QUARTERLY REPORT Q3 2023 (Swedish only)

Since the positive announcement from the Land and Environmental Court won legal force in July, the development of the project in Dannemora intensified. An important part in this early phase is about securing the equipment required for draining the water in the mine, for which procurements were carried out during that time the third quarter.


In June, the Swedish Land and Environment Court granted permission to restart mining operations at the Dannemora mine. This is a very important milestone in GRANGEX’s development and, thanks to a very fast and efficient court process, we are now well on track with our timetable for restarting the mine in the summer of 2025. Earlier this year, another milestone was achieved when we signed an agreement with the major UK mining company Anglo American regarding a strategic partnership. The agreement with Anglo American has secured important funding for Dannemora via a royalty agreement of USD 10 million and a supply agreement with an estimated sales value of approximately SEK 15 billion over 11 years.


On 6 March, we made history at GRANGEX by signing the strategically important agreement package with Anglo American. This means we have a term sheet to sell all the production for the first 11 years with an estimated sales value of approximately SEK 15 billion and that Anglo American paid MUSD 10 for a royalty agreement. With Anglo American, GRANGEX is now fundamentally changing, and we notice, for example, that the interest in the Dannemora project has increased significantly among potential financiers and key suppliers.


In 2023, the Dannemora project will change as we now leave the study phase and enter the implementation phase for the restart of the Dannemora mine in 2025. The positive development has continued in the beginning of 2023 through the important royalty agreement and the binding conditions for a future off take agreement with Anglo American, which we signed in March 2023. The negotiations took place under competition, a unique agreement for the Swedish mining industry and an important confirmation and ”game changer” for GRANGEX.


2022 is the year when most things fall into place for GRANGEX and we reach several important milestones. For the Dannemora project we submitted the application to the Land and Environmental Court in June and also completed the investigation phase by publishing the the positive feasibility study in December. In the new year, the Dannemora project now changes, when we left the study phase and enters the implementation phase for the restart of the Dannemora mine in 2025.