# GRANGEX

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/grangex).

## Overview

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.

## Products & services

• Iron ore concentrate development
• Magnetite ore project development
• Mine restart and feasibility studies
• Mineral exploration and resource evaluation
• Environmental and social impact studies
• Project financing and development planning

- **Iron ore concentrate projects** (70%) — Development of magnetite-based iron ore projects into saleable concentrate.
- **Mine restart and feasibility work** (15%) — Studies, engineering, and permitting work tied to restarting mines.
- **Exploration and resource evaluation** (10%) — Resource definition, geological work, and project assessment activities.
- **Other services and income** (5%) — Ancillary income such as rentals and other small operating items.

- Iron ore concentrate development
- Magnetite ore project development
- Mine restart and feasibility studies
- Mineral exploration and resource evaluation
- Environmental and social impact studies
- Project financing and development planning

## Customers

GRANGEX ultimately sells into the steel and iron ore value chain, with its products intended for steelmakers and pelletizing or direct-reduction users that need higher-grade feedstock. In the development phase, its counterparties also include industrial partners, consultants, regulators, and financing providers that support mine restart, permitting, and project execution. The company’s projects are positioned around customers that value low-impurity iron ore concentrate and lower-carbon raw materials.

- **Steel and metallurgical customers** (primary) — Buy iron ore concentrate for steel production, especially direct-reduction and pellet feed applications.
- **Project partners and industrial collaborators** (secondary) — Support process development, technical studies, and value-chain integration.
- **Local communities and authorities** (secondary) — Influence access, permitting, social license, and operating conditions for mine projects.
- **Financing counterparties** (primary) — Provide capital and project finance needed to advance mine development and restart work.

- Steelmakers seeking high-grade feedstock for greener steelmaking
- Direct-reduction and pelletizing users needing magnetite concentrate
- Industrial partners involved in project development and processing
- Regulators and local stakeholders influencing permitting and restart
- Financing partners supporting project execution and mine restart

## Geography

GRANGEX is centered in Northern Europe, with core projects in Sweden and Norway. The company’s reported geographic revenue is concentrated in Europe, reflecting a business tied to regional mining assets, local permitting, and industrial customers in the European steel value chain.

- **Övriga EU länder** (17.8%) — Reported as other EU countries in 2024
- **Övriga Europa** (2.8%) — Reported as other Europe in 2024

- 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

## Strategy

GRANGEX is building a portfolio of mineral projects that can move from development toward production with relatively low-carbon operating concepts. Its strategy is to advance Dannemora and Sydvaranger as sources of high-quality iron ore concentrate for fossil-free or lower-emission steelmaking, while using technical studies, permitting, and partnerships to de-risk the assets.

- **Advance Dannemora and Sydvaranger** (medium-term) — These assets are the core of the company’s growth platform and future production base.
- **Optimize product quality for green steel** (medium-term) — Higher-grade concentrate improves customer fit for direct reduction and low-emission steelmaking.
- **Secure project financing** (short-term) — Large capital needs require financing before development can progress to full execution.
- **Maintain ESG and permitting readiness** (short-term) — Mining projects depend on environmental approvals, social acceptance, and operational compliance.

- Advance Dannemora and Sydvaranger toward production
- Target high-quality concentrate for direct-reduction steelmaking
- Use feasibility, ESIA, and process development to de-risk projects
- Pursue low-carbon mining and logistics concepts
- Build a European mineral platform through project identification and development

## Risks

GRANGEX faces the typical risks of a development-stage mining company: financing dependence, commodity price exposure, and execution risk on studies, permits, and mine restarts. Its projects also carry environmental, climate, and operational risks because mine development depends on water management, biodiversity impacts, and successful technical conversion of resources into saleable concentrate.

- **Financing risk** [critical] — The projects require substantial capital before they can generate stable operating cash flow.
- **Metal price risk** [high] — Project economics and reserve value depend on iron ore and related commodity prices.
- **Mineral resource and reserve uncertainty** [high] — Estimates rely on geological models, historical data, and future mining assumptions.
- **Permitting and environmental risk** [high] — Mine restart and expansion depend on ESIA, water, biodiversity, and regulatory approvals.
- **Climate and transition risk** [medium] — Carbon policy, CBAM, and customer demand for low-emission inputs affect the value proposition.

- Project financing is required before mine restarts can proceed
- Iron ore and mineral prices affect project economics and reserve value
- Permitting, ESG, and technical studies can delay development
- Resource estimates depend on geological assumptions and test work
- Foreign exchange and interest rates affect capital-intensive projects

## Accounting

As a development-stage miner, GRANGEX’s reported numbers are shaped by capitalization of project work, lease accounting, and judgment around provisions and asset values. The company also discloses going-concern uncertainty and uses estimates for mineral resources, impairment, and environmental obligations, all of which can materially affect the balance sheet and future expense recognition.

- **Capitalization of development and exploration costs** — Material for reported profit and asset base
- **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

- Capitalized project and exploration costs affect reported earnings timing
- Lease accounting under IFRS 16 affects EBITDA, debt-like liabilities, and cash flow
- Provisions and environmental obligations depend on long-term estimates
- Mineral resource assumptions can drive impairment or asset valuation changes
- Going-concern assessment depends on financing assumptions and timing

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*Last updated: 2026-08-11T04:04:52.955046+00:00*