Boliden — Capital/Financing Update 2025

Mar 18, 2025

Decision to increase backfill capacity in Garpenberg

Decision to increase backfill capacity in Garpenberg

In Garpenberg, the mine is backfilled with a mixture of tailings and binder,

also known as paste. The aim is to stabilize the rock and maximize ore tonnage,

as well as reduce the need for disposal in the tailings. As a step towards

gradually expanding production at Garpenberg from 3.5 Mtonnes to 4.5 Mtonnes per

year, Boliden has now decided to invest SEK 750 m in a new paste facility.

"Garpenberg is a world-class deposit and the conditions for developing the mine

are better than I have ever experienced before. This is a first step and gives

us flexibility for the future to optimize production both in the short and long

term," says Stefan Romedahl, President Business Area Mines.

In Garpenberg, several years of major exploration successes have meant that

access to both Mineral Reserves and Mineral Resources is very good. Studies have

therefore been underway for some time on how best to develop the operations. As

a first step, a permit application for a production increase to 4.5 Mtonnes has

now been submitted and a decision has been made to replace a worn-out paste

facility in parallel with increased production capacity. The investment amounts

to a total of SEK 750 m and the plant is being built next to the existing one to

minimize production interruptions and additional costs for other infrastructure.

Most of the investment will be completed in 2026.

However, to reach a production rate of 4.5 Mtonnes per year, further efforts are

required, including development of mine production, underground development, ore

transportation infrastructure as well as debottlenecking in the concentrator. If

permission is granted for the production increase, it is therefore estimated

that a gradual increase in production beyond the currently licensed level of 3.5

million tons could take place.

In parallel with the current decisions, concept studies are continuing to

investigate the conditions for further future production increases, which in

that case will be dependent on expansions of mine production, hoisting,

processing and capacity of tailings facilities.

For further information, please contact:

Klas Nilsson

Director Group Communications

+46 70453 65 88

Klas.nilsson@boliden.com

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

NASDAQ Stockholm.

www.boliden.com