Gruvaktiebolaget Viscaria (VISC) ABGSC Investor Days summary

Presentations and key announcements

• Viscaria presented a major resource update and feasibility study, highlighting a 16% increase in total mineral resources to 107.9 Mt at 0.90% Cu, with contained copper up 18% to 967 kt, and the first Mineral Reserve established.

• The environmental permit gained full legal force in April 2025, enabling full-scale project preparations and ongoing exploration.

• Board strengthened with the nomination of Lars-Eric Aaro and Mark Johnson.

• The business case projects a 17-year mine life, with a SEK 4.4bn post-tax NPV (7% discount), 17.3% IRR, and payback in 4.3 years from first production (2027).

• Initial CAPEX is estimated at SEK 4.5bn, with a total funding requirement of SEK 5.4bn; financing options are being explored.

Resource growth and exploration

• Over 28 Mt of new Inferred resources were added in one year, with significant upside remaining in near-mine and district-scale targets.

• Exploration targets for immediate expansion total 27–54 Mt, with ongoing drilling indicating mineralization remains open at depth and along strike.

• The mid-term resource target is set at 140–160 Mt, aiming to extend mine life by one year for each year of production.

• Only 2% of the permitted exploration area has been drilled, with notable copper grades found several kilometers from the main site.

Mine design and production profile

• The mine will use both open-pit and underground methods, with underground mining accounting for 95% of ore production.

• Production profile improved, with total production of 49.3 Mt in the business case, mainly due to increased tonnage in the high-grade D-zone.

• Open pits will supply waste rock for tailings storage construction; underground development will reuse 30 km of existing infrastructure.

• The schedule is optimized for NPV, with high early production rates enabled by multiple access drives.