Axactor SE

Legal Proceedings Report • Oct 31, 2014

NMG: SAC issues a positive ruling in the judicial review regarding the granting of exploitation concessions to NMG

The exploitation concessions granted to Nickel Mountain Group ("NMG") by the Swedish Chief Mine Inspector have been a heavily debated issue over time. Vapsten reindeer husbandry co-operative ("Vapsten") conducts its reindeer husbandry in the area of the Rönnbäcken nickel project. Vapsten has tried to stop or delay the project with reference to its concerns that the project will negatively influence the reindeer husbandry around the area of the future nickel mine. NMG respects Vapsten's position, although NMG considers that the mining activities and the reindeer herding can co-exist.

Vapsten appealed the Chief Mine Inspector's decisions to grant three exploitation concessions for the Rönnbäcken nickel project. In 2013 Vapsten applied to the SAC (Sw: Högsta Förvaltningsdomstolen) for a judicial review of the Swedish Government's decision to dismiss the appeals. A hearing took place in Stockholm in June this year.

The SAC (Swedish Supreme Administrative Court) has now published its ruling dated October 29, according to which the Government's decision is upheld. The SAC finds that Government's decision is not in conflict with any rule of law.

The ruling by the SAC is not a decision that assesses the detailed environmental issues relating to the possible future mining activities. These issues will be assessed by the Land and Environment Court in the coming process for a permit under the Environmental Code.

For NMG this SAC ruling is important since the pending process has created a lot of uncertainty for the project. NMG can now move forward with the initiated pre-feasibility study (PFS) and later on submit its application for an environmental permit.

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

Torbjörn Ranta

Managing Director

For more information, please contact:

Torbjörn Ranta

Managing Director

Tel: +46 8 402 28 00

Mobile: +46 708 855504

E-mail: torbjorn.ranta@nickelmountain.se

Cautionary Statement: Statements and assumptions made in this document with respect toNickel MountainGroupAB'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 usingwords 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 whereNMGoperates; (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 fromthose presented and forecast in this document. NMGassumes no unconditional obligation to immediately update any such statements and/or forecasts.