Nordic Mining ASA — Capital/Financing Update 2019

Jan 31, 2019

Agreement for Engebø rutile sales and participation in construction financing

Agreement for Engebø rutile sales and participation in construction financing

Nordic Mining ASA ("Nordic Mining") has today signed a Heads of Agreement with a

reputable Japanese trading house (the "Trading House") related to long term

offtake for rutile and participation in the construction financing for the

Engebø project. The Trading House has a longstanding international track-record

and operates within a wide range of industries.

The Heads of Agreement is based on the following main principles:

· Offtake agreement

The basic principles of an offtake agreement for a significant portion of the

anticipated production of rutile at Engebø have been agreed. The offtake

agreement will be established with a purpose of bankability, i.e. to facilitate

the financing of the Engebø project.

· Construction financing

The Trading House intends to participate with a substantial portion of the

construction financing of the Engebø rutile and garnet project. The form and

amount of contribution will be further developed as part of the total solution

for the project financing.

Comments from Nordic Mining:

"We are very pleased with the agreement and look forward to a long-term

cooperation with the Trading House," says CEO Ivar S. Fossum. "The commercial

principles that are now in place both for rutile and garnet are expected to

contribute positively to the financing process for the Engebø project."

Comments from the Trading House:

"We value the solid relationship that we have developed with Nordic Mining. It

is our priority to secure long-term supply base of quality feedstocks and the

cooperation with Nordic Mining is an important part of our corporate strategy."

For questions, please contact CEO Ivar S. Fossum, telephone +47-930 96 850.

Oslo, 31 January 2019, Nordic Mining ASA

About Nordic Mining ASA (www.nordicmining.com)

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

The definitive feasibility study was initiated directly following completion of

the prefeasibility study in October 2017.

Nordic Mining's associated company Keliber completed the definitive feasibility

study for its lithium project in Finland in June 2018. Nordic Mining has rights

for exploration and production of high-purity quartz in Kvinnherad in Norway.

Further, the Company holds exploration rights at Reinfjord in northern Norway

where a prospective area of sulphide mineralisation has been discovered. Nordic

Mining is also exploring opportunities related to seabed mineral resources.

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