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Nordic Iron Interim Report January – March 2026

Nordic Iron Ore
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Financial development
First quarter, 1 January – 31 March 2026

  • Sales totaled SEK 0 million (0)
  • Earnings after tax amounted to SEK -4,3 million (-6,1)
  • Investments reached SEK 8,2 million (8,5) during the period
  • Earnings per share before and after dilution amounted to -0,06 SEK (-0,09)
  • Cash and cash equivalents amounted to SEK 22,2 million (103,2) on March 31, 2026


Significant events
During the first quarter 2026

  • During the first quarter of 2026, the pre-feasibility study for the Blötberget project continued. Preliminary results indicate potential improvements in mineral resources and concentrate production, as well as certain technical challenges related to annual mining rates and mining costs. The pre-feasibility study has been expanded and deepened to include additional exploration results, geotechnical studies, and evaluation of nearby deposits such as Södra Väsmanfältet. The potential for a by-product, primarily an apatite concentrate containing phosphorus and rare earth elements, is also being evaluated. The results of the expanded pre-feasibility study are expected to be presented during the third quarter of 2026.
  • Nordic Iron has concluded its most extensive drilling programme to date at Blötberget, comprising a total of 39 boreholes and approximately 21,000 metres of core drilling. The program delivered several promising intersections, particularly at depth. This further strengthens indications of increased mineral potential, which will be considered in the updated mineral resource assessment.
  • Nordic Iron presented more details on the potential to increase Mineral Resources in the Blötberget deposit. The exploration results represent a global mineralized inventory (i.e. the total amount of known mineralization) of 87 million tonnes with an average iron grade of 40% Fe. The full Mineral Resource Estimate (MRE) will be released later this year as part of the ongoing pre-feasibility study.

After the first quarter 2026

  • Nordic Iron has entered into an agreement with DNB Carnegie regarding the role as Certified Adviser. DNB Carnegie assumed the role of Certified Adviser on 1 May 2026. Until then, Wildeco Ekonomisk Information AB acted as the company’s Certified Adviser.


CEO Comments

Promising exploration results and progress of the pre-feasibility study

During the first quarter, Nordic Iron completed its most extensive drilling programme to date at Blötberget. The programme, which commenced in late 2024 and comprised a total of 39 drill holes and approximately 21,000 metres of core drilling, includes what is preliminarily assessed to be one of the best drill intersections in the history of Blötberget. The company’s board of directors resolved to expand and deepen the ongoing pre-feasibility study to include the complete drilling programme, the deposit at Södra Väsmanfältet and a by-product in the form of an apatite concentrate. The pre-feasibility study is expected to be completed during the third quarter of the year.

The drilling programme that commenced in late 2024 was progressively expanded in several stages following a number of promising results, particularly at depth, in order to achieve the previously stated objective of increasing mineral resources by 35 million tonnes from the previous mineral resource estimate of approximately 67 million tonnes. After more than a year of near-continuous drilling at depth and across the extent of the deposit, a total of 39 drill holes and approximately 21,000 metres of core drilling have been completed. The programme forms a central part of the development of the Blötberget project, and has at the same time yielded what is preliminarily assessed to be one of the best drill intersections ever at Blötberget, with a total of approximately 45 metres of massive, high-grade magnetite mineralisation at a depth of approximately 1,000 metres.

During the first quarter, the Company’s Board of Directors evaluated the ongoing pre-feasibility study. A decision was made to include the complete drilling program, which is expected to increase the mineral resources and mineral reserves (ore) at Blötberget. Furthermore, the pre-feasibility study was expanded to include an additional iron ore deposit, Södra Väsmanfältet, where the Company holds a mining concession and where promising mineral resource estimates and concept studies have previously been carried out. In connection with this, it was also decided to include an apatite concentrate in the pre-feasibility study, as such a by-product is expected to contribute positively to project profitability and be attractive to the market. The Company could thereby contribute a strategic raw material product supporting Europe’s self-sufficiency.

Work in 2026 is fully focused on delivering the expanded pre-feasibility study during the third quarter of the year. Our objective is thereby to create a clear path forward for the next phase of the project and to continue developing the company towards a position as a supplier of ultra high-grade iron ore and apatite concentrates, generating long-term value for you as shareholders.

Ronne Hamerslag
Chief Executive Officer
Nordic Iron Ore AB (publ)

For more information, please contact:
Ronne Hamerslag
Chief Executive Officer
Telephone: +46 (0)240 88 301
E-mail: ronne.hamerslag@nordiciron.se

About Nordic Iron
Nordic Iron is a mining company focused on the Ludvika region. The company plans to produce an ultra high-grade iron ore concentrate with a low carbon dioxide footprint, with a focus on fossil-free iron and steel production. Nordic Iron’s plans includes an apatite concentrate containing phosphorus and rare earth elements, contributing to society’s green transition.

For more information, see www.nordiciron.se.

Nordic Iron Ore’s shares are listed at Nasdaq First North Growth Market. DNB Carnegie Investment Bank AB (publ) is the company’s Certified Adviser

This information is information that Nordic Iron is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-05-11 08:00 CEST.

Attachments
NI Q1 Interim ENG26

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