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===== SIDA 1 =====

2024	Annual	Filings
December	31,	2024

===== SIDA 2 =====

Management’s	Discussion	and	Analysis
For	the	year	ended	December	31,	2024
This	 management’s	 discussion	 and	 analysis	 (“MD&A”)	 has	 been	 prepared	 as	 of	 February	 19,	 2025	 and	 should	 be	 read	 in	
conjunction	 with	 the	 Company’s	 consolidated	 audited	 financial	 statements	 for	 the	 year	 ended	 December	 31,	 2024	 ("the	
Consolidated	Financial	Statements").	The	Consolidated	Financial	Statements	are	prepared	in	accordance	with	International	
Financial	 Reporting	 Standards	 as	 issued	 by	 the	 International	 Accounting	 Standards	 Board	 (“IFRS	 Accounting	 Standards”).	
The	 Company’s	 presentation	 currency	 is	 United	 States	 (“US”)	 dollars.	 Reference	 herein	 of	 $	 or	 USD	 is	 to	 United	 States	
dollars,	 ARS	 is	 to	 Argentine	 pesos,	 BRL	 is	 to	 Brazilian	 reais,	 C$	 is	 to	 Canadian	 dollars,	 CLP	 is	 to	 Chilean	 pesos,	 €	 refers	 to	
euros,	and	SEK	is	to	Swedish	kronor.	"This	quarter"	or	"The	quarter"	means	the	fourth	quarter	("Q4")	of	2024.	"This	year"	or	
"The	 year"	 means	 the	 year	 ended	 December	 31,	 2024.	 Reference	 to	 "discontinued	 operations"	 is	 to	 Neves-Corvo	 and	
Zinkgruvan.
About	Lundin	Mining
Lundin	Mining	Corporation	(“Lundin	Mining”	or	the	“Company”)	is	a	diversified	Canadian	base	metals	mining	company	with	
projects	or	operations	focused	in	the	Americas	and	primarily	producing	copper,	gold	and	nickel.	
On	December	9,	2024,	the	Company	announced	that	it	had	entered	into	a	definitive	agreement	with	Boliden	AB	("Boliden")	
to	sell	its	interest	in	the	Neves-Corvo	and	Zinkgruvan	mines	located	in	Portugal	and	Sweden,	respectively.	The	transaction	is	
expected	 to	 close	 in	 mid-2025	 subject	 to	 customary	 conditions	 and	 regulatory	 approvals.	 These	 assets	 are	 reported	 as	
assets	 held	 for	 sale	 and	 their	 associated	 liabilities	 as	 liabilities	 held	 for	 sale	 in	 the	 Company's	 Consolidated	 Financial	
Statements	 and	 MD&A,	 and	 the	 results	 from	 their	 operations	 are	 reported	 as	 discontinued	 operations.	 For	 further	
information	refer	to	Note	3	of	the	Consolidated	Financial	Statements.	
Table	of	Contents
Highlights   ............................................................................................................................................................................... 1
Outlook     .................................................................................................................................................................................. 6
Selected	Fourth	Quarter	and	Annual	Financial	Information    ................................................................................................. 7
Selected	Quarterly	Financial	Information    .............................................................................................................................. 9
Summary	of	Quarterly	Results     ............................................................................................................................................... 10
Revenue	Overview   ................................................................................................................................................................. 11
Financial	Results   ..................................................................................................................................................................... 14
Fourth	Quarter	Financial	Results    ........................................................................................................................................... 17
Mining	Operations     ................................................................................................................................................................. 19
Vicuña	Projects ....................................................................................................................................................................... 34
Exploration	Update ................................................................................................................................................................ 34
Liquidity	and	Capital	Resources      ............................................................................................................................................. 35
Non-GAAP	and	Other	Performance	Measures     ...................................................................................................................... 39
Other	Information	and	Advisories   ......................................................................................................................................... 48
Outstanding	Share	Data    ......................................................................................................................................................... 50

===== SIDA 3 =====

Cautionary	Statement	on	Forward-Looking	Information
Certain	of	the	statements	made	and	information	contained	herein	are	“forward-looking	information”	within	the	meaning	of	applicable	Canadian	securities	laws.	All	statements	
other	 than	 statements	 of	 historical	 facts	 included	 in	 this	 document	 constitute	 forward-looking	 information,	 including	 but	 not	 limited	 to	 statements	 regarding	 the	 Company’s	
plans,	 prospects	 and	 business	 strategies;	 the	 Company’s	 guidance	 on	 the	 timing	 and	 amount	 of	 future	 production	 and	 its	 expectations	 regarding	 the	 results	 of	 operations;	
expected	costs;	permitting	requirements	and	timelines;	timing	and	possible	outcome	of	pending	litigation;	the	results	of	any	Preliminary	Economic	Assessment,	Pre-Feasibility	
Study,	Feasibility	Study,	or	Mineral	Resource	and	Mineral	Reserve	estimations,	life	of	mine	estimates,	and	mine	and	mine	closure	plans;	anticipated	market	prices	of	metals,	
currency	exchange	rates	and	interest	rates;	the	development	and	implementation	of	the	Company’s	Responsible	Mining	Management	System;	the	Company’s	ability	to	comply	
with	contractual	and	permitting	or	other	regulatory	requirements;	anticipated	exploration	and	development	activities	at	the	Company’s	projects;	the	Company’s	integration	of	
acquisitions	and	expansions	and	any	anticipated	benefits	thereof,	including	the	anticipated	project	development	and	other	plans	and	expectations	with	respect	to	the	50/50		
joint	 arrangement	 with	 BHP;	 the	 timing	 and	 completion	 of	 the	 sale	 of	 the	 Company’s	 European	 assets;	 and	 expectations	 for	 other	 economic,	 business,	 and/or	 competitive	
factors.	Words	such	as	“believe”,	“expect”,	“anticipate”,	“contemplate”,	“target”,	“plan”,	“goal”,	“aim”,	“intend”,	“continue”,	“budget”,	“estimate”,	“may”,	“will”,	“can”,	“could”,	
“should”,	“schedule”	and	similar	expressions	identify	forward-looking	information.
Forward-looking	information	is	necessarily	based	upon	various	estimates	and	assumptions	including,	without	limitation,	the	expectations	and	beliefs	of	management,	including	
that	the	Company	can	access	financing,	appropriate	equipment	and	sufficient	labour;	assumed	and	future	price	of	copper,	gold,	zinc,	nickel	and	other	metals;	anticipated	costs;	
ability	to	achieve	goals;	the	prompt	and	effective	integration	of	acquisitions	and	the	realization	of	synergies	and	economies	of	scale	in	connection	therewith;	that	the	political	
environment	in	which	the	Company	operates	will	continue	to	support	the	development	and	operation	of	mining	projects;	and	assumptions	related	to	the	factors	set	forth	below.	
While	these	factors	and	assumptions	are	considered	reasonable	by	Lundin	Mining	as	at	the	date	of	this	document	in	light	of	management’s	experience	and	perception	of	current	
conditions	and	expected	developments,	such	information	is	inherently	subject	to	significant	business,	economic	and	competitive	uncertainties	and	contingencies.	Known	and	
unknown	 factors	 could	 cause	 actual	 results	 to	 differ	 materially	 from	 those	 projected	 in	 the	 forward-looking	 information	 and	 undue	 reliance	 should	 not	 be	 placed	 on	 such	
information.	Such	factors	include,	but	are	not	limited	to:	dependence	on	international	market	prices	and	demand	for	the	metals	that	the	Company	produces;	political,	economic,	
and	 regulatory	 uncertainty	 in	 operating	 jurisdictions,	 including	 but	 not	 limited	 to	 those	 related	 to	 permitting	 and	 approvals,	 nationalization	 or	 expropriation	 without	 fair	
compensation,	 environmental	 and	 tailings	 management,	 labour,	 trade	 relations,	 and	 transportation;	 operating	 jurisdictions,	 including	 but	 not	 limited	 to	 those	 related	 to	
permitting	and	approvals,	nationalization	or	expropriation	without	fair	compensation,	environmental	and	tailings	management,	labour,	trade	relations,	and	transportation;	risks	
relating	to	mine	closure	and	reclamation	obligations;	health	and	safety	hazards;	inherent	risks	of	mining,	not	all	of	which	related	risk	events	are	insurable;	risks	relating	to	tailings	
and	 waste	 management	 facilities;	 risks	 relating	 to	 the	 Company’s	 indebtedness;	 challenges	 and	 conflicts	 that	 may	 arise	 in	 partnerships	 and	 joint	 operations;	 risks	 relating	 to	
development	projects;	risks	that	revenue	may	be	significantly	impacted	in	the	event	of	any	production	stoppages	or	reputational	damage	in	Chile;	the	impact	of	global	financial	
conditions,	market	volatility	and	inflation;	business	interruptions	caused	by	critical	infrastructure	failures;	challenges	of	effective	water	management;	exposure	to	greater	foreign	
exchange	and	capital	controls,	as	well	as	political,	social	and	economic	risks	as	a	result	of	the	Company’s	operation	in	emerging	markets;	risks	relating	to	stakeholder	opposition	
to	continued	operation,	further	development,	or	new	development	of	the	Company’s	projects	and	mines;	any	breach	or	failure	information	systems;	risks	relating	to	reliance	on	
estimates	of	future	production;	risks	relating	to	litigation	and	administrative	proceedings	which	the	Company	may	be	subject	to	from	time	to	time;	risks	relating	to	acquisitions	
or	business	arrangements;	risks	relating	to	competition	in	the	industry;	failure	to	comply	with	existing	or	new	laws	or	changes	in	laws;	challenges	or	defects	in	title	or	termination	
of	mining	or	exploitation	concessions;	the	exclusive	jurisdiction	of	foreign	courts;	the	outbreak	of	infectious	diseases	or	viruses;	risks	relating	to	taxation	changes;	receipt	of	and	
ability	to	maintain	all	permits	that	are	required	for	operation;	minor	elements	contained	in	concentrate	products;	changes	in	the	relationship	with	its	employees	and	contractors;	
the	Company’s	Mineral	Reserves	and	Mineral	Resources	which	are	estimates	only;	payment	of	dividends	in	the	future;	compliance	with	environmental,	health	and	safety	laws	
and	regulations,	including	changes	to	such	laws	or	regulations;	interests	of	significant	shareholders	of	the	Company;	asset	values	being	subject	to	impairment	charges;	potential	
for	 conflicts	 of	 interest	 and	 public	 association	 with	 other	 Lundin	 Group	 companies	 or	 entities;	 activist	 shareholders	 and	 proxy	 solicitation	 firms;	 risks	 associated	 with	 climate	
change;	the	Company's	common	shares	being	subject	to	dilution;	ability	to	attract	and	retain	highly	skilled	employees;	reliance	on	key	personnel	and	reporting	and	oversight	
systems;	reliance	on	key	personnel	and	reporting	and	oversight	systems;	risks	relating	to	the	Company's	internal	controls;	counterparty	and	customer	concentration	risk;		risks	
associated	with	the	use	of	derivatives;	exchange	rate	fluctuations;	the	completion	of	the	sale	of	the	Company’s	European	assets;	and	other	risks	and	uncertainties,	including	but	
not	limited	to	those	described	in	the	"Risks	and	Uncertainties”	section	of	this	MD&A	and	the	“Risks	and	Uncertainties”	section	of	the	Company’s	Annual	Information	Form	for	the	
year	ended	December	31,	2024,	which	are	available	on	SEDAR+	at	www.sedarplus.ca	under	the	Company’s	profile.	
All	of	the	forward-looking	information	in	this	document	is	qualified	by	these	cautionary	statements.	Although	the	Company	has	attempted	to	identify	important	factors	that	
could	 cause	 actual	 results	 to	 differ	 materially	 from	 those	 contained	 in	 forward-looking	 information,	 there	 may	 be	 other	 factors	 that	 cause	 results	 not	 to	 be	 as	 anticipated,	
estimated,	forecasted	or	intended	and	readers	are	cautioned	that	the	foregoing	list	is	not	exhaustive	of	all	factors	and	assumptions	which	may	have	been	used.	Should	one	or	
more	of	these	risks	and	uncertainties	materialize,	or	should	underlying	assumptions	prove	incorrect,	actual	results	may	vary	materially	from	those	described	in	forward-looking	
information.	Accordingly,	there	can	be	no	assurance	that	forward-looking	information	will	prove	to	be	accurate	and	forward-looking	information	is	not	a	guarantee	of	future	
performance.	Readers	are	advised	not	to	place	undue	reliance	on	forward-looking	information.	The	forward-looking	information	contained	herein	speaks	only	as	of	the	date	of	
this	 document.	 The	 Company	 disclaims	 any	 intention	 or	 obligation	 to	 update	 or	 revise	 forward-looking	 information	 or	 to	 explain	 any	 material	 difference	 between	 such	 and	
subsequent	actual	events,	except	as	required	by	applicable	law.

===== SIDA 4 =====

Highlights
For	the	year	ended	December	31,	2024,	the	Company 	generated	annual	revenue	from	continuing	operations	of	 $3.4	billion	
(2023	-	$2.7	billion).	Revenue	from	discontinued	operations	was	$694.8	million	(2023	-	$648.6	million),	and	the	combination	
of	 revenue	 from	 continuing	 operations	 and	 discontinued	 operations	 ("all	 operations")	 was	 an	 annual	 record	 for	 the	
Company	 of	 $4.1	 billion	 (2023	 -	 $3.4	 billion).	 Revenue	 in	 2024	 benefited	 from	 increased	 realized	 copper	 and	 gold	 prices,	
combined	 with	 record	 production	 of	 369,067	 tonnes	 of	 copper,	 record	 production	 of	 191,704	 tonnes	 of	 zinc,	 and	 158	
thousand	ounces	("koz")	of	gold,	which	achieved	the	Company's	most	recently	disclosed	annual	guidance	for	these	metals.
Net	 loss	 in	 2024	 for	 all	 operations	 of	 $61.3	 million	 (2023	 -	 $315.2	 million	 net	 earnings)	 included	 $153.4	 million	 earnings	
from	 continuing	 operations	 (2023	 -	 $276.9	 million)	 and	 were	 impacted	 by	 non-cash	 impairments	 totaling	 $254.2	 million	
($186.1	million	net	of	tax)	relating	to	Eagle,	Suruca	(Chapada)	and	Alcaparrosa	(Ojos	complex	at	Candelaria).	Additionally,	
net	 loss	 benefited	 from	 a	 $28.3	 million	 ($18.7	 million	 net	 of	 tax)	 non-cash	 partial	 reversal	 of	 a	 previous	 long-term	 ore	
stockpile	 inventory	 write-down	 at	 Chapada.	 Net	 loss	 in	 2024	 also	 included	 a	 $214.7	 million	 net	 loss	 from	 discontinued	
operations	which	was	impacted	by	a	non-cash	impairment	of	$291.2	million	($270.3	million	net	of	tax)	related	to	the	sale	of	
Neves-Corvo.	Excluding	impairments	and	other	items,	s trong	annual	production	in	2024	resulted	in	adjusted	earnings 1	(all	
operations)	 of	 $358.9	 million	 (2023	 -	 $336.2	 million)	 and	 adjusted	 EBITDA1	 (all	 operations)	 of	 $1,707.0	 million	 (2023	 -	
$1,363.5	 million).	 Adjusted	 EBITDA1	 —	 continuing	 operations	 in	 2024	 amounted	 to	 $1,461.8	 million	 (2023	 -	 $1,145.6	
million).
In	2024,	f ree	cash	flow	from	operations 1	(all	operations)	of	 $873.0	million	(2023	-	 $345.1	million)	and	free	cash	flow 1	(all	
operations)	of	$571.2	million	(2023	-	$13.5	million)	benefited	from	increased	revenue,	positive	working	capital	inflows	and	a	
reduction	in	sustaining	capital	expenditure1.
For	the	quarter	ended	December	31,	2024,	the	Company	 generated	revenue	from	continuing	operations	of	 $858.9	million	
(Q4	2023	-	 $893.4	million)	and	 from	discontinued	operations	of	 $165.0	million	(Q4	2023	-	 $166.6	million).	Net	loss	in	the	
quarter	 from	 continuing	 operations	 was	 $159.6	 million	 (Q4	 2023	 -	 net	 earnings	 of	 $40.4	 million)	 and	 from	 discontinued	
operations	was	$244.8	million	(Q4	2023	-	net	earnings	of	 $26.3	million),	and	in	both	cases	 were	impacted	by	impairments.	
Net	loss	in	the	quarter	from	continuing	operations	was	also	impacted	by	the	non-cash	partial	reversal	of	a	previous	long-
term	 ore	 stockpile	 inventory	 write-down	 at	 Chapada.	 E xcluding	 impairments	 and	 other	 items,	 adjusted	 earnings	 (all	
operations)	 in	 the	 quarter	 was	 $119.2	 million	 (Q4	 2023	 -	 $79.7	 million)	 and	 adjusted	 EBITDA	 (all	 operations)	 was	 $425.6	
million	(Q4	2023	-		$419.7	million).	Adjusted	earnings	(all	operations)	during	the	quarter	benefitted	from	higher	gross	profit	
as	well	as	a	$41.5	million	deferred	tax	recovery	as	a	result	of	an	annual	recognition	of	deferred	tax	assets	at	Caserones	to	
utilize	accumulated	tax	losses.
At	 December	 31,	 2024,	 the	 Company	 had	 net	 debt	 excluding	 lease	 liabilities1	 of	 $1,332.3	 million	 (December	 31,	 2023	 -	
$946.2	million).
1
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

===== SIDA 5 =====

Operational	Performance
Candelaria	(80%	owned): 	Candelaria	produced,	on	a	100%	basis,	 162,487	tonnes	of	copper,	approximately	 93,000	ounces	
of	gold	and	 2.0	million	ounces	of	silver	during	the	year.	Copper	and	gold	production	 benefited	from	planned	higher	grade	
ore	from	Phase	11	and	in	the	second	half	of	the	year,	the	operation	produced	98,970	tonnes	of	copper	which	was	one	of	its	
best	second-half	performances	in	its	30	year	history.	In	late	2024	production	from	Phase	11	shifted	to	lower	average	grades,	
resulting	in	annual	copper	production	slightly	below	the	most	recently	published	guidance	range.	In	2025	production	will	
continue	to	be	sourced	primarily	from	Phase	11	with	a	planned	reduction	in	average	copper	grades	from	those	realized	in	
the	 second	 half	 of	 2024.	 Annual	 gold	 production	 was	 within	 the	 most	 recently	 disclosed	 annual	 guidance	 range.	 Copper	
cash	 cost1	 of	 $1.73/lb	 was	 within	 the	 most	 recently	 disclosed	 2024	 cash	 cost	 guidance	 range	 and	 benefitted	 from	 higher	
sales	volumes,	favourable	foreign	exchange,	and	higher	by-product	credits.
Caserones	 (70%	 owned): 	 Caserones	 produced ,	 on	 a	 100%	 basis, 	 124,761	 tonnes	 of	 copper	 and 	 3,183	 tonnes	 of	
molybdenum,	both	within	the	most	recently	disclosed	2024	annual	production	guidance	ranges.	Production	during	the	year	
was	impacted	by	labour	action	in	August	which	reduced	throughput	to	approximately	50%	capacity	over	a	14-day	period.	
Mine	sequencing	changes	as	a	result	of	hydrogeologic	conditions	in	Phase	5	reduced	grades	and	impacted	recoveries	in	the	
mill	 during	 the	 quarter.	 Copper	 cathode	 production	 was	 positively	 impacted	 by	 increased	 irrigation	 pattern	 on	 the	 dump	
leach	pad.	Copper	cash	cost1	of	$2.51/lb	was	below	the	low	end	of	the	most	recently	disclosed	cash	cost	guidance	range	and	
benefitted	from	higher	by-product	credits	and	favourable	foreign	exchange.	
Chapada	(100%	owned):	Chapada	produced 	43,261	tonnes	of	copper	and	approximately 	65,000	ounces	of	gold 	during	the	
year,	both	metals	were	within	the	most	recently	disclosed	2024	production	guidance	ranges.	An	optimized	mine	plan	led	to	
a	significant	reduction	in	overall	material	movement,	including	waste	and	ore,	and	contributed	to	lower	production	costs.	
Increased	processing	of	ore	from	the	older	low-grade	stockpile	and	North	pit	resulted	in	lower	copper	production	due	to	
lower	 grades	 and	 recoveries.	 Gold	 production	 benefited	 from	 higher	 grades	 and	 throughput	 as	 emphasis	 was	 placed	 on	
gold	in	the	current	elevated	gold	price	environment.	Production	costs	during	the	year	also	benefited	from	a	weakening	of	
the	 BRL	 against	 the	 USD.	 Copper	 cash	 cost1	 of	 $1.58/lb	 was	 within	 the	 most	 recently	 disclosed	 2024	 cash	 cost	 guidance	
range	and	benefited	from	higher	by-product	credits	and	favourable	foreign	exchange.
Eagle	(100%	owned): 	Eagle	produced	 7,486	tonnes	of	nickel	and	 6,366	tonnes	of	copper 	during	the	year.	Production	was	
impacted	by	reduced	mining	rates	following	a	fall	of	ground	in	the	lower	ramp	in	May,	which	limited	access	to	Eagle	East	
while	ramp	rehabilitation	was	completed.	During	the	quarter	mining	re-commenced	at	Eagle	East	and	normal	throughput	is	
expected	 to	 resume	 in	 Q1	 2025.	 Both	 metals	 were	 within	 the	 most	 recently	 disclosed	 2024	 production	 guidance	 ranges.	
Production	 costs	 decreased	 in	 line	 with	 lower	 production	 and	 sales.	 Nickel	 cash	 cost1	 of	 $4.20/lb	 was	 above	 the	 most	
recently	disclosed	2024	cash	cost	guidance	range	due	to	mining	rates	not	recovering	as	quickly	as	expected	in	the	quarter.
Neves-Corvo	(100%	owned): 	Neves-Corvo	produced	 28,228	tonnes	of	copper	and 	a	record	 109,571	tonnes	of	zinc	during	
the	 year.	 Copper	 production	 was	 within	 the	 most	 recently	 disclosed	 production	 guidance	 range	 and	 zinc	 production	
benefited	from	higher	throughput	as	a	result	of	the	zinc	expansion	project,	although	was	slightly	below	the	most	recently	
disclosed	annual	production	guidance	range.	Production	costs	during	the	year	decreased	in	line	with	sales	volumes.	Annual	
copper	cash	cost1	of	$2.19/lb	benefited	from	higher	by-product	credits	but	exceeded	the	most	recently	disclosed	2024	cash	
cost	guidance	range	as	a	result	of	lower	than	expected	sales	volumes.
Zinkgruvan	(100%	owned):	Record	zinc	production	of	 82,133	tonnes	and	lead	production	of	 30,888	tonnes	during	the	year	
were	driven	by	higher	throughput,	grades	and	recoveries.	Annual	zinc	production	was	within	the	most	recently	disclosed	
2024	 production	 guidance	 range.	 Production	 costs	 during	 the	 year	 increased	 in	 line	 with	 higher	 zinc	 and	 lead	 production	
and	sales	volumes.	Zinc	cash	cost1	of	$0.41/lb	was	within	the	most	recently	disclosed	2024	cash	cost	guidance	range.
2
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

===== SIDA 6 =====

2024	Production,	Cash	Cost	and	Capital	Expenditure	Summary
Total	2024	production,	cash	costs	and	capital	expenditures	are	compared	to	the	most	recent	2024	guidance	as	follows:
Production Cash	Cost	($/lb)a
(Contained	metal	in	concentrate) Actual Guidanceb Actual Guidanceb
Copper	(t) Candelaria	(100%) 	 162,487	 165,000	-	173,000 	 1.73	 1.60	–	1.80
Caserones	(100%) 	 124,761	 121,000	-	125,000 	 2.51	 2.60	–	2.80
Chapada 	 43,261	 43,000	-	48,000 	 1.58	 1.55	–	1.65
Eagle 	 6,366	 6,000	-	8,000
Total	from	continuing	operations 	 336,875	 
Neves-Corvo 	 28,228	 27,000	-	30,000 	 2.19	 1.95	–	2.15
Zinkgruvan 	 3,964	 4,000	-	5,000
Total 	 369,067	 366,000	-	389,000
Zinc	(t) Neves-Corvo 	 109,571	 111,000	-	116,000
Zinkgruvan 	 82,133	 79,000	-	83,000 	 0.41	 0.40	–	0.45
Total	from	discontinued	
operations 	 191,704	 190,000	-	199,000
Gold	(koz) Candelaria	(100%) 	 93	 92	-	102
Chapada 	 65	 63	-	68
Total 	 158	 155	-	170
Nickel	(t) Eagle 	 7,486	 7,000	-	9,000 	 4.20	 3.70	–	3.90
Molybdenum	(t) Caserones	(100%) 	 3,183	 2,800	-	3,300
2024	Capital	Expenditurec
($	thousands) Actual Guidanceb
Candelaria	(100%) 	 275,720	 	 275,000	 
Caserones	(100%) 	 143,965	 	 135,000	 
Chapada 	 107,843	 	 110,000	 
Eagle 	 21,222	 	 25,000	 
Other 	 350	 	 —	 
Total	from	continuing	operations 	 549,100	 
Neves-Corvo 	 89,302	 	 110,000	 
Zinkgruvan 	 65,658	 	 65,000	 
Total	Sustaining	Capital 	 704,060	 	 720,000	 
Expansionary	-	Josemariad 	 243,566	 	 230,000	 
Total	Capital	Expenditures 	 947,626	 	 950,000	 
a.	Cash	cost	is	a	non-GAAP	measure	-	see	Section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
b.	Guidance	as	disclosed	in	the	Company's	MD&A	for	the	three	and	nine	months	ended	September	30,	2024	with	trending	commentary	in	the	MD&A	
for	the	three	and	nine	months	ended	September	30,	2024.
c.	Sustaining	capital	expenditure	is	a	supplementary	financial	measure	and	expansionary	capital	expenditure	is	a	non-GAAP	measure	–	see	Section	
"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
d.	Expansionary	Capital	Expenditure	excludes	capitalized	interest.
3

===== SIDA 7 =====

Corporate	Updates
• On	February	12,	2025,	the	Company	reported	its	Mineral	Resource	and	Mineral	Reserve	estimates	as	at	December	31,	
2024	(or	as	otherwise	specified).	
• On	January	30,	2025,	t he	Company	announced	that	it	received	notice	from	the	Superintendencia	del	Medio	Ambiente	
("SMA")	following	investigative	proceedings	involving	the	sinkhole	that	occurred	at	the	Alcaparrosa	mine	located	in	the	
Candelaria	complex	in	2022.	The	notice	levies	a	fine	of	$3.3	million	and	orders	the	continued	closure	of	the	Alcaparrosa	
mine,	based	on	four	violations	investigated.	Mining	operations	at	Alcaparrosa	have	been	suspended	since	the	incident	
occurred	 in	 2022	 while	 operations	 at	 the	 Candelaria	 mine	 continue	 unaffected.	 As	 a	 result	 of	 the	 permanent	 mine	
closure,	a		$55.9	million	impairment	($41.6	million	net	of	tax)	was	recorded	in	December	2024.	
• On	January	15,	2025,	the	Company	announced	the	completion	of	the	joint	acquisition	(the	“Filo	Acquisition”)	with	BHP	
Investments	Canada	Inc.	("BHP")	of	all	of	the	issued	and	outstanding	common	shares	(the	"Filo	Shares")	of	Filo	Corp.
("Filo")	not	already	owned	by	Lundin	Mining,	BHP	and	their	respective	affiliates.	Concurrently,	Lundin	Mining	and	BHP	
have	formed	a	50/50	joint	arrangement,	Vicuña	Corp.	(the	“Joint	Arrangement”	or	“Vicuña”),	holding	the	Filo	del	Sol	
project	(“FDS”)	and	the	Josemaria	project,	collectively	the	("Vicuña	Projects").	On	completion,	BHP	paid	Lundin	Mining	
a	cash	consideration	of	$690	million	for	a	50%	interest	in	the	Josemaria	project	and	Lundin	Mining	paid	C$877.8	million	
in	cash	and	94.1	million	Lundin	Mining	shares	to	Filo	shareholders	for	its	50%	interest	in	Filo.
• On	 December	 9,	 2024,	 the	 Company	 announced	 that	 it	 signed	 a	 definitive	 agreement	 with	 Boliden	 to	 sell	 its	 Neves-
Corvo	 operation	 in	 Portugal	 and	 Zinkgruvan	 operation	 in	 Sweden	 to	 Boliden	 AB.	 Under	 the	 terms	 of	 the	 agreement,	
Lundin	Mining	will	receive	upfront	cash	consideration	of	$1.37	billion	upon	closing,	based	on	a	cash-free	and	debt-free	
enterprise	 value	 of	 $1.3	 billion	 as	 of	 an	 August	 31,	 2024	 lock	 box	 date.	 In	 addition,	 Lundin	 Mining	 will	 receive	 up	 to	
$150	million	in	contingent	cash	consideration	upon	satisfaction	of	certain	conditions.	The	transaction	is	not	subject	to	
shareholder	 approval	 or	 any	 financing	 conditions.	 The	 transaction	 is	 anticipated	 to	 close	 in	 mid-2025,	 subject	 to	 the	
completion	of	customary	conditions	and	regulatory	approvals.
• On	July	2,	2024,	the	Company	completed	the	exercise	of	its	option	to	acquire	an	additional	19%	interest	in	the	issued	
and	 outstanding	 equity	 of	 SCM	 Minera	 Lumina	 Copper	 Chile	 (“Lumina	 Copper”),	 bringing	 the	 Company's	 interest	 in	
Caserones	from	51%	to	70%.	The	acquisition	was	initially	financed	by	a	$350	million	draw	from	the	Company's	revolving	
credit	 facility	 ("RCF").	 On	 August	 2,	 2024	 the	 draw	 was	 repaid	 with	 proceeds	 from	 a	 $350	 million	 increase	 in	 the	
Company's	existing	$800	million	term	loan	(the	"Term	Loan"),	currently	maturing	on	July	27,	2027,	and	increasing	the	
principal	amount	to	$1,150	million.
• On	 May	 23,	 2024,	 the	 Company	 amended	 the	 terms	 of	 the	 RCF	 and	 the	 Term	 Loan	 to	 establish	 sustainability	
performance	 targets	 whereby	 the	 interest	 rate	 margin	 in	 the	 facilities	 will	 be	 adjusted	 based	 on	 the	 Company's	
performance	relative	to	the	targets.	In	July	2024,	the	Company	published	its	2023	Sustainability	Report	which	highlights	
the	Company's	material	environment,	health	&	safety,	governance	and	social	performance	during	the	year.
• On	 February	 12,	 2024,	 the	 Company	 reported	 an	 employee	 fatality	 at	 the	 Neves-Corvo	 Mine	 in	 Portugal.	 Operations	
were	voluntarily	suspended	and	restarted	on	February	15,	2024.	
2024	Financial	Performance
• Gross	profit	from	continuing	operations	for	the	year	of	 $942.9	million	was	$341.3	million	higher	than	in	the	prior	year	
comparable	 period	 of	 $601.5	 million.	 The	 increase	 is	 primarily	 due	 to	 higher	 realized	 copper	 and	 gold	 prices,	 higher	
production,	 the	 inclusion	 of	 Caserones	 results	 for	 the	 full	 year	 (acquired	 on	 July	 13,	 2023),	 and	 the	 non-cash	 partial	
reversal	 of	 a	 previous	 long-term	 ore	 stockpile	 inventory	 write-down	 at	 Chapada.	 Gross	 profit	 from	 discontinued	
operations	was	$94.2	million	(2023	-	$50.8	million).	
• Net	 earnings	 from	 continuing	 operations	 for	 the	 year	 of	 $153.4	 million	 decreased	 from	 the	 prior	 year	 comparable	
period	 of	 $276.9	 million.	 Net	 earnings	 were	 impacted	 by	 non-cash	 impairments	 recognized	 in	 the	 fourth	 quarter	
including	 $104.9	 million	 ($82.8	 million	 net	 of	 tax)	 relating	 to	 the	 Eagle	 mine	 due	 to	 a	 decline	 in	 nickel	 prices	 and	
prolonged	 rehabilitation	 of	 the	 Eagle	 East	 ramp,	 $93.4	 million	 ($61.7	 million	 net	 of	 tax)	 related	 to	 the	 Suruca	 gold	
deposit	 near	 Chapada	 following	 the	 removal	 of	 reserves 	 and	 $55.9	 million	 ($41.6	 million	 net	 of	 tax)	 due	 to	 the	
continued	closure	of	the	Alcaparrosa	mine	within	the	Candelaria	mining	complex .	Additionally,	net	earnings	benefited	
4

===== SIDA 8 =====

from	 a	 $28.3	 million	 ($18.7	 million	 net	 of	 tax)	 non-cash	 partial	 reversal	 of	 of	 a	 previous	 long-term	 ore	 stockpile	
inventory	 write-down	 at	 Chapada.	 Net	 loss	 from	 discontinued	 operations	 was	 $214.7	 million	 and	 include	 a	 non-cash	
impairment	of	$291.2	million	($270.3	million	net	of	tax)	to	align	the	carrying	value	of	Neves-Corvo	with	expected	cash	
consideration	for	this	asset. 	The	reduction	in	carrying	value	for	Neves-Corvo	is	expected	to	result	in	a	gain	on	sale	 for	
the	disposal	group	as	a	whole,	upon	closing	of	the	transaction.
• Adjusted	earnings 1	(all	operations) 	for	the	year	of	 $358.9	million,	increased	from	the	prior	year	comparable	period	of	
$336.2	million	as	a	result	of	higher	gross	profit,	partially	offset	by	reduced	foreign	exchange	and	trading	gains	on	debt	
and	equity	investments	supporting	capital	funding	for	the	Josemaria	Project	and	higher	interest	expense	as	a	result	of	
higher	debt	during	the	year.
• Cash	provided	by	operating	activities	related	to	continuing	operations	for	the	year	of	 $1,300.8	million	represented	an	
increase	of	 $473.6	million	from	the	prior	year	comparable	period	of	 $827.2	million.	The	increase	was	primarily	due	to	
higher	 gross	 profit	 and	 positive	 working	 capital	 inflows	 including	 net	 collections	 of	 trade	 receivables,	 timing	 of	 tax	
payments	 and	 $45.0	 million	 in	 payments	 received	 by	 Caserones	 relating	 to	 two	 shipments	 of	 copper	 concentrate	
scheduled	 for	 December	 2024	 that	 were	 delayed	 to	 early	 January	 due	 to	 certain	 operational	 and	 weather-related	
issues.	Cash	provided	by	operating	activities	related	to	discontinued	operations	for	the	year	was	 $218.0	million	(2023	-	
$189.4	million).
• For	the	year,	sustaining	capital	expenditures	from	continuing	operations	of	 $549.1	million	were	lower	than	in	the	prior	
year	comparable	period	of	 $571.2	million.	The	net	reduction	was	primarily	due	to	lower	spending	at	Candelaria	from	
reduced	deferred	stripping	in	2024	and	lower	spending	on	the	Los	Diques	tailing	storage	facility.	These	reductions	were	
partially	offset	by	 	increased	deferred	stripping	and	water	management	expenditures	at	Chapada,	and	the	addition	of	
Caserones'	sustaining	capital	expenditures	for	the	full	year.	Expansionary	capital	expenditures 1	of	$243.6	million	for	the	
year	were	lower	than	in	the	prior	year	comparable	period	of	 $275.9	million,	as	a	result	of	optimized	spending	on	the	
Josemaria	Project	before	formation	of	the	Vicuña	Joint	Arrangement.	Sustaining	capital	expenditures	related	to	Neves-
Corvo	and	Zinkgruvan	were	$89.3	million	and	$65.7	million,	respectively,	for	the	year.	
• Free	cash	flow 1	(all	operations) 	for	the	year	of	 $571.2	million	was	higher	than	in	the	prior	year	comparable	period	of	
$13.5	 million	 primarily	 due	 to	 increased	 cash	 provided	 by	 operating	 activities.	 Free	 cash	 flow	 from	 discontinued	
operations	for	the	year	was	$63.0	million.
2024	Financial	Position	and	Financing
• Cash	and	cash	equivalents	at	continuing	operations	as	at	December	31,	2024	were 	$357.5	million.	As	indicated	above,	
cash	provided	by	operating	activities	related	to	continuing	operations	of	 $1,300.8	million	in	the	year 	was	used	to	fund	
investing	activities	from	continuing	operations	of	 $855.4	million,	which	primarily	includes	$807.3	million	investment	in	
mineral	properties,	plant	and	equipment,	 $41.7	million	subscription	for	Filo	shares	to	provide	interim	financing	to	Filo	
and	the	final	 $25.0	million	payment	of	contingent	consideration	for	the	acquisition	of	Chapada. 	Cash	used	in	financing	
activities	 related	 to	 continuing	 operations	 of	 $349.8	 million	 was	 comprised	 primarily	 of	 funds	 used	 to	 exercise	 the	
Company's	 option	 to	 acquire	 an	 additional	 19%	 interest	 in	 Caserones	 for	 $350.0	 million,	 which	 was	 funded	 by	 debt	
proceeds,	 $202.5	 million	 dividends	 paid	 to	 shareholders	 and	 $152.0	 million	 in	 distributions	 paid	 to	 non-controlling	
interests.
• 	 As	 at	 December	 31,	 2024,	 the	 Company	 had	 net	 debt1	 of	 $1,597.8	 million	 and	 net	 debt	 excluding	 lease	 liabilities	 of	
$1,332.3	million.
• As	at	February	19,	2025,	the	Company	had	cash	of	approximately	$407.1	million	and	net	debt	excluding	lease	liabilities	
of	 approximately	 $1,322.4	 million. 	 Net	 cash	 in	 Vicuña	 is	 included	 on	 a	 50%	 basis	 to	 represent	 Lundin	 Mining's	
attributable	share.	Cash	and	net	debt	balances	include	assets	and	liabilities	classified	as	held-for-sale.
5
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

===== SIDA 9 =====

2025	Outlook
On	January	16,	2025,	the	Company	announced	its	production,	cash	cost,	capital	expenditures	and	exploration	investment	
guidance	for	2025.
2025	Production	and	Cash	Cost	Guidance
	Guidancea
(contained	metal) Production Cash	Cost	($/lb)b
Copper	(t) Candelaria	(100%) 140,000	–	150,000 1.80	–	2.00c
Caserones	(100%) 115,000	–	125,000 2.40	–	2.60
Chapada 40,000	–	45,000 1.80	–	2.00d
Eagle 8,000	–	10,000
Total 303,000	–	330,000 2.05	–	2.30
Gold	(koz) Candelaria	(100%) 78	–	88
Chapada 57	–	62
Total 135	–	150
Nickel	(t) Eagle 8,000	–	11,000 3.05	–	3.25
a.	Guidance	as	outlined	in	the	news	release	'Lundin	Mining	Announces	Record	Production	Results	for	2024	and	Provides	2025	Guidance'	dated	January	
16,	2025.
b.	2025	cash	costs	are	based	on	various	assumptions	and	estimates,	including	but	not	limited	to:	production	volumes,	commodity	prices	(Cu:	$4.40/lb,	
Au:	 $2,500/oz,	 Mo:	 $17.00/lb,	 Ag:	 $30.00/oz),	 foreign	 exchange	 rates	 (USD/CLP:900,	 USD/BRL:5.50)	 and	 operating	 costs.	 Cash	 cost	 is	 a	 non-GAAP	
measure	-	see	section	'Non-GAAP	and	Other	Performance	Measures'	of	this	MD&A	for	discussion.
c.	68%	of	Candelaria's	total	gold	and	silver	production	are	subject	to	a	streaming	agreement.	Cash	costs	are	calculated	based	on	receipt	of	approximately	
$433/oz	gold	and	$4.32/oz	silver.
d.	Chapada's	cash	cost	is	calculated	on	a	by-product	basis	and	does	not	include	the	effects	of	its	copper	stream	agreements.	Effects	of	the	copper	stream	
agreements	are	reflected	in	copper	revenue	and	will	impact	realized	price	per	pound.
2025	Capital	Expenditure	Guidanceb
($	millions) 	Guidancea
Candelaria	(100%	basis) 205
Caserones	(100%	basis) 215
Chapada 85
Eagle 25
Total	Sustaining 530
Expansionary	-	Candelaria	(100%	basis) 50
Expansionary	-	Vicuña	Joint	Arrangement	(50%	basis) 155
Total	Capital	Expenditures 735
a. Guidance	as	outlined	in	the	news	release	'Lundin	Mining	Announces	Record	Production	Results	for	2024	and	Provides	2025	Guidance'	dated	January	
16,	2025.
b. Sustaining	capital	expenditure	is	a	supplementary	financial	measure,	and	expansionary	capital	expenditure	is	a	non-GAAP	measure	–	see	Section	"Non-
GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
2025	Exploration	Investment	Guidance
Total	exploration	expenditure	guidance	for	2025	is	$40	million.
6

===== SIDA 10 =====

2024	Selected	Fourth	Quarter	and	Annual	Financial	Information	
Three	months	ended
December	31,
Year	ended
December	31,
($	millions	continuing	operations	except	where	
noted)
2024 2023 2024 2023 2022
Revenue 	 858.9	 	 893.4	 	 3,422.6	 	 2,743.4	 	 2,315.6	 
Costs	of	goods	sold:
Production	costs 	 (486.9)	 	 (533.8)	 	 (1,898.6)	 	 (1,644.0)	 	 (1,216.6)	 
Depreciation,	depletion	and	amortization 	 (148.0)	 	 (181.9)	 	 (607.7)	 	 (497.9)	 	 (416.2)	 
Inventory	(write-down)	reversal 	 26.6	 	 —	 	 26.6	 	 —	 	 (62.5)	 
Gross	profit 	 250.6	 	 177.8	 	 942.9	 	 601.5	 	 620.3	
Net	earnings	from	continuing	operations	
attributable	to:
Lundin	Mining	shareholders 	 (195.3)	 	 12.5	 	 11.1	 	 203.2	 	 277.2	 
Non-controlling	interests 	 35.7	 	 28.0	 	 142.2	 	 73.7	 	 36.7	 
Net	earnings	(loss)	from	continuing	operations	 	 (159.6)	 	 40.4	 	 153.4	 	 276.9	 	 313.9	 
Net	earnings	(loss)	from	discontinued	
operations 	 (244.8)	 	 26.3	 	 (214.7)	 	 38.4	 	 149.7	 
Net	earnings	attributable	to:
Lundin	Mining	shareholders 	 (440.2)	 	 38.8	 	 (203.5)	 	 241.6	 	 426.9	 
Non-controlling	interests 	 35.7	 	 28.0	 	 142.2	 	 73.7	 	 36.7	 
Net	earnings 	 (404.4)	 	 66.8	 	 (61.3)	 	 315.2	 	 463.6	 
Adjusted	earnings1	(all	operations) 	 119.2	 	 79.7	 	 358.9	 	 336.2	 	 482.8	 
Adjusted	earnings1	—	continuing	operations 	 94.8	 	 72.4	 	 291.7	 	 287.5	 	 326.6	 
Adjusted	earnings1	—	discontinued	operations 	 24.4	 	 7.3	 	 67.2	 	 48.7	 	 156.1	 
Adjusted	EBITDA1	(all	operations) 	 425.6	 	 419.7	 	 1,707.0	 	 1,363.5	 	 1,292.5	 
Adjusted	EBITDA1	—	continuing	operations 	 368.2	 	 367.6	 	 1,461.8	 	 1,145.6	 	 953.6	 
Adjusted	EBITDA1	—	discontinued	operations 	 57.4	 	 52.1	 	 245.2	 	 217.9	 	 338.9	 
Cash	provided	by	operating	activities	(all	
operations) 	 620.3	 	 306.1	 	 1,518.9	 	 1,016.6	 	 876.9	 
Cash	provided	by	operating	activities	related	to	
continuing	operations 	 547.3	 	 249.9	 	 1,300.8	 	 827.2	 	 616.0	 
Cash	provided	by	operating	activities	related	to	
discontinued	operations 	 73.0	 	 56.2	 	 218.0	 	 189.4	 	 260.9	 
Adjusted	operating	cash	flow1	(all	operations) 	 313.9	 	 362.0	 	 1,302.6	 	 1,024.2	 	 992.9	 
Adjusted	operating	cash	flow1	—	continuing	
operations 	 251.8	 	 305.4	 	 1,080.0	 	 847.3	 	 740.1	 
Adjusted	operating	cash	flow1	—	discontinued	
operations 	 62.1	 	 56.7	 	 222.6	 	 176.9	 	 252.9	 
Free	cash	flow	from	operations1	(all	
operations) 	 466.0	 	 116.8	 	 873.0	 	 345.1	 	 381.4	 
Free	cash	flow	from	operations1	—	continuing	
operations 	 423.6	 	 95.7	 	 797.1	 	 300.0	 	 230.7	 
Free	cash	flow	from	operations1	—	
discontinued	operations 	 42.5	 	 21.0	 	 75.9	 	 45.1	 	 150.7	 
Free	cash	flow1	(all	operations) 	 397.9	 	 61.2	 	 571.2	 	 13.5	 	 34.1	 
Free	cash	flow1	—	continuing	operations 	 360.0	 	 43.6	 	 508.2	 	 (19.9)	 	 (75.6)	 
Free	cash	flow1	—	discontinued	operations 	 37.9	 	 17.6	 	 63.0	 	 33.4	 	 109.6	 
Capital	expenditures2	—	continuing	operations 	 191.3	 	 205.3	 	 807.3	 	 857.1	 	 691.6	 
Capital	expenditures2	—		discontinued	
operations 	 35.2	 	 38.6	 	 155.0	 	 156.0	 	 151.3	 
1	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
2	Capital	expenditures	are	reported	on	a	cash	basis,	as	presented	in	the	consolidated	statement	of	cash	flows.
7

===== SIDA 11 =====

Three	months	ended
December	31,
Year	ended
December	31,
2024 2023 2024 2023 2022
Per	share	amounts:
Basic	and	diluted	(loss)	earnings	from	
continuing	operations	per	share	("EPS")	
attributable	to	shareholders 	 (0.25)	 	 0.02	 	 0.01	 	 0.26	 	 0.36	
Basic	and	diluted	(loss)	earnings	from	
discontinued	operations	per	share	("EPS")	
attributable	to	shareholders 	 (0.32)	 	 0.03	 	 (0.27)	 	 0.05	 	 0.20	
Basic	and	diluted	(loss)	total	earnings		per	
share	("EPS")	attributable	to	shareholders 	 (0.57)	 	 0.05	 	 (0.26)	 	 0.31	 	 0.56	
Adjusted	EPS1	(all	operations) 	 0.15	 	 0.10	 	 0.46	 	 0.44	 	 0.63	
Adjusted	EPS1	—	continuing 	 0.12	 	 0.09	 	 0.38	 	 0.37	 	 0.43	
Adjusted	EPS1	—	discontinued 	 0.03	 	 0.01	 	 0.09	 	 0.06	 	 0.20	
Adjusted	operating	cash	flow	per	share1	(all	
operations) 	 0.40	 	 0.47	 	 1.68	 	 1.33	 	 1.30	
Adjusted	operating	cash	flow	per	share1	—	
continuing 	 0.32	 	 0.39	 	 1.39	 	 1.10	 	 1.00	
Adjusted	operating	cash	flow	per	share1	—	
discontinued 	 0.08	 	 0.08	 	 0.29	 	 0.23	 	 0.30	
Dividends	declared	(C$/share) 	 0.09	 	 0.09	 	 0.36	 	 0.36	 	 0.47	
($	millions)
December	31,	
2024
December	31,	
2023
December	31,	
2022
Total	assets 	 10,406.7	 	 10,861.2	 	 8,172.8	
Total	debt	and	lease	liabilities 	 2,006.2	 	 1,485.8	 	 197.3	
Net	debt	excluding	lease	liabilities1
	 (1,332.3)	 	 (946.2)	 	 16.3	
1	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
The	 Company's	 annual	 results	 have	 been	 impacted	 by	 the	 acquisition	 of	 the	 Josemaria	 Project	 in	 April	 2022	 and	 the	
acquisition	of	the	Caserones	mine	in	July	2023.	Project	development	 costs	for	the	Josemaria	Project	were	initially	included	
in	general	exploration	expenses	but	began	to	be	capitalized	from	the	fourth	quarter	of	2022,	contributing	to	higher	general	
exploration	expenses	and	lower	capital	expenditure	in	2022	as	compared	to	2023.	The	acquisition	of	the	Caserones	mine	in	
July	2023	contributed	to	increases	in	total	metal	production,	net	earnings	and	capital	expenditures	in	2024	as	compared	to	
2023	 and	 2022.	 Additionally,	 fair	 value	 adjustments	 of	 $39.9	 million	 impacted	 production	 costs	 in	 2023	 to	 re-value	 the	
concentrate	and	in-process	inventory	on	hand	at	the	acquisition	of	the	Caserones	mine.
Net	 earnings	 from	 continuing	 operations	 in	 2024	 were	 reduced	 by	 non-cash	 impairments	 including	 $104.9	 million	 ($82.8	
million	net	of	tax)	 relating	to	the	Eagle	mine	due	to	a	decline	in	nickel	prices	and	prolonged	rehabilitation	of	the	Eagle	East	
ramp,	 $93.4	 million	 ($61.7	 million	 net	 of	 tax)	 	 related	 to	 the	 Suruca	 gold	 deposit	 near	 Chapada	 following	 the	 removal	 of	
reserves	 and	 $55.9	 million	 ($41.6	 million	 net	 of	 tax)	 due	 to	 the	 continued	 closure	 of	 the	 Alcaparrosa	 mine	 within	 the	
Candelaria	mining	complex.	In	2022,	net	earnings	from	continuing	operations	were	also	reduced	by	a	$66.8	million	non-cash	
write-down	of	long-term	ore	stockpile	inventory	at	Chapada.	In	2024,	 $28.3	million	of	this	write-down	was	reversed	as	a	
result	of	higher	market	expectations	for	long-term	copper	and	gold	prices.
The	$800	million	Term	Loan	entered	into	in	conjunction 	with	the	Caserones	acquisition	increased	the	Company's	total	debt	
in	mid-2023	and	then	was	increased	by	$350	million	to	fund	the	acquisition	of	the	additional	19%	interest	in	2024,	and	has	
increased	 interest	 expense,	 reducing	 net	 earnings.	 From	 2022,	 the	 Company	 has	 entered	 into	 derivative	 contracts	 for	
foreign	 currency,	 diesel,	 and	 opportunistic	 copper	 and	 gold	 derivatives,	 as	 part	 of	 its	 risk	 management	 strategy,	 with	
realized	 and	 unrealized	 gains	 and	 losses	 impacting	 net	 earnings.	 The	 Company	 has	 also	 realized	 foreign	 exchange	 and	
trading	gains	on	debt	and	equity	investments	from	mid-2022	to	support	capital	funding	for	the	Josemaria	Project.	
Following	 the	 Company's	 announcement	 of	 a	 definitive	 agreement	 to	 sell	 its	 interest	 in	 the	 Neves-Corvo	 and	 Zinkgruvan	
mines,	 results	 from	 these	 operations	 are	 reported	 as	 discontinued	 operations.	 Net	 loss	 from	 discontinued	 operations	 in	
2024	was	impacted	by	 $291.2	million	non-cash	impairment	to	align	the	carrying	value	of	Neves-Corvo	with	expected	cash	
consideration.
8

===== SIDA 12 =====

Summary	of	Quarterly	Results1
($	millions,	except	per	share	data) Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23 Q1-23
Revenue	from	continuing	operations 	 858.9	 	 873.1	 	 878.3	 	 812.3	 	 893.4	 	 798.7	 	 490.4	 	 560.9	 
Gross	profit	from	continuing	operations 	 250.6	 	 266.2	 	 228.6	 	 197.5	 	 177.8	 	 166.9	 	 81.2	 	 175.7	 
Net	(loss)	earnings	from	continuing	operations 	 (159.6)	 	 110.6	 	 119.4	 	 83.0	 	 40.4	 	 10.4	 	 90.9	 	 135.1	 
-	attributable	to	shareholders 	 (195.3)	 	 84.0	 	 84.3	 	 38.3	 	 12.5	 	 (14.4)	 	 88.7	 	 116.4	 
Net	(loss)	earnings	from	discontinued	
operations
	 (244.8)	 	 17.2	 	 37.3	 	 (24.4)	 	 26.3	 	 11.5	 	 (29.6)	 	 30.2	 
Adjusted	(loss)	earnings2	(all	operations) 	 119.2	 	 72.5	 	 122.1	 	 45.2	 	 79.7	 	 85.3	 	 45.6	 	 125.7	 
Adjusted	(loss)	earnings2	from	continuing	
operations
	 94.8	 	 57.2	 	 83.4	 	 56.4	 	 72.4	 	 57.8	 	 64.9	 	 92.4	 
Adjusted	(loss)	earnings2	from	discontinued	
operations
	 24.4	 	 15.3	 	 38.7	 	 (11.1)	 	 7.3	 	 27.5	 	 (19.3)	 	 33.3	 
Adjusted	EBITDA2	(all	operations) 	 425.6	 	 457.7	 	 460.9	 	 362.9	 	 419.7	 	 415.1	 	 191.8	 	 336.9	 
Adjusted	EBITDA2	-	continuing	operations 	 368.2	 	 385.2	 	 369.9	 	 338.5	 	 367.6	 	 334.9	 	 184.5	 	 258.6	 
Adjusted	EBITDA2	-	discontinued	operations 	 57.4	 	 72.5	 	 91.0	 	 24.4	 	 52.1	 	 80.2	 	 7.3	 	 78.3	 
EPS	-	Basic	and	Diluted	(all	operations) 	 (0.57)	 	 0.13	 	 0.16	 	 0.02	 0.05 	 —	 	 0.08	 	 0.19	 
EPS	-	Basic	and	Diluted	from	continuing	
operations
	 (0.25)	 	 0.11	 	 0.11	 	 0.05	 0.02 	 (0.02)	 	 0.12	 	 0.15	 
EPS	-	Basic	and	Diluted	from	discontinued	
operations
	 (0.32)	 	 0.02	 	 0.05	 	 (0.03)	 0.03 	 0.02	 	 (0.04)	 	 0.04	 
Adjusted	EPS2	(all	operations) 	 0.15	 	 0.09	 	 0.16	 	 0.06	 	 0.10	 	 0.11	 	 0.06	 	 0.16	 
Adjusted	EPS2		-	continuing	operations 	 0.12	 	 0.07	 	 0.11	 	 0.07	 	 0.09	 	 0.07	 	 0.08	 	 0.12	 
Adjusted	EPS2	-		discontinued	operations 	 0.03	 	 0.02	 	 0.05	 	 (0.01)	 	 0.01	 	 0.04	 	 (0.02)	 	 0.04	 
Cash	provided	by	operating	activities	(all	
operations)
	 620.3	 	 139.3	 	 491.8	 	 267.5	 	 306.1	 	 303.8	 	 194.8	 	 211.9	 
Cash	provided	by	operating	activities	related	to	
continuing	operations
	 547.3	 	 81.4	 	 440.1	 	 232.2	 	 249.9	 	 260.4	 	 170.0	 	 146.9	 
Cash	provided	by	operating	activities	related	to	
discontinued	operations
	 73.0	 	 57.9	 	 51.7	 	 35.4	 	 56.2	 	 43.4	 	 24.8	 	 65.0	 
Adjusted	operating	cash	flow	per	share2	(all	
operations)
	 0.40	 	 0.39	 	 0.48	 	 0.41	 	 0.47	 	 0.41	 	 0.14	 	 0.30	 
Adjusted	operating	cash	flow	per	share2	—	
continuing	operations
	 0.32	 	 0.31	 	 0.38	 	 0.38	 	 0.39	 	 0.25	 	 0.07	 	 0.26	 
Adjusted	operating	cash	flow	per	share2	—	
discontinued	operations
	 0.08	 	 0.08	 	 0.10	 	 0.03	 	 0.08	 	 0.16	 	 0.07	 	 0.04	 
Capital	expenditure3		from	continuing	
operations
	 191.3	 	 163.6	 	 217.2	 	 235.2	 	 205.3	 	 203.5	 	 241.8	 	 206.6	 
Capital	expenditure3	from	discontinued	
operations
	 35.2	 	 41.8	 	 41.2	 	 36.8	 	 38.6	 	 39.7	 	 38.1	 	 39.5	 
1	The	sum	of	quarterly	amounts	may	differ	from	year-to-date	results	due	to	rounding.
2	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
3	Capital	expenditures	are	reported	on	a	cash	basis,	as	presented	in	the	consolidated	statement	of	cash	flows.
9

===== SIDA 13 =====

On	a	quarterly	basis	the	Company's	revenue,	gross	profit	and	net	earnings	can	be	impacted	by	metal	prices,	sales	volumes	
as	 a	 result	 of	 the	 timing	 of	 concentrate	 shipments,	 and	 provisional	 pricing	 adjustments	 on	 current	 and	 prior	 period	
shipments.	
The	acquisition	of	the	Caserones	mine	in	July	2023	contributed	to	an	increase	in	gross	profit	and	cash	flow	from	operations	
in	 Q3	 2023	 and	 in	 subsequent	 quarters.	 Additionally,	 fair	 value	 adjustments	 of	 $32.2	 million	 and	 $7.8	 million	 impacted	
production	costs	in	Q3	2023	and	Q4	2023,	respectively,	as	in-process	and	concentrate	inventory	measured	at	fair	value	at	
the	acquisition	date	was	sold.	An	$800.0	million	Term	Loan	was	entered	into	in	conjunction	with	the	acquisition	and	was	
subsequently	 increased	 by	 $350.0	 million	 with	 funds	 used	 to	 acquire	 an	 additional	 19%	 of	 Caserones	 in	 2024.	 Increased	
debt	has	increased	the	Company's	interest	expense	from	Q3	2023	through	Q4	2024,	reducing	net	earnings.
In	 May	 2024,	 a	 fall	 of	 ground	 in	 the	 lower	 ramp	 at	 the	 Eagle	 mine	 reduced	 mining	 rates	 while	 ramp	 rehabilitation	 was	
completed.	 This	 resulted	 in	 lower	 revenue	 as	 well	 as	 $9.8	 million,	 $14.8	 million,	 and	 $11.4	 million	 of	 overhead	 costs	
incurred	in	Q2	2024,	Q3	2024	and	Q4	2024,	respectively,	reducing	net	earnings.
As	reported	above,	net	earnings	from	continuing	operations	in	Q4	2024	were	reduced	by	non-cash	impairments	including	
$104.9	 million	 ($82.8	 million	 net	 of	 tax)	 relating	 to	 the	 Eagle	 mine	 due	 to	 a	 decline	 in	 nickel	 prices	 and	 prolonged	
rehabilitation	 of	 the	 Eagle	 East	 ramp,	 $93.4	 million	 ($61.7	 million	 net	 of	 tax)	 	 related	 to	 the	 Suruca	 gold	 deposit	 near	
Chapada	following	the	removal	of	reserves 	and	$55.9	million	($41.6	million	net	of	tax) 	due	to	the	continued	closure	of	the	
Alcaparrosa	mine	within	the	Candelaria	mining	complex.	
In	 Q4	 2024,	 net	 earnings	 and	 gross	 profit	 from	 continuing	 operations	 benefited	 from	 a	 $28.3	 million	 non-cash	 partial	
reversal	of	a	previous	long-term	ore	stockpile	inventory	write-down	at	Chapada,	as	a	result	of	higher	market	expectations	
for	long-term	copper	and	gold	prices.
In	the	quarters	presented,	the	Company	has	entered	into	derivative	contracts	for	foreign	currency,	diesel,	copper	prices	and	
gold	 prices	 as	 part	 of	 its	 risk	 management	 strategy.	 Realized	 and	 unrealized	 gains	 and	 losses	 on	 derivative	 contracts	 and	
foreign	exchange	and	trading	gains	on	debt	and	equity	investments	are	recorded	in	other	income	and	expense	and	impact	
the	Company's	net	earnings.	
As	reported	above,	following	the	Company's	announcement	of	a	definitive	agreement	to	sell	its	interest	in	the	Neves-Corvo	
and	Zinkgruvan	mines,	results	from	these	operations	are	reported	as	discontinued	operations.	Net	loss	from	discontinued	
operations	in	Q4	2024	was	impacted	by	a	 $291.2	million	non-cash	impairment	to	align	the	carrying	value	of	Neves-Corvo	
with	expected	cash	consideration.
In	Q4	2024,	a	deferred	tax	recovery	of	$41.5	million	was	recorded	at	Caserones	following	a	re-assessment	of	the	estimated	
future	utilization	of	accumulated	tax	losses.	
10

===== SIDA 14 =====

Revenue	Overview
Sales	Volumes	by	Payable	Metal	-	Continuing	Operations
2024 2023
Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 	158,017	 	 49,052	 	 45,430	 	 29,999	 	 33,536	 	 144,473	 	 38,888	 	 33,668	 	 36,347	 	 35,570	
Caserones	(100%)1 	113,867	 	 26,750	 	 22,044	 	 29,862	 	 35,211	 	 66,075	 	 35,690	 	 30,385	 	 —	 	 —	
Chapada 	 39,615	 	 10,200	 	 12,380	 	 8,293	 	 8,742	 	 43,761	 	 13,080	 	 11,445	 	 10,164	 	 9,072	
Eagle 	 5,457	 	 877	 	 733	 	 1,789	 	 2,058	 	 11,968	 	 3,055	 	 3,177	 	 2,951	 	 2,785	
	316,956	 	 86,879	 	 80,587	 	 69,943	 	 79,547	 	 266,277	 	 90,713	 	 78,675	 	 49,462	 	 47,427	
Gold	(koz)
Candelaria	(100%) 	 89	 	 27	 	 26	 	 17	 	 19	 	 87	 	 23	 	 19	 	 23	 	 22	
Chapada 	 58	 	 15	 	 19	 	 12	 	 12	 	 53	 	 18	 	 13	 	 11	 	 11	
	 147	 	 42	 	 45	 	 29	 	 31	 	 140	 	 41	 	 32	 	 34	 	 33	
Nickel	(t)
Eagle 	 5,662	 	 1,088	 	 393	 	 2,018	 	 2,163	 	 13,339	 	 3,105	 	 3,640	 	 3,859	 	 2,735	
Molybdenum	(t)
Caserones	(100%)1 	 3,056	 	 944	 	 581	 	 695	 	 836	 	 2,019	 	 978	 	 1,041	 	 —	 	 —	
Silver	(koz)
Candelaria	(100%) 	 1,799	 	 557	 	 511	 	 331	 	 400	 	 1,322	 	 415	 	 279	 	 333	 	 295	
Chapada 	 96	 	 21	 	 24	 	 30	 	 21	 	 129	 	 37	 	 32	 	 29	 	 31	
Eagle 	 8	 	 1	 	 (1)	 	 7	 	 1	 	 24	 	 8	 	 6	 	 4	 	 6	
	 1,903	 	 579	 	 534	 	 368	 	 422	 	 1,475	 	 460	 	 317	 	 366	 	 332	
1	Caserones	2023	results	are	from	July	13,	2023.
Revenue	Analysis	
Three	months	ended	December	31, Year	ended	December	31,
by	Mine 2024 2023 Change 2024 2023 Change
($	thousands) $ % $ % $ $ % $ % $
Candelaria	(100%) 	 449,115	 	 52	 	 359,023	 	 40	 	 90,092	 	 1,618,936	 	 47	 	 1,329,599	 	 48	 	 289,337	 
Caserones	(100%)1 	 262,971	 	 31	 	 317,219	 	 36	 	 (54,248)	 	 1,153,625	 	 34	 	 601,775	 	 22	 	 551,850	 
Chapada 	 121,206	 	 14	 	 143,439	 	 16	 	 (22,233)	 	 497,576	 	 15	 	 461,175	 	 17	 	 36,401	 
Eagle 	 25,583	 	 3	 	 73,720	 	 8	 	 (48,137)	 	 152,467	 	 4	 	 350,895	 	 13	 	 (198,428)	 
Continuing	
Operations
	 858,875	 	 893,401	 	 (34,526)	 	 3,422,604	 	 2,743,444	 	 679,160	 
Neves-Corvo 	 97,511	 	 59	 	 115,823	 	 —	 	 (18,312)	 	 438,053	 	 —	 	 425,042	 	 —	 	 13,011	 
Zinkgruvan 	 67,455	 	 41	 	 50,783	 	 —	 	 16,672	 	 256,748	 	 —	 	 223,591	 	 —	 	 33,157	 
1	Caserones	2023	results	are	from	July	13,	2023.
11

===== SIDA 15 =====

Three	months	ended	December	31, Year	ended	December	31,
by	Metal 2024 2023 Change 2024 2023 Change
($	thousands,	
continuing	
operations) $ % $ % $ $ % $ % $
Copper1 	 688,745	 	 80	 	 721,998	 	 81	 	 (33,253)	 	 2,807,053	 	 82	 	 2,121,295	 	 77	 	 685,758	 
Gold 	 93,582	 	 11	 	 74,098	 	 8	 	 19,484	 	 304,538	 	 9	 	 235,857	 	 9	 	 68,681	 
Molybdenum1 	 39,579	 	 5	 	 28,825	 	 3	 	 10,754	 	 131,021	 	 4	 	 77,523	 	 3	 	 53,498	 
Nickel 	 17,805	 	 2	 	 47,601	 	 5	 	 (29,796)	 	 100,387	 	 3	 	 243,050	 	 9	 	 (142,663)	 
Silver 	 14,122	 	 2	 	 10,150	 	 1	 	 3,972	 	 48,839	 	 1	 	 30,625	 	 1	 	 18,214	 
Other 	 5,042	 	 —	 	 10,729	 	 2	 	 (5,687)	 	 30,766	 	 1	 	 35,094	 	 1	 	 (4,328)	 
	 858,875	 	 893,401	 	 (34,526)	 	 3,422,604	 	 2,743,444	 	 679,160	 
1	Caserones	2023	results	are	from	July	13,	2023.
Revenue	from	continuing	operations	for	the	year	of	 $3,422.6	million	was	an	 increase	of	 $679.2	million	over	the	prior	year	
comparable	 period.	 Revenue	 increases	 were	 primarily	 due	 to	 the	 inclusion	 of	 full	 year	 of	 Caserones	 copper	 and	
molybdenum	revenues,	as	the	prior	year	period	had	contribution	only	from	July	2023,	and	increases	in	realized	copper	and	
gold	prices	partially	offset	by	lower	nickel	sales	volumes.	
Revenue	from	gold	and	silver	for	the	quarter	and	year 	includes	the	partial	recognition	of	an	upfront	purchase	price	on	the	
sale	of	precious	metals	streams	for	Candelaria,	Neves-Corvo,	and	Zinkgruvan	as	well	as	the	cash	proceeds	which	amount	to	
approximately	$429/oz	for	gold	at	Candelaria	and	 $4.28/oz	for	silver	at	Candelaria	and	between	 $4.50/oz	and	 4.68/oz	for	
silver	at	Neves-Corvo	and	Zinkgruvan,	respectively.	Chapada’s	copper	revenue	includes	the	recognition	of	deferred	revenue	
from	 copper	 streams	 acquired	 with	 the	 Chapada	 mine,	 as	 well	 as	 the	 cash	 proceeds	 of	 30%	 of	 the	 market	 price	 of	 the	
copper	sold	under	the	streams,	which	is	limited	to	7.9%	of	Chapada's	total	copper	production.
Revenue	is	recorded	using	the	metal	price	received	for	sales	that	settle	during	the	reporting	period.	For	sales	that	have	not	
been	settled,	an	estimate	is	used	based	on	the	expected	month	of	settlement	and	the	forward	price	of	the	metal	at	the	end	
of	the	reporting	period.	The	difference	between	the	estimate	and	the	final	price	received	is	recognized	by	adjusting	revenue	
in	the	period	in	which	the	sale	is	settled.	Settlement	dates	can	range	from	one	to	six	months	after	shipment.	
Provisionally	Valued	Revenue	from	Continuing	Operations	as	of	December	31,	2024
Metal Payable	metal Valued	at
Copper 	 78,322	 	t $3.96	/lb
Gold 	 35		koz $2,638	/oz
Nickel 	 709	 	t $6.87	/lb
Molybdenum 	 1,089	 	t $21.07	/lb
12

===== SIDA 16 =====

Full-Year	Reconciliation	of	Realized	Prices	-	Continuing	Operations
Year	ended	December	31,	2024
($	thousands) Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 2,922,616		 361,086	 	 97,320	 	 136,820	 	 82,860	 	 3,600,702	
Provisional	pricing	adjustments	on	current	year	
concentrate	sales 	 (21,053)	 	 10,602	 	 (2,410)	 	 4,121	 	 (590)	 	 (9,330)	 
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 	 22,259	 	 1,092	 	 6,111	 	 (9,919)	 	 5,245	 	 24,788	
	 2,923,822		 372,780	 	 101,021	 	 131,022	 	 87,515	 	 3,616,160	
Recognition	of	deferred	revenue 	 60,599	
Copper	stream	cash	effect 	 (18,113)	 
Gold	stream	cash	effect 	 (118,697)	 
Less:	Treatment	and	refining	charges 	 (117,345)	 
Total	Net	Sales 	 3,422,604	
Payable	Metal	 316,956	t 147	koz 5,662	t 3,056	t
Current	period	sales	2 $4.15 $2,525 $7.60 $20.92
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 0.03 7 0.49 (1.47)
Realized	prices	3,4 $4.18	/lb $2,532	/oz $8.09	/lb $19.45	/lb
Year	ended	December	31,	2023
Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 2,266,693		 277,682	 	 296,900	 	 82,069	 	 75,465	 	 2,998,807	
Provisional	pricing	adjustments	on	current	year	
concentrate	sales 	 (40,309)	 	 (560)	 	 (13,031)	 	 (4,593)	 	 (1,397)	 	 (59,889)	 
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 	 17,511	 	 1,087	 	 (37,636)	 	 47	 	 (1,212)	 	 (20,203)	 
	 2,243,895		 278,208	 	 246,233	 	 77,523	 	 72,856	 	 2,918,715	
Recognition	of	deferred	revenue 	 53,823	
Copper	stream	cash	effect 	 (19,639)	 
Gold	stream	cash	effect 	 (84,319)	 
Less:	Treatment	&	refining	charges 	 (125,136)	 
Total	Revenue 	 2,743,444	
Payable	Metal 266,277	t 140	koz 13,339	t 2,019	t
Current	period	sales2 $3.79 $1,983 $9.65 $17.41
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 0.03 8 (1.28) 0.01
Realized	prices3,4 $3.82	/lb $1,991	/oz $8.37	/lb $17.42	/lb
1.	Revenue	from	contracts	with	customers	before	recognition	of	deferred	revenue,	gold	and	copper	stream	cash	effects	and	treatment	and	refining	
charges,	each	of	which	is	presented	separately	in	the	table.
2.	Includes	revenue	from	contracts	with	customers	and	provisional	pricing	adjustments	on	current	year	concentrate	sales.
3.	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
4.	 The	 realized	 price	 for	 copper	 inclusive	 of	 the	 impact	 of	 streaming	 agreements	 for	 2024	 is	 $4.15/lb	 (2023:	 $3.79/lb).	 The	 realized	 price	 for	 gold	
inclusive	of	the	impact	of	streaming	agreements	for	2024	is	$1,726/oz	(2023:	$1,387/oz).
13

===== SIDA 17 =====

Annual	Financial	Results
Production	Costs	
Production	 costs	 from	 continuing	 operations	 for	 the	 year	 were	 $1,898.6	 million,	 an	 increase	 from	 $1,644.0	 million	 in	 the	
prior	 year	 comparable	 period.	 The	 increase	 in	 production	 costs	 was	 primarily	 as	 a	 result	 of	 the	 inclusion	 of	 Caserones	
results	 for	 a	 full	 year,	 as	 the	 prior	 year	 comparable	 period	 included	 production	 costs	 from	 the	 acquisition	 date,	 July	 13,	
2023.	This	was	partially	offset	by	lower	sales	volume	at	Eagle	and	Chapada	and	favourable	foreign	exchange,	which	reduced	
the	 production	 costs	 at	 Candelaria,	 Caserones	 and	 Chapada.	 Production	 costs	 from	 discontinued	 operations	 were	 $445.2	
million	(2023	-	$442.1	million).	
Reversal	of	inventory	write-down
At	 December	 31,	 2024,	 as	 a	 result	 of	 higher	 market	 expectations	 for	 long-term	 copper	 and	 gold	 prices,	 the	 Company	
recognized	 a	 $28.3	 million	 non-cash	 partial	 reversal	 of	 a	 previous	 long-term	 ore	 stockpile	 inventory	 net	 realizable	 value	
write-down	at	Chapada	(December	31,	2023	-	$nil).	$1.7	million	of	the	partial	reversal	is	included	in	depreciation,	depletion	
and	amortization	(December	31,	2023	-	$nil).
Depreciation,	Depletion	and	Amortization
Depreciation,	depletion	and	amortization	expense	for	continuing	operations	for	the	year	increased	compared	to	the	prior	
year	comparative	period.	The	increase	is	primarily	attributable	to	a	full	year	of	Caserones	results	compared	to	the	prior	year	
comparable	 period	 which	 had	 the	 results	 from	 acquisition	 in	 July	 2023.	 In	 addition,	 increased	 deferred	 stripping	
amortization	 at	 Candelaria	 and	 Chapada	 contributed	 to	 higher	 amortization	 expense	 in	 the	 year	 when	 compared	 to	 the	
prior	year	comparative	period,	partially	offset	by	lower	amortization	rates	at	Eagle	due	to	fewer	units	of	production.
Depreciation,	depletion	&	amortization Twelve	months	ended	December	31,
	($	thousands,	continuing	operations) 2024 2023 Change
Candelaria 	 313,058	 	 272,377	 	 40,681	
Caserones 	 184,054	 	 108,489	 	 75,565	
Chapada 	 76,524	 	 63,480	 	 13,044	
Eagle 	 33,569	 	 52,050	 	 (18,481)	 
Josemaria 	 —	 	 38	 	 (38)	 
Other 	 539	 	 1,439	 	 (900)	 
	 607,744	 	 497,873	 	 109,871	
Finance	Costs
Total	 finance	 costs,	 net,	 from	 continuing	 operations	 amounted	 to	 $141.5	 million	 for	 the	 year	 and	 increased	 from	 $91.4	
million	in	the	prior	year	primarily	due	to	higher	interest	expense	in	line	with	increased	debt	and	lease	liabilities.
Other	Income	and	Expense	
Net	other	expense	from	continuing	operations	for	the	 year	amounted	to	 $24.1	million,	compared	to	net	other	income	of	
$91.8	 million	 in	 the	 prior	 year.	 The	 difference	 is	 primarily	 related	 to	 higher	 unrealized	 losses	 on	 foreign	 exchange	 and	
commodity	derivative	contracts	and	reduced	foreign	exchange	and	trading	gains	on	debt	and	equity	investments	to	support	
capital	funding	for	the	Josemaria	Project,	and	non-cash	write-downs	of	capital	works	in	progress	at	the	Josemaria	project	
that	are	no	longer	expected	to	be	required.	 These	decreases	were	partially	offset	by	increased	foreign	exchange	gains	as	a	
result	 of	 weakening	 of	 the	 CLP	 and	 BRL	 against	 the	 USD	 and	 a	 $11.7	 million	 gain	 on	 the	 revaluation	 of	 the	 Caserones	
purchase	option,	prior	to	it	being	exercised	during	the	year.	
Period	end	exchange	rates	having	a	meaningful	impact	on	foreign	exchange	recorded	as	at	December	31,	2024	were:
14

===== SIDA 18 =====

Year	ended	December	31,
2024 2023 Change
Brazilian	Real	(USD:BRL) 6.19 4.84 	 1.35	
Chilean	Peso	(USD:CLP) 992 877 	 115	
Euro	(USD:€) 0.96 0.91 	 0.05	
Swedish	Kronor	(USD:SEK) 11.00 9.98 	 1.02	
Argentine	Peso	(USD:ARS) 1,033 808 225
Three	months	ended
December	31,	2024 September	30,	2024 June	30,	2024 March	31,	2024
Brazilian	Real	(USD:BRL) 6.19 5.45 5.56 5.00
Chilean	Peso	(USD:CLP) 992 896 951 982
Euro	(USD:€) 0.96 0.89 0.93 0.93
Swedish	Kronor	(USD:SEK) 11.00 10.10 10.65 10.69
Argentine	Peso	(USD:ARS) 1,033 971 912 857
The	average	exchange	rates	for	each	year	and	quarter	were:
Year	ended	December	31,
2024 2023 Change
Brazilian	Real	(USD:BRL) 5.39 5.00 	 0.39	
Chilean	Peso	(USD:CLP) 944 840 	 104	
Euro	(USD:€) 0.92 0.92 	 —	
Swedish	Kronor	(USD:SEK) 10.57 10.60 	 (0.04)	 
Argentine	Peso	(USD:ARS) 916 296 620
Three	months	ended
December	31,	2024 September	30,	2024 June	30,	2024 March	31,	2024
Brazilian	Real	(USD:BRL) 5.84 5.55 5.22 4.95
Chilean	Peso	(USD:CLP) 963 931 935 946
Euro	(USD:€) 0.94 0.91 0.93 0.92
Swedish	Kronor	(USD:SEK) 10.78 10.42 10.68 10.39
Argentine	Peso	(USD:ARS) 1,002 943 887 835
Impairment
Impairment	 of	 $254.2	 million	 was	 recognized	 in	 earnings	 from	 continuing	 operations	 in	 the	 fourth	 quarter	 of	 2024.	 This	
included	$104.9	million	($82.8	million	net	of	tax)	 relating	to	the	Eagle	mine	due	to	a	decline	in	nickel	prices	and	prolonged	
rehabilitation	 of	 the	 Eagle	 East	 ramp,	 $93.4	 million	 ($61.7	 million	 net	 of	 tax)	 related	 to	 the	 Suruca	 gold	 deposit	 near	
Chapada	following	the	removal	of	reserves 	and		$55.9	million	($41.6	million	net	of	tax) 	due	to	the	continued	closure	of	the	
Alcaparrosa	mine	within	the	Candelaria	mining	complex.
Mine	Suspension	Costs
Mine	 suspension	 costs	 of	 $36.1	 million	 in	 2024	 represent	 overhead	 costs	 incurred	 at	 the	 Eagle	 mine	 due	 to	 a	 partial	
suspension	of	underground	mining	operations	since	May	2024.
15

===== SIDA 19 =====

Discontinued	Operations
Following	 the	 Company's	 announcement	 of	 a	 definitive	 agreement	 to	 sell	 its	 interest	 in	 the	 Neves-Corvo	 and	 Zinkgruvan	
mines,	results	from	these	operations	are	reported	as	discontinued	operations.	Net	loss	from	discontinued	operations	was	
$214.7	million	in	2024	and	include	a	non-cash	impairment	of	 $291.2	million	($270.3	million	net	of	tax)	to	align	the	carrying	
value	 of	 Neves-Corvo	 with	 expected	 cash	 consideration	 for	 this	 asset.	 The	 reduction	 in	 carrying	 value	 for	 Neves-Corvo	 is	
expected	to	result	in	a	gain	on	sale	for	the	disposal	group	as	a	whole,	upon	closing	of	the	transaction.
Income	Taxes	
Income	tax	(expense)/	recovery Year	ended	December	31,
($	thousands,	continuing	operations) 2024 2023 Change
Candelaria 	 (237,879)	 	 (135,078)	 	 (102,801)	 
Caserones1 	 4,314	 	 (19,265)	 	 23,579	
Chapada 	 (59,059)	 	 1,888	 	 (60,947)	 
Eagle 	 28,839	 	 (2,899)	 	 31,738	
Josemaria 	 50,086	 	 (51,266)	 	 101,352	
Other 	 (16,274)	 	 (7,746)	 	 (8,528)	 
	 (229,973)	 	 (214,366)	 	 (15,607)	 
1	Caserones	2023	results	are	from	July	13,	2023.
Income	taxes	by	classification Year	ended	December	31,
($	thousands,	continuing	operations) 2024 2023 Change
Current	income	tax	(expense)/recovery 	 (294,938)	 	 (141,432)	 	 (153,506)	 
Deferred	income	tax	(expense)/	recovery 	 64,965	 	 (72,934)	 	 137,899	
	 (229,973)	 	 (214,366)	 	 (15,607)	 
Current	income	tax	expense	in	the	year	was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	higher	taxable	
earnings	and	the	introduction	of	the	mining	royalty	tax	for	Candelaria	effective	January	1,	2024.
Compared	to	the	prior	year,	the	deferred	income	tax	expense	has	reversed	to	a	deferred	income	tax	recovery	due	to	the	
reversal	 of	 deferred	 tax	 liability	 in	 Josemaria	 as	 a	 result	 of	 tax	 inflation	 adjustments	 in	 Argentina	 and	 the	 decrease	 in	
deferred	tax	liability	at	Eagle	due	to	asset	impairment.	This	reduction	in	net	deferred	tax	liability	was	partially	offset	by	the	
effect	of	foreign	exchange	revaluation	of	non-monetary	assets	at	Chapada	 due	to	the	overall	weakening	of	the	BRL	against	
the	USD	for	the	year.	
16

===== SIDA 20 =====

Fourth	Quarter	Financial	Results	
Gross	Profit
Gross	profit	from	continuing	operations	for	the	quarter	was	$250.6	million,	an	increase	from	$177.8	million	in	the	prior	year	
comparable	 quarter.	 The	 increase	 was	 primarily	 attributable	 to	 higher	 realized	 gold,	 nickel	 and	 molybdenum	 prices,	
favorable	 foreign	 exchange	 due	 to	 the	 weakening	 of	 the	 CLP	 and	 BRL	 against	 the	 USD,	 lower	 depreciation,	 and	 lower	
treatment	and	 refining	charges.	In	addition,	there	was	a	reversal	of	a	previous	non-cash	inventory	write-down	at	Chapada	
on	the	long-term	ore	stockpile	in	the	amount	of	 $28.3	million.These	increases	were	partially	offset	by	negative	provisional	
pricing	adjustments	for	the	current	and	prior	periods	of	 $31.7	million	and	$46.1	million,	respectively,	and	reduced	revenue	
from	 Caserones	 due	 to	 two	 shipments	 of	 copper	 concentrate	 scheduled	 for	 December	 2024	 that	 were	 delayed	 to	 early	
January	due	to	certain	operational	and	weather	related	issues.	Gross	profit	from	discontinued	operations	for	the	quarter	
was	$29.8	million	(2023	-	$11.2	million).
Net	Earnings	
Net	loss	from	continuing	operations	for	the	quarter	was	 $159.6	million,	compared	to	net	 earnings	of	 $40.4	million	in	the	
prior	year	comparable	period,	and	was	impacted	by	the	impairments	of	Eagle,	Suruca	and	Alcaparrosa,	which	were	partially	
offset	by	a	deferred	tax	recovery	of	$41.5	million	at	Caserones	following	a	re-assessment	of	the	estimated	future	utilization	
of	accumulated	tax	losses,	and	 $28.3	million	of	reversal	of	a	non-cash	inventory	write-down	at	Chapada	on	the	long-term	
stockpile.	 Net	 loss	 from	 discontinued	 operations	 for	 the	 quarter	 was	 $244.8	 million,	 compared	 to	 net	 earnings	 of	 $26.3	
million	in	the	prior	year	comparable	period,	and	was	impacted	by	the	impairment	of	Neves-Corvo.
Cash	Flow	from	Operations	
Cash	provided	by	operating	activities	for	the	quarter	was	 $547.3	million,	compared	to	the	prior	year	comparable	quarter	of	
$249.9	million.	The	increase	was	largely	due	to	positive	working	capital	inflows	including	collection	of	trade	receivables	at	
Candelaria	and	$45.0	million	in	payments	received	for	the	delayed	shipments	from	Caserones.
17

===== SIDA 21 =====

Fourth	Quarter	Reconciliation	of	Realized	Prices	-	Continuing	Operations
Three	months	ended	December	31,	2024
($	thousands) Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 800,179	 	 114,791	 	 16,577	 	 41,018	 	 16,666	 	 989,231	
Provisional	pricing	adjustments	on	current	
period	concentrate	sales 	 (32,830)	 	 (1,641)	 	 (270)	 	 —	 	 3,061	 	 (31,679)	 
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales 	 (49,663)	 	 (1,050)	 	 1,519	 	 (1,439)	 	 4,564	 	 (46,069)	 
	 717,686	 	 112,101	 	 17,826	 	 39,579	 	 24,291	 	 911,483	
Recognition	of	deferred	revenue 	 18,349	
Copper	stream	cash	effect 	 (2,555)	 
Gold	stream	cash	effect 	 (40,113)	 
Less:	Treatment	and	refining	charges 	 (28,289)	 
Total	Net	Sales 	 858,875	
Payable	Metal	 86,879	t 42	koz 1,088	t 944	t
Current	Period	Sales2 $4.01 $2,668 $6.80 $19.71
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales (0.26) (25) 0.63 (0.69)
Realized	prices	3,4 $3.75	/lb $2,643	/oz $7.43	/lb $19.02	/lb
Three	months	ended	December	31,	2023
Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 759,788	 	 84,851	 	 54,672	 	 33,929	 	 32,850	 	 966,091	
Provisional	pricing	adjustments	on	current	
period	concentrate	sales 	 5,848	 	 469	 	 (622)	 	 6,169	 	 5,151	 	 17,014	
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales 	 (3,088)	 	 3,014	 	 (6,964)	 	 (11,273)	 	 (15,760)	 	 (34,071)	 
	 762,548	 	 88,334	 	 47,086	 	 28,825	 	 22,241	 	 949,034	
Recognition	of	deferred	revenue 	 13,771	
Copper	stream	cash	effect 	 (4,987)	 
Gold	stream	cash	effect 	 (23,464)	 
Less:	Treatment	&	refining	charges 	 (40,953)	 
Total	Revenue 	 893,401	
Payable	Metal 90,713	t 41	koz 3,105	t 978	t
Current	period	sales2 $3.83 $2,074 $7.90 $18.60
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales (0.02) 74 (1.02) (5.23)
Realized	prices3,4 $3.81	/lb $2,148	/oz $6.88	/lb $13.37	/lb
1.	Revenue	from	contracts	with	customers	before	recognition	of	deferred	revenue,	gold	and	copper	stream	cash	effects	and	treatment	and	refining	
charges,	each	of	which	is	presented	separately	in	the	table.
2.	Includes	revenue	from	contracts	with	customers	and	provisional	pricing	adjustments	on	current	period	concentrate	sales.
3.	This	is	a	non-GAAP	measure	-	see	Section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
4.	The	realized	price	for	copper	inclusive	of	the	impact	of	streaming	agreements	for	2024	is	$3.74/lb	(2023:	$3.79/lb).	The	realized	price	for	gold	
inclusive	of	the	impact	of	streaming	agreements	for	2024	is	$1,697/oz	(2023:	$1,577/oz).
18

===== SIDA 22 =====

Mining	Operations
Production	Overview
2024 2023
YTD Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 162,487 48,772 50,018 31,170 32,527 152,012 41,618 34,275 36,952 39,167
Caserones	(100%)1 124,761 31,737 29,033 29,775 34,216 65,210 35,389 29,821 — —
Chapada 43,261 12,323 11,694 9,106 10,138 45,719 12,872 12,286 10,697 9,864
Eagle 6,366 1,262 1,027 1,563 2,514 13,600 3,334 3,245 3,881 3,140
Continuing	Operations 336,875 94,094 91,772 71,614 79,395 276,541 93,213 79,627 51,530 52,171
Neves-Corvo 28,228 7,139 6,698 7,347 7,044 33,823 9,623 9,016 7,610 7,574
Zinkgruvan 3,964 258 1,385 747 1,574 4,434 501 1,299 917 1,717
Total 369,067 101,491 99,855 79,708 88,013 314,798 103,337 89,942 60,057 61,462
Zinc	(t)
Neves-Corvo 109,571 27,879 29,509 25,696 26,487 108,812 31,035 25,807 24,177 27,793
Zinkgruvan 82,133 24,067 17,101 21,764 19,201 76,349 19,684 23,967 11,938 20,760
Total 191,704 51,946 46,610 47,460 45,688 185,161 50,719 49,774 36,115 48,553
Gold	(koz)
Candelaria	(100%) 93 28 29 17 19 90 25 20 21 24
Chapada 65 18 18 15 14 59 19 15 13 12
Total 158 46 47 32 33 149 44 35 34 36
Nickel	(t)
Eagle 7,486 1,617 893 1,721 3,255 16,429 3,729 4,290 4,686 3,724
Molybdenum	(t)
Caserones	(100%)1 3,183 912 693 714 864 2,024 928 1,096 — —
Lead	(t)
Neves-Corvo 6,395 1,553 1,851 1,387 1,604 5,600 2,030 1,447 951 1,172
Zinkgruvan 30,888 9,481 5,693 8,966 6,748 26,284 6,418 8,643 3,816 7,407
Total 37,283 11,034 7,544 10,353 8,352 31,884 8,448 10,090 4,767 8,579
Silver	(koz)
Candelaria	(100%) 1,985 598 605 367 415 1,487 468 306 366 347
Chapada 245 69 63 55 58 258 73 67 62 56
Eagle 35 7 3 17 8 64 17 19 11 17
Continuing	Operations 2,265 674 671 439 481 1,809 558 392 439 420
Neves-Corvo 1,876 494 425 433 524 1,902 573 486 407 436
Zinkgruvan 2,513 637 537 699 640 2,300 509 785 374 632
Total 6,654 1,805 1,633 1,571 1,645 6,011 1,640 1,663 1,220 1,488
19
1	Caserones	2023	results	are	from	July	13,	2023.

===== SIDA 23 =====

Production	Cost	and	Cash	Cost	Overview	($	thousand,	$/lb)
Three	months	ended
December	31,
Year	ended
December	31,
($	thousands) 2024 2023 2024 2023
Candelaria
Production	costs $200,970 $178,088 $726,685 $726,493
Gross	cost 	 1.93	 	 2.24	 	 2.19	 	 2.46	
By-product1 	 (0.40)	 	 (0.46)	 	 (0.46)	 	 (0.39)	 
Cash	Cost	(Cu,	$/lb)2 	 1.53	 	 1.78	 	 1.73	 	 2.07	
AISC	(Cu,	$/lb)2 	 2.12	 	 2.76	 	 2.62	 	 3.34	
Caserones3
Production	costs $200,229 $215,855 $776,192 $404,837
Gross	cost 	 3.30	 	 2.73	 	 3.08	 	 2.59	
By-product1 	 (0.79)	 	 (0.40)	 	 (0.57)	 	 (0.60)	 
Cash	Cost	(Cu,	$/lb)2 	 2.51	 	 2.33	 	 2.51	 	 1.99	
AISC	(Cu,	$/lb)2 	 3.58	 	 3.48	 	 3.48	 	 3.03	
Chapada
Production	costs $64,352 $89,716 $282,633 $317,317
Gross	cost 	 2.82	 	 3.25	 	 3.27	 	 3.42	
By-product1 	 (1.75)	 	 (1.37)	 	 (1.69)	 	 (1.15)	 
Cash	Cost	(Cu,	$/lb)2 	 1.07	 	 1.88	 	 1.58	 	 2.27	
AISC	(Cu,	$/lb)2 	 2.81	 	 2.75	 	 3.07	 	 3.24	
Eagle
Production	cost $21,131 $48,023 $111,919 $191,704
Gross	cost 	 8.46	 	 6.19	 	 8.37	 	 5.83	
By-product1 	 (3.24)	 	 (3.82)	 	 (4.17)	 	 (3.67)	 
Cash	Cost	(Ni,	$/lb)2 	 5.22	 	 2.37	 	 4.20	 	 2.16	
AISC	(Ni,	$/lb)2 	 9.53	 	 4.60	 	 7.60	 	 4.22	
Neves-Corvo
Production	costs $73,154 $82,734 $323,163 $326,677
Gross	cost 	 6.75	 	 4.43	 	 5.81	 	 4.93	
By-product1 	 (4.91)	 	 (2.47)	 	 (3.62)	 	 (2.56)	 
Cash	Cost	(Cu,	$/lb)2 	 1.84	 	 1.96	 	 2.19	 	 2.37	
AISC	(Cu,	$/lb)2 	 3.37	 	 3.50	 	 3.92	 	 3.96	
Zinkgruvan
Production	costs $29,146 $31,520 $122,064 $115,394
Gross	cost 	 0.89	 	 1.11	 	 1.02	 	 1.06	
By-product1 	 (0.46)	 	 (0.48)	 	 (0.61)	 	 (0.63)	 
Cash	Cost	(Zn,	$/lb)2 	 0.43	 	 0.63	 	 0.41	 	 0.43	
AISC	(Zn,	$/lb)2 	 0.99	 	 0.93	 	 0.87	 	 0.83	
1	By-product	is	after	related	treatment	and	refining	charges.
2	Cash	Cost	per	pound	sold	and	All-in	Sustaining	Cost	per	pound	sold	("AISC")	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	
Measures"	section	of	this	MD&A	for	discussion.
3	Caserones	2023	results	are	from	July	13,	2023.
20

===== SIDA 24 =====

Capital	Expenditures1
Year	ended	December	31,
2024 2023
($	thousands) Sustaining Expansionary
Capitalized	
Interest Total Sustaining Expansionary
Capitalized	
Interest Total
Candelaria 	 275,720	 	 —	 	 —	 	 275,720	 	 380,112	 	 —	 	 —	 	 380,112	
Caserones2 	 143,965	 	 —	 	 —	 	 143,965	 	 83,880	 	 —	 	 —	 	 83,880	
Chapada 	 107,843	 	 —	 	 —	 	 107,843	 	 72,291	 	 —	 	 —	 	 72,291	
Eagle 	 21,222	 	 —	 	 —	 	 21,222	 	 22,201	 	 —	 	 —	 	 22,201	
Josemaria 	 —	 	 243,566	 	 14,641	 	 258,207	 	 —	 	 275,913	 	 9,980	 	 285,893	
Other 	 350	 	 —	 	 —	 	 350	 	 12,761	 	 —	 	 —	 	 12,761	
Continuing	
Operations
	 549,100	 	 243,566	 	 14,641	 	 807,307	 	 571,245	 	 275,913	 	 9,980	 	 857,138	
Neves-Corvo 	 89,302	 	 —	 	 —	 	 89,302	 	 102,621	 	 —	 	 —	 	 102,621	
Zinkgruvan 	 65,658	 	 —	 	 —	 	 65,658	 	 53,358	 	 —	 	 —	 	 53,358	
Total 	 704,060	 	 243,566	 	 14,641	 	 962,267	 	 727,224	 	 275,913	 	 9,980	 	 1,013,117	
1	 Capital	 expenditures	 are	 reported	 on	 a	 cash	 basis,	 as	 presented	 in	 the	 consolidated	 statement	 of	 cash	 flows.	 Sustaining	 capital	 expenditures	 is	 a	
supplementary	 financial	 measure	 and	 expansionary	 capital	 expenditures	 is	 a	 non-GAAP	 measure	 –	 see	 the	 "Non-GAAP	 and	 Other	 Performance	
Measures"	section	of	this	MD&A	for	discussion.
2	Caserones	2023	results	are	from	July	13,	2023.
21

===== SIDA 25 =====

Candelaria	(Chile)
The	 Candelaria	 operations	 consist	 of	 an	 open	 pit	 and	 underground	 mines	 providing	 copper	 ore	 to	 two	 on-site	 processing	
plants	 located	 near	 Copiapó	 in	 the	 Atacama	 region	 of	 Chile,	 as	 well	 as	 a	 port	 facility	 and	 desalination	 plant	 located	
approximately	100km	from	the	mine	facilities	in	the	town	of	Caldera.	The	Company	holds	an	indirect	80%	ownership	interest	
in	 Candelaria	 with	 the	 remaining	 20%	 interest	 indirectly	 held	 by	 Sumitomo	 Metal	 Mining	 Co.,	 Ltd	 and	 Sumitomo	
Corporation.	The	plants	have	a	combined	processing	capacity	of	28	million	tonnes	per	annum	(“mtpa”),	producing	copper	in	
concentrate.	The	primary	metal	is	copper,	with	gold	and	silver	as	by-product	metals.
Operating	Statistics
2024 2023
(100%	Basis) Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 36,728	 	 12,673	 	 10,784	 	 8,155	 	 5,116	 	 25,939	 	 7,793	 	 5,350	 	 6,194	 	 6,602	
Ore	milled	(kt) 	 29,186	 	 7,600	 	 7,183	 	 7,094	 	 7,309	 	 28,903	 	 7,609	 	 7,168	 	 6,924	 	 7,202	
Grade
Copper	(%) 	 0.61	 	 0.69	 	 0.76	 	 0.49	 	 0.48	 	 0.58	 	 0.60	 	 0.52	 	 0.59	 	 0.59	
Gold	(g/t) 	 0.15	 	 0.17	 	 0.18	 	 0.12	 	 0.11	 	 0.14	 	 0.15	 	 0.12	 	 0.14	 	 0.15	
Recovery
Copper	(%) 	 91.8	 	 93.1	 	 92.1	 	 89.5	 	 91.9	 	 91.3	 	 90.3	 	 91.0	 	 91.1	 	 92.6	
Gold	(%) 	 67.7	 	 68.2	 	 69.9	 	 62.1	 	 69.8	 	 69.5	 	 68.6	 	 70.6	 	 68.8	 	 70.3	
Production	(contained	metal)
Copper	(t) 	 162,487	 	 48,772	 	 50,018	 	 31,170	 	 32,527	 	 152,012	 	 41,618	 	 34,275	 	 36,952	 	 39,167	
Gold	(koz) 	 93	 	 28	 	 29	 	 17	 	 19	 	 90	 	 25	 	 20	 	 21	 	 24	
Silver	(koz) 	 1,985	 	 598	 	 605	 	 367	 	 415	 	 1,487	 	 468	 	 306	 	 366	 	 347	
Sales	volume	(payable	metal)
Copper	(t) 	 158,017	 	 49,052	 	 45,430	 	 29,999	 	 33,536	 	 144,473	 	 38,888	 	 33,668	 	 36,347	 	 35,570	
Gold	(koz) 	 89	 	 27	 	 26	 	 17	 	 19	 	 87	 	 23	 	 19	 	 23	 	 22	
Revenue	($000s) 	 1,618,936		 449,115		 473,049		 366,363		 330,409		 1,329,599		 359,023		 299,745		 290,426		 380,405	
Production	costs	($000s) 	 726,685	 	 200,970		 189,106		 175,359		 161,250		 726,493	 	 178,088		 175,468		 184,958		 187,979	
Gross	profit	($000s) 	 579,193	 	 163,238		 205,276		 114,946		 95,733	 	 330,729	 	 106,997		 53,909	 	 35,772	 	 134,051	
Cash	cost	($	per	pound	copper)1 	 1.73	 	 1.53	 	 1.55	 	 2.18	 	 1.89	 	 2.07	 	 1.78	 	 2.19	 	 2.14	 	 2.21	
AISC	($	per	pound	copper)1 	 2.62	 	 2.12	 	 2.23	 	 3.22	 	 3.34	 	 3.34	 	 2.76	 	 3.43	 	 3.76	 	 3.44	
1All-in	 Sustaining	 Cost	 per	 pound	 sold	 ("AISC")	 and	 Cash	 cost	 per	 pound	 sold	 are	 non-GAAP	 measures,	 see	 the	 "Non-GAAP	 and	 Other	 Performance	
Measures"	section	of	this	MD&A	for	discussion.
Production
During	the	quarter,	ore	mined	increased	due	to	mine	sequencing	and	opportunities	to	obtain	ore	from	Phase	12,	in	addition	
to	higher	grade	ore	from	Phase	11.	The	increase	in	mine	movement	and	throughput	helped	to	offset	a	decline	in	grade	from	
Phase	11	toward	the	end	of	the	quarter.	In	2025,	the	majority	of	production	will		continue	to	be	sourced	from	Phase	11	with	
a	planned	reduction	in	average	copper	grades	from	those	realized	in	2024.
Copper	and	gold	production	in	the	year	and	quarter	was	higher	than	in	the	prior	year	comparable	periods	primarily	due	to	
planned	higher	grade	ore	from	Phase	11.	Annual	copper	production	in	2024	increased	from	2023	but	was	slightly	below	the	
most	recently	disclosed	production	guidance	range	as	a	result	of	Phase	11	ore	grade	declining	sooner	than	anticipated	at	
the	end	of	the	quarter.	During	the	year,	Candelaria	produced	98,970	tonnes	of	copper	in	the	second-half	of	the	year	which	
is	one	of	its	best	performances	over	a	six	month	period	in	the	history	of	the	mine.	 Annual	gold	production	was	within	the	
recently	disclosed	production	guidance	range.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	were	higher	than	in	the	 prior	year	quarter	due	to	higher	copper	sales 	volumes	and	a	write-	
down	 of	 inventory	 items	 used	 in	 repair	 and	 maintenance	 of	 mineral	 property,	 plant,	 and	 equipment	 amounting	 to	 $14	
million.	 These	 increases	 were	 partially	 offset	 by	 favourable	 foreign	 exchange	 due	 to	 a	 weakening	 of	 the	 CLP	 against	 the	
USD.	Production	costs	in	the	year	are	consistent	with	the	prior	year	comparable	period.	
Cash	cost	per	pound	in	the	quarter	and	 year	were	lower	than	in	the	prior	year	comparable	periods.	This	was	due	to	higher	
grades	which	resulted	in	higher	sales	volumes,	combined	with	favourable	foreign	exchange	due	to	a	weakening	of	the	CLP	
against	the	USD,	particularly	in	the	fourth	quarter .	These	movements	were	partially	offset	by	the	write-	downs 	of	inventory	
22

===== SIDA 26 =====

items	 totalling	 $14	 million	 and	 $25	 million	 in	 the	 quarter	 and	 year,	 respectively.	 Cash	 cost	 per	 pound	 in	 the	 year	 also	
benefitted	from	favourable	by-product	credits.	
All-in	 sustaining	 cost	 per	 pound	 ("AISC")	 in	 the	 quarter	 and	 year	 were	 lower	 than	 in	 the	 prior	 year	 comparable	 periods	
primarily	 due	 to	 lower	 cash	 cost	 per	 pound,	 combined	 with	 lower	 sustaining	 capital	 expenditure .	 Sustaining	 capital	
expenditures	 were	 lower	 in	 the	 quarter	 and	 the	 year	 due	 to	 reduced	 deferred	 stripping	 and	 higher	 spending	 on	 the	 Los	
Diques	 tailings	 storage	 facility	 in	 the	 prior	 year.	 Annual	 cash	 cost	 per	 pound	 for	 the	 year	 was	 within	 the	 most	 recently-	
disclosed	guidance	range.
In	 the	 year,	 approximately	 60,000	 oz	 of	 gold	 and	 1,225,000	 oz	 of	 silver	 were	 subject	 to	 terms	 of	 a	 streaming	 agreement	
from	 which	 approximately	 $429/oz	 of	 gold	 and	 $4.28/oz	 of	 silver	 were	 received.	 This	 represents	 approximately	 68%	 of	
Candelaria's	total	gold	and	silver	production.
Gross	Profit	and	Net	Earnings
Gross	profit	in	the	year	increased	from	the	prior	year	comparable	period	primarily	due	to	higher	realized	copper	and	gold	
prices,	higher	sales	volumes,	and	favourable	foreign	exchange.	 Gross	profit	in	the	quarter	 was	higher	than	in	the	prior	year	
comparable	period	primarily	due	to	higher	sales	volumes	and	favourable	foreign	exchange.	
Net	earnings	in	the	quarter	and	year	were	impacted	by	a	non-cash	impairment	of	 	$55.9	million 	($41.6	million	net	of	tax) 	
due	 to	 the	 closure	 of	 the	 Alcaparrosa	 mine	 within	 the	 Candelaria	 complex.	 Mining	 operations	 at	 Alcaparrosa	 have	 been	
suspended	since	the	incident	occurred	in	2022	and	Mineral	Reserve	estimates	for	the	Alcaparrosa	mine	have	been	removed	
from	the	Company's	reserve	statement	and	have	not	been	included	in	any	future	production	estimates.	
23

===== SIDA 27 =====

Caserones	(Chile)
Caserones	 is	 an	 open	 pit	 copper-molybdenum	 mine	 which	 produces	 high-quality	 copper	 concentrate,	 copper	 cathode	 and	
molybdenum	concentrate.	Lundin	Mining	is	the	operator	after	acquiring	a	51%	interest	in	Minera	Lumina	Copper	Chile	on	
July	 13,	 2023,	 with	 JX	 Metals	 Corporation	 holding	 the	 remaining	 49%	 interest.	 In	 July	 2024,	 Lundin	 Mining	 increased	 its	
ownership	to	70%,	with	JX	Metals	Corporation	holding	the	remaining	30%	interest.	In	2024,	the	copper	concentrator	treated	
on	average	4,130	tonnes	per	hour.The	solvent	extraction-electrowinning	plant	 has	a	nominal	capacity	of	34.5	kilotonnes	per	
annum	("ktpa").
Operating	Statistics
2024 2023
(100%	Basis) Total Q4 Q3 Q2 Q1 Total2 Q4 Q32
Ore	mined	(kt) 	 30,820	 	 8,557	 	 7,616	 	 7,840	 	 6,807	 	 15,583	 	 7,484	 	 8,099	
Ore	milled	(kt) 	 32,141	 	 8,759	 	 8,136	 	 7,556	 	 7,690	 	 15,424	 	 8,262	 	 7,162	
Ore	placed	on	leach 	 10,230	 	 3,563	 	 1,885	 	 2,868	 	 1,914	 	 5,541	 	 3,234	 	 2,307	
Grade
Copper	(%) 	 0.40	 	 0.36	 	 0.38	 	 0.42	 	 0.44	 	 0.42	 	 0.41	 	 0.44	
Molybdenum	(%) 	 0.015	 	 0.015	 	 0.016	 	 0.015	 	 0.016	 	 0.020	 	 0.019	 	 0.022	
Recovery
Copper	(%) 	 78.6	 	 81.9	 	 76.7	 	 75.9	 	 79.7	 	 86.1	 	 88.2	 	 83.9	
Molybdenum	(%) 	 64.1	 	 68.9	 	 53.3	 	 64.4	 	 70.0	 	 72.4	 	 73.9	 	 70.9	
Production	(contained	metal)
			Copper	in	concentrate	(t) 	 100,837	 	 25,717	 	 23,708	 	 24,246	 	 27,166	 	 55,191	 	 29,496	 	 25,695	
			Copper	cathode	(t) 	 23,924	 	 6,020	 	 5,325	 	 5,529	 	 7,050	 	 10,019	 	 5,893	 	 4,126	
Total	copper	(t) 	 124,761	 	 31,737	 	 29,033	 	 29,775	 	 34,216	 	 65,210	 	 35,389	 	 29,821	
Molybdenum	(t) 	 3,183	 	 912	 	 693	 	 714	 	 864	 	 2,024	 	 928	 	 1,096	
Sales	volume	(payable	metal)
Copper	(t) 	 113,867	 	 26,750	 	 22,044	 	 29,862	 	 35,211	 	 66,075	 	 35,690	 	 30,385	
Molybdenum	(t) 	 3,056	 	 944	 	 581	 	 695	 	 836	 	 2,019	 	 978	 	 1,041	
Revenue	($000s) 	 1,153,625	 	 262,971	 	 227,896	 	 336,547	 	 326,211	 	 601,775	 	 317,219	 	 284,556	
Production	costs	($000s) 	 776,192	 	 200,229	 	 169,411	 	 208,897	 	 197,655	 	 404,837	 	 215,855	 	 188,982	
Gross	profit	($000s) 	 193,379	 	 24,234	 	 19,169	 	 73,149	 	 76,827	 	 88,449	 	 31,182	 	 57,267	
Cash	cost	($	per	pound	copper)1 	 2.51	 	 2.51	 	 2.96	 	 2.60	 	 2.14	 	 1.99	 	 2.33	 	 1.60	
AISC	($	per	pound	copper)1 	 3.48	 	 3.58	 3.95 	 3.58	 	 3.02	 	 3.03	 	 3.48	 	 2.49	
1	 All-in	 Sustaining	 Cost	 per	 pound	 sold	 ("AISC")	 and	 Cash	 cost	 per	 pound	 sold	 are	 non-GAAP	 measures,	 see	 the	 "Non-GAAP	 and	 Other	 Performance	
Measures"	section	of	this	MD&A	for	discussion.
2	Caserones	2023	results	are	from	July	13,	2023.	
Production
In	 the	 quarter,	 Caserones	 delivered	 copper	 and	 molybdenum	 production	 in	 line	 with	 the	 preceding	 quarters,	 driven	 by	
increased	mine	movement,	mill	throughput	and	improved	recoveries,	which	helped	offset	lower	ore	grades.	A	shift	in	the	
mine	 sequencing	 during	 the	 third	 quarter,	 prompted	 by	 hydrogeologic	 conditions	 in	 Phase	 5,	 resulted	 in	 a	 greater	 ore	
contribution	 from	 the	 lower-grade	 Phase	 6	 area	 in	 the	 fourth	 quarter.	 Meanwhile,	 copper	 cathode	 production	 benefited	
from	an	improved	irrigation	pattern	on	the	dump	leach	pad,	enhancing	leaching	efficiency.
Copper	grades	are	expected	to	increase	in	the	second	half	of	2025	as	ore	from	Phase	6	and	7	is	delivered.	Grades	in	2025	
are	expected	to	be	similar	to	2024.	
Annual	 copper	 and	 molybdenum	 production	 were	 at	 the	 top-end	 of	 the	 most	 recently	 disclosed	 production	 guidance	
ranges.		 Copper	and	molybdenum	production	in	the	 quarter	was	lower	than	in	the	prior	year	comparable	period	primarily	
due	 to	 lower	 grades	 and	 recoveries,	 offset	 by	 higher	 throughput.	 Production	 was	 also	 negatively	 impacted	 by	 the	 labour	
action	in	August	which	lasted	14	days	and	reduced	throughput	during	this	period	to	approximately	50%	capacity.
Production	Costs	and	Cash	Cost
Production	 costs	 in	 the	 quarter	 were	 lower	 than	 in	 the	 prior	 year	 comparable	 period	 due	 to	 lower	 sales	 volumes	 and		
favourable	foreign	exchange	as	a	result	of	a	weaker	Chilean	peso. 	Production	costs	in	the	quarter	were	also	impacted	by 	
24

===== SIDA 28 =====

higher	 maintenance,	 contractors,	 and	 labour .	 During	 the	 year,	 there	 had	 been	 a	 build-up	 of	 concentrate	 inventory,	
approximately	 20,000	 tonnes	 of	 copper	 concentrate	 was	 held	 in	 inventory	 at	 December	 31,	 2024,	 which	 has	 been	
subsequently	sold	in	the	first	quarter	of	2025.	 Cash	cost	per	pound	in	the	quarter	was	higher	due	to	 lower	production	and	
sales	 volumes	 partially	 offset	 by	 higher	 by-product	 credits.	 Lower	 grades	 in	 the	 quarter	 impacted	 production	 resulting	 in	
higher	cash	cost	per	pound.	 Cash	cost	per	 pound	in	the	year	was	higher	than	in	the	prior	year	comparable	period	due	to	
higher	mine	and	mill	costs	as	a	result	of	 maintenance,	contractors	and	labour.	Annual	cash	cost	per	pound	for	the	year	was	
within	the	most	recently	disclosed	guidance	range.	AISC	per	pound	in	the	quarter	and	year	were	higher	than	in	prior	periods	
primarily	due	to	higher	cash	costs.
Gross	Profit	and	Net	Earnings
Gross	profit	in	the	quarter	was	lower	than	in	the	prior	year	comparable	period	due	to	 	lower	sales	volumes	combined	with	
higher	maintenance,	contractor	and	salaries	costs,	which	was	partially	offset	primarily	by	lower	depreciation	and	favourable	
foreign	 exchange.	 Gross	 profit	 was	 impacted	 by	 a	 timing	 difference	 between	 the	 production	 and	 shipment	 date	 of	
approximately	20,000	tonnes	of	copper	concentrate.	Two	shipments	of	copper	concentrate	from	Caserones	scheduled	for	
December	2024	were	delayed	to	early	January	due	to	certain	operational	and	weather	related	issues.	The	related	revenue	is	
expected	to	be	recorded	in	the	first	quarter	of	2025.
Net	 earnings	 during	 the	 quarter	 were	 impacted	 by	 a	 deferred	 tax	 recovery	 of	 $41.5	 million	 (Q4	 2023	 -	 $4.1	 million)	 and		
associated	with	the	recognition	of	deferred	tax	assets	to	utilize	accumulated	tax	losses.
25

===== SIDA 29 =====

Chapada	(Brazil)
The	 Chapada	 mine	 consists	 of	 four	 open	 pit	 mines	 and	 on-site	 processing	 facilities	 located	 in	 the	 northern	 Goiás	 State	 of	
Brazil,	approximately	270	km	northwest	of	the	national	capital	of	Brasilia.	The	processing	plant	has	a	capacity	of	24.0	mtpa,	
producing	high-quality	gold-rich	copper	concentrate.	The	primary	metal	is	copper,	with	gold	and	silver	as	by-product	metals.
Operating	Statistics
2024 2023
(100%	Basis) Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 21,949	 	 5,084	 	 5,889	 	 5,851	 	 5,125	 	 29,508	 	 7,803	 	 8,062	 	 7,522	 	 6,121	
Ore	milled	(kt) 	 22,883	 	 5,945	 	 6,035	 	 5,407	 	 5,496	 	 22,233	 	 5,218	 	 5,832	 	 5,207	 	 5,976	
Grade
Copper	(%) 	 0.25	 	 0.28	 	 0.25	 	 0.23	 	 0.23	 	 0.26	 	 0.29	 	 0.26	 	 0.26	 	 0.23	
Gold	(g/t) 	 0.17	 	 0.18	 	 0.18	 	 0.18	 	 0.14	 	 0.15	 	 0.18	 	 0.15	 	 0.14	 	 0.13	
Recovery
Copper	(%) 	 77.3	 	 76.2	 	 78.1	 	 74.2	 	 81.1	 	 80.2	 	 85.9	 	 80.8	 	 80.3	 	 73.3	
Gold	(%) 	 52.2	 	 53.4	 	 51.5	 	 49.3	 	 55.3	 	 55.0	 	 61.1	 	 55.3	 	 54.1	 	 48.0	
Production	(contained	metal)
Copper	(t) 	 43,261	 	 12,323	 	 11,694	 	 9,106	 	 10,138	 	 45,719	 	 12,872	 	 12,286	 	 10,697	 	 9,864	
Gold	(koz) 	 65	 	 18	 	 18	 	 15	 	 14	 	 59	 	 19	 	 15	 	 13	 	 12	
Silver	(koz) 	 245	 	 69	 	 63	 	 55	 	 58	 	 258	 	 73	 	 67	 	 62	 	 56	
Sales	volume	(payable	metal)
Copper	(t) 	 39,615	 	 10,200	 	 12,380	 	 8,293	 	 8,742	 	 43,761	 	 13,080	 	 11,445	 	 10,164	 	 9,072	
Gold	(koz) 	 58	 	 15	 	 19	 	 12	 	 12	 	 53	 	 18	 	 13	 	 11	 	 11	
Revenue	($000s) 	 497,576	 	 121,206		 159,966		 117,969		 98,435	 	 461,175		 143,439		 111,897		 94,721	 	 111,118	
Production	costs	($000s) 	 282,633	 	 64,352	 	 84,450	 	 69,246	 	 64,585	 	 317,317		 89,716	 	 78,854	 	 80,113	 	 68,634	
Gross	profit	(loss)	($000s) 	 165,045	 	 67,262	 	 48,658	 	 30,355	 	 18,770	 	 80,378	 	 30,126	 	 20,230	 	 (381)	 	 30,403	
Cash	cost	($	per	pound	copper)1 	 1.58	 	 1.07	 	 1.37	 	 2.05	 	 2.01	 	 2.27	 	 1.88	 	 2.28	 	 2.69	 	 2.37	
AISC	($	per	pound	copper)1 	 3.07	 	 2.81	 	 2.34	 	 3.72	 	 3.79	 	 3.24	 	 2.75	 	 3.15	 	 3.80	 	 3.42	
1All-in	 Sustaining	 Cost	 per	 pound	 sold	 ("AISC")	 and	 Cash	 cost	 per	 pound	 sold	 are	 non-GAAP	 measures,	 see	 the	 "Non-GAAP	 and	 Other	 Performance	
Measures"	section	of	this	MD&A	for	discussion.
Production	
Chapada's	operations	performed	well	during	the	quarter	with	higher	grade	material	from		fresh	ore	from	the	South,	North,	
and	 Central	 pits.	 This	 led	 to	 a	 reduced	 volume	 of	 older	 low-grade	 stockpile	 material	 being	 processed	 during	 the	 quarter	
compared	to	other	quarters	this	year.
Annual	copper	and	gold	production	was	within	the	most	recently	disclosed	production	guidance	ranges.	Copper	 production	
in	 the	 quarter	 and	 year	 was	 slightly	 lower	 than	 in	 the	 prior	 year	 comparable	 periods	 primarily	 due	 to	 lower	 grades	 and	
recoveries,	 partially	 offset	 by	 higher	 throughput.	 Reduced	 grades	 and	 recoveries	 are	 a	 result	 of	 processing	 ore	 from	 the	
older	low-grade	stockpile	and	North	pit	as	part	of	an	optimized	mine	plan	that	significantly	reduces	waste	movement,	and	
emphasizes	higher	throughput.	Gold	production	in	the	quarter	was	slightly	lower	than	in	the	prior	year	comparable	period	
due	 to	 lower	 recoveries,	 partially	 offset	 by	 higher	 throughput.	 Gold	 production	 for	 the	 year	 was	 higher	 than	 in	 the	 prior	
year	comparable	period	due	to	higher	grades	and	throughput,	partially	offset	by	lower	recoveries.	Higher	gold	grades	were	
generated	 from	 fresh	 ore	 from	 the	 South	 and	 Central	 pits	 replacing	 planned	 feed	 from	 the	 older	 low-grade	 stockpile	 in	
order	to	prioritize	gold	production	in	light	of	the	recent	elevated	gold	price	environment.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	and	year	were	lower	than	in	the	prior	year	comparable	periods	primarily	as	a	result	of	lower	
sales	volumes	and	favourable	foreign	exchange,	combined	with	lower	mining	costs.
Cash	cost	per	pound	in	the	quarter	and	year	improved	significantly	from	the	prior	year	comparable	periods	primarily	due	to	
higher	 by-product	 credits	 as	 a	 result	 of	 increased	 realized	 prices	 for	 gold	 as	 well	 as	 favourable	 foreign	 exchange.	 This	
decrease	 was	 combined	 with	 lower	 mining	 costs	 as	 a	 result	 of	 a	 planned	 reduction	 in	 waste	 movement,	 and	 other	 cost	
reduction	 initiatives	 as	 a	 result	 of	 the	 Chapada	 Full	 Potential	 program,	 which	 started	 in	 2022	 and	 focuses	 on	 various	 site	
26

===== SIDA 30 =====

optimization	activities.	Annual	copper	cash	cost	was	within	the	most	recently	disclosed	guidance	ranges.	AISC	per	pound	in	
the	 quarter	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 higher	 sustaining	 capital	 expenditure	
driven	by	higher	deferred	stripping	and	water	management	expenditures.	AISC	per	pound	in	the	year	was	lower	than	in	the	
prior	year	comparable	period	due	to	lower	cash	cost	per	pound,	partially	offset	by	higher	sustaining	capital	expenditure.	
Gross	Profit	and	Net	Earnings
Gross	profit	in	the	 quarter	and	year	 was	higher	than	in	the	prior	year	comparable	periods	primarily	due	to	higher	realized	
gold	 prices	 and	 favourable	 foreign	 exchange.	 Additionally,	 gross	 profit	 in	 the	 quarter	 and	 year	 benefited	 from	 a	 $28.3	
million	non-cash	partial	reversal	of	a	previous	long-term	ore	stockpile	inventory	write-down,	as	a	result	of	higher	market	
expectations	for	long-term	copper	and	gold	prices.	Gross	profit	in	the	year	was	also	positively	impacted	by	higher	realized	
copper	prices.
Net	earnings	in	the	quarter	and	year	were	impacted	by	a	non-cash	impairment	of	mineral	properties	relating	to	the	Suruca	
gold	deposit	in	the	amount	of	$93.4	million	($61.7	million,	net	of	tax).	
27

===== SIDA 31 =====

Eagle	(USA)
The	Eagle	mine	consists	of	the	Eagle	underground	mine,	located	approximately	53	km	northwest	of	Marquette,	Michigan,	
U.S.A.	and	the	Humboldt	mill,	located	61	km	west	of	Marquette.	The	plant	has	a	processing	capacity	of	 0.7	mtpa,	producing	
nickel	 and	 copper	 in	 concentrates.	 The	 primary	 metal	 is	 nickel	 with	 copper,	 and	 minor	 amounts	 of	 cobalt,	 gold,	 and	
platinum-group	metals	as	by-product	metals.
Operating	Statistics
2024 2023
(100%	Basis) Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 480 117 91 107 165 725 188 192 189 	 156	
Ore	milled	(kt) 487 121 90 97 179 718 186 190 181 	 161	
Grade
Nickel	(%) 	 1.9	 	 1.7	 	 1.4	 	 2.1	 	 2.1	 	 2.6	 	 2.3	 	 2.6	 	 2.9	 	 2.6	
Copper	(%) 	 1.4	 	 1.1	 	 1.2	 	 1.7	 	 1.5	 	 2.0	 	 1.9	 	 1.8	 	 2.2	 	 2.0	
Recovery
Nickel	(%) 	 82.0	 	 78.7	 	 72.3	 	 85.0	 	 85.2	 	 87.4	 	 86.1	 	 86.2	 	 88.8	 	 88.5	
Copper	(%) 	 95.1	 	 94.1	 	 94.3	 	 95.9	 	 95.3	 	 96.8	 	 96.5	 	 96.4	 	 97.0	 	 97.2	
Production	(contained	metal)
Nickel	(t) 7,486 1,617 893 1,721 3,255 16,429 3,729 4,290 4,686 3,724
Copper	(t) 6,366 1,262 1,027 1,563 2,514 13,600 3,334 3,245 3,881 3,140
Sales	volume	(payable	metal)
Nickel	(t) 	 5,662	 	 1,088	 	 393	 	 2,018	 	 2,163	 13,339 	 3,105	 	 3,640	 	 3,859	 	 2,735	
Copper	(t) 	 5,457	 	 877	 	 733	 	 1,789	 	 2,058	 	 11,968	 	 3,055	 	 3,177	 	 2,951	 	 2,785	
Revenue	($000s) 	 152,467		 25,583	 	 12,217	 	 57,444	 	 57,223	 	 350,895		 73,720	 	 102,505		 105,250		 69,420	
Production	costs	($000s) 	 111,919		 21,131	 	 12,595	 	 37,657	 	 40,536	 	 191,704		 48,023	 	 52,497	 	 45,735	 	 45,449	
Gross	profit	(loss)	($000s) 	 6,979	 	 (3,804)	 	 (6,547)	 	 9,794	 	 7,536	 	 107,141		 11,794	 	 35,682	 	 46,845	 	 12,820	
Cash	cost	($	per	pound	nickel)1 	 4.20	 	 5.22	 	 7.24	 	 3.23	 	 4.04	 	 2.16	 	 2.37	 	 2.07	 	 1.88	 	 2.43	
AISC	($	per	pound	nickel)1 	 7.60	 	 9.53	 	 20.02	 	 5.71	 	 6.12	 	 4.22	 	 4.60	 	 4.05	 	 3.34	 	 5.16	
1All-in	 Sustaining	 Cost	 per	 pound	 sold	 ("AISC")	 and	 Cash	 cost	 per	 pound	 sold	 are	 non-GAAP	 measures,	 see	 the	 "Non-GAAP	 and	 Other	 Performance	
Measures"	section	of	this	MD&A	for	discussion.
Production
In	May	2024,	a	fall	of	ground	in	the	lower	ramp	limited	access	to	Eagle	East	and	subsequently	reduced	mining	rates	while	
ramp	 rehabilitation	 was	 completed.	 During	 the	 quarter,	 higher	 throughput	 began	 and	 normal	 throughput	 rates	 are	
expected	 to	 resume	 in	 Q1	 2025.	 Delivery	 of	 ore	 from	 Eagle	 East	 commenced	 during	 the	 quarter	 which	 led	 to	 improved	
grades	and	recoveries.	Due	to	the	rehabilitation	of	the	lower	ramp,	the	extraction	of	the	majority	of	ore	from	Eagle	East	was		
deferred	into	2025	and	future	years.
Nickel	and	copper	production	in	the	quarter	 and	year	was	lower	than	in	the	prior	year	comparable	periods	due	to	lower	
throughput	and	grades.	 Monitoring	of	the	crown	pillar	continues	at	Eagle.	 Early	indications	of	localized	minor	movement	
were	 recorded,	 as	 the	 pillar	 settled	 on	 the	 cement	 rock	 filled	 headings	 in	 the	 upper	 levels	 of	 the	 Eagle	 deposit.	 As	 a	
precautionary	measure,	the	Company	has	increased	the	frequency	of	readings	and	the	total	number	of	monitoring	devices,	
and	 reduced	 the	 extraction	 rate	 from	 this	 area	 of	 the	 mine.	 Annual	 nickel	 and	 copper	 production	 were	 within	 the	 most	
recently	disclosed	production	guidance	ranges.
Production	Costs	and	Cash	Cost
Production	 costs	 in	 the	 quarter	 and	 year	 were	 lower	 than	 in	 the	 prior	 year	 comparable	 periods	 primarily	 due	 to	 lower	
production	 and	 sales	 volumes	 leading	 to	 reduced	 spend	 in	 milling,	 transportation	 and	 lower	 royalty	 expense.	 Production	
costs	in	the	quarter 	and	year	excluded	approximately	 $11.4	million	and	 $36.1	million,	respectively,	 of	overhead	costs	that	
have	been	recorded	as	Other	Income	and	Expense	as	a	result	of	the	partial	suspension	of	underground	mining	operations.
Cash	 cost	 per	 pound	 in	 the	 quarter	 and	 the	 year	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 periods	 due	 to	 the	
prioritization	 of	 ramp	 rehabilitation	 which	 resulted	 in	 lower	 sales	 volumes.	 Cash	 cost	 per	 pound	 in	 the	 year	 was	 also	
partially	offset	by	higher	by-product	credits	as	a	result	of	higher	realized	copper	prices.	AISC	per	pound	in	the	 quarter	and	
year	was	higher	than	in	the	prior	year	comparable	periods	primarily	due	to	higher	cash	cost	per	pound.	Cash	cost	per	pound	
28

===== SIDA 32 =====

for	the	year	exceeded	the	high	end	of	the	most	recently	disclosed	guidance	range	as	mining	rates	did	not	recover	as	quickly	
as	expected	during	the	quarter	for	all	metals	including	by-products.
Gross	Profit	and	Net	Earnings
Gross	profit	in	the	quarter	and	year-to	date	periods	was	lower	than	in	the	prior	year	comparable	periods	primarily	due	to	
lower	sales	volumes.
Net	earnings	were	impacted	in	the	quarter	and	the	year	as	a	result	of	a	non-cash	impairment	loss	recorded	in	December	
2024.	Impairment	indicators	including	a	decline	in	nickel	prices	and	prolonged	rehabilitation	of	the	Eagle	East	ramp	were	
identified	for	the	Eagle	mine.	As	the	recoverable	amount	determined	for	the	cash	generating	unit	("CGU")	was	lower	than	
the	carrying	value,	a	non-cash	impairment	loss	of	$104.9	million	($82.8	million	net	of	tax)	was	recognized.
29

===== SIDA 33 =====

Neves-Corvo	(Portugal)	
Neves-Corvo	is	located	200	km	southeast	of	Lisbon,	Portugal,	in	the	western	part	of	the	Iberian	Pyrite	Belt	and	consists	of	an	
underground	mine	and	on-site	processing	facilities.	The	copper	plant	has	a	processing	capacity	of	up	to	2.8	mtpa,	producing	
copper	in	concentrate,	and	the	zinc	plant	has	an	expanded	capacity	of	2.5	 mtpa	producing	zinc	and	lead	concentrates.	The	
primary	 metal	 is	 copper,	 with	 zinc,	 lead	 and	 silver	 as	 by-product	 metals.	 In	 December	 2024,	 the	 Company	 announced	 the	
sale	of	Neves-Corvo	with	the	transaction	expected	to	close	in	mid-2025.
Operating	Statistics	(Discontinued	Operation)
2024 2023
(100%	Basis)	D Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	copper	(kt) 2,412 643 579 602 588 2,591 677 689 622 603
Ore	mined,	zinc	(kt) 2,127 539 571 499 518 1,989 549 459 470 511
Ore	milled,	copper	(kt) 2,426 643 583 601 599 2,588 682 674 628 604
Ore	milled,	zinc	(kt) 2,127 568 540 507 512 1,989 573 441 465 510
Grade
Copper	(%) 	 1.5	 	 1.4	 	 1.5	 	 1.6	 	 1.5	 	 1.7	 	 1.9	 	 1.8	 	 1.6	 	 1.6	
Zinc	(%) 	 6.5	 	 6.3	 	 7.0	 	 6.3	 	 6.5	 	 6.8	 	 6.6	 	 7.4	 	 6.6	 	 6.7	
Lead	(%) 	 1.2	 	 1.1	 	 1.4	 	 1.3	 	 1.2	 	 1.5	 	 1.4	 	 1.5	 	 1.5	 	 1.5	
Recovery
Copper	(%) 	 76.9	 	 78.3	 	 74.9	 	 77.2	 	 77.3	 	 76.5	 	 75.6	 	 76.1	 	 77.0	 	 77.7	
Zinc	(%) 	 77.3	 	 76.0	 	 76.9	 	 78.2	 	 78.4	 	 78.0	 	 79.9	 	 76.1	 	 76.8	 	 78.7	
Lead	(%) 	 24.6	 	 25.4	 	 24.8	 	 21.7	 	 26.5	 	 19.2	 	 25.2	 	 21.3	 	 14.0	 	 15.7	
Production	(contained	metal)
Copper	(t) 28,228 7,139 6,698 7,347 7,044 33,823 9,623 9,016 7,610 	 7,574	
Zinc	(t) 109,571 27,879 29,509 25,696 26,487 108,812 31,035 25,807 24,177 	 27,793	
Lead	(t) 6,395 1,553 1,851 1,387 1,604 5,600 2,030 1,447 951 	 1,172	
Silver	(koz) 	 1,876	 	 494	 	 425	 	 433	 	 524	 	 1,902	 	 573	 	 486	 	 407	 	 436	
Sales	volume	(payable	metal)
Copper	(t) 	 26,721	 	 5,230	 	 7,707	 	 7,898	 	 5,886	 	 32,054	 	 9,054	 	 8,799	 	 6,170	 	 8,031	
Zinc	(t) 	 88,731	 	 21,357	 	 25,730	 	 20,440	 	 21,204	 	 91,115	 	 25,491	 	 21,957	 	 20,125	 	 23,542	
Lead	(t) 	 5,700	 	 1,323	 	 1,811	 	 1,242	 	 1,324	 	 4,970	 	 1,830	 	 1,220	 	 881	 	 1,039	
Revenue	($000s) 	 438,053		 97,511	 	 131,237	 	 128,675		 80,630	 	 425,042		 115,823		 111,202		 68,614	 	 129,403	
Production	costs	($000s) 	 323,163		 73,154	 	 95,168	 	 83,129	 	 71,712	 	 326,677		 82,734	 	 82,137	 	 76,080	 	 85,726	
Gross	(loss)	profit	($000s) 	 (3,434)	 	 (2,524)	 	 1,344	 	 15,874	 	(18,128)	 	(23,234)	 	 642	 	 (2,288)	 	(35,185)	 	 13,597	
Cash	cost	($	per	pound	copper)1 	 2.19	 	 1.84	 	 2.13	 	 1.70	 	 3.24	 	 2.37	 	 1.96	 	 2.27	 	 3.99	 	 1.69	
AISC	($	per	pound	copper)1 	 3.92	 	 3.37	 	 3.84	 	 3.46	 	 5.13	 	 3.96	 	 3.50	 	 3.82	 	 5.73	 	 3.29	
1All-in	 Sustaining	 Cost	 per	 pound	 sold	 ("AISC")	 and	 Cash	 cost	 per	 pound	 sold	 are	 non-GAAP	 measures,	 see	 the	 "Non-GAAP	 and	 Other	 Performance	
Measures"	section	of	this	MD&A	for	discussion.
Production	
Copper	 production	 in	 the	 quarter	 and	 year	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 periods	 primarily	 due	 to	 lower	
grades	and	throughput.	Annual	copper	production	was	within	the	most	recently	disclosed	production	guidance	range.	Zinc	
production	in	the	quarter	was	lower	than	in	the	prior	year	comparable	period	mainly	due	to	lower	grades	and	recoveries.	
Zinc	production	for	the	year	was	an	annual	record	for	the	operation	primarily	due	to	record	throughput	as	a	result	of	the	
zinc	expansion	project,	although	slightly	below	the	most	recently	disclosed	annual	production	guidance	range.		
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	and	year	were	lower	than	in	the	prior	year	comparable	periods	primarily	due	to	decreases	in	
zinc	and	copper	sales	volumes	partially	offset	by	higher	electricity	and	labour	costs.
Cash	 cost	 per	 pound	 in	 the	 quarter	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 lower	 sales	
volume.	 Cash	 cost	 per	 pound	 in	 the	 year	 improved	 from	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 higher	 by-
product	credits	driven	mainly	by	higher	realized	zinc	prices.	 Annual	copper	cash	cost	 per	pound	slightly	exceeded	the	most	
recently	disclosed	2024	cash	cost	guidance	range,	primarily	driven	by	lower	sales	volume.	AISC	per	pound	in	the	quarter	and	
year	was	in	line	with	AISC	from	the	prior	year	comparable	periods.	
30

===== SIDA 34 =====

Gross	(Loss)	Profit	and	Net	Earnings
In	the	quarter ,	the	gross	loss	was	$ 2.5	million,	compared	to	a	gross	profit	of	$ 0.6	million	from	the	prior	year	comparable	
period.	 This	 decrease	 was	 mainly	 due	 to	 lower	 copper	 and	 zinc	 sales	 volume	 and	 higher	 unit	 production	 costs	 primarily	
driven	 by	 higher	 electricity	 and	 labour	 costs.	 Gross	 loss	 in	 the	 year	 was	 lower	 than	 the	 gross	 loss	 in	 the	 prior	 year	
comparable	period,	primarily	driven	by	higher	realized	copper	and	zinc	prices.
Net	earnings	in	the	year	and	quarter	were	impacted	by	a	pre-tax	non-cash	impairment	charge	of	 $291.2	million	(after-tax		
$270.3	million)	that	was	recorded	in	December	2024	relating	to	the	Neves-Corvo	reporting	segment	to	recognize	goodwill,	
mining	rights	and	mineral	properties	at	their	estimated	fair	value,	based	on	the	expected	sales	price	as	established	by	the	
definitive	agreement.	The	pre-tax	impairment	charge	includes	 $90.7	million	allocated	to	the	Neves-Corvo	goodwill.	These	
charges	are	recorded	in	net	earnings	(loss)	from	discontinued	operations
31

===== SIDA 35 =====

Zinkgruvan	(Sweden)
The	 Zinkgruvan	 mine	 consists	 of	 an	 underground	 mine	 and	 on-site	 processing	 facilities,	 located	 approximately	 200	 km	
southwest	 of	 Stockholm,	 Sweden.	 The	 plant	 has	 processing	 capacity	 of	 1.6	 mtpa.	 Products	 are	 zinc,	 lead	 and	 copper	
concentrates.	 The	 primary	 metal	 is	 zinc,	 with	 lead,	 silver	 and	 copper	 as	 by-products.	 In	 December	 2024,	 the	 Company	
announced	the	sale	of	Zinkgruvan	with	the	transaction	expected	to	close	in	mid-2025.
	
Operating	Statistics	(Discontinued	Operation)
2024 2023
(100%	Basis) Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	zinc	(kt) 1,246 332 300 308 306 1,178 313 287 268 310
Ore	mined,	copper	(kt) 184 8 84 45 47 207 36 65 51 55
Ore	milled,	zinc	(kt) 1,239 311 302 313 313 1,179 327 326 211 315
Ore	milled,	copper	(kt) 207 14 76 42 75 198 28 58 34 78
Grade
Zinc	(%) 	 7.3	 	 8.4	 	 6.3	 	 7.7	 	 6.7	 	 7.3	 	 6.7	 	 8.2	 	 6.6	 	 7.4	
Lead	(%) 	 3.1	 	 3.7	 	 2.4	 	 3.7	 	 2.7	 	 2.9	 	 2.5	 	 3.5	 	 2.4	 	 2.9	
Copper	(%) 	 2.2	 	 2.0	 	 2.1	 	 2.0	 	 2.4	 	 2.5	 	 2.0	 	 2.5	 	 3.1	 	 2.4	
Recovery
Zinc	(%) 	 90.9	 	 91.8	 	 89.8	 	 90.6	 	 91.1	 	 89.0	 	 89.8	 	 90.0	 	 86.3	 	 88.7	
Lead	(%) 	 80.0	 	 83.0	 	 78.5	 	 78.2	 	 79.4	 	 77.8	 	 77.1	 	 75.7	 	 76.2	 	 82.1	
Copper	(%) 	 88.1	 	 86.7	 	 87.3	 	 88.0	 	 89.0	 	 88.5	 	 86.3	 	 88.7	 	 86.1	 	 90.5	
Production	(contained	metal)
Zinc	(t) 82,133 24,067 17,101 21,764 19,201 76,349 19,684 23,967 11,938 20,760
Lead	(t) 30,888 9,481 5,693 8,966 6,748 26,284 6,418 8,643 3,816 7,407
Copper	(t) 3,964 258 1,385 747 1,574 4,434 501 1,299 917 1,717
Silver	(koz) 2,513 637 537 699 640 2,300 509 785 374 632
Sales	volume	(payable	metal)
Zinc	(t) 	 68,086	 	 18,627	 	 15,124	 	 18,510	 	 15,825	 	 65,344	 	 17,316	 	 22,042	 	 9,374	 	 16,612	
Lead	(t) 	 28,036	 	 7,786	 	 6,346	 	 9,069	 	 4,835	 	 25,527	 	 5,714	 	 9,391	 	 4,944	 	 5,478	
Copper	(t) 	 3,809	 	 457	 	 1,775	 	 821	 	 756	 	 4,473	 	 845	 	 1,758	 	 1,001	 	 869	
Revenue	($000s) 	 256,748		 67,455	 	 68,633	 	 76,587	 	 44,073	 	 223,591		 50,783	 	 82,290	 	 29,520	 	 60,998	
Production	costs	($000s) 	 122,064		 29,146	 	 30,109	 	 32,734	 	 30,075	 	 115,394		 31,520	 	 37,183	 	 17,786	 	 28,905	
Gross	profit	($000s) 	 97,664	 	 32,359	 	 24,250	 	 35,040	 	 6,015	 	 74,073	 	 10,519	 	 32,727	 	 6,821	 	 24,006	
Cash	cost	($	per	pound)1 	 0.41	 	 0.43	 	 0.16	 	 0.39	 	 0.65	 	 0.43	 	 0.63	 	 0.28	 	 0.24	 	 0.54	
AISC	($	per	pound)1 	 0.87	 	 0.99	 	 0.66	 	 0.74	 	 1.10	 	 0.83	 	 0.93	 	 0.56	 	 1.06	 	 0.97	
1All-in	 Sustaining	 Cost	 per	 pound	 sold	 ("AISC")	 and	 Cash	 cost	 per	 pound	 sold	 are	 non-GAAP	 measures,	 see	 the	 "Non-GAAP	 and	 Other	 Performance	
Measures"	section	of	this	MD&A	for	discussion.
Production	
Zinc	 and	 lead	 production	 for	 the	 quarter	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 due	 to	 higher	 grades	 and	
recoveries.	 Zinc	 and	 lead	 production	 for	 the	 year	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 due	 to	 higher	
throughput,	grades	and	recoveries.	Zinc	production	of	82,133	tonnes	was	an	annual	record	for	the	operation.	Annual	zinc	
production	 was	 within	 the	 most	 recently	 disclosed	 production	 guidance	 ranges.	 Throughput	 in	 2023	 was	 affected	 by	 the	
installation	of	a	zinc	sequential	flotation	system,	which	limited	mill	availability.	Copper	production	for	the	quarter	was	lower	
than	in	the	prior	quarter	comparable	period	due	to	lower	throughput.	Copper	production	for	the	year	was	lower	than	in	the	
prior	 year	 comparable	 period	 and	 slightly	 below	 the	 most	 recently	 disclosed	 annual	 production	 guidance	 range	 primarily	
due	to	lower	than	planned	grades.
Production	Costs	and	Cash	Cost
Production	 costs	 in	 the	 quarter	 were	 lower	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 lower	 labour	 and	
contractor	costs,	partially	offset	by	higher	zinc	and	lead	sales	volumes.	Production	costs	in	the	year	were	higher	than	in	the	
prior	year	comparable	period	primarily	due	to	higher	zinc	and	lead	sales	volumes.	
Cash	cost	per	pound	for	the	quarter	and	year	was	lower	than	in	the	prior	year	comparable	periods	primarily	due	to	higher	
zinc	 sales	 volumes	 and	 lower	 treatment	 and	 refining	 charges.	 Annual	 cash	 cost	 was	 within	 the	 most	 recently	 disclosed	
guidance	range.	AISC	per	pound	in	the	quarter	and	year	was	higher	than	in	the	prior	year	comparable	periods	due	to	higher	
sustaining	capital	expenditure.	
32

===== SIDA 36 =====

Gross	Profit
Gross	profit	for	the	quarter	was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	higher	realized	zinc	prices,	
lower	treatment	and	refining	charges	and	lower	production	costs.	Gross	profit	for	the	year	was	higher	than	in	the	prior	year	
comparable	period	primarily	due	to	higher	realized	zinc	and	copper	prices,	lower	treatment	and	refining	charges	and	higher	
zinc	and	lead	sales	volume.	These	increases	were	partially	offset	by	higher	depreciation	and	operating	costs.
33

===== SIDA 37 =====

Vicuña	Projects	(Argentina	and	Chile)	
Project	Development		
During	the	quarter,	the	focus	was	on	preparing	for	the	completion	of	the	Filo	acquisition	and	formation	of	the	50/50	Joint	
Arrangement	with	BHP	announced	on	July	29,	2024.	The	work	plan	associated	with	the	transaction	with	BHP	progressed	as	
expected.	 Subsequent	 to	 year-end	 on	 January	 15,	 2025,	 the	 Company	 completed	 the	 Filo	 acquisition	 and	 the	 Joint	
Arrangement	with	BHP,	resulting	in	the	Company	indirectly	holding	a	50%	interest	in	Vicuña,	which	owns	the	Filo	del	Sol	
project	and	Josemaria	project.	BHP	indirectly	owns	the	remaining	50%	interest	in	Vicuña.
As	 part	 of	 the	 Joint	 Arrangement,	 the	 2024	 work	 scope	 was	 changed	 to	 include	 incorporation	 of	 new	 studies	 and	
preparation	of	a	resource	model	relating	to	the	Filo	del	Sol	project,	a	joint	development	concept	pertaining	to	the	Josemaria	
and	Filo	del	Sol	ore	bodies	as	well	as	processing	facilities	and	infrastructure.	An	action	plan	was	developed	for	the	combined	
project,	including	a	2025	budget	that	included	advancement	of	studies	associated	with	the	synergies	between	the	Filo	del	
Sol	and	Josemaria	projects,	continuation	of	the	drilling	program	and	advancing	the	Josemaria	project.
Josemaria	 activities	 were	 focused	 on	 continuing	 the	 Environmental	 Impact	 Assessment	 ("EIA")	 update	 and	 maintaining	
progress	 on	 the	 water	 program.	 The	 field	 activities	 continued	 with	 the	 water	 program,	 geotechnical	 studies,	 road	
maintenance,	wetlands	biodiversity	offset	and	exploration	drilling	at	Cumbre	Verde.	
Environmental	 and	 permitting	 work	 continued	 on	 several	 fronts.	 Work	 progressed	 on	 preparation	 of	 the	 Josemaria	 EIA	
update	which	is	forecast	to	be	complete	in	Q1	2025.	The	incoming	500kV	powerline	and	substation	EIA	was	approved	in	
November,	 and	 the	 Northern	 Access	 Road	 EIA	 was	 approved	 in	 December.	 The	 ongoing	 technical	 review	 of	 the	 revised	
tailings	dam	design	is	expected	to	be	approved	in	early	2025.
Government	relations	activities	continued	with	both	the	national	and	provincial	governments.	In	conjunction,	discussions	
on	 provincial	 agreements	 continued	 to	 be	 advanced.	 A	 plan	 for	 preparation	 and	 submission	 of	 the	 Basis	 Law	 -	 Incentive	
Regime	for	Large	Investments	("RIGI")	application	was	advanced.		
Community	relations	programs	continued	in	the	fourth	quarter	with	key	developments	being:	a	2023	sustainability	report,	a	
Google-certified	 IT	 job	 training	 program	 for	 youth	 in	 the	 community,	 initiation	 of	 the	 first-ever	 seed-capital	 program	 for	
developing	 local	 suppliers,	 an	 internet	 connectivity	 project	 connecting	 community	 households	 was	 inaugurated,	 and	 a	
women	entrepreneurship	program	was	completed.
During	 the	 year,	 the	 Company	 spent	 $243.6	 million	 in	 capital	 expenditure	 compared	 to	 $275.9	 million	 in	 2023.	 Spending	
exceeded	 the	 annual	 guidance	 of	 $230.0	 million	 due	 to	 better	 progress	 being	 achieved	 on	 the	 advancement	 of	 various		
Josemaria	project	initiatives	in	connection	with	the	transaction	with	BHP.	
Exploration	Update
During	the	quarter,	exploration	activity	focused	on	in-mine	and	near-mine	targets	at	the	Company's	operations.	Exploration			
drilling	at	Candelaria	was	focused	on	Candelaria	South,	La	Portuguesa	and	La	Espanola.	
At	 Caserones,	 exploration	 drilling	 was	 completed	 in	 the	 lower	 portion	 of	 the	 mineral	 resource	 in	 search	 of	 higher-grade	
copper	breccia	bodies	that	could	improve	the	average	grade	of	the	resource	and	potentially	expand	it.	The	drilling	program	
at	Angelica,	in	search	of	copper	sulphides,	was	also	completed	during	the	quarter.
Drilling	at	Chapada	concentrated	on	adding	high	grade	resources	to	Sauva	and	testing	near-mine	geochemical	anomalies.
At	Josemaria,	the	drilling	campaign	restarted	at	Cumbre	Verde.
Drilling	continued	at	Eagle	during	the	quarter	with	one	surface	hole	targeting	a	geophysical	anomaly	east	of	Eagle	East.	At	
Neves-Corvo,	the	2024	drilling	program	focused	on	extending	inferred	resources	at	Lombador	North	and	near-mine	drilling	
at	Neves	Southwest	concluded	at	the	end	of	the	quarter.	Drilling	at	Zinkgruvan	was	focused	on	resource	expansion.
	All	2024	drilling	campaigns	were	successfully	completed	by	the	end	of	the	quarter.
34

===== SIDA 38 =====

Liquidity	and	Capital	Resources
Consolidated	Cash	Flow
Year	ended	December	31,	
($	thousands,	continuing	operations	unless	otherwise	noted) 2024 2023 Change
Cash	provided	by	operating	activities	related	to	continuing	operations 	 1,300,848	 	 827,244	 	 473,604	
Cash	provided	by	operating	activities	related	to	discontinued	operations 	 218,009	 	 189,368	 	 28,641	
Cash	used	in	investing	activities	related	to	continuing	operations 	 (855,369)	 	 (1,518,812)	 	 663,443	
Cash	used	in	investing	activities	related	to	discontinued	operations 	 (151,537)	 	 (155,722)	 	 4,185	
Cash	(used	in)	provided	by	financing	activities	related	to	continuing	
operations 	 (349,774)	 	 711,910	 	 (1,061,684)	 
Cash	provided	by	financing	activities	related	to	discontinued	operations 	 5,547	 	 16,676	 	 (11,129)	 
Effect	of	foreign	exchange	on	cash	balances 	 (4,238)	 	 6,742	 	 (10,980)	 
Increase	in	cash	and	cash	equivalents 	 163,486	 	 77,406	 	 86,080	
Opening	cash	and	cash	equivalents 	 268,793	 	 191,387	 	 77,406	
Less:	Cash	and	cash	equivalents	included	in	assets	held	for	sale 	 (74,801)	 	 —	 	 (74,801)	 
Closing	cash	and	cash	equivalents 	 357,478	 	 268,793	 	 88,685	
Adjusted	operating	cash	flow1		—	continuing	operations 	 1,079,968	 	 847,276	 	 232,692	
Adjusted	operating	cash	flow1		—	discontinued	operations 	 222,624	 	 176,941	 	 45,683	
Free	cash	flow	from	operations1	—	continuing	operations 	 797,100	 	 300,009	 	 497,091	
Free	cash	flow	from	operations1	—	discontinued	operations 	 75,892	 	 45,071	 	 30,821	
Free	cash	flow1		—	continuing	operations 	 508,182	 	 (19,914)	 	 528,096	
Free	cash	flow1	—	discontinued	operations 	 63,049	 	 33,389	 	 29,660	
1This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.	
Cash	provided	by	operating	activities	related	to	continuing	operations	during	the	year	was	 $473.6	million	higher	than	in	the	
prior	year	primarily	due	to	higher	sales	volumes	combined	with	favourable	realized	copper	and	gold	prices,	including	the	
impacts	of	upward	provisional	pricing	adjustments	on	prior	year	concentrate	sales	on	an	annual	basis.	The	inclusion	of	full	
year	 operating	 cash	 flows	 at	 Caserones	 also	 contributed	 to	 increased	 cash	 flow	 from	 operating	 activities	 year	 over	 year.	
Additional	 cash	 was	 provided	 from	 $220.9	 million	 of	 positive	 working	 capital	 changes	 primarily	 due	 to	 net	 collections	 of	
trade	receivables	at	Caserones,	timing	of	tax	payments	at	Candelaria,	and	 $45.0	million	in	payments	received	by	Caserones	
relating	to	two	shipments	of	copper	concentrate	scheduled	for	December	2024	that	were	delayed	to	early	January	due	to	
certain	operational	and	weather	related	issues.	
Cash	used	in	investing	activities	related	to	continuing	operations 	during	the	year	was	 $663.4	million	lower	than	in	the	prior	
year	 primarily	 due	 to	 the	 acquisition	 of	 Caserones	 and	 a	 $49.8	 million	 reduction	 in	 capital	 expenditures.	 Cash	 used	 in	
investing	activities	related	to	continuing	operations	during	the	year	also	included	a	$41.7	million	subscription	for	Filo	shares	
to	provide	interim	financing	to	Filo.
Cash	used	in	financing	activities	related	to	continuing	operations	during	the	year	included	net	borrowings	of	$567.1	million,	
part	of	which	was	used	to	finance	the	exercise	of	the	option	to	acquire	an	additional	19%	interest	in	Caserones	for	$350.0	
million.	 The	 Company	 additionally	 paid	 $202.5	 million	 dividends	 to	 shareholders	 in	 the	 year,	 paid	 $152.0	 million	 in	
distributions	 to	 partners	 holding	 minority	 interests	 in	 Candelaria	 and	 Caserones,	 and	 repurchased	 $24.4	 million	 of	 its	
common	shares	through	an	automatic	share	purchase	plan,	pursuant	to	its	Normal	Course	Issuer	Bid	(“NCIB”).	
Free	cash	flow	from	operations	-	continuing	during	the	year	was	 higher	than	in	the	prior	year	comparable	period	primarily	
as	 a	 result	 of	 incremental	 cash	 flows	 from	 a	 full	 year	 of	 Caserones	 operations	 and	 favourable	 realized	 copper	 and	 gold	
prices	 as	 discussed	 above.	 Free	 cash	 flow	 from	 operations	 -	 discontinued	 during	 the	 year	 was	 higher	 than	 the	 prior	 year	
comparable	period	due	to	higher	realized	zinc	prices	combined	with	lower	cash	costs.
Free	cash	flow	-	continuing	operations	was	higher	than	in	the	prior	year	comparable	period	as	a	result	of	the	same	factors	
discussed	 above	 for	 Free	 cash	 flow	 from	 operations	 -	 continuing,	 in	 addition	 to	 lower	 spending	 on	 the	 Vicuña	 Projects	
during	the	year.
																																						35

===== SIDA 39 =====

Liquidity	and	Financial	Position
($	thousands,	continuing	operations	except	for	2023	or	otherwise	
noted) December	31,	2024 December	31,	2023 Change
Cash	and	cash	equivalents 	 357,478	 	 268,793	 	 88,685	
Total	assets 	 10,406,712	 	 10,861,199	 	 (454,487)	 
Debt1 	 1,756,972	 	 1,208,600	 	 548,372	
Lease	liabilities2 	 249,185	 	 277,208	 	 (28,023)	 
Net	debt3 	 (1,597,800)	 	 (1,223,389)	 	 (374,411)	 
Net	debt	excluding	lease	liabilities3 	 (1,332,349)	 	 (946,181)	 	 (386,168)	 
1Debt	includes	both	current	and	non-current	portions	related	to	continuing	operations.
2	Lease	liabilities	includes	both	current	and	non-current	portions.	
3This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.	This	includes	discontinued	
operations.
The	Company	continues	to	expect	to	be	able	to	fund	all	its	contractual	commitments	with	its	operating	cash	flow,	cash	on	
hand	and	available	capital	resources.
Net	debt	excluding	lease	liabilities3	at	December	31,	2024	increased	from	December	31,	2023	primarily	due	to	net	proceeds	
from	debt,	partially	offset	by	increased	cash	balances.
During	 the	 quarter	 and	 year,	 2,815,200	 shares	 were	 purchased	 under	 the	 Company's	 NCIB	 (quarter	 and	 year	 ended	
December	31,	2023	-	nil	shares).
Commodity	prices,	primarily	copper,	zinc,	gold	and	nickel	are	key	performance	drivers	and	fluctuations	in	the	prices	of	these	
commodities	 can	 have	 a	 dramatic	 effect	 on	 the	 results	 of	 operations.	 Prices	 can	 fluctuate	 widely	 and	 are	 affected	 by	
numerous	 factors	 beyond	 the	 Company’s	 control.	 The	 prices	 of	 metals	 are	 influenced	 by	 supply	 and	 demand,	 exchange	
rates,	 interest	 rates	 and	 interest	 rate	 expectations,	 inflation	 or	 deflation	 and	 expectations	 with	 respect	 to	 inflation	 or	
deflation,	 speculative	 activities,	 changes	 in	 global	 economies,	 and	 geopolitical,	 social	 and	 other	 factors.	 The	 supply	 of	
metals	consists	of	a	combination	of	new	mine	production,	recycling	and	existing	stocks	held	by	governments,	producers	and	
consumers.	The	Company	economically	hedges	certain	of	its	operating	currencies	as	well	as	metal	prices	and	certain	input	
commodities	(refer	to	"Financial	Instruments"	section	below).
																																						36

===== SIDA 40 =====

Contractual	Obligations,	Commitments	and	Contingencies
The	 Company	 has	 contractual	 obligations	 and	 capital	 commitments	 as	 described	 in	 Note	 27	 “Commitments	 and	
Contingencies”	in	the	Company’s	Consolidated	Financial	Statements.	From	time	to	time,	the	Company	may	also	be	involved	
in	legal	proceedings	that	arise	in	the	ordinary	course	of	its	business.
The	Company	has	the	following	contractual	obligations	and	capital	commitments	as	at	December	31,	2024:
Payments	due	by	period1
($	thousands) <1	year 1-5	years Thereafter Total
Continuing	operations
Reclamation	and	closure	provisions 	 20,876	 	 87,930	 	 587,017	 	 695,823	
Long-term	debt	and	lease	liabilities 	 409,811	 	 1,571,993	 	 130,866	 	 2,112,670	
Capital	commitments 	 127,729	 	 176,399	 	 —	 	 304,128	
Defined	pension	obligations 	 —	 	 —	 	 3,546	 	 3,546	
Deferred	consideration 	 10,000	 	 130,000	 	 —	 	 140,000	
	 568,416	 	 1,966,322	 	 721,429	 	 3,256,167	
Discontinued	operations
Reclamation	and	closure	provisions 	 910	 	 19,303	 	 108,868	 	 129,081	
Long-term	debt	and	lease	liabilities 	 3,466	 	 12,316	 	 2,976	 	 18,758	
Capital	commitments 	 29,821	 	 —	 	 —	 	 29,821	
Defined	pension	obligations 	 537	 	 2,053	 	 781	 	 3,372	
	 34,734	 	 33,672	 	 112,625	 	 181,032	
Total 	 603,150	 	 1,999,994	 	 834,054	 	 3,437,199	
1Reported	on	an	undiscounted	basis,	before	inflation.
Capital	Resources
As	at	December	31,	2024,	the	Company	has	a	RCF	of	$1,750.0	million	with	 $270.0	million	outstanding	(December	31,	2023	-	
$250.0	million).	The	RCF	 bears	interest	on	drawn	funds	at	rates	of	Term	Secured	Overnight	Financing	Rate	(“Term	SOFR”)	
plus	Credit	Spread	Adjustment	(“CSA”)	of	0.10%	plus	an	applicable	margin	of	 	1.45%	to	2.50%,	depending	on	the	Company’s	
net	leverage	ratio.	 	The	RCF	is	unsecured,	save	and	except	for	a	charge	over	certain	assets	in	the	United	States	of	America,	
and	is	subject	to	customary	covenants.	On	April	26,	2024,	the	facility,	which	originally	expired	in	April	2028,	was	amended	
and	extended	to	April	2029.	
As	at	December	31,	2024,	the	Company's	Term	Loan	has	a	principal	amount	of	 $1,150.0	million	which	includes	the	exercise	
of	$350.0	million	of	the	accordion	option	in	the	year.	The	Team	Loan	bears	interest	at	an	annual	rate	equal	to	Term	SOFR	+	
CSA	 +	 an	 applicable	 margin	 of	 1.60%	 to	 2.65%,	 depending	 on	 the	 Company’s	 net	 leverage	 ratio.	 Principal	 is	 payable	 at	
maturity.	On	April	26,	2024,	the	Term	Loan,	originally	maturing	in	July	2026,	was	extended	to	July	2027.	
On	May	23,	2024,	both	the	RCF	and	the	Term	Loan	were	amended	 to	establish	sustainability	performance	targets	whereby	
the	interest	rate	margin	in	the	facilities	will	be	adjusted	based	on	the	Company's	performance	relative	to	the	targets.
As	at	December	31,	2024,	the	Company	is	in	compliance	with	its	debt	covenants.
As	 at	 December	 31,	 2024,	 certain	 subsidiaries	 of	 the	 Company	 had	 outstanding	 unsecured	 term	 loans	 totalling	 $245.9	
million	 (December	 31,	 2023	 -	 $48.9	 million)	 and	 accruing	 interest	 at	 rates	 ranging	 from	 5.07%	 to	 6.32%	 per	 annum	 with	
interest	payable	upon	maturity.	The	maturity	dates	range	from	January	to	May	2025.
The	 development	 of	 the	 Vicuña	 Projects	 requires	 significant	 capital	 commitments	 from	 the	 Company,	 and	 additional	
funding,	beyond	debt,	may	be	required	to	advance	the	projects	to	completion.	
Financial	Instruments
Revenue,	cost	of	goods	sold	and	capital	expenditures	are	affected	by	certain	external	factors	including	fluctuations	in	metal	
prices	and	changes	in	exchange	rates	between	the	CLP,	BRL,	ARS	and	the	$.	
During	 the	 year	 ended	 December	 31,	 2024,	 the	 Company	 continued	 to	 enter	 into	 derivative	 contracts	 as	 part	 of	 its	 risk	
management	 strategy	 to	 mitigate	 exposure	 to	 foreign	 currency	 and	 commodities.	 At	 December	 31,	 2024,	 derivative	
contracts	 consist	 of	 foreign	 currency	 forward	 and	 option	 contracts,	 and	 diesel	 and	 gold	 option	 contracts.	 The	 option	
contracts	consist	of	put	and	call	contracts	in	a	collar	structure	and	all	contracts	have	maturities	ranging	through	2025	and	
2026.	
																																						37

===== SIDA 41 =====

The	derivative	contracts	have	not	been	designated	as	hedges	for	purposes	of	hedge	accounting	and	are	measured	at	fair	
value	as	assessed	by	pricing	models	based	on	active	market	prices.	Changes	in	fair	value	are	recognized	in	other	income	and	
expense	in	the	consolidated	statement	of	earnings.
The	Company’s	trade	receivables	also	contain	provisional	pricing	sales	arrangements	that	are	valued	using	quoted	forward	
market	 prices.	 The	 following	 table	 illustrates	 the	 sensitivity	 of	 the	 Company’s	 risk	 on	 final	 settlement	 of	 its	 provisionally	
priced	revenues	as	at	December	31,	2024.
Metal Payable	Metal
Provisional	price	on
	December	31,	2024 Change
Effect	on	Revenue	
($millions)
Copper 78,322	t $3.96/lb 	 +/-	10	 % +/-	$68.4
Gold 35	koz $2,638/oz 	 +/-	10	 % +/-	$9.2
Nickel 709	t $6.87/lb 	 +/-	10	 % +/-	$1.1
Molybdenum 1,089	t $21.07/lb 	 +/-	10	 % +/-	$5.1
For	a	detailed	discussion	of	the	Company’s	financial	instruments	refer	to	Note	 26	‘Financial	Instruments’	in	the	Company’s	
Consolidated	Financial	Statements.
Foreign	Currency	Denominated	Production	Costs
For	the	year	ended	December	31,	 2024,	Candelaria	and	Caserones	production	costs	are	approximately	55%	and	50%	CLP	
denominated	 respectively	 and	 Chapada	 production	 costs	 are	 approximately	 80%	 BRL	 denominated.	 Production	 costs	 for	
Eagle,	Neves-Corvo	and	Zinkgruvan	are	substantially	denominated	in	their	functional	currencies.	
38

===== SIDA 42 =====

Non-GAAP	and	Other	Performance	Measures	
The	 Company	 uses	 certain	 performance	 measures	 in	 its	 analysis	 and	 disclosure.	 These	 performance	 measures	 have	 no	
standardized	meaning	within	generally	accepted	accounting	principles	under	IFRS	and,	therefore,	amounts	presented	may	
not	 be	 comparable	 to	 similar	 data	 presented	 by	 other	 mining	 companies.	 This	 data	 is	 intended	 to	 provide	 additional	
information	 and	 should	 not	 be	 considered	 in	 isolation	 or	 as	 a	 substitute	 for	 measures	 of	 performance	 prepared	 in	
accordance	with	IFRS.	The	following	are	non-GAAP	measures	that	the	Company	uses	as	key	performance	indicators.
Non-GAAP	financial	
measure	or	ratio Definition
Most	directly	
comparable	IFRS	
measure
Why	management	uses	the	
measure	and	why	it	may	be	
useful	to	investors
Cash	cost Includes	costs	directly	attributable	to	mining	operations	
(including	mining,	processing	and	administration),	
treatment,	refining	and	transportation	charges,	but	
excludes	royalty	expenses,	expenses	associated	with	non-
cash	fair	value	adjustments	to	inventory,	depreciation	and	
amortization	and	capital	expenditures	for	deferred	
stripping.	Revenue	from	sales	of	by-products,	inclusive	of	
adjustments	for	the	terms	of	streaming	agreements	but	
excluding	the	recognition	of	any	deferred	revenue	from	the	
allocation	of	upfront	streaming	proceeds,	reduce	cash	cost.	
Production	costs	
from	continuing	
operations	and	
Production	costs	
from	discontinued	
operations
Copper,	zinc	and	nickel	cash	
cost	per	pound	sold	are	useful	
measures	to	assess	the	
operating	performance	of	the	
Company's	mines	and	their	
ability	to	generate	cash.	The	
inclusion	of	by-product	credits	
incorporates	the	benefit	of	
other	metals	extracted	in	the	
production	of	the	primary	
metal.Cash	cost	per	pound	
sold
This	ratio	is	calculated	by	dividing	cash	cost	by	the	sales	
volume	of	the	primary	metal	(copper,	zinc,	or	nickel).
All-in	sustaining	cost	
("AISC")
Includes	cash	cost	(as	defined	above),	royalties,	sustaining	
capital	expenditure	(including	deferred	stripping	and	
underground	mine	development),	reclamation	and	other	
closure	cost	accretion	and	amortization	and	lease	
payments	(cash	basis).	As	this	measure	seeks	to	reflect	the	
full	cost	of	production	from	current	operations,	
expansionary	capital	and	certain	exploration	costs	are	
excluded	as	these	are	costs	typically	incurred	to	extend	
mine	life	or	materially	increase	the	productive	capacity	of	
existing	assets,	or	for	new	operations.	Corporate	general	
and	administrative	expenses	have	also	been	excluded	as	
any	attribution	of	these	costs	to	an	operating	site	would	
not	necessarily	be	reflective	of	costs	directly	attributable	to	
the	administration	of	the	site.	Certain	other	cash	
expenditures,	including	tax	payments,	financing	charges	
(including	capitalized	interest)	and	costs	related	to	
business	combinations,	asset	acquisitions	and	asset	
disposals	are	also	excluded.
Production	costs	
from	continuing	
operations	and	
Production	costs	
from	discontinued	
operations
Copper,	zinc	and	nickel	AISC	
and	AISC	per	pound	sold	are	
useful	measures	to	understand	
the	full	cost	of	producing	and	
selling	metal	at	the	Company's	
mines,	and	each	mine's	ability	
to	generate	cash	while	
sustaining	production	at	current	
levels.
AlSC	per	pound	sold This	ratio	is	calculated	by	dividing	AISC	by	the	sales	volume	
of	the	primary	metal	(copper,	zinc,	or	nickel).
Sustaining	capital	
expenditures
This	supplementary	financial	measure	is	defined	as	cash-
basis	expenditures	which	maintain	existing	operations	and	
sustain	production	levels.
Investment	in	
mineral	properties,	
plant	and	
equipment
Sustaining	capital	expenditures	
provide	an	understanding	of	
costs	required	to	maintain	
existing	production	levels.	
Expansionary	capital	
expenditures	provide	
information	on	costs	required	
for	future	growth	of	existing	or	
new	assets.	
Expansionary	capital	
expenditures
This	non-GAAP	measure	is	defined	as	cash-basis	
expenditures	which	increase	current	or	future	production	
capacity,	cash	flow	or	earnings	potential	and	are	reported	
excluding	capitalized	interest.	Where	an	expenditure	both	
maintains	and	expands	current	operations,	classification	
would	be	based	on	the	primary	decision	for	which	the	
expenditure	is	being	made.
39

===== SIDA 43 =====

Non-GAAP	financial	
measure	or	ratio Definition
Most	directly	
comparable	IFRS	
measure
Why	management	uses	the	
measure	and	why	it	is	useful	to	
investors
Realized	price	per	
pound	and	realized	
price	per	ounce1
Defined	as	revenue	from	metal	sales	(copper,	gold,	nickel	
and	molybdenum)	adding	back	treatment	and	refining	
charges,	cash	effects	of	gold	and	copper	streams,	
recognition	of	deferred	revenue	from	the	allocation	of	
upfront	streaming	proceeds	and	sales	of	silver	and	other	
metals,	divided	by	the	volume	of	metal	sold	in	the	period.	
Revenue	from	
continuing	
operations
These	measures	provide	an	
understanding	of	the	price	
realized	in	each	reporting	
period	for	metal	sales.
Earnings	before	
interest,	taxes,	
depreciation	and	
amortization	
(EBITDA)	and	
Adjusted	EBITDA
EBITDA	represents	net	earnings	or	loss	for	the	period	
before	income	tax	expense	or	recovery,	depreciation	and	
amortization,	and	finance	costs,	net.	Adjusted	EBITDA	
removes	the	effects	of	items	that	do	not	reflect	the	
Company's	underlying	operating	performance	and	are	not	
necessarily	indicative	of	future	operating	results.	These	
may	include:	unrealized	foreign	exchange,	unrealized	gains	
or	losses	from	derivative	contracts,	revaluation	gains	or	
losses	on	marketable	securities,	derivative	liabilities	and	
purchase	options,	expenses	for	acquisition-related	fair	
value	adjustments	to	inventory,	non-cash	impairment	
charges	and	reversals,	non-cash	stockpile	inventory	or	
fixed	asset	write-downs	or	reversals,	goodwill	impairment,	
costs	relating	to	the	sinkhole	near	Ojos	del	Salado	
operations,	costs	relating	to	the	suspension	of	
underground	operations	at	Eagle,	gains	or	losses	on	
disposals	of	subsidiaries,	income	from	investments	in	
associates,		insurance	proceeds	and	litigation	and	
settlements.	
Net	earnings	(loss)	
from	continuing	
operations	and	
from	discontinued	
operations
EBITDA	and	Adjusted	EBITDA	
are	used	to	evaluate	the	
Company's	operational	
performance	and	its	ability	to	
generate	cash	from	core	
operations.	
Adjusted	earnings	
(loss)
Defined	as	net	earnings	or	loss	attributable	to	shareholders	
of	the	Company	excluding	the	effects	(net	of	tax)	of	
significant	items	that	do	not	reflect	the	Company's	
underlying	operating	performance.	In	addition	to	the	items	
listed	for	Adjusted	EBITDA,	these	may	also	include:	
deferred	tax	recovery	or	expense	arising	from	foreign	
exchange	translation		and	deferred	tax	recovery	or	expense	
arising	from	changes	in	tax	rates.	Adjustments	exclude	
amounts	attributable	to	non-controlling	interests.	
Net	earnings	(loss)	
attributable	to	
Lundin	Mining	
Corporation		
shareholders	and	
Net	earnings	(loss)	
from	continuing	
operations	
attributable	to	
Lundin	Mining	
Corporation	
shareholders
In	addition	to	conventional	
measures	prepared	in	
accordance	with	IFRS,	adjusted	
earnings	and	adjusted	earnings	
per	share	measure	the	
underlying	operating	
performance	of	the	Company.
Adjusted	earnings	
(loss)	per	share
This	ratio	is	calculated	by	dividing	adjusted	net	earnings	or	
loss	by	the	weighted	average	number	of	shares	
outstanding.
Free	cash	flow	from	
operations
Defined	as	cash	flow	provided	by	operating	activities,	
excluding	general	exploration	and	business	development	
costs	and	deducting	sustaining	capital	expenditures	(as	
defined	above).
Cash	provided	by	
operating	activities	
related	to	
continuing	
operations	and	
Cash	provided	by	
operating	activities	
related	to	
discontinued	
operations
Free	cash	flow	from	operations	
is	indicative	of	the	Company's	
ability	to	generate	cash	from	its	
operations	after	consideration	
of	required	sustaining	capital	
expenditure	necessary	to	
maintain	existing	production	
levels.	Free	cash	flow	further	
considers	expansionary	capital	
expenditure.
Free	cash	flow Defined	as	cash	flow	provided	by	operating	activities,	
deducting	sustaining	capital	expenditures	and	
expansionary	capital	expenditures	(both	as	defined	above).
40

===== SIDA 44 =====

Adjusted	operating	
cash	flow
Defined	as	cash	provided	by	operating	activities,	excluding	
changes	in	non-cash	working	capital	items.	
Cash	provided	by	
operating	activities	
related	to	
continuing	
operations	and	
Cash	provided	by	
operating	activities	
related	to	
discontinued	
operations
These	measures	are	indicative	
of	the	Company's	ability	to	
generate	cash	from	its	
operations	and	remove	the	
impact	of	working	capital,	
which	can	experience	volatility	
from	period-to-period.
Adjusted	operating	
cash	flow	per	share
This	ratio	is	calculated	by	dividing	adjusted	operating	cash	
flow	by	the	weighted	average	number	of	shares	
outstanding.
Net	debt Net	debt	is	defined	as	total	debt	and	lease	liabilities	
excluding	deferred	financing	fees,	less	cash	and	cash	
equivalents.	Net	debt	excluding	lease	liabilities	is	defined	
as	total	debt	excluding	lease	liabilities,	deferred	financing	
fees,	less	cash	and	cash	equivalents.
Debt	and	lease	
liabilities,	current	
portion	of	debt	and	
lease	liabilities,	
cash	and	cash	
equivalents.	
Additionally,	the	
above	items	as	
included	in	assets	
held	for	sale,	and	
liabilities	held	for	
sale
These	measures	are	indicative		
of	the	Company's	financial	
position.
Net	debt	excluding	
lease	liabilities
1See	the	'Revenue	Overview'	section	of	this	MD&A	for	reconciliations	to	revenue,	the	most	directly	comparable	IFRS	measure.	
41

===== SIDA 45 =====

Cash	Cost	per	Pound	and	All-in	Sustaining	Cost	(“AISC”)	per	Pound
Cash	Cost	per	Pound	and	All-in	Sustaining	Costs	per	pound	can	be	reconciled	to	Production	Costs	as	follows:
Three	months	ended	December	31,	2024
Operations Candelaria Caserones Chapada Eagle
Total	-	
continuing	
operations
Neves-
Corvo Zinkgruvan
Total	-	
discontinued	
operations($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn)
Sales	volumes:
Tonnes 49,052 26,750 10,200 1,088 5,230 18,627
Pounds	(000s) 108,141 58,973 22,487 2,399 11,531 41,066
Production	costs 	 486,877	 	 102,300	
Less:	Royalties	and	other 	 (27,839)	 	 (20)	 
	 459,038	 	 102,280	
Deduct:	By-product	credits 	 (137,021)	 	 (75,716)	 
Add:	Treatment	and	refining	
charges 	 27,483	 	 12,128	
Cash	cost 	 165,039	 	 147,826	 	 24,107	 	 12,528	 	 349,500	 	 21,230	 	 17,462	 	 38,692	
Cash	cost	per	pound	($/lb) 1.53 2.51 1.07 5.22 1.84 0.43
Add:	Sustaining	capital	
expenditure 	 55,526	 	 42,988	 	 32,916	 	 5,224	 	 12,680	 	 22,470	 
Royalties 	 4,692	 	 7,663	 	 2,689	 	 696	 	 793	 	 —	 
Reclamation	and	other	
closure	accretion	and	
depreciation 	 2,129	 	 (4,457)	 	 2,373	 	 1,734	 	 1,184	 	 747	 
Leases	and	other 	 1,449	 	 17,229	 	 1,080	 	 2,691	 	 2,917	 	 74	 
All-in	sustaining	cost 	 228,835	 	 211,249	 	 63,165	 	 22,873	 	 38,804	 	 40,753	 
AISC	per	pound	($/lb) 2.12 3.58 2.81 9.53 3.37 0.99
Three	months	ended	December	31,	2023
Operations Candelaria Caserones Chapada Eagle
Total	-	
continuing	
operations
Neves-
Corvo Zinkgruvan
Total	-	
discontinued	
operations($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn)
Sales	volumes:
Tonnes 38,888 35,690 13,080 3,105 9,054 17,316
Pounds	(000s) 85,733 78,683 28,836 6,845 19,961 38,176
Production	costs 	 533,783	 	 114,254	
Less:	Royalties	and	other 	 (22,221)	 	 (2,299)	 
Inventory	fair	value	
adjustment 	 (7,760)	 	 —	
	 503,802	 	 111,955	
Deduct:	By-product	credits 	 (136,641)	 	 (67,523)	 
Add:	Treatment	and	refining	
charges 	 39,139	 	 18,799	
Cash	cost 	 152,276	 	 183,687	 	 54,108	 	 16,229	 	 406,300	 	 39,218	 	 24,013	 	 63,231	
Cash	cost	per	pound	($/lb) 1.78 2.33 1.88 2.37 1.96 0.63
Add:	Sustaining	capital	
expenditure 	 79,316	 	 55,031	 	 19,858	 	 6,548	 	 28,070	 	 10,546	 
Royalties 	 —	 	 8,270	 	 2,174	 	 5,003	 	 1,081	 	 —	 
Reclamation	and	other	
closure	accretion	and	
depreciation 	 2,158	 	 1,427	 	 2,047	 	 2,620	 	 1,305	 	 933	 
Leases	and	other 	 2,901	 	 25,715	 	 1,131	 	 1,101	 	 106	 	 103	 
All-in	sustaining	cost 	 236,651	 	 274,130	 	 79,318	 	 31,501	 	 69,780	 	 35,595	 
AISC	per	pound	($/lb) 2.76 3.48 2.75 4.60 3.50 0.93
42

===== SIDA 46 =====

Twelve	months	ended	December	31,	2024
Operations Candelaria Caserones1 Chapada Eagle
Total	-	
continuing	
operations
Neves-
Corvo Zinkgruvan
Total	-	
discontinued	
operations($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn)
Sales	volumes:
Tonnes 158,017 113,867 39,615 5,662 26,721 68,086
Pounds	(000s) 348,367 251,033 87,336 12,483 58,910 150,104
Production	costs 	 1,898,627	 	 445,227	
Less:	Royalties	and	other 	 (84,501)	 	 (4,785)	 
	 1,814,126	 	 440,442	
Deduct:	By-product	credits 	 (504,431)	 	 (305,479)	 
Add:	Treatment	and	refining	
charges 	 113,565	 	 55,407	
Cash	cost 	 603,533	 	 629,582	 	 137,714	 	 52,431	 	 1,423,260	 	 129,128	 	 61,242	 	 190,370	
Cash	cost	per	pound	($/lb) 1.73 2.51 1.58 4.20 2.19 0.41
Add:	Sustaining	capital	expenditure 	 275,720	 	 143,965	 	 107,843	 	 21,222	 	 89,302	 	 65,658	 
Royalties 	 15,730	 	 32,106	 	 8,580	 	 7,442	 	 3,961	 	 —	 
Reclamation	and	other	
closure	accretion	and	
depreciation 	 8,570	 	 (1,262)	 	 10,153	 	 6,767	 	 5,220	 	 4,033	 
Leases	and	other 	 9,133	 	 69,002	 	 3,576	 	 6,949	 	 3,322	 	 309	 
All-in	sustaining	cost 	 912,686	 	 873,393	 	 267,866	 	 94,811	 	 230,933	 	 131,242	 
AISC	per	pound	($/lb) 2.62 3.48 3.07 7.60 3.92 0.87
Twelve	months	ended	December	31,	2023
Operations Candelaria Caserones1 Chapada Eagle
Total	-	
continuing	
operations
Neves-
Corvo Zinkgruvan
Total	-	
discontinued	
operations($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn)
Sales	volumes:
Tonnes 144,473 66,075 43,761 13,339 32,054 65,344
Pounds	(000s) 318,508 145,670 96,476 29,407 70,667 144,059
Production	costs 	 1,644,037	 	 442,071	
Less:	Royalties	and	other 	 (60,916)	 	 (5,321)	 
Inventory	fair	value	
adjustment 	 (39,945)	 	 —	
	 1,543,176	 	 436,750	
Deduct:	By-product	credits 	 (428,208)	 	 (271,707)	 
Add:	Treatment	and	refining	charges 	 118,480	 	 64,848	
Cash	cost 	 660,160	 	 290,553	 	 219,278	 	 63,457	 	 1,233,448	 	 167,424	 	 62,467	 	 229,891	
Cash	cost	per	pound	($/lb) 2.07 1.99 2.27 2.16 2.37 0.43
Add:	Sustaining	capital	expenditure 	 380,112	 	 83,880	 	 72,291	 	 22,201	 	 102,621	 	 53,358	 
Royalties 	 —	 	 15,820	 	 8,568	 	 22,994	 	 3,949	 	 —	 
Reclamation	and	other	
closure	accretion	and	
depreciation 	 9,258	 	 2,560	 	 7,836	 	 11,331	 	 5,387	 	 3,744	 
Leases	and	other2 	 13,325	 	 47,944	 	 4,999	 	 4,100	 	 553	 	 427	 
All-in	sustaining	cost 	 1,062,855	 	 440,757	 	 312,972	 	124,083	 	 279,934	 	 119,996	 
AISC	per	pound	($/lb) 3.34 3.03 3.24 4.22 3.96 0.83
1	Caserones	2023	results	are	from	July	13,	2023.
43

===== SIDA 47 =====

Adjusted	EBITDA	
Adjusted	EBITDA	can	be	reconciled	to	Net	Earnings	(Loss)	as	follows:
Three	months	ended
December	31, Year	ended	December	31,
($thousands) 2024 2023 2024 2023 2022
Net	earnings	(loss)	—	continuing	operations 	 (159,618)	 	 40,444	 	 153,354	 	 276,850	 	 316,772	
Add	back:
Depreciation,	depletion	and	amortization 	 148,033	 	 181,865	 	 607,744	 	 497,873	 	 416,204	
Finance	costs,	net 	 38,282	 	 32,023	 	 141,455	 	 91,429	 	 51,317	
Income	taxes	expense 	 34,767	 	 101,858	 	 229,973	 	 214,366	 	 104,113	
EBITDA	—	continuing	operations	 	 61,464	 	 356,190	 	 1,132,526	 	 1,080,518	 	 888,406	
Unrealized	foreign	exchange	loss	(gain) 	 (10,808)	 	 2,693	 	 (10,994)	 	 1,804	 	 16,491	
Unrealized	losses	(gains)	on	derivative	contracts 	 85,986	 	 (2,592)	 	 85,168	 	 8,464	 	 (62,971)	 
Ojos	del	Salado	sinkhole	expenses	(recoveries) 	 (10,042)	 	 1,687	 	 (9,492)	 	 16,922	 	 63,271	
Revaluation	loss	(gain)	on	marketable	securities 	 (911)	 	 (1,393)	 	 (7,383)	 	 (1,846)	 	 (5,201)	 
Caserones	inventory	fair	value	adjustment	 	 —	 	 7,760	 	 —	 	 39,945	 	 —	
Partial	suspension	of	underground	operations	at	Eagle	 	 11,436	 	 —	 	 36,073	 	 —	 	 —	
Revaluation	of	Caserones	purchase	option 	 —	 	 2,556	 	 (11,728)	 	 2,556	 	 —	
Write-down	of	assets 	 4,160	 	 —	 	 22,129	 	 —	 	 5,783	
Goodwill	and	asset	impairment 	 254,218	 	 —	 	 254,218	 	 —	 	 4,280	
Inventory	write-down	(reversal) 	 (26,626)	 	 —	 	 (26,626)	 	 —	 	 62,546	
Gain	on	disposal	of	subsidiary 	 —	 	 —	 	 —	 	 (5,718)	 	 (16,828)	 
Other 	 (637)	 	 732	 	 (2,085)	 	 2,958	 	 (2,133)	 
Total	adjustments	—	EBITDA 	 306,776	 	 11,443	 	 329,280	 	 65,085	 	 65,238	
Adjusted	EBITDA	—	continuing	operations 	 368,240	 	 367,633	 	 1,461,806	 	 1,145,603	 	 953,644	
Including	discontinued	operations:
Net	earnings	(loss)	—	discontinued	operations 	 (244,816)	 	 26,309	 	 (214,671)	 	 38,399	 	 146,761	
Add	back:
Depreciation,	depletion	and	amortization 	 32,831	 	 41,191	 	 155,344	 	 155,723	 	 138,546	
Finance	costs,	net 	 1,813	 	 2,868	 	 9,793	 	 11,270	 	 12,868	
Income	taxes	expense 	 (22,173)	 	 758	 	 (13,711)	 	 2,233	 	 30,515	
EBITDA	—	discontinued	operations 	 (232,345)	 	 71,126	 	 (63,245)	 	 207,625	 	 328,690	
Unrealized	foreign	exchange	loss	(gain) 	 (960)	 	 76	 	 (200)	 	 (580)	 	 4,673	
Unrealized	losses	(gains)	on	derivative	contracts 	 (466)	 	 (16,717)	 	 18,597	 	 13,468	 	 —	
Goodwill	and	asset	Impairment 	 291,178	 	 —	 	 291,178	 	 —	 	 (19)	 
Other 	 (22)	 	 (2,388)	 	 (1,114)	 	 (2,568)	 	 5,518	
Total	adjustments	—	EBITDA	discontinued	operations	 	 289,730	 	 (19,029)	 	 308,461	 	 10,320	 	 10,172	
Adjusted	EBITDA	—	discontinued	operations 	 57,385	 	 52,097	 	 245,216	 	 217,945	 	 338,862	
Adjusted	EBITDA	(all	operations) 	 425,625	 	 419,730	 	 1,707,022	 	 1,363,548	 	 1,292,506	
44

===== SIDA 48 =====

Adjusted	Earnings	and	Adjusted	EPS	
Adjusted	Earnings	and	Adjusted	EPS	can	be	reconciled	to	Net	Earnings	(Loss)	Attributable	to	Lundin	Mining	Shareholders	as	
follows:
Three	months	ended
December	31, Year	ended	December	31,
($thousands,	except	share	and	per	share	
amounts) 2024 2023 2024 2023 2022
Net	(loss)	earnings	attributable	to	Lundin	
Mining	shareholders	—	continuing	operations 	 (195,343)	 	 12,488	 	 11,144	 	 203,163	 	 277,198	
Add	back:
Total	adjustments	-	EBITDA 	 306,776	 	 11,443	 	 329,280	 	 65,085	 	 65,238	
Tax	effect	on	adjustments 	 (57,600)	 	 (2,987)	 	 (59,519)	 	 (26,925)	 	 2,882	
Deferred	tax	expense	due	to	change	in	tax	rate 	 —	 	 14,500	 	 —	 	 40,200	 	 —	
Deferred	tax	arising	from	foreign	exchange	
translation 	 45,065	 	 41,168	 	 12,712	 	 28,841	 	 (20,733)	 
Non-controlling	interest	on	adjustments 	 (4,077)	 	 (4,221)	 	 (1,912)	 	 (22,886)	 	 2,026	
Total	adjustments 	 290,164	 	 59,903	 	 280,560	 	 84,315	 	 49,413	
Adjusted	earnings	—	continuing	operations	 	 94,821	 	 72,391	 	 291,704	 	 287,478	 	 326,611	
Including	discontinued	operations:
Net	earnings	attributable	to	Lundin	Mining	
shareholders	-	discontinued	operations1 	 (244,816)	 	 26,309	 	 (214,671)	 	 38,399	 	 149,652	
Add	back:
Total	adjustments	-	EBITDA	-	discontinued	
operations 	 289,730	 	 (19,029)	 	 308,461	 	 10,320	 	 10,172	
Tax	effect	on	adjustments 	 (20,544)	 	 —	 	 (26,547)	 	 —	 	 (3,679)	 
Total	adjustments 	 269,186	 	 (19,029)	 	 281,914	 	 10,320	 	 6,493	
Adjusted	earnings	—	discontinued	operations	 	 24,370	 	 7,280	 	 67,243	 	 48,719	 	 156,145	
Adjusted	earnings	(all	operations) 	 119,191	 	 79,671	 	 358,947	 	 336,197	 	 482,756	
Basic	weighted	average	number	of	shares	
outstanding 776,720,828 773,476,216 	 774,825,230	 772,532,260 762,518,753
Net	(loss)	earnings	attributable	to	Lundin	
Mining	shareholders	-	continuing	operations 	 (0.25)	 	 0.02	 	 0.01	 	 0.26	 	 0.36	
Total	adjustments 	 0.37	 	 0.08	 	 0.36	 	 0.11	 	 0.06	
Adjusted	EPS	—	continuing	operations 	 0.12	 	 0.09	 	 0.38	 	 0.37	 	 0.43	
Net	(loss)	earnings	attributable	to	Lundin	
Mining	shareholders	-	discontinued	operations 	 (0.32)	 	 0.03	 	 (0.28)	 	 0.05	 	 0.20	
Total	adjustments 	 0.35	 	 (0.03)	 	 0.36	 	 0.01	 	 0.01	
Adjusted	EPS	—	discontinued	operations 	 0.03	 	 0.01	 	 0.09	 	 0.06	 	 0.20	
Net	(loss)	earnings	attributable	to	Lundin	
Mining	shareholders 	 (0.57)	 	 0.05	 	 (0.26)	 	 0.31	 	 0.56	
Total	adjustments 	 0.72	 	 0.05	 	 0.73	 	 0.13	 	 0.07	
Adjusted	EPS	(all	operations) 	 0.15	 	 0.10	 	 0.46	 	 0.44	 	 0.63	
1	 Represents	 Net	 (loss)	 earnings	 attributable	 to	 Lundin	 Mining	 Corporation	 shareholders	 less	 Net	 earnings	 from	 continuing	
operations	attributable	to	Lundin	Mining	Corporation	shareholders.
45

===== SIDA 49 =====

Free	Cash	Flow	from	Operations	and	Free	Cash	Flow
Free	 Cash	 Flow	 from	 Operations	 and	 Free	 Cash	 Flow	 can	 be	 reconciled	 to	 Cash	 provided	 by	 Operating	 Activities	 on	 the	
Company's	Consolidated	Statement	of	Cash	Flows	as	follows:
Three	months	ended
December	31, Year	ended	December	31,
($thousands) 2024 2023 2024 2023 2022
Cash	provided	by	operating	activities	related	to	continuing	
operations 	 547,267	 	 249,875	 	 1,300,848	 	 827,244	 	 615,986	
Sustaining	capital	expenditures 	 (136,674)	 	 (165,211)	 	 (549,100)	 	 (571,245)	 	 (520,465)	 
General	exploration	and	business	development 	 12,974	 	 11,062	 	 45,352	 	 44,010	 	 135,213	
Free	cash	flow	from	operations	—	continuing	operations 	 423,567	 	 95,726	 	 797,100	 	 300,009	 	 230,734	
General	exploration	and	business	development 	 (12,974)	 	 (11,062)	 	 (45,352)	 	 (44,010)	 	 (135,213)	 
Expansionary	capital	expenditures 	 (50,607)	 	 (41,082)	 	 (243,566)	 	 (275,913)	 	 (171,094)	 
Free	cash	flow	—	continuing	operations 	 359,986	 	 43,582	 	 508,182	 	 (19,914)	 	 (75,573)	 
Cash	provided	by	operating	activities	related	to	discontinued	
operations 	 73,014	 	 56,206	 	 218,009	 	 189,368	 	 260,903	
Sustaining	capital	expenditures 	 (35,150)	 	 (38,616)	 	 (154,960)	 	 (155,979)	 	 (119,366)	 
General	exploration	and	business	development 	 4,614	 	 3,438	 	 12,843	 	 11,682	 	 9,140	
Free	cash	flow	from	operations	—	discontinued	operations 	 42,478	 	 21,028	 	 75,892	 	 45,071	 	 150,677	
General	exploration	and	business	development 	 (4,614)	 	 (3,438)	 	 (12,843)	 	 (11,682)	 	 (9,140)	 
Expansionary	capital	expenditures 	 —	 	 —	 	 —	 	 —	 	 (31,899)	 
Free	cash	flow	—	discontinued	operations 	 37,864	 	 17,590	 	 63,049	 	 33,389	 	 109,638	
Free	cash	flow	from	operations	(all	operations) 	 466,045	 	 116,754	 	 872,992	 	 345,080	 	 381,411	
Free	cash	flow	(all	operations) 	 397,850	 	 61,172	 	 571,231	 	 13,475	 	 34,065	
46

===== SIDA 50 =====

Adjusted	Operating	Cash	Flow	and	Adjusted	Operating	Cash	Flow	per	Share
Adjusted	 Operating	 Cash	 Flow	 and	 Adjusted	 Operating	 Cash	 Flow	 per	 Share	 can	 be	 reconciled	 to	 Cash	 Provided	 by	
Operating	Activities	on	the	Company's	Consolidated	Statement	of	Cash	Flows	as	follows:
Three	months	ended
December	31, Year	ended	December	31,
($thousands,	except	share	and	per	share	amounts) 2024 2023 2024 2023 2022
Cash	provided	by	operating	activities	related	to	continuing	
operations 	 547,267	 	 249,875	 	 1,300,848	 	 827,244	 	 615,986	
Changes	in	non-cash	working	capital	items 	 (295,508)	 	 55,518	 	 (220,880)	 	 20,032	 	 124,087	
Adjusted	operating	cash	flow	—	continuing	operations 	 251,759	 	 305,393	 	 1,079,968	 	 847,276	 	 740,073	
Cash	provided	by	operating	activities	related	to	discontinued	
operations 	 73,014	 	 56,206	 	 218,009	 	 189,368	 	 260,903	
Changes	in	non-cash	working	capital	items 	 (10,895)	 	 447	 	 4,615	 	 (12,427)	 	 (8,031)	 
Adjusted	operating	cash	flow	—	discontinued	operations 	 62,119	 	 56,653	 	 222,624	 	 176,941	 	 252,872	
Adjusted	operating	cash	flow	(all	operations) 	 313,878	 	 362,046	 	 1,302,592	 	 1,024,217	 	 992,945	
Basic	weighted	average	number	of	shares	outstanding 776,720,828 773,476,216 774,825,230 772,532,260 762,518,753
Adjusted	operating	cash	flow	per	share	—	continuing	
operations 0.32 0.39 1.39 1.10 $	 1.00	
Adjusted	operating	cash	flow	per	share	—	discontinued	
operations 0.08 0.08 0.29 0.23 $	 0.30	
Adjusted	operating	cash	flow	per	share	(all	operations) 0.40 0.47 1.68 1.33 $	 1.30	
Net	Debt	and	Net	Debt	Excluding	Lease	Liabilities
Net	debt	and	net	debt	excluding	lease	liabilities	can	be	reconciled	to	Debt	and	Lease	Liabilities,	Current	Portion	of	Debt	and	
Lease	Liabilities	and	Cash	and	Cash	Equivalents	on	the	Company's	Consolidated	Balance	Sheets	as	follows:
As	at	December	31,
($	thousands),	continuing	operations December	31,	2024 December	31,	2023 December	31,	2022
Debt	and	lease	liabilities 	 (1,610,925)	 	 (1,273,162)	 	 (27,179)	 
Current	portion	of	debt	and	lease	liabilities 	 (395,232)	 	 (212,646)	 	 (170,149)	 
Less	deferred	financing	fees	(netted	in	above) 	 (7,656)	 	 (6,374)	 	 (4,926)	 
Add	debt	and	lease	liabilities	related	to	liabilities	classified	as	held-
for-sale 	 (16,266)	 	 —	 	 —	
	 (2,030,079)	 	 (1,492,182)	 	 (202,254)	 
Cash	and	cash	equivalents 	 357,478	 	 268,793	 	 191,387	
Add	cash	and	cash	equivalents	related	to	assets	classified	as	held-
for-sale 	 74,801	 	 —	 	 —	
Net	debt 	 (1,597,800)	 	 (1,223,389)	 	 (10,867)	 
Lease	liabilities 	 249,185	 	 277,208	 	 27,166	 
Lease	liabilities	related	to	liabilities	classified	as	held-for-sale 	 16,266	 	 —	 	 —	
Net	debt	excluding	lease	liabilities 	 (1,332,349)	 	 (946,181)	 	 16,299	
47

===== SIDA 51 =====

Other	Information	and	Advisories
Related	Party	Transactions	
The	Company	enters	into	related	party	transactions	that	are	in	the	normal	course	of	business	and	on	an	arm’s	length	basis.	
Related	party	disclosures	can	be	found	in	Note	29	of	the	Company’s	Consolidated	Financial	Statements.
Changes	in	Accounting	Policies	and	Critical	Accounting	Estimates	and	Judgments
The	 Company’s	 consolidated	 financial	 statements,	 including	 comparatives,	 have	 been	 prepared	 in	 compliance	 with	 IFRS.	
The	Company’s	material	accounting	policies,	including	any	changes	in	accounting	policies,	are	described	in	Note	 2	‘Basis	of	
Presentation	and	Summary	of	Material	Accounting	Policies’	of	the	Company's	Consolidated	Financial	Statements.
Critical	Accounting	Estimates	and	Judgments
The	preparation	of	consolidated	financial	statements	in	conformity	with	IFRS	requires	management	to	make	judgements,	
estimates	and	assumptions	that	affect	the	application	of	accounting	policies	and	the	reported	amounts	of	assets,	liabilities,	
income	and	expenses.	Actual	results	may	differ	from	these	estimates.	Estimates	and	underlying	assumptions	are	reviewed	
at	each	period	end.	Revisions	to	accounting	estimates	are	recognized	in	the	period	in	which	the	estimates	are	revised	and	in	
any	future	periods	affected.	
For	 further	 information	 on	 the	 Company’s	 significant	 accounting	 estimates	 and	 judgements,	 refer	 to	 Note	 2	 of	 the	
Company’s	Consolidated	Financial	Statements.
Disclosure	Controls	and	Procedures	
Disclosure	 controls	 and	 procedures	 have	 been	 designed	 to	 provide	 reasonable	 assurance	 that	 all	 material	 information	
related	 to	 the	 Company	 is	 identified	 and	 communicated	 on	 a	 timely	 basis.	 Management	 of	 the	 Company,	 under	 the	
supervision	 of	 the	 President	 and	 Chief	 Executive	 Officer	 and	 the	 Executive	 Vice	 President	 and	 Chief	 Financial	 Officer,	 is	
responsible	 for	 the	 design	 and	 operation	 of	 disclosure	 controls	 and	 procedures.	 Management	 has	 evaluated	 the	
effectiveness	 of	 the	 Company’s	 disclosure	 controls	 and	 procedures	 and	 has	 concluded	 that	 they	 were	 effective	 as	 at	
December	31,	2024.
Internal	Control	over	Financial	Reporting	(“ICFR”)
Management	 of	 the	 Company,	 under	 the	 supervision	 of	 the	 President	 and	 Chief	 Executive	 Officer	 and	 the	 Executive	 Vice	
President	and	Chief	Financial	Officer,	is	responsible	for	establishing	and	maintaining	adequate	ICFR.	The	Company’s	ICFR	is	
designed	 to	 provide	 reasonable	 assurance	 regarding	 the	 reliability	 of	 financial	 reporting	 and	 preparation	 of	 financial	
statements	for	external	purposes	in	accordance	with	IFRS.	However,	due	to	inherent	limitations	ICFR	may	not	prevent	or	
detect	 all	 misstatements	 and	 fraud.	 Management	 will	 continue	 to	 monitor	 the	 effectiveness	 of	 its	 ICFR	 and	 may	 make	
modifications	from	time	to	time	as	considered	necessary.
Management	 assesses	 the	 effectiveness	 of	 the	 Company’s	 ICFR	 using	 the	 Internal	 Control	 –	 Integrated	 Framework	 (2013	
Framework)	 issued	 by	 the	 Committee	 of	 Sponsoring	 Organizations	 of	 the	 Treadway	 Commission	 (“COSO”).	 Management	
conducted	an	evaluation	of	the	effectiveness	of	ICFR	and	concluded	that	it	was	effective	as	at	December	31,	2024.	
There	 have	 been	 no	 changes	 in	 the	 Company’s	 ICFR	 during	 the	 three	 months	 ended	 December	 31,	 2024	 that	 have	
materially	affected,	or	are	reasonably	likely	to	materially	affect,	the	Company’s	financial	reporting.
Risks	and	Uncertainties
The	Company’s	business	activities	are	subject	to	a	variety	and	wide	range	of	inherent	risks	and	uncertainties.	Any	of	these	
risks	could	have	an	adverse	effect	on	the	Company,	its	business	and	prospects,	and	could	cause	actual	outcomes	and	results	
to	differ	materially	from	those	described	in	forward-looking	statements	relating	to	the	Company.
The	 development	 of	 the	 Vicuña	 Projects	 requires	 significant	 capital	 commitments	 from	 the	 Company,	 and	 additional	
funding,	beyond	debt,	may	be	required	to	advance	the	project	to	completion.	Such	additional	funding	may	take	the	form	of	
a	partnership,	joint	arrangement,	royalty,	stream	or	other	arrangement	(or	a	combination	thereof)	for	the	Vicuña	Projects,	
any	 of	 which	 would	 dilute	 the	 Company’s	 existing	 interest	 in	 the	 Vicuña	 Projects.	 The	 Company	 may	 also	 be	 required	 or	
elect	to	pursue	equity	financing,	which	could	have	a	dilutive	effect	on	existing	security	holders	if	shares,	options,	warrants	
or	other	convertible	securities	are	issued.
48

===== SIDA 52 =====

The	Company’s	ability	to	obtain	additional	financing	for	the	Vicuña	Projects	in	the	future	will	depend,	in	part,	on	prevailing	
capital	market	conditions	and	the	Company’s	financial	performance.	Failure	to	secure	adequate	financing	on	a	timely	basis	
may	 cause	 the	 Company	 to	 postpone,	 abandon,	 reduce	 or	 terminate	 its	 development	 activities	 in	 respect	 of	 the	 Vicuña	
Projects	and	could	have	a	material	adverse	effect	on	the	Company’s	business,	results	of	operations,	financial	condition	and	
price	of	common	shares.	
In	 addition,	 the	 Company’s	 exploration,	 acquisition,	 development	 and	 operational	 activities	 generally	 require	 significant	
investment	of	resources	and	capital.	The	Company	allocates	such	resources	and	capital	to	support	business	objectives,	and	
the	availability	of	required	resources	and	capital	is	subject	to	market	conditions	and	the	Company’s	financial	position.
The	Company	has	limited	financial	resources	and	there	is	no	assurance	that	sufficient	additional	funding	or	financing	will	be	
available	 to	 the	 Company	 or	 its	 direct	 and	 indirect	 subsidiaries	 on	 acceptable	 terms,	 or	 at	 all,	 for	 further	 exploration	 or	
development	 of	 its	 properties,	 including	 the	 development	 of	 the	 Vicuña	 Projects,	 or	 to	 fulfill	 its	 obligations	 under	 any	
applicable	agreements.
The	Company	may	incur	substantial	debt	from	time	to	time	to	finance	working	capital,	capital	expenditures,	investments	or	
acquisitions	or	for	other	purposes.	If	the	Company	does	so,	the	risks	related	to	the	Company’s	indebtedness	could	intensify,	
including,	 among	 other	 things:	 substantial	 interest	 and	 capital	 payments;	 increased	 difficulty	 in	 satisfying	 existing	 debt	
obligations;	 limitations	 on	 the	 ability	 to	 obtain	 additional	 financing,	 or	 imposed	 requirements	 to	 make	 non-strategic	
divestitures;	 imposed	 hedging	 requirements;	 explicit	 or	 implicit	 restrictions	 on	 the	 Company’s	 cash	 flows	 for	 capital	
investment,	 dividends	 or	 distributions,	 opportunistic	 acquisitions	 and	 other	 business	 needs;	 increased	 vulnerability	 to	
general	 adverse	 economic	 and	 industry	 conditions;	 interest	 rate	 risk	 exposure	 as	 borrowings	 may	 be	 at	 variable	 rates	 of	
interest;	 decreased	 flexibility	 in	 planning	 for	 and	 reacting	 to	 changes	 in	 the	 industry	 in	 which	 it	 competes;	 reduced	
competitiveness	as	compared	to	less	leveraged	competitors;	and	increased	cost	of	additional	borrowing.
The	terms	of	the	revolving	credit	facility	and	Term	Loan	agreements	require	the	Company	to	satisfy	various	affirmative	and	
negative	 covenants	 and	 to	 meet	 certain	 financial	 ratios	 and	 tests.	 These	 covenants	 limit,	 among	 other	 things,	 the	
Company’s	ability	to	incur	further	indebtedness	if	doing	so	would	cause	it	to	fail	to	meet	certain	financial	covenants,	create	
certain	 liens	 on	 assets	 or	 engage	 in	 certain	 types	 of	 transactions.	 A	 failure	 to	 comply	 with	 these	 covenants,	 including	 a	
failure	to	meet	the	financial	tests	or	ratios,	would	likely	result	in	an	event	of	default	under	the	revolving	credit	facility	and	
Term	Loan	and	would	allow	the	lenders	to	restrict	future	loans	or	accelerate	the	debt,	which	could	materially	and	adversely	
affect	the	Company’s	business,	financial	condition	and	results	of	operations,	its	ability	to	meet	payment	obligations	under	
its	debt	and	the	price	of	its	common	shares.	The	terms	of	the	Term	Loan	entitle	the	Company	to	voluntarily	prepay	all	or	
any	portion	of	the	outstanding	loan	balance,	without	penalty.	On	certain	occasions,	a	triggering	event	may	meet	the	criteria	
requiring	 mandatory	 prepayment.	 Any	 such	 prepayment	 made,	 mandatory	 or	 on	 the	 Company's	 accord,	 permanently	
reduces	the	facility	available	to	the	Company	on	the	Term	Loan.	As	at	 December	31,	2024 ,	the	Company	is	in	compliance	
with	its	debt	covenants.
The	 Company	 may	 issue	 additional	 securities	 to	 raise	 funds,	 to	 pay	 for	 acquisitions	 or	 for	 other	 reasons.	 The	 Company	
cannot	predict	the	size	of	future	issuances	of	securities	or	the	effect,	if	any,	that	future	issuances	and	sales	of	securities	will	
have	 on	 the	 market	 price	 of	 common	 shares.	 Sales	 or	 issuances	 of	 substantial	 numbers	 of	 common	 shares,	 or	 the	
expectation	that	such	sales	could	occur,	may	adversely	affect	prevailing	market	prices	of	the	Company’s	common	shares.	In	
connection	with	any	issuance	of	common	shares,	investors	will	suffer	dilution	to	their	voting	power	and	the	Company	may	
experience	dilution	in	its	earnings	per	share.
The	 Company	 is	 exposed	 to	 various	 counterparty	 risks	 including,	 among	 others:	 financial	 institutions	 that	 hold	 the	
Company’s	 cash;	 companies	 that	 have	 payables	 to	 the	 Company,	 including	 concentrate	 customers;	 the	 Company’s	
insurance	 providers;	 counterparties	 to	 the	 Company's	 derivative	 contracts;	 the	 Company’s	 lenders	 and	 other	 banking	
counterparties;	companies	that	have	received	deposits	from	the	Company	for	the	future	delivery	of	equipment;	and	third	
parties	that	have	agreed	to	indemnify	the	Company	upon	the	occurrence	of	certain	events.	
The	Company	maintains	relationships	with	various	banking	partners	for	its	operating	activities	in	the	jurisdictions	in	which	
the	Company	operates.	The	Company’s	access	to	funds	under	its	credit	facilities	or	other	debt	arrangements	is	dependent	
on	 the	 ability	 of	 the	 financial	 institutions	 that	 are	 counterparties	 to	 the	 facilities	 to	 meet	 their	 funding	 commitments.	
Default	by	financial	institutions	could	require	the	Company	to	take	measures	to	conserve	cash	until	the	markets	stabilize	or	
until	alternative	credit	or	other	funding	arrangements	for	the	Company’s	business	needs	can	be	obtained.
If	market	prices	for	metals	fall	below	the	Company’s	full	production	costs	and	remain	at	such	levels	for	any	sustained	period	
of	time,	the	Company	may	experience	losses	and	may	decide	to	discontinue	mining	operations	or	development	of	a	project	
at	one	or	more	of	its	properties.	If	the	prices	drop	significantly,	the	economic	prospects	of	the	mines	and	projects	in	which	
the	Company	has	an	interest	could	be	significantly	reduced	or	rendered	uneconomic,	in	which	case	the	Company	may	need	
49

===== SIDA 53 =====

to	restate	its	Mineral	Resource	and	Mineral	Reserve	estimates.	Low	metal	prices	will	affect	the	Company’s	liquidity,	and	if	
they	 persist	 for	 an	 extended	 period	 of	 time,	 the	 Company	 may	 have	 to	 look	 for	 other	 sources	 of	 cash	 flow	 to	 maintain	
liquidity	 until	 metal	 prices	 recover.	 A	 sustained	 and	 material	 impact	 on	 the	 Company’s	 liquidity	 may	 also	 impact	 the	
Company’s	ability	to	comply	with	financial	covenants	under	its	credit	facilities.
For	additional	discussion	on	Lundin	Mining’s	risks,	refer	to	the	“Risks	and	Uncertainties”	section	of	the	Company’s	Annual	
Information	 Form	 (“AIF”)	 for	 the	 year	 ended	 December	 31,	 2024	 and	 the	 “Cautionary	 Statement	 on	 Forward-Looking	
Information”	section	of	this	MD&A.
National	Instrument	43-101	Compliance
The	 scientific	 and	 technical	 information	 in	 this	 document	 has	 been	 reviewed	 and	 approved	 in	 accordance	 with	 National	
Instrument	43-101	("NI	43-101")	by	Patrick	Merrin,	Executive	Vice	President,	Technical	Services,	a	"Qualified	Person"	under	
NI	43-101.	Mr.	Merrin	has	verified	the	data	disclosed	in	this	document	and	no	limitations	were	imposed	on	his	verification	
process.
Other	Information
Additional	information	regarding	the	Company	is	included	in	the	Company’s	AIF	which	is	filed	with	the	Canadian	securities	
regulators.	A	copy	of	the	Company’s	AIF	can	be	obtained	on	SEDAR+	( www.sedarplus.com)	or	on	the	Company’s	website	
(www.lundinmining.com).
Outstanding	Share	Data
The	 table	 below	 summarizes	 the	 Company’s	 common	 shares	 and	 securities	 convertible	 into	 common	 shares	 as	 at	
February	19,	2025.
February	19,	
2025
Common	shares	issued	and	outstanding 	 867,777,426	
Stock	options	outstanding	
(weighted	average	exercise	price	of	C$10.21) 	 3,850,789	
Time	vesting	share	units1 	 1,406,034	
Performance	vesting	share	units2 	 1,023,125	
1	Time	vesting	share	units	represent	the	right	to	receive	one	common	share	(subject	to	adjustments)	issued	from	treasury.
2	Performance	vesting	share	units	(“PSU”)	represent	the	right	to	receive	a	variable	number	of	common	shares	(subject	to	adjustments)	issued	from	
treasury	 contingent	 upon	 achieving	 applicable	 performance	 vesting	 conditions.	 The	 number	 of	 common	 shares	 listed	 above	 in	 respect	 of	 PSU	
assumes	that	100%	of	PSU	granted	(without	change)	will	vest	and	be	paid	out	in	common	shares	on	a	one	for	one	basis.	However,	as	noted,	the	final	
number	of	PSU	that	may	be	earned	and	redeemed	may	be	higher	or	lower	than	the	PSU	initially	granted.
50

===== SIDA 54 =====

Consolidated	Financial	Statements	of	
Lundin	Mining	Corporation
December	31,	2024

===== SIDA 55 =====

Management’s	Report
The	 accompanying	 consolidated	 financial	 statements	 of	 Lundin	 Mining	 Corporation	 ("Lundin	 Mining"	 or	 the	 “Company”)	
and	 other	 information	 contained	 in	 the	 management’s	 discussion	 and	 analysis	 are	 the	 responsibility	 of	 management	 and	
have	been	approved	by	the	Board	of	Directors.	The	consolidated	financial	statements	have	been	prepared	by	management	
in	accordance	with	International	Financial	Reporting	Standards	as	issued	by	the	International	Accounting	Standards	Board	
(“IFRS	Accounting	Standards”)	as	outlined	in	Part	1	of	the	Handbook	of	the	Chartered	Professional	Accountants	(“CPA”)	of	
Canada,	and	include	some	amounts	that	are	based	on	management’s	estimates	and	judgment.
The	Board	of	Directors	carries	out	its	responsibility	for	the	consolidated	financial	statements	principally	through	its	Audit	
Committee,	 which	 is	 comprised	 solely	 of	 independent	 directors.	 The	 Audit	 Committee	 reviews	 the	 Company’s	 annual	
consolidated	financial	statements	and	recommends	its	approval	to	the	Board	of	Directors.	The	Company’s	auditors	have	full	
access	to	the	Audit	Committee,	with	and	without	management	being	present.	These	consolidated	financial	statements	have	
been	audited	by	PricewaterhouseCoopers	LLP,	Chartered	Professional	Accountants.	
	 	 	 	 	 	 	 	 
(Signed)	Jack	Lundin	 	 	 	 	 	 (Signed)	Teitur	Poulsen	
																																																																																																																																																																																						
President	and	Chief	Executive	Officer	 	 	 	 Executive	Vice	President	and	Chief	Financial	Officer
Vancouver,	British	Columbia,	Canada
February	19,	2025

===== SIDA 56 =====

PricewaterhouseCoopers LLP  
PwC Place, 250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada  V6C 3S7 
T.: +1 604 806 7000, F.: +1 604 806 7806, Fax to mail: ca_vancouver_main_fax@pwc.com 
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. 
Independent auditor’s report 
To the Shareholders of Lundin Mining Corporation 
Our opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, 
the financial position of Lundin Mining Corporation and its subsidiaries (together, the Company) as at 
December 31, 2024 and 2023, and its financial performance and its cash flows for the years then ended in 
accordance with International Financial Reporting Standards as issued by the International Accounting 
Standards Board (IFRS Accounting Standards). 
What we have audited 
The Company’s consolidated financial statements comprise: 
 the consolidated balance sheets as at December 31, 2024 and 2023; 
 the consolidated statements of (loss) earnings for the years then ended; 
 the consolidated statements of comprehensive (loss) income for the years then ended; 
 the consolidated statements of changes in equity for the years then ended; 
 the consolidated statements of cash flows for the years then ended; and 
 the notes to the consolidated financial statements, comprising material accounting policy information 
and other explanatory information. 
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our 
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of 
the consolidated financial statements section of our report. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion. 
Independence 
We are independent of the Company in accordance with the ethical requirements that are relevant to our 
audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities 
in accordance with these requirements.

===== SIDA 57 =====

Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements for the year ended December 31, 2024. These matters were 
addressed in the context of our audit of the consolidated financial statements as a whole, and in forming 
our opinion thereon, and we do not provide a separate opinion on these matters. 
Key audit matter How our audit addressed the key audit matter 
Chapada cash-generating unit (CGU) goodwill 
impairment assessment 
Refer to note 2 – Basis of presentation and 
summary of material accounting policies and 
note 11 – Goodwill and asset impairment to the 
consolidated financial statements.
The Company’s total carrying amount of goodwill as 
at December 31, 2024 was $134 million, which 
related to the Chapada CGU. The Company’s 
goodwill is required to be tested annually for 
impairment or when events or changes in 
circumstances indicate that the related carrying 
amount may not be recoverable. When the 
recoverable amount of the CGU is less than the 
carrying amount of that CGU, an impairment loss is 
recognized. 
The recoverable amount of the Chapada CGU was 
based on a fair value less cost of disposal method 
using a discounted cash flow model and market-
based approach. Management applied significant 
judgment in estimating the recoverable amount of 
the Chapada CGU. Significant assumptions used 
by management to determine the recoverable 
amounts include future metal prices, production 
based on estimated quantities of mineral reserves 
and mineral resources, production and capital 
expenditures, foreign exchange rate, in-situ 
multiples and discount rate. The recoverable 
amount of the Chapada CGU determined by 
management exceeded its carrying value, and as a 
result, no impairment loss was recorded. 
Our approach to addressing the matter included the 
following procedures, among others: 
 Tested how management estimated the 
recoverable amount of the Chapada CGU, 
which included the following: 
 Tested the underlying data used by 
management in the discounted cash flow 
model and market-based valuation. 
 Evaluated the reasonableness of significant 
assumptions such as future metal prices, 
foreign exchange rate and production and 
capital expenditures by (i) comparing future 
metal prices and foreign exchange rate with 
external market and industry data; 
(ii) comparing future production and capital 
expenditures against current and past 
performance; and (iii) assessing whether 
these assumptions were consistent with 
evidence obtained in other areas of the 
audit. 
 The work of management’s experts was 
used in performing the procedures to 
evaluate the reasonableness of the 
estimates associated with the production 
based on estimated quantities of mineral 
reserves and mineral resources. As a basis 
for using this work, the competence, 
capabilities and objectivity of management’s 
experts were evaluated, the work performed 
was understood and the appropriateness of 
the work as audit evidence was evaluated.

===== SIDA 58 =====

Management’s estimates of production based on 
estimated quantities of mineral reserves and 
mineral resources are based on information 
compiled by qualified persons (management’s 
experts). 
We considered this a key audit matter due to the 
significant auditor effort, subjectivity and significant 
judgment in performing procedures to test 
significant assumptions used by management in 
determining the fair value of the Chapada CGU. 
Professionals with specialized skill and knowledge 
in the field of valuation assisted us in performing 
our procedures. 
The procedures performed also included 
evaluation of the methods and assumptions 
used by management’s experts, tests of the 
data used by management’s experts and an 
evaluation of their findings. 
 Professionals with specialized skill and 
knowledge in the field of valuation assisted 
in assessing the following: 
(i) appropriateness of the discounted cash 
flow model and market-based approach to 
determine the recoverable amount of the 
Chapada CGU; and (ii) the reasonableness 
of the discount rate and in-situ multiples. 
Other information 
Management is responsible for the other information. The other information comprises the Management’s 
Discussion and Analysis. 
Our opinion on the consolidated financial statements does not cover the other information and we do not 
express any form of assurance conclusion thereon. 
In connection with our audit of the consolidated financial statements, our responsibility is to read the other 
information identified above and, in doing so, consider whether the other information is materially 
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or 
otherwise appears to be materially misstated. 
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard. 
Responsibilities of management and those charged with governance for the
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial 
statements in accordance with IFRS Accounting Standards, and for such internal control as management 
determines is necessary to enable the preparation of consolidated financial statements that are free from 
material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, management is responsible for assessing the 
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going

===== SIDA 59 =====