Nordic Iron Ore (NIO) Q2 2026 earnings summary

Executive summary

• Q2 focused on delivering the pre-feasibility study (PFS) for Blötberget and Väsmanfältet, finalized and released just after the quarter, including apatite by-product potential and outlining the next development phase.

• The project now combines Blötberget and Väsmanfältet, with significant improvements in mineral resources and reserves.

• Focused on responsible mining with ultra high-grade iron ore and low carbon footprint, targeting low-emission steelmaking and contributing to the green transition.

• Apatite by-product added as a new revenue stream, with ongoing discussions and collaboration with Cargill Metals for offtake agreements.

Financial highlights

• Project NPV (8% discount rate) is $325 million, with an IRR of 15.6%.

• Total net revenue projected at $5.4 billion over the mine life.

• Q2 sales were SEK 5.4 million, down from SEK 18.2 million year-over-year; revenue consists solely of capitalised exploration and evaluation expenditure.

• Cash and cash equivalents at June 30, 2026, were SEK 13.8 million, down from SEK 77.8 million a year earlier.

• Free cash flow expected to turn positive from 2031 through 2052.

Outlook and guidance

• Definitive Feasibility Study (DFS) and project financing targeted for 2027-2028, with mine construction to start in 2029.

• Liquidity is sufficient to finance operations until December 2026.

• Additional capital of approximately SEK 200 million will be required for the DFS and future mining operations.

• Exploration to focus on expanding Väsmanfältet resources, with up to 80 million tonnes additional mineralization targeted.

• Long-term ambition to extend mine life beyond 2052 through further discoveries.