Translation: Original published in Finnish on 11/9/2026 at 9:20 am EET.

Betolar has appointed Ville Sirviö as its CFO. He served as CFO of Terrafame from 2016 to 2026. In our view, the appointment is a natural part of the management team’s renewal, which has progressed rapidly since the CEO change in the summer. Sirviö’s background is well suited to strengthening the financing model of the metals business and advancing the partner-driven strategy, so we consider the recruitment a good move.

Sirviö previously served as CFO of Terrafame

Sirviö will take up his position on January 11, 2027, and as a member of the Management Team, he will be responsible for finance and investor relations, as well as for financing the growth of the company’s three businesses together with partners. He succeeds Mikko Wirkkala, who will leave Betolar on January 31, 2027, to pursue opportunities outside the company.

Sirviö was CFO of Terrafame, a producer of nickel and battery chemicals, from 2016 to 2026, during which time the company’s revenue grew from ~2 MEUR to ~560 MEUR in 2025. According to the company, he played a key role in arranging Terrafame’s financing, including ~240 MEUR for its battery chemicals plant. Before that, Sirviö was Finance Manager at talc producer Mondo Minerals from 2014 to 2016 and Controller and Finance Manager at Talvivaara Mining Company from 2008 to 2014.

Mining industry experience is important for Betolar

Sirviö’s entire career has been in the Finnish mining and metals industry, and we believe his core expertise lies in financing and managing capital-intensive metals projects. We understand that at Terrafame, Sirviö was involved in developing diverse financing models together with both public and private sector parties. We therefore see Sirviö’s background and network as highly relevant to executing Betolar’s strategy in the coming years. Together with Kimmo Tiilikainen, head of metal extraction technology, who started on November 1 and previously headed the Geological Survey of Finland, we expect the management team’s expertise to be more focused than before on the mining industry and critical raw materials. This may also hint at the focus of the new strategy to be presented at the Capital Markets Day on November 26. We expect future growth financing to rely on partners and project companies rather than the parent company’s own cash flow, which puts greater emphasis on financial expertise in the company’s management. The appointment has no impact on our forecasts.