Gruvaktiebolaget Viscaria (VISC) Q3 2026 earnings summary

Executive summary

• Mine development, construction, water treatment and logistics advanced toward planned 2028 production.

• The European Commission designated the mine a Strategic Project under the Critical Raw Materials Act, recognizing its role in European copper supply.

Financial highlights

• Q3 net sales were SEK 0; operating loss was SEK 23.3m and net loss SEK 21.0m, versus losses of SEK 13.7m and SEK 28.2m in Q3 2025.

• Q3 cash flow was SEK 123m; cash and cash equivalents were SEK 1,471m at September 30, 2026.

• Q3 capitalized exploration and evaluation expenses were SEK 152m; assets reached SEK 2,207m and equity was SEK 5,341m at quarter-end.

• 9M 2026 net sales were SEK 0; operating loss was SEK 64.9m and net loss SEK 90.6m.

Outlook and guidance

• First sellable copper concentrate is targeted for H1 2028; processing-plant weatherproofing was targeted for completion by December, with process installation focused on 2027.

• Project debt financing of ~SEK 5bn is targeted to complete by end-January; lead-bank credit decisions were expected around year-end, with no expected impact on the project timeline.

• The next Mineral Resource Estimate is planned for Q1 2027 alongside the Q4 report; mid-term resource potential is presented at 140–160Mt.

• Expected cash burn is SEK 300m per month for each of the next three quarters.