Gruvaktiebolaget Viscaria

Welcome everybody to the core shed, Viscaria's core shed in Kiruna, where we will present our Q3 report 2026. We continue to make strong progress across the Viscaria project, with significant activity both on site and in exploration. We have reached several important milestones this quarter, including the inauguration of Viscaria Village, our rail yard, Levijärvi, while construction of the processing plant is advancing rapidly. We have also strengthened the project through key agreements with Metso and Sandvik and Charlotte will take you through their progress on site in more detail. I also want to mention that the Viscaria mine was designated a strategic product under the EU Critical Raw Materials Act. This is of course an important recognition of Viscaria's strategic relevance to Europe and its role in strengthening Europe's supply of copper. Finally, exploration continues to deliver very strong results and deepen our geological understanding of the deposit. Ross will dig deeper into the geological progress we have made during the quarter later in the presentation. But first, let me highlight two very tangible milestones from the quarter, starting with the new rail yard at Levijärvi. The inauguration of the Levy Rail Yard was an important milestone for the project. An inauguration like this requires a significant timeline in order to achieve something like this. The first agreement that we signed with the Swedish train authorities, rail yard authorities, was signed in April 20, 2023. Hence, when you reach a milestone like this, you want to celebrate. It connects us directly to the iron ore line and gives us access to established transport routes both north and south. And of course we are very proud of this and I will show you a short film from the inauguration and the first train leaving our new rail yard. Another important part of preparing for operations is having the right infrastructure for the people and construction workers that will build the Viscaria mine. That's why we built the Viscaria village for accommodations for construction workers during the two-year period now that we are doing the intense construction. We did this project together with the second largest hotel operator in the Nordic area, Strawberry. And they are the ones that are responsible for the specification of the rooms and the common quarters. So we can do it as a hotel standard. The first guests arrived on August 24 and it was inaugurated in September. It provides 132 rooms with accommodation up for 264 people working on a 7-7 day shift. Most importantly, it also reduces the pressure that our project otherwise would have put on housing and accommodation in Kiruna. So as you can see, our focus is fully on moving this project forward with tangible progress on site. At the same time, I know that many of you are closely following our project financing. So let me explain where we are and put the timeline into perspective. Here you can see a picture where we gathered all participants in Stockholm some time ago when we tried to nail down final outstanding issues to be dealt with. So here we have participants from Societe General, ING, OLMS, Fenvira, four law firms, advisors, etc., etc. The project financing continues then to move forward in line with what we announced a couple of weeks ago. And we are now targeting completion before end of January with credit approval from the lead banks expected around year end. To put that timeline into perspective, this is an exceptionally rare type of financing. Only around six to seven bank-arranged mining product financing have been completed in Europe the last 10-year period. And even on a global level, these product financing for mines are relatively limited. So these are not standardized financing processes. They are large, complex, and highly product-specific, requiring extensive due diligence across technical, ESG, commercial, legal, and financial work streams. Important point is to point out that the financing process continues to move forward in a steady way. The timeline reflects the complexity and rarity of this type of financing. Most importantly, it does not affect the overall time plan for our project since we are very well funded. So with that, I welcome up Charlotte to the stage to take us through progress on the site more specifically.

Thank you so much for that, Jorgen. Good morning, everyone. And as Jorgen said, I will share with you the latest updates from the project. And you can see here on the page, the image is our site. And we have progress and construction ongoing all across the site. But we're not only constructing, we also take into commission and hand over to operations The facilities that has been completed, for example, the open pit where we have daily operations, the clarification pond that is completed, and of course, our water treatment plant. We continue to have a strong focus on safety for all our employees, contractors and partners that are working with us every day. And of course, we have a strong, strong focus on the time planning and the execution so we can deliver a reliable and timely restart of the Viscaria mine. So looking closer at the mine, as I said, we have open pit operation ongoing according to plan. We blast every week and we source the material to use for our tailings construction. And the picture you can see here at the bottom right, that's a picture where we load the trucks that goes directly to the tailings to crush and put out the material for our tailings construction. We did water the mine according to plan. And as we go and lower the water level, we do rehabilitation of the mine. So the upper picture you can see here, that's the rehabilitation work that we're doing for the parts of the mine that's been under water. We have selected Sandvik, as Jorgen said, as a long-term equipment partner for production drilling and loading vehicles and we continue to scale up our mining organization as we are approaching the start of the mine. We also do detailed work with a mine plan with a strong focus on the first three years to really have a robust and solid plan to take us to three million tons per year. And next week, we're actually starting the development towards the D-zone, so actually mining operation is starting next week. And we also signed an LOE with Orefields for mine development, and that's for a three-year contract for mine development. Looking at infrastructure and logistics, we inaugurated our rail yard, Levijärvi, as Jörgen mentioned, in October, and that will enable us to have five trains leaving our rail yard every week, either south or to the north. This facility has a capacity to store our copper concentrate, 10,000 tons, and also 20,000 tons of iron concentrate magnetite. So the train will reverse in there, being loaded, and then go to Norrvik for further shipment to customers in Europe. We continue to build our tailings facilities very soon to be completed. And as I said, we're sourcing the material from our open pitch, which gives us a very advantageous COPEX profile of those facilities. And the electricity substation for the operational phase, that's also well underway. On the processing plant that is going rapidly, it's advancing rapidly and according to schedule and it will be weatherproof fully by December so that's a little bit ahead of schedule still. We have a lot of engineering works ongoing for the piping and process equipment and as we do that we're also ramping up the organization. We have refined the process sheet further and validated our assumptions with further metallurgical studies which has been very successfully completed and we're working intensely with procurement of piping, all the pipes and sumps that will be inside the processing plant, the HVAC and of course the installation of the process equipment which will be the main focus for next year. On the water treatment, the commissioning phase is now over, so we're working with ramp up and handover to the organization. And we still have a successful removal of both uranium, metals and sulfates. And lastly, looking ahead on the project schedule, we continue with the power installation. As I mentioned, mining operation will start next week with the drift to the D-zone. The clarification pond, we're doing the final stages of that for completion. And then we have the processing plant, our biggest focus going ahead to have it weatherproof by December and then all focus on process installation during next year. Gradual commissioning and ramp up to have our first sellable copper concentrate in the first half year of 28. And with that, I would like to hand over to Ross from the latest from Exploration.

Thank you very much, Charlotte, and good morning, everyone. Today I'm going to run you through the latest results, expiration results from Q3, what we've learned along the way and what this means for Viscaria's expiration moving forward. During the last quarter we reported a high-grade intersect far beyond the mineral resource in the D-zone. Today we have a second hit. And it's not only about grade. What we're seeing is a varied copper mineralogy. So not just the chalcopyrite that we're used to, but we're also seeing boronite and chalcocite as well. So more details on that to come. Additionally, in the B zone, we have two new drilling intersections that are helping us to define how this mineralization is extending across the southwestern gap in the resource. On top of this, we've also completed our reflection seismic survey during the quarter and also kicked off three new research projects. So more details on everything, but without further ado, we jump into the D-zone. So if you've been following along our exploration updates along the way, you'll really start to recognise well this image that you see on the slide here. This is a longitudinal section of the D-zone where the current mineral resource is colour-contoured according to grade by thickness. On the left hand side of the image you can see the new drill hole VDD 26007 which intersected around 6 metres at 1.9% copper and importantly you can see that that intersection was made around 700 metres from the resource down plunge from that southern chute. And this follows very well the previous result from 25013E, 10 meters at 2.2% copper. So it's really encouraging to see that continuity in this part of the D-zone. And this gives us a really good basis to continue exploring the deeper roots of the system here. But what's really interesting in this area is where that copper grade is derived from. Here in this intersection, the copper is not coming from chalcopyrite, but this intersection, it comes all from chalcocite, a copper rich mineral that we're seeing for the very first time here in Viscaria. On top of this, the mineralization that we see is occurring in stacked mineralized intervals, which means we have a lot of high grade in relatively close proximity. And this is something we've seen in other parts of the deposit, like the Amazon, for example. So in the next slides we'll take you through each of these stacked intervals and look a bit at the varied mineralogy that we're seeing. Starting first here with the main D-zone horizon and looking a bit at the drill core in these boxes it allows us to draw the connection between these numbers and the actual geology. So we can see on the left-hand side here, those darker rocks, that's our typical host, the massive magnetite. But in this case, it has this red tinge, and that's because it's been oxidized a little bit, partially replaced by hematite. And associated with this increased hematite alteration is an abundance of chalcosite, which occurs as these silvery, wispy blebs and disseminations, as well as fine veinlets, which you can see on those close-up images on the right-hand side of the slide. And if we load up the assays sample by sample, you can see the product of this chalcosite mineralization. A really nice interval with high-grade copper, several intervals over the 2% copper mark. And I showed this video as well because I think when you can start to rotate the drill core, that's when you can see these fine veinlets of chalcosite where the light kind of reflects and shimmers back off of the mineral. And I mentioned that chalcocite is a copper-rich sulfide mineral. And what I mean by that is that within the mineral structure, chalcocite contains around 80 weight percent copper. And when you compare that with chalcopyrite, chalcopyrite has just around 35%. So this is a really interesting development that we're seeing here. So if we move on to the next mineralized interval, we have 9.5 meters at 1.4% copper, and within that, a high-grade interval of 5 meters at 2.4%, so really healthy numbers. And this intersection is made in the hanging wall metasediments, which sit just in front of the D-zone. And when I load up again here the individual assays, you can see that one interval in particular is doing a lot of the heavy lifting. over one metre at 9% copper. And if we look at those close-up photos on the right-hand side, we can see exactly why that's the case. Within this interval, we have a thick vein which hosts not just chalcosite, but also boronite and covalite as well. And seeing this mixed assemblage of copper rich minerals for the first time in Viscaria, it adds an additional geological curiosity here. And it's for that reason that we're going to focus on this exact area for one of the research projects which we just started up. So I'll explain more details in that later. And finally, the last mineralized interval here in this stack, 6 meters at 1.3% copper. So again, really nice grades. And if I show the individual assays, you see that the grades are a bit more consistent here, with a couple above the 2% mark. What's interesting here is that we do actually see chalcopyrite, but in this case, the chalcopyrite is starting to be replaced by boronite, which you can see in the kind of blue and purpley colors on the close-up photos. So if we kind of take a step back and look at all of these results together, we can see a clear progression as we move down the drill hole. First, we have chalcopyrite being replaced by boronite. Then this mixed assemblage of boronite, covalite, and chalcosite. And then furthest down the hole in the D-zone horizon, we have just chalcosite as the dominant mineral. This progression, this mineralogical shift is indicative of hypogene copper enrichment, which together with the hematite alteration may indicate that we're getting closer to a main feeder structure where oxidized copper rich fluids have been focused during the formation of the deposit. Of course, this is a hypothesis that we will continue to test, but already we can see that this fits very well with what we're seeing in the rest of the deposit. Okay, so speaking of the rest of the deposit, let's turn our attention to the B zone as well, where you can see this long section is starting to get pretty busy. But I think that reflects well the sort of key message from here today, that drill hole after drill hole, we're continuing to see that the mineralization extends across this gap in the southwest of the deposit. Today we have two new drill intersections from outside of the resource. Drill hole 26005, which returned around 6 meters at 1.1% copper, and drill hole 25013, which returned around 11 meters at 1% copper. And it's important to note that both of these intersections have really nice silver grades as well, so that could be a good kicker for us in the future. In addition to this, the drill hole that we just looked at in the D zone, 26007, it also intersected really nice mineralization in the shallow part of the B zone. You can see that in the top left hand corner of this section. Seven and a half meters at 1.8% copper, and this is less than 100 meters below the surface. So, of course, this was drilled within the resource. It wasn't an exploration hole. But I think a really nice highlight that there's really shallow potential here and a great area to follow up. And not only that, I think it illustrates the growing importance that we see in the B-zone. The B-zone is fairly consistently mineralized along strike. But what we're seeing is several areas locally where there's really high grade. I think that can provide key optionality to us down the line when we start the future mining. All right, this is an image we've seen before, so I don't want to dive too much into the technical details. But I like this because it brings together everything we're seeing all across the deposit and all around our latest discoveries. And that is clear geological and geophysical evidence for a main feeder corridor in the southwest part of the deposit. So what you can see on this geophysical map is this high conductivity signal from the graphitic formations that suddenly is truncated, suddenly breaks towards the southwest. And it's in this exact same trend that we're starting to see a lot of the key ingredients. Intense alteration and bleaching, cross-cutting veins and mineralized breccias, stacked mineralized mantles all across the stratigraphy, and now today what we see in the D-zone, this oxidized assemblage of hematite with chalcocytin and boronite, it's all really starting to fit together, all of the puzzle pieces. So this is a very special part of the deposit and we think we're on the right track to make further discoveries here. So moving on but keeping with the theme of geophysics, during August we completed our reflection seismic survey with Uppsala University. The survey had a significant scope covering a total of 40 line kilometers across 20 profiles and utilizing around 3,500 receivers with three boreholes fitted with downhole sensing systems as well to detect the reflected waves. You can see a nice image here of the the Vibra size truck in action working along profile 104 and in quite close proximity to the B-zone open pits. So a huge credit to the Uppsala University team. The work was carried out extremely efficiently and safely as well. And they've now started to process the data and I can say there the early signs look good. We're seeing an encouraging signal strength from depths of below two kilometers. So of course that's far below where we're currently investigating with the drilling. We hope to get the results from this during Q1 2027. And with that, we will integrate these with our other data sets in order to refine our existing targets, but also to define new exploration targets as well. As I mentioned earlier, we've recently kicked off three new masters research projects, all aiming to tackle key questions in understanding the genetic formation of the Viscaria deposit. With Rebecca from the University of Michigan, we're looking at copper and sulfur sources and how these key ingredients were transported into place. With Maria from Stockholm University, the focus is going to be on this really interesting assemblage we looked at today, the boronite, the covalite, chalcocite and the D-zone. So to characterize this stage of the mineralization and see how it fits in with the overall sequence. and last but not least Simon from the University of Gothenburg. With his project we're aiming to date minerals that we can see are texturally connected with the copper and from that constrain the timing of the mineralisation which in Viscaria is an age-old question. So really exciting to kick off these projects, to build these relationships and to bring together this complementary expertise as this all works towards building our overall understanding and over the long term guiding the exploration as well. And just a quick note, we now have all of the recently completed master's theses published on our website as well. So if you're interested to learn more about the latest research and technical details on the deposit, then you know where to look. Some final words from me. In 2019, when Viscaria acquired the project, the total mineral resources sat at 52 million tonnes. Within less than six years, by May 2025, we more than doubled that to 108 million tonnes. And I think reflecting on the results we see today, we have a strong confidence in saying that that growth trajectory is expected to continue. The next couple of months are going to be really exciting in the exploration department. We've already started to gather the data to do the modeling, bringing our interpretations together. And this will all go towards providing an updated mineral resource estimate in February next year, along with the Q4 report. So lots to look forward to. Stay tuned. And on that note, a hand over the word to Frida.