Updated Mineral Resources and Mineral Reserves for Kevitsa as well as grade guidance for 2025

10 Jan 2025 09:01 CET

Boliden has updated the estimations for Mineral Resources and Mineral Reserves
at Kevitsa, as a result of more detailed studies of the mineralization. The
updated estimates show an increase in tonnage in both Mineral Resources and
Mineral Reserves compared to the previous year. The average grade for the
Mineral Reserve is estimated to increase to 0.22 percent for nickel (NiS*) and
remains as previously 0.31 percent for copper. Nickel and copper guidance grades
for 2025 are estimated at 0.17 percent and 0.23 percent respectively. Also, the
timing for a decision on a potential Stage 5 project has been postponed by a
couple of years.

"We are happy to announce that we have been able to improve the overall mine
plan for Kevitsa. As a result, we not only increase the Mineral Reserves and
secure a prolongation of the mine life, we have also been able to optimize the
production in a way that pushes the decision point for a possible Stage 5
project up to a couple of years forward. It is, however, important to stress
that European policymakers should act more decislivly in order to safeguard the
internal nickel value chain from unfair and unsustainable competition," says
Stefan Romedahl, President Boliden Mines.

Kevitsa

During 2024 a comprehensive re-estimation of the Mineral Resources has been
conducted which has resulted in a new mine plan and updated Mineral Reserves. In
total 25 Mtonnes have been added to the Mineral Reserve. During 2024, a total of
9.85 Mtonnes were milled, making the net increase in Mineral Reserves 15 Mtonnes
(19%). The increase has resulted in an extended mine life to a total of 10
years, given a pace of production in line with the environmental permit of 10
Mtonnes per year.

In 2023, 20 Mtonnes were downgraded from Mineral Reserves. The same amount has
now been converted back, related to the permit application to change the
construction method for the Tailing Storage Facility (TSF). This methodological
change creates the possibility to increase the TSF to the capacity needed for
the current mine plan. The Mineral Resources have increased by 15 Mtonnes (9%)
despite the above conversion back to Mineral Reserves. The increase is
attributed to the re-estimation conducted in 2024, as well as the incorporation
of new assumptions regarding costs, prices and terms.

The total volume as well as average grade for each classification is shown in
table 1 below. For 2025, the average production grade will be 0.17 percent for
nickel and 0.23 percent for copper, both under the average grade guidance for
life of mine plan. The reason for temporarily lower grades is a new and improved
mine plan which requires mining in certain low-grade areas of the pit in order
to be able to reach better positions in the future.

Table 1. Mineral Resources and Mineral Reserves for Boliden Kevitsa Mine as of
31-12-2024 and 31-12-2023 for comparison.
(Tonnes and grades are rounded which may result in apparent summation
differences).

2024
Ktonnes Au Cu NiS* CoS** Pt Pd
Classification (g/t) (%) (%) (%) (g/t) (g/t)
Mineral Reserves
Proved 37,400 0.10 0.30 0.20 0.009 0.22 0.14
Probable 60,100 0.09 0.32 0.23 0.010 0.17 0.11
Total 97,500 0.09 0.31 0.22 0.010 0.19 0.12

Mineral Resources
Measured 69,100 0.08 0.29 0.20 0.010 0.15 0.10
Indicated 111,300 0.07 0.34 0.23 0.010 0.12 0.07
Total M&I 180,400 0.07 0.32 0.22 0.010 0.13 0.08
Inferred 1,300 0.05 0.24 0.14 0.010 0.08 0.05

2023
Ktonnes Au Cu NiS* CoS** Pt Pd
Classification (g/t) (%) (%) (%) (g/t) (g/t)
Mineral Reserves
Proved 47,900 0.10 0.31 0.20 0.009 0.20 0.13
Probable 34,200 0.08 0.32 0.21 0.010 0.17 0.11
Total 82,100 0.09 0.31 0.20 0.009 0.18 0.12

Mineral Resources
Measured 60,700 0.09 0.34 0.23 0.011 0.17 0.11
Indicated 105,700 0.07 0.36 0.24 0.012 0.12 0.07
Total M&I 166,400 0.08 0.35 0.23 0.011 0.14 0.09
Inferred 300 0.04 0.22 0.13 0.011 0.06 0.03

(*Sulphidic Ni, **Sulphidic Co)

Additional information about Mineral Resource and Mineral Reserve classification
is available at the Boliden web site (Mineral Resources and Mineral Reserves -
Boliden (https://www.boliden.com/operations/exploration/mineral-reserves-and
-mineral-resources/)) and an updated summary report about Kevitsa Mineral
Resources and Mineral Reserves 2024 will be published there shortly. This press
release about Kevitsa Mineral Resources and Mineral Reserves has been reviewed
and approved by Sofia Höglund, Competent Person and Head of Mineral Resources
and Project Evaluation, Boliden, who is a member of The Fennoscandian
Association for Metals and Minerals Professionals (FAMMP), an approved
organization for competent persons according to PERC.

For further information, please contact:

Klas Nilsson
Director Group Communications
+46 70-453 65 88
klas.nilsson@boliden.com

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in the world. We are Europe's producer of sustainable metals and, guided by our
values care, courage and responsibility, we operate within exploration, mines,
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