Gruvaktiebolaget Viscaria · OMXSTO:VISC
Gruvaktiebolaget Viscaria — Q1 2025 Earnings Presentation
42 slides from Gruvaktiebolaget Viscaria's earnings presentation, May 8, 2025
Slide 1: Responsible mining for a sustainable future
Responsible mining for a sustainable future Q1 report January – March 2025 Resource Update & Feasibility Study Kiruna 8 May 2025
Slide 2: Forward-looking statements
Mining for the future Forward-looking statements This presentation contains forward-looking statements, which relate to events or future performance and reflect Viscaria’s current expectations and assumptions. Such forward-looking statements are based on information previously made public by the Com
Slide 3: Today's presenters
Mining for the future 3 Today’s presenters Frida Keskitalo CFO Jörgen Olsson Frida Keskitalo Ross Armstrong Koen Vos CEO CFO Head of Geology Mine Planning Engineer
Slide 4: A unique position
Mining for the future 4 A unique position Viscaria • Environmental permit in legal force • One of the largest copper projects in Europe • Strong local community support • Exceptional conditions with low carbon footprint • Funding (2020-25’): ≈ SEK 1,800m • Rigorous mining preparations well underway
Slide 5: Viscaria
A VISCARIA
Slide 6: Events so far 2025
Mining for the future 6 Events so far 2025 • The environmental permit gained full legal force on April 16, 2025 • Continued high level of activity in preparatory work • Resource update and robust Feasibility Study show increasing copper grade, increasing copper tonnage, growth potential and Viscaria
Slide 7: Financial performance in summary, Q1 2025
Mining for the future 7 Financial performance in summary, Q1 2025 SEKm Q1 2025 Q1 2024 FY 2024 Capitalised expenses related to 84 58 330 exploration and evaluation assets Operating profit -11 -11 -53 Net profit -18 -12 -48 Cash flow for the period 151 -70 -35 Exploration and evaluation assets 1,368
Slide 8: Exploration and evaluation assets
Mining for the future 8 Exploration and evaluation assets Capitalized expenditures related to exploration and evaluation assets per quarter and rolling four quarters, Q1 2021 to Q1 2025 (SEKk) Exploration work on Mineral Resources 120,000 • The lion part of the capitalized expenditures during Q1 202
Slide 9: Mineral Resource Update
Mineral Resource Update Ross Armstrong, Head of Geology
Slide 10: Viscaria continues to grow - more copper, higher grades and exploration upside
Mining for the future 10 Viscaria continues to grow - more copper, higher grades and exploration upside Key numbers from the resource update: The resource update ‘in a nutshell’: ✓ We see increasing grades in the deposit, now up to 0.90 % copper on average 107.9 Mt total Mineral Resource ✓ Significa
Slide 11: Viscaria's Mineral Resource Statement (2025) in full
Mining for the future 11 Viscaria’s Mineral Resource Statement (2025) in full Total Mineral Resource of 107.9 Mt @ 0.90% Cu (0.97% CuEq*), containing 967 kt Cu and 7 Mt FeMAG Mineral resource statement, FS May 2025 Cross-section of the Viscaria deposit’s A, ABBA, B and D zones RESOURCE Tonnage Avera
Slide 12: Quality growth: Mineral Resources increased since November 2022
Mining for the future 12 Even with a more conservative resource estimation approach, Mineral Resources have increased considerably since November 2022 – now at 108 Mt 120 107.9 Mt @ 0.90% Cu +28.3 100 93 Mt @ 0.88% Cu +8.6 80 -15.5 -6.5 60 40 20 QUALITY & GROWTH 0 Mineral Resources Stricter cut-off
Slide 13: Successful exploration campaign results in significant resource growth
Mining for the future 13 Successful exploration campaign results in significant resource growth + 750 m • In just one year of exploration drilling, 28.3 million tons of additional Inferred resources have been defined, with an NW SE average copper grade of 0.89%, containing over 250 kt of copper • Si
Slide 14: Foundations laid for further resource growth with continued near-mine exploration
Mining for the future 14 Foundations laid for further resource growth with continued near-mine exploration + 750 m • Ongoing drilling, geological interpretation and supporting geophysics all indicate that the mineralization remains open in NW SE each of the current near-mine exploration areas • A to
Slide 15: Mineralization remains open and geophysics indicates a deep-rooted system
Mining for the future 15 Mineralization remains open and geophysics indicates a deep-rooted system • Viscaria’s ore bodies remain open both along strike and at depth Slice of constrained 3D • Modelled geophysical data (magnetics, magnetic inversion gravity, magnetotellerics) show deep continuations
Slide 16: District-scale potential for further discoveries
Mining for the future 16 District-scale potential for further discoveries Key takeaways Viscaria Mine • Grand Viscaria vision: unlocking exploration 107.9 Mt mineral resources potential within the mining area and beyond with an average grade of 0.90% Cu • The main mine site at Viscaria accounts for
Slide 17: District-scale potential for further discoveries
Mining for the future 17 District-scale potential for further discoveries Key takeaways Viscaria Mine • Grand Viscaria vision: unlocking exploration 107.9 Mt mineral resources potential within the mining area and beyond with an average grade of 0.90% Cu • The main mine site at Viscaria accounts for
Slide 18: Viscaria continues to grow - more copper, higher grades and exploration upside
Mining for the future 18 Viscaria continues to grow – more copper, higher grades and exploration upside The resource update ‘in a nutshell’ ✓ We see increasing grades in the deposit, now up to 0.90% copper on average ✓ Significant increase in tonnage (+ 16%) and contained copper (+ 18%): now approac
Slide 19: Mine design
Mine design Koen Vos, Mine Planning Engineer
Slide 20: Introduction to Viscaria's Business Case
Mining for the future 20 Introduction to Viscaria’s Business Case Key takeaways: Production profile comparisons, Business Case* vs Table 1 Annual Mine Production per Zone Annual Mine Production per Zone according to Key takeaways according to FS Table 1 Business Case • The Viscaria Business Case sho
Slide 21: Mine Design: Open pit designs
Mining for the future 21 Mine Design Key takeaways: Open pit designs Open pit designs (looking North) Key takeaways ▪ Viscaria is now seeking to raise SEK • Open pit key supplier [6.6]bn of waste in for rock capital Tailings to fund the development Storage Facility TSF (”TSF”) construction. and oper
Slide 22: Mine design: Underground design
Mining for the future 22 Mine design Key takeaways: Underground design Horizontal view, Looking N-E Key takeaways ▪ Viscaria is now seeking to D-zone B-zone A-zone Main portal raise SEK [6.6]bn in capital • Underground mining accounts for ca 95.5% of the to fund the development total Ore produced an
Slide 23: Mine design: Underground design - Layout
Mining for the future 23 Mine design Note: D Zone development (looking north-west): Key takeaways: Underground design – Layout D Zone development (looking NW) D-Zone B-Zone A-Zone Key takeaways ▪ Viscaria is now seeking to Ore tonnes (Mt) 19.7 17.2 10.2 raise SEK [6.6]bn • Total new development: 160
Slide 24: Feasibility Study
Feasibility Study May 8, 2025
Slide 25: Sources and uses as per March 31, 2025
Mining for the future 25 Sources and uses as per March 31, 2025 Key takeaways Total investments in Viscaria of c. SEK 1 482m since June 2020 • Total raised capital since May 2020 Sources and uses of capital already invested into the business (June 2020 – Q1 2025) of SEK 1,805m. • Since the restart o
Slide 26: Introduction to Viscaria's Business Case: Funding requirement
Mining for the future 26 Introduction to Viscaria’s Business Case Funding requirement on an unlevered basis, SEKm 5 410 Key takeaways 314 • The funding requirement has been 146 calculated based on the cash low-point 4 543 407 of the mining plan, amounting to c. SEK 5,410m. • The funding requirement
Slide 27: Introduction to Viscaria's Business Case
Mining for the future 27 Introduction to Viscaria’s Business Case Key takeaways: Production profile comparisons, Business Case* vs Table 1 Annual Mine Production per Zone Annual Mine Production per Zone according to Key takeaways according to FS Table 1 Business Case • The Viscaria Business Case sho
Slide 28: Introduction to Viscaria's Business Case: Investment Highlights
Mining for the future 28 Introduction to Viscaria’s Business Case Investment Highlights @ USD 9,500 and SEK/USD 10.30 Production, Key takeaways LoM 17 years CU t ~22.6 (26.0) CU Eq ~27.3 (35.3) ~ 49.3 Mt Business • The Business Case with an initial LoM Case R esources like ly to ~Payable co pper, KT
Slide 29: Initial CAPEX build up
Mining for the future 29 Introduction to Viscaria’s Business Case Initial CAPEX build up, total initial CAPEX to be financed of SEK 4.5bn 4,543 Key takeaways 553 • Total Initial CAPEX of c. SEK 4,500m of which Process 1,042 buildings and construction, process equipment and 764 Infrastructure investm
Slide 30: Viscaria's indicated cash cost is competitive versus copper incumbents
Ansvarsfull Mining for the gruvdrift futureför en hållbar framtid 30 Compared to the copper incumbents, Viscaria’s indicated cash cost is competitive 2030 copper company cost curve, Total cash cost ex. royalty, USD/ton payable metal 12,000 4,905 4,819 8,000 3,622* 2,912 4,121 4,580 3,027 3,222 3,387
Slide 31: Project free cash flows before financing
Mining for the future 31 Introduction to Viscaria’s Business Case Project free cash flows before financing (SEKm) Key takeaways 14,000.0 11,822 • The cumulative (undiscounted) 12,000.0 2,100 Break even cash flows amounts to c. SEK 2032 10,000.0 11.8bn for the entire period 1,600 (2025-2044) 8,000.0
Slide 32: Sensitivity analysis of NPV outcome
Mining for the future 32 Introduction to Viscaria’s Business Case Sensitivity analysis of NPV Outcome (SEKm, post-tax basis @7%) NPV variance to base case at +/- 15% for key variables (SEKm) USD/SEK (+/- 15%) USD/SEK (+/- 15%) (2,365) 2,368 Key takeaways Copper price (+/- 15%) Copper price (+/- 15%)
Slide 33: Life of Mine Financial Economics (2025-2044)
Mining for the future 33 Introduction to Viscaria’s Business Case Life of Mine Financial Economics (2025 – 2044) Life Of Mine Financial Economics (SEK bn) LOM Key takeaways Cu Revenue (net of payability and TCs/RCs) 35.65 • The Viscaria mine is forecast to Fe Revenue (net of freight costs) 5.53 gene
Slide 34: Closing remarks
Closing remarks Jörgen Olsson, CEO
Slide 35: Mine overview
Mining for the future 35 Mine overview Brownfield site benefits from 65 km of existing underground infrastructure allowing for quick start of Mine overview production and avoid high capital costs and long lead times. • Given that the mine is a brownfield site, it benefits from 65 km of existing unde
Slide 36: Viscaria's Board
Mining for the future 36 Viscaria’s Board Lars-Eric Aaro New Board member Per Colleen Markus Petäjäniemi Ing-Marie Andersson Drugge Chairman of the Board Vice Chairman of the Board Board member Mark Johnson Jane Lundgren Ericsson Lars Seiz Jörgen Olsson New Board member Board member Board member CEO
Slide 37: Steady growth in Viscaria's Mineral Resources
Mining for the future 37 Steady growth in Viscaria’s Mineral Resources Trend expected to continue with further exploration: mid-term resource target of 140-160 Mt Key takeaways • Viscaria has significant remaining 140-160 exploration potential K ton Cu 1 Mt • From one year of exploration drilling, I
Slide 38: Summary and outlook
Mining for the future 38 Summary and outlook • An environmental permit in legal force • Preparations for reopening are in full progress • Resource update showing substantial increase in resources at improved grades as well near mine exploration potential • Grand Viscaria exploration running in paral
Slide 39: Thank you!
Mining for the future 39 Thank you!
Slide 40: Appendix
A VISCARIA
Slide 41: Cash Cost (C1 cost) build up
Mining for the future 41 Introduction to Viscaria’s Business Case Cash Cost (C1 cost) build up (USD/t) 124 45 491 Key takeaways 284 (1,984) • C1 Cost net of by-product 1,008 credits amounts to USD 3,746 3,746/t during LOM 1,259 • Mining is the largest part of 2,520 the cash cost representing 67% of
Slide 42: All In Sustainable Cost (AISC) build up
Mining for the future 42 Introduction to Viscaria’s Business Case All In Sustainable Cost (“AISC”) cost (net of by-products) build up (USD/t) 4,589 Key takeaways • All In Sustainable Cost 843 3,746 (“AISC”) amounts to USD 4,589/t during LOM • The AISC consists of C1 Costs plus Sustaining Capex C1 Su
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