Botnia Gold
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Botnia Gold (BOTX) investor relations material

Botnia Gold Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Achieved strong Q4 production with minimal disruptions, exceeding planned tunnel development and increasing ore stockpiles significantly compared to plan.

  • Achieved annual production target of 50,000 tons, with gold recovery rates consistently above 96% and total gold output of 224.5 kg for 2025.

  • EBIT for the year reached KSEK 63,211, a significant turnaround from a loss of KSEK -6,813 in 2024.

  • No dividend proposed for the year; focus remains on reinvestment and growth.

  • Major investments in ore sorting facility, with installation and calibration ongoing; full-scale production expected by end of February.

Financial highlights

  • Q4 EBIT reached 45.8 million SEK, with a margin of 38.6%, in line with production outcomes.

  • Full-year EBIT was 63.2 million SEK, margin 25.8%, slightly below expectations due to ore dilution issues in H1.

  • Q4 net sales were KSEK 118,663, up 105% year-over-year; EBIT for Q4 was KSEK 45,772.

  • Cash flow from operations was strong, with 40.9 MSEK increase in cash during Q4; investments totaled 16.8 MSEK, mainly in ore sorting and mine development.

  • Gold output for the year totaled 224.5 kg, with an average recovery rate above 96%.

Outlook and guidance

  • Full-scale production from new ore sorting plant expected in H1 2026, aiming to boost gold output and reduce costs.

  • Gold production projected to increase by about 40 kg in 2026 compared to 2025.

  • Fäbodtjärn mine operating at planned annual rate; preparations for deeper exploration underway, with drilling to start late Q1 2026.

  • Three enrichment campaigns per year expected to remain standard, with gold sales at spot prices upon delivery.

  • One quarter in 2026 will lack revenue due to campaign scheduling.

Explain Fäbodtjärn reserve update implications
Quantify sorting plant's impact on gold output
Vargbäcken: path to profitable production?
Fäbodtjärn deep drilling: When is board decision?
Vargbäcken: Feasibility study timeline and next steps
Explain the increased ore loss assumption impact
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Frequently asked questions

Botnia Exploration Holding AB (publ) is a Swedish exploration company primarily focused on the early stages of gold ore deposit development. The company's project portfolio includes exploration and development of precious and base metals such as gold, silver, copper, zinc, and tungsten. Botnia Exploration operates several exploration permits and exploitation concessions in Sweden, leveraging the expertise of experienced geologists and prospectors. The company is headquartered in Nacka Strand, Sweden, and its shares are listed on the Nasdaq Stockholm.

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