Gruvaktiebolaget Viscaria (VISC) Q4 2024 earnings summary

Executive summary

• Preparations for the Viscaria mine restart advanced, with key environmental permit secured and land allocation finalized.

• Major infrastructure and site works underway, including water treatment, energy, and logistics projects.

• Exploration campaigns in D, B, and ABBA zones yielded high-grade copper intersections, expanding growth potential.

• Feasibility study and updated resource estimate, including first PERC 2021-compliant reserve, scheduled for May 2025.

• SEK 315M shareholder loan and SEK 440M raised via share issue strengthened liquidity.

Financial highlights

• Capitalized exploration and evaluation expenditures reached SEK 330M for FY 2024, up from SEK 260M in FY 2023.

• Operating loss for FY 2024 was SEK -53M, compared to SEK -43M in FY 2023.

• Net loss for FY 2024 was SEK -48M, widening from SEK -30M in FY 2023.

• Cash flow for Q4 2024 was SEK -153M, compared to SEK -86M in Q4 2023.

• Cash and cash equivalents at year-end were SEK 232M, with equity of SEK 1,598M.

Outlook and guidance

• Feasibility study and resource update, including first reserve, to be presented May 8, 2025.

• Continued high exploration activity planned, with 10,000m drilling in Q1 2025.

• Infrastructure build-out, permitting, and preparations for mine restart prioritized in 2025.

• Cash position and access to long-term debt expected to cover future mine and plant financing.

• No dividend proposed for 2024; dividends expected only after mine production commences.