Eurobattery Minerals (BAT) Q4 2024 earnings summary

Executive summary

• Advanced towards mining operations by submitting the Hautalampi environmental permit and securing full ownership of FinnCobalt Oy.

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

• Applied for Strategic Project status under the EU Critical Raw Materials Act, aiming for streamlined permitting and financing.

• Invested in Spanish tungsten project TSJ, targeting production start in 2025.

• Participated in BATCircle3.0 to enhance the circular battery ecosystem in Finland.

Financial highlights

• Net sales were SEK 0 for both Q4 and full year 2024, unchanged from 2023.

• Operating loss after financial items was SEK -7,999 thousand in Q4 (Q4 2023: SEK -4,649 thousand) and SEK -27,273 thousand for the year (FY 2023: SEK -23,055 thousand).

• EBITDA for Q4 was SEK -4,628 thousand (Q4 2023: SEK -6,478 thousand); full year EBITDA was SEK -21,034 thousand (FY 2023: SEK -18,986 thousand).

• Cash flow from operating activities was SEK -14,364 thousand in Q4 and SEK -39,656 thousand for the year.

• Cash and cash equivalents at year-end were SEK 796 thousand; equity stood at SEK 123,315 thousand.

Outlook and guidance

• Optimistic about 2025 and beyond, expecting the EU to move from policy to action on critical raw materials.

• Focus remains on responsible mining, innovation, and collaboration within the battery value chain.