Gruvaktiebolaget Viscaria · OMXSTO:VISC
Gruvaktiebolaget Viscaria — Q3 2026 Earnings Presentation
29 slides from Gruvaktiebolaget Viscaria's earnings presentation, Nov 5, 2026
Slide 1: Responsible mining for a sustainable future
Responsible mining for a sustainable future Q3 2026 July - September Kiruna 5 November 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: Q3 2026
Mining for the future 3 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 • E
Slide 4: Leväjärvi railyard inauguration
Mining for the future 4 Leväjärvi railyard inauguration Leväjärvi railyard inauguration • Leväjärvi railyard inaugurated with 200 people attending • Connecting Viscaria to the Iron Ore Line • Access to transport routes both north and south
Slide 5: Mining for the future
Mining for the future
Slide 6: Viscaria Village inauguration
Mining for the future 6 Viscaria Village inauguration • First guests arrived in August • Inauguration in September • 132 rooms for 264 residents on rotating 7/7 shift • Alleviating Kiruna municipality August 11 2026
Slide 7: Financing update
Mining for the future 7 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 volume
Slide 8: Project update – overview
Mining for the future 8 Project update – overview
Slide 9: Mine
Mining for the future 9 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
Slide 10: Infrastructure & Logistics
Mining for the future 10 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
Slide 11: Processing & Water Treatment
Mining for the future 11 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. • Procur
Slide 12: Project schedule
Mining for the future 12 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 13: Exploration Highlights, Q3 2026: Second hole confirms high-grade Cu 700 m beyond D-Zone
Mining for the future 13 Exploration Highlights, Q3 2026: Second hole confirms h igh -grade Cu 700 m beyond current D -Zone resource Cross -section of the Viscaria deposit’s mineralised zones 6 metres @ 1.9% copper in 2 nd major step -out in D -Zone + 750 m ➢ Drillhole VDD26007 intersects several st
Slide 14: D-Zone Exploration Results, Q3: 6 metres @ 1.9% copper
Mining for the future 14 SOUTHWEST NORTHEAST D-Zone Exploration Results, Q3: 6 metres @ 1.9% 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 700 m beyond resource 3-5 5-7 NORTH SHOOT Confirms high -grades in VDD250
Slide 15: D-Zone Exploration Results, Q3: 6 metres at 1.9% Cu in main D-Zone horizon
Mining for the future 15 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 Chalcocite blebs within massive magnetite partially replaced by hematite 0.20% Cu, 16.8% Fe 2.21% Cu, 33.7% Fe 1.78% Cu
Slide 16: VDD26007: Cross-cutting chalcocite veinlets in massive magnetite
Mining for the future 16 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
Slide 17: D-Zone Exploration Results, Q3: 9.5 metres at 1.4% Cu
Mining for the future 17 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 Vein -hosted assemblage of copper -rich sulphide minerals: Bornite ( Cu ₅FeS ₄), Covellite ( CuS ), Ch
Slide 18: D-Zone Exploration Results, Q3: 6 metres at 1.3% Cu
Mining for the future 18 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 2.04% Cu, 2.62 ppm Ag 2.07% Cu, 2.19 ppm Ag 1.19% Cu, 2.27 ppm Ag Bedding -concordant, elongate ‘streaks
Slide 19: B-Zone Exploration Results, Q3: Further copper mineralisation confirmed
Mining for the future 19 B -Zone Exploration Results, Q3: Further copper mineralisation confirmed beyond the current resource B -Zone Mineral Resource SOUTHWEST w/ grade -thickness contours NORTHEAST VDD25013 and VDD26005 43.9 Mt @ 0.77% Cu NEW INTERSECTION ➢ Confirms extensions of B -Zone mineralis
Slide 20: Integrated geology & geophysics point to a potential feeder corridor
Mining for the future 20 Framing the latest exploration results on the deposit -scale: Integrated geology & 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 21: Reflection seismic survey completed during Q3
Mining for the future 21 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 wi
Slide 22: Building new academic collaborations
Mining for the future 22 Building new academic collaborations Three MSc projects to deepen our geological understanding of Viscaria Tracing metal and sulphur sources at Viscaria Rebecca Liebson , supervised by Adam Simon – University of Michigan ➢ Investigating the geochemical and isotopic fingerpri
Slide 23: Recent MSc theses now available on Viscaria's website
Mining for the future 23 Recent MSc theses now available on Viscaria’s website: viscaria.com > This is Viscaria > Academic Papers
Slide 24: Looking ahead to the Q1 2027 Mineral Resource update
Mining for the future 24 Looking ahead to the Q1 2027 Mineral Resource update Latest results reinforce Viscaria’s resource growth potential Viscaria’s Mineral Resources (Mt) through time Future potential D- and B -Zone results confirm extensions ➢ Recent drill intersections in both zones display gra
Slide 25: Financial performance in summary
Mining for the future 25 Financial performance in summary MSEK Q3 Q3 Q2 2026 2025 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 2,207 1,571 2,055 as
Slide 26: Project financing
Mining for the future 26 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
Slide 27: Viscaria is uniquely positioned
Mining for the future 27 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 28: Thank you!
Mining for the future 28 THANK YOU! Thank you!
Slide 29: Mining for the future
Mining for the future
Gruvaktiebolaget Viscaria — Q3 2026 Earnings Presentation on 6ix