Boliden Ab - BDNNY STOCK NEWS

Boliden's Board of Directors has approved a share repurchase program based on the authorization from the April 23, 2024 Annual General Meeting. The company plans to repurchase up to 100,000 shares on Nasdaq Stockholm between February 7-28, 2025, with a maximum expenditure of SEK 40 million.

The primary purpose is to ensure future share delivery to participants in Boliden's long-term share savings programme 2024/2027. Skandinaviska Enskilda Banken AB will execute the repurchases independently, following EU market abuse regulations and Safe Harbour rules. The company currently holds 40,000 treasury shares out of 273,511,169 total shares, and the repurchase must not exceed 10% of all shares.

Boliden has released its Mineral Resources and Mineral Reserves report for 2024, with exploration costs reaching SEK 929m. Key highlights include:

- Garpenberg showed strong performance with Mineral Reserves increasing by 5 Mtonnes (5%) and Mineral Resources up by 34 Mtonnes (38%)

- Aitik experienced a decrease in Mineral Reserves of 52 Mtonnes (5%) and Mineral Resources reduced by 35 Mtonnes (4%)

- The Boliden Area saw Mineral Reserves increase by 1 Mtonnes (7%) and Mineral Resources up by 2.5 Mtonnes (10%)

- Kevitsa reported a net increase in Mineral Reserves of 15 Mtonnes (19%) and Mineral Resources up by 15 Mtonnes (9%)

- Tara resumed production in October 2024, with ongoing work on a new production plan

The company also updated its long-term planning prices, with notable increases in copper (+$600/tonne), gold (+$200/oz), and silver (+$3/oz)

Boliden reported strong Q4 2024 financial results with revenues of SEK 25,785m (up from 20,754m) and operating profit of SEK 4,098m (up from 2,096m). The company demonstrated significant improvement in free cash flow, reaching SEK 4,264m compared to 1,663m in the previous year.

Key operational highlights include higher production volumes in both Mines and Smelters segments, particularly strong performance in the Boliden Area and Garpenberg mines, and robust operations at Finnish smelting units Harjavalta and Kokkola. The company announced the completion of the Aitik dam project and near-completion of the Odda expansion project.

Notably, Boliden has agreed to acquire mines Neves-Corvo and Zinkgruvan from Lundin Mining. The Board has proposed to cancel the ordinary dividend for 2024 to reduce the proposed share issue amount related to this acquisition.

At Boliden's Extraordinary General Meeting held on January 23, 2025, in Stockholm, shareholders approved a significant resolution authorizing the Board of Directors to issue new shares. The authorization allows for multiple share issues until the Annual General Meeting 2025, with or without preferential rights for existing shareholders.

If executed without preferential rights, the new share issuance is capped at 15 percent of the total shares outstanding as of the Extraordinary General Meeting date. The primary purpose of this share issuance is to optimize capital structure and refinance approximately half of the bridge loan used to acquire Neves-Corvo and Zinkgruvan operations.

Boliden (BDNNY) has announced it will release its Q4 2024 Interim Report on February 6, 2025, at 07:45 CET. President and CEO Mikael Staffas and CFO Håkan Gabrielsson will host a press and analyst conference at 09:30 CET at the Klara venue in Stockholm.

The presentation will be accessible via both webcast and telephone conference. Participants joining via telephone must register 5 minutes before the conference start. The presentation materials and recorded webcast will be made available on Boliden's website following the event.

Boliden has announced updated estimates for Mineral Resources and Mineral Reserves at its Kevitsa mine, showing significant increases in both categories. The Mineral Reserve tonnage increased by 15 Mtonnes (19%) to 97,500 Ktonnes, with average grades of 0.22% for nickel and 0.31% for copper. The mine life has been extended to 10 years at a production pace of 10 Mtonnes per year.

For 2025, production grade guidance is set at 0.17% for nickel and 0.23% for copper, temporarily below the life-of-mine average due to mining in certain low-grade areas. The company has also postponed the decision on a potential Stage 5 project by several years. Additionally, 20 Mtonnes previously downgraded from Mineral Reserves in 2023 have been converted back, following changes in the Tailing Storage Facility construction method.

Boliden has released a Sustainability-Linked Finance Framework to support its vision of becoming the most climate-friendly and respected metal provider globally. The framework will facilitate the issuance of Sustainability-Linked Bonds and incorporates climate targets validated by the Science Based Targets initiative (SBTi).

The company aims to reduce GHG emissions by 42% for Scope 1 and 2, and 30% for Scope 3 by 2030, using 2021 as the base year. Danske Bank served as the structuring advisor, while Sustainalytics provided an independent second-party opinion, rating the Key Performance Indicators as 'Very Strong' and the Sustainability Performance Targets as 'Ambitious' and 'Highly Ambitious'.

Boliden has entered into a definitive agreement to acquire Neves-Corvo mine in Portugal and Zinkgruvan mine in Sweden from Lundin Mining for USD 1,300 million, plus potential contingent payments up to USD 150 million. The transaction will significantly boost Boliden's mine production, increasing zinc concentrate production by 95% and copper by 43% based on 2023 figures.

The acquisition will be financed through a bridge loan, with approximately half to be refinanced through a share issue in the first half of 2025. The EBITDA contribution from both mines is estimated at USD 300-350 million annually over the next five years. The transaction is expected to close by mid-2025, subject to regulatory approvals.

Boliden reported strong Q3 2024 results, with high production and improved financial performance. Revenues increased to SEK 22,193 million from SEK 19,396 million in the previous year. Operating profit rose to SEK 3,165 million from SEK 1,912 million, while operating profit excluding process inventory revaluation reached SEK 2,999 million, up from SEK 1,940 million. Free cash flow improved to SEK -495 million from SEK -1,200 million.

Key highlights include improved prices and terms, enhanced production in both Mines and Smelters, and a record milled volume in Garpenberg. Several expansion projects are nearing completion, including those in the Boliden Area, Odda, and Aitik. The company is also progressing with the construction of a new tankhouse in Rönnskär and paste and dewatering facilities in the Boliden Area. Additionally, preparations are underway to restart mine production in Tara.