Financial development
Fourth quarter, 1 October - 31 December 2025
- Sales totaled SEK 0 million (0)
- Earnings after tax amounted to SEK -4.2 million (-6.5)
- Investments reached SEK 18.9 million (2.7) during the period
- Earnings per share before and after dilution amounted to -0.06 SEK (-0.11)
Full-year, 1 January - 31 December 2025
- Sales totaled SEK 0 million (0)
- Earnings after tax amounted to SEK -19.5 million (-15.2 million)
- Investments came to SEK 58.9 million (3.7) during the period
- Earnings per share before and after dilution amounted to -0.29 SEK (-0.29)
- Cash and cash equivalents stood at SEK 41.9 million (111.7) on December 31, 2025
Significant events during the fourth 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.
- During the quarter, Nordic Iron conducted a seismic survey at Blötberget aimed at enhancing the understanding of the ore body's extent and geological structures. The survey was carried out in collaboration with Smart Exploration Research Cente (SERC) and Uppsala University. The results will serve as a basis for continued exploration activities and future mineral resource estimates.
Significant events after the period
- The pre-feasibility study for the Blötberget project continued during the first quarter 2026. Preliminary results indicate a potential improvement in mineral resources and concentrate production, while also highlighting certain technical challenges related to the annual mining rate and extraction costs. The pre-feasibility study has therefore been extended and deepened, including the incorporation of additional exploration results, geotechnical studies, and the evaluation of nearby deposits such as the Southern Väsman field, as well as the potential of a by-product, primarily an apatite concentrate containing phosphorus and rare earth elements. The results of the expanded study are expected to be presented in Q3 2026.
- Nordic Iron completed its most extensive drilling program to date at Blötberget, comprising a total of 39 drill holes and approximately 21,000 metres of core drilling. The results revealed several promising intersections, particularly at depth, reinforcing indications of increased mineral potential to be used in ongoing exploration and in the assessment of mineral resources.
CEO Comments
Continued Investment in Exploration Strengthen Blötberget's Development Potential
During Q4 2025, work focused on the pre-feasibility study as well as continued investment in exploration at Blötberget. The first indicative results were analyzed and communicated to the market in January, together with new opportunities to enhance the project's potential, primarily by now including the Southern Väsman field in the study and project. The exploration program continues into 2026 with the aim to increase total mineral resources by 35 million tonnes, with the indicative results pointing to an increase in the upper half of the target once the study's mineral resources estimate is completed. In parallel, the technical study indicates that a by-product, primarily an apatite concentrate containing phosphorus and rare earth elements, could create additional business value and strengthen the project's strategic importance. The pre-feasibility study is ongoing, and the final results are expected in Q3 2026.
The exploration results to date indicate a potential increase in mineral resources in the upper half of the target to raise the total mineral resources by 35 million tonnes, once all exploration results have been incorporated into the pre-feasibility study and the updated mineral resources estimate. The drilling program was completed after the end of the period, including what has preliminarily been assessed as a very strong drill intercept at Blötberget, with approximately 45 meters of massive, high-grade magnetite mineralization.
The revised mining method and the improved understanding of the mineralization at Blötberget indicate in the ongoing study that an increase in the production of ultra-high-grade iron ore concentrate of approximately 8 million tonnes, from 16 to 24 million tonnes, may be possible. This 50% increase is expected to further strengthen the project's long-term revenue potential once the final pre-feasibility results are available.
Geotechnical analyses have provided a more nuanced understanding of the mineralization. Mining will need to be conducted more selectively than previously assumed, which limits the potential to increase the annual production rate. To maintain the Company's objectives and ensure a more robust project, alternative approaches to increase annual production of ultra-high-grade iron ore concentrate, including parallel supply of ore from nearby deposits, have been evaluated. Accordingly, the Board has decided after the period's end to include the Southern Väsman field in the ongoing study to strengthen the project's revenue potential.
The technical study regarding a by-product containing phosphorus and rare earth elements has also shown that such a by-product, primarily an apatite concentrate, could become a valuable complement to iron ore production. This would not only improve the project's profitability but also contribute to Europe's need for strategic raw materials - an aspect that has become increasingly important in today's geopolitical and industrial context. Following the period's end, the Board has therefore decided to include a by-product, primarily an apatite concentrate, in the ongoing pre-feasibility study to further strengthen the project's revenue potential and strategic importance.
The further development of the project, including Blötberget, the Southern Väsman field, and a by-product, will increase the energy demand. Dialogues are therefore ongoing with local and regional grid operators to secure long-term energy supply. Alternative solutions are also being evaluated to temporarily meet energy needs until additional capacity can be allocated and delivered. The work with the Swedish Transport Administration is progressing well, and the Company has been granted conditional support of SEK 40 million for the planned railway connection.
The Company continues to advance environmental and permitting matters in close collaboration with legal advisors, experts, and authorities. The planned operational changes, including the by-product and expanded activities at the Southern Väsman field, are now being integrated into the permitting work, with the aim of presenting a clear plan in conjunction with the completion of the pre-feasibility study in Q3 2026.
The European steel industry remains in a challenging position, affecting certain planned transition projects in the region. However, only marginal slowdowns are observed in the transition and in developments in North Africa and the Middle East, where several projects continue with unchanged momentum. Demand for high-quality iron ore products is therefore expected to remain over the long term in the Company's target markets. Iron ore prices were largely stable during Q4, while the US dollar weakened, particularly toward the end of the quarter. Short-term market fluctuations affect sentiment and the financing environment but do not alter the project's fundamental industrial logic.
Work in 2026 is fully focused on delivering a strengthened and broadened outcome from the expanded pre-feasibility study in Q3. Our objective is to thereby provide a clear path forward for the next phase of the project and continue developing the Company toward a position as a supplier of ultra-high-grade iron ore and apatite concentrates, creating long-term value for 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's plans includes an apatite concentrate containing phosphorus and rare earth elements, contributing to society's green transition.
For more information, see www.nordiciron.se.
Nordic Iron Ore's shares 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 2026-02-26 08:30 CET.
