BlueLake Mineral (BLUE) Q2 2024 earnings summary

Executive summary

• No revenue generated in Q2 2024; net loss after tax was -4.8 MSEK, an improvement from -5.3 MSEK in Q2 2023.

• For H1 2024, net loss after tax was -8.6 MSEK, improved from -10.5 MSEK in H1 2023.

• Company is advancing key mining projects in Sweden and Norway, with several permit processes ongoing.

Financial highlights

• Q2 2024 revenue: 0.0 MSEK (0.0 MSEK in Q2 2023); H1 2024 revenue: 0.0 MSEK (0.1 MSEK in H1 2023).

• Q2 2024 net loss after tax: -4.8 MSEK (-5.3 MSEK in Q2 2023); H1 2024 net loss: -8.6 MSEK (-10.5 MSEK in H1 2023).

• Q2 2024 EPS: -0.05 SEK (-0.08 SEK in Q2 2023); H1 2024 EPS: -0.10 SEK (-0.17 SEK in H1 2023).

• Cash and cash equivalents at period end: 8.4 MSEK (7.4 MSEK at Q2 2023 end).

• Equity at period end: 36.9 MSEK (39.9 MSEK at Q2 2023 end); solidity 65.0% (70.2%).

Outlook and guidance

• Management expects several critical permit decisions for key projects in Sweden and Norway during autumn 2024.

• Strategic focus remains on base metals projects, with gold projects as secondary.

• Company is seeking public funding from Norwegian and Swedish organizations to support ongoing development.