Nordic Mines AB (publ) Interim report January - March 2015

The English text is an unofficial translation of the Swedish original and in case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail. This is not a legal document.

First quarter of 2015

· Net income was SEK 0.0 million (SEK 51.6 million) due to the production stop at the Laiva mine.

· Operating loss was SEK -26.3 million (SEK -36.9 million) due to the production stop at the Laiva mine.

·  Profit after tax for the period amounted to SEK -29.2 million (SEK -36.4 million), corresponding to SEK -0.01 (SEK -0.11) per share.

· Comprehensive income for the period amounted to SEK -31.0 million (SEK -37.0 million), corresponding to SEK -0.01 (SEK -0.11) per share.

· Cash and cash equivalents were SEK 57.9 million (SEK 83.2 million, 31 December 2014) at the end of the period.

· Equity was SEK 435.7 million (SEK 466.7 million, 31 December 2014) at the end of the period.

·  As Nordic Mines decided to stop production at the Laiva mine until further notice, no ore was processed during the period.

· In order to achieve the overall goal of Nordic Mines to restart operations at the Laiva mine in a manner that creates conditions for profitable mining, the Company has implemented a number of measures during the period. These measures include, among other things, that the Company, in accordance with a previously announced schedule, delivered an indicative, updated action plan and an updated financial model in January to the Company's lenders for approval. The Company's lenders subsequently invited Nordic Mines to continue discussing the action plan and the restart of operations at the Laiva mine. The Company's goal is to conclude the ongoing discussions no later than May 2015.

·  Nordic Mines progressed in its planning and evaluated a number of alternatives to strengthen the Laiva project operationally and financially. The Company also evaluated during the period partnerships for the refinement process and possible structural transactions within the Nordic Gold mining industry. Even if the discussions that the Company has conducted to date have not yet produced any concrete results, Nordic Mines continues to take a positive view on a consolidation within the Nordic gold mining industry. During the period Nordic Mines also evaluated different alternatives for strengthening liquidity during the first months after the Laiva mine restarts operations, for example through the pre-sale of gold production and gold deliveries, renegotiation of supplier terms and conditions or other types of bridge financing for working capital.

· On 26 February, Nordic Mines presented an updated mineral reserve corresponding to five years of gold production. The total proven and probable mineral reserve in Laiva as of 1 January 2015 is 9,367,000 tonnes with an average grade of 1.19 grams of gold per tonne (cut-off 0.6 grams per tonne).  The gold content in the mineral reserve corresponds to around 11,200 g (360,000 troy ounces).

Comments by CEO Thomas Cederborg

"The overall goal of Nordic Mines is to restart operations at the Laiva mine in a manner that creates conditions for profitable mining. We are now in the final stages of updating and thoroughly verifying the action plan that Nordic Mines previously prepared in collaboration with the well-respected international mining consultancy company, SRK Consulting (UK). The updated action plan is based on the mineral reserve and geological model that has been updated by SRK and focuses on an improved mining method and capacity expansion in the processing plant adjacent to the mine. The updated mineral reserve for the Laiva mine corresponds to a gold content of around 11,200 kg (360,000 troy ounces) or five years of production," says CEO Thomas Cederborg in a statement.

"We also evaluated possibilities to strengthen the Laiva project through partnerships and structural transactions with other actors in the Nordic gold mining industry. Even if the discussions we have conducted to date have not produced any concrete results, Nordic Mines continues to believe that gold concentrate from several Nordic gold projects could be refined in the Nordic Mines processing plant, thereby processing the final product all the way from gold concentrate to doré bars and subsequently improving profitability. There are even clear synergies in the form of purchasing optimisation and streamlined administration. Finally, the falling price of gold, which has been the trend for the past few years, has reached a point where a number of interesting structural transactions may now occur," concludes Thomas Cederborg.

The information above has been made public in accordance with the Securities Market Act and/or Financial Instruments Trading Act. The information was published at 08.00 (CET) on April 30, 2015.

Nordic Mines is a Nordic mining and exploration company whose vision is to be one of the leading gold producers in the Nordics and Europe and a role model in respecting the environment. The company started mining gold in the Laiva mine in Finland in summer 2011. These gold deposits are among the largest in the Nordic region. Exploration is in progress in Finland and in Sweden. Nordic Mines was established 2005 and have more the 100 employees with head office in Uppsala, Sweden, The Nordic Mines share is traded on the Nasdaq OMX Small Cap list in Stockholm.