Nordic Mining ASA — Capital/Financing Update 2016

Jun 2, 2016

Rights issue resolved

Rights issue resolved

On 2 June 2016, 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 17,000,000 by

the issuance of up to 170,000,000 new shares.

·  Shareholders in the Company as per the end of 3 June 2016 (as registered in

the VPS as of 7 June 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 0.4409802 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 0.50 per new share. Based on the closing

price for Nordic Mining's share on 2 June 2016 of NOK 0.65 the subscription

price implies a discount of approximately 17% compared with the theoretical

share price exclusive of the subscription right.

·  Gross proceeds from the rights issue will be NOK 85 million, subject

subscription of all shares offered.

·  The subscription period shall commence on 9 June 2016 and end on 23 June

2016 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

Monday 6 June 2016 (ex. date).

The proceeds from the rights issue will be used for project development

activities, mainly related to the Engebø rutile project, and for general

corporate purposes.

CEO Ivar S. Fossum comments: "The next important milestone for the Engebø

project will be the pre-feasibility study (PFS). The results and resource

estimations following from the core drilling program completed in April will be

important input to the PFS together with technical assessments and flow sheet

optimisation. The target is to complete the PFS in the first quarter 2017. In

addition, we expect a positive progress on the Company's other main assets, e.g.

lithium and high-purity quartz."

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

currently in preparation and expected to be published on or about 6 June 2016.

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, 2 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 a large

-scale project development at Engebøfjellet in Sogn and Fjordane where the

Company has rights and permits to a substantial eclogite deposit with rutile and

garnet. Permits for the project have been granted by the Norwegian government.

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.