Eurobattery Minerals (BAT) Q2 2026 earnings summary

Executive summary

• Secured a convertible bond facility of up to SEK 60 million to support project development, particularly for the San Juan tungsten and Hautalampi battery mineral projects.

• Strengthened the San Juan project team with key appointments, enhancing execution capacity as the project targets production in Q1 2027.

• Increased ownership in Tungsten San Juan from 51% to 58.58%, reinforcing commitment to the project.

• Discontinued the Corcel Minerals project to focus resources on core assets in Spain and Finland.

Financial highlights

• Net sales were SEK 0 for both Q2 and the first half of 2026, unchanged from the previous year.

• Q2 operating loss after financial items was SEK -3,855 thousand, improved from SEK -8,366 thousand in Q2 2025.

• First half 2026 operating loss after financial items was SEK -56,200 thousand, compared to SEK -11,312 thousand in 6M 2025.

• Cash flow from operating activities was SEK -2,691 thousand in Q2 and SEK -8,767 thousand for the first half, both improved from the prior year.

• Cash and cash equivalents at 30 June 2026 were SEK 1,463 thousand, up from SEK 36 thousand a year earlier.

Outlook and guidance

• San Juan tungsten project remains on track for production start in Q1 2027, with strengthened financial and operational foundations.

• Hautalampi project in Finland continues to progress through the permitting process and is positioned as a key future supplier of battery minerals.

• Strategic focus is now on advancing two core projects in stable European jurisdictions aligned with EU critical raw materials priorities.