Mineral Resources and Mineral Reserves 2025

03 Feb 2026 07:43 CET

"Across our operations, we delivered strong growth in Mineral Resources this
year, driven by successful exploration and favorable economic assumptions.
Garpenberg, the Boliden Area, and Nautanen were key contributors to this
achievement. Additionally, Mineral Reserves have increased in both acquired
units as well as in the Boliden Area and in Tara, which we of course are very
happy about, says Stefan Romedahl, Director Business Area Mines."

The cost of exploration in 2025 was SEK 969 m (929).

Aitik

This year, there was a slight decrease in Aitik's Mineral Reserves of 40 Mtonnes
(-4%) mainly due to mining. A new Resource pit optimization, using updated
prices, terms and cost model, resulted in an increase of Mineral Resources:
Measured and Indicated Resources 214 Mtonnes (36%) and Inferred Resources 63
Mtonnes (20%). Liikavaara, located 3 km from Aitik, began production in 2024,
and ramp-up continued through 2025. Liikavaara which is processed together with
Aitik ore contributed with 25% of the produced tonnes this year. In total, 39
Mtonnes were milled in 2025.

At the Nautanen deposit, approximately 15 km north of Aitik, a significant
increase of Mineral Resources were reported in 2025: Indicated Resources
7Mtonnes (51%) and Inferred Resources 20 Mtonnes (173%). Both successful
exploration as well as favorable metal prices contributed to the increase.

The Boliden Area

In the Boliden Area, there was a total increase in Mineral Reserves by 2.0
Mtonnes (13%). All mines (Kankberg, Kristineberg and Renström) contributed to
this increase, with Kankberg being the largest contributor due to increased gold
price assumption. Mineral Resources also increased in all mines as well as in
surrounding development projects, mainly due to successful exploration as well
as economic assumptions. The most significant increase came from Nyliden, a new
satellite deposit to Kristineberg, which is now reported for the first time.
Additionally Mineral Resources increased in Älgträsk due to a re-evaluation of
the project. The total increase of Mineral Resources in the Boliden Area
amounted to Measured and Indicated Resources 3 Mtonnes (32%) and Inferred
Resources 7.1 Mtonnes (39%). 1.5 Mtonnes were milled in 2025.

Garpenberg

In Garpenberg the Mineral Reserves have decreased by 1.4 Mtonnes (-1%).
Successful exploration drilling and favorable metal prices and terms led to an
increase in Mineral Resources, Measured and Indicated Resources 16 Mtonnes (84%)
and Inferred Resources 11 Mtonnes (10%). 3.6 Mtonnes were milled in 2025.

Kevitsa

In Kevitsa, the Mineral Reserves decreased by 9 Mtonnes (-9%) primarily due to
mining. Measured and Indicated Mineral Resources increased by 4 Mtonnes (2%) due
to economic assumptions. There was no change to Inferred Mineral Resources. The
environmental permit was renewed in July 2025, allowing for mining and milling
of 10.5 Mtonnes of ore per annum. Additionally, the permit for the Tailings
Storage Facility A (TSFA) centerline raise was granted in November 2025. In the
end of December 2025 the Finnish Parliament approved increased mining and
electricity taxes which are estimated to result in EUR 20-30 million in annual
increased costs for Kevitsa. These raised taxes were not factored into the 2025
reporting, as the decision was not finalized at the time of compilation. 10.2
Mtonnes were milled in 2025.

Tara

A review of the block models, Mineral Resources and Mineral Reserves were
conducted during 2025. This resulted in an increase of 2.7 Mtonnes (20%) of
Mineral Reserves mostly due to conversion of Mineral Resources. At the same time
Measured and Indicated Mineral Resources showed a decrease of 1.2 Mtonnes (-55%)
due to the conversion and Inferred Mineral Resources decreased by 3.6 Mtonnes (
-10%) due to economic and technical modifications. 1.44 Mtonnes were milled in
2025.

New acquisitions

In April 2025, the acquisition of Somincor and Zinkgruvan was finalized, and
their Mineral Reserves and Mineral Resources are now included in Boliden's
statement. An important change in reporting methodology is that Mineral
Resources are now reported exclusive of Mineral Reserves. This change results in
lower reported Mineral Resource figures for both mines compared to previous
reporting. Both Somincor and Zinkgruvan extract copper and zinc ores separately
and the results are reported accordingly.

Somincor

Somincor reports an increase of 3.9 Mtonnes (19%) in Mineral Reserves in copper
mineralization, mainly driven by updated economic assumptions that enabled
additional Mineral Resources to be converted to Mineral Reserves. At the same
time, Measured and Indicated Mineral Resources decreased by 25 Mtonnes (-46%).
This reduction is primarily due to the new reporting approach. Additional
decreases result from the conversion of Mineral Resources to Mineral Reserves.
Inferred Resources increased by 10 Mtonnes (35%) as a result of successful
exploration. For zinc mineralization, Mineral Reserves increased by 5.4 Mtonnes
(29%), again largely due to Mineral Resource conversion enabled by revised
economic assumptions. In parallel, Measured and Indicated Mineral Resources
decreased by 42 Mtonnes (-67%). This decrease is mainly due to the new reporting
methodology. Further reductions came from the conversion of Mineral Resources to
Mineral Reserves and the application of updated technical and financial
parameters. Inferred Mineral Resources decreased slightly by 0.5 Mtonnes (-11%).
A total of 4.3 Mtonnes of ore were milled in 2025 of which 3.1 Mtonnes after
acquisition in April.

Zinkgruvan

Zinkgruvan only reported a minor change in Mineral Reserves in copper
mineralization 2025. However, Measured and Indicated Mineral Resources in copper
mineralization decreased by 1.9 Mtonnes (-73%), primarily as a result of removal
of Mineral Reserves from the reported figures. Inferred Mineral Resources for
copper mineralization remained unchanged. For zinc mineralization, Mineral
Reserves increased by 2.5 Mtonnes (22%) and Measured and Indicated Resources
showed a net decrease of 11 Mtonnes (-61%) also due to removal of Mineral
Reserves. Inferred Mineral Resources for zinc mineralization increased by 1.5
Mtonnes, thanks to successful exploration drilling. 1.5 Mtonnes of ore were
milled in 2025 of which 1.1 Mtonnes after acquisition in April.

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
reports 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 2025 Change compared to 2024

Metal prices
Copper, USD/tonne               8 900 +500
Zinc, USD/tonne               2 800 -
Lead, USD/tonne               2 000 -
Nickel, USD/tonne             18 000 -2,000
Gold, USD/oz               2 200 +600
Silver, USD/oz               27 +4
Palladium, USD/oz               1 000 -
Platinum, USD/oz               1 200 +200
Cobalt, USD/lb               17 -3
Tellurium, USD/kg               35 -
Molybdenum, USD/lb               15 +7

Treatment Charges
(TC) and Refining
Charges (RC)
Copper concentrate                    80 -
TC, USD/dMtonnes
Copper concentrate                   8 -
RC, USc/lb
Zinc concentrate                  210 -20
TC, flat,
USD/dMtonnes
Lead concentrate                  150 -40
TC, flat,
USD/dMtonnes
Nickel concentrate                  190 -
TC, USD/dMtonnes
Nickel concentrate                 1.00 -
RC, USD/lb

Exchange rates
USD/SEK                 9.70 +0.70
EUR/SEK               10.38 +0.48
EUR/USD                 1.07 -0.03

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 Communications, at 07:43 CET on
February 3, 2026.

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664696_Appendix_Mineral_Resources_and_Mineral_Reserves.pdf
664696_Press_release.pdf