Boliden's capital market update: Future-focused investments in Garpenberg and Rönnskär

18 Mar 2026 07:30 CET

Boliden has decided to invest in a new hoist system at Garpenberg and an
industrial demonstration plant for the production of supplementary cementitious
material at Rönnskär. The investments, which amount to SEK 4 billion and SEK 1.5
billion respectively, will strengthen the earnings capacity of both units and
lay the foundation for exploiting further future opportunities.

"These are two foundational investments. Garpenberg is a world-class deposit,
and the investment we are now making once again demonstrates how confident we
are that we will be able to build on the already significant value creation at
the mine. In Rönnskär, we are taking an important step towards waste-free
smelter production through proprietary technology. Here too, we see significant
potential and enhanced value creation, together with a lower climate footprint,
says Mikael Staffas, President and CEO.

In Garpenberg, many years of successful exploration have resulted in very large
Mineral Resources and Reserves. To capitalize on these successes, Boliden has
decided to invest in a hoist system near where a large part of the new
mineralization has been identified. The investment of SEK 4 billion is expected
to be carried out mainly during 2028-2029. Once operational, the new hoist will
enable production rates of 4.5 Mtonnes per year to continue beyond 2030 and the
new mineralisations to be mined with high productivity. In addition, the
investment will also create greater flexibility in the production. Boliden has
obtained an environmental permit to produce 4.5 Mtonnes per year in Garpenberg,
but this has been appealed. In parallell, work is continuing to identify the
best possible production rate in Garpenberg based on the deposits that have been
identified. The investment in a new hoist system, like the previously decided
investment in a new paste plant, is also part of such a potential future
expansion. Exploration efforts in the area are continuing, partly with the aim
of identifying additional Mineral Resources and partly with the aim of
increasing the amount of Mineral Reserves.

In recent years, Boliden has explored the commercial conditions and applied for
and been granted  patent for a supplimentary cementitious material, SCMentum,
based on residual material from smelting processes. An investment decision of
SEK 1.5 billion has now been made to build an industrial demonstration plant at
Rönnskär. The investment, which will be carried out evenly between 2026 and
2028, will result in a production capacity of 280 ktonnes per year. At full
production and based on conservative price assumptions, SCMentum will meet
Boliden´s IRR requirement. The SCMentum product will be produced with less than
five percent of the carbon dioxide emissions compared to traditional cement.

The above investments will be presented in more detail in connection with
Boliden's capital market update. In addition, information will be provided on
the ongoing ramp-up of production at the Odda zinc smelter, as well as
investment projects in both a new tankhouse at Rönnskär and sand recycling in
the Boliden Area.

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 at 07:30 CET on March 18, 2026.

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

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