Boliden — Capital/Financing Update 2026

Mar 18, 2026

Boliden's capital market update: Future-focused investments in Garpenberg and Rönnskär

Boliden's capital market update: Future-focused investments in Garpenberg and Rönnskär

Boliden has decided to invest in a new hoist system at Garpenberg and an

industrial demonstration plant for the production of supplementary cementitious

material at Rönnskär. The investments, which amount to SEK 4 billion and SEK 1.5

billion respectively, will strengthen the earnings capacity of both units and

lay the foundation for exploiting further future opportunities.

"These are two foundational investments. Garpenberg is a world-class deposit,

and the investment we are now making once again demonstrates how confident we

are that we will be able to build on the already significant value creation at

the mine. In Rönnskär, we are taking an important step towards waste-free

smelter production through proprietary technology. Here too, we see significant

potential and enhanced value creation, together with a lower climate footprint,

says Mikael Staffas, President and CEO.

In Garpenberg, many years of successful exploration have resulted in very large

Mineral Resources and Reserves. To capitalize on these successes, Boliden has

decided to invest in a hoist system near where a large part of the new

mineralization has been identified. The investment of SEK 4 billion is expected

to be carried out mainly during 2028-2029. Once operational, the new hoist will

enable production rates of 4.5 Mtonnes per year to continue beyond 2030 and the

new mineralisations to be mined with high productivity. In addition, the

investment will also create greater flexibility in the production. Boliden has

obtained an environmental permit to produce 4.5 Mtonnes per year in Garpenberg,

but this has been appealed. In parallell, work is continuing to identify the

best possible production rate in Garpenberg based on the deposits that have been

identified. The investment in a new hoist system, like the previously decided

investment in a new paste plant, is also part of such a potential future

expansion. Exploration efforts in the area are continuing, partly with the aim

of identifying additional Mineral Resources and partly with the aim of

increasing the amount of Mineral Reserves.

In recent years, Boliden has explored the commercial conditions and applied for

and been granted  patent for a supplimentary cementitious material, SCMentum,

based on residual material from smelting processes. An investment decision of

SEK 1.5 billion has now been made to build an industrial demonstration plant at

Rönnskär. The investment, which will be carried out evenly between 2026 and

2028, will result in a production capacity of 280 ktonnes per year. At full

production and based on conservative price assumptions, SCMentum will meet

Boliden´s IRR requirement. The SCMentum product will be produced with less than

five percent of the carbon dioxide emissions compared to traditional cement.

The above investments will be presented in more detail in connection with

Boliden's capital market update. In addition, information will be provided on

the ongoing ramp-up of production at the Odda zinc smelter, as well as

investment projects in both a new tankhouse at Rönnskär and sand recycling in

the Boliden Area.

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 at 07:30 CET on March 18, 2026.

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