Nordic Iron Ore (NIO) Q1 2025 earnings summary

Executive summary

• No sales in Q1 2025; focus remains on exploration and feasibility studies for Blötberget.

• Net loss widened to SEK -6.1 million compared to SEK -3.1 million in Q1 2024, mainly due to increased workforce and intensified feasibility activities.

• Cash position strong at SEK 103.2 million as of March 31, 2025.

• Strategic review initiated due to market turbulence and challenges in securing project financing.

• Company rebranding to Nordic Iron to reflect modern mining ambitions.

Financial highlights

• Sales: SEK 0 million (unchanged year-over-year).

• Net loss: SEK -6.1 million (vs. -3.1 million Q1 2024).

• Earnings per share: SEK -0.09 (vs. -0.08 Q1 2024).

• Investments: SEK 8.0 million (vs. 0.3 million Q1 2024), all in exploration and examination work.

• Equity ratio: 97.07% (vs. 75.01% Q1 2024).

Outlook and guidance

• Feasibility and profitability study progressing; first results expected in Q2 2025.

• Exploration drilling ongoing, aiming to increase mineral resources by up to 35 million tonnes.

• Project financing efforts paused pending strategic review due to adverse market conditions.

• Market for high-grade iron ore expected to tighten in the 2030s, but current volatility impacts financing.