Slides
Page 1
Responsible mining for a sustainable future Y ear-end report 2025 Kiruna 10 February 2026 1
Page 2
Mining for the futureMining for the futureMining for the future Forward-looking statements This presentation contains forward-looking statements, which relate to events or future performance and reflect Gruvaktiebolaget Viscaria (“Viscaria” or the “Company”) current expectations and assumptions. Such forward -looking statements are based on inform ation previously made public by the Company , other public sources, and the Company’s current assumptions and beliefs, which may be subject to change, and shouldnot be viewed or understood as projections, forecasts or similar . Investors are cautioned that these forward -looking statements are neither promises nor guarantees, and are subject to risks and uncertainties, among others those described in this material as prepared by Viscaria for the purpose to attract financing, th at may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, ex cept if required under applicable securities legislation, the company does not assume any obligation to update or revise them to refl ect new events or circumstances. Financial information The numbers and financial figures in this presentation have not been reviewed nor audited by the company’s auditor . Furthermore, some of the figures in the presentation have been rounded off . Certain financial information may be break -downs of public figures and hence neither public nor market -sensitive but may still constitute commercially proprietary information. Accordingly , this presentation shall not be shared with anyone not approved by Viscaria. 2 Disclaimer 2
Page 3
Mining for the future 2025 – a year of strong achievements • Environmental permit gained legal force in April • Strong Resource update and Feasibility Study • Exploration drilling confirms growth potential • SEK 3.9 bn mandate letter for debt financing • Share issues contributed SEK 1.5 bn in cash • Continued infrastructure investments • The water treatment plant inaugurated in October • Long Lead Item mill agreement with Metso • Signed MoU with Aurubis 3
Page 4
Mining for the future Geology highlights Q4 2025 Latest exploration results confirm significant growth potential for the Viscaria deposit: • Extensive mineralisation intersected in the B-zone gap: 76.2 m at 0.99% Cu, 1.37 ppm Ag • High-grade copper discovered in the C-zone: 5.8 m at 2.31% Cu, 1.64 ppm Ag • Step-out drilling in D-zone confirms extension over 400 m from the existing resource 4
Page 5
Mining for the future Assets • Viscaria, Arvidsjaur, Tvistbo • 6 Exploitation concessions • 16 Exploration permits Viscaria • Environmental permit in legal force • Strong local community ties • Funding: SEKM ≈ 3,700 2020–2025 A unique position • One of the largest copper projects in Europe • Exceptional conditions with low carbon footprint • Rigorous mining preparations well underway • Successful exploration continues to enhance potential • Rigourous financing due diligence underway => With demand for copper set to grow for many years to come, Viscaria is ideally positioned to meet future needs 5
Page 6
Mining for the future Viscaria Village – Ready summer 2026 Room standard: All rooms are equipped with a private toilet, shower and refrigerator On-site activities: Football/tennis court, ice rink, disc golf, outdoor gym and sauna Living space: 132 rooms. A total of 264 residents on a rotating 7/7 shift Overview summer Sauna In partnership with Strawberry & MG LINK Overview Architectual design: A&D Arkitektkontor Sauna Outdoor Gym Ice Rink / Fotball / T ennis Court 6
Page 7
Mining for the future Processing Plant Old Tailings Dam Power Water Treatment Plant Parking Storage & Laydown Area Viscaria Village Railyard Mine area overview Offices 7
Page 8
Mining for the future Mass Summary 2025 Earth Excavation: 324,875 m³ Rock: 210,163 m³ Moraine: 242,010 m³ Excavation: 32,600 m³ Boulders: 600 m³ Crushed material: 98,194 m³ Total: 908,441 m³ T otal Mass Earth Excavation Moraine Crushed Material Rock Excavation Boulders 8
Page 9
Mining for the future 16 dumprar på site daglien Varje flak rymmer 40 ton material, ca 18-20 kubik Upp till 300 dumperlaster per shift Hela maskinhantering sköts av 50-60 personer borrning för sprängning vid anrikningen, gråberg som vi sedan använder för byggnationer på site Viscaria in numbers Dump trucks operating on site daily 16 Amount of material moved with each truck 40 tonnes Number of dump truck loads per shift Up to 300 9
Page 10
Mining for the futureMining for the future Timeline for the reopening of Viscaria – all permits in place 10 2025 2026 20272023-24 Gray box alignment Content top Left align Right and gray textbox align Title Subtitle Bottom align Roads, retaining walls, pipelines Permits granted Permits gained legal force Rail connected WTP , sludge disposal facility , dewatering Processing plant, TSF and Commissioning Environmental permitting Infrastructure Construction phase Production 2028 2029 Full production Power supply Ramp-up concentrate to customers Initial extraction First copper concentrate
Page 11
Mining for the future 11 Tonnage Average Grade Contained Cu Contained FeMAG Mt Cu (%) kt Cu Mt Fe Measured 15.4 1.23 189 1.6 Indicated 49.1 0.86 423.2 2.5 Measured + Indicated 64.6 0.95 612.2 4.1 Inferred 43.3 0.82 355 2.9 GRAND TOTAL 107.9 0.90 967.2 7.0 RESOURCE CATEGORY Viscaria (All Zones) Cross-section of the Viscaria deposit’s mineralised zones + 0 m - 750 m + 750 m NORTHWEST SOUTHEAST + 0 m * For the total Mineral Resource (107.9 Mt), average grade in copper equivalent, CuEq = 0.97% Resource CuEq = Cu (%) + Fe (%) * 0,01019, utilizing a long-term Cu price of 11,000 USD/t & Fe (68%) price of 125 USD/t Geology Highlights, Q4 2025: Advancing Viscaria’s growth potential Continued near -mine focus with the exploration drilling ➢ Total of ca. 31,000 metres were drilled during 2025, predominantly focused on testing extensions of the known mineralised zones Drilling in the B -zone ‘gap’ intersects 76.2 m @ 0.99% Cu ➢ Demonstrates high-grade continuity across a previously untested gap in the resource model and defines exceptionally thick mineralised package High-grades discovered in the C -zone: 5.8 m @ 2.31% Cu ➢ Confirms alteration trends and geophysical anomalies, opening a new exploration space within a zone previously considered to be barren D-zone mineralisation confirmed >400 m from resource ➢ Successful step-out drill hole shows major extension to mineralisation and opens a significant space for future resource growth D-zone (total) 29.2 Mt @ 0.91% Cu, 1.16% CuEq A-zone 19.2 Mt @ 1.29% Cu ABBA zone 15.6 Mt @ 0.77% Cu B-zone 43.9 Mt @ 0.77% Cu C-zone No Mineral Resources
Page 12
Mining for the future Viscaria Mine Exploration permit Kiruna Airport Kiruna Exploitation concession Kiirunavaara • A new exploration permit, Viscaria nr . 123 has been granted, after application sent in Q3 2025 • Now , the main mine area at Viscaria accounts for just 1.5% of the total permitted exploration area (ca. 2km² out of 146 km²) • Further consolidated permit coverage across the most prospective stratigraphy and structural architecture for copper discoveries in the Kiruna district • Area identified after summer exploration mapping campaign during 2025 and drone airborne magnetic survey in adjacent permits • Viscaria commits to carrying out district-scale exploration in a responsible manner , in order to generate and advance targets for long-term development of the company’s metal inventory through the discovery of satellite deposits New exploration permit granted towards the west of Viscaria: Responsible exploration within the ‘Grand Viscaria’ strategy Viscaria nr. 123 12
Page 13
Mining for the future SOUTHWEST NORTHEAST Viscaria B -Zone Longitudinal Section < 1 1 - 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 > 20 Cu (%) x Thicknes s (m) B-Zone Exploration Results, Q4: Extensive high -grade mineralisation confirmed in previously untested ‘gap’ VDD24116 13.0 m @ 1.94% Cu, 2.61 ppm Ag Incl .. wit hin 21.7 m @ 1 .48% Cu , 1 .94 ppm Ag VDD24115 13.1 m @ 2.35% Cu, 3.32 ppm Ag Incl .. wit hin 219.9 m @ 0.53% Cu, 0.54 pp m Ag B-Zone Mineral Resource w/ grade-thickness contours VDD25013B 12.2 m @ 1.52% Cu, 2.05 ppm Ag Incl. within 76.2 m @ 0.99% Cu, 1.37 ppm Ag NEW INTERSECTION PR EVIOUSLY REPORTED PREVIOUSLY REPORTED See the accompanying Table 1 (PERC 2021) for information regarding VDD25013B and VDD25013D. For more information regarding the previously reported intersections, see the specific Table 1 release for the Q4 2024 presentation. VDD25013D, assays pending Broad mineralised pac kage between 9 50 and 105 0 metres depth, s imilar style to VDD25 013B LATEST ASSAY RESULT Highlight intervals from VDD25013B: From 883.4 m to 1106.0 m depth ➢ 222.6 m @ 0.60% Cu, 0.85 ppm Ag From 957.1 m to 1033.3 m depth ➢ 76.2 m @ 0.99% Cu, 1.37 ppm Ag From 976.1 m to 988.3 m depth ➢ 12.2 m @ 1.52% Cu, 2.05 ppm Ag Latest drill holes display continuity in mineralisation across a previously untested gap in the resource model Both stratabound and cross-cutting vein mineralisation styles, resulting in a broad mineralised package containing several high-grade intervals This broad mineralisation has been intersected in previous holes: e.g., VDD24115, 219.9 m @ 0.53% Cu Pending assays planned for release in Q1 2026 report 13
Page 14
Mining for the future SOUTHWEST NORTHEAST Viscaria B -Zone Longitudinal Section < 1 1 - 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 > 20 Cu (%) x Thicknes s (m) B-Zone Exploration Results, Q4: Extensive high -grade mineralisation confirmed in previously untested ‘gap’ VDD24116 13.0 m @ 1.94% Cu, 2.61 ppm Ag Incl .. wit hin 21.7 m @ 1 .48% Cu , 1 .94 ppm Ag VDD24115 13.1 m @ 2.35% Cu, 3.32 ppm Ag Incl .. wit hin 387.7 m @ 0.39% Cu, 0.50 ppm Ag B-Zone Mineral Resource w/ grade-thickness contours VDD25013B 12.2 m @ 1.52% Cu, 2.05 ppm Ag Incl. within 76.2 m @ 0.99% Cu, 1.37 ppm Ag NEW INTERSECTION PR EVIOUSLY REPORTED PREVIOUSLY REPORTED VDD25013D, assays pending Broad mineralised package b e tween 950 and 1050 metres depth, similar style to VDD 25013B LATEST ASSAY RESULT Approx. NW-SE striking Mt-Cpy-Py feeder veins, orthogonal to bedding Dominant stratabound mineralisation style, Cpy-Mt-Py concordant to NE-SW striking bedding planes, locally folded VDD25013B: mineralisation styles and fluid pathways See the accompanying Table 1 (PERC 2021) for information regarding VDD25013B and VDD25013D. For more information regarding the previously reported intersections, see the specific Table 1 release for the Q4 2024 presentation. Highlight intervals from VDD25013B: From 883.4 m to 1106.0 m depth ➢ 222.6 m @ 0.60% Cu, 0.85 ppm Ag From 957.1 m to 1033.3 m depth ➢ 76.2 m @ 0.99% Cu, 1.37 ppm Ag From 976.1 m to 988.3 m depth ➢ 12.2 m @ 1.52% Cu, 2.05 ppm Ag Latest drill holes display continuity in mineralisation across a previously untested gap in the resource model Both stratabound and cross-cutting vein mineralisation styles, resulting in a broad mineralised package containing several high-grade intervals This broad mineralisation has been intersected in previous holes: e.g., VDD24115, 219.9 m @ 0.53% Cu Pending assays planned for release in Q1 2026 report 14
Page 15
Mining for the future B-Zone Exploration Results, Q4: Extensive high -grade mineralisation confirmed in previously untested ‘gap’ Massive magnetite replaced locally by Cu- and Fe-sulphides Deformed stratabound Cu mineralisation hosted by albitised metasediment 15
Page 16
Mining for the future NORTHWEST SOUTHEAST Viscaria Cross Section A-ABBA-B-C zones C-Zone Exploration Results, Q4: First intersection of high -grade copper mineralisation in the C -zone See the accompanying Table 1 (PERC 2021) for additional informat ion regardi ng VDD25013C and a full assay list. Drillhole VDD25013C was a wedge cut-out from VDD25013B, achieving comparable results in the B-zone gap, but also extending deeper to test the C-zone stratigraphic level: From 1173.6 m to 1197.5 m depth ➢ 24.0 m @ 1.15% Cu, 0.81 ppm Ag From 1191.7 m to 1197.5 m depth ➢ 5.8 m @ 2.31% Cu, 1.64 ppm Ag First instance of high-grade copper mineralisation found in C-zone; more drilling required Targeted due to alteration observed in nearby C-zone drilling (lack of the typical graphitic shale) and an associated geophysical anomaly (significant break in conductivity model) Fits well into our conceptual model of stacked mantos proximal to a main feeder fault VDD25013C – C Zone Intersection 5.8 m @ 2.31% Cu, 1.64 ppm Ag Incl.. within 24.0 m @ 1.15% Cu, 0.81 ppm Ag Biotite-altered metasediments with dominantly concordant Cpy-Py-Mt mineralisation VDD25013C – B Zone Intersection 15.6 m @ 1.31% Cu, 1.62 ppm Ag Incl.. within 100.9 m @ 0.80% Cu, 1.07 ppm Ag 16
Page 17
Mining for the future Framing the latest exploration results on the deposit-scale: Integrated geological -geophysical evidence given for major feeder zone Plan view Viscaria deposit Unconstrained MT inversion Depth slice at 1 kilometre VDD25013C Formational conductors: A-zone and C -zone graphitic shales ABBA discovery B Deep discovery Mineralised C-zone Major break in conductivity: NW-SE striking structural corridor with bleaching of carbonaceous units and host to several stacked high-grade mineralised horizons C-Zone in VDD25013C: Typical C-Zone, 1km northeast of VDD25013C Bleached, albitised metasediments; decomposition of graphitised organic matter; high-grade Cpy with biotite alteration Graphitic black shale; pyrite and pyrrhotite are common with only minor chalcopyrite mineralisation CONDUCTIVITY HighLow 17
Page 18
Mining for the future Viscaria D -Zone Longitudinal Section VDD24129B 4.0 m @ 1.64% Cu, 28.23% Fe ( 2.00% CuEq) Incl . wi thin 52.7 m @ 0.19% Cu, 31.95% Fe (0.60% CuEq) VDD24006D 7.8 m @ 1.84% Cu, 32.61% Fe ( 2.26% CuEq) Incl . wi thin 16.8m @ 1.32% Cu, 25.52 % Fe (1.64% CuEq) D-Zone Mineral Resource w/ grade-thickness contours NORTH SHOOT SOUTH SHOOT SOUTHWEST NORTHEAST D-Zone Exploration Results, Q4: Success in major step -out hole Drill hole VDD24036 was extended & intersected Cu-Fe mineralisation over 400 metres from D-zone resource Similar mineralisation style to previous step-out drill holes, which all successfully hit Cu-Fe mineralisation Mineralisation confirmed to extend both along strike and towards depth; latest result from VDD24036 opens significant space for future resource growth Pending assays planned for release in Q1 2026 report Sel ect intersections from previous releases are shown – see previo u s Table 1 reports for full assay li sts. Copper Equivalent (CuEq) for dri ll intersections are calculated based on metal pri ces of US$ 9400/t Cu and US$ 120/t Fe (68 %), assuming full recovery of Cu and Fe (68% ). < 1 1 - 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 > 20 Cu (%) x Thi ckness (m ) VDD25002 8.0 m @ 1.27% Cu, 24.07% Fe (1. 57% CuEq) Incl . wi thin 54.1 m @ 0.2 0% Cu, 34.33% Fe (0.64% CuEq) VDD25001B VDD25001 VDD24129 VDD24111B PR EVIOUSLY REPORTED PREVIOUSLY REPORTED PREVIOUSLY REPORTED VDD24036, assays pending Cu-Fe mineralisation observed from 1718 m; HW gabbro also hosts anomalous copper NEW INTERSECTION Massive magnetite overprinted by chalcopyrite 18
Page 19
Mining for the future Looking ahead after a successful end to exploration in 2025: Viscaria remains open and geophysics indicates a deep -rooted system Conceptual target (untested) Conceptual target (untested) HighLow MAGNETIC SUSC. Slice of constrained 3D magnetic inversion Magnetic signature of Viscaria’s D, B, ABBA and A zones shown to extend beyond 1.5 kilometres depth Continued exploration success in Viscaria in Q4: i. Exceptionally thick mineralisation with high- grade intervals confirmed in B-zone ‘gap’ ii. First high-grade copper intercept discovered in C-zone, previously considered barren iii. Successful >400 m step-out hole in D-zone opens significant space for resource growth Looking ahead on the path toward discovery: Recent exploration has strengthened geological understanding and sharpened our conceptual model of a deep-rooted stacked mantos system Near-mine exploration activities have continued into 2026 with three rigs in operation, testing new targets/spaces and following-up on earlier results Reflection seismic survey to take place during summer 2026, aiming to map down-dip reflectivity of existing and new mineralised zones, as well as to confirm the presence of controlling structural architecture for the deposit 19
Page 20
Mining for the future MSEK Q4 2025 Q4 2024 FY 2025 FY 2024 Capitalised expenses related to exploration and evaluation assets 78 77 285 331 Operating profit -26 -20 -67 -53 Net profit -41 -19 -109 -48 Cash flow for the period 1,090 -153 1,175 -35 Exploration and evaluation assets 1,649 1,284 1,649 1,284 Ongoing development 881 165 881 165 Cash and cash equivalents 1,407 232 1,407 232 Equity 3,095 1,598 3,095 1,598 Financial performance in summary Ny bild från workshop? 20
Page 21
Mining for the future 21 Cash and cash equivalent SEK 1,407m Available funds SEK 1,266m Deposit for closure costs SEK 141m Shareholder loan converted SEK 118m Shareholder loan (incl. accrued interests) SEK 654m Solid financial position, Dec 2025 Remaining funding requirement mix of equity and debt -continuously updating costs estimation for CapEx and OpEx -substantial upside of new level of Cu-price -contingency included by 10-15 % in all CapEx -COF included of SEK 750m Directed Issue SEK 800m Rights Issue, after conversion SEK 738m
Page 22
Mining for the future 22 All permits in place Shovel ready project - environmental permit received in 2024 Bankable Feasibility Study complete with significant upside Bankable Feasibility Study validating initial Life of Mine – Business case with run-rate production of 36ktpa1 CuEq. from 3Mtpa of ore and EBITDA of ~SEK 2. 0bn / ~65% margin (2029- 2036) and significant resource and production upside Infrastructure in place SEK 3. 7 bn invested since 2020, leveraging existing underground, rail, and port infrastructure. Water treatment plant inaugurated. Over 220 000m of infill and exploration drilling , significantly de-risking the project Tier 1 jurisdiction and attractive ESG profile Leading mining jurisdiction with one of the world’ s lowest CO2 emissions and significant socioeconomic impact in Northern Sweden with up to 500 direct and indirect employment Experienced management Management & board combining significant experience from the mining industry and business development Notes: 1) Average ‘29E – ’36E Summary: De-risked mid-tier copper project nearing production Financing well progressed Strong support from main and new owners - leading institutional and private investors Societe Generale and ING mandated lead arrangers in strong competition to arrange a structured project debt financing package of up to SEK 3.9 bn Shovel ready project - environmental permit gained legal force in 2025
Page 23
Mining for the future 23
Page 24
Responsible mining for a sustainable future 24