New Risk • May 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 39% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (39% accrual ratio). Minor Risk Market cap is less than US$100m (kr528.8m market cap, or US$57.1m). Announcement • Apr 09
Botnia Gold AB (publ), Annual General Meeting, May 12, 2026 Botnia Gold AB (publ), Annual General Meeting, May 12, 2026, at 10:30 W. Europe Standard Time. Location: hotell lappland`s premises at korpberget 1, in lycksele, Sweden Reported Earnings • Feb 07
Full year 2025 earnings released: EPS: kr1.20 (vs kr0.56 in FY 2024) Full year 2025 results: EPS: kr1.20 (up from kr0.56 in FY 2024). Revenue: kr246.9m (up 335% from FY 2024). Net income: kr49.0m (up 119% from FY 2024). Profit margin: 20% (down from 39% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. New Risk • Feb 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (38% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (kr628.4m market cap, or US$70.6m). Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr15.65, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 17x in the Metals and Mining industry in Sweden. Total returns to shareholders of 201% over the past three years. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr12.75, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 17x in the Metals and Mining industry in Sweden. Total returns to shareholders of 138% over the past three years. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr13.80, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 14x in the Metals and Mining industry in Sweden. Total returns to shareholders of 35% over the past three years. New Risk • May 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 35% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (35% accrual ratio). Minor Risk Market cap is less than US$100m (kr516.2m market cap, or US$54.0m). Announcement • Apr 11
Botnia Exploration Holding AB (publ), Annual General Meeting, May 13, 2025 Botnia Exploration Holding AB (publ), Annual General Meeting, May 13, 2025, at 10:00 W. Europe Standard Time. Location: at hotelllapplands premises, at korpberget 1, lycksele., Sweden Recent Insider Transactions • Oct 15
Vice Chairman & CFO recently sold kr71k worth of stock On the 8th of October, Thomas Ljung sold around 5k shares on-market at roughly kr14.25 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth kr199k. Thomas has been a net seller over the last 12 months, reducing personal holdings by kr270k. Recent Insider Transactions • Oct 09
Vice Chairman & CFO recently sold kr199k worth of stock On the 4th of October, Thomas Ljung sold around 15k shares on-market at roughly kr13.28 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Thomas' only on-market trade for the last 12 months. New Risk • Sep 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m (kr78k revenue, or US$7.6k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr32m). Share price has been volatile over the past 3 months (8.4% average weekly change). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Market cap is less than US$100m (kr522.3m market cap, or US$50.7m). New Risk • Sep 06
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -kr32m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m (kr78k revenue, or US$7.6k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr32m). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Market cap is less than US$100m (kr497.8m market cap, or US$48.6m). Reported Earnings • May 05
First quarter 2024 earnings released: kr3.38 loss per share (vs kr0.05 loss in 1Q 2023) First quarter 2024 results: kr3.38 loss per share. Net loss: kr1.94m (loss narrowed 1.8% from 1Q 2023). Reported Earnings • Feb 18
Full year 2023 earnings released: kr0.18 loss per share (vs kr0.26 loss in FY 2022) Full year 2023 results: kr0.18 loss per share (improved from kr0.26 loss in FY 2022). Net loss: kr7.28m (loss narrowed 4.1% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. New Risk • Nov 19
New major risk - Revenue and earnings growth Earnings have declined by 0.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.1% per year over the past 5 years. Revenue is less than US$1m (kr461k revenue, or US$44k). Minor Risks Shareholders have been diluted in the past year (36% increase in shares outstanding). Market cap is less than US$100m (kr331.6m market cap, or US$31.5m). Reported Earnings • Aug 20
Second quarter 2023 earnings released: kr0.047 loss per share (vs kr0.083 loss in 2Q 2022) Second quarter 2023 results: kr0.047 loss per share (improved from kr0.083 loss in 2Q 2022). Net loss: kr1.85m (loss narrowed 23% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Aug 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (kr964k revenue, or US$90k). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Shareholders have been diluted in the past year (36% increase in shares outstanding). Market cap is less than US$100m (kr423.4m market cap, or US$39.6m). Board Change • May 25
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairman of the Board Johan Norman was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 20
Full year 2022 earnings released: kr0.26 loss per share (vs kr0.20 loss in FY 2021) Full year 2022 results: kr0.26 loss per share (further deteriorated from kr0.20 loss in FY 2021). Net loss: kr7.59m (loss widened 36% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Recent Insider Transactions • Dec 08
Independent Chairman recently bought kr104k worth of stock On the 6th of December, Thomas Soderqvist bought around 16k shares on-market at roughly kr6.50 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Thomas' only on-market trade for the last 12 months. Reported Earnings • May 09
First quarter 2022 earnings released: kr0.057 loss per share (vs kr0.045 loss in 1Q 2021) First quarter 2022 results: kr0.057 loss per share (down from kr0.045 loss in 1Q 2021). Net loss: kr1.65m (loss widened 33% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: kr0.20 loss per share (down from kr0.17 loss in FY 2020). Net loss: kr5.57m (loss widened 17% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • Nov 14
Third quarter 2021 earnings released: kr0.047 loss per share (vs kr0.04 loss in 3Q 2020) Third quarter 2021 results: Net loss: kr1.36m (loss widened 27% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 31% per year. Reported Earnings • Aug 23
Second quarter 2021 earnings released: kr0.051 loss per share (vs kr0.042 loss in 2Q 2020) Second quarter 2021 results: Net loss: kr1.49m (loss widened 33% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 27
Independent Chairman recently bought kr106k worth of stock On the 25th of May, Lars Engstrom bought around 8k shares on-market at roughly kr13.64 per share. This was the largest purchase by an insider in the last 3 months. This was Lars' only on-market trade for the last 12 months. Reported Earnings • May 10
First quarter 2021 earnings released: kr0.045 loss per share (vs kr0.047 loss in 1Q 2020) First quarter 2021 results: Net loss: kr1.24m (loss narrowed 3.2% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Apr 08
CEO & MD exercised options to buy kr127k worth of stock. On the 31st of March, Thomas Ljung exercised options to buy 10k shares at a strike price of around kr6.50, costing a total of kr66k. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. Thomas currently holds 451.70k shares (0.01642798534347187 of the company). This was the only transaction from an insider over the last 12 months. Is New 90 Day High Low • Jan 09
New 90-day high: kr15.45 The company is up 55% from its price of kr9.98 on 09 October 2020. The Swedish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: kr10.95 The company is up 23% from its price of kr8.90 on 18 September 2020. The Swedish market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 3.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: kr0.04 loss per share Third quarter 2020 results: Net loss: kr1.07m (loss widened 14% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 02
New 90-day high: kr10.20 The company is up 33% from its price of kr7.68 on 04 August 2020. The Swedish market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is flat over the same period. Is New 90 Day High Low • Oct 06
New 90-day high: kr9.50 The company is up 94% from its price of kr4.90 on 08 July 2020. The Swedish market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 15% over the same period.