Botnia Gold (BOTX) Q4 2025 earnings summary

Executive summary

• Achieved record annual net sales of KSEK 245,060, driven by strong gold production of 224.5 kg and favorable market prices, with gold recovery rates consistently above 96%.

• EBIT for the year reached KSEK 63,211, a significant turnaround from a loss of KSEK -6,813 in 2024.

• Q4 focused on high tunnel advance and preparation for new mining positions, with 10,423 tons of ore produced.

• No dividend proposed for the year; focus remains on reinvestment and growth.

• Major investments in ore sorting facility, with installation and calibration ongoing; full-scale production expected by end of February.

Financial highlights

• Q4 EBIT reached 45.8 MSEK on revenues of 118.7 MSEK; full-year EBIT was 63.2 MSEK on 245.0 MSEK in revenue.

• Q4 gold deliveries totaled 96.3 kg, generating 116.1 MSEK; full-year gold sales were 224.5 kg, yielding 242.5 MSEK.

• Cash flow for the year was KSEK 40,143, reversing a negative KSEK -26,937 in 2024.

• Investments totaled KSEK 53,823, mainly in Fäbodtjärn mine and ore sorting plant.

• Silver sales contributed 2.5 MSEK, about 1% of total revenue.

Outlook and guidance

• Three enrichment campaigns per year expected to remain standard, with gold sales at spot prices upon delivery.

• Full-scale production from new ore sorting plant expected in H1 2026, aiming to boost gold output and reduce costs.

• Next test enrichment campaign at Björkdal (10,000–12,000 tons) planned for Q1 2026, with two more campaigns later in the year; one quarter in 2026 will have no revenue.

• Gold production projected to increase by about 40 kg in 2026 compared to 2025.

• Additional exploration and potential expansion in Vindelgransele area planned.