Nordic Mining : Presentation Q1 2024

MINERALS FOR A SUSTAINABLE FUTURE

Q1 2024 Interim presentation

May 7th, 2024

DISCLAIMER

This document has been used by Nordic Mining during an oral presentation. Therefore, this document is incomplete without the oral explanations, comments and supporting instruments that were submitted during the referred presentation. To the extent permitted by law, no representation or warranty is given, express or implied, as to the accuracy of the information contained in this document.

Some of the statements made in this document contain forward- looking statements. To the extent permitted by law, no representation or warranty is given, and nothing in this document or any other information made available during the oral presentation should be relied upon as a promise or representation as to the future condition of Nordic Mining's business.

2

1. Introduction
2. Engebø Rutile and Garnet
3. Financial update Q1-2024
4. Q & A

3

Q1 2024 Highlights

Safety &

ESG

Progress & schedule

Legal & permits

Project

economy

• No Lost Time Injuries (LTI) in the 1st quarter
• 743 days to date without LTI
• Focus on heavy lifts and mechanical installation
• NOK 543 million invested in Engebø in 1st quarter
• Approx. NOK 1.9 billion invested in total
• Construction on plan towards ramp-up in Q4 2024
• Clear win against AMR on all counts at the Supreme Court
• All claimed legal expenses refunded
• Successful 1st release from bond escrow account
• Volatile forex market secured through forward hedging
• Increased robustness of guided project economy

4

Nordic Mining wins against AMR on all counts at the Supreme Court

Arctic Mineral Resources (AMR) vs Nordic Mining

After full oral arguments before the Supreme Court over 5 days in late January, the Norwegian Supreme Court ruled on March 22nd. As expected, the ruling was in favor of Nordic Mining on all counts. The court also ruled that AMR should pay all legal expenses. All expenses have been refunded.

As argued by Nordic Mining and the Norwegian Government, the ruling concludes that all minerals in the Engebø deposit ore are owned by the Norwegian state. As a consequence, Nordic Mining, through the mining rights granted by the state, has a sole and exclusive right to mine the Engebø deposit, including titanium and garnet. AMR has never had any claim or rights in the deposit.

NGOs vs the Norwegian state

On January 10th, the Oslo District Court ruled in favor of the Norwegian state in the case were the environmental NGO's Naturvernforbundet and Natur og Ungdom summoned the state claiming that the permits for Engebø are null and void.

The NGOs have appealed part of the verdict to the Court of Appeal which have passed the case to the EFTA court for an advisory statement. Nordic Mining consider its permits and mining rights to remain valid and solid.

Norway aligns its policy with EU and US on strategic minerals

• On 18 March, the EU Council adopted the regulation to establish a framework to ensure a secure and sustainable supply of critical raw materials, better known as the Critical Raw Materials Act (CRMA)
  "With the Critical Raw Materials Act we want to turn the challenges of our dependencies into strategic autonomy and an opportunity for our economy. This legislative act will boost our mining sector, enhance our recycling and processing capacities, create local and good quality jobs, and ensure that our industry is up and

ready for the digital and green transitions."

Jo Brouns, Flemish Minister for Economy, Innovation, Work, Social Economy and Agriculture

The CRMA establish firm benchmarks for 37 critical and 17 strategic minerals regarding EU's annual consumption and permitting of new mines. Former Minister of Trade, Industry and Fisheries, Mr. Jan Christian Vestre states that CRMA is relevant for Norway as an EEC member:

«We do not have a specific timeline, but it has a high priority.»

• On April 17, United States and Norway made a joint statement on Cooperation on High-Standard,Market-Oriented Trade of Critical Minerals, signaling start of MoU discussions

Top: Thierry Breton, European Commissioner for Internal Market

Bottom: Former Minister of Trade, Industry and Fisheries Mr. Jan Christian Vestre

and Deputy National Security Advisor Mr. Daleep Singh.

Global energy production to be dominated by photovoltaics (PV)

Source: Rystad Energy

• Global energy production and distribution of the various energy sources from 2010- 2024.
• Solar energy has rapidly increased production and this is expected to continue throughout the decade.

kt

Source: CRU and Exawatt

• Expected high purity quartz (HPQ) demand by category.
• The demand for HPQ in Solar PV crucibles have risen from 28 kt in 2021 to 60 kt in 2023.
• The demand is expected to reach 124 kt in 2030.

• Nordic Mining has exclusive rights for exploration and development of a quartz deposit in the Kvinnherad municipality held jointly with an industrial partner.
• The hydrothermal quartz vein shows promising potential in terms of quality and size.

Focus on biodiversity - annual tracking

• Nordic Mining has adopted a goal of net biodiversity gain over the life of mine for the Engebø project, aligned with the United Nation's goal.

• A Biodiversity Action Plan ("BAP") has been developed with support and collaboration with Det Norske Veritas ("DNV") and Asplan Viak.

• An interactive map with baseline terrestrial biodiversity habitats and impacts of the construction work, has been continuously updated and is reported to the Management on an annual basis.

• Baseline update of marine nature and habitat types are in progress with forecasted completion in Q2 2024.

8

1. Introduction
2. Engebø Rutile and Garnet
3. Financial update Q1-2024
4. Q & A

9

Health and safety

• No Lost Time Injuries (LTI) recorded in the period or project to date, with a total of 743 LTI free days.
• Average of 100 workers on site increasing to 130 workers during Q2 as mechanical, piping and electrical installations take place across all plant areas.
• During April, the project safely completed several critical heavy lifts in the Primary Crushing, Comminution, Dry Plant and Product Storage areas.
• High priority focus on working at heights and suspended loads for the quarter, with majority of new low potential incidents attributed to these activities.

Key Performance indicator	04-24	Project to date3	Target
Lost time injuries (1/1 million	0	0	<2,51
working hours)
Total recordable injuries (1/1 million	0	0	<8,81
working hours)
High potential incidents²	8	13	0
Low potential incidents²	54	235	-

1 ) Source: The Federation of Norwegian Industries

2 ) Health, Safety and Security reported Non-Conformances10

3 ) Project to date is: 30th April 2024