Boliden's 2025 Mineral Resources and Reserves Update

Exploration and Costs

In 2025, exploration costs reached SEK 969 million. This investment supported significant growth in Mineral Resources across various sites, driven by successful exploration and favorable economic conditions.

Site-Specific Developments

At Aitik, Mineral Reserves decreased by 4% due to mining, while Mineral Resources increased significantly. Liikavaara, which began production in 2024, contributed 25% of Aitik's output in 2025. In the Boliden Area, Mineral Reserves increased by 13%, with Kankberg as the largest contributor. Garpenberg saw a 1% decrease in Mineral Reserves but an 84% increase in Measured and Indicated Resources. Kevitsa's Mineral Reserves decreased by 9%, but its environmental permit was renewed in July 2025, allowing for 10.5 Mtonnes of ore annually.

Acquisitions and Reporting Changes

In April 2025, Boliden finalized the acquisition of Somincor and Zinkgruvan, impacting Mineral Resource reporting. Somincor reported a 19% increase in copper Mineral Reserves, while Zinkgruvan saw minor changes in copper reserves but a 22% increase in zinc reserves. The new reporting methodology resulted in lower reported Mineral Resource figures for both mines.

Regulatory and Economic Factors

Economic assumptions and regulatory changes played a crucial role in the year's developments. The Finnish Parliament approved increased mining and electricity taxes, estimated to raise Kevitsa's costs by EUR 20-30 million annually, though these were not included in the 2025 report. Favorable metal prices and updated economic assumptions facilitated the conversion of Mineral Resources to Reserves across several sites.