Dubious project scheme from Arctic Mineral Resources

 

On 20 April 2018, Arctic Mineral Resources AS ("AMR"), headed by its co-owner
SLM Partners AS published information of a mineral project scenario focusing
solely on garnet in the area for Nordic Mining's Engebø rutile and garnet
project. In Nordic Mining's opinion, AMR's project is not substantiated and
lacks credibility.
Reference is made to Nordic Mining's stock exchange release on 20 April 2018.
AMR's project initiative
AMR claims that a stand-alone garnet project can be established based on
underground operations and with no disposal of tailings.
Nordic Mining sees no evidence of commercial realism and industrial rationale
for AMR's ideas and finds the initiative unsubstantiated. Nordic Mining's recent
prefeasibility study unambiguously supports the dual-mineral concept with rutile
and garnet as the only viable approach.
The Engebø rutile and garnet project is undeterred
Nordic Mining holds all rights and permits necessary for its current operations
related to the Engebø rutile and garnet project.

Over many years Nordic Mining has kept a close dialogue with the main landowners
in the area and the parties have put efforts into establishing private
agreements for acquiring the property of the contemplated processing plant and
necessary rights to the area for mining operations. If agreements are not
reached, Nordic Mining may in any case ultimately expropriate the area and
rights. AMR's project and agreements with certain landowners has no legal
relevance in this respect.

Ethical aspects
The spokesperson on behalf of AMR, Tore Viana-Rønningen was a board member of
Nordic Mining from 2011 until he decided to resign from the board in September
2017. As a board member, Viana-Rønningen has received proprietary information of
the Engebø rutile and garnet project and has taken an active part in the board's
assessments of the project. Possible conflicts of interest will be investigated.
Comments from Nordic Mining
Chairman Tarmo Tuominen comments: "I am surprised by this initiative and
consider AMR's plans as an attempt of commercially benefitting on Nordic
Mining's long-term industrial initiative. This is clearly below the standard of
prudent business conduct and ethics."

CEO Ivar S. Fossum comments: "There is nothing in our assessment of the Engebø
deposit that supports a single-mineral approach for the project development."

For further information, please contact CEO Ivar S. Fossum, telephone +47-930 96
850.
Oslo, 23 April 2018
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 in Norway and internationally.
The Company's project portfolio is of high international standard and holds a
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. Permits for the project have been
granted by the Norwegian government, and a prefeasibility study was completed in
October 2017. Nordic Mining's associated company Keliber in Finland is in the
process of completing its definitive feasibility study and preparing for
production of lithium carbonate. Nordic Mining has rights for exploration and
production of high-purity quartz in Kvinnherad in Norway. Further, the Company
holds exploration rights at Reinfjord in northern Norway where a prospective
area of sulphide mineralisation has been discovered. Nordic Mining is also
exploring opportunities related to seabed mineral resources.
Nordic Mining is listed on Oslo Axess with ticker symbol "NOM".