Kvartalsrapport Q1 2025

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===== SIDA 1 =====

Responsible mining for a 
sustainable future
Q1 report January – March 2025
Resource Update & Feasibility Study  
Kiruna 8 May 2025

===== SIDA 2 =====

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 
Company, other public sources, and the Company’s current assumptions and beliefs, 
which may be subject to change, and should not be viewed or understood as 
projections, forecasts or similar. 
Investors are cautioned that these forward-looking statements are neither promises 
nor guarantees, and are subject to risk and uncertainties, that may cause future 
results to differ materially from those expected. These forward-looking statements 
are made as of the date here of and, except if required under applicable securities 
legislation, the Company does not assume any obligation to update or revise them to 
reflect new events or circumstances.

===== SIDA 3 =====

Mining for the future
Frida Keskitalo 
CFO
Jörgen Olsson 
CEO
Frida Keskitalo 
CFO
Ross Armstrong
Head of Geology  
Koen Vos
Mine Planning Engineer
Today’s presenters
3

===== SIDA 4 =====

Mining for the future
Assets 
• Viscaria, Arvidsjaur, Tvistbo
• 6 Exploitation concessions 
• 16 Exploration permits 
Viscaria
• Environmental permit in legal force
• Strong local community support
• Funding (2020-25’): ≈ SEK 1,800m
A unique position
• One of the largest copper projects in Europe
• Exceptional conditions with low carbon footprint
• Rigorous mining preparations well underway
• Successful exploration continues to enhance potential
=> With demand for copper set to grow for many years to come, 
Viscaria is ideally positioned to meet future needs
4

===== SIDA 5 =====

Q1 2025

===== SIDA 6 =====

Mining for the future
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's first Mineral Reserve. 
• Exploration drilling continues
• Lars-Eric Aaro and Mark Johnson nominated to the 
Board
6

===== SIDA 7 =====

Mining for the future
SEKm Q1 2025 Q1 2024 FY 2024
Capitalised expenses related to
exploration and evaluation assets 
84 58 330
Operating profit -11 -11 -53
Net profit -18 -12 -48
Cash flow for the period 151 -70 -35
Exploration and evaluation assets 1,368 957 1,284
Ongoing development 218 44 165
Cash and cash equivalents 382 196 232
Equity 1,580 1,216 1,598
Financial performance in summary, Q1 2025
7

===== SIDA 8 =====

Mining for the future
Exploration and evaluation assets
Exploration work on Mineral Resources
• The lion part of the capitalized 
expenditures during Q1 2025 relate 
to exploration drilling campaign costs
Preparatory Work for Project Start
• Mine planning
• Process testing and concentrate 
analysis
• Infrastructure and site preparation
• Railyard design
8
0
20,000
40,000
60,000
80,000
100,000
120,000
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Capitalized expenditures related to exploration and evaluation assets per quarter and rolling four quarters, 
Q1 2021 to Q1 2025 (SEKk)

===== SIDA 9 =====

Mineral Resource Update
 
Ross Armstrong, Head of Geology

===== SIDA 10 =====

Mining for the future
Viscaria continues to grow - more copper, higher grades and exploration upside
 The resource update ‘in a nutshell’:
10
✓ 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 approaching 1 Mt contained Cu
✓ Success in exploration drilling over the last year has contributed over 28 Mt Inferred resources and over 250 kt 
contained copper: starting to unlock the true scale of the system
✓ Huge exploration potential remains in immediate expansion areas and across the wider district
Tonnage Average Grade Contained Cu Contained FeMAG
Mt Cu (%) kt Cu Mt Fe
Measured 15.4 1.23 189 1.6
Indicated 49.1 0.86 423.2 2.5
Measured + Indicated 64.6 0.95 612.2 4.1
Inferred 43.3 0.82 355 2.9
GRAND TOTAL 107.9 0.90 967.2 7.0
RESOURCE
CATEGORY
Viscaria            
(All Zones)
107.9 Mt  
total Mineral Resource
0.90 %  
average grade of the deposit
967.2 kt  
contained copper
Key numbers from the resource update:

===== SIDA 11 =====

Mining for the future
Tonnage Average Grade Contained Cu Contained FeMAG
Mt Cu (%) kt Cu Mt Fe
Measured 15.4 1.23 189 1.6
Indicated 49.1 0.86 423.2 2.5
Measured + Indicated 64.6 0.95 612.2 4.1
Inferred 43.3 0.82 355 2.9
GRAND TOTAL 107.9 0.90 967.2 7.0
RESOURCE
CATEGORY
Viscaria            
(All Zones)
Tonnage Average Grade Contained Cu Average Grade Contained FeMAG
Mt Cu (%) kt Cu FeMAG (%) Mt FeMAG
Measured 9 1.42 127.3 - -
Indicated 6.4 1.39 89.2 - -
Measured + Indicated 15.4 1.41 216.5 - -
Inferred 3.8 0.79 30.1 - -
TOTAL 19.2 1.29 246.6 - -
Measured - - - - -
Indicated - - - - -
Measured + Indicated - - - - -
Inferred 15.6 0.77 120.2 - -
TOTAL 15.6 0.77 120.2 - -
Measured - - - - -
Indicated 32.2 0.71 228.6 - -
Measured + Indicated 32.2 0.71 228.6 - -
Inferred 11.7 0.92 107.2 - -
TOTAL 43.9 0.77 335.8 - -
Measured 4.4 1.24 55.3 25.7 1.1
Indicated 6.3 1.25 79.1 24.4 1.5
Measured + Indicated 10.8 1.25 134.3 25 2.6
Inferred 8.4 0.94 78.7 24.2 2
TOTAL 19.2 1.11 213 24.6 4.6
Measured 1.9 0.27 5.3 27.2 0.6
Indicated 2.5 0.27 6.6 25.4 0.6
Measured + Indicated 4.4 0.27 11.9 26.2 1.2
Inferred 2 0.26 5.2 24.6 0.5
TOTAL 6.4 0.27 17.1 25.7 1.6
Measured 0.1 1.3 1.1 27.9 0.0
Indicated 1.7 1.17 19.7 25.9 0.4
Measured + Indicated 1.8 1.18 20.8 26 0.4
Inferred 1.8 0.77 13.6 23.5 0.4
TOTAL 3.6 0.97 34.3 24.8 0.8
D Zone
Sulphides
Cu ≥ 0.4 %
Zone RESOURCE
CATEGORY
A Zone
Cu ≥ 0.4 %
ABBA Zone
Cu ≥ 0.4 %
B Zone
Cu ≥ 0.4 %
D Zone
Sulphides
0.2% < Cu < 0.4% 
& Fe ≥ 20 %
D Zone
Oxides
Cu ≥ 0.4 %
Viscaria’s Mineral Resource Statement (2025) in full 
Mineral resource statement, FS May 2025 Cross-section of the Viscaria deposit’s A, ABBA, B and D zones
11
Total Mineral Resource of 107.9 Mt @ 0.90% Cu (0.97% CuEq*), containing 967 kt Cu and 7 Mt FeMAG
* For the total Mineral Resource (107.9 Mt), average grade in copper equivalent, CuEq = 0.97%  
   CuEq = Cu (%) + Fe (%) * 0,01019, utilizing a long-term Cu price of 11,000 USD/t & Fe (68%) price of 125 USD/t
+ 0 m 
- 750 m 
+ 750 m 
D-zone (total)
29.2 Mt 
@ 0.91% Cu,
1.16% CuEq 
A-zone
19.2 Mt 
@ 1.29% Cu
ABBA zone
15.6 Mt 
@ 0.77% Cu
B-zone
43.9 Mt 
@ 0.77% Cu
NORTHWEST SOUTHEAST
+ 0 m

===== SIDA 12 =====

Mining for the future
93 Mt @ 0.88% Cu
107.9 Mt @ 0.90% Cu
-15.5 
-6.5
+28.3
+8.6
0
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80
100
120
12
Even with a more conservative resource estimation approach, Mineral Resources have 
increased considerably since November 2022 – now at 108 Mt
• Average grade increases to 0.90% Cu , up from 0.88% Cu in November 2022
• Total Mineral Resources have increased by 16%, total contained copper up by 18%
• New Inferred resources totaling 28.3 Mt @ 0.89% (252.5 kt Cu) , from 1-year long exploration campaign 
• Robust and de -risked: improved confidence in the resource for mine planning by adopting a stricter cut -off grade 
and applying a more -conservative depletion model in the historically -mined A-zone
Mineral Resources
November 2022
Stricter cut-off grade 
applied
Updated depletion 
model in A-zone
Drilling 2022 - 
2024
Exploration Campaign 
ABBA, Deep B, Deep D
2024 - 2025
Mineral Resources
May 2025
Tonnes Average grade Contained metal 
Year (Mt) % diff Cu (%) % diff Cu kt % diff
2025 107.9
16.0
0.90
2.3
967.2
18.3
2022 93 0.88 817.7
≥0.25% Cu COG: A, B
≥ 0.4% Cu COG: D (Cu domain)
≥ 20% Fe CO G: D (Fe domain)
≥ 0.4% Cu COG: A, ABBA, B, D (Cu domain, oxides)
0.2% < Cu < 0.4% Cu, Fe  ≥ 20% COG: D (Fe domain)
QUALITY GROWTH&

===== SIDA 13 =====

Mining for the future
• In just one year of exploration drilling, 28.3 million tons of 
additional Inferred resources have been defined, with an 
average copper grade of 0.89%, containing over 250 kt of 
copper
• Significant ‘return on investment’ for metres drilled: 
• ~ 7,500 m in D-zone Deep, 
• ~ 1,500 m in B-zone Deep and 
• ~ 9,000 m in the ABBA zone 
• Directional drilling enabled an efficient and accurate 
operation, with geophysical modelling and borehole 
surveys utilised to guide the drill hole planning
13
Successful exploration campaign results in significant resource growth
NW SE
+ 0 m 
+ 750 m 
- 750 m 
ABBA Zone 
15.6 Mt @ 0.77% Cu;
120.2 kt contained Cu
B-Zone Deep
6.6 Mt @ 1.08% Cu;
71.1 kt contained Cu
D-Zone Deep
6.1 Mt @ 1.00% Cu, 
61.2 kt contained Cu
26.8% FeMAG, 1.27% CuEq*
New inferred resources from exploration during 2024/2025
Zone
Tonnage
(Mt)
Avg. copper
grade (%)
Contained
copper (kt)
ABBA 15.6 0.77 120.2
B-Zone Deep 6.6 1.08 71.1
D-Zone Deep 6.1 1.00 61.2
Total 28.3 0.89 252.5
*CuEq = Cu (%) + Fe (%) * 0,01019 utilizing a long-term Cu price of 11,000 USD/t & Fe (68%) price of 125 USD/t

===== SIDA 14 =====

Mining for the future
 14
NW SE
+ 0 m 
+ 750 m 
- 750 m 
Exploration Targets: immediate resource expansion goals
Zone
Tonnage 
potential
(Mt)
Grade
potential (Cu, 
%)
Contained Cu 
metal (kt)
ABBA 10 - 20 0.7 – 1.2 120 - 140
B-Zone Deep 7 - 14 1.0 – 1.4 100 - 140
D-Zone Deep* 10 - 20 0.9 – 1.3 130 - 180
Total 27 - 54 0.9 – 1.3 350 - 460
*D-Zone Deep: 1.1 – 1.5% CuEq, 150 – 220 kt contained CuEq metal
Foundations laid for further resource growth with continued near-mine exploration
• Ongoing drilling, geological interpretation and supporting 
geophysics all indicate that the mineralization remains open in 
each of the current near-mine exploration areas
• A total Exploration Target of 27 to 54 Mt has been defined for 
immediate resource expansion in the ABBA Zone, B-Zone Deep 
and D-Zone Deep
• Continued near-mine exploration aligns with the company 
strategy to extend the LoM by discovering new resources that 
can replace the mined-out reserves on annual basis
D-Zone Deep
Expansion Goal
ABBA Zone
Expansion Goal
B-Zone Deep
Expansion Goal

===== SIDA 15 =====

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
• Modelled geophysical data (magnetics, 
gravity, magnetotellerics) show deep 
continuations to the system
• Success in recent near-mine 
exploration was driven by following 
coinciding magnetic anomalies and 
grade-thickness trends to depth
• ABBA Zone a ‘proof of concept’ for 
more blind discoveries of copper 
mineralization at different stratigraphic 
levels – Viscaria’s potential no longer 
limited to A, B and D zones
• Several conceptual targets have been 
identified as part of a stacked mantos 
system
Magnetic signature of Viscaria’s D, B, ABBA and A zones shown 
to extend beyond 1.5 kilometres depth 
Conceptual target
(untested)
Conceptual target
(untested)
Slice of constrained 3D 
magnetic inversion

===== SIDA 16 =====

Mining for the future
• Grand Viscaria vision: unlocking exploration 
potential within the mining area and beyond
• The main mine site at Viscaria accounts for 
just 2% of the total permitted exploration 
area (~2 km² out of 120 km²)
• Consolidated permit coverage across the 
most prospective stratigraphy and structural 
architecture for copper discoveries in the 
Kiruna district
• Preliminary drilling and geophysical surveys 
already carried out; notable copper grades 
encountered several kilometres from the 
Viscaria mine
16
Viscaria Mine
107.9 Mt mineral resources 
with an average grade of 
0.90% Cu
LKAB Mine
District-scale potential for further discoveries
Exploration permit
Kiruna Airport
Kiruna
Exploitation concession
Key takeaways

===== SIDA 17 =====

Mining for the future
• Grand Viscaria vision: unlocking exploration 
potential within the mining area and beyond
• The main mine site at Viscaria accounts for 
just 2% of the total permitted exploration 
area (~2 km² out of 120 km²)
• Consolidated permit coverage across the 
most prospective stratigraphy and structural 
architecture for copper discoveries in the 
Kiruna district
• Preliminary drilling and geophysical surveys 
already carried out; notable copper grades 
encountered several kilometres from the 
Viscaria mine
17
Viscaria Mine
107.9 Mt mineral resources 
with an average grade of 
0.90% Cu
LKAB Mine
District-scale potential for further discoveries
Exploration permit
Kiruna Airport
Kiruna
Exploitation concession
Key takeaways

===== SIDA 18 =====

Mining for the future 18
✓ 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 approaching 1 Mt contained Cu
✓ Huge success in exploration drilling over the last year: contributed over 28 Mt of additional Inferred resources 
and over 250 kt contained copper
✓ Untapped exploration potential remains in both the near-mine and district-scale settings
Tonnage Average Grade Contained Cu Contained FeMAG
Mt Cu (%) kt Cu Mt Fe
Measured 15.4 1.23 189 1.6
Indicated 49.1 0.86 423.2 2.5
Measured + Indicated 64.6 0.95 612.2 4.1
Inferred 43.3 0.82 355 2.9
GRAND TOTAL 107.9 0.90 967.2 7.0
RESOURCE
CATEGORY
Viscaria            
(All Zones)
Viscaria continues to grow – more copper, higher grades and exploration upside
The resource update ‘in a nutshell’

===== SIDA 19 =====

Mine design 
 
Koen Vos, Mine Planning Engineer

===== SIDA 20 =====

Mining for the future
20
Mining for the future
Introduction to Viscaria’s Business Case
20
Key takeaways:
Key takeaways
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Cueq  (kton)
Ore tonnage (kt)
A Zone B Zone D Zone Cueq Tonnes Payable
10.6 MT @ 1.18% Cu  
11.6 MT @ 
1.25% Cu  Eq
19.6 MT @ 
0.71% Cu
10.6 MT @ 1.18% Cu  
19.0 MT @ 
0.70% Cu
19.7 MT @ 
1.19% Cu Eq 
• The Viscaria Business Case shows an 
improved production profile (Cu Eq.) 
• The major difference in the production 
profile per zone between Table 1 FS and 
our Business Case is the increased 
tonnages in the high-grade D-zone (from 
11.6 Mt @ 1.25% Cu Eq. to 19.7 Mt @ 
1.19% Cu Eq.)
• The schedule shows a significantly improved 
extraction rate, indicating that addition of 
tonnes scales well to an increased 
production rate.
• The production capacity per zone indicated, 
with the current resources to,
• A zone: 500-1,500 ktpa
• B zone: 1,500 – 2,500 ktpa
• D zone: 1,500 – 2,500 ktpa
Note: Cu Eq grades refers to feed grades.
Annual Mine Production per Zone 
according to FS Table 1
Annual Mine Production per Zone according to 
Business Case
Total Production: 49.3 MtTotal Production: 41.8 Mt
Production profile comparisons, Business Case* vs Table 1
The ongoing exploration program aims to continue infill drilling to progressively upgrade the Inferred Resource associated with these 
underground  mining areas in advance of mining. However, there is a low level of geological confidence  associated with the Inferred Resources 
and there is no certainty that further exploration work will result in the determination  of Indicated Resources or that the production schedule 
using Inferred Resources will be realised.

===== SIDA 21 =====

Mining for the future
21
Mining for the future
Mine Design
21
▪ Viscaria is now seeking to
raise SEK [6.6]bn in capital
to fund the development
and operation of the
Viscaria copper mine as
detailed in the adjacent
table
▪ The funding will be
structured as 58% debt and
42% equity, with equity
being raised alongside debt
and project construction
▪ The next round of equity
financing of SEK [1,000]m is
targeted for completion by
[May]
▪ The total debt financing
requirement is expected to
be SEK [3.7]bn, including
SEK 125m of undrawn RCF
Key takeaways:
Key takeaways
• Open pit key supplier of waste rock for Tailings 
Storage Facility TSF (”TSF”) construction.
• Production scheduled based on waste rock 
demand for TSF (ca 800 ktpa)
• Pit design contains:
• Waste rock: 12.4 Mt
• Ore: 2.2 Mt
• Overburden: 1.5 Mt
• Slope angles: 47-52°
• Pits in A zone are located above existing 
underground mine
• To secure operations a safe distance from 
existing underground mine in A-zone has 
been accounted for
Open pit designs
19.6 MT @ 
0.71% Cu
TSF – Tailings Storage Facility
Open pit designs (looking North)

===== SIDA 22 =====

Mining for the future
22
Mining for the future
Mine design
22
▪ Viscaria is now seeking to
raise SEK [6.6]bn in capital
to fund the development
and operation of the
Viscaria copper mine as
detailed in the adjacent
table
▪ The funding will be
structured as 58% debt and
42% equity, with equity
being raised alongside debt
and project construction
▪ The next round of equity
financing of SEK [1,000]m is
targeted for completion by
[May]
▪ The total debt financing
requirement is expected to
be SEK [3.7]bn, including
SEK 125m of undrawn RCF
Key takeaways:
Key takeaways
• Underground mining accounts for ca 95.5% of the 
total Ore produced
• Ore tonnes: 47.1 Mt
• Waste tonnes: 7.4 Mt
• Mining method – Longhole open stoping
• Backfill – Paste fill and Cemented Rock fill
• New Development: 160 km
• Reuse 30 km of 65 km already existing
• D zone accessed through main portal from A zone 
infrastructure through two drives. This allows for 
high production rate early on by opening many 
areas quickly, as well as increased safety by 
providing additional evacuation routes
• Top drive intersecting D zone at around 400 m 
asl. (ca 100 m underground)
• Bottom drive intersecting D zone at around 0 
m asl. (ca 500 m underground)
• Schedule optimized for NPV with Deswik’s new 
optimization tool
Underground design
D-zone B-zone A-zone Main portal
D-zone extension
Horizontal view, Looking N-E

===== SIDA 23 =====

Mining for the future
23
Mining for the future
Mine design
23
▪ Viscaria is now seeking to
raise SEK [6.6]bn in capital
to fund the development
and operation of the
Viscaria copper mine as
detailed in the adjacent
table
▪ The funding will be
structured as 58% debt and
42% equity, with equity
being raised alongside debt
and project construction
▪ The next round of equity
financing of SEK [1,000]m is
targeted for completion by
[May]
▪ The total debt financing
requirement is expected to
be SEK [3.7]bn, including
SEK 125m of undrawn RCF
Key takeaways:
Key takeaways
• Total new development: 160 km
• New ventilation Shafts: 10.2 km
D zone
• New development 66 km
• D zone extension shown in purple
• Thin uneconomic mineralised zone left in 
place between northern and southern ramps
A and B zones
• A and B zones share common infrastructure 
around development left from old mine. This 
existing infrastructure forms the backbone 
around which the new mine is built
• New development 94 km
• Reuse existing development 30 km (A-zone)
Underground design – Layout
D-Zone B-Zone A-Zone
Ore tonnes (Mt) 19.7 17.2 10.2
Cu content (CuEq kt) 246 123 122
Development (“Dev”)  (km) 66 52 42 (+30 rehab)
Ratio (Tonnes per m) 298 331 243
Ratio - CuEq kt/Dev m) 3.7 2.4 2.9
Note: D Zone development (looking north-west): 
A Zone development (looking NW)
B Zone development (looking NW)
D Zone development (looking NW)

===== SIDA 24 =====

Feasibility Study 
 
May 8, 2025

===== SIDA 25 =====

Mining for the future
25
Mining for the future
• T otal raised capital since May 2020 
of SEK 1,805m.
• Since the restart of Viscaria was 
initiated by the new management 
team in the end of May 2020, a 
total of c. SEK 1,482m has been 
invested in primarily:
• Geology (more than 190,000 
meters has been drilled)
• Infrastructure (bridge, water 
treatment facility, power etc.)
• Mine design, processing and 
metallurgy
• Environmental permit process
• Building an experienced 
management team
• T otal cash at hand in end of March 
2025 of SEK 322m. T rapped cash of 
SEK 61m in end of March 2025
• Pre-Initial CAPEX until March 2025 is 
c. SEK 300m (forecasted to be c. SEK 
400m at project start, June 2025)
Sources and uses as per March 31, 2025
Total investments in Viscaria of c. SEK 1 482m since June 2020
Key takeaways
25
Sources and uses of capital already invested into the business (June 2020 – Q1 2025)
Sources Uses
Date Sources
Amount 
(SEKm) Uses
Amount 
(SEKm) 2020 2021 2022 2023 2024 2025-Q1
Equity Totalt funds (March 31, 2025) 383           
Jun 18, 2024 Directed issue 440           
Jun 21 2023 Directed issue 266           Cash at hand (March  31, 2025) 322           
Oct 21, 2022 Directed issue 235           % of total
March 21, 2022 Directed issue 81              Geology (incl. SEK 1m in Arvidsjaur and leases) 507           34% 20           36           85           124        188        54               
Feb 1, 2022 Directed issue 148           Infrastructure investments 327           22% -         12           67           59           118        69               
April 9, 2021 Directed issue 96              Enviromental permit process 136           9% 4             30           36           31           31           4                 
Jan 28, 2021 Preferential Rights issue 170           Pre-payment of Additional Purshase Price (Sunstone) 26              2%
May 19, 2020 Directed issue 24              Mine Design & Production 83              6% 4             13           23           22           18           3                 
Total 1 460       IT, (Digit) 37              3% 7             7             5             13           4                 
Processing & Metallurgy testing 71              5% 4             9             28           23           7                 
Convertible debt Transaction costs (new share issues) 45              3%
2020 - 2023 Norrlandsfonden 22              Strategy & Finance consultants 35              2% 2             7             14           11           2                 
Total 22              IR & Communication 28              2% 4             9             6             7             2                 
Other overhead costs 125           8% 7             12           18           25           44           17               
Shareholder loan Deposite for closure costs 61              4% 61           
Jan, 2025 Shareholder loan (converible) 315           
Total 315           
Expired Incentive program 
May, 2023 Incentive program 2023 8                 
Total 8                 Total uses 1 482       100%
Total 1 805       Total 1 805       34 121 263 315 514 162

===== SIDA 26 =====

Mining for the future
26
Mining for the future 26
1. Operating cash flows includes revenue, opex, NWC impact
• The funding requirement has been 
calculated based on the cash low-point 
of the mining plan, amounting to c. SEK 
5,410m.
• The funding requirement is stated on 
an unlevered basis, i.e. excluding 
financing costs.
• The funding requirement for the 
Business Case takes into consideration 
the funding requirement for an 
additional SEK 146m in trapped cash.
• The Company is actively exploring 
different options for debt financing, 
seeking to find the optimal mix for a 
financing structure at a gearing level of 
50-60% with beneficial terms and 
pricing. The Company will revert with 
further information regarding financing 
at a later stage. 
407
314
Initial capex Sustaining capex
146
Trapped cash Operating cash flows¹ Funding requirement
4 543
5 410
Funding requirement on an unlevered basis, SEKm
Introduction to Viscaria’s Business Case
Key takeaways

===== SIDA 27 =====

Mining for the future
27
Mining for the future
Introduction to Viscaria’s Business Case
27
Key takeaways:
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25
30
35
40
0
500
1000
1500
2000
2500
3000
3500
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
Cueq  (kton)
Ore tonnage (kt)
A Zone B Zone D Zone Cueq Tonnes Payable
10.6 MT @ 1.18% Cu  
11.6 MT @ 
1.25% Cu  Eq
19.6 MT @ 
0.71% Cu
10.6 MT @ 1.18% Cu  
19.0 MT @ 
0.70% Cu
19.7 MT @ 
1.19% Cu Eq 
• The Viscaria Business Case shows an 
improved production profile (Cu Eq.) 
• The major difference in the production 
profile per zone between Table 1 FS and 
our Business Case is the increased 
tonnages in the high-grade D-zone (from 
11.6 Mt @ 1.25% Cu Eq. to 19.7 Mt @ 
1.19% Cu Eq.)
• The schedule shows a significantly improved 
extraction rate from D zone, indicating that 
addition of tonnes scales well to an increased 
production rate.
• The production capacity per zone indicated, 
with the current resources to,
• A zone: 500-1,500 ktpa
• B zone: 1,500 – 2,500 ktpa
• D zone: 1,500 – 2,500 ktpa
Note: Cu Eq grades refers to feed grades.
Annual Mine Production per Zone 
according to FS Table 1
Annual Mine Production per Zone according to 
Business Case
Total Production: 49.3 MtTotal Production: 41.8 Mt
Production profile comparisons, Business Case* vs Table 1
The ongoing exploration program aims to continue infill drilling to progressively upgrade the Inferred Resource associated with these 
underground  mining areas in advance of mining. However, there is a low level of geological confidence  associated with the Inferred Resources 
and there is no certainty that further exploration work will result in the determination  of Indicated Resources or that the production schedule 
using Inferred Resources will be realised.

===== SIDA 28 =====

Mining for the future
 28
• The Business Case with an initial LoM 
of 17 years shows satisfying project 
economics with a NPV (7%) of SEK 
4.4bn % IRR (post tax) of 17.3%
• The average C1 Cost (net of by-
products) (“C1 Cost”) of USD 3,746/t is 
competitive (see Appendix)
• At full run-rate (2029-36’), the C1 Cost 
is c. 40% lower due to high yield from 
the tonnage mined over that period
• Please note that the average net 
cashflows (NOPLAT plus depreciations 
minus Sustaining Capex and change in 
WK) is c. SEK 100m higher than the 
Average EBIT, mainly due depreciations 
on intangible assets 
 
Resources like ly  to 
su ppo rt longer lif e
Lo M 17 years CU t ~22.6  (26.0)
~Mined resources in B usiness C ase
(Tota l Min eral res ource of 10 8mt)
~ 49.3 Mt
~Payable co pper, KTP A*
Fig ures  in p aren thes is repres ent 29 ’-36’
Cas h 
co s t $   3,746 (2,171) AIS C $ 4,589 (2,871) I nitial
CAPE X ~ SEK 4.5bn
All-in sustaining cost, $ / tonnes
Fig ures  in p aren thes is repres ent 29 ’-36 ’
S us t.
CAPE X ~ SEK 3.4bn
IRR, Pre -tax
I RR
P R E
20.3%
NPV, Pre -tax @ 7%
NPV
P R E
SEK 6.0bn
Average EBITDA (2029 -36)
EB ITD A
IRR, Post -tax
I RR
P O S T
17.3%
NPV,  Post -tax @ 7%
NPV
P O S T
SEK 4.4bn
SEK 1,965m
Average Net Free Cash-flow
Pre-fin ancing(2029-2036)
Cas hflo w SEK 1,489m
Payback , years (pre -tax) from    first 
production year (2027)
Payback
P re
3.7 yea rs Payback
P O S T
4.3 yea rs
Payback , years (post -tax)
C1 Cost net of by-prod, $ / tonnes
Figures  in parenthes is repres ent 29 ’-36 ’
CU Eq ~27.3  (35.3)
~Payable C opper Eq., KTP A* 
Fig ures  in p aren thes is repres ent 29 ’-36 ’
Investment Highlights @ USD 9,500 and SEK/USD 10.30
Introduction to Viscaria’s Business Case
Production, 
Business 
Case
Key KPIs,
Business 
Case
Financials
Business 
Case
* Calculated over production years
Average EBIT (2029 -36)
EB IT SEK 1,365m
Key takeaways

===== SIDA 29 =====

Mining for the future
29
Mining for the future
• Total Initial CAPEX of c. SEK 
4,500m of which Process 
buildings and construction, 
process equipment and 
Infrastructure investments 
account for 71% of total Initial 
CAPEX
• A total contingency of SEK 553m 
has been added to the 
estimated capex to cater for 
uncertainty and unforeseen 
costs
764
553
Process buildings 
and construction
Infrastructure Mining Process equipment Contingency Total initial capex
1,085
1,098
1,042
4,543
Category 2025 2026 2027 Total
Process buildings and construction 230.9 667.9 186.2 1,085.0
Infrastructure 428.5 531.0 138.4 1,097.9
Mining - 307.2 457.3 764.5
Process equipment 145.2 697.0 200.2 1,042.3
Contingency 119.2 312.1 121.7 553.0
Total 923.7 2,515.2 1,103.8 4,542.7
Initial capex 2025-2027
Introduction to Viscaria’s Business Case
Initial CAPEX build up, total initial CAPEX to be financed of SEK 4.5bn
29
Key takeaways

===== SIDA 30 =====

Ansvarsfull gruvdrift för en hållbar framtid
Mining for the future
Compared to the copper incumbents, Viscaria’s indicated cash cost is competitive
85 173 4 91
-8,000
20
0
8,000
11 16 1915 2422141312 23
12,000
21
4,000
2 106 187
-4,000
Production, Mton
3,900
1,558
2,912
2,925 3,097
3,222
3,297
3,387 3,787
3,622*
4,121 4,580
4,819
4,905
Source: MineSpans, Q1 2023. *Viscaria’s C1 Cost of USD 3,746/t minus royalties of USD 124/t
3,027
2030 copper company cost curve, Total cash cost ex. royalty, USD/ton payable metal
30

===== SIDA 31 =====

Mining for the future
31
Mining for the future
• The cumulative (undiscounted) 
cash flows amounts to c. SEK 
11.8bn for the entire period 
(2025-2044)
• The period with the highest cash 
flows occur in 2029-2036, 
representing c. 70% of the 
positive cash flows (2028-2044)
• Pay-back of 4.3 years (from first 
revenues in Nov 2027)
Introduction to Viscaria’s Business Case
(5,410)
11,822
(8,000.0)
(6,000.0)
(4,000.0)
(2,000.0)
-
2,000.0
4,000.0
6,000.0
8,000.0
10,000.0
12,000.0
14,000.0
(1,400)
(900)
(400)
100
600
1,100
1,600
2,100
Funding
need
2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
Unlevered free cash flows Accumulated unlevered free cash flows
Break even 
2032
31
Project free cash flows before financing ( SEKm)
Key takeaways

===== SIDA 32 =====

Mining for the future
32
Mining for the future
(318)
(545)
(553)
(637)
(824)
(1,449)
(1,775)
(2,200)
(2,332)
(2,365)
318
545
553
637
824
1,449
1,775
2,200
2,332
2,368
(3,000) (2,000) (1,000) - 1,000 2,000 3,000
Processing cash cost sensitivity (+/- 15%)
Fe concentrate price (+/- 15%)
Initial capex (+/- 15%)
Mine costs cash cost sensitivity (+/- 15%)
Total capex (+/- 15%)
C1 cash cost (+/- 15%)
All in sustainable cash cost (+/- 15%)
Payable copper (+/- 15%)
Copper price (+/- 15%)
USD/SEK (+/- 15%)
 
• A sensitivity analysis has been 
performed by flexing key variables 
against the NPV of the business 
case. The graph shows the 
variance to the Business Case of 
each variable at +/- 15% flex, while 
the table shows the NPV output 
given a sensitivity of each variable 
between +/- 5% and 30%.
• Sensitivity analysis of the NPV 
output at 7% (post-tax basis) 
implies that the Fx-rate, copper 
price and copper volume output 
are the three most sensitive 
variables.
• The business case is least sensitive 
to variance in processing cost, Fe-
concentrate price and initial capex.
Introduction to Viscaria’s Business Case
Sensitivity analysis (30.0%) (15.0%) (10.0%) (5.0%) Base 5.0% 10.0% 15.0% 30.0%
USD/SEK (321) 2,043 2,831 3,619 4,409 5,198 5,987 6,777 9,180
Copper price (255) 2,077 2,854 3,631 4,409 5,186 5,963 6,740 9,072
Payable copper 8 2,208 2,942 3,675 4,409 5,142 5,875 6,609 8,809
All in sustainable cash cost 7,959 6,184 5,592 5,000 4,409 3,817 3,225 2,633 858
C1 cash cost 7,307 5,858 5,375 4,892 4,409 3,926 3,442 2,959 1,510
Total capex 6,057 5,233 4,958 4,683 4,409 4,134 3,859 3,584 2,760
Mine costs cash cost sensitivity 5,683 5,046 4,833 4,621 4,409 4,196 3,984 3,771 3,134
Initial capex 5,514 4,962 4,777 4,593 4,409 4,224 4,040 3,856 3,303
Fe concentrate price 3,319 3,864 4,045 4,227 4,409 4,590 4,772 4,954 5,499
Processing cash cost sensitivity 5,045 4,727 4,621 4,515 4,409 4,302 4,196 4,090 3,772
NPV variance to base case at +/- 15% for key variables (SEKm)
NPV output sensitivity analysis (+/- 30%)
USD/SEK (+/ - 15%)
Copper price (+/ - 15%)
Payable copper (+/ - 15%)
All in sustainable cash cost (+/ - 15%)
C1 cash cost (+/ - 15%)
Total capex (+/ - 15%)
Mine costs cash cost sensitivity (+/ - 15%)
Initial capex (+/ - 15%)
Fe concentrate price (+/ - 15%)
Processing cash cost sensitivity (+/ - 15%)
32
Sensitivity analysis of NPV Outcome ( SEKm, post-tax basis @7%)
Key takeaways

===== SIDA 33 =====

Mining for the future
33
Mining for the future
• The Viscaria mine is forecast to 
generate a c. SEK 41.2bn revenue 
over life of mine
• c. SEK 35.65bn from Cu sales alone 
(net of Treatment and refining 
charges)
• C. SEK 5.53bn from Fe sales
• The cumulative cash flows 
amounts to c. SEK 12bn for the 
entire period (2025-2044)
• The mine is expected to generate 
an NPV of SEK 4.4bn based on a 
discount rate of 7%
• IRR post tax of c. 17.3%
• The capital payback period is 4.3 
years, from Nov 27
Introduction to Viscaria’s Business Case
Life Of Mine Financial Economics (SEK bn) LOM
Cu Revenue (net of payability and TCs/RCs) 35.65
Fe Revenue (net of freight costs) 5.53
T otal Revenues 41.18
T otal EBITDA 22.89
T otal EBIT 14.27
Net Cash Flow (post-tax) 11.96
Post-tax NPV (7% discount rate) 4.41
Post-tax IRR 17.3%
Post-tax Capital Payback Period 4.3
• Exchange  rate s –USD/SEK e xc ha ng e rat e of 10.30 is a pplied.
• Discount rat e – 7% disc ount r ate  a pplied to NPV ca lc ula tions Visc aria considers 7% to be an appr opr iate  discount ra te based upon  the  
Swe dish risk -fre e inter est  r ate , low  c ount ry spe cific risk and t he  Pr ojec t’s proxim it y t o m ajor infr astr uc ture .
• All costs and sales are  prese nted in c onst ant Q2 2 02 5  pr ic es wit h no inflation or  e scalat ion fact or s conside re d.
• All re late d payme nts and disbur sem ents incurr ed prior to com me nc em ent of construc tion ar e consider ed as sunk costs.
33
Life of Mine Financial Economics (2025 – 2044)
Summary of the main assumptions:
Key takeaways

===== SIDA 34 =====

Closing remarks 
 
Jörgen Olsson, CEO

===== SIDA 35 =====

Mining for the future
Mine overview 
• Given that the mine is a brownfield site, it benefits from 65 
km of existing underground infrastructure allowing for 
quick start of production and avoid high capital costs and 
long lead times
• Capital expenditures include;
• Enrichment plant
• Water treatment facility
• Connection to Malmbanan including railyard, storage area 
for incoming goods and recycling station 
• Power supply and;
• The Viscaria Village
Mining methods
• The redevelopment plan for the Viscaria mine incorporates 
both open-pit and underground mining methods:​
• Underground Mining: Underground operations are 
planned to commence concurrently with open-pit mining, 
contributing about 93% of the ore mined 
• Open-Pit Mining: The project envisions the development 
of  two open pits, which are expected to contribute 
approximately 7% of the ore mined over the mine's life
35
Mine overview
Brownfield site benefits from 65 km of existing underground infrastructure allowing for quick start of 
production and avoid high capital costs and long lead times.

===== SIDA 36 =====

Mining for the future
Mining for the future
Jane Lundgren Ericsson
Board member
Lars Seiz
Board member
Jörgen Olsson
CEO and Board member
Per Colleen
Chairman of the Board
Markus Petäjäniemi
Vice Chairman of the Board
Ing-Marie Andersson Drugge
Board member
Viscaria’s Board
Mark Johnson
New Board member
Lars-Eric Aaro
New Board member
36

===== SIDA 37 =====

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
See www.viscaria.com for detailed information on tonnage and grades in the respective resource categories of the reported Mineral Resources.
20 242 242 346
18920
212 278
292
423
24
156
208
179 355
1,400
64
610
728
818
967
1 400
Viscaria
(Outokumpu) Jan
1996
Acquisition Viscaria
March 2019
Viscaria November
2020
Viscaria November
2022
Viscaria May 2025 Mid-term resource
target 3 - 5 years
Inferred
Indicated
Measured
K ton Cu 1
52
Mt
93
Mt74
Mt
3
Mt
Long-term Target
108
Mt
140-160
Mt
Key takeaways
• Viscaria has significant remaining 
exploration potential
• From one year of exploration drilling, 
over 28 Mt of new Inferred resources 
have been defined, as well as 
Exploration T argets for resource 
expansion in these areas of 27-54 Mt
• Given the recent exploration 
successes, Viscaria has set a mid-
term resource target of 140-160 Mt
• Viscaria expects historical 
exploration productivity to continue, 
and aims long-term to increase the 
life-of-mine by one year for each 
production year

===== SIDA 38 =====

Mining for the future
Summary and outlook
38
• 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 parallel
Focus areas 2025 
• Complete the permitting processes   ✓
• Present a Resource update    ✓
• Complete the Feasibility Study    ✓
• Financing workstreams, Equity & Debt   ✓
• Continued preparations for a swift restart of Viscaria ✓

===== SIDA 39 =====

Mining for the future
Thank you! 
39

===== SIDA 40 =====

Appendix

===== SIDA 41 =====

Mining for the future
41
Mining for the future
Key takeaways
• C1 Cost net of by-product 
credits amounts to USD 
3,746/t during LOM
• Mining is the largest part of 
the cash cost representing 
67% of the total amount of 
C1
• The revenues from 
magnetite production acts as 
a substantial cash cost 
reducer
Category USD/t
Mining costs 2,519.6
Mineral processing 1,259.0
Backfill & Tailings Mgmt 1,007.9
G&A 283.5
Freight 44.7
TC&RC 491.4
Royalty 124.3
Gross Fe Revenue (1,984.3)
C1 3,746.0
Copper sold (t) 386,074.5
284
491
Mining costs Mineral 
processing
Backfill & 
tailings mgmt
G&A
45
Freight TC&RC
124
Royalty
(1,984)
Gross Fe 
Revenue
C1
2,520
1,259
1,008
3,746
Cash Cost (C1 cost) build up (USD/t)
41
Introduction to Viscaria’s Business Case
Cash cost breakdown

===== SIDA 42 =====

Mining for the future
42
Mining for the future
Key takeaways
• All In Sustainable Cost 
(“AISC”) amounts to USD 
4,589/t during LOM
• The AISC consists of C1 Costs 
plus Sustaining Capex
Category USD/t
C1 3,746.0
Sustaining Capex 842.9
All-in sustaining cost 4,589.2
Copper sold (t) 386,074.5
3,746
4,589
843
C1 Sustaining capex AISC
Introduction to Viscaria’s Business Case
All In Sustainable Cost (“AISC”) cost (net of by -products) build up (USD/t)
42
AISC breakdown