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