Nordic Mining ASA

Investor Presentation • Feb 7, 2023

Minerals for a sustainable future

Q4 2022 presentation

07 February 2023

This document has been used by Nordic Mining during an oral presentation. Therefore, this document is incomplete without the oral explanations, comments and supporting instruments that were submitted during the referred presentation. To the extent permitted by law, no representation or warranty is given, express or implied, as to the accuracy of the information contained in this document.

Some of the statements made in this document contain forward-looking statements. To the extent permitted by law, no representation or warranty is given, and nothing in this document or any other information made available during the oral presentation should be relied upon as a promise or representation as to the future condition of Nordic Mining's business.

1. Introduction

• 1. Engebø Rutile and Garnet
• 1. Financial update Q4-2022

3

1. Q & A

Q4 2022 Highlights

• Over 75% of project financing for the Engebø Project secured • Summons for extraordinary general assembly 3 February: Proposed private placement of USD 66 million to secure the remaining financing
Groundworks progressing ahead of schedule • Underground infrastructure works ongoing •
Offtake secured for full production the first 5 years, representing • approximately USD 400 million in gross revenue Rutile demand remained firm during Q4 2022 •
Recruitment of key discipline managers is ongoing • Positive response from advertisements •

5

1. Introduction

2. Engebø Rutile and Garnet

1. Financial update Q4-2022

2. Q & A

Health & Safety

Key Performance indicator	Q4	Year to date	Target
Lost time injuries (1/1 million working hours)	0	0	<2,5*
Total recordable injuries (1/1 million working hours)	0	0	<8,8*
High potential incidents*²	1	1	0
Low potential incidents*²	14	44	-

HSE status

• No injuries in Q4 and 2022
• Focus on correct use of protective equipment
• Several risk workshop and reviews is carried out
• Approx. 40 000 hours worked by contractors for 2022
• Preparation for increased activity on site with multiple EPCs
• Health & Safety related to tunneling has high focus

Incidents

▪ None

* ) Source: The Federation of Norwegian Industries *² ) Health, Safety and Security reported Non-Conformance

Groundworks on western part of process area close to ready for civil works

Access road to mine service area ~70 % completed

Preparation for raise boring of vertical ore shaft started on top of deposit

Ore conveyor tunnel from crushing chamber progressing, ~55% completed

Drilling confirms the expected geotechnical conditions in the ore

Sampling of drill cuttings has commenced for data gathering

Procurement of mechanical technology packages in process

• December 8, 2022: NM partners with Metso Outotec for delivery of a comprehensive comminution package for Engebø Rutile and Garnet, comprising over 30% of the process equipment expenditure
• Procurement to secure time critical long lead packages now close to complete
• The building application for the administration building and workshop buildings has been submitted, with concrete work expected to start in Q1 2023

Building the team - recruitment of key discipline managers ongoing

• Positive response from recent recruitment advertisements for key positions
• Strong interest from competent applicants from both local and regional areas
• The feedback so far is encouraging towards a diverse workforce on both age and gender
• Preparations are being done to open several positions within electro, mechanical and automation engineering as well as process engineer and operators to be part of operation readiness

Rutile demand remained firm in Q4 despite pause in pigment demand

• The fourth quarter 2022 showed strong results for titanium feedstock producers. Rutile sales volumes exceeded production and prices for rutile continued to increase during the quarter
• Lower pigment demand caused lower rates at European chloride pigment plants to match production with demand

• Rebound of pigment demand is anticipated in the first half of 2023 as the northern hemisphere spring paint season ramps up combined with easing of energy prices

• China's relaxation of COVID restrictions, coupled with economic incentives to increase housing demand and construction, bodes well for increased demand for pigment and high-grade feedstocks in 2023.

• Reported bulk natural rutile prices in Q4 2022 have been around USD 1,550/mt FOB and above, with the main producers expecting pricing to soften marginally in Q1 2023.
• Demand for high quality garnet in both waterjet cutting and abrasive blasting was reported to be strong and steady in Q4 2022, with the main drivers being investments in infrastructure, oil, and gas industry as well as shipbuilding and manufacturing, as well as aerospace.

Titanium sponge production in increasing demand

• Titanium metal demand, being an important driver for rutile, remained robust due to the ongoing revival of air traffic, as well as demand for non-Russian products.
• Titanium metal producers reported strong demand and increasing sales prices due ia . increased back-log at commercial aircraft manufacturers.
• Furthermore, there was continuous strong demand for titanium metal into general industrial and semiconductor applications.

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

19

1. Introduction

• 1. Engebø Rutile and Garnet
• 3. Financial update Q4-2022
• 1. Q & A

Funding to continue Engebø early construction

• The Group's balance sheet remains solid:
• o NOK 165 million in cash and cash equivalents at year-end, ensuring funding to continue Engebø construction until remaining equity financing is secured
• o Engebø construction expenditures of NOK 120 million capitalized under «Mine under construction» in the quarter, with carrying amount at quarter end Q4 of NOK 288 million
• o Net financial items in the fourth quarter of NOK 33.2 million, primarily related to net foreign exchange loss - and net interest costs related to senior secured bond
• o Fair value of interest-bearing convertible loan assessed to NOK 143 million, recognizing a fair value gain in the quarter of NOK 0.4 million

▪ For details, see full interim report onhttps://www.nordicmining.com/

Highlights and Q&A

Consolidated income statement

Q4-2022	Q4-2021		Acc.2022	Acc.2021
Unaudited	Unaudited	Amounts in NOK million	Unaudited	Audited
-	-	Other income	-	0.2
(2.9)	(3.8)	Payroll and related costs	(11.7)	(16.2)
(0.1)	(0.0)	Depreciation and amortization	(0.2)	(0.1)
(5.0)	(12.1)	Other operating expenses	(34.1)	(44.5)
(8.0)	(15.9)	Operating profit/(loss)	(45.9)	(60.7)
-	(3.4)	Fair value gains/losses on investments	283.8	66.4
0.4	-	Fair value gains/losses on convertible loan	(10.5)	-
(33.2)	(0.0)	Financial items	(25.0)	(0.3)
(40.8)	(19.3)	Profit/(loss) before tax	202.4	5.4
-	-	Income tax	-	-
(40.8)	(19.3)	Profit/(loss) for the period	202.4	5.4

Consolidated statement of financial position

	31.12.2022	31.12.2021
Amounts in NOK million	Unaudited	Audited
ASSETS
Evaluation and exploration assets	-	28.8
Mine under construction	1 288.4	-
Property, plant and equipment	1.1	0.2
Right-of-use assets	0.1	0.2
Financial investments	-	190.5
Total non-current assets	289.6	219.8
Cash and cash equivalents	164.7	32.1
Restricted cash	4.2	-
Bond Escrow	2 1 032.6	-
Trade and other receivables	23.3	3.4
Total current assets	1 224.8	35.5
Total assets	1 514.4	255.3
SHAREHOLDERS' EQUITY AND LIABILITIES
Total equity	454.5	245.7
Total non-current liabilities	1.8	1.2
Trade payables	37.2	3.1
Bond loan	850.8	-
Convertible loan	143.0	-
Other current liabilities	27.1	5.4
Total current liabilities	1 058.1	8.5
Total liabilities	1 059.9	9.6
Total shareholders' equity and liabilities	1 514.4	255.3

Early construction works in Q4 of around NOK 120 million, capitalized under «Mine under construction», with carrying amount at quarter end Q4 of NOK 288 million 1

Net proceeds from bond corresponding to NOK 1.03 billion on Escrow account, including issue discount of USD 10 million and four-months bond interest of USD 4.2 million paid by Nordic Rutile in accordance with the bond terms 2

World's most climate friendly titanium feedstock

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
• A map to obtain net gain by avoiding, minimizing, restoring and compensating loss
• A good knowledge base 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
• Seek to compensate/offset loss of biodiversity in the region in collaboration with local communities