Nordic Mining conditionally agrees a USD 55 million investment from a fund managed by Orion Resource Partners
Nordic Mining ASA ("Nordic Mining" or the "Company") is pleased to announce that
the Company, through its wholly owned subsidiary Nordic Rutile AS, has
conditionally agreed a USD 55 million investment from leading mining investment
firm Orion Resource Partners ("Orion"), subject to the parties signing binding
agreements and the satisfaction of certain conditions and approvals. The
proposed investment will comprise of a USD 50 million non-dilutive royalty
instrument to Nordic Rutile AS and USD 5 million in equity, which will be
contributed to Nordic Mining ASA. The royalty instrument is intended to be
secured, subordinate to the contemplated senior secured lenders to Nordic Rutile
AS, subject to the terms of a Intercreditor Agreement. The issue of a senior
secured bond in the amount of USD 100 to 130 million may follow in due course.

Highlights:

· Proposed investment of USD 55 million from leading mining investment fund
that specializes in mining investments and has robust insight into the industry
and market
· USD 50 million in a non-dilutive royalty instrument and USD 5 million in
equity

· Royalty payments equal to 11% of gross revenue from the sale of rutile and
garnet from Engebø
· Royalty to hold second priority lien on senior security package, subject to
the terms of a Intercreditor Agreement

Nordic Mining has secured investment agreements for USD 75 million, with USD 20
million from strategic rutile offtake partner Iwatani Corporation and the
proposed USD 55 million from Orion

The proposed financing, combined with the funds from the sale of the shares in
Keliber Oy for EUR 46.9 million, as previously announced, covers over 40% of the
contemplated project financing package of USD 280 million, which will include a
project reserve of USD 30 million.

The agreement is inter alia subject to formalization of final documentation, and
certain conditions precedent standard for this type of agreement to be satisfied
before close and draw down.

"We are pleased to have Orion onboard as a cornerstone investor jointly with our
offtakers and EPC investor group. In addition to the financing contribution,
Orion will take one seat on the technical committee and provide deep mining
experience ", says Ivar Fossum, CEO of Nordic Mining.

Clarksons Securities AS and SpareBank 1 Markets AS act as Financial Advisers in
relation to the Project Financing of the Engebø Rutile and Garnet Project

Orion Resource Partners (www.orionrp.com)

Orion is an $7.8 billion global asset management firm that specializes in
institutional investment strategies in precious and base metals and minerals,
many of which are currently leveraged to stimulus and infrastructure spend and
the push to decarbonize. Headquartered in NYC and with offices in Denver,
London, and Sydney, Orion includes a team of 60 professionals with backgrounds
in metals finance, physical metals logistics and sales, and in-house technical
professionals responsible for risk assessment and portfolio management.

For further information, please contact CFO Christian Gjerde, telephone + 47 980
60 909.