1453": {
"value": "NOTE 8 - INCOME TAXES \u00a0
The Group has incurred substantial tax losses carried forward and the related tax asset is shown in the \u00a0
table below. At year end 2022, the Group cannot substantiate that there will be su\ufb03cient future taxable \u00a0
income to be able to realize the Group\u2019s unused tax losses, and therefore the Group has not recognized \u00a0
deferred tax assets at 31 December 2022. Tax losses can be carried forward inde\ufb01nitely in Norway. \u00a0
Amounts in NOK thousands \u00a0
2022 \u00a0
2021 \u00a0
Taxes payable \u00a0
-
-
Deferred tax \u00a0
-
-
Income tax expense/(income) \u00a0
-
-
Tax e\ufb00ects of temporary di\ufb00erences and tax loss carryforwards at 31 December: \u00a0
Amounts in thousands \u00a0
2022 \u00a0
2021 \u00a0
Mine under construction/PP&E \u00a0
9 563 \u00a0
9 591 \u00a0
Pensions \u00a0
399 \u00a0
234 \u00a0
Bond loan \u00a0
(16 455) \u00a0
-
Tax loss carryforwards \u00a0
162 428 \u00a0
128 922 \u00a0
Total net deferred tax assets \u00a0
155 935 \u00a0
138 747 \u00a0
Nominal tax rate (used for measurement) \u00a0
22 % \u00a0
22 % \u00a0
Recognized in the statement of \ufb01nancial position \u00a0
Deferred tax asset \u00a0
-
-
Deferred tax liability \u00a0
-
-
The Group recognized nil in gross transaction cost of the 2022 share issues directly in equity (in 2021: \u00a0
NOK 4.1 million) which is included in tax loss carry forwards. \u00a0
The following table shows the reconciliation of expected tax using the nominal tax rate to the actual tax \u00a0
expense/(income): \u00a0
Amounts in thousands \u00a0
2022 \u00a0
2021 \u00a0
Income/loss (-) before tax \u00a0
202 412 \u00a0
5 371 \u00a0
Nominal tax rate \u00a0
22 % \u00a0
22 % \u00a0
Expected income tax \u00a0
44 531 \u00a0
1 182 \u00a0
Non-deductible costs \u00a0
(39) \u00a0
119 \u00a0
Non-taxable income \u00a0
-
(332) \u00a0
E\ufb00ect of non-taxable gains/losses on convertible loan \u00a0
989 \u00a0
-
E\ufb00ect of non taxable gains/losses on investments \u00a0
(62 446) \u00a0
(14 602) \u00a0
Non-recognized tax assets on current year result \u00a0
16 965 \u00a0
13 633 \u00a0
Tax expense/(income) \u00a0
-
-
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1454": {
"value": "NOTE 8 - INCOME TAXES \u00a0
The Group has incurred substantial tax losses carried forward and the related tax asset is shown in the \u00a0
table below. At year end 2022, the Group cannot substantiate that there will be su\ufb03cient future taxable \u00a0
income to be able to realize the Group\u2019s unused tax losses, and therefore the Group has not recognized \u00a0
deferred tax assets at 31 December 2022. Tax losses can be carried forward inde\ufb01nitely in Norway. \u00a0
Amounts in NOK thousands \u00a0
2022 \u00a0
2021 \u00a0
Taxes payable \u00a0
-
-
Deferred tax \u00a0
-
-
Income tax expense/(income) \u00a0
-
-
Tax e\ufb00ects of temporary di\ufb00erences and tax loss carryforwards at 31 December: \u00a0
Amounts in thousands \u00a0
2022 \u00a0
2021 \u00a0
Mine under construction/PP&E \u00a0
9 563 \u00a0
9 591 \u00a0
Pensions \u00a0
399 \u00a0
234 \u00a0
Bond loan \u00a0
(16 455) \u00a0
-
Tax loss carryforwards \u00a0
162 428 \u00a0
128 922 \u00a0
Total net deferred tax assets \u00a0
155 935 \u00a0
138 747 \u00a0
Nominal tax rate (used for measurement) \u00a0
22 % \u00a0
22 % \u00a0
Recognized in the statement of \ufb01nancial position \u00a0
Deferred tax asset \u00a0
-
-
Deferred tax liability \u00a0
-
-
The Group recognized nil in gross transaction cost of the 2022 share issues directly in equity (in 2021: \u00a0
NOK 4.1 million) which is included in tax loss carry forwards. \u00a0
The following table shows the reconciliation of expected tax using the nominal tax rate to the actual tax \u00a0
expense/(income): \u00a0
Amounts in thousands \u00a0
2022 \u00a0
2021 \u00a0
Income/loss (-) before tax \u00a0
202 412 \u00a0
5 371 \u00a0
Nominal tax rate \u00a0
22 % \u00a0
22 % \u00a0
Expected income tax \u00a0
44 531 \u00a0
1 182 \u00a0
Non-deductible costs \u00a0
(39) \u00a0
119 \u00a0
Non-taxable income \u00a0
-
(332) \u00a0
E\ufb00ect of non-taxable gains/losses on convertible loan \u00a0
989 \u00a0
-
E\ufb00ect of non taxable gains/losses on investments \u00a0
(62 446) \u00a0
(14 602) \u00a0
Non-recognized tax assets on current year result \u00a0
16 965 \u00a0
13 633 \u00a0
Tax expense/(income) \u00a0
-
-
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1460": {
"value": "NOTE 9 - EARNINGS PER SHARE \u00a0
(Amounts in NOK thousands and number of shares in thousands) \u00a0
2022 \u00a0
2021 \u00a0
Earnings \u00a0
A\ua881ributable to ordinary shareholders \u00a0
202 412 \u00a0
5 371 \u00a0
Number of shares \u00a0
Weighted average number of ordinary shares outstanding - basic \u00a0
231 249 \u00a0
224 569 \u00a0
Weighted average number of ordinary shares outstanding - diluted \u00a0
268 286 \u00a0
227 272 \u00a0
(Amounts in NOK) \u00a0
Earnings per share a\ua881ributable to ordinary shareholders \u00a0
Basic earnings per share \u00a0
0,88 \u00a0
0,02 \u00a0
Diluted earnings per share \u00a0
0,75 \u00a0
0,02 \u00a0
The e\ufb00ect of potentially dilutive shares arising from the convertible loan (ref. Note 19) is included in the \u00a0
calculation of diluted earnings per share for 2022. \u00a0
The e\ufb00ect of potentially dilutive shares arising from options (ref. Note 5) was included in the calculation \u00a0
of diluted earnings per share for 2021 since the options were in-the-money in 2021. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1461": {
"value": "NOTE 10 - EVALUATION AND EXPLORATION ASSETS \u00a0
License \u00a0
Capitalized \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
exploration \u00a0
Total \u00a0
Cost at 1 January 2021 \u00a0
13 447 \u00a0
18 621 \u00a0
32 068 \u00a0
Additions \u00a0
451 \u00a0
-
451 \u00a0
Cost at 31 December 2021 \u00a0
13 898 \u00a0
18 621 \u00a0
32 519 \u00a0
Additions \u00a0
-
-
-
Reclassi\ufb01ed to Mine under construction \u00a0
(13 898) \u00a0
(14 902) \u00a0
(28 800) \u00a0
Cost at 31 December 2022 \u00a0
-
3 719 \u00a0
3 719 \u00a0
Provision for impairment at 1 January 2021 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2021 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Net book value 31 December 2022 \u00a0
-
-
-
Net book value 31 December 2021 \u00a0
13 898 \u00a0
14 902 \u00a0
28 800 \u00a0
Net book value 1 January 2021 \u00a0
13 447 \u00a0
14 902 \u00a0
28 349 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1463": {
"value": "NOTE 10 - EVALUATION AND EXPLORATION ASSETS \u00a0
License \u00a0
Capitalized \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
exploration \u00a0
Total \u00a0
Cost at 1 January 2021 \u00a0
13 447 \u00a0
18 621 \u00a0
32 068 \u00a0
Additions \u00a0
451 \u00a0
-
451 \u00a0
Cost at 31 December 2021 \u00a0
13 898 \u00a0
18 621 \u00a0
32 519 \u00a0
Additions \u00a0
-
-
-
Reclassi\ufb01ed to Mine under construction \u00a0
(13 898) \u00a0
(14 902) \u00a0
(28 800) \u00a0
Cost at 31 December 2022 \u00a0
-
3 719 \u00a0
3 719 \u00a0
Provision for impairment at 1 January 2021 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2021 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Net book value 31 December 2022 \u00a0
-
-
-
Net book value 31 December 2021 \u00a0
13 898 \u00a0
14 902 \u00a0
28 800 \u00a0
Net book value 1 January 2021 \u00a0
13 447 \u00a0
14 902 \u00a0
28 349 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1464": {
"value": "NOTE 10 - EVALUATION AND EXPLORATION ASSETS \u00a0
License \u00a0
Capitalized \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
exploration \u00a0
Total \u00a0
Cost at 1 January 2021 \u00a0
13 447 \u00a0
18 621 \u00a0
32 068 \u00a0
Additions \u00a0
451 \u00a0
-
451 \u00a0
Cost at 31 December 2021 \u00a0
13 898 \u00a0
18 621 \u00a0
32 519 \u00a0
Additions \u00a0
-
-
-
Reclassi\ufb01ed to Mine under construction \u00a0
(13 898) \u00a0
(14 902) \u00a0
(28 800) \u00a0
Cost at 31 December 2022 \u00a0
-
3 719 \u00a0
3 719 \u00a0
Provision for impairment at 1 January 2021 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2021 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Net book value 31 December 2022 \u00a0
-
-
-
Net book value 31 December 2021 \u00a0
13 898 \u00a0
14 902 \u00a0
28 800 \u00a0
Net book value 1 January 2021 \u00a0
13 447 \u00a0
14 902 \u00a0
28 349 \u00a0
NOTE 11 - MINE UNDER CONSTRUCTION \u00a0
(Amounts in NOK thousands) \u00a0
Mine under construction \u00a0
Cost at 1 January 2022 \u00a0
-
Transfer from evaluation and exploration assets \u00a0
28 800 \u00a0
Additions \u00a0
259 610 \u00a0
Cost at 31 December 2022 \u00a0
288 410 \u00a0
Impairment \u00a0
-
Provision for impairment 31 December 2022 \u00a0
-
Net book value 31 December 2022 \u00a0
288 410 \u00a0
Net book value 31 December 2021 \u00a0
-
Net book value 1 January 2021 \u00a0
-
In April 2022 Nordic Rutile AS has exercised the agreements with landowners to acquire the main \u00a0
properties at Engeb\u00f8, which includes immediate access to the process plant area. The Company has \u00a0
started construction works at Engeb\u00f8, which includes preparing the properties for construction, \u00a0
continuation of detailed project planning and process for procurement of critical process equipment, \u00a0
and commencement of groundworks on process plant area and preparatory works for underground \u00a0
infrastructure. The direct costs related to the work described above has been capitalized in the balance \u00a0
sheet as Mine under construction, together with the cost of acquiring the land properties at Engeb\u00f8. \u00a0
In addition, Evaluation and exploration assets related to Engeb\u00f8 has in 2022 been reclassi\ufb01ed in the \u00a0
balance sheet to Mine under construction. \u00a0
Mining concessions Engeb\u00f8 \u00a0
The carrying amount for licenses related to the Engeb\u00f8 area is included in the transfer from Evaluation \u00a0
and exploration assets. Additionally, the Group has a conditional liability to the seller of NOK 40 million \u00a0
that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has been recognized \u00a0
as per 31 December 2022. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1465": {
"value": "NOTE 10 - EVALUATION AND EXPLORATION ASSETS \u00a0
License \u00a0
Capitalized \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
exploration \u00a0
Total \u00a0
Cost at 1 January 2021 \u00a0
13 447 \u00a0
18 621 \u00a0
32 068 \u00a0
Additions \u00a0
451 \u00a0
-
451 \u00a0
Cost at 31 December 2021 \u00a0
13 898 \u00a0
18 621 \u00a0
32 519 \u00a0
Additions \u00a0
-
-
-
Reclassi\ufb01ed to Mine under construction \u00a0
(13 898) \u00a0
(14 902) \u00a0
(28 800) \u00a0
Cost at 31 December 2022 \u00a0
-
3 719 \u00a0
3 719 \u00a0
Provision for impairment at 1 January 2021 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2021 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Net book value 31 December 2022 \u00a0
-
-
-
Net book value 31 December 2021 \u00a0
13 898 \u00a0
14 902 \u00a0
28 800 \u00a0
Net book value 1 January 2021 \u00a0
13 447 \u00a0
14 902 \u00a0
28 349 \u00a0
NOTE 11 - MINE UNDER CONSTRUCTION \u00a0
(Amounts in NOK thousands) \u00a0
Mine under construction \u00a0
Cost at 1 January 2022 \u00a0
-
Transfer from evaluation and exploration assets \u00a0
28 800 \u00a0
Additions \u00a0
259 610 \u00a0
Cost at 31 December 2022 \u00a0
288 410 \u00a0
Impairment \u00a0
-
Provision for impairment 31 December 2022 \u00a0
-
Net book value 31 December 2022 \u00a0
288 410 \u00a0
Net book value 31 December 2021 \u00a0
-
Net book value 1 January 2021 \u00a0
-
In April 2022 Nordic Rutile AS has exercised the agreements with landowners to acquire the main \u00a0
properties at Engeb\u00f8, which includes immediate access to the process plant area. The Company has \u00a0
started construction works at Engeb\u00f8, which includes preparing the properties for construction, \u00a0
continuation of detailed project planning and process for procurement of critical process equipment, \u00a0
and commencement of groundworks on process plant area and preparatory works for underground \u00a0
infrastructure. The direct costs related to the work described above has been capitalized in the balance \u00a0
sheet as Mine under construction, together with the cost of acquiring the land properties at Engeb\u00f8. \u00a0
In addition, Evaluation and exploration assets related to Engeb\u00f8 has in 2022 been reclassi\ufb01ed in the \u00a0
balance sheet to Mine under construction. \u00a0
Mining concessions Engeb\u00f8 \u00a0
The carrying amount for licenses related to the Engeb\u00f8 area is included in the transfer from Evaluation \u00a0
and exploration assets. Additionally, the Group has a conditional liability to the seller of NOK 40 million \u00a0
that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has been recognized \u00a0
as per 31 December 2022. \u00a0
NOTE 12 - PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS \u00a0
Machinery & \u00a0
Right-of-use \u00a0
(Amounts in NOK thousands) \u00a0
equipment \u00a0
assets \u00a0
Total \u00a0
Cost \u00a0
1 January 2021 \u00a0
941 \u00a0
664 \u00a0
1 605 \u00a0
Additions \u00a0
-
-
-
Disposals \u00a0
(285) \u00a0
(285) \u00a0
31 December 2021 \u00a0
656 \u00a0
664 \u00a0
1 320 \u00a0
Additions \u00a0
921 \u00a0
-
921 \u00a0
Disposals \u00a0
-
-
-
31 December 2022 \u00a0
1 577 \u00a0
664 \u00a0
2 241 \u00a0
Depreciation \u00a0
1 January 2021 \u00a0
(567) \u00a0
(287) \u00a0
(854) \u00a0
Depreciation expense \u00a0
-
(138) \u00a0
(138) \u00a0
Disposals \u00a0
111 \u00a0
111 \u00a0
31 December 2021 \u00a0
(456) \u00a0
(425) \u00a0
(881) \u00a0
Depreciation expense \u00a0
(31) \u00a0
(133) \u00a0
(164) \u00a0
Disposals \u00a0
-
-
-
31 December 2022 \u00a0
(487) \u00a0
(558) \u00a0
(1 045) \u00a0
Net book value \u00a0
31 December 2022 \u00a0
1 090 \u00a0
106 \u00a0
1 196 \u00a0
31 December 2021 \u00a0
200 \u00a0
239 \u00a0
439 \u00a0
1 January 2021 \u00a0
374 \u00a0
377 \u00a0
751 \u00a0
Machinery and equipment are depreciated over a period of 4-10 years. \u00a0
In 2021 the Group has sold a vehicle to its Senior Advisor, Lars K. Gr\u00f8ndahl, for NOK 363,000, which \u00a0
represented the estimated market value. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1467": {
"value": "NOTE 11 - MINE UNDER CONSTRUCTION \u00a0
(Amounts in NOK thousands) \u00a0
Mine under construction \u00a0
Cost at 1 January 2022 \u00a0
-
Transfer from evaluation and exploration assets \u00a0
28 800 \u00a0
Additions \u00a0
259 610 \u00a0
Cost at 31 December 2022 \u00a0
288 410 \u00a0
Impairment \u00a0
-
Provision for impairment 31 December 2022 \u00a0
-
Net book value 31 December 2022 \u00a0
288 410 \u00a0
Net book value 31 December 2021 \u00a0
-
Net book value 1 January 2021 \u00a0
-
In April 2022 Nordic Rutile AS has exercised the agreements with landowners to acquire the main \u00a0
properties at Engeb\u00f8, which includes immediate access to the process plant area. The Company has \u00a0
started construction works at Engeb\u00f8, which includes preparing the properties for construction, \u00a0
continuation of detailed project planning and process for procurement of critical process equipment, \u00a0
and commencement of groundworks on process plant area and preparatory works for underground \u00a0
infrastructure. The direct costs related to the work described above has been capitalized in the balance \u00a0
sheet as Mine under construction, together with the cost of acquiring the land properties at Engeb\u00f8. \u00a0
In addition, Evaluation and exploration assets related to Engeb\u00f8 has in 2022 been reclassi\ufb01ed in the \u00a0
balance sheet to Mine under construction. \u00a0
Mining concessions Engeb\u00f8 \u00a0
The carrying amount for licenses related to the Engeb\u00f8 area is included in the transfer from Evaluation \u00a0
and exploration assets. Additionally, the Group has a conditional liability to the seller of NOK 40 million \u00a0
that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has been recognized \u00a0
as per 31 December 2022. \u00a0
NOTE 12 - PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS \u00a0
Machinery & \u00a0
Right-of-use \u00a0
(Amounts in NOK thousands) \u00a0
equipment \u00a0
assets \u00a0
Total \u00a0
Cost \u00a0
1 January 2021 \u00a0
941 \u00a0
664 \u00a0
1 605 \u00a0
Additions \u00a0
-
-
-
Disposals \u00a0
(285) \u00a0
(285) \u00a0
31 December 2021 \u00a0
656 \u00a0
664 \u00a0
1 320 \u00a0
Additions \u00a0
921 \u00a0
-
921 \u00a0
Disposals \u00a0
-
-
-
31 December 2022 \u00a0
1 577 \u00a0
664 \u00a0
2 241 \u00a0
Depreciation \u00a0
1 January 2021 \u00a0
(567) \u00a0
(287) \u00a0
(854) \u00a0
Depreciation expense \u00a0
-
(138) \u00a0
(138) \u00a0
Disposals \u00a0
111 \u00a0
111 \u00a0
31 December 2021 \u00a0
(456) \u00a0
(425) \u00a0
(881) \u00a0
Depreciation expense \u00a0
(31) \u00a0
(133) \u00a0
(164) \u00a0
Disposals \u00a0
-
-
-
31 December 2022 \u00a0
(487) \u00a0
(558) \u00a0
(1 045) \u00a0
Net book value \u00a0
31 December 2022 \u00a0
1 090 \u00a0
106 \u00a0
1 196 \u00a0
31 December 2021 \u00a0
200 \u00a0
239 \u00a0
439 \u00a0
1 January 2021 \u00a0
374 \u00a0
377 \u00a0
751 \u00a0
Machinery and equipment are depreciated over a period of 4-10 years. \u00a0
In 2021 the Group has sold a vehicle to its Senior Advisor, Lars K. Gr\u00f8ndahl, for NOK 363,000, which \u00a0
represented the estimated market value. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1475": {
"value": "NOTE 13 - FINANCIAL INVESTMENTS \u00a0
The Group\u2019s only \ufb01nancial investment in 2022 and 2021 has been the holding of shares in the Finnish \u00a0
mining company Keliber Oy. At year end 2021 the Group had a 12.7% interest in Keliber. The investment \u00a0
has been measured at Fair Value Through Pro\ufb01t and Loss under IFRS 9 (\u201cFVPL Method\u201d). \u00a0
2022 \u00a0
In June 2022, the Group accepted an o\ufb00er from Sibanye-Stillwater Limited to divest its shares in Keliber \u00a0
for a cash consieration of EUR 157.28 per share, in total EUR 46.9 million. The sale of the shares was \u00a0
completed in Q3 2022, with a gain on investment in 2022 of NOK 283.8 million. In addition, the \u00a0
consideration received in EUR resulted in foreign exchange gains from the close of the sale to the funds \u00a0
was recieved and sold to NOK, included in \ufb01nancial income in 2022 of NOK 16.1 million. \u00a0
2021 \u00a0
At year end 2021 the Group assessed the fair value of Keliber to EUR 64 per share, corresponding to \u00a0
NOK 190.5 million. This resulted in a gain on the investment of NOK 66.3 million for the year. The \u00a0
valuation as per 31 December 2021 was based on level 3 inputs in the fair value hierarchy. \u00a0
Summary of e\ufb00ects from Keliber investment in 2022 and 2021 \u00a0
Balance sheet
Statement of \u00a0
(Amounts in NOK thousands) \u00a0
pro\ufb01t or loss \u00a0
Fair value 1 January 2022 \u00a0
190 519 \u00a0
Gain on investment 2022 \u00a0
283 844 \u00a0
283 844 \u00a0
Disposal \u00a0
(474 363) \u00a0
Fair value 31 December 2022/ \u00a0
Total e\ufb00ects on statement of pro\ufb01t or loss \u00a0
-
283 844 \u00a0
Fair value 1 January 2021 \u00a0
100 114 \u00a0
Addition in 2021 \u00a0
24 030 \u00a0
Gain on investment 2021 \u00a0
66 374 \u00a0
66 374 \u00a0
Fair value 31 December 2021/ \u00a0
Total e\ufb00ects on statement of pro\ufb01t or loss \u00a0
190 519 \u00a0
66 374 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1476": {
"value": "NOTE 13 - FINANCIAL INVESTMENTS \u00a0
The Group\u2019s only \ufb01nancial investment in 2022 and 2021 has been the holding of shares in the Finnish \u00a0
mining company Keliber Oy. At year end 2021 the Group had a 12.7% interest in Keliber. The investment \u00a0
has been measured at Fair Value Through Pro\ufb01t and Loss under IFRS 9 (\u201cFVPL Method\u201d). \u00a0
2022 \u00a0
In June 2022, the Group accepted an o\ufb00er from Sibanye-Stillwater Limited to divest its shares in Keliber \u00a0
for a cash consieration of EUR 157.28 per share, in total EUR 46.9 million. The sale of the shares was \u00a0
completed in Q3 2022, with a gain on investment in 2022 of NOK 283.8 million. In addition, the \u00a0
consideration received in EUR resulted in foreign exchange gains from the close of the sale to the funds \u00a0
was recieved and sold to NOK, included in \ufb01nancial income in 2022 of NOK 16.1 million. \u00a0
2021 \u00a0
At year end 2021 the Group assessed the fair value of Keliber to EUR 64 per share, corresponding to \u00a0
NOK 190.5 million. This resulted in a gain on the investment of NOK 66.3 million for the year. The \u00a0
valuation as per 31 December 2021 was based on level 3 inputs in the fair value hierarchy. \u00a0
Summary of e\ufb00ects from Keliber investment in 2022 and 2021 \u00a0
Balance sheet
Statement of \u00a0
(Amounts in NOK thousands) \u00a0
pro\ufb01t or loss \u00a0
Fair value 1 January 2022 \u00a0
190 519 \u00a0
Gain on investment 2022 \u00a0
283 844 \u00a0
283 844 \u00a0
Disposal \u00a0
(474 363) \u00a0
Fair value 31 December 2022/ \u00a0
Total e\ufb00ects on statement of pro\ufb01t or loss \u00a0
-
283 844 \u00a0
Fair value 1 January 2021 \u00a0
100 114 \u00a0
Addition in 2021 \u00a0
24 030 \u00a0
Gain on investment 2021 \u00a0
66 374 \u00a0
66 374 \u00a0
Fair value 31 December 2021/ \u00a0
Total e\ufb00ects on statement of pro\ufb01t or loss \u00a0
190 519 \u00a0
66 374 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1477": {
"value": "NOTE 14 -TRADE AND OTHER RECEIVABLES \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Other \ufb01nancial receivables \u00a0
918 \u00a0
802 \u00a0
Prepayments \u00a0
829 \u00a0
821 \u00a0
Ska\ua881efunn (receivable tax credit) \u00a0
-
347 \u00a0
VAT receivable \u00a0
21 550 \u00a0
1 474 \u00a0
Totalt \u00a0
23 297 \u00a0
3 444 \u00a0
Year ended 31 December 2022 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Trade and \ufb01nancial receivables \u00a0
918 \u00a0
918 \u00a0
Bond Escrow \u00a0
1 032 597 \u00a0
1 032 597 \u00a0
Restricted cash \u00a0
4 215 \u00a0
4 215 \u00a0
Cash and cash equivalents \u00a0
164 703 \u00a0
164 703 \u00a0
Total \ufb01nancial assets \u00a0
1 202 433 \u00a0
-
1 202 433 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
37 168 \u00a0
37 168 \u00a0
Bond loan \u00a0
850 825 \u00a0
850 825 \u00a0
Convertible loan \u00a0
-
142 976 \u00a0
142 976 \u00a0
Other current \ufb01nancial liabilities \u00a0
8 002 \u00a0
8 002 \u00a0
Total \ufb01nancial liabilities \u00a0
895 995 \u00a0
142 976 \u00a0
1 038 971 \u00a0
Year ended 31 December 2021 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Financial investments \u00a0
190 519 \u00a0
190 519 \u00a0
Trade and \ufb01nancial receivables \u00a0
802 \u00a0
802 \u00a0
Cash and cash equivalents \u00a0
32 086 \u00a0
32 086 \u00a0
Total \ufb01nancial assets \u00a0
32 888 \u00a0
190 519 \u00a0
223 407 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
3 093 \u00a0
3 093 \u00a0
Other current \ufb01nancial liabilities \u00a0
3 901 \u00a0
3 901 \u00a0
Total \ufb01nancial liabilities \u00a0
6 994 \u00a0
-
6 994 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1480": {
"value": "NOTE 15 - BOND LOAN AND BOND ESCROW \u00a0
In November 2022, Nordic Rutile AS completed the issue of a USD 100 million 5-year senior secured \u00a0
bond. The bonds are administered by Nordic Trustee. The bond has \ufb01xed coupon of 12.5% per annum, \u00a0
with interest payable quarterly in arrears, and an issue price of 90%. \u00a0
The bond loan is classi\ufb01ed as a current liability in the statement of \ufb01nancial position until satisfaction of \u00a0
the pre-disbursement conditions precedent results in drawdown of the bond proceeds from the Bond \u00a0
Escrow account. \u00a0
The bond loan was initially recognized at cost, being the fair value of the consideration received net of \u00a0
issue costs associated with the borrowing (inclusive the 10% discount). A\ua882er initial recognition, the bond \u00a0
loan is subsequently measured at amortized cost using the e\ufb00ective interest method; any di\ufb00erence \u00a0
between proceeds (net of transaction cost including the 10% discount) and the redemption value is \u00a0
recognized on the income statement over the period of the loan. \u00a0
The net proceeds of the bonds of USD 90 million was on issue deposited into a Bond Escrow account, \u00a0
together with issue discount of USD 10 million, four months bond interest of USD 4.2 million, and \u00a0
transaction costs of USD 3.3 million (in total NOK 178.8 million), transferred by Nordic Rutile AS in line \u00a0
with the bond terms. Following conditions of the Engeb\u00f8 Project being fully funded, which were satis\ufb01ed \u00a0
on 8 March 2023, and certain pre-disbursement conditions precedent, the proceeds from the bonds will \u00a0
be released in three tranches from the Bond Escrow account to be used for costs and expenditures to \u00a0
bring the Engeb\u00f8 Project into commercial production. \u00a0
2022 \u00a0
Carrying \u00a0
Carrying \u00a0
Cash \u00a0
amount \u00a0
amount \u00a0
transferred to \u00a0
(Amounts in thousands) \u00a0
Bond Loan \u00a0
Bond Escrow \u00a0
Bond Escrow \u00a0
Loan at nominal value \u00a0
1 025 220 \u00a0
1 025 220 \u00a0
-
10% discount \u00a0
(102 522) \u00a0
(102 522) \u00a0
-
Fees paid at inception \u00a0
(33 361) \u00a0
(33 361) \u00a0
-
Other fees \u00a0
(1 606) \u00a0
-
-
Amortization of fees \u00a0
2 583 \u00a0
-
-
Future interest transferred to Bond Escrow \u00a0
-
42 900 \u00a0
(42 900) \u00a0
Discount and fees transferred to Bond Escrow \u00a0
-
135 883 \u00a0
(135 883) \u00a0
Accrued interest \u00a0
-
5 795 \u00a0
-
Foreign exchange \u00a0
(39 490) \u00a0
(41 318) \u00a0
-
Total at year end \u00a0
850 825 \u00a0
1 032 597 \u00a0
(178 782) \u00a0
NOTE 18 - OTHER CURRENT LIABILITIES \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Tax withholding and social security accrual \u00a0
1 230 \u00a0
1 131 \u00a0
Employee salary and holiday pay accrual \u00a0
1 395 \u00a0
1 120 \u00a0
VAT payable \u00a0
342 \u00a0
193 \u00a0
Lease liability \u00a0
116 \u00a0
132 \u00a0
Accrued interest bond loan \u00a0
17 456 \u00a0
-
Accrued expenses \u00a0
6 607 \u00a0
2 781 \u00a0
Total \u00a0
27 146 \u00a0
5 358 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1483": {
"value": "NOTE 16 - CASH AND CASH EQUIVALENTS \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Bank deposits \u00a0
164 703 \u00a0
32 086 \u00a0
Total cash and cash equivalents \u00a0
164 703 \u00a0
32 086 \u00a0
Restriced cash in tax withholding account \u00a0
720 \u00a0
478 \u00a0
In addition to the amounts referred to above, the Group has a deposit of NOK 4.2 million on a restricted \u00a0
account at year end pledged toward the Directorate of Mining. The purpose of the deposit is clean-up \u00a0
measures in accordance with the operating license. \u00a0
Year ended 31 December 2022 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Trade and \ufb01nancial receivables \u00a0
918 \u00a0
918 \u00a0
Bond Escrow \u00a0
1 032 597 \u00a0
1 032 597 \u00a0
Restricted cash \u00a0
4 215 \u00a0
4 215 \u00a0
Cash and cash equivalents \u00a0
164 703 \u00a0
164 703 \u00a0
Total \ufb01nancial assets \u00a0
1 202 433 \u00a0
-
1 202 433 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
37 168 \u00a0
37 168 \u00a0
Bond loan \u00a0
850 825 \u00a0
850 825 \u00a0
Convertible loan \u00a0
-
142 976 \u00a0
142 976 \u00a0
Other current \ufb01nancial liabilities \u00a0
8 002 \u00a0
8 002 \u00a0
Total \ufb01nancial liabilities \u00a0
895 995 \u00a0
142 976 \u00a0
1 038 971 \u00a0
Year ended 31 December 2021 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Financial investments \u00a0
190 519 \u00a0
190 519 \u00a0
Trade and \ufb01nancial receivables \u00a0
802 \u00a0
802 \u00a0
Cash and cash equivalents \u00a0
32 086 \u00a0
32 086 \u00a0
Total \ufb01nancial assets \u00a0
32 888 \u00a0
190 519 \u00a0
223 407 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
3 093 \u00a0
3 093 \u00a0
Other current \ufb01nancial liabilities \u00a0
3 901 \u00a0
3 901 \u00a0
Total \ufb01nancial liabilities \u00a0
6 994 \u00a0
-
6 994 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1485": {
"value": "NOTE 16 - CASH AND CASH EQUIVALENTS \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Bank deposits \u00a0
164 703 \u00a0
32 086 \u00a0
Total cash and cash equivalents \u00a0
164 703 \u00a0
32 086 \u00a0
Restriced cash in tax withholding account \u00a0
720 \u00a0
478 \u00a0
In addition to the amounts referred to above, the Group has a deposit of NOK 4.2 million on a restricted \u00a0
account at year end pledged toward the Directorate of Mining. The purpose of the deposit is clean-up \u00a0
measures in accordance with the operating license. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1486": {
"value": "NOTE 17 - SHARE CAPITAL \u00a0
Number of shares outstanding \u00a0
Ordinary Shares \u00a0
2021 \u00a0
Opening balance \u00a0
197 491 772 \u00a0
Share issuance \u00a0
32 000 000 \u00a0
31 December 2021 \u00a0
229 491 772 \u00a0
2022 \u00a0
Opening balance \u00a0
229 491 772 \u00a0
Share issuance \u00a0
2 825 000 \u00a0
31 December 2022 \u00a0
232 316 772 \u00a0
All shares carry equal rights and has a par value of 0.60 per share. \u00a0
Share issues in 2022 \u00a0
In May 2022 a total of 2,825,000 options held by Management were exercised. Following the exercise \u00a0
there are no outstanding options for shares in the Company held by Management. Gross proceeds were \u00a0
NOK 7.4 million in accordance with the authorization to the Board to increase the share capital granted \u00a0
by the general meeting on 14 May 2020. Following registration of the new share capital Nordic Mining\u2019s \u00a0
share capital has increased by NOK 1,695,000 to NOK 139,390,063.20 divided into 232,316,772 \u00a0
shares, each with a par value of NOK 0.60. \u00a0
Share issues in 2021 \u00a0
In February 2021, Nordic Mining completed a private placement of 32,000,000 shares with gross \u00a0
proceeds of NOK 80 million. Following registration of the new share capital the Company\u2019s share capital \u00a0
has increased by NOK 19,200,000 to NOK 137,695,063.20 divided into 229,491,772 shares, each with \u00a0
a par value of NOK 0.60. \u00a0
NOTE 22 - SHAREHOLDERS \u00a0
The table below shows the Company\u2019s 20 largest shareholders as at 31 December 2022: \u00a0
Shareholder \u00a0
Number of shares \u00a0
% ownership \u00a0
Nordnet Bank AB \u00a0
21 023 753 \u00a0
9,05 % \u00a0
Clearstream Banking S.A. \u00a0
8 663 269 \u00a0
3,73 % \u00a0
Nordea Bank Abp \u00a0
5 404 701 \u00a0
2,33 % \u00a0
Knut Fosse AS \u00a0
4 870 161 \u00a0
2,10 % \u00a0
Nordnet Livsforsikring AS \u00a0
4 270 190 \u00a0
1,84 % \u00a0
Carlsen \u00a0
3 607 500 \u00a0
1,55 % \u00a0
Danske Bank A/S \u00a0
3 593 285 \u00a0
1,55 % \u00a0
Citibank, N.A. \u00a0
2 549 660 \u00a0
1,10 % \u00a0
Naturlig Valg AS \u00a0
2 300 000 \u00a0
0,99 % \u00a0
Magil AS \u00a0
2 140 000 \u00a0
0,92 % \u00a0
Infoinvest AS \u00a0
2 015 000 \u00a0
0,87 % \u00a0
Fossum \u00a0
1 759 230 \u00a0
0,76 % \u00a0
Stavanger Forvaltning AS \u00a0
1 736 913 \u00a0
0,75 % \u00a0
Dybvad Consulting AS \u00a0
1 710 000 \u00a0
0,74 % \u00a0
Snati AS \u00a0
1 700 000 \u00a0
0,73 % \u00a0
Joma Invest AS \u00a0
1 500 000 \u00a0
0,65 % \u00a0
Melum M\u00f8lle AS \u00a0
1 500 000 \u00a0
0,65 % \u00a0
Espmart Invest AS \u00a0
1 500 000 \u00a0
0,65 % \u00a0
Huldrast\u00f8len AS \u00a0
1 484 124 \u00a0
0,64 % \u00a0
Norden\ua880eldske Management AS \u00a0
1 375 000 \u00a0
0,59 % \u00a0
Total 20 largest shareholders \u00a0
74 702 786 \u00a0
32,16 % \u00a0
Other shareholders \u00a0
157 613 986 \u00a0
67,84 % \u00a0
Total \u00a0
232 316 772 \u00a0
100,00 % \u00a0
Other transactions with related parties \u00a0
In 2021 the Group has sold a vehicle to its Senior Advisor, Lars K. Gr\u00f8ndahl, for NOK 363,000, which \u00a0
represented the estimated market value. \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2022 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
290 475 \u00a0
0,13 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Ivar S. Fossum, CEO \u00a0
1 759 230 \u00a0
0,76 % \u00a0
Christian Gjerde, CFO \u00a0
400 000 \u00a0
0,17 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0,19 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
441 063 \u00a0
0,19 % \u00a0
Terje Gundersen, Project Director \u00a0
66 333 \u00a0
0,03 % \u00a0
Total \u00a0
3 424 599 \u00a0
1,47 % \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2021 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
190 475 \u00a0
0,08 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Eva Kaijser1 \u00a0
110 472 \u00a0
0,05 % \u00a0
Ivar S. Fossum, CEO \u00a0
732 755 \u00a0
0,32 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
45 822 \u00a0
0,02 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
41 063 \u00a0
0,02 % \u00a0
Total \u00a0
1 142 263 \u00a0
0,49 % \u00a0
1. The shares are owned by the the company F\u00e5gels\u00e5ngen AB. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1488": {
"value": "NOTE 17 - SHARE CAPITAL \u00a0
Number of shares outstanding \u00a0
Ordinary Shares \u00a0
2021 \u00a0
Opening balance \u00a0
197 491 772 \u00a0
Share issuance \u00a0
32 000 000 \u00a0
31 December 2021 \u00a0
229 491 772 \u00a0
2022 \u00a0
Opening balance \u00a0
229 491 772 \u00a0
Share issuance \u00a0
2 825 000 \u00a0
31 December 2022 \u00a0
232 316 772 \u00a0
All shares carry equal rights and has a par value of 0.60 per share. \u00a0
Share issues in 2022 \u00a0
In May 2022 a total of 2,825,000 options held by Management were exercised. Following the exercise \u00a0
there are no outstanding options for shares in the Company held by Management. Gross proceeds were \u00a0
NOK 7.4 million in accordance with the authorization to the Board to increase the share capital granted \u00a0
by the general meeting on 14 May 2020. Following registration of the new share capital Nordic Mining\u2019s \u00a0
share capital has increased by NOK 1,695,000 to NOK 139,390,063.20 divided into 232,316,772 \u00a0
shares, each with a par value of NOK 0.60. \u00a0
Share issues in 2021 \u00a0
In February 2021, Nordic Mining completed a private placement of 32,000,000 shares with gross \u00a0
proceeds of NOK 80 million. Following registration of the new share capital the Company\u2019s share capital \u00a0
has increased by NOK 19,200,000 to NOK 137,695,063.20 divided into 229,491,772 shares, each with \u00a0
a par value of NOK 0.60. \u00a0
Components of other comprehensive income \u00a0
The following table shows a reconciliation of the components of other comprehensive income (\u201cOCI\u201d): \u00a0
Actuarial \u00a0
(Amounts in NOK thousands) \u00a0
gain/loss \u00a0
Total OCI \u00a0
Balance on 1 January 2021 \u00a0
(3 123) \u00a0
(3 123) \u00a0
Actuarial gain/(loss) \u00a0
(100) \u00a0
(100) \u00a0
Balance on 31 December 2021 \u00a0
(3 223) \u00a0
(3 223) \u00a0
Actuarial gain/(loss) \u00a0
(1 009) \u00a0
(1 009) \u00a0
Balance on 31 December 2022 \u00a0
(4 232) \u00a0
(4 232) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1493": {
"value": "NOTE 18 - OTHER CURRENT LIABILITIES \u00a0
(Amounts in NOK thousands) \u00a0
2022 \u00a0
2021 \u00a0
Tax withholding and social security accrual \u00a0
1 230 \u00a0
1 131 \u00a0
Employee salary and holiday pay accrual \u00a0
1 395 \u00a0
1 120 \u00a0
VAT payable \u00a0
342 \u00a0
193 \u00a0
Lease liability \u00a0
116 \u00a0
132 \u00a0
Accrued interest bond loan \u00a0
17 456 \u00a0
-
Accrued expenses \u00a0
6 607 \u00a0
2 781 \u00a0
Total \u00a0
27 146 \u00a0
5 358 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1495": {
"value": "NOTE 19 - CONVERTIBLE LOAN \u00a0
In January 2022, Nordic Mining entered into a NOK 132.5 million 5% interest bearing convertible loan in \u00a0
favor of Fjordavegen Holding AS, a local investor group led by two of the EPC partners for the Engeb\u00f8 \u00a0
project. This transaction is the \ufb01rst step in the project \ufb01nancing of the Engeb\u00f8 Project. \u00a0
The lenders may, and is contractually obliged to, convert all tranches from the loan, together with accrued \u00a0
interests, into shares in Nordic Mining upon a share issue in Nordic Mining in relation to \ufb01nal investment \u00a0
decision (or delay of \ufb01nal investment decision) for the Engeb\u00f8 Rutile and Garnet Project, however, at \u00a0
latest 1 August 2023. The conversion price will as a starting point be NOK 3.355 per share, however, shall \u00a0
be the lowest of NOK 3.355 and the subscription price in a subsequent share issue in Nordic Mining in \u00a0
relation to \ufb01nal investment decision/delay of \ufb01nal investment decision, or if no such share issue occurs, \u00a0
the lowest of NOK 3.355 and the volume-weighted average trading price the Nordic Mining\u2019s share for \u00a0
the last 20 trading days prior to 30 June 2023. \u00a0
The convertible loan is measured at fair value with changes in fair value recognized in the income \u00a0
statement. The Group has assessed the fair value of the convertible loan to be NOK 143.0 million at year \u00a0
end 2022 and the recognized a fair vale loss of NOK 10.5 million in 2022. The valuation as per 31 \u00a0
December 2022 has been based on level 3 inputs in the fair value hierarchy. \u00a0
The fair value of the convertible loan is calculated as the fair value of the loan plus the fair value of the \u00a0
conversion option determined using Black Scholes option model for three (3) di\ufb00erent scenarios for \u00a0
conversion date to provide probability weighted maturity. The key unobservable input to the valuation \u00a0
include: 1) risk free NOK interest rate curve at the valuation date constructed from e\ufb00ective yields on \u00a0
Norwegian Treasury bills, 2) volatility of Nordic Mining share price calculated based on historical share \u00a0
prices, and 3) expected conversion date based on managements expectation for \ufb01nal investment devision. \u00a0
The convertible loan with accrued interests, in total NOK 139.6 million, was converted into 232,703,125 \u00a0
new shares in Nordic Mining ASA on 4 March 2023, in relation to the private placement to fully fund the \u00a0
Engeb\u00f8 Project. See note 28 for more information. \u00a0
2022 \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
amount \u00a0
Cash \ufb02ow \u00a0
Convertible loan \u00a0
132 500 \u00a0
132 500 \u00a0
Fees paid at inception \u00a0
-
(6 089) \u00a0
Change in fair value \u00a0
10 476 \u00a0
-
Total \u00a0
142 976 \u00a0
126 412 \u00a0
Categories and fair value of \ufb01nancial instruments \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, receivables, payables to \u00a0
suppliers, and other short-term \ufb01nancial items are close to fair value due to the short time period till \u00a0
maturity. For the convertible loan the carrying amount equals fair value. \u00a0
The bond loan was issued in November 2022 and it is assessed that the fair value at year end was around \u00a0
the redemption price of 92% of the nominal value of USD 100 million, provided the condition of the \u00a0
Engeb\u00f8 Project being fully funded by 9 March 2023, and assuming no signi\ufb01cant change in interest rate \u00a0
level and credit spread since the completion of the transaction. It is further assessed that the fair value of \u00a0
Bond Escrow is approximately equal to book value of USD 104.8 million. \u00a0
Year ended 31 December 2022 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Trade and \ufb01nancial receivables \u00a0
918 \u00a0
918 \u00a0
Bond Escrow \u00a0
1 032 597 \u00a0
1 032 597 \u00a0
Restricted cash \u00a0
4 215 \u00a0
4 215 \u00a0
Cash and cash equivalents \u00a0
164 703 \u00a0
164 703 \u00a0
Total \ufb01nancial assets \u00a0
1 202 433 \u00a0
-
1 202 433 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
37 168 \u00a0
37 168 \u00a0
Bond loan \u00a0
850 825 \u00a0
850 825 \u00a0
Convertible loan \u00a0
-
142 976 \u00a0
142 976 \u00a0
Other current \ufb01nancial liabilities \u00a0
8 002 \u00a0
8 002 \u00a0
Total \ufb01nancial liabilities \u00a0
895 995 \u00a0
142 976 \u00a0
1 038 971 \u00a0
Year ended 31 December 2021 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Financial investments \u00a0
190 519 \u00a0
190 519 \u00a0
Trade and \ufb01nancial receivables \u00a0
802 \u00a0
802 \u00a0
Cash and cash equivalents \u00a0
32 086 \u00a0
32 086 \u00a0
Total \ufb01nancial assets \u00a0
32 888 \u00a0
190 519 \u00a0
223 407 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
3 093 \u00a0
3 093 \u00a0
Other current \ufb01nancial liabilities \u00a0
3 901 \u00a0
3 901 \u00a0
Total \ufb01nancial liabilities \u00a0
6 994 \u00a0
-
6 994 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1497": {
"value": "NOTE 20 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT \u00a0
Management of \ufb01nancial risk \u00a0
Nordic Mining is exposed to certain types of \ufb01nancial risk related to the Group\u2019s \ufb01nancial instruments, \u00a0
primarily market risk related to \ufb02oating interest rate risk on cash and cash equivalents, liquidity risk and \u00a0
currency risk. \u00a0
Management of Nordic Mining manages the Group\u2019s \ufb01nancial risk primarily by identifying and evaluating \u00a0
potential risk areas. Management\u2019s focus is primarily on managing liquidity risk to secure continuing \u00a0
operations and \ufb01nancing of the Group\u2019s capital-intensive projects. Nordic Mining\u2019s cash holdings are \u00a0
placed in bank accounts in Norwegian Kroner (NOK), United States Dollars (USD) and Euro (EUR). At year \u00a0
end 2022, the Group\u2019s main currency exposure is related to its bond loan and Bond Escrow, both wich are \u00a0
denominated in USD. \u00a0
The Group has at year end 2022 interest-bearing debt in the form of a bond loan and a convertible loan. \u00a0
The Group does not have recurring revenues since the Group\u2019s projects are still in the development phase. \u00a0
The Group\u2019s \ufb01nancial instruments at year end 2022 mainly consist of the bond loan and Bond Escrow, a \u00a0
convertible loan, bank deposits, customary short-term receivables, trade and other payables. \u00a0
Liquidity risk \u00a0
Liquidity risk is the risk that the Group will not be able to se\ua881le its \ufb01nancial obligations as they fall due. \u00a0
The Group has historicalley used equity \ufb01nancing in order to meet liquidity requirements related to \u00a0
\ufb01nancial obligations, covering operational losses, exploration activities and investments. In order to \u00a0
secure \ufb01nancing of the Engeb\u00f8 project, the Group has in 2022 issued a bond loan, and a convertible loan. \u00a0
Of the Group\u2019s \ufb01nancial liabilities as at 31 December 2022 NOK 188.1 million mature within 6 months from \u00a0
balance sheet date (31 December 2021: all \ufb01nancial liabilities of NOK 7.0 million mature within 6 months). \u00a0
At the date of these annual \ufb01nancial statements the Group has secured the full project \ufb01nancing package \u00a0
for the Engeb\u00f8 Rutile and Garnet Project Project of USD 277 million, comprising equity, senior secured \u00a0
bond, and non-dilutive royalty \ufb01nancing. The project \ufb01nancing package is expected to fund all costs and \u00a0
expenditures to bring the Engeb\u00f8 Project into commercial production, including a contingency of USD 25 \u00a0
million and project reserve of USD 30 million. The bond and royalty \ufb01nancing and is subject to certain \u00a0
pre-disbursement conditions precedent before the proceeds can be released to the Project, including \u00a0
standard conditions and utilization in full of the equity and royalty funds, respectively. The bond loan is \u00a0
classi\ufb01ed as a current liability in the statement of \ufb01nancial position until satisfaction of the pre-disbursement \u00a0
conditions precedent results in drawdown of the bond proceeds from the Bond Escrow account. \u00a0
Market risk \u00a0
Market risk consists of the risk that real value or future cash \ufb02ow related to \ufb01nancial instruments will \u00a0
vary as a consequence of \ufb02uctuation in market prices. Market risk includes, but is not limited to, currency \u00a0
risk, interest rate risk and price risk from sales. Currently, the Group has no exposure to price risk from \u00a0
sale of goods, and no \ufb01nancial instruments have been entered into related to future expected exposures. \u00a0
(i) Interest rate risk \u00a0
The Group\u2019s interest bearing debt at year end is at \ufb01xed interest rates. Changes in interest rates a\ufb00ect \u00a0
the fair value of the debt. The Group will going forward calculate the sensitivity on the change in fair value \u00a0
of the debt of a de\ufb01ned parallel shi\ua882 in the yield curve of the relevant curreny. The Group\u2019s bank deposits \u00a0
and the Bond Escrow are exposed to changes in the market interest rate. The Group\u2019s exposure on the \u00a0
result at year end 2022 is approximately +/-NOK 12 015 thousand per percentage-point change in the \u00a0
variable market interest rate (2021: NOK 321 thousand). \u00a0
(ii) Currency exchange risk \u00a0
At year end 2022, the Group\u2019s main currency exposure is related to its bond loan and Bond Escrow, both \u00a0
wich are denominated in USD. A 10% increase or decrease in the USD currency rates would increase/ \u00a0
decrease the net income by approximately NOK 4.7 million at year end. \u00a0
At year end 2021, the Group\u2019s only currency exposure of signi\ufb01cance was the investment in Keliber Oy \u00a0
(EUR). A 10% increase or decrease in the EUR currency rates would increase/decrease the net income by \u00a0
approximately NOK 19.1 million at year end 2021. \u00a0
Credit risk \u00a0
Credit risk is the risk of \ufb01nancial losses if a customer or counterpart of a \ufb01nancial instrument is unable to \u00a0
meet contractual obligations. \u00a0
The Group\u2019s current business has only limited credit risk. Cash and cash equivalents and security deposits \u00a0
in banks in addition to the Bond Escrow represent a large portion of the Group\u2019s \ufb01nancial assets at \u00a0
31 December 2022. There has been no recognized loss on trade receivables in 2022 or 2021. \u00a0
Procedures for evaluation of credit risk has only to a limited degree been introduced. However, \u00a0
discretionary evaluations are done on a case-by-case basis. Management will evaluate the necessity of \u00a0
implementing stricter credit evaluations on an on-going basis. \u00a0
Political risk \u00a0
In addition to \ufb01nancial risk, the Group is exposed to political risk related to its mining projects. The political \u00a0
risk includes the risk of not obtaining or extending the relevant governmental permits necessary to extract \u00a0
and produce minerals from these mining projects. \u00a0
The Group operates in an industry which is subject to extensive laws and regulations relevant for mining \u00a0
operations, in particular in relation to environmental and operational issues, which has become more \u00a0
stringent over time, and this development is expected to continue. Compliance with respect to environmental \u00a0
regulations, closure and other ma\ua881ers may involve signi\ufb01cant costs and/or other liabilities. \u00a0
Failure to comply with applicable environmental laws, regulations and permi\ua881ing requirements may result \u00a0
in enforcement actions including orders issued by regulatory or judicial authorities causing operations to \u00a0
cease or be curtailed and may include obligations to take corrective measures requiring capital expenditures, \u00a0
installation of additional equipment or remedial actions. There is a risk that the Group due to its engagement \u00a0
in mining and mineral processing activities will be required to compensate those su\ufb00ering loss or damage by \u00a0
reason of such activities and may incur civil or criminal \ufb01nes or penalties for violation of applicable laws or \u00a0
regulations. \u00a0
Current environmental laws, regulations and permits governing operations and activities of mining companies \u00a0
may be changed. Regulatory requirements surrounding site reclamation and remediation activities, or more \u00a0
stringent implementation thereof, could have a material adverse impact on the Group and cause increases in \u00a0
capital expenditures or production costs or reduction in levels of operational production, or require \u00a0
abandonment or delays in the development of new sites. There are no current amendments that the Group \u00a0
is aware of that may impact the assets of the Group. \u00a0
Nordic Mining\u2019s climate-related \ufb01nancial risk is considered to be low. The mining operations at the Group\u2019s \u00a0
main asset, the Engeb\u00f8 Project, is expected to have the lowest greenhouse gas footprint of all titanium \u00a0
feedstock producers due to available hydroelectric power in the area and a tight infrastructure with minimal \u00a0
transportation. Nordic Mining has a target of zero greenhouse gas emissions at Egneb\u00f8 and has initiated the \u00a0
development of a Climate Strategy Plan. The Group considers that there is minimal risk for stranded assets. \u00a0
Categories and fair value of \ufb01nancial instruments \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, receivables, payables to \u00a0
suppliers, and other short-term \ufb01nancial items are close to fair value due to the short time period till \u00a0
maturity. For the convertible loan the carrying amount equals fair value. \u00a0
The bond loan was issued in November 2022 and it is assessed that the fair value at year end was around \u00a0
the redemption price of 92% of the nominal value of USD 100 million, provided the condition of the \u00a0
Engeb\u00f8 Project being fully funded by 9 March 2023, and assuming no signi\ufb01cant change in interest rate \u00a0
level and credit spread since the completion of the transaction. It is further assessed that the fair value of \u00a0
Bond Escrow is approximately equal to book value of USD 104.8 million. \u00a0
Year ended 31 December 2022 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Trade and \ufb01nancial receivables \u00a0
918 \u00a0
918 \u00a0
Bond Escrow \u00a0
1 032 597 \u00a0
1 032 597 \u00a0
Restricted cash \u00a0
4 215 \u00a0
4 215 \u00a0
Cash and cash equivalents \u00a0
164 703 \u00a0
164 703 \u00a0
Total \ufb01nancial assets \u00a0
1 202 433 \u00a0
-
1 202 433 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
37 168 \u00a0
37 168 \u00a0
Bond loan \u00a0
850 825 \u00a0
850 825 \u00a0
Convertible loan \u00a0
-
142 976 \u00a0
142 976 \u00a0
Other current \ufb01nancial liabilities \u00a0
8 002 \u00a0
8 002 \u00a0
Total \ufb01nancial liabilities \u00a0
895 995 \u00a0
142 976 \u00a0
1 038 971 \u00a0
Year ended 31 December 2021 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Financial investments \u00a0
190 519 \u00a0
190 519 \u00a0
Trade and \ufb01nancial receivables \u00a0
802 \u00a0
802 \u00a0
Cash and cash equivalents \u00a0
32 086 \u00a0
32 086 \u00a0
Total \ufb01nancial assets \u00a0
32 888 \u00a0
190 519 \u00a0
223 407 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
3 093 \u00a0
3 093 \u00a0
Other current \ufb01nancial liabilities \u00a0
3 901 \u00a0
3 901 \u00a0
Total \ufb01nancial liabilities \u00a0
6 994 \u00a0
-
6 994 \u00a0
Capital management \u00a0
The Group has historically used equity \ufb01nancing to \ufb01nance research, operations, purchase of licenses and \u00a0
other investments. In order to secure \ufb01nancing of the Engeb\u00f8 project, the Group has in 2022 issued a \u00a0
bond loan and a convertible loan in addition to divesting its investment in Keliber. At the date of these \u00a0
annual \ufb01nancial statements the Group has fully \ufb01nanced the Engeb\u00f8 Rutile and Garnet Project. The \u00a0
project \ufb01nancing comprises of equity, debt and royalty \ufb01nancing. For more information on liquidity risk \u00a0
see Board of Directors\u2019 report. The ratio of net debt (debt less cash) divided by total capital (net debt and \u00a0
equity) as of 31 December 2022 is 59% (as of 31 December 2021 -9%). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1499": {
"value": "NOTE 20 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT \u00a0
Management of \ufb01nancial risk \u00a0
Nordic Mining is exposed to certain types of \ufb01nancial risk related to the Group\u2019s \ufb01nancial instruments, \u00a0
primarily market risk related to \ufb02oating interest rate risk on cash and cash equivalents, liquidity risk and \u00a0
currency risk. \u00a0
Management of Nordic Mining manages the Group\u2019s \ufb01nancial risk primarily by identifying and evaluating \u00a0
potential risk areas. Management\u2019s focus is primarily on managing liquidity risk to secure continuing \u00a0
operations and \ufb01nancing of the Group\u2019s capital-intensive projects. Nordic Mining\u2019s cash holdings are \u00a0
placed in bank accounts in Norwegian Kroner (NOK), United States Dollars (USD) and Euro (EUR). At year \u00a0
end 2022, the Group\u2019s main currency exposure is related to its bond loan and Bond Escrow, both wich are \u00a0
denominated in USD. \u00a0
The Group has at year end 2022 interest-bearing debt in the form of a bond loan and a convertible loan. \u00a0
The Group does not have recurring revenues since the Group\u2019s projects are still in the development phase. \u00a0
The Group\u2019s \ufb01nancial instruments at year end 2022 mainly consist of the bond loan and Bond Escrow, a \u00a0
convertible loan, bank deposits, customary short-term receivables, trade and other payables. \u00a0
Liquidity risk \u00a0
Liquidity risk is the risk that the Group will not be able to se\ua881le its \ufb01nancial obligations as they fall due. \u00a0
The Group has historicalley used equity \ufb01nancing in order to meet liquidity requirements related to \u00a0
\ufb01nancial obligations, covering operational losses, exploration activities and investments. In order to \u00a0
secure \ufb01nancing of the Engeb\u00f8 project, the Group has in 2022 issued a bond loan, and a convertible loan. \u00a0
Of the Group\u2019s \ufb01nancial liabilities as at 31 December 2022 NOK 188.1 million mature within 6 months from \u00a0
balance sheet date (31 December 2021: all \ufb01nancial liabilities of NOK 7.0 million mature within 6 months). \u00a0
At the date of these annual \ufb01nancial statements the Group has secured the full project \ufb01nancing package \u00a0
for the Engeb\u00f8 Rutile and Garnet Project Project of USD 277 million, comprising equity, senior secured \u00a0
bond, and non-dilutive royalty \ufb01nancing. The project \ufb01nancing package is expected to fund all costs and \u00a0
expenditures to bring the Engeb\u00f8 Project into commercial production, including a contingency of USD 25 \u00a0
million and project reserve of USD 30 million. The bond and royalty \ufb01nancing and is subject to certain \u00a0
pre-disbursement conditions precedent before the proceeds can be released to the Project, including \u00a0
standard conditions and utilization in full of the equity and royalty funds, respectively. The bond loan is \u00a0
classi\ufb01ed as a current liability in the statement of \ufb01nancial position until satisfaction of the pre-disbursement \u00a0
conditions precedent results in drawdown of the bond proceeds from the Bond Escrow account. \u00a0
Market risk \u00a0
Market risk consists of the risk that real value or future cash \ufb02ow related to \ufb01nancial instruments will \u00a0
vary as a consequence of \ufb02uctuation in market prices. Market risk includes, but is not limited to, currency \u00a0
risk, interest rate risk and price risk from sales. Currently, the Group has no exposure to price risk from \u00a0
sale of goods, and no \ufb01nancial instruments have been entered into related to future expected exposures. \u00a0
(i) Interest rate risk \u00a0
The Group\u2019s interest bearing debt at year end is at \ufb01xed interest rates. Changes in interest rates a\ufb00ect \u00a0
the fair value of the debt. The Group will going forward calculate the sensitivity on the change in fair value \u00a0
of the debt of a de\ufb01ned parallel shi\ua882 in the yield curve of the relevant curreny. The Group\u2019s bank deposits \u00a0
and the Bond Escrow are exposed to changes in the market interest rate. The Group\u2019s exposure on the \u00a0
result at year end 2022 is approximately +/-NOK 12 015 thousand per percentage-point change in the \u00a0
variable market interest rate (2021: NOK 321 thousand). \u00a0
(ii) Currency exchange risk \u00a0
At year end 2022, the Group\u2019s main currency exposure is related to its bond loan and Bond Escrow, both \u00a0
wich are denominated in USD. A 10% increase or decrease in the USD currency rates would increase/ \u00a0
decrease the net income by approximately NOK 4.7 million at year end. \u00a0
At year end 2021, the Group\u2019s only currency exposure of signi\ufb01cance was the investment in Keliber Oy \u00a0
(EUR). A 10% increase or decrease in the EUR currency rates would increase/decrease the net income by \u00a0
approximately NOK 19.1 million at year end 2021. \u00a0
Credit risk \u00a0
Credit risk is the risk of \ufb01nancial losses if a customer or counterpart of a \ufb01nancial instrument is unable to \u00a0
meet contractual obligations. \u00a0
The Group\u2019s current business has only limited credit risk. Cash and cash equivalents and security deposits \u00a0
in banks in addition to the Bond Escrow represent a large portion of the Group\u2019s \ufb01nancial assets at \u00a0
31 December 2022. There has been no recognized loss on trade receivables in 2022 or 2021. \u00a0
Procedures for evaluation of credit risk has only to a limited degree been introduced. However, \u00a0
discretionary evaluations are done on a case-by-case basis. Management will evaluate the necessity of \u00a0
implementing stricter credit evaluations on an on-going basis. \u00a0
Political risk \u00a0
In addition to \ufb01nancial risk, the Group is exposed to political risk related to its mining projects. The political \u00a0
risk includes the risk of not obtaining or extending the relevant governmental permits necessary to extract \u00a0
and produce minerals from these mining projects. \u00a0
The Group operates in an industry which is subject to extensive laws and regulations relevant for mining \u00a0
operations, in particular in relation to environmental and operational issues, which has become more \u00a0
stringent over time, and this development is expected to continue. Compliance with respect to environmental \u00a0
regulations, closure and other ma\ua881ers may involve signi\ufb01cant costs and/or other liabilities. \u00a0
Failure to comply with applicable environmental laws, regulations and permi\ua881ing requirements may result \u00a0
in enforcement actions including orders issued by regulatory or judicial authorities causing operations to \u00a0
cease or be curtailed and may include obligations to take corrective measures requiring capital expenditures, \u00a0
installation of additional equipment or remedial actions. There is a risk that the Group due to its engagement \u00a0
in mining and mineral processing activities will be required to compensate those su\ufb00ering loss or damage by \u00a0
reason of such activities and may incur civil or criminal \ufb01nes or penalties for violation of applicable laws or \u00a0
regulations. \u00a0
Current environmental laws, regulations and permits governing operations and activities of mining companies \u00a0
may be changed. Regulatory requirements surrounding site reclamation and remediation activities, or more \u00a0
stringent implementation thereof, could have a material adverse impact on the Group and cause increases in \u00a0
capital expenditures or production costs or reduction in levels of operational production, or require \u00a0
abandonment or delays in the development of new sites. There are no current amendments that the Group \u00a0
is aware of that may impact the assets of the Group. \u00a0
Nordic Mining\u2019s climate-related \ufb01nancial risk is considered to be low. The mining operations at the Group\u2019s \u00a0
main asset, the Engeb\u00f8 Project, is expected to have the lowest greenhouse gas footprint of all titanium \u00a0
feedstock producers due to available hydroelectric power in the area and a tight infrastructure with minimal \u00a0
transportation. Nordic Mining has a target of zero greenhouse gas emissions at Egneb\u00f8 and has initiated the \u00a0
development of a Climate Strategy Plan. The Group considers that there is minimal risk for stranded assets. \u00a0
Categories and fair value of \ufb01nancial instruments \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, receivables, payables to \u00a0
suppliers, and other short-term \ufb01nancial items are close to fair value due to the short time period till \u00a0
maturity. For the convertible loan the carrying amount equals fair value. \u00a0
The bond loan was issued in November 2022 and it is assessed that the fair value at year end was around \u00a0
the redemption price of 92% of the nominal value of USD 100 million, provided the condition of the \u00a0
Engeb\u00f8 Project being fully funded by 9 March 2023, and assuming no signi\ufb01cant change in interest rate \u00a0
level and credit spread since the completion of the transaction. It is further assessed that the fair value of \u00a0
Bond Escrow is approximately equal to book value of USD 104.8 million. \u00a0
Year ended 31 December 2022 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Trade and \ufb01nancial receivables \u00a0
918 \u00a0
918 \u00a0
Bond Escrow \u00a0
1 032 597 \u00a0
1 032 597 \u00a0
Restricted cash \u00a0
4 215 \u00a0
4 215 \u00a0
Cash and cash equivalents \u00a0
164 703 \u00a0
164 703 \u00a0
Total \ufb01nancial assets \u00a0
1 202 433 \u00a0
-
1 202 433 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
37 168 \u00a0
37 168 \u00a0
Bond loan \u00a0
850 825 \u00a0
850 825 \u00a0
Convertible loan \u00a0
-
142 976 \u00a0
142 976 \u00a0
Other current \ufb01nancial liabilities \u00a0
8 002 \u00a0
8 002 \u00a0
Total \ufb01nancial liabilities \u00a0
895 995 \u00a0
142 976 \u00a0
1 038 971 \u00a0
Year ended 31 December 2021 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Financial investments \u00a0
190 519 \u00a0
190 519 \u00a0
Trade and \ufb01nancial receivables \u00a0
802 \u00a0
802 \u00a0
Cash and cash equivalents \u00a0
32 086 \u00a0
32 086 \u00a0
Total \ufb01nancial assets \u00a0
32 888 \u00a0
190 519 \u00a0
223 407 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
3 093 \u00a0
3 093 \u00a0
Other current \ufb01nancial liabilities \u00a0
3 901 \u00a0
3 901 \u00a0
Total \ufb01nancial liabilities \u00a0
6 994 \u00a0
-
6 994 \u00a0
Capital management \u00a0
The Group has historically used equity \ufb01nancing to \ufb01nance research, operations, purchase of licenses and \u00a0
other investments. In order to secure \ufb01nancing of the Engeb\u00f8 project, the Group has in 2022 issued a \u00a0
bond loan and a convertible loan in addition to divesting its investment in Keliber. At the date of these \u00a0
annual \ufb01nancial statements the Group has fully \ufb01nanced the Engeb\u00f8 Rutile and Garnet Project. The \u00a0
project \ufb01nancing comprises of equity, debt and royalty \ufb01nancing. For more information on liquidity risk \u00a0
see Board of Directors\u2019 report. The ratio of net debt (debt less cash) divided by total capital (net debt and \u00a0
equity) as of 31 December 2022 is 59% (as of 31 December 2021 -9%). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1504": {
"value": "Liquidity risk \u00a0
Liquidity risk is the risk that the Group will not be able to se\ua881le its \ufb01nancial obligations as they fall due. \u00a0
The Group has historicalley used equity \ufb01nancing in order to meet liquidity requirements related to \u00a0
\ufb01nancial obligations, covering operational losses, exploration activities and investments. In order to \u00a0
secure \ufb01nancing of the Engeb\u00f8 project, the Group has in 2022 issued a bond loan, and a convertible loan. \u00a0
Of the Group\u2019s \ufb01nancial liabilities as at 31 December 2022 NOK 188.1 million mature within 6 months from \u00a0
balance sheet date (31 December 2021: all \ufb01nancial liabilities of NOK 7.0 million mature within 6 months). \u00a0
At the date of these annual \ufb01nancial statements the Group has secured the full project \ufb01nancing package \u00a0
for the Engeb\u00f8 Rutile and Garnet Project Project of USD 277 million, comprising equity, senior secured \u00a0
bond, and non-dilutive royalty \ufb01nancing. The project \ufb01nancing package is expected to fund all costs and \u00a0
expenditures to bring the Engeb\u00f8 Project into commercial production, including a contingency of USD 25 \u00a0
million and project reserve of USD 30 million. The bond and royalty \ufb01nancing and is subject to certain \u00a0
pre-disbursement conditions precedent before the proceeds can be released to the Project, including \u00a0
standard conditions and utilization in full of the equity and royalty funds, respectively. The bond loan is \u00a0
classi\ufb01ed as a current liability in the statement of \ufb01nancial position until satisfaction of the pre-disbursement \u00a0
conditions precedent results in drawdown of the bond proceeds from the Bond Escrow account. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1512": {
"value": "Market risk \u00a0
Market risk consists of the risk that real value or future cash \ufb02ow related to \ufb01nancial instruments will \u00a0
vary as a consequence of \ufb02uctuation in market prices. Market risk includes, but is not limited to, currency \u00a0
risk, interest rate risk and price risk from sales. Currently, the Group has no exposure to price risk from \u00a0
sale of goods, and no \ufb01nancial instruments have been entered into related to future expected exposures. \u00a0
(i) Interest rate risk \u00a0
The Group\u2019s interest bearing debt at year end is at \ufb01xed interest rates. Changes in interest rates a\ufb00ect \u00a0
the fair value of the debt. The Group will going forward calculate the sensitivity on the change in fair value \u00a0
of the debt of a de\ufb01ned parallel shi\ua882 in the yield curve of the relevant curreny. The Group\u2019s bank deposits \u00a0
and the Bond Escrow are exposed to changes in the market interest rate. The Group\u2019s exposure on the \u00a0
result at year end 2022 is approximately +/-NOK 12 015 thousand per percentage-point change in the \u00a0
variable market interest rate (2021: NOK 321 thousand). \u00a0
(ii) Currency exchange risk \u00a0
At year end 2022, the Group\u2019s main currency exposure is related to its bond loan and Bond Escrow, both \u00a0
wich are denominated in USD. A 10% increase or decrease in the USD currency rates would increase/ \u00a0
decrease the net income by approximately NOK 4.7 million at year end. \u00a0
At year end 2021, the Group\u2019s only currency exposure of signi\ufb01cance was the investment in Keliber Oy \u00a0
(EUR). A 10% increase or decrease in the EUR currency rates would increase/decrease the net income by \u00a0
approximately NOK 19.1 million at year end 2021. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1516": {
"value": "Credit risk \u00a0
Credit risk is the risk of \ufb01nancial losses if a customer or counterpart of a \ufb01nancial instrument is unable to \u00a0
meet contractual obligations. \u00a0
The Group\u2019s current business has only limited credit risk. Cash and cash equivalents and security deposits \u00a0
in banks in addition to the Bond Escrow represent a large portion of the Group\u2019s \ufb01nancial assets at \u00a0
31 December 2022. There has been no recognized loss on trade receivables in 2022 or 2021. \u00a0
Procedures for evaluation of credit risk has only to a limited degree been introduced. However, \u00a0
discretionary evaluations are done on a case-by-case basis. Management will evaluate the necessity of \u00a0
implementing stricter credit evaluations on an on-going basis. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1532": {
"value": "Year ended 31 December 2022 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Trade and \ufb01nancial receivables \u00a0
918 \u00a0
918 \u00a0
Bond Escrow \u00a0
1 032 597 \u00a0
1 032 597 \u00a0
Restricted cash \u00a0
4 215 \u00a0
4 215 \u00a0
Cash and cash equivalents \u00a0
164 703 \u00a0
164 703 \u00a0
Total \ufb01nancial assets \u00a0
1 202 433 \u00a0
-
1 202 433 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
37 168 \u00a0
37 168 \u00a0
Bond loan \u00a0
850 825 \u00a0
850 825 \u00a0
Convertible loan \u00a0
-
142 976 \u00a0
142 976 \u00a0
Other current \ufb01nancial liabilities \u00a0
8 002 \u00a0
8 002 \u00a0
Total \ufb01nancial liabilities \u00a0
895 995 \u00a0
142 976 \u00a0
1 038 971 \u00a0
Year ended 31 December 2021 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Financial investments \u00a0
190 519 \u00a0
190 519 \u00a0
Trade and \ufb01nancial receivables \u00a0
802 \u00a0
802 \u00a0
Cash and cash equivalents \u00a0
32 086 \u00a0
32 086 \u00a0
Total \ufb01nancial assets \u00a0
32 888 \u00a0
190 519 \u00a0
223 407 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
3 093 \u00a0
3 093 \u00a0
Other current \ufb01nancial liabilities \u00a0
3 901 \u00a0
3 901 \u00a0
Total \ufb01nancial liabilities \u00a0
6 994 \u00a0
-
6 994 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1534": {
"value": "Year ended 31 December 2022 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Trade and \ufb01nancial receivables \u00a0
918 \u00a0
918 \u00a0
Bond Escrow \u00a0
1 032 597 \u00a0
1 032 597 \u00a0
Restricted cash \u00a0
4 215 \u00a0
4 215 \u00a0
Cash and cash equivalents \u00a0
164 703 \u00a0
164 703 \u00a0
Total \ufb01nancial assets \u00a0
1 202 433 \u00a0
-
1 202 433 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
37 168 \u00a0
37 168 \u00a0
Bond loan \u00a0
850 825 \u00a0
850 825 \u00a0
Convertible loan \u00a0
-
142 976 \u00a0
142 976 \u00a0
Other current \ufb01nancial liabilities \u00a0
8 002 \u00a0
8 002 \u00a0
Total \ufb01nancial liabilities \u00a0
895 995 \u00a0
142 976 \u00a0
1 038 971 \u00a0
Year ended 31 December 2021 \u00a0
Amortized \u00a0
Fair value through \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
cost \u00a0
pro\ufb01t or loss \u00a0
amount \u00a0
Financial assets by category \u00a0
Financial investments \u00a0
190 519 \u00a0
190 519 \u00a0
Trade and \ufb01nancial receivables \u00a0
802 \u00a0
802 \u00a0
Cash and cash equivalents \u00a0
32 086 \u00a0
32 086 \u00a0
Total \ufb01nancial assets \u00a0
32 888 \u00a0
190 519 \u00a0
223 407 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
3 093 \u00a0
3 093 \u00a0
Other current \ufb01nancial liabilities \u00a0
3 901 \u00a0
3 901 \u00a0
Total \ufb01nancial liabilities \u00a0
6 994 \u00a0
-
6 994 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1548": {
"value": "Capital management \u00a0
The Group has historically used equity \ufb01nancing to \ufb01nance research, operations, purchase of licenses and \u00a0
other investments. In order to secure \ufb01nancing of the Engeb\u00f8 project, the Group has in 2022 issued a \u00a0
bond loan and a convertible loan in addition to divesting its investment in Keliber. At the date of these \u00a0
annual \ufb01nancial statements the Group has fully \ufb01nanced the Engeb\u00f8 Rutile and Garnet Project. The \u00a0
project \ufb01nancing comprises of equity, debt and royalty \ufb01nancing. For more information on liquidity risk \u00a0
see Board of Directors\u2019 report. The ratio of net debt (debt less cash) divided by total capital (net debt and \u00a0
equity) as of 31 December 2022 is 59% (as of 31 December 2021 -9%). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1549": {
"value": "NOTE 21 - INVESTMENTS IN SUBSIDIARIES \u00a0
The table below provides an overview of Nordic Mining ASA\u2019s subsidiaries as at 31 December 2022: \u00a0
(Amounts in NOK thousands) \u00a0
Location \u00a0
Year incorp. \u00a0
Ownership \u00a0
Nordic Rutile AS \u00a0
Oslo, Norge \u00a0
2006 \u00a0
100 % \u00a0
Nordic Ocean Resources AS \u00a0
Oslo, Norge \u00a0
2011 \u00a0
100 % \u00a0
Nordic Quartz AS \u00a0
Oslo, Norge \u00a0
2011 \u00a0
100 % \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1551": {
"value": "NOTE 21 - INVESTMENTS IN SUBSIDIARIES \u00a0
The table below provides an overview of Nordic Mining ASA\u2019s subsidiaries as at 31 December 2022: \u00a0
(Amounts in NOK thousands) \u00a0
Location \u00a0
Year incorp. \u00a0
Ownership \u00a0
Nordic Rutile AS \u00a0
Oslo, Norge \u00a0
2006 \u00a0
100 % \u00a0
Nordic Ocean Resources AS \u00a0
Oslo, Norge \u00a0
2011 \u00a0
100 % \u00a0
Nordic Quartz AS \u00a0
Oslo, Norge \u00a0
2011 \u00a0
100 % \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1554": {
"value": "NOTE 23 - RELATED PARTIES AND COMPENSATION OF MANAGEMENT \u00a0
Compensation to Board members and Senior Management in 2022 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
Share based \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
compensation \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
2 355 \u00a0
-
218 \u00a0
389 \u00a0
-
2 962 \u00a0
Christian Gjerde, CFO \u00a0
1 727 \u00a0
-
21 \u00a0
104 \u00a0
-
1 851 \u00a0
Kenneth N. Angedal, Operations Director \u00a0
1 591 \u00a0
-
7
86 \u00a0
-
1 684 \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
1 535 \u00a0
-
21 \u00a0
253 \u00a0
-
1 808 \u00a0
Maurice Kok, Commercial Director \u00a0
521 \u00a0
-
8
40 \u00a0
-
568 \u00a0
Terje Gundersen, Project Director \u00a0
1 356 \u00a0
-
9
88 \u00a0
-
1 453 \u00a0
Ole Klevan, Nomination Commi\ua881ee (Chair) \u00a0
-
50 \u00a0
-
-
-
50 \u00a0
Brita Eilersen, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Torger Lien, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
350 \u00a0
-
-
-
350 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Eva Kaijser, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Benedicte Nordang, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Antony Beckmand, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Total \u00a0
9 085 \u00a0
1 300 \u00a0
283 \u00a0
959 \u00a0
0
11 627 \u00a0
1. Maurice Kok started as Commercial Director on 1 August 2022. \u00a0
2. Terje Gundersen started as Project Director for Engeb\u00f8 on 1 February 2022. \u00a0
Compensation to Board members and Senior Management in 2021 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
Share based \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
compensation \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
2 427 \u00a0
-
225 \u00a0
414 \u00a0
45 \u00a0
3 110 \u00a0
Christian Gjerde, CFO \u00a0
1 822 \u00a0
28 \u00a0
94 \u00a0
131 \u00a0
2 075 \u00a0
Lars K. Gr\u00f8ndahl, Senior Advisor1 \u00a0
1 301 \u00a0
-
126 \u00a0
222 \u00a0
17 \u00a0
1 665 \u00a0
Kenneth N. Angedal, Operations Director \u00a0
1 635 \u00a0
-
7
81 \u00a0
17 \u00a0
1 740 \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
1 572 \u00a0
-
28 \u00a0
268 \u00a0
17 \u00a0
1 886 \u00a0
Ole Klevan, Nomination Commi\ua881ee (Chair) \u00a0
-
50 \u00a0
-
-
-
50 \u00a0
Brita Eilersen, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Torger Lien, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
350 \u00a0
-
-
-
350 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Eva Kaijser, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Benedicte Nordang, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Antony Beckmand, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Total \u00a0
8 757 \u00a0
1 300 \u00a0
414 \u00a0
1 079 \u00a0
227 \u00a0
11 777 \u00a0
1. Lars K. Gr\u00f8ndal le\ua882 the Company on 30 June 2021. \u00a0
In 2021, all employees in the Group were paid a bonus for \ufb01nalization of the UDFS for the Engeb\u00f8 Project \u00a0
under the on-year Short-Term Incentive Program. No bonuses were paid under the Short-Term Incentive \u00a0
Program in 2022. Senior Management is subject to termination periods of 3-6 months. \u00a0
Guidelines for management remuneration \u00a0
The main components of the guidelines for Senior Management salaries are as follows: \u00a0
\u2022
The compensation package should re\ufb02ect the responsibility and the tasks that the individual persons \u00a0
in Senior Management, and that the employee contributes towards the long-term creation of value in \u00a0
Nordic Mining. \u00a0
\u2022
The Company will o\ufb00er competitive conditions to a\ua881ract relevant expertise for the development of \u00a0
the Company. \u00a0
\u2022
The compensation package consists of \ufb01xed salary plus participation in an option program that has \u00a0
been approved by the annual meeting. \u00a0
\u2022
Senior Management participates in pension and insurance plans. \u00a0
These guidelines have been used to recruit Senior Management in Nordic Mining ASA and to establish \u00a0
salary levels. \u00a0
Other transactions with related parties \u00a0
In 2021 the Group has sold a vehicle to its Senior Advisor, Lars K. Gr\u00f8ndahl, for NOK 363,000, which \u00a0
represented the estimated market value. \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2022 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
290 475 \u00a0
0,13 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Ivar S. Fossum, CEO \u00a0
1 759 230 \u00a0
0,76 % \u00a0
Christian Gjerde, CFO \u00a0
400 000 \u00a0
0,17 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0,19 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
441 063 \u00a0
0,19 % \u00a0
Terje Gundersen, Project Director \u00a0
66 333 \u00a0
0,03 % \u00a0
Total \u00a0
3 424 599 \u00a0
1,47 % \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2021 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
190 475 \u00a0
0,08 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Eva Kaijser1 \u00a0
110 472 \u00a0
0,05 % \u00a0
Ivar S. Fossum, CEO \u00a0
732 755 \u00a0
0,32 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
45 822 \u00a0
0,02 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
41 063 \u00a0
0,02 % \u00a0
Total \u00a0
1 142 263 \u00a0
0,49 % \u00a0
1. The shares are owned by the the company F\u00e5gels\u00e5ngen AB. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1558": {
"value": "NOTE 23 - RELATED PARTIES AND COMPENSATION OF MANAGEMENT \u00a0
Compensation to Board members and Senior Management in 2022 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
Share based \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
compensation \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
2 355 \u00a0
-
218 \u00a0
389 \u00a0
-
2 962 \u00a0
Christian Gjerde, CFO \u00a0
1 727 \u00a0
-
21 \u00a0
104 \u00a0
-
1 851 \u00a0
Kenneth N. Angedal, Operations Director \u00a0
1 591 \u00a0
-
7
86 \u00a0
-
1 684 \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
1 535 \u00a0
-
21 \u00a0
253 \u00a0
-
1 808 \u00a0
Maurice Kok, Commercial Director \u00a0
521 \u00a0
-
8
40 \u00a0
-
568 \u00a0
Terje Gundersen, Project Director \u00a0
1 356 \u00a0
-
9
88 \u00a0
-
1 453 \u00a0
Ole Klevan, Nomination Commi\ua881ee (Chair) \u00a0
-
50 \u00a0
-
-
-
50 \u00a0
Brita Eilersen, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Torger Lien, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
350 \u00a0
-
-
-
350 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Eva Kaijser, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Benedicte Nordang, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Antony Beckmand, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Total \u00a0
9 085 \u00a0
1 300 \u00a0
283 \u00a0
959 \u00a0
0
11 627 \u00a0
1. Maurice Kok started as Commercial Director on 1 August 2022. \u00a0
2. Terje Gundersen started as Project Director for Engeb\u00f8 on 1 February 2022. \u00a0
Compensation to Board members and Senior Management in 2021 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
Share based \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
compensation \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
2 427 \u00a0
-
225 \u00a0
414 \u00a0
45 \u00a0
3 110 \u00a0
Christian Gjerde, CFO \u00a0
1 822 \u00a0
28 \u00a0
94 \u00a0
131 \u00a0
2 075 \u00a0
Lars K. Gr\u00f8ndahl, Senior Advisor1 \u00a0
1 301 \u00a0
-
126 \u00a0
222 \u00a0
17 \u00a0
1 665 \u00a0
Kenneth N. Angedal, Operations Director \u00a0
1 635 \u00a0
-
7
81 \u00a0
17 \u00a0
1 740 \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
1 572 \u00a0
-
28 \u00a0
268 \u00a0
17 \u00a0
1 886 \u00a0
Ole Klevan, Nomination Commi\ua881ee (Chair) \u00a0
-
50 \u00a0
-
-
-
50 \u00a0
Brita Eilersen, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Torger Lien, Nomination commi\ua881ee \u00a0
-
30 \u00a0
-
-
-
30 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
350 \u00a0
-
-
-
350 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Eva Kaijser, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Benedicte Nordang, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Antony Beckmand, Board member \u00a0
-
210 \u00a0
-
-
-
210 \u00a0
Total \u00a0
8 757 \u00a0
1 300 \u00a0
414 \u00a0
1 079 \u00a0
227 \u00a0
11 777 \u00a0
1. Lars K. Gr\u00f8ndal le\ua882 the Company on 30 June 2021. \u00a0
In 2021, all employees in the Group were paid a bonus for \ufb01nalization of the UDFS for the Engeb\u00f8 Project \u00a0
under the on-year Short-Term Incentive Program. No bonuses were paid under the Short-Term Incentive \u00a0
Program in 2022. Senior Management is subject to termination periods of 3-6 months. \u00a0
Guidelines for management remuneration \u00a0
The main components of the guidelines for Senior Management salaries are as follows: \u00a0
\u2022
The compensation package should re\ufb02ect the responsibility and the tasks that the individual persons \u00a0
in Senior Management, and that the employee contributes towards the long-term creation of value in \u00a0
Nordic Mining. \u00a0
\u2022
The Company will o\ufb00er competitive conditions to a\ua881ract relevant expertise for the development of \u00a0
the Company. \u00a0
\u2022
The compensation package consists of \ufb01xed salary plus participation in an option program that has \u00a0
been approved by the annual meeting. \u00a0
\u2022
Senior Management participates in pension and insurance plans. \u00a0
These guidelines have been used to recruit Senior Management in Nordic Mining ASA and to establish \u00a0
salary levels. \u00a0
Other transactions with related parties \u00a0
In 2021 the Group has sold a vehicle to its Senior Advisor, Lars K. Gr\u00f8ndahl, for NOK 363,000, which \u00a0
represented the estimated market value. \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2022 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
290 475 \u00a0
0,13 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Ivar S. Fossum, CEO \u00a0
1 759 230 \u00a0
0,76 % \u00a0
Christian Gjerde, CFO \u00a0
400 000 \u00a0
0,17 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0,19 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
441 063 \u00a0
0,19 % \u00a0
Terje Gundersen, Project Director \u00a0
66 333 \u00a0
0,03 % \u00a0
Total \u00a0
3 424 599 \u00a0
1,47 % \u00a0
Shares owned/controlled by members of the Board and senior management \u00a0
and those related to them as of 31 December 2021 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
190 475 \u00a0
0,08 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
21 676 \u00a0
0,01 % \u00a0
Eva Kaijser1 \u00a0
110 472 \u00a0
0,05 % \u00a0
Ivar S. Fossum, CEO \u00a0
732 755 \u00a0
0,32 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
45 822 \u00a0
0,02 % \u00a0
Mona Schanche, VP Resource and Sustainability \u00a0
41 063 \u00a0
0,02 % \u00a0
Total \u00a0
1 142 263 \u00a0
0,49 % \u00a0
1. The shares are owned by the the company F\u00e5gels\u00e5ngen AB. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1582": {
"value": "NOTE 26 - PAYMENTS TO AND FROM GOVERNMENTAL INSTITUTIONS \u00a0
In accordance with the Accounting Act, section 3-3d, the Group has assessed its relations with and \u00a0
payments to and from governmental institutions. The Group\u2018s governmental relations are only with \u00a0
institutions in Norway. All relations and payments are in the ordinary course of business and related to i.a. \u00a0
license payments, payment of prospectus/\ufb01nancial authority fees, R&D projects grants, tax refund, etc. \u00a0
Estimated total payment from the Group to various Norwegian governmental institutions was NOK 0.6 \u00a0
million in 2022 (2021: NOK 0.2 million). Estimated total payment to the Group from various Norwegian \u00a0
governmental institutions was NOK 0.0 million in 2022 (2021: NOK 1.2 million). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1588": {
"value": "NOTE 28 - EVENTS AFTER BALANCE SHEET DATE \u00a0
In January 2023 Nordic Rutile AS entered into a globally exclusive o\ua883ake agreement for the full planned \u00a0
garnet production from Engeb\u00f8 for the \ufb01rst 5 years of production. The o\ua883ake agreement is for the \u00a0
supply and delivery of minimum total of 762,500 metric tonnes of garnet concentrate in the 5-year \u00a0
contract period, up to a total of 785,000 metric tonnes, which is the full planned garnet production the \u00a0
\ufb01rst 5-years. The consideration will be based on a pre-agreed price schedule for the 5-year period. Nordic \u00a0
Rutile has through this o\ua883ake agreement secured, together with the rutile o\ua883ake agreements \u00a0
announced earlier, commi\ua881ed sales for up to the full production of both rutile and garnet from Engeb\u00f8 for \u00a0
the \ufb01rst 5 years of production, all with highly reputable buyers. In addition to materially de-risk the \u00a0
market side, Nordic Rutile will with the three o\ua883ake agreements in place satisfy the o\ua883ake related \u00a0
conditions in the company\u2019s \ufb01nancing agreements. The o\ua883ake agreements are inter alia subject to \u00a0
certain conditions precedent. \u00a0
In February 2023 Nordic Rutile AS has signed binding agreements with a fund managed by Orion Resource \u00a0
Partners for USD 55 million investment in the Engeb\u00f8 Rutile and Garnet Project. The investment \u00a0
comprises a USD 50 million non-dilutive royalty \ufb01nancing to Nordic Rutile AS and USD 5 million in equity, \u00a0
which will be contributed to Nordic Mining ASA. The royalty instrument is secured, subordinate to the \u00a0
USD 100 million senior secured bond issued on 9 November 2022, subject to the terms of an Intercreditor \u00a0
Agreement. \u00a0
In March 2023 the Company raised NOK 940 million in gross proceeds in a private placement through the \u00a0
allocation of 1,566,666,667 new shares, at a subscription price of NOK 0.60 per share. The new capital \u00a0
subscribed is, together with other sources of commi\ua881ed equity, debt, and other \ufb01nancing, expected to \u00a0
fully \ufb01nance the Engeb\u00f8 Project up to start of production. \u00a0
Following the subscription mentioned above the Company\u2019s convertible loan was converted. The convertible \u00a0
loan with accrued interests, in total NOK 139.6 million was converted at the same subscription price as in \u00a0
the private placement referred to above, i.e. NOK 0.60 per share. \u00a0
In April 2023, the Company completed a subsequent o\ufb00ering of 136,544,091 shares of in total \u00a0
216,666,667 shares available in the o\ufb00ering at the same subscription price as the private placement of \u00a0
NOK 0.60 per share. \u00a0
In April 2023 the Supreme Court\u2019s appeals commi\ua881ee concluded that the appeal by AMR will be heard \u00a0
before the Supreme Court, tentatively scheduled to take place before the summer 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1584": {
"value": "NOTE 27 - COMMITMENTS AND CONTINGENCIES \u00a0
Conditional liability Engeb\u00f8 \u00a0
The Group has a conditional liability to the seller of the mining rights in the Engeb\u00f8 area of NOK 40 million \u00a0
that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has been recognized \u00a0
as per 31 December 2022. \u00a0
In October 2021 the Oslo District Court has ruled in favour of the subsidiary Nordic Rutile in the court \u00a0
case against Artic Mineral Resources (AMR). The ruling con\ufb01rms that Nordic Rutile\u2019s extraction rights are \u00a0
valid and that the company has the right to extract and - within the limits of the Norwegian Mining\u2019s Act \u00a0
- utilize garnet and all other minerals on the Vevring side of the Engeb\u00f8 deposit. AMR appealed the ruling. \u00a0
The Borgarting Court of Appeal ruled in October 2022 in favour of the subsidiary, Nordic Rutile. \u00a0
The ruling received con\ufb01rms that Nordic Rutile has exclusive right to all minerals in the Engeb\u00f8 deposit - \u00a0
within the limits of the Norwegian Mining Act - in line with the operating licence granted by the Ministry \u00a0
of Trade, Industry and Fisheries in May 2022. The court ruled that AMR shall pay all legal expenses. \u00a0
AMR appealed the verdict to the Supreme Court in November 2022. In April 2023 the Supreme Court\u2019s \u00a0
appeals commi\ua881ee concluded that the appeal by AMR will be heard before the Supreme Court, tentatively \u00a0
scheduled to take place before the summer \u00a0
2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1585": {
"value": "NOTE 27 - COMMITMENTS AND CONTINGENCIES \u00a0
Conditional liability Engeb\u00f8 \u00a0
The Group has a conditional liability to the seller of the mining rights in the Engeb\u00f8 area of NOK 40 million \u00a0
that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has been recognized \u00a0
as per 31 December 2022. \u00a0
In October 2021 the Oslo District Court has ruled in favour of the subsidiary Nordic Rutile in the court \u00a0
case against Artic Mineral Resources (AMR). The ruling con\ufb01rms that Nordic Rutile\u2019s extraction rights are \u00a0
valid and that the company has the right to extract and - within the limits of the Norwegian Mining\u2019s Act \u00a0
- utilize garnet and all other minerals on the Vevring side of the Engeb\u00f8 deposit. AMR appealed the ruling. \u00a0
The Borgarting Court of Appeal ruled in October 2022 in favour of the subsidiary, Nordic Rutile. \u00a0
The ruling received con\ufb01rms that Nordic Rutile has exclusive right to all minerals in the Engeb\u00f8 deposit - \u00a0
within the limits of the Norwegian Mining Act - in line with the operating licence granted by the Ministry \u00a0
of Trade, Industry and Fisheries in May 2022. The court ruled that AMR shall pay all legal expenses. \u00a0
AMR appealed the verdict to the Supreme Court in November 2022. In April 2023 the Supreme Court\u2019s \u00a0
appeals commi\ua881ee concluded that the appeal by AMR will be heard before the Supreme Court, tentatively \u00a0
scheduled to take place before the summer \u00a0
2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1586": {
"value": "NOTE 27 - COMMITMENTS AND CONTINGENCIES \u00a0
Conditional liability Engeb\u00f8 \u00a0
The Group has a conditional liability to the seller of the mining rights in the Engeb\u00f8 area of NOK 40 million \u00a0
that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has been recognized \u00a0
as per 31 December 2022. \u00a0
In October 2021 the Oslo District Court has ruled in favour of the subsidiary Nordic Rutile in the court \u00a0
case against Artic Mineral Resources (AMR). The ruling con\ufb01rms that Nordic Rutile\u2019s extraction rights are \u00a0
valid and that the company has the right to extract and - within the limits of the Norwegian Mining\u2019s Act \u00a0
- utilize garnet and all other minerals on the Vevring side of the Engeb\u00f8 deposit. AMR appealed the ruling. \u00a0
The Borgarting Court of Appeal ruled in October 2022 in favour of the subsidiary, Nordic Rutile. \u00a0
The ruling received con\ufb01rms that Nordic Rutile has exclusive right to all minerals in the Engeb\u00f8 deposit - \u00a0
within the limits of the Norwegian Mining Act - in line with the operating licence granted by the Ministry \u00a0
of Trade, Industry and Fisheries in May 2022. The court ruled that AMR shall pay all legal expenses. \u00a0
AMR appealed the verdict to the Supreme Court in November 2022. In April 2023 the Supreme Court\u2019s \u00a0
appeals commi\ua881ee concluded that the appeal by AMR will be heard before the Supreme Court, tentatively \u00a0
scheduled to take place before the summer \u00a0
2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1057": {
"value": "Nordic Mining ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1058": {
"value": "Munkedamsveien 45 A NO-0250 Oslo",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1060": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1061": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1062": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}