Well positioned for

a market in change

Lennart Evrell, President & CEO

Capital Markets Day 2014

10 November 2014

2014-11-10 6 CMD 2014

A leading mining and smelting company

operating in a low risk environment

5 mine areas with 9 mines

‒ 2 most productive mines worldwide

5 smelters

Zinc

Copper

Gold, silver, lead

High environmental standards

2.3 BSEK EBIT excl. PIR 2013

4,800 employees

2014-11-10 CMD 2014 7

Aitik

Garpenberg

Tara Odda

Kokkola

Rönnskär

Bergsöe

Boliden Area

Smelters

Mines

Harjavalta

Kylylahti

Note: PIR – Process Inventory Revaluation.

Well positioned for a market in change

Stable production New Boliden Way

De-bottlenecking

Capex driven growth

Selective acquisitions

2014-11-10 CMD 2014 8

Exposure to metals and currency

2014-11-10 CMD 2014 9

Group revenues,

2013 (BSEK)

Metal production,

2013

EBIT impact,

+10%

Copper 16 325 kton 450 MSEK

Zinc 7 455 kton 600 MSEK

Lead 1 24 kton 100 MSEK

Gold 5 16 ton 200 MSEK

Silver 3 538 ton 175 MSEK

USD/SEK 1,150 MSEK

Milestones since previous CMD

Q4 2013

Aitik production 10 mton

Rönnskär action plan launched

Q1

First concentrate Garpenberg

Q2

Start first phase of Aitik 45

Garpenberg on plan despite

deviations

Refinancing 850 MEUR

Q3

Garpenberg inauguration

Kokkola leach tank accident 25 July

Tara labour contract signed

No 1 annual report worldwide

Q4

Acquisition Kylylahti, exploration

rights

Rönnskär plan – 1st phase done

Kokkola silver plant ramp-up

Aitik 45 permit

Metals for a developing world

2014-11-10 CMD 2014 11

2000 November 27: Credit: C. Mayhew & R. Simmon (NASA/GSFC), NOAA/ NGDC, DMSP Digital Archive

Brazil

China

India Indonesia

Iran

Mexico

Russia

South Africa Vietnam

Africa

Asia

Latin America

Global

0

2

4

6

8

10

12

0 5 10 15 20 25 30 35 40 45 50 55 60

2014

The developing world drives demand

2014-11-10 12 CMD 2014

Source: IMF, Wood Mackenzie, Reuters Datastream, Boliden calculations

Cu kg/capita

GDP/capita

< 5 44%

5-15 33%

>15

23%

Global population distr. GDP/Capita

Zinc and copper fundamentals

2014-11-10 13 CMD 2014

Source: Wood Mackenzie Long term outlook Q2 2014, Boliden calculations

Demand

Similar demand drivers

Supply

Zinc

Depleting mines, few projects

High capacity utilization in smelters

Copper

New mines, few projects after 2017

3.4%

1.8%

5.1%

5.4%

0%

1%

2%

3%

4%

5%

6%

Copper Zinc

Annual growth 2013-2018

Mine capacity growth Metal demand growth

Mine depletions drive zinc price

2014-11-10 CMD 2014 14

Note: Possible projects are in an early phase, pre-feasibility or scooping studies, timing uncertain

2

7

12

17

22

27

2010 2015 2020 2025 2030

Sources of future mine production, million tonnes of metal in concentrate

Base case capacity Highly probable Poss.extensions

Probable A proj Possible proj Demand for Zn in conc

Source: Wood Mackenzie

Smelters’ utilisation rate increasing –

stimulates zinc TC

2014-11-10 CMD 2014 15

60

65

70

75

80

85

90

95

100

2004 2006 2008 2010 2012 2014 2016

Zinc smelters – capacity utilisation %

China RoW World World 20-year average

Source: Wood Mackenzie

New copper mines

Short term surplus

Few projects after 2017

0

5

10

15

20

25

30

35

40

2010 2015 2020 2025 2030

Demand and future mine production, mton metal in concentrate

Base case capacity Highly prob.proj. Probable proj. Poss.proj. Primary metals demand

Source: Wood Mackenzie

2014-11-10 CMD 2014 16

Improving smelter terms

2014-11-10 CMD 2014 17

0

20

40

60

80

100

120

140

160

180

Jan

-00

Se

p-0

0

Ma

y-0

1

Jan

-02

Se

p-0

2

Ma

y-0

3

Jan

-04

Se

p-0

4

Ma

y-0

5

Jan

-06

Se

p-0

6

Ma

y-0

7

Jan

-08

Se

p-0

8

Ma

y-0

9

Jan

-10

Se

p-1

0

Ma

y-1

1

Jan

-12

Se

p-1

2

Ma

y-1

3

Jan

-14

Se

p-1

4

Copper TC $/t conc

Standard Grade Spot Standard Grade Annual

0

100

200

300

400

500

600

Ja

n-0

0

Aug

-00

Mar-

01

Oct-

01

May-0

2

De

c-0

2

Ju

l-03

Feb

-04

Sep

-04

Apr-

05

No

v-0

5

Ju

n-0

6

Ja

n-0

7

Aug

-07

Mar-

08

Oct-

08

May-0

9

De

c-0

9

Ju

l-10

Feb

-11

Sep

-11

Apr-

12

No

v-1

2

Ju

n-1

3

Ja

n-1

4

Aug

-14

Zinc TC $/t conc

Spot TC China, imports Realized TC, European contract

Source: CRU Ltd

Zinc and copper price, SEK/USD Index 3 years

2014-11-10 CMD 2014 18

0

20

40

60

80

100

120

140

28

/10

/20

11

28

/04

/20

12

28/1

0/2

012

28

/04

/20

13

28

/10

/20

13

28

/04

/20

14

28

/10

/20

14

Ind

ex

USDSEK Cu Zn

Strategy

Stable production New Boliden Way

De-bottlenecking

Capex driven growth

Selective acquisitions

2014-11-10 CMD 2014 19

Stable production – New Boliden Way…

2014-11-10 20

How we do it Who we are

CMD 2014

10 Help Chains &

Support Functions

9 Standards for Work

8 Skill Development

7 Learning & Competence Dev.

6 Problem Solving

5 Elimination of Waste

4 Performance Management

3 NBW Plan Deployment (A3)

2 Customer/Supplier Relations 1 Leadership

11 Production System

12 5S

13 Operation Availability

14 Maintenance 15 Flow

20 Conveyance

21 Inventory

22 Visual Control

23 Autonomation

24 Quality

25 Shipping

26 Team Management

27 Process Stability

28 Continuous Improvement

19 Changeover

18 Pace/Takt Time

17 Levelling

16 Balancing Operations

Continuous

improvements

Low cost No waste Right quality

Standardise

Performance

management

Right from start

Leadership

Common culture

Passion for improvements

Personal commitment

Value chain responsibility

Stability Sustainability

…contributing to performance

Higher availability at

excavators Aitik

73% 84%

Higher availability at

Fuming Rönnskär

87% 93%

Decreased lead

time for Exploration

97 <50 work days

2014-11-10 CMD 2014 21

Debottlenecking Odda tank house, P100

22 2014-11-10 CMD 2014

Delivering on time and on budget…

On time On budget

Aitik 36 – highest productivity in the world

Rönnskär – world’s leading e-material facility

Kankberg – gold mine (no 1 tellurium mine)

Garpenberg – highest productivity in the world

2014-11-10 CMD 2014 23

…through continuous improvements in project

management and technology

CMD 2014 2014-11-10 24

Standardised

procedures

In-house

technology

Project

management

Selective M&A policy

2014-11-10 CMD 2014 25

Copper and zinc

with by products

Producing mines

and projects

Mid size assets Synergies

Well positioned for a market in change

Stable production New Boliden Way

De-bottlenecking

Capex driven growth

Selective acquisitions

2014-11-10 CMD 2014 26

Odda

Garpenberg

Kylylahti

Kokkola

Disclaimer

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2014-11-10 CMD 2014

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