IPC exits 2025 with its strong operational track record further extended. The year was marked by full-year production at the top end of guidance, a reserve replacement ratio of 277%, and continued progress at Blackrod Phase 1, slightly ahead of schedule and on budget. At its CMD, IPC reaffirmed its strategy of balancing disciplined growth with shareholder returns under a prudent risk framework. With Blackrod reserves increased by ~40% ahead of first production, our YE’25 NAV rises to SEK 210 (19 ....
