Gruvaktiebolaget Viscaria · OMXSTO:VISC
Gruvaktiebolaget Viscaria — Q2 2026 Earnings Presentation
33 slides from Gruvaktiebolaget Viscaria's earnings presentation, Aug 13, 2026
Slide 1: Responsible mining for a sustainable future
Responsible mining for a sustainable future Q2 2026 April - June Kiruna 13 August 2026
Slide 2: Disclaimer
Mining for forthe thefuture future 2 Disclaimer 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 -
Slide 3: Q2 2026
Mining for the future 3 Q2 2026 • Project execution at high pace: Malmbanan connection, WTP 1000 in commissioning, agreement with Sandvik • Exceptional drilling results: 10 metres at 2.2 % Cu (VDD 25013 E) ~800 metres beyond current resource => significant scale and high -grade growth potential • We
Slide 4: Building with care and quality
Mining for the future 4 Building with care and quality Building with care and quality Viscaria ’s design programme prioritises autumnal colours and preservation of the natural environment wherever possible
Slide 5: för framtiden
för framtiden Mining for the future 5
Slide 6: Mining for the future
Mining forför Gruvdrift theframtiden future 6
Slide 7: Mining for the future
Mining forför Gruvdrift theframtiden future 7
Slide 8: Project update – mining area overview
Mining for the future 8 Project update – mining area overview
Slide 9: Processing plant
Mining for the future 9 August 12 2026 Processing plant • Construction of the processing plant is proceeding according to plan and currently ahead of schedule • Engineering and construction activities have intensified durning Q 2 • Metso is undertaking detailed design of process equipment • Process
Slide 10: Mining for the future
Mining for the future
Slide 11: Mine
Mining for the future 11 August 12 2026 Mine • Underground rehabilitation is progressing according to plan -> 25 meters per day • First waste rock blasts completed - Open -pit development well under way - First ore stockpiled on ROM -pad • Sandvik selected for underground mining fleet and maintenanc
Slide 12: Infrastructure & Logistics
Mining for the future 12 Infrastructure & Logistics • Leväjärvi railyard connected to Malmbanan on 17 June - Contract signed on 20 April 2023 • Railway yard and concentrate storage building progressing - Inauguration 14 October • Narvik infrastructure well in progress • Power to site and site infras
Slide 13: Infrastructure & Logistics
Mining for the future 13 August 12 2026 Infrastructure & Logistics • 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
Slide 14: WTP 1000 update
Mining for the future 14 August 12 2026 WTP 1000 update • Water treatment plant is in commissioning • Treatment of metals, uranium and sulphate has commenced – Performance met expectations and permit limits • Water is being discharged to recipient • Ramp -up and operator training ongoing • Drinking
Slide 15: WTP 1000 update
Mining for the future 15 August 12 2026 WTP 1000 update
Slide 16: WTP 1000 update
Mining for the future 16 WTP 1000 update
Slide 17: Viscaria Village
Mining for the future 17 Viscaria Village • Viscaria Village nearing commissioning • First guests arrive on 24 August • Official innauguration to be held in Sept ember • 132 rooms for up to 264 residents on a rotating 7/7 shift August 11 2026
Slide 18: Project schedule
Mining for the future 18 Project schedule 2026 2027 2028 SO 4 treatment installation Open pit mining Mining Dewatering Underground rehabilitation Underground mining Infrastructure Permanent power installation Railyard Tailings Tailings area incl. clarification pond Processing plant weather -proof bu
Slide 19: Exploration Highlights, Q2 2026
Mining for the future 19 Exploration Highlights, Q 2 2026 : High -grade copper intersected 800 metres beyond current D -Zone resource Cross -section of the Viscaria deposit ’s mineralised zones 10 metres @ 2.2 % copper in major step -out hole in D -Zone + 750 m ➢ Drill hole VDD 25013 E intersected D
Slide 20: D-Zone Exploration Results, Q2
Mining for the future 20 SOUTHWEST NORTHEAST D-Zone Exploration Results, Q2: 10 metres @ 2.2 % copper D-Zone Mineral Resource Cu (%) x Thickness (m) <1 w/ grade -thickness contours 1- 3 29.2 Mt @ 0.91% Cu SOUTH SHOOT Intersected 800 m beyond resource 3-5 5-7 NORTH SHOOT > 2x higher grade than Viscar
Slide 21: D-Zone Exploration Results, Q2
Mining for the future 21 D-Zone Exploration Results, Q 2: 10 metres at 2.2 % Cu intersected 800 metres beyond current resource Main intersection f rom 1595.8 to 1606.0 m downhole depth, close to true thickness 1.49% Cu, 30.0% Fe 1.24% Cu, 31.1% Fe 0.92 % Cu, 33.4 % Fe 1.25% Cu, 31.1% Fe 1.96% Cu, 40
Slide 22: B-Zone Exploration Results, Q2
Mining for the future 22 B -Zone Exploration Results, Q 2: Higher grades & exceptionally thick mineralisation confirmed across ‘gap ’ SOUTHWEST NORTHEAST VDD 25013 E ➢ De monstrates that high -grade copper B -Zone Mineral Resource mineralisation extends between the w/ grade -thickness contours shall
Slide 23: Framing the latest exploration results on the deposit-scale
Mining for the future 23 Framing the latest exploration results on the deposit -scale: Integrated g eology & geophysics point to a potential feeder corridor Abundant feeder veins in B Deep, ex.VDD25013D Plan view Viscaria deposit Unconstrained MT inversion Major break in conductivity: Depth slice at
Slide 24: Reflection seismic survey now underway on Viscaria site
Mining for the future 24 Reflection seismic survey now underway on Viscaria site High -resolution imaging of the deposit for deep targeting Testing broader scale of the system Map of the planned seismic profiles on the Viscaria site (left) and in Kiruna city (right) Designed to image the geological
Slide 25: Reflection seismic survey now underway on Viscaria site
Mining for the future 25 Reflection seismic survey now underway on Viscaria site High -resolution imaging of the deposit for deep targeting
Slide 26: Looking ahead to Viscaria's next resource update in Q1 2027
Mining for the future 26 Looking ahead to Viscaria ’s next resource update in Q 1 2027 Latest exploration results support a continued growth trajectory Viscaria’s Mineral Resources (Mt) through time Continued s uccess in D -Zone and Actual discoveries Future potential B -Zone exploration drilling ➢
Slide 27: Financial performance in summary
Mining for the future 27 Financial performance in summary MSEK Q2 Q2 Q1 2026 2025 2026 Capitalised expenses related to exploration and evaluation assets 127 65 83 Operating profit -24 -17 -18 Net profit -41 -22 -28 Cash flow for the period 346 -42 -405 Exploration and evaluation 2,055 1,513 1,902 as
Slide 28: Financial position strengthened by new share issue and full conversion of loans
Mining for the future 28 Financial position strengthened by new share issue and full conversion of loans • Oversubscribed new share issue adding SEK 1.7bn in cash - InfraVia new second largest owner • Tranche 2 of new share issue completed after quarter end • Shareholder loans of SEK 681 m fully con
Slide 29: Significant earnings upside around the prevailing market copper price
Mining for the future 29 Significant earnings upside around the prevailing market copper price Price potential , USD / tonne (average) 1) EBITDA EBIT Net income (avg. ’29E -’36E) (avg. ’29E -’36E) (avg. ’29E -’36E) 11,700 SEK 2.2 bn SEK 1.6bn SEK 1.2bn Business case Margin 67.4% 14,250 SEK 2.9 bn SE
Slide 30: Expected to become cash flow positive in 2029
Mining for the future 30 Expected to become cash flow positive in 2029 • Becoming cash flow positive Annual cash flows for the business case ( USD 475 m debt sizing) USDm 2029 with positive accumulated Post-Tax Free Cash Flow (Unlevered) Cumulative Post-Tax Free Cash Flow (Unlevered) cash flows in 2
Slide 31: Viscaria is uniquely positioned
Mining for the future 31 Viscaria is uniquely positioned Copper prices are at historically • Record high copper demand , supported by strong fundamentals with no viable substitutes as well as record low strong levels and trending upward copper discoveries and declining ore grades leading to higher
Slide 32: Thank you!
Mining for the future 32 Thank you!
Slide 33: Mining for the future
Mining for the future
Gruvaktiebolaget Viscaria — Q2 2026 Earnings Presentation on 6ix