Nickel Mountain Group AB: Swedish Public Prosecutor Files Criminal Charges against Two Former NMG Board Members

Regulatory News:

Nickel Mountain Group AB (publ) ("NMG”) (STO:NMG) has been informed that the Swedish public prosecutor has filed criminal charges against two former board members of NMG, Mrssr. Ulrik Jansson and Terje Engström Lien, for their actions in connection with the Ghana Gold-transaction in 2013.

As reported before, NMG has filed a civil court case against Mrssr. Jansson and Lien and the two other former board members Mrssr. Hans Lindroth and Jukka Kaillio with regard to the same transaction. In that case, NMG is claiming damages in an amount of MSEK 55 plus accrued interest due to the former board members’ negligent actions.

The public prosecutor’s decision is beneficial to NMG in the sense that it indicates that the prosecutor believes he can prove that Ulrik Jansson and Terje Engström Lien committed crime when they conducted a payment of MSEK 50 in January 2013 as a prepayment for the acquisition of Ghana Gold AB. That means that the prosecutor holds that he can prove not only that they acted negligently, but in fact with intent.

Should Mr. Jansson and Mr. Lien be deemed to having committed crime by the court, NMG’s civil case against these two persons will in practice also be won by NMG. Should, on the other hand, the public prosecutor lose the criminal case, the criminal charges still indicate that the former NMG board members acted in the grey zone between criminal acts and gross negligence and certainly that they acted at least negligently.

NMG is pleased with the fact that the public prosecutor takes this case seriously and looks forward to following the criminal court case. Timing wise the main hearing in the criminal court case may take place before NMG’s civil court case comes up to trial in the Stockholm district court.

Cautionary Statement: Statements and assumptions made in this document with respect to Nickel Mountain Group AB’s ("NMG”) current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of NMG. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where NMG operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) NMG’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards nickel. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. NMG assumes no unconditional obligation to immediately update any such statements and/or forecasts.

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