BlueLake Mineral (BLUE) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was SEK 0.0 million, unchanged from Q3 2024, with a net loss after tax of SEK -16.3 million, significantly higher than last year's SEK -4.2 million loss.

• For the first nine months, revenue reached SEK 1.1 million, net loss after tax was SEK -26.9 million, compared to SEK -12.7 million for the same period last year.

• The Norwegian government approved the zoning plan for the Joma mine, a milestone that cannot be appealed and significantly reduces political risk.

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

Financial highlights

• Q3 2025 net loss after tax: SEK -16.3 million (Q3 2024: SEK -4.2 million).

• Earnings per share for Q3: SEK -0.15 (Q3 2024: SEK -0.04).

• Nine-month net loss after tax: SEK -26.9 million (2024: SEK -12.7 million).

• Equity as of September 30, 2025: SEK 17.4 million (2024: SEK 35.9 million), with a solidity of 31.6% (2024: 68.3%).

• Cash and cash equivalents at period end: SEK 5.3 million (2024: SEK 7.1 million).

Outlook and guidance

• Focus remains on securing environmental and operational permits for Joma, with parallel work on feasibility studies and environmental assessments.

• The company aims to leverage strong copper market prospects and favorable political climate for mining in Europe.