Gruvaktiebolaget Viscaria (VISC) Q4 2025 earnings summary

Executive summary

• Environmental permit gained legal force in April 2025, enabling project advancement and all key permits are in place.

• Bankable Feasibility Study completed, confirming strong business case and significant upside, with intensified infrastructure work and constructive debt financing progress.

• Major financing activities included a directed share issue (SEK 800m), a rights issue (SEK 850m), and a SEK 3.9bn debt mandate letter, significantly strengthening liquidity.

• Water treatment plant inaugurated, long lead item mill agreement signed, and Memorandum of Understanding with Aurubis AG for a long-term copper offtake covering 50% of output (2028–2035).

• Mining expected to commence in 2027, with ramp-up in 2028 and full production in 2029, supported by strong institutional investor base.

Financial highlights

• Net profit for FY 2025 was -109 MSEK, compared to -48 MSEK in FY 2024.

• Operating profit for FY 2025 was -67 MSEK, down from -53 MSEK in FY 2024.

• Cash and cash equivalents at year-end 2025 were 1,407 MSEK, up from 232 MSEK at year-end 2024.

• Equity increased to 3,095 MSEK from 1,598 MSEK year-over-year.

• Cash flow for FY 2025 was 1,175 MSEK, a significant improvement from -35 MSEK in FY 2024.

Outlook and guidance

• Project targeting run-rate production of 36ktpa CuEq from 3Mtpa ore, with EBITDA of ~SEK 2.0bn and ~65% margin for 2029-2036.

• Next capital raise, a structured debt-based project financing package of up to SEK 3.9bn, targeted for completion by end of Q2 2026.

• Investments will focus on infrastructure, processing plant, mine dewatering, and rehabilitation.

• No dividend proposed for 2025; dividends expected only after mining operations commence and financial position allows.

• Contingency of 10-15% included in all CapEx estimates.