Nordic Mining ASA: Update on financial situation

Oslo, 26 October 2026

Reference is made to the previous stock exchange announcements regarding Nordic Mining ASA (the "Company") and Engebø Rutile and Garnet AS' ("ERG") financial situation, including the announcement on 10 September 2026 regarding the summons for a bondholder meeting, the announcement on 22 September 2026 regarding the need for a comprehensive financial restructuring, the announcement by the Company on 13 October 2026 regarding the minutes from the extraordinary general meeting passing resolutions that could facilitate solutions for the Company's liquidity needs, the announcement on 15 October 2026 regarding the status of ongoing negotiations with creditors, and the announcement on 20 October 2026 regarding the Summons for a Written Resolution of the bondholders under ERG's 12.5% Senior Secured Bonds (ISIN: NO0012734112) in respect of, among other matters, (i) certain waivers to permit ERG to issue a new, separate series of short-term super senior bonds, (ii) a further extension of the waiver expiry date applicable to the minimum liquidity and minimum book equity ratio covenants, and (iii) a further deferral of the cash interest payment previously due under the bond terms (together, the "Proposed Matters").

The Company and ERG continue to be in discussions with Nordic Trustee AS, as bond trustee for the bondholders, and with the Royalty Holder regarding the Proposed Matters and the wider financial restructuring of the Company and ERG. Since the announcement on 20 October 2026, the parties' respective positions have moved further apart, and no agreement has been reached on the Proposed Matters. The discussions are ongoing, and there can be no assurance that the Proposed Matters will be approved, or that a comprehensive and final solution to the Company's and ERG's financial situation will be achieved, on these or any other terms.

In light of the continued uncertainty regarding the outcome of these negotiations and in order to reduce costs and preserve liquidity pending a resolution, ERG has decided to temporarily suspend its mining operations at the Engebø project. The suspension will remain in effect until further notice, pending the outcome of the ongoing negotiations with the Company's and ERG's creditors.

Further information regarding the Company's and ERG's financial situation, including the outcome of the process described above, will be provided when available.

For further information, please contact:

Tord Meling, CFO

Tel: +47 99 09 87 66

tord.meling@nordicmining.com

or visit: https://nordicmining.com/

This information is considered to include inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Tord Meling, on 26 October 2026, at 08:00 (CEST).