Mahvie Minerals (MAHVIE) Q3 2024 earnings summary

Executive summary

• No revenue generated in Q3 2024 or the first nine months; company remains in exploration phase.

• Net loss after tax improved to -767 TSEK in Q3 2024 from -1,369 TSEK year-over-year; nine-month loss narrowed to -4,041 TSEK from -5,166 TSEK.

• Earnings per share for Q3 2024 at -0.02 SEK, improved from -0.06 SEK; nine-month EPS at -0.10 SEK, up from -0.31 SEK.

• No significant events during the quarter; post-period, initial ore modeling at Haveri completed.

Financial highlights

• Q3 2024 net loss after tax: -767 TSEK (Q3 2023: -1,369 TSEK); nine months: -4,041 TSEK (2023: -5,166 TSEK).

• Operating expenses in Q3 2024: -765 TSEK; nine months: -4,034 TSEK.

• Cash and cash equivalents at period end: 1,147 TSEK (2023: 2,814 TSEK).

• Equity at period end: 31,796 TSEK (2023: 26,992 TSEK); equity ratio 82.2% (2023: 66.2%).

• Cash flow from operations in Q3 2024: -1,432 TSEK; total cash flow: -1,531 TSEK.

Outlook and guidance

• Focus remains on defining mineral assets and advancing Haveri and Mo i Rana projects.

• Awaiting municipal approval to start drilling at Haveri; positive initial ore modeling supports project viability.

• Ongoing discussions with potential partners and financiers to accelerate project development.