Note that rare earth elements ("REE") and silica, minerals found in the Vintjärn-Kölen area, are not included in the aforementioned calculation and may increase the value of the Project.

The following parameters were used in the calculations:

1. 3.22 million MT probable mineral reserve with grades of 35% iron and 0.5% manganese with a 75% probability of being extractable
2. 70 million MT indicated mineral resource with grades of 35% iron, 0.5% manganese, and 0.6% copper with a 40% probability of being extractable
3. Extraction costs of SEK 515/MT; refining costs of SEK 155/MT; transport costs of SEK 0.15/ km/MT; prospecting costs of SEK 103/MT
4. NSR percentages of 5% on iron and 3% on other minerals
5. Iron price of SEK 1,122.70/MT; manganese price of SEK 4,434.15/MT; copper price of SEK 93,915/MT
6. Capital costs of SEK 5,150 million
7. Annual production rates of approximately one million MT of ore

The valuation may be adjusted as it is based on a number of assumptions and conditions, which include but are not limited to: >decisions and approvals of the exploitation concession and related permits, unforeseen or increased or decreased costs, ore prices, currency fluctuations, geological uncertainties regarding the size of reserves/resource estimates, availability of equipment and labor, difficulties in predicting when or if production can commence, and whether financing can be secured on terms that make the Project commercially viable.

An exchange rate of 1 USD = 10.3 SEK has been used in the calculations where conversion was required.

The above-mentioned costs are related to mining operations in Sweden, and the following references have been used:

1. www.sgu.se (mineral reserves and resources in Vintjärn-Kölen. Note that these are not JORC or PERC classified).
2. Iron Ore PRICE Today | Iron Ore Spot Price Chart | Live Price of Iron Ore per Ounce | Markets Insider (businessinsider.com) (https://markets.businessinsider.com/commodities/iron-ore-price)
3. Manganese Ore - Price - Chart - Historical Data - News (tradingeconomics.com) (https://tradingeconomics.com/commodity/manganese)
4. Copper Price: Charts, Forecasts & News - FocusEconomics (focus-economics.com) (https://www.focus-economics.com/commodities/base-metals/copper/)
5. Sweden - an attractive mining country from a global perspective? An international comparison - Tillväxtanalys (tillvaxtanalys.se) (https://www.tillvaxtanalys.se/in-english/publications/reports/reports/2016-07-07-sweden---an-attractive-mining-country-from-a-global-perspective--an-international-comparison.html)
6. Iron Ore Line - Wikipedia (https://en.wikipedia.org/wiki/Iron_Ore_Line)
7. https://www.mining.com/wp-content/uploads/2021/08/iron-ore-forecast.pdf
8. https://www.mining-technology.com/data-insights/iron-ore-in-sweden/?cf-view
9. Grangesberg Iron Ore Project, Sweden (mining-technology.com) (https://www.mining-technology.com/projects/grangesberg-iron-ore-project-sweden/?cf-view&cf-closed)

The Company's Chairman, Ulrich Andersson, is also the Chairman and indirect owner of approximately 34 percent of the shares and votes in Big Rock. The Agreement is considered a significant transaction with a related party to the Company that must be approved by the Company's general meeting according to the Market Abuse Authority's statement 2019:25. Such extraordinary general meeting is scheduled to be held on October 30, 2024. Notice of such extraordinary general meeting will be made through a separate press release.

This information is insider information that Nidhogg Resources Holding AB (publ) is obligated to disclose under the EU Market Abuse Regulation. The information was submitted for publication on October 7, 2024, at 08:00 by the following contact persons.

Contact
Ulrich Andersson, Chairman of Nidhogg Resources Holding AB (publ)
Email: ulrich@nidhoggresources.com
Phone: +46 70 376 0515

Or

Niclas Biornstad, CEO of Nidhogg Resources Holding AB (publ)
Email: niclas@nidhoggresources.com

About Nidhogg Resources
Nidhogg Resources Holding AB (publ), www.nidhoggresources.se, is a Swedish limited company focusing on raw materials. Nidhogg was founded by individuals with a total of over 60 years of experience in the raw materials market, with backgrounds in exploration to exploitation, as well as sales, and a passion for extracting raw materials by applying innovative technology along with existing infrastructure.