NORDIC MINING ASA: PRIVATE PLACEMENT

03 Mar 2023 12:11 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 2 March 2023 regarding the private placement (the
"Private Placement"), the conversion of convertible loan (the "Convertible
Loan") and the proposed subsequent offering (the "Subsequent Offering").

The extraordinary general meeting and a board meeting in the Company have today
approved the Private Placement of 1,566,666,667 new shares (the "New Shares"),
at a subscription price per New Share of NOK 0.60 with gross proceeds of NOK 940
million.

The minutes from the general meeting in Norwegian and English are attached.

The Convertible Loan is converted as a consequence of the Private Placement. The
Convertible Loan  with accrued interests, in total NOK 139,621,875, is converted
at the same subscription price as in the Private Placement, i.e. NOK 0.60 per
share. Fjordavegen Holding will receive 232,703,125  new shares in the Company
at a subscription price per share of NOK 0.60 ("Convertible Loan Shares").

Following registration of the New Shares pertaining to the Private Placement and
the Convertible Loan Shares, the Company will have a share capital of NOK
1,219,011,938.40 divided into 2,031,686,564 shares, each with a par value of NOK
0.60.

For further information related to settlement of the New Shares and the
Convertible Loan Shares, please see the stock exchange release 2 March 2023.
Further information about the Subsequent Offering will be given in a separate
stock exchange notice.

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

Oslo, 3 March 2023
Nordic Mining AS

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".

More information:
Access the news on Oslo Bors NewsWeb site

584236_230303_Protokoll_EGF_NOM_Vedlegg.pdf
584236_230303_Minutes_EGM_NOM.pdf
584236_Release.pdf