Eurobattery Minerals (BAT) Q1 2026 earnings summary

Executive summary

• Transitioned from exploration to execution phase, focusing on advancing San Juan and Hautalampi projects.

• Strengthened financial position by eliminating convertible debt and securing new financing.

• Strategic focus sharpened by discontinuing the Corcel project to prioritize core assets.

• Enhanced ESG transparency with the first Sustainability Report for Hautalampi.

Financial highlights

• Net sales for Q1 2026 were SEK 0 thousand, unchanged year-over-year.

• Operating loss after financial items was SEK -52,345 thousand (Q1 2025: SEK -2,946 thousand), impacted by a SEK 48,977 thousand write-down of Corcel assets.

• EBITDA for Q1 2026 was SEK -3,262 thousand (Q1 2025: SEK -2,612 thousand).

• Cash and cash equivalents at quarter-end were SEK 452 thousand (Q1 2025: SEK 108 thousand).

• Equity at quarter-end was SEK 94,587 thousand (Q1 2025: SEK 120,369 thousand).

Outlook and guidance

• San Juan tungsten project targets production start in Q1 2027, with final engineering underway.

• New SEK 60 million convertible bond facility secured post-quarter to fund project advancement.

• Focus remains on disciplined execution and delivering responsibly mined minerals for Europe.