Gruvaktiebolaget Viscaria · OMXSTO:VISC
Gruvaktiebolaget Viscaria — Q4 2025 Earnings Presentation
24 slides from Gruvaktiebolaget Viscaria's earnings presentation, Feb 10, 2026
Slide 1: Responsible mining for a sustainable future
Responsible mining for a sustainable future Year-end report 2025 Kiruna 10 February 2026 1
Slide 2: Disclaimer
Mining for the future 22 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 -looking statemen
Slide 3: 2025 – a year of strong achievements
Mining for the future 3 2025 – a year of strong achievements • Environmental permit gained legal force in April • Strong Resource update and Feasibility Study • Exploration drilling confirms growth potential • SEK 3.9 bn mandate letter for debt financing • Share issues contributed SEK 1.5 bn in cash
Slide 4: Geology highlights Q4 2025
Mining for the future 4 Geology highlights Q4 2025 Latest exploration results confirm significant growth potential for the Viscaria deposit: • Extensive mineralisation intersected in the B-zone gap: 76.2 m at 0.99% Cu, 1.37 ppm Ag • High-grade copper discovered in the C-zone: 5.8 m at 2.31% Cu, 1.64
Slide 5: A unique position
Mining for the future 5 A unique position Viscaria • Environmental permit in legal • One of the largest copper projects in Europe force • Exceptional conditions with low carbon footprint • Strong local community ties • Rigorous mining preparations well underway • Funding: SEKM ≈ 3,700 2020–2025 • Su
Slide 6: Viscaria Village – Ready summer 2026
Mining for the future 6 Viscaria Village – Ready summer 2026 Architectual design: A&D Arkitektkontor Overview summer In partnership with Strawberry & MG LINK Overview Ice Rink / Fotball / Tennis Court Sauna Outdoor Gym Sauna Living space: Room standard: On-site activities: 132 rooms. A total of 264
Slide 7: Mine area overview
Mining for the future 7 Mine area overview Water Treatment Plant Parking Offices Viscaria Village Railyard Storage & Laydown Area Processing Plant Power Old Tailings Dam
Slide 8: Mass Summary 2025
Mining for the future 8 Mass Summary 2025 Total Mass Earth Excavation: 324,875 m³ Rock: 210,163 m³ Moraine: 242,010 m³ Excavation: 32,600 m³ Boulders: 600 m³ Crushed material: 98,194 m³ Total: 908,441 m³ Earth Excavation Moraine Crushed Material Rock Excavation Boulders
Slide 9: Viscaria in numbers
Mining for the future 9 Viscaria in numbers Dump trucks operating on site daily 16 Amount of material moved with each truck 40 tonnes Number of dump truck loads per shift Up to 300
Slide 10: Timeline for the reopening of Viscaria – all permits in place
Mining for the future 10 Timeline for the reopening of Viscaria – all permits in place 2023-24 2025 2026 2027 2028 2029 Permits gained Permits granted legal force Roads, retaining Rail Power supply walls, pipelines connected WTP, sludge disposal Processing plant, TSF and Commissioning facility, dewa
Slide 11: Geology Highlights, Q4 2025: Advancing Viscaria’s growth potential
Mining for the future 11 Geology Highlights, Q4 2025: Advancing Viscaria’s growth potential Cross-section of the Viscaria deposit’s mineralised zones Continued near-mine focus with the exploration drilling + 750 m ➢ Total of ca. 31,000 metres were drilled during 2025, predominantly focused on testin
Slide 12: New exploration permit granted towards the west of Viscaria
Mining for the future 12 New exploration permit granted towards the west of Viscaria: Responsible exploration within the ‘Grand Viscaria’ strategy • A new exploration permit, Viscaria nr. 123 has been granted, after application sent in Q3 2025 • Now, the main mine area at Viscaria accounts Viscaria
Slide 13: B-Zone Exploration Results, Q4
Mining for the future 13 B-Zone Exploration Results, Q4: Extensive high-grade mineralisation confirmed in previously untested ‘gap’ SOUTHWEST NORTHEAST Highlight intervals from VDD25013B: From 883.4 m to 1106.0 m depth ➢ 222.6 m @ 0.60% Cu, 0.85 ppm Ag From 957.1 m to 1033.3 m depth ➢ 76.2 m @ 0. 99
Slide 14: B-Zone Exploration Results, Q4
Mining for the future 14 B-Zone Exploration Results, Q4: Extensive high-grade mineralisation confirmed in previously untested ‘gap’ VDD25013B: SOUTHWESTmineralisation styles and fluid pathways NORTHEAST Highlight intervals from VDD25013B: From 883.4 m to 1106.0 m depth ➢ 222.6 m @ 0.60% Cu, 0.85 ppm
Slide 15: B-Zone Exploration Results, Q4
Mining for the future 15 B-Zone Exploration Results, Q4: Extensive high-grade mineralisation confirmed in previously untested ‘gap’ Massive magnetite replaced locally by Cu- and Fe-sulphides Deformed stratabound Cu mineralisation hosted by albitised metasediment
Slide 16: C-Zone Exploration Results, Q4
Mining for the future 16 C-Zone Exploration Results, Q4: First intersection of high-grade copper mineralisation in the C-zone Drillhole VDD25013C was a wedge cut-out from VDD25013B, achieving comparable NORTHWEST SOUTHEAST results in the B-zone gap, but also extending deeper to test the C-zone strat
Slide 17: Framing the latest exploration results on the deposit-scale
Mining for the future 17 Framing the latest exploration results on the deposit-scale: Integrated geological-geophysical evidence given for major feeder zone Typical C-Zone, 1km northeast of VDD25013C Plan view Viscari a deposit Major break in conduct ivity: Unconstrained MT inversion NW-SE striking
Slide 18: D-Zone Exploration Results, Q4
Mining for the future 18 SOUTHWEST NORTHEAST D-Zone Exploration Results, Q4: Success in major step-out hole Cu (%) x Thi ckness (m ) <1 Drill hole VDD24036 was extended & intersected Cu-Fe D-Zone Mineral Resource 1-3 mineralisation over 400 metres from D-zone resource w/ grade-thickness contours SOU
Slide 19: Looking ahead after a successful end to exploration in 2025
Mining for the future 19 Looking ahead after a successful end to exploration in 2025: Viscaria remains open and geophysics indicates a deep-rooted system Continued exploration success in Viscaria in Q4: Slice of constrained 3D magnetic inversion i. Exceptionally thick mineralisation with high- grade
Slide 20: Financial performance in summary
Mining for the future 20 Financial performance in summary MSEK Q4 Q4 FY FY Ny bild från 2025 2024 2025 2024 workshop? Capitalised expenses related to exploration and evaluation assets 78 77 285 331 Operating profit -26 -20 -67 -53 Net profit -41 -19 -109 -48 Cash flow for the period 1,090 -153 1,175
Slide 21: Solid financial position, Dec 2025
Mining for the future 21 Solid financial position, Dec 2025 Rights Issue, after Directed Issue conversion Remaining funding requirement mix of equity and debt SEK 800m SEK 738m -continuously updating costs estimation for CapEx and OpEx -substantial upside of new level Cash and cash equivalent Availa
Slide 22: Summary: De-risked mid-tier copper project nearing production
Mining for the future 22 Summary: De-risked mid-tier copper project nearing production 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 structured projec
Slide 23: Mining for the future
Mining for the future 23
Slide 24: Responsible mining for a sustainable future
Responsible mining for a sustainable future 24
Gruvaktiebolaget Viscaria — Q4 2025 Earnings Presentation on 6ix