Mahvie Minerals (MAHVIE) Q4 2022 earnings summary

Executive summary

• First operating year included acquisitions of Mo i Rana and Haveri, an NGM listing in November, and a first 3D geological model for Mofjell; Mo i Rana was the near-term priority.

• The exploration portfolio targets base and precious metals, with 38 exploration permits currently held across a large area in Mo i Rana and a Finnish gold-copper project at Haveri.

Financial highlights

• 2022 group revenue was SEK 0; operating loss was SEK 4.342m and net loss was SEK 4.349m, versus SEK 0.01m loss in the 2021 short period.

• Full-year loss per share was SEK 0.40; year-end cash was SEK 2.353m and total assets were SEK 34.590m.

• Group operating cash flow was negative SEK 4.655m; investing cash flow was negative SEK 0.215m and financing cash flow was positive SEK 7.199m.

Outlook and guidance

• A roughly 1,000-meter initial Mo i Rana drill program was prepared with Leonhard Nilsen & Sønner AS, with drilling expected to start shortly after year-end; expansion depended on suitable financing.

• Mo i Rana drilling was to support a mineral resource estimate and preliminary economic assessment; Haveri work focused on a revised exploration strategy targeting a resource with higher gold grades.

• A 2023 rights issue was subscribed to ~65%, raising SEK 10.5m before costs; proceeds were intended mainly for Mo i Rana exploration, Haveri analysis and operating expenses.