Disclosure of large shareholding

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Reference is made to the stock exchange notice from Nordic Mining ASA ("Nordic Mining") today regarding the resolution by the general meeting to issue a NOK 132,500,000 5% interest bearing convertible loan in favour of Fjordavegen Holding AS (the "Loan").

Fjordavegen Holding AS shall convert the Loan together with all accrued interest into shares in Nordic Mining upon a share issue in Nordic Mining in relation to final investment decision/delay of final investment decision for the Engebø rutile and garnet project, however, at latest 1 August 2023.

The conversion price will as a starting point be NOK 3.355 per share, i.e. equal to 39,493,294 shares in Nordic Mining upon conversion of the principle amount. This will constitute 14.7% of the share and voting rights in Nordic Mining on a fully diluted basis.

The conversion price shall, however, be the lowest of NOK 3.355 and the subscription price in a subsequent share issue in Nordic Mining in relation to final investment decision/delay of final investment decision, or if no such share issue occurs, the lowest of NOK 3.355 and the volume-weighted average trading price the Nordic Mining's share for the last 20 trading days prior to 30 June 2023. Consequently, the number of shares issued upon conversion may be higher than as set out above.    

Oslo, 4 February 2022
Nordic Mining ASA

This information is subject to the disclosure requirements pursuant to the Continuing Obligations and Section 4-2 and 5-12 the Norwegian Securities Trading Act.

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”.


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