Grangex Ab · OMXSTO:GRANGX
Grangex Ab — Investor Presentation (January 2026)
54 slides from Grangex Ab's investor presentation, January 2026
Slide 1: The Future of Green Iron Ore
January 2026 The Future of Green Iron Ore 1
Slide 2: Legal disclaimer
Legal disclaimer Important notice Forward-looking statements This presentation (the “Materials”) has been prepared by Grangex, a The Materials may include forward-looking statements relating to strategy, company incorporated in Sweden, for information purposes only. By objectives, future performance
Slide 3: Table of contents
Table of contents 01. Introduction to GRANGEX 02. Focus on Sydvaranger 03. Market Overview 04. Supporting Materials
Slide 4: Building sustainable iron ore supplies for the green steel revolution
Building sustainable iron ore supplies for the green steel revolution 1 GLOBAL DEMAND FOR CRUDE STEEL CONTINUE TO RISE VISION Steel remains essential for building modern cities, infrastructure, and the society we depend on today GRANGEX strives to be Europe’s leading sustainable mineral developer, a
Slide 5: Developing ultra high-grade direct reduction grade magnetite projects
Developing ultra high-grade direct reduction grade magnetite projects Pioneer in sustainable iron ore mining… …with current focus on the restart of operations at the Sydvaranger Mine in Norway SYDVARANGER MINE Brownfield open pit iron ore restart with existing mine, concentrator, railway and deep -w
Slide 6: Sydvaranger: Restart-ready mine with tier-1 partners and permits in place
Sydvaranger: Restart-ready mine with tier-1 partners and permits in place Definitive Feasibility Study for restart of operations at Sydvaranger published in September 2025, demonstrating strong techno-economic feasibility Long term strategic partnership with Anglo American, including 100% Life-of- M
Slide 7: An experienced Nordic executive leadership team with a proven track record
An experienced Nordic executive leadership team with a proven track record of value creation… Board of Directors Highly experienced Board of Directors with a complementary skillset from capital markets, mining and supplier industries Executive management team with a proven KLAS ÅSTRÖM BÅRD BERGFALD
Slide 8: …with a full operational leadership team located in Kirkenes
…with a full operational leadership team located in Kirkenes Kirkenes leadership team Selected experience Thomas Baeko Oskar Lindelof Marius Svendsen Jan-Erik Nilssen Eirin Hansen Anita Kurthi Chief Operating Officer Chief Financial Officer Maintenance Manager Purchasing Manager HSEQ Manager HR & Ad
Slide 9: Long term strategic partnership with Anglo American
Long term strategic partnership with Anglo American – one of the world’s largest global mining companies Introduction to Anglo American Summary of the partnership ▪ One of the world’s largest diversified mining companies with a market cap of ~USD 40bn and operations across the globe USD 42m non-dilu
Slide 10: Anglo American’s iron ore business at a glance
Anglo American’s iron ore business at a glance Strategic aim to be a leading producer and marketer of premium iron ore products globally Key Anglo American iron ore Physical trading and sales markets Sydvaranger Production: 70% Fe ▪ Established marketer ▪ Global customer base with ▪ Logistical and r
Slide 11: Sustainability is at the heart of GRANGEX’s business model
Sustainability is at the heart of GRANGEX’s business model Socially responsible operating model… …with a core product that reduce CO2 emissions Steelmaking emissions, t CO 2/t of steel Environment and Climate Responsible BF - BOF ▪ Minimise our carbon footprint 2.0 (standard) ▪ Implement systematic
Slide 12: Table of contents
Table of contents 01. Introduction to GRANGEX 02. Focus on Sydvaranger 03. Market Overview 04. Supporting Materials
Slide 13: Sydvaranger: a fully permitted, restart ready mine for ultra-high-grade iron ore
Sydvaranger: a fully permitted, restart ready mine for the production of ultra-high-grade iron ore Sydvaranger mine Sydvaranger key highlights Premium Ultra-high-grade 70% direct reduction grade magnetite concentrate product quality 25 year mine 161mt Reserve and 511mt M&I Resource with significant
Slide 14: Brownfield asset with a 100+ year history of proven production
Brownfield asset with a 100+ year history of proven production – all critical infrastructure located within 10 from port 1 Bjornevatn 4 Processing Plant overview Rail fr om mine <500m from processing Rail roadout plant to port 5 Fine cr us her 4 bui lding Processing Plant Concentrator bui lding 4 Pr
Slide 15: DFS completed in September 2025 by Tier-1 consultants
DFS completed in September 2025 by Tier-1 consultants 43-101 compliant DFS completed by Tier-1 international consultants DFS Study Manager Market consultant Environmental, Social and Governance Extensive experience within mining projects1 Mineral Processing Mineral Process Engineering and Capital Co
Slide 16: DFS confirms attractive techno-economic viability for restart of operations
DFS confirms attractive techno-economic viability for restart of operations by end-2026… September 2025 DFS summary LOM concentration production profile Mt Phase 1 Phase 2 2025 DFS 3.5 3.4 3.4 3.4 3.3 3.3 3.3 Pre-tax NPV8 USD 1,522m 3.0 3.0 3.2 2.9 2.8 2.9 2.6 2.4 2.4 2.3 2.4 2.5 Pre-Tax IRR 37.7% 1
Slide 17: …with ability to optimise providing operational and financial flexibility
…with ability to optimise providing for an operational and financial flexibility and risk mitigation Several post DFS optimisations to further improve economics and de-risk operations DFS optimisation LOM concentration production profile Mt Phase 1 Phase 2 Delay Phase 2 3.5 3.4 3.4 3.4 3.5 Delay in
Slide 18: Mining to be conducted by an internationally recognised mining contractor
Mining to be conducted by an internationally recognised mining contractor to reduce start-up and production risk Mining contract executed with Hartikainen Oy The leading independent mining contractor in the Nordics… ▪ E. Hartikainen is a family-owned company with over 60 years of experience, providi
Slide 19: Key financial highlights
Key financial highlights Phase 1: 2026-2034 Phase 2: 2035 onwards Life of Mine PRODUCTION VOLUME PRODUCTION VOLUME PRODUCTION VOLUME ~20mt ~43mt ~63mt CUMULATIVE GROSS REVENUE CUMULATIVE GROSS REVENUE CUMULATIVE GROSS REVENUE USD ~2,560m ~6,200m ~8,760m CUMULATIVE EBITDA CUMULATIVE EBITDA CUMULATIVE
Slide 20: Indicative Sources & Uses and project overview
Indicative Sources & Uses and project overview Preliminary Sources and Uses Uses USDm Sources USDm Capex, including contingencies 178 Bond ~200 Repayment of debt 49 Equity ~100 General corporate purposes 1 73 Total Uses ~300 Total Sources ~300 May 2024 January 2025 Q1 2026 Q4 2026 Acquisition of Syd
Slide 21: Table of contents
Table of contents 01. Introduction to GRANGEX 02. Focus on Sydvaranger 03. Market Overview 04. Supporting Materials
Slide 22: Global demand for steel is expected to grow…
Global demand for steel is expected to grow… Urbanisation and infrastructure growth in emerging markets will continue to drive global steel demand Global crude steel production forecast, mtpa Global DRI production forecast, mtpa CAGR: 1.8% 400 CAGR: 5.0% 3,000 2,500 CAGR: 1.3% 300 2,000 CAGR: 6.1% 2
Slide 23: …while a global focus on decarbonisation has spurred the need for DRI and EAF
…while a global focus on decarbonisation has spurred the need for DRI and EAF steelmaking, giving GRANGEX a strong market position… Iron and steel production CO2 split Global shift towards DRI and EAF steelmaking DRI versus crude steel production, mt Energy – 73.2% Industrial processes – 5.2% DRI pr
Slide 24: …as high-grade iron ore is a key input good in the future of all steelmaking
…as high-grade iron ore is a key input good in the future of all steelmaking The DRI/EAF route could eliminate CO2 emissions Visualisation ~70% Fe from iron ore reduction step. Through use of hydrogen produced with green of CO 2 energy, (substituting natural gas) direct reduction becomes the preferr
Slide 25: …sparking a “race for high-grade direct reduction grade” iron ore…
…sparking a “race for high-grade direct reduction grade” iron ore… Only ~4% of the current global production is qualified for green steel production Global iron ore grades Global crude steel production Gangue % content (silica + alumina) Above 67% Fe grade (~4% of the global supply) 12% Below 67% Fe
Slide 26: …resulting in an expected deficit in the high-grade DR pellet market
…resulting in an expected deficit in the high-grade DR pellet market Global iron ore supply and demand by product group in 2035, million metric tones, dry normalised to 62% BF grade iron ore products in surplus DR pellets Fines and concentrates Lumps BF pellets Supply deficit Supply surplus Supply s
Slide 27: Sydvaranger is attractively positioned to earn a price premium on its 70% Fe ultra high-grade iron ore
Sydvaranger is attractively positioned to earn a price premium on its 70% Fe ultra high-grade iron ore Fe 65% CFR China Fe 67.5% CFR China Grangex product pricing forecast Fe 62% CFR China CFR Sydvaranger price, Fastmarkets (avg. 2026-2045), USD Fastmarkets price 300 forecast ▪ 67.5% premium to 62%
Slide 28: Key investment highlights
Key investment highlights 1 A SPECIALISED EUROPEAN ULTRA HIGH-GRADE IRON ORE DEVELOPER Grangex is a mineral project development company focused on lower risk profile projects with a strong sustainability profile and short time to production and cash flow 2 SYDVARANGER IS READY FOR AN IMMEDIATE RESTA
Slide 29: Table of contents
Table of contents 01. Introduction to GRANGEX 02. Focus on Sydvaranger 03. Market Overview 04. Supporting Materials a) Assets and operations b) Product and market c) Project financials d) Appendix
Slide 30: Glossary
Glossary Item Description Al₂O₃ Aluminium Oxide BF Blast Furnace BOF Basic Oxygen Furnace CFR Cost and Freight DFS Definitive Feasibility Study DR Direct Reduction DRI Direct Reduced Iron EAF Electric Arc Furnace Fe Iron FOB Free on Board HBI Hot Briquetted Iron MTPA Million Tonnes per Annum (metric
Slide 31: General mining risks and Sydvaranger mitigants
General mining risks and Sydvaranger mitigants Risk Category Key risks Sydvaranger mitigants ▪ Capital cost overruns from inflation, scope changes, and contractor ▪ DFS-level engineering by Tier-1 consultant (SLR) provides higher confidence on scope, performance CapEx and schedule ▪ All key producti
Slide 32: GRANGEX was founded in 2019 with a vision to become a leader in mineral development in Europe
GRANGEX was founded in 2019 with a vision to become a leader in mineral development in Europe Focus areas 2020–2021 2019 2022–2023 2024- Reversed take over and Foundation Focus on Dannemora development Focus on Sydvaranger recommitment & growth key focus on Dannemora & Grängesberg GRANGEX performs a
Slide 33: History of Sydvaranger
History of Sydvaranger 1866 – 1905 1940 2009-2015 2021 In 1905 Christian A Anker The mine is run by German The mine produces Sydvaranger is acquired by secures extraction rights forces during World War II. 8 million tonnes of Tacora Resources, which also backed by German, Swedish Heavy damage occurs
Slide 34: Full operating and social infrastructure in place – potential to become ‘economic motor’ for Finnmark
Full operating and social infrastructure in place – potential to become ‘economic motor’ for Finnmark Kirkenes has full production and social infrastructure… …while providing significant social and economic benefits Kirkenes Road Infrastructure Kirkenes Airport NOK NOK 3,500-4,000m 3,000-4,000m Tota
Slide 35: Unique plant design with purpose-built infrastructure
Unique plant design with purpose-built infrastructure More than USD 250m already invested in redevelopment and refurbishment from previous owners since 2008 Existing infrastructure at the processing facility Existing infrastructure at the mine Fine crusher building Concentrator building Port Bjørnev
Slide 36: Integrated access to rail and port
Integrated access to rail and port Train ▪ The Sydvaranger mine is connected with Kirkenes Port by way of an ~9km long private railway, solely used for transportation of cobbed ore ▪ The loading station at the mine site has capacity for up to 18 ore wagons in addition to the conductor’s wagon. Each
Slide 37: Sydvaranger DFS: Mine layout
Sydvaranger DFS: Mine layout ▪ Sydvaranger mine will be a conventional open-pit operation ▪ Ore will be mined from nine individual pits across the deposit with ore fed to a single centralised crusher location ▪ Ore is crushed on-site and transported by rail to the Kirkenes processing plant ▪ Waste r
Slide 38: Large deposits with extraordinary characteristics
Large deposits with extraordinary characteristics Mineral resources Mineral reserves Grade Grade Mass Mass Fe(tot) Fe(mag) SiO2 S Fe(tot) Fe(mag) SiO2 S MIS Classification Classification (Mt) (%) (%) (%) (%) (Mt) Diluted (%) Diluted (%) (%) (%) (%) Measured 63.9 33.0 30.0 44.9 0.052 Proven 25.5 32.7
Slide 39: Brownfield processing plant with proven technology (1/2)
Brownfield processing plant with proven technology and performance track-record to be enhanced with limited upgrades (1/2) Flow chart overview – phase 1 Comment ▪ The Sydvaranger mine is a brownfield maintenance and optimisation effort focused on improving existing operations rather than building ne
Slide 40: Brownfield processing plant with proven technology (2/2)
Brownfield processing plant with proven technology and performance track-record to be enhanced with limited upgrades (2/2) Flow chart overview – phase 2 Comment ▪ The Sydvaranger mine is a brownfield maintenance and optimisation effort focused on improving existing operations rather than building ne
Slide 41: Existing and proven processing facility with low technology risk
Existing and proven processing facility with low technology risk 1. Transportation 2. Primary crusher 3. Dressing 4. Rail transport 5. Secondary crusher 6. Tertiary crusher 7. Primary mill 8. Screen 9. First magnetic separators 10. Screen 11. Secondary mills 12. Secondary magnetic separation 13. Fin
Slide 42: Table of contents
Table of contents 01. Introduction to GRANGEX 02. Focus on Sydvaranger 03. Market Overview 04. Supporting Materials a) Assets and operations b) Product and market c) Project financials d) Appendix
Slide 43: Introduction to the steel industry
Introduction to the steel industry Steel is primarily On average produced today using 1.92 technology based on the Bessemer process known as the tonnes blast furnace of CO 2 are emitted for every (BF)-basic Around Around tonne of steel produced. The oxygen furnace steel industry generates 10% of 70%
Slide 44: Capitalizing on supply-demand gaps while addressing requirements of a steel sector in transition
Capitalizing on supply-demand gaps while addressing requirements of a steel sector in transition Leveraging market imbalances The overall quality of global iron ore is deteriorating, driven by degradation at Australian mines. At the same time, supply of high-grade iron ore remains limited Solidifyin
Slide 45: The shift towards high-grade is underway
The shift towards high-grade is underway Sydvaranger eclipses conventional iron ore Sydvaranger’s 70% Fe is in a unique global position amid increasing demand Estimated iron ore supply by various grade for ultra high-grade iron ore ~4% Race for high-grade The demand for high-grade is expected to inc
Slide 46: EU regulation to further benefit European producers
EU regulation to further benefit European producers EU carbon border mechanism (CBAM) favouring domestic production Comments ▪ Global climate regulation is evolving, with governments around the world implementing measures to drive decarbonisation Compliant with EU ▪ The EU leads in carbon pricing wi
Slide 47: Table of contents
Table of contents 01. Introduction to GRANGEX 02. Focus on Sydvaranger 03. Market Overview 04. Supporting Materials a) Assets and operations b) Product and market c) Project financials d) Appendix
Slide 48: Sydvaranger realised price build-up
Sydvaranger realised price build-up Illustrative base case of Sydvaranger’s 69.7% concentrate pricing build-up on the basis of FE-67.5% (USD/t dry concentrate, avg. 2026-2045e) ▪ To better reflect demand for higher-grade feedstock, Fastmarkets introduced Fe-67.5% pellet feed pricing in February 2023
Slide 49: Sydvaranger OpEx breakdown
Sydvaranger OpEx breakdown Phase 1, average Phase 2, average 3% 4% 20% 25% 100% 100% 77% 71% Mining Processing G&A Total Mining Processing G&A Total Phase 2 reduces total OpEx compared with Phase 1 Source: Company information 49
Slide 50: LOM cash operating cost and FOB product price
LOM cash operating cost and FOB product price USD/t FOB concentrate price FOB cash operating cost 300 256 250 200 The cash operating cost 2048- 2050 is a consequence of the current mine life as per the DFS 150 150 147 144 146 144 142 145 142 145 143 143 143 143 143 143 140 140 139 129 133 120 121 13
Slide 51: Table of contents
Table of contents 01. Introduction to GRANGEX 02. Focus on Sydvaranger 03. Market Overview 04. Supporting Materials a) Assets and operations b) Product and market c) Project financials d) Appendix
Slide 52: Obtained permits
Obtained permits Permit Act/Regulation Description In Place Date/Reference 14 February 2018 Planning and Building Act Use of area to different purposes, including mining operations, requires a zonal plan. Zonal plan Referred to in operations permit (No. 71/2008) The municipality is the regulatory au
Slide 53: Sustainable mining operations is at the core of GRANGEX’s business
Sustainable mining operations is at the core of GRANGEX’s business Environment & climate responsible Positive impact on the community Safe and sustainable workplace ▪ Minimise our carbon footprint by a fossil-free ▪ Create a safe and good workplace free from ▪ Contribute to a sustainable transition
Slide 54: The Future of Green Iron Ore
The Future of Green Iron Ore 54