Reported Earnings • Mar 02
Full year 2025 earnings released: kr5.93 loss per share (vs kr13.34 loss in FY 2024) Full year 2025 results: kr5.93 loss per share (improved from kr13.34 loss in FY 2024). Net loss: kr83.3m (loss narrowed 51% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Annonce • Feb 27
Grangex AB, Annual General Meeting, May 19, 2026 Grangex AB, Annual General Meeting, May 19, 2026. New Risk • Nov 12
New major risk - Negative shareholders equity The company has negative equity. Total equity: -kr14m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr163m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-kr14m). Earnings have declined by 57% per year over the past 5 years. Minor Risks Significant insider selling over the past 3 months (kr2.1m sold). Revenue is less than US$5m (kr31m revenue, or US$3.2m). Market cap is less than US$100m (kr576.3m market cap, or US$61.1m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: kr2.74 loss per share (vs kr2.94 loss in 3Q 2024) Third quarter 2025 results: kr2.74 loss per share (improved from kr2.94 loss in 3Q 2024). Net loss: kr38.5m (loss narrowed 6.8% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. New Risk • Sep 08
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: kr2.4m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr149m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 63% per year over the past 5 years. Minor Risks Significant insider selling over the past 3 months (kr2.4m sold). Revenue is less than US$5m (kr41m revenue, or US$4.4m). Market cap is less than US$100m (kr634.2m market cap, or US$67.6m). Recent Insider Transactions • Sep 08
CEO & President recently sold kr2.1m worth of stock On the 4th of September, Christer Lindqvist sold around 49k shares on-market at roughly kr42.65 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Christer has been a net seller over the last 12 months, reducing personal holdings by kr2.4m. Annonce • Sep 01
Grangex ABt as Announces Completion of A Definitive Feasibility Study for the Restart of Operations At the Sydvaranger Mine GRANGEX AB (publ) (“Grangex” or “the Company”) announced the completion of a Definitive Feasibility Study (“DFS”) for the restart of operations at the Company’s Sydvaranger mine, located in Kirkenes, Northern Norway (the “Sydvaranger Mine”). Key highlights from the DFS include: • Pre-tax NPV8 of USD 1,552m; Pre-Tax IRR of 37.7%; • 25 years total mine life; • Total production of 63.3mt of 70% ultra-high-grade direct reduction magnetite concentrate; • Life of mine cash operating cost of USD 56.1/t of concentrate; • Phase 1 capital expenditure of USD 193.6m and Phase 2 capital expenditure of USD 223.8m. The DFS was managed by SLR Consulting (“SLR”), a Tier-1 international multidisciplinary consulting firm, and prepared according to international reporting standards. Grangex’s stated strategy is to restart production of ultra-high-grade direct reduction magnetite concentrate at the Sydvaranger Mine and to become a leading supplier to the European and global steel industries as they undergo the current ‘green steel revolution’. The currently estimated re-start of operations is in 2026 with first commercial exports in late 2026. The DFS has confirmed Sydvaranger Mine’s techno-economic feasibility to produce an ultra-high-grade direct reduction magnetite concentrate with an Fe content of 70% with low deleterious elements, with the planned processing circuit upgrades. The Sydvaranger Mine is expected to produce 63.3mt of ultra-high-grade direct reduction magnetite concentrate over its 25 year mine life. All produced concentrate will be exported from the Sydvaranger Mines’ captive existing Kirkenes port terminal. Grangex expects to reach its Final Investment Decision (“FID”) by end of 2025 for the commencement of the required construction and refurbishments at the Sydvaranger Mine to enable re-start of operations. FID remains conditional upon successful raising of the required project financing, a process which has been underway since the completion of a previously announced Preliminary Economic Assessment (“PEA”). The DFS has determined the technical, financial, and operational viability for the implementation of the Sydvaranger Mine. The DFS valuated factors such as the ore resource quality, extraction methods, infrastructure needs, environmental impacts, market dynamics process solutions and financial feasibility. Phase 1: Year 1 to Year 4 - Early restart using existing infrastructure to produce 2.5 Mtpa of ultra-high-grade direct reduction magnetite concentrate. Phase 2: Year 4 Onwards- Replace and relocate the primary crusher from Pit 1 to new location to produce 3.0mtpa to 3.5mtpa of ultra-high-grade direct reduction magnetite concentrate. Phase 1 capital expenditure for the Sydvaranger Mine has been estimated at USD 193.6m, including USD 48.3m of capitalized operating expenses and a USD 17.9m contingency. Estimates have been based on supplier quotations to within an estimated +/- 10-15% order of accuracy, reviewed and compiled by SLR. In order to establish a Kirkenes Port FOB price for the Sydvaranger Mine’s production, Grangex retained Fastmarkets, a leading global commodity price reporting agency in the metals and mining space, to conduct an independent market study to confirm the following: Forecast price for 2026 to 2045 for the 67.5% iron ore indices. Forecast Kirkenes Port FOB price for the Sydvaranger concentrate specification. The Kirkenes Port FOB price for the Sydvaranger Mine ultra-high-grade direct reduction magnetite concentrate has been forecast by Fastmarkets as USD 113/t in 2026, rising to a peak of USD150/t by 2035. The forecast for the period 2026 to 2045 has been utilized in the DFS for the financial analysis of the Sydvaranger Mine. Based on the findings of the DFS, SLR recommends that the Sydvaranger Mine proceed to the funding phase, with the expectation of commencing Phase 1 in First Quarter 2026. Sydvaranger Mine as described is economically viable, having achieved consistent profitability in the third year of operation (2029). Sydvaranger Mine is technically viable, employing widely used technologies and processes for iron ore production. Mining methods and equipment are conventional and widely used in the mining industry. There are no significant environmental issues or permits required that could materially hinder development of the Sydvaranger Mine. The product is marketable and within acceptable specifications for direct reduction smelters. There is an offtake agreement in place for 100% of the production and the concentrates are marketable. Grangex has invested in an Asset Integrity study and developed an achievable plan to construct, commission, and operate the Sydvaranger Mine for Phase 1 and through to the second phase. Reported Earnings • Aug 21
Second quarter 2025 earnings released: EPS: kr0.92 (vs kr2.30 loss in 2Q 2024) Second quarter 2025 results: EPS: kr0.92 (up from kr2.30 loss in 2Q 2024). Net income: kr12.9m (up kr45.1m from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jun 30
CEO & President recently sold kr304k worth of stock On the 26th of June, Christer Lindqvist sold around 16k shares on-market at roughly kr19.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Christer's only on-market trade for the last 12 months. New Risk • Jun 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr185m free cash flow). Earnings have declined by 70% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Revenue is less than US$5m (kr31m revenue, or US$3.2m). Market cap is less than US$100m (kr165.7m market cap, or US$17.3m). Reported Earnings • May 20
First quarter 2025 earnings released: EPS: kr0.73 (vs kr2.85 loss in 1Q 2024) First quarter 2025 results: EPS: kr0.73 (up from kr2.85 loss in 1Q 2024). Net income: kr10.3m (up kr35.1m from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 15
Full year 2024 earnings released: kr13.97 loss per share (vs kr3.20 loss in FY 2023) Full year 2024 results: kr13.97 loss per share (further deteriorated from kr3.20 loss in FY 2023). Net loss: kr178.1m (loss widened kr150.3m from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Annonce • Feb 14
Grangex AB, Annual General Meeting, May 20, 2025 Grangex AB, Annual General Meeting, May 20, 2025. New Risk • Dec 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr152m free cash flow). Earnings have declined by 55% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Revenue is less than US$5m (kr28m revenue, or US$2.6m). Market cap is less than US$100m (kr142.4m market cap, or US$13.0m). Board Change • Dec 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Annika Billberg is the most experienced director on the board, commencing their role in 2022. Independent Chairman of the Board Klas Åström was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 23
Second quarter 2024 earnings released: kr2.30 loss per share (vs kr1.48 loss in 2Q 2023) Second quarter 2024 results: kr2.30 loss per share (further deteriorated from kr1.48 loss in 2Q 2023). Net loss: kr32.2m (loss widened 150% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jun 20
CEO & President recently bought kr153k worth of stock On the 14th of June, Christer Lindqvist bought around 13k shares on-market at roughly kr11.87 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Christer's only on-market trade for the last 12 months. New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 26% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Revenue is less than US$5m (kr37m revenue, or US$3.5m). Market cap is less than US$100m (kr188.9m market cap, or US$18.0m). New Risk • Jun 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 61% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 26% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Minor Risks Revenue is less than US$5m (kr37m revenue, or US$3.5m). Market cap is less than US$100m (kr142.4m market cap, or US$13.5m). Reported Earnings • May 10
Full year 2023 earnings released: kr3.20 loss per share (vs kr1.51 loss in FY 2022) Full year 2023 results: kr3.20 loss per share (further deteriorated from kr1.51 loss in FY 2022). Revenue: kr37.0m (up 54% from FY 2022). Net loss: kr27.8m (loss widened 115% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. New Risk • Feb 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr102.6m (US$9.92m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 21% per year over the past 5 years. Market cap is less than US$10m (kr102.6m market cap, or US$9.92m). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (kr31m revenue, or US$3.0m). Annonce • Feb 24
Grangex AB has completed a Follow-on Equity Offering in the amount of SEK 74.3 million. Grangex AB has completed a Follow-on Equity Offering in the amount of SEK 74.3 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 5,307,143
Price\Range: SEK 14
Transaction Features: Rights Offering Board Change • Feb 01
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Annika Billberg is the most experienced director on the board, commencing their role in 2022. Independent Chairman of the Board Klas Åström was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Dec 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr82m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr82m free cash flow). Shares are highly illiquid. Earnings have declined by 21% per year over the past 5 years. Minor Risks Revenue is less than US$5m (kr31m revenue, or US$3.0m). Market cap is less than US$100m (kr200.0m market cap, or US$19.1m). Recent Insider Transactions • Jul 03
Chief Financial Officer recently bought kr155k worth of stock On the 29th of June, Paul Johnsson bought around 3k shares on-market at roughly kr51.50 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Paul has been a buyer over the last 12 months, purchasing a net total of kr155k worth in shares. Annonce • Jun 30
Grangex in Exclusive Talks to Buy Iron Ore Mine Owner in Norway Grangex AB (NGM:GRANGX) on June 29, 2023 said it is in exclusive talks to acquire Sydvaranger Mining AS for USD 33 million (EUR 30 million) from OMF Fund II H Ltd. Sydvaranger owns a high-grade iron ore mine in Northern Norway and a processing plant, with the project net present value of the asset estimated at USD 550 million. Grangex wants to restart production at the mine and will partner with Anglo American and the Tschudi Group on its future development. The purchase will complement Grangex's iron ore project Dannemora, located in Sweden, positioning the company as one of the leading developers of high-grade, low carbon pellet feed production in Scandinavia, according to the statement. Clarksons Securities is advising OMF Fund II H Ltd. on the deal. Reported Earnings • Apr 26
Full year 2022 earnings released: kr1.51 loss per share (vs kr1.26 loss in FY 2021) Full year 2022 results: kr1.51 loss per share (further deteriorated from kr1.26 loss in FY 2021). Revenue: kr24.1m (up 47% from FY 2021). Net loss: kr13.0m (loss widened 34% from FY 2021). Recent Insider Transactions • Mar 17
CEO, President & Director recently bought kr88k worth of stock On the 9th of March, Christer Lindqvist bought around 3k shares on-market at roughly kr29.20 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Christer has been a buyer over the last 12 months, purchasing a net total of kr180k worth in shares. Annonce • Dec 17
Grängesberg Exploration Holding AB Presents Positive Results for the Dannemora Mine Feasibility Study Grängesberg Exploration Holding AB - GRANGEX - presents the results of a Feasibility study (the Study or FS) for the recommencement of mining at their Dannemora Iron Mine, with a carbon free focus. The Study establishes, among more, that Dannemora can be a producer of high-grade iron ore concentrate with a very low carbon footprint, having strong pre-requirements to become a preferred supplier for green steel producers. The Study was prepared and signed by SLR Consulting Limited. The financial evaluation of the project completed as part of the Study has estimated pre-production capital expenditure including contingency and first year production costs of MUSD 178.3, (MSEK 1,872.6), sustaining capital during the life of mine (year 2 and forward) of USD 17.3 million giving a total CAPEX during the life of mine of USD 195.6 million. The unit operating cost, FOB port of Oxelösund, is USD 54.7/dmt concentrate for production of 68% low sulphur iron ore concentrate. Based on a product price FOB of USD 129/dmt and 10.50 SEK: USD this gives the following financial results, pre-tax[1]; Net Present Value @ 8%; USD 274 million Internal Rate of Return (IRR); 31 % Payback time less than 4 years from production start. The report is based on recent quotations and price lists and thereby captures the current effects of the inflationary economy, which results in higher capital and operating costs. The process plant flowsheet design criteria targets a mass yield of 36.61% Fe(tot) and a recovery of 76.88% to produce ca. 1.14 Mt/yr. at a grade of ca. 68.15% Fe when in full production. This is based on 400 t/hr run-of mine (ROM) (3,000,000 t/year) feed at a grade of 32.1% Fe. The annual ROM rate has been calculated at 2.83 Mt resulting in an average production of 1.01 Mt (dry weight), 68 % iron ore concentrate, meeting the requirements for direct reduction iron (DRI) and thus green steel production. A key conclusion of the FS is the possibility that the Dannemora mining project can be a producer of high-grade iron ore with an extremely low carbon footprint and achieve this by operating a fully electrified underground mining and beneficiation process while producing a high-grade magnetite concentrate with Green Steel credentials. Thus, having the possibilities to become a preferred supplier in the emerging transition of the steel industry towards the production of green steel. An updated JORC 2012 compliant Mineral Resource Estimate for the mine amounts to 32.20 Mt, at 34.91 % Fe, Measured and Indicated; and 5.94 Mt at 33.33% Fe, Inferred. The Probable Ore Reserves for Dannemora Mine, as of 31stOctober 2022, is estimated to be 31.11 Mt, with 32.10% Fe, at a cut-off grade of 15%, giving a Life of Mine (LOM) of 11 years. Further relogging of existing drill core has resulted in an extension of the Life of Mine (LOM) compared to the Pre-Feasibility Study (PFS). The exploration potential for most of the interpreted mineralized bodies is open at depth due to the shallow nature of the majority of the drilling. The total Exploration Target tonnage is estimated to be between about 20 Mt and 35 Mt with an estimated grade between of between 34% and 39 % Fe, from a total of seven Exploration Target areas identified. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO, President & Director Christer Lindqvist is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Jun 13
Chief Financial Officer recently bought kr52k worth of stock On the 7th of June, Paul Johnsson bought around 2k shares on-market at roughly kr26.07 per share. This was the largest purchase by an insider in the last 3 months. Paul has been a buyer over the last 12 months, purchasing a net total of kr36k worth in shares. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Independent Director Lars Ransgart is the most experienced director on the board, commencing their role in 2010. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Annonce • Jan 22
Grängesberg Exploration Holding AB Presents the Results of the Completed Pre-Feasibility Study Grängesberg Exploration Holding AB (publ) presents the results of the completed Pre-feasibility study (PFS) of the conditions for the recommencement of production in the Dannemora mine. The key objective for the PFS has been to investigate the possibility to develop Dannemora as a carbon-free mine operation. The PFS confirms the possibility of producing a high-grade iron ore concentrate with a much-reduced carbon footprint and that the project should be taken to the final feasibility study stage. The study is a continuation of the Scoping Study presented in May 2021 and shows improvements on many levels. Golder Associates ("Golder") has compiled the PFS report. The financial evaluation of the project carried out as part of the PFS has estimated pre-production capital expenditure of $131 M, (MSEK 1,179), sustainable investments during life of mine of $52.1 M (MSEK 468.9), and closure costs of $3,9 M (MSEK 34.9) giving a total capital expenditure during the life of mine of $187 M (MSEK 1,683). An operating cost, FOB, of $44.7/dmt for production of 68% iron ore concentrate and based on a product price FOB of $125/dmt and 9.00 SEK/$give the following financial results, pre-tax; Net Present Value at 8% discount rate; $319 million (MSEK 2,869); Internal Rate of Return (IRR) 51% Payback time less than 3 years, from production start. The annual run-of-mine (ROM) rate has been calculated to 3 Mt resulting in a production of 1.1 Mt (equivalent dry weight) 68 % iron ore concentrate, meeting the requirements for direct reduction iron (DRI) and thus green steel production. A key conclusion of the PFS work is the possibility that the Dannemora mining project can be a high-grade iron ore producer with a very low carbon footprint by operating a fully electrified underground mining and beneficiation process while producing a high-grade magnetite concentrate with Green Steel credentials. Thus, have possibilities to become a preferred supplier in the emerging transition of the steel industry towards the production of green steel. An updated JORC 2012 compliant Mineral Resource Estimate of the mine amounts to 28.19 Mt, at 36.54% Fe, Measured and Indicated; and 5.82 Mt at 33.61% Fe, Inferred. The Probable Ore Reserves for Dannemora Mine, on 31st December 2021, is estimated to be 25.36 Mt, with 33.44% Fe at a cut-off grade of 15%, gives a Life of Mine of approx. 9 years. Furthermore, once in operation, the immediate area surrounding the mine has the potential for further development of additional mineral resources, as several of the mineralised bodies are open at depth. There is also a possible resource in the underground deposited tailings from the latest production period. The possibility of extending the life of the mine has been studied and a total of seven different areas in the mine have been identified as exploration targets. These exploration targets have been estimated at 20 to 35 Mt with iron content between 34 and 39%. Board Change • Dec 31
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Independent Director Lars Ransgart is the most experienced director on the board, commencing their role in 2010. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Oct 21
CEO & Director exercised options to buy kr294k worth of stock. On the 18th of October, Christer Lindqvist exercised options to buy 6m shares at a strike price of around kr0.054, costing a total of kr300k. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. Since June 2021, Christer has owned 750.00m shares directly. This was the only transaction from an insider over the last 12 months. Annonce • May 28
Grängesberg Exploration Holding AB (publ) Presents the Results of the Completed Scoping Study At Dannemora Mine Grängesberg Exploration Holding AB (publ) presented the results of the completed Scoping study that indicates good conditions regarding the restart of the Dannemora mine. The study shows that it's possible to produce an iron ore concentrate with very high quality. The overall conclusion of the comprehensive study is that with the proposals on how a restart of the Dannemora mine can be carried out and with the cost calculations prepared, there are good conditions to restart the Dannemora mine and produce an iron ore concentrate, containing 67.9 % iron, that is in high demand on the market. Based on the results of the Scoping Study, and future market expectations, the conclusion is that the project should be taken to a Pre-Feasibility stage. The metallurgical test work completed during the Scoping Study clearly indicates that there is a good opportunity to increase the Fe-concentrate grade, which would further enhance the viability and sustainability of the project, with the sale of a premium product, high in demand. Much of the work carried out as part of this Scoping Study is based on information/data and knowledge gained by key individuals (now part of the Scoping Study team) who previously worked at Dannemora during the 2012-2015 period. This level of knowledge and input to the Scoping Report is invariably of a high-level and contains more detail and certainty than is normal for a Scoping Study. Golder states that large parts of the study maintain a higher level of information than is normal for an international Scoping study according to JORC 2012 and work is underway to identify the parts that need to be supplemented to achieve a Pre-feasibility status according to the JORC code. The mineral resources in the study were estimated out in accordance with JORC 2012 and carried out by M.Sc. Thomas Lindholm, GeoVista AB. 
