Antti Viljakainen has very quickly written comments on this fresh news. 
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Betolar and Nordkalk Collaborate to Commercialize Circular Calcite Based on Mining Waste
Betolar Oyj and leading limestone company Nordkalk Oy Ab have initiated a joint research project aimed at increasing the utilization possibilities of a by-product based on mining waste, circular calcite, at Nordk
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Here are also Tommi’s comments regarding this fresh news.
Betolar announced this morning that it would start a joint research project with the limestone company Nordkalk. The project’s goal is to commercialize a byproduct based on mining waste, circular calcite, at Nordkalk’s Lappeenranta production facility. The immediate financial significance of the cooperation depends on the cooperation progressing to a later stage, meaning the announcement has no immediate impact on our forecasts.
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Tommi has made a new extensive report on Betolar, and like other extensive reports, this one is available for everyone to read, meaning there are no walls.
The progress of Betolar’s investment story, which focuses on replacing cement and utilizing industrial side streams, has clearly fallen short of expectations during its stock market journey so far. Proving Betolar’s new method on an industrial scale has become central to the story, where success is critical also from the perspective of the financing needs looming in the near future. Risks related to business initiation and financing availability turn the return-risk ratio subdued despite high potential. Thus, we reiterate our Reduce recommendation, but revise our target price to 1.3 euros.
Quoted from the report:
With a long-term development and a review based on the year 2030, we arrive at a current value per share of approximately 2.2 euros with our base scenario and required rate of return. The long-term scenario naturally gives a more positive picture of the valuation, but the dispersion of scenarios is large and forecast risks increase when forecasting further into the future.
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Iikka and Tommi discussed Betolar regarding a new extensive report.
Topics:
00:00 Start
00:15 Betolar as a company
05:33 The value of new technology
07:46 Business is still loss-making
10:14 Forecasts include growth
11:56 Reduce recommendation
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GTK is investigating waste areas of closed mines. They are determining how many different metals are available there. This is very much Betolar’s business.
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Here are Tommi’s preliminary comments as Betolar publishes its results on Tuesday, October 28.
We expect the company’s order intake and revenue to have continued their growth, as the company’s focus has shifted from product development increasingly towards sales and commercialization. At the same time, we predict losses to have decreased due to strict cost control. On the results day, areas of particular interest include the number of orders received, additional information on commercial agreements concluded, and the next steps in the development of Betolar’s new technology. Our recently published comprehensive report can be read here.
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On the eve of the earnings release, a press release about a significant order is published. Inside Information: Betolar Plc Receives a Significant Order for an Infrastructure Project
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And here in Finnish:
Inside Information: Betolar Oyj received a significant order for an infrastructure-related project
Betolar Oyj has received an order worth approximately 1.4 million euros from two Finnish companies for an infrastructure project based on Betolar’s innovation.
The project related to the order is the first phase of a larger entity, and it focuses on evaluating the suitability of Betolar’s innovation in applications and preliminary testing.
Later phases of the project will be decided based on the results of this first project.
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Here are Tommi’s comments on Betolar receiving the largest order in the company’s history.
Betolar announced yesterday that it had received an order worth approximately EUR 1.4 million from two Finnish companies. The order is extremely significant for Betolar, and with this order, the total order intake for the entire year 2025 exceeds our expectations. Although there are no immediate pressures for changes in our forecasts, which anticipate rapid growth, the order nevertheless reduces short-term forecast risks. The concise announcement left much room for interpretation, and we await further information from Betolar’s Q3 report today and the webcast event starting at 10:00.
EDIT:
Here are the same man’s quick comments on the Q3 results.
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Here is a new company report from Tommi on Betolar after the Q3 releases.
Betolar’s Q3 report turned into a positive surprise after the company announced the largest order in its history after the review period. Thus, the subdued growth figures of the review period played a secondary role in the earnings report. We did not make changes to our revenue forecasts for the coming years, as our forecasts expecting rapid growth require success in new sales. After the share price increase on earnings day, the stock is, in our assessment, fully priced, and the risk-reward ratio does not reach an attractive level. We reiterate our Reduce recommendation for Betolar and our target price of 1.30 euros.
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An article about Outokumpu in the Lapin Kansa newspaper. It also partly concerns the Betolar company. Raising the mining tax shifts investments.
Copy of the article.
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Outokumpu also plans to put investments in Sea Lapland on hold to save costs. The company has postponed the goal of the Kemi mine being the world’s first carbon-neutral mine by the end of this year and has moved forward an investment in a new annealing and pickling line at the cold rolling mill in Tornio.
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Epse managed to get quite a deal where valuable metals are separated from mining waste. If Epse succeeded, why wouldn’t Betolar at some point?
Finnish Company Strikes Gold in Central Asia – Revenue Multiplies 60-fold
Ylöjärvi-based Epse has signed agreements with a total value of almost 400 million euros upon realization.
Finnish Epse will soon be separating valuable metals from mining waste in Central Asia.
Epse and its US-based affiliate Epse Technology Inc. have signed an agreement with Uzbekistan’s Ministry of Mining and Geology to establish a joint venture.
The agreement covers the construction of a Green Zone unit in Uzbekistan and includes an option for the implementation of five additional units. The program’s value, upon realization, is approximately 200 million euros.
A Green Zone unit is a facility that processes industrial and mining process waters and wastewaters containing soluble metals. The method is developed and patented by Epse.
Valuable and critical raw materials, as well as rare earth metals, are recovered from the waste. The method has been tested for 50 metals.
“The value of one unit is approximately 35 million euros. The goal is to build five more units. We can build two units simultaneously, so the work will take about five years,” says Epse’s CEO Jouni Jääskeläinen.
The first Green Zone unit to be completed in Uzbekistan will be built over the next 24 months, and its operations will commence in 2027.
On Tuesday, October 28, the company signed a memorandum of understanding for a project of similar scale with the state-owned Kazakh company Samruk-Kazyna Ondeu LLP. The concept is the same as in Uzbekistan.
“This is a tremendous change to our current operations. Once the plant is installed, we will sell chemicals worth two million euros annually. We are progressing step by step; initially, revenue will multiply.”
If all plans are realized, the total value of the projects will rise to 400 million euros.
Kauppalehti reported in 2021 on Epse’s cooperation in purifying wastewater from Chinese coal-fired power plants. The project did not proceed. Jääskeläinen is not bothered by it.
“There are enough mines built with old technology in the world, so there is plenty of work for us for a long time,” Jääskeläinen says.
Part of the Critical Raw Materials Program
The first Green Zone will be implemented in cooperation with the European Union’s Critical Raw Materials (EU CRM) program and supported by the Finnish state.
The Green Zone program is part of Central Asia’s green transition. It supports the Uzbekistan 2030 strategy, which aims to develop sustainable industry, responsibly utilize natural resources, and strengthen environmental protection.
Epse’s agreements were concluded simultaneously with the official state visit of the President of the Republic Alexander Stubb to Kazakhstan and Uzbekistan.
The aim of the visits is to strengthen Finland’s bilateral relations and economic cooperation with both Central Asian countries. Epse has been part of the presidential delegation as a representative of the business community.
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Why is Betolar not involved in this? Apparently, the Finnish state is also supporting the project together with the EU. Another question is why Betolar was not part of those state visits?
Inevitably, the thought came that a merger between Epse and Betolar would be more than a logical alliance, both would benefit. Epse technology processes wastewater and Betolar processes tailings and slag. This would be a perfect alliance.
But to start with, could Betolar still get involved in that Uzbekistan and Kazakhstan project? Why not. Nothing else to do but contact, for example, Finnish state authorities.
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Betolar shares may soon be traded in the United States
Betolar announced it is seeking to list its shares on the U.S. OTC market.
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Does this mean that Betolar will delist from the First North marketplace? Will Betolar’s shares have to be traded in dollars in the future?
@Tommi_Saarinen Could Tommi comment on this latest announcement from Betolar and that question from member @jopa?
From Betolar’s website: “The aim of the planned OTCQX listing is to improve the share’s valuation and liquidity and expand the ownership base by offering US investors an easy, dollar-denominated, and cost-effective way to invest in the company, which is listed on the Nasdaq First North Growth Market Finland market.”
Therefore, to my best knowledge, I believe that this listing concerns US investors and its position on Nasdaq First North Growth Market Finland remains unchanged. Please correct me if I am wrong about this.
Betolar Applies for Its Shares to Be Admitted to Trading on the US OTCQX Market
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Considering that the company’s realized revenue is in the hundreds of thousands of euros, the company certainly has a very ambitious and international attitude towards things. The website is made to be top-notch, and now a parallel listing in the United States… Their actions are like those of an even larger listed company.
Now, explosive growth is simply needed; the targets are really high, but the track record is still a bit lacking (in 2026, according to the original targets, the company should have a revenue of 200 million, and according to current targets, a billion by 2033).
In my opinion, setting huge targets is a bit problematic from an investor’s perspective when the track record for achieving them is weak. It makes the company a bit like a lottery ticket type of investment; we’re talking about hundreds of millions and a billion, but currently, we are in the hundreds of thousands. Of course, the targets have now been updated, but still, a bit of realism is needed regarding what is actually possible and what is not.
I’m not criticizing growth per se; it’s good that Finland has growth-oriented companies. But when listing on the stock exchange, the rhetoric and actions should be more realistic than what is discussed in the startup world.
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Hi, yesterday’s announcement does not mean Betolar’s delisting from First North, but rather bringing the share for trading also in the United States. Trading would henceforth take place concurrently on two markets: First North in euros and the OTCQX marketplace in dollars. This marketplace is specifically aimed at US investors for whom direct investment in Helsinki is difficult, so this does not require any action from Finnish investors.
The listing itself also does not mean raising new capital, but the move raises the company’s profile in the United States. I expect Betolar to need additional equity financing, but I still consider it likely that any potential financing will ultimately be sought from the Nordics.
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