Axactor SE

Annual / Quarterly Financial Statement • Apr 14, 2015

Accounting treatment change

Accounting treatment change

· NMG records accounting treatment change of claim against Alluvia Mining Ltd

effective year end 2014 amounting to 30 million SEK (MSEK)

· The new accounting treatment has no effect on NMG's cash flow or cash

balances

Accounting treatment change

Based on a further review, Nickel Mountain Group AB ("NMG") has concluded that

the IFRS accounting rules demand that the claim against Alluvia Mining Ltd

amounting to 30 MSEK and previously recorded as an asset, should not be recorded

as an asset in the 12-month 2014 group balance sheet. The reason is that this

claim probably has limited value. Instead the claim for damages against the

former board of directors should be recorded as a contingent asset in accordance

with the IAS 37 provisions (contingent liabilities and contingent assets).

This accounting treatment change is booked in the last quarter of 2014 and leads

to NMG recording an additional cost item of 30 MSEK in the 12-month 2014 group

result. Consequently, it also results in the group equity being reduced by 30

MSEK at end of December 2014.

As compared to the already published 12-month interim report for 2014, the new

accounting treatment hence results in the following:

Financial year 2014

The group net result reduces from TSEK -16,007 to TSEK -46,007.

As at end of December 2014, group equity reduces from TSEK 190,794 to TSEK

160,794.

Equity per share before and after dilution at year-end 2014 reduces from SEK

2.10 to SEK 1.77.

Quarter 4, 2014 (Oct - Dec 2014)

The group net result reduces from TSEK -4,216 to TSEK -34,216.

No changes to the legal claim against former board members

In June 2014, NMG filed a civil lawsuit against four former board members of NMG

claiming damages amounting to 55 MSEK plus accrued interest. The transaction has

been thoroughly described in NMG's previous financial reports. NMG's legal

advisors consider that the probability of winning the legal case is high and the

accounting treatment change has no impact on this claim or on NMG's continuous

efforts to succeed with the claim.

Consequently, NMG considers the claim against the former board as the main

underlying valuable asset instead of the original claim against Alluvia

Mining.

The new treatment of this item as a contingent asset however leads to the above

described consequences and follows from NMG's interpretations of the IFRS

accounting rules.

For and on behalf of the Board of Directors of Nickel Mountain Group AB

Torbjörn Ranta

Managing Director

For information, please contact Torbjörn Ranta

Mail: torbjorn.ranta@nickelmountain.se

Tel: + 46 8 402 28 00

Cell Phone: +46 708 855504

Cautionary Statement: Statements and assumptions made in this document with

respect to Nickel Mountain Group AB's ("NMG") current plans, estimates,

strategies and beliefs, and other statements that are not historical facts, are

forward-looking statements about the future performance of NMG. Forward-looking

statements include, but are not limited to, those using words such as "may",

"might", "seeks", "expects", "anticipates", "estimates", "believes", "projects",

"plans", strategy", "forecast" and similar expressions. These statements reflect

management's expectations and assumptions in light of currently available

information. They are subject to a number of risks and uncertainties, including,

but not limited to, (i) changes in the economic, regulatory and political

environments in the countries where NMG operates; (ii) changes relating to the

geological information available in respect of the various projects undertaken;

(iii) NMG's continued ability to secure enough financing to carry on its

operations as a going concern; (iv) the success of its potential joint ventures

and alliances, if any; (v) metal prices, particularly as regards nickel. In the

light of the many risks and uncertainties surrounding any mineral project at an

early stage of its development, the actual results could differ materially from

those presented and forecast in this document. NMG assumes no unconditional

obligation to immediately update any such statements and/or forecasts.

Torbjörn Ranta

Managing Director

Tel: 46 8 402 28 00

Mobile: 46 708 855504

E-mail: torbjorn.ranta@nickelmountain.se

The vision of Nickel Mountain Group AB is to be an explorer and miner recognized

for our attractive assets and ability to effectively run projects from

exploration to commercialization, leaving a lasting footprint within the regions

we operate through investments, community engagement and transfer of expertise.