Botnia Gold (BOTX) investor relations material

Annual production and campaign results

• Achieved annual processing limit of 50,000 tons, with 224.5 kg gold produced, valued at approximately 242 million SEK or $25.328 million, and an average sales price of 1,080 SEK/gram.

• Campaign 6 processed 20,470 tons, including 3,000 tons of marginal ore, yielding 96.3 kg gold at a high price of 1,206 SEK/gram and $12.283 million in revenue.

• Recovery rates exceeded expectations, averaging over 96% for the year, with no campaign below 95%.

• Silver output estimated at 200 kg, contributing marginally to revenue.

• Revenue timing is more closely linked to campaign completions than to calendar quarters.

Operational challenges and improvements

• Early-year campaigns suffered from excessive waste rock dilution, especially in the first 10,000 tons of campaign 6.

• New mining methods and process changes reduced dilution to 30% in later campaigns, with ore grades exceeding 6.4 g/t and peaks above 8 g/t.

• Marginal ore processed this year averaged over 2 g/t, proving economically viable.

• High inclusion of waste rock in ore from high-productivity areas led to lower gold grades, prompting investment in ore sorting technology.

• New operational methods reduced waste rock inclusion in ore from development drives, achieving internal targets and higher gold grades.

Model reconciliation and ongoing analysis

• Ongoing analysis of discrepancies between block model estimates and actual gold output, with further updates expected in Q4.

• Preliminary analysis indicates higher negative deviations in total gold extracted versus the block model for the Fäbodtjärn mine.