BlueLake Mineral (BLUE) Q2 2025 earnings summary

Executive summary

• Regulatory approval for the Jomagruvan mining project in Norway was finalized, eliminating major political risk and enabling full-scale project development.

• Recruitment of a new technical leadership team for Joma and Stekenjokk-Levi was completed, strengthening internal expertise for upcoming feasibility studies and project execution.

• Strategic focus remains on copper and zinc projects in Sweden and Norway, with additional assets in nickel and gold.

Financial highlights

• Q2 2025 revenue was SEK 1.1 million, up from SEK 0.0 million in Q2 2024.

• Q2 2025 net loss after tax was SEK -4.8 million, unchanged from Q2 2024.

• H1 2025 net loss after tax was SEK -10.6 million, compared to SEK -8.6 million in H1 2024.

• Earnings per share for Q2 2025 was SEK -0.05, and for H1 2025 SEK -0.11.

• Cash and cash equivalents at period end were SEK 3.9 million, down from SEK 8.4 million a year earlier.

Outlook and guidance

• With regulatory approval secured, the company will proceed with environmental permitting and operational concession applications for Joma.

• A preliminary feasibility study for Joma and Stekenjokk-Levi will be initiated to support financing and project planning.

• The company plans to continue strengthening its capital base through targeted share issues and public funding applications.