Axactor SE

Share Issue/Capital Change • Dec 2, 2015

Press release dated 2015-12-02

NMG - The private placement shares have been converted and will be tradable from on or about 4 December 2015

Reference is made to the stock exchange announcement dated 24 November 2015 regarding the share capital increase in Nickel Mountain Group AB (publ.) (the "Company", ticker "NMG") in connection with the private placement of 400,000,000 shares (the "Private Placement Shares").

The Company has received confirmation from the Swedish Companies Registry that the Private Placement Shares have been converted into ordinary shares in the Company. The conversion of the Private Placement Shares is expected to be reflected in Euroclear and the VPS on or about 4 December 2015. The Private Placement Shares will consequently be listed and tradable on the Oslo Stock Exchange under the trading symbol "NMG" from on or about 4 December 2015. The Company will notify when the conversion of the Private Placement Shares in Euroclear and the VPS has been completed.

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

Torbjorn Ranta

For information, please contact Torbjorn Ranta

Mail: torbjorn.ranta@nickelmountain.se

Tel: + 46 8 402 28 00

Cell Phone: +46 708 855504

www.nickelmountain.se

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.