Boliden — Earnings Release 2026

Mar 25, 2026

Consequences of abnormal seismic activity at the Garpenberg mine

Consequences of abnormal seismic activity at the Garpenberg mine

The abnormally high seismic activity in Garpenberg has decreased and mining

production at low levels will commence in the second quarter. The first quarter

throughput was just under 0.8 Mton instead of the expected slightly over 0.9

Mton at already communicated grades. All inspections are not yet complete but

production in the most affected part of the mine is not expected to resume in

2026. Until further notice, Garpenberg's production is therefore estimated to be

around 30 percent of the guided capacity of 3.7 Mton per year. For the first

quarter of 2026, EBITDA will be negatively affected by approximately SEK -400

million at today's prices and terms.

Seismic activity in the Garpenberg mine has decreased and inspections of the

mine have largely been carried out but have not yet been completed. These

inspections have shown that a large part of the mine infrastructure, including

crushers, hoist system and workshops, are largely unaffected by the seismic

activity. However, the inspections have also shown that a significant amount of

media such as ventilation, pressure air systems, water management, electrical

infrastructure and backfill paste have been damaged and need to be renovated,

which is estimated to take a few more weeks.

Mining positions in the Garpenberg mine are located in three separate ore

bodies, with the Lappberget ore body being the dominant one. Major damage has

been observed in the upper parts of Lappberget and although inspections in these

areas have not yet been fully carried out for safety reasons, mining in these

parts of the ore body is not expected to be possible in 2026. However, other

mining positions in Lappberget, as well as in the two other ore bodies, are

considered to be largely unaffected and production from these will commence in

the second quarter.

Based on the current situation, an assessment of the annual production in

Garpenberg is associated with great uncertainty. An initial assessment is that

production will commence in the second quarter and initially at approximately

100 ktonnes per month, which is approximately 30 percent of the level before the

abnormally high seismic activity. The assessment is also that an increase in the

second half of the year may occur. Regarding grades, the average grade for zinc

is expected to deteriorate slightly compared to the previously communicated

level, while the reverse applies to the silver grade.

Boliden invites to a press and analyst conference on Thursday, March 26 at 15:00

CET .

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

https://boliden.videosync.fi/2026-03-26

-garpupdat (https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fbol

iden.videosync.fi%2F2026-03-26

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known%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsI

kFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=Vn6ED8YzliroT99QugA5cGwJ2yEPtz

tK98BY8htfvAc%3D&reserved=0)

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=5006627 (https://eur02.safelinks.

protection.outlook.com/?url=https%3A%2F%2Fservice.flikmedia.se%2Fteleconference%2

F%3Fid%3D5006627&data=05%7C02%7CIngrid.Osthols%40ext.boliden.com%7Cd554baa945334f

d01b7208de8aa6aea6%7C496a4ab1caef478f938d6551aca7fb85%7C0%7C0%7C63910064569222929

5%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4

zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=SpM0wpAo7%2F7fs7Eo3lgPud

PthzdiO9TYrS%2FRkaRHclA%3D&reserved=0)

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 22:00 CET on March 25, 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