Financial development
Fourth quarter, 1 October -
- Sales amounted to
SEK 0 million (0) - Earnings after tax amounted to
SEK -3.1 million (-2.7) - Investments amounted to
SEK 0.8 million (0.3) during the period - Earnings per share before and after dilution amounted to
-0.08 SEK (-0.08)
Full-year, 1 January –
- Sales amounted to
SEK 0 million (0) - Earnings after tax amounted to
SEK -12.9 million (-10.5) - Investments amounted to
SEK 2.1 million (45.0) in January - December - Earnings per share before and after dilution amounted to
-0.35 SEK (-0.28) - Cash and cash equivalents amounted to
SEK 0.9 million (2.7) onDecember 31 , 2023.30, 2023.
Significant events during the fourth quarter 2023
Nordic Iron Ore AB has entered into loan agreements to extend an existing loan facility bySEK 6.0 million fromBengtssons Tidnings AB with family,Ludvika Holding AB and a group of investors including Fredrik Attefall,Johan Flink ochMartin Ramqvist , to a total ofSEK 32.0 million . At the same time, the term for repayment for the existing outstanding loans ofSEK 26.0 million were prolonged untilFebruary 28, 2024 .Nordic Iron Ore is a partner to “Smart Exploration Research Center”. The research center has been grantedSEK 60 million by theSwedish Foundation for Strategic Research and is a multidisciplinary center that will do research on exploration and refinement of metals and minerals. The research is led byUppsala University and is important for the ongoing energy transition and society’s adjustment to the climate.Nordic Iron Ore has followed up on this spring’s exploration of rare earth elements (REE) with additional testing at Blötberget. This testing shows even more promising results and that the total share of rare earth elements amounts to 15,285 ppm (1.53 %) at the most.Nordic Iron Ore AB has made an application to Bergsstaten for an additional exploration permit in the proximity of Blötberget. The reason for the application is that initial exploration has given signals that the area is very interesting for expanded exploration.Nordic Iron Ore AB entered into loan agreements to prolong the term for repayment for existing outstanding loans ofSEK 32.0 million untilJune 30, 2024 . The loan agreements have been entered with the company’s three largest shareholders, a former board member, the company’s CEO and a group of investors.
Significant events after the period
Nordic Iron Ore AB has received an approval from Bergsstaten on its application for an additional exploration permit in the proximity of Blötberget. A successful exploration of the area could potentially increase Nordic Iron Ore’s mineral resources.Nordic Iron Ore has entered into an agreement withABG Sundal Collier (ABGSC) concerning the company’s upcoming capital raise.Nordic Iron Ore will now evaluate options for capital structure together with ABGSC andCargill Metals .
CEO comments
Dear Shareholder,
During the quarter we continued intensive work to create pre-conditions to realize a modern, electrified mining facility with a uniquely low carbon footprint at Blötberget. The company’s focus is now to secure required initial funding for zoning planning and initial construction work. Through the agreement with
We have previously communicated that we aim to complete a directed share issue and a preferential rights issue during the autumn of 2023 in order to finance zoning planning and initial construction work at Blötberget. Even though inflation has come down during the autumn, the investment climate is still impacted by high interest rates and heightened concerns regarding the overall economy. The company therefor concluded that additional time is required to ensure a successful capitalization. After the period, the company has engaged
In the third quarter 2023, the company made an application to the Land and environmental court for an extended working time regarding water operations. The Land and environmental court has since then requested supplemental information which the company provided in the fourth quarter, after which the application was registered. After the period, the application was sent on referral and the company has now received all referral replies. The application has been supported by Ludvika municipality and the
A lot of the infrastructure is already available through close access to the grid and the railway that will transport the iron ore concentrate to Oxelösunds harbour. These are important reasons for why
As soon as the initial capitalization is completed, the company will accelerate strengthening of its organization, both through recruitments and consultants, and secure agreements with partners and suppliers to complete necessary studies, construction and zoning planning, and provide an updated estimate for production start at Blötberget. I look forward to keeping you posted on our progress and challenges of this exiting journey.
CEO
For additional information, please contact:
Verkställande Direktör,
Telefon: 0240 88 301
E-mail: ronne.hamerslag@nordicironore.se
About
For more information, see www.nordicironore.se.
Nordic Iron Ore’s shares and warrants are listed at Nasdaq First North Growth Market. Wildeco is the company’s Certified Adviser.
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