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SENASTE
As a result of the ongoing preparations of the DFS for Dannemora, GRANGEX now reports an upwards revision of the known and indicated mineral resources, following a reinterpretation of the drill cores, by 990 kT to 29,176 kT. Inferred resources are also increased by 125 kT of 36.6% iron. While this signals strength with regards to cost efficient project development and how modern mining methods can add value to old projects, it has marginal effect on our fair value, where we now find support for SEK 98-168 (95-163) per share in 12-24 months. However, with a structural long-term growth in demand for green CO2 free iron ore and a prolonged supply crisis following Russia’s cut off from Europe, macro developments continue to benefit both of GRANGEX’s projects, which along with continued operational progress should benefit a revaluation of the share.
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