Botnia Gold (BOTX) Q1 2025 earnings summary

Executive summary

• Net sales reached KSEK 11,309 for Q1 2025, marking the transition to a gold-producing company with the Fäbodtjärn mine now in production.

• Operating result was KSEK -12,255 and net result after tax was KSEK -10,028, reflecting ongoing ramp-up and investment in production capacity.

• Fäbodtjärn mine delivered over 55 kg of gold in the first enrichment campaign, with 12 kg recognized as revenue in Q1.

• Production and infrastructure investments at Fäbodtjärn are largely completed, with the mine reaching its first high-productivity position.

• No dividend is proposed for the period.

Financial highlights

• Net sales: KSEK 11,309 (Q1 2024: 0).

• Operating result: KSEK -12,255 (Q1 2024: -1,866).

• Net result after tax: KSEK -10,028 (Q1 2024: -1,939).

• Earnings per share: SEK -0.25 (Q1 2024: -0.05).

• Investments in Fäbodtjärn: KSEK 10,643 during Q1.

• Cash flow for the period: KSEK -5,115; cash at period end: KSEK 12,503.

• Equity at period end: KSEK 151,833; equity ratio: 69.3%.

Outlook and guidance

• Cash flow expected to turn positive in Q2 as initial start-up costs are now completed.

• Fäbodtjärn mine is on track to reach planned annual production capacity during Q1 2025.

• Management sees strong opportunities for further development in the Vindelgransele area, supported by current gold prices and exchange rates.