Boliden: Mineral Resources and Mineral Reserves 2024

06 Feb 2025 07:47 CET

"The zinc and silver deposit Garpenberg continues to deliver good results, this
year was no exception. At the same time we are also starting to get positive
results from a more focused exploration strategy at and around the mines in the
Boliden Area," says Stefan Romedahl, President Business Area Mines.

The cost of exploration in 2024 was SEK 929 m (858).

Aitik

Liikavaara, processed in Aitik and included in Aitik's Mineral Reserves and
Mineral Resources, began production in 2024. This year, there was a slight
decrease in Aitik's Mineral Reserves of 52 Mtonnes (5%) due to mining activities
and economic assumptions, and a minor reduction in Mineral Resources of 35
Mtonnes (4%) attributed to drilling and economic factors. In total, 41 Mtonnes
were milled in 2024. Exploration and project development is also ongoing at the
Nautanen deposit, approximately 15 km north of Aitik, which is reported
separately.

The Boliden Area

In the Boliden Area, the total Mineral Reserves increased by 1 Mtonnes (7%),
mainly by converting Mineral Resources from Rävliden (Kristineberg). Production
began in the Rävliden deposit in 2024 and will continue to ramp up during 2025.
Kankberg also contributed to the increase in Mineral Reserves by technical
changes regarding mining method. The Mineral Resources increased in Renström and
Kankberg due to successful exploration drilling and the total increase of
Mineral Resources in Boliden Area amounts to 2.5 Mtonnes (10%). 1.5 Mtonnes of
ore were milled in the Boliden area in 2024.

Garpenberg

In Garpenberg the Mineral Reserves increased by 5 Mtonnes (5%) due to conversion
from Mineral Resources. Thanks to successful exploration drilling, the Mineral
Resources increased by 34 Mtonnes (38%). 3.5 Mtonnes were milled 2024.

Kevitsa

After geological and technical improvement measures in Kevitsa, an updated
Mineral Resource Estimation was conducted in 2024 and the Kevitsa mine plan was
recalculated. In 2023, 20 Mtonnes were downgraded from Mineral Reserves to
Mineral Resources due to uncertainty in permitting regarding the tailings dam
expansion. The tailings dam needs to be expanded, and a first permit application
for a change of method together with a raise was submitted to the authorities in
2024. An additional application for further raising of the dam will be submitted
to the authorities in 2025, providing the required capacity for the Life of Mine
Plan. The work behind these permit applications enabled conversion back of the
20 Mtonnes of material, which had been downgraded to Mineral Resources in 2023.
The net increase in Mineral Reserves is 15 Mtonnes (19%), due to the conversion
and the new Mineral Resource Estimation. Additionally, the Mineral Resources
have increased by 15 Mtonnes (9%) despite the conversion back to Mineral
Reserves. 9.85 Mtonnes were milled 2024.

Tara

Tara resumed production in October 2024. The existing Life of Mine Plan remains
economically feasible however no new resource estimations have been made, and
the Mineral Reserves and Mineral Resources are based on last year's figures,
depleted by mining of 156 ktonnes in 2024. Work with a new production plan after
the Care and Maintenance period is ongoing. Exploration drilling restarted in
the end of 2024.

About the classification

Mineral Resources and Mineral Reserves are estimated separately and divided into
different categories. Conditions in the form of costs and metal prices are
established at the beginning of the year and used in all calculations made
during the year. Boliden's Mineral Resources are exclusive of Mineral Reserves.
When a Mineral Resource is converted to a Mineral Reserve, the quantity is
removed from the Mineral Resource.

Regulations, codes and Competent Persons

Boliden follows the recommendations of the Swedish Mining Association (SveMin)
for reporting exploration results, Mineral Resources and Mineral Reserves and
report according to the Pan-European Reserves and Resources Reporting Committee
(PERC). The PERC standard has clear requirements for documentation and the
Competent Persons, who must evaluate the information that companies report. All
summarizing reports for Mineral Resources and Mineral Reserves per project and
mine available on the Boliden website, are reviewed and approved by the
Competent Persons presented in the respective report. This summary of Mineral
Resources and Mineral Reserves has been reviewed and approved by Sofia Höglund,
Head of Mineral Resources and Project Evaluation, Boliden and Competent Person
for reporting of Mineral Resources and Mineral Reserves and member of The
Fennoscandian Association for Metals and Minerals Professionals (FAMMP), a
Recognized Professional Organization according to PERC.

Planning prices Long-term prices 2024 Change compared to 2023

Metal prices
Zinc, USD/tonne 2,800 -
Copper, USD/tonne 8,400 +600
Nickel, USD/tonne 20,000 -
Lead, USD/tonne 2,000 -
Gold, USD/oz 1,600 +200
Silver, USD/oz 23 +3
Palladium, USD/oz 1,000 -300
Platinum, USD/oz 1,000 +100
Cobalt, USD/lb 20 -
Tellurium, USD/kg 35 -
Molybdenum, 8 -
USD/lb

Treatment Charges
(TC) and

Refining Charges
(RC)
Copper 80 -
concentrate TC,
USD/dmt
Copper 8.0 -
concentrate RC,
USc/lb
Zinc concentrate 230 -
TC, flat, USD/dmt
Lead concentrate 190 -
TC, flat, USD/dmt
Nickel 190 -
concentrate TC,
USD/dmt
Nickel 1.00 -
concentrate RC,
USD/lb

Exchange rates
USD/SEK 9.00 -
EUR/SEK 9.90 -
EUR/USD 1.10 -

For further information, please contact:

Klas Nilsson

Director Group Communications
+46 (0)70-453 65 88
klas.nilsson@boliden.com

This information is information that Boliden AB is obliged to make public
pursuant to the EU Market Abuse Regulation.The information was submitted for
publication, through the agency of Director Communications, at 07:47 CET on
February 6, 2025.

Metals for generations to come

Boliden's vision is to be the most climate-friendly and respected metal provider
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,
smelters and recycling. We are around 6,000 employees and have annual revenues
of approximately SEK 90 billion. The share is listed in the Large Cap segment of
NASDAQ OMX Stockholm.

www.boliden.com

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637825_Appendix_Mineral_Resources_and_Mineral_Reserves_2024.pdf
637825_Press_release_Mineral_Resources_and_Mineral_Reserves_2024.pdf