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Responsible mining for a sustainable future Q3 2026 July - September Kiruna 5 November 2026
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Mining for the future Mining for the future Mining 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 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, 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. Furthermo re, 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 presentatio n shall not be shared with anyone not approved by Viscaria. Disclaimer 2
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Mining for the future Q3 2026 • Project execution at high pace: o Viscaria Village inaugurated o Leväjärvi railyard inaugurated o WTP 1000 in ramp up and handover • Processing plant construction progressing rapidly • Agreements with Sandvik & Metso • EU Commission CRMA Strategic Project status • Exceptional drilling results confirm high - grades and significant growth potential 3
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Mining for the future Leväjärvi railyard inauguration Leväjärvi railyard inauguration 4 • Leväjärvi railyard inaugurated with 200 people attending • Connecting Viscaria to the Iron Ore Line • Access to transport routes both north and south
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Mining for the future
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Mining for the future Viscaria Village inauguration 6 • First guests arrived in August • Inauguration in September • 132 rooms for 264 residents on rotating 7/7 shift • Alleviating Kiruna municipality August 11 2026
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Mining for the future Financing update • Project financing moving forward • Anticipated completion before end of January with credit approval from lead arrangers around year - end • Exceptionally rare: only ~6 – 7 European mining project financings since 2016 • Even market leaders see limited volumes: SG ~22 – 23 and ING ~9 – 10 globally • SG + ING: three European deals co - led, Viscaria potentially the fourth 7
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Mining for the future Mining for the future Project update – overview 8
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Mining for the future Mine • Open - pit development is ongoing • Weekly blasting ongoing • Dewatering according to plan • Underground rehabilitation advancing • Sandvik selected as long - term equipment partner for production drilling and loading • Mine organisation continues to scale up • Detailed work with the mine plan ongoing • Mine development to D - zone will start next week • Signed LOI with Orefields for underground development 9
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Mining for the future Infrastructure & Logistics • Railyard inaugurated, enabling five trains per week both north and south bound • Loading hall storage capacity o 10,000 tonnes of copper concentrate o 20,000 tonnes of iron concentrate • The tailings dam construction, including clarification pond and outlet, are advancing as planned • Sourcing of construction material from the open pit • Crushing of all filters needed at site from open - pit material • Electricity substation is well underway 10
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Mining for the future Processing & Water Treatment • Processing plant construction is progressing rapidly and according to schedule • Engineering works and organisational ramp - up intensified. • Process flowsheet further refined and validated – additional metallurgical studies completed. • Procurement of piping, HVAC and installation of equipment is ongoing • Water treatment plant commissioning completed, now in ramp up and handover • Successful removal of metals, uranium and sulphate demonstrated 11
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Mining for the future Mining for the future Project schedule 12 Open pit mining Tailings area incl. clarification pond Processing plant weather - proof building and foundation Processing plant installation 2026 2028 2027 Underground rehabilitation Underground mining Permanent power installation Railyard Commissioning Ore into processing plant Ramp up First sellable copper Mining Infrastructure Tailings Processing SO 4 treatment installation Dewatering
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Mining for the future 13 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 calculation utilises a long - term Cu price of 11,000 USD/t & Fe (68%) price of 125 USD/t Exploration Highlights, Q3 2026: Second hole confirms h igh - grade Cu 700 m beyond current D - Zone resource 6 metres @ 1.9% copper in 2 nd major step - out in D - Zone ➢ Drillhole VDD26007 intersects several stacked mineralised horizons 700m down - plunge from the resource and displays hypogene Cu enrichment Further mineralisation confirmed beyond B - Zone resource ➢ Drill holes VDD25013 and VDD26005 confirm continuity of mineralisation with grades above 1% Cu beyond the existing resource model Seismic survey completed with results expected H1 2027 ➢ Aiming to map deeper and lateral extensions to existing mineralised zones, discover new mineralisation, and investigate major structures Initiated new research projects to further knowledge ➢ New academic collaborat ions with University of Michigan, Stockholm University and University of Gothenburg for geological studies 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 Currently no Mineral Resources
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Mining for the future Viscaria D - Zone Longitudinal Section VDD24006D 7.8 m @ 1.84% Cu, 32.61% Fe ( 2.21% CuEq ) Incl. within 16.8m @ 1.32% Cu, 25.52% Fe (1.61% CuEq) D - Zone Mineral Resource w/ grade - thickness contours 29.2 Mt @ 0.91% Cu NORTH SHOOT SOUTH SHOOT SOUTHWEST NORTHEAST VDD26007 intersects Cu - Fe mineralisation 700 metres down - plunge from the current resource boundary, from 1269 m depth, confirming results from VDD25013E 5.7 metres @ 1.87% Cu : Chalcocite observed as the dominant Cu sulphide for the first time in Viscaria Multiple high - grade intervals : Varied copper mineralogy also observed in the hanging metasediments, just above the main D - Zone horizon Emerging mineralogical trends may indicate vectoring towards a central part of the mineral system See previous Table 1 reports for full drill sections and assay lists. Copper Equivalent (CuEq) has not been calculated for VD D26 007 because the relative proportions of magnetite and hematite, and thus the recoverable Fe contribution, have not yet been e sta blished. < 1 1 - 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 > 20 Cu (%) x Thickness (m) VDD25002 8.0 m @ 1.27% Cu, 24.07% Fe ( 1.54% CuEq ) Incl. within 54.1m @ 0.20% Cu, 34.33% Fe (0.59% CuEq) VDD25001C VDD25001 VDD24129 VDD24111B PREVIOUSLY REPORTED PREVIOUSLY REPORTED VDD25001B VDD26007 5.7 m @ 1.87% Cu, 29.83% Fe Chalcocite hosted by magnetite - hematite; NEW INTERSECTION Q2 2026 RESULT D - Zone Exploration Results, Q3: 6 metres @ 1.9% copper Intersected 700 m beyond resource Confirms high - grades in VDD25013E VDD26007: Chalcocite blebs within massive magnetite - hematite VDD2412B 700 metres VDD25013E 10.2 m @ 2.18% Cu, 32.03% Fe Increased proportion of bornite - hematite VDD24036 14
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Mining for the future 1.78% Cu, 31.4% Fe 0.09% Cu, 10.9% Fe 0.03% Cu, 10.7% Fe 2.59% Cu, 34.1% Fe 0.01% Cu, 29.6% Fe D - Zone Exploration Results, Q3: 6 metres at 1.9% Cu in main D - Zone horizon, 700 metres beyond current resource VDD26007: 1269.0 to 1274.7 m downhole depth 0.20% Cu, 16.8% Fe 2.21% Cu, 33.7% Fe 2.23% Cu, 32.9% Fe Chalcocite blebs within massive magnetite partially replaced by hematite Chalcocite veinlets cutting across the massive magnetite - hematite host Full assay list for drill hole VDD26007 is available with the accompanying PERC Table 1 for the Q3 2026 release. 15
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Mining for the future D - Zone Exploration Results, Q3: VDD26007: Cross - cutting chalcocite veinlets in massive magnetite( - hematite) Chalcocite ( Cu ₂S ) contains around 80 wt % copper, in comparison to chalcopyrite ( CuFeS ₂) which contains around 35 wt % copper 16
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Mining for the future D - Zone Exploration Results, Q3: 9.5 metres at 1.4% Cu , incl. 5 metres at 2.4% Cu in HW metasediments VDD26007: 1243.7 to 1253.2 m downhole depth 0.04% Cu 1.35% Cu 0.06% Cu 9.02% Cu 0.16% Cu 1.23% Cu 0.18% Cu 0.42% Cu Vein - hosted assemblage of copper - rich sulphide minerals: Bornite ( Cu ₅FeS ₄), C ovellite ( CuS ), Chalcocite ( Cu ₂S ) Close - up of the main vein pictured above showing varied copper sulphide mineralogy Bn Cv Cc Full assay list for drill hole VDD26007 is available with the accompanying PERC Table 1 for the Q3 2026 release. 17
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Mining for the future D - Zone Exploration Results, Q3: 6 metres at 1.3% Cu , incl. 2 metres at 2.1% Cu also in HW metasediments VDD26007: 1217.1 to 1223.0 m downhole depth 0.32% Cu, 0.55 ppm Ag Full assay list for drill hole VDD26007 is available with the accompanying PERC Table 1 for the Q3 2026 release. 2.07% Cu, 2.19 ppm Ag 0.93% Cu, 1.24 ppm Ag 0.55% Cu, 0.91 ppm Ag 1.19% Cu, 2.27 ppm Ag Bedding - concordant, elongate ‘streaks’ of chalcopyrite being partially replaced by bornite 2.04% Cu, 2.62 ppm Ag A fine network of concordant and discordant Cpy - Bn mineralisation 18
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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 Thickness (m) B - Zone Exploration Results, Q3: Further copper mineralisation confirmed beyond the current resource VDD24116 13.0 m @ 1.94% Cu, 2.61 ppm Ag Incl. within 21.7 m @ 1.48% Cu, 1.94 ppm Ag VDD24115 13.1 m @ 2.35% Cu, 3.32 ppm Ag Incl. within 219.9 m @ 0.53% Cu, 0.54 ppm Ag B - Zone Mineral Resource w/ grade - thickness contours 43.9 Mt @ 0.77% Cu PREVIOUSLY REPORTED PREVIOUSLY REPORTED See the accompanying Table 1 (PERC 2021) for information regarding VDD25013, VDD26005 and VDD26007. For more information rega rdi ng the previously reported intersections, see the respective Table 1 releases. VDD25013 and VDD26005 ➢ Confirms extensions of B - Zone mineralisation beyond the current resource model with copper grades above 1% ➢ Helps define the extent and geometry of mineralisation identified by earlier step - outs VDD26007 ➢ High - grade intersection ( 8 metres at 1.8% Cu ) less than 100 metres below the surface ➢ Reaffirms potential to extend shallower, high - grade shoots with future drilling Latest drill holes display geological and grade continuity across a previously untested area outside of the current resource model = Will be incorporated into next resource update VDD25013B 12.2 m @ 1.52% Cu, 2.05 ppm Ag Incl. within 76.2 m @ 0.99% Cu, 1.37 ppm Ag VDD25013D 11.4 m @ 1.17% Cu, 1.00 ppm Ag Incl. within 234.5 m @ 0.65% Cu, 0.68 ppm Ag NEW INTERSECTION Q4 2025 RESULT VDD26005 5.8 m @ 1.09% Cu, 5.32 ppm Ag Incl. within 9.3 m @ 0.80% Cu, 3.82 ppm Ag NEW INTERSECTION VDD25013 10.8 m @ 1.02% Cu, 2.99 ppm Ag Incl. 2.0 m @ 4.13% Cu, 12.45 ppm Ag Q1 2026 RESULT NEW INTERSECTION VDD26007 7.5 m @ 1.76% Cu, 4.60 ppm Ag Incl. within 27.0 m @ 0.64% Cu, 1.71 ppm Ag 19
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Mining for the future Framing the latest exploration results on the deposit - scale: Integrated geology & geophysics point to a potential feeder corridor Plan view Viscaria deposit Unconstrained MT inversion Depth slice at 1.2 kilometre VDD26007 Formational conductor signature: 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 protoliths, cross - cutting feeder veins and several stacked high - grade mineralised horizons Bleached & altered C - Zone, ex. VDD25013C: Bleached, albitised metasediments; hydrothermal decomposition of carbonaceous protolith = no formation of conductive graphitic shales Albitised metasediments with cross - cutting feeder veins, as well as concordant mineralisation where fluids have been focused along favourable horizons CONDUCTIVITY High Low Abundant feeder veins in B Deep, ex.VDD25013D High - grade D Zone strike extension Chalcopyrite - bornite - chalcocite + magnetite - hematite Latest discoveries and drilling results are spatially consistent with this interpreted feeder corridor 20
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Mining for the future Reflection seismic survey completed during Q3 High - resolution imaging of the Viscaria deposit to guide exploration Seismic surveying at Viscaria – carried out safely alongside ongoing site construction Investigating Viscaria’s depth potential • Survey completed in August with Uppsala University team, aiming to investigate the geological and structural architecture of the deposit on a broader scale, beyond current drilling Extensive survey coverage • 20 profiles covering approx. 40 line kilometres • 3500 receivers on surface, 10 – 20 m spacing • 3 boreholes fitted with downhole sensing tech • Additional profiles in Kiruna city area to capture down - dip reflections from Viscaria’s geology Processing underway – results expected H1 2027 • Initial processing shows encouraging signal strength down to more than 2 km depth; seismic results will be integrated to refine our exploration targets Vibroseis truck Kiruna Luossavaara B-Zone open pit Profile -104 21
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Mining for the future Tracing metal and sulphur sources at Viscaria Rebecca Liebson , supervised by Adam Simon – University of Michigan ➢ Investigating the geochemical and isotopic fingerprints that record where Viscaria’s copper came from and how it was transported Understanding the paragenesis of D - Zone Deep Maria Arnover , supervised by Iain Pitcairn – Stockholm University ➢ Reconstructing the sequence of alteration and mineralisation in deep levels of the D - Zone, where a new assemblage of bornite - chalcocite - covellite and hematite has recently been discovered Constraining the timing of copper mineralisation Simon Wallsten, supervised by Thomas Zack – University of Gothenburg ➢ Combining the dating of associated mineral phases with textural evidence to investigate when the copper mineralisation at Viscaria formed With a long - term perspective, we are building research partnerships that bring complementary expertise to deepen our understanding of the Viscaria mineral system and support better - informed exploration decisions in the future Building new academic collaborations Three MSc projects to deepen our geological understanding of Viscaria 22
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Mining for the future viscaria.com > This is Viscaria > Academic Papers Recent MSc theses now available on Viscaria’s website: 23
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Mining for the future Future potential 3 52 74 93 108 Jan 1996 Mar 2019 (Viscaria acquisition) Nov 2020 Nov 2022 May 2025 Mid - term plan (2 - 4 years) Long - term potential 140 - 160 >2x ~3x Viscaria’s Mineral Resources (Mt) through time Looking ahead to the Q1 2027 Mineral Resource update Latest results reinforce Viscaria’s resource growth potential D - and B - Zone results confirm extensions ➢ Recent drill intersections in both zones display grade and geological continuity beyond the current resource boundaries Three rigs with current near - mine focus ➢ Testing extensions of known mineralisation and targets with potential to add scale, value and optionality Next resource update planned for Q1 2027 ➢ New drilling results and geological interpretation will inform the updated Mineral Resource Estimate 24
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Mining for the future MSEK Q3 2026 Q3 2025 Q2 2026 Capitalised expenses related to exploration and evaluation assets 152 58 127 Operating profit - 23 - 14 - 24 Net profit - 21 - 28 - 41 Cash flow for the period 123 - 24 346 Exploration and evaluation assets 2,207 1,571 2,055 Ongoing development 1,412 659 1,553 Cash and cash equivalents 1,471 317 1,348 Equity 5,340 1,531 3,765 Financial performance in summary 25
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Mining for the future Project financing • The project financing continues to progress well • Expected bank syndicate; o Lead arrangers ING and Societe Generale o 4 - 6 other European commercial banks • Viscaria expect to complete the debt financing process within next quarter (90 days) • Finalize DD - reports, common terms agreement, ECA terms etc • Debt size approx. 5 bn but still some moving variables • The revised project financing timetable does not affect the overall timeline 26
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Mining for the future Viscaria is uniquely positioned • Management & board combining significant experience from the mining industry and business development Experienced management • 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 ~SEK 5bn Financing well progressed All permits and infrastructure in place • Bankable business case - run - rate EBIT ~SEK 1.6bn (2029 - 2036) • S ignificant resource and production upside Attractive business case with significant upside • The Viscaria mine is designated an EU Strategic Project under CRMA . Located in a leading mining jurisdiction with one of the world’s lowest CO 2 emissions and significant socioeconomic impact in Northern Sweden . EU CRMA Strategic Project status & attractive ESG profile Copper prices are at historically strong levels and trending upward • Record high copper demand , supported by strong fundamentals with no viable substitutes as well as record low copper discoveries and declining ore grades leading to higher all - in sustaining cost • Shovel ready project - environmental permit gained legal force in 2025 • SEK 5.4bn invested since 2020 , leveraging existing underground, rail, and port infrastructure. Water treatment plant inaugurated. Approximately 240,000m of infill and exploration drilling, significantly de - risking the project 27
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Mining for the future Thank you! 28 THANK YOU!
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Mining for the future