Boliden: Garpenberg aftershock has no impact on operations

Research evidence excerpt

Boliden: Garpenberg aftershock has no impact on operations

Equity Research

European Metals & Mining

11 May 2026

Boliden

Garpenberg aftershock has no

impact on operations

Production restarted at Garpenberg yesterday after the mine BOL.ST/BOL SS EQUAL WEIGHT

was briefly evacuated after a follow-up seismic event on European Metals & Mining NEUTRAL

Friday. Stock is the cheapest in our base metal coverage Price Target SEK 540.00

Price (08-May-26) SEK 512.80

universe, but any re-rating would need operational Potential Upside/Downside +5.3%

performance to stabilise. Source: Bloomberg, Barclays Research

European Metals & MiningBloomberg and local Swedish media reported on Friday that Garpenberg suffered a 3.2

Amos Fletcher, CFA

magnitude earthquake, coming on the back of the recent >2.0 magnitude event on 14 March.

+44 (0)20 7773 2225

Having spoken to the company, the mine was evacuated immediately on Friday but personnel amos.fletcher@barclays.com

re-entered the mine on Sunday at 2pm local time, confirming initial headlines on Friday. No Barclays, UK

additional damage to the existing mine workings or infrastructure has been discovered so far,

Ian Rossouw, CFA

and Garpenberg has since recommenced production for the first time since 14 March, as per the

+44 (0)20 3555 2620

plan articulated at Q1 results. We see this as a positive relative to the share price reaction on ian.rossouw@barclays.com

Friday (-4.0% vs. SXPP -0.5%). Barclays, UK

Orebody damage limited: Mgmt noted at Q1 results that the Lappberget upper orebody is Meet Mehta, CFA

substantially damaged (14mt out of 105mt reserves), but the rest of the reserve base and most +91 (0)22 6175 1943

meet.mehta@barclays.cominfrastructure has been largely unimpacted: power, pumping & ventilation have already been

Barclays, UK