Kvartalsrapport Q3 2024

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

Corporate Office 
1055 Dunsmuir Street 
Suite 2800, Bentall IV 
Vancouver, BC V7X 1L2 
Phone +1 604 689 7842 
lundinmining.com 
 
NEWS RELEASE 
 
Lundin Mining Third Quarter 2024 Results   
 
Vancouver, November 6, 2024 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or 
the “Company”) today reported its third quarter 2024 financial results. Unless otherwise stated, results are presented in 
United States dollars on a 100% basis. 
 
Jack Lundin, President and CEO commented, “Our overall performance has contributed to another near record quarter 
for revenue and copper production for the Company and we are on track to meeting full -year consolidated copper 
guidance. Operationally, Candelaria had an excellent third quarter producing 50,000 tonnes of copper driven by planned 
higher copper head grades. This was one of Candelaria's strongest quarters and materially contributed to our success.  
  
"During the quarter the Company realized two significant growth opportunities. We increased our ownership at our 
Caserones copper-molybdenum mine from 51% to 70%, which immediately added attributable copper production to the 
Company. Caserones, located within the Vicuña District, is a long -life mine that yields strong cash flow generation. It is 
within this District where we also announced a transformational transaction with BHP to jointly acquire Filo Corp. and 
form a new joint arrangement incorporating the world-class Filo del Sol Project and the Josemaria Project in Argentina to 
create a top -tier multi -generational mining complex. Filo shareholders have overwhelmingly voted in favour of the 
transaction which is expected to close in the first quarter of 2025. Around the time of closing, we will also provide an 
update to the market on the key milestones and next steps to advance these projects. 
  
"On exploration we are ramping up for another drill season in the Vicuña District. We will continue the near-mine campaign 
at Caserones and follow up on our Cumbre Verde target near Josemaria. During the quarter we continued to drill near -
mine targets at our other operations with the objective to replace resources, add mine life and seek out future expansion 
opportunities, such as the Saúva resource located near our Chapada operation. 
  
“As we enter the final quarter of 2024, we have tightened the production guidance ranges at our sites and are re-affirming 
our full-year consolidated production guidance for copper and gold. For our other metals, we have marginally reduced 
our full year guidance for zinc and are maintaining our revised nickel guidance.” 
 
Third Quarter Operational and Financial Highlights  
 
• Copper Production: Consolidated production of 99,855 tonnes of copper in the third quarter. 
• Other Production: During the quarter, a total of 46,610 tonnes of zinc, 893 tonnes of nickel and approximately 
47,000 ounces of gold were produced.  
• Revenue: $1,073.0 million in the third quarter with a realized copper price1 of $4.29 /lb and a realized zinc price1 of 
$1.29 /lb. 
• Net Earnings and Adjusted Earnings 1: Net earnings attributable to shareholders of the Company were $101.2 
million or $0.13 per share in the third quarter with adjusted earnings of $72.5 million or $0.09 per share. 
• Adjusted EBITDA1:  $457.7 million generated during the quarter. 
• Cash Generation: Cash provided by operating activities was $139.3 million and adjusted operating cash flow 1 was 
$305.2 million, excluding the impact of a working capital build of $165.9 million.  
• Growth: During the quarter the Company announced two significant transactions: 
◦ On July 2, 2024, the Company closed the option to increase ownership in Caserones to 70%, which adds 
approximately 23,000 tonnes of additional attributable copper production to the Company’s production 
profile2. The consideration of $350 million was fully funded through an increase to the Company’s term loan 
from $800 million to $1.15 billion. 
 
1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion 
and Analysis ("MD&A") for the three and nine months ended September 30, 2024 and the Reconciliation of Non -GAAP measures section at the end of this 
news release. 
2 Based on Caserones 2024 revised production guidance as outlined in the outlook section of the MD&A for the three and nine months ended September 
30, 2024.

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

◦ On July 29, 2024, Lundin Mining and BHP announced the joint acquisition of Filo Corp. Lundin Mining and 
BHP will form a 50/50 joint arrangement to hold the Filo del Sol Project and Lundin Mining’s Josemaria 
Project. The partnership will create a multi-generational mining district with world-class potential that could 
support a globally ranked mining complex. 
• Outlook: The Company's full year production and cash cost guidance update is as follows: 
◦ Copper: Annual copper production guidance ranges have been tightened for several of the assets and the 
new consolidated copper guidance for the year is now 366,000 to 389,000 tonnes compared to the previous 
range of 366,000 to 400,000 tonnes. The Company is on tr ack to meet full year consolidated copper 
guidance. 
◦ Zinc: Annual production guidance for Zinkgruvan has been increased which was offset by adjustments to 
zinc guidance at Neves-Corvo. New consolidated zinc guidance for the year has been adjusted to 190,000 to 
199,000 tonnes from 195,000 tonnes to 215,000 tonnes. 
◦ Gold: Annual gold guidance has remained unchanged incorporating an increase in guidance at Chapada 
offset by a reduction at Candelaria.  
◦ Cash Costs: Forecast annual cash cost guidance at Chapada and Zinkgruvan has improved while cash cost 
guidance at Eagle has been adjusted upwards. All other sites remain unchanged. 
◦ Sustaining Capital Expenditures1: Sustaining capital will be reduced by $75 million and is expected to total 
$720 million  (previously $795 million ) for the year, primarily due to reductions in planned spending at 
Candelaria and Caserones. The Josemaria Project guidance has increased by $5 million to $230 million and 
exploration guidance increased by $ 7 million to  $55.0 million for 2024. The increase in exploration 
expenditure is primarily due to accelerating exploration efforts at Caserones where drilling is targeting  
higher-grade copper breccia bodies to improve grades in the resource, as well as follow -up drilling at 
Cumbre Verde after positive results in the first half of 2024. 
Summary Financial Results  
             
 
Three months ended  
September 30,  
Nine months ended 
September 30, 
US$ Millions (except per share amounts) 2024    2023  2024    2023    
Revenue  1,073.0   992.2    3,093.6   2,332.1  
Gross profit  291.8   197.3    756.7   463.5  
Attributable net earningsa  101.2   (3.0)   236.6   202.8  
Net earnings  127.8   21.9    343.1   248.5  
Adjusted earningsa,b  72.5   85.3    239.8   256.5  
Adjusted EBITDAb  457.7   415.1    1,281.4   943.8  
Basic earnings per share ("EPS")a  0.13  0.00   0.31   0.26  
Diluted EPSa  0.13  0.00   0.30   0.26  
Adjusted EPSa,b  0.09   0.11    0.31   0.33  
Cash provided by operating activities  139.3   303.8    898.6   710.5  
Adjusted operating cash flowb  305.2   316.5    988.7   662.2  
Adjusted operating cash flow per shareb  0.39   0.41    1.28   0.86  
Free cash flow from operationsb  1.7   136.5    406.9   228.3  
Free cash flowb  (61.8)  71.1    173.3   (47.7) 
Cash and cash equivalents  295.5   357.3    295.5   357.3  
Net debt excluding lease liabilitiesb  1,541.7   880.9    1,541.7   880.9  
Net debtb 
  
 1,802.5   1,158.9    1,802.5   1,158.9  
a Attributable to shareholders of Lundin Mining Corporation.  
b These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion 
and Analysis for the three and nine months ended September 30, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
 
1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion 
and Analysis ("MD&A") for the three and nine months ended September 30, 2024 and the Reconciliation of Non -GAAP measures section at the end of this 
news release.

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

• The Company generated revenue of $1,073.0 million during the quarter, driven by 90,069 tonnes of copper sold at a 
realized price of $4.29 /lb. Revenue benefited from higher realized copper, gold, and zinc prices, partially offset by  
$5.3 million negative provisional pricing adjustments on prior period concentrate sales. 
• Gross profit of $291.8 million and Adjusted EBITDA of $457.7 million in the quarter reflect higher realized copper, zinc 
and gold prices partially offset by decreases in zinc and nickel sales volumes.  
• Net earnings attributable to shareholders of the Company were $101.2 million or $0.13 per share in the quarter. 
• Adjusted earnings attributable to shareholders of the Company for the quarter were $72.5 million or $0.09 per share 
after removing $30.6 million unrealized gains on derivative contracts and adding $14.8 million in expenses relating to 
the partial suspension of underground operations at Eagle, among other things. 
• Cash and cash equivalents as at September 30, 2024 were $295.5 million. Cash provided by operating activities 
amounted to $139.3 million and cash used to fund investing activities amounted to $264.5 million. The Company had 
a net debt excluding lease liabi lities1 balance of $1,541.7 million as at September 30, 2024 (December 31, 2023 -  
$946.2 million). 
• Free cash flow1 for the quarter of $(61.8) million was impacted by $165.9 million of working capital outflows as a result 
of timing of sales at Candelaria and Chapada.  
• As at November 6, 2024, the Company had a cash balance of approximately $ 466.1 million and a net debt excluding 
lease liabilities balance of approximately $1,362.6 million.  
Operational Performance 
 
Total Production  
(Contained 
metal)a 
2024 2023 
YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 
Copper (t)b  267,576   99,855   79,708   88,013   314,798   103,337   89,942   60,057   61,462  
Zinc (t)  139,758   46,610   47,460   45,688   185,161   50,719   49,774   36,115   48,553  
Nickel (t)  5,869   893   1,721   3,255   16,429   3,729   4,290   4,686   3,724  
Gold (koz)b  112   47   32   33   149   44   35   34   36  
Molybdenum (t)b  2,271   693   714   864   2,024   928   1,096   —   —  
a. Tonnes (t) and thousands of ounces (koz)   
b. Candelaria and Caserones production is on a 100% basis.  
 
Candelaria (80% owned):  Candelaria produced  50,018 tonnes  of copper and approximately 29,000 ounces of gold in 
concentrate on a 100% basis during the quarter. Production in the quarter was positively impacted by  higher copper head 
grades from Phase 11. Access to higher grade Phase 11 ore is anticipated to continue through most of the fourth quarter of 
2024 as per the planned mine sequence. Production costs in the quarter were higher than in the prior year quarter due to 
higher copper sales, but also partially offset by favourable foreign exchange. Cash cost of $1.55/lb was positively impacted 
by higher sales volumes, favourable foreign exchange and favourable by-product credits.   
 
Caserones (70% owned): Caserones produced 29,033 tonnes of total copper and 693 tonnes of molybdenum on a 100% 
basis during the quarter.  Copper and molybdenum production in the quarter was impacted by labour  action in August 
lasting 14 days which reduced throughput during that period to approximately 50% of capacity.  Lower head grades were 
realized during the quarter as a result of a higher proportion of ore from Phase 6 due to hydrogeologic conditions in Phase 
5. Production costs in the  quarter were lower than in the prior year comparable period due to lower copper concentrate 
and molybdenum volumes and favourable foreign exchange. Cash cost of $2.96/lb was negatively impacted by lower sales 
volumes as a result of the labour action. 
 
Chapada (100% owned): Chapada produced 11,694 tonnes of copper and approximately 18,000 ounces of gold in 
concentrate during the quarter. Copper production was positively impacted by higher throughput that was offset by lower 
grades and recoveries as a result of processing of stockpiled ore as part of an optimized mine plan that significantly reduces 
waste movement. Gold production reflected  higher grades as a result of increased ore mined from the South and Central 
pits replacing older low -grade stockpiles . Production costs  increased due to  higher sales volumes, partially offset by 
favourable foreign exchange. Cash cost of  $1.37/lb benefited from higher gold by -product credits and favourable foreign 
exchange combined with mining cost decreases due to operational improvements. 
 
Eagle (100% owned): Eagle produced 893 tonnes of nickel and 1,027 tonnes of copper in the quarter. Production has been 
impacted by the fall of ground in the lower ramp in Eagle East during the second quarter of 2024 which restricted access to 
 
1  These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion 
and Analysis ("MD&A") for the three and nine months ended September 30, 2024 and the Reconciliation of Non -GAAP measures section at the end of this 
news release.

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

Eagle East, and reduced mining rates until ramp rehabilitation is completed. Normal throughput rates are expected to 
resume in late 2024.  Production costs were reduced by lower sales and production volumes leading to reduced spend in 
milling, transportation and lower royalty expense. Production costs in the quarter excluded approximately $14.8 million of 
overhead costs that have been recorded in Other Income and Expense as a result of the partial suspension of underground 
mining operations. Nickel cash cost1 of $7.24/lb was impacted by lower sales volumes, partially offset by higher by-product 
credits as a result of higher realized copper prices. 
 
Neves-Corvo (100% owned): Neves-Corvo produced 6,698 tonnes of copper and 29,509 tonnes of zinc during the quarter.  
Copper production was impacted by lower throughput and grades. The decrease in throughput and grades is attributed to 
changes in mine sequencing as a result of adjustments made to the mining method and cable bolting requirements. 
Additional development wor k in Lombador North and rehabilitation work also limited ore availability. Zinc production 
benefitted from higher throughput and recoveries as a result of the zinc e xpansion project. During the month of August, 
there was a record in shaft hoisting of 440,000 tonnes over the month, in addition to record zinc production of 10,527 tonnes. 
During the month of September, the daily shaft hoisting of 19,000 tonnes set a new record for the min e. Production costs 
increased due to an increase in zinc and lead sales volumes  and cash cost of $2.13/lb benefitted from higher by-product 
credits. 
  
Zinkgruvan (100% owned): Zinkgruvan produced 17,101 tonnes of zinc and 5,693 tonnes  of lead in the quarter  reflecting 
lower grades and throughput which were driven by changes in mine sequencing from operational and maintenance 
interruptions. Copper production of 1,385  tonnes in the quarter reflected higher throughput. Production costs decreased 
due to lower sales volumes and zinc cash cost of $0.16/lb benefitted from higher copper by -product credits as a result of 
higher realized copper prices. 
 
Outlook 
 
Annual guidance for 2024 has been updated from that disclosed in the Company's Management's Discussion and Analysis 
for the three and six months ended June 30, 2024. 
 
The Company remains on track to meet annual consolidated copper production guidance. The total production guidance 
range for copper has been tightened with the top end of the range at Candelaria increased as a result of continued access 
to higher grade ore in the second half of the year. Copper production guidance ranges at Caserones and Neves-Corvo have 
been tightened and lowered slightly. At Caserones, this reflects the impact of the labour action during the quarter that 
reduced operations for 14 days. At Neves-Corvo, changes in mine sequencing due to rehabilitation and development efforts 
led to the change in guidance. 
 
Total production guidance for zinc has been revised, guidance range for Zinkgruvan increased slightly and the guidance 
range for Neves-Corvo reduced as a result of rehabilitation and development work impacting mine sequencing. Annual gold 
guidance has remained unchanged, incorporating an increase in guidance at Chapada offset by a reduction at Candelaria. 
For molybdenum, the guidance range has increased to reflect expected results according to the mine plan. 
 
Cash cost guidance at Chapada and Zinkgruvan was lowered with cash costs continuing to benefit from increased realized 
prices on by-product sales and weaker local currencies. Cash cost guidance at Eagle has increased due to reduced mining 
rates following a fall of ground that continues to limit production. 
 
Annual sustaining capital expenditure guidance has been lowered to $720 million from $795 million with reductions 
primarily at Caserones and Candelaria. Expenditure guidance related to the Josemaria Project of $230 million and 
exploration guidance of $55.0 million have been revised for 2024. The increase in exploration expenditure is primarily due 
to accelerating exploration efforts at Caserones where drilling is targeting the higher-grade copper breccia bodies to improve 
grades in the resource, as well as follow-up drilling at Cumbre Verde after positive results in the first half of 2024.

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

2024 Production and Cash Cost Guidance 
 
   Previous Guidancea Revised Guidance 
 (contained metal) Production Cash Cost ($/lb)b Production Cash Cost ($/lb)b 
 Copper (t) Candelaria (100%) 160,000 – 170,000 1.60 – 1.80c 165,000 – 173,000 1.60 – 1.80c 
  Caserones (100%) 124,000 – 135,000 2.60 – 2.80 121,000 – 125,000 2.60 – 2.80 
  Chapada 43,000 – 48,000 1.95 – 2.15d 43,000 – 48,000 1.55 – 1.65d 
  Eagle 5,000 – 7,000  6,000 – 8,000  
  Neves-Corvo 30,000 – 35,000 1.95 – 2.15c 27,000 – 30,000 1.95 – 2.15c 
  Zinkgruvan 4,000 – 5,000  4,000 – 5,000  
  Total 366,000 – 400,000  366,000 – 389,000  
 Zinc (t) Neves-Corvo 120,000 – 130,000  111,000 – 116,000  
  Zinkgruvan 75,000 – 85,000 0.45 – 0.50c 79,000 – 83,000 0.40 – 0.45c 
  Total 195,000 – 215,000  190,000 – 199,000  
 Nickel (t) Eagle 7,000 – 9,000 3.20 – 3.40 7,000 – 9,000 3.70 – 3.90 
 Gold (koz) Candelaria (100%) 100 – 110  92 – 102  
  Chapada 55 – 60  63 – 68  
  Total 155 – 170  155 – 170  
 Molybdenum (t) Caserones (100%) 2,500 - 3,000  2,800 – 3,300  
a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2024.    
b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $3.75/lb, Zn: 
$1.10/lb, Pb: $0.90/lb, Au: $1,800/oz, Mo: $20.00/lb, Ag: $23.00/oz), foreign exchange rates (€/USD:1.05, USD/SEK:10.50, USD/ CLP:850, USD/BRL:5.00) and 
production costs. Cash cost is a non-GAAP measure - see the Company's Management Discussion and Analysis for the three and nine months ended 
September 30, 2024 and the Reconciliation of Non-GAAP Measures at the end of this news release. 
c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement, and silver production at Zinkgr uvan and Neves-Corvo are also 
subject to streaming agreements. Cash costs are calculated based on receipt of approximately $ 429/oz gold and $4.28/oz to $4.68/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.  
 
2024 Capital Expenditure Guidanceb 
 
 ($ millions) Previous Guidancea Revisions Revised Guidance 
 Candelaria (100% basis) 300 (25) 275 
 Caserones (100% basis) 175 (40) 135 
 Chapada 110 — 110 
 Eagle 25 — 25 
 Neves-Corvo 115 (5) 110 
 Zinkgruvan 70 (5) 65 
 Other — — — 
 Total Sustaining 795 (75) 720 
 Josemaria (Expansionary) 225 5 230 
 Total Capital Expenditures 1,020 (70) 950 
 
a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 
2024.                                                                                                                                                                                                    
b. Sustaining capital expenditure is a supplementary financial measure and expansionary capital expenditure is a non -GAAP measure - see the 
Company's Management Discussion and Analysis for the three and nine months ended September 30, 2024 and the Reconcil iation of Non-GAAP 
Measures at the end of this news release.                                                                                                                                                                                                                          
 
Exploration 
 
During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration 
drilling at Zinkgruvan was focused on resource expansion and drilling at Candelaria was focused on Soplona, La Portuguesa 
and La Española . Drilling at Chapada concentrated on adding high grade resources to Saúva and testing near -mine 
geochemical and geophysical anomalies in Cava Norte, Santa Cruz, Castanhal and Jatoba. 
 
At Caserones, exploration activity remains lower during the winter season. Exploration drilling continues in the lower portion 
of the mineral resource in search of higher -grade copper breccia bodies that could improve the average grade of the

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

resource, and potentially expand it. Preparations to restart near -mine drilling at Angelica were made at the end of the 
quarter. 
 
At Josemaria, preparations are underway to recommence the drilling campaign at Cumbre Verde. 
 
Drilling started at Eagle during the quarter with two surface holes targeting a geophysical anomaly east of Eagle East. Drilling 
also commenced during the quarter at Neves -Corvo and focused on extending inferred resources at Lombador North and 
near-mine drilling at Neves Southwest. 
 
About Lundin Mining  
 
Lundin Mining is a diversified Canadian base metals mining company with projects or operations in Argentina, Brazil, Chile, 
Portugal, Sweden and the United States of America, primarily producing copper, zinc, nickel and gold.   
 
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse 
Regulation. The information was submitted for publication, through the agency of the contact persons set out below on 
November 6, 2024 at 14:30 Vancouver Time. 
 
For further information, please contact:  
 
Stephen Williams, Vice President, Investor Relations +1 604 806 3074 
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40 
  
Technical Information  
  
The scientific and technical information in this press release has been prepared in accordance with the disclosure standards 
of National Instrument 43 -101 (“NI 43 -101”) and has been reviewed by Patrick Merrin, P .Eng., Executive Vice President, 
Technical Services, a "Qualified Person" under NI 43 -101. Mr. Merrin has verified the data disclosed in this release and no 
limitations were imposed on his verification process.  
 
 
Reconciliation of Non-GAAP Measures   
 
The Company uses certain performance measures in its analysis. These performance measures have no standardized 
meaning within generally accepted accounting principles under International Financial Reporting Standards and, 
therefore, amounts presented may not be comparable to similar data presented by other mining companies. For 
additional details please refer to the Company’s discussion of non-GAAP and other performance measures in its 
Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 which is available on 
SEDAR+ at www.sedarplus.com.

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

Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs on the Company's 
Condensed Interim Consolidated Statement of Earnings as follows: 
 Three months ended September 30, 2024   
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo 
Zinkgruvan 
 
($000s, unless otherwise 
noted) 
(Cu) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  Total 
Sales volumes (Contained 
metal):        
Tonnes       45,430   22,044   12,380   393   7,707   15,124      
    Pounds (000s)  100,155   48,599   27,293   866   16,991   33,342      
Production costs        
   
    
   
   
   
   
   
  
  
 581,117  
Less: Royalties and other                 (19,133) 
        561,984  
Deduct: By-product credits                 (221,753) 
Add: Treatment and refining                 43,833  
Cash cost  155,069   144,062   37,302   6,273   36,159   5,199   384,064  
Cash cost per pound ($/lb)  1.55   2.96   1.37   7.24   2.13   0.16      
Add: Sustaining capital     60,118   22,895   20,487   7,940   26,288   15,546      
    Royalties  4,519   6,354   2,643   162   1,226   —      
Reclamation and other 
closure accretion and 
depreciation 
 2,416   1,061   2,374   1,473   1,381   1,149      
Leases & other  1,625   17,773   956   1,489   147   79      
All-in sustaining cost  223,747   192,145   63,762   17,337   65,201   21,973      
AISC per pound ($/lb)  2.23   3.95   2.34   20.02   3.84   0.66      
    
 
 
 Three months ended September 30, 2023   
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo 
Zinkgruvan 
 
($000s, unless otherwise 
noted) 
(Cu) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  Total 
Sales volumes (Contained 
metal):        
Tonnes       33,668   30,385   11,445   3,640   8,799   22,042      
    Pounds (000s)  74,225   66,987   25,232   8,025   19,398   48,594      
Production costs        
   
    
   
   
   
   
   
  
  
 615,109  
Less: Royalties and other                 (21,662) 
Inventory fair value 
adjustment 
   
    
   
   
   
   
   
   
  
   (32,185) 
        561,262  
Deduct: By-product credits                 (216,150) 
Add: Treatment and refining                 56,261  
Cash cost  162,672   106,866   57,501   16,598   44,043   13,693   401,373  
Cash cost per pound ($/lb)  2.19   1.60   2.28   2.07   2.27   0.28      
Add: Sustaining capital     86,693   28,849   16,716   4,989   27,357   12,350      
    Royalties  —   7,550   2,142   7,385   1,055   —      
Reclamation and other 
closure accretion and 
depreciation 
 2,349   1,133   2,141   2,742   1,462   1,011      
Leases & other  2,841   22,229   865   797   131   86      
All-in sustaining cost  254,555   166,627   79,365   32,511   74,048   27,140      
AISC per pound ($/lb)  3.43   2.49   3.15   4.05   3.82   0.56

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

Nine months ended September 30, 2024   
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo 
Zinkgruvan 
 
($000s, unless otherwise 
noted) 
(Cu) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  Total 
Sales volumes (Contained 
metal):        
Tonnes       108,965   87,117   29,415   4,574   21,491   49,459      
    Pounds (000s)  240,226   192,060   64,849   10,084   47,379   109,038      
Production costs        
   
    
   
   
   
   
   
  
  
 1,754,677  
Less: Royalties and other                 (61,427) 
        1,693,250  
Deduct: By-product credits                 (597,173) 
Add: Treatment and refining                 129,361  
Cash cost  438,494   481,756   113,607   39,903   107,898   43,780   1,225,438  
Cash cost per pound ($/lb)  1.83   2.51   1.75   3.96   2.28   0.40      
Add: Sustaining capital     220,194   100,977   74,927   15,998   76,622   43,188      
    Royalties  11,038   24,443   5,891   6,746   3,168   —      
Reclamation and other 
closure accretion and 
depreciation 
 6,441   3,195   7,780   5,033   4,036   3,286      
Leases & other  7,684   51,773   2,496   4,258   405   235      
All-in sustaining cost  683,851   662,144   204,701   71,938   192,129   90,489      
AISC per pound ($/lb)  2.85   3.45   3.16   7.13   4.06   0.83      
        
 
 Nine months ended September 30, 2023   
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo 
Zinkgruvan 
 
($000s, unless otherwise 
noted) 
(Cu) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  Total 
Sales volumes (Contained 
metal):        
Tonnes       105,585   30,385   30,681   10,234   23,000   48,028      
    Pounds (000s)  232,775   66,987   67,640   22,562   50,706   105,883      
Production costs        
   
    
   
   
   
   
   
  
  
 1,438,071  
Less: Royalties and other                 (41,717) 
Inventory fair value 
adjustment 
   
    
   
   
   
   
   
   
  
   (32,185) 
        1,364,169  
Deduct: By-product credits                 (495,751) 
Add: Treatment and refining                 125,390  
Cash cost  507,884   106,866   165,170   47,228   128,206   38,454   993,808  
Cash cost per pound ($/lb)  2.18   1.60   2.44   2.09   2.53   0.36      
Add: Sustaining capital     300,796   28,849   52,433   15,653   74,551   42,812      
    Royalties  —   7,550   6,394   17,991   2,868   —      
Reclamation and other 
closure accretion and 
depreciation 
 7,100   1,133   5,789   8,711   4,082   2,811      
Leases & other  9,638   22,229   3,002   2,441   437   288      
All-in sustaining cost  825,418   166,627   232,788   92,024   210,144   84,365      
AISC per pound ($/lb)  3.55   2.49   3.44   4.08   4.14   0.80

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

Adjusted EBITDA can be reconciled to Net Earnings (Loss) on the Company's Condensed Interim Consolidated Statement 
of Earnings as follows: 
 
 
Three months ended 
September 30,  
Nine months ended 
September 30, 
($thousands) 2024 2023  2024 2023 
Net earnings  127,829   21,883    343,117   248,496  
Add back:      
Depreciation, depletion and amortization     200,074   179,788    582,224   430,540  
Finance income and costs  39,152   36,212    111,153   67,808  
Income taxes  96,940   84,891    203,668   113,983  
       463,995   322,774    1,240,162   860,827  
Unrealized foreign exchange loss (gain)  12,901   9,096    574   (1,545) 
Unrealized losses (gains) on derivative contracts  (30,613)  47,504    18,245   41,241  
Ojos del Salado sinkhole (recoveries) expenses  871   (1,247)   550   15,235  
Revaluation loss (gain) on marketable securities  (3,957)  3,449    (6,472)  (453) 
Caserones inventory fair value adjustment   —   32,185    —   32,185  
Partial suspension of underground operations at Eagle  14,813   —    24,637   —  
Revaluation of Chapada derivative liability  —   370    307   2,166  
Revaluation of Caserones purchase option  —   —    (11,728)  —  
Write-down of capital works in progress  781   —    17,969   —  
Gain on disposal of subsidiary  —   —    —   (5,718) 
Other  (1,108)  990    (2,847)  (120) 
Total adjustments - EBITDA  (6,312)  92,347    41,235   82,991  
Adjusted EBITDA  457,683   415,121    1,281,397   943,818  
        
 
Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders on 
the Company's Condensed Interim Consolidated Statement of Earnings as follows: 
 
 
Three months ended 
September 30,  
Nine months ended 
September 30, 
($thousands, except share and per share amounts) 2024 2023  2024 2023 
Net earnings attributable to Lundin Mining shareholders  101,160   (2,964)   236,632   202,765  
Add back:      
Total adjustments - EBITDA  (6,312)  92,347    41,235   82,991  
Tax effect on adjustments  (8,135)  (20,758)   (7,921)  (23,938) 
Deferred tax expense due to change in tax rate  —   25,700    —   25,700  
Deferred tax arising from foreign exchange translation  (12,387)  12,317    (32,353)  (15,972) 
Non-controlling interest on adjustments  (1,867)  (18,734)   2,164   (18,665) 
Other  (1)  (2,648)   —   3,645  
Total adjustments  (28,702)  88,224    3,125   53,761  
Adjusted earnings    72,458   85,260    239,757   256,526  
      
Basic weighted average number of shares outstanding  776,794,756   773,147,920    774,574,731   772,214,160  
      
Net earnings (loss) attributable to shareholders     0.13   —    0.31   0.26  
Total adjustments     (0.04)  0.11    —   0.07  
Adjusted earnings per share    0.09   0.11    0.31   0.33

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

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the 
Company's Condensed Interim Consolidated Statement of Cash Flows as follows: 
    
 
Three months ended 
September 30,  
Nine months ended 
September 30, 
($thousands) 2024 2023  2024 2023 
Cash provided by operating activities  139,275   303,812    898,576   710,531  
Sustaining capital expenditures  (151,173)  (180,013)   (532,236)  (523,397) 
General exploration and business development  13,620   12,734    40,607   41,192  
Free cash flow from operations  1,722   136,533    406,947   228,326  
General exploration and business development  (13,620)  (12,734)   (40,607)  (41,192) 
Expansionary capital expenditures  (49,926)  (52,662)   (193,027)  (234,831) 
Free cash flow   (61,824)  71,137    173,313   (47,697) 
 
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating 
Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: 
   
 
Three months ended 
September 30,  
Nine months ended 
September 30, 
($thousands, except share and per share amounts) 2024 2023  2024 2023 
Cash provided by operating activities  139,275   303,812    898,576   710,531  
Changes in non-cash working capital items  165,901   12,655    90,140   (48,360) 
Adjusted operating cash flow      305,176   316,467    988,716   662,171  
      
Basic weighted average number of shares outstanding  776,794,756   773,147,920    774,574,731   772,214,160  
Adjusted operating cash flow per share    $ 0.39   0.41    1.28   0.86  
 
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 condensed interim consolidated balance sheet as follows:  
 
    
($thousands) September 30, 2024 December 31, 2023 
Debt and lease liabilities  (1,692,718)  (1,273,162) 
Current portion of total debt and lease liabilities     (397,141)  (212,646) 
Less deferred financing fees (netted in above)  (8,230)  (6,374) 
  (2,098,089)  (1,492,182) 
Cash and cash equivalents  295,540   268,793  
Net debt  (1,802,549)  (1,223,389) 
Lease liabilities  260,895   277,208  
Net debt excluding lease liabilities  (1,541,654)  (946,181)

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

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, li fe 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 compl y with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the  
Company’s projects; expansion projects and the realization of additional value; expectations regarding, including the ability  and timing to complete, the acquisition of 
Filo Corp. and the establishment and operation of a 50/50 joint arrangement with BHP and the anticipated project development and other plans and expectations with 
respect to such acquisition and joint arrangement; the Company’s integration of acquisitions and expansions and any anticipated benefits thereof; 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 expectatio ns and beliefs of management, 
including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, zinc, gold, nickel and other metals; 
anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions, including the completion of the acquisition of Filo Corp., the establishment 
of the 50/50 joint arrangement with BHP and the realization of synergies and economies of scale in connection therewith; that the po litical environment in which the 
Company operates will continue to support the development and operation of mining projects; and a ssumptions 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 e xperience and perception of current 
conditions and expected developments, these statements are 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: global financial conditions, market volatility and inflati on, including pricing and availability of key 
supplies and services; risks inherent in m ining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual o r 
unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; 
volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation ris ks related to negative publicity with respect 
to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria 
Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining 
regime changes in the Company’s operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without 
fair compensation, environmental and tailings manage ment, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks 
inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing 
risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable o r inaccessible infrastructure, infrastructure 
failures, and risks related to ageing infrastructure; c hanging taxation regimes; the inability to effectively compete in the industry; the inability to currently control Filo 
Corp. and the ability to satisfy the relevant conditions and complete the acquisition of Filo Corp. and establish the 50/50 j oint arrangement with BHP on the proposed 
terms and schedule; risks associated with acquisitions, expansions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated 
difficulties or expenditures relating to integration and  diversion of management time on integration; risks related to mine closure activities, reclamation obligations, 
environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign 
jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and 
continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral 
Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore process ing efficiency; community and stakeholder 
opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash 
costs, and estimates of future production may not be reliabl e; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to 
joint ventures, joint arrangements and operations; environmental and regulatory risks associated with the structural stabilit y of waste rock  dumps or tailings storage 
facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption in volving the Company, its customers, suppliers 
or employees, or the allegation of improper or discriminat ory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of 
dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of  asset carrying valu es; relationships with 
employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or s hortages of labour or interruptions in 
production; conflicts of interest; existence of significant sharehold ers; challenges or defects in title; internal controls; risks relating to minor elements contained in 
concentrate products; the threat associated with outbreaks of viruses and infectious diseases; mining rates and rehabilitatio n projects; mill shut downs; and other risks 
and uncertainties, including but not limited to those described in the "Risks and Uncertainties” section of the Company’s MD& A for the three and nine months ended 
September 30, 2024 and the “Risks and Uncertainties” section of the Company’s  Annual Information Form for the year ended December 31, 2023, which are available 
on SEDAR+ at www.sedarplus.com under the Company’s profile.  
 
All of the forward-looking information in this document are 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 fac tors 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 i nformation 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 12 =====

Management’s	Discussion	and	Analysis
For	the	three	and	nine	months	ended	September	30,	2024
This	 management’s	 discussion	 and	 analysis	 (“MD&A”)	 has	 been	 prepared	 as	 of	 November	 6,	 2024	 and	 should	 be	 read	 in	
conjunction	with	the	Company’s	condensed	interim	consolidated	financial	statements	for	the	three	and	nine	months	ended	
September	 30,	 2024.	 Those	 financial	 statements	 are	 prepared	 in	 accordance	 with	 International	 Financial	 Reporting	
Standards	as	issued	by	the	International	Accounting	Standards	Board	(“IFRS	Accounting	Standards”)	and	which	the	Canadian	
Accounting	 Standards	 Board	 has	 approved	 for	 incorporation	 into	 Part	 1	 of	 the	 CPA	 Canada	 Handbook	 -	 Accounting,	
including	 IAS	 34	 Interim	 Financial	 Reporting.	 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	
third	quarter	("Q3")	of	2024.	"Year-to-date"	or	"Year-to-date	period"	means	the	nine	months	ended	September	30,	2024.
About	Lundin	Mining
Lundin	Mining	Corporation	(“Lundin	Mining”	or	the	“Company”)	is	a	diversified	Canadian	base	metals	mining	company	with	
projects	and	operations	in	Argentina,	Brazil,	Chile,	Portugal,	Sweden,	and	the	United	States	of	America,	primarily	producing	
copper,	zinc,	nickel	and	gold.
Table	of	Contents
Highlights     ................................................................................................................................................................................ 1
Outlook    ................................................................................................................................................................................... 6
Selected	Quarterly	Financial	Information     .............................................................................................................................. 8
Summary	of	Quarterly	Results      ............................................................................................................................................... 9
Revenue	Overview  .................................................................................................................................................................. 10
Financial	Results     ..................................................................................................................................................................... 14
Mining	Operations   .................................................................................................................................................................. 17
Production	Overview     ........................................................................................................................................................ 17
Production	Cost	and	Cash	Cost	Overview     ........................................................................................................................ 18
Capital	Expenditures   ......................................................................................................................................................... 19
Candelaria      ......................................................................................................................................................................... 20
Caserones   .......................................................................................................................................................................... 21
Chapada      ............................................................................................................................................................................ 22
Eagle   .................................................................................................................................................................................. 23
Neves-Corvo     ...................................................................................................................................................................... 24
Zinkgruvan ......................................................................................................................................................................... 25
	Josemaria	Project     ................................................................................................................................................................... 26
Exploration	Update   ................................................................................................................................................................. 26
Liquidity	and	Capital	Resources   .............................................................................................................................................. 27
Non-GAAP	and	Other	Performance	Measures    ....................................................................................................................... 30
Other	Information	and	Advisories     .......................................................................................................................................... 37
Outstanding	Share	Data     ......................................................................................................................................................... 38

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

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;	 expansion	 projects	 and	 the	
realization	of	additional	value;	expectations	regarding,	including	the	ability	and	timing	to	complete,	the	acquisition	of	Filo	Corp.	and	the	establishment	and	operation		of	a	50/50	
joint	arrangement	with	BHP	and	the	anticipated	project	development	and	other	plans	and	expectations	with	respect	to	such	acquisition	and	joint	arrangement;	the	Company’s	
integration	 of	 acquisitions	 and	 expansions	 and	 any	 anticipated	 benefits	 thereof;	 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,	zinc,	gold,	nickel	and	other	metals;	anticipated	costs;	
ability	 to	 achieve	 goals;	 the	 prompt	 and	 effective	 integration	 of	 acquisitions,	 including	 the	 completion	 of	 the	 acquisition	 of	 Filo	 Corp.,	 the	 establishment	 of	 the	 50/50	 joint	
arrangement	 with	 BHP	 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,	
these	 statements	 are	 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:	global	financial	 conditions,	market	volatility	and	inflation,	including	pricing	and	availability	of	key	supplies	and	services;	risks	inherent	in	mining	including	but	not	
limited	 to	 risks	 to	 the	 environment,	 industrial	 accidents,	 catastrophic	 equipment	 failures,	 unusual	 or	 unexpected	 geological	 formations	 or	 unstable	 ground	 conditions,	 and	
natural	 phenomena	 such	 as	 earthquakes,	 flooding	 or	 unusually	 severe	 weather;	 uninsurable	 risks;	 volatility	 and	 fluctuations	 in	 metal	 and	 commodity	 demand	 and	 prices;	
significant	 reliance	 on	 assets	 in	 Chile;	 reputation	 risks	 related	 to	 negative	 publicity	 with	 respect	 to	 the	 Company	 or	 the	 mining	 industry	 in	 general;	 delays	 or	 the	 inability	 to	
obtain,	retain	or	comply	with	permits;	risks	relating	to	the	development	of	the	Josemaria	Project;	health	and	safety	laws	and	regulations;	risks	associated	with	climate	change;	
risks	relating	to	indebtedness;	economic,	political	and	social	instability	and	mining	regime	changes	in	the	Company’s	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;	inability	to	attract	and	retain	highly	skilled	employees;	risks	inherent	in	and/or	associated	with	operating	in	foreign	countries	and	emerging	markets,	including	
with	 respect	 to	 foreign	 exchange	 and	 capital	 controls;	 project	 financing	 risks,	 liquidity	 risks	 and	 limited	 financial	 resources;	 health	 and	 safety	 risks;	 compliance	 with	
environmental,	unavailable	or	inaccessible	infrastructure,	infrastructure	failures,	and	risks	related	to	ageing	infrastructure;	changing	taxation	regimes;	the	inability	to	effectively	
compete	in	the	industry;	the	inability	to	currently	control	Filo	Corp.	and	the	ability	to	satisfy	the	relevant	conditions	and	complete	the	acquisition	of	Filo	Corp.	and	establish	the	
50/50	joint	arrangement	with	BHP	on	the	proposed	terms	and	schedule;	risks	associated	with	acquisitions,	expansions	and	related	integration	efforts,	including	the	ability	to	
achieve	anticipated	benefits,	unanticipated	difficulties	or	expenditures	relating	to	integration	and	diversion	of	management	time	on	integration;	risks	related	to	mine	closure	
activities,	reclamation	obligations,	environmental	liabilities	and	closed	and	historical	sites;	reliance	on	key	personnel	and	reporting	and	oversight	systems,	as	well	as	third	parties	
and	consultants	in	foreign	jurisdictions;	information	technology	and	cybersecurity	risks;	risks	associated	with	the	estimation	of	Mineral	Resources	and	Mineral	Reserves	and	the	
geology,	grade	and	continuity	of	mineral	deposits	including	but	not	limited	to	models	relating	thereto;	actual	ore	mined	and/or	metal	recoveries	varying	from	Mineral	Resource	
and	 Mineral	 Reserve	 estimates,	 estimates	 of	 grade,	 tonnage,	 dilution,	 mine	 plans	 and	 metallurgical	 and	 other	 characteristics;	 ore	 processing	 efficiency;	 community	 and	
stakeholder	opposition;	regulatory	investigations,	enforcement,	sanctions	and/or	related	or	other	litigation;	financial	projections,	including	estimates	of	future	expenditures	and	
cash	costs,	and	estimates	of	future	production	may	not	be	reliable;	enforcing	legal	rights	in	foreign	jurisdictions;	risks	associated	with	the	use	of	derivatives;	risks	relating	to	joint	
ventures,	 joint	 arrangements	 and	 operations;	 environmental	 and	 regulatory	 risks	 associated	 with	 the	 structural	 stability	 of	 waste	 rock	 dumps	 or	 tailings	 storage	 facilities;	
exchange	rate	fluctuations;	compliance	with	foreign	laws;	potential	for	the	allegation	of	fraud	and	corruption	involving	the	Company,	its	customers,	suppliers	or	employees,	or	
the	allegation	of	improper	or	discriminatory	employment	practices,	or	human	rights	violations;	risks	relating	to	dilution;	risks	relating	to	payment	of	dividends;	counterparty	and	
customer	concentration	risks;	activist	shareholders	and	proxy	solicitation	matters;	estimation	of	asset	carrying	values;	relationships	with	employees	and	contractors,	and	the	
potential	 for	 and	 effects	 of	 labour	 disputes	 or	 other	 unanticipated	 difficulties	 with	 or	 shortages	 of	 labour	 or	 interruptions	 in	 production;	 conflicts	 of	 interest;	 existence	 of	
significant	shareholders;	challenges	or	defects	in	title;	internal	controls;	risks	relating	to	minor	elements	contained	in	concentrate	products;	the	threat	associated	with	outbreaks	
of	viruses	and	infectious	diseases;	mining	rates	and	rehabilitation	projects;	mill	shut	downs;	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,	2023,	
which	are	available	on	SEDAR+	at	www.sedarplus.com	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 14 =====

Highlights
During	the	quarter,	the	Company	produced	99,855	tonnes	of	copper,	46,610	tonnes	of	zinc,	and	47	thousand	ounces	("koz")	
of	 gold.	 This	 production	 coupled	 with	 other	 metals	 produced	 and	 sold	 during	 the	 quarter,	 generated	 strong	 quarterly	
revenue	of	$1,073.0	million	(Q3	2023	-	$992.2	million),	gross	profit	of	$291.8	million	(Q3	2023	-	$197.3	million)	and	adjusted	
EBITDA1	of	$457.7	million	(Q3	2023	-	$415.1	million).
The	Company	had	a	net	debt	excluding	lease	liabilities1	balance	of	$1,541.7	million	as	at	September	30,	2024	(December	31,	
2023	-	$946.2	million).
The	Company	expects	to	achieve	annual	production	guidance	for	copper,	nickel,	gold,	and	molybdenum	as	published	in	the	
MD&A	for	the	three	and	six	months	ended	June	30,	2024	and	has	tightened	guidance	ranges	for	several	of	the	assets.	Total	
production	guidance	for	zinc	has	been	revised	with	the	guidance	range	for	Zinkgruvan	increased	slightly	and	the	guidance	
range	for	Neves-Corvo	reduced	as	a	result	of	rehabilitation	and	development	work	impacting	mine	sequencing.	
Operational	Performance
Candelaria	 (80%	 owned):	 Candelaria	 produced	 50,018	 tonnes	 of	 copper	 and	 approximately	 29,000	 ounces	 of	 gold	 in	
concentrate	 on	 a	 100%	 basis	 during	 the	 quarter.	 Production	 in	 the	 quarter	 was	 positively	 impacted	 by	 planned	 higher	
grades	from	Phase	11.	Access	to	higher	grade	Phase	11	ore	is	anticipated	to	continue	through	most	of	the	fourth	quarter	of	
2024	as	per	the	planned	mine	sequence.	 Production	costs	in	the	quarter	were	higher	than	in	the	prior	year	quarter	due	to	
higher	copper	sales,	but	also	partially	offset	by	favourable	foreign	exchange. 	Cash	cost1	of	$1.55/lb	was	positively	impacted	
by	higher	sales	volumes,	favourable	foreign	exchange	and	favourable	by-product	credits.
Caserones	 (70%	 owned):	 Caserones	 produced	 29,033	 tonnes	 of	 total	 copper	 and	 693	 tonnes	 of	 molybdenum	 on	 a	 100%	
basis	 during	 the	 quarter.	 Copper	 and	 molybdenum	 production	 in	 the	 quarter	 was	 impacted	 by	 labour	 action	 in	 August	
lasting	14	days	which	reduced	throughput	during	that	period	to	approximately	50%	of	capacity. 	Lower	head	grades	were	
realized	during	the	quarter	as	a	result	of	a	higher	proportion	of	ore	from	Phase	6	due	to	hydrogeologic	conditions	in	Phase	
5.	Production	costs	in	the 	quarter	 were	lower	than	in	the	prior	year	comparable	period	due	to	lower	copper	concentrate	
and	molybdenum	volumes	and	favourable	foreign	exchange. 	Cash	cost	of	 $2.96/lb	was	negatively	impacted	 by	lower	sales	
volumes	as	a	result	of	the	labour	action.
Chapada	 (100%	 owned):	 Chapada	 produced	 11,694	 tonnes	 of	 copper	 and	 approximately	 18,000	 ounces	 of	 gold	 in	
concentrate	during	the	quarter.	Copper	production	was	positively	impacted	by	higher	throughput	that	was	offset	by	lower	
grades	and	recoveries	as	a	result	of	processing	of	stockpiled	ore	as	part	of	an	optimized	mine	plan	that	significantly	reduces	
waste	movement.	Gold	production	reflected	higher	grades	as	a	result	of	increased	ore	 mined	from	the	South	and	Central	
pits	 replacing	 older	 low-grade	 stockpiles. 	 Production	 costs	 increased	 due	 to	 higher	 sales	 volumes,	 partially	 offset	 by	
favourable	foreign	exchange. 	Cash	cost	of 	$1.37/lb	benefitted	from	 higher	gold	by-product	credits	 and	favourable	foreign	
exchange	combined	with	mining	cost	decreases	due	to	operational	improvements.
Eagle	(100%	owned):	Eagle	produced	893	tonnes	of	nickel	and	 1,027	tonnes	of	copper	in	the 	quarter.	Production	has	been	
impacted	by	the	fall	of	ground	in	the	lower	ramp	in	Eagle	East	during	the	second	quarter	of	2024	which	restricted	access	to	
Eagle	 East,	 and	 reduced	 mining	 rates	 until	 ramp	 rehabilitation	 is	 completed.	 Normal	 throughput	 rates	 are	 expected	 to	
resume	in	late	2024. 	Production	costs	were	 reduced	by	 lower	sales	and	production	volumes	leading	to	reduced	spend	in	
milling,	transportation	and	lower	royalty	expense. 	Production	costs	in	the	quarter	excluded	approximately	 $14.8	million	of	
overhead	costs	that	have	been	recorded	in	Other	Income	and	Expense	as	a	result	of	the	partial	suspension	of	underground	
mining	operations.	Nickel	cash	cost	of	$7.24/lb	was	impacted	by	lower	sales	volumes,	partially	offset	by	higher	by-product	
credits	as	a	result	of	higher	realized	copper	prices1.
Neves-Corvo	(100%	owned): 	Neves-Corvo	produced	 6,698	tonnes	of	copper	and	 29,509	tonnes	of	zinc 	during	the	quarter. 		
Copper	production	was	impacted	by	lower 	throughput	and	grades.	The	decrease	in	throughput	and	grades	is	attributed	to	
changes	 in	 mine	 sequencing	 as	 a	 result	 of	 adjustments	 made	 to	 the	 mining	 method	 and	 cable	 bolting	 requirements.	
Additional	 development	 work	 in	 Lombador	 North	 and	 rehabilitation	 work	 also	 limited	 ore	 availability.	 Zinc	 production	
benefitted	 from	 higher	 throughput	 and	 recoveries	 as	 a	 result	 of	 the	 zinc	 expansion	 project.	 During	 the	 month	 of	 August,	
there	 was	 a	 record	 in	 shaft	 hoisting	 of	 440,000	 tonnes	 over	 the	 month,	 in	 addition	 to	 record	 zinc	 production	 of	 10,527	
tonnes.	During	the	month	of	September,	the	daily	shaft	hoisting	of	19,000	tonnes	set	a	new	record	for	the	mine.	Production	
1
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

costs	increased	due	to	 an	increase	in	zinc	and	lead	sales	volumes .	Cash	cost	during	the	quarter	of	$2.13/lb	benefitted	from	
higher	by-product	credits.
Zinkgruvan	(100%	owned):	Zinkgruvan	produced	17,101	tonnes	of	zinc	and	5,693	tonnes	of	lead	in	the	quarter	impacted	by	
lower	 grades	 and	 throughput	 which	 were	 driven	 by	 changes	 in	 mine	 sequencing	 from	 operational	 and	 maintenance	
disruptions.	Copper	production	of	1,385	tonnes	in	the	quarter	reflected	higher	throughput.	Production	costs	decreased	due	
to	 lower	 sales	 volumes.	 Zinc	 cash	 cost	 of	 $0.16/lb	 benefitted	 from	 higher	 copper	 by-product	 credits	 as	 a	 result	 of	 higher	
realized	copper	prices.
Total	Productiona
2024 2023
YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)b 	 267,576	 	 99,855	 	 79,708	 	 88,013	 	 314,798	 	 103,337	 	 89,942	 	 60,057	 	 61,462	
Zinc	(t) 	 139,758	 	 46,610	 	 47,460	 	 45,688	 	 185,161	 	 50,719	 	 49,774	 	 36,115	 	 48,553	
Nickel	(t) 	 5,869	 	 893	 	 1,721	 	 3,255	 	 16,429	 	 3,729	 	 4,290	 	 4,686	 	 3,724	
Gold	(koz)b 	 112	 	 47	 	 32	 	 33	 	 149	 	 44	 	 35	 	 34	 	 36	
Molybdenum	(t)b 	 2,271	 	 693	 	 714	 	 864	 	 2,024	 	 928	 	 1,096	 	 —	 	 —	
a	-		Tonnes(t)	and	thousands	of	ounces	(koz).
b	-	Candelaria	and	Caserones	production	are	on	a	100%	basis.	Caserones	results	in	2023	are	from	July	13,	2023.
2

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

Corporate	Updates
• On	 July	 29,	 2024,	 the	 Company	 entered	 into	 an	 agreement	 with	 BHP	 and	 Filo	 Corp	 (“Filo”)	 to	 jointly	 acquire	 all	 the	
issued	and	outstanding	shares	of	Filo	(the	“Arrangement”)	not	already	owned	by	Lundin	Mining	and	BHP.	Under	the	
terms	of	the	Arrangement,	Filo	shareholders	may	choose	to	receive	in	exchange	for	each	Filo	share	C$33.00	in	cash,	
2.3578	 Lundin	 Mining	 shares	 or	 any	 combination	 thereof,	 subject	 to	 aggregate	 caps.	 Lundin	 Mining’s	 share	 of	 the	
consideration	for	the	Arrangement	is	approximately	C$2,148	million	($1,550	million),	consisting	of	up	to	C$859	million	
in	 cash	 and	 C$1,289	 million	 in	 Lundin	 Mining	 shares.	 The	 Arrangement	 was	 approved	 by	 Filo	 shareholders	 on	
September	26,	2024.	Closing	is	expected	to	occur	in	the	first	quarter	of	2025	subject	to	regulatory	approvals	and	other		
customary	 closing	 conditions	 for	 transactions	 of	 this	 nature.	 Concurrently	 with	 the	 completion	 of	 the	 Arrangement,	
Lundin	Mining	and	BHP	will	form	a	50/50	 joint	arrangement	(the	“Joint	Arrangement”) 	to	hold	the	Filo	del	Sol	project	
and	 Lundin	 Mining’s	 Josemaria	 project.	 BHP	 will	 pay	 Lundin	 Mining	 cash	 consideration	 of	 $690	 million,	 subject	 to	
certain	adjustments,	as	consideration	for	Lundin	Mining	contributing	the	Josemaria	project	to	the	Joint	Arrangement.
• 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	ownership	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.	
• On	February	8,	2024,	the	Company	reported	its	Mineral	Resource	and	Mineral	Reserve	estimates	as	at	December	31,	
2023	(or	as	otherwise	specified)	and	on	January	14,	2024,	the	Company	provided	its	2024	production	and	cost	guidance	
and	reaffirmed	the	three	year	production	outlook.
			 	 	 													
3

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

Financial	Performance
• Gross	profit	for	the	quarter	was	$291.8	million	which	was	$94.5	million	higher	than	in	the	prior	year	comparable	period	
of	$197.3	million.	The	increase	in	the	quarter	is	due	to	higher	realized	copper,	gold	and	zinc	prices.	On	a	year-to-date	
basis,	gross	profit	was	 $756.7	million,	an	increase	of	 $293.2	million	from	the	prior	year	comparable	period	of	 $463.5	
million.	The	increases	in	the	year-to-date	period	were	primarily	a	result	of	the	acquisition	of	Caserones	in	July	2023	and	
higher	realized	copper,	gold	and	zinc	prices.
• For	the	quarter	and	year-to-date	periods,	net	earnings	of	 $127.8	million	and	 $343.1	million,	respectively,	were	 higher	
than	in	the	prior	year	comparable	periods	primarily	due	to	higher	gross	profit.
• Adjusted	earnings1	of	$72.5	million	for	the	quarter	were	$12.8	million	lower	than	in	the	prior	year	comparable	period	of	
$85.3	million	as	a	result	of	higher	income	taxes	as	a	result	of	higher	taxable	earnings,	the	introduction	of	the	mining	
royalty	 tax	 for	 Candelaria,	 and	 utilization	 of	 tax	 losses	 at	 Caserones.	 Adjusted	 earnings	 for	 the	 nine	 months	 ended	
September	30,	2024	amounted	to	$239.8	million,	a	decrease	of	$16.7	million	from	the	prior	year	comparable	period	of	
$256.5	million,	also	due	to	higher	income	taxes	as	a	result	of	the	same	factors	mentioned	for	the	quarter.
• Cash	provided	by	operating	activities	of	 $139.3	million	for	the	quarter	was	 $164.5	million	lower	than	in	the	prior	year	
comparable	 period	 of	 $303.8	 million.	 On	 a	 year-to-date	 basis,	 cash	 provided	 by	 operating	 activities	 of	 $898.6	 million	
represented	an	increase	of	$188.1	million	from	the	prior	year	comparable	period	of	 $710.5	million.	The	decrease	in	the	
quarter	 compared	 to	 the	 prior	 period	 is	 due	 to	 large	 outflows	 of	 working	 capital	 as	 a	 result	 of	 the	 timing	 of	 sales	 at	
Candelaria	and	Chapada	during	the	current	period.	The	increase	in	the	year-to-date	compared	to	the	prior	period	was	
primarily	 due	 to	 higher	 realized	 copper,	 gold	 and	 zinc	 prices,	 inclusion	 of	 Caserones	 operating	 cash	 flows,	 partially	
offset	by	larger	outflows	of	working	capital.
• For	 the	 quarter,	 sustaining	 capital	 expenditures1	 of	 $151.2	 million	 were	 $28.8	 million	 lower	 than	 in	 the	 prior	 year	
comparable	period	of	 $180.0	million	primarily	as	a	result	of	lower	sustaining	capital	expenditure	at	Candelaria	due	to	
timing	 and	 lower	 deferred	 stripping.	 On	 a	 year-to-date	 basis,	 sustaining	 capital	 expenditures	 of	 $532.2	 million	 were	
higher	than	in	the	prior	year	comparable	period	of	 $523.4	million	primarily	due	to	the	addition	of	Caserones'	sustaining	
capital	expenditures	which	includes	prior	year	expenditures	incurred	from	the	acquisition	date	in	July	2023,	and	higher	
sustaining	 capital	 expenditures	 at	 Chapada	 partially	 offset	 by	 Candelaria's	 lower	 sustaining	 capital	 expenditures.	
Expansionary	capital	expenditures 1	of	$49.9	million	for	the	quarter	and	 $193.0	million	for	the	year-to-date	were	lower	
than	 in	 the	 prior	 year	 comparable	 periods	 of	 $52.7	 million	 and	 $234.8	 million,	 respectively,	 as	 a	 result	 of	 reduced	
spending	on	the	Josemaria	Project.
• Free	cash	flow	from	operations 1	for	this	quarter	of	 $1.7	million	was	lower	than	in	the	prior	year	comparable	period	of	
$136.5	 million	 primarily	 due	 to	 $165.9	 million	 of	 outflows	 of	 working	 capital	 as	 a	 result	 of	 the	 timing	 of	 sales	 at	
Candelaria	 and	 Chapada	 during	 the	 current	 period.	 Free	 cash	 flow	 from	 operations	 for	 the	 year-to-date	 of	 $406.9	
million	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 of	 $228.3	 million	 primarily	 as	 a	 result	 of	 higher	 realized	
copper,	 gold	 and	 zinc	 prices	 and	 the	 inclusion	 of	 Caserones	 operating	 cash	 flows	 partially	 offset	 by	 larger	 working	
capital	outflows.	
Financial	Position	and	Financing
• Cash	 and	 cash	 equivalents	 as	 at	 September	 30,	 2024	 were	 $295.5	 million,	 a	 decrease	 during	 the	 quarter	 of	 $157.3	
million.	 Cash	 provided	 by	 operating	 activities	 amounted	 to	 $139.3	 million,	 which	 was	 impacted	 by	 $165.9	 million	 of	
negative	working	capital	as	a	result	of	the	timing	of	sales	at	Candelaria	and	Chapada	during	the	current	period.	Cash	
used	to	fund	investing	activities	amounted	to	 $264.5	million,	including	the	$41.7	million	payment	for	the	acquisition	of	
Filo	shares	and	the	 $25.0	million	settlement	for	the	Chapada	derivative	liability.	Cash	used	in	financing	activities	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	 from	 debt	 proceeds,	 $63.0	 million	 in	 distributions	 paid	 to	 non-controlling	
interests,	and	the	$10.0	million	payment	of	Caserones	deferred	consideration.	
4
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

• As	 at	 September	 30,	 2024,	 the	 Company	 had	 a	 net	 debt1	 balance	 of	 $1,802.5	 million	 and	 a	 net	 debt	 excluding	 lease	
liabilities1	balance	of	$1,541.7	million.	
• As	at	 November	6,	2024 ,	the	Company	had	a	cash	balance	of	approximately	$ 466.1	million	and	a	net	debt	excluding	
lease	liabilities	balance	of	approximately	$1,362.6	million.	
5

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

Outlook
Annual	guidance	for	2024	has	been	updated	from	that	disclosed	in	the	Company's	Management's	Discussion	and	Analysis	
for	the	three	and	six	months	ended	June	30,	2024.
The	Company	remains	on	track	to	meet	annual	consolidated	copper	production	guidance	as	published	in	the	MD&A	for	the	
three	and	six	months	ended	June	30,	2024.	Additionally,	the	total	production	guidance	range	for	copper	has	been	tightened	
with	the	top	end	of	the	range	at	Candelaria	increased	as	a	result	of	continued	access	to	higher	grade	ore	in	the	second	half	
of	the	year.	Copper	production	guidance	ranges	at	Caserones	and	Neves-Corvo	have	been	tightened	and	lowered	slightly.	
At	Caserones,	this	reflects	the	impact	of	the	labour	action	during	the	quarter	that	reduced	operations	for	14	days.	At	Neves-
Corvo,	changes	in	mine	sequencing	due	to	rehabilitation	and	development	efforts	led	to	the	change	in	guidance.
Total	 production	 guidance	 for	 zinc	 has	 been	 revised	 with	 the	 guidance	 range	 for	 Zinkgruvan	 increased	 slightly	 and	 the	
guidance	 range	 for	 Neves-Corvo	 reduced	 as	 a	 result	 of	 rehabilitation	 and	 development	 work	 impacting	 mine	 sequencing.	
Annual	gold	guidance	has	remained	unchanged,	incorporating	an	increase	in	guidance	at	Chapada	offset	by	a	reduction	at	
Candelaria.	For	molybdenum,	the	guidance	range	has	increased	to	reflect	expected	results	according	to	the	mine	plan.
Cash	cost	guidance	at	Chapada	and	Zinkgruvan	was	lowered	with	cash	costs	continuing	to	benefit	from	increased	realized	
prices	on	by-product	sales	and	weaker	local	currencies.	Cash	cost	guidance	at	Eagle	has	increased	due	to	reduced	mining	
rates	following	a	fall	of	ground	that	continues	to	limit	production.
Annual	 sustaining	 capital	 expenditure	 guidance	 has	 been	 lowered	 to	 $720	 million	 from	 $795	 million	 with	 reductions	
primarily	 at	 Caserones	 and	 Candelaria.	 Expenditure	 guidance	 related	 to	 the	 Josemaria	 Project	 of	 $ 230	 million	 and	
exploration	guidance	of	 $55.0	million	have	been	revised	for	2024.	The	increase	in	exploration	expenditure	is	primarily	due	
to	 accelerating	 exploration	 efforts	 at	 Caserones	 where	 drilling	 is	 targeting	 the	 higher-grade	 copper	 breccia	 bodies	 to	
improve	grades	in	the	resource,	as	well	as	follow-up	drilling	at	Cumbre	Verde	after	positive	results	in	the	first	half	of	2024	at	
Josemaria.
2024	Production	and	Cash	Cost	Guidance
	Guidancea 	Revised	Guidance
(contained	metal) Production Cash	Cost	($/lb)b Production Cash	Cost	($/lb)b
Copper	(t) Candelaria	(100%) 160,000	–	170,000 1.60	–	1.80c 165,000	–	173,000 1.60	–	1.80c
Caserones	(100%) 124,000	–	135,000 2.60	–	2.80 121,000	–	125,000 2.60	–	2.80
Chapada 43,000	–	48,000 1.95	–	2.15d 43,000	–	48,000 1.55	–	1.65d
Eagle 5,000	–	7,000 6,000	–	8,000
Neves-Corvo 30,000	–	35,000 1.95	–	2.15c 27,000	–	30,000 1.95	–	2.15c
Zinkgruvan 4,000	–	5,000 4,000	–	5,000
Total 366,000	–	400,000 366,000	–	389,000
Zinc	(t) Neves-Corvo 120,000	–	130,000 111,000	–	116,000
Zinkgruvan 75,000	–	85,000 0.45	–	0.50c 79,000	–	83,000 0.40	–	0.45c
Total 195,000	–	215,000 190,000	–	199,000
Nickel	(t) Eagle 7,000	–	9,000 3.20	–	3.40 7,000	–	9,000 3.70	–	3.90
Gold	(koz) Candelaria	(100%) 100	–	110 92	–	102
Chapada 55	–	60 63	–	68
Total 155	–	170 155	–	170
Molybdenum	(t) Caserones	(100%) 2,500	-	3,000 2,800	–	3,300
a.		Guidance	as	outlined	in	the	MD&A	for	the	three	and	six	months	ended	June	30,	2024.
b.	 Cash	 costs	 are	 based	 on	 various	 assumptions	 and	 estimates,	 including	 but	 not	 limited	 to:	 production	 volumes,	 commodity	 prices	 (Cu:	 $3.75/lb,	 Zn:	
$1.10/lb,	Pb:	$0.90/lb,	Au:	$1,800/oz,	Mo:	$20.00/lb,	Ag:	$23.00/oz),	foreign	exchange	rates	(€/USD:1.05,	USD/SEK:10.50,	USD/CLP:850,	USD/BRL:5.00)	
and	production	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,	and	silver	production	at	Zinkgruvan	and	Neves-Corvo	are	also	
subject	to	streaming	agreements.	Cash	costs	are	calculated	based	on	receipt	of	approximately	$429/oz	gold	and	$4.28/oz	to	$4.68/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.
																																					6

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

2024	Capital	Expenditure	Guidanceb
($	millions) 	Guidancea Revisions Revised	Guidance
Candelaria	(100%	basis) 300 (25) 275
Caserones	(100%	basis) 175 (40) 135
Chapada 110 — 110
Eagle 25 — 25
Neves-Corvo 115 (5) 110
Zinkgruvan 70 (5) 65
Other — — —
Total	Sustaining 795 (75) 720
Expansionary	-	Josemaria 225 5 230
Total	Capital	Expenditures 1,020 (70) 950
a. Guidance	as	outlined	in	the	MD&A	for	the	three	and	six	months	ended	June	30,	2024.
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.
2024	Exploration	Investment	Guidance
Total	exploration	expenditure	guidance	for	2024	is	$55.0	million,	which	has	been	increased	from	previous	guidance	of	$48.0	
million.		
7

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

Selected	Quarterly	Financial	Information	
Three	months	ended
September	30,
Nine	months	ended
September	30,
($	millions,	except	share	and	per	share	amounts) 2024 2023 2024 2023
Revenue 	 1,073.0	 	 992.2	 	 3,093.6	 	 2,332.1	
Costs	of	goods	sold:
Production	costs 	 (581.1)	 	 (615.1)	 	 (1,754.7)	 	 (1,438.1)	 
Depreciation,	depletion	and	amortization 	 (200.1)	 	 (179.8)	 	 (582.2)	 	 (430.5)	 
Gross	profit 	 291.8	 	 197.3	 	 756.7	 	 463.5	
Net	earnings	(loss)	attributable	to:
Lundin	Mining	shareholders 	 101.2	 	 (3.0)	 	 236.6	 	 202.8	
Non-controlling	interests 	 26.7	 	 24.8	 	 106.5	 	 45.7	
Net	earnings 	 127.8	 	 21.9	 	 343.1	 	 248.5	
Adjusted	earnings1,2 	 72.5	 	 85.3	 	 239.8	 	 256.5	
Adjusted	EBITDA1 	 457.7	 	 415.1	 	 1,281.4	 	 943.8	
Cash	provided	by	operating	activities 	 139.3	 	 303.8	 	 898.6	 	 710.5	
Adjusted	operating	cash	flow1 	 305.2	 	 316.5	 	 988.7	 	 662.2	
Free	cash	flow	from	operations1 	 1.7	 	 136.5	 	 406.9	 	 228.3	
Free	cash	flow1 	 (61.8)	 	 71.1	 	 173.3	 	 (47.7)	 
Capital	expenditures3 	 205.4	 	 243.2	 	 735.8	 	 769.2	
Per	share	amounts:
Basic	earnings	(loss)	per	share	("EPS")	attributable	to	
shareholders 	 0.13	 0.00 	 0.31	 	 0.26	
Diluted	earnings	(loss)	per	share	("EPS")	attributable	to	
shareholders 	 0.13	 0.00 	 0.30	 	 0.26	
Adjusted	EPS1,2 	 0.09	 	 0.11	 	 0.31	 	 0.33	
Adjusted	operating	cash	flow	per	share1 	 0.39	 	 0.41	 	 1.28	 	 0.86	
Dividends	declared	(C$/share) 	 0.09	 	 0.09	 	 0.27	 	 0.27	
September	30,	
2024
December	31,	
2023
Total	assets 	 11,077.7	 	 10,861.2	
Total	debt	and	lease	liabilities 	 2,089.9	 	 1,485.8	
Net	debt	excluding	lease	liabilities1
	 1,541.7	 	 946.2	
1	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
2	2023	amounts	have	been	adjusted	from	those	presented	in	the	Company's	MD&A	for	the	three	and	nine	months	ended	September	30,	2023.
3	Capital	expenditures	are	reported	on	a	cash	basis,	as	presented	in	the	consolidated	statement	of	cash	flows.
8

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

Summary	of	Quarterly	Results1
($	millions,	except	per	share	data) Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Q4-22
Revenue 	 1,073.0	 	 1,083.6	 	 937.0	 	 1,060.0	 	 992.2	 	 588.5	 	 751.3	 	 811.4	 
Gross	profit 	 291.8	 	 279.5	 	 185.4	 	 188.9	 	 197.3	 	 52.8	 	 213.3	 	 155.2	 
Net	earnings	profit	(loss) 	 127.8	 	 156.7	 	 58.6	 	 66.8	 	 21.9	 	 61.3	 	 165.3	 	 145.3	 
-	attributable	to	shareholders 	 101.2	 	 121.6	 	 13.9	 	 38.8	 	 (3.0)	 	 59.1	 	 146.6	 	 145.6	 
Adjusted	(loss)	earnings2 	 72.5	 	 122.1	 	 45.2	 	 79.7	 	 85.3	 	 45.6	 	 125.7	 	 191.5	 
Adjusted	EBITDA2 	 457.7	 	 460.9	 	 362.9	 	 419.7	 	 415.1	 	 191.8	 	 336.9	 	 353.7	 
EPS	-	Basic	and	Diluted 	 0.13	 	 0.16	 	 0.02	 	 0.05	 0.00 	 0.08	 	 0.19	 	 0.19	 
Adjusted	EPS2 	 0.09	 	 0.16	 	 0.06	 	 0.10	 	 0.11	 	 0.06	 	 0.16	 	 0.25	 
Cash	flow	from	operations 	 139.3	 	 491.8	 	 267.5	 	 306.1	 	 303.8	 	 194.8	 	 211.9	 	 156.9	 
Adjusted	operating	cash	flow	per	share2 	 0.39	 	 0.48	 	 0.41	 	 0.47	 	 0.41	 	 0.14	 	 0.30	 	 0.38	 
Capital	expenditure3
	 205.4	 	 258.5	 	 271.9	 	 243.9	 	 243.2	 	 279.9	 	 246.1	 	 281.2	 
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.
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	were	recorded	
in	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.	 The	 $800	 million	 three-year	 Term	 Loan	 entered	 into	 in	 conjunction	 with	 the	 acquisition	 as	
well	 as	 the	 $350	 million	 accordion	 as	 part	 of	 the	 purchase	 of	 the	 remaining	 19%	 has	 increased	 the	 Company's	 interest	
expense	in	Q3	2023	through	Q3	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	and	 $14.8	million	of	overhead	costs	incurred	in	Q2	2024	
and	Q3	2024,	respectively,	reducing	net	earnings.
During	2022,	inflationary	price	increases	were	experienced	for	electricity,	diesel	and	consumables.	In	2023	and	continuing	
into	Q3	2024,	input	prices	stabilized,	and	in	some	cases	lowered.	These	trends	impacted	gross	profit	and	net	earnings	in	the	
quarters	presented	above.
A	 non-cash	 write-down,	 including	 depreciation,	 of	 long-term	 ore	 stockpile	 inventory	 at	 Chapada	 of	 $66.8	 million	 was	
recognized	in	Q4	2022,	reducing	net	earnings.	
In	the	quarters	presented,	the	Company	has	entered	into	derivative	contracts	for	foreign	currency,	diesel,	and	copper	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	impact	the	Company's	net	
earnings.	
9

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

Revenue	Overview
Sales	Volumes	by	Payable	Metal	
2024 2023
YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 	 108,965	 	 45,430	 	 29,999	 	 33,536	 	 144,473	 	 38,888	 	 33,668	 	 36,347	 	 35,570	
Caserones	(100%)1 	 87,117	 	 22,044	 	 29,862	 	 35,211	 	 66,075	 	 35,690	 	 30,385	 	 —	 	 —	
Chapada 	 29,415	 	 12,380	 	 8,293	 	 8,742	 	 43,761	 	 13,080	 	 11,445	 	 10,164	 	 9,072	
Eagle 	 4,580	 	 733	 	 1,789	 	 2,058	 	 11,968	 	 3,055	 	 3,177	 	 2,951	 	 2,785	
Neves-Corvo 	 21,491	 	 7,707	 	 7,898	 	 5,886	 	 32,054	 	 9,054	 	 8,799	 	 6,170	 	 8,031	
Zinkgruvan 	 3,352	 	 1,775	 	 821	 	 756	 	 4,473	 	 845	 	 1,758	 	 1,001	 	 869	
	 254,920	 	 90,069	 	 78,662	 	 86,189	 	 302,804	 	 100,612	 	 89,232	 	 56,633	 	 56,327	
Zinc	(t)
Neves-Corvo 	 67,374	 	 25,730	 	 20,440	 	 21,204	 	 91,115	 	 25,491	 	 21,957	 	 20,125	 	 23,542	
Zinkgruvan 	 49,459	 	 15,124	 	 18,510	 	 15,825	 	 65,344	 	 17,316	 	 22,042	 	 9,374	 	 16,612	
	 116,833	 	 40,854	 	 38,950	 	 37,029	 	 156,459	 	 42,807	 	 43,999	 	 29,499	 	 40,154	
Nickel	(t)
Eagle 	 4,574	 	 393	 	 2,018	 	 2,163	 	 13,339	 	 3,105	 	 3,640	 	 3,859	 	 2,735	
Gold	(koz)
Candelaria	(100%) 	 62	 	 26	 	 17	 	 19	 	 87	 	 23	 	 19	 	 23	 	 22	
Chapada 	 43	 	 19	 	 12	 	 12	 	 53	 	 18	 	 13	 	 11	 	 11	
	 105	 	 45	 	 29	 	 31	 	 140	 	 41	 	 32	 	 34	 	 33	
Molybdenum	(t)
Caserones	(100%)1 	 2,112	 	 581	 	 695	 	 836	 	 2,019	 	 978	 	 1,041	 	 —	 	 —	
Lead	(t)
Neves-Corvo 	 4,377	 	 1,811	 	 1,242	 	 1,324	 	 4,970	 	 1,830	 	 1,220	 	 881	 	 1,039	
Zinkgruvan 	 20,250	 	 6,346	 	 9,069	 	 4,835	 	 25,527	 	 5,714	 	 9,391	 	 4,944	 	 5,478	
	 24,627	 	 8,157	 	 10,311	 	 6,159	 	 30,497	 	 7,544	 	 10,611	 	 5,825	 	 6,517	
Silver	(koz)
Candelaria	(100%) 	 1,242	 	 511	 	 331	 	 400	 	 1,322	 	 415	 	 279	 	 333	 	 295	
Chapada 	 75	 	 24	 	 30	 	 21	 	 129	 	 37	 	 32	 	 29	 	 31	
Eagle 	 7	 	 (1)	 	 7	 	 1	 	 24	 	 8	 	 6	 	 4	 	 6	
Neves-Corvo 	 627	 	 188	 	 215	 	 224	 	 821	 	 265	 	 227	 	 158	 	 171	
Zinkgruvan 	 1,386	 	 492	 	 597	 	 297	 	 1,892	 	 449	 	 713	 	 331	 	 399	
	 3,337	 	 1,214	 	 1,180	 	 943	 	 4,188	 	 1,174	 	 1,257	 	 855	 	 902	
1	Caserones	2023	results	are	from	July	13,	2023.
10

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

Revenue	Analysis	
Three	months	ended	September	30, Nine	months	ended	September	30,
by	Mine 2024 2023 Change 2024 2023 Change
($	thousands) $ % $ % $ $ % $ % $
Candelaria	(100%) 	 473,049	 	 44	 	 299,745	 	 31	 	 173,304	 	 1,169,821	 	 38	 	 970,576	 	 42	 	 199,245	 
Caserones	(100%)1 	 227,896	 	 22	 	 284,556	 	 29	 	 (56,660)	 	 890,654	 	 29	 	 284,556	 	 12	 	 606,098	 
Chapada 	 159,966	 	 15	 	 111,897	 	 11	 	 48,069	 	 376,370	 	 12	 	 317,736	 	 14	 	 58,634	 
Eagle 	 12,217	 	 1	 	 102,505	 	 10	 	 (90,288)	 	 126,884	 	 4	 	 277,175	 	 12	 	 (150,291)	 
Neves-Corvo 	 131,237	 	 12	 	 111,202	 	 11	 	 20,035	 	 340,542	 	 11	 	 309,219	 	 13	 	 31,323	 
Zinkgruvan 	 68,633	 	 6	 	 82,290	 	 8	 	 (13,657)	 	 189,293	 	 6	 	 172,808	 	 7	 	 16,485	 
	 1,072,998	 	 992,195	 	 80,803	 	 3,093,564	 	 2,332,070	 	 761,494	 
1	Caserones	2023	results	are	from	July	13,	2023.
Three	months	ended	September	30, Nine	months	ended	September	30,
by	Metal 2024 2023 Change 2024 2023 Change
($	thousands) $ % $ % $ $ % $ % $
Copper1 	 810,979	 	 75	 	 682,918	 	 70	 	 128,061	 	 2,328,391	 	 74	 	 1,603,552	 	 70	 	 724,839	 
Zinc 	 98,565	 	 9	 	 86,901	 	 9	 	 11,664	 	 257,530	 	 8	 	 220,853	 	 9	 	 36,677	 
Molybdenum1 	 23,828	 	 2	 	 48,698	 	 5	 	 (24,870)	 	 91,442	 	 3	 	 48,698	 	 2	 	 42,744	 
Gold 	 94,972	 	 9	 	 53,684	 	 5	 	 41,288	 	 211,040	 	 7	 	 161,759	 	 7	 	 49,281	 
Nickel 	 6,214	 	 1	 	 73,188	 	 7	 	 (66,974)	 	 82,582	 	 3	 	 195,449	 	 8	 	 (112,867)	 
Lead 	 15,005	 	 1	 	 22,328	 	 2	 	 (7,323)	 	 47,984	 	 2	 	 44,836	 	 2	 	 3,148	 
Silver 	 17,490	 	 2	 	 13,670	 	 1	 	 3,820	 	 48,150	 	 2	 	 32,558	 	 1	 	 15,592	 
Other 	 5,945	 	 1	 	 10,808	 	 1	 	 (4,863)	 	 26,445	 	 1	 	 24,365	 	 1	 	 2,080	 
	 1,072,998	 	 992,195	 	 80,803	 	 3,093,564	 	 2,332,070	 	 761,494	 
1	Caserones	2023	results	are	from	July	13,	2023.
Revenue	 for	 the	 quarter	 was	 $1,073.0	 million	 which	 was	 higher	 than	 the	 prior	 year	 comparable	 period	 due	 to	 higher	
realized	 copper,	 gold,	 and	 zinc	 prices,	 partially	 offset	 by	 $5.3	 million	 in	 negative	 provisional	 pricing	 adjustments	 on	 prior	
period	concentrate	sales .	On	a	year-to-date	basis,	revenue	of	 $3,093.6	million	was	an	increase	of	 $761.5	million	over	the	
prior	year	comparable	period.	Revenue	increases	were	primarily	due	to	the	inclusion	of	Caserones	copper	and	molybdenum	
revenues	and	increases	in	realized	copper,	gold	and	zinc	prices,	partially	offset	by	lower	nickel	sales	volumes.	
Revenue	from	gold	and	silver	for	the	quarter	and	year-to-date	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	 and	 between	 $4.28/oz	 and	 $4.68/oz	 for	 silver.	 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.
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	as	of	September	30,	2024
Metal Payable	metal Valued	at
Copper 	 90,231	 	t $4.44	/lb
Zinc 	 16,808	 	t $1.39	/lb
Nickel 	 414	 	t $7.86	/lb
Gold 	 34		koz $2,652	/oz
Molybdenum 	 825	 	t $20.47	/lb
11

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

Quarterly	Reconciliation	of	Realized	Prices
Three	months	ended	September	30,	2024
($	thousands) Copper Zinc Nickel Gold Molybdenum Other Total
Revenue	from	contracts	with	
customers1 	 837,730	 	 112,104	 	 6,253	 	 110,832	 	 25,479	 	 48,448	 	 1,140,846	
Provisional	pricing	adjustments	on	
current	period	concentrate	sales 	 19,222	 	 4,431	 	 360	 	 4,962	 	 16	 	 (6,216)	 	 22,775	
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales 	 (4,925)	 	 (686)	 	 (406)	 	 3,292	 	 (1,666)	 	 (874)	 	 (5,265)	 
	 852,027	 	 115,849	 	 6,207	 	 119,086	 	 23,829	 	 41,358	 	 1,158,356	
Recognition	of	deferred	revenue 	 16,173	
Copper	stream	cash	effect 	 (4,783)	 
Gold	stream	cash	effect 	 (36,557)	 
Less:	Treatment	and	refining	charges 	 (60,191)	 
Total	Revenue 	 1,072,998	
Payable	Metal 90,069	t 40,854	t 393	t 45	koz 581	t
Current	period	sales	($/lb)2	 $4.32 $1.29 $7.63 $2,588 $19.90
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales	($/lb) $(0.03) $0.00 $(0.47) $73.00 $(1.30)
Realized	prices3,4 $4.29	/lb $1.29	/lb $7.16	/lb $2,661	/oz $18.60	/lb
Three	months	ended	September	30,	2023
Copper Zinc Nickel Gold Molybdenum Other Total
Revenue	from	contracts	with	
customers1 	 731,635	 	 120,356	 	 73,318	 	 61,238	 	 46,971	 	 72,616	 	 1,106,134	
Provisional	pricing	adjustments	on	
current	period	concentrate	sales 	 (13,287)	 	 13,151	 	 (3,150)	 	 (1,645)	 	 (2,384)	 	 (11,154)	 	 (18,469)	 
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales 	 10,544	 	 (17,672)	 	 4,058	 	 177	 	 4,111	 	 (7,315)	 	 (6,098)	 
	 728,891	 	 115,835	 	 74,226	 	 59,770	 	 48,698	 	 54,147	 	 1,081,567	
Recognition	of	deferred	revenue 	 11,990	
Copper	stream	cash	effect 	 (3,889)	 
Gold	stream	cash	effect 	 (19,336)	 
Less:	Treatment	&	refining	charges 	 (78,137)	 
Total	Revenue 	 992,195	
Payable	Metal 89,232	t 43,999	t 3,640	t 32	koz 1,041	t
Current	period	sales	($/lb)2 $3.72 $1.24 $9.14 $1,907 $	 20.47	
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales	($/lb) $	 (0.01)	 $	 (0.05)	 $	 0.11	 $	 (45.00)	 $	 0.75	
Realized	prices3,4 $3.71	/lb $1.19	/lb $9.25	/lb $1,862	/oz $21.22	/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	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	the	three	months	ended	 September	30,	2024	is	$ 4.27/lb	(2023:	
$3.69/lb).	The	realized	price	for	gold	inclusive	of	the	impact	of	streaming	agreements	for	the	three	months	ended	 September	30,	2024 	is	$ 1,844/oz	
(2023:	$1,259/oz).
Due	to	volatility	in	commodity	prices,	significant	variances	may	arise	between	average	market	prices	and	realized	prices	due	
to	the	timing	of	sales	in	the	period.	
12

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

Year-to-Date	Reconciliation	of	Realized	Prices
Nine	months	ended	September	30,	2024
($	thousands) Copper Zinc Nickel Gold Molybdenum Other Total
Revenue	from	contracts	with	
customers1 	 2,341,249		 314,234	 	 80,743	 	 246,294	 	 95,800	 	 143,804	 	 3,222,124	
Provisional	pricing	adjustments	on	
current	year	concentrate	sales 	 68,190	 	 16,289	 	 (2,140)	 	 13,895	 	 201	 	 (21,952)	 	 74,483	
Provisional	pricing	adjustments	on	prior	
year	concentrate	sales 	 28,637	 	 (3,696)	 	 4,592	 	 490	 	 (4,559)	 	 7,897	 	 33,361	
	 2,438,076		 326,827	 	 83,195	 	 260,679	 	 91,442	 	 129,749	 	 3,329,968	
Recognition	of	deferred	revenue 	 42,249	
Copper	stream	cash	effect 	 (15,558)	 
Gold	stream	cash	effect 	 (78,584)	 
Less:	Treatment	and	refining	charges 	 (184,511)	 
Total	Net	Sales 	 3,093,564	
Payable	Metal	 254,920	t 116,833	t 4,574	t 105	koz 2,112	t
Current	period	sales	2 $4.29 $1.28 $7.79 $2,483 $20.62
Provisional	pricing	adjustments	on	prior	
year	concentrate	sales $0.05 $(0.01) $0.46 $4 $(0.98)
Realized	prices	3,4 $4.34	/lb $1.27	/lb $8.25	/lb $2,487	/oz $19.64	/lb
Nine	months	ended	September	30,	2023
Copper Zinc Nickel Gold Molybdenum Other Total
Revenue	from	contracts	with	
customers1 	 1,679,402		 292,262	 	 216,648	 	 188,632	 	 46,971	 	 205,468	 	 2,629,383	
Provisional	pricing	adjustments	on	
current	year	concentrate	sales 	 (53,266)	 	 13,151	 	 (3,150)	 	 (1,645)	 	 (2,384)	 	 (44,911)	 	 (92,205)	 
Provisional	pricing	adjustments	on	prior	
year	concentrate	sales 	 80,843	 	 (12,329)	 	 (14,350)	 	 2,888	 	 4,111	 	 (47,294)	 	 13,868	
	 1,706,978		 293,085	 	 199,147	 	 189,875	 	 48,698	 	 113,263	 	 2,551,046	
Recognition	of	deferred	revenue 	 40,052	
Copper	stream	cash	effect 	 (14,652)	 
Gold	stream	cash	effect 	 (60,855)	 
Less:	Treatment	&	refining	charges 	 (183,521)	 
Total	Revenue 	 2,332,070	
Payable	Metal 202,192	t 113,652	t 10,234	t 98	koz 1,041	t
Current	period	sales2 $3.77 $1.17 $9.60 $1,913 $20.47
Provisional	pricing	adjustments	on	prior	
year	concentrate	sales $0.06 $0.00 $(0.77) $12 $0.75
Realized	prices3,4 $3.83	/lb $1.17	/lb $8.83	/lb $1,925	/oz $21.22	/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	 $4.31/lb	(2023:	$3.80/lb).	The	realized	price	for	gold	
inclusive	of	the	impact	of	streaming	agreements	for	2024	is	$1,738/oz	(2023:	$1,308/oz).
13

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

Financial	Results
Production	Costs	
Production	costs	for	the	quarter	were	 $581.1	million,	a	decrease	from	 $615.1	million	in	the	prior	year	comparable	period	
primarily	as	a	result	of	the	fact	that	the	prior	year	comparable	period	had	$32.2	million	in	fair	value	adjustments	recorded	
to	 re-value	 concentrate	 and	 in-process	 inventory	 on	 hand	 at	 the	 acquisition	 date	 of	 Caserones.	 On	 a	 year-to-date	 basis,	
production	costs	were	$1,754.7	million,	an	increase	from	$1,438.1	million	in	the	prior	year	comparable	period.	This	increase	
is	primarily	attributable	to	the	acquisition	of	Caserones,	with	the	prior	year	comparable	production	costs	included	only	from	
July	 13,	 2023.	 Additionally,	 the	 increase	 in	 year-to-date	 production	 costs	 was	 partially	 offset	 by	 favourable	 foreign	
exchange,	which	reduced	production	costs	at	Candelaria,	Caserones	and	Chapada,	and	lower	nickel	production	at	Eagle.
Depreciation,	Depletion	and	Amortization
Depreciation,	depletion	and	amortization	expense	for	the	quarter	and	year-to-date	periods	increased	compared	to	the	prior	
year	comparative	periods.	The	year-to-date	increase	is	primarily	attributable	to	the	acquisition	of	 Caserones	compared	to	
the	 prior	 year	 comparable	 period. 	 In	 addition,	 increased	 deferred	 stripping	 amortization	 at	 Candelaria	 and	 Chapada	
contributed	to	higher	amortization	expense	in	both	the	quarter	and	year-to-date	periods	when	compared	to	the	prior	year	
comparative	periods,	partially	offset	by	lower	amortization	rates	at	Eagle	due	to	fewer	units	of	production.
Depreciation,	depletion	&	amortization Three	months	ended	September	30, Nine	months	ended	September	30,
	($	thousands) 2024 2023 Change 2024 2023 Change
Candelaria 	 78,667	 	 70,368	 	 8,299	 	 228,151	 	 198,439	 	 29,712	
Caserones1 	 39,316	 	 38,307	 	 1,009	 	 145,546	 	 38,307	 	 107,239	
Chapada 	 26,858	 	 12,813	 	 14,045	 	 60,306	 	 39,883	 	 20,423	
Eagle 	 6,169	 	 14,326	 	 (8,157)	 	 25,313	 	 38,147	 	 (12,834)	 
Josemaria 	 —	 	 —	 	 —	 	 —	 	 38	 	 (38)	 
Neves-Corvo 	 34,725	 	 31,353	 	 3,372	 	 91,443	 	 89,152	 	 2,291	
Zinkgruvan 	 14,274	 	 12,380	 	 1,894	 	 31,070	 	 25,380	 	 5,690	
Other 	 65	 	 241	 	 (176)	 	 395	 	 1,194	 	 (799)	 
	 200,074	 	 179,788	 	 20,286	 	 582,224	 	 430,540	 	 151,684	
1	Caserones	2023	results	are	from	July	13,	2023.
Finance	Income	and	Costs
Total	finance	costs,	net,	of	$39.2	million	and	$111.2	million	for	the	quarter	and	year-to-date	periods	respectively,	increased	
from	$36.2	million	and	 $67.8	million	in	the	prior	year	comparable	periods	primarily	due	to	higher	interest	expense	related	
to	higher	outstanding	debt	through	the	quarter	and	year-to	date	period	and	increased	lease	liability	interest	expense	in	the	
year-to-date	period	as	a	result	of	the	acquisition	of	Caserones.
14

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

Other	Income	and	Expense
Net	other	expense	of	nil	for	the	 quarter	decreased	from	$22.1	million	in	other	expense	in	the	prior	year	comparable	period	
primarily	 related	 to	 increased	 unrealized	 gains	 related	 to	 the	 mark-to-market	 valuation	 of	 unexpired	 foreign	 exchange,	
particularly	for	the	CLP,	and	diesel	derivative	contracts.	Net	other	income	and	expense	in	the	quarter	also	included	 $14.8	
million	of	overhead	costs	incurred	at	the	Eagle	mine	due	to	a	partial	suspension	of	underground	operations.	
Net	 other	 expense	 for	 the	 year-to-date	 period	 amounted	 to	 $14.0	 million,	 a	 reduction	 from	 net	 other	 income	 of	 $57.5	
million	in	the	prior	year	comparable	period.	The	decrease	is	primarily	due	to	reduced	foreign	exchange	and	trading	gains	on	
debt	and	equity	instruments	supporting	capital	funding	for	the	Josemaria	Project	following	the	devaluation	of	the	ARS	in	
December	2023.	Net	other	income	and	expense	for	year-to-date	period	also	included	a 	$18.0	million	non-cash	write-down	
of	 capital	 works	 in	 progress	 at	 the	 Josemaria	 Project	 that	 are	 no	 longer	 expected	 to	 be	 required	 and	 $24.6	 million	 of	
overhead	 costs	 incurred	 at	 the	 Eagle	 mine	 due	 to	 a	 partial	 suspension	 of	 underground	 operations.	 These	 losses	 were	
partially	offset	by	the	year-to-date	gain	recorded	on	the	Caserones	purchase	option	which	amounted	to	 $11.7	million	and	
positively	impacted	other	income	and	expense.	
A	foreign	exchange	loss	of	 $17.6	million	and	a	foreign	exchange	gain	of	 $6.4	million	recorded	in	the	quarter	and	year-to-
date	periods,	respectively,	in	other	income	and	expense	resulted	from	foreign	exchange	revaluation	of	working	capital	and	
leases	denominated	in	foreign	currencies.	Foreign	 exchange	losses	in	the	quarter	are	primarily	due	to	the	strengthening	of	
both	 the	 CLP	 and	 the	 BRL	 against	 the	 USD.	 Foreign	 exchange	 gains	 in	 the	 year-to-date	 period	 are	 primarily	 due	 to	 the	
weakening	 of	 the	 CLP	 against	 the	 USD	 that	 occurred	 in	 the	 first	 quarter.	 Period	 end	 exchange	 rates	 having	 a	 meaningful	
impact	on	foreign	exchange	recorded	at	September	30,	2024	were:
September	30,	2024 June	30,	2024 March	31,	2024 December	31,	2023
Brazilian	Real	(USD:BRL) 5.45 5.56 5.00 4.84
Chilean	Peso	(USD:CLP) 896 951 982 877
Euro	(USD:€) 0.89 0.93 0.93 0.91
Swedish	Kronor	(USD:SEK) 10.10 10.65 10.69 9.98
Argentine	Peso	(USD:ARS) 971 912 857 808
The	average	exchange	rates	for	each	quarter	and	year-to-date	were:
Three	months	ended
September	30,	2024 June	30,	2024 March	31,	2024
Brazilian	Real	(USD:BRL) 5.55 5.22 4.95
Chilean	Peso	(USD:CLP) 931 935 946
Euro	(USD:€) 0.91 0.93 0.92
Swedish	Kronor	(USD:SEK) 10.42 10.68 10.39
Argentine	Peso	(USD:ARS) 943 887 835
Three	months	ended	September	30, Nine	months	ended	September	30,
2024 2023 Change 2024 2023 Change
Brazilian	Real	(USD:BRL) 5.55 4.88 	 0.66	 5.24 5.01 	 0.23	
Chilean	Peso	(USD:CLP) 931 851 	 80	 937 821 	 116	
Euro	(USD:€) 0.91 0.92 	 (0.01)	 0.92 0.92 	 —	
Swedish	Kronor	(USD:SEK) 10.42 10.81 	 (0.39)	 10.50 10.58 	 (0.09)	 
Argentine	Peso	(USD:ARS) 943 313 630 888 246 642
15

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

Income	Taxes
Income	tax	expense	(recovery) Three	months	ended	September	30, Nine	months	ended	September	30,
($	thousands) 2024 2023 Change 2024 2023 Change
Candelaria 	 86,933	 	 39,727	 	 47,206	 	 169,514	 	 86,006	 	 83,508	
Caserones1 	 1,298	 	 30,122	 	 (28,824)	 	 41,890	 	 30,122	 	 11,768	
Chapada 	 5,054	 	 11,380	 	 (6,326)	 	 33,668	 	 (9,833)	 	 43,501	
Eagle 	 (3,025)	 	 569	 	 (3,594)	 	 (4,901)	 	 4,115	 	 (9,016)	 
Josemaria 	 2,432	 	 —	 	 2,432	 	 (48,156)	 	 678	 	 (48,834)	 
Neves-Corvo 	 1,020	 	 (2,295)	 	 3,315	 	 (1,898)	 	 (11,640)	 	 9,742	
Zinkgruvan 	 4,713	 	 6,850	 	 (2,137)	 	 10,360	 	 13,115	 	 (2,755)	 
Other 	 (1,485)	 	 (1,462)	 	 (23)	 	 3,191	 	 1,420	 	 1,771	
	 96,940	 	 84,891	 	 12,049	 	 203,668	 	 113,983	 	 89,685	
1	Caserones	2023	results	are	from	July	13,	2023.
Income	taxes	by	classification Three	months	ended	September	30, Nine	months	ended	September	30,
($	thousands) 2024 2023 Change 2024 2023 Change
Current	income	tax	expense 	 119,575	 	 40,115	 	 79,460	 	 224,955	 	 126,829	 	 98,126	
Deferred	income	tax	expense	(recovery) 	 (22,635)	 	 44,776	 	 (67,411)	 	 (21,287)	 	 (12,846)	 	 (8,441)	 
	 96,940	 	 84,891	 	 12,049	 	 203,668	 	 113,983	 	 89,685	
Current	income	tax	expense	in	the	 quarter	and	year-to-date	 periods	was	 higher	than	in	the	prior	year	comparable	periods	
primarily	due	to	higher	taxable	earnings,	the	introduction	of	the	mining	royalty	tax	for	Candelaria	effective	January	1,	2024	
and	the	inclusion	of	Caserones	following	its	acquisition.
Deferred	 income	 tax	 recovery	 in	 the	 quarter	 improved	 compared	 to	 the	 deferred	 income	 tax	 expense	 in	 the	 prior	 year	
quarter	 due	 to	 the	 reversal	 of	 deferred	 tax	 expense	 in	 the	 current	 quarter	 resulting	 from	 the	 effect	 of	 foreign	 exchange	
revaluation	of	non-monetary	assets	at	Chapada	as	a	result	of	the	strengthening	of	BRL	against	USD	compared	to	the	prior	
quarter	 ending	 June	 30,	 2024.	 Additionally,	 the	 prior	 year	 quarter	 included	 deferred	 tax	 expenses	 associated	 with	 the	
inclusion	 of	 Caserones	 deferred	 tax	 liabilities	 following	 its	 acquisition	 and	 the	 recognition	 of	 deferred	 tax	 liability	 in	
Candelaria	associated	with	the	newly	enacted	mining	royalty	law	in	Chile.	Deferred	income	tax	recovery	for	the	year-to-date	
period	was	higher	than	in	the	prior	comparable	period	primarily	due	to	the	reversal	of	deferred	tax	liability	in	Josemaria	due	
to	 tax	 inflation	 adjustments	 in	 Argentina.	 This	 increase	 in	 year-to-date	 deferred	 tax	 recovery	 was	 partially	 offset	 by	 the	
increase	 in	 deferred	 tax	 expense	 due	 to	 the	 utilization	 of	 tax	 losses	 at	 Caserones	 and	 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-to-
date	period.	
16

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

Mining	Operations
Production	Overview
2024 2023
YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 113,715 50,018 31,170 32,527 152,012 41,618 34,275 36,952 39,167
Caserones	(100%)1 93,024 29,033 29,775 34,216 65,210 35,389 29,821 — —
Chapada 30,938 11,694 9,106 10,138 45,719 12,872 12,286 10,697 9,864
Eagle 5,104 1,027 1,563 2,514 13,600 3,334 3,245 3,881 3,140
Neves-Corvo 21,089 6,698 7,347 7,044 33,823 9,623 9,016 7,610 7,574
Zinkgruvan 3,706 1,385 747 1,574 4,434 501 1,299 917 1,717
267,576 99,855 79,708 88,013 314,798 103,337 89,942 60,057 61,462
Zinc	(t)
Neves-Corvo 81,692 29,509 25,696 26,487 108,812 31,035 25,807 24,177 27,793
Zinkgruvan 58,066 17,101 21,764 19,201 76,349 19,684 23,967 11,938 20,760
139,758 46,610 47,460 45,688 185,161 50,719 49,774 36,115 48,553
Nickel	(t)
Eagle 5,869 893 1,721 3,255 16,429 3,729 4,290 4,686 3,724
Gold	(koz)
Candelaria	(100%) 65 29 17 19 90 25 20 21 24
Chapada 47 18 15 14 59 19 15 13 12
112 47 32 33 149 44 35 34 36
Molybdenum	(t)
Caserones	(100%)1 2,271 693 714 864 2,024 928 1,096 — —
Lead	(t)
Neves-Corvo 4,842 1,851 1,387 1,604 5,600 2,030 1,447 951 1,172
Zinkgruvan 21,407 5,693 8,966 6,748 26,284 6,418 8,643 3,816 7,407
26,249 7,544 10,353 8,352 31,884 8,448 10,090 4,767 8,579
Silver	(koz)
Candelaria	(100%) 1,387 605 367 415 1,487 468 306 366 347
Chapada 176 63 55 58 258 73 67 62 56
Eagle 28 3 17 8 64 17 19 11 17
Neves-Corvo 1,382 425 433 524 1,902 573 486 407 436
Zinkgruvan 1,876 537 699 640 2,300 509 785 374 632
4,849 1,633 1,571 1,645 6,011 1,640 1,663 1,220 1,488
17
1	Caserones	2023	results	are	from	July	13,	2023.

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

Production	Cost	and	Cash	Cost	Overview	($	thousand,	$/lb)
Three	months	ended
September	30,
Nine	months	ended
September	30,
($	thousands) 2024 2023 2024 2023
Candelaria
Production	costs $189,106 $175,468 $525,715 $548,405
Gross	cost 	 2.01	 	 2.54	 	 2.31	 	 2.54	
By-product1 	 (0.46)	 	 (0.35)	 	 (0.48)	 	 (0.36)	 
Cash	Cost	(Cu,	$/lb)2 	 1.55	 	 2.19	 	 1.83	 	 2.18	
AISC	(Cu,	$/lb)2 	 2.23	 	 3.43	 	 2.85	 	 3.55	
Caserones3
Production	costs $169,411 $188,982 $575,963 $188,982
Gross	cost 	 3.50	 	 2.42	 	 3.02	 	 2.42	
By-product1 	 (0.54)	 	 (0.82)	 	 (0.51)	 	 (0.82)	 
Cash	Cost	(Cu,	$/lb)2 	 2.96	 	 1.60	 	 2.51	 	 1.60	
AISC	(Cu,	$/lb)2 	 3.95	 	 2.49	 	 3.45	 	 2.49	
Chapada
Production	costs $84,450 $78,854 $218,281 $227,601
Gross	cost 	 3.19	 	 3.25	 	 3.42	 	 3.49	
By-product1 	 (1.82)	 	 (0.97)	 	 (1.67)	 	 (1.05)	 
Cash	Cost	(Cu,	$/lb)2 	 1.37	 	 2.28	 	 1.75	 	 2.44	
AISC	(Cu,	$/lb)2 	 2.34	 	 3.15	 	 3.16	 	 3.44	
Eagle
Production	cost $12,595 $52,497 $90,788 $143,681
Gross	cost 	 14.18	 	 5.72	 	 8.35	 	 5.72	
By-product1 	 (6.94)	 	 (3.65)	 	 (4.39)	 	 (3.63)	 
Cash	Cost	(Ni,	$/lb)2 	 7.24	 	 2.07	 	 3.96	 	 2.09	
AISC	(Ni,	$/lb)2 	 20.02	 	 4.05	 	 7.13	 	 4.08	
Neves-Corvo
Production	costs $95,168 $82,137 $250,009 $243,943
Gross	cost 	 5.93	 	 4.62	 	 5.58	 	 5.13	
By-product1 	 (3.80)	 	 (2.35)	 	 (3.30)	 	 (2.60)	 
Cash	Cost	(Cu,	$/lb)2 	 2.13	 	 2.27	 	 2.28	 	 2.53	
AISC	(Cu,	$/lb)2 	 3.84	 	 3.82	 	 4.06	 	 4.14	
Zinkgruvan
Production	costs $30,109 $37,183 $92,918 $83,874
Gross	cost 	 1.03	 	 1.02	 	 1.07	 	 1.04	
By-product1 	 (0.87)	 	 (0.74)	 	 (0.67)	 	 (0.68)	 
Cash	Cost	(Zn,	$/lb)2 	 0.16	 	 0.28	 	 0.40	 	 0.36	
AISC	(Zn,	$/lb)2 	 0.66	 	 0.56	 	 0.83	 	 0.80	
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.
18

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

Capital	Expenditures1
Three	months	ended	September	30,
2024 2023
($	thousands) Sustaining Expansionary
Capitalized	
Interest Total Sustaining Expansionary
Capitalized	
Interest Total
Candelaria 	 60,118	 	 —	 	 —	 	 60,118	 	 86,693	 	 —	 	 —	 	 86,693	
Caserones2 	 22,895	 	 —	 	 —	 	 22,895	 	 28,849	 	 —	 	 —	 	 28,849	
Chapada 	 20,487	 	 —	 	 —	 	 20,487	 	 16,716	 	 —	 	 —	 	 16,716	
Eagle 	 7,940	 	 —	 	 —	 	 7,940	 	 4,989	 	 —	 	 —	 	 4,989	
Josemaria 	 —	 	 49,926	 	 4,313	 	 54,239	 	 —	 	 52,662	 	 10,532	 	 63,194	
Neves-Corvo 	 26,288	 	 —	 	 —	 	 26,288	 	 27,357	 	 —	 	 —	 	 27,357	
Zinkgruvan 	 15,546	 	 —	 	 —	 	 15,546	 	 12,350	 	 —	 	 —	 	 12,350	
Other 	 (2,101)	 	 —	 	 —	 	 (2,101)	 	 3,059	 	 —	 	 —	 	 3,059	
	 151,173	 	 49,926	 	 4,313	 	 205,412	 	 180,013	 	 52,662	 	 10,532	 	 243,207	
Nine	months	ended	September	30,
2024 2023
($	thousands) Sustaining Expansionary
Capitalized	
Interest Total Sustaining Expansionary
Capitalized	
Interest Total
Candelaria 	 220,194	 	 —	 	 —	 	 220,194	 	 300,796	 	 —	 	 —	 	 300,796	
Caserones2 	 100,977	 	 —	 	 —	 	 100,977	 	 28,849	 	 —	 	 —	 	 28,849	
Chapada 	 74,927	 	 —	 	 —	 	 74,927	 	 52,433	 	 —	 	 —	 	 52,433	
Eagle 	 15,998	 	 —	 	 —	 	 15,998	 	 15,653	 	 —	 	 —	 	 15,653	
Josemaria 	 —	 	 193,027	 	 10,522	 	 203,549	 	 —	 	 234,831	 	 11,011	 	 245,842	
Neves-Corvo 	 76,622	 	 —	 	 —	 	 76,622	 	 74,551	 	 —	 	 —	 	 74,551	
Zinkgruvan 	 43,188	 	 —	 	 —	 	 43,188	 	 42,812	 	 —	 	 —	 	 42,812	
Other 	 330	 	 —	 	 —	 	 330	 	 8,303	 	 —	 	 —	 	 8,303	
	 532,236	 	 193,027	 	 10,522	 	 735,785	 	 523,397	 	 234,831	 	 11,011	 	 769,239	
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.
19

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

Candelaria	(Chile)
Operating	Statistics
2024 2023
(100%	Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(000s	tonnes) 	 24,055	 	 10,784	 	 8,155	 	 5,116	 	 25,939	 	 7,793	 	 5,350	 	 6,194	 	 6,602	
Ore	milled	(000s	tonnes) 	 21,586	 	 7,183	 	 7,094	 	 7,309	 	 28,903	 	 7,609	 	 7,168	 	 6,924	 	 7,202	
Grade
Copper	(%) 	 0.58	 	 0.76	 	 0.49	 	 0.48	 	 0.58	 	 0.60	 	 0.52	 	 0.59	 	 0.59	
Gold	(g/t) 	 0.14	 	 0.18	 	 0.12	 	 0.11	 	 0.14	 	 0.15	 	 0.12	 	 0.14	 	 0.15	
Recovery
Copper	(%) 	 91.3	 	 92.1	 	 89.5	 	 91.9	 	 91.3	 	 90.3	 	 91.0	 	 91.1	 	 92.6	
Gold	(%) 	 67.6	 	 69.9	 	 62.1	 	 69.8	 	 69.5	 	 68.6	 	 70.6	 	 68.8	 	 70.3	
Production	(contained	metal)
Copper	(tonnes) 	 113,715	 	 50,018	 	 31,170	 	 32,527	 	 152,012	 	 41,618	 	 34,275	 	 36,952	 	 39,167	
Gold	(000	oz) 	 65	 	 29	 	 17	 	 19	 	 90	 	 25	 	 20	 	 21	 	 24	
Silver	(000	oz) 	 1,387	 	 605	 	 367	 	 415	 	 1,487	 	 468	 	 306	 	 366	 	 347	
Revenue	($000s) 	 1,169,821		 473,049	 	 366,363	 	 330,409	 	 1,329,599		 359,023	 	 299,745	 	 290,426	 	 380,405	
Production	costs	($000s) 	 525,715	 	 189,106	 	 175,359	 	 161,250	 	 726,493	 	 178,088	 	 175,468	 	 184,958	 	 187,979	
Gross	profit	($000s) 	 415,955	 	 205,276	 	 114,946	 	 95,733	 	 330,729	 	 106,997	 	 53,909	 	 35,772	 	 134,051	
Cash	cost	($	per	pound	copper)1 	 1.83	 	 1.55	 	 2.18	 	 1.89	 	 2.07	 	 1.78	 	 2.19	 	 2.14	 	 2.21	
AISC	($	per	pound	copper)1 	 2.85	 	 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
Copper	production	in	the	quarter	and	year-to-date	periods 	was	higher	than	in	the	prior	year	comparable	periods	primarily	
due	to	contribution	from	the	expected	 higher	grade	ore	from	Phase	11	during	the	quarter .	Access	to	higher	grade	Phase	11	
ore	 is	 anticipated	 to	 continue	 through	 most	 of	 the	 fourth	 quarter	 of	 2024	 as	 per	 the	 planned	 mine	 sequence.	 Gold	
production	in	the	quarter	also	benefited	from	the	higher	grade	ore.	
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	 $11.1	
million.	These	increases	were	partially	offset	by	lower	unit	costs	as	a	result	of	lower	contractor	costs	and	favourable	foreign	
exchange	 due	 to	 a	 weaker	 Chilean	 peso.	 Production	 costs	 in	 the	 year-to-date	 period	 were	 lower	 than	 in	 the	 prior	 year	
comparable	period	as	a	result	of	favourable	foreign	 exchange	due	to	a	weaker	Chilean	peso,	and	lower	maintenance	and	
contractor	costs	partially	offset	by	higher	copper	sales	volume.	
Cash	cost	per	pound	in	the	 quarter	and	year-to-date	periods	was	lower	than	in	the	prior	year	comparable	periods	due	to	
higher	 sales	 volumes,	 favourable	 foreign	 exchange,	 and	 favourable	 by-product	 credits.	 All-in	 sustaining	 cost	 per	 pound	
("AISC")	in	the	quarter	and	year-to-date	periods	was	lower	than	in	the	prior	year	comparable	periods	primarily	due	to	lower	
sustaining	capital	expenditure.	
In	the	year-to-date	 period,	approximately	41,000	oz	of	gold	and	846,000	oz	of	silver	were	subject	to	terms	of	a	streaming	
agreement	from	which	approximately	$429/oz	of	gold	and	$4.28/oz	of	silver	will	be	received.	This	represents	approximately	
68%	of	Candelaria's	total	gold	and	silver	production.
Gross	Profit
Gross	profit	in	the	quarter	and	year-to-date	 periods	was	higher	than	in	the	prior	year	comparable	periods,	primarily	due	to	
higher	realized	copper	and	gold	prices,	and	favourable	foreign	exchange.	Gross	profit	in	the	quarter	also	benefitted	from	
lower	unit	costs	as	a	result	of	lower	contractor	costs.
20

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

Caserones	(Chile)
Operating	Statistics
2024 2023
(100%	Basis) YTD Q3 Q2 Q1 Total2 Q4 Q32
Ore	mined	(000s	tonnes) 	 22,263	 	 7,616	 	 7,840	 	 6,807	 	 15,583	 	 7,484	 	 8,099	
Ore	milled	(000s	tonnes) 	 23,382	 	 8,136	 	 7,556	 	 7,690	 	 15,424	 	 8,262	 	 7,162	
Ore	placed	on	leach 	 6,667	 	 1,885	 	 2,868	 	 1,914	 	 5,541	 	 3,234	 	 2,307	
Grade
Copper	(%) 	 0.41	 	 0.38	 	 0.42	 	 0.44	 	 0.42	 	 0.41	 	 0.44	
Molybdenum	(%) 	 0.016	 	 0.016	 	 0.015	 	 0.016	 	 0.020	 	 0.019	 	 0.022	
Recovery
Copper	(%) 	 77.5	 	 76.7	 	 75.9	 	 79.7	 	 86.1	 	 88.2	 	 83.9	
Molybdenum	(%) 	 62.4	 	 53.3	 	 64.4	 	 70.0	 	 72.4	 	 73.9	 	 70.9	
Production	(tonnes)
			Copper	in	concentrate 	 75,120	 	 23,708	 	 24,246	 	 27,166	 	 55,191	 	 29,496	 	 25,695	
			Copper	cathode	 	 17,904	 	 5,325	 	 5,529	 	 7,050	 	 10,019	 	 5,893	 	 4,126	
Total	copper	 	 93,024	 	 29,033	 	 29,775	 	 34,216	 	 65,210	 	 35,389	 	 29,821	
Molybdenum	 	 2,271	 	 693	 	 714	 	 864	 	 2,024	 	 928	 	 1,096	
Revenue	($000s) 	 890,654	 	 227,896	 	 336,547	 	 326,211	 	 601,775	 	 317,219	 	 284,556	
Production	costs	($000s) 	 575,963	 	 169,411	 	 208,897	 	 197,655	 	 404,837	 	 215,855	 	 188,982	
Gross	profit	($000s) 	 169,145	 	 19,169	 	 73,149	 	 76,827	 	 88,449	 	 31,182	 	 57,267	
Cash	cost	($	per	pound	copper)1 	 2.51	 	 2.96	 	 2.60	 	 2.14	 	 1.99	 	 2.33	 	 1.60	
AISC	($	per	pound	copper)1 	 3.45	 	 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
Copper	and	molybdenum	production	in	the	quarter	 was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	
labour	 action	 in	 August	 lasting	 14	 days	 which	 reduced	 throughput	 during	 that	 period	 to	 approximately	 50%	 of	 capacity.	
Additionally,	 grades	 were	 reduced	 from	 the	 prior	 year	 comparable	 period	 due	 to	 a	 higher	 proportion	 of	 lower	 grade	 ore	
sourced	from	Phase	6,	due	to	hydrogeologic	conditions	in	Phase	5.	Copper	cathode	 production	in	the	quarter	continued	to	
benefit	 from	 changes	 to	 the	 irrigation	 pattern	 on	 the	 dump	 leach	 pad	 and	 higher	 than	 planned	 ore	 placement	 due	 to	
favourable	weather	conditions.
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.	 Additionally,	 the	 prior	 year	 comparable	 period	 was	
negatively	impacted	by	a	$32.2	million	fair	value	adjustment	related	to	inventory	sold.	Production	costs	in	the	quarter	were	
partially	offset	by	higher	labour	and	contractor,	maintenance	and	administration	costs.	Cash	cost	per	pound	in	the	quarter	
and	 year-to-date	 periods	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 periods	 due	 to	 lower	 sales	 volume,	 higher	
contractor,	labour	and	input	costs,	and	lower	by-product	 credits.	AISC	per	pound	in	the	quarter	and	year-to-date	periods	
was	higher	than	the	prior	periods	due	to	higher	cash	costs.	
Gross	Profit
Gross	 profit	 in	 the	 quarter	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 period	 due	 to	 lower	 sales	 volumes,	 which	 was	
partially	offset	by	higher	realized	copper	and	molybdenum	prices	and	favourable	foreign	exchange.	Gross	profit	in	the	year-
to-date	period	benefitted	from	higher	sales	volumes,	higher	realized	copper	prices	and	favourable	foreign	exchange.	
21

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

Chapada	(Brazil)
Operating	Statistics
2024 2023
(100%	Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(000s	tonnes) 	 16,865	 	 5,889	 	 5,851	 	 5,125	 	 29,508	 	 7,803	 	 8,062	 	 7,522	 	 6,121	
Ore	milled	(000s	tonnes) 	 16,938	 	 6,035	 	 5,407	 	 5,496	 	 22,233	 	 5,218	 	 5,832	 	 5,207	 	 5,976	
Grade
Copper	(%) 	 0.23	 	 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	 	 0.14	 	 0.15	 	 0.18	 	 0.15	 	 0.14	 	 0.13	
Recovery
Copper	(%) 	 77.8	 	 78.1	 	 74.2	 	 81.1	 	 80.2	 	 85.9	 	 80.8	 	 80.3	 	 73.3	
Gold	(%) 	 51.8	 	 51.5	 	 49.3	 	 55.3	 	 55.0	 	 61.1	 	 55.3	 	 54.1	 	 48.0	
Production	(contained	metal)
Copper	(tonnes) 	 30,938	 	 11,694	 	 9,106	 	 10,138	 	 45,719	 	 12,872	 	 12,286	 	 10,697	 	 9,864	
Gold	(000	oz) 	 47	 	 18	 	 15	 	 14	 	 59	 	 19	 	 15	 	 13	 	 12	
Silver	(000	oz) 	 176	 	 63	 	 55	 	 58	 	 258	 	 73	 	 67	 	 62	 	 56	
Revenue	($000s) 	 376,370	 	 159,966	 	 117,969	 	 98,435	 	 461,175	 	 143,439	 	 111,897	 	 94,721	 	 111,118	
Production	costs	($000s) 	 218,281	 	 84,450	 	 69,246	 	 64,585	 	 317,317	 	 89,716	 	 78,854	 	 80,113	 	 68,634	
Gross	profit	(loss)	($000s) 	 97,783	 	 48,658	 	 30,355	 	 18,770	 	 80,378	 	 30,126	 	 20,230	 	 (381)	 	 30,403	
Cash	cost	($	per	pound	copper)1 	 1.75	 	 1.37	 	 2.05	 	 2.01	 	 2.27	 	 1.88	 	 2.28	 	 2.69	 	 2.37	
AISC	($	per	pound	copper)1 	 3.16	 	 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	
Copper	production	in	the	quarter	and	year-to-date	periods	 was	lower	than	in	the	prior	year	comparable	periods	primarily	
due	to	lower	grades	as	a	result	of	mine	sequencing,	and	lower	recoveries	driven	by	processing	ore	from	the	older	low-grade	
stockpile	and	North	pit	as	part	of	an	optimized	mine	plan	that	significantly	 reduces	waste	movement.	Gold	production	in	
the	quarter	and	year-to-date	periods	was	higher	than	in	the	prior	year	comparable	periods	primarily	due	to	higher	grades	
and	throughput,	partially	offset	by	lower	recoveries.	The	higher	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	
elevated	gold	prices.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter 	were	higher	than	in	the	prior	year	comparable	period	primarily	as	a	result	of	higher	copper	
and	gold	sales	volumes,	partially	offset	by	favourable	foreign	 exchange.	Production	costs	in	the	year-to-date	period	 were	
lower	than	in	the	prior	year	comparable	period	due	to	lower	copper	sales	volumes	and	favourable	foreign	exchange.	During	
the	 quarter	 a	 long-term	 strategic	 agreement	 was	 reached	 to	 purchase	 renewable	 electricity	 at	 favourable	 pricing.	 The	
agreement	is	effective	from	2025	and	is	expected	to	reduce	future	electricity	costs.
Cash	 cost	 per	 pound	 in	 the	 quarter	 and	 year-to	 date	 periods	 improved	 from	 the	 prior	 year	 comparable	 periods	 primarily	
due	 to	 higher	 by-product	 credits	 as	 a	 result	 of	 increased	 realized	 prices	 for	 gold	 sales	 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	Full	Potential	program.	Cash	cost	in	the	quarter	also	benefitted	from	higher	
copper	sales	volume.	AISC	per	pound	in	the	 quarter	and	year-to-date	periods	was	lower	than	in	the	prior	year	comparable	
periods	mainly	due	to	lower	cash	cost	per	pound,	partially	offset	by	higher	sustaining	capital	expenditure.	
Gross	Profit
Gross	profit	in	the	quarter	and	year-to	date	periods	was	higher	than	in	the	prior	year	comparable	periods	primarily	due	to	
higher	realized	copper	and	gold	prices	and	favourable	foreign	exchange.
22

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

Eagle	(USA)
Operating	Statistics
2024 2023
(100%	Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(000s	tonnes) 363 91 107 165 725 188 192 189 	 156	
Ore	milled	(000s	tonnes) 366 90 97 179 718 186 190 181 	 161	
Grade
Nickel	(%) 	 1.9	 	 1.4	 	 2.1	 	 2.1	 	 2.6	 	 2.3	 	 2.6	 	 2.9	 	 2.6	
Copper	(%) 	 1.5	 	 1.2	 	 1.7	 	 1.5	 	 2.0	 	 1.9	 	 1.8	 	 2.2	 	 2.0	
Recovery
Nickel	(%) 	 82.9	 	 72.3	 	 85.0	 	 85.2	 	 87.4	 	 86.1	 	 86.2	 	 88.8	 	 88.5	
Copper	(%) 	 95.3	 	 94.3	 	 95.9	 	 95.3	 	 96.8	 	 96.5	 	 96.4	 	 97.0	 	 97.2	
Production	(contained	metal)
Nickel	(tonnes) 5,869 893 1,721 3,255 16,429 3,729 4,290 4,686 3,724
Copper	(tonnes) 5,104 1,027 1,563 2,514 13,600 3,334 3,245 3,881 3,140
Revenue	($000s) 	 126,884	 	 12,217	 	 57,444	 	 57,223	 	 350,895	 	 73,720	 	 102,505	 	 105,250	 	 69,420	
Production	costs	($000s) 	 90,788	 	 12,595	 	 37,657	 	 40,536	 	 191,704	 	 48,023	 	 52,497	 	 45,735	 	 45,449	
Gross	profit	(loss)	($000s) 	 10,783	 	 (6,547)	 	 9,794	 	 7,536	 	 107,141	 	 11,794	 	 35,682	 	 46,845	 	 12,820	
Cash	cost	($	per	pound	nickel)1 	 3.96	 	 7.24	 	 3.23	 	 4.04	 	 2.16	 	 2.37	 	 2.07	 	 1.88	 	 2.43	
AISC	($	per	pound	nickel)1 	 7.13	 	 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
Nickel	and	copper	production	in	the	quarter	and	year-to	date	periods	were	lower	than	in	the	prior	year	comparable	periods	
due	to	lower	throughput	and	grades.	In	May	2024,	a	fall	of	ground	in	the	lower	ramp	restricted	access	to	Eagle	East	and	has	
subsequently	 reduced	 mining	 rates	 while	 ramp	 rehabilitation	 is	 completed.	 Normal	 throughput	 rates	 are	 expected	 to	
resume	in	late	2024,	with	the	extraction	of	ore	from	Eagle	East	deferred	into	future	years.	Monitoring	of	the	crown	pillar	
continues	at	Eagle.	There	were	some	early	indications	of	localized	minor	movement	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.	 Concentrate	 and	 rail	 shipments	 resumed	 in	 late	 July	 after	 the	 mill	 shutdown	 to	 complete	 planned	
maintenance.	
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	and	year-to	date	periods	were	lower	than	in	the	prior	year	comparable	periods	primarily	
due	to	 lower	sales	and	production	volumes	leading	to	reduced	spend	in	milling,	transportation	and	lower	royalty	 expense.	
Production	costs	in	the	quarter	exclude d	approximately	 $14.8	million	of	overhead	costs	that	have	been	recorded	in	Other	
Income	and	Expense	as	a	result	of	the	partial	suspension	of	underground	mining	operations.
Cash	cost	per	pound	in	the	quarter	and	year-to	date	periods	was	higher	than	in	the	prior	year	comparable	periods	due	to	
the	prioritization	of	ramp	rehabilitation	which	resulted	in	 lower	sales	volumes,	partially	offset	by	higher	by-product	credits	
as	a	result	of	higher	realized	copper	prices .	AISC	per	pound	in	the	quarter	and	year-to	date	periods	was	higher	than	in	the	
prior	year	comparable	periods	primarily	due	to	higher	cash	cost	per	pound.	AISC	in	the	quarter	was	also	impacted	by	higher	
sustaining	capital	expenditures.
Gross	Profit
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.
23

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

Neves-Corvo	(Portugal)	
Operating	Statistics
2024 2023
(100%	Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	copper	(000s	tonnes) 1,769 579 602 588 2,591 677 689 622 603
Ore	mined,	zinc	(000s	tonnes) 1,588 571 499 518 1,989 549 459 470 511
Ore	milled,	copper	(000s	tonnes) 1,783 583 601 599 2,588 682 674 628 604
Ore	milled,	zinc	(000s	tonnes) 1,559 540 507 512 1,989 573 441 465 510
Grade
Copper	(%) 	 1.5	 	 1.5	 	 1.6	 	 1.5	 	 1.7	 	 1.9	 	 1.8	 	 1.6	 	 1.6	
Zinc	(%) 	 6.6	 	 7.0	 	 6.3	 	 6.5	 	 6.8	 	 6.6	 	 7.4	 	 6.6	 	 6.7	
Lead	(%) 	 1.3	 	 1.4	 	 1.3	 	 1.2	 	 1.5	 	 1.4	 	 1.5	 	 1.5	 	 1.5	
Recovery
Copper	(%) 	 76.5	 	 74.9	 	 77.2	 	 77.3	 	 76.5	 	 75.6	 	 76.1	 	 77.0	 	 77.7	
Zinc	(%) 	 77.8	 	 76.9	 	 78.2	 	 78.4	 	 78.0	 	 79.9	 	 76.1	 	 76.8	 	 78.7	
Lead	(%) 	 24.3	 	 24.8	 	 21.7	 	 26.5	 	 19.2	 	 25.2	 	 21.3	 	 14.0	 	 15.7	
Production	(contained	metal)
Copper	(tonnes) 21,089 6,698 7,347 7,044 33,823 9,623 9,016 7,610 	 7,574	
Zinc	(tonnes) 81,692 29,509 25,696 26,487 108,812 31,035 25,807 24,177 	 27,793	
Lead	(tonnes) 4,842 1,851 1,387 1,604 5,600 2,030 1,447 951 	 1,172	
Silver	(000	oz) 	 1,382	 	 425	 	 433	 	 524	 	 1,902	 	 573	 	 486	 	 407	 	 436	
Revenue	($000s) 	 340,542	 	 131,237	 	 128,675	 	 80,630	 	 425,042	 	 115,823	 	 111,202	 	 68,614	 	 129,403	
Production	costs	($000s) 	 250,009	 	 95,168	 	 83,129	 	 71,712	 	 326,677	 	 82,734	 	 82,137	 	 76,080	 	 85,726	
Gross	(loss)	profit	($000s) 	 (910)	 	 1,344	 	 15,874	 	 (18,128)	 	 (23,234)	 	 642	 	 (2,288)	 	 (35,185)	 	 13,597	
Cash	cost	($	per	pound	copper)1 	 2.28	 	 2.13	 	 1.70	 	 3.24	 	 2.37	 	 1.96	 	 2.27	 	 3.99	 	 1.69	
AISC	($	per	pound	copper)1 	 4.06	 	 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-to-date	periods	was	lower	than	in	the	prior	year	comparable	periods	primarily	
due	to	lower	throughput	and	grades.	Grades	were	impacted	by	changes	in	mine	sequencing	as	a	result	of	adjustments	to	
the	 mining	 method	 and	 cable	 bolting	 requirements.	 Additional	 development	 work	 in	 Lombador	 North	 also	 limited	 ore	
availability,	 which	 impacted	 throughput.	 Zinc	 production	 in	 the	 quarter	 and	 year-to-date	 periods	 was	 higher	 than	 in	 the	
prior	year	comparable	periods	due	to	higher	throughput	and	recoveries	as	a	result	of	the	zinc	expansion	project,	partially	
offset	by	lower	grades.	During	the	month	of	August,	there	was	a	record	in	shaft	hoisting	of	440,000		tonnes	over	the	month,	
in	addition	to	record	zinc	production	of	10,527	tonnes.	During	the	month	of	September,	the	daily	shaft	hoisting	of	19,000	
tonnes	set	a	new	record	for	the	mine.
Production	Costs	and	Cash	Cost
Production	costs	in	the	 quarter	were	higher	than	in	the	prior	year	comparable	period	primarily	due	to	increases	in	zinc	and	
lead	sales	volumes	and	higher	unit	production	costs	mainly	driven	by	higher	electricity,	labour	costs	and	inflation	on	main	
contracts.	Production	costs	in	the	year-to-date	period	were	higher	than	in	the	prior	year	comparable	period	primarily	due	to	
higher	zinc	and	lead	sales	volumes.
Cash	cost	per	pound	in	the	 quarter	and	year-to-date	periods	improved	from	the	prior	year	comparable	periods	mainly	due	
to	higher	by-product	credits .	AISC	per	pound	in	the	quarter	was	higher	than	in	the	prior	year	comparable	period	primarily	
due	to	higher	sustaining	capital	expenditures.	AISC	per	pound	in	the	year-to-date	period	was	lower	than	in	the	prior	year	
comparable	period	due	to	lower	cash	costs,	partially	offset	by	higher	sustaining	capital	expenditure.	
Gross	(Loss)	Profit	
Gross	 profit	 in	 the	 quarter	 improved	 compared	 to	 a	 gross	 loss	 in	 the	 prior	 year	 comparable	 period,	 primarily	 driven	 by	
higher	 realized	 copper	 and	 zinc	 prices	 and	 lower	 zinc	 treatment	 and	 refining	 charges,	 partially	 offset	 by	 higher	 operating	
costs.	For	the	year-to-date	period,	gross	loss	was	$ 0.9	million,	a	reduction	from	the	prior	year	comparable	period	gross	loss	
of	$23.9	million.	This	decrease	was	mainly	due	to	higher	realized	copper	and	zinc	prices.
24

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

Zinkgruvan	(Sweden)
	
Operating	Statistics
2024 2023
(100%	Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	zinc	(000s	tonnes) 914 300 308 306 1,178 313 287 268 310
Ore	mined,	copper	(000s	tonnes) 176 84 45 47 207 36 65 51 55
Ore	milled,	zinc	(000s	tonnes) 928 302 313 313 1,179 327 326 211 315
Ore	milled,	copper	(000s	tonnes) 193 76 42 75 198 28 58 34 78
Grade
Zinc	(%) 	 6.9	 	 6.3	 	 7.7	 	 6.7	 	 7.3	 	 6.7	 	 8.2	 	 6.6	 	 7.4	
Lead	(%) 	 2.9	 	 2.4	 	 3.7	 	 2.7	 	 2.9	 	 2.5	 	 3.5	 	 2.4	 	 2.9	
Copper	(%) 	 2.2	 	 2.1	 	 2.0	 	 2.4	 	 2.5	 	 2.0	 	 2.5	 	 3.1	 	 2.4	
Recovery
Zinc	(%) 	 90.5	 	 89.8	 	 90.6	 	 91.1	 	 89.0	 	 89.8	 	 90.0	 	 86.3	 	 88.7	
Lead	(%) 	 78.7	 	 78.5	 	 78.2	 	 79.4	 	 77.8	 	 77.1	 	 75.7	 	 76.2	 	 82.1	
Copper	(%) 	 88.2	 	 87.3	 	 88.0	 	 89.0	 	 88.5	 	 86.3	 	 88.7	 	 86.1	 	 90.5	
Production	(contained	metal)
Zinc	(tonnes) 58,066 17,101 21,764 19,201 76,349 19,684 23,967 11,938 20,760
Lead	(tonnes) 21,407 5,693 8,966 6,748 26,284 6,418 8,643 3,816 7,407
Copper	(tonnes) 3,706 1,385 747 1,574 4,434 501 1,299 917 1,717
Silver	(000	oz) 1,876 537 699 640 2,300 509 785 374 632
Revenue	($000s) 	 189,293	 	 68,633	 	 76,587	 	 44,073	 	 223,591	 	 50,783	 	 82,290	 	 29,520	 	 60,998	
Production	costs	($000s) 	 92,918	 	 30,109	 	 32,734	 	 30,075	 	 115,394	 	 31,520	 	 37,183	 	 17,786	 	 28,905	
Gross	profit	($000s) 	 65,305	 	 24,250	 	 35,040	 	 6,015	 	 74,073	 	 10,519	 	 32,727	 	 6,821	 	 24,006	
Cash	cost	($	per	pound)1 	 0.40	 	 0.16	 	 0.39	 	 0.65	 	 0.43	 	 0.63	 	 0.28	 	 0.24	 	 0.54	
AISC	($	per	pound)1 	 0.83	 	 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	in	the	quarter	were	lower	than	in	the	prior	year	comparable	periods	primarily	due	to	lower	grades	
and	throughput.	Throughput	was	primarily	impacted	by	weather	related	power	outages	and	unplanned	maintenance	while	
grades	were	impacted	by	changes	in	mine	plan	sequencing	as	a	result	of	challenges	with	paste	delivery	and	wet	ore.	Zinc	
and	 lead	 production	 in	 the	 year-to-date	 periods	 were	 higher	 than	 in	 the	 prior	 year	 comparable	 periods	 due	 to	 higher	
throughput	and	recoveries,	partially	offset	by	lower	 grades.	Throughput	in	the	year-to-date	comparable	period	in	2023	was	
affected	by	the	installation	of	a	zinc	sequential	flotation	system,	which	limited	mill	availability.	
Copper	production	in	the	quarter	was	higher	than	in	the	prior	year	comparable	period	due	to	higher	throughput,	partially	
offset	 by	 lower	 grades	 and	 recoveries.	 Copper	 production	 in	 the	 year-to-date	 period	 was	 lower	 than	 in	 the	 prior	 year	
comparable	period	due	to	lower	grades	and	recoveries,	partially	offset	by	higher	throughput.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	were	lower	than	in	the	prior	year	comparable	period	primarily	due	to	lower	zinc	and	lead	
sales	volumes.	Production	costs	in	the	year-to	date	period	were	higher	than	in	the	prior	year	comparable	period	primarily	
due	to	higher	contractor	costs	and	higher	zinc	and	lead	sales	volumes.
Cash	cost	per	pound	in	the	quarter	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	higher	by-product	
credits	 and	 lower	 treatment	 and	 refining	 charges.	 On	 the	 year-to-date	 basis,	 cash	 cost	 was	 higher	 than	 in	 the	 prior	 year	
comparable	period	mainly	due	to	due	to	higher	mine	and	mill	costs.	AISC	per	pound	in	the	quarter	was	higher	than	in	the	
prior	year	comparable	period	due	to	higher	sustaining	capital	expenditure.	AISC	per	pound	in	the	year-to-date	period	was	
higher	than	in	the	prior	year	comparable	period	due	to	higher	cash	costs.
Gross	Profit
Gross	profit	in	the	quarter	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	lower	zinc	and	lead	sales	
volumes,	 higher	 depreciation	 and	 operating	 costs,	 partially	 offset	 by	 higher	 realized	 zinc	 and	 copper	 prices,	 and	 lower	
treatment	and	refining	charges.	Gross	profit	in	the	year-to	date	period	was	slightly	higher	than	in	the	prior	year	comparable	
period	primarily	due	to	higher	realized	zinc	and	copper	prices	and	lower	treatment	and	refining	charges,	partially	offset	by	
higher	depreciation	and	operating	costs.
25

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

Josemaria	Project	(Argentina)	
Project	Development
During	the	quarter,	with	minimal	winter	site	activities,	efforts	were	focused	on	completing	the	EIA	("Environmental	Impact	
Assessment")	 update	 and	 maintaining	 progress	 on	 the	 critical	 water	 program. 	 Furthermore,	 management	 shifted	 to	
reviewing	and	studying	activities	and	programs	for	the	Filo	del	Sol	project	as	a	result	of	the	Joint	Arrangement	announced	
during	 the	 quarter.	 In	 anticipation	 of	 the	 Joint	 Arrangement,	 the	 2024	 program	 was	 changed	 to	 incorporate	 new	 studies	
relating	to	the	Filo	del	Sol	project,	and	a	joint	development	concept	pertaining	to	the	Josemaria	and	Filo	ore	bodies.	The	
Joint	Arrangement	includes	a	work	plan	and	budget	to	continue	to	advance	the	Filo	del	Sol	project	and	commence	studies	
and	 other	 activities	 for	 the	 combined	 project.	 Until	 closing,	 Filo	 will	 continue	 to	 operate	 independently	 and	 maintain	 its	
independent	drill	and	testing	program.		
The	Josemaria	Project's	field	activities	were	associated	with	the	water,	road	maintenance	and	exploration	programs.	Work	
on	the	water	program	continues	to	advance	with	the	completion	of	water	source	pump	testing	at	wellfields	A	and	B	and	
obtaining	 data	 to	 update	 water	 supply	 and	 usage	 models.	 Water	 exploration	 drilling	 and	 single-well	 pump	 testing	
commenced	in	the	La	Majadita	area.	Additionally,	the	exploration	campaign	will	restart	at	the	Cumbre	Verde	target	near	
the	Josemaria	orebody	in	November,	with	activities	focused	on	preparing	and	mobilizing	for	the	start	of	drilling	including	
the	removal	of	snow	for	roads	and	platforms.
The	delivery	of	the		Gearless	Mill	Drive	(GMDs)	components	at	the	San	Juan	Warehouse	Facility	are	complete,	and	90%	of	
the	mill's	components	have	also	been	received.	The	remaining	mill	components	are	expected	at	the	warehouse	before	the	
end	of	2024.
Work	 continues	 on	 environmental	 and	 permitting,	 the	 technical	 review	 of	 the	 tailings	 dam	 design,	 and	 the	 offsite	 power	
line	 EIAs,	 which	 were	 submitted	 in	 2023.	 The	 Josemaria	 biennial	 EIA	 update	 was	 submitted	 in	 April.	 The	 permits	 for	 the	
most	 northern	 sections	 of	 the	 Northern	 Access	 Road	 were	 received,	 whilst	 the	 EIA	 for	 other	 sections	 which	 were	 also	
submitted	in	2023,	continue	to	be	under	government	evaluation.
Government	relations	continue	to	be	maintained	with	both	the	national	and	provincial	governments.	At	the	national	level,	
the	 Company	 is	 closely	 monitoring	 the	 government's	 implementation	 of	 the	 Basis	 Law	 -	 Incentive	 Regime	 for	 Large	
Investments	("RIGI")	as	it	was	officially	published	on	July	9,	2024.	At	the	provincial	level,	San	Juan	adhered	to	the	RIGI	on	
August	15,	2024.	This	confirms	the	province's	commitment	to	the	foreign	investment	regime.	In	conjunction,	discussions	on	
provincial	royalties,	infrastructure	offset,	and	trust	fund	agreements	continue.	Work	has	commenced	on	analyzing	the	RIGI	
regulations	and	preparing	a	plan	for	submission	of	the	application.
During	 the	 quarter,	 the	 Company	 spent	 $49.9	 million	 in	 capital	 expenditure	 compared	 to	 $52.7	 million	 in	 the	 prior	 year	
comparable	period.	On	a	year-to-date	basis,	the	Company	spent	$193.0	million	compared	to	$234.8	million	in	the	prior	year	
comparable	 period.	 The	 annual	 guidance	 for	 the	 spend	 on	 the	 project	 has	 increased	 to	 $230.0	 million	 from	 the	 previous	
guidance	amount	of	$225.0	million	as	the	project	advances.
Exploration	Update
During	the	quarter,	exploration	activity	focused	on	in-mine	and	near-mine	targets	at	the	Company's	operations.	Exploration	
drilling	at	Zinkgruvan	was	focused	on	resource	expansion	and	drilling	at	Candelaria	was	focused	on	Soplona ,	La	Portuguesa	
and	 La	 Espanola.	 Drilling	 at	 Chapada	 concentrated	 on	 adding	 high	 grade	 resources	 to	 Sauva	 and	 testing	 near-mine	
geochemical	and	geophysical	anomalies	in	Cava	Norte,	Santa	Cruz,	Castanhal	and	Jatoba.
At	 Caserones,	 exploration	 activity	 remains	 lower	 during	 the	 winter	 season.	 Exploration	 drilling	 continues	 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.	Preparations	to	restart	near-mine	drilling	at	Angelica	were	made	at	the	end	of	the	
quarter.
At	Josemaria,	preparations	are	underway	to	recommence	the	drilling	campaign	at	Cumbre	Verde.
Drilling	 started	 at	 Eagle	 during	 the	 quarter	 with	 two	 surface	 holes	 targeting	 a	 geophysical	 anomaly	 east	 of	 Eagle	 East.	
Drilling	 also	 commenced	 during	 the	 quarter	 at	 Neves-Corvo	 and	 focused	 on	 extending	 inferred	 resources	 at	 Lombador	
North	and	near-mine	drilling	at	Neves	Southwest.
26

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

Liquidity	and	Capital	Resources
Consolidated	Cash	Flow
Three	months	ended	September	30,	
($	thousands) 2024 2023 Change
Cash	provided	by	operating	activities 	 139,275	 	 303,812	 	 (164,537)	 
Cash	used	in	investing	activities 	 (264,539)	 	 (908,756)	 	 644,217	
Cash	(used	in)	provided	by	financing	activities 	 (31,562)	 	 773,190	 	 (804,752)	 
Effect	of	foreign	exchange	on	cash	balances 	 (443)	 	 (1,091)	 	 648	
Increase	(decrease)	in	cash	and	cash	equivalents 	 (157,269)	 	 167,155	 	 (324,424)	 
Opening	cash	and	cash	equivalents 	 452,809	 	 190,182	 	 262,627	
Closing	cash	and	cash	equivalents 	 295,540	 	 357,337	 	 (61,797)	 
Adjusted	operating	cash	flow1 	 305,176	 	 316,467	 	 (11,291)	 
Free	cash	flow	from	operations1 	 1,722	 	 136,533	 	 (134,811)	 
Free	cash	flow1 	 (61,824)	 	 71,137	 	 (132,961)	 
Nine	months	ended	September	30,	
($	thousands) 2024 2023 Change
Cash	provided	by	operating	activities 	 898,576	 	 710,531	 	 188,045	
Cash	used	in	investing	activities 	 (786,409)	 	 (1,432,290)	 	 645,881	
Cash	(used	in)	provided	by	financing	activities 	 (85,220)	 	 892,618	 	 (977,838)	 
Effect	of	foreign	exchange	on	cash	balances 	 (200)	 	 (4,909)	 	 4,709	
Increase	(decrease)	in	cash	and	cash	equivalents 	 26,747	 	 165,950	 	 (139,203)	 
Opening	cash	and	cash	equivalents 	 268,793	 	 191,387	 	 77,406	
Closing	cash	and	cash	equivalents 	 295,540	 	 357,337	 	 (61,797)	 
Adjusted	operating	cash	flow1 	 988,716	 	 662,171	 	 326,545	
Free	cash	flow	from	operations1 	 406,947	 	 228,326	 	 178,621	
Free	cash	flow1 	 173,313	 	 (47,697)	 	 221,010	
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	in	the	quarter	ended	 September	30,	2024 	was	 $164.5	million	lower	than	in	the	prior	
year	comparable	period.	This	was	primarily	due	to	$165.9	million	negative	working	capital	changes	in	the	quarter	as	a	result	
of	the	timing	of	sales	at	Candelaria	and	Chapada.	Cash	provided	by	operating	activities	was	also	impacted	by	lower	nickel	
sales	in	the	quarter	due	to	reduced	production	at	the	Eagle	mine	while	ramp	rehabilitation	is	completed.	For	the	year-to-
date	 period	 ended	 September	 30,	 2024,	 cash	 provided	 by	 operating	 activities	 was	 $188.0	 million	 higher	 than	 in	 the	
comparable	prior	year	comparable	period,	primarily	due	to	higher	copper	and	gold	prices	and	the	inclusion	of	Caserones	
operating	activities.
Cash	used	in	investing	activities	in	the	quarter	ended	 September	30,	2024 	was	 $644.2	million	lower	than	in	the	prior	year	
comparable	 period.	 This	 was	 primarily	 due	 to	 the	 absence	 of	 the	 acquisition	 of	 Caserones	 in	 July	 2023.	 Excluding	 the	
acquisition,	 cash	 used	 in	 investing	 activities	 was	 $4.4	 million	 higher,	 due	 in	 part	 to	 the	 purchase	 of	 Filo	 shares	 offset	 by	
lower	sustaining	capital	expenditures	at	Candelaria	in	the	quarter	from	reduced	capitalized	stripping.	For	the	year-to-date	
period	 ended	 September	 30,	 2024	 cash	 used	 in	 investing	 activities	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 period	
despite	Caserones	investing	cash	flows	being	included.	This	was	primarily	due	to	rescheduling	certain	capital	projects	to	late	
2024	and	2025.	
Cash	 used	 in	 financing	 activities	 in	 the	 quarter	 ended	 September	 30,	 2024	 was	 $31.6	 million	 compared	 to	 cash	 provided	
during	the	prior	year	comparable	period	of	 $773.2	million.	The	net	change	of	 $804.8	million	relates	to	lower	net	proceeds	
from	debt	by	$386.0	million	in	addition	to	the	exercise	of	the	option	to	acquire	an	additional	19%	interest	in	Caserones.	For	
the	year-to-date	period	ended	September	30,	2024,	the	net	change	in	cash	from	financing	activities	was	 $977.8	million	year	
over	year	as	a	result	of	the	same	factors	that	impacted	the	quarter	ended	September	30,	2024.
27

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

Free	cash	flow	from	operations	and	free	cash	flow	in	the	quarter	ended	 September	30,	2024 	were	 lower	than	in	the	prior	
year	comparable	period	primarily	as	a	result	of	lower	cash	provided	by	operating	activities.	Free	cash	flow	from	operations	
and	free	cash	flow	for	the	year-to-date	period	ended	 September	30,	2024 	were	 higher	than	in	the	prior	year	comparable	
period	primarily	due	to	increased	cash	provided	by	operating	activities.
Liquidity	and	Financial	Position
($	thousands) September	30,	2024 December	31,	2023 Change
Cash	and	cash	equivalents 	 295,540	 	 268,793	 	 26,747	
Total	assets 	 11,077,657	 	 10,861,199	 	 216,458	
Debt1 	 1,828,964	 	 1,208,600	 	 620,364	
Lease	liabilities2 	 260,895	 	 277,208	 	 (16,313)	 
Net	debt3 	 (1,802,549)	 	 (1,223,389)	 	 (579,160)	 
Net	debt	excluding	lease	liabilities3 	 (1,541,654)	 	 (946,181)	 	 (595,473)	 
1Debt	includes	both	current	and	non-current	portions.	
2	Lease	liabilities	includes	both	current	and	non-current	portions.	
2This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.	
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	 liabilities	 at	 September	 30,	 2024	 increased	 from	 December	 31,	 2023	 due	 to	 net	 proceeds	 from	
debt,	combined	with	decreased	cash	balances	resulting	from	negative	working	capital	adjustments.	
During	the	quarter	and	year-to-date	periods	ended	 September	30,	2024 ,	no	shares	were	purchased	under	the	Company's	
Normal	Course	Issuer	Bid	(“NCIB”)	(quarter	and	year-to-date	periods	ended	September	30,	2023	-	nil	shares).
Contractual	Obligations,	Commitments	and	Contingencies
The	 Company	 has	 contractual	 obligations	 and	 capital	 commitments	 as	 described	 in	 Note	 23	 “Commitments	 and	
Contingencies”	 in	 the	 Company’s	 condensed	 interim	 consolidated	 financial	 statements	 for	 the	 three	 and	 nine	 months	
ended	 September	 30,	 2024.	 From	 time	 to	 time,	 the	 Company	 may	 also	 be	 involved	 in	 legal	 proceedings	 that	 arise	 in	 the	
ordinary	course	of	its	business.
Capital	Resources
As	at	September	30,	2024,	the	Company	has	a	RCF	of	$1,750.0	million	with	$340.0	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	September	30,	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	quarter.	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	September	30,	2024,	the	Company	also	has	unsecured	commercial	paper	programs	maturing	in	2025	through	2028	of	
which	$106.4	million	(December	31,	2023 	-	$116.0	million)	were	drawn.	As	at	 September	30,	2024 ,	certain	subsidiaries	of	
the	 Company	 had	 outstanding	 unsecured	 term	 loans	 totalling	 $240.8	 million	 (December	 31,	 2023	 -	 $48.9	 million)	 and	
accruing	interest	at	rates	ranging	from	 5.30%	to	6.65%	per	annum	with	interest	payable	upon	maturity.	The	maturity	dates	
range	from	October	2024	to	February	2025.
The	 development	 of	 the	 Joint	 Arrangement	 requires	 significant	 capital	 commitments	 from	 the	 Company,	 and	 additional	
funding,	beyond	debt,	may	be	required	to	advance	the	project	to	completion.
28

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

Financial	Instruments
Revenue,	cost	of	goods	sold	and	capital	expenditures	are	affected	by	certain	external	factors	including	fluctuations	in	metal	
prices,	energy	prices,	and	changes	in	exchange	rates	between	the	€,	the	SEK,	the	CLP,	the	BRL,	the	ARS	and	the	$.
During	the	quarter	ended	 September	30,	2024,	the	Company	entered	into	additional	derivative	contracts	as	part	of	its	risk	
management	strategy	to	mitigate	exposure	to	foreign	currency	and	commodities.	These	included	 diesel	collar	contracts	in	
the	amount	of	67.5	million	litres	("L")	with	collar	ranges	of	$0.49/L	to	$0.65/L 	expiring	through	the	remainder	of	2024	to	
December	2025.	At	 September	30,	2024 ,	derivative	contracts	consist	of	foreign	currency	forward	and	option	contracts	as	
well	as	diesel	swap	forward	and	option	contracts.	The	foreign	currency	and	diesel	option	contracts	consist	of	put	and	call	
contracts	in	a	collar	structure.	
The	derivative	contracts	have	not	been	designated	as	hedges	for	purposes	of	hedge	accounting	and	are	measured	at	fair	
value	as	assessed	by	pricing	models	based	on	active	market	prices.	Changes	in	fair	value	are	recognized	in	other	income	and	
expense	in	the	consolidated	statement	of	earnings.
The	Company’s	trade	receivables	also	contain	provisional	pricing	sales	arrangements	that	are	valued	using	quoted	forward	
market	 prices.	 The	 following	 table	 illustrates	 the	 sensitivity	 of	 the	 Company’s	 risk	 on	 final	 settlement	 of	 its	 provisionally	
priced	revenues	as	at	September	30,	2024.
Metal Payable	Metal
Provisional	price	on
	September	30,	2024 Change
Effect	on	Revenue	
($millions)
Copper 90,231	t $4.44/lb 	 +/-	10	 % +/-	$88.3
Zinc 16,808	t $1.39/lb 	 +/-	10	 % +/-	$5.2
Nickel 414	t $7.86/lb 	 +/-	10	 % +/-	$0.7
Gold 34	koz $2,652/oz 	 +/-	10	 % +/-	$9.0
Molybdenum 825	t $20.47/lb 	 +/-	10	 % +/-	$3.7
For	a	detailed	discussion	of	the	Company’s	financial	instruments,	refer	to	Note	 22	"Financial	Instruments"	in	the	Company’s	
condensed	interim	consolidated	financial	statements	for	the	three	and	nine	months	months	ended	September	30,	2024.
29

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

Non-GAAP	and	Other	Performance	Measures
The	 Company	 uses	 certain	 performance	 measures	 in	 its	 analysis.	 These	 performance	 measures	 have	 no	 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	
costs.	
Production	costs 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 Copper,	zinc	and	nickel	AISC	
and	ASIC	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.
30

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

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,	zinc,	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 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,	interest	income	and	finance	costs.	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,	costs	relating	to	the	sinkhole	near	
Ojos	del	Salado	operations,	income	from	investments	in	
associates,	gains	or	losses	on	disposals	of	subsidiaries,	
insurance	proceeds	and	litigation	and	settlements.	
Net	earnings	(loss) 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
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
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 Defined	as	cash	flow	provided	by	operating	activities,	
deducting	sustaining	capital	expenditures	and	
expansionary	capital	expenditures	(both	as	defined	above).
Adjusted	operating	
cash	flow
Defined	as	cash	provided	by	operating	activities,	excluding	
changes	in	non-cash	working	capital	items.	
Cash	provided	by	
operating	activities
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
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.	
31

===== 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	 on	 the	 Company's	
Condensed	Interim	Consolidated	Statement	of	Earnings	as	follows:
Three	months	ended	September	30,	2024
Operations Candelaria Caserones Chapada Eagle
Neves-
Corvo Zinkgruvan
($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales	volumes:
Tonnes 45,430 22,044 12,380 393 7,707 15,124
Pounds	(000s) 100,155 48,599 27,293 866 16,991 33,342
Production	costs 	 581,117	
Less:	Royalties	and	other 	 (19,133)	 
	 561,984	
Deduct:	By-product	credits 	 (221,753)	 
Add:	Treatment	and	refining	charges 	 43,833	
Cash	cost 	 155,069	 	 144,062	 	 37,302	 	 6,273	 	 36,159	 	 5,199	 	 384,064	
Cash	cost	per	pound	($/lb) 1.55 2.96 1.37 7.24 2.13 0.16
Add:	Sustaining	capital	expenditure 	 60,118	 	 22,895	 	 20,487	 	 7,940	 	 26,288	 	 15,546	 
Royalties 	 4,519	 	 6,354	 	 2,643	 	 162	 	 1,226	 	 —	 
Reclamation	and	other	closure	
accretion	and	depreciation 	 2,416	 	 1,061	 	 2,374	 	 1,473	 	 1,381	 	 1,149	 
Leases	and	other 	 1,625	 	 17,773	 	 956	 	 1,489	 	 147	 	 79	 
All-in	sustaining	cost 	 223,747	 	 192,145	 	 63,762	 	 17,337	 	 65,201	 	 21,973	 
AISC	per	pound	($/lb) 2.23 3.95 2.34 20.02 3.84 0.66
Three	months	ended	September	30,	2023
Operations Candelaria Caserones1 Chapada Eagle
Neves-
Corvo Zinkgruvan
($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales	volumes:
Tonnes 33,668 30,385 11,445 3,640 8,799 22,042
Pounds	(000s) 74,225 66,987 25,232 8,025 19,398 48,594
Production	costs 	 615,109	
Less:	Royalties	and	other 	 (21,662)	 
Inventory	fair	value	adjustment 	 (32,185)	 
	 561,262	
Deduct:	By-product	credits 	 (216,150)	 
Add:	Treatment	and	refining	charges 	 56,261	
Cash	cost 	 162,672	 	 106,866	 	 57,501	 	 16,598	 	 44,043	 	 13,693	 	 401,373	
Cash	cost	per	pound	($/lb) 2.19 1.60 2.28 2.07 2.27 0.28
Add:	Sustaining	capital	expenditure 	 86,693	 	 28,849	 	 16,716	 	 4,989	 	 27,357	 	 12,350	 
Royalties 	 —	 	 7,550	 	 2,142	 	 7,385	 	 1,055	 	 —	 
Reclamation	and	other	closure	
accretion	and	depreciation 	 2,349	 	 1,133	 	 2,141	 	 2,742	 	 1,462	 	 1,011	 
Leases	and	other2 	 2,841	 	 22,229	 	 865	 	 797	 	 131	 	 86	 
All-in	sustaining	cost 	 254,555	 	 166,627	 	 79,365	 	 32,511	 	 74,048	 	 27,140	 
AISC	per	pound	($/lb) 3.43 2.49 3.15 4.05 3.82 0.56
1	Caserones	2023	results	are	from	July	13,	2023.
2	Q3	2023	amounts	have	been	adjusted	from	those	presented	in	the	 Company's	MD&A	for	the	three	and	nine	months	ended	September	 
30,	2023.
32

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

Nine	months	ended	September	30,	2024
Operations Candelaria Caserones Chapada Eagle
Neves-
Corvo Zinkgruvan
($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales	volumes:
Tonnes 108,965 87,117 29,415 4,574 21,491 49,459
Pounds	(000s) 240,226 192,060 64,849 10,084 47,379 109,038
Production	costs 	 1,754,677	
Less:	Royalties	and	other 	 (61,427)	 
	 1,693,250	
Deduct:	By-product	credits 	 (597,173)	 
Add:	Treatment	and	refining	charges 	 129,361	
Cash	cost 	 438,494	 	 481,756	 	 113,607	 	 39,903	 	 107,898	 	 43,780	 	 1,225,438	
Cash	cost	per	pound	($/lb) 1.83 2.51 1.75 3.96 2.28 0.40
Add:	Sustaining	capital	expenditure 	 220,194	 	 100,977	 	 74,927	 	 15,998	 	 76,622	 	 43,188	 
Royalties 	 11,038	 	 24,443	 	 5,891	 	 6,746	 	 3,168	 	 —	 
Reclamation	and	other	closure	
accretion	and	depreciation 	 6,441	 	 3,195	 	 7,780	 	 5,033	 	 4,036	 	 3,286	 
Leases	and	other 	 7,684	 	 51,773	 	 2,496	 	 4,258	 	 405	 	 235	 
All-in	sustaining	cost 	 683,851	 	 662,144	 	 204,701	 	 71,938	 	 192,129	 	 90,489	 
AISC	per	pound	($/lb) 2.85 3.45 3.16 7.13 4.06 0.83
Nine	months	ended	September	30,	2023
Operations Candelaria Caserones1 Chapada Eagle
Neves-
Corvo Zinkgruvan
($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales	volumes:
Tonnes 105,585 30,385 30,681 10,234 23,000 48,028
Pounds	(000s) 232,775 66,987 67,640 22,562 50,706 105,883
Production	costs 	 1,438,071	
Less:	Royalties	and	other 	 (41,717)	 
Inventory	fair	value	adjustment 	 (32,185)	 
	 1,364,169	
Deduct:	By-product	credits 	 (495,751)	 
Add:	Treatment	and	refining	charges 	 125,390	
Cash	cost 	 507,884	 	 106,866	 	 165,170	 	 47,228	 	 128,206	 	 38,454	 	 993,808	
Cash	cost	per	pound	($/lb) 2.18 1.60 2.44 2.09 2.53 0.36
Add:	Sustaining	capital	expenditure 	 300,796	 	 28,849	 	 52,433	 	 15,653	 	 74,551	 	 42,812	 
Royalties 	 —	 	 7,550	 	 6,394	 	 17,991	 	 2,868	 	 —	 
Reclamation	and	other	closure	
accretion	and	depreciation 	 7,100	 	 1,133	 	 5,789	 	 8,711	 	 4,082	 	 2,811	 
Leases	and	other2 	 9,638	 	 22,229	 	 3,002	 	 2,441	 	 437	 	 288	 
All-in	sustaining	cost 	 825,418	 	 166,627	 	 232,788	 	 92,024	 	 210,144	 	 84,365	 
AISC	per	pound	($/lb) 3.55 2.49 3.44 4.08 4.14 0.80
1	Caserones	2023	results	are	from	July	13,	2023.
2	Q3	2023	amounts	have	been	adjusted	from	those	presented	in	the	 Company's	MD&A	for	the	three	and	nine	months	ended	September	 
30,	2023.
33

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

Adjusted	EBITDA
Adjusted	EBITDA	can	be	reconciled	to	Net	Earnings	(Loss)	on	the	Company's	Condensed	Interim	Consolidated	Statement	of	
Earnings	as	follows:
Three	months	ended
September	30,
Nine	months	ended
September	30,
($thousands) 2024 2023 2024 2023
Net	earnings 	 127,829	 	 21,883	 	 343,117	 	 248,496	
Add	back:
Depreciation,	depletion	and	amortization 	 200,074	 	 179,788	 	 582,224	 	 430,540	
Finance	income	and	costs 	 39,152	 	 36,212	 	 111,153	 	 67,808	
Income	taxes	expense	(recovery) 	 96,940	 	 84,891	 	 203,668	 	 113,983	
	 463,995	 	 322,774	 	 1,240,162	 	 860,827	
Unrealized	foreign	exchange	loss	(gain) 	 12,901	 	 9,096	 	 574	 	 (1,545)	 
Unrealized	losses	(gains)	on	derivative	contracts 	 (30,613)	 	 47,504	 	 18,245	 	 41,241	
Ojos	del	Salado	sinkhole	(recoveries)	expenses 	 871	 	 (1,247)	 	 550	 	 15,235	
Revaluation	loss	(gain)	on	marketable	securities 	 (3,957)	 	 3,449	 	 (6,472)	 	 (453)	 
Caserones	inventory	fair	value	adjustment	 	 —	 	 32,185	 	 —	 	 32,185	
Partial	suspension	of	underground	operations	at	Eagle 	 14,813	 	 —	 	 24,637	 	 —	
Gain	on	disposal	of	subsidiary 	 —	 	 —	 	 —	 	 (5,718)	 
Write-down	of	capital	works	in	progress 	 781	 	 —	 	 17,969	 	 —	
Revaluation	of	Chapada	derivative	liability 	 —	 	 370	 	 307	 	 2,166	
Revaluation	of	Caserones	purchase	option 	 —	 	 —	 	 (11,728)	 	 —	
Other 	 (1,108)	 	 990	 	 (2,847)	 	 (120)	 
Total	adjustments	-	EBITDA 	 (6,312)	 	 92,347	 	 41,235	 	 82,991	
Adjusted	EBITDA 	 457,683	 	 415,121	 	 1,281,397	 	 943,818	
34

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

Adjusted	Earnings	and	Adjusted	EPS
Adjusted	Earnings	and	Adjusted	EPS	can	be	reconciled	to	Net	Earnings	(Loss)	Attributable	to	Lundin	Mining	Shareholders	on	
the	Company's	Condensed	Interim	Consolidated	Statement	of	Earnings	as	follows:
Three	months	ended
September	30,
Nine	months	ended
September	30,
($thousands,	except	share	and	per	share	amounts) 2024 20231 2024 20231
Net	earnings	attributable	to	Lundin	Mining	shareholders 	 101,160	 	 (2,964)	 	 236,632	 	 202,765	
Add	back:
Total	adjustments	-	EBITDA 	 (6,312)	 	 92,347	 	 41,235	 	 82,991	
Tax	effect	on	adjustments 	 (8,135)	 	 (20,758)	 	 (7,921)	 	 (23,938)	 
Deferred	tax	expense	due	to	change	in	tax	rate 	 —	 	 25,700	 	 —	 	 25,700	
Deferred	tax	arising	from	foreign	exchange	translation 	 (12,387)	 	 12,317	 	 (32,353)	 	 (15,972)	 
Non-controlling	interest	on	adjustments 	 (1,867)	 	 (18,734)	 	 2,164	 	 (18,665)	 
Other 	 (1)	 	 (2,648)	 	 —	 	 3,645	
Total	adjustments 	 (28,702)	 	 88,224	 	 3,125	 	 53,761	
Adjusted	earnings 	 72,458	 	 85,260	 	 239,757	 	 256,526	
Basic	weighted	average	number	of	shares	outstanding 776,794,756 773,147,920 774,574,731 772,214,160
Net	(loss)	earnings	attributable	to	Lundin	Mining	
shareholders 	 0.13	 	 —	 	 0.31	 	 0.26	
Total	adjustments 	 (0.04)	 	 0.11	 	 —	 	 0.07	
Adjusted	EPS 	 0.09	 	 0.11	 	 0.31	 	 0.33	
1	2023	amounts	have	been	adjusted	from	those	presented	in	the	Company's	MD&A	for	the	three	and	nine	months	ended	September	30,	
2023.
Free	Cash	Flow	from	Operations	and	Free	Cash	Flow
Free	 Cash	 Flow	 from	 Operations	 and	 Free	 Cash	 Flow	 can	 be	 reconciled	 to	 Cash	 provided	 by	 Operating	 Activities	 on	 the	
Company's	Condensed	Interim	Consolidated	Statement	of	Cash	Flows	as	follows:
Three	months	ended
September	30,
Nine	months	ended
September	30,
($thousands) 2024 2023 2024 2023
Cash	provided	by	operating	activities 	 139,275	 	 303,812	 	 898,576	 	 710,531	
General	exploration	and	business	development 	 13,620	 	 12,734	 	 40,607	 	 41,192	
Sustaining	capital	expenditures 	 (151,173)	 	 (180,013)	 	 (532,236)	 	 (523,397)	 
Free	cash	flow	from	operations 	 1,722	 	 136,533	 	 406,947	 	 228,326	
General	exploration	and	business	development 	 (13,620)	 	 (12,734)	 	 (40,607)	 	 (41,192)	 
Expansionary	capital	expenditures 	 (49,926)	 	 (52,662)	 	 (193,027)	 	 (234,831)	 
Free	cash	flow 	 (61,824)	 	 71,137	 	 173,313	 	 (47,697)	 
35

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

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	Condensed	Interim	Consolidated	Statement	of	Cash	Flows	as	follows:
Three	months	ended
September	30,
Nine	months	ended
September	30,
($thousands,	except	share	and	per	share	amounts) 2024 2023 2024 2023
Cash	provided	by	operating	activities 	 139,275	 	 303,812	 	 898,576	 	 710,531	
Changes	in	non-cash	working	capital	items 	 165,901	 	 12,655	 	 90,140	 	 (48,360)	 
Adjusted	operating	cash	flow 	 305,176	 	 316,467	 	 988,716	 	 662,171	
Basic	weighted	average	number	of	shares	outstanding 776,794,756 773,147,920 774,574,731 772,214,160
Adjusted	operating	cash	flow	per	share 0.39 0.41 1.28 0.86
Net	Debt	and	Net	Debt	Excluding	Lease	Liabilities
Net	debt	and	net	debt	excluding	lease	liabilities	can	be	reconciled	to	Debt	and	Lease	Liabilities,	Current	Portion	of	Debt	and	
Lease	Liabilities	and	Cash	and	Cash	Equivalents	on	the	Company's	condensed	interim	consolidated	balance	sheet	as	follows:
($thousands) September	30,	2024 December	31,	2023
Debt	and	lease	liabilities 	 (1,692,718)	 	 (1,273,162)	 
Current	portion	of	debt	and	lease	liabilities 	 (397,141)	 	 (212,646)	 
Less	deferred	financing	fees	(netted	in	above) 	 (8,230)	 	 (6,374)	 
	 (2,098,089)	 	 (1,492,182)	 
Cash	and	cash	equivalents 	 295,540	 	 268,793	
Net	debt 	 (1,802,549)	 	 (1,223,389)	 
Lease	liabilities 	 260,895	 	 277,208	 
Net	debt	excluding	lease	liabilities 	 (1,541,654)	 	 (946,181)	 
36

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

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	 25	of	the	Company’s	condensed	interim	consolidated	financial	statements	
for	the	three	and	nine	months	ended	September	30,	2024.
Changes	in	Accounting	Policies
The	 accounting	 policies	 applied	 in	 the	 Company’s	 condensed	 interim	 consolidated	 financial	 statements	 for	 the	 three	 and	
nine	months	ended	September	30,	2024	are	the	same	as	those	applied	in	the	Company’s	consolidated	financial	statements	
for	the	year	ended	December	31,	2023.	
Certain	 amendments	 to	 standards	 were	 effective	 for	 annual	 periods	 beginning	 on	 or	 after	 January	 1,	 2024,	 including	
amendments	to	IAS	1	–	Presentation	of	Financial	Statements	and	IAS	12	–	Income	Taxes.	There	was	no	material	impact	on	
the	Company’s	condensed	interim	consolidated	financial	statements	from	the	adoption	of	these	amendments.	
In	 April	 2024,	 the	 IASB	 issued	 IFRS	 18,	 Presentation	 and	 Disclosure	 of	 Financial	 Statements	 which	 replaces	 IAS	 1,	
Presentation	of	Financial	Statements.	The	standard	is	effective	for	reporting	periods	beginning	on	or	after	January	1,	2027,	
including	for	interim	financial	statements.	The	Company	is	currently	assessing	the	effect	of	this	new	standard	on	its	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	 for	 the	 year	 ended	 December	 31,	 2023.	 There	 have	 been	 no	 subsequent	
material	changes	to	these	significant	accounting	estimates	and	judgements.
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,	2023.
There	 have	 been	 no	 changes	 in	 the	 Company’s	 disclosure	 controls	 and	 procedures	 during	 the	 three	 months	 ended	
September	 30,	 2024	 that	 have	 materially	 affected,	 or	 are	 reasonably	 likely	 to	 materially	 affect,	 the	 Company’s	 financial	
reporting.
Internal	Control	over	Financial	Reporting	(“ICFR”)
Management	 of	 the	 Company,	 under	 the	 supervision	 of	 the	 President	 and	 Chief	 Executive	 Officer	 and	 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.
37

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

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,	2023.	
There	 have	 been	 no	 changes	 in	 the	 Company’s	 ICFR	 during	 the	 three	 months	 ended	 September	 30,	 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.
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,	 2023	 and	 the	 “Cautionary	 Statement	 on	 Forward-Looking	
Information”	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	 the	
disclosure	 standards	 of	 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	
November	6,	2024.
November	6,	
2024
Common	shares	issued	and	outstanding 	 776,876,973	
Stock	options	outstanding	
(weighted	average	exercise	price	of	C$10.11) 	 3,992,130	
Time	vesting	share	units1 	 1,467,835	
Performance	vesting	share	units2 	 1,035,825	
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.
38

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

Condensed	Interim	Consolidated	Financial	Statements	of	
Lundin	Mining	Corporation
September	30,	2024	
(Unaudited)

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