Nordic Mining ASA — AGM Information 2022

Feb 4, 2022

MINUTES FROM EXTRAORDINARY GENERAL MEETING IN NORDIC MINING ASA

An extraordinary general meeting in Nordic Mining ASA was held on Friday 4th February 2022 at 15:30 hours. The general meeting was held digitally due to the corona situation.

THE AGENDA WAS:

1 Opening of the meeting by the Chair ofthe Board or ^a person authorized by him, and registration of attending shareholders and shares represented by proxy

Kjell Sletsjøe opened the meeting.

Present and represented by proxy were the shareholders set out in enclosure 1. In total, 13.21 per cent of the share capital was represented.

Ivar S. Fossum and Christian Gjerde representing the management, and Kvale Advokatfirma, represented by Øystein Løken were also present.

2. Election of Chair of the meeting and one person to co-sign the minutes together with the Chair

Kjell Sletsjøe was elected to chair the meeting. Christian Gjerde was elected to co-sign the minutes from the meeting.

3. Approval ofthe summons and the agenda

The summons and the agenda were approved.

4. Convertible Ioan

The general meeting passed the following resolution:

• 1. The Company shall issue ^a convertible loan pursuan^t to section 11-2 ofthe public limited liability companies act.
• 1. The loan shall be NOK 132,500,000.
• 1. The loan shall be subscribed at par value.
• 1. The loan shall be subscribed by Fjordavegen Holding AS.

The shareholders preferential right to subscribe for the loan pursuan^t to section 10- 5, ref 11-4 of the public limited liability companies act is deviated.

1. The subscription of the loan shall take place in the general meeting.

2. 1. The loan shall be paid to designated accounts latest 7 February 2022. The loan will bereleased in tranches upon agreed milestones.
3. 1. The loan shall bear interest at the rate of 5 % per annum on the basis of ^a year of 360 days (actual/360). Accrued interests shall become due and payable together withthe loan amount.
4. 1. The Lender may, and is contractually obliged to, convert the loan into shares in the Company upon events that occur at the earliest date of (and on the terms and conditionsset out):

Thefollowing definitions shall apply in this section:

Maturity Date shall mean the earliest date of 30 June 2023 and the date the board in the Company should resolve that the Final Investment Decision shall not take place.

Final Investment Decision shall mean that the board ofthe Company approves the final decisionto execute the Engebø Project.

a) Placement of shares in connection with the Final Investment Decision: The man, together with accrued interests, shall be converted into shares at ^a price equal to the lowest of NOK 3.355 (which is the volume-weighted average price of the shares for the last 20 trading days prior to end of trading on 10 January 2022) and the subscription price in the placement of shares in relation to the Financial Investment Decision.

b) Placement of shares in connection with delay of Final Investment Decision: The loan, together with accrued interests, less any utilization tranches that cannot be utilized, shall be converted into shares at ^a price equal to the lowest of NOK 3.355 and the subscription price in the placement of shares due to the delayed Final InvestmentDecision.

c) Maturitv Date: If conversion has not occurred before the Maturity Date, the loan, together with accrued interests, less any utilization tranches that cannot at such time be utilized, shall be converted into shares at ^a price equal the lowest of NOK 3.355 and the volume-weighted average price ofthe Company's shares for the last 20trading days prior to the Maturity Date.

• 1. If ^a shareholder, or ^a consolidated group ofshareholders, controls more than 50 % of the shares in the Company, the lender may demand that the loan, together with accrued interests, shall be converted into shares at ^a subscription price equal to the lowest of NOK 3.355 and the volume-weighted average price of the shares forthe last 20trading days priorto the announcement of the change of control event.
• 1. Conversion must beexercised within 1 August 2023.
• 1. The lender shall, if corporate changes occurs, not have any rights as set out in the public limited liability companies actsection 11-2, second paragraph, no. 11.
• 1. Shares issued on conversion shall be entitled to dividends from the date the shares are registered with the Register of Business Enterprises.
• 1. The conversion right may not be separated from the receivable and used independently.

Fjordavegen Holding AS subscribed the convertible loan on the terms and conditions set out above:

Name: Ivar S. Fossum — by proxy

*****

Save for item 4 which was passed against 2.270.000 votes, all items were passed unanimously. No further items were on the agenda. The general meeting was adjourned.

Oslo 4 February 2022

Name: Kjell Sletsjøe Name: Christian Gjerde

Protocol for general meeting NORDIC MINING ASA

ISI N:	N0 00 10 31 73 40 NO RD IC MI NIN G AS A 04 /02 /20 22 15 .30 04 .02 .20 22
Ge al eti tia te: ner me ng
To day :
Sh las are s c s	FO R	Ag ain st	P01 1 i n	Ab in sta	P01 1 n gi d ot ste re re	Re ted sh pr es en are s wi th tin rig ht vo g s
Ag da ite 1 O nin en m pe	01 th eti g e me	by th Ch ng e	air ol the Bo	ard or a p	tho riz ed by ers on au	him rid , a
gi ati ol str att re on en	din sh ho ld g are er	nd sh s a are	s r ep re s
Or din ær	30 ,26 7,9 03	0	30 ,26 7,9 03	53 4 ,76	0	30 ,32 1,6 67
tes st fl 0 vo ca	100 .00 /0 °/o	0.0 0 ,/o		0.0 0 '/,
ion of in tat rep res en sc	99 .82 0/0 °/o	0.0 0 '/o	99 .82 °/,	0/, 0.1 8	0.0 0 'I,
al in tot sc	0/, 13 .19 %	0.0 0 %	13 .19 °/o	0.0 2 %	0/ 0.0 0
To tal	30 ,26 7,9 03	0	30 ,26 7,9 03	53 ,76 4	0	30 ,32 1,6 67
Ag da ite 2 E lec tio en m Ch air	01 Ch air n ma n	th eti ol e me	d ng an on e	to pe rso n	-si the mi tes co gn nu	th wi th the to ge er
Or din ær	30 ,26 6,8 00	0	30 ,26 6,8 00	54 , 8 57	0	30 ,32 1,6 67
in tes st vo ca	% 100 .00 °/o	0.0 0 '/o		0.0 0 '/,
ion of in tat rep res en sc	% 99 .82 °/o	0.0 0 '/,	99 .82 °/,	% 0.1 8	0.0 0 0/
al in tot sc	'I, 13 .19 0/,	0.0 0 '/,	13 .19 °/,	% 0.0 2	0.0 0 '/,
To tal	30 ,26 6,8 00	0	30 ,26 6,8 00	54 ,86 7	0	30 ,32 1,6 67
Ag da ite 3 A en m pp rov	al of the su mm	nd the on s a	da ag en
Or din ær	30 ,26 9,2 83	0	30 ,26 9,2 83	52 , 3 84	0	30 ,32 1,6 67
in tes st vo ca	100 .00 0/, '/o	0.0 0 °/,		0.0 0 '/,
ior i o f S C i n 0 tat rep res en	/, .83 99 °/o	0.0 0 '/,	.83 99 °/,	0.1 7 '/,	0.0 0 '/,
al in tot sc	13 .19 0/0 °/,	0.0 0 '/,	13 .19 °/,	0.0 2 '/,	0.0 0 '/,
To tal	30 ,26 9,2 83	0	30 , 2 69 ,28 3	52 ,38 4	0	30 ,32 1,6 67
Ag da ite 4 C en m on ve	rti ble loa n
din Or ær	28 ,05 1,2 72	2, 2 70 , 00 0	30 ,32 1,2 72	39 5	0	30 ,32 1,6 67
in tes st vo ca	0/, 92 .51 '/,	7.4 9 %		0.0 0 %
ion of in tat rep res en sc	% 92 .51 '/,	74 9 0/0	100 .00 '/o	0.0 0 '/,	0.0 0 0/0
al tot in sc	0/, 12 .22 0/	0.9 9 ,/,	13 .21 °/,	0.0 0 '/o	0.0 0 %
To tal	28 ,05 1,2 72	2,2 70 ,00 0	30 ,32 1,2 72	5 39	0	30 ,32 1,6 67

Registrar for the company: DNB Sank ASA NORDIC MINING ASA

Signature company:

Share information

Na me	To tal mb sh ol nu er are s	No mi l v alu na e	Sh pit al are ca	Vo tin rig ht g s
Or din ær	22 9,4 91 ,77 2	0.6 0	13 7,6 95 ,06 3.2 0	Ye s
Su m :

§ 5-17 Generally majority requirement

requires majority of the given voteS

5 5-18 Amendment to resolution Requires two-thirds majority of the given votes

like the issued share capital represented/attended on the general meeting

Total Represented

ISI N:	N0 00 10 31 73 40 NO RD IC MI NIN G AS A
eti da Ge al te: ner me ng	04 /02 /20 22 15 .30
To day :	04 02 .20 22

Number of persons with voting rights represented/attended : 12

	Nu be fsh m ro ar es	°/o sc
tal sha To res	22 9,4 91 ,77 2
sha of the res co mp an y - o wn	0
tal sha wit h v oti rig hts To res ng	22 9,4 91 2 ,77
ted ha Re by pre sen ow n s res	74 7,3 77	0.3 3 %
Re ted by ad ote pre sen va nc e v	10 ,80 3,3 29	4.7 1 0/0
sh Su m ow n are s	11 ,55 0,7 06	5.0 3 0/
Re ted by pre sen pro xy	5,5 14 ,79 7	2.4 0 0/0
Re ted by tin ins cti tru pre sen vo g on	13 ,25 6,2 04	5.7 8 0/0
sh Su m pr ox are s y	18 ,77 0,9 61	8.1 8 0/
wi th tin rig ht To tal ted vo g s re pr es en	30 ,32 1,6 67	13 .21 0/
sh pit al To tal ted by are ca re pr es en	30 ,32 1,6 67	13 .21 0/

Registrar for the company: Signature company:

DNB Bank ASA NGRDIC MINING ASA