• Next milestones: finalisation of environmental permit...
• ...and publication of feasibility study (in the Q1 report)
• Viscaria est. full run-rate EBITDA of SEK 1.8bn on spot prices

Q4 highlights

Viscaria reported Q4 EBIT of SEK -20m (ABGSCe -20m), while capitalised exploration expenses slowed to SEK 77m (SEK 104m in Q3). Some notable events during the quarter included the finalisation of company's land allocation permit (granted in June 2023), the appointment of Mark Johnson – COO at Freeport-McMoRan Indonesia, a subsidiary within one of the world's largest copper producers – to the Board of Directors, and a shareholder loan agreement of SEK 315m.

Up next: permit finalisation and feasibility study

There are several major milestones on the horizon. First, the environmental permit for the Viscaria mine, which was granted in May 2024 and subsequently appealed, is expected by the company to be finalised during the spring. After the appeal was not granted leave by the Environmental Court of Appeals, the Sami village of Gabna has now taken up the matter the Swedish Supreme Court. Second, Viscaria will release a feasibility study for its mine in conjunction with its Q1 report on 8 May, and this will also come with a mineral resource update. Once it reaches these milestones, the next major item on the agenda will be to secure financing to re-open the Viscaria mine, which the company has said will incur ~SEK 4.5-5.0bn in total development capex.

Viscaria full run-rate EBITDA SEK 1.8bn on spot prices

On current spot prices, FX rates, and smelter terms, as well as full production run-rate (which we expect to be reached in '28e), we estimate that the Viscaria mine will generate annual revenues and EBITDA of SEK 2.9bn and 1.8bn, respectively. The spot price EBITDA estimate is 21% above our official estimate of SEK 1.5bn, which is based on the following key assumptions: 1) a copper price of USD 9,500/t, an iron price of USD 100/t, a USD/SEK rate of 10.34, and a copper TC of USD