Nordic Mining ASA — M&A Activity 2022

Aug 15, 2022

Sibanye Stillwater closes first step in increasing shareholding in Keliber to 80%

Sibanye Stillwater closes first step in increasing shareholding in Keliber to 80%

Reference is made to the stock exchange notice on 30 June 2022 regarding Nordic

Mining ASA ("Nordic Mining" or the "Company") announcement of acceptance to sell

its shares in Keliber Oy ("Keliber") to Sibanye Stillwater Limited ("SSW") for a

cash consideration of EUR 157.28 per share, in total EUR 46.9 million, under a

voluntary offer ("Voluntary Offer").

In accordance with the shareholders agreement for Keliber, SSW has under a pre

-emptive right subscribed for 975,987 new shares in Keliber in a directed share

issue resolved by the general meeting in Keliber on 11 July 2022 and paid to

Keliber the total subscription amount of EUR 146 million. This will increase

SSW's shareholding to 50% plus 1 majority shareholding in Keliber and dilute

Nordic Mining's ownership to around 8.6%.

The sale of Nordic Mining's shares is expected to close in Q3 2022. Funds from

the sale are unrestricted and will be contributed as equity towards the project

financing package for the Engebø Rutile and Garnet Project, which is expected to

be in excess of USD 250 million comprising of debt, equity and potential hybrid

capital or royalty.

The Voluntary Offer remain subject to condition that no material adverse change

has occurred before completion of the sale.

Keliber's press release is available at: https://www.keliber.fi/en/news/news

-releases-and-publications/CF80F0CBB4A63E8C/

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

60 909.

Oslo, 15 August 2022

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 8.6% 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".