BlueLake Mineral (BLUE) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was 0.0 MSEK, unchanged from Q4 2024; full-year revenue reached 1.1 MSEK, up from 0.0 MSEK in 2024.

• Net loss after tax for Q4 2025 was -13.6 MSEK (vs. -3.0 MSEK in Q4 2024); full-year net loss was -40.4 MSEK (vs. -15.7 MSEK in 2024).

• Major focus on environmental permitting and technical studies for Joma and Stekenjokk-Levi mining projects.

• Fully guaranteed rights issue completed, raising 61.3 MSEK; additional directed share issue and options for technical management.

• Joma project received 16 MNOK in grant funding from Innovasjon Norge.

Financial highlights

• Exploration and evaluation costs for Q4 2025 were -7.0 MSEK (vs. -1.7 MSEK in Q4 2024); full-year costs were -21.3 MSEK (vs. -6.0 MSEK in 2024).

• Earnings per share for Q4 2025 were -0.10 SEK (vs. -0.03 SEK in Q4 2024); full-year EPS was -0.36 SEK (vs. -0.18 SEK in 2024).

• Equity at year-end was 67.7 MSEK (vs. 32.8 MSEK in 2024); cash and cash equivalents were 30.0 MSEK (vs. 4.5 MSEK in 2024).

• Solidarity ratio improved to 85.2% (from 62.2% in 2024).

• Cash flow from operations in Q4 2025 was -23.1 MSEK; total Q4 cash flow was 24.8 MSEK, mainly due to financing activities.

Outlook and guidance

• Ongoing focus on environmental permitting and technical studies for Joma and Stekenjokk-Levi.

• Market outlook for copper and silver remains strong, with significant price increases year-over-year.

• Updated mineral resource assessments and pre-feasibility studies planned, including for silver in Norwegian projects.