Nordic Mining ASA — Capital/Financing Update 2022

Oct 27, 2022

Nordic Mining: Successful placement of USD 100 million senior secured bond

Nordic Mining: Successful placement of USD 100 million senior secured bond

Nordic Mining ASA ("Nordic Mining") is pleased to announce that its wholly owned

subsidiary Nordic Rutile AS (the "Issuer") has successfully issued USD 100

million in a new 5-year senior secured bond (the "Bond"). The Bond has fixed

coupon of 12.5% per annum and an issue price of 90%. The issue was well

subscribed by domestic and international quality investors such as pension

funds, long-only credit funds, hedge funds and family offices. The settlement of

the Bond is expected be on or around the 9 November 2022. The Issuer will make

an application for the bonds to be listed on Nordic ABM. The net proceeds from

the bond issue will be employed towards the development of the Engebø Rutile and

Garnet Project.

Nordic Mining has with this secured USD 175 million in financing for the Engebø

Rutile and Garnet Project, with USD 20 million investment from strategic rutile

offtake partner Iwatani Corporation and USD 55 million investment conditionally

agreed from leading mining investment firm Orion Resource Partners.

The proposed financing, combined with the funds from the sale of the shares in

Keliber Oy for EUR 46.9 million, as previously announced, covers close to 80% of

the contemplated project financing package of USD 280 million, which will

include a project reserve of USD 30 million.

Financial settlement of the Bond is inter alia subject to certain conditions

precedent.

Clarksons Securities AS and SpareBank 1 Markets AS acted as Joint Lead Managers

in connection with the placement of the bond issue.

For further information, please contact CFO Christian Gjerde, telephone +47 980

60 909.

Oslo, 27 October 2022

Nordic Mining ASA

This information is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act.

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. 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 and exploration

of seabed minerals.

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