Eurobattery Minerals (BAT) Q3 2024 earnings summary

Executive summary

• Achieved full ownership of FinnCobalt Oy, securing 100% of the Hautalampi nickel-cobalt-copper project in Finland.

• Entered a 10-year non-binding offtake agreement with Boliden AB for copper concentrate from Hautalampi.

• Submitted Hautalampi project for Strategic Project status under the EU Critical Raw Materials Act, now under assessment.

• Launched a rights issue of SEK 35.5 million and a convertible issue of SEK 4.0 million to fund feasibility studies and working capital.

• Extended LOI for investment in Spanish tungsten project TSJ, aiming for production start in 2025.

Financial highlights

• Q3 2024 net sales were SEK 0 (Q3 2023: SEK 0); operating loss after financial items was SEK -4,464 thousand (Q3 2023: SEK -8,481 thousand).

• Earnings per share before dilution for Q3 was SEK -0.04 (Q3 2023: SEK -0.25); after dilution SEK -0.03 (Q3 2023: SEK -0.23).

• Cash flow from operating activities in Q3 was SEK 269 thousand (Q3 2023: SEK 2,048 thousand).

• For the first nine months, operating loss after financial items was SEK -19,274 thousand (9M 2023: SEK -18,406 thousand).

• Cash and cash equivalents at September 30 were SEK 613 thousand (September 30, 2023: SEK 620 thousand).

Outlook and guidance

• Awaiting EU decision on Strategic Project status for Hautalampi by December 2024.

• Proceeds from rights and convertible issues to fund feasibility study, debt repayment, and working capital for Hautalampi.

• Focus remains on advancing Hautalampi towards construction and commercial production.