Gruvaktiebolaget Viscaria (VISC) Q2 2026 earnings summary

Executive summary

• Project execution accelerated in Q2 2026, with processing plant construction ahead of schedule and intensified, and key infrastructure and mining milestones achieved, including connection to the main railway and ongoing development of Levijärvi rail yard and Narvik harbor facilities.

• Workforce and contractor presence on site has increased to approximately 200 people daily, with further ramp-up expected.

• Oversubscribed share issue raised SEK 1.7 billion in cash, with total transaction value of SEK 2.4 billion after conversion of shareholder loans; InfraVia became a major shareholder.

• Debt financing of approximately SEK 5 billion is in final stages, with financial close targeted for October, led by major banks and export credit agencies.

• Significant exploration results indicate high-grade copper mineralisation well beyond current resources, supporting future growth.

Financial highlights

• Operating profit for Q2 2026 was SEK -24.1 million; net profit was SEK -41.4 million, a higher loss year-over-year due to interest expenses.

• Positive cash flow of SEK 346 million for Q2, reflecting the first tranche of the share issue; cash and cash equivalents at SEK 1,348 million at June 30, 2026.

• Equity increased to SEK 3,765 million as of June 30, 2026.

• Capitalised exploration and evaluation assets reached SEK 2.1 billion; ongoing development at SEK 1.6 billion.

• All shareholder loans (SEK 681 million) fully converted to equity, leaving only SEK 13.9 million in convertible debentures.

Outlook and guidance

• Project remains on track for first copper delivery in 2028, with processing plant commissioning and ramp-up scheduled for 2027.

• Cash flow positive expected from 2029, with overall payback in approximately four years.

• Resource update planned for Q4 2026 report in February 2027, aiming for significant progress toward the midterm target of 140–160 million tons.

• Financially well positioned to advance the project, with plans to use up to 60% long-term debt for future mine and plant financing.

• Liquidity planning ensures investments align with available funds, securing liquidity for the next 12 months.