Please find enclosed Nordic Mining's interim report and company presentation for
the second quarter of 2023. The interim report and company updates will be
presented from the construction site for Engebø Rutile and Garnet today, Tuesday
15 August 2023 at 11.00 (CET). The presentation and Q&A session will be held in
English and transferred via webcast. You will have the opportunity to post
questions online throughout the webcast session. The webcast will be available
on: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230815_6

Summary of important events in the second quarter of 2023 and year to date:

KEY EVENTS

  · Nordic Mining's first Transparency Act Report released in June 2023
  · Final investment decision for Engebø Project, following completion of
project financing
  · Engebø Rutile and Garnet progressing on plan with construction at Engebø
  · Engebø Rutile and Garnet USD 100 million senior secured bond listed on
Nordic ABM
  · Binding offtake agreements for full production of minerals for the first 5
-years of production
  · Memorandum of Understanding for offtake of pyrite
  · The Norwegian state to support Nordic Mining in Supreme Court

CORPORATE

Nordic Mining's first Transparency Act Report released in June 2023

In June 2023, Nordic Mining released its Transparency Act Report for 2023. The
report is available on the company's webpage:
www.nordicmining.com/sustainability/corporate-responsibility/

Final investment decision for Engebø Project, following completion of project
financing

In March 2023, Nordic Mining secured the remaining equity component of the total
USD 277 million project financing package for the Engebø Project in a private
placement of NOK 940 million. The private placement was resolved by the
Extraordinary General Meeting and Board of Directors on 3 March 2023 and
contributed to Engebø Rutile and Garnet on 8 March 2023, satisfying all relevant
financing conditions. The gross proceeds from the private placement, together
with the equity from the sale of the shares in Keliber corresponding to around
NOK 474 million, the USD 100 million in senior secured bond issued by Engebø
Rutile and Garnet in November 2022 and USD 50 million non-dilutive royalty
financing agreement entered into between Engebø Rutile and Garnet and mining
investment firm Orion Resource Partners ("Orion") in February 2023 is expected
to fund all costs and expenditures to bring the Engebø Project into commercial
production, including a project reserve of USD 30 million. The royalty agreement
entails that Orion will pay USD 50 million to Engebø Rutile and Garnet as a
fixed, one-time consideration for the right to receive a 11 % royalty of the
gross revenue from the sale of products from the Engebø Project for up to 90
years. Engebø Rutile and Garnet has the right to buy back 50% of the royalty
against a reduction in the royalty payments to 5.5%. The royalty financing will
hold second priority lien on senior security package, subject to the terms of an
Intercreditor Agreement. The financing agreements, including the royalty
agreement, are subject certain pre-disbursement conditions precedent order for
Engebø Rutile and Garnet to draw down any amounts under the financing, including
i.e. that all equity contributed to Engebø Rutile and Garnet has been spend
towards the development and construction of the Engebø Project. The royalty
agreement will not have any accounting effects until drawdown of the one-time
consideration of USD 50 million, except transaction costs related to completion
of the royalty financing agreement. Please see note 7 for more information on
financial costs.

In April 2023, the subscription period for a subsequent offering in Nordic
Mining of up to 216,666,667 new shares at a subscription price of NOK 0.60 per
share expired. The final number of valid subscriptions received in the
subsequent offering was 136,544,091, of which all was allocated in accordance
with the allocation criteria set out in the prospectus. The new capital was
registered in Norwegian Register of Business Enterprises and the shares issued
on 28 April 2023. The gross proceeds from the subsequent offering were
approximately NOK 81.9 million.

ENGEBØ RUTILE AND GARNET AS (100% ownership)

Nordic Rutile AS changes company name to Engebø Rutile and Garnet AS

In June 2023, Nordic Rutile AS changed its company name to Engebø Rutile and
Garnet AS ("Engebø Rutile and Garnet"). The amended Articles of Association,
including the change of company name and company address, has been registered in
the Norwegian Register of Business Enterprises.

Kenneth Nakken Angedal, who has had the position as Operations Director for
Engebø Rutile and Garnet, was at the same appointed Managing Director, and will
report to the CEO of Nordic Mining. Angedal will have the overall responsibility
of the Engebø Project.

Engebø Rutile and Garnet progressing on plan with construction at Engebø

Following completion of project financing of the Engebø Project in March 2023
the four lump-sum EPC ("Engineering, Procurement and Construction") contracts
with Sunnfjord Industripartner AS, Åsen & Øvrelid AS, Nordic Bulk AS and
Normatic AS were fully activated. The local groundworks contractor, Sunnfjord
Industripartner AS, has undertaken the groundworks on the process plant area and
preparatory works for underground infrastructure at Engebø under the lump-sum
EPC contract since April 2022. Local EPC building contractor, Åsen & Øvrelid AS,
has reached the milestone of fully enclosed walls and roofs on the
administration and workshop buildings. Detail Engineering on the process plant
is ongoing by Nordic Bulk AS and Normatic AS. The main parts of the Detail
Engineering were completed in Q2 2023, and fabrication of steel and other
equipment has started.

In the second quarter of 2023 Engebø Rutile and Garnet completed several
milestones, closing out several risks related to HSE, capital expenditure and
schedule.

  · Completed ore conveyor primary crushing chamber, and new bypass tunnel for
improved operational flexibility.
  · Completed new 3 km access road to the mining service area.
  · Completed raise bore drilling of ore vertical pass with diameter of 4.5
meters and 220 meters length to the top of Engebø with collar positioned at 285
meters above sea level.
  · Geotechnical safety measures completed on rockfaces at the process plant
area and in primary crushing chamber.
  · Completing soil cover at "Stommelshaugane" to reuse fertile soil from the
process area.
  · Finalized mining service area base plot, ready for construction of mining
workshop.
  · Erected admin and workshop building with roof and walls fully enclosed.

The civil work for the process plant buildings is well advanced and preparatory
work for mechanical and electrical work will start in Q3. Mechanical
installations are expected to start for both the underground crushing chamber
and process plant in October 2023.

The full financing and final investment decision of the Engebø Project in March
2023 allowed Engebø Rutile and Garnet to move forward with the fabrication of
long lead mechanical packages for the process plant. The client provided items
("CPIs") are procured directly by the Group and are made with leading global
suppliers of sustainable solutions for the mineral industry, including
agreements with Metso Outotec and Mineral Technology, suppliers of sustainable
end-to-end technologies, solutions, and services for the minerals industry
globally, for delivery of a comprehensive mining processing technology packages.
The current estimates for delivery time and costs for the CPI packages are in
line with expectations.

The operational team at Engebø is growing and several new key resources are
onboarding in Q3 2023 with preparations being made to open further new positions
for hire in the coming quarter.

Engebø Rutile and Garnet USD 100 million senior secured bond listed on Nordic
ABM

In April 2023, Nordic Rutile USD 100 million 5-year senior secured bond with
ISIN NO0012734112 was listed on Nordic ABM with listing date 12 April 2023.
Following the change of company name to Engebø Rutile and Garnet in June the
ticker on Nordic ABM is ERUGA01 PRO.

Binding offtake agreements for full production of minerals for the first 5-years
of production

In 2022, Engebø Rutile and Garnet entered into two rutile offtake agreements,
the first with Iwatani Corporation for close to 60% of the planned rutile
production for the first 5-year and the second agreement in October 2022 for up
to the remaining annual planned rutile production for the first 5-year. The
consideration under the rutile offtake agreements will be based on the market
price for 95% natural rutile concentrate, adjusted for actual TiO? content, as
determined from TZMI index or annual price discussions between the parties.

In January 2023, Engebø Rutile and Garnet entered into a global exclusive
offtake agreement for the full planned garnet production from Engebø for the
first 5 years of production. The offtake agreement is for the supply and
delivery of minimum total of 762,500 metric tonnes of garnet concentrate in the
5-year contract period, up to a total of 785,000 metric tonnes, which is the
full planned garnet production the first 5-years of production. Further to the
initial garnet offtake, the parties shall discuss extension of the cooperation,
comprising for example joint marketing, sales, and distribution of garnet from
the Engebø Rutile and Garnet Project. The consideration under the garnet offtake
agreement will be based on a pre-agreed price schedule.

Nordic Mining has with the rutile and garnet offtake agreements secured
committed sales for up to the full production of all minerals from the Engebø
Rutile and Garnet Project for the first 5 years of production, all with highly
reputable buyers. The offtake agreements are inter alia subject to certain
conditions precedent.

Memorandum of Understanding for offtake of pyrite

In February 2023, the Group entered into a Memorandum of Understanding ("MoU")
for a long-term joint cooperation for the offtake of pyrite from the Engebø
Project. Pyrite (Iron sulfate) is a mineral that is present in the Engebø
Eclogite-ore and that will be separated in the process of purifying the rutile
concentrate. Nordic Mining will in partnership with Green Trail Holding Ltd, a
trading company with over 30 years of experience, together pursue market
opportunities for pyrite as a new mineral production stream. Pyrite has
previously been considered as a residual waste stream from the Engebø Project.

The successful production, marketability and sale of pyrite can potentially
create value from residual mineral waste streams and reduce the need to deposit
pyrite as part of the tailings. Further, it has the potential for a significant
reduction of chemical additives in the tailings. Even though the project is
fully permitted and considered environmentally safe by the Norwegian
authorities, any reduction in additives in the tailings is regarded positive and
further reduces the risk of environmental impacts. The process plant design
already allows for finalization of the pyrite as a separate mineral concentrate
stream, with minimum additional infrastructure requirements.

Rutile demand supported by welding and Ti-sponge market segments

Titanium metal demand, being an important driver for rutile, remained robust in
the second quarter of 2023 driven by the steady demand for aircraft and general
industrial applications, combined with demand for non-Russian products. The
outlook remains strong for the rest of 2023.

For titanium feedstock producers the second quarter 2023 showed a mixed picture.
Rutile sales volumes were reported to be on par with production levels, with
reported average prices showing a minor increase from the first quarter of this
year. The TiO2 industry showed recovery in Q2-2023 compared to Q1