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"fact1267": {
"value": "Signi\ufb01cant accounting judgments, \u00a0
estimates and assumptions \u00a0
The preparation of the Group\u2019s \ufb01nancial \u00a0
statements requires Management to make \u00a0
judgments, estimates and assumptions that \u00a0
a\ufb00ect the reported amounts of revenues, \u00a0
expenses, assets and liabilities, and the \u00a0
disclosure of contingent liabilities, at the \u00a0
reporting date. Uncertainty about these \u00a0
assumptions and estimates could result in \u00a0
signi\ufb01cant risk of a material adjustment to the \u00a0
carrying amounts of assets and liabilities within \u00a0
the next \ufb01nancial year. \u00a0
Key areas of judgment and estimation \u00a0
uncertainty: \u00a0
\u2022
Royalty liability (Note 18): \u00a0
The future royalty payments under the \u00a0
Royalty Agreement equal 11% of gross \u00a0
revenue from the Engeb\u00f8 Project. \u00a0
The royalty liability is therefore subject to a \u00a0
high degree of judgment and estimation \u00a0
involved in establishing assumptions for the \u00a0
estimation of the expected future royalty \u00a0
payments. It requires long-term assumptions \u00a0
to be made concerning a number of \u00a0
economic factors such as future production \u00a0
levels, price expectations and market \u00a0
conditions. At each reporting period, \u00a0
modi\ufb01cations to production plans and price \u00a0
expectations are evaluated, and when \u00a0
required, a modi\ufb01cation gain/loss is \u00a0
recognized. A 10% increase or decrease in \u00a0
the future estimated mineral prices would \u00a0
increase/decrease the royalty liability with \u00a0
NOK 41 million. A 10% increase or decrease \u00a0
in the future estimated volume would \u00a0
increase/decrease the royalty liability with \u00a0
NOK 52 million. \u00a0
The royalty liability lasts for the entire \u00a0
operational life of the mine, with an upper \u00a0
limit of 90 years. The current expected life of \u00a0
the mine is 39 years, but the life of the mine \u00a0
could end up being shorter or longer and \u00a0
changes to the expected life of the mine may \u00a0
impact the assessment of the royalty liability. \u00a0
The Group has the option to reduce the royalty \u00a0
rate from 11% to 5.5% on certain conditions in \u00a0
2028 or 2029. The buyback fee for such a \u00a0
reduction event is based on a calculation \u00a0
securing the royalty holder a certain return on \u00a0
the reduced portion of the royalty instrument \u00a0
for the duration it was held. If the Group \u00a0
assesses that a future reduction event is the \u00a0
most economic and likely scenario it may \u00a0
impact the assessment of the royalty liability. \u00a0
Impairment of Mine under construction \u00a0
(note 11): \u00a0
The Group reviews whether its Mine under \u00a0
construction has su\ufb00ered any impairment \u00a0
whenever events or changes in circumstances \u00a0
indicate that the carrying amount may not be \u00a0
recoverable. An asset is written down to its \u00a0
recoverable amount when the recoverable \u00a0
amount is lower than the carrying value of the \u00a0
asset. The recoverable amount is the higher \u00a0
of fair value less expected cost to sell and \u00a0
value in use (present value based on the \u00a0
future use of the asset). \u00a0
All impairment assessments require a high \u00a0
degree of estimation, including assessments \u00a0
of expected future cash \ufb02ows from the mine \u00a0
and the estimation of applicable discount \u00a0
rates. Impairment testing requires long-term \u00a0
assumptions to be made concerning \u00a0
economic factors such as future production \u00a0
levels, market conditions, production \u00a0
expense, discount rates and political risk \u00a0
among others, in order to establish relevant \u00a0
future cash \ufb02ow estimates. There is a high \u00a0
degree of reasoned judgment involved in \u00a0
establishing these assumptions. \u00a0
The Group did not identify any indications of \u00a0
impairment at year-end. Market capitalization \u00a0
of the Group was well above the book equity \u00a0
and no material negative changes in \u00a0
technology, markets, economy, or laws that \u00a0
would be expected to a\ufb00ect the assets were \u00a0
identi\ufb01ed. \u00a0
Functional currency: \u00a0
The functional currency of all entities in the \u00a0
Group is the Norwegian Kroner (NOK). The \u00a0
determination of functional currency involves \u00a0
judgement to identify the primary economic \u00a0
environment in which the entity operates, \u00a0
and the management needs to reconsider \u00a0
the functional currency of the entity if there is \u00a0
a change in events and conditions which can \u00a0
determine the primary economic environ- \u00a0
ment assessment. \u00a0
In the case of the subsidiary Engeb\u00f8 Rutile \u00a0
and Garnet AS, it is considered appropriate \u00a0
using NOK as the functional currency as \u00a0
NOK most faithfully represent the currency of \u00a0
the primary economic environment in which \u00a0
the entity operates. At this stage there are no \u00a0
revenues in the entity. Future revenues from \u00a0
the mine will be in USD and functional \u00a0
currency will be reassessed once operation \u00a0
has started. \u00a0
Capitalization of deferred tax assets (Note 8): \u00a0
The Group has incurred substantial tax losses \u00a0
carried forward. At year-end 2023, the Group \u00a0
cannot substantiate that there will be su\ufb03cient \u00a0
future taxable income to be able to realize the \u00a0
Group\u2019s unused tax losses, and therefore the \u00a0
Group has not recognized deferred tax assets \u00a0
at 31 December 2023. At year-end 2023, the \u00a0
Group has NOK 176.1 million in unrecognized \u00a0
net deferred tax assets. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1257": {
"value": "NOTE 1 - GENERAL INFORMATION \u00a0
Nordic Mining ASA
(\u201cthe Company\u201d) and its \u00a0
subsidiaries (together \u201cthe Group\u201d) is a resource \u00a0
Company with focus on high-end industrial \u00a0
minerals and metals
. The Group is undertaking \u00a0
a large-scale construction project at Engeb\u00f8 on \u00a0
the west coast of Norway where the Group has \u00a0
rights and permits to a substantial eclogite \u00a0
deposit with rutile and garnet. The address to \u00a0
Nordic Mining\u2019s o\ufb03ce is Munkedamsveien 45, \u00a0
NO-0250 Oslo, Norway. \u00a0
These \ufb01nancial statements were approved for \u00a0
issue by the Board of Directors on 18 April 2024. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1258": {
"value": "NOTE 1 - GENERAL INFORMATION \u00a0
Nordic Mining ASA
(\u201cthe Company\u201d) and its \u00a0
subsidiaries (together \u201cthe Group\u201d) is a resource \u00a0
Company with focus on high-end industrial \u00a0
minerals and metals
. The Group is undertaking \u00a0
a large-scale construction project at Engeb\u00f8 on \u00a0
the west coast of Norway where the Group has \u00a0
rights and permits to a substantial eclogite \u00a0
deposit with rutile and garnet. The address to \u00a0
Nordic Mining\u2019s o\ufb03ce is Munkedamsveien 45, \u00a0
NO-0250 Oslo, Norway. \u00a0
These \ufb01nancial statements were approved for \u00a0
issue by the Board of Directors on 18 April 2024. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1253": {
"value": "Nordic Mining ASAsubsidiaries (together \u201cthe Group\u201d) is a resource \u00a0Company with focus on high-end industrial \u00a0minerals and metals",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1273": {
"value": "Nordic Mining ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1260": {
"value": "NOTE 2 - SUMMARY OF MATERIAL \u00a0
ACCOUNTING POLICIES \u00a0
Basis of preparation \u00a0
Material 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 \u00a0
with IFRS Accounting Standards as adopted by \u00a0
the EU. \u00a0
The consolidated \ufb01nancial statements have \u00a0
been prepared on a historical cost basis with \u00a0
some exceptions outlined below; the main \u00a0
exceptions being plan assets under de\ufb01ned \u00a0
bene\ufb01t pension plans measured at fair value and \u00a0
convertible loan at fair value through pro\ufb01t or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1261": {
"value": "NOTE 2 - SUMMARY OF MATERIAL \u00a0
ACCOUNTING POLICIES \u00a0
Basis of preparation \u00a0
Material 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 \u00a0
with IFRS Accounting Standards as adopted by \u00a0
the EU. \u00a0
The consolidated \ufb01nancial statements have \u00a0
been prepared on a historical cost basis with \u00a0
some exceptions outlined below; the main \u00a0
exceptions being plan assets under de\ufb01ned \u00a0
bene\ufb01t pension plans measured at fair value and \u00a0
convertible loan at fair value through pro\ufb01t or loss. \u00a0
Signi\ufb01cant accounting judgments, \u00a0
estimates and assumptions \u00a0
The preparation of the Group\u2019s \ufb01nancial \u00a0
statements requires Management to make \u00a0
judgments, estimates and assumptions that \u00a0
a\ufb00ect the reported amounts of revenues, \u00a0
expenses, assets and liabilities, and the \u00a0
disclosure of contingent liabilities, at the \u00a0
reporting date. Uncertainty about these \u00a0
assumptions and estimates could result in \u00a0
signi\ufb01cant risk of a material adjustment to the \u00a0
carrying amounts of assets and liabilities within \u00a0
the next \ufb01nancial year. \u00a0
Key areas of judgment and estimation \u00a0
uncertainty: \u00a0
\u2022
Royalty liability (Note 18): \u00a0
The future royalty payments under the \u00a0
Royalty Agreement equal 11% of gross \u00a0
revenue from the Engeb\u00f8 Project. \u00a0
The royalty liability is therefore subject to a \u00a0
high degree of judgment and estimation \u00a0
involved in establishing assumptions for the \u00a0
estimation of the expected future royalty \u00a0
payments. It requires long-term assumptions \u00a0
to be made concerning a number of \u00a0
economic factors such as future production \u00a0
levels, price expectations and market \u00a0
conditions. At each reporting period, \u00a0
modi\ufb01cations to production plans and price \u00a0
expectations are evaluated, and when \u00a0
required, a modi\ufb01cation gain/loss is \u00a0
recognized. A 10% increase or decrease in \u00a0
the future estimated mineral prices would \u00a0
increase/decrease the royalty liability with \u00a0
NOK 41 million. A 10% increase or decrease \u00a0
in the future estimated volume would \u00a0
increase/decrease the royalty liability with \u00a0
NOK 52 million. \u00a0
The royalty liability lasts for the entire \u00a0
operational life of the mine, with an upper \u00a0
limit of 90 years. The current expected life of \u00a0
the mine is 39 years, but the life of the mine \u00a0
could end up being shorter or longer and \u00a0
changes to the expected life of the mine may \u00a0
impact the assessment of the royalty liability. \u00a0
The Group has the option to reduce the royalty \u00a0
rate from 11% to 5.5% on certain conditions in \u00a0
2028 or 2029. The buyback fee for such a \u00a0
reduction event is based on a calculation \u00a0
securing the royalty holder a certain return on \u00a0
the reduced portion of the royalty instrument \u00a0
for the duration it was held. If the Group \u00a0
assesses that a future reduction event is the \u00a0
most economic and likely scenario it may \u00a0
impact the assessment of the royalty liability. \u00a0
Impairment of Mine under construction \u00a0
(note 11): \u00a0
The Group reviews whether its Mine under \u00a0
construction has su\ufb00ered any impairment \u00a0
whenever events or changes in circumstances \u00a0
indicate that the carrying amount may not be \u00a0
recoverable. An asset is written down to its \u00a0
recoverable amount when the recoverable \u00a0
amount is lower than the carrying value of the \u00a0
asset. The recoverable amount is the higher \u00a0
of fair value less expected cost to sell and \u00a0
value in use (present value based on the \u00a0
future use of the asset). \u00a0
All impairment assessments require a high \u00a0
degree of estimation, including assessments \u00a0
of expected future cash \ufb02ows from the mine \u00a0
and the estimation of applicable discount \u00a0
rates. Impairment testing requires long-term \u00a0
assumptions to be made concerning \u00a0
economic factors such as future production \u00a0
levels, market conditions, production \u00a0
expense, discount rates and political risk \u00a0
among others, in order to establish relevant \u00a0
future cash \ufb02ow estimates. There is a high \u00a0
degree of reasoned judgment involved in \u00a0
establishing these assumptions. \u00a0
The Group did not identify any indications of \u00a0
impairment at year-end. Market capitalization \u00a0
of the Group was well above the book equity \u00a0
and no material negative changes in \u00a0
technology, markets, economy, or laws that \u00a0
would be expected to a\ufb00ect the assets were \u00a0
identi\ufb01ed. \u00a0
Functional currency: \u00a0
The functional currency of all entities in the \u00a0
Group is the Norwegian Kroner (NOK). The \u00a0
determination of functional currency involves \u00a0
judgement to identify the primary economic \u00a0
environment in which the entity operates, \u00a0
and the management needs to reconsider \u00a0
the functional currency of the entity if there is \u00a0
a change in events and conditions which can \u00a0
determine the primary economic environ- \u00a0
ment assessment. \u00a0
In the case of the subsidiary Engeb\u00f8 Rutile \u00a0
and Garnet AS, it is considered appropriate \u00a0
using NOK as the functional currency as \u00a0
NOK most faithfully represent the currency of \u00a0
the primary economic environment in which \u00a0
the entity operates. At this stage there are no \u00a0
revenues in the entity. Future revenues from \u00a0
the mine will be in USD and functional \u00a0
currency will be reassessed once operation \u00a0
has started. \u00a0
Capitalization of deferred tax assets (Note 8): \u00a0
The Group has incurred substantial tax losses \u00a0
carried forward. At year-end 2023, the Group \u00a0
cannot substantiate that there will be su\ufb03cient \u00a0
future taxable income to be able to realize the \u00a0
Group\u2019s unused tax losses, and therefore the \u00a0
Group has not recognized deferred tax assets \u00a0
at 31 December 2023. At year-end 2023, the \u00a0
Group has NOK 176.1 million in unrecognized \u00a0
net deferred tax assets. \u00a0
Basis for consolidation \u00a0
The consolidated \ufb01nancial statements comprise \u00a0
the \ufb01nancial statements of the Company and its \u00a0
subsidiaries. The subsidiaries include Engeb\u00f8 \u00a0
Rutile and Garnet AS (former Nordic Rutile AS), \u00a0
Nordic Titanium AS (former Nordic Ocean \u00a0
Resources AS), and Nordic Quartz AS, all 100% \u00a0
owned and located in Norway. The accounting \u00a0
principles of the subsidiaries have been \u00a0
changed when necessary to ensure consistency \u00a0
with the policies adopted by the Group. All \u00a0
intra-group transactions, balances, income and \u00a0
expenses are eliminated. \u00a0
Foreign currency translation \u00a0
Functional and presentation currency \u00a0
Items included in the \ufb01nancial statements of \u00a0
each of the Group\u2019s entities are measured using \u00a0
the currency of the primary economic \u00a0
environment in which the entity operates (the \u00a0
functional currency). NOK is the functional \u00a0
currency of all entities in the Group. NOK is also \u00a0
the presentation currency of the Group. \u00a0
Transactions and balances \u00a0
Foreign currency transactions are translated \u00a0
into the functional currency using the exchange \u00a0
rates at the dates of the transactions. Foreign \u00a0
exchange gains and losses resulting from the \u00a0
settlement of such transactions, and from the \u00a0
translation of monetary assets and liabilities \u00a0
denominated in foreign currencies at year-end \u00a0
exchange rates, are recognized in the income \u00a0
statement. \u00a0
Mine under construction \u00a0
All expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. There is a high \u00a0
degree of judgment applied in determining \u00a0
capitalization versus expensing of cost incurred. \u00a0
After production starts, all costs included in Mine \u00a0
under construction are transferred to the category \u00a0
\u2018Producing mine\u2019 and other relevant categories. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. Mine under \u00a0
construction is stated at historical cost less \u00a0
accumulated depreciation and any impairment. \u00a0
Borrowing costs \u00a0
Borrowing costs that are directly attributable to \u00a0
the acquisition or construction of the mine are \u00a0
capitalized during the period of time that is \u00a0
required to complete and prepare the mine for \u00a0
its intended use.
Interest income from the Bond \u00a0
Escrow is deducted from the borrowing costs \u00a0
eligible for capitalization. Other borrowing costs \u00a0
are expensed in the period in which they are \u00a0
incurred. \u00a0
Borrowing costs related to the bond loan up to \u00a0
the satisfaction of the condition of the Engeb\u00f8 \u00a0
Project being fully \ufb01nanced are recognized as \u00a0
expense in the income statement. Following the \u00a0
satisfaction of the \ufb01nancing conditions on 8 \u00a0
March 2023, net borrowing costs are capitalized \u00a0
as part of Mine under construction. \u00a0
Bond loan \u00a0
The bond loan is initially recognized at cost, being \u00a0
the fair value of the consideration received net of \u00a0
issue costs associated with the borrowing \u00a0
(inclusive of a 10% discount). After initial recog- \u00a0
nition, the bond loan is subsequently measured \u00a0
at amortized cost using the e\ufb00ective interest \u00a0
method; any di\ufb00erence between proceeds (net \u00a0
of transaction cost inclusive of a 10% discount) \u00a0
and the redemption value is recognized on the \u00a0
income statement over the period of the loan. \u00a0
Bond Escrow \u00a0
The restricted cash balances from the bonds are \u00a0
classi\ufb01ed as \u201dBond Escrow\u201d in the consolidated \u00a0
statement of \ufb01nancial position and will \ufb01rst be \u00a0
recognized as cash in the consolidated \u00a0
statement of \ufb01nancial position once the funds \u00a0
are released from the escrow account. \u00a0
Royalty liability \u00a0
The Group completed in 2023 the drawdown of \u00a0
a USD 50 million non-dilutive royalty instrument, \u00a0
with future royalty payments under the Royalty \u00a0
Agreement equal to 11% of gross revenue from \u00a0
the Engeb\u00f8 Project. \u00a0
The royalty liability is initially recognized at the \u00a0
USD 50 million drawdown received net of \u00a0
directly attributable transaction costs at \u00a0
drawdown. After initial recognition the royalty \u00a0
liability under the Royalty Agreement is \u00a0
subsequently amortized at the e\ufb00ective interest \u00a0
rate, and the di\ufb00erence between the drawdown \u00a0
received net of transaction costs and the royalty \u00a0
payments is recognized as \ufb01nancial cost in the \u00a0
income statement, over the period for the \u00a0
expected royalty payments. At each reporting \u00a0
period, modi\ufb01cations to production plans and \u00a0
price expectations are evaluated, and when \u00a0
required, a modi\ufb01cation gain/loss is recognized. \u00a0
Estimated royalty payments due within 12 \u00a0
months are classi\ufb01ed as current liabilities. \u00a0
Until construction of the Engeb\u00f8 project is \u00a0
completed, amortized cost is recognized as \u00a0
borrowing cost and capitalized under Mine \u00a0
under construction. \u00a0
Convertible loan \u00a0
The Group has upon initial recognition \u00a0
designated its convertible loan into the category \u00a0
\ufb01nancial liability at fair value through pro\ufb01t or \u00a0
loss. The convertible loan is recognized initially \u00a0
at fair value. After initial recognition the \u00a0
convertible loan is subsequently measured at \u00a0
fair value with changes in fair value recognized \u00a0
in the income statement. The convertible loan \u00a0
has been converted into new shares in Nordic \u00a0
Mining ASA in 2023. \u00a0
Cost of equity transactions \u00a0
Share issuance cost that is incremental and \u00a0
directly attributable to the issue of new shares \u00a0
are shown in equity as a deduction from the \u00a0
proceeds. When deferred tax assets are not \u00a0
recognized, items recorded directly to equity are \u00a0
accounted as gross, without any deduction of \u00a0
deferred taxes. \u00a0
Contingent liabilities \u00a0
Contingent liabilities are de\ufb01ned as: \u00a0
\u2022
Possible obligations resulting from past \u00a0
events whose existence depends on future \u00a0
events. \u00a0
\u2022
Obligations that are not recognized because \u00a0
it is not probable that they will lead to an \u00a0
out\ufb02ow 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 \u00a0
assets and liabilities in a business combination. \u00a0
Signi\ufb01cant contingent liabilities are disclosed \u00a0
unless the possibility of an out\ufb02ow of resources \u00a0
embodying economic bene\ufb01ts is remote. \u00a0
Reference is made to Note 11 and 28 in the \u00a0
consolidated \ufb01nancial statements regarding \u00a0
contingent liabilities. \u00a0
New standards, amendments and \u00a0
interpretations adopted by the Group \u00a0
New standards and amendments to standards \u00a0
and interpretations e\ufb00ective from 1 January \u00a0
2023 did not have any signi\ufb01cant impact on the \u00a0
\ufb01nancial statements. This note, note 2 regarding \u00a0
material accounting principles, has been \u00a0
updated to re\ufb02ect the change to IAS 1. \u00a0
New standards, amendments and interpre- \u00a0
tations issued and e\ufb00ective as of 1 January \u00a0
2024 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 after 1 January \u00a0
2024 and have not been applied in preparing \u00a0
these \ufb01nancial statements. None of these new \u00a0
standards and amendments to standards and \u00a0
interpretations are expected to have any \u00a0
signi\ufb01cant impact on the Group\u2019s \ufb01nancial \u00a0
statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1264": {
"value": "Basis of preparation \u00a0
Material 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 \u00a0
with IFRS Accounting Standards as adopted by \u00a0
the EU. \u00a0
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1259": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1296": {
"value": "Bond loan \u00a0
The bond loan is initially recognized at cost, being \u00a0
the fair value of the consideration received net of \u00a0
issue costs associated with the borrowing \u00a0
(inclusive of a 10% discount). After initial recog- \u00a0
nition, the bond loan is subsequently measured \u00a0
at amortized cost using the e\ufb00ective interest \u00a0
method; any di\ufb00erence between proceeds (net \u00a0
of transaction cost inclusive of a 10% discount) \u00a0
and the redemption value is recognized on the \u00a0
income statement over the period of the loan. \u00a0
Bond Escrow \u00a0
The restricted cash balances from the bonds are \u00a0
classi\ufb01ed as \u201dBond Escrow\u201d in the consolidated \u00a0
statement of \ufb01nancial position and will \ufb01rst be \u00a0
recognized as cash in the consolidated \u00a0
statement of \ufb01nancial position once the funds \u00a0
are released from the escrow account. \u00a0
Royalty liability \u00a0
The Group completed in 2023 the drawdown of \u00a0
a USD 50 million non-dilutive royalty instrument, \u00a0
with future royalty payments under the Royalty \u00a0
Agreement equal to 11% of gross revenue from \u00a0
the Engeb\u00f8 Project. \u00a0
The royalty liability is initially recognized at the \u00a0
USD 50 million drawdown received net of \u00a0
directly attributable transaction costs at \u00a0
drawdown. After initial recognition the royalty \u00a0
liability under the Royalty Agreement is \u00a0
subsequently amortized at the e\ufb00ective interest \u00a0
rate, and the di\ufb00erence between the drawdown \u00a0
received net of transaction costs and the royalty \u00a0
payments is recognized as \ufb01nancial cost in the \u00a0
income statement, over the period for the \u00a0
expected royalty payments. At each reporting \u00a0
period, modi\ufb01cations to production plans and \u00a0
price expectations are evaluated, and when \u00a0
required, a modi\ufb01cation gain/loss is recognized. \u00a0
Estimated royalty payments due within 12 \u00a0
months are classi\ufb01ed as current liabilities. \u00a0
Until construction of the Engeb\u00f8 project is \u00a0
completed, amortized cost is recognized as \u00a0
borrowing cost and capitalized under Mine \u00a0
under construction. \u00a0
Convertible loan \u00a0
The Group has upon initial recognition \u00a0
designated its convertible loan into the category \u00a0
\ufb01nancial liability at fair value through pro\ufb01t or \u00a0
loss. The convertible loan is recognized initially \u00a0
at fair value. After initial recognition the \u00a0
convertible loan is subsequently measured at \u00a0
fair value with changes in fair value recognized \u00a0
in the income statement. The convertible loan \u00a0
has been converted into new shares in Nordic \u00a0
Mining ASA in 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1287": {
"value": "Mine under construction \u00a0
All expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. There is a high \u00a0
degree of judgment applied in determining \u00a0
capitalization versus expensing of cost incurred. \u00a0
After production starts, all costs included in Mine \u00a0
under construction are transferred to the category \u00a0
\u2018Producing mine\u2019 and other relevant categories. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. Mine under \u00a0
construction is stated at historical cost less \u00a0
accumulated depreciation and any impairment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1288": {
"value": "Mine under construction \u00a0
All expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. There is a high \u00a0
degree of judgment applied in determining \u00a0
capitalization versus expensing of cost incurred. \u00a0
After production starts, all costs included in Mine \u00a0
under construction are transferred to the category \u00a0
\u2018Producing mine\u2019 and other relevant categories. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. Mine under \u00a0
construction is stated at historical cost less \u00a0
accumulated depreciation and any impairment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1289": {
"value": "Mine under construction \u00a0
All expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. There is a high \u00a0
degree of judgment applied in determining \u00a0
capitalization versus expensing of cost incurred. \u00a0
After production starts, all costs included in Mine \u00a0
under construction are transferred to the category \u00a0
\u2018Producing mine\u2019 and other relevant categories. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. Mine under \u00a0
construction is stated at historical cost less \u00a0
accumulated depreciation and any impairment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1290": {
"value": "Mine under construction \u00a0
All expenditure of the construction, installation or \u00a0
completion of infrastructure facilities is capitalized \u00a0
as Mine under construction. There is a high \u00a0
degree of judgment applied in determining \u00a0
capitalization versus expensing of cost incurred. \u00a0
After production starts, all costs included in Mine \u00a0
under construction are transferred to the category \u00a0
\u2018Producing mine\u2019 and other relevant categories. \u00a0
Mine under construction is not depreciated until \u00a0
construction is completed and the assets are \u00a0
available for their intended use. Mine under \u00a0
construction is stated at historical cost less \u00a0
accumulated depreciation and any impairment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1306": {
"value": "Convertible loan \u00a0
The Group has upon initial recognition \u00a0
designated its convertible loan into the category \u00a0
\ufb01nancial liability at fair value through pro\ufb01t or \u00a0
loss. The convertible loan is recognized initially \u00a0
at fair value. After initial recognition the \u00a0
convertible loan is subsequently measured at \u00a0
fair value with changes in fair value recognized \u00a0
in the income statement. The convertible loan \u00a0
has been converted into new shares in Nordic \u00a0
Mining ASA in 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1276": {
"value": "Basis for consolidation \u00a0
The consolidated \ufb01nancial statements comprise \u00a0
the \ufb01nancial statements of the Company and its \u00a0
subsidiaries. The subsidiaries include Engeb\u00f8 \u00a0
Rutile and Garnet AS (former Nordic Rutile AS), \u00a0
Nordic Titanium AS (former Nordic Ocean \u00a0
Resources AS), and Nordic Quartz AS, all 100% \u00a0
owned and located in Norway. The accounting \u00a0
principles of the subsidiaries have been \u00a0
changed when necessary to ensure consistency \u00a0
with the policies adopted by the Group. All \u00a0
intra-group transactions, balances, income and \u00a0
expenses are eliminated. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1292": {
"value": "Borrowing costs \u00a0
Borrowing costs that are directly attributable to \u00a0
the acquisition or construction of the mine are \u00a0
capitalized during the period of time that is \u00a0
required to complete and prepare the mine for \u00a0
its intended use.
Interest income from the Bond \u00a0
Escrow is deducted from the borrowing costs \u00a0
eligible for capitalization. Other borrowing costs \u00a0
are expensed in the period in which they are \u00a0
incurred. \u00a0
Borrowing costs related to the bond loan up to \u00a0
the satisfaction of the condition of the Engeb\u00f8 \u00a0
Project being fully \ufb01nanced are recognized as \u00a0
expense in the income statement. Following the \u00a0
satisfaction of the \ufb01nancing conditions on 8 \u00a0
March 2023, net borrowing costs are capitalized \u00a0
as part of Mine under construction. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1278": {
"value": "Foreign currency translation \u00a0
Functional and presentation currency \u00a0
Items included in the \ufb01nancial statements of \u00a0
each of the Group\u2019s entities are measured using \u00a0
the currency of the primary economic \u00a0
environment in which the entity operates (the \u00a0
functional currency). NOK is the functional \u00a0
currency of all entities in the Group. NOK is also \u00a0
the presentation currency of the Group. \u00a0
Transactions and balances \u00a0
Foreign currency transactions are translated \u00a0
into the functional currency using the exchange \u00a0
rates at the dates of the transactions. Foreign \u00a0
exchange gains and losses resulting from the \u00a0
settlement of such transactions, and from the \u00a0
translation of monetary assets and liabilities \u00a0
denominated in foreign currencies at year-end \u00a0
exchange rates, are recognized in the income \u00a0
statement. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1279": {
"value": "Foreign currency translation \u00a0
Functional and presentation currency \u00a0
Items included in the \ufb01nancial statements of \u00a0
each of the Group\u2019s entities are measured using \u00a0
the currency of the primary economic \u00a0
environment in which the entity operates (the \u00a0
functional currency). NOK is the functional \u00a0
currency of all entities in the Group. NOK is also \u00a0
the presentation currency of the Group. \u00a0
Transactions and balances \u00a0
Foreign currency transactions are translated \u00a0
into the functional currency using the exchange \u00a0
rates at the dates of the transactions. Foreign \u00a0
exchange gains and losses resulting from the \u00a0
settlement of such transactions, and from the \u00a0
translation of monetary assets and liabilities \u00a0
denominated in foreign currencies at year-end \u00a0
exchange rates, are recognized in the income \u00a0
statement. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1308": {
"value": "Contingent liabilities \u00a0
Contingent liabilities are de\ufb01ned as: \u00a0
\u2022
Possible obligations resulting from past \u00a0
events whose existence depends on future \u00a0
events. \u00a0
\u2022
Obligations that are not recognized because \u00a0
it is not probable that they will lead to an \u00a0
out\ufb02ow 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 \u00a0
assets and liabilities in a business combination. \u00a0
Signi\ufb01cant contingent liabilities are disclosed \u00a0
unless the possibility of an out\ufb02ow of resources \u00a0
embodying economic bene\ufb01ts is remote. \u00a0
Reference is made to Note 11 and 28 in the \u00a0
consolidated \ufb01nancial statements regarding \u00a0
contingent liabilities. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1321": {
"value": "NOTE 4 - SALARIES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
25 970 \u00a0
11 404 \u00a0
Social security costs \u00a0
4 732 \u00a0
2 089 \u00a0
Pension costs de\ufb01ned bene\ufb01t plan \u00a0
512 \u00a0
734 \u00a0
Pension costs de\ufb01ned contribution plan \u00a0
984 \u00a0
431 \u00a0
Board members, etc \u00a0
1 840 \u00a0
1 300 \u00a0
Other personnel costs \u00a0
1 139 \u00a0
588 \u00a0
Capitalized payroll costs * \u00a0
(20 095) \u00a0
(4 896) \u00a0
Total \u00a0
15 082 \u00a0
11 650 \u00a0
Average number of full time employees \u00a0
18 \u00a0
9
*
Directly attributable payroll costs related to the construction of the mine have been capitalized. \u00a0
Reference is made to Note 24 for further information about remuneration of Senior Management \u00a0
and guidelines for remuneration. \u00a0
NOTE 24 - RELATED PARTIES AND COMPENSATION OF MANAGEMENT \u00a0
Compensation to Board members and Senior Management in 2023 \u00a0
Salary \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
(Amounts in NOK thousands) \u00a0
incl. bonus \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
4 151 \u00a0
-
210 \u00a0
530 \u00a0
4 891 \u00a0
Jens Gisle Schnelle, Interim CFO1 \u00a0
414 \u00a0
-
3
-
417 \u00a0
Christian Gjerde, former CFO2 \u00a0
2 064 \u00a0
-
9
83 \u00a0
2 156 \u00a0
Kenneth N. Angedal, Managing Director Engeb\u00f8 Rutile and Garnet \u00a0
2 168 \u00a0
-
16 \u00a0
91 \u00a0
2 275 \u00a0
Mona Schanche, former VP Resource and Sustainability3 \u00a0
1 397 \u00a0
-
7
178 \u00a0
1 583 \u00a0
Maurice Kok, Commercial Director \u00a0
1 225 \u00a0
-
13 \u00a0
99 \u00a0
1 337 \u00a0
Terje Gundersen, former Project Director4 \u00a0
690 \u00a0
-
7
43 \u00a0
740 \u00a0
Ole Klevan, Nomination Committee (Chair) \u00a0
-
60 \u00a0
-
-
60 \u00a0
Brita Eilersen, Nomination committee \u00a0
-
40 \u00a0
-
-
40 \u00a0
Torger Lien, Nomination committee \u00a0
-
40 \u00a0
-
-
40 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
500 \u00a0
-
-
500 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
300 \u00a0
-
-
300 \u00a0
Eva Kaijser, Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Benedicte Nordang, Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Antony Beckmand, former Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Total \u00a0
12 109 \u00a0
1 840 \u00a0
266 \u00a0
1 025 \u00a0
15 239 \u00a0
1. Jens Gisle Schnelle joined the Company 15 October 2023. \u00a0
2. Christian Gjerde left the Company 30 September 2023. \u00a0
3. Mona Schanche left the Company on 30 June 2023. \u00a0
4. Terje Gundersen left the management group on 2 June 2023, and compensation shown in the table above is for the period up to this date. \u00a0
Compensation to Board members and Senior Management in 2022 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \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 Director1 \u00a0
521 \u00a0
-
8
40 \u00a0
568 \u00a0
Terje Gundersen, Project Director2 \u00a0
1 356 \u00a0
-
9
88 \u00a0
1 453 \u00a0
Ole Klevan, Nomination Committee (Chair) \u00a0
-
50 \u00a0
-
-
50 \u00a0
Brita Eilersen, Nomination committee \u00a0
-
30 \u00a0
-
-
30 \u00a0
Torger Lien, Nomination committee \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
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
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 of the individual \u00a0
persons in Senior Management, and what the employee contributes towards the long-term \u00a0
creation of value in Nordic Mining. \u00a0
\u2022
The Company will o\ufb00er competitive conditions to attract relevant expertise for the development \u00a0
of the Company. \u00a0
\u2022
The compensation package consists of \ufb01xed salary plus participation in an option program that \u00a0
has 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 \u00a0
establish salary levels. \u00a0
Shares owned/controlled by members of the Board and senior management and those \u00a0
related to them as of 31 December 2023 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
590 475 \u00a0
0.03 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
355 009 \u00a0
0.02 % \u00a0
Ivar S. Fossum, CEO \u00a0
2 459 230 \u00a0
0.11 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0.02 % \u00a0
Total \u00a0
3 850 536 \u00a0
0.18 % \u00a0
Shares owned/controlled by members of the Board and senior management and those \u00a0
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
NOTE 25 - PENSIONS \u00a0
The Group has a de\ufb01ned bene\ufb01t plan or a de\ufb01ned contribution plan (for new employees) for its \u00a0
employees in the parent company, Nordic Mining ASA and a de\ufb01ned contribution plan for its \u00a0
employees in Engeb\u00f8 Rutile and Garnet AS. The plans meet the Norwegian statutory requirements \u00a0
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. \u00a0
The Group\u2019s de\ufb01ned bene\ufb01t pension plan is a \ufb01nal salary plan and contributions are made to a \u00a0
separately administered fund. The level of bene\ufb01ts provided depends on the member\u2019s length of \u00a0
service and salary at retirement age. \u00a0
Pension cost \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Pension cost - employee bene\ufb01t \u00a0
665 \u00a0
617 \u00a0
Pension cost - interest expense \u00a0
43 \u00a0
24 \u00a0
Total pension related costs \u00a0
709 \u00a0
642 \u00a0
Remeasurement gains/(losses) recorded to OCI \u00a0
536 \u00a0
(1 009) \u00a0
Movement in pension obligation during the year \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Pension obligations January 1 \u00a0
17 404 \u00a0
15 704 \u00a0
Current value of pension bene\ufb01ts for the year \u00a0
709 \u00a0
642 \u00a0
Interest costs \u00a0
455 \u00a0
263 \u00a0
Payments \u00a0
(371) \u00a0
(365) \u00a0
Remeasurement loss/ (gain) \u00a0
(3 553) \u00a0
1 080 \u00a0
Other \u00a0
(635) \u00a0
81 \u00a0
Pension obligations as of 31 December \u00a0
14 009 \u00a0
17 404 \u00a0
Movement in pension funds during the year \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Pension funds 1 January \u00a0
15 593 \u00a0
14 641 \u00a0
Expected return on plan assets \u00a0
388 \u00a0
212 \u00a0
Contributions \u00a0
1 568 \u00a0
994 \u00a0
Payments \u00a0
(371) \u00a0
(365) \u00a0
Other \u00a0
(371) \u00a0
40 \u00a0
Remeasurement (loss)/ gain \u00a0
(3 017) \u00a0
71 \u00a0
Pension funds as of 31 December \u00a0
13 790 \u00a0
15 593 \u00a0
Pension liability is classi\ufb01ed in the balance sheet as follows \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Pension funds \u00a0
13 790 \u00a0
15 593 \u00a0
Pension obligations \u00a0
(14 009) \u00a0
(17 404) \u00a0
Net pension asset / (liabilities) \u00a0
(219) \u00a0
(1 812) \u00a0
Pension asset/(liability) is shown in the balance sheet as \u00a0
Other long-term asset \u00a0
-
-
Pension liabilities \u00a0
(219) \u00a0
(1 812) \u00a0
Assumptions \u00a0
2023 \u00a0
2022 \u00a0
Discount interest rate \u00a0
3.10 % \u00a0
3.00 % \u00a0
Annual projected increase in salary \u00a0
3.50 % \u00a0
3.50 % \u00a0
Annual projected G- regulation \u00a0
3.25 % \u00a0
3.25 % \u00a0
Annual projected regulation of pension \u00a0
1.80 % \u00a0
1.50 % \u00a0
The major categories of plan assets as a percentage of the fair value of total plan assets \u00a0
2023 \u00a0
2022 \u00a0
Equities \u00a0
13.00 % \u00a0
10.20 % \u00a0
Bonds \u00a0
4.60 % \u00a0
14.60 % \u00a0
Money market \u00a0
11.50 % \u00a0
4.20 % \u00a0
Hold to maturity bonds \u00a0
49.80 % \u00a0
38.10 % \u00a0
Loans and receivables \u00a0
10.40 % \u00a0
20.90 % \u00a0
Real estate \u00a0
10.70 % \u00a0
11.00 % \u00a0
Other \u00a0
0.00 % \u00a0
1.00 % \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1322": {
"value": "NOTE 4 - SALARIES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
25 970 \u00a0
11 404 \u00a0
Social security costs \u00a0
4 732 \u00a0
2 089 \u00a0
Pension costs de\ufb01ned bene\ufb01t plan \u00a0
512 \u00a0
734 \u00a0
Pension costs de\ufb01ned contribution plan \u00a0
984 \u00a0
431 \u00a0
Board members, etc \u00a0
1 840 \u00a0
1 300 \u00a0
Other personnel costs \u00a0
1 139 \u00a0
588 \u00a0
Capitalized payroll costs * \u00a0
(20 095) \u00a0
(4 896) \u00a0
Total \u00a0
15 082 \u00a0
11 650 \u00a0
Average number of full time employees \u00a0
18 \u00a0
9
*
Directly attributable payroll costs related to the construction of the mine have been capitalized. \u00a0
Reference is made to Note 24 for further information about remuneration of Senior Management \u00a0
and guidelines for remuneration. \u00a0
NOTE 5 - SHARE-BASED COMPENSATION \u00a0
On 1 November 2018, the General Meeting of Nordic Mining approved an equity settled share-based \u00a0
compensation program of up to 4.5 million options for employees and quali\ufb01ed resource persons. \u00a0
On 26 November 2018, the Board of Directors granted 3 million options at a strike price of NOK \u00a0
2.63 per share to employees in the Group. The options vest by 1/3 each year, \ufb01rst time on 30 June \u00a0
2019. The option agreements expired on 30 June 2022 and were conditional on the employee \u00a0
remaining in the Group\u2019s employment for the duration of the vesting period. \u00a0
In April 2021, 0.4 million additional options were granted at a strike price of NOK 2.62 per share. \u00a0
These options vested at grant date and expired on 30 June 2022. \u00a0
All options were exercised during 2022 and there are no outstanding options at year-end 2022 \u00a0
and 2023. The market share price was NOK 3.42 at the time of exercise. \u00a0
2023 \u00a0
2022 \u00a0
Weighted \u00a0
Weighted \u00a0
average \u00a0
average \u00a0
Number of \u00a0
exercise \u00a0
Number of \u00a0
exercise \u00a0
options \u00a0
price \u00a0
options \u00a0
price \u00a0
Outstanding 1 January \u00a0
-
-
2 825 000 \u00a0
2.63 \u00a0
Granted during the year \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
-
-
-
-
Exercisable 31 December \u00a0
-
-
-
-
The Group has no expenses for share based payment in 2023 and 2022. \u00a0
NOTE 24 - RELATED PARTIES AND COMPENSATION OF MANAGEMENT \u00a0
Compensation to Board members and Senior Management in 2023 \u00a0
Salary \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
(Amounts in NOK thousands) \u00a0
incl. bonus \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
4 151 \u00a0
-
210 \u00a0
530 \u00a0
4 891 \u00a0
Jens Gisle Schnelle, Interim CFO1 \u00a0
414 \u00a0
-
3
-
417 \u00a0
Christian Gjerde, former CFO2 \u00a0
2 064 \u00a0
-
9
83 \u00a0
2 156 \u00a0
Kenneth N. Angedal, Managing Director Engeb\u00f8 Rutile and Garnet \u00a0
2 168 \u00a0
-
16 \u00a0
91 \u00a0
2 275 \u00a0
Mona Schanche, former VP Resource and Sustainability3 \u00a0
1 397 \u00a0
-
7
178 \u00a0
1 583 \u00a0
Maurice Kok, Commercial Director \u00a0
1 225 \u00a0
-
13 \u00a0
99 \u00a0
1 337 \u00a0
Terje Gundersen, former Project Director4 \u00a0
690 \u00a0
-
7
43 \u00a0
740 \u00a0
Ole Klevan, Nomination Committee (Chair) \u00a0
-
60 \u00a0
-
-
60 \u00a0
Brita Eilersen, Nomination committee \u00a0
-
40 \u00a0
-
-
40 \u00a0
Torger Lien, Nomination committee \u00a0
-
40 \u00a0
-
-
40 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
500 \u00a0
-
-
500 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
300 \u00a0
-
-
300 \u00a0
Eva Kaijser, Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Benedicte Nordang, Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Antony Beckmand, former Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Total \u00a0
12 109 \u00a0
1 840 \u00a0
266 \u00a0
1 025 \u00a0
15 239 \u00a0
1. Jens Gisle Schnelle joined the Company 15 October 2023. \u00a0
2. Christian Gjerde left the Company 30 September 2023. \u00a0
3. Mona Schanche left the Company on 30 June 2023. \u00a0
4. Terje Gundersen left the management group on 2 June 2023, and compensation shown in the table above is for the period up to this date. \u00a0
Compensation to Board members and Senior Management in 2022 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \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 Director1 \u00a0
521 \u00a0
-
8
40 \u00a0
568 \u00a0
Terje Gundersen, Project Director2 \u00a0
1 356 \u00a0
-
9
88 \u00a0
1 453 \u00a0
Ole Klevan, Nomination Committee (Chair) \u00a0
-
50 \u00a0
-
-
50 \u00a0
Brita Eilersen, Nomination committee \u00a0
-
30 \u00a0
-
-
30 \u00a0
Torger Lien, Nomination committee \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
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
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 of the individual \u00a0
persons in Senior Management, and what the employee contributes towards the long-term \u00a0
creation of value in Nordic Mining. \u00a0
\u2022
The Company will o\ufb00er competitive conditions to attract relevant expertise for the development \u00a0
of the Company. \u00a0
\u2022
The compensation package consists of \ufb01xed salary plus participation in an option program that \u00a0
has 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 \u00a0
establish salary levels. \u00a0
Shares owned/controlled by members of the Board and senior management and those \u00a0
related to them as of 31 December 2023 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
590 475 \u00a0
0.03 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
355 009 \u00a0
0.02 % \u00a0
Ivar S. Fossum, CEO \u00a0
2 459 230 \u00a0
0.11 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0.02 % \u00a0
Total \u00a0
3 850 536 \u00a0
0.18 % \u00a0
Shares owned/controlled by members of the Board and senior management and those \u00a0
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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1323": {
"value": "NOTE 4 - SALARIES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
25 970 \u00a0
11 404 \u00a0
Social security costs \u00a0
4 732 \u00a0
2 089 \u00a0
Pension costs de\ufb01ned bene\ufb01t plan \u00a0
512 \u00a0
734 \u00a0
Pension costs de\ufb01ned contribution plan \u00a0
984 \u00a0
431 \u00a0
Board members, etc \u00a0
1 840 \u00a0
1 300 \u00a0
Other personnel costs \u00a0
1 139 \u00a0
588 \u00a0
Capitalized payroll costs * \u00a0
(20 095) \u00a0
(4 896) \u00a0
Total \u00a0
15 082 \u00a0
11 650 \u00a0
Average number of full time employees \u00a0
18 \u00a0
9
*
Directly attributable payroll costs related to the construction of the mine have been capitalized. \u00a0
Reference is made to Note 24 for further information about remuneration of Senior Management \u00a0
and guidelines for remuneration. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1324": {
"value": "NOTE 4 - SALARIES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
25 970 \u00a0
11 404 \u00a0
Social security costs \u00a0
4 732 \u00a0
2 089 \u00a0
Pension costs de\ufb01ned bene\ufb01t plan \u00a0
512 \u00a0
734 \u00a0
Pension costs de\ufb01ned contribution plan \u00a0
984 \u00a0
431 \u00a0
Board members, etc \u00a0
1 840 \u00a0
1 300 \u00a0
Other personnel costs \u00a0
1 139 \u00a0
588 \u00a0
Capitalized payroll costs * \u00a0
(20 095) \u00a0
(4 896) \u00a0
Total \u00a0
15 082 \u00a0
11 650 \u00a0
Average number of full time employees \u00a0
18 \u00a0
9
*
Directly attributable payroll costs related to the construction of the mine have been capitalized. \u00a0
Reference is made to Note 24 for further information about remuneration of Senior Management \u00a0
and guidelines for remuneration. \u00a0
NOTE 6 - OTHER OPERATING COSTS \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Lease expenses \u00a0
3 716 \u00a0
2 932 \u00a0
Project costs \u2013 Engeb\u00f8 Rutile and Garnet \u00a0
-
17 994 \u00a0
Consulting and legal fees \u00a0
14 236 \u00a0
9 807 \u00a0
Other costs \u00a0
13 089 \u00a0
7 191 \u00a0
Other operating expenses capitalized \u00a0
-
(3 818) \u00a0
Total \u00a0
31 041 \u00a0
34 106 \u00a0
Auditor fees \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Statutory audit \u00a0
1 783 \u00a0
1 117 \u00a0
Other attestation services \u00a0
492 \u00a0
191 \u00a0
Total \u00a0
2 275 \u00a0
1 308 \u00a0
The amounts exclude VAT. \u00a0
NOTE 12 - PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS \u00a0
Property, machinery
Right-of-use \u00a0
(Amounts in NOK thousands) \u00a0
and equipment \u00a0
assets \u00a0
Total \u00a0
Cost \u00a0
1 January 2022 \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
Additions \u00a0
2 628 \u00a0
1 085 \u00a0
3 713 \u00a0
Disposals \u00a0
(1 051) \u00a0
-
(1 051) \u00a0
31 December 2023 \u00a0
3 154 \u00a0
1 749 \u00a0
4 903 \u00a0
Depreciation \u00a0
1 January 2022 \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
Depreciation expense \u00a0
(180) \u00a0
(166) \u00a0
(346) \u00a0
Disposals \u00a0
575 \u00a0
-
575 \u00a0
31 December 2023 \u00a0
(92) \u00a0
(724) \u00a0
(816) \u00a0
Net book value \u00a0
31 December 2023 \u00a0
3 062 \u00a0
1 025 \u00a0
4 087 \u00a0
31 December 2022 \u00a0
1 090 \u00a0
106 \u00a0
1 196 \u00a0
1 January 2022 \u00a0
200 \u00a0
239 \u00a0
439 \u00a0
Machinery and equipment are depreciated over a period of 4-10 years. Property is not depreciated. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1325": {
"value": "NOTE 4 - SALARIES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
25 970 \u00a0
11 404 \u00a0
Social security costs \u00a0
4 732 \u00a0
2 089 \u00a0
Pension costs de\ufb01ned bene\ufb01t plan \u00a0
512 \u00a0
734 \u00a0
Pension costs de\ufb01ned contribution plan \u00a0
984 \u00a0
431 \u00a0
Board members, etc \u00a0
1 840 \u00a0
1 300 \u00a0
Other personnel costs \u00a0
1 139 \u00a0
588 \u00a0
Capitalized payroll costs * \u00a0
(20 095) \u00a0
(4 896) \u00a0
Total \u00a0
15 082 \u00a0
11 650 \u00a0
Average number of full time employees \u00a0
18 \u00a0
9
*
Directly attributable payroll costs related to the construction of the mine have been capitalized. \u00a0
Reference is made to Note 24 for further information about remuneration of Senior Management \u00a0
and guidelines for remuneration. \u00a0
NOTE 6 - OTHER OPERATING COSTS \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Lease expenses \u00a0
3 716 \u00a0
2 932 \u00a0
Project costs \u2013 Engeb\u00f8 Rutile and Garnet \u00a0
-
17 994 \u00a0
Consulting and legal fees \u00a0
14 236 \u00a0
9 807 \u00a0
Other costs \u00a0
13 089 \u00a0
7 191 \u00a0
Other operating expenses capitalized \u00a0
-
(3 818) \u00a0
Total \u00a0
31 041 \u00a0
34 106 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1320": {
"value": "NOTE 3 - SEGMENTS \u00a0
The Group presents segments based on the \u00a0
Group\u2019s mineral projects. The only reportable \u00a0
segment of the Group is the Rutile and Garnet \u00a0
segment. These are the minerals which can be \u00a0
produced from the mineral deposit at Engeb\u00f8. \u00a0
The Chief Operating Decision Maker (\u201dCODM\u201d) \u00a0
for the segment is the board of Nordic Mining \u00a0
ASA. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1310": {
"value": "New standards, amendments and \u00a0
interpretations adopted by the Group \u00a0
New standards and amendments to standards \u00a0
and interpretations e\ufb00ective from 1 January \u00a0
2023 did not have any signi\ufb01cant impact on the \u00a0
\ufb01nancial statements. This note, note 2 regarding \u00a0
material accounting principles, has been \u00a0
updated to re\ufb02ect the change to IAS 1. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1311": {
"value": "New standards, amendments and \u00a0
interpretations adopted by the Group \u00a0
New standards and amendments to standards \u00a0
and interpretations e\ufb00ective from 1 January \u00a0
2023 did not have any signi\ufb01cant impact on the \u00a0
\ufb01nancial statements. This note, note 2 regarding \u00a0
material accounting principles, has been \u00a0
updated to re\ufb02ect the change to IAS 1. \u00a0
New standards, amendments and interpre- \u00a0
tations issued and e\ufb00ective as of 1 January \u00a0
2024 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 after 1 January \u00a0
2024 and have not been applied in preparing \u00a0
these \ufb01nancial statements. None of these new \u00a0
standards and amendments to standards and \u00a0
interpretations are expected to have any \u00a0
signi\ufb01cant impact on the Group\u2019s \ufb01nancial \u00a0
statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1313": {
"value": "New standards, amendments and \u00a0
interpretations adopted by the Group \u00a0
New standards and amendments to standards \u00a0
and interpretations e\ufb00ective from 1 January \u00a0
2023 did not have any signi\ufb01cant impact on the \u00a0
\ufb01nancial statements. This note, note 2 regarding \u00a0
material accounting principles, has been \u00a0
updated to re\ufb02ect the change to IAS 1. \u00a0
New standards, amendments and interpre- \u00a0
tations issued and e\ufb00ective as of 1 January \u00a0
2024 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 after 1 January \u00a0
2024 and have not been applied in preparing \u00a0
these \ufb01nancial statements. None of these new \u00a0
standards and amendments to standards and \u00a0
interpretations are expected to have any \u00a0
signi\ufb01cant impact on the Group\u2019s \ufb01nancial \u00a0
statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1327": {
"value": "NOTE 6 - OTHER OPERATING COSTS \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Lease expenses \u00a0
3 716 \u00a0
2 932 \u00a0
Project costs \u2013 Engeb\u00f8 Rutile and Garnet \u00a0
-
17 994 \u00a0
Consulting and legal fees \u00a0
14 236 \u00a0
9 807 \u00a0
Other costs \u00a0
13 089 \u00a0
7 191 \u00a0
Other operating expenses capitalized \u00a0
-
(3 818) \u00a0
Total \u00a0
31 041 \u00a0
34 106 \u00a0
NOTE 12 - PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS \u00a0
Property, machinery
Right-of-use \u00a0
(Amounts in NOK thousands) \u00a0
and equipment \u00a0
assets \u00a0
Total \u00a0
Cost \u00a0
1 January 2022 \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
Additions \u00a0
2 628 \u00a0
1 085 \u00a0
3 713 \u00a0
Disposals \u00a0
(1 051) \u00a0
-
(1 051) \u00a0
31 December 2023 \u00a0
3 154 \u00a0
1 749 \u00a0
4 903 \u00a0
Depreciation \u00a0
1 January 2022 \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
Depreciation expense \u00a0
(180) \u00a0
(166) \u00a0
(346) \u00a0
Disposals \u00a0
575 \u00a0
-
575 \u00a0
31 December 2023 \u00a0
(92) \u00a0
(724) \u00a0
(816) \u00a0
Net book value \u00a0
31 December 2023 \u00a0
3 062 \u00a0
1 025 \u00a0
4 087 \u00a0
31 December 2022 \u00a0
1 090 \u00a0
106 \u00a0
1 196 \u00a0
1 January 2022 \u00a0
200 \u00a0
239 \u00a0
439 \u00a0
Machinery and equipment are depreciated over a period of 4-10 years. Property is not depreciated. \u00a0
NOTE 19 - OTHER CURRENT LIABILITIES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Tax withholding and social security accrual \u00a0
2 537 \u00a0
1 230 \u00a0
Employee salary and holiday pay accrual \u00a0
2 532 \u00a0
1 395 \u00a0
VAT payable \u00a0
241 \u00a0
342 \u00a0
Lease liability \u00a0
305 \u00a0
116 \u00a0
Accrued interest bond loan \u00a0
18 015 \u00a0
17 456 \u00a0
Accrued expenses \u00a0
62 838 \u00a0
6 607 \u00a0
Total \u00a0
86 468 \u00a0
27 146 \u00a0
NOTE 26 - LEASES \u00a0
The Group\u2019s right-of-use assets recognized is related to the leasing of vehicles; see note 12. \u00a0
Short-term leases have been expensed as incurred; see note 6. The Group\u2019s o\ufb03ce lease is \u00a0
cancellable with 4 months\u2019 notice with no more than an insigni\ufb01cant penalty and is as such \u00a0
considered a short-term lease. \u00a0
Lease liability \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Lease liability 1 January \u00a0
116 \u00a0
245 \u00a0
Additions lease contracts \u00a0
1 085 \u00a0
-
Accretion lease liability, included in \ufb01nance cost \u00a0
9
22 \u00a0
Payments of lease liability \u00a0
(439) \u00a0
(151) \u00a0
Total lease liability 31 December \u00a0
771 \u00a0
116 \u00a0
Speci\ufb01cation of lease liability in the balance sheet \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Current * \u00a0
305 \u00a0
116 \u00a0
Non-current \u00a0
466 \u00a0
-
Total lease liability 31 December \u00a0
771 \u00a0
116 \u00a0
* Current lease liability is included in other current liabilities; see note 19. \u00a0
Future minimum lease payments under non-cancellable lease agreements (undiscounted) \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Within a year \u00a0
898 \u00a0
725 \u00a0
From year 2-5 \u00a0
560 \u00a0
-
Total \u00a0
1 458 \u00a0
725 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1329": {
"value": "NOTE 6 - OTHER OPERATING COSTS \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Lease expenses \u00a0
3 716 \u00a0
2 932 \u00a0
Project costs \u2013 Engeb\u00f8 Rutile and Garnet \u00a0
-
17 994 \u00a0
Consulting and legal fees \u00a0
14 236 \u00a0
9 807 \u00a0
Other costs \u00a0
13 089 \u00a0
7 191 \u00a0
Other operating expenses capitalized \u00a0
-
(3 818) \u00a0
Total \u00a0
31 041 \u00a0
34 106 \u00a0
Auditor fees \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Statutory audit \u00a0
1 783 \u00a0
1 117 \u00a0
Other attestation services \u00a0
492 \u00a0
191 \u00a0
Total \u00a0
2 275 \u00a0
1 308 \u00a0
The amounts exclude VAT. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1330": {
"value": "NOTE 6 - OTHER OPERATING COSTS \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Lease expenses \u00a0
3 716 \u00a0
2 932 \u00a0
Project costs \u2013 Engeb\u00f8 Rutile and Garnet \u00a0
-
17 994 \u00a0
Consulting and legal fees \u00a0
14 236 \u00a0
9 807 \u00a0
Other costs \u00a0
13 089 \u00a0
7 191 \u00a0
Other operating expenses capitalized \u00a0
-
(3 818) \u00a0
Total \u00a0
31 041 \u00a0
34 106 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1332": {
"value": "Auditor fees \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Statutory audit \u00a0
1 783 \u00a0
1 117 \u00a0
Other attestation services \u00a0
492 \u00a0
191 \u00a0
Total \u00a0
2 275 \u00a0
1 308 \u00a0
The amounts exclude VAT. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1335": {
"value": "NOTE 7 - NET EXCHANGE RATE GAIN/LOSS (-), FINANCE INCOME \u00a0
AND FINANCE COSTS \u00a0
Exchange rate gains and losses were in 2022 classi\ufb01ed under \ufb01nancial income and \ufb01nancial costs. \u00a0
In 2023 the Group has classi\ufb01ed exchange rate gains and losses on a separate line item in the income \u00a0
statement; Net exchange rate gain/loss (-). The income statement for 2022 is reclassi\ufb01ed accordingly. \u00a0
The following table shows the components of net exchange rate gain/loss (-), \ufb01nancial income and \u00a0
\ufb01nancial expense: \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Foreign exchange gain/loss (-) on Bond Escrow in USD \u00a0
30 917 \u00a0
(41 318) \u00a0
Foreign exchange gain/loss (-) on the USD bond loan \u00a0
(31 510) \u00a0
39 490 \u00a0
Foreign exchange gain/loss (-) on the the USD royalty liability \u00a0
31 551 \u00a0
-
Other net foreign exchange gain/loss (-) \u00a0
(5 047) \u00a0
11 418 \u00a0
Net exchange rate gain/loss (-) \u00a0
25 911 \u00a0
9 590 \u00a0
Interest income on bank deposits \u00a0
14 335 \u00a0
1 575 \u00a0
Interest income, Bond Escrow* \u00a0
53 517 \u00a0
5 795 \u00a0
Interest income, Bond Escrow, capitalized* \u00a0
(41 752) \u00a0
-
Finance income \u00a0
26 099 \u00a0
7 370 \u00a0
Interest cost and transaction cost bond loan* \u00a0
(152 264) \u00a0
(20 056) \u00a0
Interest cost and transaction cost bond loan, capitalized* \u00a0
122 069 \u00a0
-
Amortized cost royalty liability (see note 18) \u00a0
(12 305) \u00a0
-
Amortized cost royalty liability, capitalized (see note 18) \u00a0
12 305 \u00a0
-
Other \ufb01nance costs** \u00a0
(24 805) \u00a0
(21 940) \u00a0
Finance costs \u00a0
(55 002) \u00a0
(41 996) \u00a0
*
Interest and transaction costs on bond loan, net of interest income on Bond Escrow, have been capitalized to Mine \u00a0
under construction from March 2023. \u00a0
** Other \ufb01nance costs in 2023 relate to transaction costs related to the USD 50 milllion non-dilutive royalty \ufb01nancing \u00a0
agreement for the period up to draw down in November 2023 (see Note 18 for details on royalty liability), and other \u00a0
\ufb01nance costs. \u00a0
** Other \ufb01nance costs in 2022 relate to fees in relation to the convertible loan (see Note 20 for details on convertible loan), \u00a0
transaction costs related to the USD 50 milllion non-dilutive royalty \ufb01nancing agreement (see Note 18 for details on \u00a0
royalty liability), and other \ufb01nance costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1336": {
"value": "NOTE 7 - NET EXCHANGE RATE GAIN/LOSS (-), FINANCE INCOME \u00a0
AND FINANCE COSTS \u00a0
Exchange rate gains and losses were in 2022 classi\ufb01ed under \ufb01nancial income and \ufb01nancial costs. \u00a0
In 2023 the Group has classi\ufb01ed exchange rate gains and losses on a separate line item in the income \u00a0
statement; Net exchange rate gain/loss (-). The income statement for 2022 is reclassi\ufb01ed accordingly. \u00a0
The following table shows the components of net exchange rate gain/loss (-), \ufb01nancial income and \u00a0
\ufb01nancial expense: \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Foreign exchange gain/loss (-) on Bond Escrow in USD \u00a0
30 917 \u00a0
(41 318) \u00a0
Foreign exchange gain/loss (-) on the USD bond loan \u00a0
(31 510) \u00a0
39 490 \u00a0
Foreign exchange gain/loss (-) on the the USD royalty liability \u00a0
31 551 \u00a0
-
Other net foreign exchange gain/loss (-) \u00a0
(5 047) \u00a0
11 418 \u00a0
Net exchange rate gain/loss (-) \u00a0
25 911 \u00a0
9 590 \u00a0
Interest income on bank deposits \u00a0
14 335 \u00a0
1 575 \u00a0
Interest income, Bond Escrow* \u00a0
53 517 \u00a0
5 795 \u00a0
Interest income, Bond Escrow, capitalized* \u00a0
(41 752) \u00a0
-
Finance income \u00a0
26 099 \u00a0
7 370 \u00a0
Interest cost and transaction cost bond loan* \u00a0
(152 264) \u00a0
(20 056) \u00a0
Interest cost and transaction cost bond loan, capitalized* \u00a0
122 069 \u00a0
-
Amortized cost royalty liability (see note 18) \u00a0
(12 305) \u00a0
-
Amortized cost royalty liability, capitalized (see note 18) \u00a0
12 305 \u00a0
-
Other \ufb01nance costs** \u00a0
(24 805) \u00a0
(21 940) \u00a0
Finance costs \u00a0
(55 002) \u00a0
(41 996) \u00a0
*
Interest and transaction costs on bond loan, net of interest income on Bond Escrow, have been capitalized to Mine \u00a0
under construction from March 2023. \u00a0
** Other \ufb01nance costs in 2023 relate to transaction costs related to the USD 50 milllion non-dilutive royalty \ufb01nancing \u00a0
agreement for the period up to draw down in November 2023 (see Note 18 for details on royalty liability), and other \u00a0
\ufb01nance costs. \u00a0
** Other \ufb01nance costs in 2022 relate to fees in relation to the convertible loan (see Note 20 for details on convertible loan), \u00a0
transaction costs related to the USD 50 milllion non-dilutive royalty \ufb01nancing agreement (see Note 18 for details on \u00a0
royalty liability), and other \ufb01nance costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1337": {
"value": "NOTE 7 - NET EXCHANGE RATE GAIN/LOSS (-), FINANCE INCOME \u00a0
AND FINANCE COSTS \u00a0
Exchange rate gains and losses were in 2022 classi\ufb01ed under \ufb01nancial income and \ufb01nancial costs. \u00a0
In 2023 the Group has classi\ufb01ed exchange rate gains and losses on a separate line item in the income \u00a0
statement; Net exchange rate gain/loss (-). The income statement for 2022 is reclassi\ufb01ed accordingly. \u00a0
The following table shows the components of net exchange rate gain/loss (-), \ufb01nancial income and \u00a0
\ufb01nancial expense: \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Foreign exchange gain/loss (-) on Bond Escrow in USD \u00a0
30 917 \u00a0
(41 318) \u00a0
Foreign exchange gain/loss (-) on the USD bond loan \u00a0
(31 510) \u00a0
39 490 \u00a0
Foreign exchange gain/loss (-) on the the USD royalty liability \u00a0
31 551 \u00a0
-
Other net foreign exchange gain/loss (-) \u00a0
(5 047) \u00a0
11 418 \u00a0
Net exchange rate gain/loss (-) \u00a0
25 911 \u00a0
9 590 \u00a0
Interest income on bank deposits \u00a0
14 335 \u00a0
1 575 \u00a0
Interest income, Bond Escrow* \u00a0
53 517 \u00a0
5 795 \u00a0
Interest income, Bond Escrow, capitalized* \u00a0
(41 752) \u00a0
-
Finance income \u00a0
26 099 \u00a0
7 370 \u00a0
Interest cost and transaction cost bond loan* \u00a0
(152 264) \u00a0
(20 056) \u00a0
Interest cost and transaction cost bond loan, capitalized* \u00a0
122 069 \u00a0
-
Amortized cost royalty liability (see note 18) \u00a0
(12 305) \u00a0
-
Amortized cost royalty liability, capitalized (see note 18) \u00a0
12 305 \u00a0
-
Other \ufb01nance costs** \u00a0
(24 805) \u00a0
(21 940) \u00a0
Finance costs \u00a0
(55 002) \u00a0
(41 996) \u00a0
*
Interest and transaction costs on bond loan, net of interest income on Bond Escrow, have been capitalized to Mine \u00a0
under construction from March 2023. \u00a0
** Other \ufb01nance costs in 2023 relate to transaction costs related to the USD 50 milllion non-dilutive royalty \ufb01nancing \u00a0
agreement for the period up to draw down in November 2023 (see Note 18 for details on royalty liability), and other \u00a0
\ufb01nance costs. \u00a0
** Other \ufb01nance costs in 2022 relate to fees in relation to the convertible loan (see Note 20 for details on convertible loan), \u00a0
transaction costs related to the USD 50 milllion non-dilutive royalty \ufb01nancing agreement (see Note 18 for details on \u00a0
royalty liability), and other \ufb01nance costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1338": {
"value": "NOTE 8 - INCOME TAXES \u00a0
The Group has incurred substantial tax losses carried forward and the related tax asset is shown in \u00a0
the table below. At year-end 2023, the Group cannot substantiate that there will be su\ufb03cient future \u00a0
taxable income to be able to realize the Group\u2019s unused tax losses, and therefore the Group has not \u00a0
recognized deferred tax assets at 31 December 2023. Tax losses can be carried forward inde\ufb01nitely \u00a0
in Norway. \u00a0
Amounts in NOK thousands \u00a0
2023 \u00a0
2022 \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
2023 \u00a0
2022 \u00a0
Mine under construction/PP&E \u00a0
(10 785) \u00a0
9 563 \u00a0
Pensions \u00a0
48 \u00a0
399 \u00a0
Bond loan \u00a0
(9 667) \u00a0
(16 455) \u00a0
Royalty liability \u00a0
113 866 \u00a0
-
Tax loss carryforwards \u00a0
82 629 \u00a0
162 428 \u00a0
Total net deferred tax assets \u00a0
176 091 \u00a0
155 935 \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 NOK 41.5 million in gross transaction cost of the 2023 share issues directly \u00a0
in equity (2022: NOK 0 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 \u00a0
tax expense/(income): \u00a0
Amounts in thousands \u00a0
2023 \u00a0
2022 \u00a0
Income/loss (-) before tax \u00a0
(46 107) \u00a0
202 412 \u00a0
Nominal tax rate \u00a0
22 % \u00a0
22 % \u00a0
Expected income tax \u00a0
(10 144) \u00a0
44 531 \u00a0
Non-deductible costs \u00a0
(16) \u00a0
(39) \u00a0
Non-taxable income \u00a0
-
-
E\ufb00ect of non-taxable gains/losses on convertible loan \u00a0
(989) \u00a0
989 \u00a0
E\ufb00ect of non taxable gains/losses on investments \u00a0
-
(62 446) \u00a0
Non-recognized tax assets on current year result \u00a0
11 149 \u00a0
16 965 \u00a0
Tax expense/(income) \u00a0
-
-
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1339": {
"value": "NOTE 8 - INCOME TAXES \u00a0
The Group has incurred substantial tax losses carried forward and the related tax asset is shown in \u00a0
the table below. At year-end 2023, the Group cannot substantiate that there will be su\ufb03cient future \u00a0
taxable income to be able to realize the Group\u2019s unused tax losses, and therefore the Group has not \u00a0
recognized deferred tax assets at 31 December 2023. Tax losses can be carried forward inde\ufb01nitely \u00a0
in Norway. \u00a0
Amounts in NOK thousands \u00a0
2023 \u00a0
2022 \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
2023 \u00a0
2022 \u00a0
Mine under construction/PP&E \u00a0
(10 785) \u00a0
9 563 \u00a0
Pensions \u00a0
48 \u00a0
399 \u00a0
Bond loan \u00a0
(9 667) \u00a0
(16 455) \u00a0
Royalty liability \u00a0
113 866 \u00a0
-
Tax loss carryforwards \u00a0
82 629 \u00a0
162 428 \u00a0
Total net deferred tax assets \u00a0
176 091 \u00a0
155 935 \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 NOK 41.5 million in gross transaction cost of the 2023 share issues directly \u00a0
in equity (2022: NOK 0 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 \u00a0
tax expense/(income): \u00a0
Amounts in thousands \u00a0
2023 \u00a0
2022 \u00a0
Income/loss (-) before tax \u00a0
(46 107) \u00a0
202 412 \u00a0
Nominal tax rate \u00a0
22 % \u00a0
22 % \u00a0
Expected income tax \u00a0
(10 144) \u00a0
44 531 \u00a0
Non-deductible costs \u00a0
(16) \u00a0
(39) \u00a0
Non-taxable income \u00a0
-
-
E\ufb00ect of non-taxable gains/losses on convertible loan \u00a0
(989) \u00a0
989 \u00a0
E\ufb00ect of non taxable gains/losses on investments \u00a0
-
(62 446) \u00a0
Non-recognized tax assets on current year result \u00a0
11 149 \u00a0
16 965 \u00a0
Tax expense/(income) \u00a0
-
-
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1346": {
"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 2022 \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
Additions \u00a0
-
-
-
Reclassi\ufb01ed to Mine under construction \u00a0
-
-
-
Cost at 31 December 2023 \u00a0
-
3 719 \u00a0
3 719 \u00a0
Provision for impairment at 1 January 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2023 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Net book value 31 December 2023 \u00a0
-
-
-
Net book value 31 December 2022 \u00a0
-
-
-
Net book value 1 January 2022 \u00a0
13 898 \u00a0
14 902 \u00a0
28 800 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1347": {
"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 2022 \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
Additions \u00a0
-
-
-
Reclassi\ufb01ed to Mine under construction \u00a0
-
-
-
Cost at 31 December 2023 \u00a0
-
3 719 \u00a0
3 719 \u00a0
Provision for impairment at 1 January 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2023 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Net book value 31 December 2023 \u00a0
-
-
-
Net book value 31 December 2022 \u00a0
-
-
-
Net book value 1 January 2022 \u00a0
13 898 \u00a0
14 902 \u00a0
28 800 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1348": {
"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 2022 \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
Additions \u00a0
-
-
-
Reclassi\ufb01ed to Mine under construction \u00a0
-
-
-
Cost at 31 December 2023 \u00a0
-
3 719 \u00a0
3 719 \u00a0
Provision for impairment at 1 January 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2023 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Net book value 31 December 2023 \u00a0
-
-
-
Net book value 31 December 2022 \u00a0
-
-
-
Net book value 1 January 2022 \u00a0
13 898 \u00a0
14 902 \u00a0
28 800 \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
Additions \u00a0
1 088 673 \u00a0
Cost at 31 December 2023 \u00a0
1 377 083 \u00a0
Provision for impairment at 1 January 2022 \u00a0
-
Impairment \u00a0
-
Provision for impairment 31 December 2022 \u00a0
-
Impairment \u00a0
-
Provision for impairment 31 December 2023 \u00a0
-
Net book value 31 December 2023 \u00a0
1 377 083 \u00a0
Net book value 31 December 2022 \u00a0
288 410 \u00a0
Net book value 1 January 2022 \u00a0
-
2023: \u00a0
The Engeb\u00f8 Project is under construction, which includes continuation of Detail Engineering of the \u00a0
process plant, procurement and fabrication of critical process equipment, groundwork on the mine \u00a0
access road and ground \u2013 and building works on the process plant area, tunnel work and raise \u00a0
drilling of the vertical ore pass. The direct costs related to the work described above have been \u00a0
capitalized in the balance sheet as Mine under construction. \u00a0
2022: \u00a0
In April 2022 Engeb\u00f8 Rutile and Garnet AS has exercised the agreements with landowners to \u00a0
acquire the main properties at Engeb\u00f8, which includes immediate access to the process plant area. \u00a0
The Company has started construction works at Engeb\u00f8, which include preparing the properties for \u00a0
construction, continuation of detailed project planning and process for procurement of critical \u00a0
process equipment, and commencement of groundworks on process plant area and preparatory \u00a0
works for underground infrastructure. The direct costs related to the work described above have \u00a0
been capitalized in the balance sheet as Mine under construction, together with the cost of \u00a0
acquiring the land properties at Engeb\u00f8. In addition, Evaluation and exploration assets related to \u00a0
Engeb\u00f8 have in 2022 been reclassi\ufb01ed in the 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 \u00a0
Evaluation and exploration assets in 2022. Additionally, the Group has a conditional liability to the \u00a0
seller of NOK 40 million that will be paid if and when commercial operation commences at Engeb\u00f8. \u00a0
No liability has been recognized as per 31 December 2023 or 31 December 2022. No liability has \u00a0
been recognized as per 31 December 2023 or 31 december 2022 as the Company\u2019s accounting \u00a0
policy is to account for conditional liabilities upon the relevant condition being met, and the \u00a0
condition of commercial operation was not met. \u00a0
Pledged as security \u00a0
The USD 100 million bond loan has
mortgages over all real properties owned by Engeb\u00f8 Rutile \u00a0
and Garnet AS and property accession rights agreements (Nw. utvinningsavtaler), \ufb01rst priority \u00a0
\ufb02oating charge over all machinery and plant, vehicles, inventory and trade receivables of ERG, \u00a0
and \ufb01rst priority pledge over any government granted mining or extraction right. For further details \u00a0
on pledges please see ticker ERUGA01 PRO at https://live.euronext.com/nb to read the loan \u00a0
agreement. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1349": {
"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 2022 \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
Additions \u00a0
-
-
-
Reclassi\ufb01ed to Mine under construction \u00a0
-
-
-
Cost at 31 December 2023 \u00a0
-
3 719 \u00a0
3 719 \u00a0
Provision for impairment at 1 January 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2022 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Impairments \u00a0
-
-
-
Provision for impairment at 31 December 2023 \u00a0
-
(3 719) \u00a0
(3 719) \u00a0
Net book value 31 December 2023 \u00a0
-
-
-
Net book value 31 December 2022 \u00a0
-
-
-
Net book value 1 January 2022 \u00a0
13 898 \u00a0
14 902 \u00a0
28 800 \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
Additions \u00a0
1 088 673 \u00a0
Cost at 31 December 2023 \u00a0
1 377 083 \u00a0
Provision for impairment at 1 January 2022 \u00a0
-
Impairment \u00a0
-
Provision for impairment 31 December 2022 \u00a0
-
Impairment \u00a0
-
Provision for impairment 31 December 2023 \u00a0
-
Net book value 31 December 2023 \u00a0
1 377 083 \u00a0
Net book value 31 December 2022 \u00a0
288 410 \u00a0
Net book value 1 January 2022 \u00a0
-
2023: \u00a0
The Engeb\u00f8 Project is under construction, which includes continuation of Detail Engineering of the \u00a0
process plant, procurement and fabrication of critical process equipment, groundwork on the mine \u00a0
access road and ground \u2013 and building works on the process plant area, tunnel work and raise \u00a0
drilling of the vertical ore pass. The direct costs related to the work described above have been \u00a0
capitalized in the balance sheet as Mine under construction. \u00a0
2022: \u00a0
In April 2022 Engeb\u00f8 Rutile and Garnet AS has exercised the agreements with landowners to \u00a0
acquire the main properties at Engeb\u00f8, which includes immediate access to the process plant area. \u00a0
The Company has started construction works at Engeb\u00f8, which include preparing the properties for \u00a0
construction, continuation of detailed project planning and process for procurement of critical \u00a0
process equipment, and commencement of groundworks on process plant area and preparatory \u00a0
works for underground infrastructure. The direct costs related to the work described above have \u00a0
been capitalized in the balance sheet as Mine under construction, together with the cost of \u00a0
acquiring the land properties at Engeb\u00f8. In addition, Evaluation and exploration assets related to \u00a0
Engeb\u00f8 have in 2022 been reclassi\ufb01ed in the 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 \u00a0
Evaluation and exploration assets in 2022. Additionally, the Group has a conditional liability to the \u00a0
seller of NOK 40 million that will be paid if and when commercial operation commences at Engeb\u00f8. \u00a0
No liability has been recognized as per 31 December 2023 or 31 December 2022. No liability has \u00a0
been recognized as per 31 December 2023 or 31 december 2022 as the Company\u2019s accounting \u00a0
policy is to account for conditional liabilities upon the relevant condition being met, and the \u00a0
condition of commercial operation was not met. \u00a0
Pledged as security \u00a0
The USD 100 million bond loan has
mortgages over all real properties owned by Engeb\u00f8 Rutile \u00a0
and Garnet AS and property accession rights agreements (Nw. utvinningsavtaler), \ufb01rst priority \u00a0
\ufb02oating charge over all machinery and plant, vehicles, inventory and trade receivables of ERG, \u00a0
and \ufb01rst priority pledge over any government granted mining or extraction right. For further details \u00a0
on pledges please see ticker ERUGA01 PRO at https://live.euronext.com/nb to read the loan \u00a0
agreement. \u00a0
NOTE 12 - PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS \u00a0
Property, machinery
Right-of-use \u00a0
(Amounts in NOK thousands) \u00a0
and equipment \u00a0
assets \u00a0
Total \u00a0
Cost \u00a0
1 January 2022 \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
Additions \u00a0
2 628 \u00a0
1 085 \u00a0
3 713 \u00a0
Disposals \u00a0
(1 051) \u00a0
-
(1 051) \u00a0
31 December 2023 \u00a0
3 154 \u00a0
1 749 \u00a0
4 903 \u00a0
Depreciation \u00a0
1 January 2022 \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
Depreciation expense \u00a0
(180) \u00a0
(166) \u00a0
(346) \u00a0
Disposals \u00a0
575 \u00a0
-
575 \u00a0
31 December 2023 \u00a0
(92) \u00a0
(724) \u00a0
(816) \u00a0
Net book value \u00a0
31 December 2023 \u00a0
3 062 \u00a0
1 025 \u00a0
4 087 \u00a0
31 December 2022 \u00a0
1 090 \u00a0
106 \u00a0
1 196 \u00a0
1 January 2022 \u00a0
200 \u00a0
239 \u00a0
439 \u00a0
Machinery and equipment are depreciated over a period of 4-10 years. Property is not depreciated. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1344": {
"value": "NOTE 9 - EARNINGS PER SHARE \u00a0
(Amounts in NOK thousands and number of shares in thousands) \u00a0
2023 \u00a0
2022 \u00a0
Earnings \u00a0
Attributable to ordinary shareholders \u00a0
(46 107) \u00a0
202 412 \u00a0
Number of shares \u00a0
Weighted average number of ordinary shares outstanding - basic * \u00a0
90 183 \u00a0
11 562 \u00a0
Weighted average number of ordinary shares outstanding - diluted * \u00a0
90 550 \u00a0
13 414 \u00a0
(Amounts in NOK) \u00a0
Earnings per share attributable to ordinary shareholders \u00a0
Basic earnings per share \u00a0
(0.51) \u00a0
17.51 \u00a0
Diluted earnings per share \u00a0
(0.51) \u00a0
15.09 \u00a0
*
In March 2024 the Company completed a 20:1 reverse split, reducing the number of shares from 2,168,230,655 shares \u00a0
per 31 December 2023 to
108,411,533 shares. In accordance with IAS 33 the share count is adjusted retrospective for \u00a0
the reverse split. \u00a0
The e\ufb00ect of potentially dilutive shares arising from the convertible loan (ref. Note 20) is not included \u00a0
in the calculation of diluted earnings per share for 2023 as these would be anti-dilutive. \u00a0
The e\ufb00ect of potentially dilutive shares arising from the convertible loan (ref. Note 20) is included in \u00a0
the calculation of diluted earnings per share for 2022. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1350": {
"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
Additions \u00a0
1 088 673 \u00a0
Cost at 31 December 2023 \u00a0
1 377 083 \u00a0
Provision for impairment at 1 January 2022 \u00a0
-
Impairment \u00a0
-
Provision for impairment 31 December 2022 \u00a0
-
Impairment \u00a0
-
Provision for impairment 31 December 2023 \u00a0
-
Net book value 31 December 2023 \u00a0
1 377 083 \u00a0
Net book value 31 December 2022 \u00a0
288 410 \u00a0
Net book value 1 January 2022 \u00a0
-
2023: \u00a0
The Engeb\u00f8 Project is under construction, which includes continuation of Detail Engineering of the \u00a0
process plant, procurement and fabrication of critical process equipment, groundwork on the mine \u00a0
access road and ground \u2013 and building works on the process plant area, tunnel work and raise \u00a0
drilling of the vertical ore pass. The direct costs related to the work described above have been \u00a0
capitalized in the balance sheet as Mine under construction. \u00a0
2022: \u00a0
In April 2022 Engeb\u00f8 Rutile and Garnet AS has exercised the agreements with landowners to \u00a0
acquire the main properties at Engeb\u00f8, which includes immediate access to the process plant area. \u00a0
The Company has started construction works at Engeb\u00f8, which include preparing the properties for \u00a0
construction, continuation of detailed project planning and process for procurement of critical \u00a0
process equipment, and commencement of groundworks on process plant area and preparatory \u00a0
works for underground infrastructure. The direct costs related to the work described above have \u00a0
been capitalized in the balance sheet as Mine under construction, together with the cost of \u00a0
acquiring the land properties at Engeb\u00f8. In addition, Evaluation and exploration assets related to \u00a0
Engeb\u00f8 have in 2022 been reclassi\ufb01ed in the 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 \u00a0
Evaluation and exploration assets in 2022. Additionally, the Group has a conditional liability to the \u00a0
seller of NOK 40 million that will be paid if and when commercial operation commences at Engeb\u00f8. \u00a0
No liability has been recognized as per 31 December 2023 or 31 December 2022. No liability has \u00a0
been recognized as per 31 December 2023 or 31 december 2022 as the Company\u2019s accounting \u00a0
policy is to account for conditional liabilities upon the relevant condition being met, and the \u00a0
condition of commercial operation was not met. \u00a0
Pledged as security \u00a0
The USD 100 million bond loan has
mortgages over all real properties owned by Engeb\u00f8 Rutile \u00a0
and Garnet AS and property accession rights agreements (Nw. utvinningsavtaler), \ufb01rst priority \u00a0
\ufb02oating charge over all machinery and plant, vehicles, inventory and trade receivables of ERG, \u00a0
and \ufb01rst priority pledge over any government granted mining or extraction right. For further details \u00a0
on pledges please see ticker ERUGA01 PRO at https://live.euronext.com/nb to read the loan \u00a0
agreement. \u00a0
NOTE 12 - PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS \u00a0
Property, machinery
Right-of-use \u00a0
(Amounts in NOK thousands) \u00a0
and equipment \u00a0
assets \u00a0
Total \u00a0
Cost \u00a0
1 January 2022 \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
Additions \u00a0
2 628 \u00a0
1 085 \u00a0
3 713 \u00a0
Disposals \u00a0
(1 051) \u00a0
-
(1 051) \u00a0
31 December 2023 \u00a0
3 154 \u00a0
1 749 \u00a0
4 903 \u00a0
Depreciation \u00a0
1 January 2022 \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
Depreciation expense \u00a0
(180) \u00a0
(166) \u00a0
(346) \u00a0
Disposals \u00a0
575 \u00a0
-
575 \u00a0
31 December 2023 \u00a0
(92) \u00a0
(724) \u00a0
(816) \u00a0
Net book value \u00a0
31 December 2023 \u00a0
3 062 \u00a0
1 025 \u00a0
4 087 \u00a0
31 December 2022 \u00a0
1 090 \u00a0
106 \u00a0
1 196 \u00a0
1 January 2022 \u00a0
200 \u00a0
239 \u00a0
439 \u00a0
Machinery and equipment are depreciated over a period of 4-10 years. Property is not depreciated. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1363": {
"value": "NOTE 13 - FINANCIAL INVESTMENTS \u00a0
In June 2022, the Group accepted an o\ufb00er from Sibanye-Stillwater Limited to divest its shares in the \u00a0
Finnish mining company Keliber Oy for a cash consideration of EUR 157.28 per share, in total EUR \u00a0
46.9 million. The sale of the shares was completed in Q3 2022, with a gain on investment in 2022 of \u00a0
NOK 283.8 million. In addition, the consideration received in EUR resulted in foreign exchange \u00a0
gains from the close of the sale to the funds were received and sold to NOK, included in net exchange \u00a0
rate gain/loss (-) in 2022 of NOK 16.1 million. The investment was measured at Fair Value Through \u00a0
Pro\ufb01t and Loss under IFRS 9 (\u201cFVPL Method\u201d). \u00a0
Summary of e\ufb00ects from Keliber investment in 2022 \u00a0
Balance Statement
of \u00a0
(Amounts in NOK thousands) \u00a0
sheet 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 in 2022 \u00a0
-
283 844 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1364": {
"value": "NOTE 13 - FINANCIAL INVESTMENTS \u00a0
In June 2022, the Group accepted an o\ufb00er from Sibanye-Stillwater Limited to divest its shares in the \u00a0
Finnish mining company Keliber Oy for a cash consideration of EUR 157.28 per share, in total EUR \u00a0
46.9 million. The sale of the shares was completed in Q3 2022, with a gain on investment in 2022 of \u00a0
NOK 283.8 million. In addition, the consideration received in EUR resulted in foreign exchange \u00a0
gains from the close of the sale to the funds were received and sold to NOK, included in net exchange \u00a0
rate gain/loss (-) in 2022 of NOK 16.1 million. The investment was measured at Fair Value Through \u00a0
Pro\ufb01t and Loss under IFRS 9 (\u201cFVPL Method\u201d). \u00a0
Summary of e\ufb00ects from Keliber investment in 2022 \u00a0
Balance Statement
of \u00a0
(Amounts in NOK thousands) \u00a0
sheet 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 in 2022 \u00a0
-
283 844 \u00a0
NOTE 14 - TRADE AND OTHER RECEIVABLES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Other \ufb01nancial receivables \u00a0
904 \u00a0
918 \u00a0
Prepayments \u00a0
1 848 \u00a0
829 \u00a0
VAT receivable \u00a0
27 809 \u00a0
21 550 \u00a0
Totalt \u00a0
30 561 \u00a0
23 297 \u00a0
Fair value of \ufb01nancial instruments \u00a0
2023: \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, Bond Escrow, receivables, \u00a0
payables to suppliers, and other short-term \ufb01nancial items are close to fair value due to the short \u00a0
time period until maturity. \u00a0
For the bond loan issued in November 2022 it is assessed that the fair value at year-end was around \u00a0
95% of the nominal value of USD 100 million, based on latest quoted market price (level 2 in the fair \u00a0
value hierarchy according to IFRS 13). \u00a0
For the royalty liability drawn in November 2023 it is assessed that the fair value at year-end was the \u00a0
same as the nominal value of USD 50 million (level 3 in the fair value hierarchy according to IFRS 13). \u00a0
2022: \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, Bond Escrow, receivables, \u00a0
payables to suppliers, and other short-term \ufb01nancial items are close to fair value due to the short \u00a0
time period until 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 \u00a0
around 92% of the nominal value of USD 100 million, provided the condition of the Engeb\u00f8 Project \u00a0
being fully funded by 9 March 2023, and assuming no signi\ufb01cant change in interest rate level and \u00a0
credit spread since the completion of the transaction. \u00a0
Categories of \ufb01nancial instruments \u00a0
Year ended 31 December 2023 \u00a0
Amortized 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
904 \u00a0
904 \u00a0
Bond Escrow \u00a0
1 075 042 \u00a0
1 075 042 \u00a0
Restricted cash \u00a0
8 430 \u00a0
8 430 \u00a0
Cash and cash equivalents \u00a0
634 984 \u00a0
634 984 \u00a0
Total \ufb01nancial assets \u00a0
1 719 360 \u00a0
-
1 719 360 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
94 312 \u00a0
94 312 \u00a0
Bond loan \u00a0
902 182 \u00a0
902 182 \u00a0
Convertible loan \u00a0
-
-
-
Royalty liability \u00a0
517 574 \u00a0
517 574 \u00a0
Other current \ufb01nancial liabilities \u00a0
65 370 \u00a0
65 370 \u00a0
Total \ufb01nancial liabilities \u00a0
1 579 438 \u00a0
-
1 579 438 \u00a0
Year ended 31 December 2022 \u00a0
Amortized 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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1365": {
"value": "NOTE 14 - TRADE AND OTHER RECEIVABLES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Other \ufb01nancial receivables \u00a0
904 \u00a0
918 \u00a0
Prepayments \u00a0
1 848 \u00a0
829 \u00a0
VAT receivable \u00a0
27 809 \u00a0
21 550 \u00a0
Totalt \u00a0
30 561 \u00a0
23 297 \u00a0
Categories of \ufb01nancial instruments \u00a0
Year ended 31 December 2023 \u00a0
Amortized 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
904 \u00a0
904 \u00a0
Bond Escrow \u00a0
1 075 042 \u00a0
1 075 042 \u00a0
Restricted cash \u00a0
8 430 \u00a0
8 430 \u00a0
Cash and cash equivalents \u00a0
634 984 \u00a0
634 984 \u00a0
Total \ufb01nancial assets \u00a0
1 719 360 \u00a0
-
1 719 360 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
94 312 \u00a0
94 312 \u00a0
Bond loan \u00a0
902 182 \u00a0
902 182 \u00a0
Convertible loan \u00a0
-
-
-
Royalty liability \u00a0
517 574 \u00a0
517 574 \u00a0
Other current \ufb01nancial liabilities \u00a0
65 370 \u00a0
65 370 \u00a0
Total \ufb01nancial liabilities \u00a0
1 579 438 \u00a0
-
1 579 438 \u00a0
Year ended 31 December 2022 \u00a0
Amortized 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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1367": {
"value": "NOTE 15 - BOND LOAN AND BOND ESCROW \u00a0
In November 2022, Engeb\u00f8 Rutile and Garnet AS completed the issue of a USD 100 million 5-year \u00a0
senior secured bond. The bonds are administered by Nordic Trustee. The bond has \ufb01xed coupon of \u00a0
12.5% per annum, with interest payable quarterly in arrears, and an issue price of 90%. The bond is \u00a0
listed on Nordic ABM with ticker: ERUGA01 PRO. \u00a0
The net proceeds of the bonds of USD 90 million were on issue deposited into a Bond Escrow \u00a0
account, together with issue discount of USD 10 million, four months bond interest of USD 4.2 \u00a0
million, and transaction costs of USD 3.3 million (in total NOK 178.8 million), transferred by Engeb\u00f8 \u00a0
Rutile and Garnet AS in line with the bond terms. Following conditions of the Engeb\u00f8 Project being \u00a0
fully funded, which were satis\ufb01ed on 8 March 2023, the bonds were reclassi\ufb01ed from current liability \u00a0
to non current liability in the statement of \ufb01nancial position. The proceeds from the bond will be released \u00a0
in three tranches from the Bond Escrow account after satisfaction of certain pre-disbursement \u00a0
conditions precedent, to be used for costs and expenditures to bring the Engeb\u00f8 Project into \u00a0
commercial production. \u00a0
The bond loan was initially recognized at cost, being the fair value of the consideration received net \u00a0
of issue costs associated with the borrowing (inclusive the 10% discount). After initial recognition, \u00a0
the bond loan is subsequently measured at amortized cost using the e\ufb00ective interest method; \u00a0
any di\ufb00erence between proceeds (net of transaction cost including the 10% discount) and the \u00a0
redemption value is recognized on the income statement over the period of the loan. \u00a0
2023 \u00a0
Carrying \u00a0
Carrying \u00a0
Cash \u00a0
amount \u00a0
amount transferred
to \u00a0
(Amounts in thousands) \u00a0
Bond Loan
Bond Escrow
Bond Escrow \u00a0
At 1 January \u00a0
850 825 \u00a0
1 032 597 \u00a0
Amortization of fees \u00a0
19 847 \u00a0
Interest payment from Bond Escrow \u00a0
(41 989) \u00a0
Interest income on Bond Escrow \u00a0
53 517 \u00a0
Foreign exchange \u00a0
31 510 \u00a0
30 917 \u00a0
Total at year-end \u00a0
902 182 \u00a0
1 075 042 \u00a0
-
2022 \u00a0
Carrying \u00a0
Carrying \u00a0
Cash \u00a0
amount \u00a0
amount transferred
to \u00a0
(Amounts in thousands) \u00a0
Bond Loan
Bond Escrow
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
The bond loan is secured by \ufb01rst priority pledge over the shares of Engeb\u00f8 Rutile and Garnet AS \u00a0
(\u201dERG\u201d), mortgages over all real properties owned by ERG and property accession rights agree- \u00a0
ments (Nw. utvinningsavtaler), \ufb01rst priority \ufb02oating charge over all machinery and plant, vehicles, \u00a0
inventory and trade receivables of ERG, \ufb01rst priority pledge over any government granted mining or \u00a0
extraction rights and
other security usual and customary for a transaction of this type. The bond \u00a0
loan contains certain \ufb01nancial covenants including minimum liquidity of USD 15 million in ERG and \u00a0
a minimum equity ratio of no less than 25% at Group level. For further details please see ticker \u00a0
ERUGA01 PRO at https://live.euronext.com/nb to read the loan agreement. \u00a0
The table below provides an overview of the maturity pro\ufb01le and estimated interest payments for \u00a0
the Company\u2019s bond loan. Please note that the annual interest payment is USD 12.5 million, so the \u00a0
estimated interest payments in NOK are dependent on the USDNOK exchange rate. \u00a0
Estimated \u00a0
(Amounts in thousands) \u00a0
1 year \u00a0
2-5 years \u00a0
payments \u00a0
Repayment \u00a0
(1 017 240) \u00a0
(1 017 240) \u00a0
Estimated interest \u00a0
(127 155) \u00a0
(381 465) \u00a0
(508 620) \u00a0
Total payments on bond loan \u00a0
(127 155) \u00a0
(1 398 705) \u00a0
(1 525 860) \u00a0
NOTE 19 - OTHER CURRENT LIABILITIES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Tax withholding and social security accrual \u00a0
2 537 \u00a0
1 230 \u00a0
Employee salary and holiday pay accrual \u00a0
2 532 \u00a0
1 395 \u00a0
VAT payable \u00a0
241 \u00a0
342 \u00a0
Lease liability \u00a0
305 \u00a0
116 \u00a0
Accrued interest bond loan \u00a0
18 015 \u00a0
17 456 \u00a0
Accrued expenses \u00a0
62 838 \u00a0
6 607 \u00a0
Total \u00a0
86 468 \u00a0
27 146 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1368": {
"value": "NOTE 15 - BOND LOAN AND BOND ESCROW \u00a0
In November 2022, Engeb\u00f8 Rutile and Garnet AS completed the issue of a USD 100 million 5-year \u00a0
senior secured bond. The bonds are administered by Nordic Trustee. The bond has \ufb01xed coupon of \u00a0
12.5% per annum, with interest payable quarterly in arrears, and an issue price of 90%. The bond is \u00a0
listed on Nordic ABM with ticker: ERUGA01 PRO. \u00a0
The net proceeds of the bonds of USD 90 million were on issue deposited into a Bond Escrow \u00a0
account, together with issue discount of USD 10 million, four months bond interest of USD 4.2 \u00a0
million, and transaction costs of USD 3.3 million (in total NOK 178.8 million), transferred by Engeb\u00f8 \u00a0
Rutile and Garnet AS in line with the bond terms. Following conditions of the Engeb\u00f8 Project being \u00a0
fully funded, which were satis\ufb01ed on 8 March 2023, the bonds were reclassi\ufb01ed from current liability \u00a0
to non current liability in the statement of \ufb01nancial position. The proceeds from the bond will be released \u00a0
in three tranches from the Bond Escrow account after satisfaction of certain pre-disbursement \u00a0
conditions precedent, to be used for costs and expenditures to bring the Engeb\u00f8 Project into \u00a0
commercial production. \u00a0
The bond loan was initially recognized at cost, being the fair value of the consideration received net \u00a0
of issue costs associated with the borrowing (inclusive the 10% discount). After initial recognition, \u00a0
the bond loan is subsequently measured at amortized cost using the e\ufb00ective interest method; \u00a0
any di\ufb00erence between proceeds (net of transaction cost including the 10% discount) and the \u00a0
redemption value is recognized on the income statement over the period of the loan. \u00a0
2023 \u00a0
Carrying \u00a0
Carrying \u00a0
Cash \u00a0
amount \u00a0
amount transferred
to \u00a0
(Amounts in thousands) \u00a0
Bond Loan
Bond Escrow
Bond Escrow \u00a0
At 1 January \u00a0
850 825 \u00a0
1 032 597 \u00a0
Amortization of fees \u00a0
19 847 \u00a0
Interest payment from Bond Escrow \u00a0
(41 989) \u00a0
Interest income on Bond Escrow \u00a0
53 517 \u00a0
Foreign exchange \u00a0
31 510 \u00a0
30 917 \u00a0
Total at year-end \u00a0
902 182 \u00a0
1 075 042 \u00a0
-
2022 \u00a0
Carrying \u00a0
Carrying \u00a0
Cash \u00a0
amount \u00a0
amount transferred
to \u00a0
(Amounts in thousands) \u00a0
Bond Loan
Bond Escrow
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
The bond loan is secured by \ufb01rst priority pledge over the shares of Engeb\u00f8 Rutile and Garnet AS \u00a0
(\u201dERG\u201d), mortgages over all real properties owned by ERG and property accession rights agree- \u00a0
ments (Nw. utvinningsavtaler), \ufb01rst priority \ufb02oating charge over all machinery and plant, vehicles, \u00a0
inventory and trade receivables of ERG, \ufb01rst priority pledge over any government granted mining or \u00a0
extraction rights and
other security usual and customary for a transaction of this type. The bond \u00a0
loan contains certain \ufb01nancial covenants including minimum liquidity of USD 15 million in ERG and \u00a0
a minimum equity ratio of no less than 25% at Group level. For further details please see ticker \u00a0
ERUGA01 PRO at https://live.euronext.com/nb to read the loan agreement. \u00a0
The table below provides an overview of the maturity pro\ufb01le and estimated interest payments for \u00a0
the Company\u2019s bond loan. Please note that the annual interest payment is USD 12.5 million, so the \u00a0
estimated interest payments in NOK are dependent on the USDNOK exchange rate. \u00a0
Estimated \u00a0
(Amounts in thousands) \u00a0
1 year \u00a0
2-5 years \u00a0
payments \u00a0
Repayment \u00a0
(1 017 240) \u00a0
(1 017 240) \u00a0
Estimated interest \u00a0
(127 155) \u00a0
(381 465) \u00a0
(508 620) \u00a0
Total payments on bond loan \u00a0
(127 155) \u00a0
(1 398 705) \u00a0
(1 525 860) \u00a0
NOTE 20 - CONVERTIBLE LOAN \u00a0
In January 2022, Nordic Mining entered into a NOK 132.5 million 5% interest bearing convertible \u00a0
loan in favor of Fjordavegen Holding AS, a local investor group led by two of the EPC partners for \u00a0
the Engeb\u00f8 project. This transaction was the \ufb01rst step in the project \ufb01nancing of the Engeb\u00f8 Project. \u00a0
The lenders may, and were contractually obliged to, convert all tranches from the loan, together with \u00a0
accrued interests, into shares in Nordic Mining upon a share issue in Nordic Mining in relation to \u00a0
\ufb01nal investment decision (or delay of \ufb01nal investment decision) for the Engeb\u00f8 Rutile and Garnet \u00a0
Project, however, at latest 1 August 2023. The conversion price would as a starting point be NOK \u00a0
3.355 per share, however, should be the lowest of NOK 3.355 and the subscription price in a subsequent \u00a0
share issue in Nordic Mining in relation to \ufb01nal investment decision/delay of \ufb01nal investment decision, \u00a0
or if no such share issue occurred, the lowest of NOK 3.355 and the volume-weighted average trading \u00a0
price of the Nordic Mining share for the last 20 trading days prior to 30 June 2023. \u00a0
The convertible loan was 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 \u00a0
year-end 2022 and the recognized a fair value loss of NOK 10.5 million in 2022. The valuation as \u00a0
per 31 December 2022 has been based on level 3 inputs in the fair value hierarchy. \u00a0
The fair value of the convertible loan was calculated as the fair value of the loan plus the fair value of \u00a0
the conversion option determined using Black Scholes option model for three (3) di\ufb00erent scenarios \u00a0
for conversion date to provide probability weighted maturity. The key unobservable input to the \u00a0
valuation include: 1) risk free NOK interest rate curve at the valuation date constructed from \u00a0
e\ufb00ective yields on Norwegian Treasury bills, 2) volatility of Nordic Mining share price calculated \u00a0
based on historical share prices, and 3) expected conversion date based on management\u2019s \u00a0
expectation for \ufb01nal investment decision. \u00a0
The convertible loan with accrued interests, in total NOK 139.6 million, was converted into \u00a0
232,703,125 new shares in Nordic Mining ASA on 4 March 2023, in relation to the private \u00a0
placement to fully fund the Engeb\u00f8 Project. \u00a0
2023 \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
amount \u00a0
Cash \ufb02ow \u00a0
At 1 January \u00a0
142 976 \u00a0
Change in fair value \u00a0
-3 354 \u00a0
Conversion \u00a0
-139 622 \u00a0
Total \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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1377": {
"value": "NOTE 16 - CASH AND CASH EQUIVALENTS \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Bank deposits \u00a0
634 984 \u00a0
164 703 \u00a0
Total cash and cash equivalents \u00a0
634 984 \u00a0
164 703 \u00a0
Restriced cash in tax withholding account \u00a0
1 372 \u00a0
720 \u00a0
In addition to the amounts referred to above, the Group has a deposit of NOK 8.4 million (2022: \u00a0
NOK 4.2 million) on a restricted account at year-end pledged toward the Directorate of Mining. \u00a0
According to the standard procedure in Norway, the Group is obligated to provide \ufb01nancial security \u00a0
in favor of the Directorate of Mining. The size of the security is according to the requirement in the \u00a0
operational license to cover safety and clean-up measures in case of mine closure. \u00a0
Categories of \ufb01nancial instruments \u00a0
Year ended 31 December 2023 \u00a0
Amortized 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
904 \u00a0
904 \u00a0
Bond Escrow \u00a0
1 075 042 \u00a0
1 075 042 \u00a0
Restricted cash \u00a0
8 430 \u00a0
8 430 \u00a0
Cash and cash equivalents \u00a0
634 984 \u00a0
634 984 \u00a0
Total \ufb01nancial assets \u00a0
1 719 360 \u00a0
-
1 719 360 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
94 312 \u00a0
94 312 \u00a0
Bond loan \u00a0
902 182 \u00a0
902 182 \u00a0
Convertible loan \u00a0
-
-
-
Royalty liability \u00a0
517 574 \u00a0
517 574 \u00a0
Other current \ufb01nancial liabilities \u00a0
65 370 \u00a0
65 370 \u00a0
Total \ufb01nancial liabilities \u00a0
1 579 438 \u00a0
-
1 579 438 \u00a0
Year ended 31 December 2022 \u00a0
Amortized 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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1378": {
"value": "NOTE 16 - CASH AND CASH EQUIVALENTS \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Bank deposits \u00a0
634 984 \u00a0
164 703 \u00a0
Total cash and cash equivalents \u00a0
634 984 \u00a0
164 703 \u00a0
Restriced cash in tax withholding account \u00a0
1 372 \u00a0
720 \u00a0
In addition to the amounts referred to above, the Group has a deposit of NOK 8.4 million (2022: \u00a0
NOK 4.2 million) on a restricted account at year-end pledged toward the Directorate of Mining. \u00a0
According to the standard procedure in Norway, the Group is obligated to provide \ufb01nancial security \u00a0
in favor of the Directorate of Mining. The size of the security is according to the requirement in the \u00a0
operational license to cover safety and clean-up measures in case of mine closure. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1379": {
"value": "NOTE 17 - SHARE CAPITAL \u00a0
Number of shares outstanding \u00a0
Ordinary Shares \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
2023 \u00a0
Opening balance \u00a0
232 316 772 \u00a0
Share issuance \u00a0
1 935 913 883 \u00a0
31 December 2023 \u00a0
2 168 230 655 \u00a0
All shares carry equal rights and had a par value of 0.60 per share as of 31 December 2023. \u00a0
In March 2024, Nordic Mining completed a reverse split of 20:1 reducing the number of shares to \u00a0
108,411,533 shares and increasing the par value to NOK 12 per share. \u00a0
Share issues in 2023 \u00a0
In March 2023, Nordig Mining completed a private placement of 1,566,666,667 new shares at a \u00a0
subscription price per new share of NOK 0.60 with gross proceeds of NOK 940 million. The \u00a0
convertible loan was converted as a consequence of the private placement. The convertible loan \u00a0
with accrued interest, in total NOK 139,621,875, was converted at the same subscription price as in \u00a0
the private placement, i.e. NOK 0.60 per share. Fjordavegen Holding received 232,703,125 new \u00a0
shares in the company at a subscription price per share of NOK 0.60. \u00a0
In April 2023, Nordic Mining completed a subsequent o\ufb00ering with 136,544,091 new shares at a \u00a0
subscription price per new share of NOK 0.60 with gross proceeds of NOK 81.9 million. \u00a0
Following registration of the new shares from the private placement in March 2023, the conversion \u00a0
of the convertible loan in March 2023, and the new shares from the subsequent o\ufb00ering in April 2023, \u00a0
Nordic Mining\u2019s share capital has increased by NOK 1,161,548,330 to NOK 1,300,938,393.40 \u00a0
divided into 2,168,230,655 shares, each with a par value of NOK 0.60. \u00a0
Share issues in 2022 \u00a0
In May 2022 a total of 2,825,000 options held by Management were exercised. Following the \u00a0
exercise there are no outstanding options for shares in the Company held by Management. Gross \u00a0
proceeds were NOK 7.4 million in accordance with the authorization to the Board to increase the \u00a0
share capital granted by the general meeting on 14 May 2020. Following registration of the new \u00a0
share capital Nordic Mining\u2019s share capital has increased by NOK 1,695,000 to NOK \u00a0
139,390,063.20 divided into 232,316,772 shares, each with a par value of NOK 0.60. \u00a0
NOTE 23 - SHAREHOLDERS \u00a0
The table below shows the Company\u2019s 20 largest shareholders as at 31 December 2023: \u00a0
Number of \u00a0
Shareholder \u00a0
shares \u00a0
% ownership \u00a0
Fjordavegen Holding AS \u00a0
324 369 792 \u00a0
14.96 % \u00a0
Iwatani Corporation \u00a0
319 582 667 \u00a0
14.74 % \u00a0
Morgan Stanley & Co. Int. Plc. \u00a0
234 144 200 \u00a0
10.80 % \u00a0
Citibank, N.A. \u00a0
78 363 197 \u00a0
3.61 % \u00a0
Nordnet Bank AB \u00a0
52 618 787 \u00a0
2.43 % \u00a0
Nordnet Livsforsikring AS \u00a0
36 361 910 \u00a0
1.68 % \u00a0
Clearstream Banking S.A. \u00a0
26 884 258 \u00a0
1.24 % \u00a0
Pro AS \u00a0
18 744 097 \u00a0
0.86 % \u00a0
Toluma Norden AS \u00a0
18 269 667 \u00a0
0.84 % \u00a0
Stavanger Forvaltning AS \u00a0
17 000 000 \u00a0
0.78 % \u00a0
Ormestad \u00a0
14 628 788 \u00a0
0.67 % \u00a0
Nordea Bank Abp \u00a0
12 176 008 \u00a0
0.56 % \u00a0
Melum M\u00f8lle AS \u00a0
11 950 000 \u00a0
0.55 % \u00a0
Wahl Eiendom AS \u00a0
10 500 000 \u00a0
0.48 % \u00a0
Danske Bank A/S \u00a0
10 465 190 \u00a0
0.48 % \u00a0
Zolen & M\u00e5nen AS \u00a0
10 000 000 \u00a0
0.46 % \u00a0
Joma Invest AS \u00a0
8 888 888 \u00a0
0.41 % \u00a0
Siljan Industrier AS \u00a0
8 350 000 \u00a0
0.39 % \u00a0
The Bank of New York Mellon SA/NV \u00a0
6 698 146 \u00a0
0.31 % \u00a0
La Strada AS \u00a0
6 592 499 \u00a0
0.30 % \u00a0
Total 20 largest shareholders \u00a0
1 226 588 094 \u00a0
56.57 % \u00a0
Other shareholders \u00a0
941 642 561 \u00a0
43.43 % \u00a0
Total \u00a0
2 168 230 655 \u00a0
100.00 % \u00a0
Shares owned/controlled by members of the Board and senior management and those \u00a0
related to them as of 31 December 2023 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
590 475 \u00a0
0.03 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
355 009 \u00a0
0.02 % \u00a0
Ivar S. Fossum, CEO \u00a0
2 459 230 \u00a0
0.11 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0.02 % \u00a0
Total \u00a0
3 850 536 \u00a0
0.18 % \u00a0
Shares owned/controlled by members of the Board and senior management and those \u00a0
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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1380": {
"value": "NOTE 17 - SHARE CAPITAL \u00a0
Number of shares outstanding \u00a0
Ordinary Shares \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
2023 \u00a0
Opening balance \u00a0
232 316 772 \u00a0
Share issuance \u00a0
1 935 913 883 \u00a0
31 December 2023 \u00a0
2 168 230 655 \u00a0
All shares carry equal rights and had a par value of 0.60 per share as of 31 December 2023. \u00a0
In March 2024, Nordic Mining completed a reverse split of 20:1 reducing the number of shares to \u00a0
108,411,533 shares and increasing the par value to NOK 12 per share. \u00a0
Share issues in 2023 \u00a0
In March 2023, Nordig Mining completed a private placement of 1,566,666,667 new shares at a \u00a0
subscription price per new share of NOK 0.60 with gross proceeds of NOK 940 million. The \u00a0
convertible loan was converted as a consequence of the private placement. The convertible loan \u00a0
with accrued interest, in total NOK 139,621,875, was converted at the same subscription price as in \u00a0
the private placement, i.e. NOK 0.60 per share. Fjordavegen Holding received 232,703,125 new \u00a0
shares in the company at a subscription price per share of NOK 0.60. \u00a0
In April 2023, Nordic Mining completed a subsequent o\ufb00ering with 136,544,091 new shares at a \u00a0
subscription price per new share of NOK 0.60 with gross proceeds of NOK 81.9 million. \u00a0
Following registration of the new shares from the private placement in March 2023, the conversion \u00a0
of the convertible loan in March 2023, and the new shares from the subsequent o\ufb00ering in April 2023, \u00a0
Nordic Mining\u2019s share capital has increased by NOK 1,161,548,330 to NOK 1,300,938,393.40 \u00a0
divided into 2,168,230,655 shares, each with a par value of NOK 0.60. \u00a0
Share issues in 2022 \u00a0
In May 2022 a total of 2,825,000 options held by Management were exercised. Following the \u00a0
exercise there are no outstanding options for shares in the Company held by Management. Gross \u00a0
proceeds were NOK 7.4 million in accordance with the authorization to the Board to increase the \u00a0
share capital granted by the general meeting on 14 May 2020. Following registration of the new \u00a0
share capital Nordic Mining\u2019s share capital has increased by NOK 1,695,000 to NOK \u00a0
139,390,063.20 divided into 232,316,772 shares, each with 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 2022 \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
Actuarial gain/(loss) \u00a0
536 \u00a0
536 \u00a0
Balance on 31 December 2023 \u00a0
(3 696) \u00a0
(3 696) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1386": {
"value": "NOTE 18 - ROYALTY LIABILITY \u00a0
In November 2023 Nordic Mining ASA\u2019s wholly owned subsidiary Engeb\u00f8 Rutile and Garnet AS \u00a0
completed drawdown of the USD 50 million non-dilutive royalty instrument from OMRF (Zr) LLC \u00a0
which is managed by the Orion Resource Partners Group (\u201dOrion\u201d). The future expected royalty \u00a0
payments under the Royalty Agreement equal 11% of gross revenue from the Engeb\u00f8 Project. The \u00a0
royalty liability lasts for the entire operational life of the mine, with an upper limit of 90 years. The \u00a0
Group has the option to reduce the royalty rate from 11% to 5.5% on certain conditions in 2028 or \u00a0
2029. The buyback fee for such a reduction event is based on a calculation securing the royalty holder \u00a0
a certain return on the reduced portion of the royalty instrument for the duration it was held. \u00a0
The royalty liability is initially recognized at the USD 50 million drawdown received net of directly \u00a0
attributable transaction costs at drawdown. After initial recognition the royalty liability under the \u00a0
Royalty Agreement is subsequently amortized at the e\ufb00ective interest rate, and the di\ufb00erence \u00a0
between the drawdown received net of transaction costs and the royalty payments is recognized as \u00a0
\ufb01nancial cost in the income statement, over the period for the expected royalty payments. At each \u00a0
reporting period, modi\ufb01cations to production plans and price expectations are evaluated, and when \u00a0
required, a modi\ufb01cation gain/loss is recognized. Estimated royalty payments due within 12 months \u00a0
will be classi\ufb01ed as current liabilities. \u00a0
Until construction of the Engeb\u00f8 project is completed, amortized cost is recognized as borrowing \u00a0
cost and capitalized under Mine under construction, in total NOK 12.3 million in 2023. \u00a0
2023 \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
amount \u00a0
Cash \ufb02ow \u00a0
At 1 January \u00a0
-
Draw down \u00a0
540 394 \u00a0
540 394 \u00a0
Fees paid at inception \u00a0
-3 574 \u00a0
-3 574 \u00a0
Foreign exchange \u00a0
-31 551 \u00a0
Amortization \u00a0
12 305 \u00a0
Total \u00a0
517 574 \u00a0
536 820 \u00a0
2022 \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
amount \u00a0
Cash \ufb02ow \u00a0
At 1 January \u00a0
-
Draw down \u00a0
-
Fees paid at inception \u00a0
-
Foreign exchange \u00a0
Amortization \u00a0
-
Total \u00a0
-
-
NOTE 19 - OTHER CURRENT LIABILITIES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Tax withholding and social security accrual \u00a0
2 537 \u00a0
1 230 \u00a0
Employee salary and holiday pay accrual \u00a0
2 532 \u00a0
1 395 \u00a0
VAT payable \u00a0
241 \u00a0
342 \u00a0
Lease liability \u00a0
305 \u00a0
116 \u00a0
Accrued interest bond loan \u00a0
18 015 \u00a0
17 456 \u00a0
Accrued expenses \u00a0
62 838 \u00a0
6 607 \u00a0
Total \u00a0
86 468 \u00a0
27 146 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1391": {
"value": "NOTE 19 - OTHER CURRENT LIABILITIES \u00a0
(Amounts in NOK thousands) \u00a0
2023 \u00a0
2022 \u00a0
Tax withholding and social security accrual \u00a0
2 537 \u00a0
1 230 \u00a0
Employee salary and holiday pay accrual \u00a0
2 532 \u00a0
1 395 \u00a0
VAT payable \u00a0
241 \u00a0
342 \u00a0
Lease liability \u00a0
305 \u00a0
116 \u00a0
Accrued interest bond loan \u00a0
18 015 \u00a0
17 456 \u00a0
Accrued expenses \u00a0
62 838 \u00a0
6 607 \u00a0
Total \u00a0
86 468 \u00a0
27 146 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1397": {
"value": "NOTE 20 - CONVERTIBLE LOAN \u00a0
In January 2022, Nordic Mining entered into a NOK 132.5 million 5% interest bearing convertible \u00a0
loan in favor of Fjordavegen Holding AS, a local investor group led by two of the EPC partners for \u00a0
the Engeb\u00f8 project. This transaction was the \ufb01rst step in the project \ufb01nancing of the Engeb\u00f8 Project. \u00a0
The lenders may, and were contractually obliged to, convert all tranches from the loan, together with \u00a0
accrued interests, into shares in Nordic Mining upon a share issue in Nordic Mining in relation to \u00a0
\ufb01nal investment decision (or delay of \ufb01nal investment decision) for the Engeb\u00f8 Rutile and Garnet \u00a0
Project, however, at latest 1 August 2023. The conversion price would as a starting point be NOK \u00a0
3.355 per share, however, should be the lowest of NOK 3.355 and the subscription price in a subsequent \u00a0
share issue in Nordic Mining in relation to \ufb01nal investment decision/delay of \ufb01nal investment decision, \u00a0
or if no such share issue occurred, the lowest of NOK 3.355 and the volume-weighted average trading \u00a0
price of the Nordic Mining share for the last 20 trading days prior to 30 June 2023. \u00a0
The convertible loan was 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 \u00a0
year-end 2022 and the recognized a fair value loss of NOK 10.5 million in 2022. The valuation as \u00a0
per 31 December 2022 has been based on level 3 inputs in the fair value hierarchy. \u00a0
The fair value of the convertible loan was calculated as the fair value of the loan plus the fair value of \u00a0
the conversion option determined using Black Scholes option model for three (3) di\ufb00erent scenarios \u00a0
for conversion date to provide probability weighted maturity. The key unobservable input to the \u00a0
valuation include: 1) risk free NOK interest rate curve at the valuation date constructed from \u00a0
e\ufb00ective yields on Norwegian Treasury bills, 2) volatility of Nordic Mining share price calculated \u00a0
based on historical share prices, and 3) expected conversion date based on management\u2019s \u00a0
expectation for \ufb01nal investment decision. \u00a0
The convertible loan with accrued interests, in total NOK 139.6 million, was converted into \u00a0
232,703,125 new shares in Nordic Mining ASA on 4 March 2023, in relation to the private \u00a0
placement to fully fund the Engeb\u00f8 Project. \u00a0
2023 \u00a0
Carrying \u00a0
(Amounts in NOK thousands) \u00a0
amount \u00a0
Cash \ufb02ow \u00a0
At 1 January \u00a0
142 976 \u00a0
Change in fair value \u00a0
-3 354 \u00a0
Conversion \u00a0
-139 622 \u00a0
Total \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
Political risk \u00a0
In addition to \ufb01nancial risk, the Group is exposed to political risk related to its mining projects. The \u00a0
political risk includes the risk of not obtaining or extending the relevant governmental permits \u00a0
necessary to extract and produce minerals from these mining projects. \u00a0
The Group operates in an industry which is subject to extensive laws and regulations relevant for \u00a0
mining operations, in particular in relation to environmental and operational issues, which have \u00a0
become more stringent over time, and this development is expected to continue. Compliance with \u00a0
respect to environmental regulations, closure and other matters may involve signi\ufb01cant costs and/ \u00a0
or other liabilities. \u00a0
Failure to comply with applicable environmental laws, regulations and permitting requirements may \u00a0
result in enforcement actions including orders issued by regulatory or judicial authorities causing \u00a0
operations to cease or be curtailed and may include obligations to take corrective measures \u00a0
requiring capital expenditures, installation of additional equipment or remedial actions. There is a \u00a0
risk that the Group due to its engagement in mining and mineral processing activities will be \u00a0
required to compensate those su\ufb00ering loss or damage by reason of such activities and may incur \u00a0
civil or criminal \ufb01nes or penalties for violation of applicable laws or regulations. \u00a0
Current environmental laws, regulations and permits governing operations and activities of mining \u00a0
companies may be changed. Regulatory requirements surrounding site reclamation and remediati- \u00a0
on activities, or more stringent implementation thereof, could have a material adverse impact on the \u00a0
Group and cause increases in capital expenditures or production costs or reduction in levels of \u00a0
operational production, or require abandonment or delays in the development of new sites. There \u00a0
are no current amendments that the Group 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 \u00a0
Group\u2019s main asset, the Engeb\u00f8 Project, is expected to have the lowest greenhouse gas footprint of \u00a0
all titanium feedstock producers due to available hydroelectric power in the area and a tight \u00a0
infrastructure with minimal transportation. Nordic Mining has a target of zero greenhouse gas \u00a0
emissions at Engeb\u00f8 and has initiated the development of a Climate Strategy Plan. The Group \u00a0
considers that there is minimal risk for stranded assets. \u00a0
Fair value of \ufb01nancial instruments \u00a0
2023: \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, Bond Escrow, receivables, \u00a0
payables to suppliers, and other short-term \ufb01nancial items are close to fair value due to the short \u00a0
time period until maturity. \u00a0
For the bond loan issued in November 2022 it is assessed that the fair value at year-end was around \u00a0
95% of the nominal value of USD 100 million, based on latest quoted market price (level 2 in the fair \u00a0
value hierarchy according to IFRS 13). \u00a0
For the royalty liability drawn in November 2023 it is assessed that the fair value at year-end was the \u00a0
same as the nominal value of USD 50 million (level 3 in the fair value hierarchy according to IFRS 13). \u00a0
2022: \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, Bond Escrow, receivables, \u00a0
payables to suppliers, and other short-term \ufb01nancial items are close to fair value due to the short \u00a0
time period until 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 \u00a0
around 92% of the nominal value of USD 100 million, provided the condition of the Engeb\u00f8 Project \u00a0
being fully funded by 9 March 2023, and assuming no signi\ufb01cant change in interest rate level and \u00a0
credit spread since the completion of the transaction. \u00a0
Categories of \ufb01nancial instruments \u00a0
Year ended 31 December 2023 \u00a0
Amortized 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
904 \u00a0
904 \u00a0
Bond Escrow \u00a0
1 075 042 \u00a0
1 075 042 \u00a0
Restricted cash \u00a0
8 430 \u00a0
8 430 \u00a0
Cash and cash equivalents \u00a0
634 984 \u00a0
634 984 \u00a0
Total \ufb01nancial assets \u00a0
1 719 360 \u00a0
-
1 719 360 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
94 312 \u00a0
94 312 \u00a0
Bond loan \u00a0
902 182 \u00a0
902 182 \u00a0
Convertible loan \u00a0
-
-
-
Royalty liability \u00a0
517 574 \u00a0
517 574 \u00a0
Other current \ufb01nancial liabilities \u00a0
65 370 \u00a0
65 370 \u00a0
Total \ufb01nancial liabilities \u00a0
1 579 438 \u00a0
-
1 579 438 \u00a0
Year ended 31 December 2022 \u00a0
Amortized 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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1403": {
"value": "NOTE 21 - 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 \u00a0
and currency risk. \u00a0
Management of Nordic Mining manages the Group\u2019s \ufb01nancial risk primarily by identifying and \u00a0
evaluating potential risk areas. Management\u2019s focus is primarily on managing liquidity risk to secure \u00a0
continuing operations and \ufb01nancing of the Group\u2019s capital-intensive projects. Nordic Mining\u2019s cash \u00a0
holdings are placed in bank accounts in Norwegian Kroner (NOK), United States Dollars (USD), \u00a0
Euro (EUR) and Australian Dollars (AUD). At year-end 2023, the Group\u2019s main currency exposure \u00a0
is related to its bond loan, Bond Escrow and royalty liability, which are denominated in USD. \u00a0
The Group has at year-end 2023 interest-bearing debt in the form of a bond loan. The Group does \u00a0
not have recurring revenues since the Group\u2019s projects are still in the development phase. The \u00a0
Group\u2019s \ufb01nancial instruments at year-end 2023 mainly consist of the bond loan, Bond Escrow, \u00a0
royalty liability, 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 settle its \ufb01nancial obligations as they fall due. \u00a0
The Group has historically 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 issued a bond loan and a convertible loan in addition \u00a0
to divesting its investment in Keliber in 2022. In 2023 the Group has issued equity and completed the \u00a0
draw down of the non-dilutive royalty \ufb01nancing, and the Engeb\u00f8 Rutile and Garnet Project is fully \ufb01nanced. \u00a0
The project \ufb01nancing comprises equity, debt and royalty \ufb01nancing. The project \ufb01nancing package is \u00a0
expected to fund all costs and expenditures to bring the Engeb\u00f8 Project into commercial production, \u00a0
including a remaining estimated project reserve of USD 25 million. While the funding is expected to be \u00a0
su\ufb03cient, the project is exposed to material cost overruns, delays and/or negative foreign exchange \u00a0
movements that could necessitate additional funding in order to bring the project to completion. \u00a0
The bond loan contains certain \ufb01nancial covenants including minimum liquidity of USD 15 million in \u00a0
ERG and a minimum equity ratio of no less than 25% at Group level. The Group was in compliance \u00a0
with the covenants at year-end. \u00a0
Payments to the royalty holder are tied to the level of gross revenue; the outstanding royalty liability \u00a0
will decrease if gross revenue decreases and conversely the outstanding royalty liability will \u00a0
increase if gross revenue increases. Hence, reduced liquidity due to reduced revenue also reduces \u00a0
the \ufb01nancial obligations due under the royalty \ufb01nancing. \u00a0
Of the Group\u2019s \ufb01nancial liabilities as at 31 December 2023 NOK 159.7 million mature within 6 \u00a0
months from balance sheet date (2022: NOK 188.1 million). \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, \u00a0
currency risk, interest rate risk and price risk from sales. Currently, the Group has no exposure to \u00a0
price risk from sale of goods, and no \ufb01nancial instruments have been entered into related to future \u00a0
expected exposures. \u00a0
(i) Interest rate risk \u00a0
The Group\u2019s interest bearing debt at year-end is at \ufb01xed interest rates and the Royalty liability is not \u00a0
exposed to changes in the market interest rate. The Group\u2019s bank deposits and the Bond Escrow \u00a0
are exposed to changes in the market interest rate. \u00a0
The Group\u2019s exposure on the result at year-end 2023 is approximately +/-NOK 17 185 thousand per \u00a0
percentage-point change in the variable market interest rate (2022: NOK 12 015 thousand). \u00a0
(ii) Currency exchange risk \u00a0
At year-end 2023, the Group\u2019s main currency exposure is related to its bond loan, Bond Escrow and \u00a0
royalty liability, wich are denominated in USD. A 10% increase or decrease in the USD currency rates \u00a0
would decrease/increase the net income and equity by approximately NOK 46.0 million at year-end. \u00a0
At year-end 2022, the Group\u2019s main currency exposure is related to its bond loan and Bond Escrow, \u00a0
both wich are denominated in USD. A 10% increase or decrease in the USD currency rates would \u00a0
increase/decrease the net income and equity by approximately NOK 4.7 million at year-end. \u00a0
The Group had no foreign exchange hedges or instruments as per year-end 2023. \u00a0
Credit risk \u00a0
Credit risk is the risk of \ufb01nancial losses if a customer or counterpart of a \ufb01nancial instrument is \u00a0
unable to meet contractual obligations. \u00a0
The Group\u2019s current business has only limited credit risk. Cash and cash equivalents and security \u00a0
deposits in banks in addition to the Bond Escrow represent a large portion of the Group\u2019s \ufb01nancial \u00a0
assets at 31 December 2023. There has been no recognized loss on trade receivables in 2023 or 2022. \u00a0
Procedures for evaluation of credit risk have only to a limited degree been introduced. However, \u00a0
discretionary evaluations are done on a case-by-case basis. Management will evaluate the \u00a0
necessity of 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 \u00a0
political risk includes the risk of not obtaining or extending the relevant governmental permits \u00a0
necessary to extract and produce minerals from these mining projects. \u00a0
The Group operates in an industry which is subject to extensive laws and regulations relevant for \u00a0
mining operations, in particular in relation to environmental and operational issues, which have \u00a0
become more stringent over time, and this development is expected to continue. Compliance with \u00a0
respect to environmental regulations, closure and other matters may involve signi\ufb01cant costs and/ \u00a0
or other liabilities. \u00a0
Failure to comply with applicable environmental laws, regulations and permitting requirements may \u00a0
result in enforcement actions including orders issued by regulatory or judicial authorities causing \u00a0
operations to cease or be curtailed and may include obligations to take corrective measures \u00a0
requiring capital expenditures, installation of additional equipment or remedial actions. There is a \u00a0
risk that the Group due to its engagement in mining and mineral processing activities will be \u00a0
required to compensate those su\ufb00ering loss or damage by reason of such activities and may incur \u00a0
civil or criminal \ufb01nes or penalties for violation of applicable laws or regulations. \u00a0
Current environmental laws, regulations and permits governing operations and activities of mining \u00a0
companies may be changed. Regulatory requirements surrounding site reclamation and remediati- \u00a0
on activities, or more stringent implementation thereof, could have a material adverse impact on the \u00a0
Group and cause increases in capital expenditures or production costs or reduction in levels of \u00a0
operational production, or require abandonment or delays in the development of new sites. There \u00a0
are no current amendments that the Group 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 \u00a0
Group\u2019s main asset, the Engeb\u00f8 Project, is expected to have the lowest greenhouse gas footprint of \u00a0
all titanium feedstock producers due to available hydroelectric power in the area and a tight \u00a0
infrastructure with minimal transportation. Nordic Mining has a target of zero greenhouse gas \u00a0
emissions at Engeb\u00f8 and has initiated the development of a Climate Strategy Plan. The Group \u00a0
considers that there is minimal risk for stranded assets. \u00a0
Fair value of \ufb01nancial instruments \u00a0
2023: \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, Bond Escrow, receivables, \u00a0
payables to suppliers, and other short-term \ufb01nancial items are close to fair value due to the short \u00a0
time period until maturity. \u00a0
For the bond loan issued in November 2022 it is assessed that the fair value at year-end was around \u00a0
95% of the nominal value of USD 100 million, based on latest quoted market price (level 2 in the fair \u00a0
value hierarchy according to IFRS 13). \u00a0
For the royalty liability drawn in November 2023 it is assessed that the fair value at year-end was the \u00a0
same as the nominal value of USD 50 million (level 3 in the fair value hierarchy according to IFRS 13). \u00a0
2022: \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, Bond Escrow, receivables, \u00a0
payables to suppliers, and other short-term \ufb01nancial items are close to fair value due to the short \u00a0
time period until 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 \u00a0
around 92% of the nominal value of USD 100 million, provided the condition of the Engeb\u00f8 Project \u00a0
being fully funded by 9 March 2023, and assuming no signi\ufb01cant change in interest rate level and \u00a0
credit spread since the completion of the transaction. \u00a0
Categories of \ufb01nancial instruments \u00a0
Year ended 31 December 2023 \u00a0
Amortized 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
904 \u00a0
904 \u00a0
Bond Escrow \u00a0
1 075 042 \u00a0
1 075 042 \u00a0
Restricted cash \u00a0
8 430 \u00a0
8 430 \u00a0
Cash and cash equivalents \u00a0
634 984 \u00a0
634 984 \u00a0
Total \ufb01nancial assets \u00a0
1 719 360 \u00a0
-
1 719 360 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
94 312 \u00a0
94 312 \u00a0
Bond loan \u00a0
902 182 \u00a0
902 182 \u00a0
Convertible loan \u00a0
-
-
-
Royalty liability \u00a0
517 574 \u00a0
517 574 \u00a0
Other current \ufb01nancial liabilities \u00a0
65 370 \u00a0
65 370 \u00a0
Total \ufb01nancial liabilities \u00a0
1 579 438 \u00a0
-
1 579 438 \u00a0
Year ended 31 December 2022 \u00a0
Amortized 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
Capital management \u00a0
The Group has historically used equity \ufb01nancing to \ufb01nance research, operations, purchase of \u00a0
licenses and other investments. In order to secure \ufb01nancing of the Engeb\u00f8 project, the Group \u00a0
issued a bond loan and a convertible loan in addition to divesting its investment in Keliber in 2022. \u00a0
In 2023 the Group has issued equity and completed the draw down of the non-dilutive royalty \u00a0
\ufb01nancing. At the date of these annual \ufb01nancial statements the Group has fully \ufb01nanced the Engeb\u00f8 \u00a0
Rutile and Garnet Project. The project \ufb01nancing comprises equity, debt and royalty \ufb01nancing. For \u00a0
more information on liquidity risk see Board of Directors\u2019 report, and for more information on the \u00a0
maturity of the bond loan debt see Note 15. The ratio of net debt (debt less cash) divided by total \u00a0
capital (net debt and equity) as of 31 December 2023 is 31% (2022: 59%). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1404": {
"value": "NOTE 21 - 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 \u00a0
and currency risk. \u00a0
Management of Nordic Mining manages the Group\u2019s \ufb01nancial risk primarily by identifying and \u00a0
evaluating potential risk areas. Management\u2019s focus is primarily on managing liquidity risk to secure \u00a0
continuing operations and \ufb01nancing of the Group\u2019s capital-intensive projects. Nordic Mining\u2019s cash \u00a0
holdings are placed in bank accounts in Norwegian Kroner (NOK), United States Dollars (USD), \u00a0
Euro (EUR) and Australian Dollars (AUD). At year-end 2023, the Group\u2019s main currency exposure \u00a0
is related to its bond loan, Bond Escrow and royalty liability, which are denominated in USD. \u00a0
The Group has at year-end 2023 interest-bearing debt in the form of a bond loan. The Group does \u00a0
not have recurring revenues since the Group\u2019s projects are still in the development phase. The \u00a0
Group\u2019s \ufb01nancial instruments at year-end 2023 mainly consist of the bond loan, Bond Escrow, \u00a0
royalty liability, 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 settle its \ufb01nancial obligations as they fall due. \u00a0
The Group has historically 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 issued a bond loan and a convertible loan in addition \u00a0
to divesting its investment in Keliber in 2022. In 2023 the Group has issued equity and completed the \u00a0
draw down of the non-dilutive royalty \ufb01nancing, and the Engeb\u00f8 Rutile and Garnet Project is fully \ufb01nanced. \u00a0
The project \ufb01nancing comprises equity, debt and royalty \ufb01nancing. The project \ufb01nancing package is \u00a0
expected to fund all costs and expenditures to bring the Engeb\u00f8 Project into commercial production, \u00a0
including a remaining estimated project reserve of USD 25 million. While the funding is expected to be \u00a0
su\ufb03cient, the project is exposed to material cost overruns, delays and/or negative foreign exchange \u00a0
movements that could necessitate additional funding in order to bring the project to completion. \u00a0
The bond loan contains certain \ufb01nancial covenants including minimum liquidity of USD 15 million in \u00a0
ERG and a minimum equity ratio of no less than 25% at Group level. The Group was in compliance \u00a0
with the covenants at year-end. \u00a0
Payments to the royalty holder are tied to the level of gross revenue; the outstanding royalty liability \u00a0
will decrease if gross revenue decreases and conversely the outstanding royalty liability will \u00a0
increase if gross revenue increases. Hence, reduced liquidity due to reduced revenue also reduces \u00a0
the \ufb01nancial obligations due under the royalty \ufb01nancing. \u00a0
Of the Group\u2019s \ufb01nancial liabilities as at 31 December 2023 NOK 159.7 million mature within 6 \u00a0
months from balance sheet date (2022: NOK 188.1 million). \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, \u00a0
currency risk, interest rate risk and price risk from sales. Currently, the Group has no exposure to \u00a0
price risk from sale of goods, and no \ufb01nancial instruments have been entered into related to future \u00a0
expected exposures. \u00a0
(i) Interest rate risk \u00a0
The Group\u2019s interest bearing debt at year-end is at \ufb01xed interest rates and the Royalty liability is not \u00a0
exposed to changes in the market interest rate. The Group\u2019s bank deposits and the Bond Escrow \u00a0
are exposed to changes in the market interest rate. \u00a0
The Group\u2019s exposure on the result at year-end 2023 is approximately +/-NOK 17 185 thousand per \u00a0
percentage-point change in the variable market interest rate (2022: NOK 12 015 thousand). \u00a0
(ii) Currency exchange risk \u00a0
At year-end 2023, the Group\u2019s main currency exposure is related to its bond loan, Bond Escrow and \u00a0
royalty liability, wich are denominated in USD. A 10% increase or decrease in the USD currency rates \u00a0
would decrease/increase the net income and equity by approximately NOK 46.0 million at year-end. \u00a0
At year-end 2022, the Group\u2019s main currency exposure is related to its bond loan and Bond Escrow, \u00a0
both wich are denominated in USD. A 10% increase or decrease in the USD currency rates would \u00a0
increase/decrease the net income and equity by approximately NOK 4.7 million at year-end. \u00a0
The Group had no foreign exchange hedges or instruments as per year-end 2023. \u00a0
Credit risk \u00a0
Credit risk is the risk of \ufb01nancial losses if a customer or counterpart of a \ufb01nancial instrument is \u00a0
unable to meet contractual obligations. \u00a0
The Group\u2019s current business has only limited credit risk. Cash and cash equivalents and security \u00a0
deposits in banks in addition to the Bond Escrow represent a large portion of the Group\u2019s \ufb01nancial \u00a0
assets at 31 December 2023. There has been no recognized loss on trade receivables in 2023 or 2022. \u00a0
Procedures for evaluation of credit risk have only to a limited degree been introduced. However, \u00a0
discretionary evaluations are done on a case-by-case basis. Management will evaluate the \u00a0
necessity of 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 \u00a0
political risk includes the risk of not obtaining or extending the relevant governmental permits \u00a0
necessary to extract and produce minerals from these mining projects. \u00a0
The Group operates in an industry which is subject to extensive laws and regulations relevant for \u00a0
mining operations, in particular in relation to environmental and operational issues, which have \u00a0
become more stringent over time, and this development is expected to continue. Compliance with \u00a0
respect to environmental regulations, closure and other matters may involve signi\ufb01cant costs and/ \u00a0
or other liabilities. \u00a0
Failure to comply with applicable environmental laws, regulations and permitting requirements may \u00a0
result in enforcement actions including orders issued by regulatory or judicial authorities causing \u00a0
operations to cease or be curtailed and may include obligations to take corrective measures \u00a0
requiring capital expenditures, installation of additional equipment or remedial actions. There is a \u00a0
risk that the Group due to its engagement in mining and mineral processing activities will be \u00a0
required to compensate those su\ufb00ering loss or damage by reason of such activities and may incur \u00a0
civil or criminal \ufb01nes or penalties for violation of applicable laws or regulations. \u00a0
Current environmental laws, regulations and permits governing operations and activities of mining \u00a0
companies may be changed. Regulatory requirements surrounding site reclamation and remediati- \u00a0
on activities, or more stringent implementation thereof, could have a material adverse impact on the \u00a0
Group and cause increases in capital expenditures or production costs or reduction in levels of \u00a0
operational production, or require abandonment or delays in the development of new sites. There \u00a0
are no current amendments that the Group 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 \u00a0
Group\u2019s main asset, the Engeb\u00f8 Project, is expected to have the lowest greenhouse gas footprint of \u00a0
all titanium feedstock producers due to available hydroelectric power in the area and a tight \u00a0
infrastructure with minimal transportation. Nordic Mining has a target of zero greenhouse gas \u00a0
emissions at Engeb\u00f8 and has initiated the development of a Climate Strategy Plan. The Group \u00a0
considers that there is minimal risk for stranded assets. \u00a0
Fair value of \ufb01nancial instruments \u00a0
2023: \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, Bond Escrow, receivables, \u00a0
payables to suppliers, and other short-term \ufb01nancial items are close to fair value due to the short \u00a0
time period until maturity. \u00a0
For the bond loan issued in November 2022 it is assessed that the fair value at year-end was around \u00a0
95% of the nominal value of USD 100 million, based on latest quoted market price (level 2 in the fair \u00a0
value hierarchy according to IFRS 13). \u00a0
For the royalty liability drawn in November 2023 it is assessed that the fair value at year-end was the \u00a0
same as the nominal value of USD 50 million (level 3 in the fair value hierarchy according to IFRS 13). \u00a0
2022: \u00a0
The carrying amounts on the balance sheet of cash and cash equivalents, Bond Escrow, receivables, \u00a0
payables to suppliers, and other short-term \ufb01nancial items are close to fair value due to the short \u00a0
time period until 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 \u00a0
around 92% of the nominal value of USD 100 million, provided the condition of the Engeb\u00f8 Project \u00a0
being fully funded by 9 March 2023, and assuming no signi\ufb01cant change in interest rate level and \u00a0
credit spread since the completion of the transaction. \u00a0
Categories of \ufb01nancial instruments \u00a0
Year ended 31 December 2023 \u00a0
Amortized 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
904 \u00a0
904 \u00a0
Bond Escrow \u00a0
1 075 042 \u00a0
1 075 042 \u00a0
Restricted cash \u00a0
8 430 \u00a0
8 430 \u00a0
Cash and cash equivalents \u00a0
634 984 \u00a0
634 984 \u00a0
Total \ufb01nancial assets \u00a0
1 719 360 \u00a0
-
1 719 360 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
94 312 \u00a0
94 312 \u00a0
Bond loan \u00a0
902 182 \u00a0
902 182 \u00a0
Convertible loan \u00a0
-
-
-
Royalty liability \u00a0
517 574 \u00a0
517 574 \u00a0
Other current \ufb01nancial liabilities \u00a0
65 370 \u00a0
65 370 \u00a0
Total \ufb01nancial liabilities \u00a0
1 579 438 \u00a0
-
1 579 438 \u00a0
Year ended 31 December 2022 \u00a0
Amortized 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
Capital management \u00a0
The Group has historically used equity \ufb01nancing to \ufb01nance research, operations, purchase of \u00a0
licenses and other investments. In order to secure \ufb01nancing of the Engeb\u00f8 project, the Group \u00a0
issued a bond loan and a convertible loan in addition to divesting its investment in Keliber in 2022. \u00a0
In 2023 the Group has issued equity and completed the draw down of the non-dilutive royalty \u00a0
\ufb01nancing. At the date of these annual \ufb01nancial statements the Group has fully \ufb01nanced the Engeb\u00f8 \u00a0
Rutile and Garnet Project. The project \ufb01nancing comprises equity, debt and royalty \ufb01nancing. For \u00a0
more information on liquidity risk see Board of Directors\u2019 report, and for more information on the \u00a0
maturity of the bond loan debt see Note 15. The ratio of net debt (debt less cash) divided by total \u00a0
capital (net debt and equity) as of 31 December 2023 is 31% (2022: 59%). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1414": {
"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, \u00a0
currency risk, interest rate risk and price risk from sales. Currently, the Group has no exposure to \u00a0
price risk from sale of goods, and no \ufb01nancial instruments have been entered into related to future \u00a0
expected exposures. \u00a0
(i) Interest rate risk \u00a0
The Group\u2019s interest bearing debt at year-end is at \ufb01xed interest rates and the Royalty liability is not \u00a0
exposed to changes in the market interest rate. The Group\u2019s bank deposits and the Bond Escrow \u00a0
are exposed to changes in the market interest rate. \u00a0
The Group\u2019s exposure on the result at year-end 2023 is approximately +/-NOK 17 185 thousand per \u00a0
percentage-point change in the variable market interest rate (2022: NOK 12 015 thousand). \u00a0
(ii) Currency exchange risk \u00a0
At year-end 2023, the Group\u2019s main currency exposure is related to its bond loan, Bond Escrow and \u00a0
royalty liability, wich are denominated in USD. A 10% increase or decrease in the USD currency rates \u00a0
would decrease/increase the net income and equity by approximately NOK 46.0 million at year-end. \u00a0
At year-end 2022, the Group\u2019s main currency exposure is related to its bond loan and Bond Escrow, \u00a0
both wich are denominated in USD. A 10% increase or decrease in the USD currency rates would \u00a0
increase/decrease the net income and equity by approximately NOK 4.7 million at year-end. \u00a0
The Group had no foreign exchange hedges or instruments as per year-end 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1408": {
"value": "Liquidity risk \u00a0
Liquidity risk is the risk that the Group will not be able to settle its \ufb01nancial obligations as they fall due. \u00a0
The Group has historically 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 issued a bond loan and a convertible loan in addition \u00a0
to divesting its investment in Keliber in 2022. In 2023 the Group has issued equity and completed the \u00a0
draw down of the non-dilutive royalty \ufb01nancing, and the Engeb\u00f8 Rutile and Garnet Project is fully \ufb01nanced. \u00a0
The project \ufb01nancing comprises equity, debt and royalty \ufb01nancing. The project \ufb01nancing package is \u00a0
expected to fund all costs and expenditures to bring the Engeb\u00f8 Project into commercial production, \u00a0
including a remaining estimated project reserve of USD 25 million. While the funding is expected to be \u00a0
su\ufb03cient, the project is exposed to material cost overruns, delays and/or negative foreign exchange \u00a0
movements that could necessitate additional funding in order to bring the project to completion. \u00a0
The bond loan contains certain \ufb01nancial covenants including minimum liquidity of USD 15 million in \u00a0
ERG and a minimum equity ratio of no less than 25% at Group level. The Group was in compliance \u00a0
with the covenants at year-end. \u00a0
Payments to the royalty holder are tied to the level of gross revenue; the outstanding royalty liability \u00a0
will decrease if gross revenue decreases and conversely the outstanding royalty liability will \u00a0
increase if gross revenue increases. Hence, reduced liquidity due to reduced revenue also reduces \u00a0
the \ufb01nancial obligations due under the royalty \ufb01nancing. \u00a0
Of the Group\u2019s \ufb01nancial liabilities as at 31 December 2023 NOK 159.7 million mature within 6 \u00a0
months from balance sheet date (2022: NOK 188.1 million). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1417": {
"value": "Credit risk \u00a0
Credit risk is the risk of \ufb01nancial losses if a customer or counterpart of a \ufb01nancial instrument is \u00a0
unable to meet contractual obligations. \u00a0
The Group\u2019s current business has only limited credit risk. Cash and cash equivalents and security \u00a0
deposits in banks in addition to the Bond Escrow represent a large portion of the Group\u2019s \ufb01nancial \u00a0
assets at 31 December 2023. There has been no recognized loss on trade receivables in 2023 or 2022. \u00a0
Procedures for evaluation of credit risk have only to a limited degree been introduced. However, \u00a0
discretionary evaluations are done on a case-by-case basis. Management will evaluate the \u00a0
necessity of implementing stricter credit evaluations on an on-going basis. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1436": {
"value": "Categories of \ufb01nancial instruments \u00a0
Year ended 31 December 2023 \u00a0
Amortized 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
904 \u00a0
904 \u00a0
Bond Escrow \u00a0
1 075 042 \u00a0
1 075 042 \u00a0
Restricted cash \u00a0
8 430 \u00a0
8 430 \u00a0
Cash and cash equivalents \u00a0
634 984 \u00a0
634 984 \u00a0
Total \ufb01nancial assets \u00a0
1 719 360 \u00a0
-
1 719 360 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
94 312 \u00a0
94 312 \u00a0
Bond loan \u00a0
902 182 \u00a0
902 182 \u00a0
Convertible loan \u00a0
-
-
-
Royalty liability \u00a0
517 574 \u00a0
517 574 \u00a0
Other current \ufb01nancial liabilities \u00a0
65 370 \u00a0
65 370 \u00a0
Total \ufb01nancial liabilities \u00a0
1 579 438 \u00a0
-
1 579 438 \u00a0
Year ended 31 December 2022 \u00a0
Amortized 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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1438": {
"value": "Categories of \ufb01nancial instruments \u00a0
Year ended 31 December 2023 \u00a0
Amortized 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
904 \u00a0
904 \u00a0
Bond Escrow \u00a0
1 075 042 \u00a0
1 075 042 \u00a0
Restricted cash \u00a0
8 430 \u00a0
8 430 \u00a0
Cash and cash equivalents \u00a0
634 984 \u00a0
634 984 \u00a0
Total \ufb01nancial assets \u00a0
1 719 360 \u00a0
-
1 719 360 \u00a0
Financial liabilities by category \u00a0
Accounts payable \u00a0
94 312 \u00a0
94 312 \u00a0
Bond loan \u00a0
902 182 \u00a0
902 182 \u00a0
Convertible loan \u00a0
-
-
-
Royalty liability \u00a0
517 574 \u00a0
517 574 \u00a0
Other current \ufb01nancial liabilities \u00a0
65 370 \u00a0
65 370 \u00a0
Total \ufb01nancial liabilities \u00a0
1 579 438 \u00a0
-
1 579 438 \u00a0
Year ended 31 December 2022 \u00a0
Amortized 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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1452": {
"value": "NOTE 22 - INVESTMENTS IN SUBSIDIARIES \u00a0
The table below provides an overview of Nordic Mining ASA\u2019s subsidiaries as at 31 December 2023: \u00a0
(Amounts in NOK thousands) \u00a0
Location Year
incorp. \u00a0
Ownership \u00a0
Engeb\u00f8 Rutile and Garnet AS \u00a0
(previous Nordic Rutile AS) \u00a0
Oslo, Norway \u00a0
2006 \u00a0
100 % \u00a0
Nordic Titanium AS \u00a0
(previous Nordic Ocean Resources AS) \u00a0
Oslo, Norway \u00a0
2011 \u00a0
100 % \u00a0
Nordic Quartz AS \u00a0
Oslo, Norway \u00a0
2011 \u00a0
100 % \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1453": {
"value": "NOTE 22 - INVESTMENTS IN SUBSIDIARIES \u00a0
The table below provides an overview of Nordic Mining ASA\u2019s subsidiaries as at 31 December 2023: \u00a0
(Amounts in NOK thousands) \u00a0
Location Year
incorp. \u00a0
Ownership \u00a0
Engeb\u00f8 Rutile and Garnet AS \u00a0
(previous Nordic Rutile AS) \u00a0
Oslo, Norway \u00a0
2006 \u00a0
100 % \u00a0
Nordic Titanium AS \u00a0
(previous Nordic Ocean Resources AS) \u00a0
Oslo, Norway \u00a0
2011 \u00a0
100 % \u00a0
Nordic Quartz AS \u00a0
Oslo, Norway \u00a0
2011 \u00a0
100 % \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1451": {
"value": "Capital management \u00a0
The Group has historically used equity \ufb01nancing to \ufb01nance research, operations, purchase of \u00a0
licenses and other investments. In order to secure \ufb01nancing of the Engeb\u00f8 project, the Group \u00a0
issued a bond loan and a convertible loan in addition to divesting its investment in Keliber in 2022. \u00a0
In 2023 the Group has issued equity and completed the draw down of the non-dilutive royalty \u00a0
\ufb01nancing. At the date of these annual \ufb01nancial statements the Group has fully \ufb01nanced the Engeb\u00f8 \u00a0
Rutile and Garnet Project. The project \ufb01nancing comprises equity, debt and royalty \ufb01nancing. For \u00a0
more information on liquidity risk see Board of Directors\u2019 report, and for more information on the \u00a0
maturity of the bond loan debt see Note 15. The ratio of net debt (debt less cash) divided by total \u00a0
capital (net debt and equity) as of 31 December 2023 is 31% (2022: 59%). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1455": {
"value": "NOTE 24 - RELATED PARTIES AND COMPENSATION OF MANAGEMENT \u00a0
Compensation to Board members and Senior Management in 2023 \u00a0
Salary \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
(Amounts in NOK thousands) \u00a0
incl. bonus \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
4 151 \u00a0
-
210 \u00a0
530 \u00a0
4 891 \u00a0
Jens Gisle Schnelle, Interim CFO1 \u00a0
414 \u00a0
-
3
-
417 \u00a0
Christian Gjerde, former CFO2 \u00a0
2 064 \u00a0
-
9
83 \u00a0
2 156 \u00a0
Kenneth N. Angedal, Managing Director Engeb\u00f8 Rutile and Garnet \u00a0
2 168 \u00a0
-
16 \u00a0
91 \u00a0
2 275 \u00a0
Mona Schanche, former VP Resource and Sustainability3 \u00a0
1 397 \u00a0
-
7
178 \u00a0
1 583 \u00a0
Maurice Kok, Commercial Director \u00a0
1 225 \u00a0
-
13 \u00a0
99 \u00a0
1 337 \u00a0
Terje Gundersen, former Project Director4 \u00a0
690 \u00a0
-
7
43 \u00a0
740 \u00a0
Ole Klevan, Nomination Committee (Chair) \u00a0
-
60 \u00a0
-
-
60 \u00a0
Brita Eilersen, Nomination committee \u00a0
-
40 \u00a0
-
-
40 \u00a0
Torger Lien, Nomination committee \u00a0
-
40 \u00a0
-
-
40 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
500 \u00a0
-
-
500 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
300 \u00a0
-
-
300 \u00a0
Eva Kaijser, Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Benedicte Nordang, Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Antony Beckmand, former Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Total \u00a0
12 109 \u00a0
1 840 \u00a0
266 \u00a0
1 025 \u00a0
15 239 \u00a0
1. Jens Gisle Schnelle joined the Company 15 October 2023. \u00a0
2. Christian Gjerde left the Company 30 September 2023. \u00a0
3. Mona Schanche left the Company on 30 June 2023. \u00a0
4. Terje Gundersen left the management group on 2 June 2023, and compensation shown in the table above is for the period up to this date. \u00a0
Compensation to Board members and Senior Management in 2022 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \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 Director1 \u00a0
521 \u00a0
-
8
40 \u00a0
568 \u00a0
Terje Gundersen, Project Director2 \u00a0
1 356 \u00a0
-
9
88 \u00a0
1 453 \u00a0
Ole Klevan, Nomination Committee (Chair) \u00a0
-
50 \u00a0
-
-
50 \u00a0
Brita Eilersen, Nomination committee \u00a0
-
30 \u00a0
-
-
30 \u00a0
Torger Lien, Nomination committee \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
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
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 of the individual \u00a0
persons in Senior Management, and what the employee contributes towards the long-term \u00a0
creation of value in Nordic Mining. \u00a0
\u2022
The Company will o\ufb00er competitive conditions to attract relevant expertise for the development \u00a0
of the Company. \u00a0
\u2022
The compensation package consists of \ufb01xed salary plus participation in an option program that \u00a0
has 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 \u00a0
establish salary levels. \u00a0
Shares owned/controlled by members of the Board and senior management and those \u00a0
related to them as of 31 December 2023 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
590 475 \u00a0
0.03 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
355 009 \u00a0
0.02 % \u00a0
Ivar S. Fossum, CEO \u00a0
2 459 230 \u00a0
0.11 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0.02 % \u00a0
Total \u00a0
3 850 536 \u00a0
0.18 % \u00a0
Shares owned/controlled by members of the Board and senior management and those \u00a0
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
Transactions with related parties \u00a0
Certain companies working for the Group, including certain EPCs, owned shares directly or \u00a0
indirectly in Nordic Mining in 2023, but as the Group has assessed that none of the companies in \u00a0
question have signi\ufb01cant in\ufb02uence over the Group, they are not considered related parties. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1458": {
"value": "NOTE 24 - RELATED PARTIES AND COMPENSATION OF MANAGEMENT \u00a0
Compensation to Board members and Senior Management in 2023 \u00a0
Salary \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
(Amounts in NOK thousands) \u00a0
incl. bonus \u00a0
member fees \u00a0
compensation \u00a0
costs \u00a0
Total \u00a0
Ivar S. Fossum, CEO \u00a0
4 151 \u00a0
-
210 \u00a0
530 \u00a0
4 891 \u00a0
Jens Gisle Schnelle, Interim CFO1 \u00a0
414 \u00a0
-
3
-
417 \u00a0
Christian Gjerde, former CFO2 \u00a0
2 064 \u00a0
-
9
83 \u00a0
2 156 \u00a0
Kenneth N. Angedal, Managing Director Engeb\u00f8 Rutile and Garnet \u00a0
2 168 \u00a0
-
16 \u00a0
91 \u00a0
2 275 \u00a0
Mona Schanche, former VP Resource and Sustainability3 \u00a0
1 397 \u00a0
-
7
178 \u00a0
1 583 \u00a0
Maurice Kok, Commercial Director \u00a0
1 225 \u00a0
-
13 \u00a0
99 \u00a0
1 337 \u00a0
Terje Gundersen, former Project Director4 \u00a0
690 \u00a0
-
7
43 \u00a0
740 \u00a0
Ole Klevan, Nomination Committee (Chair) \u00a0
-
60 \u00a0
-
-
60 \u00a0
Brita Eilersen, Nomination committee \u00a0
-
40 \u00a0
-
-
40 \u00a0
Torger Lien, Nomination committee \u00a0
-
40 \u00a0
-
-
40 \u00a0
Kjell Roland, Chair of the Board \u00a0
-
500 \u00a0
-
-
500 \u00a0
Kjell Sletsj\u00f8e, Deputy Chair of the Board \u00a0
-
300 \u00a0
-
-
300 \u00a0
Eva Kaijser, Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Benedicte Nordang, Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Antony Beckmand, former Board member \u00a0
-
300 \u00a0
-
-
300 \u00a0
Total \u00a0
12 109 \u00a0
1 840 \u00a0
266 \u00a0
1 025 \u00a0
15 239 \u00a0
1. Jens Gisle Schnelle joined the Company 15 October 2023. \u00a0
2. Christian Gjerde left the Company 30 September 2023. \u00a0
3. Mona Schanche left the Company on 30 June 2023. \u00a0
4. Terje Gundersen left the management group on 2 June 2023, and compensation shown in the table above is for the period up to this date. \u00a0
Compensation to Board members and Senior Management in 2022 \u00a0
Board \u00a0
Other \u00a0
Pension \u00a0
(Amounts in NOK thousands) \u00a0
Salary \u00a0
member fees \u00a0
compensation \u00a0
costs \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 Director1 \u00a0
521 \u00a0
-
8
40 \u00a0
568 \u00a0
Terje Gundersen, Project Director2 \u00a0
1 356 \u00a0
-
9
88 \u00a0
1 453 \u00a0
Ole Klevan, Nomination Committee (Chair) \u00a0
-
50 \u00a0
-
-
50 \u00a0
Brita Eilersen, Nomination committee \u00a0
-
30 \u00a0
-
-
30 \u00a0
Torger Lien, Nomination committee \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
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
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 of the individual \u00a0
persons in Senior Management, and what the employee contributes towards the long-term \u00a0
creation of value in Nordic Mining. \u00a0
\u2022
The Company will o\ufb00er competitive conditions to attract relevant expertise for the development \u00a0
of the Company. \u00a0
\u2022
The compensation package consists of \ufb01xed salary plus participation in an option program that \u00a0
has 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 \u00a0
establish salary levels. \u00a0
Shares owned/controlled by members of the Board and senior management and those \u00a0
related to them as of 31 December 2023 \u00a0
Name \u00a0
No of shares \u00a0
% owned \u00a0
Kjell Roland, Chairman of the Board \u00a0
590 475 \u00a0
0.03 % \u00a0
Kjell Sletsj\u00f8e, Board member \u00a0
355 009 \u00a0
0.02 % \u00a0
Ivar S. Fossum, CEO \u00a0
2 459 230 \u00a0
0.11 % \u00a0
Kenneth N. Angedal, Operations Director \u00a0
445 822 \u00a0
0.02 % \u00a0
Total \u00a0
3 850 536 \u00a0
0.18 % \u00a0
Shares owned/controlled by members of the Board and senior management and those \u00a0
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
Transactions with related parties \u00a0
Certain companies working for the Group, including certain EPCs, owned shares directly or \u00a0
indirectly in Nordic Mining in 2023, but as the Group has assessed that none of the companies in \u00a0
question have signi\ufb01cant in\ufb02uence over the Group, they are not considered related parties. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1484": {
"value": "NOTE 29 - EVENTS AFTER BALANCE SHEET DATE \u00a0
In January 2024 the Oslo District Court has ruled in favor of the Norwegian state in the case where \u00a0
the environmental NGO\u2019s Naturvernforbundet and Natur og Ungdom summoned the state claiming \u00a0
that the disposal permit and the discharge permit for the Engeb\u00f8 rutile and garnet project are null \u00a0
and void. The court con\ufb01rms that the disposal permit and the discharge permit are valid. In February \u00a0
2024 the NGO\u2019s appealed part of the claim to the Borgating Court of Appeal. \u00a0
In March 2024 Nordic Mining ASA completed a reverse share split in the ratio 20:1, so that 20 shares \u00a0
were consolidated into 1 share. Upon completion of the reverse split the share capital of the Company \u00a0
amounts to NOK 1,300,938,396 divided on 108,411,533 shares of a nominal value of NOK 12. \u00a0
In March 2024, the Norwegian Supreme Court ruled in favor of ERG in the case brought by Arctic \u00a0
Mineral Resources (\u201d\u201dAMR\u201d\u201d). The court also ruled that AMR shall pay all legal expenses. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1479": {
"value": "NOTE 27 - 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 \u00a0
to i.a. license payments, payment of prospectus/\ufb01nancial authority fees, R&D projects grants, etc. \u00a0
Estimated total payment from the Group to various Norwegian governmental institutions was NOK \u00a0
0.6 million in 2023 (2022: NOK 0.6 million). Estimated total payment to the Group from various \u00a0
Norwegian governmental institutions was NOK 0 million in 2023 (2022: NOK 0 million). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1481": {
"value": "NOTE 28 - 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 \u00a0
million that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has \u00a0
been recognized as per 31 December 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1482": {
"value": "NOTE 28 - 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 \u00a0
million that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has \u00a0
been recognized as per 31 December 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1483": {
"value": "NOTE 28 - 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 \u00a0
million that will be paid if and when commercial operation commences at Engeb\u00f8. No liability has \u00a0
been recognized as per 31 December 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1056": {
"value": "Nordic Mining ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1057": {
"value": "Nordic Mining ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1058": {
"value": "Munkedamsveien 45 A NO-0250 Oslo",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1060": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1061": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact1062": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXFVKO54",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}