Viscaria: The verdict is in – it’s feasible - ABG

Digging into the feasibility study and mineral resource update
Feasibility study arrives an NPV of SEK 4,466m and IRR of 17.8%
We upgrade total LoM EBITDA and FCF by 12% and 17%


Copper resources up by 18%, upside to 17-year initial LoM

With its Q1 numbers on 8 May, Viscaria published a mineral resource update and a feasibility study for the Viscaria mine, which we dig into in this report. First, the total contained copper resources in Viscaria have increased by 18% since the latest update, in Nov '20, although this is driven by so-called inferred resources, with relatively low geological certainty. Moreover, the feasibility study estimates that Viscaria will convert ~60% of measured and indicated resources into economically mineable reserves, enough to sustain >90% of the initial 17-year life-of-mine (LoM). Viscaria has the potential to significantly outlast its initial LoM, however, through more exploration and resource conversion.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/viscaria/Equity-research/2025/5/viscaria---the-verdict-is-in--its-feasible/