Summons to Extraordinary General Meeting - Contemplated Private Placement

02 Feb 2023 08:00 CET

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES (OR ANY OTHER
JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL). THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

Reference is made to Nordic Mining ASA's ("Nordic Mining" or the "Company")
stock exchange release on 27 October 2022 regarding the financing of the Engebø
Rutile and Garnet Project ("Engebø Project").

Financing status:

Nordic Mining has successfully secured around USD 211 million in financing for
the Engebø Project, including around USD 19 million in equity from strategic
rutile offtake partner Iwatani Corporation, USD 55 million investment
conditionally agreed from leading mining investment firm Orion Resource
Partners, USD 90 million in a senior secured bond that was successfully raised
in November 2022, from an extensive list of domestic and international long-only
credit funds and mining specialists, and around USD 47 million from the sale of
the shares in Keliber Oy. This covers around 76% of the full project financing
package of USD 277 million, which will include both a contingency of around USD
25 million and a project reserve of USD 30 million.

Nordic Mining has after the above-mentioned financing entered into a binding
garnet offtake agreement with a leading distributor of industrial abrasives,
securing  the committed sale of up to all minerals for the first 5 years of
production, materially de-risking the market risk and satisfying all offtake
conditions related to the financing agreements for the Engebø Project. For more
information, see press release dated 16 January 2023.

In order to fully finance the Project, and satisfy relevant financing
conditions, Nordic Mining aim to raise the remaining USD 66 million (or more) in
equity.

Remaining Equity Raise - Private Placement:

Nordic Mining has since providing the latest funding update in connection with
the 3Q results on 8[ ]November 2022, actively engaged in discussions with
industrial, dedicated natural resources funds, and other potential equity
investors.

The Company has received positive feedback and will over the coming weeks engage
more closely with existing and new financial investors to define the specific
terms of a contemplated Private Placement of the NOK equivalent of USD 66
million.

For further information, please contact Clarksons Securities (+47 220 16 301) or
SpareBank 1 Markets (+47 241 47 470) (the «Joint Lead Managers»).

Investor presentation:

For more information, see the attached updated company presentation.

Extraordinary General Meeting:

The Board of Directors has today resolved to call for a Extraordinary General
Meeting to be held on Friday 3 March 2023 at 10.00 hours (CET) to approve the
Private Placement. The general meeting will be held as a virtual general
meeting, where shareholders will be able to participate electronically via PC,
phone, or tablet. The summons to the Extraordinary General Meeting (in Norwegian
and English) with the agenda and information related to the items on the agenda
are enclosed with this notice. The Company intends, subject to completion and
the final terms of the Private Placement and equal treatment considerations and
other considerations, to propose a subsequent repair offering (subsequent
offering) of new shares at the subscription price in the Private Placement.

For further information, please contact CFO Christian Gjerde, telephone +47 980
60 909.

Oslo, 2 February 2023
Nordic Mining ASA

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. 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".

More information:
Access the news on Oslo Bors NewsWeb site

581208_Release.pdf
581208_Guide_for_online_deltakelse_Nordic_Mining_ASA_3_mars_2023.pdf
581208_Guide_for_online_participation_Nordic_Mining_ASA_3_March_2023.pdf
581208_Innkalling_og_Pameldingsblankett_EGF_Nordic_Mining_2023.pdf
581208_Investor_presentation_Nordic_Mining_ASA_February_2023.pdf
581208_Summons_and_Notice_of_Attendance_EGM_Nordic_Mining_2023.pdf