Nordic Mining ASA — Capital/Financing Update 2016

Jun 24, 2016

Preliminary result of the Rights Issue

Preliminary result of the Rights Issue

The proceeds from the Rights Issue secure efficient progress on activities

related to the pre-feasibility study for the Engebø rutile project.

The subscription period in Nordic Mining's Rights Issue expired Thursday 23 June

2016 at 16.30 (CET). A preliminary counting of the subscriptions indicates that

approximately 129 million shares have been subscribed. The gross proceeds from

the Rights Issue are preliminary estimated at around NOK 65 million.

CEO Ivar S. Fossum comments:

"We are pleased with the result from the Rights Issue which allows us to move

efficiently forward with the Engebø pre-feasibility study. Activities onwards

will include the resource modeling and estimations based on the core drilling

earlier this year, mine planning, process testing and optimisation, and

activities related to supply of process water and hydroelectric power, as well

as financial calculations. Our target is to complete the pre-feasibility study

in Q1 2017."

Allocation of shares in the Rights Issue will be resolved by Nordic Mining's

Board of Directors in accordance with the allocation criteria set out in the

Prospectus dated 7 June 2016. The final result of the Rights Issue is expected

to be published later today, 24 June 2016. Also letters to investors will be

sent today giving notification of allocated new shares and the corresponding

amount to be paid by each subscriber.

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

60 941.

Oslo, 24 June 2016

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.