Nordic Mining ASA — Investor Presentation 2021

Aug 13, 2021

This document has been used by Nordic Mining during an oral presentation. Therefore, this document is incomplete without the oral explanations, comments and supporting instruments that were submitted during the referred presentation. To the extent permitted by law, no representation or warranty is given, express or implied, as to the accuracy of the information contained in this document.

Some of the statements made in this document contain forward-looking statements. To the extent permitted by law, no representation or warranty is given, and nothing in this document or any other information made available during the oral presentation should be relied upon as a promise or representation as to the future condition of Nordic Mining's business.

• 1. Introduction
• 1. Engebø Rutile and Garnet
• 1. Keliber Lithium
• 1. Financial update
• 1. Q & A

Sustainable production of high-end industrial minerals

Rutile (Titanium dioxide)

• Environmentally friendly pigment
• Air cleaning surface materials
• Aircrafts and aerospace
• Health applications

Garnet

• Health and environmentally friendly cutting and blasting material

Lithium

• Batteries for electric vehicles and renewable energy storage

R&D - Alumina

• Patented technology for green alumina production with integrated CO² consumption

Nordic Ocean Resources (NORA) Seabed minerals (100%)

4

• ➢ Updated Definitive Feasibility Study (UDFS) for Engebø reconfirms the project as a world class mineral project
• ➢ Letter of Intent signed with EPC partners for Engebø construction work and with PMC partner on project management
• ➢ Offtake term sheet for total production of rutile from Engebø signed
• ➢ Fully funded towards Engebø construction - Financial advisors engaged for project financing
• ➢ Participation in Keliber share issue
• ➢ Opportunities related to seabed minerals pursued

• 1. Introduction
• 1. Engebø Rutile and Garnet
• 1. Keliber Lithium
• 1. Financial update
• 1. Q & A

Updated Feasibility Study: Sustainable project with robust economics

1. Project cash flows are on real 2021 USD stand-alone unlevered basis

2. Project annual average Free Cash Flow over the first 10 year of full production

3. TZMI 2024 Industry Revenue-to-Cash Cost ratio curve (R/C Ratio)

Lump-sum EPC contracts reduce execution and cost overrun risks

• EPC contracts cover over 70% of construction capex
• Pre-construction activities ongoing;
  • Basic engineering
  • Project set-up and system integration
• Recruitment of owner's team in process

Project Management Process Equipment	Owner's team NM and Project Management Consultant Hatch/Sweco
Detail Engineering Construction	Sunnfjord EPC 1 Site wide Earthworks	Industripartner AS Asen & Øvrelid AS Nordic Bulk AS EPC 2 Civil & Buildings	EPC 3 Structural, Mechanical, Plating & Piping	Normatic AS EPC 4 Electro, Control Instrumentation
Cold Commissioning Hot Commissioning		Owner's team supported by EPCs and OEMs

Use of electrical dryers instead of natural gas fueled dryers results in ~80% reduction of total CO² emissions

Environmental footprint

New process chemicals have been approved by the Environment Agency, confirming reduction by 99%. Process plant area reduced by over 40%

Safe and healthy work
environment

Social responsibility

Operational readiness from start of execution to prepare procedures for operations. Operation and Maintenance included in detailed engineering to secure a safe work environment

Stakeholder Engagement Plan and local resource group established for improved dialogue and cooperation. Long-term local employer

Long-term offtake secured for total production of rutile

• Term sheet agreement signed with reputable Japanese trading house for the majority of the rutile production
• Term sheet agreement signed with Kronos (US), INC. for the remaining production of rutile
• Demand for rutile and high-grade feedstocks increases based on a strong pigment market
• Unstable supply of titanium feedstocks: - Iluka's rutile production in Sierra Leone to be suspended from November 2021
  • Rio Tinto shuts down production of Ti-slag in South Africa due to riots
• Positive discussions ongoing for garnet offtake to Europe and overseas markets

Mining rights and operational license secured for Engebø

• NM's mining rights cover the entire Engebø eclogite deposit
• Operational license granted from the Directorate of Mining confirms NMs right to all minerals in the deposit
• AMR's claim is contrary to the Directorate's decision and contrary to the Minerals Act and is rejected by NM in its entirety
• Final decision on the operating license is expected from The Ministry of Trade, Industry and Fisheries in near future

• Investment banks Clarkson Platou Securities AS and SpareBank 1 Markets AS engaged to advice on Engebø project financing
  • Pre-sounding started with selected and strategic and financial investors to explore available equity and debt structures
  • Process to engage Independent Technical Engineer for financing transaction ongoing
• Formal process to start later in H2, with aim to conduct and execute financing by year-end
• NM will provide updates and guiding on final financing plan and structure in due course

• 1. Introduction
• 1. Engebø Rutile and Garnet
• 1. Keliber Lithium
• 1. Financial update
• 1. Q & A

Keliber progressing with updated feasibility study

• New resource assessments for the Rapasaari deposit increased by over 30%. Keliber's total resource base is up to 13,69 Mill tonnes from 11,7 mill. tonnes
• Keliber is progressing its updated feasibility study scheduled to be published early 2022
• Sweco Industries Oy has been chosen as EPCM partner
• Keliber has been granted EURO 708.000 from Business Finland
• Basic engineering of the Päiväneva mining area and the Kokkola Chemical plant is ongoing
• Market for lithium chemicals for batteries continues to strengthen following announcements of new battery factories in Europe

• 1. Introduction
• 1. Engebø Rutile and Garnet
• 1. Keliber Lithium
• 1. Financial update
• 1. Q & A

The Group's balance sheet remains solid:

• o NOK 65,4 million in cash
  • Net cash outflow from operations of NOK 18.8 million in the quarter, reflecting activities to finalize the UDFS, and further activities towards construction and production
  • Net cash outflow to investment activities of NOK 7.8 million, mainly related to participation in Keliber share issue in April
• o No interest-bearing debt
• o Fair value of Keliber investment retained in line with price in Keliber share issue, however recognizing a translation gain of NOK 2.1 million
• o Fully funded for the continuation of the Engebø project towards construction, based on current plans and forecasts.

For details, see appendices or full interim report on https://www.nordicmining.com/

• 1. Introduction
• 1. Engebø Rutile and Garnet
• 1. Keliber Lithium
• 1. Financial update
• 1. Q & A

QUESTIONS?

• ➢ Updated Definitive Feasibility Study (UDFS) for Engebø reconfirms the project as a world class mineral project
• ➢ Letter of Intent signed with EPC partners for Engebø construction work and with PMC partner on project management
• ➢ Offtake term sheet for total production of rutile from Engebø signed
• ➢ Fully funded towards Engebø construction - Financial advisors engaged for project financing
• ➢ Participation in Keliber share issue
• ➢ Opportunities related to seabed minerals pursued

Appendix #1 Consolidated income statement

Q2-2021	Q2-2020		Acc.2021	Acc.2020	2020
Unaudited	Unaudited	Amounts in NOK million	Unaudited	Unaudited	Audited
-	-	Sales	0.0	-	-
(4.5)	(2.6)	Payroll and related costs	(8.7)	(6.3)	(14.4)
(0.0)	(0.1)	Depreciation and amortization	(0.1)	(0.1)	(0.2)
(7.8)	(5.0)	Other operating expenses	(19.6)	(18.3)	(27.9)
(12.3)	(7.7)	Operating profit/(loss)	(28.2)	(24.8)	(42.5)
2.1	(4.7)	Gains/losses on investments	(2.9)	(4.7)	9.3
(0.2)	0.1	Financial items	(0.2)	0.3	0.3
(10.4)	(12.4)	Profit/(loss) before tax	(31.3)	(29.1)	(32.9)
-	-	Income tax	-	-	-
(10.4)	(12.4)	Profit/(loss) for the period	(31.3)	(29.1)	(32.9)

Appendix #2 Consolidated statement of financial position

Amounts in NOK million	30.06.2021 Unaudited	31.12.2020 Audited
ASSETS
Evaluation and exploration assets	28.6	28.3
Property, plant and equipment	0.2	0.4
Right-of-use assets	0.3	0.4
Financial investments	121.3	100.1
Total non-current assets	150.3	129.2
Cash and cash equivalents	65.4	42.2
Trade and other receivables	2.8	2.2
Total current assets	68.2	44.4
Total assets	218.5	173.7
SHAREHOLDERS' EQUITY AND LIABILITIES
Total equity	209.1	164.3
Total non-current liabilities	1.7	1.6
Total current liabilities	7.8	7.8
Total liabilities	9.4	9.4
Total shareholders' equity and liabilities	218.5	173.7