Keliber share issue of EUR 10m successfully completed

Accounting gain of ~ NOK 100m to Nordic Mining following reclassification

Keliber Oy (“Keliber”) has today successfully completed a share issue directed towards existing shareholders and employees with total gross proceeds of EUR 10 million at a share price of EUR 49 per share which implies a post-money valuation of EUR 63 million.

Nordic Mining ASA did not participate in the share issue and has subsequently been diluted from 22% to 18.5% ownership. As a consequence, the investment in Keliber will be reclassified in the financial statements from an Associate to a Financial Asset Measured at Fair Value Through Profit and Loss under IFRS 9 (“FVTPL Method”). The reclassification will be recognized in the interim consolidated financial statements for Q1 2019 and will result in an estimated accounting gain of approximately NOK 100 million. The gain is not subject to tax.

Keliber’s press release regarding the share issue can be found here: http://news.cision.com/keliber/r/share-issues-with-gross-proceeds-over-eur-10-million,c2742220

Ivar S. Fossum, CEO, states: «We are very pleased that Keliber now has successfully raised capital to further progress the project towards construction financing and to become the first producer of battery grade lithium chemicals in Europe. The accounting gain underlines the increasing value of Keliber as its lithium project is progressing towards realization.”

For questions please contact CEO Ivar S. Fossum, telephone +47 930 96 850.

Oslo, 15 February 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 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.

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. Permits for the project have been granted by the Norwegian government. The definitive feasibility study was initiated directly following completion of the prefeasibility study in October 2017. Keliber Oy completed the definitive feasibility study for its lithium project in Finland in June 2018. Nordic Mining has rights for exploration and production of high-purity quartz in Kvinnherad in Norway. Further, the Company holds exploration rights at Reinfjord in northern Norway where a prospective area of sulphide mineralisation has been discovered. Nordic Mining is also exploring opportunities related to seabed mineral resources.

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