Boliden AB Guidance Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Krishan Agarwal - Citibank Cameroon SA (Douala Branch) - Analyst : Hi, thanks a lot for taking action. First one is a bit of a mechanical on Ronnskar. So the guidance for SEK1.2 billion EBITDA , can you confirm that the metal recovery, particularly the gold and the silver, is going back to the level of 400,000 ounces and 15 million ounces that you were producing before the accident? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 05, 2025 / 8:00AM, BOL.ST - Boliden AB Guidance Call

Question: Krishan Agarwal - Citibank Cameroon SA (Douala Branch) - Analyst : Understand, but is it safe to assume that okay, feed mix will be consistent and there is no material change as compared to what you were doing before?

Question: Krishan Agarwal - Citibank Cameroon SA (Douala Branch) - Analyst : Understand, very clear. The second question is on, I think, I mean, 41 million tons of milling volume guidance. I mean, if I go back and look at the five year history, sort of has operated at that level, so where does the 45 million ton actually comes into play and more importantly, is there any kind of CapEx requirement you foresee to reach that 45 million ton?

Question: Krishan Agarwal - Citibank Cameroon SA (Douala Branch) - Analyst : Understand very clear, so there's no pressing need for the cap to reach that 45. It's more of the mind sequencing.

Question: Krishan Agarwal - Citibank Cameroon SA (Douala Branch) - Analyst : Understand, and the final question probably for Hakan, so you're guiding for SEK6.5 billion mine sustaining, can you also help us break down the cap between SEK 6.5 billion mine sustaining for the mining business? What is the sustaining cap level for the smelting business, and then the rest is safe to assume that it is a pure growth CapEx and where that growth CapEx is likely to go in 2026. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 05, 2025 / 8:00AM, BOL.ST - Boliden AB Guidance Call

Question: Krishan Agarwal - Citibank Cameroon SA (Douala Branch) - Analyst : Understand that's the comprehensive detail and if I can ask a broader question, so 2026 probably will be the fourth year for you to stay at SEK15 billion CapEx level. Is there any kind of a visibility in the next, say, two years for you to, come down, or SEK15 billion probably is the new norm. For the group gathering.

Question: Krishan Agarwal - Citibank Cameroon SA (Douala Branch) - Analyst : Understand, thanks a lot.

Question: Liam Fitzpatrick - Deutsche Bank AG - Analyst : Good morning, Mikael and Hawkan. Two questions, for me, one on [Garpenberg] and one on Ron Scott. On Garpenberg, I take your comment around, future investment decisions and that'll be needed to maintain at 4.5 million tons. But in terms of thinking about getting to SEK4.5 million, is it kind of fairly linear? From here on out in terms of stepping up to that level, that's the first one, and then the second, sorry, go ahead, yeah.

Question: Liam Fitzpatrick - Deutsche Bank AG - Analyst : Okay. And then on one scale, I know the 1.2, I think it's based on the, on your long-term assumptions. In terms of a rough deal for at spot levels, we've got very high pressures, we've got low TCs. Is it going to be similar to the SEK1.2 billion uplift, or will it be materially different?

Question: Liam Fitzpatrick - Deutsche Bank AG - Analyst : Okay, and that that's uplift versus sort of current EBIT.

Question: Johannes Grunselius - SB1Markets - Analyst : Hello, good morning, everyone. It's Johannes Grunselius here. I have two questions. The first one is on Aitik, your guide for 0.18 in copper grade. How should we think about that grade over the quarter? Is it kind of back and loaded improvement, or is it more evenly spread throughout the quarters? That's my first question. And loaded back and loaded, yeah. Okay, could you give some, color on it, how we should think about the start and the.

Question: Johannes Grunselius - SB1Markets - Analyst : Second half, yeah. Okay.

Question: Johannes Grunselius - SB1Markets - Analyst : Okay. Then, on the other project, maybe already touched upon it, but, you, it seems that you're delayed with additional 1 to 2 months. Is this sort of mostly, something you think it's more about timing and other stuff, or have you encountered any sort of new technical challenges over the last few weeks? Could you give an update on that, please?

Question: Johannes Grunselius - SB1Markets - Analyst : Yeah, but your view on the all the investment, the economics and so forth, that remains completely intact, or how should we think about that?

Question: Johannes Grunselius - SB1Markets - Analyst : Okay.

Question: Amos Fletcher - Barclays Services Corp - Analyst : Yeah, good morning, guys. A couple of questions. First one was just on Covitza. Could you confirm whether the Pushback five project is on hold, as a result of the finished mining tax, or what, whether you have abandoned it? And then also, is there any likelihood of you guys lifting the cutoff grade and shortening the mine life as a result of the new taxes?

Question: Amos Fletcher - Barclays Services Corp - Analyst : Okay, and then I just wanted to ask on The 2026 CapEx guidance, does that include any allocation assumed for the cement projects which you were saying that the last set of results has been, a bit delayed in terms of the approval timeline.

Question: Amos Fletcher - Barclays Services Corp - Analyst : Okay, and then I just wanted to ask on the tailing side the respect to the two new assets acquired, should we expect, yeah, is there any kind of meaningful, uplift to the provision base that we should assume as a result of, GSTIM, approvals or compliance for those 22 things?

Question: Amos Fletcher - Barclays Services Corp - Analyst : Okay, so don't expect any kind of material impact on that that reclamation liability.

Question: Amos Fletcher - Barclays Services Corp - Analyst : Got it. Okay, cool. That's great. Thank you very much.

Question: Richard Hatch - Joh Berenberg Gossler & Co KG - Analyst : Oh hi, yeah, good morning. Thanks for the call. I've just got, 3 questions. The first one's just on the SEK400 million EBIT, from the release of metal. Should we just drop that through into the cash flow statement as a working capital release? How should we just, how should we think about the accounting of that, please? That's the first one.

Question: Richard Hatch - Joh Berenberg Gossler & Co KG - Analyst : So it's non-cash, is that correct?

Question: Richard Hatch - Joh Berenberg Gossler & Co KG - Analyst : Okay, any quantification as to how much is cash and how much is not?

Question: Richard Hatch - Joh Berenberg Gossler & Co KG - Analyst : Right, okay, the second one is, on visa, mining materially below the reserve grade of, I think, about 0.31% copper. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 05, 2025 / 8:00AM, BOL.ST - Boliden AB Guidance Call So if your 2026 guidance is 0.24%, how should we think about the direction of travel back up to the reserve grade?

Question: Richard Hatch - Joh Berenberg Gossler & Co KG - Analyst : Okay, thanks. And then the last ones I think we're all trying to understand this CapEx piece on Garpenberg, so it'd be good to get some more information on it in time. But if I look historically, you've run the CapEx numbers at this mine at about SEK500 million, SEK600 million,SEK700 million. And then I guess if you take the throughput up to that sort of 4.5, should we think about the additional CapEx is almost like a linear adjustment to that just because you've got to have more development to your point? Is that the right way to kind of think about it broadly?

Question: Richard Hatch - Joh Berenberg Gossler & Co KG - Analyst : When do you need to push the button on the shaft decision?

Question: Richard Hatch - Joh Berenberg Gossler & Co KG - Analyst : Okay helpful alright thanks for your time.

Question: Christian Kopfer - Handelsbanken Capital Markets - Analyst : Hi, thanks, operating. Good morning. Just to follow-up on IT, and not trying to get too technically about. I think previously I've talked about that you have had some issues with oxidized zones in ITIC and, just to be clear, those are not correlated with diorite. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 05, 2025 / 8:00AM, BOL.ST - Boliden AB Guidance Call

Question: Christian Kopfer - Handelsbanken Capital Markets - Analyst : They are independent. Okay. Okay, fine. And then if I looked at your guidance for the full year 2025, right, that you have been pretty clear that you expect close to 45, 41 million tons, right, for the year. Yes. So if you look at that would assume that you will see a pretty remarkable step up in mill volumes in Q4. So if you take that number and also take into consideration your guidance for next year, it seems quite conservative.

Question: Christian Kopfer - Handelsbanken Capital Markets - Analyst : Because if you look at that, then it seems that you're not doing any seeing any improvement at all during next year in terms of meal volumes.

Question: Christian Kopfer - Handelsbanken Capital Markets - Analyst : Yeah, 40--exactly. So 40 million tons for this year that, indicates quite a substantial, pick up in yield volumes for Q for them. Yeah, but you're not.

Question: Christian Kopfer - Handelsbanken Capital Markets - Analyst : Okay, but then finally, just to understand, so you're not really seeing any improvement this year in terms of meat volumes.

Question: Christian Kopfer - Handelsbanken Capital Markets - Analyst : Yeah, but we had the very quite big issues in the beginning of the year, and now, yeah.

Question: Christian Kopfer - Handelsbanken Capital Markets - Analyst : All right. Thank you.

Question: Daniel Major - UBS AG - Analyst : Hi, guys, thanks for the question. I'm sorry I was a few minutes late, joining, so apologies if I know of this has been asked before, but, the first question on ITI, since you completed the 45, Aitik 45 project, You haven't been really particularly close to 45% on an annual run rate basis. What is the realistic medium term assumption for IT throughput?

Question: Daniel Major - UBS AG - Analyst : Okay, thanks. And then the second one kibitz, the mining tax, how should we be accounting for this? Is it a tax item or a royalty item? Is it through the tax line or through OE?

Question: Daniel Major - UBS AG - Analyst : Okay, so it's it's a royalty item.

Question: Daniel Major - UBS AG - Analyst : Okay, that's good. And then just to follow-up on, that previous question around, Garpenberg CapEx, I've got SEK1.85 billion as a CapEx number from, the capital markets day for pace plant, and other. Requirements to get to 4.5, is that still the right number in terms of the total CapEx to get up to the 4.5?

Question: Daniel Major - UBS AG - Analyst : Okay. Okay, that's clear, thank you. . Yeah, I think they're the main questions I had.