Mahvie Minerals (MAHVIE) Q4 2023 earnings summary

Executive summary

• Q4 revenue was 0 TSEK; net loss narrowed to 1,663 TSEK from 2,555 TSEK YoY. FY net loss was 6,828 TSEK vs 4,349 TSEK in 2022.

• Mo i Rana’s Mofjell project reported an inferred resource of 8.9 Mt at 3.8% zinc equivalent after the reporting period, above the previously stated 5 Mt potential.

Financial highlights

• Q4 operating loss was 1,577 TSEK vs 2,555 TSEK YoY; FY operating loss was 6,742 TSEK vs 4,342 TSEK.

• Q4 net loss was 1,663 TSEK vs 2,555 TSEK; FY net loss was 6,828 TSEK vs 4,349 TSEK.

• EPS was -0.04 SEK in Q4 vs -0.12 SEK; FY EPS was -0.29 SEK vs -0.40 SEK.

Outlook and guidance

• Haveri work is progressing through geological development, modeling and drilling procurement; drilling was expected to start in spring 2024.

• Following Mofjell’s updated resource estimate, plans called for accelerating the next financing round to speed further project development.

• The strategic focus remains developing base-metals and gold projects toward commercially viable resources.