Nordic Mining ASA — Capital/Financing Update 2015

Oct 12, 2015

Approved Prospectus and start of subscription period

Approved Prospectus and start of subscription period

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN UNITED STATES, CANADA, JAPAN, AUSTRALIA OR SINGAPORE

Prospectus in connection with the rights issue (the "Rights Issue") in Nordic

Mining ASA ("Nordic Mining" or the "Company") has been approved by the Financial

Supervisory Authority of Norway. The subscription period for the Rights Issue

starts today, 12 October 2015.

Approved prospectus

The Financial Supervisory Authority of Norway has reviewed and approved the

Company's Prospectus regarding the Rights Issue of up to 77,000,000 new shares

(the "Offer Shares") at a subscription price of NOK 0.45 per Offer Share, with

Subscription Rights for shareholders as of the end of 5 October 2015 (as

registered in the Norwegian Central Securities Depository ("VPS") on 7 October

2015) who are not resident in a jurisdiction where such offering would be

unlawful, or for jurisdictions other than Norway which would require any filing,

registration or similar action (the "Eligible Shareholders").

Nordic Mining will today publish the Prospectus in connection with the Rights

Issue, the terms and conditions for which were announced on 6 October 2015. The

Prospectus together with the subscription form will be available at

www.nordicmining.com and at www.swedbank.no, and will also be available free of

charge at the business offices of Nordic Mining and Swedbank. Swedbank has been

appointed Manager and Kvale Advokatfirma is legal advisor for the Rights Issue.

Subscription price

The subscription price in the Rights Issue is NOK 0.45 per Offer Share. The last

closing price for the Nordic Mining share prior to announcement of the

transaction on 6 October 2015 was NOK 0.73. The theoretical ex-rights price

("TERP"), which takes into account the implicit dilution of the transaction, was

NOK 0.67. The subscription price discount to TERP is 33%. Consequently, the

Subscription Rights are expected to have an economical value.

Subscription Rights

Each Eligible Shareholder has received 0.2495909 Subscription Rights for every

one (1) share held based on their shareholding at the end of 5 October 2015, as

registered in the VPS on 7 October 2015. The number of Subscription Rights

issued to each Eligible Shareholder has been rounded down to the nearest whole

Subscription Right.

The holders of Subscription Rights will be entitled to subscribe for and be

allocated one (1) Offer Share for every (1) Subscription Right held. Over

-subscription is permitted.

Subscription Rights transferred to shareholders registered in the VPS will be

fully tradable and listed on Oslo Axess with ticker code "NOM S" and registered

in VPS with ISIN NO 0010747124. The trading period for the Subscription Rights

starts today, 12 October 2015.

Offer Shares that are not subscribed for by holders of Subscription Rights may

be subscribed by other investors.

Offer Shares may be subscribed by investors who are not resident in a

jurisdiction where such offering would be unlawful, or for jurisdictions other

than Norway which would require any filing, registration or similar action.

Regarding further restrictions in respect of who may be allocated or permitted

to acquire or exercise Subscription Rights/subscribe for Offer Shares, reference

is made to Section 5.16 "Selling Restrictions and restrictions on distribution

of Subscription Rights" in the Prospectus.

Subscription period for Offer Shares

From and including 12 October 2015 to 26 October 2015 at 16:30 CET.

Trading in Subscription Rights

From and including 12 October 2015 to 22 October 2015 at 16:30 CET. Please note

that Subscription Rights that are not used to subscribe for Offer Shares before

the end of the subscription period 26 October 2015 at 16:30 CET, or not sold

before 22 October 2015 at 16:30 CET, will lapse without compensation and

consequently be of no value.

Payment, delivery and trading of the Offer Shares

Due date for payment of the Offer Shares is 2 November 2015. The Offer Shares

will carry right to dividends as from the date of registration of the Offer

Shares with the Norwegian Register of Business Enterprises and will be delivered

through the facilities of the VPS. Trading in Offer Shares on Oslo Axess is

expected to commence on or about 5 November 2015.

Other information

In connection with the Rights Issue, Nordic Mining would like to invite to lunch

presentations on Tuesday 20 October at 12:00 CET at Swedbank, Filipstad Brygge

1, 8th floor in Oslo. Kindly register at corporateaccess@swedbank.no.

For further information please contact CFO Lars K. Grøndahl, telephone +47 901

60 941.

Oslo, 12 October 2015

Nordic Mining ASA

Nordic Mining ASA (www.nordicmining.com)

Nordic Mining ASA ("Nordic Mining" or "the Company") is a resource company with

focus on high-end industrial minerals and metals in Norway and internationally.

The Company's project portfolio is of high international standard and holds a

significant economic potential. The Company's assets are in the Nordic region.

Through the subsidiary Nordic Rutile AS Nordic Mining is undertaking large-scale

project development at Engebø in Sogn and Fjordane where the Company has rights

to a substantial eclogite deposit with rutile and garnet. Permits for the

project were granted by the Norwegian government in April 2015. Nordic Mining

has rights for exploration and production of high-purity quartz in Kvinnherad in

Hordaland and develops the project through its subsidiary Nordic Quartz AS.

Nordic Mining's associated company Keliber Oy in Finland plans to start mining

of lithium bearing spodumene and production of lithium carbonate. Nordic Mining

holds exploration rights on the Øksfjord Peninsula in Troms and Finnmark, where

the Company has discovered a prospective area of sulphide mineralisation.

Through the subsidiary Nordic Ocean Resources AS, Nordic Mining is exploring

opportunities related to seabed mineral resources.

Nordic Mining is listed on Oslo Axess.