GRANGEX

GRANGEX is a Swedish mineral development company focused on advancing iron ore projects in Scandinavia, including Dannemora in Sweden and Sydvaranger in Norway. Its business centers on developing magnetite-based ore bodies into high-quality iron ore concentrate for industrial use, with a particular emphasis on inputs suited to direct reduction and greener steelmaking.

— GRANGEX
%
Iron ore concentrate projects70% Development of magnetite-based iron ore projects into saleable concentrate.
Mine restart and feasibility work15% Studies, engineering, and permitting work tied to restarting mines.
Exploration and resource evaluation10% Resource definition, geological work, and project assessment activities.
Other services and income5% Ancillary income such as rentals and other small operating items.

GRANGEX ultimately sells into the steel and iron ore value chain, with its products intended for steelmakers and...

  • Steel and metallurgical customersprimary

    Buy iron ore concentrate for steel production, especially direct-reduction and pellet feed applications.

  • Project partners and industrial collaboratorssecondary

    Support process development, technical studies, and value-chain integration.

  • Local communities and authoritiessecondary

    Influence access, permitting, social license, and operating conditions for mine projects.

  • Financing counterpartiesprimary

    Provide capital and project finance needed to advance mine development and restart work.

GRANGEX is centered in Northern Europe, with core projects in Sweden and Norway. The company’s reported geographic...

  • •Core assets are Dannemora in Sweden and Sydvaranger in Norway
  • •Operations are tied to Scandinavian mining, logistics, and permitting
  • •Reported revenue is concentrated in Europe
  • •European steel demand and CBAM shape the end-market backdrop
  • •Local environmental and community approvals are important to execution

GRANGEX is building a portfolio of mineral projects that can move from development toward production with relatively...

01
Advance Dannemora and Sydvarangermedium-term

These assets are the core of the company’s growth platform and future production base.

02
Optimize product quality for green steelmedium-term

Higher-grade concentrate improves customer fit for direct reduction and low-emission steelmaking.

03
Secure project financingshort-term

Large capital needs require financing before development can progress to full execution.

04
Maintain ESG and permitting readinessshort-term

Mining projects depend on environmental approvals, social acceptance, and operational compliance.

GRANGEX faces the typical risks of a development-stage mining company: financing dependence, commodity price exposure,...

critical

Financing risk

The projects require substantial capital before they can generate stable operating cash flow.

Scope
Sydvaranger, Dannemora, and other development projects
Materiality
high
high

Metal price risk

Project economics and reserve value depend on iron ore and related commodity prices.

Scope
Iron ore concentrate projects
Materiality
high
high

Mineral resource and reserve uncertainty

Estimates rely on geological models, historical data, and future mining assumptions.

Scope
Dannemora and Sydvaranger resources
Materiality
high
high

Permitting and environmental risk

Mine restart and expansion depend on ESIA, water, biodiversity, and regulatory approvals.

Scope
Scandinavian mining assets
Materiality
high
medium

Climate and transition risk

Carbon policy, CBAM, and customer demand for low-emission inputs affect the value proposition.

Scope
European steel supply chain
Materiality
medium
Capitalization of development and exploration costs
Material for reported profit and asset base
IFRS 16
IFRS 16 leases
Relevant for vehicles, buildings, and port facilities
Provisions and environmental obligations
Can materially affect liabilities and finance costs
Impairment and resource valuation
Important for development assets and goodwill/intangibles
Going-concern assessment
Key for investor interpretation of liquidity risk

: 11/08/2026