Nordic Iron Ore (NIO) Q4 2024 earnings summary

Executive summary

• Focused on restarting mining at Ludvika Gruvor, with all permits secured for Blötberget and a strategy to produce ultra high-grade, low-carbon iron ore concentrate targeting the green steel transition.

• Fourth quarter saw a shift from a slow start to intense activity following a favorable court ruling extending water facility permits to 2034.

• Ongoing exploration and drilling aim to increase mineral resources by up to 35 million tons, with results expected in spring 2025.

• Recruitment of key personnel and collaboration with WSP for an updated feasibility study to support project financing in 2025.

Financial highlights

• No sales revenue reported for Q4 or full year 2024; earnings after tax were SEK -6.5 million for Q4 (vs. -3.1 million) and SEK -15.2 million for the year (vs. -12.9 million).

• Investments totaled SEK 2.7 million in Q4 and SEK 3.6 million for the year, focused on exploration and examination work.

• Cash and cash equivalents at year-end were SEK 111.7 million, up from SEK 0.9 million.

• Equity ratio improved to 97.07% (from 77.49%); equity per share rose to SEK 4.03 (from SEK 3.56).

• Write-down of previously capitalized exploration costs by SEK 3.6 million contributed to increased loss.

Outlook and guidance

• Feasibility study and exploration results expected to be completed by Q2–Q4 2025, with project financing targeted for 2025.

• Market focus is on long-term demand for high-grade iron ore, anticipating a shortage post-2030 as the steel industry transitions.