Botnia Gold (BOTX) Q2 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 2025, with high ore production at Fäbodtjärn and successful implementation of high-productivity mining methods.

• Transitioned to a gold-producing company, with Fäbodtjärn as a producing mine and expansion plans on track.

• Board approved a SEK 13.5 million investment in ore sorting technology to reduce dilution and costs, with expected payback in 12 months.

• Name change to Botnia Gold AB proposed to reflect operational focus.

Financial highlights

• Q2 2025 net revenue: SEK 115,088k (Q2 2024: 0); EBIT: SEK 44,022k (Q2 2024: -6,569k); net income: SEK 34,611k (Q2 2024: -6,644k); EPS: SEK 0.85 (Q2 2024: -0.17).

• H1 2025 net revenue: SEK 126,397k (H1 2024: 0); EBIT: SEK 31,767k (H1 2024: -8,435k); net income: SEK 24,583k (H1 2024: -8,583k); EPS: SEK 0.60 (H1 2024: -0.22).

• Cash flow for H1 2025: SEK 34,868k (H1 2024: -24,040k); cash at period end: SEK 52,486k (Dec 2024: SEK 17,618k).

• Investments during H1 2025 totaled SEK 25,001k, mainly in Fäbodtjärn and exploration.

Outlook and guidance

• Fäbodtjärn mine expected to reach planned annual production capacity in Q1 2025, ahead of schedule.

• Long-term enrichment agreement, high gold prices, and favorable exchange rates support further development in the Vindelgransele area.

• Updated feasibility study confirms strong profitability for Fäbodtjärn at SEK 643k/kg gold; potential for extended mine life.

• Vargbäcken project plans to be updated in 2025; area offers significant additional resource potential.