Nordic Iron Ore (NIO) Q2 2024 earnings summary

Executive summary

• Secured SEK 163 million in a directed share issue, enabling detailed mine planning, expanded exploration, and organizational build-out for Blötberget project.

• All necessary permits in place for Blötberget; offtake agreement valued at SEK 35 billion in estimated revenue.

• Debt-free after set-off and repayment of loans; strong institutional investor participation, including Cargill and Svelland Capital.

Financial highlights

• Q2 sales were SEK 0 million (0); net loss after tax SEK -4.0 million (-2.8) compared to Q2 2023.

• H1 2024 net loss after tax SEK -7.0 million (-5.5) year-over-year; EPS before and after dilution -0.19 SEK (-0.15).

• Cash and cash equivalents at June 30, 2024: SEK 118.5 million (1.0); equity/assets ratio 88.21%.

• Investments in Q2 totaled SEK -0.3 million (-0.5), focused on exploration and mine restart planning.

Outlook and guidance

• BFS work to be completed by Q2 2025; project financing targeted for H2 2025; mine construction start planned for end of 2025.

• Earliest mining start expected in 2028, with ramp-up to 1.6 million tonnes annual ultra high-grade iron ore concentrate.

• Current working capital sufficient for planned activities over the next 15 months; additional project financing required for mine construction.