Nordic Mining: Successful placement of USD 100 million senior secured bond

Nordic Mining ASA ("Nordic Mining") is pleased to announce that its wholly owned subsidiary Nordic Rutile AS (the "Issuer") has successfully issued USD 100 million in a new 5-year senior secured bond (the “Bond”). The Bond has fixed coupon of 12.5% per annum and an issue price of 90%. The issue was well subscribed by domestic and international quality investors such as pension funds, long-only credit funds, hedge funds and family offices. The settlement of the Bond is expected be on or around the 9 November 2022. The Issuer will make an application for the bonds to be listed on Nordic ABM. The net proceeds from the bond issue will be employed towards the development of the Engebø Rutile and Garnet Project.

Nordic Mining has with this secured USD 175 million in financing for the Engebø Rutile and Garnet Project, with USD 20 million investment from strategic rutile offtake partner Iwatani Corporation and USD 55 million investment conditionally agreed from leading mining investment firm Orion Resource Partners.

The proposed financing, combined with the funds from the sale of the shares in Keliber Oy for EUR 46.9 million, as previously announced, covers close to 80% of the contemplated project financing package of USD 280 million, which will include a project reserve of USD 30 million.

Financial settlement of the Bond is inter alia subject to certain conditions precedent.

Clarksons Securities AS and SpareBank 1 Markets AS acted as Joint Lead Managers in connection with the placement of the bond issue.

For further information, please contact CFO Christian Gjerde, telephone +47 980 60 909.

Oslo, 27 October 2022
Nordic Mining ASA

This information is subject to the disclosure requirements pursuant to Section 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. 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”.