Nordic Iron Ore

Nordic Iron Ore AB has chosen to engage WSP, which in 2021 completed an acquisition of Golder which conducted the Company's latest DFS in 2019, to lead the work on the updated DFS and profitability study that will form the basis for the project financing which is planned to be carried out in 2025. Since the Land and Environmental Court's process of granting the prolonged work time took until 6 November before it gained legal effect, the work could not begin earlier in the fourth quarter as originally planned. The Company and WSP will work intensively together to reach the goal of a completed study by the second quarter of 2025. The study is intended to take into account ongoing exploration and geological investigations, both regarding additional iron ore resources and regarding phosphates and rare earth elements. As previously announced, the Company has an ongoing exploration program with the goal of increasing the mineral resources by 35Mt and ongoing work to investigate the conditions for a marketable by-product concentrate with phosphates and rare earth elements. In the event of a successful exploration, a significantly improved profitability is expected and the Company naturally wants to include this in the updated DFS and profitability study.

- "We are proud to have been selected by Nordic Iron Ore for this assignment. These mines could play a key role in the production of green steel and the green transition in a broader sense. Our global team of experts from the UK, Canada and Sweden will start work immediately," says Lars Sundvall, Project Manager at WSP in Sweden.

- "We look forward to working with WSP to update and improve our planned mining operations at Blötberget, as WSP has acquired Golder, we see a number of synergies with engaging WSP to lead the work," says Ronne Hamerslag, CEO of Nordic Iron Ore.