Nordic Mining’s interim report per 31 March 2016

Enclosed please find Nordic Mining’s interim report for the first quarter 2016.

Important events in the first quarter 2016 and year-to-date:

Nordic Rutile (100%) - Engebø project

  • Managing Director appointed for Nordic Rutile
    Thomas B. Addison, a mining engineer with broad experience from the mining industry, took up the position as managing director of Nordic Rutile on 1 February 2016. He will manage and coordinate the development of the Engebø project, including activities related to the upcoming pre-feasibility study.

  • Core drilling program completed at Engebø
    A core drilling program was completed in early April 2016. Approximately 6,400 meters have been drilled, mainly in the open pit part of the deposit. Core logging is proceeding and the program is progressing according to plan with regard to logging, sampling and analysis. The results in the form of a revised resource model with updated resource estimates and classifications in accordance with the JORC Code will be ready in Q3 2016.

  • Final permits
    On 19 February 2016, the King in Council dismissed an appeal related to the discharge permit. Consequently, the discharge permit is final and without further possibility for appeal. The zoning plan was final and without possibility for appeal directly following the government’s approval in 2015.

Nordic Quartz (100%) - Kvinnherad project

  • Independent quartz resource estimates completed
    In February 2016, an independent assessment of the Kvinnherad hydrothermal quartz was completed based on i.a. information from the drilling program which was executed in the fall 2015. The Qualified Persons have estimated significant quartz-containing mineral resources in the inferred and indicated categories. The quartz content varies in the deposit with a substantial part in the massive zone category (>95% quartz content).

Nordic Ocean Resources (80%) – Seabed minerals

  • The “MarMine” project has started
    Nordic Ocean Resources, together with the Norwegian University of Science and Technology (“NTNU”) and other industrial parties and knowledge institutions, have started “MarMine”, a comprehensive research project on marine mineral resources. The project has been granted NOK 25 million in financial support from the Norwegian Research Council.

  • Planning of an exploration cruise is ongoing
    An exploration cruise on the Mid-Atlantic Ridge will be executed with mineral sampling, analytical assessments and subsequent process test work. A modern and well equipped offshore vessel, “Polar King” has been contracted for the expedition which will be carried out in the summer 2016.

Keliber (25%) - Lithium project

  • Positive market sentiment for lithium
    Over the last 6 – 8 months, lithium prices have increased substantially. According to market information, technical grade lithium carbonate (99.0% Li2CO3) is currently trading at a price level of USD 13,000 – 14,000 per tonne; battery-grade qualities (>99.5% Li2CO3) are trading higher, compared with a price level of USD 6,800 – 7,500 per tonne per mid-2015. The development, which is expected to continue, indicates a tightening supply/demand balance for lithium carbonate.

  • Pre-feasibility study completed
    The pre-feasibility study (“PFS”) for the lithium project was completed in March 2016. A preliminary net present value of EUR 97 million has been estimated based on an annual production of 9,000 tonnes of lithium carbonate and an 8% discount rate. The estimated payback period is approximately 4 years.

  • Battery grade lithium carbonate produced in test program
    In connection with the PFS, test work has been executed to develop and optimise the lithium carbonate production process. Analytical results show that high-purity lithium carbonate, including qualities exceeding 99.9% Li2CO3 purity, can be produced using the developed process technology.

  • Rights issue completed
    Subsequent of the PFS Keliber has executed a rights issue with total proceeds of approximately EUR 2.9 million. Nordic Mining participated pro rata to its 25% shareholding.

Corporate matters

  • Extraordinary General Meeting
    An Extraordinary General Meeting was held 4 February 2016. The general meeting approved an authorisation to the Board of Directors to issue up to 170 million new shares in connection with possible equity issues to raise capital to the Company, or for consideration, in whole or in part, in connection with investment in other businesses. The authorisation is valid till 30 June 2016.

  • Ordinary General Meeting 2016
    The Ordinary General Meeting will take place on 18 May 2016.

For further information please contact CFO Lars K. Grøndahl, telephone +47 901 60 941.

Oslo, 13 May 2016
Nordic Mining ASA

Nordic Mining ASA (

Nordic Mining ASA (“Nordic Mining” or “the Company”) is a resource company with focus on high-end industrial minerals and metals in Norway and internationally. The Company’s project portfolio is of high international standard and holds a significant economic potential. The Company’s assets are in the Nordic region.

Through the subsidiary Nordic Rutile AS Nordic Mining is undertaking a large-scale project development at Engebøfjellet in Sogn and Fjordane where the Company has rights and permits to a substantial eclogite deposit with rutile and garnet. Permits for the project have been granted by the Norwegian government. Nordic Mining has rights for exploration and production of high-purity quartz in Kvinnherad in Hordaland and develops the project through its subsidiary Nordic Quartz AS. Nordic Mining’s associated company Keliber Oy in Finland plans to start mining of lithium bearing spodumene and production of lithium carbonate. Nordic Mining holds exploration rights on the Øksfjord Peninsula in Troms and Finnmark, where the Company has discovered a prospective area of sulphide mineralisation. Through the subsidiary Nordic Ocean Resources AS, Nordic Mining is exploring opportunities related to seabed mineral resources.

Nordic Mining is listed on Oslo Axess.