Boliden (BOL) Investor update summary

Operational impact

• Mining production at Garpenberg will resume at low levels in Q2 after a period of abnormal seismic activity.

• Q1 throughput was just under 0.8 Mton, below the expected slightly over 0.9 Mton.

• Production in the most affected part of the mine is not expected to resume in 2026.

• Overall production is estimated at around 30% of the guided annual capacity of 3.7 Mton.

• Initial monthly production in Q2 is expected at approximately 100 ktonnes.

Financial consequences

• Q1 2026 EBITDA will be negatively impacted by approximately SEK -400 million at current prices and terms.

Infrastructure and inspection status

• Major mine infrastructure such as crushers, hoist system, and workshops are largely unaffected.

• Significant damage found in ventilation, pressure air, water management, electrical infrastructure, and backfill paste, requiring several weeks of renovation.