Nordic Iron Ore (NIO) Q2 2025 earnings summary

Executive summary

• No sales were recorded in Q2 2025, with continued focus on project development and exploration activities.

• Net loss for Q2 2025 was SEK -5.9 million, reflecting increased workforce and intensified feasibility studies.

• Strategic review led to conversion of the Blötberget mine's Definitive Feasibility Study into a Pre-Feasibility Study to integrate operational and environmental improvements.

• Exploration expanded, with promising magnetite and hematite discoveries, aiming to increase mineral resources.

Financial highlights

• Q2 2025 net loss: SEK -5.9 million (Q2 2024: SEK -4.0 million); H1 2025 net loss: SEK -11.9 million (H1 2024: SEK -7.0 million).

• Investments in H1 2025 totaled SEK 26.7 million, mainly for exploration and feasibility work.

• Cash and cash equivalents at June 30, 2025: SEK 77.8 million (June 30, 2024: SEK 118.5 million).

• No revenue was generated in Q2 or H1 2025.

Outlook and guidance

• Pre-Feasibility Study for Blötberget expected to complete before year-end, subject to exploration results.

• Ongoing efforts to improve project economics and environmental impact are prerequisites for future financing.

• Market conditions for iron ore remain challenging, with a slight downward trend in prices and continued pressure on the European steel industry.