Viscaria Q2 2025 slides reveal promising copper deposit expansion

Introduction & Market Context

Gruvaktiebolaget Viscaria (NASDAQ:VISC) presented its Q2 2025 exploration results on August 14, 2025, highlighting significant progress in its copper project located in northern Sweden. The presentation, prepared according to Pan-European Reserves and Resources Reporting Committee (PERC) standards, focuses on recent drilling results that confirm extensions of the company’s D Zone copper deposit.

The exploration update comes at a strategic time for Viscaria, with copper prices remaining strong and the company’s stock trading at 15.44, near its 52-week low of 15.00, suggesting potential upside as the project advances toward production. The company’s shares have experienced a 52-week high of 24.00, indicating significant volatility as the market assesses the project’s development timeline.

Exploration Highlights

The presentation details results from six completed diamond drill holes totaling 7,132 meters, which successfully confirmed the extension of the D Zone copper deposit both at depth and along strike. These findings represent a significant milestone in Viscaria’s exploration program and strengthen the geological understanding of the deposit.

As shown in the following plan view of the mineralized zone and drill hole traces:

The exploration program utilized standard tube diamond drilling with NQ2 size cores (50.7 mm diameter). All cores underwent comprehensive geological logging and photography, with regular deviation surveys conducted during drilling. The company also employed borehole electromagnetic (BHEM) surveys to guide further drilling plans.

The long section view below illustrates the mineralized zone profile and drill hole traces:

Particularly significant is the D Zone resource model, which displays copper grade-thickness distribution. This visualization helps demonstrate the economic potential of the deposit:

Project Development Status

Viscaria’s exploration results build upon the feasibility study published in May 2025, which established a timeline for mine opening in 2027. The Viscaria mine site is located 150 km north of the Arctic Circle in Sweden, approximately 5 km northwest of Kiruna, presenting both challenges and opportunities.

The project benefits from its proximity to the LKAB Kiirunavaara mine, which provides existing infrastructure and an experienced workforce. However, operations must adapt to subarctic conditions, including temperatures ranging from -21°C in February to 17.6°C in July, and seasonal water management challenges.

The geological context of the Viscaria project is illustrated in this regional map:

Viscaria Kiruna AB holds three granted exploitation concessions under the Swedish Minerals Act, expiring between 2037 and 2043, along with 11 exploration licenses surrounding these concessions. The company’s land position is shown in the following tenure map:

Strategic Positioning

The exploration results strengthen Viscaria’s position in the copper market, where prices are projected to remain favorable. The company’s calculations for Copper Equivalent (CuEQ%) are based on current copper prices of 9,400 USD/t and iron (Fe 68%) prices of 120 USD/t, while long-term projections use 11,000 USD/t for copper and 125 USD/t for iron.

The historical context is significant: the previous Viscaria mine operated from 1982 to 1997, producing 12.5 Mt at 2.3% copper before closing due to declining copper prices. Today’s substantially higher copper prices and positive long-term outlook provide a more favorable economic environment for the project’s revival.

The company has established strong environmental and social governance frameworks, including a cooperation agreement with the Laevas Sami village that provides compensation for mining impacts on reindeer husbandry. For mine rehabilitation, Viscaria has committed to a bond of 344 MSEK, with 60.6 MSEK already deposited to guarantee rehabilitation of initial mine drainage and water treatment facilities.

Forward-Looking Statements

While the exploration results are promising, Viscaria acknowledges certain risks in its presentation. The primary risk identified is the lack of sufficient data to declare exploration targets and mineral resources in some areas. Additionally, the increasing depth of the deposit introduces challenges related to deep-level mining operations.

The company plans to continue its exploration program to further define the resource and support the planned 2027 mine opening. With copper demand expected to grow due to electrification and renewable energy trends, Viscaria appears well-positioned to capitalize on favorable market conditions if it can successfully execute its development timeline.

The independent verification of these exploration results by Competent Person Thomas Lindholm of GeoVista AB, who has extensive experience in exploration and mine development projects in Sweden and abroad, adds credibility to the findings presented in the Q2 2025 exploration update.

Full presentation:

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