BlueLake Mineral (BLUE) investor relations material

Executive summary

• No revenue generated in Q1 2026; focus remains on exploration and project development.

• Net loss after tax widened to -12.7 MSEK from -5.8 MSEK year-over-year.

• Major regulatory milestones achieved: Swedish government granted mining concessions for Stekenjokk and Levi, reducing project risk and enabling accelerated permitting.

• First phase of 2026 drilling program at Joma completed in April; mineralization confirmed in several drill cores.

Financial highlights

• Q1 2026 revenue: 0.0 MSEK (unchanged year-over-year).

• Exploration and evaluation costs increased to -6.8 MSEK from -1.4 MSEK year-over-year.

• Net loss after tax: -12.7 MSEK vs. -5.8 MSEK year-over-year.

• Earnings per share: -0.08 SEK vs. -0.06 SEK year-over-year.

• Cash and cash equivalents at period end: 20.0 MSEK (up from 2.2 MSEK year-over-year).

• Equity at period end: 54.9 MSEK (up from 30.7 MSEK year-over-year); equity ratio 79.3%.

• Operating cash flow: -9.3 MSEK (vs. -5.4 MSEK year-over-year).

Outlook and guidance

• Focus on advancing permitting and environmental studies for Stekenjokk-Levi and Joma projects.

• Additional drilling and sampling planned for 2026 to update mineral resource estimates, including silver.

• Strategic priority remains on base metal projects, with gold projects as secondary.