On 6 May 2024, GRANGEX announced that it had completed the acquisition of 100% of the share capital of Sydvaranger Mining AS from OMF Fund II H Ltd (“Orion”). Further to the above announcement, the Company is today pleased to announce that it has executed an offtake agreement (“Offtake Agreement”) with Anglo American.

GRANGEX is today pleased to announce that it has completed the acquisition of Sydvaranger. As a result of the acquisition, GRANGEX is today the 100% owner of both the Sydvaranger Mine and the 100% owner of its existing Dannemora Mine. GRANGEX’s stated strategy is to restart production of ultra-high-grade direct reduction magnetite concentrate at both mines and to become a leading supplier to the European and global steel industries as they undergo the current ‘green steel revolution’.‍

On 30 November 2023, GRANGEX AB announced that it had executed a conditional sale and purchase agreement with OMF Fund II H Ltd (“Orion”) for the acquisition of 100% of the share capital and shareholder loans of Sydvaranger Mining AS (“Sydvaranger”). Further to that announcement, the Company is today pleased to announce that it has entered into an extension agreement with Orion whereby the Long Stop Date (the date by which the acquisition has to be completed) has been extended to 1 May 2024.

Grangex is today pleased to announce that it has entered into a Royalty Agreement with Anglo American for part-funding the acquisition and for the future development and operation of the Sydvaranger Mine.

GRANGEX AB (“Grangex”, “Purchaser”) today announces that it has executed a conditional sale and purchase agreement (“SPA”) with OMF Fund II H Ltd (“Orion”, “Seller”) for the acquisition of 100% of the share capital and shareholder loans of Sydvaranger Mining AS (“Sydvaranger”) from Orion for a total consideration of USD 33 million.

GRANGEX AB (“Grangex”) today announces that it has entered into an exclusivity agreement with OMF Fund II H Ltd (“Orion”) for the purposes of negotiating final definitive documentation in relation to the acquisition of 100% of the share capital and shareholder loans of Sydvaranger Mining AS (“Sydvaranger”) from Orion for a total consideration of USD 33 million.

Sydvaranger Mining AS (“Sydvaranger”) is pleased to announce that it was acquired by Orion Mine Finance (“Orion”) on 15th February 2023 from Tacora Resources. Orion, headquartered in New York, is one of the world’s largest mining-focused investment funds and been a financial partner involved in the project since 2018.

After three years of study at the Technical college in Kirkenes, Cato Johansen and Kim-Gøran Pettersen can call themselves Construction and Mining engineers with specializing in mining! In collaboration with Sydvaranger, they wrote their thesis on improvements to the processing plant in Kirkenes, as well as the design of a new crusher in Bjørnevatn.