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Year end report January-December 2013

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Fourth quarter 2013

  • The company’s financial situation is very strained

  • The granted bridge financing allows for some time for continued financing activities

  • Net sales amounted to SEK 161.8 (81.3) million

  • Earnings per share was SEK -2.20 (-6.80)

  • Cash flow was SEK -34,1 (19,1) million

  • First quarter to show a positive EBITDA of SEK 2.7 million

  • Waiver from the bond agreement terms regarding minimum cash liquidity of SEK 50 million and an interest payment of approx. SEK 46 million

  • Deferral of interest payment of approx. SEK 16 million on the convertible loan

  • Injunction from the County Administrative Board to move crushing activities underground

  • Record-high production of 734 kt

  • Average recovery 44%

Full year 2013

  • Net sales amounted to SEK 475.7 (137.3) million

  • Earnings per share was SEK -14.07 (-16.13)

  • Cash flow was SEK -128,2 (--471,1) million

  • The savings programme of SEK 65 million per year was increased to SEK 76 million

Significant events after the end of the period

  • Payment of the first part of the bridge financing on 9 January

  • Default under the bridge financing

  • Postponed deadline relating to the County Administrative Board's injunction ordering crushing to be moved underground

For further information, please contact:

Ralf Nordén, President and  CEO
Telephone 46 709374891
ralf.norden@dannemoramineral.se

or

Niklas Kihl, CFO
Telephone 46295 - 24 44 20, 46730 797 363
niklas.kihl@dannemoramineral.se

Dannemora Mineral AB is a mining and exploration company of which the primary activity is mining operations in the Dannemora iron ore mine. The Company also intends to engage in exploration activities to increase the iron ore base locally and regionally in several areas in Uppland where the potential for finding workable deposits is considered good.

Dannemora Mineral comprises the parent company Dannemora Mineral AB and the wholly-owned subsidiaries Dannemora Magnetit AB, responsible for operation of the Dannemora mine, Dannemora Iron Ore Development AB, responsible for the Group's exploration, and Dannemora Förvaltnings AB, responsible for the property portfolio.

The Company’s most important asset is the iron deposit in the Dannemora Mine, and activity is focused mainly on the mining of this deposit at present.

The Company is listed on NASDAQ OMX First North, Stockholm, and Oslo Axess. The Company's Certified Advisor on First North is Remium Nordic AB.

The Company's independent qualified person is mining engineer Thomas Lindholm, Geovista AB, Luleå. Thomas Lindholm is qualified as a Competent Person as defined in the JORC Code based on education and experience in exploration, mining and estimation of mineral resources of iron, base and precious metals.

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