Eurobattery Minerals (BAT) Q2 2025 earnings summary

Executive summary

• Secured new exploration permits in Finland, expanding the pipeline for copper, cobalt, nickel, and gold projects, and reinforcing Europe's critical raw materials autonomy.

• Signed a non-binding MoU with Terrafame Ltd to evaluate refining nickel-cobalt concentrate, strengthening the downstream value chain for battery materials.

• Achieved final approval for the Hautalampi zoning plan, de-risking the project and demonstrating strong community support.

• Transitioned from pure exploration to near-term revenue generation with a 51% stake in the fully permitted San Juan tungsten project in Spain.

• Appointed Agne Ahlenius as Managing Director for the San Juan project, bringing extensive mining experience.

Financial highlights

• Net sales were SEK 0 for both Q2 and the first half of 2025, unchanged from the previous year.

• Operating loss after financial items was SEK -8,366 thousand in Q2 2025 (Q2 2024: SEK -10,259 thousand) and SEK -11,312 thousand for the first half (6M 2024: SEK -14,810 thousand).

• EBITDA for Q2 was SEK -5,140 thousand (Q2 2024: SEK -8,279 thousand); for the first half, SEK -7,752 thousand (6M 2024: SEK -12,396 thousand).

• Cash flow from operating activities was SEK -10,250 thousand in Q2 and SEK -12,136 thousand for the first half, both improved from the prior year.

• Cash and cash equivalents at 30 June 2025 were SEK 36 thousand (30 June 2024: SEK 508 thousand).

Outlook and guidance

• San Juan tungsten project expected to generate positive cash flow in H2 2026, with pilot plant construction financed by a SEK 78.5 million rights issue.

• Ongoing development and permitting at Hautalampi, with strengthened environmental compliance and local support.

• Strategic focus on building a European supply chain for critical raw materials, supporting the EU's green transition.