Reported Earnings • Apr 20
Full year 2025 earnings released: kr0.83 loss per share (vs kr0.44 loss in FY 2024) Full year 2025 results: kr0.83 loss per share (further deteriorated from kr0.44 loss in FY 2024). Revenue: kr285.3m (down 14% from FY 2024). Net loss: kr109.1m (loss widened 126% from FY 2024). Production and reserves: Gold Number of mines: 1 (1 in FY 2024) Revenue is forecast to grow 58% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Mar 16
Gruvaktiebolaget Viscaria Appoints Charlotte Odenberger as Chief Operating Officer, Effective March 30, 2026 Gruvaktiebolaget Viscaria announced that Charlotte Odenberger has been appointed Chief Operating Officer (COO), effective March 30, 2026. Charlotte Odenberger has extensive experience from senior leadership positions in the Swedish mining industry, including her role as acting CEO of Zinkgruvan Mining AB, where she was responsible for production, organisational development and strategic operation’s direction. She has held strategic and operational leadership roles at companies including Lundin Mining and Björkdalsgruvan AB. Prior to her role as acting CEO of Zinkgruvan, she served as Plant Manager for the facility producing zinc, copper and lead concentrates, where she led 95 employees across production, processing, maintenance, water treatment and tailings management. She has also worked as Sustainability Manager with responsibility for environmental matters, permitting processes, safety and social performance, and has more than ten years’ experience in the mining industry’s most critical functions. Most recently, she held the role of Nordic Mining Business Development Lead at WSP, where she was responsible for developing the company’s mining operations across the Nordic region. Additionally, she has served as Chair of Svemin’s Environmental Committee, as a board member of Swedish Mining Innovation, and as a member of Euromines’ Environmental and Sustainability Committee, where she contributed to strategic industry issues at both national and European level. She holds a degree in Geology and Water Resources from Lund University and an Executive MBA from the Stockholm School of Economics. New Risk • Feb 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr1.0b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr1.0b free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (122% increase in shares outstanding).