Nordic Iron Ore (NIO) Q3 2024 earnings summary

Executive summary

• Focused on restarting mining at Blötberget and Håksberg, with all permits secured for Blötberget and a major offtake agreement worth SEK 35 billion in projected revenue.

• Raised SEK 163 million via a directed share issue, eliminating debt and strengthening the ownership base with Cargill as a key shareholder.

• Positioned to supply ultra high-grade iron ore concentrate for the green steel market, targeting strong future demand.

Financial highlights

• Q3 sales were SEK 0 million (0); earnings after tax improved to SEK -1.6 million from -4.3 million year-over-year.

• Earnings per share for Q3 were -0.02 SEK (-0.12); for the first nine months, -0.18 SEK (-0.26).

• Cash and cash equivalents at quarter-end were SEK 114.4 million, up from SEK 0.3 million a year earlier.

• Equity ratio at 98.14% (80.10%); equity per share at SEK 4.13 (3.64).

• Quick ratio surged to 3,346% from 2.94% year-over-year.

Outlook and guidance

• Aims to increase mineral resources at Blötberget by 35 million tonnes through expanded exploration.

• Updated feasibility study to start in Q4 2024, with project financing targeted within 3–6 months after completion.

• Mine construction at Blötberget expected to commence by late 2025, following recent permit extension.