Gruvaktiebolaget Viscaria

Warmly welcome everybody to Viscaria's quarterly report for the second quarter 2026 up here in Kiruna. And as usual we welcome you to our core shed where actually everything starts as you know and Ross will tell you more about that later on. Viscaria continues to deliver according to plan and activities are now higher than ever across all work streams. We are continuing to build our organization. We are adding additional contractors and we now have some approximately 200 people that are logging into the site every day, seven days a week and more people for every month will then come in. We connected ourselves to the main railway on June 17 which was an important event and we will inaugurate the entire rail yard the Leverjärvi rail yard on October 14 this year that means that we can also after that date starting to get the equipment via train and not only just trucks after that We are continuing with the commissioning of the water treatment plant in a successful way and Charlotte will give you much more detailed information about that. And after the period as well we contracted Sandvik for underground production equipment which is an important statement that we're now just about ready to start our production. Ross will talk a lot about the continued successful drill results which proves that this deposit continues to increase in both tonnage and grades in a very fast pace We had a very well attended Captain Marcus Day, an AGM up here in Kiruna on May the 7th with some 250 guests and shareholders which was very well received. Then of course we concluded a very successful oversubscribed direct share issue of some 1.7 billion Swedish krona where we also took the opportunity to convert all outstanding shareholders loan of a bit less than 700 million Swedish krona The total size of the issue was then 2.4 billion Swedish kronor. We are extremely happy with the continued support from basically all our institution shareholders and also the largest private shareholders where many of them took the opportunity to increase their shareholding. and at the same time we're also very pleased to welcome our new second largest shareholder the French infrastructure fund Infravia supported by the French state an experienced fund investing in mining and metals that has been scrutinized as well for a long time and now have entered our cap table and we're very pleased with that And lastly, we are in the final stage of concluding then our debt financing of approximately 5 billion Swedish krona. We're pushing that a bit from September, as we have previously announced, a bit into October. There's no red flags that is behind this push, it's just that it's a complex project financing, but a completely standard format. So the mandated leader ranges Socken and ING are now in the final stage of deciding of the bank consortium, the syndication consortium that will participate. So that means that another four to six banks are then included in all these arrangements. and we also then are then negotiating with two governmental bodies to receive credit guarantees for part of the amount and that is the Finnish state via Finvera and the German state OIL-RMS. via Ölhermes. And the reason for the credit guarantees is of course that we are buying so much equipment from Finland that the Finnish state is supporting and we are exporting part of the copper concentrate to Germany which the German state is supporting. So again Charlotte, Ross and Frida will talk in detail about all activities that are happening both during the quarter and activities that will come. I will take the opportunity to share with you a few slides just about why we care so much about details and tidiness of our site. So as you have heard before, we care about the design of our buildings, the color scheme of our buildings and has nothing to do that we want to do a fancy site. This is about caring and quality. We care about details. When you care about details, your organization notices that. This is to prevent accidents and support quality. It shows that you are not just pushing the product into production at any cost. You do it at the site that is nice to come to every day. our main office which many of you have seen when you have attended here at Captain Marcus days before we are now doing this nice little park which is will be a very welcoming face every morning when you come to work and that gives comes with that you come to work with a bit of smile at your face we have also constructed the Viscaria village so this is the overnight the facilities, the accommodations for the building constructors during the two year period that we now are left to build our site. So this is not for future production mine workers, this is only for the construction workers during the construction period. We have 132 overnight rooms here and since we work in 7-7 shift that means that we give opportunity for overnight facilities for 264 people that we then release the burden of the Kiruna municipality to have them for hotel rooms or that they buy apartments or houses for the contractors. We have them now here on site as well. so after two years the red buildings here will either be converted to contractor offices or will be moved away but the field here in between where the football field and barbecue places outdoor sauna outdoor gym that will be forever for our workers for recreation mornings lunch breaks afternoons or evenings and the brown house there down at the end of the picture that will also be there forever because that is the change facilities and also lunchrooms and so on for the daily production workers that comes into site to work in the mine on a daily basis. and we are also then next year do a nice visitor center just outside the main gate where we can receive guests have security reviews information you can have see films about the site and production and so on and this will also give a very nice welcoming feeling when you come to our site to be super proud of all this work as well that we do. But over then to details about what's happening in the site and I start with welcoming Charlotte to the stage. Thank you.

Thank you so much Jörgen. So I will now give you an update on where we are with the project and execution of the project and overall the project is proceeding really well. We are actually on our most critical construction project, the processing plant. We're a little bit ahead of schedule which will give us a big advantage now when we're moving into the winter months. other than that we have a strong focus on time planning in the project a quality of the designs that we receive every day and also on safety of course which is a top priority for us all across sites we're also doing the final detailed designs within the project and adding to that the last big contracts for COPEX investments and that will secure us to do a safe and successful restart of the Viscaria mine Looking at the processing plant, as I said, the project is going as planned and we're currently ahead of schedule. The engineering and construction activities has intensified a lot during the quarter and it's more and more contractors coming in helping to construct this building. Metso is also undertaking the detailed design of the process equipment that will be inside the processing plant based on the basic engineering that they completed in December last year. We're also doing continued process optimization work, including further metallurgical studies just to be fully ready when we're actually starting up this processing plant in 2028. And as we go, we're also building up, scaling up the operational organization. The picture you see here, that's taken from yesterday. It's moving fast in the project. Adding to that, this is a time-lapse movie showing the progress in this construction over the last three weeks. The building is erected quite fast because everyone knows what to do. It's tidy and with a strong focus on safety. So we're not only constructing the building, we're also doing the concrete foundations for the heavy equipment such as the mills and also the foundations for the building. So looking into the mine we've done 300 meters of underground rehabilitation as of now and it's going well according to expected actually a little bit faster than expected so we're doing roughly 25 meters per day and this picture is taken also yesterday from inside the of the mine entrance. We have started the open pit operations so now we're blasting material that we use for our tailings construction and we also have some ore that we have started to stockpile on the ROM pad. As Jörgen mentioned we have selected Sandvik for the underground mining fleet, we're happy with that and they're also going to help with maintenance service of the equipment and of course automation. We're also doing optimizations of the mine plan and one improvement that we've done lately is that we're going to start the development to the upper part of the D-zone before taking the lower part just so we can start in a month by doing that and also another positive from doing that is that we decouple the mine plan and progress from the dewatering rate and not by saying that the Water treatment is going as planned, but this is an optimization that we wanted to do and it has a lot of benefits. So looking on the infrastructure and logistics side, the Leverjärvi rail yard, our rail yard station so to say, was connected to Malmbanan on 17th of June, which was an important milestone for us. It's not easy to get those slots and we signed up to have this slot the 20th of April 2023. So that just shows how well we planned for doing this and how we actually executed everything in order to be able to do it this exact date. The railway yard is well in construction and the concentrate storage building, adding to that, inauguration will be held mid-October and the Norvik infrastructure for the boat shipment is also well in progress, power to site and site infrastructure. Looking at the tailings facility, it's in full construction as well. You see the picture here. And we're also building the clarification pond and the outlet from the clarification pond that will take water into the processing plant. And a positive here is that we are blasting our material from the open pits and we're not only using that for the support benches, we also do our fine filters, the darker filters in the picture and the coarse filters. So it's a really good COPX profile of our tailings facility. So going to the VTP 1000, we're well in commissioning now and the picture you see here is the water that we discharged to the recipient and so we're now treating the water of metals, uranium and sulphate and everything's going as expected and we meet the permit limits so we're discharging to recipient according to plan. So now the focus is to ramp up of this discharge amounts to reach 1000. We are soon there and we are operated training ongoing. So super important to learn how to run this facility in a good and efficient way. And we have our drinking facility completed and approved by the authorities so we can support the site with drinking water as well. So here's a picture zooming out a bit, the pipeline that's going from the VTP-1000 and the outlet to the recipient that's zoomed in on the picture to the left. And here's also a picture from the inside, tidy and clean, and the desulfate treatment step in the middle, that was the last thing we added that was completed in mid-June. And Viscaria Village, as Jörgen mentioned, it's nearing commissioning. Our first guest will arrive the 24th of August, which we are very happy about, which will give our contractors a nice place to stay and rest when they're not working. And the official inauguration will be in September. So it's 132 rooms and 264 residents that we can take. So very close to taking that into operations. And lastly, from my end, the project schedule, no changes. The sulphate treatment was in place in time, the exact date, and then we could start the dewatering of the mine, and that will continue as we go. Underground rehabilitation, we're just continuing doing that as we dewater. Open pit operations ongoing as planned. and underground mining we will actually start in a month when we start with this drive and development to the upper part of the D-zone. Power installation will be completed in 27, rail yard October this year and the tailings area and clarification pond will be completed later this year and looking at the processing plant it will be weatherproof and all the foundations will be completed in November this year and then we're moving over to installation of process equipment which will be done during 27 and then we do commissioning as we go ramp up and then have our first sellable contract the first half year of 28. And with that I will hand over to Ross for the latest from expiration.

Thank you very much, Charlotte, and good morning to everybody watching. It's very exciting to be back with another exploration update from the team here at Viscaria. Stepping back, we're really starting to see the different parts of this geological story come together, and that's a theme that I want to carry through today's presentation. Our standout result from this quarter comes from the D zone, where drill hole 25013E, which was drilled 800 meters outside of the existing resource boundary, intersected 10 meters at 2.2% copper, which is more than twice the current average grade of the deposit. Elsewhere in the B zone, drilling is continuing to find high-grade extensions to the mineralization and also define an exceptionally thick package of mineralized rock. And finally, our reflection seismic survey is now underway on site, which is allowing us to test the system at an entirely different scale than ever before. But first, let's focus on that standard result from the D zone. So this image we see here, I think it's one that we're all starting to become a bit familiar with. What we see is the D-zone resource color contoured according to grade by thickness. So where we have the hotter colors, that's where we have the thicker and higher grade parts of the deposit. Over the past year, we've been progressively stepping out in our drilling further from the resource. During the last quarter, we presented the results from hole 24036, which was our first major step out hole, 400 meters from the resource, and this returned an intersection of 14.3 meters at 1% copper. And the results from this is what encouraged us to go even further. Last quarter, we also presented 25013E, which intersected copper-iron mineralization 800 meters from the resource. at that time we didn't have the assay results but now we do 10.2 meters at 2.2% copper and 32% iron this is just a fantastic result But what comes with this result is two important messages. Firstly, the scale. So with this drill hole, we've opened up a significant corridor between the intersection and the current resource. And that's a corridor that has great potential for further resource growth through continued drilling. And in fact, we're already starting to test this space with two active drill rigs in the field. And so we're hoping to have results to share very shortly from there. And on top of the scale, another important message here is, of course, the grade. So as we're moving further away from the resource, from the known mineralization, it's very important that we're seeing that the mineralization is not weakening. We're not finding lower grade. In fact, quite the opposite, more than double the grade of the current resource. On top of these two important messages, we also see a very interesting mineralogical observation as well. In this area, we're seeing an increased proportion of boronite coupled with hematite alteration. Now it's quite early doors, but in similar copper systems, this type of observation, boronite with hematite, it can indicate that you're vectoring towards a higher grade part of the system. So of course this is a very interesting thing that we're going to follow along and try to find in the next drill holes as well. But let's have a look at the drill core to try and connect this headline intersection to the geology. So what we see here is photos of the drill core overlaid by the individual assay results. What I really like about this result is the consistency of the grade. So as you can see, there's not just one narrow but super high-grade vein that's carrying the intersection. Rather, what we see is several consecutive samples, 2% copper, and several actually around the 3% mark as well. So this is genuinely high-grade mineralization in an area that we believe has great potential for resource growth, and at a later stage, future mining expansion as well. But importantly, this exploration campaign is continuing to deliver great results, not only from one zone. We can also take a look at the B zone as well. So again, a familiar image. This is the B zone resource, again, color contoured by grade thickness. And we can see in the southwest portion of the deposit, on the left-hand side of this image, there's a gap in the resource. And that was previously untested until basically the last year, where we started to fill that gap. First, the first result we had was drill hole 25013B, which returned a whopping 76 meters at around 1% copper. Then in the last quarter, we presented hole 13D, which again, this confirmed a really thick package of mineralized rock with several stacked high-grade intervals above 1% copper as well. And that brings us to today where we have two new drilling results to share with you. We just looked at drill hole 25013E in the D zone, but this same hole had great success drilling in the B zone as well, returning at an intersection of 20.6 meters at 1.13% copper and providing an extremely important link between that shallow part of the resource and the deeper drilling that we've completed. And then finally, we have drill hole 13F as well, which has also confirmed this really broad mineralized package. A total intersection of 270 meters at half a percent of copper with several higher grade sections within that, including 14.3 meters at above 1% copper. But importantly, the key message from the B-Zone drilling here, it's not about any one individual result. It's the repetition, the continuity. Here we're seeing geological ingrained continuity beyond the resource. And from the project perspective, this is really important. It's real near mine exploration. So these are results adjacent to existing resources and adjacent to the planned mining infrastructure as well. Now, this is quite a technical slide, but I think it's really important to show how the different pieces of the puzzle are starting to come together. On this image, we're seeing a plan view, so a map of the Viscaria deposit looking down. And in the backdrop to that is magnetotelluric geophysical data. What we see in the data is this red trend, the strong conductivity, and this comes from the graphitic rocks in the A zone and the C zone. And if we follow this strong conductivity signal towards the southwest part of the deposit, you can see that there's this major break cutting across the formations. And the geology that we observed in that break tells us exactly why this is the case. In this area, the original black carbon rich rocks have been completely bleached and altered by the hydrothermal fluids, losing that formational conductivity. And in the same area, we see an abundance of these cross cutting feeder style veins as well. So we think it's no coincidence that along that same trend, that's exactly where we've made a lot of our recent discoveries. First the ABBA zone, then B-zone deep, the first high grades in the C-zone, and now today this 800m strike extension in the D-zone, 10m at 2.2%. All of this is to say that the geological and geophysical evidence is all pointing towards a major feeder corridor in this part of the deposit. So today, of course, we've been focused a bit on the near mine drilling results. But with the reflection seismic survey underway on site, we can now start to look far beyond the drill bit. As we learn more about the Viscaria deposit, we start to ask ourselves bigger questions about the architecture and the depth extent of the deposit. And with seismics, we can start to answer a lot of those questions. This is part of a project, a collaboration with Uppsala University and BitsimNow. And you can see on this map, it's quite an ambitious scope to the work that's planned. Not only do we plan to cover the entire mine site with seismic profiles, but we also plan to do some profiles in the city as well. And that's in order to chase the down dip reflections southeastward from the deposit. But the work is now underway, so let's take a quick look to see how this actually works in practice. So we have here the seismic source, this vibrator truck, and it systematically works along each of these profiles, lowering this base plate and generating seismic waves, which reflect back from different geological features in the subsurface, and they're recorded by thousands of receivers that we have over the area. But of course, the really interesting part is when we get the results back, and we can start to see how this fits in with the overall picture. So finally, to try and tie this together and look ahead to the future, what we see on this chart is the growth of Viscaria's mineral resources through time. From 3 million tons when the mine closed in the late 90s, up to 108 million tons, which were defined in 2025. As you see today, all of the near mine drilling results are pointing towards continued resource growth. What's really important is that as we move closer to production, we need to acknowledge that exploration is about much more than just adding tonnage. Our near mine exploration campaign is really targeting areas that have the great potential to add scale, flexibility in the scheduling and optionality to the future mining operation. In other words, we're drilling in areas that can make a big difference. We have four active drill rigs working in the area and our planned resource update is for Q1 2027. So until then we will continue to keep compiling all the data and to confirm geological continuity in all these exploration spaces. The key message today though is that we're not just accumulating single drill results. This is all becoming part of a comprehensive understanding of the Viscaria mineral system and where the greatest value might sit. Drill hole after drill hole, quarter after quarter, we're really starting to put together this geological story. So thank you very much for listening. On that note, I will hand the word to Frida.