Nordic Mining ASA — M&A Activity 2021

Nov 8, 2021

Lump sum EPC contracts signed for Engebø construction

Lump sum EPC contracts signed for Engebø construction

Nordic Mining has, through its wholly owned subsidiary Nordic Rutile AS, signed

lump sum contracts for the Engineering, Procurement and Construction (EPC) for

the Engebø Rutile and Garnet project (the "Project"). Three contracts have been

signed with the following selected partners:

· Sunnfjord Industripartner AS ("EPC1")

· Åsen & Øvrelid AS ("EPC2")

· Nordic Bulk AS ("EPC3")

The EPC contracts a is a formalization of the Letters of Intent signed between

the parties in June 2021 and comprise a lump sum price for the agreed scope of

work agreed in the contracts. Nordic Bulk's scope of work has been extended to

include the procurement of mechanical equipment for the crushing circuit. The

last EPC contract with Normatic AS ("EPC4") is expected to be finalized and

signed later in November. In total the four lump sum EPC contracts will cover

around 75% of the total plant and mine capital expenditure of USD 203.4 million.

The EPCs partners will continue to work with the owners' team to further advance

selected Detailed Engineering work originally part of the UDFS construction

work.

For further information on the EPC partners see stock exchange notice from 8

June 2021.

"We are strategically focusing on local and regional partners for the Engebø

project. This ensures closeness, quality, and long-term perspective to the

Project. It's great that local companies have proven to be very competitive with

major international competitors", says Project Manager Kenneth Nakken Angedal.

"We are extremely satisfied to be at this milestone in the Project. For

Sunnfjord Industripartner AS (SIPA) it is a significant event to sign the

contract for EPC 1 for the development of the Engebø Project", says Jan

Støfring, Managing Director SIPA.

"Åsen & Øvrelid is very pleased to have formalized the contact for the Engebø

Project and look forward to starting further detailed design and project

implementation together with Nordic Rutile and the other EPC contractors", says

General Manger Finn-Ove Øen.

"We are very pleased, taking part in this milestone greenfield project, by

Nordic Mining. This contract confirms the good cooperation that has been

established, focusing on improved solutions. This is a great confirmation for

our skilled team, and we are humble and enthusiastic to get started, says", says

Managing Director in Nordic Bulk AS, Peder Egeland.

For questions, please contact Project Manager Kenneth Nakken Angedal, telephone

+47 92640645.

Oslo, 8 November 2021

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 12.7% 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 Euronext Expand Oslo with ticker symbol "NOM".