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Gruvaktiebolaget Viscaria (VISC) investor relations material
Gruvaktiebolaget Viscaria Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Environmental permit gained legal force in April 2025, enabling project advancement and all key permits are in place.
Bankable Feasibility Study completed, confirming strong business case and significant upside, with intensified infrastructure work and constructive debt financing progress.
Major financing activities included a directed share issue (SEK 800m), a rights issue (SEK 850m), and a SEK 3.9bn debt mandate letter, significantly strengthening liquidity.
Water treatment plant inaugurated, long lead item mill agreement signed, and Memorandum of Understanding with Aurubis AG for a long-term copper offtake covering 50% of output (2028–2035).
Mining expected to commence in 2027, with ramp-up in 2028 and full production in 2029, supported by strong institutional investor base.
Financial highlights
Net profit for FY 2025 was -109 MSEK, compared to -48 MSEK in FY 2024.
Operating profit for FY 2025 was -67 MSEK, down from -53 MSEK in FY 2024.
Cash and cash equivalents at year-end 2025 were 1,407 MSEK, up from 232 MSEK at year-end 2024.
Equity increased to 3,095 MSEK from 1,598 MSEK year-over-year.
Cash flow for FY 2025 was 1,175 MSEK, a significant improvement from -35 MSEK in FY 2024.
Outlook and guidance
Project targeting run-rate production of 36ktpa CuEq from 3Mtpa ore, with EBITDA of ~SEK 2.0bn and ~65% margin for 2029-2036.
Next capital raise, a structured debt-based project financing package of up to SEK 3.9bn, targeted for completion by end of Q2 2026.
Investments will focus on infrastructure, processing plant, mine dewatering, and rehabilitation.
No dividend proposed for 2025; dividends expected only after mining operations commence and financial position allows.
Contingency of 10-15% included in all CapEx estimates.
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