Financial development
Third Quarter, 1 July - 30 September 2025
- Sales totaled SEK 0 million (0)
- Earnings after tax amounted to SEK -3.3 million (-1.6)
- Investments reached SEK 13.2 million (0.3) during the period
- Earnings per share before and after dilution amounted to -0.05 SEK (-0.02)
First nine months, 1 January - 30 September 2025
- Sales totaled SEK 0 million (0)
- Earnings after tax amounted to SEK -15.3 million (-8.7 million)
- Investments came to SEK 40.0 million (0.8) during the period
- Earnings per share before and after dilution amounted to -0.23 SEK (-0.18)
- Cash and cash equivalents stood at SEK 65.0 million (114.4) on September 30, 2025
Significant events
During the third quarter 2025
- Drilling carried out during the spring confirmed good, in some cases very good, mineralisations - particularly at depth. Some of the shallower sections mainly confirmed previous models and assumptions. The programme has therefore been expanded with additional drilling aimed at connecting the previously known, shallower mineralisations with the newly identified deeper ones.
After the third quarter 2025
- Nordic Iron has been granted conditional support of SEK 40 million from the Swedish Transport Administration's Business Fund for the connection of an industrial railway track to the national rail network. The support is subject to positive results from the company's ongoing feasibility and profitability study, as well as the government's forthcoming decision on the new national infrastructure plan for 2026-2037.
- Nordic Iron has submitted an application to the Mining Inspectorate of Sweden for an additional exploration permit adjacent to Blötberget. The application follows indications from the ongoing exploration programme that the area shows promising potential. Successful exploration could lead to an expansion of Nordic Iron's mineral resources.
CEO Comments
Ongoing Studies and Expanded Exploration
During the third quarter, we continued to advance the pre-feasibility work on the improvement opportunities identified in the previous quarter, focusing on both mine design and operational efficiency. These enhancements are expected to not only strengthen the project's profitability but also significantly reduce its environmental impact. In parallel, we have expanded our ongoing exploration efforts at greater depths, aiming to increase
During the third quarter, the company continued to study in detail the planned changes to the mining method, taking into account the latest exploration results regarding the deposit's geometry and geotechnical characteristics. The results indicate a potential increase in both annual production and the ratio of extractable ore (mineral reserve) relative to the mineral resources. The new mining method is based on fully using the tailings from the beneficiation plant as backfill in the mine - a solution that could also eliminate the need for surface disposal. This approach would provide significant cost savings and substantial environmental benefits in the vicinity of the mine. Geotechnical studies have shown, however, that in certain areas, the tailings will need to be mixed with a type of cement to ensure adequate reinforcement of surrounding rock and safe mining operations in these sections.
Water usage is also being reviewed. The company aims to establish an essentially closed-loop water system and avoid initial dewatering of the old mine, which would reduce costs for water treatment and eliminate discharges to nearby waterways. When the old mine will be dewatered to access ore between the new and old mine (in a so-called crown pillar), a closed system will not be possible anymore, and water treatment and discharge will be required.
The increased mining rate and deeper mineralisation will raise the energy demand above the 20 MW allocation currently granted by Svenska Kraftnät. Alternative solutions are being evaluated to temporarily secure the necessary energy before additional capacity can be allocated and delivered.
The goal of the exploration program, which began in late 2024, is to increase the mineral resources by 35 million tons or more - a significant increase if achieved. Drilling during the year has shown several good, and in some cases very good, mineralisations, particularly at depth. The program was therefore expanded during the second and third quarters, and after the period, the company applied for an additional exploration permit.
The company continues to evaluate the potential to produce a sellable by-product with high levels of phosphorus and rare earth elements. Analyses and tests are ongoing, both on historical tailings and as part of the current exploration program. The study focuses on dealing with the by-product as a future option - it will not affect or delay the ongoing pre-feasibility work on mineral resources assessment and technical solutions for iron ore production, but will be handled in a separate technical report in accordance with JORC.
Together with environmental experts and legal advisors, the company has analyzed the planned operational changes and environmental improvements resulting from the revised mining operations. Initial dialogue has also been held with local authorities.
After the turbulence at the start of the year, market conditions have stabilized somewhat. The European steel industry remains in a challenging position, affecting some planned transition projects toward more climate-friendly production in the region. Iron ore prices were slightly higher in the third quarter than in the second, while the US dollar continued to weaken slightly. The demand for iron ore persists, as several steel grades require high purity, making a fully scrap-based production process impossible in the long term. The industry is facing a historic technological shift. For centuries, the blast furnace has been the dominant process for iron production, replacing pit furnaces. We are now entering the next phase, where direct reduction in shaft furnaces appears to be the future main process.
Overall, the pre-feasibility study indicates several improvements to the project's profitability, and development is moving in the right direction. Work continues according to plan, with the aim of completing the pre-feasibility study at the beginning of next year.
The intense work being carried out within the company, particularly the ongoing pre-feasibility study, has high-lighted the need for additional resources. At my request, Chairman Bengt Nilsson has taken on a more operational role from the period onwards and until the next annual general meeting, in addition to his duties leading the Board. This provides a significant reinforcement of expertise for the company while also providing some relief for me as CEO.
Finally, we continue to assess that improved profitability through cost savings, combined with increased mineral resources and reserves, is essential for successful future project financing. The company remains committed to its vision of becoming a key player in the high-grade iron ore market and generating strong long-term returns for you, our shareholders.
Ronne Hamerslag
Chief Executive Officer
Nordic Iron Ore AB (publ)
For more information, please contact:
Ronne Hamerslag
Chief Executive Officer
Telephone: +46 (0)240 88 301
E-mail: ronne.hamerslag@nordiciron.se
About Nordic Iron
Nordic Iron is a mining company focused on the Ludvika region. The company plans to produce an ultra high-grade iron ore concentrate with a low carbon dioxide footprint, with a focus on fossil-free iron and steel production. Nordic Iron is actively pursuing critical raw materials like phosphorus and rare earth elements as possible by-products, contributing to society's green transition.
For more information, see www.nordiciron.se.
Nordic Iron Ore's shares and warrants are listed at Nasdaq First North Growth Market. Wildeco is the company's Certified Adviser
This information is information that Nordic Iron is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-11-18 08:30 CET.