Botnia Gold (BOTX) Q2 2024 earnings summary

Executive summary

• Transitioned from exploration to active mining with Fäbodtjärn gold mine inauguration in May 2024, marking a major milestone.

• Focused on ramping up underground development and preparing for first gold production, expected in Q4 2024.

• All permits and agreements in place for Fäbodtjärn and Vargbäcken, with feasibility studies supporting long-term profitability.

Financial highlights

• Net sales were SEK 0 (0) for both Q2 and H1 2024.

• Operating loss for Q2 was SEK -6,569k (-1,909k); H1 operating loss was SEK -8,435k (-3,836k) year-over-year.

• Net loss after tax for Q2 was SEK -6,644k (-1,854k); H1 net loss was SEK -8,583k (-3,829k).

• Earnings per share for H1 was SEK -0.22 (-0.10) year-over-year.

• Investments in Fäbodtjärn infrastructure and development totaled SEK 21,881k in H1.

Outlook and guidance

• First gold revenues expected in early Q4 2024 as ore processing begins.

• Positive cash flow anticipated by end of Q1 2025, supported by a SEK 12m credit facility.

• High gold prices and favorable exchange rates improve project profitability outlook.

• Fäbodtjärn and Vargbäcken both have strong potential for extended mine life and further resource expansion.