Boliden

Business and Financial Review • Dec 5, 2025

Boliden guidance

Boliden guidance

Boliden announces its 2026 production guidance for all seven mining units, as

well as information on ongoing investment projects and planned maintenance

shutdowns in Business Area Smelters.

"Higher grades in our open pit mines, together with the commissioning of

strategically important projects, mean that we are looking ahead to 2026 with

confidence. In Somincor and Zinkgruvan, intensified exploration programs have

also been initiated, where we are firmly convinced of long-term value creation,"

says Mikael Staffas, President and CEO.

Guidance for 2026[3]

· Capital expenditure in 2026 is estimated to decrease to SEK 15 billion, of

which investments in waste rock mining, processing and ongoing dam raising (mine

sustaining) account for SEK 6.5 billion. The total capital expenditure for 2025

and 2026 includes some overrun in the Odda project.

· In Aitik, grades will improve in the second half of the year, contributing

to an average copper grade for the full year of 0.18%. Throughput is still

limited by diorite intrusion but is estimated to increase to 41 Mtonnes.

· In the Boliden Area, gold grades are expected to be slightly lower than in

the current year, while throughput is estimated to increase to 1.8 Mtonnes.

· Garpenberg has obtained an expanded environmental permit. Even though the

permit can be appealed, Boliden have the right to increase production while a

potential appeal process is on-going. Throughput is estimated to increase to 3.7

Mtonnes. The zinc grade is expected at 2.9%, while the silver grade is expected

at 95 g/tonne.

· At Kevitsa, the increase in mining tax is expected to increase costs by EUR

20-30 m. The copper grade will increase to 0.24%, while the nickel grade and

throughput will remain the same as this year.

· Commissioning of the expansion project in Odda has been prolonged by two

months and first feed is expected in the first quarter.

· The impact on operating profit of planned maintenance shutdowns in Business

Area Smelters is estimated at SEK -450 m.

2026 Boliden mine production guidance

[][][][][][][]

2026 Milled volume

average

grades

Zn Cu Ni[1] Au Ag

% g/tonne Mtonnes

Aitik 0.18 0.08 41

Boliden Area 3.0 1.6 70 1.8

Garpenberg 2.9 95 3.7

Kevitsa 0.24 0.17 10

Somincor[2], 1.7 2.3

Cu

Somincor[2], 6.7 2.2

Zn

Tara 5.6 1.8

Zinkgruvan[2], 7.0 1.1

Zn

Zinkgruvan[2], 2.0 0.3

Cu

[1] Nickel in

Sulphides,

Ni(S).

[2] The grades

reported are

per head grade

in each ore

type.

Recovery adjustments in Rönnskär smelter Q4 2025

· In Rönnskär, a final assessment of metal recoveries in the destroyed

tankhouse is being finalized. At the same time, estimated recoveries in the new

material flows have been adjusted. In total, this is expected to lead to a

positive one-time adjustment of operating profit of approximately SEK 400 m in

the fourth quarter of 2025.

Media and financial analyst conference

Friday, December 5, at 09:00 (CET)

Live webcast: https://boliden.videosync.fi/2025-12-05-2026-guidance-release

Conference call: https://service.flikmedia.se/teleconference/?id=5008209

After the call, presentation material and the recorded webcast will be available

on our website: www.boliden.com

[3]All comparisons compared to 2025 guidance

For further information, please contact:

Klas Nilsson

Director Group Communications

+46 70453 65 88

Klas.Nilsson@boliden.com

This information is information that Boliden AB is obliged to make public

pursuant to the EU Market Abuse Regulation. The information was submitted for

publication, through the agency of Director Group Communications, at 07.45 CET

on December 5, 2025.

Metals for generations to come

Boliden's vision is to be the most climate-friendly and respected metal provider

in the world. We are Europe's producer of sustainable metals and, guided by our

values care, courage and responsibility, we operate within exploration, mines,

smelters and recycling. We are around 8,000 employees and have annual revenues

of approximately SEK 90 billion. The share is listed in the Large Cap segment of

NASDAQ Stockholm.

www.boliden.com