Mikael Staffas, President Boliden Mines

Capital Markets Day 2016 | 16 March

Increasing value

from our mines

Increasing value from our mines

Operational excellence Focusing on profitable growth

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Creating value through operational excellence

Production control Mine automation

Mineral process development Preventive maintenance

Centralised production control increases productivity

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24 hours

Prod. Control

Typical 3 shift

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>20% higher productivity through planning

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Mobile control systems increase efficiency at

concentrator Integrated system for mine and concentrator

Continuous real-time operational and maintenance data

24/7 off site access through mobile control room

Autonomous machines adds production hours

Ability to mine 24/7

‒ Loading and hauling ore after

and during blasting/ventilation

‒ Continuous long hole drilling

‒ Autonomous transportation

between loading and unloading

~50% more time available for

autonomous activities in the mine

Improved safety

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24 hours

Autonomous

Prod. Control

Typical 3 shift

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Autonomous loaders – example Garpenberg

Started in 2011

18% of mining currently performed with

autonomous loaders

Target to increase autonomous utilisation

to 80% by 2019

WLAN in vital parts of the mine

‒ Operated from surface 2015

To be rolled out in other underground

mines

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Mineral process development

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Aitik

Autogenous grinding 1968

2010 Boliden

Fenton

Thio-salts

2013

Kankberg

Gold (45 => 85%)

Tellurium (& Ag)

2014 Garpenberg

Nitrogen

removal

2015

Tara

Antimony

removal

Hot leaching AuTe

Example of completed R&D projects

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Tara reduced antimony emissions by 50%

Reduced emissions and maintained production

capacity

Low capex & opex solution tailored for Tara

Chemical precipitation of antimony

Fast development and execution phase

‒ Took 16 months from idea to fully-up and running

Preventive maintenance lowers downtime

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2012 2013 2014 2015 2016

Availability, %

Mean time between failures, hours

Higher availability of Aitik’s shovels

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Aitik Boliden Area Garpenberg Kylylahti Tara

Reserve life, years

2005 2015

Increased mine lives Our largest mines have long life and competitive positions

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Focused efforts in exploration

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Strong exploration results in 2015

‒ Increases in mineral reserves at Aitik, Garpenberg and Tara

‒ Two new mineral resources: Nautanen (Aitik) and Rävliden (Boliden Area)

Outokumpu field

‒ Disappointing first year, 2015 – 4 years reserve life in Kylylahti

‒ Increased efforts 2016

Tara

‒ Encouraging results 2015 – 6 years reserve life

‒ Increased efforts 2016

Garpenberg expansion ramped-up on time & capex

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2014 2015

kton

Ore production Milled production

Aitik expansion – what we have said and done

Phase 1: capex 600 MSEK, whereof 200 MSEK spent

Crusher reinforcement done

Water pumping done

Electric sub-station done

New surface crusher not done

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Phase 2: capex not announced

New in-pit crusher including conveyor

Water treatment

De-sulphurization

Revised plan for Aitik – focus on availability

New environmental permit Q1 2016

Reserve Cu grade 0.23 (0.22)

Extended reserve life

New crusher set-up

‒ Surface crusher – commissioning 2018

‒ In-pit crusher – decision after 2020

De-sulphurization – after 2020 (if needed)

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Revised production plan

Copper grades

‒ 2016: 0.21

‒ 2017-19: Above reserve grade

45 Mton 2020

New surface crusher to improve reliability

Construction 2016-2017, commissioning 2018

Built in double-crusher

Facilitate maintenance

Capacity 8,000 ton/h

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This plan delivers improved control

Higher availability from the mine

Higher visibility in production, grade and cost

Remaining capex of 1 BSEK (2016-2018)

‒ New surface crusher

‒ Water treatment

‒ Power supply

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Increasing value from

our mines

Q&A

Operational excellence

Focusing on profitable growth

Disclaimer

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This presentation has been prepared by Boliden for information purposes only and as per the indicated date. Boliden does not undertake any obligation to correct or update the information or any statements made therein. Certain statements in this presentation are forward-looking and are subject to risks and uncertainties.

Nothing contained herein shall constitute any representation or warranty as to accuracy or completeness. Boliden has not made any independent verification of the information obtained from third parties.

Nothing in this material shall be construed as an offer or solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction.

Boliden does not accept any liability whatsoever arising from or in connection with the use of this information.

Save as by prior approval in writing, this material may not be copied, transmitted or disclosed, whether in print, electronic or any other format. All rights to the material are reserved.

Capital Markets Day

2016 | 16 March

CMD Continuing to deliver stable performance