Nidhogg Resources

The company's financial year is extended and refers to the period 2024-07-01 – 2025-12-31.

Financial overview

Group

2025-07-01 – 2025-09-30

• Revenue for the period amounted to SEK 0 thousand (SEK 0 thousand)
• Profit after tax for the period amounted to SEK -742 thousand (-772 thousand)
• Earnings per share for the period amounted to SEK -0.08 (SEK -0.0004)
• Cash and cash equivalents at the end of the period amounted to SEK 400 thousand (SEK 335 thousand)
• Number of shares: 8,961,324
• Number of shares after full conversion: 8,961,324

In brackets, the corresponding period 2024/25 is reported

Parent company

2025-07-01 – 2025-09-30

• Revenue for the period amounted to SEK 0 thousand (SEK 0 thousand)
• Profit after tax for the period amounted to SEK -679 thousand (-769 thousand)
• Earnings per share for the period amounted to SEK -0.08 (SEK -0.0004)
• Cash and cash equivalents at the end of the financial year amounted to SEK 41 thousand (231 thousand)

In brackets, the corresponding period 2024/25 is reported

Group

2024-07-01 – 2025-09-30 (FG financial year, three months)

• Revenues for the period amounted to SEK 88 thousand (SEK 77 thousand)
• Profit after tax for the period amounted to SEK -3,870 thousand (SEK -772 million)
• Earnings per share for the period amounted to SEK -0.43 (SEK -0.0004)
• Cash and cash equivalents at the end of the period amounted to SEK 400 thousand (SEK 335 thousand)
• Number of shares: 8,961,324 (1,988,723,988)

In brackets, the corresponding period 2023/24 is reported

Parent Company (fifteen months)

2024-07-01 – 2025-09-30

• Revenue for the period amounted to SEK 88 thousand (0 thousand)
• Profit after tax for the period amounted to SEK -3.7 million (SEK -0.8 million)
• Earnings per share for the period amounted to SEK -0.41 (SEK -0.0004)
• Cash and cash equivalents at the end of the financial year amounted to SEK 41 thousand (231 thousand)

In brackets, the corresponding period 2023/24 is reported

Significant events during the quarter

Fourth quarter 2025-07-01 – 2025-09-30

July 2025 – Strategic agreement for gold projects in Egypt
Nidhogg Resources Holding AB, through its wholly-owned subsidiary Nidhogg Energy AB, entered into a binding Heads of Terms agreement with Enserv International L.L.C. for an investment of USD 500,000 in the Egyptian goldproject.

July 2025 – Successful geophysical survey in Vintjärn–Kölen
The second phase of the soil geophysical survey was completed, covering approximately 440 hectares. The results confirmed previous results and demonstrated a strong, homogeneous magnetic anomaly of more than 3 million square meters. The calculations indicate a prospective resource estimate of approximately 69 million tonnes with 37.5% iron content.

August 2025 – Production information and due diligence in Egypt

The due diligence process for the Al Baraka project was completed and confirmed geological structures containing high grades of gold. In June, an observed daily production of over 100 grams of gold from the project area tailings of approximately 605 oz t Au @ 1.27 g/t was recorded.

August 2025 – The Administrative Court rejects the Company's appeal of the extension of the exploration permits Vintjärn and Kölen no. 6
The Administrative Court in Luleå has rejected the Company's appeal regarding the exploration permits Kölen no. 6 and Vintjärn. The judgment is not considered to affect the ongoing Environmental Impact Assessment (EIA) process for planned test mining in the Vintjärn mine.

August 2025 – Geophysical surveys are planned in Tuna, Hästberg and Vintjärn, Kölen

During September 2025, the Company will carry out ground-based magnetic surveys within the exploration permits in Tuna Hästberg and Vintjärn–Kölen. The aim is to map geological structures and potential mineralizations in historically iron ore-producing areas. This will be the third stage of surveys in Vintjärn–Kölen, where previous results indicated extensive high magnetic anomalies.

Significant events after the end of the quarter

October 2025 – Auditor resigns at his own request
The resignation is not based on any disagreement or issue relating to the Company's accounting policies, internal control or financial reporting.

October 2025 – Geophysical surveys are completed in Tuna Hästberg and Vintjärn Kölen

The company has carried out magnetic surveys in Vintjärn–Kölen and Lilla Björnmossen. The results confirm strong magnetic anomalies (>52,000 nT) with extensions over several kilometers, in line with SGU's data and historical mine findings. The surveys indicate continuous iron ore bedrock and confirm that the areas are very interesting for continued exploration.

October 2025 – The company secures a bridge loan of SEK 1 million

Nidhogg has secured a bridge loan of SEK 1 million from Industrikronan AB. The loan carries a 1.25% monthly interest, 10% set-up fee and can be converted into shares at 90% of VWAP.

November 2025 – Extraordinary General Meeting

New auditor Johan Kaijser elected until the next Annual General Meeting. The Board of Directors is given the right to resolve on the issue of shares, convertibles and/or warrants with or without preferential rights for the shareholders. Incentive program approved for the Board members Steven Din and Per Skaug, in total a maximum of 672,102 warrants (TO 2026–2028) and increase of the Board fees to SEK 68,704 for Steven Din and Per Skaug until the next Annual General Meeting.

November 2025 – Operational update on the gold project in Egypt

The gold project in Egypt has been temporarily delayed due to changes in partners and company formation. Nidhogg intends to take over the business after the transition and at the same time evaluates new project opportunities for a diversified portfolio.

Otherwise, no significant news has been reported after the end of the period.

A word from the CEO

Dear shareholders, partners and stakeholders.

The past period has been characterized by both progress and challenges for the company. In Sweden, we have taken important steps in our exploration projects in Dalarna. The results from our fieldwork confirm clear magnetic anomalies and strengthen our assessment of the potential of the areas for iron ore that extend beyond the established and prematurely closed mines. At the same time, the nature inventories at Tuna Hästberg and Vintjärn have been completed, which marks a key milestone in our ongoing work on environmental impact assessments.

The development of our planned crushing operations has been delayed due to permit processes, but we have identified a suitable crushing plant and are engaged in a constructive dialogue with the relevant authorities and partners in order to be able to start up operations.

Internationally, our focus has been on the gold project in Egypt. The project has been temporarily delayed due to changes in our local partner and the ongoing company formation, but our intention is to take over the operation as soon as the transition is completed.

To strengthen our financial flexibility, we have secured a bridge loan of SEK 1 million on market terms. We have also strengthened our governance through resolutions at the Extraordinary General Meeting in November, where a new auditor was elected, the Board of Directors was authorized to decide on future issues and an incentive program for Board members was approved.

In summary, Nidhogg is well equipped for the next phase. We have a plan for our Swedish projects and an international venture in Egypt with great potential. Our focus going forward is to translate these steps into concrete value creation for our shareholders.

I would like to thank all employees, the Board of Directors and shareholders for their continued commitment and trust. Together, we are leading Nidhogg towards sustainable growth and long-term value creation.

Best regards,

Niclas Biörnstad
Managing Director, Nidhogg Resources Holding AB (publ).

About Nidhogg Resources Holding AB (publ)

Nidhogg Resources Holding AB is a Swedish public limited liability company with a focus on natural resources. Nidhogg Resources was founded by individuals with a total of over 60 years of experience in the raw materials market, with a background from exploration to exploitation and sales, and with a passion for extracting natural resources by applying innovative technology together with existing infrastructure.

This information is inside information that Nidhogg Resources Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on November 24, 2025, 0830hrs.

Contact

Niclas Biörnstad, CEO Nidhogg Resources Holding AB (publ)

E-mail: niclas@nidhoggresources.com

Phone: +46 70 729 9769