Boliden — Interim / Quarterly Report 2021

Apr 27, 2021

		Quarter		12 months	Full year
SEK m	1-2021	1-2020	4-2020	Apr-Mar	2020
Revenues	17.083	13.210	16.170	60.195	56.321
Operating profit ex. revaluation of process
inventory	2,449	1,504	3.043	9,383	8,438
Operating profit	2,779	1,435	3,077	10,280	8,935
Profit after financial items	2,719	1,369	3.013	10,018	8,668
Net profit	2,178	1.067	2.353	7,911	6,801
Earnings per share, SEK	7.96	3.90	8.60	28.92	24.86
Free cash flow	2.165	-845	2.750	7,968	4,957
Net debt.	132	6.534	2,236	132	2.236
Return on capital employed, %				19.8	17.2
Return on equity, %				17.9	15.8
Net debt/equity ratio, %	0	15	5	O	5

• Operating profit excluding revaluation of process inventory totaled SEK 2,449 m (1,504).
• Free cash flow was SEK 2,165 m (-845).
• Higher metal prices, but lower treatment charges.
• Production disruptions in Mines.
• Stable production in Smelters.

Boliden Low Carbon Copper

Revenues increased to SEK 17,083 m (13,210).

		Quarter
SEK m	1-2021	1-2020	4-2020
Operating profit	2.779	1.435	3,077
Revaluation of process inventory	330	-69	34
Operating profit ex. revaluation of process inventory	2,449	1,504	3,043
Change		945	-594
Analysis of change
Volumes		108	-1.464
Prices and terms		aeo	478
Metal prices		1,959	575
By-product prices		-22	23
TC/RC terms		-20	-62
Metal premiums		-38	19
Exchange rate effects		-919	-77
Costs (local currencies)		-40	167
Depreciation		-89	275
Other		6	-50
Change		945	-594

	Quarter
SEK m	1-2021	1-2020	4-2020
Mines	1.631	318	1.858
Smelters	949	1,117	1.109
Other / eliminations	-131	69	76
The Group	2,449	1.504	3.043

Operating profit excluding revaluation of process inventory totaled SEK 2,449 m (1,504). The improvement in earnings is mainly due to higher metal prices, partly offset by a weaker USD. Lower milled volumes in Mines resulting from production disruptions had a negative effect compared to the previous quarter.

Operating profit excluding revaluation of process inventory was SEK 594 m lower than the previous quarter. Volumes were affected negatively by lower milled volumes and grades in Mines. Production disruptions and breakdowns in Tara and Aitik affected operating profit by SEK -300 m. However, higher metal prices and lower costs had a positive effect on profit. The fourth quarter of 2020 included an impact on earnings of SEK +47 m as a result of an insurance compensation received for a breakdown in the nickel line in Harjavalta during 2019. Depreciations were lower as a result of lower production of metal in concentrate.

Profit after financial items totaled SEK 2,719 m (1,369). Net profit was SEK 2,178 m (1,067), corresponding to earnings per share of SEK 7.96 (3.90). Return on capital employed and equity for the past 12 months were 19.8 and 17.9% respectively.

Investments totaled SEK 1.1 billion (1.8). For 2021, total investments are estimated at just over SEK 7 billion, which is in line with the estimate previously announced. Included are maintenance investments, like mine development, waste rock mining, ongoing dam raising and replacement investments, which are estimated to total SEK 4.5 billion in 2021.

	Quarter
SEK m	1-2021	1-2020	4-2020
Cash flow from operating activities before change in
working capital	3.364	2.260	4.051
Change in working capital	-122	-1.284	397
Cash flow from operating activities	3.242	976	4.448
Cash flow from investment activities	-1.076	-1.821	-1.698
Free cash flow	2,165	-845	2.750

Free cash flow increased to SEK 2,165 m (-845) mainly due to the higher earnings.

Net financial items totaled SEK -60 m (-65). Average interest on loans was 1.6% (1.1).

Net debt/equity ratio at the end of the quarter was 0.3% (15.1). Net debt was SEK 132 m (6,534). In addition, net reclamation liability totaled SEK 2,289 m (2,280).

The average term of approved loan facilities was 3.3 years (3.3), and the fixed interest term on unutilized loans was 2.9 years (1.4). At the end of the quarter, Boliden's current liquidity, in the form of cash and cash equivalents and unutilized binding credit facilities with a term of more than one year, totaled SEK 15,042 m (6,769).

Increased optimism in the market resulted in continued price rises for Boliden's main metals. The average price for copper was the highest since the third quarter of 2011, and for nickel the equivalent price was the highest since the third quarter of 2014. However, the price increases for zinc and lead were not as significant. The gold price fell slightly while other precious metal prices rose.

	Quarter
	1-2021	1-2020	4-2020
Zinc, USD/tonne	2.750	2.128	2,628
Copper, USD/tonne	8.504	5.637	7,166
Nickel, USD/tonne	17.570	12.723	15,930
Lead, USD/tonne	2.018	1,847	1.901
Gold, USD/troz	1,798	1.584	1,876
Silver, USD/troz	26.3	16.9	24.4
USD /SEK	8.40	9.67	8.63
EUR/SEK	10.12	10.66	10.28

Global demand for zinc rose by just over 10% compared to the first quarter last year. Demand from China, which accounts for about half of global zinc consumption, increased the most and rose by almost 20%. In Europe and the USA, demand was roughly unchanged compared to last year.

The Chinese smelting industry's output was seasonally lower than the previous quarter but higher than the first quarter last year.

Global mine production was just over 7% higher than in the first quarter last year. The concentrate market was in deficit despite the increased production rate. Treatment charges on the spot market in China fell in March to USD 67 per tonne concentrate on average, which is the lowest level since 2018.

At the beginning of the second quarter, the 2021 benchmark level for treatment charges was set at USD 159 (299.75) per tonne concentrate without a link to the zinc price, which marks a clear decline following two years with rising treatment charges. The relatively favorable conditions for the mining industry reflect a limited supply of concentrate in the market.

Global demand for copper increased by 15% compared to the first quarter last year. Like zinc, Chinese demand accounted for the majority of the increase, while demand in the rest of the world remained largely unchanged.

Smelter production in China increased by 17% compared to last year, but declined slightly in the rest of the world. In all, production increased by just under 4% globally. Mine production of concentrates increased by just over 5%. However, the availability of concentrates was limited, partly as a result of logistics problems in South America. This resulted in increased competition leading to price pressure on treatment charges, which was lower than in benchmark annual contracts.

Global demand for nickel is estimated to have increased by just over 16% compared to the first quarter last year. Production capacity continues to expand, mainly in Indonesia.

Nickel was temporarily traded above USD 20,000/ tonne in February. However, the price fell after the news that an actor in Asia intends to convert major volumes of Nickel Pig Iron into nickel in matte to meet the sharply rising demand from the electric vehicle industry.

Global demand for lead was higher than during the first quarter of 2020. Despite this, the market continued to be in surplus, which was reflected by weaker price development compared to other base metals.

Interest in gold declined during the quarter as hopes of increased global growth increased. The palladium price increased as supply was limited due to operational disruptions in nickel mines where palladium is extracted as bimetal. Stricter standards in China to reduce nitrogen oxide emissions contributed to increased demand for rhodium.

The price of sulphuric acid rose during the quarter. The most important driving force was the limited supply of sulphuric acid exports from Asian smelters. Larger smelters in Japan and South Korea were out of production due to maintenance shutdowns, while demand in Europe was at a good level. European sulphuric acid prices also rose during the quarter but were still at a lower level than last year.

Boliden has five mining areas – Aitik, Boliden Area, Garpenberg, Kevitsa and Tara. The Business Area includes exploration and mine development, mining operations, reclamation and the treatment of closed mines.

• Increased metal prices and lower treatment charges
• High short-term absence and production problems in Aitik and Tara
• Operating profit was SEK 1,631 m (318)

	Quarter
SEK m	1-2021	1-2020	4-2020
Revenues	4,727	3,416	5,606
Gross profit	4.834	3.563	5,540
Operating expenses	2.232	2.304	2.345
Depreciation	1.004	аза	1,278
Operating profit	1,631	318	1.858
Investments	778	1.442	1.050
Capital employed	29.040	30.027	29.009

	Quarter
SEK m	1-2021	1-2020	4-2020
Operating profit	1,631	318	1,858
Change		1,313	-227
Analysis of change
Volumes		-36	-1,034
Prices and terms		1,401	467
Metal prices		1,833	239
TC/RC terms		143	133
Exchange rate effects		-576	95
Costs (local currencies)		25	92
Depreciation		-82	263
Other		5	-14
Change		1,313	-227

Operating profit increased to SEK 1,631 m (318). The improvement in earnings is due to higher metal prices. Higher volumes in Garpenberg and Kevitsa did not compensate for production problems in Aitik and Tara and for the loss of volume from Kylylahti, which was mined for the last time last year. The production problems in Aitik and Tara affected operating profit in the amount of SEK -300 m. However, Tara was also negatively affected by production problems during the first quarter last year and a Covid-19 related shutdown.

Operating profit was lower than the previous quarter as a result of the above-mentioned production problems, lower grades and the loss of Kylylahti. Higher metal prices and lower costs had a positive effect on profit. Depreciations were lower as a result of lower production of metal in concentrate.

	Quarter
	1-2021	1-2020	0/0	4-2020	%
Zinc, tonnes	67.554	63.567	ട്	71.896	-6
Copper, tonnes	24.455	29.059	-16	33.745	-28
Nickel, tonnes	2.974	2,635	13	3,700	-20
Lead, tonnes	13.855	12.540	10	13.950	-1
Gold, kg	1.394	1.654	-16	2.242	-38
Silver, kg	92,327	80.256	15	96.524	-4
ITEMSON CONSULTION AND INCOLOR OF COOR POSTED OF COLOR OF TOUNG ON POUNDS ON PORCE ORD

Produced metal in concentrate was lower than the previous quarter, but with the exception of copper and gold slightly higher than in the first quarter of 2020. Increased short-term absence resulting from the Covid-19 pandemic and production problems, primarily in Aitik and Tara, had a negative effect. The produced volume of copper in concentrate decreased on an annual basis as lower milled volumes in Aitik and the loss of Kylylahti were only partially compensated by higher milled volumes in Kevitsa. The production of zinc in concentrate did not reach the previous quarter's level. Higher production in Garpenberg could not fully compensate for production problems in the other zinc mines. The production of nickel in concentrate rose compared to last year as a result of both higher milled volume and higher grades in Kevitsa. However, it fell compared to the previous quarter. Production of gold in concentrate decreased sharply compared to the previous quarter due to lower grades and milled volumes. The production of silver in concentrate rose on an annual basis as a result of higher milled volumes and higher grades in Garpenberg.

Aitik's milled volume decreased compared to both the previous quarter and last year. Hydraulic problems in one of the two primary crushers in the concentrator caused an unscheduled production shutdown. The shutdown lasted about three weeks during the first quarter and just short of one week in April. High short-term absence related to Covid-19 also had a negative effect. Total production lost during the first quarter is estimated to just over 2 Mtonnes of milled volume. The copper grade was 0.22% (0.23). The production of gold in concentrate decreased as the slightly higher gold grade of 0.12 g/ tonne (0.10) did not fully compensate for lower milled volumes. The average copper grade in 2021 is expected to reach 0.21% and gold grades 0.11 g/ tonne, which is in line with what has previously been communicated.

The Boliden Area's milled volume was lower than in both the previous quarter and the first quarter last year. Challenges with unstable rock in both Kankberg and Renström had a negative effect. Changed mining plans also led to lower grades.

Garpenberg's milled volume reached a new record level. The zinc grade during the first quarter was 3.8% (3.9), and the silver grade was 118 g/tonne (103). The average zinc grade in 2021 is anticipated to reach 3.8% and silver grades 110 g/ tonne, which is in line with what has previously been communicated.

Tara's milled volume was lower than the previous quarter but higher than the first quarter last year which was affected by an extensive breakdown. A breakdown in the ore hoist and a seismic event related to mine production had a negative effect in the quarter. A slightly higher zinc grade, 5.7% (5.5), compensated and the production of zinc in concentrate increased on an annual basis but was nevertheless lower than the previous quarter.

Kevitsa's milled volume in the quarter increased 13% compared to the previous year following the completion of an investment program. However, it was lower than the previous quarter due to a shorter shutdown in the concentrator after a technical fault in the primary crusher. Mobile crushers were used, which partially compensated for the loss of production. Combined with lower grades, the shutdown caused the production of copper and nickel in concentrate to decrease compared to the previous quarter. The copper grade was 0.28% (0.30), and the nickel grade was 0.19% (0.17).

Boliden has five smelters: the Kokkola and Odda zinc smelters, the Rönnskär copper and lead smelter, the Harjavalta copper and nickel smelter, and the Bergsöe lead smelter.

• Higher metal prices but lower treatment charges
• Stable production
• Operating profit excluding revaluation of process inventory decreased to SEK 949 m (1,117)

	Quarter
SEK m	1-2021	1-2020	4-2020
Revenues	16.912	13.128	15.880
Gross profit ex. revaluation of process inventory	2.966	3.113	3.186
Operating expenses	1,732	1.709	1.790
Depreciation	311	315	326
Operating profit ex. revaluation of process inventory	949	1.117	1.109
Operating profit	1.279	1.048	1.143
Investments	307	371	646
Capital employed	22.786	22.560	21.977

	Quarter
SEK m	1-2021	1-2020	4-2020
Operating profit	1,279	1,048	1,143
Revaluation of process inventory	330	-69	34
Operating profit ex. revaluation of process inventory	949	1,117	1,109
Change		-168	-160
Analysis of change
Volumes		24	-281
Prices and terms		-117	04
Metal prices		386	162
By-product prices		-22	23
TC/RC terms		-103	-135
Metal premiums		-38	19
Exchange rate effects		-339	26
Costs (local currencies)		-72	51
Depreciation		-5	14
Other		2	-39
Change		-168	-160

Operating profit excluding revaluation of process inventory decreased to SEK 949 m (1,117). Overall, prices and terms had a negative effect as higher metal prices did not fully compensate for a weaker USD and lower treatment charges. Around half of the zinc concentrate feed during the quarter was priced at the 2021 benchmark level. Volumes were largely unchanged but costs rose slightly.

Operating profit excluding revaluation of process inventory declined compared to the previous quarter, mainly as a result of lower volumes. However, prices and terms were overall slightly better than the previous quarter. Costs fell primarily because the previous quarter included planned maintenance shutdowns. The fourth quarter of 2020 included an impact on earnings of SEK +47 m as a result of an insurance compensation received for the breakdown in the nickel line in Harjavalta 2019.

	Quarter
	1-2021	1-2020	0/0	4-2020	0/0
Zinc, tonnes	121.953	127.296	-4	126.730	-4
Copper, tonnes	96.762	95.243	ു	91.787	5
Lead. tonnes	19.963	21.131	-6	21.201	-6
Nickel in matte, tonnes	6,002	7.124	-16	6.733	-11
Gold, kg	5.510	4.051	36	5.699	-3
Silver, kg	146.205	154.440	-5	144.140	1
Sulphuric acid, tonnes	453.243	428.017	ട	449.985	1

Overall, base metal production showed small variations compared with both the previous quarter and last year. However, gold production increased considerably compared with last year thanks to a stable production process combined with higher grades in input material. However, it did not quite reach the previous quarter's record level. The production of nickel in matte was negatively affected by low energy content in Harjavalta's incoming concentrate.

Rönnskär's copper and precious metal production was slightly lower than both the previous quarter and last year. Concentrate feed was affected by lower deliveries from Aitik. Secondary feed was affected by a continued shortage of supply of electronic secondary raw materials; however, this enabled a higher lead concentrate feed. Higher feed from process inventory resulted in high free metals.

Harjavalta noted yet another strong production quarter. The production of both copper and gold reached new quarterly records. However, the production of nickel in matte decreased compared to both the previous quarter and last year. Low energy content in incoming concentrates, which led to a need to add pyrite, had a negative effect. Precious metal production was positively affected by higher grades in input materials and a stable production process. Sulphuric acid production increased on an annual basis but did not reach the previous quarter's level.

Kokkola's zinc production was slightly higher than the previous quarter's but lower than last year. The production of silver in concentrate was positively affected by higher input grades and higher recovery in the silver process.

Odda's zinc production decreased slightly compared to both the previous quarter and last year.

Bergsöe's production was somewhat lower than in the previous quarter and last year due to certain disruptions in the production process.

No planned maintenance shutdowns were carried out during the quarter, which was also the case last year. Maintenance shutdowns in the smelters during 2021 will have an estimated impact on operating profit of SEK -500 m (-345), of which SEK -30 m (-25) in the second quarter, SEK -320 m (-220) in the third quarter and SEK -150 m (-100) in the fourth quarter.

₂

The average number of employees (full-time equivalents) was 6,101 (6,078). The accident frequency for Boliden's own employees and contractors was higher than the previous quarter but on par with the corresponding quarter last year. Boliden works on the development of proactive risk management and increased involvement in occupational health & safety issues to improve safety for both employees and contractors.

Boliden follows government guidelines in the countries concerned in respect of the Covid-19 pandemic, and is actively engaged in protecting health and reducing the spread of infection and worry among its employees. Among other things, this takes place as part of our established systematic occupational health & safety efforts in all units. There is constant collaboration between the Group's occupational health and personnel departments aimed at jointly providing the best possible support for physical and psycho-social health during the prevailing circumstances. Preventive measures are communicated and introduced in close collaboration with the Group, business area managements and union representatives. Special measures have been taken to reduce the risk of spreading Covid-19 during planned maintenance shutdowns.

The Covid-19 pandemic continued to cause higher levels of sick leave. However, the level was lower than the previous quarter but higher than last year.

Carbon dioxide intensity was higher than both the previous quarter and last year. A higher proportion of fossil fuel was temporarily required in Rönnskär as a result of short-term production disruptions in connection with cold weather. An increase in low-grade ore production also had an effect. There are constant efforts to reduce carbon dioxide emissions under Boliden's climate program. Sulphur dioxide emissions were stable during the quarter. Initiatives to reduce sulphur dioxide emissions are in progress.

No serious environmental incidents occurred during the quarter.

₂

The Parent Company Boliden AB conducts limited operations and is in a tax arrangement with Boliden Mineral AB; Boliden AB has one employee who is compensated by Boliden Mineral AB. The Income Statement and Balance Sheet for the Parent Company are presented on page 17.

In the beginning of March 2021, Boliden was granted membership in the International Council on Mining and Metals (ICMM). The organization, which comprises 28 companies in 35 countries, seeks to improve safe, fair and sustainable development performance in the mining and metals industry worldwide. By becoming a member, Boliden undertakes to comply with ICMM principles and guidelines.

Significant risks and uncertainty factors for the Group and the Parent Company include market and external risks, financial risks, operational and commercial risks, and legal risks. The global economic climate in general and global industrial production in particular, affects demand for zinc, copper, and other base metals. For further information about risks and risk management, we refer to Boliden's Annual and Sustainability report for 2020: Risk Management, on pages 54 to 57.

During the quarter, Boliden worked to minimize the spread of infection to protect the health of employees and contractors. However, Covid-19 has led to an increase in the sick leave rate, logistical disruptions and challenges in raw materials supply.

While the company is planning for normal business operations during future quarters, elevated risks linked to the effects of Covid-19 remain. As of the second quarter of 2021, upcoming maintenance shutdowns constitute a particular hazard in this respect. In cases where Covid-19 has affected risk assessment, this is made clear in the respective sections of the interim report.

The Consolidated Accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) approved by the EU, and with the Swedish Financial Reporting Board recommendation, RFR1, complementary accounting rules for Groups, which specifies the supplementary information required in addition to IFRS standards, pursuant to the provisions of the Swedish Annual Accounts Act. This Interim Report for the Group has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act, and for the Parent Company in accordance with the Swedish Annual Accounts Act. The accounting principles and calculation methods have remained unchanged from those applied in the 2020 Annual and Sustainability Report.

For a number of years, Boliden has presented certain financial metrics in interim reports that are not defined under IFRS, and it considers these metrics to provide valuable supplementary information as they more clearly evaluate the company's performance. Not all companies calculate financial metrics in the same way, so the metrics used by Boliden are not always comparable with those used by other companies, and these metrics should, therefore, not be regarded as a replacement for metrics defined in accordance with IFRS. The financial metrics that Boliden uses and which are not defined in accordance with IFRS regulations are: Operating profit (EBIT) excluding revaluation of process inventory, Operating profit (EBIT), Free cash flow, Net debt, Return on capital employed, Return on Equity, Net debt/Equity ratio, Equity/Assets ratio and Net reclamation liability. For definitions, explanations and calculations of the financial metrics used by Boliden, see www.boliden.com.

The undersigned hereby affirm that this Interim Report provides a true and fair overview of the Parent Company's and Group's operations, positions and performance,

and describes the material risks and uncertainty factors faced by the Parent Company and the companies that make up the Group.

Stockholm, April 27, 2021

-

• July 22, 2021 Interim Report for the second quarter of 2021
• October 22, 2021 Interim Report for the third quarter of 2021
• February 11, 2022 Interim Report for the fourth quarter and year-end 2021

Boliden's new values: Care, Courage and Responsibility

A story about CARE: Major safety improvement and significant environmental benefits when Kokkola invests in safe shipping

The Kokkola smelter on the west coast of Finland is Europe's second biggest zinc producer. When extracting the zinc from concentrate, sodium hydroxide is needed to control the pH value in the different process phases. Until recently sodium hydroxide was hauled to Kokkola by truck, which meant about 500 truckloads per year. Previously, the trucks had to drive into a confined area in the smelter, something that was both a safety hazard and an environmental issue. 'In the end, the problem was simple and easy to solve. We've switched all transportation from trucks to ships. Today, we have 4 or 5 shiploads a year instead of 500 truckloads,' says Mathias Ukskoski, Head of Sourcing, Boliden Smelters.

'We've built a pipeline straight from the port to the cleaning and leaching department about 500 meters away. This is a huge improvement in terms of safety. The pipeline delivers the sodium hydroxide straight to the right place and removes the hazards involved in having trucks negotiate all the twists and turns in a confined area where there are lots of people. There are also significant environmental benefits. And another positive outcome from the change is the money Kokkola saves by using this method. The investment will pay for itself quickly, and Kokkola will no longer be dependent on a single supplier. 'This makes us less vulnerable, as previously only one supplier was able to deliver sodium hydroxide via truck. Now we work with multiple suppliers, and we have much better chances of negotiating good prices.'

Photo: Mathias Ukskoski, Head of Sourcing, Boliden Smelters

Consolidated Income Statements

		Quarter		12 months	Full year
SEK m	1-2021	1-2020	4-2020	Apr-Mar	2020
Revenues	17,083	13,210	16,170	60,195	56,321
Cost of goods sold	-13,881	-11,304	-12,544	-48,092	-45,516
Gross profit	3,203	1,906	3,626	12,102	10,805
Selling expenses	-122	-131	-146	-495	-505
Administrative expenses	-148	-184	-193	-639	-675
Research and development costs	-218	-182	-195	-785	-749
Other operating income and expenses	66	27	-16	97	59
Results from participations in associated companies	-1	0	0	0	O
Operating profit	2,779	1,435	3,077	10,280	8,935
Financial income	0	0	2	3	3
Financial expenses	-60	-66	-65	-265	-270
Profit after financial items	2,719	1,369	3,013	10,018	8,668
Tax	-542	-302	-660	-2,106	-1,867
Net profit	2,178	1,067	2,353	7,911	6,801
Net profit attributable to:
Owners of the Parent Company	2,177	1,067	2,352	7,909	6,799
Non-controlling interests	1	O	1	3	2

Earnings and Equity per share

		Quarter		12 months	Full year
SEK m	1-2021	1-2020	4-2020	Apr-Mar	2020
Earnings per share 1, SEK	7.96	3.90	8.60	28.92	24.86
Ordinary dividend per share 2, SEK					8.25
Redemption per share 2, SEK					6.00
Equity per share 3, SEK	176.35	158.28	166.81	176.35	166.81
Number of shares		273,511,169 273,511,169 273,511,169		273,511,169	273.511.169
Average number of shares			273,511,169 273,511,169 273,511,169	273,511,169	273,511,169
Number of own shares held

1 As no potential shares exist, there is no dilution effect.
2 The amount for 2020 refers to the proposed dividend and redemption.
3 Equity divided by the number of shares.

Key ratios – The Group

		Quarter		12 months	Full year
SEK m	1-2021	1-2020	4-2020	Apr-Mar	2020
Return on capital employed 1, %				19.8	17.2
Heturn on equity 2, %				17.9	15.8
Equity/assets ratio, %	64	63	63	64	63
Net debt/equity ratio 3, %	O	15	ട്	O	ട്
Net reclamation liability 4, SEK m	2.289	2,280	2.205	2.289	2,205
Net debt, SEK m	132	6.534	2.236	132	2.236

1 Operating profit divided by average capital employed.

2 Profit after tax divided by average equity.

3 Net of interest-bearing provisions and liabilities less financial assets including cash and cash equivalents divided by equity.

4 Reclamation liability less capitalized reclamation costs.

Consolidated Statements of The Group

		Quarter		12 months	Full year
SEK m	1-2021	1-2020	4-2020	Apr-Mar	2020
Profit for the period	2,178	1,067	2,353	7,911	6,801
Other comprehensive income
Items that will be reclassified to the Income Statement
Change in market value of derivative instruments	7	20	0	-89	-76
Fiscal effect on derivative instruments	-1	-4	-1	19	16
Transfers to the Income Statement	2	0	2	4	כח
Tax on transfers to the Income Statement	0	0	O	-1	0
Sum cash flow hedging	7	16	O	-67	-58
The period's translation difference on overseas operations	458	854	-815	-1,206	-810
Profit on hedging of net investments in overseas operations	-42	-94	116	319	267
Tax on the period's profit from hedging instruments	9	20	-24	-69	-57
Sum translation exposure	424	780	-724	-956	-600
Total items that will be reclassified	432	796	-7 23	-1,024	-659
Items that will not be reclassified to the Income Statement
Revaluation of defined benefit pension plans			-36	-36	-36
Tax attributable to items that will not be reversed to the Income Statement			8	8	8
Total items that will not be reclassified			-28	-28	-28
Total other comprehensive income	4892	796	-751	-1,052	-687
Total comprehensive income for the period	2,609	1,864	1,602	6,860	6,115
Total comprehensive income for the period attributable to:
Owners of the Parent Company	2,608	1,864	1,601	6,857	6,112
Non-controlling interests	1	0	1	3	2

Consolidated Balance Sheets

	31 Mar	31 Mar	31 Dec
SEK m	2021	2020	2020
Intangible assets	3 597	3 656	3 506
Property, plant and equipment	43 772	45 569	43 605
Participations in associated companies	9	10	9
Other shares and participations	6	5	റ
Deferred tax assets	93	122	94
Derivative instruments	7	12	6
Non-current receivables	421	139	425
Total non-current assets	47 904	49 513	47 650
Inventories	14 905	13 758	14 238
Trade and other receivables	3 398	2 303	3 631
Tax receivables	48	446	242
Derivative instruments	108	53	137
Other current receivables	1 272	1 550	1 533
Cash and cash equivalents	7 211	852	5 060
Total current assets	26 942	18 962	24 842
Total assets	74 847	68 475	72 492
Equity	48 246	43 303	45 638
Pension provisions	1 165	1 119	1 159
Other provisions	4 936	5 010	4 880
Deferred tax liabilities	3 351	3 219	3 296
Liability to credit institutions	5 994	3 346	5 951
Other interest-bearing liabilities	141	238	153
Derivative instruments	10		17
Total non-current liabilities	15 596	12 931	15 456
Liability to credit institutions	0	2 617	0
Other interest-bearing liabilities	52	86	50
Trade and other payables	7 457	5 898	6 607
Other provisions	254	182	254
Current tax liabilities	120	112	173
Derivative instruments	218	409	37
Other current liabilities	2 903	2 937	4 277
Total current liabilities	11 005	12 242	11 398
Total equity and liabilities	74 847	68 475	72 492

Cons. Statements of Shareholder Equity

	37 Mar	31 Mar	31 Dec
SEK m	2021	2020	2020
Opening balance	45,638	41,440	41.440
Total comprehensive income for the period	2.609	1.864	6,115
Dividend			-1.915
Dividend to non-controlling interests	-1		-1
Closing balance	48,246	43,303	45.638
Total equity attributable to:
Owners of the Parent Company	48.233	43.290	45.625
Non-controlling interests	12	12	13

As of March 31, 2021, the hedge reserve after tax effect totaled SEK -4 m (63).

Consolidated Statements of Cash Flow

		Quarter	12 months	Full year
SEK m	1-2021	1-2020	4-2020	Apr-Mar	2020
Operating activities
Profit after financial items	2,719	1,369	3,013	10,018	8,668
Adjustments for items not included in the cash flow:
- Depreciation, amortisation and write-down of assets	1,330	1,258	1,598	5,765	5,693
- Provisions	4	8	0	9	15
- Revaluation of process inventory	-330	ട്ടു	-34	-896	-497
- Other	-1	-35	32	69	35
Tax paid/received	-359	-409	-558	-1,558	-1,608
Cash flow from operating activities before changes in working
capital	3,364	2,260	4,051	13,406	12,303
Cash flow from changes in working capital	-122	-1,284	397	114	-1,048
Cash flow from operating activities	3,242	976	4,448	13,520	11,255
Investment activities
- Acquisition of intangible assets	-11	-6	-27	-48	-43
- Acquisition of property, plant and equipment	-1,075	-1,818	-1,670	-5,513	-6,256
- Disposal of property, plant and equipment	0	0	0	0	O
- Acquisition/disposal of financial assets	10	3	-1	9	2
Cash flow from investment activities	-1,076	-1,821	-1,698	-5,552	-6,297
Cash flow before financing activities (free cash flow)	2,165	-845	2,750	7,968	4,957
Dividend				-1,915	-1,915
Loans raised		800		7,376	8,176
Amortisation of loans	-14	-479	-318	-7,067	-7,533
Cash flow from financing activities	-14	321	-318	-1,606	-1,271
Cash flow for the period	2,152	-524	2,432	6,362	3,686
Cash and cash equivalents at the beginning of the period	5,060	1,373	2,627	352	1,373
Exchange rate difference on cash and cash equivalents	0	3	O	-3	O
Cash and cash equivalents at period-end	7,211	852	5,060	7,211	5,060

Income Statements - the Parent Company

	Quarter		12 months	Full year
SEK m	1-2021	1-2020	Apr-Mar	2020
Revenues	101	1	101	I
Administrative expenses	-112	-	-112	I
Operating profit	-11	-	-11
Tax
Profit for the period	-11	l	-11	ı

The Parent Company, Boliden AB, conducts limited operations, is in a tax agreement with Boliden Mineral AB, and has one employee who is compensated by Boliden Mineral AB. Boliden AB had no sums to report under Other Comprehensive Income for 2021.

Balance Sheets- the Parent Company

	31 Mar	31 Mar	31 Dec
SEK m	2021	2020	2020
Participations in subsidiaries	3,911	3,911	3,911
Non-current financial receivables, subsidiaries	12,883	14,799	12,884
Current financial receivables, subsidiaries	104	1,648
Total assets	16,898	20,358	16,796
Equity	16,034	17,960	16,046
Non-current liabilities to credit institutions	750	750	750
Current liabilities to credit institutions		1,648
Current liabilities, subsidiaries	114
Total liabilities and equity	16,898	20,358	16,796

Financial assets and liabilities

31 Mar 2021, SEK m	Reported value	Fair value
Other shares and participations	6	ട
Trade and other receivables	3,398	3,398
Derivative instruments	115	115
Cash and cash equivalents	7,211	7,211
Total assets	10,730	10,730
Liabilities to credit institutions	5,994	6,001
Trade and other payables	7,457	7,457
Derivative instruments	228	228
Total liabilities	13.679	13,686
31 Mar 2020, SEK m	Reported value	Fair value
Other shares and participations	5	5
Trade and other receivables	2,303	2,303
Derivative instruments	65	65
Cash and cash equivalents	852	855
Total assets	3,225	3,225
Liabilities to credit institutions	5,963	5,967
Trade and other payables	5,898	5,898
Derivative instruments	409	409

The fair value of derivatives is based on bid and ask prices listed on the closing date and by discounting estimated cash flows. Market prices for metals are taken from locations where metal derivatives are traded, i.e. the London Metal Exchange (LME) and the London Bullion Market Association (LBMA). Discount rates are based on current market rates per currency and time to maturity for the financial instrument. Exchange rates are obtained from the Riksbank (Swedish Central Bank). When presenting the fair value of liabilities to credit institutions, the fair value is calculated as discounted agreed amortizations and interest payments at estimated market interest margins. As of March 31, 2021, the interest terms of current loan agreements were adjudged to be on par with market rates in the credit market.

Thus in essence, fair value corresponds to the carrying amount.

The carrying amounts of trade receivables and payables are considered to be the same as their fair value due to their short time to maturity, the fact that provisions are made for doubtful trade receivables, and that any penalty interest will be invoiced. Boliden's financial instrument holdings, which are reported at fair value in the balance sheet, are all classified as level 2 items in the fair-value hierarchy, with the exception of a small amount of level 3 holdings in other shares and participations. See also under Accounting Principles in the Annual and Sustainability Report.

The sale of metal concentrates, metals, intermediate products and by-products is recognized upon delivery to the customer in accordance with the terms and conditions of sale, i.e. revenue is recognized when control passes to the purchaser.

The Group's metal concentrates are invoiced provisionally upon delivery. Definitive invoicing takes place when all relevant parameters have been determined (concentrate, quantity, metal content, impurity content and metal price for the agreed price setting period, which is usually the average price on the LME in the month following delivery).

Customers are invoiced for the Group's metals and metal products upon delivery. The Group eliminates price risks associated with sales and purchases by hedging the difference between purchased and sold quantities on a daily basis.

Customers are invoiced for by-products when control is transferred, which takes place upon delivery.

	Quarter
		Mines Smelters			Other		The Group
SEK m	1-2021	1-2020	1-2021	1-2020	1-2021	1-2020	1-2021	1-2020
Finished metals			14,080	11,068			14,080	11,068
Metal in concentrate	156	65	O				156	65
Intermediates			2,562	1,758	I		2,562	1,758
By-products	0	-	241	273		1	241	273
Other sales	1	0	43	49	0	-2	45	47
Total external revenues	157	65	16,927	13,147	O	-2	17,083	13,210
Internal revenues	4,570	3.351	-15	-18	123	52
Total revenues per segment	4,727	3,416	16,912	13,128	123	51	17,083	13,210

The table below presents an estimate of how changes in market terms will affect the Group's operating profit over the next 12 months. The calculation is based on listings on March 31, 2021 and on Boliden's planned production volumes. The sensitivity analysis does not take into account the effects of metal price hedging, currency hedging, contracted treatment charges, or the revaluation of process inventory in Smelters.

Change in metal prices, +10%	Effect on operating profit, SEK m	Change in TC/RC,+10%	Effect on operating profit, SEK m	Change in USD, +10%	Effect on operating profit, SEK m
Copper	850	TC/RC Copper	50	USD /SEK	1,850
Zinc	820	TC Zinc	45	EUR/USD	1,220
Gold	340	TC Lead	-10	USD /NOK	120
Silver	260
Nickel	230
l ead	135
Palladium	125
Platinum	45

The table below shows a weighted index of the prices, terms and currencies that have the greatest impact on Boliden's profits, together with a weighted currency index and a weighted metal price and treatment charge index. Currencies and metal prices have often displayed a negative correlation that has had an equalizing effect on the Boliden-weighted index and on Boliden's earnings.

Quarterly data per segment

SEK m	2-2019	3-2019	4-2019	1-2020	2-2020	3-2020	4-2020	1-2021
THE GROUP
Revenues	12,747	11,170	12,972	13,210	13,391	13,550	16,170	17,083
Operating expenses	4,226	3,895	3,998	4,035	4,142	3,850	4,181	3,986
Depreciation	1,210	1,276	ાં 'રાપત	1,258	1,415	1,411	1,608	1,350
Operating profit ex. revaluation of process inventory	1,631	1,635	1,721	1,504	1,634	2,258	3,043	2,449
Operating profit	1,539	1,873	1,744	1,435	1,801	2,622	3,077	2,779
Investments	2,132	1,834	3,255	1,823	1,505	1,275	1 ,703	1,087
Capital employed	47,699	50,048	49,809	52,600	51,747	52,130	51,007	51,707
MINES
Revenues	4,177	4,163	4,293	3,416	4,240	4,864	5,606	4,727
Gross profit	4,244	4,206	4,094	3,563	4,294	4,835	5,540	4,834
Operating expenses	2,218	2,165	2,239	2,304	2,414	2,110	2,345	2,232
Depreciation	аоз	ട്ടിട	970	Өзө	1,094	1,093	1,278	1,004
Operating profit	1,149	1,091	890	318	779	1,638	1,858	1,631
Investments	1,388	1,285	2,583	1,442	1,073	874	1,050	778
Capital employed	27,279	28,144	28,719	30,027	29,825	30,352	29,009	29,040
SMELTERS
Revenues	12,452	10,761	12,612	13,128	13,015	13,259	15,880	16,912
Gross profit ex. revaluation of process inventory	2,636	2,710	2,812	3,113	2,910	2,854	3,186	2,966
Operating expenses	1,960	1,716	1,716	1,709	1,693	1,730	1,790	1,732
Depreciation	304	316	336	315	317	315	326	311
Operating profit ex. revaluation of process inventory	387	716	759	1,117	914	835	1,109	949
Operating profit	295	954	782	1,048	1,082	1,199	1,143	1,279
Investments	743	548	670	371	424	394	646	307
Capital employed	20,415	22,073	21,175	22,560	21,843	21,936	21,977	22,786
OTHER/ELIMINATIONS
Revenues	-3,881	-3,755	-3,933	-3,335	-3,865	-4,573	-5,316	-4,555
Operating expenses	49	14	43	55	35	10	46	22
Operating profit, internal profit	147	-155	118	ല്ല	-28	-204	131	-110
Operating profit, other	-52	-17	-47	-28	-35	-11	-56	-21
Investments	0	O	3	9	8	7	7	2
Capital employed	5	-169	-85	13	79	-158	21	-119

Financial performance 1, the Group Revenues, SEK m 12,747 11,170 12,972 13,210 16,170 13,391 13,550 17,083 Operating profit before depreciation, SEK m 2,749 3,149 3,053 2,693 3,216 4,034 4,685 4,100 Operating profit ex. revaluation of process inventory, SEK m 1,721 2,258 3,043 2,449 1,631 1,635 1,504 1,634 Operating profit, SEK m 1,539 1,873 1,744 1,435 1,801 2,622 3,077 2,779 Profit after financial items, SEK m 1,801 1,667 1,369 1,726 2,559 3,013 2,719 1,478 Net profit, SEK m 2,353 1,132 1,406 1,360 1,067 1,346 2,035 2,178 5.14 4.97 4.92 7.44 8.60 Earnings per share, SEK 4.13 3.90 7.96 Free cash flow, SEK m 789 -653 -845 822 1,174 1,878 2,750 2,165 14 15 15 5 0 Net debt/equity ratio, % 13 17 11 Production of metal in concentrate 2 66,123 75,494 72,851 63,567 76,720 71,896 67,554 Zinc, tonnes 73,950 28,057 33,745 24,455 Copper, tonnes 32,062 29,605 29,059 34,076 30,777 Nickel, tonnes 2,241 2,050 2,282 2,635 2,670 3,058 3,700 2,974 12,292 Lead, tonnes 15,206 13,818 12,540 13,822 13,785 13,950 13,855 Cobalt, tonnes 210 191 215 231 237 181 ട്ടാ 128 1,847 2,016 1.671 2,242 1,394 Gold, kg 1,654 1,987 2,080 Gold, troy oz. 59,391 64,815 53,709 53,164 63,882 66,874 72,077 44,813 Silver 3, kg 91,376 96,524 98,977 96,495 80,256 80,541 96,652 92,327 Silver 3, '000 troy oz. 3,182 2,938 3,102 2,580 2,589 3,107 3,103 2,968 Palladium, kg 146 137 175 167 211 236 244 560 201 206 235 239 317 341 379 352 Platinum, kg 12,576 Tellurium, kg 7,803 12,056 11,713 5,101 11,387 12,678 10,086 Metal production, Smelters 121,953 120,134 121,920 122,322 127,296 117,418 117,389 126,730 Zinc, tonnes 72,490 95,243 75,394 86,590 93,007 91,796 91,787 96,762 Copper, tonnes 6,934 4,917 6,973 7,113 6,099 7,472 7,226 7,099 Lead, tonnes Lead alloys, tonnes (Bergsöe) 13,664 9,089 14,464 14,018 12,099 6,368 13,975 12,873 Nickel in matte, tonnes 6,851 6,733 3,808 7,089 7,124 7,114 4,476 6,002 Gold, kg 4,360 3,055 3,526 4,051 4,597 4,190 5,699 5,510 140,184 98,203 113,360 130,248 147,783 134,703 183,227 177,150 Gold, troy oz. 123,669 Silver, kg 96,980 104,860 154,440 146,020 141,460 144,140 146,205 Silver, '000 troy oz. 3,976 3,118 3,371 4,965 4,695 4,548 4,634 4,700 Sulphuric acid, tonnes 393,167 428.017 443,135 408,741 449,985 345,989 375,338 453,243 Metal prices in USD, average per quarter Zinc, USD/tonne 2,763 2,348 2,388 2,128 1,961 2,335 2,628 2,750 8,504 Copper, USD/tonne 6,113 5,802 5,881 5,637 5,356 6,519 7,166 2,045 1,901 Lead, USD/tonne 1,885 2,028 1,847 1,673 1,873 2,018 Nickel, USD/tonne 12,258 15,540 15,450 12,723 12,215 14,210 15,930 17,570 1,309 1,472 1,483 1,711 1,909 1,876 1,798 Gold, USD/troy oz. 1,584 16.38 14.88 17.32 16.90 24.26 26.26 Silver, USD/troy oz. 16.98 24.39 Metal prices in SEK, average per quarter 22,510 20,576 Zinc, SEK/tonne 26,103 23,000 18,978 20,718 22,681 23,095 Copper, SEK/tonne 54.501 57,756 55,615 56,648 51,829 57,840 61,844 71,426 Lead, SEK/tonne 17,808 19,436 19,700 17,855 16,188 16,622 16,408 16,947 Nickel, SEK/tonne 115,823 148,955 148,821 123,017 118,192 126,076 147,579 137,466 15,105 Gold, SEK/troy oz. 12,371 14,111 14,281 15,316 16,552 16,937 16,187 162.74 Silver, SEK/troy oz. 140.63 166.82 163.45 158.46 215.21 210.48 220.53 Exchange rates, average per quarter 9.67 8.87 9.45 9.59 9.63 9.68 8.63 8.40 uan/SEK 1.11 1.17 EUR/USD 1.12 1.11 1.10 1.10 1.19 1.20 EUR/SEK 10.62 10.66 10.66 10.66 10.65 10.36 10.28 10.12 USD/NOK 8.65 8.86 9.47 10.01 9.13 9.04 8.51 9.12	2-2019	3-2019	4-2019	1-2020	2-2020	3-2020	4-2020	1-2021

1 For definitions, visit www.boliden.com.

2 Refers to the metal content of the concentrate.

3 Includes silver production in Tara, which is not payable.

Quarterly data per unit - Mines

	2-2019	3-2019	4-2019	1-2020	2-2020	3-2020	4-2020	1-2021
ATTIK
Milled ore, Ktonnes	10,320	10,070	10,523	10,453	10,520	10,169	10,519	8,476
Head grades
Copper, %	0.27	0.24	0.22	0.23	0.25	0.24	0.25	0.22
Gold, g/tonne	0.14	0.15	0.10	0.10	0.13	0.13	0.16	0.12
Silver, g/tonne	1.36	1.04	0.97	0.87	1.34	1.00	1.04	0.91
Production of metal in concentrate
Copper, tonnes	24,498	22,240	20,789	20,973	24,392	22,345	23,402	17,014
Gold, kg	841	858	ees	591	805	786	948	563
Gold, troy oz.	27,024	26,621	21,494	18,990	25,799	25,280	30,493	18,115
Silver, kg	11,486	8,913	8,217	6,838	11,291	7,885	8,603	5,798
Silver, '000 troy oz.	369	287	264	220	363	253	277	186
THE BOLIDEN AREA
Milled ore, Ktonnes	504	528	512	501	421	498	478	424
Of which, smelter slag	74	67	67	80	64	67	71	59
Head grades
Zinc, %	3.9	3.1	3.4	4.4	2.7	3.8	3.1	2.7
Copper, %	0.33	0.32	0.34	0.43	0.35	0.38	0.38	0.37
Lead, %	0.47	0.31	0.39	0.47	0.28	0.45	0.41	0.33
Gold, g/tonne	2.0	2.2	1.9	1.9	2.4	2.2	2.4	1.8
Silver, g/tonne	68	46	52	63	44	69	57	49
Tellurium, g/tonne	37	54	ਪਰ	55	71	57	55	47
Production of metal in concentrate
Zinc, tonnes	15,695	12,992	14,187	16,251	9,062	15,157	11,677	8,725
Copper, tonnes	1,072	1,038	1,167	1,253	aas	1,235	1,179	1,047
Lead, tonnes	1,108	664	919	668	430	850	799	468
Gold, kg	695	814	671	604	712	816	827	504
Gold, troy oz.	22,343	26,178	21,557	19,429	22,900	26,244	26,590	16,206
Silver, kg	23,885	16,300	18,483	18,997	11,459	23,587	19,129	13,296
Silver, '000 troy oz.	768	524	594	611	368	758	615	427
Tellurium, kg	7,803	12,056	11,713	5,101	12,576	11,387	12,678	10,086
TARA
Milled ore, Ktonnes	595	611	654	395	698	652	570	548
Head grades
Zinc, %	4.4	5.4	5.4	5.5	5.7	5.5	6.2	5.7
Lead, %	0.8	1.1	1.1	0.9	1.0	1.0	1.2	1.0
Production of metal in concentrate
Zinc, tonnes	24,814	31,101	33,655	20,923	38,247	34,103	33,735	29,634
Lead, tonnes	3,036	4,471	4,346	2,170	4,286	3,677	4,268	3,380
Silver 1, kg	350	604	221	238	559	156	265	251
Silver 1, '000 troy oz.	11,253	19,419	7,105	7,652	8,327	5,015	8,520	8,070

1 Silver production in Tara is not payable.

Quarterly data per unit - Mines

	2-2019	3-2019	4-2019	1-2020	2-2020	3-2020	4-2020	1-2021
GARPENBERG
Milled ore, Ktonnes	700	725	721	720	769	775	735	817
Head grades
Zinc, %	3.8	4.6	3.7	3.9	3.6	3.8	3.8	3.8
Copper, %	0.05	0.06	0.05	0.07	0.05	0.05	0.06	0.07
Lead, %	1.43	1.63	1.47	1.61	1.42	1.42	1.47	1.48
Gold, g/tonne	0.24	0.27	0.28	0.32	0.33	0.32	0.26	0.31
Silver, g/tonne	118	119	124	103	101	108	123	118
Production of metal in concentrate
Zinc, tonnes	25,286	31,313	24,733	26,300	26,477	27,390	26,485	29,196
Copper, tonnes	176	184	177	556	204	198	215	315
Lead, tonnes	8,147	10,071	8,553	9,702	9,106	9,258	8,883	10,007
Gold, kg	124	137	145	165	185	177	144	181
Gold, troy oz.	3,981	4,395	4,675	5,318	5,848	5,689	4,622	5,828
Silver, kg	63,015	65,347	69,379	54,012	57,176	64,899	68,458	72,982
Silver, '000 troy oz.	2,026	2,101	2,231	1,736	1,838	2,087	2,201	2,346
KEVITSA
Milled ore, Ktonnes	1,746	2,050	1,959	2,103	2,066	2,430	2,588	2,370
Head grades
Copper, %	0.30	0.29	0.28	0.30	0.36	0.29	0.36	0.28
Nickel, %	0.19	0.17	0.16	0.17	0.18	0.18	0.20	0.19
Cobalt, %	0.013	0.013	0.012	0.012	0.013	0.012	0.013	0.01 1
Gold, g/tonne	0.10	0.10	0.11	0.10	0.15	0.11	0.14	0.11
	0.12	0.09	0.13	0.12	0.15	0.14	0.13	0.16
Palladium, g/tonne	0.21	0.19	0.24	0.22	0.27	0.26	0.26	0.25
Platinum, g/tonne Production of metal in concentrate
Copper, tonnes	4,830	5,282	4,769	5,504	6,820	6,455	8,622	6,082
Nickel, tonnes	2,141 110	1,841 96	2,121	2,325 105	2,450	2,810 126	3,487 154	2,974
Cobalt, tonnes	as	97	103 து		110 148	144	186	158
Gold, kg				106				145
Gold, troy oz.	2,971	3,127	3,180	3,393	4,750	4,628	5,996	4,664
Palladium, kg	146	137	175	167	211	236	244	260
Palladium, troy oz.	4,689	4,405	5,627	5,374	6,787	7,577	7,834	8,354
Platinum, kg	201	206	235	239	317	341	379	352
Platinum, troy oz.	6,451	6,612	7,570	7,693	10,192	10,954	12,200	11,317
KYLYLAHTI
Milled ore, Ktonnes	185	172	153	200	198	164	119
Head grades
Zinc, %	0.42	0.25	0.45	0.26	0.33	0.21	0.15
Copper, %	0.88	0.55	0.83	0.59	0.91	0.37	0.30
Nickel, %	0.18	0.24	0.23	0.29	0.25	0.28	0.30
Cobalt, %	0.19	0.15	0.20	0.17	0.19	0.14	0.11
Gold, g/tonne	0.66	1.05	0.73	1.18	0.93	1.17	1.39
Production of metal in concentrate
Zinc, tonnes	328	87	276	92	163	70
Copper, tonnes	1,487	860	1,155	1,072	1,667	543	326
Nickel, tonnes	100	209	160	310	220	247	213
Cobalt, tonnes	71	113	88	154	105	105	83
Gold, kg	ല്ല	140	87	188	143	157	136
Gold, troy oz.	3,072	4,494	2,803	6,035	4,585	ഊ,റ്റ്‌33	4,375

Quarterly data per unit - Smelters

	2-2019	3-2019	4-2019	1-2020	2-2020	3-2020	4-2020	1-2021
RÖNNSKÄR
Feed. tonnes
Copper
Copper concentrate	169,420	114,467	151,087	166,210	163,500	171,844	156,630	155,727
Secondary raw materials	42,803	42,530	41,547	43,630	39,768	37,104	40,706	40,577
Of which, electronics	20,845	19,651	20,475	19,090	17,977	15,880	18,646	16,331
Copper, total	212,223	156,997	192,634	209,840	203,268	208,949	197,336	196,304
l ead
Lead concentrate	11,756	7,140	12,275	9,885	10,236	12,394	10.508	11,059
Secondary raw materials	200	365	428	161	243	170	189	251
Lead, total	11,956	7,505	12,703	10,046	10.479	12,564	10,698	11,310
Production
Cathode copper, tonnes	52,842	41,161	52,315	58,076	56,220	55,642	56,049	55,652
Lead, tonnes	6,934	4,917	6,973	7,113	6,099	7,472	7,226	7,090
Zinc clinker, tonnes	8,302	7,739	8,264	8,431	9,424	9,599	5,967	7,733
Gold, kg	3,368	2,500	2,990	3,141	3,485	2,852	4,028	3,026
Gold, troy oz.	108,281	80,375	96,129	100,968	112,055	91,705	129,491	97,270
Silver, kg	107.069	85.700	91,100	138.700	131,400	127,000	126,600	122,205
Silver, '000 troy oz.	3,442	2,755	2,929	4,459	4,225	4,083	4,070	3,929
Sulphuric acid, tonnes	130,822	90,838	107,594	128,826	133,991	128,274	114,416	127,416
BERGSOE
Feed, tonnes
Battery raw materials 1	14,429	9,010	15,522	15,200	13,586	7,404	14,950	13,595
Production, tonnes
Lead alloys	13,6664	9,089	14,464	14,018	12,099	6,368	13,975	12,873

1 As of 2020, battery raw material is reported excluding plastic; these were previously included. Adjustments to the been made accordingly.

Quarterly data per unit - Smelters

	2-2019	3-2019	4-2019	1-2020	2-2020	3-2020	4-2020	1-2021
HARJAVALTA
Feed, tonnes
Copper
Copper concentrate	70,443	151,714	138,582	145,631	151,346	139,318	175,579	155,427
Secondary raw materials	4,447	6,998	6,935	6,014	7,289	5,442	7,320	7,622
Copper, total	74,890	158,712	145,517	151,645	158,635	144,761	182,898	163,049
Nickel concentrate	66,607	41,732	75,225	66,736	68,616	47,593	71,080	68,833
Production
Cathode copper, tonnes	19,648	34,233	34,275	37,168	36,787	36,154	35,738	41,110
Nickel in matte	6,851	3,808	7,089	/,124	7,114	4,476	6,733	6,002
Gold, kg	aas	555	536	911	1,111	1,337	1,671	2,485
Gold, troy oz.	31,903	17,828	17,232	29,280	35,728	42,998	53,736	79,881
Silver, kg	16.600	11,280	13,760	15,740	14,620	14,460	17,540	24,000
Silver, '000 troy oz.	534	363	442	506	470	465	564	772
Sulphuric acid, tonnes	109,956	166.611	173,809	183.806	198,285	165,581	221,108	211,232
KOKKOLA
Feed, tonnes
Zinc concentrate incl. waelz	135,579	150,418	137,233	146,612	142,972	152,678	145,441	154,975
Production, tonnes
Zinc	70,497	73,602	71,662	79,107	71,786	72,408	73,956	74,574
Silver in concentrate, kg	4,147	6,363	5,124	6,094	6,526	1,641	5,055	6,156
Silver in concentrate, 'OOO troy oz.	133	205	165	196	210	53	163	198
Sulphuric acid	72,915	89,653	78,486	82,483	81,459	82,674	81,868	83,050
ODDA
Feed, tonnes
Zinc concentrate, incl. zinc clinker	98,730	92,435	98,435	100,086	88,239	97,764	96,269	95,315
Production, tonnes
Zinc	49,637	48,318	50,660	48,189	45,632	44,981	52,774	47,379
Sulphuric acid	32,296	28,236	33,277	32,903	29,403	32,212	32,593	31,545

Martin wants to get the job done. He couldn't without metals.

Means of communication are essential for growing communities. They bring people and jobs closer together and make it possible for people to move forward in life. Trains, buses and tablets all depend on copper and zinc, that are used in everything from electrical wires to steel bodies. Martin is ready to do his best, and so are our metals.

7 W