ARCTNasdaq StockholmOther Industrial Metals & MiningIFRS · SEK

Arctic Minerals

Arctic Minerals is a Nordic mineral exploration and development company focused on copper, gold and other critical minerals in Sweden, Norway and Finland. The group operates through a small corporate structure with wholly owned subsidiaries that hold exploration assets and mineral rights in the Nordic region.

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Revenue1.4m SEK
+29.8 %y/y
Operating profit (EBIT)-16.2m SEK
−174.2 %y/y
EBIT margin-1,151.4%
−606.3 ppy/y
Net income-16.2m SEK
−177.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-25-20-15-10-505m SEK2020: EBIT -21 m SEK20202021: 0.10 m SEK2021: EBIT -16 m SEK20212022: 0.10 m SEK2022: EBIT -19 m SEK20222023: 0.10 m SEK2023: EBIT -11 m SEK20232024: 1.1 m SEK2024: EBIT -5.9 m SEK20242025: 1.4 m SEK2025: EBIT -16 m SEK20251.4-16
RevenueOperating profit (EBIT)
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Business

Share of revenue
Exploration projects70 %

Early-stage mineral exploration activities to identify and advance new deposits.

Project development20 %

Technical work to progress discoveries toward resource definition and development studies.

Permitting and land rights10 %

Securing and maintaining exploration permits, claims and related rights in the Nordics.

Customers

Arctic Minerals does not sell commercial products to end customers; its economic counterparties are investors, joint venture partners, and future mining or processing counterparties that may value or develop its projects. The company’s projects are positioned around copper and other critical minerals that are relevant to electrification, infrastructure and industrial supply chains.

Equity investors

Buy shares for exposure to Nordic exploration upside and critical minerals optionality.

Strategic partners and acquirers

May fund, farm-in to, or acquire projects after technical de-risking.

Future mining and processing counterparties

Would ultimately buy concentrate or mineral output if projects reach production.

Strategy

Arctic Minerals is focused on advancing a portfolio of Nordic copper and critical mineral projects through exploration, geophysics, drilling and resource definition. The company’s strategy is to build value by identifying prospective deposits in politically stable jurisdictions and by progressing the most promising targets toward measurable resources and development optionality.

Advance the Hennes Bay project and other priority targetsShort term

Resource definition and technical de-risking are the main value drivers in exploration.

Expand and refine the exploration portfolio in Finland and NorwayMedium term

A broader portfolio improves discovery odds and reduces single-project dependence.

Position projects for future strategic interest in critical mineralsLong term

Copper and critical minerals attract long-duration demand from electrification and infrastructure.

Geography

The company’s exploration operations are conducted in Finland and Norway, with a Nordic project footprint that also includes Sweden through the corporate base and listing presence. Geography matters because permitting, local community approvals and mineral prospectivity differ by country, and Norwegian zoning and municipal processes are a specific operating constraint.

Risks

As an exploration company, Arctic Minerals is exposed to geological uncertainty, permitting risk and the possibility that estimated mineral resources do not translate into economic extraction. It also faces commodity price volatility, financing dependence and country-specific regulatory risk, especially in Norway where local zoning and municipal decisions can affect project timing.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Exploration and survey risk1Liquidity and financing risk2Permitting and land-rights risk3Metal price risk4Key-person risk5Norwegian regulatory and political risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Exploration and survey riskImpact: HighLikelihood: High

    Drilling and geophysical work may fail to define economic resources, and costs can rise before value is proven.

    Exposure: All exploration projects

  2. Liquidity and financing riskImpact: HighLikelihood: High

    Exploration companies typically require repeated external funding before cash generation.

    Exposure: Corporate funding needs

  3. Permitting and land-rights riskImpact: HighLikelihood: Medium

    The company needs permits and rights in Finland and Norway before advancing projects.

    Exposure: Nordic project portfolio

  4. Metal price riskImpact: HighLikelihood: Medium

    Project economics and investor interest are tied to copper, gold and other metal prices.

    Exposure: Copper and gold projects

  5. Key-person riskImpact: MediumLikelihood: Medium

    The organization is small and relies on a limited number of experienced staff.

    Exposure: Management and technical team

  6. Norwegian regulatory and political riskImpact: MediumLikelihood: Medium

    Municipal planning and zoning decisions can affect project approvals and timelines.

    Exposure: Norway projects

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Accounting

Judgemental items
Exploration asset impairment

Carrying values depend on future metal prices, grades, FX rates and production costs.

Impact: Can materially reduce asset values if project assumptions weaken

No external revenue

The group states it has no external sales of goods or services, so operating results are not supported by recurring revenue.

Impact: Financial performance is driven by capitalized exploration and financing

Permit withdrawal and capitalized cost write-offs

If an exploration permit is returned, related capitalized expenditure may be impaired.

Impact: Can create sudden expense recognition

Acquisition accounting and goodwill

The group has used acquisition accounting for subsidiaries and acquired assets, which can create goodwill and fair-value adjustments.

Impact: Affects balance sheet values and future impairment risk

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Last updated: 24/09/2026

Arctic Minerals (ARCT) Revenue, Earnings & Financials 2025 – Clarifo