Boliden (OTCPK:BDNN.Y) Earnings Call Presentation

Mines Outlook - In 2026, the first full year will include Somincor and Zinkgruvan operations[6] - Higher grades are expected in open pits[6] - Increased milled volume is anticipated at Aitik, Garpenberg, the Boliden Area, and Tara mines[6] - Potential cost increases of EUR 20-30 million are expected annually at Kevitsa[6] - Milled volume is expected to be stable at approximately 4.5 Mtonnes in coming years for Somincor[11] - Milled volume is expected to be stable at approximately 1.5 Mtonnes in coming years for Zinkgruvan[14] Smelters Outlook - Increased zinc and precious metal production is expected in Odda[6] - The Odda expansion is expected to increase annual capacity by 150 ktonnes of zinc and 45 ktonnes of leach product, improving annual EBITDA by approximately EUR 150 million at full production[18] - The ramp-up of the new tankhouse in Rönnskär is planned for H2 2026, with an annual copper cathode capacity of 230 ktonnes and an expected annual EBITDA increase of approximately SEK 1.2 billion when completed[19, 20] - Planned maintenance shutdowns at smelters are estimated to impact operating profit by SEK -450 million for the full year 2026[6, 21] Capital Expenditure - Group capital expenditure (capex) is projected to be SEK 15 billion, including mine sustaining capex of SEK 6.5 billion[6]