Grangex (GRANGEX) Investor presentation summary

Strategic vision and market positioning

• Aims to be Europe's leading sustainable mineral developer, supplying ultra high-grade direct reduction iron ore for green steel production and driving innovation in extraction and recycling.

• Focuses on redeveloping brownfield assets, with immediate priority on restarting the Sydvaranger Mine in Norway and Dannemora Mine in Sweden.

• Secured a 100% life-of-mine offtake agreement with Anglo American for Sydvaranger, ensuring stable demand and price transparency.

• Positioned to benefit from global steel demand growth, decarbonization trends, and EU carbon border regulations favoring high-grade, low-emission iron ore.

• Only ~4% of global iron ore supply qualifies for green steel production, creating a significant market deficit for high-grade DR pellets by 2035.

Sydvaranger project highlights

• Sydvaranger is a fully permitted, brownfield open-pit mine with existing infrastructure, targeting 70% Fe direct reduction grade magnetite concentrate.

• Definitive Feasibility Study (DFS) completed in September 2025 confirms strong technical and economic viability, with a 25-year mine life and first shipment planned for Q4 2026.

• Projected pre-tax NPV of USD 1,522m and IRR of 37.7%, with cumulative gross revenue of USD ~8.8bn and EBITDA of USD ~4.5bn over the life of mine.

• Mining operations to be conducted by Hartikainen Oy, a leading Nordic contractor, reducing start-up and operational risks.

• All key permits and licenses are in place, with strong local and governmental support and a focus on ESG and community impact.

Operational and financial structure

• Phase 1 (2026–2034) targets ~20mt production, Phase 2 (2035 onward) adds ~43mt, totaling ~63mt over mine life.

• Initial CapEx for Phase 1 is USD 193.6m, with a payback period of ~3.5 years and early positive cash flow.

• Project financing includes a mix of bond and equity, with project FID and financing targeted for Q1 2026.

• Brownfield processing plant and logistics infrastructure (rail, port) already in place, minimizing capital requirements and technology risk.

• Operational leadership team with extensive experience in mining, finance, and ESG, supported by a skilled on-site workforce in Kirkenes.