GRANGEX notes strong interest for Dannemora’s high-quality iron ore concentrate – appoints financial advisors

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Grängesberg Exploration Holding AB ("GRANGEX" or ”the Company") has appointed Swedbank AB and SpareBank 1 Markets AS as financial advisors for the project financing of the restart of the Dannemora iron ore mine, as well as the build-up of the circular apatite project in Grängesberg.

With production start set out already in 2025, GRANGEX will - according to plan - through Dannemora become the first green producer of highly enriched magnetite concentrate, meeting the quality requirements for the production of sponge iron, a central component in green steelmaking. The concentrate from Dannemora will moreover have among the lowest carbon footprint in the industry.

The financial advisors will work with structuring and implementing a favourable and sustainable capital structure for GRANGEX. The work will extend over two phases and is set to be completed by Dannemora’s production start. Different capital markets financing alternatives as well as various project arrangements are in scope, where dialogues with several well-reputed, global strategic and financial investors have already been initiated.

In connection with ongoing discussions, GRANGEX today publishes the attached “Company update” presentation, which is also available on the Company’s website.

“During 2022, we have made substantial progress towards a restart of the Dannemora mine, quickly progressing towards establishing the greenest magnetite producer in the world. The year was intense, ending with the publication of the final feasibility study in December, which marked the end of the investigation phase and the start of the construction phase. At the same time, the process is ongoing at the Land and Environment Court of Appeal (Sw: “Mark- och miljödomstolen”) regarding permission for the resumption of mining operations in Dannemora. Adding to this the appointment of SpareBank 1 Markets and Swedbank as financial advisors further strengthens the conditions for a quick and successful restart of Dannemora. At the same time, we note a steadily increasing market interest for Dannemora’s high quality concentrate and are already in dialogue with several possible strategic partners in connection with the structured financing process”, says Christer Lindqvist, CEO of GRANGEX.

CONTACT PERSON

Christer Lindqvist, CEO, phone. +46 70 591 04 83

ABOUT GRANGEX, GRÄNGESBERG EXPLORATION HOLDING AB (publ)

Grängesberg Exploration Holding AB (publ) is a group that investigates the conditions for sustainable extraction of identified mineral projects. The company's business concept is to, primarily, prospect and develop sustainable and high-quality apatite and iron ore deposits and become a sustainable raw material supplier to European industry in the ongoing climate change. GRANGEX intends that the Dannemora mine at the start of operations will be the first carbon dioxide-free iron ore mine, and that the GRANGEX Apatite project in Grängesberg will be the first fossil-free producer of apatite.

The Company's share (GRANGX) Is traded on NGM Nordic SME.
ISIN-code: SE0018014243
FISN-code: GRANGESBER/SH
Instrument-ID: 9XX
Legal Entity Identifier (LEI) number: 549300MZ7HL7X6AXMC13.

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