Gruvaktiebolaget Viscaria : Annual report 2025 (Annual report 2025)

Annual Report 2025

Viscaria Annual Report 2025

Permits obtained, rapid progress in infrastructure development, strong exploration results and improved financing make Viscaria well positioned for the next phase.

Jörgen Olsson, CEO of Gruvaktiebolaget Viscaria

| 1970

| 1982-1997

| 2019

|

2025

History The Viscaria mine in

Kiruna was discovered in the 1970s and mining operations were carried out from 1982 to 1997, first by LKAB and then by the Finnish company

Outokumpu, which closed the mine in 1997 when copper prices were much lower than today.

2

Thanks to extensive exploration since Viscaria's acquisition of the mine in 2019,

108 million tonnes of Mineral Resources have been secured.

In 2025, Viscaria's environmental permit gained legal force. The company presented a strong feasibility study and resource update, inaugurated a state-of-the-art water treatment plant, conducted successful exploration and improved its financing. In addition, a letter of intent

for a long-term offtake agreement was signed with Aurubis.

Contents

About copper 10

Interview: Hannam K Partners 12

The market 14

Auditor's statement on

the corporate governance report 79

Financial information

Sustainability at Viscaria 44

Climate and energy 47

A decent employer for everyone 48

Future-proof mining 50

Promoting biodiversity 51

Sustainable business 52

Ethical business practices 53

Contributing to local community development 54

Establishing a modern fire and rescue service 56

Mineral Resources

Mineral Resources 58

The Group's portfolio of permits 60

The audited annual report for Gruvaktiebolaget Viscaria, corporate identity number 556704-4168, comprises pages 68-120.

Viscaria has taken great care to translate this annual report into English. In the unlikely event that there are differences in content between the two language versions, the Swedish original takes precedence.

Viscaria's remuneration report is available on the company's website at https://www.viscaria.com

Photos: Fredric Alm and others Production: Meze design

To find out more about the company, please visit Viscaria's film archive via the QR code.

3

Viscaria Annual Report 2025

In brief

Viscaria in brief

Viscaria is preparing to reopen the Viscaria copper mine in Kiruna with the aim of becoming one of the most sustainable, efficient copper producers in Europe. When it is fully operational, the mine is expected to produce approximately 26,000 tonnes

of copper per year, making Viscaria the second largest copper producer in Sweden and a key actor

in reducing Europe's dependence on imports.

Demand for copper is rising sharply on account of electrification, renewable energy and digitisation - and a growing global middle class. Copper is a critical metal for the EU's green transition and security of supply, making Viscaria's project in Kiruna strategically important.

The deposit has confirmed Mineral Resources of 108 million tonnes with an average copper content of 0.9 percent, among the highest in Europe. Viscaria combines this geological strength with a strong sustainability focus: fossil-free electricity, advanced water treatment and circular flows.

With an experienced team, strategic partners and a clear financing plan, Viscaria is well positioned to

deliver responsibly produced copper to the European market from 2028.

Vision | To create the conditions for Viscaria to develop into a sustainable, profitable mining operation. Continuously evaluate other mine development projects in the Nordic region.

Mission | Responsible mining for a sustainable future.

Business concept | To identify and develop Mineral Resources in the Nordic region and produce base and precious metals in a longterm, sustainable way in consultation with the local community.

The year in brief

Q1

• Intensive preparations for the restart: exploration, mine design and planning

  Q2

• The environmental permit gained legal force

• Presentation of the feasibility study and resource update

• The Annual General Meeting resolved to elect Lars-Eric Aaro and Mark Johnson to the Board of Directors

• Agreement with Vattenfall Eldistribution on connection to the electricity grid

• Shareholder loans of approximately SEK 400 million from major shareholders

  Q3

• Exploration continued with strong results, and planning for mine dewatering and start of construction of the processing plant

  Q4

• A directed share issue raised approximately SEK 800 million and a rights issue approximately SEK 850 million

• The water treatment plant, WTP 1000, was inaugurated as planned on 22 October

• A letter of engagement with Société Générale and ING for project financing of up to approximately SEK 3,900 million

• A letter of intent for a long-term offtake agreement with Aurubis for copper concentrate

Events after the end of the year

• Long Lead Item agreement signed with Metso for two mills

• Agreement signed with Strawberry and MG Link

  for the construction and operation of the residential area Viscaria Village

• Agreement signed with steel and construction company Nordec for construction of the processing plant building

• Charlotte Odenberger appointed Chief Operating Officer

4

In brief

Viscaria delivered on all focus areas in 2025

a strong feasibility study and a resource update confirming 108 million tonnes at

0.9 percent copper content and defining the first Mineral Reserve at the mine in Kiruna. Viscaria carried out successful exploration, inaugurated a state-of-the-art water treatment plant and improved its financing via shareholder loans, new share issues and a letter of engagement for project financing. In addition, a letter of intent for a long-term offtake agreement was signed with Aurubis.

Viscaria's environmental permit gained legal force in 2025. The company presented

1

Environmental permits and regulatory conditions

Infrastructure and preparations for the start of mining

3

✔ Ensure that the environmental permit gains legal force

✔ Meet conditions and start preparations for reopening

✔ Commission the water treatment plant

✔ Preparations for the dewatering of the mine and

the start of construction of the processing plant in 2026

✔ Secured fossil-free electricity via Vattenfall Eldistribution

2

Exploration, feasibility study and resource update

Financing and commercial agreements

4

✔ Publication of Feasibility Study and updated Mineral Resources

✔ First Mineral Reserve defined according to PERC standard

✔ Successful exploration and continued work to boost knowledge and optimise the mine design

✔ Shareholder loans, directed share issue and rights issue

✔ A letter of engagement with Société Générale and ING for project financing of up to approximately SEK 3,900 million

✔ A letter of intent for a long-term offtake agreement with Aurubis

5

Viscaria Annual Report 2025

Viscaria is stronger than ever

In 2025, Viscaria took several decisive steps towards restarting copper production in Kiruna and establishing ourselves as a strategically important European supplier of sustainable copper. After the environmental permit gained legal force, we were able to accelerate both our technological development and our investments. With a feasibility study confirming

the strength of the project and an updated resource that continues to grow, the long-term potential of the project is even greater.

Significant progress has been made on the infrastructure, and work on the railway yard, dams and necessary buildings is proceeding according to plan. Our state-of-the-art water treatment plant was inaugurated on 22 October, marking a key milestone in our build-up phase. Groundworks for the processing plant started in early 2026.

We end 2025 with a project that is stronger than ever - with growing resources, robust partnerships, a solid financing plan and an increasingly engaged ownership base.

In parallel, exploration continued at a high pace, with approximately 31,000 metres drilled during the year, deepening our understanding of the resource and indicating continued potential at depth. The latest results confirm the strength and continuity of the mineralisation and reveal new high-grade areas, even in zones previously considered less promising. Together, these findings underline the significant growth potential that remains to be unlocked within the Viscaria deposit.

Financing was improved during the year in several important steps. A directed share issue of approximately SEK 800 million and a subsequent rights issue of approximately SEK 850 million laid a good foun-

dation for the project's continued development. The issues attracted significant participation from several large Swedish institutions, resulting in Swedish shareholders now accounting for some 90 percent of share ownership, which makes us very proud.

In addition, we signed a letter of engagement with Société Générale and ING for structured project financing of up to SEK 3.9 billion. The financing process is progressing according to plan, and the aim is to conclude the debt financing by the end of Q2 2026.

In one of the most significant steps of the year, we entered into a long-term partnership agreement with Aurubis, the leading copper producer in Europe.

The agreement means that, from 2028, Aurubis will receive around half of our planned production of copper concentrate for an initial period of eight years, with an option to extend.

Overall, we end 2025 with a project that is stronger than ever - with growing resources, robust partnerships, a solid financing plan and an increasingly engaged ownership base. In 2026, we enter an intensive construction phase, both above and below ground. Our team continues to grow, and together we are taking the next step towards re-establishing copper production in Kiruna and contributing to the long-term supply of critical metals to Europe.

Jörgen Olsson

CEO, Viscaria

6

A word from the CEO

7

Viscaria Annual Report 2025

Timetable for reopening the Viscaria mine

■ ■ ■

2023 2024 2025

Permit processes Infrastructure and construction phase

8

Goals and strategy

Viscaria's goals and strategy

Goals

Viscaria's goal is to develop a modern, sustainable, profitable copper mine that makes a contribution to Europe's green transition. The company will deliver responsibly produced copper with minimum climate impact, while creating value for shareholders, society and stakeholders. In addition to the Viscaria mine, the company continuously evaluates other mine development projects in the Nordic region.

Strategy

Viscaria's strategy has three main tracks:

• Reopen the Viscaria mine and build a state-of-the-art processing plant with initial production of approximately 26,000 tonnes of copper per year. Production will use the latest technology and fossil-free electricity and take place in close cooperation with the local community

• Explore and develop the Viscaria deposit in Kiruna to boost knowledge, optimise the mine design and extend the life of the mine, which may lead to higher future production volumes

• Develop the Arvidsjaur project, which has the potential to become a significant deposit of base and precious metals. Mine opening is not planned until after the Viscaria mine is in operation

  A strategy that breaks the norm

  Unlike many other projects, Viscaria chose to invest in extensive infrastructure even before the environmental permit gained legal force. The purpose is to shorten the time between the permit and the start of production, and to deal with logistical challenges at an early stage.

  A strong position

  The deposit's high copper content, strategic location in northern Sweden and access to fossil-free energy

  give Viscaria unique opportunities to become a leading supplier of sustainably produced copper. Global demand for copper is rising sharply on account of electrification, renewable energy and a growing middle class, making the Viscaria project strategically important for security of supply in the EU.

  • Construction of processing plant, tailings dam and infrastructure

  • Connection to Malmbanan (the Ore Railway)

  • First mining of waste rock

■ ■ ■ ■

2026 2027 2028 2029

Production phase

9

Viscaria Annual Report 2025

The global demand for copper is growing

Copper and copper-based alloys are essential components of modern infrastructure and are used in everything from construction and transport to electronics and energy systems. Over the past 50 years, the use of copper has more than tripled, driven by rising prosperity and a growing global middle class demanding better housing, household appliances, transport solutions and digital connectivity.

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

This structural trend is now being boosted by the global climate transition and electrification. One example is the production of electric vehicles, which require significantly more copper than conventional vehicles. Another is renewable energy sources such as wind and solar power, which depend greatly on copper. Digitisation and the expansion of data centres are other factors driving demand. According to the International Energy Agency (IEA), the demand for copper for clean energy could double by 2040, while the global middle class is projected to grow to over 5 billion people by around 2030, according to the World Economic Forum (WEF) and others. This means that demand for copper-in-

tensive products is growing in parallel in high, middle and low-income countries, which is an unprecedented situation.

The supply of copper is thus a strategic factor for societal development. New mining projects take a long time to develop, creating a structural deficit that forces the price upwards. Copper is now the third most consumed metal material in the world after steel and aluminium and it has unique properties: high electrical and thermal conductivity, corrosion resistance, malleability and antimicrobial properties. These properties make copper indispensable for both the green transition and continued digitisation.

Copper price trend, 2000-2025

USD/tonne

12,000

10,000

8,000

6,000

4,000

2,000

0

Source: World Bank

10

About copper

The copper market in figures

Global copper consumption: approximately 26 million tonnes per year (2024, International Wrought Copper Council (IWCC))

Forecast for 2040: copper demand for clean energy is twice that of today (IEA)

Global middle class: around 4 billion people today, projected to reach over 5 billion by 2030 (WEF)

Electric vehicles: require 2-4 times more copper than conventional vehicles

Renewable energy: wind and solar power are highly dependent on copper

Structural deficit: up to 6 million tonnes per year by 2030 without new projects (Rystad Energy)

Investment required: approximately USD 200-250 billion in new mining projects by 2030 (Wood Mackenzie, UNCTAD)

Megatrends are driving demand for copper and enhancing Viscaria's position

Global demand for copper is rising sharply, creating a structural deficit that puts Viscaria in a good position for the future.

Three long-term trends are driving this development:

Traditional economic growth

Developed economies

Demand is mainly driven by the need to replace copper in construction, transport and infrastructure.

China

Currently consumes only around half as much copper per capita as the USA - there is still room for growth.

Developing countries

Relatively low consumption today, but this is expected to rise in

line with urbanisation and rising incomes.

Energy transition

11

Viscaria Annual Report 2025

SEAN GORMAN, PARTNER AND HEAD OF DEBT ADVISORY AT HANNAM & PARTNERS

Copper is the metal of prosperity

Hannam K Partners (HKP), acting as Financial Advisor, is playing a pivotal role and recently secured Société Générale and ING Bank N.V. as Mandated Lead Arrangers (MLAs) for a structured debt financing package of up to SEK 3.9 billion, including a cost-overrun facility, to support construction

of the Viscaria copper project. However, beyond financing, how does HKP view copper's role in the global economy? And why do they believe Viscaria is positioned to benefit from one of the most compelling commodity trends of recent times? We spoke with Sean Gorman, Partner and Head of Debt Advisory at HKP.

Why is this financing mandate so important for Viscaria?

The project financing represents up to 60 percent of the funding required for construction of the project and the appointment of MLAs is a critical step towards full-scale development. The involvement of two leading European lenders such as Societe Generale and

ING, with deep experience of financing mines, demonstrates the credibility and attractiveness of the project. The lending group will include European export credit agencies and additional banks will participate in due course. The MLAs are currently undertaking due diligence and financial close is targeted for mid-Q2 2026 to support the ongoing construction.

What were the key factors that made this possible?

There is a combination of factors -Viscaria is a brownfield site so there is a lot known about the mine already. It is fully permitted, has a robust feasibility study that demonstrates strong

economics and is one of very few critical mineral projects in Europe, generating high demand for offtake. Coupled with a very positive approach to sustainability and the fact that the mine is forecast to be in production in 2028 makes it very attractive to finance providers, both debt and equity as shown by the success

Viscaria has had in their recent capital raise.

How do you see the copper price trend and why is copper strategic?

There is a reason why copper is considered the bellwether for the global economy as its' demand is a direct reflection of industrial activity and economic health. Copper is at the heart of electrification and the energy transition as the world moves towards a lower carbon environment. The use of renewable energies, electric vehicles and the supporting infrastructure is very copper intensive.

The IEA projects copper demand for clean energy technologies could double by 2040 and market commentators forecast a supply deficit in the coming decade.

Added to this is the underlying expansion of the global middle class which is fuelling demand for housing, infra-

structure, appliances, and vehicles - all copper-intensive. This trend will persist for the foreseeable future and with few new projects and long development lead times, upward pressure on copper prices is expected to continue well into the future.

What is your

near-term outlook?

In the near-term prices are expected to remain high due to increasing demand

and very little new supply coming online. An important factor is the continuing decline in grades which will require a greater number of new mines to be developed, a lot of which are in challenging jurisdictions that take many years to bring to production. For a lot of these new mines the lower grade will translate in higher costs that ultimately will lead to a further increase in copper prices.

How does Viscaria benefit from these trends?

Viscaria will be in production in 2028 and being in a stable jurisdiction within Europe near end users makes it very attractive to offtakers. The project has a

very good copper grade and an important element of the Viscaria story, based on recent drilling and what we know about the ore body, is the real potential for significant expansion of the resource that will extend the life of mine in a commodity with strong demand and solid underlying fundamentals.

If you had to summarize copper's investment case in one sentence, what would you say?

Copper is the future. It has always been an important commodity however this has magnified in recent times for the reasons outlined above. It is an exciting time for Viscaria as it is the right project in the right place at the right time.

12

Hannam & Partners - H&P Interview

It's an exciting time for Viscaria - the right project in the right place at the right time.

Sean Gorman, Partner and Head of Debt Advisory at Hannam K Partners, on their collaboration with Viscaria, the Société Générale and ING financing mandate, and why Viscaria is well placed to benefit from copper's demand outlook.

13

Viscaria Annual Report 2025

Copper supply and demand

Demand for copper has risen sharply in recent decades and is expected to continue to rise in line with increases in electrification, renewable energy and digitisation. According to the International Copper Association, global demand is expected to grow by around 70 percent to over 50 million tonnes per year by 2050. This corresponds to an annual increase of around 1 million tonnes up to 2035, twice the historical increase of 0.5 million tonnes per year over the past 15 years.

Global supply is currently approximately 22 million tonnes per year, but supply-side challenges are clear: average copper contents are falling and new projects take a long time to bring to fruition. Chile, the world's largest copper producer, has seen a steady decline in ore quality. Analysts calculate an annual deficit of 6-9 million tonnes of copper from 2032, which would require several new mines the size of Escondida, the world's largest copper mine, which produces some

1 million tonnes per year.

Europe - high dependence on imports Europe has only 5-6 percent of the world's copper resources but accounts for around 16 percent of global demand. More than half of the copper used today in the EU is imported from third countries, and this dependence on imports is expected to rise. At the same time, requirements stipulating locally produced and sustainably sourced raw materials are becoming stricter, making projects like the Viscaria mine strategically important.

Swedish copper - crucial for the EU's green transition

Of the European copper projects deemed to be 'probable', approximately 54,000 tonnes of copper concentrate per year corresponds to future production. Viscaria accounts for approximately 26,000 tonnes of this, making the project the largest single investment in the region. When operating at full capacity, Viscaria will account for more than 0.1 percent of global production and help reduce the EU's dependence on imports.

Copper is the third most consumed metal product in the world after steel

and aluminium. Copper has unique properties in terms of heat transfer and electricity and is corrosion-resistant, antimicrobial and malleable.

14

The market

Rapid depletion of easily accessible deposits - sharp reduction in copper volume and increasing cash costs

Copper in major discoveries1,2, Mt

-93.5%

277.0

104.0

43.9

18.1

• Easily accessible ore deposits are rapidly being depleted, and new deposits yield lower copper

  contents and require deeper drilling.

  Copper exploration budget, US$ bn

  16

• The complexity and cost of exploration is increasing owing to the greater drilling depth and the smaller size of the remaining deposits.

  12

  10

  8

• As a result, the exploration budget in relation to the quantity of copper discovered was 24 times higher in 2019-2023 than in 2004-2008.

2004-2008 2009-2013 2014-2018 2019-2023

Source: SKP Global

Notes: 1) Major discoveries include all deposits containing at least 500,000 metric tons of copper in reserves, resources and past production; 2) The year of discovery corresponds with the year of the initial drill program that identified potentially economic mineralisation

Overview of the European copper market supply deficit

European copper demand and primary production

FY 2012-FY 2035, Mt

Forecast

52 % import

45 % import

1.76

2.26

Imports

1.52

1.10

Recycling

0.90

1.10

Primary production

0.96

1.03

0.86

12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

European import European recycling supply

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

European primary production supply, new mines (incl. Viscaria) European primary production supply, existing mines

0.98

Mt

• European demand for copper is expected to increase by around 30 percent in 2024-35. The increased demand will require

  a 50 percent increase in imports.

• Europe faces growing challenges securing copper imports up to 2040, competing with China and the USA while there is a global copper deficit.

• Key risks include greater global competition for copper, declining European foreign investment and potential supply chain disruption with financial and environmental consequences.

Source: MineSpans

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Viscaria Annual Report 2025

TIM KURTH, COO AURUBIS

Partnering for Europe's copper future

In late 2025, Viscaria reached a Memorandum of Understanding (MoU) with Germany's Aurubis AG, one of the world's leading smelters and largest copper recyclers, to negotiate a long-term copper offtake agreement. The agreement is expected to cover approximately 50 percent of Viscaria's estimated copper production over an eight-year period (2028-2035), with the possibility of extension.

16

Tim Kurth, COO of Aurubis

Aurubis and Viscaria signed a Memorandum of Understanding in 2025. What makes this agreement significant?

This MoU is a milestone for both companies and for industrial resilience in Europe and beyond. Copper is a critical raw material for electrification, renewable energy, and advanced manufacturing. By partnering with Viscaria, we are securing a reliable, sustainable source of copper concentrate from a European mine. This strengthens supply chains and reduces dependency on imports from outside Europe, supporting the objectives of the EU Critical Raw Materials Act.

Why did Aurubis choose Viscaria as a long-term partner?

Viscaria combines high-quality resources with a strong commitment to responsible mining. The project is located in Sweden, a country with excellent infrastructure and stringent environmental standards. Its scale and growth potential make it an attractive source of copper concentrate for our smelters. We also value Viscaria's sustainability ambitions, which align closely with our own.

How does this agreement fit into Aurubis' broader strategy?

Aurubis is one of the world's largest copper producers and recyclers and a leading integrated smelter group. Our strategy is to combine

responsibly sourced primary material with our state-of-the-art recycling activities, to secure and meet growing demand for copper in areas like energy transition, electrification, AI and data centres or for national security. This partnership

supports that strategy by adding a reliable source of concentrate from within Europe, reducing geopolitical risks and strengthening supply chain resilience for the industries we supply.

What role does sustainability play in this partnership?

It's central. Both Aurubis and Viscaria share a commitment to reducing carbon emissions and promoting circularity. Our carbon footprint for copper is already more than 60 percent below the global average for all copper smelters, making us an international leader in this field. We see

this partnership as an opportunity to showcase sustainable copper production in Europe.

Looking ahead, what can stakeholders expect from this collaboration?

The MoU is the first step toward a long-term offtake agreement. As Viscaria moves into development and production, we will work closely to integrate volumes into our supply chain. For the industry we supply with our metals, this means greater security of supply, more sustainable copper, and a partnership that supports Europe's green transformation.

Viscaria combines high-quality resources with a strong commitment to responsible mining.

Tim Kurth, COO of Aurubis, on securing a sustainable supply via a long-term offtake agreement with Viscaria.

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Viscaria Annual Report 2025

Viscaria's market position

Chile is the world's largest copper producer, accounting for approximately 5.6 million tonnes per year. The country also has the world's largest copper mine, Escondida, which produces over 1 million tonnes of copper annually.

The Polish mining company KGHM is the biggest operator in Europe, and produces approximately 400,000 tonnes of copper per year, making the company one of the ten largest copper producers globally.

Boliden is the leader in the Nordic region and produces approximately 60,000 tonnes of copper concentrate per year at the Aitik mine. With planned production of approximately 26,000 tonnes per year, Viscaria will be the second largest copper producer in the Nordic region and a significant operator from a European perspective.

Since the late 1990s, global demand for copper has more than doubled, driven by electrification and urbanisation. When Outokumpu closed the Viscaria mine in 1997, there were approximately 3 million tonnes of Mineral Resources in the deposit. Today, the Mineral Resources amount to 108 million tonnes with an average copper content of

0.9 percent, which is 60 percent higher than the global average and makes the Viscaria mine one of Europe's most interesting copper projects.

Aiming to become the most sustainable copper mine in Europe

Viscaria's vision is to conduct responsible mining that makes a contribution to a sustainable future. This means ambitious sustainability work to ensure supplies of copper with minimum climate impact and a transparent value chain, factors that are strategically crucial for both customers and society.

With energy-efficient equipment, fossil-free electricity and electric transport, Viscaria has the potential to become one of the most climate-friendly copper mines in Europe. Proximity to Malmbanan (the Ore Railway) means low-emission rail transport, and the company plans to integrate wind power in its electricity grid to further reduce its climate impact.

Demand for responsibly produced copper is rising fast, driven by electrification and EU requirements for sustainable value chains. Viscaria's location in northern

Sweden, with access to fossil-free energy, modern infrastructure and a strong local skills base, means that the company is well positioned to become a key actor in the green transition.

26,000 tonnes

planned annual copper production

million tonnes

108

Mineral Resources

60%

higher copper content than the global average

18

The market

Scopes 1 & 2, CO2 equivalent emissions from the world's mines in 2024

tonnes of CO2

16

14

12

10

8

6

4

2

0

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Source: MineSpans

Carbon dioxide emissions from the world's copper mines measured both as direct emissions (scope 1) and indirect emissions (scope 2). Estimated carbon dioxide emissions from the Viscaria mine are expected to be low, which means that the mine will be among the most climate efficient copper mines in the world.

EU Critical Raw Materials Act (CRMA)

Elevated geopolitical uncertainty and requirements for sustainable value chains have driven policy initiatives to enhance Europe's self-sufficiency in strategic minerals. One of the most significant is the EU's Critical Raw Materials Act. The aim is to ensure a secure, sustainable supply of raw materials that are essential for green energy and advanced technologies. The Act focuses on reducing dependence on imports from third countries, promoting recycling and circular flows, developing sustainable extraction within

the EU and stimulating innovation along the entire value chain. With these measures, the EU aims to boost its competitiveness and create a robust supply of critical raw materials for the green transition.

19

Viscaria Annual Report 2025

Good conditions

for the Viscaria mine

The Viscaria mine is uniquely positioned to be one of Europe's most sustainable, efficient copper mines. The combination of high metal contents, strategic location and modern infrastructure creates a strong basis for reopening the mine.

E10 towards Luleå

City of Kiruna

20

Activities

Strategic location and local skills

The mine is located just three kilometres from Kiruna, a city with a long tradition of mining and a high level of skills in mining. Proximity to the E10 highway and Malmbanan (the Ore Railway), which is fully electrified, provides optimum conditions for low-emission trans-

port. Local acceptance and access to skilled labour are major advantages both during the construction phase and once the mine is in operation.

Existing infrastructure and geological advantages

Some 65 kilometres of underground mine workings remain from previous operations, reducing the need for new excavation, shortening time to production and reducing investment needs. In 2025, approximately 31,000 metres of additional core drilling was carried out, improving knowledge of the deposit and making it possible to optimise the mine design.

Focus on the environment & sustainability The Viscaria area is zoned as an industrial area for mining. The company has assessed that activities will have limited impact on biodiversity, tourism and reindeer husbandry. A comprehensive landscape restoration and advanced water treatment plan is in place. The commissioning of the WTP1000 water treatment plant in October 2025 marked a milestone - the plant treats up to 1,000 cubic metres of water per hour and meets stringent environmental standards.

Fossil-free energy and circular flows

All electricity comes from hydropower, and wind power is planned to be integrated in the grid. Transport via Malmbanan is by electric train, and the reuse of waste rock and spoil minimises the environmental impact.

These factors will make the Viscaria mine one of Europe's most climate-friendly copper mines.

Viscaria industrial area

21

Viscaria Annual Report 2025

Key figures for Viscaria's planned production

Annual production at full capacity

26,000

tonnes of copper

Initial Life-of-Mine

17 years

22

Activities

Feasibility study

The feasibility study complies with PERC Standards and is key to assessing the technical and financial conditions of the mine. The study was published on 8 May 2025 and is based on extensive drilling data, modelling and expert opinions. By raising the level of knowledge of the Mineral Resources, it was possible to convert them into proven Mineral Reserves, which is crucial to optimise the mine design and ensure long-term production. The classification was done

by an independent competent person, guaranteeing the highest standards and reliability. The study also covers the stability of the mine galleries, the placement of infrastructure and optimisation of the underground design, based on analytical and numerical modelling combined with empirical data.

The feasibility study played a crucial role in taking the next step towards project financing. With the support of Hannam & Partners, Viscaria has signed a letter

of engagement with Société Générale and ING Bank

N.V. to arrange a structured package of debt-based project financing of up to approximately SEK 3.9 billion, including a cost overrun facility. The letter of engagement marks an important milestone in the

financing process and is the result of extensive market sounding with strong international interest. The aim is to complete the final loan financing at the end of the second quarter of 2026.

Viscaria will mine the ore based on a slightly adjusted mine plan compared to the one described in the feasibility study. The plan involves more sequential mining of the zones to optimise cash flows and reduce initial investment costs, while maintaining flexibility to capitalise on future expansion options towards deeper mineralisation. This strategy is important to improve capital utilisation, reduce early-stage risks and create a smoother revenue profile during the project's start-up phase.

By mining the ore based on an adjusted mine plan, the project has an initial life of 17 years with estimated annual production at full capacity of approximately 26,000 tonnes of copper. The financial analysis indicates a Net Present Value (NPV) after tax of approximately SEK 4.4 billion and an Internal Rate of Return

(IRR) of 17.3 percent, confirming the robust profitability of the project.

IRR

17.3 %

NPV (after tax) approximately

SEK 4.4 billion

23

Viscaria Annual Report 2025

The environmental permit -legal force and full speed ahead

On 16 April 2025, the Supreme Court announced that it would not grant leave to appeal against Viscaria's environmental permit.

This meant that the permit gained legal force and the legal obstacles to the reopening of the Viscaria mine had thus been removed.

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Activities

The decision marks the final regulatory milestone and means that Viscaria now has all permits in place to begin construction of the industrial area, including the planned processing plant, and prepare for mining at the mine.

The environmental permit covers mining and water activities and sets high standards for environmental protection, including water treatment and process water management. Viscaria worked intensively during the year to meet these conditions, in party by building the new water treatment plant which was inaugurated in October 2025.

The Land and Environment Court emphasised that the permit is subject to extensive conditions -

including for emissions and discharges to water and air, noise, blasting intervals, dustproofing and protection measures for reindeer husbandry.

The Supreme Court's decision was the culmination of a long legal process: The Land and Environment

Court granted the permit in May 2024; an appeal was submitted by Gabna Sámi community and several private individuals. The Land and Environment Court of Appeal refused leave to appeal in November 2024, and the Supreme Court finally put an end to the process in April 2025.

With the environmental permit now in force, Viscaria can now continue full speed ahead with preparations for the reopening of the mine. The focus is on finalising infrastructure, dewatering the mine and starting construction of the processing plant in 2026. This is

a major step towards Viscaria's vision to be a leading supplier of sustainably produced copper for Europe's green transition.

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Viscaria Annual Report 2025

LARS ERIC AARO, MEMBER OF THE BOARD OF DIRECTORS

Coming full circle

Lars-Eric Aaro has a solid background in the mining industry, with experience as CEO of LKAB, Europe's largest producer of iron ore, and senior positions at Boliden and Outokumpu. In the 1980s, he was Head of Mine at the Viscaria mine and, since spring 2025, he has been back, now as a member of the Board of Directors.

Lars-Eric, what does being a member of the Board of Viscaria mean to you?

It feels great to be back where it all started. In the 1980s, I was directly involved in the day-to-day operations here, which

involved three million tonnes of defined Mineral Resources. We have now reached 52, then 72, 93 and now 108 million tonnes - and the target is 140-160 million tonnes within three to five years. And the copper content is significantly higher than the global average for active copper mines. It's an opportunity for

me to give something back and help shape the future of Viscaria.

What do you regard as the most significant events of the year?

The environmental permit gaining legal force was obviously a crucial milestone. In addition, Viscaria presented a solid

feasibility study and a resource update that clearly confirms the project's potential. The financing is another major achievement. The letter of engagement for project financing, the shareholder loans and the share issues show that the market has great confidence in Viscaria and our strategy. The fact that committed long-term owners such as Thomas von Koch have once again assumed a leading role in the process has been very important. Viscaria now has a solid basis on which to reopen the mine.

What do you see as Viscaria's greatest opportunity in the years to come?

Without a doubt, it is the role copper plays in developing prosperity worldwide, but also the importance of copper for the effectiveness of the climate transition. Demand for copper is rising sharply as the world electrifies transport, builds renewable energy systems and invests in smarter infrastructure. Viscaria has the potential to make an important contribution to the

level of self-sufficiency, not only for Sweden but for the whole of Europe, helping reduce dependence on imports and boost Europe's position in sustainable production.

How has your background prepared you to make a contribution to Viscaria?

My years in the mining industry, at all levels, have taught me that mining is a very practical but technically skilled job. Order is paramount, procedures must be followed, planned work must be carried out and safety always comes first. The skills and experience of employees create the sound basis for a well-functioning workplace, for productivity and for a competitive company.

During my time at LKAB, we enlarged the company, built two new main levels in the mines, continued to increase the production of pellets, bought larger ore wagons and stronger electric locomotives and extended the ports to meet environmental and capacity requirements. We invested a total of over SEK 40 billion, both on time and on budget. Prior to that, I gained broad practical experience at Boliden, Outokumpu and other companies. I hope to use my broad experience to support Viscaria.

Sustainable mining is becoming increasingly important. How do you think Viscaria can position itself?

Sustainability has to be integral from the start, which is why Viscaria has a big advantage. When we build the business from scratch, we can do so with modern standards in every aspect. We use the latest technology to minimise our impact on the environment and make every effort to ensure that our operations make a positive contribution to both the local community and society at large.

On a personal level, what do you like most about Board work?

I enjoy working with people and creating sustainable value with them that develops and strengthens our society both locally and globally, and provides jobs that are meaningful and stimulating in a profitable company. As a former Head of Mine at the Viscaria mine, I know the conditions here well, but the context

is new now and many more people have realised that copper is one of the world's most strategic metals. Having the opportunity to help guide Viscaria to become a major sustainable copper producer feels like coming full circle. It is an opportunity to contribute to both Sweden's industrial strength and the global energy transition.

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Lars-Eric Aaro, member of the Board of Directors

Having the opportunity to help guide Viscaria to become a major sustainable copper producer feels like coming full circle. It is an opportunity to contribute to both Sweden's industrial strength and the global energy transition.

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Viscaria Annual Report 2025

Infrastructure - a year of milestones for the reopening of the Viscaria mine

2025 was a pioneering year for Viscaria's infrastructure works. Since the environmental permit gained legal force on 16 April, work has been intensified to create the conditions for resuming mining operations.

The Viscaria mine is strategically located close to the E10 highway and Malmbanan (the Ore Railway), providing good transport links. However, extensive investment in roads, electricity supply, water treatment, dams and logistics solutions are required to start production.

Water treatment - a state-of-the-art plant has been inaugurated

The top-priority project of the year was the construction of a water treatment plant, an investment of around SEK 500 million. The plant was inaugurated in October 2025 and is designed for a maximum flow of 1,000 m³/h. It is based on technology from Viscaria's pilot plant and removes 95-99 percent of metals such as copper, zinc and uranium. This ensures that all water discharged into the recipient, the Pahtajoki watercourse, which is part of the Torne and Kalix river system, meets strict environmental requirements, supporting the sustainability of the reopened mine.

Electric power - preparing for future capacity

To enable continued development of the infrastructure in the area and create good conditions for planned mining operations, work to provide electric power at the Viscaria mine continued in 2025. The most important step was taken when a connection agreement was signed between Viscaria and Vattenfall Eldistribution, securing the supply of 45 MW of electricity. The agreement is a key part of Viscaria's strategy to become one of the world's most climate-efficient copper mines and creates the conditions for fully electrified operations.

Before the permanent switchgear, called PT99, is operational, the industrial area will be supplied with power

from both Vattenfall and LKAB, a combined capacity of

6.5 MW.

Dams and groundworks

Excavation to increase the capacity of the clarification dam has started to manage the waste (tailings) from the processing plant and supply the plant with process water. Work has begun to repair the existing tailings

dam (it was excavated when previous mining operations ceased) and it has been reinforced. In addition, foundation work has begun for a new tailings dam. Work is continuing and the entire dam system will have been completed in late 2026.

Logistics and railway yard

To enable efficient transport, all groundworks for the railway yard have been completed. The Swedish Transport Administration will connect Viscaria to Malmbanan via two track connections and the new ERTMS signalling and speed control system on 16 June 2026. Viscaria is building and owns the railway infrastructure in the area, including approximately 2,700 metres of electrified track.

The mine area

The first phase was implemented in 2025, mainly involving the construction of roads, depots, storage facilities and other infrastructure to support the

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Activities

construction of the water treatment plant and the dewatering of the mine. In the second phase, the entire industrial area was fenced off and a new gate system was installed. The system is based on SSG and includes an automatic alcohol check. Two new office modules have been installed directly adjacent to the head office. One belongs to the Mine department, It houses office space and a small fire station with a heated tent for emergency vehicles. The second module belongs to the Process department and is used by the staff who will work on the construction of the processing plant.

Another 10 or so other minor projects have been completed to ensure that the industrial area is safe and pleasant.

Port logistics

Viscaria has signed a letter of intent with Narvik Bulkterminal for the export of copper and magnetite concentrate, and an MoU (Memorandum of Understanding) with Aurubis for the sale of copper via Narvik. A feasibility study was previously carried out to ensure

capacity for storage and shipping via Narvik, and in early 2026 work will start on more detailed design and construction of the necessary infrastructure in the port of Narvik.

Focus on sustainability

All infrastructure initiatives are characterised by sustainability: fuel for machinery was HVO 100 in 2025, wind turbines are planned to generate around 10 GWh/

year, and the reuse of waste rock deposits and spoil minimises the environmental impact. Infrastructure is built to meet high standards of efficiency, safety and environmental responsibility.

Viscaria is dedicated to building water treatment and processing plants and other infrastructure to meet the highest standards of both sustainability and efficiency.

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Viscaria Annual Report 2025

Viscaria's water treatment plant -

a milestone for sustainable mining operations

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