NIO is a Swedish mining development company, listed at Nasdaq First North Stockholm, that aims to reopen and develop the Ludvika iron ore mines in Blötberget and Håksberg, and to develop the intermediate Väsman iron field. The Project is situated in Dalarnas County in central Sweden, approximately 228km NW from Stockholm. To achieve its objective NIO has commissioned Golder to conduct a Definitive Feasibility Study for the Blötberget mine, further progressing and refining previously conducted technical and financial studies, to be concluded by end-Q2 2019.

As part of the Definitive Feasibility Study, Golder conducted a due diligence on the existing Mineral Resources. In July 2018 Golder’s Competent Person (CP), Christiano Santos, performed a site visit having the opportunity to check the local geology through examining the drill cores, open pits, and core sheds, and interacting with NIO staff. Practices implemented by the NIO team were shown to be robust and to industry best practice. Further, Golder reviewed the existing 3D geological model and associated Resource Estimation method, ratifying the appropriateness of the 2017 grades and tonnages for the 2019 Definitive Feasibility Study. The total Measured and Indicated Resource estimated for the Blötberget Project, at an economic cut-off grade of 25% Fe, is 55.07Mt at a grade of 40.7% Fe (Total) and 0.5% P.