Boliden guidance

05 Dec 2025 07:45 CET

Boliden announces its 2026 production guidance for all seven mining units, as
well as information on ongoing investment projects and planned maintenance
shutdowns in Business Area Smelters.


"Higher grades in our open pit mines, together with the commissioning of
strategically important projects, mean that we are looking ahead to 2026 with
confidence. In Somincor and Zinkgruvan, intensified exploration programs have
also been initiated, where we are firmly convinced of long-term value creation,"
says Mikael Staffas, President and CEO.

Guidance for 2026[3]

· Capital expenditure in 2026 is estimated to decrease to SEK 15 billion, of
which investments in waste rock mining, processing and ongoing dam raising (mine
sustaining) account for SEK 6.5 billion. The total capital expenditure for 2025
and 2026 includes some overrun in the Odda project.
· In Aitik, grades will improve in the second half of the year, contributing
to an average copper grade for the full year of 0.18%. Throughput is still
limited by diorite intrusion but is estimated to increase to 41 Mtonnes.
· In the Boliden Area, gold grades are expected to be slightly lower than in
the current year, while throughput is estimated to increase to 1.8 Mtonnes.
· Garpenberg has obtained an expanded environmental permit. Even though the
permit can be appealed, Boliden have the right to increase production while a
potential appeal process is on-going. Throughput is estimated to increase to 3.7
Mtonnes. The zinc grade is expected at 2.9%, while the silver grade is expected
at 95 g/tonne.
· At Kevitsa, the increase in mining tax is expected to increase costs by EUR
20-30 m. The copper grade will increase to 0.24%, while the nickel grade and
throughput will remain the same as this year.
· Commissioning of the expansion project in Odda has been prolonged by two
months and first feed is expected in the first quarter.
· The impact on operating profit of planned maintenance shutdowns in Business
Area Smelters is estimated at SEK -450 m.

2026 Boliden mine production guidance

[][][][][][][]
2026 Milled volume
average
grades
Zn Cu Ni[1] Au Ag
% g/tonne Mtonnes
Aitik 0.18 0.08 41
Boliden Area 3.0 1.6 70 1.8
Garpenberg 2.9 95 3.7
Kevitsa 0.24 0.17 10
Somincor[2], 1.7 2.3
Cu
Somincor[2], 6.7 2.2
Zn
Tara 5.6 1.8
Zinkgruvan[2], 7.0 1.1
Zn
Zinkgruvan[2], 2.0 0.3
Cu

[1] Nickel in
Sulphides,
Ni(S).
[2] The grades
reported are
per head grade
in each ore
type.

Recovery adjustments in Rönnskär smelter Q4 2025

· In Rönnskär, a final assessment of metal recoveries in the destroyed
tankhouse is being finalized. At the same time, estimated recoveries in the new
material flows have been adjusted. In total, this is expected to lead to a
positive one-time adjustment of operating profit of approximately SEK 400 m in
the fourth quarter of 2025.

Media and financial analyst conference
Friday, December 5, at 09:00 (CET)
Live webcast: https://boliden.videosync.fi/2025-12-05-2026-guidance-release
Conference call: https://service.flikmedia.se/teleconference/?id=5008209
After the call, presentation material and the recorded webcast will be available
on our website: www.boliden.com

[3]All comparisons compared to 2025 guidance

For further information, please contact:

Klas Nilsson

Director Group Communications

+46 70453 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 Group Communications, at 07.45 CET
on December 5, 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 8,000 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

661331_Press_release.pdf