Boliden — Interim / Quarterly Report 2022

Jul 21, 2022

	Quarter				Six months	12 months Full year
SEK m		2-2022 2-2021 1-2022		2022	2021	Jul-Jun	2021
Revenues			21.568 17.891 21.812		43,380 34,975	77,041	68,636
Operating profit ex. revaluation of process inventory	4,532	2.616	4.466	8,998	5,065	14,251	10,318
Operating profit	4.078	2,785	5,038	9,116	5,564	14,634	11,082
Profit after financial items	3,984	2,727	4,991	8,976	5,446	14,369	10,839
Net profit	3.157	2.191	3,968	7.124	4.368	11,460	8,704
Earnings per share, SEK	11.54	8.00	14.51	26.05	15.96	41.90	31.81
Free cash flow	2,038	2,013	674	2,712	4,178	5,682	7,148
Net debt	3.681	1.999	$-1.512$	3,681	1,999	3.681	$-918$
Return on capital employed, %						26.4	21.1
Return on equity, %		٠	٠		۰	22.4	18.2
Net debt/equity ratio, %	$\overline{7}$	4	-3	7	4	7	-2

• Operating profit excluding revaluation of process inventory totaled SEK 4,532 m (2,616).
• Free cash flow was SEK 2,038 m (2,013).

• Strong prices and terms.

• Stable production in Mines.

• High inflation.
• Planned maintenance shutdowns in Smelters affected earnings by SEK -390 m (-50).

Revenues increased to SEK 21,568 m (17,891).

		Six months
SEK m	2-2022	2-2021	1-2022	2022	2021
Mines	2.727	2.192	3.115	5.842	3.823
Smelters	1.404	789	1.378	2.783	1.738
Other/eliminations	401	$-364$	-27	374	-495
The Group	4,532	2.616	4,466	8,998	5,065

		Quarter
SEK m	2-2022	2-2021	1-2022
Operating profit	4,078	2,785	5,038
Revaluation of process inventory	$-454$	168	572
Operating profit ex. revaluation of process inventory	4,532	2,616	4,466
Change		1,916	67
Analysis of change
Volumes		445	498
Prices and terms		2,325	299
Metal prices		543	$-630$
By-product prices		254	111
TC/RC terms		58	128
Metal premiums		212	77
Exchange rate effects		1,258	613
Costs		$-752$	$-546$
Depreciation		$-110$	$-169$
Other		8	$-15$
Change		1,916	67

Operating profit excluding revaluation of process inventory increased to SEK 4,532 m (2,616). A stronger USD, higher metal premiums and higher prices for metals and by-products had a positive effect. Costs increased as a result of high inflation, primarily prices for energy and consumables, and higher maintenance costs in Smelters. Volumes increased as a result of higher milled volumes in Mines.

Operating profit excluding revaluation of process inventory was SEK 67 m higher than the previous quarter despite lower metal prices. A stronger USD had a positive effect. Higher milled volumes in Mines and extensive planned maintenance shutdowns in Smelters contributed to higher costs compared to the previous quarter. The first quarter of 2022 included an impact on earnings of SEK -50 m as a consequence of the slag explosion in Harjavalta at the end of 2021.

Profit after financial items totaled SEK 3,984 m (2,727). Net profit was SEK 3,157 m (2,191), corresponding to earnings per share of SEK 11.54 (8.00). Return on capital employed and equity for the past 12 months were 26.4% and 22.4% respectively.

SEK m
90.000
80.000
70.000
60.000
50,000
40.000
30.000
20.000
10.000
O
	1, 1,8 1,8 1,8 1,8 1,8 'S i S i S i S i

Investments totaled SEK 2.2 billion (1.4). Total investments for 2022 are estimated at just over SEK 11 billion.

		Quarter		Six months		12 montns	Full vear
SEK m	2-2022	2-2021	1-2022	2022	2021	Jul-Jun	2021
Cash flow from operating activities before change in
working capital	5,485	3,516	5,235	10,719	6,879	17.705	13,866
Change in working capital	$-1.204$	$-109$	$-3.024$	$-4.228$	$-231$	$-4.719$	-722
Cash flow from operating activities	4,280	3.406	2.211	6,491	6,648	12,987	13,144
Cash flow from investment activities	$-2.242$	$-1.393$	$-1.536$	$-3.779$	$-2.470$	$-7.305$	$-5.996$
Free cash flow	2,038	2,013	674	2.712	4.178	5,682	7.148

Free cash flow totaled SEK 2,038 m (2,013). Higher investments and increased inventory had a negative effect. The increase in inventory was due primarily to maintenance shutdowns.

Net financial items totaled SEK -94 m (-58). Average interest on loans was 1.5% (1.6).

Net debt at the end of the quarter was SEK 3,681 m (1,999) and the net debt/equity ratio was 7% (4). In addition, net reclamation liability was SEK 2,662 m (2,319).

The average term of approved loan facilities was 3.4 years (3.1). The fixed interest term on utilized loans was 1.9 years (2.7). At the end of the quarter, 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 13,723 m (12,871).

As previously reported, a syndicated revolving credit agreement for a total of EUR 850 m was concluded with 11 banks in April. The agreement concerns two facilities – a five-year tranche of EUR 450 m and a three-year tranche of EUR 400 m. Both facilities have two options to be extended by one year. The facilities replace the existing revolving credit facilities of EUR 770 m that fall due in 2023 and 2025 respectively.

Inflation in respect of operating expenses excluding personnel costs is estimated to have reached 15% in the second quarter. Cost-push inflation has primarily affected energy and consumables such as diesel and chemicals.

Inflation that affects investments is expected to be slightly higher than general cost-push inflation. However, certain investment projects are affected by longer lead times and delays. This means total investments for 2022 are not expected to increase compared to what was previously communicated.

The expansion of annual zinc production in Odda to 350 ktonnes and an increase in the extraction of by-products is proceeding according to plan and will be completed at the end of 2024. However, the high cost-push inflation which is anticipated for the entire lifespan of the project, will lead to cost increases. Thus, the total investment is expected to reach EUR 850 m, which is EUR 150 m higher than previously communicated.

The quarter commenced with high metal prices as a consequence of both an expanding economy in major parts of the western world as well as the war in Ukraine. The global economy has since entered a phase of increasingly greater uncertainty. High inflationary pressure, raised central bank rates and China's continued zero-tolerance for Covid-19 affected the economic outlook and metal prices negatively.

Prices for Boliden's main metals fell significantly toward the end of the quarter. The dollar strengthened against other currencies across the board, including SEK and EUR.

		Quarter	Six months
	2-2022	2-2021	1-2022	2022	2021
Zinc, USD/tonne	3.915	2.916	3.754	3,832	2,832
Copper, USD/tonne	9.513	9.700	9.997	9.761	9.092
Nickel, USD/tonne	28,940	17.359	26,395	27.636	17.466
Lead, USD/tonne	2.199	2.128	2.335	2.269	2.072
Gold, USD/troz	1,873	1.814	1.877	1,875	1,806
Silver, USD/troz	22.6	26.7	24.0	23.3	26.5
USD/SEK	9.84	8.41	9.35	9.59	8.40
EUR/SEK	10.47	10.14	10.48	10.48	10.13

Global demand for zinc fell by 1% compared to the second quarter 2021, while smelter production remained unchanged. However, the production rate among European smelters was 7% lower as a result of high energy prices, which led to a reduction in the production rate at several smelters.

While stocks increased in China, they decreased in Europe. Metal premiums were at record high levels in Europe and the USA.

Mined production increased globally by 1% compared with the same quarter last year.

Spot market treatment charges were higher than those in benchmark annual contracts.

Global demand for copper rose by 2% compared to the second quarter 2021. Global smelter production decreased by 1%. Global stock levels remained low, especially in Europe, which led to higher metal premiums.

After a lacklustre start to the year, mined production of copper recovered and increased by 6% compared to the second quarter 2021.

Spot market treatment charges increased compared to the previous quarter.

Growth in the global demand for nickel weakened during the quarter but increased by 3% compared with the second quarter 2021. Nickel production in Indonesia, the world's largest nickel producer, increased by 27%. Global production increased by 19%.

The nickel price fell by 29% during the quarter. Despite the downturn, the average price was 10% higher compared to the previous quarter.

Global supply and demand for lead both fell by 2% compared to the second quarter 2021. Demand was particularly weak in China, falling by 9%.

Global stock levels were low. Metal premiums were high in Europe and the USA.

The average prices for gold remained largely unchanged compared to the previous quarter.

However, the silver price fell by 6% as silver has a greater exposure to the global growth and industrial production.

Prices for palladium and platinum fell by 11% and 7%, respectively, due to lower demand from the automotive industry.

European spot prices for sulphuric acid were stable during the quarter and remained high as a result of good demand and maintenance shutdowns in most major smelters, which limited supply.

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

• Stable production
• High metal prices in SEK
• Operating profit increased to SEK 2,727 m (2,192)

	Six months
SEK m	2-2022	2-2021	1-2022	2022	2021
Revenues	6.304	5.550	6,622	12,927	10,277
Gross profit	6.477	5,678	6,661	13.138	10,512
Operating expenses	2.764	2.355	2.526	5,290	4.587
Depreciation	1.183	1.091	1.018	2,200	2,095
Operating profit	2,727	2.192	3.115	5.842	3,823
Investments	1,266	942	899	2.165	1.720
Capital employed	29,096	28,679	29,970	29,096	28,679

	Quarter
SEK m	2-2022	2-2021	1-2022
Operating profit	2,727	2,192	3,115
Change		535	-388
Analysis of change
Volumes		192	936
Prices and terms		793	$-910$
Metal prices		$-195$	$-1,534$
TC/RC terms		$-83$	62
Exchange rate effects		1,072	561
Costs		$-382$	$-238$
Depreciation		$-75$	$-166$
Other		7	-9
Change		535	-388

Operating profit increased to SEK 2,727 m (2,192). The improvement is mainly due to a stronger USD. Volumes had a positive effect as higher milled volumes compensated for lower grades. Costs increased due to higher milled volumes, higher energy prices and strong cost-push inflation for mining-related input goods.

Operating profit was SEK 388 m lower than the previous quarter. Higher milled volumes, a stronger USD and higher grades could not fully compensate for lower metal prices and increased costs. Depreciations increased as a result of higher production of metal in concentrate in the open pits.

		Quarter		Six months
	2-2022	2-2021	%	1-2022	℀	2022	2021	℀
Zinc, tonnes	72.707	72,672	O	58,127	25	130,834	140.227	$-7$
Copper, tonnes	30.201	28.871	5	27.679	9	57.880	53.325	9
Nickel, tonnes	3.197	3.404	-6	2.934	9	6.132	6,379	-4
Lead, tonnes	13,935	14.972	-7	13,113	6	27,049	28,826	-6
Gold, kg	1.839	1.737	6	1.534	20	3.373	3.131	8
Silver, kg	106.004	97.111	9	83.266	27	189.271	189.437	$\circ$

The milled volume was higher than both the previous quarter and last year's second quarter. Produced metal in concentrate was higher than the previous quarter for all metals except cobalt. Compared with the second quarter last year, production of copper and gold in concentrate increased. Higher milled volumes in Aitik and a favorable ore mix in the Boliden Area had a positive effect. The higher production of zinc in concentrate compared to the previous quarter is primarily explained by higher milled volume in Tara. The production of silver in concentrate was higher than both comparative periods. Higher milled volumes and grades in Garpenberg and higher grades in the Boliden Area had a positive effect.

Aitik's milled volume was higher than the previous quarter and last year despite certain production problems. High short-term absence related to the Covid-19 pandemic in the beginning of the quarter and low availability of rope showels had a negative effect. However, the production of copper in concentrate increased compared to both the previous quarter and last year. The copper grade was 0.21% (0.21), and the gold grade was 0.10 g/tonne (0.11). The average copper grade in 2022 is expected to reach 0.20% and gold grades 0.10 g/tonne, which is in line with what was previously communicated.

The Boliden Area's milled volume was in line with the previous quarter but lower than last year. However, the production of zinc, gold and silver in concentrate increased compared to the previous quarter and the second quarter last year. This is mainly explained by an ore mix with a higher proportion of difficult-to-mill ore but with higher grade.

Garpenberg's milled volume was higher than the previous quarter and last year. The zinc grade for the second quarter was 3.6% (3.8), and the silver grade was 124 g/tonne (120). The average zinc grade in 2022 is expected to reach 3.6% and the silver grade 110 g/tonne, which is in line with what was previously communicated.

Tara's milled volume was higher than the previous quarter and last year. This despite that production was affected in the beginning of the quarter by the major water inflow that occurred in November 2021. Full access to the Tara Deep drift for further exploration will not be possible until the latter part of the fourth quarter in 2022 at the earliest.

Kevitsa's milled volume was in line with the previous quarter, but higher than last year. The production of copper and nickel in concentrate was higher than the previous quarter but lower than last year. Grades had a negative effect compared to last year, but positive compared to the previous quarter. The copper grade was 0.30% (0.38), and the nickel grade 0.19% (0.23).

Ktonnes
3,500
3,000
2,500
2.000
1.500
1.000
500
Ω
	1, 18 19 19 19 19 A P P P P P

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.

• Favorable market conditions
• Extensive planned maintenance shutdowns
• Operating profit excluding revaluation of process inventory increased to SEK 1,404 m (789)

		Quarter	Six months
SEK m	2-2022	2-2021	1-2022	2022	2021
Revenues	21.169	17.502	21,671	42.839	34.414
Gross profit ex. revaluation of process inventory	3.897	2.879	3,602	7.499	5,845
Operating expenses	2.182	1.797	1.897	4.079	3,529
Depreciation	356	316	354	710	627
Operating profit ex. revaluation of process
inventory	1,404	789	1.378	2.783	1.738
Operating profit	950	957	1,950	2,900	2,236
Investments	975	449	638	1.613	756
Capital employed	31,233	23,433	28,582	31,233	23,433

		Quarter
SEK m	2-2022	2-2021	1-2022
Operating profit	950	957	1,950
Revaluation of process inventory	$-454$	168	572
Operating profit ex. revaluation of process inventory	1,404	789	1,378
Change		616	26
Analysis of change
Volumes		$-101$	28
Prices and terms		1,099	292
Metal prices		12	$-198$
By-product prices		254	111
TC/RC terms		141	66
Metal premiums		212	77
Exchange rate effects		480	235
Costs		$-349$	$-288$
Depreciation		-33	-2
Other		$-1$	-3
Change		616	26

Operating profit excluding revaluation of process inventory increased to SEK 1,404 m (789). Prices and terms had a significantly positive effect, mainly thanks to a stronger USD. However, volumes had a negative effect due to the more extensive maintenance actions. Higher prices for energy and consumables led to higher costs.

Operating profit excluding revaluation of process inventory was SEK 26 m higher than the previous quarter. Prices and terms had a positive effect despite lower metal prices, which fully compensated for more extensive maintenance work.

		Quarter		Six months
	2-2022	2-2021	%	1-2022	%	2022	2021	%
Zinc, tonnes	121,282	117.577	З	122,935	$-1$	244,217	239,530	2
Copper, tonnes	79,052	94,840	$-17$	94,628	$-16$	173,680	191,602	-9
Lead, tonnes	14,884	19,167	-22	18,393	$-19$	33,277	39,130	$-15$
Nickel in matte, tonnes	5.711	7.282	$-22$	4.825	18	10,536	13,284	$-21$
Gold, kg	4.374	4.130	6	5.502	$-21$	9.876	9.640	2
Silver, kg	121.331	133,304	-9	151.721	-20	273.052	279.509	-2
Sulphuric acid. tonnes	388,313	448,024	$-13$	418,262	$-7$	806,575	901,267	$-11$

Copper production was lower compared to the previous quarter and the second quarter last year. Extensive planned maintenance shutdowns in both copper smelters had a negative effect. Zinc production was lower than the previous quarter but higher than last year. Production was stable in Odda, while production in Kokkola was affected negatively by a planned maintenance shutdown. Production of nickel in matte increased compared to the previous quarter, but was significantly lower than last year. Planned maintenance and production disruptions in Harjavalta's nickel line had a negative effect. Precious metal production was significantly lower compared to the previous quarter as a result of lower grades in input materials and planned maintenance shutdowns.

Rönnskär's copper production was lower than both the previous quarter and last year as a result of a 32 day planned maintenance shutdown. Secondary feed benefited from a greater supply of electronic secondary raw materials. However, gold production was lower than the previous quarter as a result of lower grade in input materials.

Harjavalta's copper production was lower than the previous quarter and last year as a result of an extensive planned maintenance shutdown. The production of nickel in matte increased compared to the previous quarter, however was significantly lower than last year. In addition to maintenance, the nickel line was also affected by disruptions in the concentrate drying process. However, completed bottleneck investments will gradually enable a 20% increase in the production of nickel in matte compared to the 2020 level. Gold production was lower than the previous quarter as a result of lower grade in input materials and the planned maintenance shutdown.

Kokkola's zinc production was lower than the previous quarter but higher than last year. Planned maintenance shutdowns in the roasting plant and sulphuric acid plant had a negative effect. However, feed was affected positively by an improved raw materials mix. Silver production was lower compared to both comparison periods due to lower grade in input materials.

Odda's zinc production was higher than both the previous quarter and last year thanks to a stable production process with improved recovery. However, lower grade in input materials resulted in lower volume of free metals.

Bergsöe's production was significantly lower than both the previous quarter and last year. Damage to the gas system resulted in unplanned maintenance work and lower lead production.

Planned maintenance shutdowns were carried out during the quarter, affecting operating profit by SEK -390 m (-50). Maintenance shutdowns in the smelters during 2022 will have an estimated impact on operating profit of SEK -530 m (-560), of which SEK -90 m (-310) in the third quarter and SEK -50 m (-200) in the fourth quarter.

Sales during the first half of the year totaled SEK 43,380 m (34,975). Operating profit excluding revaluation of process inventory increased to SEK 8,998 m (5,065), mainly due to a stronger USD and higher metal prices.

Costs increased compared to last year as a result of higher milled volume, higher maintenance and energy costs and general cost-push inflation. Increased production of metal in concentrate led to an increase in depreciation.

The first quarter of 2021 included an impact on earnings of SEK -300 m as a result of production disruptions in Aitik and Tara. The first quarter of 2022 included an impact on earnings of SEK -50 m as a consequence of the slag explosion in Harjavalta during the fourth quarter 2021.

	Six months
SEK m	2022	2021
Operating profit	9,116	5,564
Revaluation of process inventory	118	499
Operating profit ex. revaluation of process inventory	8,998	5,065
Change		3,933
Analysis of change
Volumes		541
Prices and terms		4,657
Metal prices		1,740
By-product prices		455
TC/RC terms		$-122$
Metal premiums		366
Exchange rate effects		2,217
Costs		$-1,145$
Depreciation		$-145$
Other		25
Change		3,933

Net financial items totaled SEK -140 m (-118), while net profit totaled SEK 7,124 m (4,368). Earnings per share were SEK 26.05 (15.96). Investments during the first half of the year totaled SEK 3,779 m (2,480).

₂

The average number of employees (full-time equivalents) was 6,041 (6,098). The accident frequency for Boliden's own employees and contractors was lower than the previous quarter and the corresponding quarter of last year. The Group is developing proactive risk management and greater involvement in occupational health and safety issues to improve safety for employees and contractors alike.

During the quarter, sick leave was lower than both the previous quarter and last year, but still higher than before the pandemic. However, sick leave related to the Covid-19 pandemic decreased during the quarter. The Group continues to follow 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. This takes place as part of the previously established systematic occupational health & safety work.

Carbon dioxide intensity was lower than the previous quarter and last year. There are constant efforts to reduce carbon dioxide emissions under Boliden's climate program. The goal is to reduce carbon dioxide emissions by 40% measured in carbon intensity by 2030, with 2012 as the base year.

Sulphur dioxide emissions were lower than both the previous quarter and last year, mainly due to lower smelter production.

No significant 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. As of July 1, 2022, Boliden AB will have three employees. The Income Statement and Balance Sheet for the Parent Company are presented on page 21.

As previously reported, Boliden has resolved in April to invest in dam reinforcement measures in parts of the concentrator tailings pond in Aitik. The decision is based on new calculation methods linked to static liquefaction in combination with geotechnical investigations in Aitik that have shown a need to reinforce certain dam sections. This is in order to meet the highest international industry standards and that it will be necessary, in due course, to change to a modified dam raising method to safeguard the deposition of tailings in the long term. These measures in the next two years are expected to entail increased investments totaling SEK 5 billion of which SEK 1 billion during 2022. Production in Aitik is not assessed to be affected during this period. The measures are contingent upon an environmental permit and other approvals, but may be initiated without a prior license application.

On June 8, Boliden launched a framework for green financing that enables the issuance of green bonds and loans. Financing under the framework will be earmarked for projects and investments within energy efficiency, pollution prevention and control, R&D and clean transportation. The framework has undergone an independent external assessment by CICERO Shades of Green, which has classified the framework as "CICERO Medium green" with an "Excellent" governance score, and assessed it to be in alignment with the International Capital Market Association Green Bond Principles and the Loan Market Association Green Loan principles.

On June 20, the Supreme Administrative Court rejected Boliden's application for judicial review in the matter of the mining concession for the Laver deposit. The Supreme Administrative Court's judgment means that the decision of the government and the Chief Mining Inspector to reject the mining concession application remains unchanged. The rejections were made on formal grounds concerning the need for a so-called Natura 2000 permit. Boliden has the opportunity to re-apply for a mining concession and intends to do so before the current exploration permit for the Laver deposit expires in October 2024. In the meantime, Boliden will continue with exploration in the area and with technical and environmental studies concerning the Laver deposit.

On June 30, the Land and Environment Court granted environmental permits for the Rävliden deposit, an extension of the Kristineberg mine in the Boliden Area. The permit may be appealed up until July 21, 2022. The Court has granted an implementation provision which means work may begin even if the permit is appealed.

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 2021: Risk Management, on pages 56 to 59.

During the quarter, the Group worked to minimize the spread of infection to protect the health of employees and contractors. However, the pandemic has led to increased short-term absence and certain logistics disruptions. The company is planning for normal business operations during future quarters.

During the quarter, the Group monitored direct and indirect impacts on earnings due to the war in Ukraine. The Group has no own operations in Russia or Ukraine. Sales to these two countries have been marginal before the war and direct purchases limited. Boliden has not concluded any new agreements with companies in Russia since the outbreak of the war. Thus, the direct effect of the war on the Group's operations is limited. However, the indirect effect of the war on the Group's operations is substantial. For example, there is a continued increased risk of instability in the financial and metal markets. The energy market is also affected by the war, which has resulted in higher prices. Group policy is to hedge electricity prices equivalent to 80% of consumption two years ahead, substantially reducing vulnerability in this regard. However, operations are fully affected by the volatility in global market prices for oil-related products such as diesel. Nevertheless, in the overall assessment, the Group's energy cost position is competitive. The Group also purchases some input goods and investment goods from suppliers who in turn may purchase input goods from Russia and Ukraine. However, Boliden's purchases from the suppliers are relatively small. Currently, there is also significant general cost-push inflation, which is partially linked to the war.

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 2021 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, July 21, 2022

Karl-Henrik Sundström Chairman

Helene Biström Board member

Tomas Eliasson Board member

Per Lindberg Board member

Perttu Louhiluoto Board member

Elisabeth Nilsson Board member

Pia Rudengren Board member

Jonny Johansson Board member, Employee representative

Andreas Mårtensson Board member, Employee representative

Johan Widmark Board member, Employee representative

Mikael Staffas President and CEO

We have reviewed the interim report for Boliden AB (publ) for the period January 1 - June 30, 2022. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on the interim report based on our review.

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. The conclusion is thus based on a review and does not have the same level of assurance as a conclusion expressed on the basis of an audit.

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.

Stockholm, July 21, 2022

Deloitte AB

Thomas Strömberg Authorized Public Accountant

• October 20, 2022 Interim Report for the third quarter 2022
• November 15, 2022 Capital Markets Day in Stockholm
• February 14, 2023 Interim Report for the fourth quarter and year-end 2022
• April 25, 2023 Interim Report for the first quarter of 2023

The world's heaviest electric truck is now running between the mine and the concentrator

In June, Boliden took the first step toward the electrification of heavy transport on public roads. The electric truck, which is both the first and heaviest of its kind in the mining industry, currently operates between the Renström mine and the concentrator in Västerbotten. It has an ore transport capacity of 45 tonnes and when fully loaded has a total weight of 74 tonnes including trailers. Today, the electric truck completes two or three round-trips on a single charge. The vision is to electrify the transport of ore and concentrate from the mines throughout the Boliden Area to the concentrator and then to the smelter in Rönnskär. The project is being conducted in collaboration with Scania and Norrlands Bil and forms part of REEL, Regional Electrified Logistics, an initiative led by CLOSER and carried out with the support of Strategic Vehicle Research and Innovation (FFI) to promote the transition to an electrified freight transport system in the Swedish market.

Consolidated Income Statements

		Quarter		Six months		12 months	Full year
SEK m	2-2022	2-2021	1-2022	2022	2021	Jul-Jun	2021
Revenues	21,568	17.891	21,812	43.380	34.975	77,041	68.636
Cost of goods sold	$-17,044$	$-14,555$	$-16.203$	$-33.247$	$-28.436$	$-60.518$	$-55.706$
Gross profit	4,524	3,336	5,609	10,133	6,539	16,523	12,929
Selling expenses	$-158$	$-128$	$-150$	$-308$	$-250$	$-573$	$-516$
Administrative expenses	$-267$	$-171$	$-242$	$-509$	$-319$	$-809$	$-619$
Research and development costs	$-268$	$-237$	$-211$	$-479$	$-455$	$-989$	$-965$
Other operating income and expenses	245	$-15$	33	278	50	481	253
Results from participations in associated companies		$\Omega$	$-1$	$\cup$	$\Omega$	∩	O
Operating profit	4,078	2.785	5,038	9,116	5,564	14,634	11,082
Financial income	O	2	$\cup$		З		З
Financial expenses	$-94$	$-61$	$-47$	$-141$	$-121$	$-266$	$-246$
Profit after financial items	3,984	2.727	4,991	8,976	5,446	14,369	10,839
Tax	$-828$	$-536$	$-1.024$	$-1,851$	$-1,078$	$-2,909$	$-2,135$
Net profit	3,157	2,191	3,968	7,124	4,368	11,460	8,704
Net profit attributable to:
Owners of the Parent Company	3,156	2,189	3,969	7,125	4,367	11,459	8,701
Non-controlling interests			$-1$	$-1$	2		4

Earnings and Equity per share

		Quarter		Six months		12 months	Full year
SEK m	2-2022	2-2021	1-2022	2022	2021	Jul-Jun	2021
Earnings per share 1, SEK	11.54	8.00	14.51	26.05	15.96	41.90	31.81
Ordinary dividend per share, SEK			-		۰		10.50
Redemption per share, SEK			۰		۰		15.50
Equity per share 2 , SEK	189.42	169.32	201.79	189.42	169.32	189.42	185.98
Number of shares			273.511.169 273.511.169 273.511.169	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			273,511,169	273.511.169

1 As no potential shares exist, there is no dilution effect.
2 Equity divided by the number of shares.

Key ratios - The Group

		Quarter			Six months	12 months	Full year
SEK m	2-2022	2-2021	1-2022	2022	2021	Jul-Jun	2021
Return on capital employed 1, %			$\sim$			26.4	21.1
Return on equity 2 , %			$\sim$			22.4	18.2
Equity/assets ratio, %	61	63	63	61	63	61	63
Net debt/equity ratio 3 , %		4	-3		4		-2
Net reclamation liability 4	2,662	2.319	2.538	2,662	2.319	2,662	2.427
Net debt	3,681	1.999	$-1.512$	3,681	1.999	3,681	$-918$

1 Operating profit divided by average capital employed.
2 Profit after tax divided by average equity.
3 Net debt divided by equity.

4 Reclamation liability less capitalized reclamation costs.

Consolidated Statements of Comprehensive Income

		Quarter		Six months		12 months	Full year
SEK m	2-2022	2-2021	1-2022	2022	2021	Jul-Jun	2021
Profit for the period	3,157	2,191	3,968	7,124	4.368	11,460	8,704
Other comprehensive income
Items that will be reclassified to the Income Statement
Change in market value of derivative instruments	259	11	1	260	18	267	26
Fiscal effect on derivative instruments	$-55$	-2	1	$-54$	$-4$	$-56$	$-5$
Transfers to the Income Statement	-3	-6	-2	-5	-4	-8	$-7$
Tax on transfers to the Income Statement		1	$\circ$	1	1	2
Sum cash flow hedging	202	5	O	201	12	205	15
The period's translation difference on overseas operations	452	$-239$	358	811	219	1,055	463
Profit on hedging of net investments in overseas operations	$-106$	24	$\cup$	$-106$	$-18$	$-128$	$-40$
Tax on the period's profit from hedging instruments	55	-5	$\circ$	22	4	26	8
Sum translation exposure	368	-220	358	726	204	954	432
Total items that will be reclassified	570	$-216$	358	928	216	1,159	447
Items that will not be reclassified to the Income Statement
Revaluation of defined benefit pension plans						$-10$	$-10$
Tax attributable to items that will not be reversed to the Income Statement						2	2
Total items that will not be reclassified						-9	-9
Total other comprehensive income	570	$-216$	358	928	216	1,150	438
Total comprehensive income for the period	3,726	1,975	4.325	8,052	4.584	12,611	9.143
Total comprehensive income for the period attributable to:
Owners of the Parent Company	3,725	1,974	4,326	8,053	4,582	12,609	9,139
Non-controlling interests	1	1	$-1$	$-1$	5	1	4

Consolidated Balance Sheets

	30 Jun	30 Jun	31 Dec
SEK m	2022	2021	2021
Intangible assets	3,691	3,555	3.616
Property, plant and equipment	47,598	43,530	45,915
Participations in associated companies	10	9	9
Other shares and participations	5	5	6
Deferred tax assets	161	93	174
Derivative instruments	188	8	34
Long-term receivables	449	418	436
Total non-current assets	52,101	47,618	50,190
Inventories	20,761	15,340	18,000
Trade and other receivables	3,888	3,854	2,873
Tax receivables	7	8	O
Derivative instruments	703	233	160
Other current receivables	1,299	1,218	1,073
Cash and cash equivalents	5,677	5,312	8,251
Total current assets	32,335	25,965	30,358
Total assets	84,436	73,583	80,549
Equity	51,820	46,323	50,882
Pension provisions	1,184	1.172	1,180
Other provisions	6,638	4,920	6,529
Deferred tax liabilities	3,665	3,339	3,360
Liability to credit institutions	6,987	5,970	5,993
Other interest-bearing liabilities	163	133	131
Derivative instruments	44	5	28
Total non-current liabilities	18,682	15,538	17,221
Liability to credit institutions	970	O	O
Other interest-bearing liabilities	62	45	38
Trade and other payables	8,819	8,288	8,812
Other provisions	251	254	243
Current tax liabilities	688	158	233
Derivative instruments	244	115	137
Other current liabilities	2,899	2,861	2,983
Total current liabilities	13,934	11,722	12,445
Total equity and liabilities	84,436	73,583	80,549

Consolidated Statements of Shareholders Equity

30 Jun	30 Jun	31 Dec
2022	2021	2021
50,882	45,638	45,638
8,052	4.584	9.143
$-2.872$	$-2.256$	$-2.256$
$-4.239$	$-1.641$	$-1.641$
-2	$-1$	$-1$
51,820	48,323	50,882
51,808	46.310	50,866
13	13	15

As of June 30, 2022, the hedge reserve after tax effect totaled SEK 205 m (0).

Consolidated Statements of Cash Flow

	Quarter		Six months		12 months	Full year
SEK m	2-2022	2-2021	1-2022	2022	2021	Jul-Jun	2021
Operating activities
Profit after financial items	3,984	2.727	4,991	8,976	5.446	14,369	10,839
Adjustments for items not included in the cash flow:
- Depreciation, amortisation and write-down of assets	1,547	1,418	1,381	2,928	2.748	5,829	5,621
- Provisions	10	7	-4	5	12	3	9
- Revaluation of process inventory	454	$-168$	$-572$	$-118$	-499	-383	$-764$
- Other	28	-2	59	87	-3	85	23
Tax paid/received	$-539$	$-466$	$-620$	$-1,159$	$-825$	$-2,197$	$-1,863$
Cash flow from operating activities before changes in working capital	5,485	3,516	5,235	10,719	6,879	17,705	13,866
Cash flow from changes in working capital	$-1,204$	$-109$	$-3,024$	$-4,228$	$-231$	-4,719	$-722$
Cash flow from operating activities	4,280	3,406	2,211	6,491	6,648	12,987	13,144
Investment activities
- Acquisition of intangible assets	$-12$	-6	-4	$-16$	$-17$	-30	-32
- Acquisition of property, plant and equipment	$-2.230$	$-1.388$	$-1,533$	$-3,764$	$-2.463$	$-7,258$	$-5,957$
- Disposal of property, plant and equipment	O	O	O	O	O	O	O
- Acquisition/disposal of financial assets	O	$\bigcirc$	1	1	10	$-15$	-6
Cash flow from investment activities	$-2,242$	$-1,393$	-1.536	$-3,779$	-2.470	-7.305	$-5,996$
Cash flow before financing activities (free cash
flow)	2,038	2.013	674	2,712	4.178	5,682	7.148
Dividend	$-7,111$	$-3,898$	$\sim$	$-7,111$	$-3,898$	$-7,111$	$-3,898$
Loans raised		÷,	1,861	1,859		1,859
Amortisation of loans	$-20$	$-15$	$-18$	-35	$-29$	-66	-60
Cash flow from financing activities	$-7,131$	$-3,913$	1,843	$-5,287$	-3,926	-5,319	$-3,957$
Cash flow for the period Cash and cash equivalents at the beginning of	-5,093	$-1,900$	2,518	$-2,575$	252	364	3,191
the period	10,769	7,211	8,251	8,251	5,060	5,312	5,060
Exchange rate difference on cash and cash equivalents	O	O	O	1	0	O	n
Cash and cash equivalents at period-end	5,677	5,312	10,769	5.677	5,312	5,677	8,251

Income Statements the Parent Company

	Quarter			6 months		12 months	Full year
SEK m	2-2022	2-2021	1-2022	2022	2021	Jul-Jun	2021
Revenues	119	103	120	238	204	442	408
Administrative expenses	$-163$	$-139$	$-128$	$-290$	-251	$-558$	$-519$
Operating profit	$-44$	-36	-8	$-52$	$-47$	$-116$	$-111$
Dividends from subsidiaries	7.000	٠	$\sim$	7.000	۰.	11.000	4,000
Tax
Profit for the period	6,956	-36	-8	6,948	$-47$	10.884	3,889

Boliden AB had no sums to report under Other Comprehensive Income for the second quarter of 2022.

Balance Sheet the Parent Company

	30 Jun	30 Jun	31 Dec
SEK m	2022	2021	2021
Participations in subsidiaries	3.911	3.911	3.911
Non-current financial receivables, subsidiaries	12,862	8,983	12,978
Current financial receivables, subsidiaries	60	52	53
Total assets	16,833	12,946	16,942
Equity	15,874	12,101	16,037
Non-current liabilities to credit institutions	750	750	750
Current liabilities, subsidiaries	209	95	155
Total liabilities and equity	16,833	12.946	16,942

30 Jun 2022, SEK m	Reported value	Fair value
Other shares and participations	5	5
Trade and other receivables	3,888	3,888
Derivative instruments	891	891
Cash and cash equivalents	5,677	5,677
Total assets	10,461	10,461
Liabilities to credit institutions	7,958	7,964
Trade and other payables	8,819	8,819
Derivative instruments	288	288
Total liabilities	17,065	17,071
30 Jun 2021, SEK m	Reported value	Fair value
Other shares and participations	5	5
Trade and other receivables	3,854	3,854
Derivative instruments	241	241
Cash and cash equivalents	5,312	5,312
Total assets	9,412	9,412
Liabilities to credit institutions	5,970	5,977
Trade and other payables	8,288	8,288
Derivative instruments	120	120
Total liabilities	14.379	14,385

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 June 30, 2022, the interest terms of current loan agreements were adjudged to be level 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 once all relevant parameters (concentrate, quantity, metal content, impurity content and metal price) for the price setting period have been determined.

Customers are invoiced for the Group's metals and intermediate 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	2-2022	2-2021	2-2022	2-2021	2-2022	2-2021	2-2022	2-2021
Finished metals		$\sim$	17,891	14,578		۰	17,891	14,578
Metal in concentrate	391	381	O	$\cup$		$\overline{\phantom{0}}$	391	381
Intermediates			2.694	2,581		$\qquad \qquad \blacksquare$	2.694	2,581
By-products			532	344		۰	532	344
Other sales	О	O	60	8	$\cup$	O	60	8
Total external revenues	391	381	21,177	17.510	0	0	21,568	17,891
Internal revenues	5.913	5.170	-8	-8	137	123
Total revenues per segment	6,304	5,550	21,169	17,502	137	123	21,568	17,891

		Six months
	Mines		Smelters		Other		The Group
SEK m	2022	2021	2022	2021	2022	2021	2022	2021
Finished metals			36,812	28,659		$\sim$	36,812	28,659
Metal in concentrate	526	536	Ο	O		$\overline{\phantom{a}}$	526	536
Intermediates			4.968	5.143		$\sim$	4.968	5,143
By-products		O	964	584		$\overline{\phantom{a}}$	964	584
Other sales	$\bigcirc$	4	109	51	$\cup$	O	109	52
Total external revenues	526	538	42,854	34,437	0	0	43,380	34,975
Internal revenues	12,401	9.739	$-15$	-23	273	246
Total revenues per segment	12,927	10,277	42,839	34,414	273	246	43,380	34,975

The table below presents an estimate of how changes in market terms will affect the Group's operating profit, excluding the revaluation of process inventory, over the next 12 months. The calculation is based on listings on June 30, 2022 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
Zinc	1.100	TC Zinc	100	USD/SEK	2,150
Copper	950	TC/RC Copper	75	EUR/USD	1,400
Gold	400	TC Lead	$-10$	USD/NOK	190
Nickel	350
Silver	270
Lead	155
Palladium	100
Platinum	30

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	3-2020	4-2020	1-2021	2-2021	3-2021	4-2021	1-2022	2-2022
THE GROUP
Revenues	13,550	16,170	17,083	17,891	15,906	17,755	21,812	21,568
Operating expenses	3,850	4,181	3,986	4,182	3,992	4,539	4,454	4,997
Depreciation	1,411	1,608	1,320	1,413	1,379	1,508	1,379	1,546
Operating profit ex. revaluation of process inventory	2,258	3,043	2,449	2,616	2,419	2,835	4,466	4,532
Operating profit	2,622	3,077	2,779	2,785	2,305	3,214	5,038	4,078
Investments	1,275	1,703	1,087	1,393	1,538	1,971	1,537	2,242
Capital employed	52,130	51,007	51,707	51,718	52,773	53,382	57,525	59,686
MINES
Revenues	4,864	5,606	4,727	5,550	5.144	6,624	6,622	6,304
Gross profit	4,835	5,540	4,834	5,678	5,115	6,671	6,661	6,477
Operating expenses	2,110	2,345	2,232	2,355	2,183	2,574	2,526	2,764
Depreciation	1,093	1,278	1,004	1,091	1,053	1,148	1,018	1,183
Operating profit	1,638	1,858	1,631	2,192	1,936	3,002	3,115	2,727
Investments	874	1,050	778	942	1,016	1,174	899	1,266
Capital employed	30,352	29,009	29,040	28,679	28,869	29,023	29,970	29,096
SMELTERS
Revenues	13,259	15,880	16,912	17,502	15,661	17,217	21,671	21,169
Gross profit ex. revaluation of process inventory	2,854	3,186	2,966	2,879	2,697	2,772	3,602	3,897
Operating expenses	1,730	1,790	1,732	1,797	1,804	1,913	1,897	2,182
Depreciation	315	326	311	316	321	354	354	356
Operating profit ex. revaluation of process inventory	835	1,109	949	789	611	553	1,378	1,404
Operating profit	1,199	1,143	1,279	957	498	932	1,950	950
Investments	394	646	307	449	520	795	638	975
Capital employed	21,936	21,977	22,786	23,433	24,481	25,545	28,582	31,233
OTHER/ELIMINATIONS
Revenues	$-4,573$	$-5,316$	$-4,555$	$-5,162$	$-4,899$	$-6,085$	$-6,481$	$-5,905$
Operating expenses	10	46	55	30	6	52	31	51
Operating profit, internal profit	$-204$	131	$-110$	$-322$	$-111$	-660	-2	447
Operating profit, other	$-11$	$-56$	-21	-43	$-18$	$-61$	-25	$-46$
Investments	$\overline{7}$	7	5	2	5	5	O	O
Capital employed	$-158$	21	$-119$	-393	$-576$	$-1,186$	$-1,027$	$-643$

Quarterly data - Consolidated

	3-2020	4-2020	1-2021	2-2021	3-2021	4-2021	1-2022	2-2022
Financial performance 1 , the Group
Revenues, SEK m	13,550	16,170	17,083	17,891	15,906	17,755	21,812	21,568
Operating profit before depreciation, SEK m	4,034	4,685	4,100	4,197	3,684	4,722	6,416	5,624
Operating profit ex. revaluation of process
inventory, SEK m	2,258	3,043	2,449	2.616	2,419	2,835	4,466	4,532
Operating profit, SEK m	2,622	3,077	2,779	2,785	2,305	3,214	5,038	4,078
Profit after financial items, SEK m	2,559	3,013	2,719	2,727	2,244	3,149	4,991	3,984
Net profit, SEK m	2,035	2,353	2,178	2,191	1,800	2,536	3,968	3,157
Earnings per share, SEK	7.44	8.60	7.96	8.00	6.57	9.27	14.51	11.54
Free cash flow, SEK m	1,878	2,750	2,165	2,013	962	2,008	674	2,038
Net debt/equity ratio, %	11	5	O	4	5	-2	-3	7
Production of metal in concentrate 2
Zinc, tonnes	76,720	71,896	67,554	72,672	65,278	62,951	58,127	72,707
Copper, tonnes	30,777	33,745	24,455	28,871	26,964	33,605	27,679	30,201
Nickel, tonnes	3,058	3,700	2,974	3,404	2,915	3,582	2,934	3,197
Lead, tonnes	13,785	13,950	13,855	14,972	12,558	13,424	13,113	13,935
Cobalt, tonnes	231	237	128	147	145	172	182	147
Gold, kg	2,080	2,242	1,394	1,737	1,671	1,714	1,534	1,839
Gold, troy oz.	66,874	72,077	44,813	55,849	53,728	55,096	49,311	59,139
Silver 3 , kg	96,652	96,524	92,327	97,111	98,694	82,849	83,266	106,004
Silver 3 , 'OOO troy oz.	3,107	3,103	2,968	3,122	3,173	2,664	2,677	3,408
Palladium, kg	236	244	260	285	236	255	225	259
Platinum, kg	341	379	352	396	338	361	279	350
Tellurium, kg	11,387	12,678	10,086	9,599	11,502	10,181	8,235	9.012
Metal production, Smelters
Zinc, tonnes	117,389	126,730	121,953	117,577	116,785	116,656	122,935	121,282
Copper, tonnes	91,796	91,787	96,762	94,840	85,872	96,871	94,628	79,052
Lead, tonnes	7,472	7,226	7,090	6,144	7,102	6,702	7,293	7,404
Lead alloys, tonnes (Bergsöe)	6,368	13,975	12,873	13,023	8,416	12,081	11,100	7,480
Nickel in matte, tonnes	4,476	6,733	6,002	7,282	3,666	1,712	4,825	5,711
Gold, kg	4,190	5,699	5,510	4,130	3,812	4,960	5,502	4,374
Gold, troy oz.	134,703	183,227	177,150	132,768	122,564	159,477	176,895	140,628
Silver, kg	141,460	144,140	146,205	133,304	145,460	141,322	151,721	121,331
Silver, 'OOO troy oz.	4,548	4,634	4,700	4,286	4,677	4,543	4,878	3,901
Sulphuric acid, tonnes	408,741	449,985	453,243	448,024	362,387	421,740	418,262	388,313
Metal prices in USD, average per quarter
Zinc, USD/tonne	2,335	2,628	2,750	2,916	2,991	3,364	3,754	3,915
Copper, USD/tonne	6,519	7,166	8,504	9,700	9,372	9,699	9,997	9,513
Lead, USD/tonne	1,873	1,901	2,018	2,128	2,340	2,331	2,335	2,199
Nickel, USD/tonne	14,210	15,930	17,570	17,359	19,125	19,821	26,395	28,940
Gold, USD/troy oz.	1,909	1,876	1,798	1,814	1,790	1,795	1,877	1,873
Silver, USD/troy oz.	24.26	24.39	26.26	26.69	24.36	23.33	24.01	22.60
Metal prices in SEK, average per quarter
Zinc, SEK/tonne	20,718	22,681	23,095	24,520	25,869	29,789	35,080	38,513
Copper, SEK/tonne	57,840	61,844	71,426	81,558	81,049	85,879	93,422	93,588
Lead, SEK/tonne	16,622	16,408	16,947	17,894	20,233	20,638	21,823	21,633
Nickel, SEK/tonne	126,076	137,466	147,579	145,956	165,393	175,497	246,660	284,713
Gold, SEK/troy oz.	16,937	16,187	15,102	15,255	15,484	15,892	17,544	18,423
Silver, SEK/troy oz.	215.21	210.48	220.53	224.43	210.70	206.61	224.34	222.35
Exchange rates, average per quarter
USD/SEK	8.87	8.63	8.40	8.41	8.65	8.85	9.35	9.84
EUR/USD	1.17	1.19	1.20	1.21	1.18	1.14	1.12	1.06
EUR/SEK	10.36	10.28	10.12	10.14	10.20	10.13	10.48	10.47
USD/NOK	9.13	9.04	8.51	8.37	8.77	8.73	8.85	9.42

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

	3-2020	4-2020	1-2021	2-2021	3-2021	4-2021	1-2022	2-2022
AITIK
Milled ore, Ktonnes	10,169	10,519	8,476	10,254	10,132	11,239	10,396	11,166
Head grades
Copper, %	0.24	0.25	0.22	0.21	0.22	0.23	0.22	0.21
Gold, g/tonne	0.13	0.16	0.12	0.11	0.11	0.12	0.12	0.10
Silver, g/tonne	1.00	1.04	0.91	O.8O	0.94	0.83	0.95	0.92
Production of metal in concentrate
Copper, tonnes	22,345	23,402	17.014	19,457	19,811	23,708	20,540	21,766
Gold, kg	786	948	563	674	630	744	676	703
Gold, troy oz.	25,280	30,493	18,115	21,682	20,245	23,905	21,723	22,604
Silver, kg	7,885	8,603	5,798	6,088	7,386	7,090	6,758	8,234
Silver, 'OOO troy oz.	253	277	186	196	237	228	217	265
THE BOLIDEN AREA
Milled ore, Ktonnes	498	478	424	513	508	471	475	476
Of which, smelter slag	67	71	59	70	75	74	62	64
Head grades
Zinc, %	3.8	3.1	2.7	3.4	3.3	3.3	3.0	3.9
Copper, %	0.38	0.38	0.37	0.40	0.26	0.27	0.38	0.41
Lead, %	0.45	0.41	0.33	0.38	0.42	0.43	0.26	0.50
Gold, g/tonne	2.2	2.4	1.8	1.9	2.1	1.9	1.8	2.3
Silver, g/tonne	69	57	49	50	61	53	35	56
Tellurium, g/tonne	57	55	47	49	57	43	44	48
Production of metal in concentrate
Zinc, tonnes	15,157	11,677	8,725	13,522	12,811	12,104	11,405	14,952
Copper, tonnes	1,235	1,179	1,047	1,450	820	878	1,361	1,335
Lead, tonnes	850	799	468	764	947	947	530	1,145
Gold, kg	816	827	504	706	766	631	615	783
Gold, troy oz.	26,244	26,590	16,206	22,695	24,627	20,285	19,771	25,171
Silver, ka	23,587	19,129	13,296	17,411	20,581	17,103	11,070	18,918
Silver, 'OOO troy oz.	758	615	427	560	662	550	356	608
Tellurium, kg	11,387	12,678	10,086	9,599	11,502	10,181	8,235	9,012
TARA
Milled ore, Ktonnes	652	570	548	605	560	436	383	623
Head grades
Zinc, %	5.5	6.2	5.7	5.3	5.2	5.9	5.7	$5.2$
Lead, %	1.0	1.2	1.0	1.0	O.9	1.2	1.1	1.0
Production of metal in concentrate
Zinc, tonnes	34,103	33,735	29,634	30,528	27,480	24,607	20,416	30,732
Lead, tonnes	3.677	4,268	3,380	3,331	2,947	3,534	2,933	4,026
Silver 1 , kg	156	265	251	555	437	432	728	937
Silver 1, 'OOO troy oz.	5,015	8,520	8,070	7,137	14,050	13,889	23,404	30,125

1 Silver production in Tara is not payable.

Quarterly data per unit - Mines

	3-2020	4-2020	1-2021	2-2021	3-2021	4-2021	1-2022	2-2022
GARPENBERG
Milled ore, Ktonnes	775	735	817	791	692	756	720	804
Head grades
Zinc, %	3.8	3.8	3.8	3.8	3.8	3.7	3.9	3.6
Copper, %	0.05	0.06	0.07	0.07	0.06	0.06	0.06	0.05
Lead, %	1.42	1.47	1.48	1.62	1.50	1.46	1.57	1.33
Gold, g/tonne	0.32	0.26	0.31	0.32	0.28	0.29	0.26	0.30
Silver, g/tonne	108	123	118	120	133	105	118	124
Production of metal in concentrate
Zinc, tonnes	27,390	26,485	29,196	28,623	24,987	26,240	26,305	27,023
Copper, tonnes	198	215	312	265	177	231	210	170
Lead, tonnes	9,258	8,883	10,007	10,877	8,665	8,943	9,650	8,764
Gold, kg	177	144	181	181	136	162	134	195
Gold, troy oz.	5,689	4,622	5,828	5,819	4,387	5,209	4,315	6,257
Silver, kg	64,899	68,458	72,982	73,389	70,290	58,225	64,711	77,915
Silver, 'OOO troy oz.	2,087	2,201	2,346	2,359	2,260	1,872	2,080	2,505
KEVITSA
Milled ore, Ktonnes	2,430	2,588	2,370	2,206	2,239	2,654	2,538	2,542
Head grades
Copper, %	0.29	0.36	0.28	0.38	0.30	0.37	0.24	0.30
Nickel, %	0.18	0.20	0.19	0.23	0.20	0.20	0.17	0.19
Cobalt, %	0.012	0.013	0.011	0.013	0.013	0.013	0.014	0.012
Gold, g/tonne	0.11	0.14	0.11	0.14	0.11	0.13	0.09	0.11
Palladium, g/tonne	0.14	0.13	0.16	0.20	0.16	0.17	0.14	0.17
Platinum, g/tonne	0.26	0.26	0.25	0.31	0.25	0.27	0.21	0.25
Production of metal in concentrate
Copper, tonnes	6,455	8,622	6,082	7,699	6,157	8,788	5,568	6,930
Nickel, tonnes	2,810	3,487	2,974	3,404	2,915	3,582	2,934	3,197
Cobalt, tonnes	126	154	128	147	145	172	182	147
Gold, kg	144	186	145	176	139	177	109	159
Gold, troy oz.	4,628	5,996	4,664	5,653	4,469	5,697	3,501	5,106
Palladium, kg	236	244	260	285	236	255	225	259
Palladium, troy oz.	7,577	7,834	8,354	9,173	7,588	8,194	7,233	8,312
Platinum, kg	341	379	352	396	338	361	279	350
Platinum, troy oz.	10,954	12,200	11,317	12,715	10,870	11,608	8,960	11,250
KYLYLAHTI
Milled ore, Ktonnes	164	119
Head grades
Zinc, %	0.21	0.15
Copper, %	0.37	0.30
Nickel, %	0.28	0.30
Cobalt, %	0.14	0.11
Gold, g/tonne	1.17	1.39
Production of metal in concentrate
Zinc, tonnes	70
Copper, tonnes	543	326
Nickel, tonnes	247	213
Cobalt, tonnes	105	83
Gold, kg	157	136
Gold, troy oz.	5,033	4,375

Quarterly data per unit - Smelters

	3-2020	4-2020	1-2021	2-2021	3-2021	4-2021	1-2022	2-2022
RÖNNSKÄR
Feed, tonnes
Copper
Copper concentrate	171,844	156,630	155,727	165,687	158,518	165,111	186,601	171,277
Secondary raw materials	37,104	40,706	40,577	43,342	42,318	42,966	42,934	36,970
Of which, electronics	15,880	18,646	16,331	19,375	17,235	19,924	19,966	20,985
Copper, total	208,949	197.336	196,304	209,029	200,836	208,077	229,535	208,247
Lead
Lead concentrate	12,394	10,508	11,059	9,832	8.755	12,605	11,337	10,080
Secondary raw materials	170	189	251	270	162	296	224	282
Lead, total	12,564	10,698	11,310	10,102	8,917	12,901	11,561	10,361
Production
Cathode copper, tonnes	55,642	56,049	55,652	54,325	56,395	56,666	57.681	50,996
Lead, tonnes	7,472	7,226	7,090	6,144	7,102	6,702	7,293	7,404
Zinc clinker, tonnes	9,599	5,967	7.733	8.482	9,531	8,453	8,847	6,543
Gold, kg	2,852	4,028	3,026	2,547	2,576	3,113	3,026	2,647
Gold, troy oz.	91,705	129,491	97,270	81,880	82,815	100,084	97.289	85,114
Silver, kg	127,000	126,600	122,205	110,944	126,500	123,202	131,701	100,351
Silver, '000 troy oz.	4,083	4,070	3,929	3,567	4,067	3,961	4,234	3,226
Sulphuric acid, tonnes	128,274	114,416	127,416	137.301	120,781	142,507	137.981	127,807
BERGSÖE
Feed, tonnes
Battery raw materials	7,404	14,950	13,595	12,961	8,846	12,710	12,181	8,638
Production, tonnes
Lead alloys	6,368	13,975	12,873	13,023	8,416	12,081	11,100	7,480

Quarterly data per unit - Smelters

	3-2020	4-2020	1-2021	2-2021	3-2021	4-2021	1-2022	2-2022
HARJAVALTA
Feed, tonnes
Copper
Copper concentrate	139,318	175,579	155,427	158,302	110,008	167,327	145,048	125,788
Secondary raw materials	5,442	7,320	7,622	9,603	5,399	8,398	7,297	7,494
Copper, total	144,761	182,898	163,049	167,905	115,407	175,725	152,345	133,283
Nickel concentrate	47,593	71,080	68,833	76,077	41,811	20,708	50,580	56,503
Production
Cathode copper, tonnes	36,154	35,738	41,110	40,515	29,477	40,205	36,947	28,056
Nickel in matte	4.476	6.733	6,002	7.282	3,666	1,712	4,825	5,711
Gold, kg	1,337	1,671	2,485	1,583	1,236	1,847	2,476	1,727
Gold, troy oz.	42,998	53,736	79,881	50,888	39,748	59,394	79,606	55,514
Silver, kg	14,460	17,540	24,000	22,360	18,960	18,120	20,020	20,980
Silver, 'OOO troy oz.	465	564	772	719	610	583	644	675
Sulphuric acid, tonnes	165,581	221,108	211,232	206,817	129,270	167,499	166,867	156,480
KOKKOLA
Feed, tonnes
Zinc concentrate incl. waelz	152,678	145,441	154,975	134,050	149,063	147,687	149,755	138,019
Production, tonnes
Zinc	72,408	73,956	74,574	70,460	74,280	73,334	74,912	72,638
Silver in concentrate, kg	1,641	5,055	6,156	5,694	5,287	5,843	6,372	5,496
Silver in concentrate, 'OOO troy oz.	53	163	198	183	170	188	205	177
Sulphuric acid	82,674	81,868	83,050	70,831	82,194	84,398	82,036	72,433
ODDA
Feed, tonnes
Zinc concentrate, incl. zinc clinker	97,764	96,269	95,315	93,149	88,213	81,625	93,548	97,154
Production, tonnes
Zinc	44.981	52,774	47,379	47.117	42,505	43,322	48,023	48,644
Sulphuric acid	32,212	32,593	31,545	33,075	30,142	27,336	31,378	31,593

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