Boliden - Capital/Financing Update 2025

Boliden has completed the acquisition of Somincor (Neves-Corvo) and Zinkgruvan

The acquisition of Somincor and Zinkgruvan is now complete and the companies

will be consolidated into Boliden as of April 16, 2025.

On December 9, 2024, it was announced that Boliden had entered into an agreement

with Lundin Mining to acquire the Somincor copper and zinc mine in Portugal and

the Zinkgruvan zinc mine in Sweden. The cash consideration paid to the seller on

April 16, 2025, amounted to USD 1.40 billion and consisted of a purchase price

of USD 1.30 billion on a debt- and cash free enterprise value basis as of August

31, 2024 (locked-box date), adjusted for interest from the locked-box date and

other customary adjustments. Future contingent payments of up to USD 150 million

are tied to commodity prices and satisfaction of certain conditions as outlined

in the press release dated December 9, 2024. The acquisition will almost double

Boliden's zinc concentrate production and significantly strengthen its copper

concentrate production.

"The acquisition consolidates Boliden's position as the leading base metals

company in Europe. These well-invested operations will contribute to value

creation within Boliden from the outset. Just like our existing mines, we will

also work long-term to create further development opportunities, " says Mikael

Staffas, President and CEO of Boliden.

The acquisition was financed through a bridge loan and a directed share issue

that raised approximately SEK 3.75 billion for Boliden. The bridge loan will be

refinanced through a temporary deviation from Boliden's dividend policy as

proposed to the Annual General Meeting and through medium and long-term debt

financing in line with what has previously been communicated.

For further information, please contact:

Klas Nilsson

Director Group Communications

+46 70453 65 88

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 7,500 employees and have annual revenues

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

NASDAQ Stockholm.

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