Nordic Mining ASA — M&A Activity 2020

Feb 25, 2020

Barton Group

Nordic Mining has been informed that Barton is not in a position to enter into an offtake agreement for garnet from the Engebø project under the terms set out in the Heads of Agreement entered into between the parties in 2017.

Based on the information from Barton, the parties agree that it would not be prudent to pursue the Heads of Agreement further.

Nordic Mining will continue and strengthen its marketing efforts to secure garnet offtake based on a generally positive market outlook. The Engebø DFS documents low production costs, a competitive position and represent a long-term supply with logistical advantages to major markets.

CEO Ivar S. Fossum comments: "We regret that our cooperation with Barton has come to an end. We will be moving forward, seeking to turn this into another positive for the company. At this stage we cannot exclude that the timeline for realizing the Engebø project may be impacted. We will assess time schedules and make necessary prioritizations to ensure product offtake and construction financing."

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

Oslo, 26 February 2020 Nordic Mining ASA

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 and exploration of seabed minerals.

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