Botnia Gold (BOTX) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 production with minimal disruptions, exceeding planned tunnel development and increasing ore stockpiles significantly compared to plan.

• Achieved annual production target of 50,000 tons, with gold recovery rates consistently above 96% and total gold output of 224.5 kg for 2025.

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

• 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 million SEK, with a margin of 38.6%, in line with production outcomes.

• Full-year EBIT was 63.2 million SEK, margin 25.8%, slightly below expectations due to ore dilution issues in H1.

• Q4 net sales were KSEK 118,663, up 105% year-over-year; EBIT for Q4 was KSEK 45,772.

• Cash flow from operations was strong, with 40.9 MSEK increase in cash during Q4; investments totaled 16.8 MSEK, mainly in ore sorting and mine development.

• Gold output for the year totaled 224.5 kg, with an average recovery rate above 96%.

Outlook and guidance

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

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

• Fäbodtjärn mine operating at planned annual rate; preparations for deeper exploration underway, with drilling to start late Q1 2026.

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

• One quarter in 2026 will lack revenue due to campaign scheduling.