Gruvaktiebolaget Viscaria (VISC) Q1 2026 earnings summary

Executive summary

• Exploration drilling in Q1 2026 confirmed significant growth potential and high-grade continuity near existing resources, with mineralisation remaining open at depth and along strike.

• Progress continued toward production with increased predictability and value, supported by key agreements, strengthened project organization, and critical management hires.

• All necessary environmental permits and land allocations are now legally binding, enabling the mine restart.

• Steady-state production (2029-2036) EBIT forecast increased to SEK 1.6bn, up from SEK 1.4bn, at a copper price of $11,700/t and FX rate of 9.40 SEK/USD.

• SEK 4.8bn debt financing process underway, targeting close in Q3 2026.

Financial highlights

• Q1 2026 operating profit: -SEK 18m; net profit: -SEK 28m; cash flow: -SEK 405m.

• Cash and cash equivalents at SEK 1,002m; equity at SEK 3,067m as of March 31, 2026.

• Capitalised exploration and evaluation assets reached SEK 1,902m.

• EBITDA margin for 2029-2036 projected at 68.2%, with average annual EBITDA of SEK 2.3bn.

• Net income (2029-2036) projected at SEK 1.3bn per year.

Outlook and guidance

• Resource update planned for Q4 2026, with further growth expected.

• First sellable copper targeted for 2028, with ramp-up and full production by 2029.

• Projected NPV (post-tax) of SEK 7.8bn at $11,700/t copper, with potential to exceed SEK 11.8bn at higher prices.

• Payback period post-tax estimated at 3.9 years from production start.

• Financial position supports continued project advancement, with long-term debt financing up to 60% planned.