What Nidhogg Resources does

Nidhogg Resources Holding AB (publ) is a Swedish publicly traded natural-resources company focused on the exploration and redevelopment of historically proven mining assets in Sweden, with selective expansion into Egypt. The company was incorporated as Nidhogg Resources AB in June 2023 by founders with more than 60 years of combined natural-resources experience, and became public in June 2024 via a reverse merger with the legacy biotech entity Eurocine Vaccines AB (founded 1999), relisting on the Spotlight Stock Market under ticker NIDHOG with ISIN SE0015382155. Its stated thesis is to acquire and restart prematurely closed mines, tailings, and slag heaps in Dalarna and surrounding counties — Tuna-Hästberg (iron and manganese, shut 1968), Vintjarn-Kölen (iron ore with 3.2 mmt of tailings, mined 1725-1979), Sellnäsfältet (iron and REE), and Klintberget (copper and molybdenum) — rather than pursue greenfield exploration, in order to reduce geological risk, shorten permitting, and lower capex. Its core technology is iterative ground-based magnetic surveying using portable magnetometers integrated with GPS to map magnetic anomalies, which has produced three survey phases across the Vintjarn-Kölen complex including a confirmed 1,800m eastward extension of the central anomaly. The company also operates a smaller Energy segment through subsidiary Nidhogg Energy AB, focused on Egyptian gold and onshore hydrocarbon opportunities with local partner Al Baraka Mines and Quarries Company, supported by a USD 360,000 convertible facility from the Steinsberger family office.

Nidhogg Resources is pre-revenue and operates with 1-10 employees from its registered seat in Jönköping. Revenue is not yet generated; the July-September 2025 interim report disclosed minimal revenue and a net loss. The company funds exploration through small, bespoke capital instruments rather than a traditional GTM motion: a SEK 1 million bridge loan from Industrikronan AB (October 2025, later settled by a March 2026 directed set-off share issue at SEK 1.00 per share that diluted existing holders below reporting thresholds), a USD 360,000 convertible LOI from the Steinsberger family office, and a proposed May 2026 share issuance authorization paired with a share-capital reduction from SEK 10,293,738 to SEK 514,686.90. The Vintjarn crushing and recycling operation received precautionary-measures approval in March 2026, with first operations guided for Q3 2026. Pricing is not publicly disclosed because no commercial products or services are sold; the eventual revenue model is expected to be iron-ore and REE concentrate sales, with the September 2024 MoU with Green Iron signaling potential downstream beneficiation and joint-venture structures rather than raw-concentrate-only sales.

Name

Nidhogg Resources

Legal name

Nidhogg Resources Holding AB (publ)

Website

https://nidhoggresources.se

Company type

Public

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Nidhogg Resources Holding AB (publ) is a Swedish, publicly listed mineral-exploration company (Spotlight Stock Market: NIDHOG) that acquires and redevelops historically proven mining assets in Sweden — including Vintjarn-Kölen iron ore and tailings — and pursues gold and hydrocarbon projects in Egypt, targeting first Vintjarn operations in Q3 2026.

Ownership category

akta.pro rank

Product category

Mining and Mineral Extraction

NAICS

Iron Ore Mining (21221), Metal Ore Mining (2122), Copper, Nickel, Lead, and Zinc Mining (212230), Support Activities for Metal Mining (213114)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Iron Ore Mine Development & Expansion (EPC, Construction, Commissioning) (IMAKAAAB)

akta.pro secondary industries

Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Iron Ore Tailings, Waste Management & Reclamation (Closure, Remediation) (IMAKAAAI), Brownfield Expansions & Sustaining Capital Projects (Debottlenecking, Upgrades) (IMAKAOAJ)

Keywords

• Mineral exploration services
• Iron ore mining
• Rare earth elements
• Mining project development
• Natural resource extraction

Headquarters

HQ city

Jönköping

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Technology or R&D

Distribution channels1 record

Marketing channels3 records

Core offering

Nidhogg Resources Holding AB focuses on the advancement and value enhancement of mineral assets, specializing in the exploration and extraction of natural resources such as iron, gold, copper, silica, and rare earth elements (REE) in Sweden and other jurisdictions. The company develops projects in proven mining areas with existing tailings, slag heaps, open pits, and prematurely closed mines to reduce geological risk and shorten permitting timelines, with an energy segment focused on clean and renewable energy solutions.

Product overview

Nidhogg Resources Holding AB is a natural resources company focused on mining and mineral extraction in Sweden and other jurisdictions. The company develops projects in historically known mining areas including tailings, slag heaps, open pits, and prematurely closed mines to extract iron, manganese, gold, copper, silica, and rare earth elements (REE). Their portfolio includes six named mining projects: Tuna-Hästberg (iron/manganese), Vintjärn and Kölen (iron ore with tailings processing), Sellnäsfältet (iron/REE exploration), Klintberget (copper/molybdenum exploration), and an Egyptian Gold Project. The company also operates an energy segment focused on clean, renewable energy solutions supporting the energy transition.

Differentiator

Problem solved

Functional benefit

Products and services

• Tuna-Hästberg An old mining area south of Borlänge, Sweden where iron and manganese mining occurred from 1858 to 1968. The company has identified an abandoned open pit with 41.4% iron and 3.75% manganese content. Environmental impact assessment work has started for future test mining.
• Vintjärn and Kölen An iron ore mine mined for over 250 years (1725 to 1979) in Dalarna County, containing 35% iron and 0.5% manganese concentrations with 3.2 mmt of tailings remaining. The company is working on an environmental permit process for test mining and plans crushing and recycling operations.
• Sellnäsfältet An exploration permit within a mining area in Borlänge municipality with 32.7% iron content. The company intends to carry out magnetic surveys and potential drilling to investigate iron and rare earth element (REE) potential in apatite iron ore.
• Klintberget An 85-hectare exploration permit in Hagfors municipality where high levels of copper (Cu) and molybdenum (Mo) have been found. The company plans magnetic and electric surveys to investigate anomaly extent.
• Egyptian Gold Project An onshore gold project in Egypt being developed through the company's subsidiary with local partner Al Baraka Mines and Quarries Company. The company plans to assume operations once ownership and incorporation are complete.
• Energy Projects The company's energy operations focus on advancing innovation and sustainability by supporting the transition to clean, renewable energy solutions including hydrogen-based technologies, while also evaluating conventional energy projects.

Quantifiable outcome

• SEK 721 million net present value over 25 years with SEK 494 million net profit after NSR (net smelter return) of SEK 227 million

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered minor and core.

• Luleå University of TechnologyminorStrategic or Co-development Partner · 5 February 2026Nidhogg Resources is an industrial partner in the MAP-BIO-MINE research initiative application to the Swedish Energy Agency, focused on developing sustainable extraction and recycling methods for rare earth elements. The company will contribute geological mapping, sampling, and material from Vintjärn and Sellnäsfältet project areas.
• Al Baraka Mines and Quarries CompanycoreStrategic or Co-development Partner · 1 March 2025Local Egyptian partner in the company's gold project in Egypt. The partnership has experienced delays due to ownership modifications and company formation processes, with Nidhogg planning to assume operations once ownership and incorporation are complete.
• Green IronminorStrategic or Co-development Partner · 1 September 2024Memorandum of Understanding with Green Iron to beneficiate iron and other metal ore using fossil-free reduction technology and to negotiate potential joint venture between the companies.
• Big RockcoreStrategic or Co-development Partner · 1 June 2024Earn-In agreement for up to 100% ownership in a company holding five prospecting licenses, including Vintjärn-Kölen, comprising an underground mine with iron, manganese, copper, REE and silica that was shut in due to political reasons in the 1970s.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• LKAB: Swedish state-owned iron ore miner and Europe's largest producer of iron ore products, operating underground mines in Norrbotten. Directly comparable as a Swedish iron ore incumbent exploring tailings and REE recovery, though at vastly larger scale.
• Boliden: Swedish base and precious metals mining and smelting company operating multiple mines across the Nordics. Comparable as a Scandinavian diversified miner with iron, copper, and zinc exposure and similar brownfield/reopening strategies.
• Rio Tinto: Global diversified mining major with significant iron ore operations in the Pilbara and Scandinavian footprint through subsidiaries. Relevant as a benchmark for iron ore economics and a future potential acquirer/strategic partner.

Direct peers

• Nordic Mining: Norwegian small-cap mineral exploration and development company focused on critical minerals (rutile, quartz, REE). Closely comparable as a Nordic pre-revenue junior developing mineral assets toward production.
• Leading Edge Materials: Canadian-listed critical minerals developer with Swedish assets (REE, nickel, cobalt) and Woxna graphite mine. Highly comparable as a small-cap focused on European critical minerals permitting and development.
• Talga Group: Swedish-Australian battery materials and graphite developer operating the Vittangi graphite project in northern Sweden. Comparable small-cap Nordic critical minerals developer working through permitting and offtake processes.
• Eurobattery Minerals: Swedish-listed battery/critical minerals exploration company pursuing copper, nickel, and REE assets in Europe. Comparable as a small Nordic junior advancing critical minerals permits.
• Scandium International Mining: Junior mining company developing the Nyngan scandium project and previously focused on Norwegian REE assets. Comparable as a small-cap critical minerals developer targeting Scandinavian resource opportunities.
• Greenland Resources: Canadian-listed mining developer focused on the Malmbjerg molybdenum project in Greenland with high-grade iron ore potential. Comparable as a pre-revenue iron/molybdenum developer pursuing brownfield restart.

Emerging players

• Aura Minerals: Mid-tier gold and copper producer with operations across the Americas. Comparable as a reference point for the Egyptian gold project path to production and as a potential strategic acquirer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nidhogg Resources