Eurobattery Minerals (BAT) Q2 2024 earnings summary

Executive summary

• Finalized acquisition of remaining 30% of FinnCobalt Oy, securing 100% ownership of the Hautalampi battery mineral project in Finland.

• Submitted environmental permit application for Hautalampi and applied for EU Strategic Project status under the Critical Raw Materials Act.

• Signed and extended a Letter of Intent to invest a majority stake in Spanish company Tungsten San Juan SL, aiming to start tungsten production in 2025.

• Advanced solar energy collaboration for carbon-zero production at Hautalampi via MoU with Okun Energia Oy.

• Awaiting permit progress for the Corcel nickel-cobalt-copper project in Spain.

Financial highlights

• Net sales were SEK 0 for both Q2 and the first half of 2024, unchanged from 2023.

• Q2 operating loss after financial items was SEK -10,259 thousand (Q2 2023: SEK -6,637 thousand); H1 loss was SEK -14,810 thousand (H1 2023: SEK -9,925 thousand).

• Q2 EBITDA was SEK -8,279 thousand (Q2 2023: SEK -6,637 thousand); H1 EBITDA was SEK -12,396 thousand (H1 2023: SEK -9,556 thousand).

• Cash flow from operating activities in H1 was SEK -23,964 thousand (H1 2023: SEK -1,833 thousand).

• Cash and cash equivalents at June 30, 2024, were SEK 508 thousand (June 30, 2023: SEK 3,025 thousand).

Outlook and guidance

• Production and sales at Hautalampi targeted within a mid-term horizon, pending permit approvals.

• EU Strategic Project status for Hautalampi could accelerate permitting and financing; decision expected December 2024.

• Tungsten San Juan investment aims to enable production start in 2025.

• Positive signals from Spanish authorities may accelerate Corcel project permitting.