Grangex: Emerging as Europe’s top DR concentrate developer - Emergers

With the dust settling after the acquisition of Sydvaranger and the updated DFS for Dannemora in Q2’24, the next steps for GRANGEX are now to complete a PFS (in H2’24) and DFS (mid 2025) for Sydvaranger and to complete the final project financing and investment decision for Dannemora. All in all, we see several triggers in the coming 12-24 months that should drive a revaluation of the share. Our NPV calculation includes a high degree of uncertainty, especially for Sydvaranger. However, with new insights into the balance sheet and debt following Sydvaranger’s entry into the books, we’ve made a slight adjustment to the total rNPV-based fair value for today’s equity holders, now set at SEK 70 (previously SEK 73) per share, contingent upon successfully securing financing for Dannemora during H2’24.