Nordic Mining ASA — Capital/Financing Update 2019

Sep 18, 2019

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 AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES (OR ANY OTHER

JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL). THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

The prospectus (the "Prospectus") in connection with the rights issue (the

"Rights Issue") in Nordic Mining ASA (the "Company") has been approved by the

Financial Supervisory Authority of Norway. The subscription period for the

Rights Issue and the trading period and listing for the subscription rights

starts today, 18 September 2019.

Approved Prospectus

The Financial Supervisory Authority of Norway has reviewed and approved the

Company's Prospectus regarding the Rights Issue of up to 25,000,000 new shares

(the "Offer Shares") at a subscription price of NOK 1.40 per Offer Share, with

tradable and listed Subscription Rights for shareholders as of the end of 13

September 2019 (as registered in the Norwegian Central Securities Depository

("VPS") on 17 September 2019) 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 13 September 2019.

The Prospectus together with the subscription form will be available at

www.nordicmining.com and www.sb1markets.no and will also be available free of

charge at the business offices of Nordic Mining ASA and SpareBank 1 Markets AS.

SpareBank 1 Markets AS is manager and Kvale Advokatfirma is legal advisor for

the Rights Issue.

Subscription price

The subscription price in the Rights Issue is NOK 1.40 per Offer Share.

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

contemplated transaction on 12 September 2019 was NOK 1.975. The theoretical ex

-rights price ("TERP"), which takes into account the implicit dilution of the

transaction, is NOK 1.89. The subscription price discount to TERP is

approximately 25.9%. The Subscription Rights are expected to have an economical

value.

Subscription Rights

Each Eligible Shareholder has received 0.1738625 Subscription Rights for every

one (1) share held based on their shareholding at the end of 13 September 2019,

as registered in the VPS on 17 September 2019. 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 NO0010864143 (https://csdclient.vps.no/issuer

-front/isin/NO0010864143). The trading period for the Subscription Rights starts

today, 18 September 2019, and ends on 30 September 2019 at 16:30 CEST.

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 4.2.15 "Selling Restrictions and restrictions on distribution

of Subscription Rights and Offer Shares" in the Securities Note in the

Prospectus.

Subscription period for the Offer Shares

From and including 18 September 2019 to 2 October 2019 at 16:30 CEST.

Trading in Subscription Rights

From and including 18 September 2019 to 30 September 2019 at 16:30 CEST.

Please note that Subscription Rights that are not used to subscribe for Offer

Shares before the end of the subscription period 2 October 2019 at 16:30 CEST,

or not sold before 30 September 2019 at 16:30 CEST, 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 7 October 2019. 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 the Offer Shares on Oslo Axess is

expected to commence on or about 15 October 2019.

Other information

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

following lunch presentations: 24 September at 10:00 CEST at SpareBank 1 Markets

| Olav Vs Gate 5, Oslo, 25 September at 12:30 CEST at SpareBank 1 Markets |

Bjergsted Terasse 1, Stavanger and 27 September at 11:00 at SpareBank 1 Markets

| Søndre Gate 4, Trondheim. Kindly register at corporateaccess@sb1markets.no.

For further information please contact CFO Birte Norheim, telephone +47 95 29 33

Oslo, 18 September 2019

Nordic Mining ASA

About 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. The Company's project

portfolio is of high international standard and holds significant economic

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

Nordic Mining is undertaking a large-scale project development at Engebø on the

west coast of Norway where the Company has rights and permits to a substantial

eclogite deposit with rutile and garnet. Nordic Mining also holds 18.5% of the

shares in Keliber Oy, which is developing a lithium project in Finland to become

the first European producer of battery grade lithium hydroxide.

In addition, Nordic Mining holds interests in other initiatives at various

stages of development. This includes patented rights for a new technology for

production of alumina, exploration of seabed minerals and high-purity quartz.

Nordic Mining is listed on Oslo Axess with ticker symbol "NOM".