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Gruvaktiebolaget Viscaria
Interim / Quarterly Report • Aug 15, 2024
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Interim / Quarterly Report
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Kiruna, 15 August 2024
INTERIM REPORT APRIL-JUNE 2024
"The environmental permit, the land allocation, and the directed share issue allow us to maintain a high pace in reopening the mine. We are grateful for the valuable support we have received through the share issue and look forward to starting the investments in the processing plant and other infrastructure."
- Jörgen Olsson, CEO of Viscaria
SIGNIFICANT EVENTS DURING THE PERIOD JANUARY-MARCH
- On May 6, Viscaria was granted a permit under the Environmental Code for mining and water operations at the Viscaria mine.
- On May 7, the company's annual general meeting decided on a name change to Gruvaktiebolaget Viscaria. The name change was carried out on May 22.
- On May 13, Viscaria was granted a land allocation in favor of the Viscaria project through a court ruling.
- On June 18, a directed share issue was carried out, bringing Viscaria approximately 440 million SEK before expenses.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
• On August 1, Viscaria exercised its environmental permit and began the construction of the water treatment plant.
APRIL – JUNE 2024
- Net sales amounted to SEK 0 million (0).
- Profit after tax for the period was SEK -12.0 (-8.5) million.
- Earnings per share before and after dilution amounted to SEK -0.13 (-0.11).
- Capitalised expenses related to exploration and appraisal assets amounted to SEK 92.0 million (85.2).
- The Group's cash flow for the period was SEK 317 million (186).
JANUARY – JUNE 2024
- Net sales amounted to SEK 0 million (0).
- Profit after tax was SEK -23.5 (-15.9) million.
- Earnings per share before and after dilution amounted to SEK -0.26 (-0.20).
- Capitalised expenses related to exploration and appraisal assets amounted to SEK 150 million (136).
- The Group's cash flow for the period was SEK 247 million (106).
- Cash and cash equivalents amounted to SEK 514 million on June 30, 2024 (266 on December 31, 2023).
- Equity amounted to SEK 1,623 million on 30 June 2024 (1,228 on December 2023).
CEO STATEMENT
On August 1 this year, we passed another milestone when we exercised our environmental permit and began construction of what will be the mine's new, groundbreaking water treatment plant. The permit was granted by the Land and Environment Court on May 6 and is a clear testament to the impressive quality, experience, and deep knowledge possessed by the team at Viscaria.
The permit was granted without hindrance of legal force (verkställighetsförordnande), which means that certain time-critical work could begin regardless of the possibility of an appeal. However, the permit contains conditions for the protection of birds during their nesting period, which meant that groundwork could only begin on August 1. The fact that we exercised the environmental permit on that specific day shows that we are doing everything we can, as soon as we can, within the framework of the permit.
When the deadline for appeal expired on May 27, Viscaria, three private individuals, and the Sami villages Gabna and Laevas had appealed, with the latter two receiving an extended response time until today, August 15. Overall, we consider the conditions set by the court to be reasonable and consistent with the proposals we presented ourselves, but we have appealed the judgment as we believe some conditions are not proportionate to the costs. The Land and Environment Court of Appeal is now considering whether the appeal will be considered.
By starting the preparatory work for the water treatment plant, we are following our schedule. Water treatment in the new plant will follow the same principles as in our pilot plant, which in large-scale tests has shown that 95- 99 percent of contaminants from the metals zinc, copper, and uranium are captured, which is very good, both from a Swedish and global perspective. With this water treatment, we can both meet strict environmental requirements and ensure that we contribute to sustainable development in the region.
Our mining concessions at the mine account for only two percent of the area (approximately 100 km²) that we have exclusive rights to explore, and during the spring, we therefore formalised a clear strategy for exploring areas within 'Grand Viscaria' to discover additional resources at greater depths and at greater distances from the existing mining concessions. This long-term exploration plan now runs in parallel with our other activities.
Since our last resource update in November 2022, which showed a resource of 93 million tons of copper-bearing rock, we have drilled an additional approximately 108 km. The results from these drillings will be communicated in a new resource update in connection with the feasibility study. We are very optimistic because our previous drilling in the A, B, and D zones has shown that the mineralisation remains rich and open at depth.
During the quarter, the Land and Environment Court at Umeå District Court confirmed the mining inspector's decision from June 2023, when we were granted a land allocation for the Viscaria project. The court has also ruled further in favor of Viscaria and reduced the compensation we are to pay to certain stakeholders. We are very pleased with the ruling which, along with the environmental permit, has given us a clear path forward.
To finance our ongoing activities, we carried out a directed share issue during the quarter, raising SEK 440 million before issue costs. We are grateful for the support we have received from both old and new owners, and we particularly welcome Swedbank Robur, SEB Stiftelsen, and Ålandsbanken as new owners. Together with previous owners, including TomEnterprise, the Fourth Swedish National Pension Fund, Handelsbanken Fonder, and Skandia, they show valuable support for this important project.
We are maintaining a high pace to reopen the mine and look forward to starting major investments in the processing plant and other infrastructure that will enable us to restart the mine in 2026. I look forward to continuing to update you on our progress.
Jörgen Olsson, CEO Viscaria
DEVELOPMENT OF OPERATIONS DURING THE PERIOD
ENVIRONMENTAL PERMITS
In order to resume mining operations at the Viscaria copper mine in Kiruna, the planned operations must be granted an environmental permit. On May 6, the Land and Environment Court at Umeå District Court announced that Viscaria was granted an environmental permit for the reopening of the Viscaria copper mine. The court has also granted Viscaria an enforcement order which means that certain time-critical processes can be initiated, pending the judgment gaining legal force and the permit being fully used (verkställighetsförordnande). When the appeal deadline expired on May 27, 2024, complaints had been received from several parties, including Viscaria. The Land and Environment Court of Appeal will now decide whether the appeals that have been received will be considered. A decision is expected in the fall of 2024.
Land allocation
On May 13, 2024, the Land and Environment Court at Umeå District Court issued a ruling in the appealed case regarding the land allocation in favor of the Viscaria project. The ruling mainly confirmed the decision made by the Chief Mining Inspector on June 29, 2023, when Viscaria was granted land allocation in favor of the exploitation concessions Viscaria K No. 3, Viscaria K No. 4, and Viscaria K No. 7 in Kiruna municipality.
GEOLOGY
Viscaria
Intensive exploration work on the Viscaria copper deposit continues, with diamond drilling remaining the backbone of the geological work in the area. During the second quarter, drilling in all three zones—A, B, and D—totaled over 25,000 meters, which is close to last year's record for a single quarter of 27,000 meters. The drilling has primarily focused on so-called "infill drilling" (mine planning drilling) to increase knowledge and optimise preparations for the mine opening. In addition to drilling, other geological activities, such as geophysical surveys, have been conducted with high intensity to increase the level of knowledge before the mine opening. The results of the surveys are an important basis for the feasibility study that the company is compiling. The results have been encouraging and support previous understanding of the Viscaria deposit.
Regional exploration near the mining concessions has also intensified during the quarter, where the company is investigating the extension of the Viscaria mineralisation, as part of its long-term geological strategy, Grand Viscaria. The company has used external experts in geophysics, structural geology, and exploration. During the period, exploration drilling has been ongoing, and in-depth analyses of existing and new information have been conducted, focusing on understanding the structural geology of the area. The focus has also been on the analysis and further collection of geophysical information. The geophysical surveys include measurement stations in the area registering natural electromagnetic currents generated in the bedrock. The results provide a solid foundation that will be used in the intensive exploration work this fall.
Methodology and reporting for the geological work is done in accordance with PERC Standards, which is the international regulatory framework for reporting mineral resources and mineral reserves. As part of the continued evaluation of the deposit, an external review is being conducted by a so-called competent person according to the standard for reporting.
Arvidsjaur
Viscaria has begun planning additional geological campaigns in the exploration area of western Granliden and in the gold-rich areas in and around the Eva-Svartliden area.
During the quarter, Viscaria received additional exploration permits in western Granliden, Sandberget No. 600, which is directly adjacent to the large area Sandberget No. 500, as well as an extension of the existing permits concerning Sandberget No. 500 and Sandberget No. 400.
The total assets in Arvidsjaur now amount to 34 million tons of copper-, zinc-, gold-, and silver-bearing rock (reviewed and approved by a so-called competent person in accordance with PERC Standards). Further information about the mineral resources is available at www.viscaria.se.
ENRICHMENT
Preparatory work is still underway to create the best possible conditions for an efficient enrichment process at the Viscaria mine, specially adapted to the different characteristics of the three ore zones. A schematic flowchart has been established and Viscaria continues with in-depth studies to increase the level of detail of the various components in the enrichment process. Extensive laboratory studies have been carried out and the company has been able to further refine the beneficiation trials and adapt the settings for the three different ore zones with positive results with both elevated yields and increased Cu levels in the concentrate. This work was done in collaboration with the global consulting company Ausenco Service Pty Ltd.
INFRASTRUCTURE
Planning of the industrial area for the construction phase with roads, traffic flows, storage areas, car parking, security, contractor's premises, etc. has been ongoing and resulted in an implementation plan. The work is related to the functions included in the enforcement order that Viscaria has received.
Detailed planning of the permanent water treatment plant with a capacity of 1,000 cubic meters per hour has been completed, and a request for tenders for groundwork and construction has been sent out. The design of how the mine will be emptied of water and connected to the water treatment has resulted in a concrete solution proposal.
The design of both Vattenfall's (150 kV) and Viscaria's high-voltage substation (20 kV) has been updated based on data from the enrichment and mining operations. For the construction of the 150 kV switchgear, Viscaria has granted Vattenfall permission to lease the land needed for the facility. The next step in the process is to sign a connection agreement for the 70 MW that the operation will need in the long term. For the 20 kV facilities, a procurement is being prepared where both self-ownership and outsourcing to a third party will be evaluated by the end of 2024.
The planning of the connection of the planned rail yard to the Malmbanan line together with the Swedish Transport Administration has proceeded according to plan. For the rail yard itself, which is being built in-house, planning has been completed. A request for tenders will be sent out during the third quarter of 2024.
Tenders for transporting finished products by train to both Narvik and Skelleftehamn have been received from a railway operator. A feasibility study has been carried out together with the Port of Narvik to ship both copper and magnetite via the port at Fagernäs. A proposal to proceed with the permit application and planning of necessary facilities is being discussed and will be decided in the near future.
Organisationally, project managers have been contracted for all major infrastructure projects.
MINE
As part of the ongoing feasibility study, work has continued updating the mine design and testing various production plans together with SRK Consulting. Additionally, the rock mechanics design of the facility has progressed.
Viscaria has collaborated with potential suppliers and contractors regarding specific equipment for future underground mining and future transport solutions. At the same time, the future organisation for the mine has been updated and evaluated.
SUSTAINABILITY
Viscaria is committed to genuine sustainability work. Therefore, it is required that the business is planned and implemented with solutions that provide good conditions for minimising the negative impact on the environment.
When the Viscaria mine is commissioned, Viscaria will be one of the most climate-efficient copper mines in the world and thus be able to deliver sustainable and responsibly produced copper to the European market.
The company has made commitments in the environmental permit process with far-reaching purification processes, which means that all of the effluent water will be purified to very low levels of pollutants during the lowering of water from the old mine as well as the new mine area.
The waste rock deposits, which normally affect the landscape to a large extent, will be designed and laid out with geomorphological design. This means that the landscape, which is initially significantly affected by mining operations, will be able to return to natural conditions more quickly after the end of mining operations.
Viscaria conducts sustainability work that includes seven focus areas with associated goals. The focus areas are based on the principles of ICMM (International Council on Mining & Metals), Svemin's guidelines, TSM Protocols (Towards Sustainable Mining), the UN's Agenda 2030 and the UN Global Compact. In addition, the results of stakeholder dialogues and external analysis have been taken into account. The focus areas will guide our sustainability work in the coming years. Follow-up and reporting of the sustainability goals will continue in 2024.
The company has identified a number of critical issues to work on and a timetable has been drawn up for further work, which also includes the completion of the sustainability policy. The purpose is to further strengthen and clarify goals and requirements for the business, both before the restart of the mine and when the company is in production.
FINANCIAL INFORMATION – THE GROUP
APRIL – JUNE 2024
During the second quarter of 2024, capitalised expenses related to exploration and evaluation assets amounted to SEK 92.0 million (85.2). Capitalised expenses consist mainly of exploration work on mineral resources. In addition, capitalised expenses consist of feasibility study work in infrastructure, logistics in the form of preparatory work for the future rail yard, environmental permit process and further work on the feasibility study in all areas of operation.
Net sales for the quarter amounted to SEK 0 million (0). Operating profit amounted to SEK -10.7 (-8.0) million. Profit after tax for the period amounted to SEK -12.0 million (-8.5) and earnings per share before and after dilution amounted to SEK -0.13 (-0.11).
Cash flow for the quarter amounted to SEK -317 (186) million. Cash flow from operating activities, excluding investments and financing, amounted to SEK 2.3 (18.2) million. Cash flow from investment activities amounted to SEK -103 (-96.5) million. Net cash flow from financing activities during the quarter amounted to SEK 418 (264) million and was mainly affected by the new share issue that was conducted during the quarter. The company's budget and base scenario form the basis for liquidity planning to secure capital going forward. The level of activity is continuously adjusted according to available liquidity.
JANUARY – JUNE 2024
During the period, capitalised expenses related to exploration and evaluation assets amounted to 150 MSEK (136).
Net sales for the period amounted to SEK 0 million (0). Operating profit amounted to SEK -24 (-16) million. Profit after tax for the period amounted to SEK -24 million (-16) and earnings per share before and after dilution amounted to SEK -0.26 (-0.20).
Cash flow for the period amounted to SEK 247 (106) million. Cash flow from operating activities, excluding investments and financing, amounted to SEK -3 (0) million. Net cash flow from investment activities amounted to SEK - 168 (-164) million and net cash flow from financing activities during the period amounted to SEK 418 (269) million.
FINANCIAL POSITION AS PER JUNE 30, 2024
Assets as of June 30, 2024
Capitalised investments in exploration assets amounted to SEK 1 049 million at the end of the period, an increase corresponding to 17 percent compared to SEK 899 million on December 31, 2023. Cash and cash equivalents at the end of the period amounted to SEK 514 million compared to SEK 266 million on December 31, 2023.
Interest-bearing liabilities as of June 30, 2024
As of the balance sheet date, Norrlandsfonden holds convertible debentures at discounted present value of approximately SEK 14.7 million at STIBOR 90 +5% interest rate per year. For more information about Norrlandsfonden's investments in Viscaria, please see www.viscaria.se or the Group's Annual Report 2023.
FINANCIAL INFORMATION – PARENT COMPANY
APRIL – JUNE 2024
Capitalised expenses for exploration assets amounted to SEK 0 (0.8) million during the period. Other operating income amounted to SEK 3.1 (2.7) million and operating profit amounted to SEK -7.7 (-7.9) million. Profit for the period amounted to SEK -9.0 (-8.2) million. Capitalised assets were SEK 0 million (71.5) at June 30, 2024.
The rights regarding exploitation concessions and exploration permits in Arvidsjaur have been approved for transfer to Viscaria Arvidsjaur AB, whereupon the parent company no longer holds any entries for capitalised expenditures related to exploration and evaluation assets.
JANUARY – JUNE 2024
Capitalised expenses for exploration assets amounted to SEK 1.2 (1.6) million during the period. Other operating income amounted to SEK 5.8 (5.7) million and operating profit amounted to SEK -16.9 (-14.4) million. Profit for the period amounted to SEK -18.2 (-15.3) million.
SIGNIFICANT EVENTS
SIGNIFICANT EVENTS DURING THE PERIOD
- On May 6, Viscaria was granted a permit under the Environmental Code for mining and water operations at the Viscaria mine.
- On May 7, the company's annual general meeting decided on a name change to Gruvaktiebolaget Viscaria. The name change was carried out on May 22.
- On May 13, Viscaria was granted a land allocation in favor of the Viscaria project through a court ruling.
- On June 18, a directed share issue was carried out, bringing Viscaria approximately 440 million SEK before expenses.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
• On August 1, Viscaria exercised its environmental permit and began the construction of the water treatment plant.
OTHER INFORMATION
EMPLOYEES
As of June 30, 2024, the number of employees was 35, compared to 37 at the same time last year. In addition, the company engages consultants in several business areas on a temporary basis.
PROCESSING CONCESSIONS AND EXPLORATION PERMITS
As of July 1, 2024, according to the Swedish Mining Inspectorate's Mineral Rights Register (MRR), Viscaria owned six granted processing concessions and 14 exploration permits.
PROCESSING CONCESSIONS GRANTED
| NAME | AREA HA | VALID | VALID UNTIL MINERAL | MUNICIPALITY | |
|---|---|---|---|---|---|
| FROM | |||||
| Viscaria K no. 3 | 115,7 | 2012-01-16 | 2037-01-16 gold, iron found in bedrock, cop | Kiruna | |
| per, silver, zinc | |||||
| Viscaria K no. 4 | 30,0 | 2012-01-16 | 2037-01-16 gold, iron found in bedrock, cop | Kiruna | |
| per, silver, zinc | |||||
| Viscaria K no. 7 | 63,8 | 2018-03-26 | 2043-03-26 copper | Kiruna | |
| Eva K no. 1 | 34,2 | 2017-11-13 | 2042-11-13 lead, gold, copper, silver, zinc | Arvidsjaur | |
| Svartliden K no. 1 | 36,0 | 2000-12-27 | 2025-12-27 lead, gold, copper, silver, zinc | Arvidsjaur | |
| Tvistbogruvan K no. 1 | 11,4 | 2012-04-17 | 2037-04-17 lead, gold, copper, manganese, | Smedjebacken | |
| silver, tungsten, zinc | |||||
| Total (ha) | 291,2 |
EXPLORATION PERMITS GRANTED
| NAME AREA HA VALID FROM VALID UNTIL MINERAL 818,7 2008-06-24 2025-06-24 copper Viscaria no. 1 1 842,8 2009-08-10 2026-08-10 copper Viscaria no. 107 144,1 2015-06-16 2027-06-16 copper Nihka East 211,9 2017-06-09 2025-06-09 copper Viscaria East 386,4 2018-11-08 2026-11-08 lead, gold, iron occurring in the Vicar no. 1 bedrock, copper, silver, zinc 148,4 2019-12-04 2024-12-04 lead, gold, iron occurring in the Goddevarri no. 101 bedrock, copper, silver, zinc 4 986,5 2023-01-13 2026-01-13 gold, iron found in bedrock, co Viscaria no. 117 balt, copper, molybdenum, nickel, silver 9,0 2023-03-29 2026-03-29 gold, copper Viscaria no. 118 1 408,5 2023-11-01 2026-11-01 gold, iron found in the bed Viscaria no. 119 rock, copper 19,2 2012-10-03 2024-10-03 gold, copper, silver, zinc Sandberget no. 200 18,7 2012-10-03 2024-10-03 gold, copper, silver, zinc Sandberget no. 300 535,6 2019-02-11 2027-02-11 gold, copper, silver, zinc Sandberget no. 400 7 641,0 2019-02-11 2027-02-11 gold, copper, silver, zinc Sandberget no. 500 1 048,6 2024-04-10 2027-04-10 gold, copper, silver, zinc Sandberget no. 600 |
||||
|---|---|---|---|---|
| MUNICIPALITY | ||||
| Kiruna | ||||
| Kiruna | ||||
| Kiruna | ||||
| Kiruna | ||||
| Kiruna | ||||
| Kiruna | ||||
| Kiruna | ||||
| Kiruna | ||||
| Kiruna | ||||
| Arvidsjaur | ||||
| Arvidsjaur | ||||
| Arvidsjaur | ||||
| Arvidsjaur | ||||
| Arvidsjaur | ||||
| Total (ha) | 19 219,4 |
All granted processing concessions and granted exploration permits are 100 percent owned by Gruvaktiebolaget Viscaria or by the wholly owned subsidiaries Viscaria Kiruna AB, Viscaria Arvidsjaur AB and Viscaria Tvistbo AB.
During the quarter, within the framework of the Arvidsjaur project, Viscaria was granted an exploration permit in western Granliden for Sandberget No. 600, which is directly adjacent to the large area of Sandberget No. 500, and prolongments for the existing permits for Sandberget No. 400 and Sandberget No. 500.
SHAREHOLDERS
As of June 30, 2024, the number of issued shares amounted to 108,096,342, each with a quota value of SEK 2.00. The total share capital amounted to SEK 216,192,684.
The number of shareholders was 19,557 as of June 30, 2024, compared to approximately 18,114 shareholders at the end of 2023. The 20 largest shareholders are listed in the table below.
| Shareholders as of June 30, 2024 | Number of shares | Capital & votes, % |
|---|---|---|
| Thomas von Koch via company | 12 816 985 | 11,86% |
| JRS Asset Management AB Client Account | 5 297 299 | 4,90% |
| Swedbank Robur Fonder | 4 100 000 | 3,79% |
| Jan Ståhlberg | 3 983 637 | 3,69% |
| Håkan Roos (RoosGruppen) | 3 939 247 | 3,64% |
| Fjärde AP-fonden | 3 852 804 | 3,56% |
| Joheco AB | 3 550 000 | 3,28% |
| Handelsbanken Fonder | 3 036 102 | 2,81% |
| Avanza Pension | 3 032 513 | 2,81% |
| Santhe Dahl | 2 757 248 | 2,55% |
| Caps LTD | 2 635 484 | 2,44% |
| Nordnet Pensionsförsäkring | 2 023 086 | 1,87% |
| Skandinavkonsult i Stockholm AB | 1 620 000 | 1,50% |
| Svante Wedman (incl company) | 1 547 064 | 1,43% |
| Livförsäkringsbolaget Skandia | 1 442 552 | 1,33% |
| Skandia Fonder | 1 311 219 | 1,21% |
| Futur Pension | 1 301 962 | 1,20% |
| Björn Israelsson | 1 270 000 | 1,17% |
| Henrik Raalskov Petersen | 1 260 974 | 1,17% |
| Handelsbanken Liv Försäkring AB | 1 157 847 | 1,07% |
| A total of 20 largest shareholders | 61 936 203 | 57,3% |
| Other | 46 160 139 | 42,7% |
| Total number of shares | 108 096 342 | 100% |
Source: Modular Finance AB, ownership statistics from Holdings, Euroclear Sweden AB and for the company confirmed and/or noted changes.
OUTLOOK
Viscaria's financial position is solid, with a cash position of approximately SEK 514 million at the end of June 2024. The Board of Directors' assessment is that Viscaria will be able to use long-term interest-bearing debt of approximately 60 percent for future financing of the mine and enrichment plant.
Copper prices have been rising in recent years, albeit with some increased volatility because of recent global uncertainty. Short-term fluctuations in copper prices and exchange rates are not expected to affect the company in the ongoing preparation phase. The price of copper on the London Metal Exchange has risen by over 50 percent over the past five years. From a longer-term perspective, there remains a large demand gap for copper. In addition, Viscaria benefits from the trend towards more locally produced minerals as well as a long-term increase in demand from future European customers. In the medium to long term, the demand for responsibly produced copper in the EU is expected to increase further.
SIGNIFICANT RISKS AND UNCERTAINTIES
Mineral exploration is a high-risk activity where only a few of the evaluated projects lead to producing mines. The exploration results are continuously evaluated by the company and there is no guarantee that exploration of mineralisation will lead to commercial production in Kiruna, Arvidsjaur or Smedjebacken. There is no guarantee that the company will be able to generate sufficient funds to finance continued operations. Failure by the company to generate funds at the right time may result in postponed investigations, reduced, or terminated operations. A more detailed description of the company's risks and uncertainties can be found in the Annual Report for 2023. The Board of Directors believes that the progress made since the Viscaria acquisition was made in 2019 and the intensified development of the project in recent times have significantly reduced the risks.
This report has not been reviewed by the company's auditors.
Kiruna, August 15, 2024
Jörgen Olsson CEO
| CONSOLIDATED STATEMENT OF | |||||
|---|---|---|---|---|---|
| COMPREHENSIVE INCOME | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| (SEK MILLION) | 2024 | 2023 | 2024 | 2023 | 2023 |
| Operating income and capitalised expenses | |||||
| Capitalised expenses related to exploration | 92,0 | 85,2 | 149,5 | 136,1 | 259,5 |
| and evaluation assets | |||||
| Other operating income | 0,3 | 0,1 | 0,4 | 0,4 | 1,2 |
| Total operating income and capitalised ex | 92,3 | 85,3 | 149,9 | 136,5 | 260,7 |
| penses | |||||
| Operating expenses | |||||
| Other external costs | -88,8 | -78,7 | -144,2 | -122,2 | -251,9 |
| Employee remuneration costs | -12,3 | -12,8 | -24,2 | -24,7 | -47,2 |
| Depreciation and amortisation of intangible | -1,6 | -1,5 | -3,2 | -3,0 | -2,8 |
| assets and property, plant and equipment | |||||
| Other operating expenses | -0,3 | -0,3 | -0,4 | -1,2 | -1,7 |
| Total operating expenses | -103,0 | -93,3 | -172,0 | -151,1 | -303,6 |
| Operating income | -10,7 | -8,0 | -22,1 | -14,6 | -42,9 |
| Profit/loss from financial items | |||||
| Financial income | - | - | - | - | 7,4 |
| Financial expenses | -1,3 | -0,5 | -1,4 | -1,3 | 5,5 |
| Net financial items | -1,3 | -0,5 | -1,4 | -1,3 | 12,9 |
| Profit before tax | -12,0 | -8,5 | -23,5 | -15,9 | -30,0 |
| Tax on profit for the period | - | - | - | - | -0,1 |
| Net profit for the period | -12,0 | -8,5 | -23,5 | -15,9 | -30,1 |
| OTHER COMPREHENSIVE INCOME | |||||
| Attributable to: | |||||
| Shareholders of the Parent Company | -12,0 | -8,5 | -23,5 | -15,9 | -30,1 |
| TOTAL | -12,0 | -8,5 | -23,5 | -15,9 | -30,1 |
| Number of shares | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2023 | |
| Number of shares at the end of the period | 108 096 342 | 90 080 342 | 108 096 342 | 90 080 342 | 90 080 342 |
| Average number of shares before dilution | 92 258 100 | 78 415 317 | 91 169 221 | 77 634 476 | 83 908 556 |
| Average number of shares after dilution | 92 258 100 | 78 415 317 | 91 169 221 | 77 634 476 | 83 908 556 |
| Earnings per share before and after | -0,13 | -0,11 | -0,26 | -0,20 | -0,36 |
| dilution, SEK* |
** See also Note 5 on page 20, Change in share capital.
*There are warrant programs and convertible debentures that may result in dilution, but since the result for the period is negative, no dilution effect arises. See Note 6 on page 20.
| (SEK MILLION) ASSETS Fixed assets Intangible assets |
Note | 30-Jun-24 | 30-Jun-23 | 31-Dec-23 |
|---|---|---|---|---|
| Capitalised expenses for exploration | 3 | 1 048,6 | 775,6 | 899,0 |
| Total intangible assets | 1 048,6 | 775,6 | 899,0 | |
| Property, plant and equipment | ||||
| Mining infrastructure | 54,0 | 2,1 | 54,8 | |
| Improvement costs on non-owned property | 0,4 | 0,7 | 0,6 | |
| Right-of-use assets | 5,4 | 15,6 | 5,5 | |
| Equipment, tools and installations | 12,9 | 1,6 | 14,5 | |
| In-progress construction and advances | 4 | 55,4 | 85,1 | 37,0 |
| Total property, plant and equipment | 128,1 | 105,1 | 112,3 | |
| Financial fixed assets | - | 0,1 | - | |
| Deferred tax assets | 0,1 | 0,2 | 0,2 | |
| Other long-term receivables | 0,1 | 0,3 | 0,2 | |
| Total financial fixed assets | ||||
| Total fixed assets | 1 176,8 | 881,0 | 1 011,5 | |
| Current assets | ||||
| Current receivables | ||||
| Current tax assets | 1,4 | 0,7 | 1,2 | |
| Other current receivables | 10,2 | 14,2 | 11,9 | |
| Prepaid expenses and accrued income | 2,7 | 1,4 | 3,1 | |
| Total current receivables | 14,3 | 16,3 | 16,2 | |
| Cash and cash equivalents | 513,6 | 435,0 | 266,3 | |
| Total current assets | 527,9 | 451,3 | 282,5 | |
| TOTAL ASSETS | 1 704,7 | 1 332,3 | 1 294,0 | |
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital | 5 | 180,2 | 180,2 | 180,2 |
| Other capital contributions | 1 585,0 | 1 202,5 | 1 202,5 | |
| Retained earnings including profit for the period | -178,6 | -141,1 | -155,1 | |
| Total equity | 1 622,6 | 1 241,6 | 1 227,5 | |
| Long-term liabilities | ||||
| Convertible debentures | 7 | 14,5 | 22,6 | 14,5 |
| Lease liability | 7 | 3,0 | 10,4 | 3,2 |
| Total long-term liabilities | 17,5 | 33,0 | 17,7 | |
| Current liabilities | ||||
| Accounts payable | 7 | 21,5 | 14,5 | 27,6 |
| Lease liability | 7 | 1,9 | 5,9 | 2,3 |
| Other current liabilities | 3,0 | 2,7 | 3,9 | |
| Accrued expenses and prepaid income | 23,2 | 8,5 | 15,1 | |
| Total current liabilities | 49,6 | 31,6 | 48,8 | |
| TOTAL EQUITY AND LIABILITIES | 1 283,3 | 1 048,6 | 1 294,0 |
| CONSOLIDATED CHANGE IN EQUITY | |||||
|---|---|---|---|---|---|
| (SEK MILLION) | Other | Retained earnings, | |||
| Share | capital con | incl. profit for the | |||
| Note | capital | tributions | period | Total equity | |
| Opening balance 1/1/2023 | 5,6,7 | 153,4 | 958,6 | -125,5 | 986,6 |
| Warrants | - | - | 0,2 | 0,2 | |
| Convertible debentures | 0,8 | 4,3 | - | 5,1 | |
| Correction of convertible debentures | - | -0,1 | - | -0,1 | |
| Profit for the period | - | - | -7,4 | -7,4 | |
| Closing balance 31/03/2023 | 154,2 | 962,9 | -132,7 | 984,3 | |
| New share issue | 24,9 | 235,0 | - | 259,9 | |
| Issue costs, net after tax | - | -2,2 | - | -2,2 | |
| Convertible debentures | - | - | - | - | |
| Warrants | 1,1 | 6,9 | 0,2 | 8,1 | |
| Profit for the period | - | - | -8,5 | -8,5 | |
| Outgoing balance 30/06/2023 | 180,2 | 1 202,6 | -141,0 | 1 241,6 | |
| New share issue | - | 6,1 | - | 6,1 | |
| Issue costs, net after tax | - | -6,2 | - | -6,2 | |
| Correction of convertible debentures | - | - | - | - | |
| Warrants | - | - | 0,1 | 0,1 | |
| Profit for the period | - | - | -14,2 | -14,2 | |
| Outgoing balance 31/12/2023 | 180,2 | 1 202,5 | -155,1 | 1 227,5 | |
| Opening balance 1/1/2024 | 5,6,7 | 180,2 | 1 202,5 | -155,1 | 1 227,5 |
| Warrants | - | 0,1 | - | 0,1 | |
| Profit for the period | - | - | -11,5 | -11,5 | |
| Outgoing balance 31/03/2024 | 180,2 | 1 202,6 | -166,6 | 1 216,1 | |
| New share issue | 36,0 | 403,6 | - | 439,6 | |
| Issue costs, net after tax | - | -21,2 | - | -21,2 | |
| Warrants | - | - | - | - | |
| Implementation system support IFRS 16 | 8 | - | - | 0,1 | 0,1 |
| Profit for the period | - | - | -12,0 | -12,0 | |
| Outgoing balance 30/06/2024 | 216,2 | 1 585,0 | -178,5 | 1 622,6 |
| CONSOLIDATED CASH FLOW | |||||
|---|---|---|---|---|---|
| (SEK MILLION) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| 2024 | 2023 | 2024 | 2023 | 2023 | |
| OPERATING ACTIVITIES | |||||
| Operating income | -10,7 | -8,0 | -22,1 | -14,6 | -42,9 |
| Adjustment for items not included in cash | 1,3 | 1,8 | 3,0 | 3,3 | 6,1 |
| flow | |||||
| Interest received | - | - | - | - | 7,4 |
| Interest paid | -1,1 | -0,5 | -1,2 | -1,3 | -2,2 |
| Income tax paid | -0,3 | -0,2 | -0,3 | -0,4 | -0,9 |
| Cash flow before changes in working capital | -10,8 | -6,9 | -20,6 | -13,0 | -32,5 |
| Increase/decrease in accounts receivable | - | - | - | 0,4 | 0,3 |
| Increase/decrease in other current receivables | -1,2 | -1,5 | 2,1 | -0,5 | 0,1 |
| Increase/decrease in accounts payable | 9,2 | 12,1 | 3,1 | 2,3 | 3,3 |
| Increase/decrease in other current operating | 5,1 | 14,5 | 12,6 | 11,2 | 4,5 |
| liabilities | |||||
| Cash flow from operating activities | 2,3 | 18,2 | -2,8 | 0,4 | -24,3 |
| INVESTMENT | |||||
| Expenses related to exploration and evalua | -92,1 | -85,2 | -149,6 | -136,1 | -259,5 |
| tion assets | |||||
| Investments in property, plant and equipment | -11,2 | -11,3 | -18,4 | -27,6 | -49,6 |
| Sale of property, plant and equipment | - | - | - | - | 0,1 |
| Cash flow from investment activities | -103,3 | -96,5 | -168,0 | -163,7 | -309,1 |
| FINANCING ACTIVITIES | |||||
| New share issue | 418,4 | 257,6 | 418,4 | 257,6 | 257,6 |
| Warrants | - | 8,1 | 0,1 | 8,3 | 8,5 |
| Loans | - | - | - | 5,6 | 5,6 |
| Amortisation of lease liability | - | -1,2 | -0,4 | -2,4 | -1,2 |
| Cash flow from financing activities | 418,4 | 264,5 | 418,1 | 269,1 | 270,5 |
| Cash flow for the period | 317,4 | 186,2 | 247,3 | 105,8 | -62,8 |
| Cash and cash equivalents at start of period | 196,2 | 248,8 | 266,3 | 329,2 | 329,2 |
| CASH AND CASH EQUIVALENTS AT END OF | 513,6 | 435,0 | 513,6 | 435,0 | 266,3 |
| THE PERIOD |
| PARENT COMPANY INCOME STATEMENT | |||||
|---|---|---|---|---|---|
| (SEK MILLION) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| 2024 | 2023 | 2024 | 2023 | 2023 | |
| Operating income and capitalised expenses | |||||
| Capitalised expenses related to exploration | 0,0 | 0,8 | 1,2 | 1,6 | 3,1 |
| and evaluation assets | |||||
| Other operating income | 3,1 | 2,7 | 5,8 | 5,7 | 11,8 |
| Total operating income and capitalised | 3,9 | 3,8 | 7,0 | 7,3 | 14,9 |
| expenses | |||||
| Operating expenses | |||||
| Other external costs | -5,4 | -6,4 | -13,0 | -11,7 | -32,6 |
| Personnel costs | -5,4 | -5,0 | -19,5 | -10,0 | -19,5 |
| Other operating expenses | - | - | - | - | -0,2 |
| Total operating expenses | -10,8 | -11,4 | -23,9 | -21,7 | -52,3 |
| Operating income | -7,7 | -7,9 | -16,9 | -14,4 | -37,5 |
| Profit/loss from financial items | |||||
| Income from participations in Group compa | - | - | - | - | -0,5 |
| nies | |||||
| Other interest income and similar profit/loss | - | - | - | - | 6,9 |
| items | |||||
| Interest expenses and similar profit/loss | -1,3 | -0,3 | -1,3 | -0,9 | 5,8 |
| items | |||||
| Total income from financial items | -1,3 | -0,3 | -1,3 | -0,9 | 12,3 |
| Profit before tax | -9,0 | -8,2 | -18,2 | -15,3 | -25,2 |
| Profit for the period and comprehensive | -9,0 | -8,2 | -18,2 | -15,3 | -25,2 |
| income |
| PARENT COMPANY BALANCE SHEET (SEK MILLION) Note |
30-Jun-24 | 30-Jun-23 | 31-Dec-23 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible assets | |||
| Capitalised expenses for exploration | 3 - |
71,5 | 72,9 |
| Total intangible assets | - | 71,5 | 72,9 |
| Property, plant and equipment | |||
| Equipment, tools and installations | - | 0,1 | - |
| Total property, plant and equipment | - | 0,1 | - |
| Financial fixed assets | |||
| Participations in Group companies | 226,7 | 227,2 | 226,7 |
| Other long-term assets | 0,1 | - | |
| Total financial fixed assets | 226,8 | 227,2 | 226,8 |
| Total fixed assets | 226,8 | 298,8 | 299,7 |
| Current assets | |||
| Current receivables | |||
| Receivables from Group companies | 923,9 | 546,7 | 704,1 |
| Current tax assets | 1,0 | 0,6 | 0,9 |
| Other current receivables | 1,2 | 1,1 | 2,1 |
| Prepaid expenses and accrued income | 0,9 | 0,4 | 1,3 |
| Total current receivables | 927,0 | 548,8 | 708,3 |
| Cash and cash equivalents | 482,9 | 414,3 | 237,4 |
| Total current assets | 1 409,9 | 963,1 | 945,8 |
| TOTAL ASSETS | 1 636,7 | 1 261,9 | 1 245,5 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | |||
| Share capital | 5 216,2 |
180,2 | 180,2 |
| Fund for development expenditure | - | 52,4 | 53,8 |
| Total restricted equity | 216,2 | 232,6 | 234,0 |
| Non-restricted equity | |||
| Share premium | 1 578,3 | 1 195,8 | 1 195,9 |
| Retained earnings | -168,9 | -196,1 | -197,6 |
| Net profit for the period | -18,2 | -15,3 | -25,2 |
| Total non-restricted equity | 1 391,2 | 984,4 | 973,1 |
| Total equity | 1 607,4 | 1 217,0 | 1 207,1 |
| Long-term liabilities | |||
| Convertible debentures | 14,7 | 22,2 | 14,5 |
| Total long-term liabilities | 14,7 | 22,2 | 14,5 |
| Current liabilities | |||
| Accounts payable | 5,9 | 5,3 | 3,8 |
| Liabilities to Group companies | 4,0 | 14,5 | 14,5 |
| Other current liabilities | 1,7 | 1,3 | 2,1 |
| Accrued expenses and prepaid income | 3,0 | 1,6 | 3,5 |
| Total current liabilities | 14,6 | 22,7 | 23,9 |
NOTE 1 ACCOUNTING AND VALUATION PRINCIPLES
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board RFR 1 and for the Parent Company, RFR 2. The same accounting principles and calculation methods were used in the 2023 annual report.
New and amended standards applied by the Group
The new and amended standards with application for fiscal years beginning January 1, 2024, have not had any material impact on the group's financial statements.
New and amended standards that are not yet applied by the Group
A number of new accounting standards and interpretations come into effect for fiscal years beginning after January 1, 2024, and have not been applied in the preparation of this financial report.
During the fourth quarter of 2023, the company conducted an in-depth analysis of IFRS 6, Exploration and evaluation of mineral resources, and its delineation to IFRS 16, Leases, which has led to revaluation between lease assets and exploration assets. The adjustment entails reduced Lease assets and corresponding liabilities of approximately SEK 16 million as per December 31, 2023. The revaluation did not have any significant impact on earnings.
The Company has calculated the present value of convertible debentures during the fourth quarter of 2023, compared with the previous value that was recorded at the nominal value. This reduced the reported debt by approximately SEK 8 million as per December 31, 2023, and had a positive impact on net interest income by the same amount during the fourth quarter 2023.
The Group has issued warrants to the Board of Directors, senior executives, and key employees. Fair value has been paid for the warrants, and the premium is reported as retained earnings. The holder can only receive shares upon redemption. Upon exercise of warrants, the exercise price will be reported against equity.
For a more detailed description of the accounting and valuation principles applied to the consolidated financial statements and the Parent Company in this interim report, see the Annual Report 2023.
NOTE 2 TRANSACTIONS WITH RELATED PARTIES
| Related party | Apr-Jun | Jan-Dec | ||
|---|---|---|---|---|
| (SEK thousand) | Supplier | Related | 2024 | 2023 |
| Carpentry services | Åkerström Bygg & Inred ning AB |
Deputy CEO Anna Tyni | 109 | 251 |
| Apartment rentals | Joheco AB | CEO Jörgen Olsson | 193 | 277 |
| Total | 302 | 528 |
NOTE 3 CAPITALISED EXPENSES RELATED TO EXPLORATION AND EVALUATION ASSETS
| Group | ||
|---|---|---|
| (SEK million) | Jun 30, 2024 | Dec 31, 2023 |
| Opening acquisition values | 918,2 | 658,7 |
| Capitalised expenses for the period | 149,6 | 259,5 |
| Closing accumulated acquisition values | 1 067,8 | 918,2 |
| Opening depreciation and amortisation | -0,5 | -0,5 |
| Closing accumulated depreciation | -0,5 | -0,5 |
| Opening write-downs | -18,7 | -18,7 |
| Closing accumulated write-downs | -18,7 | -18,7 |
| Closing residual value according to plan | 1 048,6 | 899,0 |
During the first half of the year, the company carried out nearly 35,000 meters of core drilling as part of the preparations to open the mine. These costs correspond to approximately half of the period's capitalised expenses, while the remaining parts mainly consist of preparatory work in logistics, enrichment and mining.
| Parent Company | ||
|---|---|---|
| (SEK million) | Jun 30, 2024 | Dec 31, 2023 |
| Opening acquisition values | 72,9 | 69,9 |
| Capitalised expenses for the period | 1,3 | 3,0 |
| Closing accumulated acquisition values | 74,2 | 72,9 |
| Transfer to group companies | -74,2 | - |
| Closing residual value according to plan | 0 | 72,9 |
The rights regarding exploitation concessions and exploration permits in Arvidsjaur have been approved for transfer to Viscaria Arvidsjaur AB, whereupon the parent company no longer holds any entries for capitalised expenditures related to exploration and evaluation assets.
NOTE 4 IN-PROGRESS CONSTRUCTION AND ADVANCES ON PROPERTY, PLANT AND EQUIP-MENT
| Group | ||
|---|---|---|
| (SEK million) | June 30, 2024 | Dec 31, 2023 |
| Opening acquisition values | 37,0 | 58,2 |
| Capitalised expenses for the period | 18,4 | 48,8 |
| Reclassification | - | -70,0 |
| Closing accumulated acquisition values | 55,4 | 37,0 |
Capitalised expenses for construction mainly relate to investments in the permanent water treatment facility and railway logistics.
NOTE 5 CHANGES IN SHARE CAPITAL
During the second quarter, a directed share issue of a total of 18,016,000 shares was carried out at a subscription price of 24.40 SEK per share. At the end of the period, the number of shares amounted to 108,096,342.
| Development of the share capital | Number of shares | Share capital, SEK million |
|---|---|---|
| Opening value January 1 2024 | 90 080 342 | 180,2 |
| Change during the year: | ||
| New share issue | 18 016 000 | 36,0 |
| Closing value June 30 2024 | 108 096 342 | 216,2 |
NOTE 6 VISCARIA WARRANT PROGRAM
| 2021/2024:1 Management and | Exercise | Redemption | SEK if | Number of | |
|---|---|---|---|---|---|
| key personnel | Shares* | price* | until* | redeemed | warrants* |
| Other key personnel and em | |||||
| ployees | 404 000 | 25,40 | 2024-12-20 | 10 261 600 | 404 000 |
| Total | 404 000 | 10 261 600 | 404 000 |
| 2021/2024:2 Board of Directors | Exercise | Redemption | SEK if | Number of | |
|---|---|---|---|---|---|
| Shares* | price* | until* | redeemed | warrants* | |
| Jörgen Olsson | 150 000 | 25,40 | 2024-12-20 | 3 810 000 | 150 000 |
| Markus Petäjäniemi (via Lemape | 62 500 | 25,40 | 2024-12-20 | 1 587 500 | 62 500 |
| AB) | |||||
| Lars Seiz | 164 000 | 25,40 | 2024-12-20 | 4 165 600 | 164 000 |
| Jane Lundgren Ericsson | 100 000 | 25,40 | 2024-12-20 | 2 540 000 | 100 000 |
| Sven-Erik Bucht | 100 000 | 25,40 | 2024-12-20 | 2 540 000 | 100 000 |
| Former Board Member | 36 000 | 25,40 | 2024-12-20 | 914 400 | 36 000 |
| Total | 612 500 | 15 557 500 | 612 500 |
| 2022/2025:1 Management and | Exercise | Redemption | SEK if | Number of | |
|---|---|---|---|---|---|
| key personnel | Shares* | price* | until* | redeemed | warrants* |
| Other key personnel and em | 255 500 | 33,00 | 2025-12-18 | 8 431 500 | 255 500 |
| ployees | |||||
| Total | 255 500 | 8 431 500 | 255 500 |
| 2022/2025:2 Board of Direc | Exercise | Redemption | SEK if | Number of | |
|---|---|---|---|---|---|
| tors | Shares* | price* | until* | redeemed | warrants* |
| Jörgen Olsson | 250 000 | 33,00 | 2025-12-18 | 8 250 000 | 250 000 |
| Markus Petäjäniemi (via Lemape | 37 500 | 33,00 | 2025-12-18 | 1 237 500 | 37 500 |
| AB) | |||||
| Lars Seiz | 100 000 | 33,00 | 2025-12-18 | 3 300 000 | 100 000 |
| Jane Lundgren Ericsson | 100 000 | 33,00 | 2025-12-18 | 3 300 000 | 100 000 |
| Ing-Marie Andersson Drugge | 25 000 | 33,00 | 2025-12-18 | 825 000 | 25 000 |
| Michael Mattsson (former board | 19 057 | 33,00 | 2025-12-18 | 628 865 | 19 057 |
| member) | |||||
| Total | 531 557 | 17 541 365 | 531 557 |
| 2022/2025:1 Former CEO, now | Exercise | Redemption | SEK if | Number of | |
|---|---|---|---|---|---|
| board member | Shares* | price* | until* | redeemed | warrants* |
| Henrik Ager | 50 000 | 33,00 | 2025-12-18 | 1 650 000 | 50 000 |
| Total | 50 000 | 1 650 000 | 50 000 | ||
| 2022/2026 Management and | Exercise | Redemption | SEK if | Number of | |
| key personnel | Shares* | price* | until* | redeemed | warrants* |
| Other key personnel and em | 100 000 | 40,00 | 2026-05-29 | 4 000 000 | 100 000 |
| ployees | |||||
| Total | 100 000 | 4 000 000 | 100 000 | ||
| 2023/2027:1 Management and | Exercise | Redemption | SEK if | Number of | |
| key personnel | Shares* | price* | until* | redeemed | warrants* |
| Other key personnel and em | 264 400 | 42,80 | 2027-05-19 | 11 316 320 | 264 400 |
| ployees | |||||
| Total | 264 400 | 11 316 320 | 264 400 | ||
| 2023/2027:2 Former Executive | Number of | ||||
| Chairman of the Board, now | Exercise | Redemption | SEK if | warrants* | |
| CEO | Shares* | price* | until* | redeemed | |
| Jörgen Olsson | 125 000 | 42,80 | 2027-05-19 | 5 350 000 | 125 000 |
| Total | 125 000 | 5 350 000 | 125 000 |
*) The number of shares, warrants and exercise price have been recalculated as a result of a reverse share split in 2023.
| Future possible dilution 2024–2027 | |
|---|---|
| Total proceeds (SEK) to Viscaria at full exercise of warrants | 74 108 285 |
| Total possible dilution (warrants), number of shares | 2 342 957 |
| Total possible dilution (convertible debentures), number of shares | 920 505 |
| Total number of outstanding shares in Viscaria | 108 096 342 |
| Total possible dilution from warrants and convertibles, % | 2,93% |
| Incentive programs Number of outstanding warrants January 1, 2024 |
2 326 557 |
| less incentive programs that expired during the year | - |
| less repurchased warrants that have been cancelled | - |
| additional warrants under incentive programs in 2024 | 16 400 |
NOTE 7 MATURITY ANALYSIS
The table below shows the maturities of the Group's financial liabilities as of the balance sheet date, including interest payments. The amounts reflect the agreed undiscounted cash flows, which may differ from the carrying amounts of the liabilities of the balance sheet date.
| Group (SEK million) Per June 30, 2024 |
Less than 3 months |
Between 3 months and 1 year |
Between 1 and 2 years |
Between 2 and 5 years |
|---|---|---|---|---|
| Convertible debentures | 0,5 | 1,4 | 8,1 | 18,9 |
| Lease liabilities | 0,5 | 1,4 | 2,2 | 1,7 |
| Accounts payable | 30,7 | - | - | - |
NOT 8 LEASE
| Group (SEK million) | 30-Jun-2024 | 31-Dec-2023 |
|---|---|---|
| Lease liabilities presented in the balance sheet | ||
| are as follows: | ||
| Long-term lease liabilities | 3,5 | 3,2 |
| Current lease liabilities | 1,8 | 2,3 |
| Total lease liabilities | 5,3 | 5,5 |
During the second quarter, the Group implemented new system support for the calculation of lease agreements in accordance with IFRS 16. The effect of the transition concerning previous years has been reported through equity with 0.1 MSEK.
NOTE 9 SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
On August 1st, Viscaria exercised its environmental permit and began the construction of the water treatment plant.
NOT 10 KEY METRICS
Viscaria does not present any key performance measures that have not been defined in accordance with IFRS in this interim report.
GLOSSARY
Competent person – An expert in reporting of mineral assets and member of an independent expert organisation, for example FAMMP (Fennoscandian Association for Metals and Minerals Professionals).
Core drilling - Rotary drilling used to extract a core from the bedrock.
Drill core - Cylindrical sample of rock obtained during drilling.
Enrichment - Process in which the concentration of the valuable mineral is increased, for example copper.
Environmental permit - Permit under the Environmental Code to conduct mining and ore processing.
Exploration - The exploratory work of looking for natural resources, such as mineralisation.
Exploration permit - The exclusive right to explore the bedrock in the permit area, with the purpose of finding mineral deposits.
Feasibility study – A Comprehensive technical and economic study of selected development options for a mineral project, including detailed appraisals and financial analysis. A feasibility study forms the basis for financing decisions.
Land Allocation – An agreement between a municipality and a developer that grants the developer exclusive rights to negotiate with the municipality for a certain period to purchase or lease specific land for a construction project.
Magnetite - Shiny, black, highly magnetic mineral with the chemical composition Fe3O4.
Mineralisation - Concentration of potentially economically interesting minerals in the bedrock.
Mineral reserves - Mineral reserves are the portion of measured and/or indicated mineral resource that are considered to be economically recoverable. Mineral reserves are divided into probable or proven resources depending on the level of knowledge.
Mineral resources - Concentration or occurrence of mineral in or on the earth's crust in such quantities and of such form, quality and quantity that it has reasonable prospects for eventual economic extraction. Mineral resources have classes of inferred, indicated, and measured depending on the degree of knowledge about the mineralisation.
Ore – Previously a term for mineralisation that can be explored for economic gain, see also "mineral reserves" above.
PERC Standards – Framework for reporting of mineral resources etc published by The Pan-European Reserves and Resources Re-porting Committee (PERC).
Processing concession - Permission to process (mine) a deposit. The licence is often limited to 25 years. In order to mine, an environmental licence must also be applied for from the Land and Environment Court.
PRESENTATION OF THE INTERIM REPORT
A live presentation of the interim report for the second quarter 2024 will be held today, Thursday 15 August, at 09.30 CET. The report will be presented by CEO Jörgen Olsson and CFO Frida Keskitalo. The presentation will be held in Swedish and will also include a Q&A session.
The live presentation can be accessed via the link: https://www.youtube.com/live/IcxYoVnmnqI
For more information, please contact:
CEO, Jörgen Olsson
Mobile: +46 (0) 703 – 420 570 E-mail: jorgen.olsson@ viscaria.se
CFO, Frida Keskitalo
Mobile: +46 (0) 703 – 401 053 E-mail: [email protected]
Head of Communication, Karin Svensson
Mobile: +46 (0) 761 – 169 190 E-mail: [email protected]
[email protected] eller www.viscaria.se
Financial calendar
November 8, 2024 Interim Report January – September 2024
February 20, 2025 Year-end report 2024
This information is information that Viscaria is obliged to make public pursuant to the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out in the press release concerning this report, on 15 August 2024 at 07:30 CEST.
About Viscaria
Gruvaktiebolaget Viscaria is a company that is scaling up to become a modern and responsible producing mining company through the reopening of the Viscaria mine in Kiruna. The deposit's high copper grade, assessed mineral resources, geographical location and growing team of experienced employees provide good conditions for the company to become an important supplier of high-quality and responsibly produced copper - a metal that has a central role in Sweden's and Europe's climate transition. In addition to the Viscaria mine, the company holds a number of processing concessions and exploration permits in Arvidsjaur (Eva, Svartliden, Granliden) and Smedjebacken (Tvistbogruvan) all in Sweden. The Parent Company's shares are listed on Nasdaq Stockholm Main Market (ticker VISC).
Gruvaktiebolaget Viscaria, Viscariavägen 10, SE-981 99 KIRUNA. Org. nr. 556704-4168. www.viscaria.se