Nordic Mining ASA — Share Issue/Capital Change 2019

May 29, 2019

Nordic Mining ASA - Completed Private Placement

Nordic Mining ASA - Completed Private Placement

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INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER

JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Nordic Mining ASA ("Nordic Mining" or "Company") is pleased to announce the

completion of a private placement of 12 950 000 shares with gross proceeds of

approximately NOK 27.5 million (the "Private Placement").

Reference is made to the Company's stock exchange notice dated 28 May 2019

regarding the contemplated Private Placement.

Nordic Mining has completed the Private Placement of 12 950 000 shares at a

subscription price of NOK 2.125 per share, raising gross proceeds of

approximately NOK 27.5 million. The share issue constituted close to 10% of the

Company's share capital.

The proceeds from the Private Placement will be used primarily to finance the

Company's ongoing Definitive Feasibility Study of the Engebø project and general

corporate purposes. The Definitive Feasibility study's main purpose is to

qualify the project for bankability.

Barton Group and Verdipapirfondet Nordea Avkastning were allocated shares for

NOK 8 and NOK 5 million respectively. Barton Group is the leading US garnet

producer and distributor that has signed a Heads of Agreement related to offtake

and commercial cooperation for garnet with Nordic Mining. Barton Group's

subsidiary B-L Holding Company has been allocated 3,764,706 new shares in the

Private Placement. After completion of the Private Placement, B-L Holding

Company will own 8,403,655 shares in the Company, which represents 5.8% of the

Company's shares.

The Private Placement was resolved by the Board of Directors pursuant to the

authorisation granted by the Company´s general meeting held on 21 May 2019.

Following registration of the share capital increase pertaining the Private

Placement with the Norwegian Register of Business Enterprises, the Company will

have a share capital of NOK 86,275,063.20 divided into 143,791,772 shares, each

with a nominal value of NOK 0.60.

Delivery of the new shares will take place on or about 6 June 2019, subject to

full and timely payment being received for such shares and the registration of

the share capital increase relating to the issuance of such shares with the

Norwegian Register of Business Enterprises. The new shares will be admitted to

trading on Oslo Axess under the Company's existing ISIN upon delivery.

In connection with the Private Placement, the Board of Directors of the Company

have resolved to set aside the pre-emptive rights of the existing shareholders.

The Board of Directors considers this to be in the best interests of the Company

and its shareholders, since it allows the Company to raise capital more

efficiently and quicker in order to minimize execution risk, at a lower discount

and with lower transaction costs than a rights' offering.

Clarksons Platou Securities AS and Swedbank Norge, branch of Swedbank AB (publ)

in cooperation with Kepler Cheuvreux acted as Joint Lead Managers and

Bookrunners in the Private Placement.

Oslo, 29 May 2019

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 which are jointly owned with the Institute for Energy

Technology. The Group has also taken initiatives related to seabed mineral

exploration in Norway and participates in the MarMine research project. Further,

the Group is investigating a high-quality quartz deposit in Kvinnherad in

western Norway and holds exploration rights for nickel and PGE in a prospective

geologic province in Reinfjord in northern Norway.

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