Nordic Mining ASA

Investor Presentation • Mar 27, 2023

Minerals for a sustainable future

Investor Webinar – Engebø Rutile and Garnet 27 March 2023

Disclaimer

IMPORTANT NOTICE

This extended company presentation (the "Presentation") has been prepared by Nordic Mining ASA ("Nordic Mining" or the "Company") with the assistance of Clarksons Securities AS and SpareBank 1 Markets AS (the "Financial Advisors"), solely for use at the Nordic Mining's webinar for Engebø Rutile and Garnet. The Presentation does not in any way constitute an offer to purchase shares in the Company.

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The information contained in this Presentation is solely based on information provided by the Company and its subsidiaries, including Nordic Rutile AS (the "Group"). The information in this Presentation has not been verified by the Financial Advisors. None of the Financial Advisors, the Group or subsidiary undertakings or affiliates, or any directors, officers, employees, advisors or representatives of any of the aforementioned (collectively the "Representatives") make any representation or warranty (express or implied) whatsoever as to the accuracy, completeness or sufficiency of any information contained herein, and nothing contained in this Presentation is or can be relied upon as a promise or representation by the Financial Advisors, the Group or any of their Representatives.

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FORWARD LOOKING STATEMENTS

This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Group and the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Financial Advisor or the Group or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. None of the Financial Advisors, the Group or any of their Representatives provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments. CONFLICT OF INTEREST

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INFORMATION AS TO THE UNITED STATES

Any potential future offer of securities in the Company will be offered and sold in the United States only to QIBs and outside the United States to persons other than U.S. persons or non-U.S. purchasers in reliance upon Regulation S. The shares of the Company have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") or with any securities regulatory authority of any state or jurisdiction of the United States and may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States unless registered under the Securities Act or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act or in compliance with any applicable securities laws of any state or jurisdiction of the United States. There will be no public offering of the securities of the Company in the United States. In the United States, these materials are directed only at persons reasonably believed to be "qualified institutional buyers" ("QIB") as defined under the Securities Act. Any person who is not a Relevant Person or QIB should not accept these materials, not act or rely on these materials. These materials are not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local laws or regulations. The Company does not accept any liability to any person in relation to the distribution or possession of these materials in or from any jurisdiction.

GOVERNING LAW AND JURISDICTION

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

Management with complementary skillset and extensive mining experience

Ivar S. Fossum | Chief Executive Officer

• 16 years' with Nordic Mining (since founding)
• 20 years experience from management positions in Hydro and FMC Technologies
• MSc in Mechanical Engineering from NTNU, Trondheim, Norway

Christian Gjerde | Chief Financial Officer

• With the company since August 2020
• 14 years' experience from management positions in NorgesGruppen ASA, Telenor ASA, and Yara International ASA. Experience from large-scale mining projects and operations in Brazil, Canada, Ethiopia and Finland
• Master of Professional Accounting from Griffith University, Queensland, Australia

Mona Schanche | VP Resource and Sustainability

• 14 years' with Nordic Mining
• Previous experience as a Geologist for Titania AS (Kronos Group) and various exploration and mine development projects
• MSc in Resource Geology from NTNU, Trondheim, Norway

• With the company since February 2022
• Extensive experience as Project Director executing large scale oil and gas and infrastructure projects for Aibel and Sweco
• MSc in Industrial Economics from the University of Stavanger, Norway

Kenneth Nakken Angedal | Operations Director, Engebø

• With the company since August 2018
• Broad management and project coordination experience from various management positions in the ABB Group
• Bachelor of Automation Technology, Control Engineering from the Wester Norway University of Applied Science

Maurice Kok | Commercial Director

• Assumed position in August 2022
• Broad experience from sales and marketing of alloys and mineral products from Elkem, Tizir/Eramet and Kalbar Operations
• MSc in Business Administration from Erasmus University, Rotterdam, the Netherlands

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Building a Norwegian sustainable industrial company to deliver critical minerals

High-quality asset under construction with low cost and industry-leading ESG profile

Engebø Rutile and Garnet project in Norway to produce for 40 years

Strong political drive in the EU and Western world to increase mineral production in Europe

EU has released a new Critical Raw Materials Act (March-23) with ambitious goals for regulation, permitting and production

Broad push from Norwegian industry, politicians and local communities for the sector – Engebø project will create more than 250 jobs¹

The Confederation of Norwegian Enterprise (NHO), Confederation of Trade Unions (LO), and the Norwegian Mineral Industry and Confederation

Nordic Mining is becoming a leading mineral producer by developing a sustainable value chain to deliver critical minerals to Europe and international markets

Sustainability at the core of our business

ESG Policy anchored in UN's SD Goals and the Towards Sustainable Mining framework

Fully financed and in construction on track for production in 2024

Minerals for a sustainable future

World class high-grade rutile resources secures long term strategic supply position

Compared with major operational and planned rutile resources (MI)

Major Rutile Resources

Indicative rutile grades (TiO² ) for current producers and planned projects (MI&I)

West Balranald, Australia		3.68%
Engebø, Norway		3.27%
Vilnohirsk, Ukraine	1.50%
Akonolinga, Cameroon	1.15%
Sembehun, Sierra Leone	1.09%
Kasiya, Malawi	1.01%
WIM150, Australia	0.45%
Atlas-Campaspe, Australia	0.38%
Donald, Australia	0.37%
Mission, USA	0.36%
Port Durnford, South Africa	0.24%
Dongara, Australia	0.23%
Kwale; Kenya	0.22%
Boonanarring, Australia	0.21%
Cataby, Australia	0.17%
RBM, South Africa	0.16%
Namakwa, South Africa	0.11%
Jacinth Ambrosia, Australia	0.10%
Fairbreeze, South Africa	0.07%
Ranobe, Madagascar	0.04%
Grande Cote, Senegal	0.04%

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Engebø Rutile and Garnet

Supplying critical industrial minerals - mitigating supply chain risk

• Titanium is one of the most versatile elements with broad applications in multiple value chains - rutile is the cleanest and purest form of TiO² and the only feedstock that can be used directly in production of pigment and metal
• No rutile production in Europe apart from Ukraine- 66% production stem from Sierra Leone, South Africa, China and Kenya
• Attractively positioned with resource depletion in Australia, Africa and CIS driving a long-term supply deficit

Nordic Mining is strategically positioned in the growing USD 17bn TiO² market

• Garnet is the only viable mineral for industrial waterjet cutting – solid demand growth expected for the next decade

• China and South Africa accounts for 48% of supply, no production in Europe
• NOM is attractively positioned with favorable logistics from Engebø to Europe and US – the largest markets for garnet dependent on significant imports

Nordic Mining will be the first producer of high-quality garnet in Europe

Positive pricing dynamics to continue due to structural supply-demand deficit

Rutile

• Supply has been decreasing steadily over the last few years due to several large resources have depleted since 2017 and in the next 5 years more assets are expected to deplete
• The existing pipeline of upcoming projects will not bring notable new production to the market until 2026 at the earliest
• End-market demand fundamentals for rutile-pigment (paints and coatings), metal (aerospace, defense, industry), and welding (shipbuilding and infrastructure), expected to show continued growth in the future
• Demand is expected to increase over the next five years, while supply is expected to remain relatively flat after including likely new supply creating a significant supply deficit ahead

• Natural rutile is expected to continue to benefit from positive pricing dynamics for the next 5-10 years due to the supply-demand deficit
• Global price reflects global average FOB price. Negotiated prices may vary based on freight costs incurred by customer, with final prices determined by negotiations
• Reported bulk natural rutile prices in Q4-2022 have been around USD 1,550/mt FOB and above, with main producers expecting prices to soften marginally in Q1-2023

Demand growth combined with limited new supply drives higher prices

Garnet

• Demand growth to be driven by GDP growth and construction activities
• Waterjet cutting is expected to be the main demand driver
• Limited additional garnet supply over the next years solid demand growth expected
• Garnet to benefit from projected boost in infrastructure spending and increased adoption of waterjet cutting (driving the application)
• US and Europe largest markets (reliant on significant imports from China, Australia and South Africa) with Engebø the only European producer
• Garnet prices vary according to the source location, hard-rock versus alluvial, coarseness, bulk or container freight, distribution charges, packaging, volume discounts, or penalties
• Garnet prices are expected to increase due to strong demand growth in combination with limited new supply
• Demand for demand for high quality garnet in both waterjet cutting and abrasive blasting has been reported to be strong and steady in 2022

Source: Source: TZMI. 1: The chart reflects the surplus/deficit position in a given year, and does not take into consideration stocks build/drawdown from previous years. - Output from possible new projects are probability weighted.

Long-term offtake agreements for full production of rutile and garnet secured

• ∼USD 2.5bln MCAP

Pyrite sale will reduce chemicals in tailings

• Memorandum of Understanding with Green Trail Holding Ltd, a trading company with over 30 years of experience, for offtake of pyrite
• Pyrite is a mineral that is present in the Engebø Eclogite-ore and that will be separated in the process of purifying the rutile concentrate
• Pyrite is used as raw material in a wide range of industrial applications such as the glass and paper industry, batteries, water treatment, chemical processes, etc.
• Production and sale of pyrite from Engebø can result in significant reduction of chemical in tailings
• Process plant design already allows for pyrite as a separate mineral concentrate stream, with minimum additional infrastructure requirements
• Possible production and sales of up to 8 ,000 tonnes pyrite concentrate p.a. with current market prices around USD 150-200/mt FOB.

Pyrite High-density rock

• In order to mine for minerals, high-density rock is removed
• High-density rock has several applications and is currently being used in:
  • Scour protection offshore wind turbines
  • Cover material offshore cables and pipes
  • Coastal protection
  • Concrete
  • Road construction
• Start laboratory test program
• Volume targets, ~1 million tonnes annually, possibly from 2025

Engebø Rutile and Garnet

Location and topography offers efficient design and solutions

Engebø Deposit Compact and simple infrastructure reduces risk and capex

• Optimized mine access and pushback design
• Improved ore logistics from mine to process plant
• Overall mass flow supported by gravity from mine to ship
• Mineral separation by proven gravimetric, magnetic and electrostatic technologies

39 years mine-life with rapid ramp-up of production

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45.44% Garnet

Plant feed grade 3.69% TiO²

Life 18 years

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44.49% Garnet

Plant feed grade 3.85% TiO²

Life 15 years

Integrated owners' team ensures control and reduces execution risk

1) Mine Construction Manger to be appointed to support Project Director and Operations Director in managing owners' team in construction and preparation for operation.

Lump-sum EPC agreements reduce execution and cost overrun risk

Engebø operations team expanding with new resources and ongoing recruitments

17 years of development, positioned for 40 years production

2006: Acquired rights to the Engebø deposit

Project initiated Studies, regulatory, permits and stakeholders Construction and long-term value-creation

2009: Scoping Study completed

2015: Zoning plan and environmental permits granted

• 2016: Resource Estimation completed
• 2017: Prefeasibility study completed
• 2020: Defined Feasibility Study ("DFS") completed
• 2021: Updated DFS ("UDFS") with improved - economics and ESG footprint

2022: Final approval of Operational License

Defining project and securing regulatory and environmental permits under some of the strictest standards globally

2006 2007 – 2022 2022 and onwards

2022: Keliber stake sold for EUR 46.9 million

2022: Royalty Agreement with Orion Resource Partners

2022: New USD 100 million senior secure bond issued

2022: Nordic Mining wins over AMR in the appeal court - - - (won in two instances with expenses)

• 2022: Full production of rutile and garnet sold for the first - 5 years
• 2023: Private placement of USD 90 million to secure - remining equity project financing

Engebø fully financed up to start of production with USD 277 million, including contingency and reserves of USD 55m

EPC contracts fully activated, on track to start production in 2024

Detail Engineering and Procurement

Detail Engineering and/or Construction at site

Blasting of bypass tunnel and preparation for raise-bore drilling of vertical ore shaft

First walls on administration building being raised

Lower process plant area being finalized

Source:

Access road up to mining service area being finalized

Preparation for raise-bore drilling of vertical ore shaft on top of Engebø

Source:

Engebø Rutile and Garnet

Detail Engineering on process plant ongoing with EPC 2-4

Long lead technology packages secured with leading sustainable suppliers

Mechanical Process Equipment

Metso contract statement

Metso Outotec will be the main technology provider for comminution circuit for Engebø Rutile and Garnet, which delivery includes the crushers as part of the lump-sum EPC contract with Nordic Bulk AS

"The combination of Metso Outotec's Planet Positive equipment is exceptional in this project. By utilizing our PremierTM Rod mill and VertimillTM for primary and secondary grinding, as well as our UltraFineTM Screens for classification, this solution not only provides excellent energy efficiency but also superior sharpness of product particle size distribution. This will maximize the liberation and minimize losses in fines," says Christoph Hoetzel, Senior Vice President, Grinding at Metso Outotec.

~55% of technology packages of USD 30 million with agreed price and delivery¹ Detail Engineering ongoing on all long lead technology packages

Package ID	Package name	Procurement status
PM017	Supply Slimes Thickener	Full proposals received
PM018	Supply Spiral Concentrators	Letter of Intent (Price and delivery agreed)
PM019	Supply WHIMS	Letter of Intent (Price and delivery agreed)
PM020	Supply HTRS	Letter of Intent (Detail Engineering ongoing)
PM021	Supply Rare Earth Magnetic Separators	Letter of Intent (Price and delivery agreed)
PM022	Supply RER Magnetic Separators	Letter of Intent (Price and delivery agreed)
PM023	Supply Up-Current Classifier	Letter of Intent (Detail Engineering ongoing)
PM029	Supply Hydro cyclones	Letter of Intent (Detail Engineering ongoing)
PM033	Supply Floatation Banks	Letter of Intent (Price and delivery agreed)
PM035	Supply Horizontal Vacuum Belt Filters	Letter of Intent (Price and delivery agreed)
PM036	Supply Electric Dryers	Letter of Intent (Detail Engineering ongoing)
PM039	Samplers	RFQ2 issued
PM040	Dry Stream Analyzer	RFQ2 issued
PM041	Mineral Quantifier	RFQ2 issued
PM056	Supply Low Intensity Magnetic Separators	Letter of Intent (Detail Engineering ongoing)
PM057	Supply Cone Settler	Full proposals received
PM060	Supply Desalination Plant	Full proposals received

Engebø Rutile and Garnet

World's most climate friendly titanium feedstock

Fully permitted, well-proven tailings solutions

• Seabed Tailing Disposal 'STD' is a well-proven solution with 5 operative and several historical STDs in Norway
• STD has been fully permitted by Norwegian environmental authorities for the Project based on extensive environmental impact assessments
• Tailings is discharged at 300m depth in a confined deep fjord basin comprising 5% of total fjord seabed
• Effects are mainly related to smothering of bottom dwelling organisms
• There is low risk of effects on spawning grounds, red listed species, fisheries and fish farms

Seabed Tailings Disposal "STD" Design measures to reduce risk

• Tailings is conditioned by seawater to increase density of the discharge plume and allow for efficient sedimentation
• The System is designed to avoid air entrainment and updrift
• The discharge arrangement is flexible to ensure optimal positioning of tailings pipe
• Flocculation ensures high sedimentation rates
• Comprehensive 'state of the art' monitoring system will be implemented
• Recolonization of the STD is expected within few years after closure

Engebø Rutile and Garnet

Taking action for biodiversity

Environmentally responsible

• As a response to the United Nation's goal to stop loss of biodiversity, Nordic Mining has adopted a goal of net biodiversity gain over the life of mine for the Engebø project
• To achieve this, a Biodiversity Action Plan is under development with DNV and Asplan Viak
• Obtain net gain by avoiding, minimizing, restoring and compensating loss
• Comprehensive mapping of biodiversity completed
• Work started to enhance biodiversity during the construction phase
• Plan for progressive restoration of mine and waste facilities during operation
• Compensate/offset loss of biodiversity in the region in collaboration with local communities

Engebø will report according to TSM from day one

Revenue supported take-or-pay offtake agreements for all production first 5 years

1) Forecasted realized sales prices for rutile based on forecasts from TZMI, including any corrections for rutile offtake agreements, and for garnet pre-agreed price schedule, up to 2029, and after offtake agreements forecasts from TiPMC and Peter Harben Inc. (real 2023 USD), 2) EBITDA assumes USDNOK of 9.96 and accounts for 11% of revenue being paid as royalty to Orion

Low operational cash-cost ensures high margins and…

1) Forecasted realized sales prices for rutile based on forecasts from TZMI, including any corrections for rutile offtake agreements, and for garnet pre-agreed price schedule, up to 2029, and after offtake agreements forecasts from TiPMC and Peter Harben Inc. (real 2023 USD), 2) Mining cash cost excludes ore to stockpile

…1st quartile industry Revenue to Cash Cost position

Comments

• Industry curve indicates ratio of revenue to cash cost (R/C Ratio), e.g., ratio of 2 = 50% EBITDA margin
• The Engebø Rutile and Garnet Project is a dual mineral project and a regular cost curve comparing single mineral producers will be inaccurate
• Engebø Project is positioned to the left in the market, indicating very robust profitability

TZMI's projected industry curve in 2024 (2021 UDFS)

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Strong EBITDA numbers and low sustaining CAPEX for attractive cash flow to firm

• Average annual EBITDA initial 5 years post ramp-up is USD 57m
• Pre-production operating costs are capitalized and accounted in CAPEX plan
• EBITDA accounts for 11% of revenue being paid as royalty to Orion
• Sustaining CAPEX includes capitalized waste rock and developments
• Project contingencies, on top of the EPCs contingencies, represent 14% of the remaining development capital
• Development capital in 2025 consist mainly of a contingent payment to ConocoPhillips of NOK 40m
• Low sustaining capital due to simple processing technology and orebody with minimal overburden and low strip ratio

Forecast for material cash flow generation and shareholder distributions

Potential for strong cash flow generation (cumulative unlevered)¹²

1) Forecasted realized sales for rutile based on price forecasts from TZMI, including any corrections for rutile offtake agreements, and for garnet pre-agreed price schedule, up to 2029, and after offtake agreements forecasts from TiPMC and Peter Harben Inc. (real 2023 USD), 2) Free cash flow takes into account royalty payment and cost but excludes Nordic Bond facility

Fully financed with construction on track for production in 2024

5-year offtake agreements for full production of rutile and garnet

Industry-leading ESG profile, minerals producer for the next 40 years

Attractive economics and significant revenue and cash flow generation

SAFETY - ENVIRONMENT - INNOVATION

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