Thank you for the journey – A final farewell from Cemonite

The management and Board of Cemonite have worked hard to try to secure additional financing to further grow and industrialize the Company and have explored every reasonable alternative to continue the Company’s operations. Sadly it has not been possible to find a solution in what are very challenging external conditions. Consequently, and despite these efforts, the Company can no longer meet its financial obligations as they fall due, and the Board has therefore been legally obliged to file for bankruptcy. Our priority now is to ensure our employees and other stakeholders receive the correct information and support during this process.

Ever since its inception, Cemonite has had one goal in mind: To revolutionize the construction industry with sustainable solutions. Since 2019, we have been developing technology that can turn mining waste into valuable and sustainable building materials. Today, this technology is no longer just an idea and has produced construction materials that have been tested and verified. We have built a cutting-edge pilot factory and developed several products for the market. We have clearly demonstrated that we can reduce waste whilst also delivering more sustainable products. For Norway, this means new value chains, new export opportunities as well as a more sustainable mining and building & construction industry. It was not just a technology project but had very real benefits for society.

Despite maturing technology, a clear need in industry, and a new mining law that in practice cries out for solutions like ours, we were unable to attract new financing to further grow and industrialize the company. This also makes it impossible for us to continue operations. It is with a heavy heart that we now must inform you that Cemonite can no longer meet its financial obligations as they fall due, and the board of Cemonite has therefore been legally obliged to file for bankruptcy.

To us it appears that sustainability, risk appetite and capital needs are no longer an investor's hot trio and could be construed to be closer to a deadly combo. “Green” industries and long-term perspectives no longer seem to be in the wind, and that is alarming. Because while the world is crying out for more sustainable solutions, large parts of industry seem trapped in old mindsets, slow processes and fear of moving away from what they know.

We simply must pick up the pace. The future will not be shaped by those who sit on the fence and wait for "the right signals", "more data" or "others who go first". We must rethink our approach, question routines, and act when it truly matters. The right choice of materials is essential to reduce CO₂ emissions, especially when it comes to cement. At the same time, we must speed up the development of alternative solutions and recycling methods for large scale solid waste management, such as mining and industrial waste.

Our message to the concrete industry, the mining industry, the building and construction industry and not least to government bodies: There are massive opportunities to improve how you support and facilitate initiatives that may not deliver in the near term but are key to long term success. Try to be generous, open and willing to accept some failures on the way.A success rarely teaches you why it went well, but a failure can tell you exactly what needs to be fixed for next time.

Finally, we would like to thank all the investors, partners and supporters who have cheered us on. An extra big thank you goes to our fantastic employees who have worked hard until the end. The world still needs the solutions we have been working on, and even though Cemonite may not continue to lead the way, we are sure that there are many more who will take the baton forward.

Thank you.

Cem, cem, but different

The Cemonite Team