Nordic Mining ASA — Capital/Financing Update 2015

Oct 6, 2015

Rights issue resolved

Rights issue resolved

On 5 October 2015, the Board of Directors of Nordic Mining ASA ("Nordic Mining"

or "the Company") resolved to conduct a rights issue, based on authorisation

from the general meeting, with the following main terms:

·

The Company's share capital will be increased with up to NOK 7,700,000 by the

issuance of up to 77,000,000 new shares.

·

Shareholders in the Company as per the end of 5 October 2015 (as registered in

the VPS as of 7 October 2015) shall have preferential rights to subscribe for

and be allotted the new shares corresponding to their pro rata shareholding in

the Company. Transferable subscription rights will be issued and listed on Oslo

Axess.

·

One (1) share in the Company will give 0.2495909 subscription rights. One (1)

subscription right gives the right to subscribe one (1) share in the rights

issue. Over-subscription is allowed. Possible shares not subscribed by owners of

subscription rights may be subscribed by other investors.

·

The subscription price is NOK 0.45 per new share. Based on the closing price for

Nordic Mining's share on 5 October 2015 of NOK 0.73 the subscription price

implies a discount of approximately 33% compared with the theoretical share

price exclusive of the subscription right.

·

The subscription period shall commence on 12 October 2015 and end on 26 October

2015 at 16:30 hours (CET). The subscription period is subject to the approval by

the Financial Supervisory Authority of Norway of the prospectus prepared in

connection with the rights issue. Possible delay of the start and end of the

subscription period will be communicated in a separate stock exchange release.

Nordic Mining's shares will trade ex. subscription rights as from and included

Tuesday 6 October 2015 (ex. date).

The industrial area plan (zoning plan) and the discharge permit for the Engebø

rutile project were granted in April 2015. The proceeds from the rights issue

will be used for value increasing project activities and for general corporate

purposes.

CEO Ivar S. Fossum comments: "Important project activities going forward include

drilling to improve resource classification, processing tests and optimization

work, and activities related to supply of process water and power."

Further information about the rights issue will be included in the prospectus

currently in preparation and expected to be published on or about 9 October

Swedbank is appointed manager and Kvale Advokatfirma is legal advisor for the

transaction.

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

60 941.

Oslo, 6 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.