Nordic Iron Interim Report April – June 2026

Financial development

Second Quarter, 1 April – 30 June 2026

• Sales amounted to SEK 5.4 million (18.2). Revenue consists exclusively of capitalised expenditure relating to exploration and evaluation assets.
• Earnings after tax amounted to SEK -5.0 million (-5.9)
• Investments amounted to SEK 5.4 million (18.7) during the period
• Earnings per share before dilution amounted to 0.07 SEK (-0.09)

First Half-Year, 1 January – 30 June 2026

• Sales amounted to SEK 13.7 million (26.7). Revenue consists exclusively of capitalised expenditure relating to exploration and evaluation assets.
• Earnings after tax amounted to SEK -9.3 million (-12.0)
• Investments amounted to SEK 13.7 million (26.7)
• Earnings per share before dilution amounted to -0.14 SEK (-0.18)
• Cash and cash equivalents amounted to SEK 13.8 million (77.8) on 30 June 2026.

Significant events

During the second quarter 2026

• Nordic Iron has entered into an agreement with DNB Carnegie regarding the role as Certified Adviser. DNB Carnegie assumed the role of Certified Adviser on 1 May 2026. Until then, Wildeco Ekonomisk Information AB acted as the company's Certified Adviser.

• Nordic Iron was granted a new exploration permit, Blötberget no. 7, to the west of the existing project area. The permit enables continued exploration of an area where geophysical surveys indicate a possible continuation of the mineralisation.
  
• Nordic Iron held its Annual General Meeting in Ludvika on 25 June 2026. In connection with the meeting, shareholders were invited to the company's offices for presentations on operations and its various departments.
  
• At the Annual General Meeting on 25 June 2026, the annual report for 2025 was adopted. The meeting re-elected the board of directors with Bengt Nilsson as Chairman of the Board, and Cedra Sverige AB as auditor, with Jonas Åkerlund as principal auditor.

After the second quarter 2026

• Nordic Iron has appointed Emeli Nauclér as new CFO, taking up the role on 10 August 2026. Emeli succeeds Ulf Kasshag, who is retiring, and will be responsible for the company's finance, IT and procurement functions.
  
• Since December 2024, WSP and the company have been working together on a pre-feasibility study, and following a revision and expansion of the study's scope in early 2026, the study is now complete. The results were published in a press release on 19 August. The pre-feasibility study is expected to lay the foundation for the company's continued work on exploration and towards a definitive feasibility study.

CEO Comments

With the pre-feasibility study behind us, we are ready for the next step

The company’s pre-feasibility study (PFS) was completed on schedule and the results were communicated after the quarter end. The study covered the Blötberget deposit including the complete drilling programme, the Väsmanfältet deposit and a by-product in the form of an apatite concentrate.

During the second quarter, intensive work was carried out to finalise the analysis of the completed drilling programme for Blötberget. Previous exploration data and studies of Väsmanfältet, which comprises three prospective areas: Väsman Södra, Finnäset and Lyviksberget, were also incorporated. An exploration target for Väsmanfältet were also defined.

The drilling programme, which was concluded in February is now fully incorporated into the pre-feasibility study and the associated mineral resource and mineral reserve (ore) estimates. The expanded mineralisation together with the continued geotechnical studies has led to a radical improvement in the conditions for profitable mining at Blötberget. Both in terms of annual mining rate and planned total ore production, compared to the project's status in January.

The study has also focused on including and quantifying the content of phosphorus and rare earth elements in the Blötberget deposit, in order to evaluate possible volumes and the value of the planned apatite concentrate as a by-product from the production of the ultra high-grade iron ore concentrate from Blötberget's iron oxide-apatite mineralisation. This has also clearly improved the earnings potential from the Blötberget portion of the project.

Work during the quarter has been fully focused on delivering the pre-feasibility study during the third quarter, the results of which have now been presented in a separate press release. The pre-feasibility study has created a clearer path forward for the next phase of the project and the continued development of the company towards a position as a supplier of ultra high-grade iron ore and apatite concentrates, generating long-term value for you as shareholders.

Ronne Hamerslag
Chief Executive Officer
Nordic Iron Ore AB (publ)