Welcome everybody to the core shed, Viscaria's core shed in Kiruna, where we will present our Q3 report 2026. We continue to make strong progress across the Viscaria project, with significant activity both on site and in exploration. We have reached several important milestones this quarter, including the inauguration of Viscaria Village, our rail yard, Leväjärvi, while construction of the processing plant is advancing rapidly. We have also strengthened the project through key agreements with Metso and Sandvik. Charlotte will take you through the progress on site in more detail. I also want to mention that the Viscaria mine was designated a Strategic Project under the EU Critical Raw Materials Act. This is, of course, an important recognition of Viscaria's strategic relevance to Europe and its role in strengthening Europe's supply of copper. Finally, exploration continues to deliver very strong results and deepen our geological understanding of the deposit. Ross will dig deeper into the geological progress we have made during the quarter later in the presentation. First, let me highlight two very tangible milestones from the quarter, starting with the new rail yard at Leväjärvi. The inauguration of the Leväjärvi rail yard was an important milestone for the project. An inauguration like this requires a significant timeline in order to achieve something like this. The first agreement that we signed with the Swedish train authorities, rail yard authorities, was signed in April 20, 2023. Hence, when you reach a milestone like this, you want to celebrate. It connects us directly to the Ore Line and gives us access to established transport routes both north and south. Of course, we are very proud of this. I will show you a short film from the inauguration and the first train leaving our new rail yard. Another important part of preparing for operations is having the right infrastructure for the people and construction workers that will build the Viscaria mine. That is why we built the Viscaria Village for accommodations for construction workers during the two-year period now that we are doing the intense construction. We did this project together with the second-largest hotel operator in the Nordic area, Strawberry, and they are the ones that are responsible for the specification of the rooms and the common quarters, so we can do it as a hotel standard. The first guests arrived on August 24, and it was inaugurated in September. It provides 132 rooms with accommodation for 264 people working on a seven-day shift. Most importantly, it also reduces the pressure that our project otherwise would have put on housing and accommodation in Kiruna. As you can see, our focus is fully on moving this project forward with tangible progress on site. At the same time, I know that many of you are closely following our project financing, so let me explain where we are and put the timeline into perspective. Here you can see a picture where we gathered all participants in Stockholm some time ago when we tried to nail down final outstanding issues to be dealt with. Here we have participants from Société Générale, ING, Euler Hermes, Finnvera, four law firms, advisors, et cetera, et cetera. The project financing continues to move forward in line with what we announced a couple of weeks ago, and we are now targeting completion before the end of January, with credit approval from the lead banks expected around year-end. To put that timeline into perspective, this is an exceptionally rare type of financing. Only around six to seven bank-arranged mining project financing have been completed in Europe the last 10-year period. Even on a global level, these project financing for mines are relatively limited. These are not standardized financing processes. They are large, complex, and highly project-specific, requiring extensive due diligence across technical, ESG, commercial, legal, and financial work streams. Important point is to point out that the financing process continues to move forward in a steady way. The timeline reflects the complexity and rarity of this type of financing. Most importantly, it does not affect the overall time plan for our project since we are very well funded. With that, I welcome up Charlotte to the stage to take us through progress on the site more specifically. Thank you so much for that, Jörgen. Good morning, everyone. As Jörgen said, I will share with you the latest updates from the project. You can see here on the page, the image is our site, and we have progress and construction ongoing all across the site. We are not only constructing, we also take into the commission and handover to operations the facilities that has been completed. For example, the open pit, where we have daily operations, the clarification pond that is completed, and of course, our water treatment plant. We continue to have a strong focus on safety for all our employees, contractors, and partners that working with us every day. Of course, we have a strong focus on the time planning and the execution so we can deliver a reliable and timely restart of the Viscaria mine. Looking closer at the mine, as I said, we have open pit operation ongoing according to plan. We blast every week, and we source the material to use for our tailings construction. The picture you can see here at the bottom right, that is a picture where we load the trucks that goes directly to the tailings to crush and put out the material for our tailings construction. We dewater the mine according to plan, and as we go and lower the water level, we do rehabilitation of the mine. The upper picture you can see here, that is the rehabilitation work that we are doing for the parts of the mine that has been under water. We have selected Sandvik, as Jörgen said, as a long-term equipment partner for production drilling and loading vehicles, and we continue to scale up our mining organization as we are approaching the start of the mine. We also do detailed work with a mine plan with a strong focus on the first three years to really have a robust and solid plan to take us to 3 million tons per year. Next week, we are actually starting the development towards the D-zone, so actually mining operation is starting next week. We also signed an LOI with Orefields for a mine development, and that is for a three-year contract for mine development. Looking at infrastructure and logistics, we inaugurated our rail yard, Leväjärvi, as Jörgen mentioned, in October, and that will enable us to have five trains leaving our rail yard every week, either south or to the north. This facility has a capacity to store our copper concentrate, 10,000 tons, and also 20,000 tons of iron concentrate magnetite. The train will reverse in there, being loaded, and then go to Narvik for further shipment to customers in Europe. We continue to build our tailings facilities, very soon to be completed. As I said, we are sourcing the material from our open pit, which gives us a very advantageous CapEx profile of those facilities. The electricity substation for the operational phase, that is also well underway. The processing plant is going rapidly. It is advancing rapidly and according to schedule, and it will be weatherproofed fully by December, so that is a little bit ahead of schedule still. We have a lot of engineering works ongoing for the piping and process equipment, and as we do that, we are also ramping up the organization. We have refined the process sheet further and validated our assumptions with further metallurgical studies, which has been very successfully completed. We are working intensely with procurement of piping, all the pipes and sumps that will be inside the processing plant, the HVAC, and of course, the installation of the process equipment, which will be the main focus for next year. On the water treatment, the commissioning phase is now over, so we are working with ramp-up and handover to the organization. We still have a successful removal of both uranium, metals, and sulfates. Lastly, looking ahead on the project schedule, we continue with the power installation. As I mentioned, mining operation will start next week with the drift to the D-zone. The clarification pond, we are doing the final stages of that for completion. Then we have the processing plant, our biggest focus going ahead, to have it weatherproofed by December, and then all focus on process installation during next year, gradual commissioning and ramp-up to have our first sellable copper concentrate in the first half year of 2028. With that, I would like to hand over to Ross from the latest from exploration. Thank you very much, Charlotte, and good morning, everyone. Today, I am going to run you through the latest results, exploration results from Q3, what we have learned along the way, and what this means for Viscaria's exploration moving forward. During the last quarter, we reported a high-grade intersect far beyond the Mineral Resource estimate in the D-zone. Today, we have a second hit. It is not only about grade. What we are seeing is a varied copper mineralogy, so not just the chalcopyrite that we are used to, but we are also seeing bornite and chalcocite as well. More details on that to come. Additionally, in the B-zone, we have two new drilling intersections that are helping us to define how this mineralization is extending across the southwestern gap in the resource. On top of this, we have also completed our reflection seismic survey during the quarter and also kicked off three new research projects. More details on everything, but without further ado, we jump into the D Zone. If you have been following along our exploration updates along the way, you will really start to recognize this image that you see on the slide here. This is a longitudinal section of the D Zone, where the current Mineral Resource estimate is color contoured according to grade by thickness. On the left-hand side of the image, you can see the new drill hole, VDD26007, which intersected around 6 meters at 1.9% copper. Importantly, you can see that that intersection was made around 700 meters from the resource, down plunge from that southern shoot. This follows very well the previous result from 25013E, 10 meters at 2.2% copper. It is really encouraging to see that continuity in this part of the D Zone, and this gives us a really good basis to continue exploring the deeper roots of the system here. What is really interesting in this area is where that copper grade is derived from. Here in this intersection, the copper is not coming from chalcopyrite, but this intersection, it comes all from chalcocite, a copper-rich mineral that we are seeing for the very first time here in Viscaria. On top of this, the mineralization that we see is occurring in stacked mineralized intervals, which means we have a lot of high grade in relatively close proximity. This is something we have seen in other parts of the deposit, like the A Zone, for example. In the next slides, we will take you through each of these stacked intervals and look a bit at the varied mineralogy that we are seeing. Starting first here with the main D Zone horizon, and looking a bit at the drill core in these boxes, it allows us to draw the connection between these numbers and the actual geology. We can see on the left-hand side here, those darker rocks, that is our typical host, the massive magnetite. But in this case, it has this red tinge, and that is because it has been oxidized a little bit, partially replaced by hematite. Associated with this increased hematite alteration is an abundance of chalcocite, which occurs as these silvery, wispy blebs and disseminations, as well as fine veinlets, which you can see on those close-up images on the right-hand side of the slide. If we load up the assays sample by sample, you can see the product of this chalcocite mineralization, a really nice interval with high-grade copper, several intervals over the 2% copper mark. I showed this video as well, because I think when you can start to rotate the drill core, that is when you can see these fine veinlets of chalcocite, where the light kind of reflects and shimmers back off of the mineral. I mentioned that chalcocite is a copper-rich sulfide mineral, and what I mean by that is that within the mineral structure, chalcocite contains around 80 weight percent copper. When you compare that with chalcopyrite has just around 35%. This is a really interesting development that we are seeing here. If we move on to the next mineralized interval, we have 9.5 meters at 1.4% copper, and within that, a high-grade interval of 5 meters at 2.4%, so really healthy numbers. This intersection is made in the hanging wall metasediments, which sit just in front of the D Zone. When I load up again here the individual assays, you can see that one interval in particular is doing a lot of the heavy lifting, over one meter at 9% copper. If we look at those close-up photos on the right-hand side, we can see exactly why that's the case. Within this interval, we have a thick vein which hosts not just chalcocite, but also bornite and covellite as well. Seeing this mixed assemblage of copper-rich minerals for the first time in Viscaria, it adds an additional geological curiosity here, and it's for that reason that we're going to focus on this exact area for one of the research projects, which we just started up. I'll explain more details in that later. Finally, the last mineralized interval here in this stack, 6 meters at 1.3% copper. So again, really nice grades. If I show the individual assays, you see that the grades are a bit more consistent here, with a couple above the 2% mark. What's interesting here is that we do actually see chalcopyrite, but in this case, the chalcopyrite is starting to be replaced by bornite, which you can see in the kind of blue and purple-y colors on the close-up photos. If we kind of take a step back and look at all of these results together, we can see a clear progression as we move down the drill hole. First, we have chalcopyrite being replaced by bornite, then this mixed assemblage of bornite, covellite, and chalcocite, and then furthest down the hole in the D Zone horizon, we have just chalcocite as the dominant mineral. This progression, this mineralogical shift, is indicative of hypogene copper enrichment, which together with the hematite alteration, may indicate that we're getting closer to a main feeder structure where oxidized copper-rich fluids have been focused during the formation of the deposit. Of course, this is a hypothesis that we will continue to test, but already we can see that this fits very well with what we're seeing in the rest of the deposit. Okay, speaking of the rest of the deposit, let's turn our attention to the B Zone as well, where you can see this long section is starting to get pretty busy, but I think that reflects well the sort of key message from here today, that drill hole after drill hole, we're continuing to see that the mineralization extends across this gap in the southwest of the deposit. Today, we have two new drill intersections from outside of the resource. Drill hole 26005, which returned around 6 meters at 1.1% copper, and drill hole 25013, which returned around 11 meters at 1% copper. It's important to note that both of these intersections have really nice silver grades as well, so that could be a good kicker for us in the future. In addition to this, the drill hole that we just looked at in the D zone, VDD26007, it also intersected really nice mineralization in the shallow part of the B zone. You can see that in the top left-hand corner of this section, 7.5 meters at 1.8% copper, and this is less than 100 meters below the surface. Of course, this was drilled within the resource, it wasn't an exploration hole, but I think a really nice highlight that there's really shallow potential here and a great area to follow up. Not only that, I think it illustrates the growing importance that we see in the B zone. The B zone is fairly consistently mineralized along strike, but what we're seeing is several areas locally where there's really high grade, and I think that can provide key optionality to us down the line when we start the future mining. All right, this is an image we've seen before, so I don't want to dive too much into the technical details, but I like this because it brings together everything we're seeing all across the deposit and all around our latest discoveries. That is clear geological and geophysical evidence for a main feeder corridor in the southwest part of the deposit. What you can see on this geophysical map is this high conductivity signal from the graphitic formations that suddenly is truncated, suddenly breaks towards the southwest. It's in this exact same trend that we're starting to see a lot of the key ingredients. Intense alteration and bleaching, cross-cutting veins and mineralized breccias, stacked mineralized mantos all across the stratigraphy. Now today, what we see in the D zone, this oxidized assemblage of hematite with chalcopyrite and bornite, it's all really starting to fit together, all of the puzzle pieces. This is a very special part of the deposit, and we think we're on the right track to make further discoveries here. Moving on, but keeping with the theme of geophysics, during August, we completed our reflection seismic survey with Uppsala University. The survey had a significant scope, covering a total of 40 line kilometers across 20 profiles and utilizing around 3,500 receivers with three boreholes fitted with downhole sensing systems as well to detect the reflected waves. You can see a nice image here of the Vibroseis truck in action, working along profile 104 and in quite close proximity to the B zone open pits. A huge credit to the Uppsala University team. The work was carried out extremely efficiently and safely as well. They've now started to process the data, and I can say there the early signs look good. We're seeing an encouraging signal strength from depths of below 2 km. Of course, that's far below where we're currently investigating with the drilling. We hope to get the results from this during Q1 2027, and with that, we will integrate these with our other data sets in order to refine our existing targets, but also to define new exploration targets as well. As I mentioned earlier, we've recently kicked off three new master's research projects, all aiming to tackle key questions in understanding the genetic formation of the Viscaria deposit. With Rebecca from the University of Michigan, we're looking at copper and sulfur sources and how these key ingredients were transported into place. With Maria from Stockholm University, the focus is going to be on this really interesting assemblage we looked at today, the bornite, the covellite, chalcopyrite in the D Zone. So, to characterize this stage of the mineralization and see how it fits in with the overall sequence. Last but not least, Simon from the University of Gothenburg. With his project, we're aiming to date minerals that we can see are texturally connected with the copper, and from that, constrain the timing of the mineralization, which in Viscaria is an age-old question. So, really exciting to kick off these projects, to build these relationships, and to bring together this complementary expertise, as this all works towards building our overall understanding and, over the long term, guiding the exploration as well. Just a quick note, we now have all of the recently completed master's thesis published on our website as well. So, if you're interested to learn more about the latest research and technical details on the deposit, then you know where to look. Some final words from me. In 2019, when Viscaria acquired the project, the total Mineral Resources sat at 52 million tons. Within less than six years, by May 2025, we more than doubled that to 108 million tons. I think reflecting on the results we see today, we have a strong confidence in saying that that growth trajectory is expected to continue. The next couple months are going to be really exciting in the exploration department. We've already started to gather the data to do the modeling, bringing our interpretations together, and this will all go towards providing an updated Mineral Resource estimate in February next year, along with the Q4 report. So, lots to look forward to. Stay tuned, and on that note, I hand over the word to Frida. Thank you for that, Ross. Here you see the financial performance in summary for quarter three, 2026. Starting with capitalized expenses related to exploration and evaluation assets, it's SEK 152 million at the quarter. Shows that we still have a high grade of project and preparatory works, and of course, a lot of geology and exploration works as well. The operating profit is minus SEK 23 million, broadly in line with the previous quarter. The net profit is minus SEK 21 million compared to minus SEK 41 million previous quarter, and the deviation there is mainly due to a higher level of interest expenses during quarter two. We have a positive cash flow for the period, SEK 123 million, mainly due to the tranche number 2 for the equity portion during July. If you then go over to the balance sheet, exploration and evaluation assets, it's almost SEK 2.2 billion, increases from SEK 2.0 billion from previous quarter. The ongoing development is SEK 1.4 billion, slightly decreased from previous quarter, mainly due to the water treatment plant that we now have reclassified from ongoing, since the plant is now up in operations. We ended this quarter with a strong cash position, almost SEK 1.5 billion. Some portions of deposit for closure costs also included in that figures, and we strengthened our equity up to SEK 5.3 billion. To summarize the quarter, we maintained a really strong financial position while we continue to advance in the overall project for Viscaria. Of course, the next important milestone for us is the project financing, and as Jörgen already mentioned in the beginning of the presentation, the project financing continues to progress well. The expected bank syndicate will be our lead arrangers, ING and Société Générale, and we will also include four to six other European commercial banks. Viscaria expects to complete this debt financing process within the next quarter. Some work still remains to be finalized, such as some part of the DD reports, the common terms agreement, the ECA terms, et cetera. The debt size approximately around SEK 5 billion. We are still having some variables that could be moving, but we are really close to get the fixed figures here. This slightly adjusted time schedule for this project financing will not have an impact on the overall time schedule. By that, I leave the word back to Jörgen again. Thank you, Frida. Let me finish by taking a few steps back. What you have seen here today is a project that is advancing on several fronts at the same time in a very stable way. We have an extremely strong balance sheet, with an equity position more than SEK 5.3 billion and a very solid cash position. We also have a very strong copper market and attractive business case with significant upside, and the key permits and infrastructure are in place. The project financing is progressing, and importantly, the updated financing timeline does not affect the overall project timeline since we are very well funded. At the same time, we continue to make tangible progress on site, while the strong exploration results that Ross presented further strengthen our understanding of the deposit and its potential. Viscaria is uniquely positioned. It is a permitted, advancing copper project in Europe with strong fundamentals, significant upside, and a clear path forward. Our focus is clear: keep executing to bring Viscaria into production 2028. With that, I thank you for this presentation, and I invite Tommy Arlasjö from Handelsbanken up as our moderator in this quarter report. Welcome, Tommy. Thank you, Jörgen and the team for the presentation. Let's start the Q&A session focusing on the debt financing. I think you gave a good overall answer, but that said, could you explain a bit more on what made you go from a one-month financing slip to now saying within 90 days? What made you think one month was possible before? Yeah, so it's important to say that our project timeline has never been Viscaria's timelines. It has been a joint timeline estimate by the group of financiers, as both the lead banks, Société Générale and ING, and our credit guarantee agencies, Euler Hermes and Finnvera. But remember what I told you in my presentation, project financing for a mine project are project-specific. So this is not a mine project financing, this is Viscaria's mine project financing. Everybody are doing their utmost. I can't even show or have a frustration with our lead banks or export credit agency. Everybody is doing their utmost to close this financing, and we work so hard with it. To gather all the documents, to have all the boxes ticked, to have legal opinions and everything, has taken longer time than everybody expected. Now, however, we are at the very sprint of this financing process, and we all are committed to keep this timeline that we now indicated, with credit decisions around year-end from Société Générale and ING, and then to close the whole financing package with the ECAs end of January. We have a follow-up question on the chat. Is there any risk, would you say, for further financing delays or? We, together with the lead banks and our export credit agency, we don't foresee that. We all are in a firm belief that we know now what is outstanding, which documents that need to be collected and verified, and to get the final legal opinions of, and to stick to this timeline. Great. Let's move over to the operations then. As Charlotte pointed out earlier in the presentation, underground mining is expected to start very soon, which is earlier than previously communicated. What is making this possible, and does it mean that underground construction is ahead of schedule? As I referred to our last quarterly report, where we commented in a delay of the commissioning of the water treatment plant due to the fact that we found sulfates, we need to install another cleaning step in the water treatment plant. In order to decouple the dependency on the dewatering of the overall timeline, we did an optimized mine plan and took the decision to make a direct drift into the D-zone as well. We will continue to use the old A-zone in accordance with the dewatering plan, but now we have decoupled the dependency on the dewatering with the overall time plan. It's a de-risking of the project to do that. Great. As you said in the presentation, you ran this extensive seismic survey here at Viscaria in August. What would a good outcome look like, and how could this feed into future resource updates? As Ross mentioned here, the seismic survey is another type of geophysical survey with the traditional ground geophysics and so on. Seismic surveys, with the right outcome, you can see extensively further down than you can do with normal geophysics. Instead of maybe 500-1,500 meters, up to beyond 2 km. It helps us to give us a better picture of the ore body underground, which in itself then can help us to do a better drill plan program. To summarize what Ross said, a better understanding. Great. Late last year, you signed a Memorandum of Understanding covering roughly half of the planned output. Where do you stand on the other half, and when should we expect to get any news on this? Everybody knows that we have an extremely attractive product, copper concentrate produced in Europe with a very low CO2 emission. We don't have any problem whatsoever to sell our product, and Aurubis has communicated clearly, openly to the market that they very much would like us to send 100% to Aurubis. We did this offtake contract as if we were a mining company in production, meaning that we do not ask for any royalty payment from Aurubis or any streaming contract, since we are funding ourselves. This is a straightforward offtake contract with all elements payable. This is a sign of strength, and we wanted to show the market. Now we're selling 50%. The rest of the 50% are up for grabs, you can say. We are discussing with other parties, and there will not be any problem to sell our product. Does it matter to you whether the remaining volumes also go via Narvik, or are you open to go southeast? Is one preferable over the other? No, we are indifferent of that. We have then the connection to the Ore Line with the switch, both southbound going down to the Baltic Sea and then the north one to Narvik. Viscaria was recently granted Strategic Project status by the EU. What does that change in practice, and could it benefit the mine reopening in any way? I don't believe that that will affect the timetable. As I was quoted in some newspapers, well, I don't see it as a disadvantage. Of course, we are proud to have been named as a Strategic Project, but it's hard to see any hard effects timetable-wise. How should we think about exploration and evaluation spend from here? Does it fall as construction CapEx increases, or is the current level sort of a new baseline? In a project like this, in a construction phase, you have every month nice-to-do costs and need-to-do costs. Of course, nice-to-do would have to have 10 rigs out and just to drill exploration drilling. We have enough money to do enough exploration drilling at the same time as we do construction at the site in a proper way. It is self-explanatory that the day that we have a positive cash flow in excess of paying our interest and amortization, of course, then most likely we will accelerate the exploration costs. For the time being now, we are well with the exploration activities that we are doing. Viscaria is now entering the most investment-heavy period in the project. How should we think about the quarterly CapEx profile in 2027 and how it ramps up? Well, if you follow our quarterly reports, the last three quarters, we have had a cash flow or cash burn of approximately SEK 150 million-SEK 300 million per month. The next three quarters, I think we will stabilize ourself on SEK 300 million per month every month for the next three quarters. Great. Beyond the processing plant and the debt financing, which other milestones over the next 12 months should we be most, or watch most closely, would you say? I have a hard time to point out any single milestone. There will, of course, be numerous milestones as the installation continues into the processing plant. But of course, that we now are starting the underground drifting, soon we will start to mine underground. That is a milestone. The next quarterly report with a Mineral Resource estimate upgrade, February 12th, will be a super thrilling milestone. I cannot see that super big one, but of course, a number of milestones. Sorry, I forgot that. Of course, the closure of the debt financing will be a very important milestone. And we have one more question from the chat, and it is basically, there are different views circulating on the prospects of the Viscaria project. Is there anything you would like to add to this? I have never heard that, to be honest. It is hard to find a project that has been so scrutinized like the Viscaria project by mining experts since we are in this project financing process. We have large mining consultancy firms like SRK, SLR, Hatch. I never heard any different opinion about the prosperity of the Viscaria project than it is fantastic. We have numerous academic mining reviews of the Viscaria project that Ross has mentioned about. I have never heard any different opinions about the prosperity of the Viscaria project. The project financing banks, Société Générale and ING, and the ECAs have numerous mining consultants reviewing the project. I have never heard any different opinions about the prosperity. Honestly, if there is somebody outside the mining sector or a brand name that I have not heard about, but all that have reviewed the Viscaria project as professional, again, I have not heard anything else than to confirm the prosperity of the growth potential of the Viscaria. Great. I have no further questions, so we will conclude the Q&A session there. Thank you, Jörgen. Thank you, and thank you everybody that listened to our Q3 report, and we very much look forward to have you with us on February the 12th in our thrilling Q4 report.
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