GRAND RAPIDS, MN, January 14, 2021 – Tacora Resources Inc. (“Tacora” or the “Company”) today announced that it has completed the acquisition of Sydvaranger Mining AS and its subsidiaries (“Sydvaranger”), an iron ore mine and processing plant located in Sør-Varanger, Norway. The acquisition of Sydvaranger provides Tacora with a 4 million tonne per year shovel-ready expansion opportunity and geographical diversification in a tier 1 jurisdiction.

It is with grateful hearts and minds the SYD-Team has been allowed to contribute to this, and our hope is for the local community to stay strong and supportive of each other. We hope you all enjoy the advent, and a merry Christmas to each and every one of you from each and every one of us.🤶🎅☃️🎄

#sydvaranger #cooperation #safety #keepingourkidssafe‍

Sydvaranger has entered into a cooperation with the local emergency services, aiming at strengthening the safety not only for our employees, but also for all emergency service personnel.

This week, the Board of Sydvaranger received, with sincere regret, the resignation of its Chief Executive Officer, Antony Heitmann Beckmand. Tony joined the Company in June 2016, continuing his journey with the Sydvaranger project which originally commenced in October 2008.

It was a pleasure for Sydvaranger to be allowed to be present as well as cooperate with Norske Redningshunder on this event, a cooperation we hope will continue in the years to come.‍

The mining industry is a male domain, however, there are women working in, around and with the mining sector across all functions and continents. It is vital that women’s individual and collective voice be heard for the industry to improve in diversity, governance and sustainability.

Sydvaranger has a solid and valuable cooperation with the local fire brigade, which yesterday conducted a drill on SYD-premises.

Iron ore is a globally traded product. Around 1.5 billion tonnes are shipped by sea each year from a variety of supplier countries, including Norway, Sweden, Brazil, Australia, Canada, South Africa and India. Chinese steel mills are the key customers, consuming over 1.1 billion tonnes of these seaborne tonnes, while Europe, Middle East and Asia consume the remaining 400 million tonnes.

1 May is Labour Day - a day to celebrate the achievements of workers. All of us here at Sydvaranger wish to congratulate everyone on this auspicious day – which we hope is celebrated in a safe and secure manner!