Nordic Mining ASA

Share Issue/Capital Change • Mar 3, 2023

NORDIC MINING ASA: PRIVATE PLACEMENT

NORDIC MINING ASA: PRIVATE PLACEMENT

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".