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Ansvarsfull gruvdrift för en hållbar framtid 1 November 2025
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Ansvarsfull gruvdrift för en hållbar framtidMining 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 information previously made pu blic by the Company, other public sources, and the Company’s current assumptions and beliefs, which may be subject to change, and should not 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, that may cause future r esults to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except if required under applicable securit ies legislation, the company does not assume any obligation to update or revise them to reflect new events or circumstances. The ongoing exploration program aims to continue infill drilling to progressively upgrade the Inferred Resource associated wi th these underground mining areas in advance of mining. However, there is a low level of geological confidence associated with the Inferred Resources and there is no certainty that further exploration work will result in the determination of Indicated Resources or that the production schedule using Inferr ed Resources will be realised. 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 or the financial advisors of the Company, Skandinaviska Enskilda Banken and Svenska Handelsbanken. 2 Disclaimer
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 23 28 5 1 2 27 33 5 1 2 25 36 6 1 2 21 40 11 1 2 3 Copper demand growth expected to outpace supply at >2% p.a. until 2040 - resulting in deficit1 of 8 Mt globally Copper supply and demand, 2024-2040, Mt refined copper Base case supply scenario 28 28 32 33 32 36 32 40 0.3 (1) (4) (8) 2024 2030 2035 2040 Mine supply Scrap Demand 2.3% p.a. Global demand 1.0% p.a. Global supply (0.4)% p.a. Mine supply 5.3% p.a. Scrap supply CAGR ’24-’40 ~8Mt copper shortage by 2040 indicated in base case (highest likelihood supply commitments) Global demand is expected to increase by 2.3% p.a., driven by energy transition and traditional industries Mine supply is expected to slightly decline, driven by mine closure and limited new projects Scrap copper volumes anticipated to grow at 5.3% p.a. driven by higher collection rates from circular initiatives Source: MineSpans, IHS, Euromonitor, Oxford Economics, ICSG Notes: 1) Based on current reserve base of existing mines, expected new mining project development and scrap supply in base case supply scenario
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Mining demand and middle classes at income levels of 12-100 USD/day PPP Index (1990 = 100), CAGR for middle class1 Source: Brooking Institute, Brooking Institute, MineSpans, Wood Mackenzie, S&P Notes: 1) Defined as those in the middle 60% of the household income distribution; 2) Excluding Covid-19 impact 4 Copper has seen consistent demand growth, in line with the development of the middle-class... 50 100 150 200 250 300 350 1990 95 2000 05 10 15 20 25 2030 +5 Mt in 5 years 1.4% 4.5% 3.5%/4.0%2 2.5% 3.2% 24
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future There is a direct correlation between decreasing grades and increasing cash costs in copper mining To produce the same amount of copper, more material must be moved and processed, greatly increasing ex-works Despite grade erosion, some lower grade deposits are profitable, suggesting enhanced mining and processing techniques will enable exploitation of previously marginal deposits 5 Copper grades have declined 85% the past 70 years - trend to continue, approaching lower cut-off grades Global weighted average mill-head grade1, 1950-2020, % Source: MineSpans, ICSG, World Bank, Press search 1950 55 60 65 70 75 80 85 90 95 2000 05 10 15 20 0 0.5 1.0 1.5 2.0 Average mill-head grade weighted average Average grade of discoveries -55% -85% Incl. Kamoa mine resource grade: 2.5% reserve grade 3.9% Average mill head grade Average grade of discoveries
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Easily accessible ore deposits are being rapidly depleted, with discoveries yielding lower copper grades and requiring deeper drilling Complexity and cost of exploration is increasing due to higher depts and lower size of remaining deposits As the result, exploration budget relative to copper discovered has increased 24 times in 2019-2023 compared to 2004-2008 6 Rapid depletion of easily accessible deposits - sharp reduction in copper volume and increasing cash cost Copper in major discoveries1,2, Mt Copper exploration budget, US$ bn 277.0 104.0 43.9 18.1 -93.5% 2004-2008 2009-2013 2014-2018 2019-2023 8 16 10 12 Source: S&P Global Notes: 1) Major discoveries include all deposits containing at least 500,000 metric tons of copper in reserves, resources and past production; 2) The year of discovery corresponds with the year of the initial drill program that identified potentially economic mineralisation
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 Source: Bloomberg, BMI, The Economist intelligence unit, Macquarie, Julius Bär, Moody’s, Bank of America, J.P. Morgan, Morgan Stanley, MineSpans 7 Closure of Viscaria Historical Copper prices expected to increase significantly – 8Mtpa deficit by 2040 Copper price development and forecast Copper price 1980-2027, USD/ton 11,940 12,000 12,000 11,703 10,788 USD/ton Bottom 10,009 13,523 Top 15,000 10,494 Estimated by Mean Consensus forecast distribution 2029F 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 2025 2026 2027 2028 2029 Top estimate Consensus (mean average) Bottom estimate
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Forecast Source: MineSpans European import European recycling supply European primary production supply, new mines (incl. Viscaria) European primary production supply, existing mines The European demand for copper is set to increase by ~30% by 2024-35; increased demand will require 50% increase in imports • Europe faces growing challenges in securing copper imports by 2040, competing with China and the US amid a global copper deficit • Key risks include intensified global competition for copper, declining European foreign investments, and potential supply chain disruptions with financial and environmental consequences 8 Overview of the European copper market supply deficit European copper demand and primary production FY 2012-FY 2035, Mt 0.0 3.0 0.5 1.0 1.5 2.0 2.5 3.5 4.0 4.5 22 23 24 25 26 27 28 30 31 32 3317 35 0.96 1.03 0.86 3412 13 14 15 16 18 19 20 21 1.10 29 1.10 1.76 1.52 2.26 0.90 45 % import 52 % import Primary production Recycling Imports 0.98 Mt
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Source: MineSpans, IHS, Euromonitor, Oxford Economics, ICSG 9 Supply deficit in Europe expected to almost double between 2024 - 2040 Europe copper supply and demand, 2024-2040, Mt refined copper, Base case supply scenario 3.4 3.4 2.5 0.9 1.6% p.a. Europe demand 0.5% p.a. Europe supply 2024 2030 2035 2040 CAGR ’24-’404.0 4.0 2.6 1.4 4.3 4.3 2.6 1.7 4.4 4.4 2.7 1.7 >90% increase in import requirement Import requirements in Europe is expected to increase to ~1.7 Mt, stimulating price increases with import opportunity complicated by geopolitical challenges Demand in Europe is expected to increase by 1.6% p.a., driven by structural factors Supply is expected to grow at 0.5%, largely driven by scrap
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 10 Viscaria is one of Europe’s sizeable copper projects with high Cu grade Source: MineSpans, Company data Notes: 1) Copper grade only (not including additional minerals contained in the ore); 2) Expected year to start mining operations; 3) Three deposits combined under 'Zielona Gora Copper’; 4) Mid-term (3-5 years) target for Viscaria is 1400 kt of copper contained 2.2 1.3 1.2 1.0 0.7 0.7 0.6 20.4 No data>0.5 0.5-0.75 >0.75 Copper ore grade1, % Metal contained in resource volume, Mt Exp. launch2 Extraction type Loca- tion 0.90% 2027 Underground ~108 Jama 1.30% 2026 N/A UndergroundN/A Laver 0.23% 2035 Open pit ~961 Sakatti 0.75% 2034 Underground ~157 Zielona Gora Copper3 2035 N/A Underground~1344 Timok LZ P1 0.76% 2026N/A UndergroundN/A Timok LZ P2 0.76% 2030N/A UndergroundN/A Resource volume, Mt Env. permits Touro 0.38% 2033 Open pit ~176 Spremberg GS 1.47% 2035 Underground ~90 Nussir 1.02% 2030 Underground ~60 Las Cruces 1.26% 2029 Underground ~59 0.4 1.44 1.52% Viscaria has a sizeable copper deposit among new projects in Europe Viscaria has a competitive ore grade among the largest new projects in Europe Viscaria has one of the earlier start dates with environmental permits in place compared to other large deposit projects in Europe
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future ~SEK 1.1bn Avg. ’29E-’36E ~SEK 1.6bn Unlevered, Avg. ’29E-’36E ~4.2 years Years from production year; Project payback period 19.2% Project IRR, Post-Tax ~SEK 5.7bn @ 6% ~SEK 1.4bn Avg. ’29E-’36E ~SEK 2.0bn Avg. ’29E-’36E • Business case with a LOM of 17 years shows attractive project economics • Average C1 Cost (net of by- products) (“C1 cost”) of USD 3.5K/t is competitive • At full run-rate (‘29-’36), the C1 cost is c. 50% lower due to high grade tonnage mined over that period and significant iron ore concentrate volumes • Cash conversion (Cashflow / EBITDA) amounts to c. 80% • No material differences from previously announced NPV (Q2 2025), aside from a reduced discount rate (7% to 6%) 1 11 Key metrics in the business case1 Assuming copper price of USD 9,500 and SEK/USD 10.30 17 years Resources likely to support longer life ~26.0 (23.0) Avg. ~payable copper, KTPA ’29E- ’36E (LoM) ~36.1 (26.3) Avg. ~payable copper eq., ktpa ’29E-’36E (LoM) ~49.3 Mt (108 Mt) ~Mined resources in BC (Total mineral resources) LoM Cu kt Mineral ResourcesCu Eq kt Production metrics ~USD 1.7K (3.5K) Avg. C1 Cost net of by-prod, excl. roy., USD/tonnes ’29E-’36E (LoM) ~USD 2.6K (4.5K) Avg. all-in sustaining cost USD / tonnes ’29E-’36E (LoM) ~SEK 4.4bn2 (7.8bn) Initial CapEx (Total CapEx) Key KPIs Cash cost1, 3 AISC Initial CapEx Financials EBIT EBITDAIRR NPV, Post-tax Net incomeNet Free CashflowPayback, Post-tax 65.0% margin Avg. ’29E-’36E EBITDA margin 4 Notes: 1) Main differences from earlier presentation reflecting: (i) numbers now exclude royalties and (ii) slightly higher iron price; 2) Excluding major CapEx incurred to July 2025; 3) Cash cost breakdown can be found on p. 12; 4) EBITDA margin calculated over Gross revenues less freight, TC/RC and royalties
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 12 Introduction to Viscaria’s Business Case – 60/40 Geared EBITDA sensitivity analysis (SEKbn) Copper Price (USD/t) 8,000 9,000 9,500 10,000 11,000 12,000 13,000 14,000 15,000 16,000 FX Rate (SEK/USD) 7.0 0.6 0.8 0.9 1.0 1.1 1.3 1.5 1.7 1.9 2.1 7.5 0.7 0.9 1.0 1.1 1.3 1.5 1.7 1.9 2.1 2.3 8.0 0.9 1.1 1.2 1.3 1.5 1.7 1.9 2.1 2.3 2.5 8.5 1.0 1.2 1.3 1.4 1.7 1.9 2.1 2.3 2.6 2.8 9.0 1.1 1.3 1.5 1.6 1.8 2.1 2.3 2.5 2.8 3.0 9.5 1.2 1.5 1.6 1.7 2.0 2.2 2.5 2.8 3.0 3.3 10.0 1.4 1.6 1.8 1.9 2.2 2.4 2.7 3.0 3.2 3.5 10.3 1.4 1.7 1.9 2.0 2.3 2.5 2.8 3.1 3.4 3.6 10.5 1.5 1.8 1.9 2.1 2.3 2.6 2.9 3.2 3.5 3.7 11.0 1.6 1.9 2.1 2.2 2.5 2.8 3.1 3.4 3.7 4.0 • The Project economics are most sensitive to the FX rate and the copper price • The Project economics in SEK benefit from a higher copper price and from a stronger USD • FX rate has a slightly larger impact than copper price, as the capex and opex are SEK denominated, while the revenues are USD denominated; therefore the FX has a combined effect on the revenues (Cu and Fe) and the costs FX Rate (SEK/USD) 7.0 0.7 0.9 1.0 1.1 1.3 1.5 1.7 1.9 2.1 2.2 7.5 0.9 1.1 1.2 1.3 1.5 1.7 1.9 2.1 2.3 2.5 8.0 1.0 1.2 1.3 1.4 1.7 1.9 2.1 2.3 2.5 2.7 8.5 1.2 1.4 1.5 1.6 1.8 2.1 2.3 2.5 2.8 3.0 9.0 1.3 1.5 1.7 1.8 2.0 2.3 2.5 2.7 3.0 3.2 9.5 1.4 1.7 1.8 1.9 2.2 2.5 2.7 3.0 3.2 3.5 10.0 1.6 1.8 2.0 2.1 2.4 2.6 2.9 3.2 3.4 3.7 10.3 1.7 1.9 2.1 2.2 2.5 2.8 3.0 3.3 3.6 3.9 10.5 1.7 2.0 2.1 2.3 2.6 2.8 3.1 3.4 3.7 4.0 11.0 1.8 2.1 2.3 2.4 2.7 3.0 3.3 3.6 3.9 4.2 2029 EBITDA1 2030 EBITDA1 Notes: 1) EBITDA = Revenue less Realisation Costs, Royalties, Opex, G&A Base case
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 13 Introduction to Viscaria’s Business Case – 60/40 Geared EBIT sensitivity analysis (SEKbn) • The Project economics are most sensitive to the FX rate and the copper price • The Project economics in SEK benefit from a higher copper price and from a stronger USD • FX rate has a slightly larger impact than copper price, as the capex and opex are SEK denominated, while the revenues are USD denominated; therefore the FX has a combined effect on the revenues (Cu and Fe) and the costs 2029 EBIT1 2030 EBIT1 Copper Price (USD/t) 8,000 9,000 9,500 10,000 11,000 12,000 13,000 14,000 15,000 16,000 FX Rate (SEK/USD) 7.0 0.0 0.2 0.3 0.4 0.6 0.8 1.0 1.2 1.3 1.5 7.5 0.2 0.4 0.5 0.6 0.8 1.0 1.2 1.4 1.6 1.8 8.0 0.3 0.5 0.6 0.7 0.9 1.1 1.4 1.6 1.8 2.0 8.5 0.4 0.6 0.8 0.9 1.1 1.3 1.5 1.8 2.0 2.2 9.0 0.5 0.8 0.9 1.0 1.3 1.5 1.7 2.0 2.2 2.4 9.5 0.7 0.9 1.0 1.2 1.4 1.7 1.9 2.2 2.4 2.7 10.0 0.8 1.1 1.2 1.3 1.6 1.8 2.1 2.4 2.6 2.9 10.3 0.9 1.1 1.3 1.4 1.7 2.0 2.2 2.5 2.8 3.0 10.5 0.9 1.2 1.3 1.5 1.7 2.0 2.3 2.6 2.9 3.1 11.0 1.0 1.3 1.5 1.6 1.9 2.2 2.5 2.8 3.1 3.4 FX Rate (SEK/USD) 7.0 0.2 0.4 0.5 0.5 0.7 0.9 1.1 1.3 1.5 1.7 7.5 0.3 0.5 0.6 0.7 0.9 1.1 1.3 1.5 1.7 1.9 8.0 0.4 0.6 0.8 0.9 1.1 1.3 1.5 1.7 1.9 2.2 8.5 0.6 0.8 0.9 1.0 1.2 1.5 1.7 1.9 2.2 2.4 9.0 0.7 0.9 1.1 1.2 1.4 1.7 1.9 2.1 2.4 2.6 9.5 0.8 1.1 1.2 1.3 1.6 1.8 2.1 2.4 2.6 2.9 10.0 1.0 1.2 1.4 1.5 1.8 2.0 2.3 2.6 2.8 3.1 10.3 1.0 1.3 1.5 1.6 1.9 2.1 2.4 2.7 3.0 3.3 10.5 1.1 1.4 1.5 1.7 1.9 2.2 2.5 2.8 3.1 3.3 11.0 1.2 1.5 1.7 1.8 2.1 2.4 2.7 3.0 3.3 3.6 Notes: 1) EBIT = EBITDA less Depreciation Base case
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 14 Introduction to Viscaria’s Business Case – 60/40 Geared Net Debt sensitivity analysis (SEKbn) • Net debt varies with both Cu price and FX rate changes: • Debt is USD-denominated and the equivalent in SEK will thus change with the FX rate • In addition to the scheduled servicing of the debt, the expectation is that lenders will require some form of cash sweep whereby a certain percentage (here 20%) of cash available post regular debt servicing, is used to further pay down the debt. Higher cash flows will result in an accelerated repayment of the debt • Note that in the Business Case, in certain cases, the full debt is not drawn as it is assumed that cash generated from operations will bridge the funding gap 2029 Net Debt1,2 2030 Net Debt1,2 Copper Price (USD/t) 8,000 9,000 9,500 10,000 11,000 12,000 13,000 14,000 15,000 16,000 FX Rate (SEK/USD) 7.0 2.2 2.0 1.9 1.8 1.6 1.4 1.4 1.3 1.3 1.2 7.5 2.2 2.0 1.9 1.8 1.6 1.5 1.5 1.4 1.4 1.3 8.0 2.3 2.1 1.9 1.8 1.7 1.6 1.6 1.5 1.5 1.4 8.5 2.3 2.1 1.9 1.9 1.8 1.7 1.7 1.6 1.5 1.5 9.0 2.4 2.0 2.0 2.0 1.9 1.8 1.8 1.7 1.6 1.5 9.5 2.3 2.1 2.1 2.0 2.0 1.9 1.8 1.8 1.7 1.6 10.0 2.3 2.2 2.2 2.1 2.0 1.9 1.8 1.7 1.6 1.5 10.3 2.4 2.2 2.1 2.0 1.9 1.8 1.7 1.6 1.5 1.4 10.5 2.4 2.2 2.1 2.0 1.9 1.8 1.7 1.5 1.5 1.4 11.0 2.2 2.0 1.9 1.9 1.8 1.6 1.5 1.4 1.3 1.2 FX Rate (SEK/USD) 7.0 1.7 1.4 1.2 1.1 1.1 1.0 0.9 0.8 0.7 0.7 7.5 1.7 1.3 1.3 1.2 1.1 1.0 1.0 0.9 0.8 0.7 8.0 1.6 1.4 1.3 1.3 1.2 1.1 1.0 0.9 0.8 0.7 8.5 1.5 1.4 1.4 1.3 1.2 1.1 1.0 0.9 0.8 0.7 9.0 1.6 1.5 1.4 1.4 1.3 1.2 1.1 1.0 0.8 0.7 9.5 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1.0 0.9 0.7 10.0 1.7 1.6 1.5 1.5 1.3 1.2 1.0 0.9 0.7 0.6 10.3 1.8 1.6 1.5 1.4 1.2 1.0 0.9 0.7 0.6 0.5 10.5 1.7 1.5 1.4 1.3 1.1 1.0 0.8 0.7 0.5 0.4 11.0 1.6 1.3 1.2 1.1 1.0 0.8 0.6 0.5 0.3 0.2 Notes: 1) Net Debt = Total Debt – Total Cash and Cash Equivalents; 2) Note that we would expect the Project to retain some leverage but have ignored this scenario for the purpose of this exercise Base case
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future (8,000) (6,000) (4,000) (2,000) 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 (3,000) (2,500) (2,000) (1,500) (1,000) (500) 0 500 1,000 1,500 2,000 2,500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Net free Cashflow - Business Case Acc. Net free Cashflow - Business Case Acc. Net free Cashflow - Downside Business Case Viscaria is expected to become cash flow positive in 2028 15 Annual cashflows for the business case (60/40 geared) MSEK Viscaria is forecasted to become cash flow positive in 2028 with accumulated cash flows to become positive in 2032 Cash flow profile based on illustrative 60/40 gearing case Main difference between the inferred and reserves Business Cases is from 2035 and beyond ‒ Mine expansion impacting cash flow in the period 2031-34’ ‒ Accumulated net free cash flow for the period 2028-34’ is therefore similar) Further potential of increasing cash flows in 2037 and beyond by adding more high-grade tonnages to the mine plan Notes: 1) Downside Business Case based on Reserve case at US$9,500/t Cu price 1
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Mining for the future 16 • Cut-off grade increased from 0.25% to 0.40% to de-risk and improve the resource quality and grade to 0.90% • Successful exploration in the last year has defined an additional 28.3 Mt of resources • Total Mineral Resources now sit at 108 Mt, from which 49.3 Mt have been utilised for the business case • Untapped exploration potential remains, with a mid- term target (2-5 years) set for continued resource growth -15.5 -6.5 8.6 28.3 Mineral Resources November 2022 Stricter cut-off grade applied (from 0.25% to 0.40%) Updated depletion model in A-zone Drilling 2022-2024 Exploration campaign ABBA, Deep B and Deep D, 2024-2025 Mineral Resources May 2025 Mid-term target Mineral Resources have increased significantly since November 2022 Mineral Resources identified Mt mineral resources 49 Mt part of business case 108 140-160 93
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Near-term upside opportunities 17 Life of mine • Significant remaining exploration potential is projected to enable future LOM extensions, with the deposit open at depth • A mid-term exploration target of 27 – 54 Mt (@ 0.9 – 1.3% Cu) highlights this potential in the immediate near-mine vicinity • Within one year of exploration drilling (’24 – ’25), 28.3 Mt of Inferred resources were discovered (over 250 Kt copper), outlining an efficient trajectory of resource growth Grades • By replacing current B-zone tonnages late in the current mine plan, with already identified higher grade tonnages, the overall Cu Eq metal content is set to increase by 5-20% during LOM Tonnes • Addition of more mining areas allows for a higher extraction rate, with potential to boost mill throughput by 10–20% through minor plant upgrades Viscaria’s business case could be significantly further improved in terms of LOM years, grades and production rate Focus area Potential Potential NPV effect (@ 6% discount rate) +50-100% +5-20% during LOM +10-20% during LOM +40-70% ~MSEK 2,000–3,500 +10-40% ~MSEK 500-2,000 +20-50% MSEK 1,000-2,500 1 2 3 The above constitutes simplified and theoretical estimates – potential full impact should not be aggregated; NPV figures use 6% discount rate
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 3,535 4,288 823 635 291 308 150 603 5,892 752 6,643 376 1,500 857 376 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Funding requirement is stated on a levered (60/40) basis, i.e. including financing costs, per the cash low- point, and assuming the more conservative Reserve Case Debt financing options are currently explored with target to find a financing structure for the remaining funding required at a gearing level of 60% with beneficial terms and pricing New equity MSEK 2,357 + COF equity MSEK 376, of which MSEK 800 has been raised, resulting in a remaining equity requirement of MSEK 1,933 The remaining equity requirement is expected to be MSEK 1,233 post completion of the Q4 equity raise, to be raised in connection with the debt financing process 18 Funding requirement based on illustrative 60/40 geared case1 Initial CapEx2 Incl. Cont. Sustaining CapEx Incl. Cont. Net pre- complet. Cashflow4 Debt Financing costs Assumed cash buffer Funding req’ment Closure cost reserve3 Cost Overrun Facility (COF) Funding req’ment Incl. COF Sources Incl. COF split 50/50 D/E Applied existing funding New Equity Senior Debt Debt COF Equity COF MSEK 2,733 in total equity need, of which MSEK 800 has been raised to date Q4 Equity Raise (of which MSEK 800 raised to date) Notes: 1) Peak Funding period covers construction + 9 months of operations; 2) Initial CapEx starts in August 2025 and is based on the Reserve Case; 3) Closure Cost reserve aligns with requirements under the Environmental Permit; 4) Pre-completion cash flows include ~MUSD 115 (MSEK 1,188) in Cu revenues MSEK
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future District-scale potential for further discoveries 20 Grand Viscaria vision: unlocking exploration potential within the mining area and beyond The main mine site at Viscaria accounts for just 2% of the total permitted exploration area (~2 km² out of 120 km²) Consolidated permit coverage across the most prospective stratigraphy and structural architecture for copper discoveries in the Kiruna district Preliminary drilling and geophysical surveys already carried out; notable copper grades encountered several kilometres from the Viscaria mine Beyond the Viscaria project, the Company holds additional resource interests across Sweden, including processing concessions and exploration permits in Arvidsjaur (Eva, Svartliden, and Granliden)
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Experienced management team and board 21 Emma Mäkitaavola Project leader Thomas Nordmark Head of Infrastructure & Logistics Tove Thelin Täckdal Head of Processing Peter Wihlborg Head of Environment & Sustainability Christopher Wikman Head of Mining Jörgen Olsson CEO and founder Anna Tyni Deputy CEO Frida Keskitalo CFO Ross Armstrong Head of Geology Michael Mattsson Head of Business Development Jane Lundgren Ericsson Board member Lars Seiz Board member Jörgen Olsson CEO and Board member Per Colleen Chairman of the Board Markus Petäjäniemi Vice Chairman Ing-Marie Andersson Drugge Board member Mark Johnson New Board member Lars-Eric Aaro New Board member Management team Board of Directors
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future De-risked mid-tier copper project in Sweden – Viscaria is targeting 2027 production 22 All permits in place Shovel ready project - environmental permit received in 2024 Bankable Feasibility Study complete with significant upside Bankable Feasibility Study (“BFS”) validating initial LOM – 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 ~MSEK 2,050 invested since 20202), leveraging existing rail, port, and underground infrastructure. Water treatment plant nearly complete; dewatering started October 2025. MSEK 500 spent on 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 socio- economic impact in Northern Sweden with up to 500 direct and indirect jobs Experienced management and committed owners Management & board combining significant experience from the mining industry and business development – backed by supportive owners representing a combination of leading private and institutional investors Notes: 1) Average ‘29E – ’36E; 2) As per Q3 2025
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Viscaria – Fully permitted and shovel ready Cu project in Tier 1 jurisdiction 23 108 Mt of PERC Cu resource with 0.97% copper equivalent grade (0.90% Cu grade) with 967.2 kt of contained metal with >250 kt copper discovered in ’24/’25 • Targeting 140Mt to 160Mt (mid-term target) A-Zone: 19.2 Mt ore with 1.29% Cu-grade – 246.6kt contained Cu ABBA-Zone: 15.6 Mt ore with 0.77% Cu-grade – 120.2kt contained Cu B-Zone: 43.9 Mt ore with 0.77% Cu-grade – 335.8kt contained Cu D-Zone: 29.2 Mt ore with 0.91% Cu-grade – 24.9% FeMag-grade and 354.7kt contained CuEq1 Environmental permits granted, construction and dewatering underway Key assetViscaria, Kiruna Mineral base Deposits Stage Viscaria is headquartered in Kiruna, within Sweden’s Lapland province – optimal location to utilise existing rail and port infrastructure Kiruna Arvidsjaur Viscaria Tvistbo Viscaria asset Other assets ~ 540 km drilled at Viscaria to date, including 205 km under current ownership - demonstrating strong geological confidence and low resource risk Drilling Notes: 1) Assumes LT copper price of US$9,500/t and LT iron ore price of US$122/t Viscaria land area
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 24 Competitive C1 cash cost in rising copper price environment Copper company cost curve for global mining companies, 2029 Total cash cost excl. royalty, USD/ton payable metal 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 25,00020,00015,00010,0005,0000 Annual production, kt 3,977 4,492 4,516 3,193 3,015 3,002 2,963 1,999 5,929 Source: MineSpans Notes: 1) Viscaria’s C1 cash cost is net of by-products and excludes royalties. Labour costs include processing and G&A labour, and a portion of mine personnel costs, but exclude non-labour wages (e.g. overhead), which are included in Opex Viscaria expects US$1,715/t (US$0.78/lb) C1 cash cost to continue beyond 2036 as a result of D zone and ABBA extensions Attractive clean high-grade copper concentrate Viscaria is strategically positioned to serve European customers at an attractive cost even compared to larger established mining companies Competitive cost is achieved through leveraging benefits of location and brownfield nature of the asset e.g., existing underground infrastructure and proximity to customers as well as efficient low-cost underground bulk mining, advanced mine planning, use of modern equipment, and low electricity cost in northern Sweden 3,491 1 LoM ’29E – ’36E Expected to be maintained beyond 2036 1,715 1
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future D-zone B-zone A-zone Main portal D-zone extension 28 Simple underground bulk mining method Underground design Horizontal view, looking NE • Approximately 95.5% of total ore is extracted via underground mining – Mining method: Longhole open stoping – 8-20m stope widths enable efficient mining – Good rock integrity – Backfill Types: Paste fill and CRF • 160 km of new underground development planned, reusing 30 km of existing 65 km network • D zone accessed through main portal from A zone infrastructure through two drives, allowing for high production rate early on by opening many areas quickly, and increased safety by providing additional evacuation routes – Top drive intersecting D zone at around 400 m asl. (c. 100 m underground) – Bottom drive intersecting D zone at around 0 m asl. (c. 500 m underground) • Schedule optimized for NPV with Deswik’s new optimization tool
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 29 Flow chart – from mine to customer 92.9 % Cu Recovery Average copper recovery across all ore sources using conventional crushing, grinding, flotation, and magnetic separation 3.0 Mtpa throughput Nameplate concentrator capacity, treating ore from Zones A, B, and D 69.7 % Fe Magnetite Concentrate Produced from Zone D ore via LIMS circuit, with 88 % Fe recovery in magnetite phase Two saleable products ~24 % Cu concentrate and ~69.7 % Fe magnetite concentrate, both pressure-filtered for shipment Low environmental impact Non-acid generating waste. No waste rock dumps as waste rock is used as construction material for the tailings pond, and as non- cemented backfill. Reduced tailings in TSF as used as cemented paste backfill ROM stockpile Jaw crusher Reclaim bin Emergency stockpile SAG mill Ball mill Hydrocyclones Reagent addition Conditioners Surge tank Hydrocyclones Rougher flotation Surge tank Cleaner 3 Cleaner 2 Cleaner 1 Jameson Cell Regrind mill Concentrate thickener Concentrate filter Storage tank Copper concentrateMagnetite Concentrate Storage tank Concentrate filter Magnetic separation Magnetic separation Regrind mill Hydrocyclones Magnetic separation Tailings thickener Paste filter Binder addition Underground Mine (Backfill) Tailings storage facility PRIMARY CRUSHER AND ORE HANDLING GRINDING COPPER FLOTATION TAILINGS MANAGEMENT AND PASTE PLANT MAGNETITE BENEFICIATION Bypass valve
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Mining for the futureMining for the future 30 Notes: 1) Long-term Cu price of 9,500 US$/t & Fe (69.8%) price of 133 US$/t; 2) Cu Eq grade refers to feed grades Copper will be the primary material mined with additional Fe revenue generated in 2028 - 2037 Cu and Fe CuEq1 output over LOM, kt over time 90% 79% 75% 73% 73% 75% 71% 65% 67% 85% 10% 21% 25% 27% 27% 25% 29% 35% 33% 15% 2 27 34 36 38 37 37 35 35 35 29 27 20 18 18 18 17 9 0 5 10 15 20 25 30 35 40 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 20442025 Copper (sulfides only) Fe in CuEq (production basis) Opportunity to replace with higher grade material from D and ABBA zones 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 Inferred Reserve Cu Eq: 1.11% Cu Eq: 0.87% Production profile2) Total Production: 49.3 Mt Inferred tonnages: 7.8 Mt 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 20482025 44 45 46 47 Average annual CuEq contained production during ‘29-’36 amounts to 36.1ktpa (26.3ktpa LoM) Average annual Cu contained production (payable) during ‘29-’36 amounts to 26.0ktpa (23.0ktpa LoM) Business case based on production plan including 41.5 Mt measured and indicated tonnes, as well as 7.8 Mt or 15.8% inferred tonnes from D-zones extensions ‒ Higher grade inferred tonnes in mine plan occur mid-mine life due to development timing and material profitability ‒ As the D-zone extension is inferred, additional drilling (MSEK 30) is included in the plan to upgrade it to the indicated level – scheduled for H2 2026 ‒ Historic conversion of >70% compared to conservative 60% in the model
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Viscaria: Among the world’s lowest carbon copper projects with strong socio- economic benefits 33 According to Region Norrbotten, the re-opening of Viscaria is expected to deliver substantial socio- economic benefits to both Norrbotten and Sweden Socio-economic modelling projects 250–500 additional direct and indirect jobs, with significantly more during construction The model also forecasts a positive demographic impact, with 850–1,200 more residents in Kiruna municipality Annual tax revenues are estimated at ~MSEK 250 over the first 10 years ~1,000 new Kiruna citizens ~500 new jobs ≈MSEK 250 in tax revenues Viscaria’s CO2 emission footprint is >90% lower than global Emissions, kg CO2/t Cu ore <0.2 0.7 3.5 Viscaria Top quartile Average (94%) 15 1713121110 18 19987 20 210 654 2 4 6 8 32 10 12 14 16 18 10 1614 Scope 1 & 2 CO2 emissions at mine-site, all geographies, 2024 t CO2/t copper metal equivalent contained Source: MineSpans, company data
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future • Direct cornerstone funding from European Development Financial Institutions • Commercial bank funding of which up to 90% will be covered by Export Credit Agency guarantees associated with: • Untied financing related to offtake of copper concentrate • Tied finance related to provision of goods and services • Commercial bank funding for the balance that takes direct Project risk Debt Funding Requirement, based on a 60% Gearing, to amount to MSEK 3,912 35 ECA-Covered 3,535 2,475 376 1,060 376 Debt Funding Requirement Uncovered Debt Tranches COF1 New Funding required at 60% Gearing Funding Plan Commercial Banks ▪ A number of European banks have a strong focus on financing mining projects and can act as MLA ▪ There is sizeable appetite amongst Scandinavian banks to be involved in the financing ▪ Have very strong appetite to fund ECA backed loans given the sovereign risk and favourable regulatory treatment on their balance sheet ▪ also take direct Project risk (no guarantee) on a reasonable portion of the finance they provide Export Credit Agencies ▪ Sovereign-owned finance institutions designed to support their domestic companies abroad and provide financial risk appetite ▪ Typically provide political and commercial guarantees to lenders with cover of c85%-95% of the value of guarantee provided ▪ Represents low cost funding over long tenors ▪ TIED Cover relates to supporting the provision of goods and services / adhere to OECD guidelines ▪ UNTIED Cover relates to the sourcing of critical minerals 1. Cost Overrun Facility funded 50/50 by Debt and Equity. Size to ultimately be negotiated with the lenders 3,912 3,912
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Significant liquidity in the debt markets for this Project based on market soundings with 14 financial institutions 36 • A core group of 3 Mandated Lead Arrangers (MLAs) will lead due diligence of the Project and structure the financing • A select number of Participant Banks will subsequently join the transaction to secure the full debt funding Funding Strategy Potential MLAs Potential Participant Banks1 Potential Export Credit Agencies 1. Include as well the international commercial banks which will not have been appointed as MLAs
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Targeting Q2 2026 for Closing under the Debt Financing 37 Q1 2026 Q2 2026Q3 2025 Q4 2025 Appoint MLAs Appoint consultants Due diligence Term Sheet negotiations Financing Documentation Syndication (Participants) Credit Approval Financial Close
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Appendix
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 39 Shareholder structure • A strong and diversified shareholder base - Shareholder base is diverse and highly supportive, reflecting confidence in the Company’s long-term vision and strategy. To date, the Company has successfully raised MUSD ~3201, demonstrating strong investor interest • Key investors and market support - Swedbank Robur Funds is the second largest shareholder. AP4 (one of Sweden's largest pension funds), Unionen (one of Sweden’s largest white-collar trade unions), AP3 (one of Sweden’s largest pension funds), Skandia (one of Sweden's largest insurance firms) and Handelsbanken (one of Sweden’s most reputable financial institutions) have invested, reinforcing credibility and growth potential - Leading investors such as Thomas von Koch, Jan Ståhlberg, and RoosGruppen AB contribute extensive industry knowledge and strategic expertise in addition to capital - To date, the Company has successfully raised MUSD ~3201 (of which MUSD ~78 in shareholders loans) and demonstrating strong investor interest Source: Holdings as of 17/11/2025 1. USD/SEK 9.47. Includes MSEK 2,225 in raised capital as per Q3 2025, of which MSEK 735 in shareholder loans. Post Q3 2025, Viscaria has raised MSEK 800m via a directed issue # Name # of shares (m) Value (MSEK) Capital (%) Votes (%) 1 Thomas von Koch 20.7 357 13.79% 13.79% 2 Swedbank Robur Fonder 7.0 121 4.66% 4.66% 3 Fjärde AP-fonden 6.9 118 4.56% 4.56% 4 Jan Ståhlberg 6.6 114 4.40% 4.40% 5 Santhe Dahl 5.4 93 3.59% 3.59% 6 Håkan Roos (RoosGruppen) 4.7 82 3.15% 3.15% 7 Unionen 4.4 76 2.94% 2.94% 8 Tredje AP-fonden 3.7 64 2.46% 2.46% 9 JRS Asset Management AB Client Account 3.7 64 2.45% 2.45% 10 Joheco AB 3.6 61 2.36% 2.36% 11 Avanza Pension 3.1 53 2.05% 2.05% 12 Caps Ltd 2.6 45 1.75% 1.75% 13 Livförsäkringsbolaget Skandia 2.5 43 1.66% 1.66% 14 Handelsbanken Fonder 2.4 42 1.61% 1.61% 15 SEB-Stiftelsen 2.3 40 1.54% 1.54% 16 Skandinavkonsult i Stockholm AB 2.3 39 1.50% 1.50% 17 Nordnet Pensionsförsäkring 2.1 36 1.41% 1.41% 18 Svante Wedman 1.8 32 1.22% 1.22% 19 Björn Israelsson 1.3 22 1.19% 1.19% 20 Henrik Raalskov Petersen 1.3 22 1.18% 1.18% Top 20 88.4 1,523 59.49% 59.49% Other 61.8 1,066 40.51% 40.51% Total 150.2 2,589 100.00% 100.00%
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 41 Key risk areas have been successfully addressed Regulations & permits Environmental permits and required concessions secured Operational & strategic Detailed mining plan developed, optimized to prioritize higher grade copper in initial mining Tailored processing flowsheet to maximize yield Brought in top professionals and advisors to ensure smooth launch and operations Infrastructure Established transport infrastructure and general building infrastructure Piloted initial mining infrastructure Inauguration of Water Treatment Plant is imminent Geology Conducted thorough geological assessment increasing quantity and quality of resources Resource base de-risked with increased cut-off grade
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Mineral resource statement, FS May 2025* Mineral reserves, FS May 2025 42 Reserves Classification Zones Tonnes Mt % Cu % FeNS Cu (kt) FeNS (Mt) A zone 0,3 0,89 - 2,5 - Proved (Open pit) B zone 0,0 - - - - - D zone 0,0 - - - - - A zone 6,2 1,19 - 73,5 - Proved (Underground) B zone - - - - - - D zone 4,0 0,95 22,8 37,8 0,91 Sub Total Proved 10,5 1,09 8,71 113,8 0,91 A zone 0,1 0,97 - 1,0 - Probable (Open pit) B zone 1,9 0,52 - 9,7 - D zone 0,0 - - - A zone 4,1 1,19 - 48,3 - Probable (Underground) B zone 17,8 0,71 - 126,8 - D zone 7,6 1,00 23,50 76,0 1,79 Sub Total Probable 31,4 0,83 5,70 261,7 1,79 Total Proved & Probable 41,8 0,90 6,54 375,5 2,70 Metal grade Metal content *Average Grade (payable) Cu Eq of 0.97%. (CuEq = Cu (%) + Fe (%) * 0,01019 utilizing a long-term Cu price _of USD 11,000 & Fe (68%) price of USD 125 Zones Resource Category Tonnes (Mt) Average Grade Cu (%) Metal Content (kt Cu) Aver. Grade FeMAG (%) Metal Content (Mt Fe) Measured 9,0 1,42 127,3 - - A Zone Indicated 6,4 1,39 89,2 - - (Cu ≥ 0.4%) Measured + Indicated 15,4 1,41 216,5 - - Inferred 3,8 0,79 30,1 - - Total 19,2 1,29 246,6 - - Measured - - - - - ABBA Zone Indicated - - - - - (Cu ≥ 0.4%) Measured + Indicated - - - - - Inferred 15,6 0,77 120,2 - - Total 15,6 0,77 120,2 - - Measured - - - - - B Zone Indicated 32,2 0,71 228,6 - - (Cu ≥ 0.4%) Measured + Indicated 32,2 0,71 228,6 - - Inferred 11,7 0,92 107,2 - - Total 43,9 0,77 335,8 - - Measured 4,4 1,24 55,3 25,7 1,1 D Zone Indicated 6,3 1,25 79,1 24,4 1,5 Sulphides Measured + Indicated 10,8 1,25 134,3 25,0 2,6 (Cu ≥ 0.4%) Inferred 8,4 0,94 78,7 24,2 2,0 Total 19,2 1,11 213,0 24,6 4,6 Measured 1,9 0,27 5,3 27,2 0,6 D Zone Indicated 2,5 0,27 6,6 25,4 0,6 Sulphides Measured + Indicated 4,4 0,27 11,9 26,2 1,2 (0.2% < Cu < 0.4% & Fe ≥ 20%) Inferred 2,0 0,26 5,2 24,6 0,5 Total 6,4 0,27 17,2 25,7 1,6 Measured 0,1 1,30 1,1 27,9 0,0 D Zone Indicated 1,7 1,17 19,7 25,9 0,4 Oxides Measured + Indicated 1,8 1,18 20,8 26,0 0,4 (Cu ≥ 0.4%) Inferred 1,8 0,77 13,6 23,5 0,4 Total 3,6 0,97 34,3 24,8 0,8 Measured 15,4 1,23 189,0 N.M. 1,6 ALL ZONES Indicated 49,1 0,86 423,2 N.M. 2,5 Measured + Indicated 64,6 0,95 612,2 N.M. 4,1 Inferred 43,3 0,82 355,0 N.M. 2,9 Total 107,9 0,90 967,2 N.M. 7,0 Viscaria’s Mineral Resources & Reserves Total mineral resources of c. 107.9 Mt containing 967k Cu @ 0.90% Cu & 7.0 Mt Fe translating to a Cu Eq. Grade of 0.97% Total mineral reported mineral reserves of 41.8 Mt containing 376k Cu @ 0.9% Cu & 2.7 Mt Fe
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 43 Site layout Compact and integrated mine site • Processing, water treatment, loading station, and support infrastructure located within close proximity to open pits 3.0 Mtpa concentrator plant • Adjacent to stockpile area for efficient ore feed Tailings Storage Facility • Engineered, lined, and positioned south of the pits for co-disposal of tailings and waste rock Logistics-ready location • Direct rail connection via Malmbanan for export of copper and magnetite concentrates to deepwater ice free port at Narvik 1.1 1.2 14.2 11 10 9 6 8 2 3 4 5 7 12 14.1 13 1.1 Gas station HVO 1.2 Gas station HVO 2. WTP 1000 3. Entrance gate 4. Site office 5. Village 6. Core storage 7. Loading station 8. Warm, cold storage/incoming goods/recycling 9. Switch gear buildings 10. Concentration plant 11. Stockpile area 12. Open pits 13. Tailings storage Facility 14.1 Pump station 14.2 Pump station
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future D Zone Development (looking NW) 45 Mine design Underground design - layout B Zone Development (looking NW) A Zone Development (looking NW) • Total new development: 160 km • New ventilation Shafts: 10.2 km • D zone – New development 66 km – D zone extention shown in purple – Thin uneconomic mineralised zone left in place between northern and southern ramps • A and B zones – A and B zones share common infrastructure around development left from old mine. This existing infrastructure forms the skeleton around which the new mine is build – New development 94 km – Reuse existing development 30 km (A- zone) D-Zone B-Zone A-Zone Ore tonnes (Mt) 19.7 17.2 10.2 Cu content (CuEq kt) 246 123 122 Development (“Dev”) (km) 66 52 42+ (+30)1 Ratio (Tonne per m) 298 331 243 Ratio – CuEq kt/Dev m) 3.7 2.4 2.9Note: 1) +30 Rehab
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 46 NW SE + 0 m + 750 m - 750 m ABBA Zone 15.6 Mt @ 0.77% Cu; 120.2 kt contained Cu B-Zone Deep 6.6 Mt @ 1.08% Cu; 71.1 kt contained Cu D-Zone Deep 6.1 Mt @ 1.00% Cu, 61.2 kt contained Cu 26.8% FeMAG, 1.27% CuEq1 Expansion goal Successful exploration campaign results in significant resource growth Notes: 1) CuEq = Cu (%) + Fe (%) * 0,01019 utilizing a long-term Cu price of 11,000 USD/t & Fe (68%) price of 125 USD/t • In just one year of exploration drilling, 28.3 million tons of additional Inferred resources have been defined, with an average copper grade of 0.89%, containing over 250 kt of copper • Significant ‘return on investment’ for metres drilled: – ~ 7,500 m in D-zone Deep – ~ 1,500 m in B-zone Deep – ~ 9,000 m in the ABBA zone • Directional drilling enabled an efficient and accurate operation, with geophysical modelling and borehole surveys utilised to guide the drill hole planning • Plan to convert inferred resources into measured and indicated New inferred resources from exploration during 2024/2025 Zone Tonnage (Mt) Avg. copper grade (%) Contained Cu (kt) ABBA 15.6 0.77 120.2 B-Zone Deep 6.6 1.08 71.1 D-Zone Deep 6.1 1.00 61.2 Total 28.3 0.89 252.5
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 47 Near mine D-Zone exploration results Viscaria D-Zone Longitudinal Section VDD24129 3.9 m @ 1.42% Cu, 27.45% Fe (1.77% CuEq) Incl. within 71.0 m @ 0.24% Cu, 30.10% Fe (0.62% CuEq) VDD24129B 4.0 m @ 1.64% Cu, 28.23% Fe (2.00% CuEq) Incl. within 52.7 m @ 0.19% Cu, 31.95% Fe (0.60% CuEq) VDD25001 15.6 m @ 0.26% Cu, 33.44% Fe (0.68% CuEq) Incl. within 78.4 m @ 0.11% Cu, 27.46% Fe (0.46% CuEq) VDD24006D 7.8 m @ 1.84% Cu, 32.61% Fe (2.26% CuEq) Incl. within 16.8m @ 1.32% Cu, 25.52% Fe (1.64% CuEq) VDD25002 8.0 m @ 1.27% Cu, 24.07% Fe (1.57% CuEq) Incl. within 54.1m @ 0.20% Cu, 34.33% Fe (0.64% CuEq) VDD24111B 2.1 m @ 2.54% Cu, 34.98% Fe (2.98% CuEq) 6.2 m @ 1.03% Cu, 23.06% Fe (1.32% CuEq) Both incl. within 17.8m @ 0.74% Cu, 22.5% Fe (1.03% CuEq) VDD24111C Drilling ongoing VDD25001B Drilling ongoing D-Zone Mineral Resource w/ grade-thickness contours NORTH SHOOT SOUTH SHOOT SOUTHWE ST NORTHEASTLatest step-out drilling delineates high-grade copper shoot down to 1.3 km depth Highlight intersections: VDD24006D from 1196.7 m depth • 7.8 m @ 1.84% Cu & 32.61% Fe (2.26% CuEq) VDD25002 from 1335.4 m depth • 8.0 m @ 1.27% Cu & 24.07% Fe (1.57% CuEq) All holes hit mineralisation outside of current resource • Recent results confirm the continuity of high-grade copper-iron mineralization in the deep D-Zone, both along strike and towards depth • This step-out drilling has successfully constrained the thickest and highest-grade mineralization at depth See the accompanying Table 1 (PERC 2021) for full assay list. Copper Equivalent (CuEq) for intersections are calculated based on metal prices of US$ 9400/t Cu and US$ 120/t Fe (68%), assuming full recovery of Cu and Fe (68%).
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 48 Drilling from underground significantly lowers costs and saves time D-Zone mine plan, including newly-defined resources in 2025 MRE • After successful exploration in the D-Zone, new Inferred resources were defined in the 2025 MRE & included in FS mine plan • 15.8% (7.8 Mt) of the 49.3 Mt of mined ore in the FS production plan are Inferred; the rest are reserves • Underground conversion drilling is planned to start in 2028, several years ahead of planned production • Completed in approx. 5 months with two drill rigs (30 months if drilled from surface, 6 times longer) • Investment of ~ MSEK 30 to convert this tonnage to Indicated level (4 times more expensive from surface) CROSS-SECTION LONGITUDINAL SECTION Underground conversion Surface conversion Required drill metres 15,000 m 30,000 m Estimates costs ~MSEK 30 ~MSEK 120 Time to complete, 2 rigs 5 months 30 months
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 49 District-scale potential for further discoveries • Grand Viscaria vision: unlocking exploration potential within the mining area and beyond • The main mine site at Viscaria accounts for just 2% of the total permitted exploration area (~2 km² out of 120 km²) • Consolidated permit coverage across the most prospective stratigraphy and structural architecture for copper discoveries in the Kiruna district • Preliminary drilling and geophysical surveys already carried out; notable copper grades encountered several kilometres from the Viscaria mine • Beyond the Viscaria project, the Company holds additional resource interests across Sweden, including processing concessions and exploration permits in Arvidsjaur (Eva, Svartliden, and Granliden)
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Global copper demand with a closer look at Europe
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 51 Primary copper supply is expected to decline following a peak in 2029 Copper supply1, 2012-2040, Mt refined copper Source: MineSpans, IHS, Euromonitor, Oxford Economics, ICSG Notes: 1) Forecast Base Case potential recoverable metal taking into account external disruptions (7%) and before unannounced economically driven curtailments (modelled) at 93% utilisation of the available capacity); 2) Excluding projected LOM extensions, with extension supply is expected to peak in ’32-’33 13 14 15 3416 17 18 3519 21 22 3623 24 25 26 27 28 29 3830 31 32 372012 33 40 20.6 23.3 24.7 39 Operation Brownfield Greenfield Scrap (full potential) Estimated ’LOM extension’ Requirement to meet demand ~35 ~33 ~32 ~27 Primary copper supply forecasted to peak in 20292 unless new projects are incentivized New projects (particularly greenfield) face several challenges such as: Declining ore grades impacting mine economics High lead times of 10-15 years for copper mine set-up Strict licensing and approval requirements Inclusion of projected LOM extensions will be insufficient to cover demand in current trajectory scenario Growing copper deficit is likely to drive price increase to enable new projects Yet lead times for new mines is at 10-15 years and growing
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future 52 As a result, cash cost for copper mining is expected to further increase C902 copper cash costs and premium1 above C902, 2016-2040 US$/t payable copper, nominal 2025 US$ Source: MineSpans Notes: 1) Calculated as (copper price-C90 cash cost) / (C90 cash cost); 2) C90 refers to cash cost of suppliers representing 90% of copper supply, i.e., it represents the cash cost of the marginal producer Depletion of easily accessible high-grade deposits leads to expected continuation of cash cost increase for copper mining operations including extensions and new projects Copper price is therefore expected to further increase with a current average premium of 42% to cash cost (based on last 10 years) Rising cash costs present and advantage for new copper projects with higher ore grades Forecast 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 2040 4.2 4.7 4.7 4.6 4.3 5.0 5.5 5.9 5.7 5.5 6.1 6.6 7.0 7.2 7.4 7.6 2016 8.2 8.6 9.0 9.5 9.9 7.9 10.9 11.5 17 10.4 +4% p.a. +5% p.a. Historical period 42% increase from 2016-2024 Historical % above C902 C90 Cash Cost, nominal
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Ansvarsfull gruvdrift för en hållbar framtidMining for the future Source: MineSpans, ICSG, World Bank China, North America and Europe are the top net importers of copper cathode The importing regions may be subject to higher premiums from key supply regions to guarantee refined supply for downstream processing China secures cathode imports from Africa by equity ownership in the assets in the region Russian surplus cathode likely directed to China 53 Europe is already experiencing copper supply deficit and have to rely on imports from Latin America and Africa Refined copper supply and demand by region, 2024, Mt, refined metal North America 1.4 2.0 -0.6 Refined Supply Refined Demand Europe 2.5 3.4 -0.9 Latin America 2.9 0.8 +2.1 Sub- Saharan Africa 2.6 0.1 +2.6 MENA 0.6 1.4 -0.8 Developed Asia 2.2 2.0 +0.2 Other 1.4 1.9 -0.5 CIS 1.9 0.4 +1.9 China 12.1 15.9 -3.7