Nordic Mining : Update February 2023

Minerals for a sustainable future

Company update and contemplated equity financing

2 February 2023

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 Mining's 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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Summary of risk factors

Risks related to the issuer's industry and operational risks

• The Project is a large scale complex industrial project and will be subject to all the risks inherent in a new mineral mining project.
• The Project does not have a history as an operating mine.
• The capital and operating costs for the Project are estimates and may not prove to be accurate.
• The Issuer is exposed to litigation and disputes and actions from NGO's.
• The Issuer's business depends on adequate infrastructure, including reliable power sources, roads and other infrastructure.
• The Issuer is dependent upon the continued services and performance of its senior management and other key personnel and consultants.
  Risks related to the financing of the project and future funding risks
• If the Issuer is not successful with the Project, the Group may not have other means of deriving revenues.
• Risk that the Issuer will not satisfy terms and conditions for the Issuer to draw down any amounts under the Bond.
  Risk for inaccurate estimates
• There are considerable uncertainty factors in estimating the size and value of mineral resources and reserves.
  Risks related to third parties and regulatory issues
• Risk of controversies and conflicting interests in the area's material to the Project's further development and operation.
  Risks related to the Issuer's business, market conditions and future sales
• Risk of decreases in rutile and garnet prices.
• Risk that the Issuer will not be able to sell all its products at favorable terms and conditions.
• Dependency on few key suppliers and contractors will expose the Issuer to risks.
• Laws and regulations relevant for mining operations has become more stringent over time.
• Risk that future operations of the Issuer will not obtain necessary permits from governmental authorities.

Financial risks

• Risks related to adverse conditions and changes in the global economic environment.
• The Issuer is subject to currency risks.
• The Issuer is subject to liquidity risk.
• The Issuer will be highly leveraged and have significant debt service obligations.
  Risks related to tax
• Any adverse changes in the laws/interpretation of laws and regulations applicable to taxation could have adverse effects on the group's tax positions
  Risk related to the shares
• Due to among other the limited market cap , the low trading volumes and other factors, the price of the shares may be highly volatile.
• Pre-emptiverights to participate in the issuance of new shares may not be available to all holders of shares.
• The Issuer does not expect to pay any dividends in the near future.
• Investors may not be able to exercise their voting rights for shares registered in a nominee account.
• Any additional equity financing needs may be dilutive to existing shareholder and materially affect the prices of the shares.
• Transfer of shares is subject to restrictions under the securities laws of the United States and other jurisdictions.
• Shareholders outside Norway are subject to exchange risk as the shares are priced in NOK and any future dividends on the shares will be paid in NOK.

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1. Company update - Engebø Project
2. Additional information

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Equity financing

Towards production and cash flow

Construction on track for

production in 2024

76% of funding secured - final equity to be raised

Sustainable industrial

minerals producer for the

next 40 years

Attractive economics and

significant revenue and cash

flow generation

Industry-leading ESG profile

• Project construction commenced in April 2022, with around USD 33m spent towards pre-production capital expenditures as of year-end 2022
• Low-riskproject with around 70% of capital expenditure committed on lump-sum contracts, with additional contingencies and reserves
• ~76% of total project financing secured from large financial and strategic partners
• Extensive due diligence carried out by a number of independent technical, legal and financial advisors
• Remaining USD 66m in equity to be raised in a Private Placement
• Ramp-upof commercial production expected from H2-2024
• Among the largest high grade rutile resources globally
• Significant political and regulatory support in favor of the mineral extraction across EEA and US
• Strong economics - USD 491m post-tax NPV8 and 26% unlevered post-tax IRR
• Expected to generate avg. EBITDA of USD 57m and free cash flow of USD 47m p.a. in the period 2025-30
• Outlook for material and competitive shareholder distributions
• Engebø rutile documented as the world's most climate friendly titanium feedstock
• Electrical dryers make the process plant free of CO2 emissions and reduce operating costs
• Renewable hydroelectric power and development of electric vehicles and technology will enable fossil-free mining

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