Interim report for the first quarter of 2005

Comparison between Q1 2005 and Q1 2004 • Net sales totalled SEK 4,475 million (SEK 4,498 m). • The operating result totalled SEK 415 million (SEK 475 m). • The result after financial items improved to SEK 353 million (SEK 348 m). • The net result totalled SEK 256 million (SEK 307 m). • Earnings per share came to SEK 0.88 (SEK 1.47). • The cash flow from operating activities totalled SEK 249 million (SEK 476 m). • The net debt/equity ratio improved to 71 per cent (101%). Other matters • This is the first time the company has reported in accordance with IFRS. • As of Q1 2005, Boliden will be presenting segment reports for the company’s main products, Copper and Zinc, which is in accordance with the strategic governance of the company and its financial reporting. • In February, Boliden sold all its shares in Lundin Mining Corporation. The transaction yielded a capital gain of SEK 20 million for Boliden in net financial items. • In April, Boliden drew up a commercial paper programme totalling a maximum of SEK 1.5 billion with a maximum term of 12 months. • As previously stated by Boliden, during 2005 the company expects the result after financial items to remain healthy and predicts a substantial improvement in free cash flow, bearing in mind the improvements in efficiency and the fact that the current healthy market situation is expected to last throughout the year. Contact persons for information: Jan Johansson, President and CEO Tel.: +46 8 610 16 02 Mobile: +46 70 555 02 02 jan.c.johansson@boliden.com Ulf Söderström, Senior VP, Group Communications Tel.: +46 8 610 15 57 Mobile: +46 70 618 95 95 ulf.soderstrom@boliden.com Staffan Bennerdt, CFO Tel.: +46 8 610 15 20 Mobile: +46 70 513 61 14 Staffan.bennerdt@boliden.com See attached the complete Interim Report www.boliden.com