Gruvaktiebolaget Viscaria (VISC) SEB Nordic Seminar presentation summary

Market outlook and copper fundamentals

• Global copper demand is projected to grow 2.3% annually to 2040, outpacing supply and resulting in an estimated 8Mt deficit by 2040, driven by energy transition and traditional industries.

• Copper grades have declined 85% over 70 years, increasing production costs and complexity, while new discoveries are smaller and deeper.

• Europe faces a growing copper supply deficit, with import requirements expected to nearly double by 2040 amid rising demand and limited new mine supply.

• Copper prices are forecast to rise significantly, with consensus estimates for 2029 ranging from $10,000 to $15,000 per ton.

Project highlights and resource base

• The project is fully permitted, shovel-ready, and located in a tier 1 jurisdiction with existing infrastructure and a strong ESG profile.

• Total mineral resources stand at 108 Mt at 0.90% Cu, with a mid-term target of 140–160 Mt; 49.3 Mt are included in the current business case.

• Recent exploration added 28.3 Mt of inferred resources in one year, with significant upside potential for further resource growth.

• The project features a competitive ore grade and one of the earliest expected start dates among major European copper projects.

Financials and project economics

• Life of mine is 17 years, with average annual payable copper production of 26 kt (29–36 ktpa CuEq) and a 65% EBITDA margin (2029–2036).

• Project IRR is 19.2% post-tax, with a payback period of 4.2 years and NPV of ~SEK 5.7bn at a 6% discount rate.

• C1 cash cost is highly competitive at $1,715/t (2029–2036), positioning the project in the lower quartile of the global cost curve.

• Project economics are most sensitive to FX rate and copper price, with SEK-denominated costs and USD-denominated revenues amplifying FX impact.