Boliden (BOL) Investor update summary

Operational update

• Seismic activity at the mine has returned to normal, allowing inspections and repairs to begin under improved safety protocols.

• Mining production will resume at low levels in Q2, with initial monthly output expected at approximately 100 ktonnes and overall production at around 30% of the guided annual capacity of 3.7 Mton.

• Major underground infrastructure, such as crushers and hoist systems, is largely undamaged, but ventilation, pressure air, water management, electrical infrastructure, and backfill paste require several weeks of renovation.

• Most ore bodies are in good condition, but the upper part of Lappberget, which accounts for about 70% of production, has suffered significant damage, with no mining expected there in 2026 and a potential permanent loss of up to 13 million tons of reserves.

• Production ramp-up beyond 30% will depend on future planning and development, with annual production assessment remaining highly uncertain.

Financial impact and guidance

• Estimated Q1 financial impact is a loss of approximately SEK 400 million, including effects from concentrate rerouting and reduced production.

• Full-year production and EBITDA contribution are expected to be less than half of initial forecasts.

• CapEx required to restore production to 30% is expected to be minor, but costs to return to full capacity could be more significant and are yet to be determined.

• Insurance coverage is limited, with potential payouts well below SEK 1 billion and not expected to offset major losses.

Ore body and grade outlook

• Major damage observed in the upper parts of the Lappberget ore body, with no mining expected there in 2026.

• Other mining positions in Lappberget and two other ore bodies are largely unaffected and will resume production in Q2.

• Zinc grade is expected to deteriorate slightly, while silver grade is expected to improve compared to previous guidance.