Boliden's Capital Markets Day: Commissioning of Odda and well-filled project portfolio

18 Mar 2025 13:00 CET

In connection with Boliden's Capital Markets Day, an update on the commissioning
of the expansion project in Odda will be given together with several project
updates, primarily within Business Area Mines. Among other things, an in-depth
presentation will be provided on the expansion opportunities in Garpenberg,
where initial investments have already been decided.

"In recent years, we have focused on making three key investments in Aitik, the
Boliden area and Odda. As we now look ahead, together with the announced
acquisitions, we will take a new important step in the company's history while
we have a project portfolio that has the potential to create very large values
in the coming decade," says Mikael Staffas, President and CEO.

Odda expansion investment

The Odda zinc smelter is now completing the final phase of its investment
project to increase capacity from 200 ktonnes to 350 ktonnes of zinc per year,
while in parallel enabling the extraction of additional by-products. The
investment undertaken has included reinforced power supply and quay
infrastructure as well as a new roasting furnace, a new sulphuric acid plant and
the expansion and modernization of the leaching and purification plant, a new
tankhouse and the expansion of the foundry. At full production, the investment
is expected to generate EUR 150 million in annual EBITDA, which is in line with
what has been previously communicated. During the second quarter, testing and
commissioning of the new facilities will be gradually implemented. Ramp-up to
full production will take place in the second half of 2025.

Promising development of cement replacement

In Business Area Smelters, a development project in cement replacement continues
to show very promising results. The preliminary study, which is still in
progress, has been able to verify that high demands on product properties are
met. There is considerable commercial interest in the product, with more than 10
confirmed customer stakeholders, where joint studies have been initiated. The
carbon footprint of the cement replacement product is significantly lower than
traditional cement production. In a first stage, a pilot project with a
production capacity corresponding to 300 ktonnes is being investigated and an
investment decision is expected in the second half of 2025.

Significant opportunities for value creation in existing mining areas

Several of Boliden's mining areas already generate very high values. At several
of these, successful exploration has laid the foundation for the continued
development of operations. In the Boliden Area, the investment in the
Kristineberg mine is now being completed, which will enable full capacity
utilization in the mining area's joint concentrator for the next 10 years. In
addition, ongoing projects for the recycling of tailings will enable production
until the end of the 2030s. Further exploration efforts are also being carried
out in connection with existing mines, and the initial results of these are very
promising. In addition, a gold-rich deposit called Älgträsk, where Boliden
already holds a mining concession, is also being evaluated with the aim of
investigating opportunities for applying for an environmental permit and how
value creation can be maximized. At Garpenberg, an investment in a new paste
plant for backfilling has been decided. The development opportunities at this
mine are also very good and, as a first step, an application to increase
production to 4.5 Mtonnes has been submitted. However, to reach this production
level in a sustainable way, some additional investments are required. In
parallel, studies are underway for further production increases, beyond 4.5
Mtonnes in Garpenberg. The investment now decided, is therefore being carried
out in a way that allows for further extensions. In addition to a new
environmental permit, this requires, among other things, increased mine
production, a new hoist, increased concentrator capacity and also new capacity
for the disposal of tailings.

At Boliden's open-pit mines Aitik and Kevitsa, copper and nickel grades will
improve in the coming years. In connection with Aitik, studies and preparations
are also underway to apply for an environmental permit for the Nautanen copper
deposit. The total Mineral Resources currently amounts to 25.5 Mtonnes with a
high copper grade and good precious metal grades. Exploration is ongoing at the
deposit and production is expected to commence in 2030 at the earliest.

During today's digital capital markets update, in-depth information on the above
will be presented, as well as information on the development of the
sustainability area and Boliden's financial returns through business cycles. The
event can be followed via a live webcast starting at 15:30 CET.

Link to the webcast:
https://boliden.videosync.fi/2025-03-18
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The presentations will be available on Boliden's website www.boliden.com.

For further information, please contact:

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

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 Stockholm.

www.boliden.com

More information:
Access the news on Oslo Bors NewsWeb site

641533_Boliden_Capital_Markets_Day_press_release.pdf