Grangex AB (NGM:GRANGX) entered into an exclusivity agreement to acquire Sydvaranger Mining AS from OMF Fund II (H) LP a fund managed by Orion Resource Partners for $33 million on June 29, 2023. Grangex AB executed a conditional sale and purchase agreement to acquire Sydvaranger Mining AS from OMF Fund II (H) LP a fund managed by Orion Resource Partners on November 30, 2023.Grangex will be supported in its due diligence of Sydvaranger. Upon the completion of the acquisition, Grangex will work with its strategic partners Anglo American and the Tschudi Group and the Sydvaranger team to analyze the best technical approach for the re-start of mining operations with a name plate production of approx. 4 MT per year of high-grade pellet concentrate, ideally, a fossil free DRI quality. The acquisition, if completed, will complement Grangex?s Dannemora ultra high-grade iron ore project in the Östhammar municipality in Sweden, and will position Grangex as one of the leading developers of high-grade, low carbon pellet feed production in Scandinavia, making Grangex a key supplier to green steel producers. The deal is anticipated to close in H2 2023. As of April 8, 2024, GRANGEX entered into an extension agreement with Orion whereby the Long Stop Date has been extended to May 1, 2024. Clarksons Securities acts as financial advisor for Orion in the transaction.

Grangex AB (NGM:GRANGX) completed the acquisition of Sydvaranger Mining AS from OMF Fund II (H) LP a fund managed by Orion Resource Partners on May 6, 2024. The key terms of the SPA are as follows: GRANGEX has acquired 100% of the share capital of Sydvaranger via a newly established 100% owned subsidiary company, GRANGEX Sydvaranger AS (?GRANGEX Sydvaranger?); The consideration paid on closing for 100% of the share capital of Sydvaranger is $1.5 million of which $1 million is paid in 2023; and A deferred consideration of $13 million which will be paid in cash by GRANGEX Sydvaranger upon a final investment decision (?FID?) for the pre-production construction at the Sydvaranger Mine. FID is currently expected in early 2026.Synch Advokat AB acted as Legal Advisor to Sydvaranger Mining.