Mahvie Minerals (MAHVIE) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was 3 TSEK, up from 0 TSEK in Q4 2024; full-year revenue also 3 TSEK, up from 0 TSEK year-over-year.

• Net loss after tax for Q4 2025 was -2,062 TSEK (vs. -928 TSEK Q4 2024); full-year net loss was -6,888 TSEK (vs. -4,984 TSEK 2024).

• Result per share for Q4 was -0.02 SEK (unchanged); for the year, -0.07 SEK (improved from -0.12 SEK in 2024).

• Major events included the acquisition of Swedish Copper Norrland AB (Åkerberg gold project), initiation of environmental studies at Haveri, and a directed share issue.

Financial highlights

• Equity at year-end was 41,776 TSEK (up from 32,199 TSEK); equity ratio 83.7% (81.5%).

• Cash and cash equivalents at year-end were 6,920 TSEK (up from 1,676 TSEK).

• Cash flow from operations in Q4 was -1,750 TSEK (vs. -641 TSEK Q4 2024); total cash flow for Q4 was -1,750 TSEK (vs. 529 TSEK Q4 2024).

• Investments in Q4 were 0 TSEK (vs. 291 TSEK Q4 2024).

• 1,458,333 new shares issued in Q4 for 699,999.84 SEK; total shares at year-end: 134,772,119.

Outlook and guidance

• Focus remains on developing commercial mineral assets, especially gold and base metals.

• Ongoing environmental and resource studies at Haveri; geophysical studies and drilling planned for Åkerberg.

• Directed share issue of 14.6 MSEK and top-down guarantee for TO2 options provide financial flexibility for future investments.