Consequences of abnormal seismic activity at the Garpenberg mine

25 Mar 2026 22:00 CET

The abnormally high seismic activity in Garpenberg has decreased and mining
production at low levels will commence in the second quarter. The first quarter
throughput was just under 0.8 Mton instead of the expected slightly over 0.9
Mton at already communicated grades. All inspections are not yet complete but
production in the most affected part of the mine is not expected to resume in
2026. Until further notice, Garpenberg's production is therefore estimated to be
around 30 percent of the guided capacity of 3.7 Mton per year. For the first
quarter of 2026, EBITDA will be negatively affected by approximately SEK -400
million at today's prices and terms.

Seismic activity in the Garpenberg mine has decreased and inspections of the
mine have largely been carried out but have not yet been completed. These
inspections have shown that a large part of the mine infrastructure, including
crushers, hoist system and workshops, are largely unaffected by the seismic
activity. However, the inspections have also shown that a significant amount of
media such as ventilation, pressure air systems, water management, electrical
infrastructure and backfill paste have been damaged and need to be renovated,
which is estimated to take a few more weeks.


Mining positions in the Garpenberg mine are located in three separate ore
bodies, with the Lappberget ore body being the dominant one. Major damage has
been observed in the upper parts of Lappberget and although inspections in these
areas have not yet been fully carried out for safety reasons, mining in these
parts of the ore body is not expected to be possible in 2026. However, other
mining positions in Lappberget, as well as in the two other ore bodies, are
considered to be largely unaffected and production from these will commence in
the second quarter.

Based on the current situation, an assessment of the annual production in
Garpenberg is associated with great uncertainty. An initial assessment is that
production will commence in the second quarter and initially at approximately
100 ktonnes per month, which is approximately 30 percent of the level before the
abnormally high seismic activity. The assessment is also that an increase in the
second half of the year may occur. Regarding grades, the average grade for zinc
is expected to deteriorate slightly compared to the previously communicated
level, while the reverse applies to the silver grade.

Boliden invites to a press and analyst conference on Thursday, March 26 at 15:00
CET .

To participate via the webcast, please use the link below:

https://boliden.videosync.fi/2026-03-26
-garpupdat (https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fbo
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iden.videosync.fi%2F2026-03-26
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tK98BY8htfvAc%3D&reserved=0)

To participate in the telephone conference, please register 5 minutes before the
opening of the conference via the link below. After the registration you will be
provided with phone number and a conference ID to access the conference. If you
wish to ask a question, please dial *5 on your telephone keypad to enter the
queue.

https://service.flikmedia.se/teleconference/?id=5006627 (https://eur02.safelinks
.
protection.outlook.com/?url=https%3A%2F%2Fservice.flikmedia.se%2Fteleconference%
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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 22:00 CET on March 25, 2026.

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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
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www.boliden.com

More information:
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669329_Press_release.pdf