Boliden — Capital/Financing Update 2024

Sep 12, 2024

Update expansion project Odda and capital expenditure guidance 2025

Update expansion project Odda and capital expenditure guidance 2025

Since 2021, Boliden has carried out investments in the Odda zinc smelter with

the aim of increasing the annual production volume from 200 to 350 ktonnes.

Several of these investments are now largely completed, however, delays have

occurred in the roasting facility in particular. This means that the ramp-up

towards the new production level will start at the end of the first quarter of

2025. The delay means an increase in the cost of the project of EUR 100 m.

Boliden's total capital expenditures for 2024 are still estimated at SEK 15.5

billion and for 2025 Boliden's capital expenditures are estimated at SEK 13.5

billion.

In addition to enhanced electricity supply and quay infrastructure, the

investment in Odda also includes a new roasting facility, a new sulfhuric acid

plant, expansion and modernization of the leaching and purification plant, a new

tankhouse and expansion of the foundry. In the vast majority of cases, the work

follows the original plan, which means completion and commissioning towards the

end of 2024. Due to delayed construction works at primarily the roasting

facility, the new production capacity 350 ktonnes will be delayed. The start of

the ramp-up, originally planned for the fourth quarter 2024, will instead start

at the end of the first quarter of 2025 and full production is estimated to be

achieved successively during 2025. The delay results in an additional EUR 100 m

cost increase. Completed facilities will be able to be commissioned, which means

that Odda's production capacity will return to 200 ktonnes from the first

quarter of 2025, from having been limited by electrolysis capacity for a period.

The investments in Odda is estimated to generate EUR 150 m in annual EBITDA,

which is in line with what has been previously communicated. The calculation is

based on Boliden's long-term prices and also corresponds well with today's

market conditions.

Boliden's total investments for 2024 are estimated to be SEK 15.5 billion, which

is in line with previous information given. For 2025 investments are estimated

at SEK 13.5 billion.

In light of the above, a press and analyst conference will be held today,

September 12, at 09:00 CEST, and can be followed via webcast and telephone. The

conference will be led by Boliden's President and CEO Mikael Staffas, and CFO

Håkan Gabrielsson.

To participate in the webcast, please use the link below:

https://boliden.videosync.fi/2024-09-12-1omnwfqbz5

To participate in the telephone conference, please register 5 minutes before the

opening of the conference via the link below. After the registration you will be

provided with phone number and a conference ID to access the conference. If you

wish to ask a question, please dial *5 on your telephone keypad to enter the

queue.

https://service.flikmedia.se/teleconference/?id=100429

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

on our website: https://www.boliden.com

For further information, please contact:

Klas Nilsson

Director Group Communications

+46 70 453 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 contact person above, at 07:00 CEST on

September 12, 2024.

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 6,000 employees and have annual revenues

of approximately SEK 80 billion. The share is listed in the Large Cap segment of

NASDAQ OMX Stockholm.

www.boliden.com