Nordic Mining ASA: Secures first part of Engebø Project Financing Equity of NOK 132.5 million from a group of local investors
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Nordic Mining ASA ("Nordic Mining" or the "Company") is pleased to announce that
it has secured NOK 132.5 million, the first part of the Project Financing
Equity, for the Engebø Rutile and Garnet Project ("Engebø Project") from a group
of local Sunnfjord investors led by two of the Engineering, Procurement and
Construction ("EPC") partners for the Engebø Project, and their shareholders,
together with other local investors. The investment is conditional upon the
approval by an Extraordinary General Meeting ("EGM") to be held on our about 4
February 2022.

CEO Ivar Fossum states:

"This transaction is an important first step in the Project Financing and
enables us to pay compensation to landowners and start construction of the
Engebø Project's ground works. We appreciate the interest and commitment from
the local investor group and consider it as a substantial confirmation of the
local support to the project and its positive effect on the local community."

The equity contribution of NOK 132.5 million is structured as a loan with
conversion rights to shares in Nordic Mining ASA, with certain obligations on
specific terms and milestones as the project development progresses (the
"Convertible Loan"). The Convertible Loan will upon conversion contribute as
part of the equity for the Project Financing package, expected to be around USD
250 million comprising debt, equity and potential hybrid capital or royalty. The
Company is currently progressing its assessment of several financing structures
and targets a financial close in H1 2022. Further updates will be provided in
due course.

The key term and conditions for the Convertible Loan is enclosed this notice.

The Company will prepare a call for general meeting for approval of the
Convertible Loan.