Minerals for a sustainable future

Extended company presentation Q3 2022

08 November 2022

Disclaimer

IMPORTANT NOTICE

This extended company presentation (the "Presentation") has been prepared by Nordic Mining ASA ("Nordic Mining" or the "Company") with the assistance of Clarksons Securities AS and SpareBank 1 Markets AS (the "Financial Advisors"), solely for use at the presentation of Nordic Minings's Q3 2022 results with Company update. The Presentation does not in any way constitute an offer to purchase shares in the Company.

NO REPRESENTATION OR WARRANTY / DISCLAIMER OF LIABILITY

The information contained in this Presentation is solely based on information provided by the Company and its subsidiaries, including Nordic Rutile AS (the "Group"). The information in this Presentation has not been verified by the Financial Advisors. None of the Financial Advisors, the Group or subsidiary undertakings or affiliates, or any directors, officers, employees, advisors or representatives of any of the aforementioned (collectively the "Representatives") make any representation or warranty (express or implied) whatsoever as to the accuracy, completeness or sufficiency of any information contained herein, and nothing contained in this Presentation is or can be relied upon as a promise or representation by the Financial Advisors, the Group or any of their Representatives.

None of the Financial Advisors, the Group or any of their Representatives shall have any liability whatsoever (in negligence or otherwise) arising directly or indirectly from the use of this Presentation or its contents or otherwise arising in a future investment in the Company, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation.

Neither the Financial Advisors, nor the Group, have authorized any other person to provide any other information related to the Group and neither the Financial Advisors nor the Group will assume any responsibility for any information other persons may provide.

NO UPDATES

This Presentation speaks as at the date set out on its front page. Neither the delivery of this Presentation nor any further discussions of the Group with any of investors shall, under any circumstances, create any implication that there has been no change in the affairs of the Group since such date. Neither the Financial Advisors nor the Group assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

NO INVESTMENT ADVICE

The contents of this Presentation shall not be construed as financial, legal, business, investment, tax or other professional advice. Clarksons Securities and SpareBank 1 Markets is acting exclusively for the Company, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Clarksons Securities and Sparebank 1 Markets for providing advice.

FORWARD LOOKING STATEMENTS

This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Group and the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions.

Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Financial Advisor or the Group or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. None of the Financial Advisors, the Group or any of their Representatives provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments.

CONFLICT OF INTEREST

In the ordinary course of their respective businesses, the Financial Advisors and certain of their respective affiliates have engaged, and will continue to engage, in investment and commercial banking transactions with the Group.

DISTRIBUTION RESTRICTIONS

This Presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident located in any state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require registration of licensing within such jurisdiction.

INFORMATION AS TO THE UNITED STATES

Any potential future offer of securities in the Company will be offered and sold in the United States only to QIBs and outside the United States to persons other than U.S. persons or non-U.S. purchasers in reliance upon Regulation S. The shares of the Company have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") or with any securities regulatory authority of any state or jurisdiction of the United States and may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States unless registered under the Securities Act or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act or in compliance with any applicable securities laws of any state or jurisdiction of the United States. There will be no public offering of the securities of the Company in the United States. In the United States, these materials are directed only at persons reasonably believed to be "qualified institutional buyers" ("QIB") as defined under the Securities Act. Any person who is not a Relevant Person or QIB should not accept these materials, not act or rely on these materials. These materials are not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local laws or regulations. The Company does not accept any liability to any person in relation to the distribution or possession of these materials in or from any jurisdiction.

GOVERNING LAW AND JURISDICTION

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

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Today's presenters

Ivar S. Fossum

Chief Executive Officer

  • 16 years' with Nordic Mining (since founding)
  • 20 years experience from various management positions in Hydro Oil and Gas, Hydro Agri International and FMC Technologies
  • MSc in Mechanical Engineering from NTNU, Trondheim, Norway

Christian Gjerde

Chief Financial Officer

  • With the company since August 2020
  • 14 years' experience from management positions in NorgesGruppen ASA, Telenor ASA, and Yara International ASA. Experience from large-scale mining projects and operations in Brazil, Canada, Ethiopia and Finland
  • Master of Professional Accounting from Griffith University, Queensland, Australia

Mona Schanche

VP Resource and Sustainability

  • 14 years' with Nordic Mining
  • Previous experience as a Geologist for Titania AS (Kronos Group) and various exploration and mine development projects
  • MSc in Resource Geology from NTNU, Trondheim, Norway

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Q3 2022 Highlights - over 75% of project financing secured for Engebø

Financing

Commercial

Project

readiness

Other

  • USD 55 million royalty agreement with Orion Resources1
  • USD 100 million senior secured bond
  • Project financials significantly improved from UDFS
  • Full rutile production sold: second rutile offtake agreement signed
  • Garnet offtake agreements negotiations ongoing
  • Project progressing according to plan
  • Production start-up in 2024
  • ESG: Focus on climate and biodiversity
  • Mining rights confirmed in the appeal court

1) Investment from Orion Resource Partners will comprise of a USD 50 million non-dilutive royalty instrument to Nordic Rutile AS and USD 5 million in equity to Nordic Mining ASA

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1. Company update

  1. Engebø Rutile and Garnet
  2. Financial update Q3-2022
  3. Additional information

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Disclaimer

Nordic Mining ASA published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2022 09:16:06 UTC.