Nordic Mining ASA

Investor Presentation • Feb 2, 2023

Minerals for a sustainable future

Company update and contemplated equity financing

2 February 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 presentation of Nordic Mining's Company update. The Presentation does not in any way constitute an offer to purchase shares in the Company.

NO REPRESENTATION OR WARRANTY / DISCLAIMER OF LIABILITY

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.

None of the Financial Advisors, the Group or any of their Representatives shall have any liability whatsoever (in negligence or otherwise) arising directly or indirectly from the use of this Presentation or its contents or otherwise arising in a future investment in the Company, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation.

Neither the Financial Advisors, nor the Group, have authorized any other person to provide any other information related to the Group and neither the Financial Advisors nor the Group will assume any responsibility for any information other persons may provide.

NO UPDATES

This Presentation speaks as at the date set out on its front page. Neither the delivery of this Presentation nor any further discussions of the Group with any of investors shall, under any circumstances, create any implication that there has been no change in the affairs of the Group since such date. Neither the Financial Advisors nor the Group assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

NO INVESTMENT ADVICE

The contents of this Presentation shall not be construed as financial, legal, business, investment, tax or other professional advice. Clarksons Securities and SpareBank 1 Markets is acting exclusively for the Company and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Clarksons Securities and Sparebank 1 Markets for providing advice.

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

In the ordinary course of their respective businesses, the Financial Advisors and certain of their respective affiliates have engaged, and will continue to engage, in investment and commercial banking transactions with the Group.

DISTRIBUTION RESTRICTIONS

This Presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident located in any state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require registration of licensing within such jurisdiction.

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.

Summary of risk factors

Risks related to the issuer's industry and operational risks

- The Project is a large scale complex industrial project and will be subject to all the risks inherent in a new mineral mining project.

• - The Project does not have a history as an operating mine.
• The capital and operating costs for the Project are estimates and may not prove to be accurate.
• The Issuer is exposed to litigation and disputes and actions from NGO's.
• - The Issuer's business depends on adequate infrastructure, including reliable power sources, roads and other infrastructure.

- The Issuer is dependent upon the continued services and performance of its senior management and other key personnel and consultants.

Risks related to the financing of the project and future funding risks

• If the Issuer is not successful with the Project, the Group may not have other means of deriving revenues.
• Risk that the Issuer will not satisfy terms and conditions for the Issuer to draw down any amounts under the Bond.

Risk for inaccurate estimates

• There are considerable uncertainty factors in estimating the size and value of mineral resources and reserves.

Risks related to third parties and regulatory issues

• Risk of controversies and conflicting interests in the area's material to the Project's further development and operation.

Risks related to the Issuer's business, market conditions and future sales

• Risk of decreases in rutile and garnet prices.
• Risk that the Issuer will not be able to sell all its products at favorable terms and conditions.
• Dependency on few key suppliers and contractors will expose the Issuer to risks.
• - Laws and regulations relevant for mining operations has become more stringent over time.
• Risk that future operations of the Issuer will not obtain necessary permits from governmental authorities.

Financial risks

• Risks related to adverse conditions and changes in the global economic environment.
• - The Issuer is subject to currency risks.
• The Issuer is subject to liquidity risk.
• The Issuer will be highly leveraged and have significant debt service obligations.

Risks related to tax

• Any adverse changes in the laws/interpretation of laws and regulations applicable to taxation could have adverse effects on the group's tax positions

Risk related to the shares

• Due to among other the limited market cap , the low trading volumes and other factors, the price of the shares may be highly volatile.

• Pre-emptive rights to participate in the issuance of new shares may not be available to all holders of shares.

• The Issuer does not expect to pay any dividends in the near future.

• Investors may not be able to exercise their voting rights for shares registered in a nominee account.
• Any additional equity financing needs may be dilutive to existing shareholder and materially affect the prices of the shares.

• Transfer of shares is subject to restrictions under the securities laws of the United States and other jurisdictions.

• Shareholders outside Norway are subject to exchange risk as the shares are priced in NOK and any future dividends on the shares will be paid in NOK.

4

1. Equity financing

• 1. Company update Engebø Project
• 1. Additional information

Towards production and cash flow

Construction on track for production in 2024	• Project construction commenced in April 2022, with around USD 33m spent towards pre-production capital expenditures as of year-end 2022 Low-risk project with around 70% of capital expenditure committed on lump-sum contracts, with additional contingencies • and reserves
76% of funding secured – final equity to be raised	~76% of total project financing secured from large financial and strategic partners • Extensive due diligence carried out by a number of independent technical, legal and financial advisors • • Remaining USD 66m in equity to be raised in a Private Placement
Sustainable industrial minerals producer for the next 40 years	• Ramp-up of commercial production expected from H2-2024 • Among the largest high grade rutile resources globally • Significant political and regulatory support in favor of the mineral extraction across EEA and US
Attractive economics and significant revenue and cash flow generation	• Strong economics – USD 491m post-tax NPV8 and 26% unlevered post-tax IRR • Expected to generate avg. EBITDA of USD 57m and free cash flow of USD 47m p.a. in the period 2025-30 Outlook for material and competitive shareholder distributions •
Industry-leading ESG profile	Engebø rutile documented as the world's most climate friendly titanium feedstock • Electrical dryers make the process plant free of CO emissions and reduce operating costs • 2 • Renewable hydroelectric power and development of electric vehicles and technology will enable fossil-free mining

Contemplated equity financing and timeline

		Process for an equity private placement with total gross • proceeds of at least NOK 900m announced	Indicative timeline
	Contemplated	~NOK 241m in pre-commitments, with ~NOK 659m or • USD 66m to be raised	2-Feb	Call for EGF and announcement of equity financing
	equity financing	To be carried out as a Private Placement •
		• Price and specific terms will be explored with potential investors over the coming weeks during February	7-Feb	4th quarter results
	• Material pre commitments	Material pre-commitments from off-take partner Iwatani		Investor meetings to explore specific terms
		Corporation and leading mining investment resource firm Orion Resource Partners1 • Iwatani: NOK 192m	February	Possible launch of contemplated Private Placement
from strategic partners	• Orion: ~ NOK 49m • Subscription price to be the same as set in the Private Placement	3 March	EGM to approve equity financing
			9 March	Long-stop date on bond
	Use of proceeds	• Proceeds will be sufficient to fully fund the Engebø Project and satisfy all relevant financing conditions	March / April	Potential subsequent offering

1) As previously announced, Iwatani Corporation will, subject to certain conditions, participate in the Private Placement with approximately NOK 192 million. Orion Resource Partners will participate with USD 5 million, subject to the parties signing binding agreements and the satisfaction of certain conditions and approvals

Significant progress on financing in 2022 – less than 24% in equity remaining

1) Royalty Agreement with Orion is conditional and subject to subject to formalization of final documentation 2) Funds from Iwatani at relevant foreign exchange rate at date of report, 2) Additional consideration from local investor group including EPC convertible loan spent in H1 2022 (See press release 11 January 2022 for more information)

Project due diligence processes and verification work conducted

Updated Definitive Feasibility Study (UDFS)

Defines realistic and conservative way to production Initial DFS announced in 2020 and updated in 2021

Managers' Independent Technical Engineer

Provided a technical due diligence and second opinion of geology and resource, engineering, hydrology, mining, processing, infrastructure, environmental, economic assessment/financial modelling, management structure/team and material contracts

Orion's Independent Technical Engineer

Independent technical review of the UDFS focusing on overall viability and maturity level, including construction readiness, geotechnical design, flow-sheet, metallurgical viability and environmental impact

Orions's and Managers' Market Due Diligence

TiPMC have provided market report on rutile and Peter Harben Inc. on garnet Both reports evaluate the global market for the products current and future supply/demand estimates with perspectives regarding the Engebø Project

Legal Counsel to the Company

Kvale Advokatfirma DA has acted as legal advisor to the Issuer Norton Rose Fulbright acted as legal counsel on the Royalty and Intercreditor Agreement

Legal Counsel to the Managers Legal Counsel to Orion Tax review and support Financial Advisors Auditor Advokatfirmaet Thommessen AS has acted as legal advisor to the Managers Simmons & Simmons and Advokatfirmaet Wiersholm AS has acted as legal advisor to Orion Review and tax support related to project, financing, and royalty Providing support regarding financing structure, process and market perspectives. Ernst & Young AS is the auditor of Nordic Mining Group

Low cost provides 1st quartile position in global market and high profitability

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)

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

ー

Global TiO² Partner

Binding offtake agreement signed in June 2022 Binding offtake signed October 2022

Agreement with major pigment producer

Terms are confidential and not to be disclosed by Nordic Mining

This agreement, combined with the Iwatani agreement secures sales for up to the full annual production of rutile the first 5 years

Rutile Garnet

Global Partner on Garnet

Binding offtake agreement signed January 2023

Leading international distributor of industrial abrasives

Globally exclusive agreement for the full planned garnet production from Engebø for the first 5 years

Minimum «Committed» offtake of 762,500 metric tonnes and "Best Effort" of up to 785,000 metric tonnes

Take or pay commitment with pre-agreed price schedule

Mutual renewal/extension of cooperation

Iwatani Corporation

• Engaged in the provision of gas and energy

5-year agreement From commencement of production 20,000mt per year

Take-or-Pay commitment

Price determined from TZMI index

Mutual renewal of 3 years With 15 months notice Equity investment of USD 20m From Iwatani in construction financing

• Headquartered in Osaka, Japan

• Founded 1945

• TYO listed (8088) • ∼USD 2.5bln MCAP

services

World's most climate friendly titanium feedstock

Outlook 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

Project economics continues to improve as project progresses towards production

1) Resource estimates (June 2018) completed by Competent Person Adam Wheeler, corresponding to the guidelines of the JORC Code (2012 edition) 2) Post-tax NPV8 and IRR based on the same production and cost profile as UDFS from 2021 taking account into investments made in 2022 and updated forecasted sales prices and FX 3) EBITDA and FCF accounts for 11% of revenue being paid as royalty to Orion

Forecast for solid revenue and low cost, provides substantial EBITDA¹²

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

2. Company update – Engebø Project

1. Additional information

Building a Norwegian sustainable industrial company to deliver critical minerals

Fully permitted high-quality asset with low cost and industry-leading ESG profile

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

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

Strong political drive in the EU and Western world to increase security of supply

EU has released the Critical Raw Materials Act (Sep-22), and intends to establish Strategic Partnership with Norway on raw materials and batteries

Nordic Mining aims to build a Norwegian industrial company by developing a green and sustainable value chain to deliver critical minerals to Europe and international markets

15 years of progress at the Engebø project, positioned for the next ~40 years

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

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

2006 2007 – 2021 2022 and onwards

2022: Final approval of Operational License

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 two instances with expenses)

2022: Full production of rutile and garnet sold for the first 5 years of production

USD 211 million funding secured – positioned for ~40 years of production and value-creation

Engebø is a project with attractive characteristics in a favourable location

Minerals for a sustainable future

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

Sustainability at the core of our business

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

Fully permitted, well-proven tailings solutions

• Seabed Tailing Disposal 'STD' is a well-proven solution with 5 operative and several historical STDs in Norway
• A STD solution 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

World class high-grade rutile resources – secures 1st quartile cost 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%

1) Nordic Mining Mineral Resource estimates (June 2018) completed by Competent Person Adam Wheeler, 2) Sovereign Metals webpage, Kasiya Expanded Scoping Study Presentation June '22, 3) Sierra Rutile Demerger Booklet, June '22, 4) Iluka Summary Ore Reserves and Mineral Resources 2021 and 5) Base Resources, 2022 Annual Report to shareholders

Location and topography offers efficient design and solutions

• Stick-build methodology enables compact plant layout
• Fit-to-purpose design to optimize use of land and infrastructure
• Footprint for process plant reduced by +40% compared to initial DFS
• Reduction of civil and earthworks
• Reduction in total initial project investment of USD 93 million

Operations and plant layout Simplified 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

Fully permitted, well-proven tailings solutions

• Seabed Tailing Disposal 'STD' is a well-proven solution with 5 operative and several historical STDs in Norway
• A STD solution 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

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

Pre-production capital expenditure supported by lump-sum EPC contracts

Breakdown of total remaining capital cost through '24 (USDm) Comments

Direct costs	USDm
EPC1 (Sitewide Earthworks and Underground Infrastructure)	16.0
EPC2 (Civil and Buildings)	14.9
EPC3 (Structural, Mechanical, Pipework and Plating)	56.6
EPC4 (Electrical, Control and Instrumentation)	15.1
Mechanical Process Equipment	30.2
Mechanical Systems	6.0
Operational Equipment and Systems	2.6
Indirect costs
Owner's cost	10.5
Consultants	0.4
Provisions
Project contingency	24.5
Total	176.9
Expansionary CAPEX – OBSL
Landowners	-
Power (Construction Contribution)	0.9
Road (Construction Contribution)	4.0
Total	181.9
Other pre-production costs
Pre-Production capitalized operating costs (incl. Corporate Overheads)2	4.1
Sustaining CAPEX through 2024	1.2
Total	187.1

• ~60% of remaining capital expenditure of USD 176.9m is covered under lump-sum EPC contracts with selected EPC partners under NS8407¹
• Metso Outotec contract signed in December 2022 for comprehensive comminution technology package represents ~30% of mechanical process equipment
• Project reserve of USD 30m, for combined project contingency and reserves of 31% of remaining CAPEX

~35% of earthworks completed, on track to start production in 2024

Detail Engineering

Detail Engineering and/or construction at site

EPC work progresses according to plan

Investment Highlights and Q&A

Construction on track for production in 2024

76% of funding secured final equity to be raised

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

• 1. Equity financing
• 1. Company update Engebø Project
• 3. Additional information
• a) Engebø Rutile and Garnet

32

• b) Market overview
• c) Project Financials
• d) Appendix

Engebø Rutile and Garnet

Large dual-mineral resource with high grade rutile and garnet

Fully-permitted project – early construction works ongoing	Key project metrics
Location Attractively located in Western Norway – a country with stable and • supportive policies towards mining operations • Favorable location by the sea with ice-free, deep-sea quay – ensuring
attractive shipping logistics to Europe
Resource
2.5 km eclogite ore body outcropping at surface • 133.2Mt measured and indicated mineral resources1 • 3.51% TiO grade and 44.0% garnet grade1 •
2 ~39-year life of mine with 1.5 Mtpa ore feed to plant • • Inferred resource 254Mt for future resource drilling
Infrastructure • Renewable hydroelectric power
• Region of skilled, industrial labor with maintenance and service vendors available
40 minutes from regional centre and two local airports •
Project Readiness • Detailed Engineering + Early construction works ongoing • Fully permitted • UDFS confirming strong project fundamentals May 2021 • Highly efficient project and design solutions, fully de-risked Extensive test work on industrial scalable equipment for critical process •

• steps

• Extensive environmental impact assessments carried out

• 1) Resource estimates (June 2018) completed by Competent Person Adam Wheeler, corresponding to the guidelines of the JORC Code (2012 edition)

• 2) Defined as remaining CAPEX through 2024

Key metrics	Value
Life of mine	39 years
Annual rutile production initial years ('25-'30)	36 ktpa
Annual garnet production initial years ('25-'30)	175 ktpa
Remaining Pre-production CAPEX2	USD 187m
Average annual EBITDA initial years ('25-'30)	USD 57m
Average annual free cash flow to the firm initial years ('25-'30)	USD 47m
Average annual sustaining CAPEX	USD 1.2m
NPV8 - unlevered post tax3	USD 491m
IRR - unlevered post tax3	25.9%

33

Engebø Rutile and Garnet

Favorable location with available infrastructure

Engebø Rutile and Garnet

Large deposit with unique characteristics

	Tonnes (Mt)	TiO2 grade (%)	Garnet grade (%)
Measured (M)	29.2	3.60	44.5
Indicated (I)	104.0	3.48	43.9
Total M&I	133.2	3.51	44.0
Inferred	254.1	3.15	41.3

Ore reserves

	Tonnes (Mt)	TiO2 grade (%)	Garnet grade (%)
Open Pit
Proven (P)	19.33	3.56	44.25
Probable (Pr)	10.33	3.29	44.45
Total P⪻	29.65	3.47	44.32
Underground
Proven (P)	2.55	3.78	44.92
Probable (Pr)	24.75	3.66	44.42
Total P⪻	27.30	3.68	44.47

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

/

Plant feed grade	3.85% TiO 2 45.44% Garnet
Life	15 years

Underground
Ore to plant	27.42 Mt
Ore to stockpile	0.00 Mt
Plant feed grade	3.69% TiO / 2 44.49% Garnet
Life	18 years

Stockpile to plant	9.26 Mt
Plant feed grade	2.70% TiO / 41.84% 2 Garnet
Life	6 years

Integrated owners' team ensures control and reduces execution risk

Lump-sum EPC agreements in place with experienced regional contractors

Engebø will report according to TSM from day one

1. Company update – Engebø Project

3. Additional information

a) Engebø Rutile and Garnet b) Market overview

c) Project Financials

d) Appendix

Natural rutile – Superior titanium feedstock

Market drivers

• TiO² consumption is closely linked to GDP and income growth as it is an essential component of basic consumer products such as housing, motor vehicles etc.

• Urban population trends in combination with GDP and income growth have historically the primary drivers of long-term demand

Resource depletion drives long-term supply deficit

• Supply has been decreasing steadily over the last few years with an absence of a response on the supply side
• The decline in supply is a result of resource depletion
• Numerous large resources of rutile have depleted since 2017
• CRL- Sibelco (Australia)
• Iluka and Tronox in the Murray Basin, Australia
• In the next 5 years more assets are expected to deplete:
• Base Resources (Kenya)
• Iluka J/A (Australia)
• SRL (Sierra Leone)
• Synthetic rutile is increasingly used to complement the supply of natural supply
• 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

Rutile price forecast reflects supply deficit

• Declining natural rutile production has put an upward pressure on prices from 2017 and onwards
• 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

Garnet – major producer's market position challenged by high freight costs

• The waterjet technology has revolutionized the production processes for e.g., cars and aircrafts

• Garnet is a completely inert mineral without health implications
• Garnet is easily recyclable for multiple uses such as abrasives

Market drivers

Properties

• Demand growth to be driven by GDP growth and construction activities
• Waterjet cutting is expected to be the main demand driver

Garnet – Strong demand recovery after Covid

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.

Garnet – Freight and global economic recovery to drive garnet price

• There is no terminal market to quote garnet prices
• 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
• Loss of supply from India has put upward pressure on prices
• Demand for demand for high quality garnet in both waterjet cutting and abrasive blasting has been reported to be strong and steady in Q4-2022

Direct use in pigment or metal production give substantially lower GHG footprint

Natural rutile is the purest of all titanium feedstocks Comments

Feedstock Product	TiO content 2	Typical applications
Natural rutile	95-96%	Chloride pigment, metal, welding electrodes
Upgraded slag	95%	Chloride pigment, metal
Synthetic rutile	91-93%	Chloride pigment, metal
Chloride fines	86-92%	Sulfate pigment
Chloride-grade slag	86-92%	Chloride pigment, metal
Leucoxene	65-90%	Chloride pigment, welding
Sulfate-grade slag	75-80%	Sulfate pigment
Chloride-grade ilmenite	58-64%	Chloride pigment, SR manufacture, slag manufacture
Sulfate-grade ilmenite	44-56%	Sulfate pigment, welding electrodes, slag manufacture

• Titanium feedstocks are raw minerals that contain TiO² (titanium dioxide)
• Titanium feedstock is the most crucial raw minerals input to TiO2 pigment and titanium metal processes
• The application of feedstock depends primarily on TiO² content
• Key titanium feedstocks include ilmenite, leucoxene, and rutile:
• Other titanium feedstocks encompass sulfate and chloride slag, and synthetics rutile -these feedstocks are essentially upgraded ilmenite
• Most titanium feedstocks require additional processing:
• The upgrading of ilmenite into slag or synthetic rutile is intensive in terms of energy and GHG emissions
• Rutile has the advantage that it can be used directly in pigment or metal plants, resulting in a substantially lower GHG footprint

• Rutile has the highest grade of titanium feedstocks and improves efficiency and reduces waste and climate footprint

• Company update – Engebø Project

3. Additional information

a) Engebø Rutile and Garnet b) Market overview c) Project Financials d) Appendix

Low operational cash cost provides solid margins for Engebø

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

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

Comments

• Production split from '24 through '30 with 17% rutile and 83% garnet from a tonnage perspective
• Attractive orebody allows for very consistent production numbers
• Expected start of ramp-up of rutile and garnet production ramp-up in H2- '24

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)

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

Attractive economics in wide range of scenarios

• Post-tax NPV8 based on the same production and cost profile as UDFS from 2021 taking account into investments made in 2022 and updated forecasted sales prices and FX
• Projected USD 491m Net Present Value of the project after tax and on an unlevered basis (also excluding royalty) with 8% discount rate
• Realized sales price/revenue is the largest driver of the project NPV
• A 10%/20% increase in USD/NOK increases the NPV as the project has revenue in USD and costs partly in NOK, hence a decrease in USD/NOK decreases the NPV
• High margins and revenue in USD result in low sensitivity to USDNOK when NPV is calculated in USD
• Model also takes EUR/USD and AUD/USD into account but has minimal sensitivity to either of them

Non-dilutive royalty of USD 50m from leading resource investment firm

Key terms		Comments
Royalty provider	Orion Resource Partners LLP	• Orion Resource Partners is a global natural resource investment firm with approx. USD 8bn under management1. The fund specializes in mining investments and have a robust insight into the industry and market
Purchase price	USD 50m	Orion to provide a total of USD 55m in funding for the project split • between prepayment and equity
Equity contribution	USD 5m	• Royalty payments of 11% calculated on a gross revenue basis on the received payments to NOM for sale of Garnet and Rutile without
Use of proceeds	Project development and construction	deductions for selling costs Royalty to hold second priority lien on bondholder security package •
Royalty rate of gross revenue	11.00 %	• Intercreditor Agreement ("ICA") to be entered into between royalty holder and Bond Trustee. ICA principles found as Schedule 4 to the Term sheet
Royalty term	Life of Mine	• The ICA agreement will grant the royalty provider with certain senior rights, including a survival clause
Payment schedule	Quarterly

1. Company update – Engebø Project

3. Additional information

a) Engebø Rutile and Garnet

• b) Market overview
• c) Project Financials d) Appendix

Appendix

Overview

Financial overview1,2,3
USDm	2023	2024	2025	2026	2027	2028	2029	2030
Revenue	-	11	73	84	85	87	92	96
Revenue from royalty	50	-	-	-	-	-	-	-
Operating Costs and Expenses	-	(6)	(29)	(30)	(30)	(29)	(30)	(30)
EBITDA	50	5	44	54	55	58	62	50
WC and Other adjustments	-	2	(4)	(4)	(3)	(2)	(3)	(3)
Payable Tax	-	-	-	-	-	(6)	(11)	(12)
Cash Flow from Operations	50	7	40	50	52	50	48	51
Development Capital	(135)	(51)	(4)	-	-	-	-	-
Sustaining Capital	-	(1)	(1)	(0)	(0)	(2)	(2)	(0)
Cash Flow from Investing	(135)	(53)	(5)	(0)	(0)	(2)	(2)	(0)
Free cash flow to company	(85)	(46)	34	50	52	48	47	50
Cash Flow from Financing	73	(12)	(12)	(12)	(111)	-	-	-
Net cash flow	(12)	(58)	22	37	(59)	48	47	50

55 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) Operating Costs and Expenses accounts for 11% of revenue being paid as royalty to Orion, 3) FX assumptions: USDNOK 9.9585, EURUSD 1.0723, AUDUSD 0.6867

Environmental and Regulatory
Risk	Rating	Comment	Mitigation	Residual Risk Rating (Post-Mitigation)
Seabed Tailings Deposition	High	While STD (seabed tailings deposition) has permits, it will cause some negative ecological effects. STD is not considered good international industry practice. STD is controversial globally and nationally and will likely encounter criticism and generate concerns among stakeholders in the future. NR has stated it will adhere to a comprehensive monitoring program as well as careful planning and dutiful implementation of the deposition, and maintenance of the equipment.	Careful planning and implementation of the deposition equipment and operation, dutiful maintenance. Monitoring to ensure particle dispersal will remain localized as predicted by modelling. Biodiversity offsets are strongly recommended. Good international industry practice requires no net loss offsetting for natural habitats, and net positive offsetting for critical habitats.	Moderate
Use of xanthate	Moderate	Sodium isobutyl xanthate (SIBX) is used in flotation, and some is released into the Fjord with the tailings. SIBX is toxic to the aquatic environment. While current projections predict no harmful concentrations will occur in the STD, it is extremely important to minimize the release of SIBX. Assuming careful control and optimization of dosing and releases, risk can be considered moderate based on the modelling results.	Careful optimization of dosing of SIBX, and prudent control and maintenance of the dosing equipment will help avoid releases of extra SIBX with the tailings. Alternative chemicals must be actively investigated and SIBX substituted for a less harmful option asap.	Low
Closure solution	Moderate	The current closure plan is not considered adequate. At minimum, thicker layer of topsoil and assisted revegetation is expected to be required. Closure is likely to become more expensive than currently projected, however the increased cost is realized at the end of the project. Progressive closure currently deemed unfeasible. However progressive closure during operations is good practice. For masses intended for alternative uses, no progressive closure is required.	Prepare a closure plan corresponding to good practice requirements(c.f. EU's MWEI BREF, ICMM Closure Handbook), with sufficient costing corresponding to appropriate solution. NR has indicated such closure plan is being prepared. Post-closure land use to be developed in dialogue with stakeholder sand a sustainable after use selected.	Very low
Opposition to Project	High	The opposition among some of the locals as well as NGO:s is likely to continue. Protests may lead to bad publicity, security concerns during construction and delays. Some landowners not willing to sell their land. Expropriation is possible if no agreement is reached. Some of the opposition is based to real or perceive interest conflicts. Certain groups oppose mining and/or STD in general for reasons of ideology.	Open communication, provide information, participation. Find solutions to remaining interest conflicts. Plan and implement all operations with minimum harmful environmental impact. Carry out diligent monitoring to be able to demonstrate realized impacts. Ensure safety and security of all persons even during protests. Golder considers it likely that some opposition will remainnotwithstanding any measures Nordic Rutile can take.	Moderate

Environmental and Regulatory
Risk	Rating	Comment	Mitigation	Residual Risk Rating (Post-Mitigation)
Future permitting needs	High	The Project currently has required permits in place. Legislation changes in the future, including EU legislation, will likely cause need to renew and / or modify the permits over the LOM of several decades. The controversy related to STD is expected to create challenges in future permitting.	Plan and implement all operations with minimum harmful environmental impact. Substitute xanthate with less harmful alternative. Carry out diligent monitoring to be able to demonstrate realized impacts.	Moderate
Water management	Moderate	No water management plan, surface water management structures and sedimentation dam not designed or permitted yet. Unclear how climate change adaptation has been taken into consideration.	Prepare comprehensive water management plan. Increased rainfall due to climate change must be taken into account inall surface water design. Runoff diverting structures and sedimentation dam to be designed by skilled professionals and built with due care.	Very Low
Landscape: visual impact	Low	Stakeholders have voiced concern over visual impacts. Screening vegetation will help towards E, N and W but cannot be used towards. Industrial area will be clearly visible to the Fjord and Askvoll on the southern side, including areas popular for recreation. Planning under way to minimize visualimpact.	Screening vegetation (park belt). Final design of industrial area must take visual impact into account (e.g. colouring choices, height of structures). Such planning is under way.	Very Low

Geology and Resources
Risk	Rating	Comment	Mitigation	Residual Risk Rating (Post-Mitigation)
Sample weighting	Moderate	5-m drill hole composite samples given the same weightingas individual surface samples during estimation process.	Use sample length weighting during estimation process and SMUblock regularization for Reserves.	Very Low

Geotechnical
Risk	Rating	Comment	Mitigation	Residual Risk Rating (Post-Mitigation)
Too optimistic pit design parameters Stability problems/delays/ rock falls/change of pit design	High	-	Special attention to blasting in order to minimize crest loss and formation of hard toe. Pre-splitting or good quality limit blasting. In order to maximize berm retention, all berms must be kept clean and free of loose blocks (SRK 2019)	Moderate
Road tunnel Interruptions for traffic, expensive repairs	Moderate	Underground mining is considered, however the distance between mining and road tunnel need to be safe	Perform dynamic analyze about effect of blasting vibrations for tunnel. Estimate stress field changes for tunnel and displacement. Analyze safe distance between road tunnel and stopes. During operation monitor blasting vibration in tunnel and inspect tunnel after blasting. If needed have also displacement monitoring in tunnel.	Low

Hydrogeology

Risk	Rating	Comment	Mitigation	Residual Risk Rating (Post-Mitigation)
Significantly underestimate flowrates to excavations.	Low	Weak hydrogeological conceptual model significantly lowers accuracy of inflow rates into excavations.	Undertaking pump tests on existing and/or planned wells.	Low
Unknown flow pathways within rock mass.	Low	Without understanding the flow regimes and interconnectivities there isa chance of contamination or an underestimation of flow rates to excavation.	Undertake site investigations to measure groundwater level over time. Include additional wells to better understand flow behavior.	Low
Incomplete understanding of groundwater behavior in underground excavations.	Low	Calculations for dewatering and groundwater affects in underground mining production unknown and risks unassessed.	Undertake assessment of the impact of groundwater tounderground mining operations.	Very Low
Settling pond capacity undesigned.	Low	The extent and capacity for settling ponds is yet to be determined inany detail.	Determine inflow / outflow rates for designing settling pond volumes and capacities.	Very Low

	Mining
Risk	Rating	Comment	Mitigation	Residual Risk Rating (Post-Mitigation)
Ore pass limiting production	Moderate	The grizzly set-up will have to be uninstall, drill and blast should occur 8times on 10m bench, loading and hauling, bolting and reinstallation of grizzly. This operation should occur 8 times and will definitely impact the production and may block the ore pass.	Careful consideration must be taken to avoid the ore pass from becoming blocked. This needs to be captured in the operational procedures. Design of grizzly area at Feasibility Study area and develop operational methodology. Review ramp design according to unloading area design. Review costing.	Low
More external dilution than expected	Very Low	Internal dilution is considered in the block model. External dilution and ore loss are considered in regularized block model. We understand that the impact will be limited due to grade in considered waste layer. Final operational and unexpected waste dilution should be considered when the pushback 2 will start being operated as some ore will drop into the lower benches, it will also block the main ramp from time to time. Waste could be send to ore pass accidently	Considering unexpected ore losses and dilution.	N/A
Explosive for pre splitting not considered	Low	Powder factor is well calculated in ore and waste and results in 0.28kg/t and 0.26kg/t. Difference are in drilling pattern and material density. There is no allowance for emulsion loss in operation. It is on the low range for hard rock. There is no explosive for pre-splitting.	Powder factor is part of contractor services. Includes pre-splitting explosive (Det Cord.).	Very Low
Not enough drilling and auxiliary equipment	Moderate	Auxiliary equipment fleet is not enough to support properly the operation. One drill is not enough. Client provide information that local contractor can supply additional equipment easily and it will be part of the contract.	Adding: -One dozer for waste dump area -One boom truck -One drill that can do pre-splitting and used as a back-up for production drilling	Very low
Waste dump design not at FS level	Moderate	Waste dump design parameters are reasonable with 1:1.5 slope ratio and 20m high between bench. However, stability assessment should be performed.	Perform stability assessment to ensure ground condition are acceptable and that the design could reach the FS level with a good safety factor. Review design, if required.	Very low

	Processing
Risk	Rating	Comment	Mitigation	Residual Risk Rating (Post-Mitigation)
No stand-by (spare)pumps will lead to lower plant availability than expected.	Moderate	Flowsheet does not take advantage of gravity and most transfers are done via pumps. Dedicated Stand-by pumps are not included in the design, even in high wear areas where pumps require regular maintenance. Stand-by pumps are available in each wet process area, allowing to pump to tailings in case of failure. However, this does not allow to maintain normal operation when a critical pump fails. Plant availability will be lower than 90% due to frequent plant stoppages.	Add stand-by pumps wherever required. Show planned stand-by pumps in engineering documents.	Low
Garnet and rutile annual production not supported by process design values in engineering documents	Low	Rutile and garnet recoveries in BCFMare calculated based on recovery models from metallurgical testwork programmes. The nominal and design throughputs indicated in the stream tables do not reflect the garnet production in the BCFM. The rutile nominal throughput as indicated in the stream tables requires rework and is currently being updated. Inconsistencies in the engineering documents prevent proper validation of equipment capacities. The engineering documents are being updated to reflect correct values.	Complete mass balance and equipment sizing update to confirm production numbers are achievable with selected equipment and feedthrough put.	Low

Management Structure, Management Team, Material Contracts, Human Resources, Health and Safety
Risk	Rating	Comment	Mitigation	Residual Risk Rating (Post-Mitigation)
Lack of control and follow-up on the engineering part	Low	Since engineering and the construction work is delivered by EPCs, the technical part must be challengedfrequently.	Hiring a technical manager at the first stages of the executionphase will mitigate this risk.	Very low
Responsibilities not clear at overlapping tasks between EPCs, especially EPC 1 and 2	Low	Without understanding the interconnections between packages, misunderstandings and omissions could occur.	Project Coordinators are included in the Owners' cost. Riskis minimal.	Very low
Inadequately communicated work and coordination between EPCs	Low	Interface issues between EPC groups could occur.	Project Coordinators are included in the Owners' cost. Riskis minimal.	Very low
Lack of specialized manpower	Moderate	Specialized manpower as engineers, geologists, mechanics, electricians are vital for a mining operation. Recruiting and retaining skilled workers may be a challenge for HR staffing.	Recruit in other regions or another industry basin of workers. Utilize incentive/perks approach to keep skilled workers at Engebø.	Low
Lack of operating manpower	Moderate	Recruiting locally and providing training will be a good approach in the start.	Consider providing incentives to personnel regarding training programs on other equipment, or rotation programs, to keep skilled manpower interested and present.	Low
Not recruiting more specialized staff or maintenance operators	Moderate	A mining operation of this size will require robust staffing to deliver the targeted production rate.	Add these key players to HR strategy. Offer incentives bonuses to keep turnover low.	Low

Management Structure, Management Team, Material Contracts, Human Resources, Health and Safety
Risk	Rating	Comment	Mitigation	Residual Risk Rating (Post-Mitigation)
Time risk allowance not adequate	Moderate	Allowances for debugging bottlenecks must be added to the schedule, otherwise strategic decisions may be made on the initial schedule rather than the final schedule.	Develop a risk analysis on the critical path and specially on the long lead equipment. Allow more contingencies after phases construction for testing.	Low
Ramp-up duration	Low	Ramp-up related to mining operation efficiency of 7 months and plant feed ramp-up of 9 months is included inBCFM.	Considerable allowance for ramp-up is included in financial considerations.	Very low
General execution strategies	Low	Execution strategies must be adapted to lessen the impact to Project profitability since a general approach may not consider Project challenges	Develop more adapted strategies before the next phase. Proof testing is strongly recommended at this stage.	Very low

Appendix - Company overview

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

Terje Gundersen | Project Director, Engebø

• 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

Appendix - Company overview

Engebø Operations Team

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 Western Norway University of Applied Science

Elin Stubhaug | Process & Production Manager

• With the company since November 2022
• Management experience from both private and public sector, joining the team from a position in Elkem as Production Manager
• Master in Technical physics from Norwegian University of Science and Technology (NTNU)

Ylva Wård | Environment & Sustainability Manager

• With the company since December 2022
• 15 years of experience within environment positions in Boliden, Sydvaranger Mine and consultancy companies

• Licentiate degree in Soil Science and Environmental Studies from the Swedish University of Agricultural Sciences

• Starts 1st March 2023

• Significant experience in managing mechanical workshops and production facilities within subsea and shipbuilding industry. Joining the team from a position as Production Manager at Westcon Shipyard
• Bachelor in Electro, Automation process control and Technical College within degree in machine mechanics

Espen Haugvaldstad | HSEQ/R Manager

• With the company since January 2023
• Espen has experience from HSE work in the oil and gas and construction industry. Previous work includes extensive experience from emergency medical services as incident commander
• Bachelor in emergency preparedness and crisis management and ongoing Master degree in risk analysis and governance at the University of Stavanger

Recruitment ongoing | Mining Manage, Human Resource Manager and Communications Manager

• Recruitment ongoing with deadline for applying 30 January 2023

Appendix - Company overview

Board of Directors

Kjell Roland | Chair of the Board

• Previously CEO at Norfund and co-founder/CEO of ECON
• Extensive experience in the intersect between macroeconomics and environment
• Master of Science degree from the department of Economics at the University of Oslo, a lower degree in Philosophy from University of Tromsø and has been a visiting scholar at Stanford University

Kjell Sletsjøe | Deputy Chair of the Board

• Management experience from mining, construction and consulting
• Previously CEO of Rana Gruber AS (iron ore), Lundhs AS (natural stone) and held various top management positions in Jotun Group
• Master of Science in Civil Engineering from the University of Science and Technology, Trondheim Norway and MBA from Colombia University, NY, USA

Eva Kaijser | Board member

• More than 20 years of experience from the mining industry, whereof 11 years in the Boliden Group, CFO in Northland Resources and CEO in Nordic Mines
• Bachelor of Science in Business Administration and Economics with advanced studies in Finance from the University of Stockholm, Sweden

Benedicte Nordang | Board member

• Extensive experience from the offshore industry, including top management positions at Equinor and Aker Marine Contractors
• Has held several board positions in the mining industry for more than 10 years, including Nussir ASA and Wega Mining ASA
• Master of Science from the Norwegian Institute of Technology, Trondheim, Norway

Anthony Beckmand | Board member

• More than 20 years' experience from various roles within the mining industry
• CEO of Kuniko Limited in Australia and has previous experience within the mining industry with Kalium Lakes Ltd, Exxaro Resources, Perilya Ltd and Robe River
• Bachelor of Commerce from University of Western,Australia and Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia