The mineral resources and reserves of the company form the basis for Viscaria’s future operations. By carefully planning how the operations will be conducted and with a deep understanding of the characteristics of the minerals, we can make well-founded investment decisions.
Through extensive exploration work, Viscaria’s team is constantly increasing its knowledge of our deposits. Exploration work focuses on both identifying new deposits and deepening our understanding of already known mineralisations.
Since the acquisition of Viscaria in 2019, we have continuously prospected in the area, leading to even better opportunities for future mining operations. In 2023, our drilling activities intensified to improve the precision in assessing mineral grades and the appearance and nature of mineralisations.
Currently, our main focus is on prospecting in the Viscaria area, but also within the project in Arvidsjaur. We look forward to continuing the work to initiate mining operations that will contribute to a sustainable and successful copper supply.
Mineral Resources
Mineral Resources represent a concentration or occurrence of minerals in or on the Earth’s crust that have reasonable prospects for economic extraction. To assess a mineral resource, geological properties such as geometry, density, quantity, grade, and other geological characteristics are evaluated.
Mineral Resources are classified according to the degree of knowledge about the mineralisation into three categories: inferred, indicated, and measured, with “measured” representing the highest degree of confidence.
Mineral Reserves
Mineral Reserves are the portion of known and/or indicated mineral resources that are deemed economically viable to extract. When assessing Mineral Reserves, we consider factors such as the proportion of waste rock and potential losses during mining or extraction. These assessments are conducted through studies that include so-called modifying factors, which demonstrate whether extraction is justifiable at the time of reporting.
Mineral Reserves can be classified into two categories based on the level of certainty: “probable reserves” and “proven reserves,” with “proven” being the highest category.
At Viscaria, we continuously work to meticulously examine and evaluate our Mineral Resources and Mineral Reserves. This is crucial for our operations to ensure a sustainable and profitable mining business.
Mineral Resources (May 2025)
In May 2025, Viscaria presented a resource update of the company’s mineral assets. The report is in accordance with the PERC Standard. According to the May 2025 update, the copper-bearing rock resources in the Viscaria area amount to 108 million tonnes, with an average copper grade of 0.9 percent.
Reporting according to the PERC standard
Viscaria follows the recommendations of the industry organisation Svemin when reporting exploration results, Mineral Resources, and Mineral Reserves. Svemin prescribes the use of internationally recognised standards and particularly recommends the PERC Standard, which is based on The Template developed by CRIRSCO.
Viscaria’s Mineral Resources and Mineral Reserves are in accordance to PERC Standard 2021, the latest issued standard.
”It’s crucial for us to assess the size and grade of our deposits in a systematic and transparent way. Quality defines everything we do, from exploration to reporting, which is why it is natural for us to use the latest PERC standard, which sets high demands on the reporting of our assets.
It’s not just about meeting industry requirements but also about continuously striving to improve our processes and deliver the best possible results.”
Ross Armstrong, Viscaria’s Head of Geology
Concessions and Permits
Granted Exploitation Concessions
| NAME | AREA HA | VALID FROM | VALID TO | MINERAL | MUNICIPAL | OWNERS |
| Svartliden K nr 1 * | 36.0 | December 27, 2000 | December 27, 2025 | lead, gold, copper, silver, zinc | Arvidsjaur | Viscaria Arvidsjaur AB |
| Viscaria K nr 3 | 115.7 | January 16, 2012 | January 16, 2037 | gold, iron, copper, silver, zinc | Kiruna | Viscaria Kiruna AB |
| Viscaria K nr 4 | 30.0 | January 16, 2012 | January 16, 2037 | gold, iron, copper, silver, zinc | Kiruna | Viscaria Kiruna AB |
| Tvistbogruvan K nr 1 | 11.4 | April 17, 2012 | April 17, 2037 | lead, gold, copper, manganese, silver, tungsten, zinc | Smedjebacken | Viscaria Tvistbo AB |
| Eva K nr 1 | 34.2 | November 10, 2017 | November 10, 2042 | lead, gold, copper, silver, zinc | Arvidsjaur | Viscaria Arvidsjaur AB |
| Viscaria K nr 7 | 63.8 | March 26, 2018 | March 26, 2043 | copper | Kiruna | Viscaria Kiruna AB |
| Total (ha) | 291.2 | |||||
| *After continued exploration efforts, an extension application has been submitted regarding Svartliden K no. 1. | ||||||
| All granted processing concessions and granted exploration permits are 100 percent owned by the wholly owned subsidiaries Viscaria Kiruna AB, Viscaria Arvidsjaur AB or Viscaria Tvistbo AB. | ||||||
Granted Exploration Permits
| NAME | AREA HA | VALID FROM | VALID TO | MINERAL | MUNICIPAL | OWNERS | |
| Viscaria nr 117 ** | 4986.5 | 2023/01/13 | 2026/01/13 | gold, iron, cobalt, copper, molybden, nickel, silver | Kiruna | Viscaria Kiruna AB | |
| Viscaria nr 118 | 9.0 | 2023/03/29 | 2026/03/29 | gold, copper | Kiruna | Viscaria Kiruna AB | |
| Viscaria nr 107 | 1842.8 | 2009/08/10 | 2026/08/10 | copper | Kiruna | Viscaria Kiruna AB | |
| Viscaria nr 119 | 1408.5 | 2023/11/01 | 2026/11/01 | gold, iron that occurs in the bedrock, copper | Kiruna | Viscaria Kiruna AB | |
| Kirkkovaarti nr 1 | 386.4 | 2018/11/08 | 2026/11/08 | copper, lead, zinc, iron, gold, silver | Kiruna | Viscaria Kiruna AB | |
| Sandberget nr 400 | 535.6 | 2019/02/11 | 2027/02/11 | gold, copper, silver, zinc | Arvidsjaur | Viscaria Arvidsjaur AB | |
| Sandberget nr 500 | 7641.0 | 2019/02/11 | 2027/02/11 | gold, copper, silver, zinc | Arvidsjaur | Viscaria Arvidsjaur AB | |
| Sandberget nr 600 | 1048.6 | 2024/04/10 | 2027/04/10 | gold, copper, silver, zinc | Arvidsjaur | Viscaria Arvidsjaur AB | |
| Nihka East | 144.1 | 2015/06/16 | 2027/06/16 | copper | Kiruna | Viscaria Kiruna AB | |
| Viscaria nr 121 | 1444.4 | 2024/08/26 | 2027/08/26 | gold, iron found in bedrock, cobalt, copper, molybdenum, nickel, silver | Kiruna | Viscaria Kiruna AB | |
| Viscaria nr 120 | 586.8 | 2024/08/26 | 2027/08/26 | gold, iron found in bedrock, cobalt, copper, molybdenum, nickel, silver | Kiruna | Viscaria Kiruna AB | |
| Goddevarri nr 101 | 148.4 | 2019/12/04 | 2027/12/04 | copper, lead, zinc, iron, gold, silver | Kiruna | Viscaria Kiruna AB | |
| Viscaria 122 *** | 818.8 | October 15, 2025 | October 15, 2028 | copper | Kiruna | Viscaria Kiruna AB | |
| Viscaria East | 211.9 | 2017/06/09 | 2029/06/09 | copper | Kiruna | Viscaria Kiruna AB | |
| Sandberget nr 300 | 18.7 | 2012/10/03 | 2029/10/03 | gold, copper, silver, zinc | Arvidsjaur | Viscaria Arvidsjaur AB | |
| Sandberget nr 200 | 19.2 | 2012/10/03 | 2029/10/03 | gold, copper, silver, zinc | Arvidsjaur | Viscaria Arvidsjaur AB | |
| Total (ha) | 21250.7 | ||||||
| All granted processing concessions and granted exploration permits are 100 percent owned by the wholly owned subsidiaries Viscaria Kiruna AB, Viscaria Arvidsjaur AB or Viscaria Tvistbo AB. | |||||||
| ** Viscaria no. 117 expired in January and is currently in the process of being renewed. | |||||||
| *** Viscaria no. 122 replaces the previously expired permit Viscaria no. 1. | |||||||
| To support the planned expansion of the exploration area, an application for an additional exploration permit for Viscaria no. 123 was submitted during Q4 2025. | |||||||
Competent person
Information provided in accordance with the PERC regulations must be reviewed by a so-called competent person. This person should be an expert in the subject matter being reported and a member of an independent expert organization, such as FAMMP (Fennoscandian Association for Metals and Minerals Professionals). At Viscaria, the competent person is Thomas Lindholm. He holds a Master’s degree in Geotechnics/Geophysics and is certified as a competent person according to FAMMP. Thomas Lindholm is also a Fellow of the AusIMM (Australasian Institute of Mining and Metallurgy), which means he can report in accordance with both the PERC and JORC standards. Svemin’s review board continuously monitors that companies adhere to the organization’s rules and that reporting is conducted correctly according to the standards.