Minerals for a sustainable future - Investor Presentation February 24, 2021 - Cision
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3x attractive
exposures
Large deposit with
unique location
Minerals for a sustainable future All major permits
in place
EN Expand Oslo: NOM
Valuable investment
in lithium
Investor Presentation
February 24, 2021
Disclaimer
IMPORTANT NOTICE
The presentation (the "Presentation") has been prepared by Nordic Mining ASA ("Nordic Mining" or the "Company") with the assistance of Clarkson Platou Securities AS and SpareBank 1 Markets AS (the "Financial
Advisors") , solely for use at a presentation to future potential investors (the "Investors") in the Company.
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revisions to the information contained in the Presentation (including in relation to forward-looking statements).
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FORWARD LOOKING STATEMENTS
This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Group and the industry in which it operates. Forward-looking statements concern future
circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”,
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CONFLICT OF INTEREST
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GOVERNING LAW AND JURISDICTION
This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.
2
Risk factors
Key risks specific to Nordic Mining or its industry Key risks specific to the securities
• Development of the Group’s assets will depend upon the Group's • The price of the Shares could fluctuate significantly
ability to obtain financing
• Future sales, or the possibility for future sales, including by existing
• The operations of the Group are pre-commercial and will only be shareholders, of substantial number of Shares could affect the
developed provided technical, environmental and financial feasibility Shares' market price
• The Group is subject to production and operating risk, including • Future issuances of Shares or other securities could dilute the
unexpected geological formations, mine failures, explosives, holdings of shareholders and could materially affect the price of the
availability of production equipment and potential damage to Shares
equipment, property and infrastructure
• Investors may not be able to exercise their voting rights for Shares
• The Group is subject to risk related to changes in mineral and metal registered in a nominee account
prices, government regulations, political and environmental factors
• The transfer of the Shares may be subject to restrictions on
• The minerals and metals industries are highly competitive and the transferability and resale in certain jurisdictions
Group has no guarantee that this competition will not have an
• Exchange rate fluctuations could adversely affect the value of the
adverse effect at some point on the Group's ability to acquire,
Shares and any dividends paid on the Shares for an investor whose
explore and develop its mineral and metals resource deposits
principal currency is not NOK
• There is no assurance that the Group will be successful in obtaining
governmental permits, licenses and approvals related to its projects
on conditions acceptable to the Group
• The Group's estimates as to the size of the mineral resources and ore
reserves are in accordance with the JORC code (2012 edition). Actual
operating results may deviate from these estimates
• Development of the Group's projects are subject to various risks,
including the size of required capital expenditures, processing costs
and other financial and non-financial aspects that may impact project
return
Adverse developments or occurrences in any of the risk factors may have a
material adverse effect on the business and financial condition of the Group
3
Agenda
1. Highlights and transaction summary
2. Keliber – Lithium
3. Engebø – Rutile and Garnet
4. Nordic Ocean Resources
5. Key investment highlights
6. Appendix
4
Sustainable production of high-end industrial minerals
Rutile (Titanium dioxide)
• Environmentally friendly pigment
• Air cleaning surface materials
• Aircraft/aerospace
• Health applications
Garnet
• Health and environmentally Engebø Rutile
friendly cutting and blasting (TiO2) and Garnet
material (100%)
Lithium
• Batteries for electric vehicles and Keliber Oy
renewable energy storage Lithium
(16.3%)
R&D - Alumina
• Patented technology for green Nordic Ocean Resources (NORA)
alumina production with Seabed minerals
integrated CO2 consumption (100%)
5
Valuable assets nearing construction Engebø – Rutile and Garnet (100%) • Post-tax NPV@ 8% of USD 344m and IRR 20% • Payback
Responding to the need of Critical Raw Materials
• EU Commission has taken actions to make EU’s
raw material supply more secure and sustainable
• EU’s list of Critical Raw Materials reflects
economic importance and supply challenges
• Titanium and Lithium are both on the list of
critical raw materials
• Nordic Mining is a member of
European Raw Material Alliance (ERMA)
Source: EIT Raw Materials 7
Board of Directors and Management team
Board of Directors Management team
Kjell Roland, Chairman
Ivar S. Fossum, CEO
• Former CEO of Norfund
• 14 years with Nordic Mining (since founding)
• Previous experience as partner and CEO in ECON Management AS and
• 20 years experience from management positions in Norsk Hydro
ECON Analysis
and FMC Technologies
• Finance / economics background
Kjell Sletsjøe, Deputy Chairman Christian Gjerde, CFO
• Comprehensive international management experience from mining, coatings • Employed as of August 2020
and construction industries as well as consulting • Broad management experience from NorgesGruppen ASA, Telenor
• Technical / financial background ASA, and Yara International ASA. Experience from large-scale mining
projects and operations in Brazil, Ethiopia and Finland.
Benedicte Nordang, Board member
Kenneth Nakken Angedal, Project Manager Engebø
• 20 years’ experience from the offshore industry, including various management
positions from Equinor ASA and Aker Marine Contractors • Employed as of August 2018
• Broad management and project coordination experience from various
• Held board positions in the mining industry for more than 10 years, including for
management positions in the ABB Group
Nussir ASA and Wega Mining ASA
Antony Beckmand, Board member
Mona Schanche, VP Resource and Sustainability
• More than 20 years’ experience in financial, commercial and corporate roles
• 12 years with Nordic Mining
within the mining industry
• Geologist with broad mining background
• Currently CEO of Sydvaranger AS (iron ore) and has previous industry
experience across a range of commodities
Lars K. Grøndahl, Senior Advisor
Eva Kaijser, Board member
• 14 years with Nordic Mining (since founding)
• More than 22 years of experience in the Swedish mining industry, including 11
• Broad experience from various industrial management positions
years in Boliden
• Finance / industry background
Broad mining, industrial and financial experience combined with extensive network
8
Transaction summary
Use of proceeds
Type of transaction: Private placement
• Most of the proceeds (up to NOK 45m) will be
used towards participation in EUR 40m Keliber
Shares outstanding:
197,491,772 shares prior to the Private equity raise in order to maintain exposure to
placement fast-growing European lithium market.
• NOK 15m will be towards securing financing
Number of shares to be issued: Up to 32,000,000 shares
for the Engebø project and preparing for
execution.
Issue price: To be determined through book building • NOK 10m will used towards developing a
strategy for how to commercialize NOMs
Start of book building period: 24rd of position within the NORA seabed initiative
February 2021 at 16:30 hours (CET)
Book building period:
End of book building period:25th of February • Remaining NOK 15m will be used for general
2021 at 08:00 hours (CET) corporate purposes and business
development.
25th of February 2021 before opening of
Allocation notification:
markets
Minimum subscription: The NOK or share equivalent of EUR 100,000
Clarksons Platou Securities and Sparebank1
Joint bookrunners:
Markets
9
Agenda
1. Highlights and transaction summary
2. Keliber – Lithium
3. Engebø – Rutile and Garnet
4. Nordic Ocean Resources
5. Key investment highlights
6. Appendix
10Keliber secures significant financing from strategic investor
• Keliber and leading international mining company Sibanye Stillwater have entered into an investment agreement for
an initial phased equity investment of EUR 30 million for approximately 30% shareholding in Keliber
• In addition, existing shareholders will be offered to subscribe for shares for up to EUR 10 million on the same terms
as the investment from Sibanye-Stillwater, securing Keliber bridge financing of in total EUR 40 million to progress
Keliber’s lithium project towards construction
• The agreement represents a considerable de-risking of the project and a major milestone towards realizing Keliber
as the first European lithium producer
• Sibanye-Stillwater plans to play a key role as an industrial anchor investor in the project financing planned for mid-
2022, and has in accordance with the investment agreement the option to secure a majority shareholding in Keliber,
following the completion of the updated feasibility study
• Nordic Mining believes the partnership with and investment from Sibanye Stillwater will offer great value to new and
existing shareholders, and has the intention of subscribing for up to NOK 45 million (EUR 4.5 million) in order to
maintain the company’s exposure to fast-growing European lithium market. The minimum secured pro-rata
allocation is EUR 1.63 million
• Keliber’s lithium project is expected completed in 2024
Source: Keliber and Sibanye Stillwater 11Sibanye-Stillwater – global precious metals group
Americas assets
Marathon project (26.5%)
with Generation mining
US PGM
East Boulder mine(100%) Denison project (64.9%)
A leading international precious metals mining Reserves: 11.0Moz 2E with Wallbridge Mining
company, with a diverse portfolio of platinum group
Stillwater mine(100%) Altar project (100%)
metal (PGM) operations: the largest primary Reserves: 15.9Moz 2E with Aldebaran (in Argentina)
producer of platinum and rhodium, second largest
producer of palladium, and third ranked gold
producer globally.
SA PGM Southern African assets SA GOLD
Production in South Africa and Northern America
Mimosa (50%) Cooke surface (100%)
Revenue USD 7.7 billion (2020 year) Reserves: 1.5Moz 4E Reserves: 0.1Moz Au
Market capitalisation USD 14 billion Marikana (100%)4 Kloof (100%)
Reserves: 21.6Moz 4E Reserves: 4.6Moz Au
Personnel 80 000
Listed in Johannesburg Stock Platinum Mile (91.7%) Driefontein (100%)
Reserves: n.a. Reserves: 2.5Moz Au
Exchange (JSE:SSW) and 19 %
New York (NYSE:SBSW) 33% Rustenburg (100%): DRDGOLD (50.1%)
Reserves: 15.4Moz 4E Reserves: 2.8Moz Au
Production
Kroondal (50%) Beatrix (100%)
(oz %) 2020 Reserves: 1.1Moz 4E Reserves: 1.2Moz Au
Various SA PGM projects Various SA gold projects
Reserves: 4.3 Moz Au
Resources: 86Moz 4E
Resources: 19.7Moz Au
48%
-
12 23.2.2021
Source: Keliber 12Sibanye-Stillwater, a significant multi-metal company
Source: Sibanye Stillwater company presentation 13Positioned to be first supplier of battery grade lithium in Europe
• Europe is at the global
a p
BASF
Operational 2020 j
TESLA
TBC
forefront in the EV
revolution, with Norway as
b
CATL
24 GWh 60 GWh 2026
k KELIBER
LiOH plant, 2024
a spearhead
SAMSUNG SDI
c
GS YUASA
3 GWh plant operational
l 3 GWh plant operational r • Massive increase in EVs
UMICORE g f drives need for large-scale
m Operational 2020
d JM JOHNSON MATTHEY
Operational 2021/2022
k Li-ion battery production
VALMET AUTOMOTIVE
n TBC a
n
e
LG CHEM
4 GWh (12 GWh) ACC - PSA/SAFT • Refined lithium is today
o 24 GWh by 2024
q supplied mainly from
TERRAFAME
f Operational 2020
q MORROW
8 GWh by 2024 up to 32
China, with large CO2
GWh t footprint and less certain
NORTHVOLT Freyr
g 32 GWh in 2023
starting
r Up to 40 GWh start d supply-chains
2023
with 8GW in 2020 SVOLT
j p e
SK INNOVATION s 24 GWh start 2023 i bu
h 7.5 GWh by 2020 m • Keliber is the most
British Volt
s
Volkswagen/Northvolt
t 10 GWh start 2023 up to 35 o progressed lithium
i GWh
16 GWh in 2024 Farasis h c resource, and is in position
u 16 GWh start 2022 l to become the first
integrated producer in
Segments Europe
• Cathode / PCAM manufactures
• Battery manufacturers
• Keliber is forecasted by
• Lithium Mining Projects
Roskill to become global
Battery production Cathode materials - precursor Battery packs cost leader
Source: KeliberLithium prices have rallied, boosting interest for lithium projects
Development of a Keliber peer-group since last PP (indexed) Keliber
900
• Driven by the massive increase in
adaptation of EV’s and improved investor
sentiment towards the green transition,
800
lithium development equities has seen a
positive movement over the past year
700
600 • Keliber peer-group has gained 681 % on
average since the private placement in
500 Keliber in March 2020
• The peer-group of lithium developers have
400
been selected based on:
300 • Nature of ore-body, only hard-rock
• Jurisdiction, Finland is favorable
200
• Project phase, only post PFS
100 • MCap above EUR 100m
0
20.03.2020 20.05.2020 20.07.2020 20.09.2020 20.11.2020 20.01.2021
Peer Group: Critical Elements, Core Lithium, European Metals, Frontier Lithium, Liontown Resources,
Piedmont Lithium, Sigma Lithium (The companies have been weighted equally)
Source: Company documents, Refinitive 23.02.2021, Keliber press release dated 20.03.2020 15Vertically integrated producer 3 days from European markets
• One of the most lithium-bearing areas in
Europe
• Production of high purity lithium hydroxide
from own ore reserves with efficient technology
• Chemical plant by in the port of Kokkola
provides tolling opportunities
• Mineral concentrator re-located closer to mine
site enabling best cost position
• De-risked process through pilot trials of
concentration, conversion and hydrometallurgy
Source: Keliber 16Major milestones outlined towards production start-up
Keliber timeline:
DFS update: Q1 2022
Environmental permits:
Kokkola ~Q4 2021
Kaustinen Päiväneva ~Q2 2022
Project financing: 2022
Production start-up: 2024
17Agenda
1. Highlights and transaction summery
2. Keliber – Lithium
3. Engebø – Rutile and Garnet
4. Nordic Ocean Resources
5. Key investment highlights
6. Appendix
18Large dual-mineral resource with high grade rutile and garnet
• Hard-rock deposit located in western Norway,
a politically stable country
• 2.5 km long eclogite orebody outcropping at
surface
• Geotechnical stable rock allowing for efficient
mining
• Low impurities, negligible content of heavy
metals and radioactive elements
• Location by the North Sea with ice free, deep
sea quay provides advantageous logistics
• 40 minutes drive from Førde regional centre
and two local airports
• Renewable hydro power in close proximity
• Region of skilled, industrial labour with
maintenance and service vendors available
• Initial mine life of approximately 40 years
19Highest rutile grade in the industry gives processing advantages
Indicative rutile grades (TiO2) for current producers and planned projects2
Engebø
3.89%
West Balranald 3.86%
SRL 0.94%
Snapper 0.86%
Kwale 0.47%
WIM 150 0.43%
Puttalam 0.36% Mineral resources (2% TiO2 cut-off)
Donald 0.28% Tonnes TiO2 grade Garnet
(mt) (%) grade (%)
Dongara 0.23%
Measured (M) 29.2 3.60 44.5
Fairbreeze 0.22%
Indicated (I) 104.0 3.48 43.9
Cataby 0.18%
Total M&I 133.2 3.51 44.0
Namakwa 0.16%
Inferred 254.1 3.15 41.3
RBM 0.16%
Boonanarring 0.15%
Jacinth Ambrosia 0.15%
Ranobe 0.14%
Note: 1) Resource estimates (June 2018) completed by Competent Person Adam Wheeler, corresponding to the guidelines of the JORC Code (2012 edition); 2) TZMI
2Minerals with unique properties and fundamental drivers
Rutile Garnet
Pigment Titanium Welding rods Waterjet cutting Sand blasting Abrasives
Market drivers Market drivers
• Titanium has unique properties as oxide and metal • Emerging mineral with strong growth and potential
• Rutile has the highest grade of titanium feedstocks and • No substitutes for garnet in waterjet cutting
improves efficiency and reduces waste • Performance enhancement and environmental and
• Higher growth rates in emerging markets and health benefits in blasting
aerospace industry • Improved recycling properties
21DFS update unlocks significant CAPEX reduction
• Preliminary numbers indicate reduction in initial CAPEX
in the range of USD 100 million compared to 2020 DFS
(USD 311 million)
• Process plant layout finalized; physical footprint reduced
by around 40%
• Proposals received for mechanical, infrastructure and
mining; technical reviews ongoing
• Execution strategy based on 4 EPC packages
• Engaging with world class Project Management
Consultants (PMC) for execution
• Operational license reconfirmed by Directorate of
Mining, final decision awaited from Ministry of Trade,
Industry and Fisheries
Source: Project numbers from Engebø DFS January 2020
22ESG integrated in the development of the Engebø project
Take climate • Use of electrical dryers instead of
natural gas fueled dryers results in
responsibility more than 80% reduction of total CO2
emissions
Reduce environmental • New process chemicals have been
footprint approved by the Environment Agency,
reducing consumption by 99%
• Project execution strategy with strong
Ensure a safe and healthy owner’s team integrated with Project
work environment Management Consultants (PMC) and
EPC vendors
• Integrated Stakeholder Engagement
Plan finalized. Local resource group
Being socially responsible established
23Integrated ESG Management Plans in line with IFC standards
Integrated ESG Management Plans for Engebø are being developed in line with
International Finance Corporation’s (IFC) standards:
• Stakeholder Engagement Plan finalized
• Energy Management Plan in progress and
planned completed Q1 2021
• Extractive Waste Management Plan in preparation
and planned completed H1 2021
• Closure and Rehabilitation Plan planned completed H2 2021
Other plans will be developed in preparation for construction:
- Industrial and Domestic Waste Management Plan
- Emergency Prevention and Response Plan
- Construction Environmental Management Plan
- Internal Control System Implementation Plan
24DFS update important milestone towards construction
Definitive Feasibility Value Engineering indicates Financing for project
Study confirms Engebø potential for considerable construction
as a world class rutile reduction in initial capital (timeline for financing can
and garnet project expenditure
vary 1-2 quarter)
Q1 2020 Q3 2020 Q3 2021
Q2 2020 Q1 2021 2022-
Engebø operating license Updated Definitive Project construction period
completes all major Feasibility Study approx. 2 years
permits for the project
25Agenda
1. Highlights and transaction summary
2. Keliber – Lithium
3. Engebø – Rutile and Garnet
4. Nordic Ocean Resources
5. Key investment highlights
6. Appendix
26Norwegian regulation open for new strategy on seabed minerals
• NORA initiated discussions on seabed
exploration with Norwegian authorities in
2008
• NORA, Norwegian University of Science and
Technology (NTNU) and Equinor established
the first scoping project in 2012
• NORA has participated in the 4-year R&D
project MarMine funded by industry partners
and the Norwegian Research Council
• Norwegian authorities launched the Seabed
Minerals Act in 2019 and is conducting a
public hearing of the scope for an EIA on
seabed mineral extraction
• Nordic Mining will review its strategy on how
to commercialize knowledge and position on
seabed minerals
27Agenda
1. Highlights and transaction summary
2. Keliber – Lithium
3. Engebø – Rutile and Garnet
4. Nordic Ocean Resources
5. Key investment highlights
6. Appendix
28Key investment highlights – maintain attractive exposure to lithium
Electrical Attractive Keliber, Keliber,
vehicles business case the first high purity LiOH
Forecast to become vertically for batteries
Huge demand
global cost leader integrated lithium Technology proven
potential and growth with post-tax producer in by large-scale pilots
outlook for lithium IRR of 22% Europe
in 2025
29Key investment highlights – maintain attractive exposure to lithium
Large deposit
with unique
location
Sustainable
EN Expand Oslo: NOM mining solutions
Robust project
economics
Minerals for a sustainable future
Favorable
jurisdiction
Strong
competitive
position
30Agenda
1. Highlights and transaction summary
2. Keliber – Lithium
3. Engebø – Rutile and Garnet
4. Nordic Ocean Resources
5. Key investment highlights
6. Appendix
31Appendix
Balance sheet with no interest bearing debt
Balance Sheet (NOKm) 31.12.2020 31.12.2019
Comments
Unaudited Audited
Evaluation and exploration assets 28.3 26.1
1 Financial assets
Financial assets 1 100.1 90.8 • Financial assets comprise investment in Keliber Oy
PP&E 0.4 0.5
2 Cash and cash equivalents
Right-of-use assets 0.4 0.1 • NOK 42.2m of cash at hand
Total non-current assets 129.2 117.5
3 Total liabilities
• Zero interest bearing debt
Trade and other receivables 2.2 4.3
4 Total equity
Cash and cash equivalents 2 42.2 30.6
• Equity increased to NOK 164m
Total current assets 44.4 34.9
Total assets 173.7 152.4
Total liabilities 3 9.4 8.6
Shareholder equity 4 164.3 143.8
Total liabilities & equity 173.7 152.4
Source: Nordic Mining 32ESG milestones and improved sentiment towards green transition
have increased interest for NOM
KEY SHARE DATA SHARE PRICE DEVELOPMENT TOP 10 SHAREHOLDERS
23 February 2021 July 2020 – February 2021 23 February 2021
Stock Exchange / ticker: NORDNET BANK AB 9.3 % Nominee
Euronext Expand Oslo NOK 4.0 16000 000
NOM VERDIPAPIRFONDET
6.2 % Ordinary
NORDEA AVKASTNING
NOK 3.5 14000 000
NORDEA BANK ABP 2.5 % Nominee
Share price (1-month VWAP):
NOK 2.93 (NOK 3.14) CLEARSTREAM BANKING
NOK 3.0 12000 000 2.1 % Nominee
S.A.
NORDNET LIVSFORSIKRING
2.1 % Ordinary
AS
3 months development: NOK 2.5 10000 000
NOK + 0.73 / 32.9% DANSKE BANK A/S 1.8 % Nominee
NOK 2.0 8000 000 KNUT FOSSE AS 1.8 % Ordinary
Nr. shareholders: ADURNA AS 1.6 % Ordinary
6.307 NOK 1.5 6000 000
(~880 new last 3 months) CITIBANK, N.A. 1.4 % Nominee
NOK 1.0 4000 000 NATURLIG VALG AS 1.0 % Ordinary
Market cap:
NOK 578.7 million
NOK 0.5 2000 000
Analysts:
Vidar Lyngvær
NOK 0.0 -
SpareBank 1 Markets AS
jul. 20 okt. 20 jan. 21
Hans Lund
Clarksons Platou Securities AS Volume (RH) Share Price (NOK) (LH)
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