Nordic Mining ASA: Binding garnet Offtake Agreement with leading international distributor of industrial abrasives

16 Jan 2023 08:00 CET

Nordic Mining ASA ("Nordic Mining" or the "Company") is pleased to announce that
the Company, through its wholly-owned subsidiary Nordic Rutile AS, today has
entered into a globally exclusive offtake agreement for the full planned garnet
production from Engebø for the first 5 years of production ("Offtake
Agreement").

The Offtake Agreement is for the supply and delivery of minimum total of 762,500
metric tonnes of garnet concentrate in the 5-year contract period, up to a total
of 785,000 metric tonnes, which is the full planned garnet production the first
5-years. The consideration will be based on a pre-agreed price schedule for the
5-year period.

Nordic Mining has through this Offtake Agreement secured, together with the
rutile offtake agreements announced earlier, committed sales for up to the full
production of both rutile and garnet from Engebø for the first 5 years of
production, all with highly reputable buyers.

In addition to materially de-risk the market side, Nordic Rutile will with the
three offtake agreements in place satisfy the offtake related conditions in the
company's financing areements.

Further to the initial Offtake Agreement, the parties shall discuss extension of
the cooperation, comprising for example joint marketing, sales, and distribution
of garnet from the Engebø Rutile and Garnet Project.

The agreement is inter alia subject to certain conditions precedent.

For further information, please contact CEO Ivar S. Fossum, telephone +47 930
96 850 or CFO Christian Gjerde, telephone +47 980 60 909.

Oslo, 16 January 2023
Nordic Mining AS

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

Nordic Mining ASA (www.nordicmining.com)

Nordic Mining ASA ("Nordic Mining" or the "Company") is a resource company with
focus on high-end industrial minerals and metals. The Company's project
portfolio is of high international standard and holds significant economic
potential. The Company's assets are in the Nordic region.

Nordic Mining is undertaking a large-scale project development at Engebø on the
west coast of Norway where the Company has rights and permits to a substantial
eclogite deposit with rutile and garnet. In addition, Nordic Mining holds
interests in other initiatives at various stages of development. This includes
patented rights for a new technology for production of alumina and exploration
of seabed minerals.

Nordic Mining is listed on Euronext Expand Oslo with ticker symbol "NOM".

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