Botnia Gold (BOTX) Status update summary

Production and campaign results

• Completed the year's final enrichment campaign, delivering 96.3 kg of gold for $12.283 million.

• Processed 20,470 tons of ore, including 3,000 tons of marginal ore, meeting the annual target of 50,000 tons in line with environmental permits.

• Total gold delivered in 2025 reached 224.5 kg, generating $25.328 million in revenue.

• Gold recovery rate for the latest campaign was 96.6%, significantly above the 90% forecast; all campaigns in 2025 exceeded 95% recovery.

Ore quality and operational improvements

• High inclusion of waste rock in ore from the high-productivity area led to lower gold grades, prompting investment in ore sorting technology.

• New operational methods reduced waste rock inclusion in ore from development drives, achieving internal targets and higher gold grades.

Model reconciliation and ongoing analysis

• Preliminary analysis indicates higher negative deviations in total gold extracted versus the block model for the Fäbodtjärn mine.

• Investigations into these discrepancies are ongoing with further updates expected in the Q4 report.