Boliden — Management Reports 2023

Feb 14, 2023

Mineral resources, December 31, 2022

		Quantity, ktonnes						2022
				Au	Ag	Cu	Zn	Pb	Ni1)	Co1)	Pt	Pd	Te2)	Mo
		2022	2021	g/t	g/t	%	%	%	%	%	g/t	g/t	g/t	g/t
Aitik
Aitik	Measured	154,000	281,000	0.06	0.6	0.14
	Indicated	581,000	621,000	0.12	0.9	0.18
	Inferred	412,000	15,000	0.08	0.8	0.17
Nautanen	Measured
	Indicated	12,700	12,700	0.9	6	1.5								100
	Inferred	8,700	8,700	0.6	6	1.4								98
The Boliden Area
Polymetallic Mineralizations
Kristineberg	Measured	660	170	0.4	38	0.7	2.7	0.2
	Indicated	6,700	3,900	0.4	58	0.6	3.1	0.4
	Inferred	5,900	8,100	0.3	49	0.8	2.6	0.3
Petiknäs N	Measured
	Indicated	360	360	8.1	72	1.6	2.8	0.3
	Inferred	1,700	1,700	4.4	54	0.9	2.1	0.3
Renström	Measured
	Indicated	1,000	1,500	1.4	74	0.5	3.5	0.7
	Inferred	1,200	930	1.5	79	0.4	4.4	0.9
Strömfors	Measured
	Indicated
	Inferred	2,600	2,600	3.0	81	0.2	4.4	0.8
Total3)	Measured	660	170	0.4	38	0.7	2.7	0.2
Polymetallic Mineralizations	Indicated	8,100	5,700	0.8	61	0.7	3.1	0.4
	Inferred	11,400	13,300	1.6	60	0.6	3.1	0.5
Gold Mineralizations
Kankberg	Measured	220	220	2.9	7								116
	Indicated	710	790	3.6	7								137
	Inferred	1,500	1,800	2.9	3								110
Älgträsk	Measured
	Indicated	1,100	1,100	2.8	5
	Inferred	3,500	3,500	2.0	4
Total3) Gold Mineralizations	Measured	220	220	2.9	7
	Indicated	1,800	1,900	3.1	5
	Inferred	5,000	5,300	2.3	4
Garpenberg	Measured	70	70	0.24	108	0.03	2.8	1.0
	Indicated	21,600	30,500	0.41	70	0.06	2.7	1.3
	Inferred	67,400	48,400	0.34	57	0.05	2.3	1.1
Kevitsa	Measured	52,700	50,100	0.08		0.33				0.21 0.011	0.17	0.11
	Indicated	88,900	88,400	0.07		0.36				0.23 0.011	0.11	0.07
	Inferred	360	240	0.02		0.16				0.09 0.010	0.03	0.01
Tara	Measured	30	30				5.7	1.3
	Indicated	2,100	1,400				4.9	1.8
	Inferred	38,200	38,400				7.5	1.5
Laver	Measured		1,100
	Indicated	734,000	512,000	0.14	4	0.24								37
	Inferred	227,000	551,000	0.11	5	0.19								30
Rockliden	Measured
	Indicated	800	800	0.08	102	2.1	4.4	0.90
	Inferred	9,200	9,200	0.05	47	1.7	3.9	0.40

1) Kevitsa is reporting Ni and Co in sulphides.

2) Te only in Kankberg.

3) Totals are calculated from exact values and may result in apparent summation differences.

Boliden reports Mineral Resources exclusive of Mineral Reserves to avoid double counting. This means that quantities converted to Mineral Reserve are removed from Mineral Resource.

Mineral reserves, December 31, 2022

		Quantity, ktonnes	2022
		2022	2021	Au g/t	Ag g/t	Cu %	Zn %	Pb %	Ni1) %	Co1) %	Pt g/t	Pd g/t	Te g/t
Aitik	Proved	126,000	154,000	0.08	1.0	0.17
	Probable 1,005,000 1,153,000			0.17	1.3	0.24
The Boliden Area
Polymetallic Mineralizations
Kristineberg	Proved	360	40	0.5	30	0.5	4.4	0.2
	Probable	4,200	4,400	0.3	75	0.8	5.4	0.6
Renström	Proved	440	440	2.1	122	0.4	5.8	1.0
	Probable	4,200	4,000	1.8	105	0.3	5.9	1.1
Total2) Polymetallic Mineralizations	Proved	800	470	1.4	81	0.5	5.2	0.7
	Probable	8,300	8,400	1.0	90	0.6	5.6	0.9
Gold Mineralizations
Kankberg	Proved	2,200	2,300	3.2	11								191
	Probable	1,600	1,400	3.6	7								177
Garpenberg	Proved	18,700	7,700	0.24	97	0.04	3.1	1.3
	Probable	90,600	86,000	0.30	85	0.04	2.5	1.1
Kevitsa	Proved	73,200	72,000	0.10		0.33			0.22	0.010	0.21	0.13
	Probable	28,000	51,600	0.10		0.38			0.26	0.012	0.18	0.12
Tara	Proved	1,100	600				5.8	1.3
	Probable	13,900	15,500				5.5	1.5

1) Kevitsa is reporting Ni and Co in sulphides.

2) Totals are calculated from exact values and may result in apparent summation differences.