Botnia Gold (BOTX) Q3 2025 earnings summary

Executive summary

• Q3 saw a production halt in July, but productivity improved from mid-August, and the first full year of gold production at Fäbodtjärn marked a milestone as Sweden's first new gold mine in over 12 years.

• Infrastructure upgrades included new underground service areas, ventilation improvements, and replacement of older dump trucks.

• Name changed to Botnia Gold AB to reflect the shift to a producing mining company.

• Focused on cost optimization, infrastructure investments, and sustainable growth, with production and development in line with long-term goals.

• Preparations for ore sorting and related investments continued, with key milestones on track but some risk of delays in steel structures and wet screening.

Financial highlights

• EBIT for Q3 was -14.3 MSEK, with revenues at 0 MSEK due to all mined ore being held in inventory pending processing.

• Year-to-date revenues reached 126.4 MSEK, with net result after tax of -11.7 MSEK for Q3.

• Net sales for January–September 2025 reached KSEK 126,397, with EBIT for the nine-month period at KSEK 17,439 and net income after tax at KSEK 12,864.

• Investments during the quarter totaled 12 MSEK, mainly in underground development, ventilation, and ore sorting projects.

• Cash flow for the period was KSEK -715, with cash and equivalents at KSEK 16,903 at period end.

Outlook and guidance

• Focus for Q4 is on preparation work to meet the annual permit of 50,000 tons processed, with Fäbodtjärn mine producing according to plan.

• Preparations for deep drilling at Fäbodtjärn to start in late Q4 2025, with drilling to begin Q1 2026.

• High gold prices and favorable feasibility study support long-term profitability.

• Next high-productivity mining position expected to start in the second half of February 2026.

• Vargbäcken project update planned for 2026; area holds significant additional resource potential.