Nordic Mining ASA ("Nordic Mining") has completed the definitive feasibility
study ("DFS") for the Engebø rutile and garnet project ("the Project"). The
study reinforces Engebø as a world class rutile and garnet project with long
-term industrial benefits and attractive financials. The Project will be
developed in accordance with high international standards for environment,
health and safety during construction and operation.

The key results are provided in this release and in the attached DFS
presentation. The Executive Summary of the DFS is available on
https://www.nordicmining.com/operations/engebo/.

At 09.00 (CET) today, Nordic Mining will host an open presentation of the DFS in
Oslo. The presentation can also be followed on webcast. Further details
regarding the presentation and the webcast are provided below.

Key DFS results

  · The dual-mineral production of rutile and garnet in a combined, optimized
process provides profitable and robust Project financials:

    · Pre-tax NPV@8% of USD 450 million
    · Pre-tax IRR 21.9%
    · Post-tax NPV@8% of USD 344 million
    · Post-tax IRR 19.8%


  · Strong cashflow and short payback support bankability:

    · Average annual free cashflow first 15 years of USD 70m
    · Net Project operating cashflow (undiscounted) of USD 2,160m
    · Initial capex of USD 311m and deferred capex of USD 25m (underground)
    · Pay-back period < 5 years



  · Low production cost provides competitive strength:

    · Outcropping and geotechnically stable orebody
    · Low stripping ratio
    · High-grade rutile and garnet
    · Short distance and gravimetric driven ore transportation (vertical
underground ore shaft) minimize transportation
    · Short distance and favorable logistics to main markets
    · 1st quartile revenue-to-cost position for rutile


  · Optimized mining plan and scheduling support an initial 42 years Project
life with 1.5 mtpa Run of Mine (ROM) operation:

    · 15 years of open pit mining and high-grade processing, and stockpiling of
medium/low-grade ore
    · 19 years underground production
    · 8 years production with no mining costs based on stockpiled ore
    · Further Project life extension possible based on substantial inferred
resources


  · Main permits granted; remaining regulatory permits in process:

    · Granted permits:
      · Extraction permits for the whole deposit
      · Landowner agreements for open pit, infrastructure and process plant
areas
      · Detailed zoning plan for all operations for the life of mine
      · Environmental permit

    · Permits in process:
      · Operational license
      · Zoning plan for pipeline for fresh water


  · High environmental and social standards in accordance with IFC Guidelines
and relevant Equator Principles:

    · Environmental:
      · Low carbon footprint and limited land use due to tight Project
infrastructure, minimal internal transportation and accessible sea freight for
transport to market
      · Renewable hydroelectric power as the main source of energy
      · Clean mining operation with no acid drainage and inert minerals

    · Social:
      · Cornerstone operation with 105 full-time employees
      · Substantial regional indirect benefits for supplier and services
industries
      · Positive impacts on people's livelihood, education - and work
-opportunities and cultural flourishment
      · Stakeholder engagement to ensure good dialogue with neighbors,
communities and other interest groups



Comments from Nordic Mining

CEO Ivar S. Fossum comments:

"The DFS summarizes the comprehensive work undertaken in all aspects of
technical and commercial fields to reduce and mitigate risks and provides a
strong and robust platform for execution of the Engebø Project. We have
demonstrated production of high-quality rutile and garnet products with
sustainable resource utilization.

The Project will be developed in accordance with high international standards
for environment, health and safety. We will establish programs and initiatives
to strengthen stakeholder dialogues and to monitor and mitigating environmental
effects.

Our Project team together with a broad group of competent advisors has
progressed and matured the Project to an execution-ready level. We now look
forward to progress the Project financing and set course for construction and
production."
Project activities going forward
Nordic Mining will now proceed with detailed engineering (FEED). In parallel,
contract discussions with potential suppliers of equipment and services will be
initiated.

Dialogues with offtake partners for rutile and garnet will continue with a
target to secure bankable terms and conditions. The banks' due diligence is
ongoing. Subject to construction financing, the target is to start construction
activities before the end of 2020.

DFS Presentation, webcast and Executive Summary
Enclosed with this release is the DFS Presentation which will be presented today
at 09.00 (CET) followed by a Q&A session. The presentation will be held in
Sparebank1 Markets' offices in Olav V's gate 5 (ground floor auditorium) in
Oslo. We invite shareholders, investors, analysts and media to attend the
presentation.



The presentation and Q&A session will be held in English and transferred via
webcast. There will be opportunity to post questions online throughout the
webcast session. The webcast will be available on:

https://channel.royalcast.com/webcast/hegnarmedia/20200128_1/

The Executive Summary of the DFS will be available at Nordic Mining's webpage,
www.nordicmining.com.

For questions, please contact CEO Ivar S. Fossum, telephone +47-930 96 850.
Oslo, 28 January 2020
Nordic Mining ASA
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. Nordic Mining also holds 18.5% of the
shares in Keliber Oy, which is developing a lithium project in Finland to become
the first European producer of battery grade lithium hydroxide.

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 Oslo Axess with ticker symbol "NOM".

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange