GRANGEX AB (publ) (“Grangex” or “the Company”) is today pleased to announce the completion of a Definitive Feasibility Study (“DFS”) for the restart of operations at the Company’s Sydvaranger mine, located in Kirkenes, Northern Norway (the “Sydvaranger Mine”). Key highlights from the DFS include: • Pre-tax NPV8 of US$1,552m • Pre-Tax IRR of 37.7% • 25 years total mine life • Total production of 63.3mt of 70% ultra-high-grade direct reduction magnetite concentrate • Life of mine cash operating cost of US$56.1/t of concentrate • Phase 1 capital expenditure of US$193.6m and Phase 2 capital expenditure of US$223.8m

(“Grangex” or “the Company”) is today pleased to announce that it has executed an additional US$9,500,000 royalty agreement with Anglo American (“Additional Sydvaranger Royalty”). The proceeds of the Additional Sydvaranger Royalty will be utilized by the Company for the completion of a process to secure project financing for the Sydvaranger Mine post the completion of the currently underway new feasibility study (“Feasibility Study”) and for general working capital purposes.

Sydvaranger Drift AS and Bjørnevatn Idrettslag (BIL) have entered into a cooperation agreement that will contribute to the continued development of the club. The agreement, signed on Thursday, February 20th 2025, provides crucial support to Bjørnevatn IL's women's and men's teams, and they will have the Sydvaranger's logo set to feature on the team uniforms in the upcoming seasons. Special focus will be placed on the women's soccer team, which competes in the 2nd division.

Here you can read the summary of the Technical Report on the Preliminary Economic Assessment of Sydvaranger.

Grangex is today pleased toannounce the completion of the PEA, which was developed in accordance with internationalreporting criteria for mining projects. The PEA was managed by SLR ConsultingLtd (“SLR”), a Tier-1 international multidisciplinary consulting firm, andprepared according to international reporting standards. ‍

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.