Nordic Mining ASA — Investor Presentation 2017

Dec 14, 2017

Disclaimer

IMPORTANT NOTICE

The presentation (the "Presentation") has been prepared by Nordic Mining ASA ("Nordic Mining" or the "Company") with the assistance of Carnegie AS and Swedbank (jointly the "Financial Advisors"), solely for use at presentation to potential investors (the "Investors") in connection with a potential private placement of shares by the Company (the "Private Placement").

The Private Placement will be directed towards selected investors on the basis of, and in such jurisdictions as permitted or catered for by, exemption rules under applicable securities laws allowing private placements of this nature to be undertaken without the filing of any prospectus, registration statement, application or other similar documentation or other requirement. No public offering of the Company's shares is being made in any jurisdiction and no action has been taken which would permit such an offering. This Presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person.

NO REPRESENTATION OR WARRANTY / DISCLAIMER OF LIABILITY

The information contained in this Presentation is solely based on information provided by the Company and its subsidiaries (the "Group"). The information in this Presentation has not been verified by the Financial Advisors. None of the Financial Advisors, the Group or subsidiary undertakings or affiliates, or any directors, officers, employees, advisors or representatives of any of the aforementioned (collectively the "Representatives") make any representation or warranty (express or implied) whatsoever as to the accuracy, completeness or sufficiency of any information contained herein, and nothing contained in this Presentation is or can be relied upon as a promise or representation by the Financial Advisors, the Group or any of their Representatives.

None of the Financial Advisors, the Group or any of their Representatives shall have any liability whatsoever (in negligence or otherwise) arising directly or indirectly from the use of this Presentation or its contents or otherwise arising in connection with the Private Placement, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation.

Neither the Financial Advisors, nor the Group, have authorized any other person to provide any of the Investors with any other information related to the Private Placement and neither the Financial Advisors nor the Group will assume any responsibility for any information other persons may provide.

NO UPDATES

This Presentation speaks as at the date set out on its front page. Neither the delivery of this Presentation nor any further discussions of the Group with any of the Investors shall, under any circumstances, create any implication that there has been no change in the affairs of the Group since such date. Neither the Financial Advisors nor the Group assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

NO INVESTMENT ADVICE

The contents of this Presentation shall not be construed as financial, legal, business, investment, tax or other professional advice. The Investors should consult their own professional advisers for any such matter and advice. Carnegie and Swedbank are acting exclusively for the Company, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Carnegie or Swedbank for providing advice, in relation to any potential offering of securities of the Company.

FORWARD LOOKING STATEMENTS

This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Group and the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Financial Advisors or the Group or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. None of the Financial Advisors, the Group or any of their Representatives provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments.

CONFLICT OF INTEREST

In the ordinary course of their respective businesses, the Financial Advisors and certain of their respective affiliates have engaged, and will continue to engage, in investment and commercial banking transactions with the Group.

DISTRIBUTION RESTRICTIONS

This Presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident located in any state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require registration of licensing within such jurisdiction.

INFORMATION AS TO THE UNITED STATES

The shares are being offered and sold in the United States only to QIBs and outside the United States to persons other than U.S. persons or non-U.S. purchasers in reliance upon Regulation S. The shares of the Company have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") or with any securities regulatory authority of any state or jurisdiction of the United States and may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States unless registered under the Securities Act or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act or in compliance with any applicable securities laws of any state or jurisdiction of the United States. There will be no public offering of the securities of the Company in the United States. In the United States, these materials are directed only at persons reasonably believed to be "qualified institutional buyers" ("QIB") as defined under the Securities Act. Any person who is not a Relevant Person or QIB should not accept these materials, not act or rely on these materials. These materials are not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local laws or regulations. The Company does not accept any liability to any person in relation to the distribution or possession of these materials in or from any jurisdiction.

GOVERNING LAW AND JURISDICTION

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

Risk factors

Key risks specific to Nordic Mining or its industry Key risks specific to the securities

• The development of the Group's properties will depend upon the Group's ability to obtain financing
• The operations of the Group are pre-commercial and will only be developed if the exploration is successful
• The Group is subject to production and operating risk, including unexpected geological formations, mine failures, explosives, availability of production equipment and damage to equipment, property and infrastructure
• The Group is subject to risk related to changes in mineral and metal prices, government regulations, political and environmental factors
• The minerals and metals industries are highly competitive and the Group has no guarantee that this competition will not have an adverse effect at some point on the Group's ability to acquire, explore and develop its mineral and metals resource deposits
• There is no assurance that the Group will be successful in obtaining governmental permits, licenses and approvals related to its projects on conditions acceptable to the Group
• The Company's estimates as to the size and value of mineral resources and reserves may prove to be incorrect
• The development of the Company's project is subject to various risks, including the size of required capital expenditures, processing costs and other financial and non-financial aspects of feasibility

If any of the risks materialises, they may have a material adverse effect on the business, results of operations and financial condition of the Group

• The price of the Shares could fluctuate significantly
• Future sales, or the possibility for future sales, including by existing shareholders, of substantial number of Shares could affect the Shares' market price
• Future issuances of Shares or other securities could dilute the holdings of shareholders and could materially affect the price of the Shares
• Investors may not be able to exercise their voting rights for Shares registered in a nominee account
• The transfer of the Shares may be subject to restrictions on transferability and resale in certain jurisdictions
• Exchange rate fluctuations could adversely affect the value of the Shares and any dividends paid on the Shares for an investor whose principal currency is not NOK

Table of contents

1	Introduction
2	Engebø – rutile and garnet
3	Keliber – lithium
4	Financials
5	Summary

Experienced management team and Board of Directors

Ivar S. Fossum Chief Executive Officer

• 11 years with Nordic Mining (since founding)
• 20 years experience from management positions in Norsk Hydro and FMC Technologies

Lars K. Grøndahl

Chief Financial Officer

• 11 years with Nordic Mining (since founding)
• Broad prior experience from various industrial management positions

Mona Schanche

VP Exploration

• 9 years with Nordic Mining
• More than 10 years of prior experience from the mineral sector

Management team Board of Directors

Tarmo Tuominen Chairman (since 2011)

• Deputy CEO in Nordkalk

of Finland (GTK) • Mining background

• Chairman of the Geological Survey

Kjell Roland Deputy Chairman

• CEO of Norfund
• Previous experience as partner and CEO in ECON Management AS and ECON Analysis
• Finance / economics background

Eva Kaijser Board member

• Mining background

• More than 18 years experience in the Swedish mining industry (e.g. 11 years in Boliden)

Mari Thjømøe Board member

• Extensive executive and board experience from oil and gas, finance and investment management (e.g. Statoil, Norsk Hydro and KLP)
• Finance / industry background

Broad mining, industrial and financial experience combined with extensive network

Developing high-value assets in the Nordic Region

Focusing on rutile, garnet and lithium

Nordic Mining – equity story at a glance

Key corporate milestones

)

Shareholder information

	Shareholder overview (as of 4 December 2017)
#	Shareholder	Country	# of shares	% of total
1	Nordnet Bank AB (nominee)	Sweden	9,448,278	10.0%
2	Nordea Bank AB (nominee)	Finland	4,784,180	5.0%
3	Nordnet Livsforsikring AS	Norway	2,831,553	3.0%
4	Citibank, N.A. (nominee)	USA	2,207,718	2.3%
5	Danske Bank A/S (nominee)	Denmark	2,019,199	2.1%
6	Dybvad Consulting AS	Norway	1,576,428	1.7%
7	Magil AS	Norway	1,300,000	1.4%
8	Adurna AS	Norway	1,245,000	1.3%
9	Infosave AS	Norway	1,235,609	1.3%
10	Songa Trading Inc	Norway	1,222,176	1.3%
11	Ove Klungland Holding AS	Norway	1,121,180	1.2%
12	Vpf Nordea Avkastning	Norway	1,002,963	1.1%
13	Lithinon AS	Norway	1,000,977	1.1%
14	Snati AS	Norway	975,000	1.0%
15	Olav Birger Sletten	Norway	950,400	1.0%
16	Knut Fosse AS	Norway	915,008	1.0%
17	Gode Tider AS	Norway	763,436	0.8%
18	Ole Kristian G. Stokken	Norway	755,043	0.8%
19	Cross AS	Norway	685,000	0.7%
20	Reidar Jarl Hansen	Norway	668,970	0.7%
	Other shareholders		58,117,350	61.3%
	Total shareholdings		94,825,468	100.0%

Key shareholder information

Current # of shares outstanding:	94 825 468
Fully diluted # of shares:	97 455 468
– # of options at strike NOK 4.08:	2 030 000
– # of options at strike NOK 8.16:	600 000
Share price (as of 6 Dec 2017):	NOK 3.76
Market capitalisation1 :	USD ~43.2m

Note: 1) Converted at USD/NOK 8.25; 2) Last five years (rebased 05.12.2012); *) Delisted or no value Source: Nordic Mining, Oslo Børs Arena, FactSet

Table of contents

Highlights from prefeasibility study

Unique combination of high grade rutile and garnet

Large outcropping deposit next to tidal waters

• Hard-rock deposit with high quality rutile and garnet located in western Norway, a politically and economically stable country
• One of the world's largest deposits of natural rutile with vast amounts of garnet
• Geotechnically stable orebody allows for effective mining
• Low impurities, negligible content of heavy metals and radioactive elements
• Mining and environmental permits in place for 50+ years of mining

Upside potential in inferred resources

Mineral resource1	Tonnage (Mt)	Total TiO2	Garnet
Measured	15.0	3.97%	44.6%
Indicated	77.5	3.87%	43.6%
Measured & Indicated	92.5	3.89%	43.7%
Inferred	138.4	3.86%	43.5%

• The mineral resource estimate is defined with a 3% TiO² cut-off grade
• High cut-off implies stronger financial performance
• Large potential in inferred resources

High rutile grades give processing advantages

Indicative rutile grades (TiO² ) for current producers and planned projects

Engebø					3.9%
West Balnarald Cerro Blanco			1.7%		3.9%
SRL		0.9%
Snapper		0.9%
Carmaspe/Atlas	0.6%
Kwale	0.5%
WIM 150	0.4%
Mission	0.4%
Puttalam	0.4%
Donald	0.3%
Dongara	0.2%
Fairbreeze	0.2%
Cataby	0.2%
Namakwa	0.2%
RBM	0.2%
Boonanarring	0.2%
Jacinth Ambrosia	0.2%
Ranobe	0.1%
Stradbroke Island	0.1%

Rutile and Garnet – minerals with unique properties

Source: Engebø PFS, TZMI, TAK Industrial Mineral Consultancy

First European producer of garnet

on a basket of the three products with roughly equal weighting

Cooperation with The Barton Group for Garnet

• Barton, a family owned company founded in 1878, is a leading US garnet producer and distributor with a strong foothold, particularly in the North American markets
• Over the years, Barton has played a leading role in developing the fast-growing application of waterjet cutting technology where garnet is the dominant mineral
• Barton operates a garnet mine in the state of New York (US), and has extensive experience in production of hard-rock garnet
• In addition to serving the North American market, Barton supplies high-performance garnet abrasives throughout Western Europe, South America, Southeast Asia and China

The Barton Group Heads of Agreement

• Nordic Mining has entered into a Heads of Agreement with Barton Group, a MoU partner since 2011, which will be further developed based on the following main principles:
• Offtake agreement for North America
  • Exclusive distribution by Barton of Engebø garnet
  • The garnet will be sold and distributed under Barton's brand name for high-quality products
• Joint-venture agreement for other markets
  • Jointly owned company for sale and distribution to markets outside of North America
• Financing of pre-construction project development
  • Barton intends to participate in the pre-construction financing of the Engebø project
• Construction financing
  • Barton intends to participate in the construction financing of the Engebø project as an industrial anchor investor
  • The form and amount of Barton's contribution will be further negotiated and evaluated as part of the total solution for project financing

Rutile demand expected to grow with increasing prices

• Market conditions in the chloride pigment sector are improving and expected to result in a tighter market and in turn a rutile supply deficit
• Significant producers with depleting resources

• Some industry consolidation has taken place, e.g. with Iluka's acquisition of Sierra Rutile

• Since 2012 the global rutile market has worked through a supply overhang as chloride pigment producers embarked on a de-stocking cycle, which pushed rutile prices down

• Longer-term outlook indicates higher rutile prices. A significant supply deficit will develop if no new projects are commissioned

Situated close to potential rutile off-takers in Europe

• The largest pigment manufacturers in Europe have chloride technology that benefits from high grade feedstock
• Several can consume Engebø's annual volume
• Plant-to-plant shipment
• Logistical and freight cost advantages
• Engebø will be the 2nd European producer of rutile

Favourable internal logistics

Open pit mining Underground mining Processing plant Deep-water port

Open pit mining (2021-2036)	Value	Unit
Run of mine	1.5	Mtpa
Mine life	16	Years
Average production garnet	261	ktpa
Average production rutile	33	ktpa
Stripping ratio	1.34	Waste/ore

All at one site; mining, processing and shipping

• Rich ore in the early years with low stripping ratios
• Glory hole concept gives minimum haulage distance and reduces ore transportation costs
• Underground crushing and silo facilities enable operational flexibility
• Compact processing plant with favourable logistics and direct access to the North Sea
• Easy transition from open pit to effective underground bulk mining
• Permit allows for future expansion

Underground mining (2037-2049)	Value	Unit
Run of mine	1.5	Mtpa
Mine life	13	Years
Average production garnet	262	ktpa
Average production rutile	35	ktpa

Extensive testwork with industrial scale equipment

PFS process testwork completed successfully

Complete process plant layout established

• Comprehensive testwork documented commercial products from rutile and garnet according to market specifications
• Demonstrated rutile recovery of approximately 60%

• Testwork completed by reputable third party industry specialists using industrial scale equipment

• Flowsheet for rutile and garnet process based on substantial testing

• Ample power supply available from existing grid
• Process water supplied from nearby area
• Existing deep-water port enables easy transportation of construction materials

Low initial capex reflecting limited infrastructure needs

The PFS portrays a robust business case

Assumptions	Value	Unit	Output	Value	Unit
Garnet price	250	USD/tonne	Pre-tax NPV @ 8%	332	USDm
Rutile price	1 070	USD/tonne	Pre-tax IRR	23.8%	%
Garnet sales (from ~2027)	261 000	Tonnes per annum	Life of mine	29	years
Rutile sales (average)	32 500	Tonnes per annum
Opex per sales tonne1	87	USD/tonne	Payback period	Less than 5	years
Capex 2019-2021	207	USDm	Post-tax NPV @ 6.8%	305	USDm
Deferred capex 2033	17	USDm	Post-tax IRR	20.8%	%

Attractive long term cash flow

Base case with upside opportunity and flexibility

1st quartile revenue-to-cash cost position for rutile

Industry revenue-to-cash cost¹ curve (2021)

• ~80% of global TiO2 feedstock producers are included in TZMI's industry analysis
• TZMI uses the revenue-to-cash cost (R/C)-ratio as its primary measure of competitiveness for individual projects in the industry
• The R/C-ratio for Engebø is based on the first ten years of operations
• Engebø (in red) benefits from producing two high value products with relatively low mining and processing costs

Note: 1) Net cash cost for TiO² including credits from other products Source: TZMI (August 2017)

The PFS supports further progress towards production

Definitive Feasibility Study (DFS) targets project bankability

Scope of work for the Definitive Feasibility Study (DFS)

• Mining trade-off studies, mine design and schedule
• Mineral processing testwork, ore variability and flowsheet optimisation
• Modularisation and logistical studies
• Procurement strategy and procurement operating plan

• Multi-disciplinary design and engineering work

• Development of Project Execution Plan (PEP) and Construction Schedule

• Quantitative risk analysis (QRA)
• Building «Owners team» including local project team
• Cooperation and anchoring with local society

Table of contents

1	Introduction
2	Engebø – rutile and garnet
3	Keliber – lithium
4	Financials
5	Summary

Keliber

Keliber (22%) is a Finnish mining company focusing on lithium

Introduction to Keliber Keliber overview²

• Aiming to be the first European company to produce high-purity lithium carbonate from its own ore
• Six deposits in one of the most significant lithium bearing areas in Europe
• Will produce 9,000 tonnes of lithium carbonate per year
• PFS in March 2016 returned an NPV@8% of EUR 97m and an IRR of 21 %¹ ; a DFS is ongoing and expected completed H1 2018
• Recent drilling program (June 2017) showed an increase of 2.08Mt (35%) in measured and indicated mineral resources compared with March 2016 estimates
• Current lithium price is higher than the level applied in the PFS, providing further upside from base case
• Keliber is well financed for ongoing development activities

Development of mineral resources³

Note: 1) Based on the 9,000 tonnes per annum lithium carbonate production scenario; 2) Ownership pie chart is for illustrative purposes only; 3) Estimates performed by Competent Persons in accordance with 2012 JORC code and with 0.5% Li2O cut-off Source: Keliber

Keliber

Lithium demand driven by increased EV penetration

• Lithium is extracted predominantly from either hard rock mining (as is the case for Keliber) or from brine deposits
• Substantial amounts of raw material is required to meet the massive demand growth in the lithium battery industry
• An increasing lithium usage (e.g. in electric vehicles) is driving the expected demand and supply growth estimated at ~250% until 2025
• By 2031, lithium consumption is expected to increase by 10x times from today's levels

Lithium price forecast

Table of contents

1	Introduction
2	Engebø – rutile and garnet
3	Keliber – lithium
4	Financials
5	Summary

Financials

Balance sheet with no interest bearing debt

Balance sheet (NOKm)	Q3 2017
1 Evaluation and exploration assets	21.4
Property, plant & equipment	0.2
Investment in associate 2	29.8
Total non-current assets	51.5
Trade and other receivables	4.3
Cash and cash equivalents 3	30.1
Total current assets	34.4
Total assets	85.9
Total liabilities 4	6.2
Total equity 5	79.7
Total liabilities & equity	85.9

	Comments
1	Evaluation and exploration assets • NOK 14.9m in capitalised drilling costs • NOK 6.5m in capitalised license/property costs
2	Investment in associate • Book value of 22.0% ownership stake in Keliber Oy
3	Cash and cash equivalents • NOK 30.1m of cash at hand
4	Total liabilities • Zero interest bearing debt
5	Total equity • Equity ratio of ~93%

Financials

Estimated capital requirement to complete DFS

• The identified capital requirement to fund the company past completion of the DFS (expected in Q4 2018) and committed bank financing (expected in Q1 2019) is approximately USD 12m (including ~20% buffer)
• Once the DFS has been completed, the company expects to have a bankable case in place, which will then enable both debt financing and equity financing of the remaining capital expenditures connected to the Engebø project
• The company has the flexibility to wait with initiating the FEED¹ until the construction financing for the Engebø project is in place
• FEED cost of USD 3m not included in the above estimate

Table of contents

Summary

I

II

III

IV

V

Equity story summary

High-end minerals for industrial application with strong commercial outlook

• Growing demand for rutile and garnet and significant supply deficit for both minerals in Europe
• Cost-efficient shipping to European and overseas markets with off-take partner on garnet in place and several candidates for rutile off-take
• Key growth driver for lithium related to batteries for electric/hybrid vehicles and energy storage, with several battery mega factories under way

Engebø rutile and garnet is a world class deposit with attractive project economics

• Robust dual mineral operation with high quality garnet and rutile
• Scalable and cost-efficient operation with expandable project capacity and potential to extend mine life beyond initial 29 years
• Attractive project economics with relatively low construction capex of USD 207m, pre-tax IRR of 23.8% and payback below 5 years

22% owned Keliber on track to become the first European producer of high-quality lithium carbonate

• Targeting production start in 2020
• Recent drilling program showed an increase of 2.08Mt (35%) in measured and indicated mineral resources, and drilling continues
• Well financed for ongoing development activities

Transforming projects to industry with potential value-enhancing events approaching

• Comprehensive PFS completed for both Engebø and Keliber supporting further progress towards production
• Engebø DFS in preparatory stage planned for completion in Q4 2018 and targeting bankability, with start of construction in Q2 2019
• Keliber DFS completion targeted in H1 2018 with potential to unlock significant value for Nordic Mining's ownership stake

Significant financial upside

• Nordic Mining with zero interest bearing debt
• Post tax NPV of Engebø project of USD 305m in base case with identified upside potential
• Share of Keliber NPV USD ~25m¹with upside from recent increase in resource estimates and lithium price levels

THANK YOU FOR YOUR ATTENTION!

Safety – Environment - Innovation

www.nordicmining.com

Management team and Board of Directors

Ivar S. Fossum, CEO

Fossum has 20 years experience from management positions in Norsk Hydro (oil/gas and fertilizers) and FMC Technologies. He has a broad international experience and has been general manager of Norsk Hydro East Africa Ltd. in Nairobi, Kenya. Fossum holds a Master of Science in Mechanical Engineering from the University of Science and Technology in Trondheim, Norway.

Lars K. Grøndahl, CFO

Grøndahl has broad experience from industrial management positions in i.a. Aker, Scancem Group and HeidelbergCement. He holds a Master of Science in Economics and Business Administration from the Norwegian School of Economics in Bergen, Norway.

Mona Schanche, VP Exploration

Schanche has previously worked as a project geologist in Titania (Kronos Group), a major producer of pigment feedstock. She is a resource geologist from the University of Science and Technology in Trondheim, Norway and has more than 10 years experience from the mining sector.

Management team Board of Directors

Kjell Roland, Deputy chairman

CEO of Norfund, the Norwegian Investment Fund for Developing Countries. Roland holds a Master of Science in Economics from the University of Oslo, Norway. Roland has been a partner and CEO in ECON Management AS and ECON Analysis.

Mari Thjømøe, Board member

Extensive executive and board experience from oil and gas, finance and investment management (e.g. Statoil, Norsk Hydro and KLP). Thjømøe holds a Master of Science in Business Administration from the Norwegian School of Management (BI) in Oslo, Norway.

Eva Kaijser, Board member

Kaijser has more than 18 years experience in the Swedish mining industry, i.a. 11 years in Boliden. Kaijser holds a Bachelor in Business Administration from the University of Stockholm.

Broad mining, industrial and financial experience combined with extensive network

Corporate structure suitable for partnership and transaction opportunities

Historical financials

Income Statement (NOKm)	2016	YTD 2017
Payroll and related costs	-7.8	-8.1
Share-based payment	-1.4	0.0
D&A	0.0	-0.1
Impairment of exploration & evaluation assets	-1.3	0.0
Other operating expenses	-12.4	-18.8
EBIT	-23.0	-27.1
Share of result of an associate	-4.2	2.4
Financial income	0.2	0.2
Financial costs	-0.1	-0.1
EBT	-27.1	-24.6
Income tax	0.0	0.0
Loss for the period	-27.1	-24.6

Cash Flow Statement (NOKm)	2016	YTD 2017
Net cash from operating activities	-30.0	-30.7
Investment in exploration and evaluation assets	0.0	-0.3
Investment in associate	-13.7	-11.5
Purchase of PP&E	0.0	0.0
Net cash from investing activities	-13.7	-11.8
Share issuance	85.6	6.9
Transaction costs, share issue	-5.9	-0.4
Net cash from financing activities	79.8	6.5
Net change in cash	36.1	-36.0
Beginning cash balance	29.3	66.1
Ending cash balance	65.3	30.1

Overview of mineral assets¹

Preparatory DFS stage

Engebø – rutile and garnet

• One of the world's largest rutile and garnet deposits and will establish Nordic Mining as a long-term supplier of high grade rutile and garnet products
• Acquired the rights² for the Engebø deposit in 2006

Advanced DFS stage

Keliber – lithium (22% ownership)

• Keliber Oy is a Finnish mining company with an objective to produce high-purity lithium carbonate for the international lithium battery market
• Nordic Mining ownership stake reduced from 68% since 2008 to 22% currently

Advanced scoping stage

Kvinnherad – quartz

• Quartz deposit that can be processed to high purity qualities similar to the best on the market
• Secured the exclusive rights³ for the investigation and development of the quartz deposit in 2011

• An independent scoping study was carried out in 2012, drilling program in 2015 and JORC resource classification in 2016

• Rutile is composed of titanium and oxygen, and is a titanium dioxide (TiO² ). Rutile has among the highest refractive indices of any known mineral. Natural rutile is often found as deep reddish brown crystals

• The Engebø garnet, which is almandine, is composed of iron, aluminum, oxygen and silicon
• Lithium is a silver white metal that belongs to the alkali metal group. It is the lightest of all metals and so soft it can be cut with a knife. Lithium is highly reactive and never occurs freely in nature, but only appears in compounds
• Quartz is a hard mineral composed of silicon and oxygen (SiO2). Common quartz is white (milky quartz) or colorless (rock crystal). Quartz also occurs in a number of other colors

Engebø - zoning plan and environmental permits fully granted

• The zoning plan and discharge permit for the Engebø project are approved and final, without possibility for appeals
• Deep-sea disposal offers safe and sustainable tailings solution
• The tailings will mainly sediment within the regulated area
• The currents in the tailings area are moderate and there is limited risk for erosion currents
• Continuous monitoring of the sea disposal will be implemented

Engebø - flowsheet of rutile and garnet process

Keliber shareholder overview

#	Shareholder in Keliber Oy	# of shares	% of total
1	Nordic Mining ASA1	239,044	22.1%
2	Tesi Industrial Management Oy	190,662	17.6%
3	Ab Mine Invest Oy	97,527	9.0%
4	Keskinäinen Eläkevakuutusyhtiö Ilmarinen	70,929	6.6%
5	Thominvest Oy	68,683	6.4%
6	Jorma Takanen	63,123	5.8%
7	Osuuskunta PPO	60,000	5.6%
8	Case Invest Oy	59,547	5.5%
9	Jussi Capital Oy	35,010	3.2%
10	Eero Halonen	20,000	1.9%
	Other shareholders	177,496	16.3%
	Total shareholdings	1,082,021	100.0%