9

Boliden Summary Report

Mineral Resources and Mineral Reserves | 2023

Garpenberg

Prepared by
Morvan Derrien
Table of Contents
1 Summary 4
1.1 Competence 5

2 General introduction 6
2.1 Pan-European Standard for Reporting of Exploration Results, Mineral
Resources and Mineral Reserves – The PERC Reporting Standard
6
2.2 Definitions 6
2.2.1 Mineral Resource 7
2.2.2 Mineral Reserve 7

3 Garpenberg 8
3.1 Project Outline 8
3.2 Major changes 2023 8
3.2.1 Technical studies 8
3.3 Location 8
3.4 History 10
3.5 Ownership 11
3.6 Environmental, Social and Governance (ESG) 11
3.6.1 Existing permits 11
3.6.2 Necessary permits 13
3.6.3 Environmental, Social and Governance considerations 13
3.7 Geology 15
3.7.1 Regional and Local Geology 15
3.7.2 Mineralization 17
3.8 Drilling procedures and data 18
3.8.1 Drilling techniques and downhole surveying 18
3.8.2 Collar and downhole surveying 19
3.8.3 Logging 19
3.8.4 Sampling 19
3.8.5 Density 19
3.8.6 Analysis and QAQC 20
3.9 Exploration activities and infill drilling 22
3.9.1 Near mine exploration 22
3.9.2 Infill drilling 23
3.10 Mining methods, mineral processing and infrastructure 23
3.10.1 Mining methods 23
3.10.2 Mineral processing 25
3.11 Prices, terms and costs 26
3.12 Mineral resources 27
3.13 Mineral Reserves 30
3.14 Comparison with previous year/estimation 33

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3.15 Reconciliation 36

4 References 38

Appendix 1 – History

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1 SUMMARY

In 2023 the total Mineral Reserves in Garpenberg decreased by 8.4 Mt (million metric tonnes) to
100.9 Mt. Measured and Indicated Resources in Garpenberg remained unchanged at 21.6 Mt. Inferred
Resources slightly increased by 0.5 Mt to 67.9 Mt.
Table 1-1. Mineral Resources and Mineral Reserves in Garpenberg 2023-12-31.

2023 2022
kton Au Ag Cu Zn Pb kton Au Ag Cu Zn Pb
Classification (g/t) (g/t) (% ) (% ) (% ) (g/t) (g/t) (%) (%) (%)
Mineral Reserves
Proved 17 200 0.25 98 0.04 3.0 1.3 18 658 0.24 97 0.04 3.1 1.32
Probable 83 700 0.31 88 0.05 2.5 1.2 90 640 0.30 85 0.04 2.5 1.14
Total 100 900 0.3 90 0.04 2.6 1.2 109 298 0.29 87 0.04 2.6 1.17
Mineral Resourcess
Measured 100 0.24 108 0.03 2.8 1.0 68 0.24 108 0.03 2.8 1.04
Indicated 21 600 0.41 70 0.06 2.7 1.3 21 556 0.41 70 0.06 2.7 1.32
Total M&I 21 600 0.41 70 0.06 2.7 1.3 21 624 0.41 70 0.06 2.7 1.32
Inferred 67 900 0.34 57 0.05 2.3 1.1 67 413 0.34 57 0.05 2.3 1.10

Notes on Mineral Resource and Mineral Reserve statement.

 Mineral Resources are reported exclusive of Mineral Reserves.
 Mineral Resources and Mineral Reserves are a summary of Resource estimations and studies
made over time adjusted to mining situation of December 31.
 Mineral Resources are reported without dilution.
 All resources produced since 2020 have undergone a Reasonable Prospect of Eventual
Economic Extraction (RPEEE) evaluation using Deswik Stope Optimizer.
 The Mineral Reserves are representative of the current Life of Mine Plan (LOMP).
 Cut-offs used to define Mineral Reserves are based on operational costs, as are the cut-offs used
to define Mineral Resources even if they are simplified. Costs and cut-offs are presented in
chapter 3.11-3.13.
 Tonnes and grades are rounded which may result in apparent summation differences between
tonnes, grade and contained metal content.

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1.1 Competence

Multiple participants have been involved and contributed to this summary report. Roles and
responsibilities are listed in Table 1-2.

Table 1-2. Contributors and responsible competent persons for this report.

Description Contributors Responsible CP

Compilation of this report Morvan Derrien Sofia Höglund

Geology Morvan Derrien Sofia Höglund
Mineral Resources Sofia Höglund Sofia Höglund
Mining and Mineral Reserves Markus Malmberg Sofia Höglund
Mineral Processing Tomas Persson Anders Sand
Environmental and legal permits Lotta Tanse Nils Eriksson

The report has been verified and approved by Sofia Höglund who is employed by Boliden as a Senior
Resource Geologist and is a member of FAMMP1. Sofia Höglund has 15 years of experience in the
Exploration and Mining Industry.
Nils Eriksson works for Boliden as Head of Department for Permitting and Environmental support.
Nils Eriksson is a member of FAMMP and has more than 25 years of experience from the Mining
Industry.
Anders Sand works as Research Manager of Boliden Mines, with expertise particularly in mineral
processing. Anders Sand is a member of FAMMP and has more than 15 years experience in the
mining industry. He also holds appointments as docent and associate professor in mineral processing
at Luleå University of Technology since 2017.

1 Fennoscandian Association for Metals and Minerals Professionals

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2 GENERAL INTRODUCTION

This report is issued annually to inform the public (shareholders and potential investors) of the
mineral assets in Garpenberg held by Boliden. The report is a summary of internal / Competent
Persons’ Reports for Garpenberg. Boliden method of reporting Mineral Resources and Mineral
Reserves intends to comply with the Pan-European Reserves and Resources Reporting Committee
(PERC) “PERC Reporting Standard 2021”.
The PERC Reporting Standard is an international reporting standard that has been adopted by the
mining associations in Sweden (SveMin), Finland (FinnMin) and Norway (Norsk Bergindustri), to be
used for exploration and mining companies within the Nordic countries.
Boliden is reporting Mineral Resources exclusive of Mineral Reserves.

2.1 Pan-European Standard for Reporting of Exploration Results, Mineral Resources

and Mineral Reserves – The PERC Reporting Standard

PERC is the organisation responsible for setting standards for public reporting of Exploration
Results, Mineral Resources and Mineral Reserves by companies listed on markets in Europe. PERC
is a member of CRIRSCO, the Committee for Mineral Reserves International Reporting Standards,
and the PERC Reporting Standard is fully aligned with the CRIRSCO Reporting Template.
The PERC standard sets out minimum standards, recommendations and guidelines for Public
Reporting of Exploration Results, Mineral Resources and Mineral Reserves in Europe.

2.2 Definitions

Public Reports on Exploration Results, Mineral Resources and/or Mineral Reserves must only use
terms set out in the PERC standard.

Figure 2-1. General relationship between Exploration Results, Mineral Resources and Mineral Reserves (PERC 2021).

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2.2.1 Mineral Resource
A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on
the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for
eventual economic extraction. The location, quantity, grade or quality, continuity and other geological
characteristics of a Mineral Resource are known, estimated or interpreted from specific geological
evidence and knowledge, including sampling.

2.2.2 Mineral Reserve

A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral
Resource. It includes diluting materials and allowances for losses, which may occur when the material
is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate
that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting,
extraction could reasonably be justified.

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3 GARPENBERG
3.1 Project Outline

Garpenberg is a Zn-Pb-Ag-(Cu-Au) underground mine where the ore is mined from between 450
metres to more than 1 400 metres below surface. The mine encompasses several polymetallic ore
bodies. See Figure 3-5 and Figure 3-6.
The mined out ore tonnage in 2023 totaled 3151 Kton. More than 75% of the mined tonnage derived
from the largest ore body, Lappberget.
Zinc and silver are the most valuable commodities in Garpenberg. Zinc and silver both accounted
for about 36% of the revenue followed by lead at 16% and copper-gold at 12%.

3.2 Major changes 2023

In 2023 the total Mineral Reserves in Garpenberg decreased by 8.4 Mt (million metric tonnes) to
100.9 Mt. Measured and Indicated Resources in Garpenberg remained unchanged at 21.6 Mt. Inferred
Resources slightly increased by 0.5 Mt to 67.9 Mt.
3.2.1 Technical studies
In 2023, grindability and beneficiation studies (flotation and gravimetry) related to Lappberget 1530-
1650z were finalized and reported.
Some technical studies were also completed regarding the implementation of the Whittle mine
optimization for Dammsjön Etage 1100 and 1300 and Lappberget Etage 1250.

3.3 Location

The Garpenberg operation is located in the Hedemora municipality in central Sweden 180 km NW
of Stockholm at coordinates (WGS84) latitude 60° 19’ 27”N, longitude 16° 13’ 38”. Figure 3-1 and
Figure 3-2 show the geographic location and the surface right concessions of Garpenberg.

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Figure 3-1. Map showing the location of the town of Garpenberg in relation to the city of Stockholm and within the
country of Sweden.

Figure 3-2. Detailed map of Boliden’s Garpenberg exploration, exploitation, and surface rights concessions (i.e. green,
orange, and red, respectively) in relation to the town of Garpenberg and the city of Stockholm.

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3.4 History

Historical documents show that systematic mining has been conducted in Garpenberg since the 13th
century. A recent study from lake sediments published in 2017, however, push back the evidence for
early ore mining in Garpenberg even further, from the Middle Ages to the pre-Roman Iron Age
around 400 BC (Bindler et al. 2017). The Garpenberg mine has been run by multiple companies over
the years. In 1957 Boliden acquired the Garpenberg mine from AB Zinkgruvor. A total of 66.5 Mt
of ore has been processed since Boliden took over the operations (Table 3-1).
A chronological list of historically significant events is presented in appendix 1.

Table 3-1. Annual production numbers 1957-2023. Between 1957 and 1995 the processed ore tonnes and grades are
presented with 5-year intervals, while figures for mined ore are missing. From 2005 to 2014, ore from the Lovisagruvan
mine was also processed in Garpenberg. A total of 63.4 Mt of ore has been processed since Boliden acquired the mine
from AB Zinkgruvor in 1957.

Year Mined Processed Grades Lovisa

Ore Ore
Kton Kton Au g/t Ag g/t Zn % Pb % Kton

1957 260 1.2 69 2.84 2.34

1960 306 0.7 81 4.3 3.0
1965 297 0.9 116 4.9 3.3
1970 307 0.9 110 4.2 2.7
1975 349 0.6 114 3.2 1.9
1980 427 0.5 112 3.0 1.8
1985 534 0.4 138 3.0 1.9
1990 747 0.5 135 3.6 2.0
1995 750 0.4 133 4.3 2.2
2000 1003 976 0.5 141 3.9 1.9
2001 1018 984 0.4 136 3.9 1.8
2002 997 1058 0.4 153 4.0 1.8
2003 1067 1062 0.4 151 4.6 1.9
2004 1087 1074 0.3 124 5.6 2.2
2005 1115 1102 0.3 117 5.8 2.3 13.3
2006 1167 1182 0.4 123 5.7 2.2 17.1
2007 1218 1255 0.3 126 6.3 2.5 17.1
2008 1341 1365 0.3 130 6.9 2.6 27.7
2009 1425 1394 0.3 139 7.3 2.8 31.7
2010 1369 1443 0.3 133 6.6 2.5 28.9

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 2011 1441 1456 0.3 134 6.1 2.4 37.5
2012 1602 1484 0.27 130 5.6 2.1 39.0
2013 1600 1495 0.3 153 5.2 2.1 39.8
2014 1891 2224 0.31 136 5.1 2.1 38.7
2015 2304 2367 0.32 156 5.0 2.1
2016 2610 2622 0.31 150 4.4 1.8
2017 2630 2634 0.30 134 4.3 1.8
2018 2625 2622 0.29 135 4.1 1.6
2019 2865 2861 0.26 118 4.1 1.5
2020 3000 3000 0.31 109 3.8 1.5
2021 3052 3056 0.30 119 3.8 1.5
2022 3041 2989 0.26 117 3.6 1.4
2023 3144 3151 0.37 97 3.3 1.4

Mineral Resources for new ore bodies are defined by the exploration department by drilling the
mineralized rock body in a 50 x 50 m grid, aiming to produce an Inferred or Indicated Resource.
This is typically followed up by denser drilling carried out by the mine department resulting in a
Measured Resource and eventually a Mineral Reserve. More on Mineral Resources and Mineral
Reserves in chapters 3.12 and 3.13, respectively.
The Mineral Reserve estimates are constantly being revised against the metal grades of the actual
mined tonnage through the reconciliation process, see chapter 3.15.

3.5 Ownership

Boliden Mineral AB owns 100 % of the Garpenberg mine.

3.6 Environmental, Social and Governance (ESG)

3.6.1 Existing permits
Boliden is the owner of all land where the mining operations are currently developed. Boliden has
renewed mining concessions valid from 2023-03-23, covering all the concessions K nr 1 – 10 for
zinc, lead, silver, copper, gold minerals. The concessions will be automatically renewed for as long
as the mine is operating. See Figure 3-3 for the location of the concessions K nr 1-10.

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Figure 3-3. Concessions K 1 -10 in Garpenberg.

Boliden has the necessary environmental permits in place to operate the mine. The main permit, in
accordance with the Swedish Environmental Act, was issued by the Swedish Environmental Court
in 2012 (M461-11 2012-01-31) and the final discharge limits to water were set in 2016 (M461-11
2016-04-15). In 2018, Boliden applied for some changes in the permit which were approved in
December 2018 (M467-18, 2018-12-20). These changes in the permit allow Boliden to deposit waste-
rock according to life-of-mine plan.
In 2021, Boliden got a new extension permit (M7041-20, 21-06-15) for extracting and processing up
to 3.5 Mtpa of ore in Garpenberg, without changing anything else in the conditions of
the environmental permit. The only supplement in the permit is a discharge limit for uranium to
water.
The permit allows Boliden to operate the mine as described in the application and in particular to
(chapter 9 Environmental Act):
 extract and process up to 3.5 Mtpa of ore in Garpenberg,
 deposit tailings in the Ryllshyttan tailings management facility (TMF) and backfill the mine.
In addition, the permit allows Boliden to (chapter 11 Environmental Act):
 raise the dams at Ryllshyttan TMF to the level of +256m with the maximum water level of
+254 m and to construct a new outlet,
 extend the waste-rock dumps,
 set the financial guarantee for closure to 490 MSek,
 raise the water level in the clarification pond to the level of +227.9 m,

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  extract mine water, and
 extract up to 1.9 Mm3/yr fresh water from the lakes Gruvsjön and Finnhytte-Dammsjön, of
which a maximum of 0.95 Mm3 from Finnhytte-Dammsjön.
The permit is associated with a series of conditions and limit values regarding e.g., discharge water
quality and noise levels in neighboring houses.
In 2023, Boliden has got a new permit (M4963-22, 2023-06-08) for changing the dam construction
method at Ryllshyttemagasinet TMF. The change implies building centerline dams instead of the
current up-stream dams. This change will result in even safer dams, allow for future raises above
currently permitted heights and increase the capacity of the TMF within already permitted dam
heights.

3.6.2 Necessary permits

The existing permit is valid for a period of 10 years (the longest building period allowed for activities
under chapter 11 in the Swedish Environmental Act). Therefore, it limits the construction period of
the dams surrounding the TMF to 2033 and it also sets a maximum height for the dams. This implies
that Boliden needs a new permit in place by 2033 in order to be able to continue raising the TMF or
will have to start depositing the tailings elsewhere.

3.6.3 Environmental, Social and Governance considerations

3.6.3.1 ESG Commitments
Our business model set our ESG priorities, and take into consideration the risks and opportunities
identified by business intelligence and risk mapping, as well as applicable requirements and
expectations such as:
• Stakeholder expectations
• Current and potential legislative trends
• ISO 45001, 14001 and 50001 standards and Forest Stewardship Council (FSC® COC-
000122)
• OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-
affected and High-risk Areas
• GRI Standards (Global Reporting Initiative)
• UN Sustainable Development Goals (SDGs)
• UN Global Compact
• ICMM Mining principles
We regularly consult prioritized stakeholder groups on our sustainability performance from a broader
perspective. These stakeholders are asked to comment on Boliden’s performance to drive further
improvement.
Boliden is a member of ICMM and the national mining associations in the countries where Boliden
Mines operates. These commitments imply implementing relevant international and national
Environmental Management System (EMS) standards and guidelines, such as e.g., the Global
Industry Standard on Tailings Management (GISTM) on an international level and Mining RIDAS
on a national level. In addition to this, Boliden Mines is certified according to a series of standards,
such as:
 ISO 14001:2015 - Environmental management systems.
 ISO 45001:2018 - Occupational health and safety management systems.
 ISO 50001:2018 - Energy management systems.

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Boliden has implemented an integrated management system (Boliden Management System,
BMS) which sets a common base for all activities developed within the company.
Boliden strive to run a responsible business and expect its business partners to do the same. Good
business ethics is essential for sustainable and successful business. Boliden has an ethics and
compliance department to boost its compliance work. The department is responsible for the strategic
development and coordination of Boliden’s work regarding anti-money laundering, anti-corruption,
competition law, sanctions, human rights, data protection, whistleblowing and Boliden’s employees
and management work together to create a compliance culture in which everyone knows what is
expected of them - Boliden’s codes of conduct. Regular risk assessments, trainings, audits and
effective controls are important parts of Boliden’s compliance efforts. The Group’s whistleblower
channel enables all employees and external stakeholders to report suspected and actual misconduct
confidentially and anonymously. If misconduct is proven, disciplinary actions must be taken.
Reprisals against anyone reporting misconduct in good faith will not be tolerated. Group
management and the Board of Directors receive regular reports on risks, non-compliance and the
status of initiatives in progress.
Boliden’s Code of Conduct provides a framework for corporate responsibility based on the
company’s values and ethical principles. All employees and members of the Board are subject to the
Code, which is based on international standards and relevant legislation. As a complement to the
Code, there are internal policies that all employees are expected to comply with. Boliden strives for
a sustainable value chain and therefore applies an overarching business ethics and risk management
strategy when selecting business partners. The Business Partner Code of Conduct reflects the
requirements placed on Boliden’s own organization and sets the lowest standard of ethical conduct
required of all parties in the value chain, whether Boliden is the buyer or seller. As with the internal
Code of Conduct, this code is based on international standards such as the UN’s Global Compact,
the ILO’s standard core conventions and guidance from the OECD. Compliance and sustainability
risks are assessed when selecting business partners. If there is a risk of non-compliance by a business
partner, a more detailed review is made. Depending on the outcome, an action plan may be developed
and agreed upon, or the business relation may be terminated or rejected.
Boliden is a member of the United Nations Global Compact and works constantly to implement its
ten principles, including preventing and limiting negative impact in the own operations and those of
its external business partners. Boliden runs operations in countries where the risk of human rights
violations is considered low. No operations are conducted anywhere in UNESCO’s World Heritage
List. Boliden supports the right of indigenous peoples to consultations under Svemin’s interpretation
of Free, Prior and Informed Consent (FPIC). Other important aspects are fair
working conditions, and the position Boliden has adopted against any form of harassment,
discrimination and other behavior that may be considered as victimization by colleagues or related
parties. In addition to this, aspects such as child and forced labor as well as the freedom to form and
join trade unions are taken into account when evaluating business partners.
Anti-corruption forms a central part of the ethics and compliance work, and Boliden has a zero-
tolerance policy regarding all types of bribery and corruption. Boliden has an anti-money laundering
policy for identifying and managing risks in various parts of the business and to strengthen its anti-
money laundering efforts.

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3.6.3.2 Socio-economic impact
Mining and metal processing has been the driving force in the local and regional economy and
development in Bergsslagen for centuries if not millenniums. This means that the region lives in
symbiosis with mining activities in Garpenberg and develops together with the mine. The large
investments and developments that have taken place in Garpenberg over recent years has been a
boost in the local economy and competence level which has created a lot of optimism regarding the
future in the region. The Garpenberg mine is an important actor on the local and regional scale with
about 450 direct employees and creating a large number of indirect jobs. In total, it has been assessed
that the Garpenberg mine generates 2300 direct and indirect jobs. More than 85 % of the workforce
lives withing the municipalities of Hedemora, Avesta and Säter. The importance and engagement of
Garpenberg is also reflected in the support to local organizations, cultural events and social projects.
3.6.3.3 Communities and land-owners
Boliden Garpenberg is located in the small village of Garpenberg. Many of the employees live in the
vicinity of the mine, and more than 20 % of the inhabitants in Garpenberg work at the mine. The
dominating land use around the mine is forestry performed by private landowners and forestry
companies. In addition, there is an active outdoor culture in the area where hunting is much
appreciated.
Boliden holds regular information meetings with the local community and landowners. Relations
with the local community and landowners are generally good. A new grievance portal has been set
up in 2023 on Boliden website through which anyone can file any issues, complaints, or improvement
suggestions. During year 2023, local inhabitants raised vibrations from blasting and trucks passing
by in high speed on the road in Garpenberg as priority areas to address. Previously, dusting from the
TMF has been an important issue but implemented dust control measures have resulted in zero
complaints regarding dusting during 2023.
3.6.3.4 Historical Legacy
The long history of mining in Garpenberg has resulted in a complex environmental situation with
numerous historical objects on and around Boliden’s land holdings in Garpenberg. Due to the age
of these objects, Boliden is assessed to have very limited liability for any future remedial works to
limit the environmental impact of these objects; however, Boliden has the responsibility as landowner
to conduct investigations in order to determine the impact of these historical objects. These
investigations are ongoing, as well as a dialogue with the County Administrative Board about the
extent of the liability for any future remedial actions on these objects. A process has been initiated
by the Water Authority to assess if it necessary to modify the environmental quality standards (EQS)
for Gruvsjön and downstream lying water bodies as it has been shown that it is not a realistic
admission to meet current EQS, even in a long-term perspective.

3.7 Geology
3.7.1 Regional and Local Geology
The Garpenberg supracrustal inlier (Figure 3-4) is situated in the mineralized Palaeoproterozoic
igneous province of Bergslagen, south central Sweden. The region has been actively explored since
the 12th century and is host to a variety of ore deposits, predominantly Fe-oxide deposits and to a
lesser extent, polymetallic sulphide deposits (Bindler et al. 2017).

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Figure 3-4. Geological map of Garpenberg. From Allen et al., 2003.

Garpenberg is the largest sulphide deposit in the region and consists of multiple polymetallic deposits
hosted within a NE-SW trending tight to isoclinal syncline which is ca. 15 km long and 7 km wide
(Vivallo 1985). This syncline is compressed at the southern end and opens to the north with a sub-
vertical axial plane (Allen et al. 2003). The deposits are, for the most part, hosted along the same
stratigraphic level within the predominantly rhyolitic sequence.
3.7.1.1 Stratigraphy
This succession is interpreted to have been originally formed within a large, shallow marine
depositional environment where pyroclastic flow material was abundant during multiple periods of
volcanic activity (Allen et al. 2003). Bedforms and facies associations indicate that the thick footwall
succession accumulated mainly below the wave base prior to a change in conditions that enabled the
formation of the limestone unit that is intrinsically linked to the Garpenberg sulphide deposits (Allen
et al. 1996). The footwall consists of rhyolitic pumiceous, graded mass-flow breccia and rhyolitic ash-
siltstone and sandstone affected by strong phlogopite-biotite-cordierite-sericite-quartz alteration.

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The calcitic marble (limestone) unit is thought to represent a volcanic hiatus during which relatively
stable and shallow sub-wave base marine conditions prevailed, facilitating the development of an
extensive stromatolitic reef. The host stratigraphy is most prospective on the contact between the
upper footwall rhyolitic sequence and overlying altered calcitic marble. Along this contact the lower
extent of the calcitic marble (limestone) unit is commonly altered to dolomite and Mg +/- Mn-rich
skarns. The barren hanging-wall stratigraphic package represents a later depositional environment
characterized by uplift, exposure, erosion, and shallow water environments, followed by subsidence
to deep water conditions (Allen et al. 2003).
3.7.1.2 Structure
The complex geometry of the ore-host limestone is due to large-scale folding, shearing, and faulting
events. Folding, sub-folding, and shearing are the dominant structural controls on the geometry of
limestone and adjacent strata. The resultant structures strongly influence the position, geometry, and
metal grade of the ore bodies. The F2 folds have undulating fold axis which locally can grade into
cone or sheath shapes due to inhomogeneous stretching strain associated with the folding (Allen et
al. 1996). This is also evident on the horizontal plane where sheath folding is evident in interpreted
plan views, where the hinges of such structures can be highly prospective.
The Garpenberg ore deposits vary somewhat in style depending on their origin and subsequent
location within the sequence, from massive in-situ mineralization associated with the altered
limestone unit found along the footwall – hanging wall contact, to tectonically remobilized ‘bands’
of ore that run sub-parallel to the dominant footwall foliation. The largest ore bodies are associated
with antiform or synform structures, specifically Lappberget and Dammsjön. Even the geometry of
the predominantly footwall hosted Huvudmalmen deposit is strongly influenced by parasitic folding
of the overlying altered carbonate package.
Many of the Garpenberg deposits show extreme isoclinal folding and sub-folding of footwall mica
quartzite and schist which can appear almost ‘interbedded’ with the more ductile overlying altered
carbonate units (dolomite and skarns) on the hanging wall side. It is also likely that dip-slip faulting
and / or shearing have contributed to this repetition / layering. While deposits are well constrained
due to tight drilling intercepts, isoclinal folding is common and deposits often comprise of both
remobilized and replacement style mineralization.
3.7.2 Mineralization
Mineralization in Garpenberg mainly consists of pyrite, sphalerite, galena and silver-bearing minerals.
The ore bodies occur at the heavily skarn- and dolomite-altered contact zone between the limestone
and underlying metavolcanic rocks, forming massive to semi-massive sulphides ore lenses. There is
also significant mineralization in the footwall metavolcanic rocks (mica quartzites) that are
stratigraphically underlying the marble horizon. The footwall mineralization is tectonically
controlled, and forms remobilized semi-compact thin veins that are often associated to mica-rich
shear zones. Mineralization is mainly of replacement style and is likely to have taken place where
metal-bearing fluids penetrated up along synvolcanic, extensional faults and came in contact with
reactive limestone to form large, massive sulphide bodies. The initial main stage of mineralization
and alteration at all the known Garpenberg ore bodies is interpreted to be essentially syn-volcanic in
timing and to pre-date regional metamorphism and deformation (Jansson & Allen 2011).

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Figure 3-5. Front view of the Garpenberg ore bodies looking north in the local coordinate system. Colours according to
resource category.

Figure 3-6. Top view of the Garpenberg ore bodies. Colours according to resource category.

3.8 Drilling procedures and data

3.8.1 Drilling techniques and downhole surveying
Diamond drilling in Garpenberg is the principal exploration method, and the data collected from
drilling is used for generating 3D geological models and for mineral resource estimation. Most of the
drilling is undertaken from underground positions.

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Diamond drilling is performed by the drilling contractor, Drillcon and supervised by Boliden
personnel. Core drilling at Garpenberg is carried out with the Sandvik Wireline System (WL) where
most holes are drilled with WL56 rods which produce a core diameter of 39 mm. In some areas
where drilling conditions are complicated due to poor rock quality or extreme deviation, WL66 drill
rod diameter is used, producing a core diameter of 50 mm.
3.8.2 Collar and downhole surveying
Collar positions of underground drillholes are measured by Garpenberg’s mine survey team, using a
LEICA TS16. Two points are measured for each hole: the actual collar point and an additional point
on the casing used to measure the azimuth. The survey measurements are sent to the drilling
geologist, who enters the collar information into the database.
Deviation surveys are conducted by drilling contractors using their own instruments. Different
instruments have been used historically, but the Inertial Sensing Gyro has been used most recently.
Measurements are taken every 3 meters in all drillholes longer than 100 m. The drilling operator
sends the completed survey to the drilling geologist who is responsible for validating and post-
processing the survey. Post-processing consists of entering the collar coordinates and starting
azimuth and exporting the survey to a suitable format for the database. Finally, the survey is uploaded
into the database by the Geodata department.

3.8.3 Logging
The drill core is logged by Boliden geologists and sampled by Boliden technical personnel. The type
of drill hole (i.e. exploration or infill) dictates the amount of detail logged. However, features that
are always logged include: lithological units, fractures, level of schistosity, and content of talc. Core
losses over 20 cm are registered in the log. Logging information is recorded in WellCAD software
before being exported and sent to the database administrators. The logging information is used in
the design of the 3D geological models.

3.8.4 Sampling
Sampling intervals are selected considering the degree of mineralization of primarily Zn, Pb, Ag and
Cu. Moreover, sampling is done to have full coverage over mineralization and adjacent low-grade
halo. The length of the sample sections is 1.0-2.5 m. Samples do not cross lithological boundaries
and are selected to represent consistent degrees of mineralization when possible. Core loss intervals
are not sampled and therefore do not get assigned any assay values.
For infill drillholes, the whole core is usually sampled, leaving no core left in the core boxes.
Exploration drill holes are sawed in half along the drill core axis and one half is sent for analysis
while the other half is stored in Boliden’s core archive.
3.8.5 Density
Density formulas have been calculated in Garpenberg based on available specific gravity (SG) data
and the formulas are reviewed at each resource estimation. The density formulas provided in Table
3-2 are used to assign densities in Garpenberg. Historically, SG measurements were not conducted
frequently, but today more data is available to verify formulas. Since 2022, SG measurements on
pulps are routinely conducted by ALS Laboratories on all the samples that are sent for analysis.
Historically, a great number of samples are missing S assays, therefore, a calculated value for S has
been applied in some areas for those samples. The calculated S value is only used in density
calculations.

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Table 3-2. Density formulas in Garpenberg.

3.8.6 Analysis and QAQC

3.8.6.1 Sample Preparation and Analysis
Drill core analyses are carried out by ALS laboratories. Sample preparation is done in Piteå, Sweden
and assays are carried out in ALS’s hub-lab in Loughrea, Ireland. ALS laboratories are accredited
according to ISO/IEC 17025. Umpire lab check assays are done by MS Analytical. An overview of
the different analytical methods is presented in table Table 3-3.
Preparation of the samples, coded PREP-31BY, comprises crushing the rock to 70% less than 2 mm,
rotary splitting off 1 kg and pulverizing the split to better than 85% passing 75 microns.
Table 3-3. Overview of ALS’s designation of analytical methods. Over-range method applies to samples where assay
result reached upper detection limit of primary method.

Method Over-range method

Preparation PREP-31BY
Assay Au Au-ICP21 Au-AA25/Au-GRA21
Assay Ag, Cu, Pb, Zn ME-OG46 Ag - GRA21
Pb - AAORE
Zn - ME-ICPORE
Assay S IR08
Assay other (48 elements) ME-MS61
Specific gravity (core) OA-GRA08
Specific gravity (pulp) OA-GRA08b

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Au-ICP21 is a package of fire assay with an ICP-AES analysis. In ME-OG46, Aqua Regia is used to
dissolve base metals and silver while assay is done with ICP-AES. IR08 is used for total sulphur
analysis using a Leco Sulphur analyzer. ME-MS61 is a package of a 4-acid digestion process with an
ICP-MS analysis. Specific gravity is measured either directly on drill core (OA-GRA08), or on pulps
using a pycnometer (OA-GRA08b).
All samples are prepared and analyzed with Au-ICP21, ME-OG46 and IR08 while selected drillholes
are analyzed with ME-MS61. Since 2022, all samples are analyzed for Specific Gravity on pulps (OA-
GRA08b) as well. Table 3-4 shows which elements are analyzed with lab codes ME-OG46 and ME-
MS61.

Table 3-4. Elements analyzed with ME-OG46 and ME-MS61.

H He
Li Be B C N O F Ne
Na Mg Al Si P S Cl Ar
K Ca Sc Ti V Cr Mn Fe Co Ni Cu Zn Ga Ge As Se Br Kr
Rb Sr Y Zr Nb Mo Tc Ru Rh Pd Ag Cd In Sn Sb Te I Xe
Cs Ba La* Hf Ta W Re Os Ir Pt Au Hg Tl Pb Bi Po At Rn
Fr Ra Ac¨ Ku Ha

* La Ce Pr Nd Pm Sm Eu Gd Tb Dy Ho Er Tm Yb Lu
¨ Ac Th Pa U Np Pu Am Cm Bk Cf Es Fm Md No Lr

ME-OG46 ME-MS61

3.8.6.2 Verifications of Analytical Quality Control Data

Quality assessment and quality control is continuously monitored using QAQC samples such as in-
house standards, blanks and umpire lab checks (pulp duplicates). It is required that each sample batch
is submitted with at least one blank sample and one standard sample. Batches with more than 16
samples also require a pulp duplicate sample. As the number of samples in a batch increases, so does
the required QAQC samples; for example a batch with 100 samples requires two blank samples, three
standard samples and one pulp duplicate sample.
In the existing methodologies, umpire check assays, conducted by an external laboratory, have been
incorporated. However, these assays have not been utilized for the evaluation of assay quality because
the current procedures do not allow to assess the quality of the umpire lab. The procedures are
currently undergoing a review process. The introduction of duplicate samples to monitor the
precision of the analytical system is being investigated.
QAQC samples analysis are routinely controlled and validated by the geologists in charge of the
drilling. When anomalies are detected, a new analysis is required to the laboratory for parts of the
sample batch. The validation carried out by the geologists has shown that the performance of QAQC
samples in Garpenberg is acceptable, and that assay analysis can be used for resource estimation.

Boliden Summary Report, Resources and Reserves 2023, Garpenberg| 21

3.9 Exploration activities and infill drilling
3.9.1 Near mine exploration
In 2023, Near mine exploration continued to extend resource drilling and test potential at two key
deposits: Huvudmalmen and Stationen (Figure 3-7). In total, 20 300 metres were drilled by Near
mine exploration in 2023.
At Huvudmalmen, the objective of the 2023 resource drilling was to generate data for the
forthcoming resource estimate below 1250z (planned for 2024). The vertical extent of this drilling
extended from 1250 z down to 1600 z over a strike extent of 500 m. Drilling was carried out by two
machines over much of the year and progress was facilitated by the extension of the 1300 level
exploration drift, the length of which has allowed drifting and drilling to occur simultaneously.
Approximately 340 m of drifting was carried out in 2023 and it is expected that the drift will be
completed by the second quarter of 2024. This will allow increased drilling volume in 2024 and
extend the northern strike extent of the deposit.
During 2023, Near mine exploration also focused on increasing confidence and volume at Stationen.
Two machines were deployed in the 1075 exploration drift during 2023, one of which was allocated
to directional core drilling. The objective of the directional drilling was to test the potential depth
extent of Stationen below 1400 z. The second machine was tasked with resource drilling to increase
confidence in the 2022 resource estimate and to generate volume along strike extent.

Figure 3-7. Front view with 2022 Reserves & Resources. 2023 Near mine drilling in red.

Significant complications were encountered with directional drilling which ultimately was a failure.
However, increased understanding of the stratigraphy during these attempts led to the identification
of an optimal collar location from which conventional core drilling successfully intersected the depth
extent of Stationen below 1500 z. The single successful attempt at drilling below 1500 z intersected
significant massive sulphide mineralization and showed that the prospective dolomite host extends
below 1600 z.

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In 2023 drifting towards Stationen continued at the 1314 level from Dammsjön. An external
contractor was brought in during the fourth quarter of 2023 to increase drifting rate and the 1314
exploration drift was extended by approximately 500 metres in 2023. Significant work by the mine
has increased ventilation capacity in this area of the mine which will allow further rapid extension of
the 1314 exploration drift towards Stationen in 2024.

3.9.2 Infill drilling

Infill drilling conducted by the mine department in 2023 focused on Lappberget and Huvudmalmen.
A total of 16200 metres of infill drilling was completed by the mine department. In addition to that,
Garpenberg Mine drilled 4500 metres of geotechnical and infrastructure drilling, mostly focusing on
different areas in Lappberget.
In Lappberget, two separate areas were targeted. A large drilling program from the 1432 exploration
drift, initiated in 2021, is still under way. The aim of this program is to target the area between 1400-
1650z. Due to drifting in the deep ramp and limited access to ventilation in the deepest part of mine,
drilling was paused in the second half of 2023, but is planned to resume in 2024. Moreover, another
drilling program towards the low-grade area initiated in 2022, on the western limb of the ore body
between 650-900z, was completed in 2023.
In Huvudmalmen, a large amount of infill drilling is necessary both in Etage 1100 and Etage 1250 in
order to get sufficient coverage. In 2023, drilling was conducted both from the 1100 exploration drift
and 1008/1009 drifts, targeting the area between 1000 z and 1150 z.

3.10 Mining methods, mineral processing and infrastructure

3.10.1 Mining methods
The current LOMP of Garpenberg mine consists of five separate, sub-vertical orebodies: Lappberget,
Kvarnberget, Dammsjön, Huvudmalmen and Finnhyttan (Figure 3-8). Each orebody has or will have
a local ramp, connecting production levels to each other. The local ramps are connected to each
other by horizontal access drives. Equipment and materials are transported into the mine via a ramp
from the surface, while personnel use mainly the personnel shaft.
The orebodies are divided into mining blocks with 3 to 8 levels of stopes in each block. The top level
of each mining block is the sill pillar, which separates the different mining blocks. The level above
sill pillar is filled with cemented paste fill, which allows mining the ore left in the sill pillar. Below
old, mined out areas backfilled with waste rock, a sill pillar with thickness of 10-15 m will be left.
This division to different mining blocks allows the mine to have several production areas being
scheduled and mined at the same time. Overview of the orebodies and mining blocks is shown in
Figure 3-8.

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Figure 3-8: Overview of the different orebodies and mining blocks in Garpenberg.

Over 95% of the mined ore in Garpenberg is extracted by sublevel stoping (also called longhole
stoping), where the ore is mined in layers between two drifts vertically 25-35 metres apart. Most areas
are mined with transversal longhole stoping, where the development and stope axis are perpendicular
to the strike of the ore body. In some more narrow areas, longitudinal longhole stoping is used. The
orientation of this method is along or parallel to the strike of the ore body. The ore body is split into
primary and secondary stopes, which are mined in a predefined order and pyramid shape sequence.
The standard stope dimensions are 22-35 m high, 10 m wide for primary stopes and 15 m wide for
secondary stopes, with some local variation in dimensions.
Another consideration concerning the mine design of Lappberget is the division into a main and a
second pass sequence (2pass). The main sequence contains more of the high-grade areas and is
scheduled prior to the second pass sequence, which in general contains lower grade ore (Figure 3-9).

a) b)
Figure 3-9. Example of mine design in Lappberget
a) High grades layout – main sequence; b) Main sequence (high grades) and 2pass (low grades).

Other rarely used mining methods include cut and fill and avoca (rill) (Table 3-5). With the cut and
fill method, mining is carried out in slices along the steeply dipping, narrow ore body. The bottom

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slice is mined first. The excavated area is then backfilled, so mining can continue with the slice above.
The rill method used in Garpenberg is in fact similar to longitudinal stoping, but the stopes are split
in 20 m long slices. After being blasted and mucked, the stopes are backfilled before the next slice is
blasted. This process repeats until the full size of the stope is done.

Table 3-5. Mining method for Garpenberg ore bodies.

Mining method Orebody Width (m)

Primary Lapp, Kvarn, Kasp, Damm, 10-15
Huvud
Secondary Lapp, Kvarn, Kasp, Damm, 15-20
Huvud
Longitudinal Lapp, Kvarn, Kasp, Damm, 4-7
Huvud
Cut and fill Damm 5-7
Avoca (rill) Damm 4-7

Mine reconciliation is the comparison of the planned stopes against the actual outcome.
Table 3-6 shows the reconciliation for the large-scale mining methods in 2020 and 2021.

Table 3-6. Reconciliation for longhole stoping 2021 and 2022. Average overbreak includes overbreak ore.

Year Stopes Plan compliance Average Overbreak

Primary 94 % 11 %
2021 Secondary 95 % 10 %
Total 94 % 10 %
Primary 94 % 11 %
2022 Secondary 94 % 9%
Total 94 % 10 %

Ore mucked from a stope is tipped into an ore pass or loaded directly on truck. Transport to the
crushers is done by trucks from the active mining areas. There are two underground crushing plants
at 700z and 1087z. The crushed ore is hoisted to surface in a shaft, unloaded into a bin in the
headframe and then transported by conveyor belts to an intermediate ore storage, which can hold
approximately a week of production.

3.10.2 Mineral processing

Processing tests are systematically conducted on ore from new mineral resources to confirm the
technical and economic feasibility for extraction and processing. Valid processing tests are required
for classifying mineralization to Indicated or Measured Resources. For each new area, drill core
samples, representative of the different deposits, are selected for metallurgical testing. The work is
conducted internally at the Boliden pilot plant and may include grindability investigations, study of
mineralogy, as well as flotation and gravimetrical separation. The goal of the metallurgical tests is to
evaluate the recoverability of valuables from the different ore types with a similar process to the one

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currently used at the Garpenberg concentrator. In 2023, grindability and beneficiation studies
(flotation and gravimetry) related to Lappberget 1530-1650z were finalized and reported.
In the concentrator, the ore is ground in two stages with autogenous grinding in the primary stage
and pebble mill grinding in the second. After grinding, the ore is screened, with the coarse fraction
being returned to the primary mill. The fine fraction undergoes gravimetric separation (Knelson) to
separate out coarse gold at an early stage. The gravimetric concentrate is collected in big bags. After
gravity separation, the pulp stream is classified using hydrocyclones. The overflow constitutes the
main flotation feed, while the underflow undergoes flash flotation in the grinding circuit, from which
the concentrate is sent directly to CuPb separation in the flotation plant and the tailings back to the
mills for further grinding.
Flotation is carried out in a three-stage flotation circuit: CuPb flotation, CuPb separation and Zn
flotation. Regrind mills are installed both in the CuPb and Zn circuits. The flotation concentrates are
dewatered using thickeners and pressure filters. Three mineral concentrates are produced in flotation:
zinc, lead and copper concentrates. The precious metals report primarily to the copper and lead
products.
The zinc and lead concentrates are transported by truck to Gävle port and from there by ship to
Boliden’s smelters in Finland, Sweden and Norway. The copper and gravimetric concentrates are
trucked, the copper concentrate later being reloaded to rail, for onward transport to the Boliden
Rönnskär smelter in Skelleftehamn. On some occasions, concentrates are also sold externally.

3.11 Prices, terms and costs

Mineral Resources and Mineral Reserves are the basis for the company’s long-term planning and will
be mined for many years to come. Long-term planning prices, which are an expression of the
anticipated future average prices for metals and currencies, are therefore primarily utilized in the
estimations. The planning prices are used to calculate the NSR (Net Smelter Return), expressed in
SEK/t, in the block models. Boliden currently uses the prices shown in Table 3-7 below.

Table 3-7.Long term planning prices currently used in Boliden.

Commodity / Currency Planning prices 2023 Assumed Recovery (%)

Copper USD 7 800/tonne 56.0
Zinc USD 2 800/tonne 93.1
Lead USD 2 000/tonne 82.2
Gold USD 1 400/tr.oz 69.6
Silver USD 20/tr.oz 75.8
USD/SEK 9.00
EUR/SEK 9.90
EUR/USD 1.17

Based on the long-term prices and recovery from Table 3-7, the following formula is used to calculate
the long-term NSR for Garpenberg:

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NSR_LTP (SEK/ton)= 247*Au(ppm)+3.80*Ag(ppm)+358*Cu(%)+164*Zn(%)+131*Pb(%)

Zn and Ag are the commodities that contribute the most to the value of Garpenberg, they each
account for about 36% of the total value. The other commodities have relatively lower contribution,
with 16% for Pb, 11% for Au and 1% for Cu.
The variable costs are around 270 SEK/t. These are the direct costs for mining and processing a ton
of ore. Variable costs include for example consumables, transportation and a percentage of spare
parts and energy. This value is used as a guideline in the stope creation process to decide, whether
to include material in a stope or not, assuming there is spare capacity at the mill.
The operational costs are around 500 SEK/t. This cost includes variable costs as defined above, and
additionally fixed costs such as personnel costs and facility maintenance. This value is used as a
guideline for the minimum value of a whole stope.
The breakeven costs are around 610 SEK/t. The breakeven cost for the whole site includes fixed
and variable costs as defined above, and additionally costs for sustaining investments, such as future
strategic mine development and re-purchasing of production machines. Depreciations and capital
investments are not included in the site operational costs. This value is used to make sure that a
larger set of stopes is profitable over a period of time.
The costs distribution is summarized in Table 3-8.

Table 3-8. Different cost categories in Garpenberg from 2022 cost data.

3.12 Mineral resources

All mineral resource estimates for Garpenberg have been prepared by Boliden’s own personnel in
the Ore reserves and Project evaluation department. These mineral resource estimates are based on
diamond drillholes produced by Garpenberg Near Mine Exploration as well as infill drilling from
Garpenberg Mine Geology. The resource geologists conducting the mineral resource estimates have
all visited Garpenberg underground mine and observed relevant drillcore from the orebodies in
question before estimates are conducted.

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Figure 3-10 Error! Reference source not found.shows the main steps from modelled mineralization
to reported resources and reserves, which are described in this chapter. In Garpenberg,
mineralization is interpreted in Leapfrog Geo guided by grades, NSR values and geological
assumptions. The interpretation process results in 3D mineralization wireframes which are used as
domains in resource estimation. Boliden compiles the produced mineral resource estimates annually
for Mineral Resources reporting at year-end. The Garpenberg mine planning department uses the
generated block models to convert them to Mineral Reserves. The data and methodology that support
the mineral resource estimates are documented systematically in internal reports. Table 3-9 lists all
the estimations compiled for Garpenberg R&R.

Figure 3-10. Garpenberg modelling workflow.

Two different resource estimation methods are used in block models. Ordinary Kriging (OK) is
usually used in areas where there is sufficient drillhole data and Inverse Distance (ID) is usually used
in areas with less available data. Resource estimation is conducted in Datamine or Leapfrog Edge.
Though, there are still some older mineralization models and block models in use that were created
in Propack (add-on to the CAD program MicroStation), however those models contain only a
fraction of reported volumes. Table 3-9 shows block models with estimation methods and software
used as well as block sizes for each of the ore bodies in Garpenberg. The block sizes are selected
from spacing in supporting data, in combination with complexity in ore geometry and scale of mining.
No report is available for older areas included in block model blgar.dm, but their tonnage is relatively
small and consists of only 1.3Mton of inferred resources with reconciliation data confirming the
volumes and grades of adjacent mined volumes. These areas require extensive resampling and
remodeling before they can be included in the LOMP or mineral reserves.

Boliden Summary Report, Resources and Reserves 2023, Garpenberg| 28

Table 3-9. Garpenberg block models and estimation methods.

In the end of the resource estimation process, Mineral Resource classification takes place using
several criteria. The quality of informing data is first validated where new data generally is deemed
of a higher quality than historical data. Considering Garpenberg geology, grade continuity and
statistical analyses, a drill pattern of 100 x 100 m is used as a guideline for inferred, 50 x 50 m for
indicated and 25 x 25 m for measured resource. However, Tyskgården-Finnhyttan is an exception
since complex geological conditions demand a denser drilling grid. The final classification depends
on drill pattern in combination of other criteria. The classification process is conducted for every
estimation, where the following characteristics are taken into consideration for each of the
mineralized lenses:
 Geological complexity
 Quality and quantity of informing data
o Confidence in analytical results
o Confidence in borehole surveying
o Analytical data
o Results of geostatistical analysis, variography, and QKNA
 Metallurgical factors or assumptions
 Confidence in the block estimates
In resource estimations finished in 2020 or later, an evaluation of Reasonable Prospect of Eventual
Economic Extraction (RPEEE) has been conducted in Deswik Stope Optimizer by applying a cut-
off and simplified mining parameters on an existing block model. This assessment leads to more
realistic mineable tonnage and grades, which results in less adjustments when eventually converting
Mineral Resources into Mineral Reserves. Prior to 2020, RPEEE was evaluated according to cut-off
and minimum mining width.
Each resource is only remodeled or reevaluated on a yearly basis if there is new data available. The
NSR formula and the cut-off used for the reported resources varies between years. A list of the NSR
formulas and cut-off values used are listed in Table 3-10. All reserve and resource tonnes and grades
are interrogated from the eight active block models in Garpenberg listed in Table 3-9 and reported
according to the PERC standard.

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Table 3-10. Garpenberg 2023 resources reported with corresponding cut-off and NSR formula.

3.13 Mineral Reserves

When converting Mineral Resources to Mineral Reserves, a number of parameters have to be

considered, the most important ones being economic feasibility and rock mechanics. The rock
mechanic conditions determine the amount and size of pillars and sill pillars as well as the length and
width of mined stopes. Weak or unstable rock volumes might be discarded completely from the
mineral reserves. The volume and geometry of the mineralization will likely determine which mining
method to apply. The choice of mining method should also optimize the NPV (Net Present Value)
of the ore volume.
With the longhole stoping method, the Mineral Reserves are defined by designed stopes whereas the
corresponding Mineral Resources are defined either by designed stopes or by the mineralized
envelope above cut-off. Since designed rooms are mostly formed as cubes with 90 degree corners
and the mineralized envelopes are irregular, some of the ore at the edge of the mineralization might
get left out when converting resources to reserves. Likewise, some waste rock might be included at
the edges of the mineralization.
Boliden Garpenberg utilizes the mine planning tool Deswik Stope Optimizer (SO) for designing of
stopes. SO automates the design process and allows for a number of stope properties including
general shape and orientation, cut-off grade, dilution and pillar size. Table 3-11 summarizes the
criteria used by SO in different areas in Garpenberg.
Table 3-11. Design properties used by SO to generate stopes in different ore bodies in Garpenberg.

SO criteria Allow up min max

Waste material 20%
Dilution 25%
Stope length Lappberget/ - 4m 80 m
Huvudmalmen/Dammsjön
Stope length Kvarnberget/ - 4m 40 m
Södra malm
Stope height - 20 m 35 m

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The cut-off grade used is based on the cost distribution presented in chapter 3.11. Variable costs will
define what material can be included in a stope, and a full stope needs to cover operational costs
without sustaining investments. Additionally, the average NSR for each time period needs to be
higher than the full breakeven costs. Moreover, the cut-off is adjusted for each ore body and mining
method.
For Lappberget, the separation into a main (“1-pass”) and a second pass (“2-pass”) sequence, as
mentioned in chapter 3.10, is done based on different cut-offs for different time stages of mining.
The cut-off is chosen in such a way that both mining sequences are mineable and a favorable NPV
is achieved. The different cut-offs used for design with SO are presented in Table 3-12Table 3-13.
In 2022-2023, a mine optimization project was made in collaboration with Whittle Consultants. As a
result of the project, an optimal cut-off was defined for each mining block. These cut-offs are not
strictly based on the mining costs, but they are rather values that give the best economical result over
the life of mine. These cut-offs are being implemented into the LOMP designs on an ongoing basis
and will be updated in Mineral Reserves once completed.
Regarding the classification Proved Mineral Reserves, several criteria must be met. First, the reported
position must comply to the conditions for a Measured Resource. Secondly, all required permits must
be in place. Today the tailings management facility (TMF) has enough capacity to mine until 2033
according to the current permit. In that regard, it was decided that at least 60% of a position needed
to be in the mine plan before 2033 in order to be classified as Proved Reserve.

Boliden Summary Report, Resources and Reserves 2023, Garpenberg| 31

Table 3-12: Cutoffs used in different mining blocks: the original cutoff used when making the design, and a cutoff
converted to day's prices. When cutoff is displayed with a slash (e.g. 700/470), the first number means the cutoff for a
whole stope, while the second number shows cutoff for marginal ore for e.g. pillars between stopes.

Original design Re-calculated to NSR_23LTP25

Mining block Design date NSR formula
CO (1-pass) CO (2-pass) CO (1-pass) CO (2-pass)
Lapp E530 2023-04 NSR_23LTP25 850 320 850 320
Lapp E700 2023-04 NSR_23LTP25 850 320 850 320
Lapp E880 2020-09 NSR_20LTP22 730 270 850 320
Lapp E1100 2020-09 NSR_20LTP22 300 - 350 -
Lapp E1250 2023-10 NSR_23LTP25 700/470 470/320 700/470 470/320
Lapp E1400 2021-09 NSR_21LTP23 730 270 850 320
Lapp E1600 2022-04 NSR_22LTP24 730 270 850 320
Kvarn E700 2021-04 NSR_20LTP22 300 - 350 -
Kvarn E850 2021-04 NSR_20LTP22 300 - 350 -
Kvarn E1050 2021-04 NSR_20LTP22 300 - 350 -
Kvarn E1250 2021-04 NSR_20LTP22 300 - 350 -
Damm E700 2021-09 NSR_21LTP23 520 - 610 -
Damm E852 2021-09 NSR_21LTP23 520 - 610 -
Damm E1100 2023-09 NSR_23LTP25 610/470 - 610/470 -
Damm E1300 2023-09 NSR_23LTP25 610/470 - 610/470 -
Finn E720/820 2021-04 NSR_20LTP22 270 - 320 -
Kasp E1079 2021-04 NSR_20LTP22 270 - 320 -
Huvu E935 2014 NSR_14LTP16 355 - 420 -
Huvu E1100 2022-09 NSR_22LTP24 400/270 - 470/320 -
Huvu E1250 2022-09 NSR_22LTP24 400/270 - 470/320 -
Gran E990 2014 NSR_14LTP16 355 - 420 -

Table 3-13 shows the Mineral Resources and Mineral Reserves for Garpenberg as per 2023-12-31.

Table 3-13. Mineral Resources and Mineral Reserves in Garpenberg 2023-12-31

2023 2022
kton Au Ag Cu Zn Pb kton Au Ag Cu Zn Pb
Classification (g/t) (g/t) (% ) (% ) (% ) (g/t) (g/t) (%) (%) (%)
Mineral Reserves
Proved 17 200 0.25 98 0.04 3.0 1.3 18 658 0.24 97 0.04 3.1 1.32
Probable 83 700 0.31 88 0.05 2.5 1.2 90 640 0.30 85 0.04 2.5 1.14
Total 100 900 0.3 90 0.04 2.6 1.2 109 298 0.29 87 0.04 2.6 1.17
Mineral Resourcess
Measured 100 0.24 108 0.03 2.8 1.0 68 0.24 108 0.03 2.8 1.04
Indicated 21 600 0.41 70 0.06 2.7 1.3 21 556 0.41 70 0.06 2.7 1.32
Total M&I 21 600 0.41 70 0.06 2.7 1.3 21 624 0.41 70 0.06 2.7 1.32
Inferred 67 900 0.34 57 0.05 2.3 1.1 67 413 0.34 57 0.05 2.3 1.10

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3.14 Comparison with previous year/estimation

In 2023 the total Mineral Reserves in Garpenberg decreased by 8.4 Mt (million metric tonnes) to
100.9 Mt. Measured and Indicated Resources in Garpenberg remained unchanged at 21.6 Mt. Inferred
Resources slightly increased by 0.5 Mt to 67.9 Mt. Table 3-14 shows the changes in detail, including
changes in metal grades.
Figure 3-11 and Figure 3-12 show the changes in Mineral Reserves and Mineral Resources
respectively between 2022-12-31 and 2023-12-31, with the explanation of what caused these changes.

Figure 3-11. Changes to Mineral Reserves between 2022-12-31 (leftmost column) and 2023-12-31 (rightmost column).
The other columns show the causes for reduction (in red) and addition (in green) of tonnage. Note that the scale of the
y-axis has been adjusted and starts at 80 000 kton.

Figure 3-12. Changes to Mineral Resources between 2022-12-31 (leftmost column) and 2023-12-31 (rightmost column).
The other columns show the causes for reduction (in red) and addition (in green) of tonnage. Note that the scale of the
y-axis has been adjusted and starts at 60 000 kton.

Boliden Summary Report, Resources and Reserves 2023, Garpenberg| 33

In Dammsjön, a new design was introduced for Etages 1100 and 1300, following the Whittle
optimization conducted in 2022/2023, using a higher cut-off than in the previous design (Figure
3-13). The NSR cut-off used for the new design was 610 SEK/t (23LTP25) allowing for pillars as
low as 470 SEK/t, instead of previous cut-offs of 470/320. Some other changes in the design were
implemented, such as an increase of the height of the stopes to 30 m from 1000z downwards (instead
of 25m stopes on all levels previously); and a change in the stoping direction to be more perpendicular
to the strike of the ore body. The consequences of these changes are that some of the previously
low-grade stopes were shortened or discarded (Figure 3-14). Moreover, in the new design, Etage
1300 lowest level starts at 1270z, and 1270-1300z was reclassified as indicated resource, instead of
probable reserve previously. In total, the changes in the design resulted in a decrease of 4.1 Mt in the
reported reserve between 900-1300z.

Figure 3-13. Changes in resources and reserves in Dammsjön below 900z. The image is a front view of the Dammsjön
ore body, looking North.

Boliden Summary Report, Resources and Reserves 2023, Garpenberg| 34

Figure 3-14. Example of change in design in Etage 1300 at level -1220 z. Previously reported reserve in grey, current
reported probable reserve in orange. Oblique view, looking North West

In Lappberget, the design of Etage 1250 was also updated following the Whittle optimization. A
different set of cutoffs for main sequence and second sequence as per best result from the
optimization. For the main sequence, a new NSR cut-off of 700 SEK/ton was used, and 470
SEK/ton for second pass (instead of 850 respectively 320 used previously. The result of this cut-off
change was that many of the low-grade stopes in the West were removed from the design.
In the Southern area, positions previously reported as indicated resources have been downgraded to
inferred, due to the estimates not being properly documented and have not been reviewed. However,
reconciliation data confirming the volumes and grades of adjacent mined volumes led to the decision
to keep them in Mineral Resources. This concerns positions LillaStrand855-900 and StoraKanal855-
950.
Mined out tonnage in 2023 totals 3 151 Kton, which is an increase by 108 Kton from previous year.
Metal grades of the mined out tonnage is as follows: 3.3% Zn, 1.4% Pb and 97 ppm Ag. Over 75%
of all mined out ore derived from Lappberget.

Boliden Summary Report, Resources and Reserves 2023, Garpenberg| 35

Table 3-14. Mineral Resources and Mineral Reserves in Garpenberg as per December 31, 2023. Numbers in brackets
show changes from last year.

Classification kton Au Ag Cu Zn Pb
2023-12-31 (g/t) (g/t) (% ) (% ) (% )

Proved Mineral Reserve 17 249 (-1 410) 0.25 (-) 98 (-) 0.04 (-) 3.0 ( - 0.1) 1.3 (-)
Probable Mineral Reserve 83 702 (-6 938) 0.31 ( + 0.01) 88 (+3) 0.05 (-) 2.5 (+0.1) 1.2 (-)
Total Mineral Reserve 100 933 (-8 365) 0.30 ( + 0.01) 90 (+2) 0.04 (-) 2.6 (-) 1.2 (-)

Measured Mineral Resource 68 (-) 0.24 (-) 108 (-) 0.03 (-) 2.8 (-) 1.0 (-)
Indicated Mineral Resource 21 574 (+18) 0.41 (-) 70 (-) 0.06 (-) 2.7 ( - 0.1) 1.3 (-)
Sum Measured and Indicated 21 642 (+18) 0.41 (-) 70 (-) 0.06 (-) 2.7 ( - 0.1) 1.3 (-)

Inferred Mineral Resource 67 913 (+500) 0.34 (-) 57 (-) 0.05 (-) 2.3 (-) 1.1 (-)
Total Mineral Resource 89 555 (+518) 0.36 (-) 60 (-) 0.05 (-) 2.4 (-) 1.1 (-)

3.15 Reconciliation

In order to confirm the precision of the geological interpretation, modelling, grade interpolation etc.,
actual mining volumes times block model grades are checked against the measured results from the
processing plant. This procedure called reconciliation is carried out every month and presented
quarterly. Monthly estimates vary dramatically depending on the mine’s logistics of stocks in the mine
and on surface. The turnover of the stocks also varies a lot.
The grades of the mined-out ore are calculated from the block model using the tonnage reported as
loaded from the stopes and ore development. The ore can either be transported directly to the plant
or put in stockpiles underground. Above ground, there is an ore storage facility which at the
beginning of 2023 contained 82 Kton of ore. During the year the tonnage fluctuated between 40
Kton and 180 Kton. At the end of the year the storage contained 74 Kton of ore.
For the annual report of Reserves and Resources, the reconciliation is compiled from a weighted
aggregation of the four quarters (rolling 4 quarters). Table 3-15 shows monthly and quarterly results
for 2023 from the mine and the processing plant. The year total is shown on the bottom row. The
official grades for Garpenberg are those of the processing plant.

Boliden Summary Report, Resources and Reserves 2023, Garpenberg| 36

Table 3-15. Comparing measured results from the processing plant with calculated results from the block model. Note
that the numbers from the processing plant for December are preliminary.

Metal Grades of Mined Ore from

Metal Grades of Processed Ore
Block Model
Quarter kton Au g/t Ag g/t Cu % Zn % Pb % PP kton Au g/t Ag g/t Cu % Zn % Pb %
jan 298.3 0.31 102 0.05 4.04 1.62 272.8 0.34 108 0.04 3.65 1.60
feb 236.0 0.40 86 0.07 3.12 1.42 232.7 0.48 95 0.07 3.02 1.60
mar 222.5 0.44 72 0.06 2.88 1.36 234.2 0.33 78 0.05 2.41 1.16
2023 Q 1 756.7 0.38 88 0.06 3.41 1.48 739.7 0.38 95 0.05 3.06 1.46
apr 201.5 0.35 115 0.06 2.76 1.43 234.2 0.45 123 0.06 3.12 1.67
maj 287.1 0.44 114 0.08 3.29 1.62 289.7 0.32 87 0.05 2.92 1.25
jun 283.6 0.37 73 0.15 3.18 1.50 237.2 0.37 104 0.05 3.22 1.28
2023 Q 2 772.1 0.39 99 0.10 3.11 1.53 761.0 0.38 104 0.06 3.07 1.39
2023 Q 1+2 1528.9 0.38 94 0.08 3.26 1.50 1500.7 0.38 99 0.05 3.07 1.42
jul 275.0 0.33 106 0.06 3.69 1.58 265.5 0.38 122 0.07 3.57 1.61
aug 300.4 0.31 89 0.05 2.68 1.17 243.5 0.29 107 0.04 3.06 1.23
sep 285.9 0.37 80 0.07 2.66 1.32 233.5 0.39 75 0.05 2.84 1.23
2023 Q 3 861.4 0.34 91 0.06 3.00 1.35 742.6 0.35 101 0.05 3.15 1.35
2023 Q 1-3 2390.2 0.37 93 0.07 3.16 1.45 2243.3 0.37 100 0.05 3.10 1.40
okt 304.4 0.43 94 0.05 3.27 1.40 283.4 0.36 89 0.05 3.48 1.41
nov 191.4 0.39 119 0.06 3.42 1.35 223.3 0.31 107 0.05 3.67 1.46
dec 265.2 0.30 119 0.04 3.88 1.49 258.5 0.26 112 0.04 3.76 1.46
2023 Q 4 761.0 0.37 109 0.05 3.52 1.42 765.3 0.31 102 0.05 3.63 1.44
2023 Q 1-4 3151.2 0.37 97 0.07 3.25 1.44 3008.6 0.36 100 0.05 3.23 1.41

The rolling 4-quarter graph for zinc, lead and silver is shown below in Figure 3-15. The graph shows
the difference in % in weighted metal grades between processed ore and mined ore and is calculated
with the following equation: (Metal Grade Processing Plant/Metal Grade Block Model)-1. Thus, a
positive number means that the grade is higher in the processing plant than in the block model. The
values for Q 1-4 2023 seen at the rightmost side of the graph are: +0.6% Zn, +2.2% Pb and -3.8%
Ag.

Figure 3-15. Metal grades in processed ore vs metal grades of the mined ore based on the block model, over a ten-
year period.

Boliden Summary Report, Resources and Reserves 2023, Garpenberg| 37

4 REFERENCES
Allen, R. L., Lundström, I., Ripa, M., Simeonov, A. and Christofferson,. 1996. Facies Analysis of a
1.9 Ga, Continental Margin, Back-Arc, Felsic Caldera Province with Diverse Zn-Pb-Ag-(Cu-Au)
Sulfide and Fe Oxide Deposits. Economic Geology, 91: 979-1008.
Allen, R.L., Bull, S., Ripa, M. and Jonsson, R. 2003. Regional Stratigraphy, Basin Evolution, and the
Setting of Stratabound Zn-Pb-Cu-Ag-Au Deposits in Bergslagen, Sweden. Final report SGU-FoU
project 03-1203/99, Geological Survey of Sweden.
Bindler, R., Karlsson, J., Rydberg, J., Karlsson, B., Berg Nilsson, L., Biester, H., Segerström, U. 2017.
Copper-ore mining in Sweden since the pre-Roman Iron Age: lake-sediment evidence of human
activities at the Garpenberg ore field since 375 BCE. Journal of Archaeological Science Reports 12: 99-108
Jansson, N.F., Allen, R.L. 2011. Timing of volcanism, hydrothermal alteration and ore formation at
Garpenberg, Bergslagen, Sweden. Geologiska Föreningens Förhandlingar 133: 3-18.
Pan-European Standard for reporting of Exploration results, Mineral Resources and Mineral
Reserves (The PERC Reporting standard 2021). www.percstandard.eu
Vivallo, W. 1985. The geology and genesis of an Early Proterozoic massive sulfide deposit at
Garpenberg, central Sweden. Economic Geology, 80: 17-32.

Boliden Summary Report, Resources and Reserves 2023, Garpenberg| 38

 Appendix 1
A historical overview
~1200 Mining operation commences
1544 Gustav Wasa takes over the mining operation
1840 Discontinuation of mining operation
1906 Mining operation resumed
1908 The first concentrator was built
1923 AB Zinkgruvor, Falun takes over the activity from AB Garpenbergs Odalfält
1928 A new concentrator was built
1950-53 New shaft, head frame and a new concentrator were built
1957 Boliden – new owner
1972 The Garpenberg Norra mine in operation
1989 Increased capacity in the concentrator
1994 Shaft extension to 800 m level in Garpenberg Norra
1996 New hoisting shaft, the Gruvsjö shaft, in the Garpenberg mine
1997 A 1000 m long drill hole was sunk towards the south from the ramp in Garpenberg
Norra whereupon Kaspersbo and Lappberget were indicated
2000 Connection drift, development starts
2003 Lappberget diamond core drilling to 800 and 1000 meter level
2003 Lappberget in operation. Kvarnberget was indicated in a drill hole drilled from
Lappberget. The connection drift between the two mines was completed – one mine.
2007 Paste plant was built and the mining method longhole stoping commenced
2008 Pre-project study for extension to 2 Mt
2009 Concept study of Water-inflow in Garpenberg
2010 Pre-project study for extension to 2.5 Mt
2011 The expansion to 2.5 Mt commenced during the year
Drainage drilling in 500 level in Lappberget started
2013 Drainage pumping has started. The expansion project 2.5 is nearing completion.
Kvarnberget has prepared for mining with the first ore blast in December 2013.
2014 Expansion project to 2.5 Mt completed. New crusher, shafts, ore hoists etc. taken into
use. First ore from Kvarnberget delivered to the concentrator. Level 1300 Z passed in
Lappberget
2016 Production of 2.6 Mt successfully reached. Ventilation shaft to LAPP 554 ready.
Record production of paste, 1005 Kton. First transverse stope mined in KVB.
2020 Production of 3.0 Mt successfully reached
2022 Level 1500 Z passed in Lappberget ramp

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