Gruvaktiebolaget Viscaria (VISC) Q3 2025 earnings summary

Executive summary

• Project is one of Europe's largest copper developments, with advanced financing, permits, and infrastructure in place.

• Secured major financing steps, including a SEK 800 million directed share issue, a planned SEK 700 million rights issue, and a mandate for up to SEK 3.9 billion in project debt financing.

• Bankable Feasibility Study completed, targeting 2027 production with significant resource and production upside.

• Water treatment plant inaugurated, exceeding environmental standards and supporting sustainability goals.

• Strong, diversified shareholder base and robust institutional support, including major Swedish pension funds and banks.

Financial highlights

• Q3 2025 capitalized expenses for exploration and evaluation assets: SEK 58m; ongoing development: SEK 659m.

• Q3 2025 operating profit: -SEK 14m; net profit: -SEK 28m; cash flow: -SEK 24m.

• Cash and cash equivalents at end of Q3: SEK 317m; equity: SEK 1,531m.

• Net sales were SEK 0 million for Q3 and the nine-month period, unchanged year-over-year.

• Directed share issue in October raised approximately SEK 800m.

Outlook and guidance

• Targeting run-rate production of 36ktpa CuEq from 3Mtpa ore, with EBITDA of ~SEK 2.0bn and 65% margin (2029–2036).

• Project is shovel-ready, with all permits in place and production start aimed for 2027.

• Cash position and planned capital raises are expected to secure liquidity for the next 12 months and support major investments.

• Targeting completion of a SEK 3.9 billion debt-based project financing package by Q2 2026.

• Copper market conditions remain favorable, with rising prices and a supply deficit expected through 2026.