Swedish copper developer Viscaria reported that drillhole VDD26007 intersected six metres grading 1.9% copper about 700 metres outside the current Mineral Resource boundary at its redevelopment project in Kiruna, northern Sweden. The result comes as the company continues construction and seeks lender approval for a planned 2028 production restart.
Viscaria said the exploration result reinforces the scale of the Viscaria mineral system and could support resource growth. The intercept is not, by itself, evidence of an economically mineable extension or a new reserve. Follow-up drilling would need to confirm continuity, and additional mineralisation would need to be incorporated into a future compliant resource estimate before it could support mine-life or production planning.
Construction and project funding
The development plan includes underground mining, a concentrator and transport infrastructure intended to connect mineral production with European customers. Viscaria has signed agreements covering key processing equipment and underground mining capabilities, while construction activity at the project is continuing.
The Leväjärvi rail yard has opened, but the remaining works, technical commissioning and production ramp-up have not been completed. Those steps remain part of the project’s delivery before the planned restart. Viscaria’s nearer-term measures are financing closure, construction performance and commissioning readiness.
Viscaria reported cash and cash equivalents of SEK 1.471 billion, approximately €134 million, at September 30. It also reported SEK 1.407 billion at the end of 2025 and capitalised exploration and evaluation expenditure of SEK 152 million, approximately €13.9 million, during the quarter. The company reported no sales revenue because the mine remains in development.
Lender approval still expected
In an update on October 29, Viscaria said lead-bank credit approval was expected around the turn of the year. The company is working with lead arrangers ING and Société Générale and has been engaging prospective commercial lenders and export credit agencies. It aimed to complete the financing process within roughly 90 days of that update.
The expected credit-approval and financing-completion milestones do not constitute signed loan facilities. Final credit decisions, security terms, drawdown conditions and any remaining equity requirement could affect the timing and cost of the restart; the update did not establish that these items had been resolved.
In October, the European Commission designated the Viscaria project as strategic under the Critical Raw Materials Act. The designation may support coordination and policy visibility, but does not replace the need for binding financing or successful delivery of the construction programme. Any resource growth from the new intercept remains dependent on follow-up drilling and a future compliant resource estimate.
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