Gruvaktiebolaget Viscaria · OMXSTO:VISC
Gruvaktiebolaget Viscaria — Q1 2026 Earnings Presentation
32 slides from Gruvaktiebolaget Viscaria's earnings presentation, May 7, 2026
Slide 1: Responsible mining for a sustainable future
Responsible mining for a sustainable future Q1 2026 January - March Kiruna 7 May 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 -loo
Slide 3: Q1 2026
Mining for the future 3 Q1 2026 • Exploration drilling confirms growth potential in near mine locations and remains open at depth and along strike • At steady state production 2029 -2036; EBIT now stands at SEK 1.6 bn (up from 1.4 bn) at 11.700 USD /tonne and 9,40 USD/SEK • SEK 4.8 bn debt financing
Slide 4: Supply: Copper grades have declined 65% over 70 years
Mining for the future 4 Supply: Copper grades have declined 65% the past 70 years, this trend is expected to continue and approach lower limits of cut -off grades Global weighted average copper grade, 1950 -2025, % There is a direct correlation Weighted average mill -head grade 1 Average grade of ne
Slide 5: Supply: Easily accessible copper deposits are depleted
Mining for the future 5 Supply: Easily accessible copper deposits are depleted Copper in major discoveries, 1,2 Mt -97.7% Easily accessible ore 378.4 deposits are being rapidly 327.0 299.5 depleted , with discoveries 187.7 yielding lower copper grades 145.0 and requiring deeper drilling 18.3 8.8 Com
Slide 6: Supply: There were 8x more discoveries 30 years ago vs today
Mining for the future 6 Supply: There were 8x more discoveries 30 years ago vs today 1990 - 1994 2020 - 2024 Number of discoveries 1,2 Top discoveries Top discoveries Current Contained Contained Project owner copper, Mt 3 Grade Year <10 USD / t 1500 USD / t Project Owner copper, Mt 3 Grade Year Angl
Slide 7: Price: Mining costs are increasing amid declining Cu grade
Mining for the future 7 Price: Mining costs are increasing amid increasing complexity and declining Cu grade, suggesting continued upward Cu price trajectory Copper mine AISC 4 curve (incl. byproduct & royalties) 2025, USD/t High by -product share (>45%) Mid byproduct share (5 -45%) Low byproduct sh
Slide 8: Price: Historically, consensus copper price forecasts were pessimistic
Mining for the future 8 Price: Historically, consensus copper price forecasts were pessimistic, compared to actual price development Copper price development and (vintage) forecasts, 2016 – 2030E, USD/t Actual price development (Vintage) forecasts 13,000 12,500 Consensus 9/10 major institutions have
Slide 9: Price: The 2030 price consensus is ~12,500 USD/t
Mining for the future 9 Price: The 2030 price consensus from major institutions is at ~12,500 USD/t and continues to increase Copper price development, 1980 – 2030E, USD/t Consensus forecast distribution, 2030F Actual Top estimate Consensus (mean average) Bottom estimate USD/t Estimated by Top 14,00
Slide 10: Price: Cu prices are at an all time high
Mining for the future 10 Price: Cu prices are at an all time high and could increase up to 45% by ’30
Slide 11: Viscaria: Conservative copper price assumptions with potential to increase NPV
Mining for the future 11 Viscaria: Conservative copper price assumptions with potential to increase NPV post tax by >50% Price potential (average 1) USD/t NPV, Post -tax EBITDA margin EBITDA EBIT Net income (avg. ’29E -’36E) (avg. ’29E -’36E) (avg. ’29E -’36E) (avg. ’29E -’36E) 11,700 SEK 7.8bn 68.2
Slide 12: European project finance process of ~SEK 4.8 bn
Mining for the future 12 Viscaria has launched a European project finance process of ~SEK 4.8 bn with targeted close in Q3 2026 MLAs Funding Strategy Q4 2025 Q1-Q2 2026 Q3 2026 MLAs • Two MLAs will lead the appointed Project’s due diligence and Potential Export Credit Agencies Consultants structure
Slide 13: Key Project Updates Since December 2025
Mining for the future 13 Key Project Updates Since December 2025 16,000 Copper price (USD/t) 15,000 14,000 13,000 12,000 16 Feb : Appointment of 11,000 Omexon by Vattenfall to build substation 06 March: 20 March: Construction agreement with 10,000 Detailed design of construction Nordec – processing
Slide 14: Project Schedule
Mining for the future 14 Project Schedule 2026 2027 2028 OP Mining SO 4 Treatment Installation Dewatering UG Rehab UG Mining Permanent Power Installation Railyard Construction Tailings Area incl. Clarification P ond Processing Plant Weather -Proof Building and Foundation Processing Plant Installatio
Slide 15: Mining for the future
Mining for the future 15
Slide 16: WTP 1000 update
Mining for the future 16 WTP 1000 update • WTP1000 project is in commisioning phase and the remaining work is proceeding according to plan • Commisioning of technical water and drinking water have been successfully completed during April • Sulphate treatment will be completed in June • All permits t
Slide 17: Driving resource growth at Viscaria
Mining for the future 17 Exploration Highlights, Q1 2026: Driving resource growth at Viscaria Cross -section of the Viscaria deposit’s mineralised zones High -grade continuity confirmed beyond B -zone resource + 750 m ➢ Step -out hole VDD25013D confirms thick mineralised package beyond the current r
Slide 18: Continuity in high-grade mineralisation confirmed across 'gap'
Mining for the future 18 B -Zone Exploration Results, Q1: Continuity in extensive high -grade mineralisation confirmed across ‘gap’ SOUTHWEST NORTHEAST Highlight intervals from VDD25013D: F rom 782.8 m to 796.55 m depth ➢ 13.8 m @ 1.13% Cu, 2.28 ppm Ag B -Zone Mineral Resource w/ grade -thickness co
Slide 19: B-Zone Exploration Results, Q1
Mining for the future 19 B -Zone Exploration Results, Q1: NORTHWEST SOUTHEAST VDD25013D Cross -Section Viscaria’s A -ABBA -B - zones 13.8 m @ 1.13 % Cu Existing underground 782.8 – 796.55 m depth infrastructure down to 670 m depth 14.0 m @ 1.01 % Cu 844.0 – 858.0 m depth 6.5 m @ 1.14 % Cu 871.45 – 8
Slide 20: Continuity in high-grade mineralisation confirmed across 'gap'
Mining for the future 20 B -Zone Exploration Results, Q1: Continuity in extensive high -grade mineralisation confirmed across ‘gap’ VDD25013D: mineralisation styles, VDD25013D: a glimpse into the paragenetic sequence Highlight intervals from VDD25013D : fluid pathways F rom 782.8 m to 796.55 m depth
Slide 21: ~800 m extension beyond resource
Mining for the future 21 SOUTHWEST NORTHEAST D-Zone Exploration Results, Q1: ~800 m extension beyond resource Cu (%) x Thickness (m) D-Zone Mineral Resource <1 Scout drill hole VDD25013E has successfully w/ grade -thickness contours 1- 3 intersected Cu -Fe mineralisation almost 800 m along 29.2 Mt @
Slide 22: ~800 m extension beyond current resource; drill core photos
Mining for the future 22 D-Zone Exploration Results, Q1: ~800 m extension beyond current resource; drill core photos of Cu -Fe mineralisation from VDD25013E
Slide 23: ~800m extension beyond current resource; drill core photos
Mining for the future 23 D-Zone Exploration Results, Q1: ~800m extension beyond current resource; drill core photos of Cu -Fe mineralisation from VDD25013E
Slide 24: Increased proportion of bornite and hematite alteration
Mining for the future 24 D-Zone Exploration Results, Q1: Increased proportion of bornite ( Cu₅FeS ₄) and hematite alteration signal approach towards high -grade core
Slide 25: Integrated geological-geophysical evidence for major feeder zone
Mining for the future 25 Framing the latest exploration results on the deposit -scale: Integrated geological -geophysical evidence given for major feeder zone Abundant feeder veins in B Deep, ex.VDD25013D Plan view Viscaria deposit Major break in conductivity: Unconstrained MT inversion NW -SE strik
Slide 26: Latest exploration results support a continued growth trajectory
Mining for the future 26 Looking ahead to Viscaria’s next resource update (February 2027) Latest exploration results support a continued growth trajectory Viscaria’s Mineral Resources (Mt) through time Resource update planned for Actual discoveries Future potential February 2027 ➢ Strong track recor
Slide 27: Financial performance in summary
Mining for the future 27 Financial performance in summary MSEK Q1 Q1 FY Ny bild från 2026 2025 2025 workshop? Capitalised expenses related to exploration and evaluation assets 83 84 284 Operating profit -18 -11 -67 Net profit -28 -18 -109 Cash flow for the period -405 151 1,175 Exploration and evalu
Slide 28: EBITDA margin increased ~3.5p.p. since Q1'25 forecast
Mining for the future 28 Viscaria: EBITDA margin increased ~3.5p.p. since Q1’25 forecast, driven primarily by copper price increase and offset by change in exchange rate Cash cost NPV, Post -tax EBITDA margin EBITDA EBIT Net income (avg. ’29E -’36E) (avg. ’29E -’36E) (avg. ’29E -’36E) (avg. ’29E -’3
Slide 29: Key metrics in the business case
Mining for the future 29 Key metrics in the business case – competitive cash cost and an EBITDA of SEK 2.3bn p.a. (avg. 2029 -36) Assuming copper price of USD ~11,700 1 and SEK/USD 9.4 Mineral LoM CU t CU Eq Resources 17 years 23.0 (26.3) 27.5 (34.6) Business case with a LOM Production 49.3 Mt of
Slide 30: De-risked copper project, close to production in Tier 1 jurisdiction
Mining for the future 30 De -risked copper project , close to production in Tier 1 jurisdiction Financing well Strong support from main and new owners - leading institutional and private investors progressed Societe Generale and ING mandated lead arrangers in strong competition to arrange a structur
Slide 31: Mining for the future
VA. Mining forthe furure 31
Slide 32: Mining for the future
32 VA ining forthe future
Gruvaktiebolaget Viscaria — Q1 2026 Earnings Presentation on 6ix