Arctic Minerals (ARCT) H2 2024 earnings summary

Executive summary

• Completed acquisition of Rare Earth Energy Metals (REEM), gaining 100% ownership of key copper projects in Sweden, notably Hennes Bay and Swan Lake, and expanding the asset portfolio in the Nordics.

• Raised approximately MSEK 13.6 through a directed issue of units and completed additional set-off and directed issues totaling MSEK 2.5.

• Strengthened leadership with new board members and established an Advisory Committee of experienced industry professionals.

Financial highlights

• Full-year 2024 result after tax was MSEK -5.8, an improvement from MSEK -11.3 in 2023.

• Earnings per share for 2024 were SEK -0.03, up from SEK -0.08 in 2023.

• Cash and cash equivalents at year-end were MSEK 13.0, up from MSEK 4.6 at the end of 2023.

• Shareholders' equity increased to MSEK 102.7 from MSEK 48.7 year-over-year.

• No revenues were reported; expenses mainly related to exploration activities.

Outlook and guidance

• Focus on advancing Hennes Bay and Swan Lake projects in Sweden, with systematic exploration and feasibility studies planned.

• Ongoing exploration and permit activities in Norway (Bidjovagge) and Finland (Tavast, Kuusi), with expectations of resource growth.

• Continued need for external financing to support operations and project development.