Northgold (NG) Q1 2025 earnings summary

Executive summary

• Q1 2025 marked by a 9% increase in Kopsa gold-copper resource to 814,800 gold-equivalent ounces, with 69% now in Measured and Indicated categories.

• Entered binding agreement to sell Finnish subsidiaries to Nordic Resources Limited for 34 MSEK (shares and cash), enabling an orderly wind-down and planned liquidation of Northgold.

• Shareholders to receive Nordic Resources shares, retaining exposure to project upside.

Financial highlights

• Net sales were KSEK 0 (Q1 2024: KSEK 0); operating loss after financial items was KSEK -2,054 (Q1 2024: KSEK -2,553).

• EBITDA for Q1 2025 was KSEK -1,740 (Q1 2024: KSEK -2,373).

• Cash flow from operating activities improved to KSEK -1,417 (Q1 2024: KSEK -1,779).

• Cash and cash equivalents at March 31, 2025: KSEK 838 (March 31, 2024: KSEK 641).

• Equity at period end: KSEK 32,393 (March 31, 2024: KSEK 46,318).

Outlook and guidance

• Transaction with Nordic Resources expected to provide near-term liquidity and maximize shareholder value through asset exposure.

• Company to be liquidated following completion of subsidiary sale and appointment of liquidator.