Northgold (NG) Q4 2024 earnings summary

Executive summary

• 2024 marked a pivotal year with gold prices reaching record highs above USD 2,700/oz in Q4, highlighting gold's resilience amid global uncertainty.

• Northgold focused on cost-effective asset maintenance and sought strategic partnerships to unlock value, especially at the Kopsa Project.

• The 2025 Mineral Resource Estimate increased Kopsa's gold-copper resource by 9% to 814,800 gold-equivalent ounces.

• Strengthened cooperation with local authorities in Finland to support permitting and social acceptance.

Financial highlights

• Net sales remained at KSEK 0 for both Q4 and full year 2024, unchanged from 2023.

• Operating loss after financial items was KSEK -1,660 in Q4 (Q4 2023: KSEK -1,101) and KSEK -10,143 for the year (FY 2023: KSEK -11,470).

• EBITDA for the year was KSEK -9,615 (FY 2023: KSEK -11,267).

• Earnings per share after financial items improved to SEK -0.4 (FY 2023: SEK -0.9).

• Cash flow from operating activities was KSEK -10,779 (FY 2023: KSEK -11,222); cash and cash equivalents at year-end were KSEK 2,109.

Outlook and guidance

• Strategic focus remains on maintaining current assets and seeking structured deals to enhance the asset base.

• No dividend proposed for the upcoming AGM.