Nordic Mining ASA

Capital/Financing Update • Feb 2, 2023

Summons to Extraordinary General Meeting - Contemplated Private Placement

Summons to Extraordinary General Meeting - Contemplated 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 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".