Botnia Gold AB (publ)

BOTX.ST

Gold · Basic Materials

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Botnia Gold AB is a Swedish mining company focused on exploring and developing gold deposits in northern Sweden, a region historically known for its mineral-rich geology. The company targets gold extraction projects in the Västernorrland and surrounding areas of Scandinavia, with its output ultimately sold to metals traders, refiners, and industrial buyers. It operates in the basic materials sector, where gold serves as both an industrial input and a store of value.

The company generates revenue primarily through gold sales, with profitability tied directly to gold prices and the volume of ore successfully extracted and processed. Operating mainly in Sweden, Botnia Gold is a smaller, regionally focused producer with a market cap around $0.5 billion, giving it less scale than major global miners. Its relatively high ROIC suggests efficient use of capital at current gold prices, but the main risk it faces is significant dependence on gold price fluctuations, which can quickly erode margins if prices fall while operating costs remain fixed.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-26.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-63.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

48.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

kr 34M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Botnia Gold AB (publ) has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

19.2%

Thin — 19.2% gross margin

Profit after running costs

Operating Margin

19.2%

Healthy — 19.2% operating margin

Return on the money invested

ROCE

32.1%

Exceptional — 32.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+73.9%

Fast-growing sales (+73.9% YoY)

Profit growth

EPS YoY

+8.8%

Earnings growing (+8.8% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

105%

Turns 105% of profit into real cash

Spare cash per sale

FCF Margin

15.0%

Converts sales into free cash efficiently (15.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

99.19x

Comfortably covers interest (99.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.9x

no trend

Attractive valuation — P/E 7.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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