Kvartalsrapport Q4 2024

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Corporate Office 
1055 Dunsmuir Street 
Suite 2800, Bentall IV 
Vancouver, BC V7X 1L2 
Phone +1 604 689 7842 
lundinmining.com 
 
NEWS RELEASE 
 
Lundin Mining Fourth Quarter and Full Year 2024 Results   
 
Vancouver, February 19, 2025 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation  (“Lundin Mining” or 
the “Company”) today reported its fourth quarter and full year 2024 financial results. Unless otherwise stated, results are 
presented in United States dollars on a 100% basis. 
 
Jack Lundin, President and CEO commented, “ 2024 was highlighted by three transformative transactions, along with 
achieving record copper  and zinc production which generated strong revenue and operating cashflow  for the Company . 
Among these deals, the formation of Vicuña Corp. has positioned the Company on a clear path to becoming a top-tier copper 
producer. Vicuña is targeting a new and updated mineral resource estimate at Filo del Sol and Josemaria within the second 
quarter of 2025. These resource estimates will form the basis of an integrated technical report which will outline the 
development plan for the phased construction of the district in Argentina.  
 
“Operationally, we met copper guidance for the second consecutive year, translating to over $870 million in annual free cash 
flow from operations1. Notwithstanding the $350 million purchase of  an additional 19% at Caserones to bring our overall 
ownership to 70%, our net debt 1 position at year end was  just over $1.3 billion . Our debt is expected to be reduced 
significantly within the first half of this year pending the finalization of the sale of our European assets, Zinkgruvan and 
Neves-Corvo, making the Company  net-debt free  on a pro -forma basis . With our strong financial standing and well -
positioned asset base, our operations will continue to drive returns, fueling  the growth opportunities within our current 
portfolio of assets.  
 
“Lastly, in 2024 we celebrated our 30 th anniversary, reflecting our longstanding legacy of creating value in the base metals 
sector. We believe we are well positioned for the future at Lundin Mining and remain committed to  executing within our 
targeted guidance ranges, enhancing margins through sustainable cost control, while upholding the highest health and 
safety standards to protect our workforce.” 
 
Fourth Quarter and Full Year Operational and Financial Highlights  
On December 9th, 2024, the Company announced the sale of its European assets, Zinkgruvan and Neves Corvo, to Boliden. 
As a result of this, the financial results from these assets are reported as “discontinued operations” in the Company’s financial 
statements and met the criteria to be classified as held -for-sale. The transaction is expected to close at the latest by mid -
year 2025, subject to the completion of customary conditions and regulatory approvals. 
 
Fourth Quarter Highlights  
• Copper Production: Consolidated production of 101,491 tonnes of copper in the fourth quarter. 
• Other Production: During the quarter, a total of 51,946 tonnes of zinc, 1,617 tonnes of nickel and approximately 
46,000 ounces of gold were produced.  
• Revenue: $1,023.8 million  in the fourth quarter,  comprised of  $858.9 million  from continuing operations with a 
realized copper price 1 of $3.75 /lb  and a realized gold price 1 of $2,643 /oz, and $165.0 million  from discontinued 
operations. 
• Net Earnings and Adjusted Earnings1: During the quarter, net loss attributable to shareholders of the Company was 
$440.2 million, comprised of $195.3 million ($0.25 per share) net loss from continuing operations and $244.8 million 
net loss from discontinued operations. Net loss attributable to shareholders of the Company was impacted by non -
cash impairments of goodwill and assets at Eagle, Suruca,  Neves-Corvo and Alcaparossa. Adjusted earnings 1 were 
$119.2 million, comprised of $94.8 million  ($0.12 per share) from continuing operations and $24.4 million from 
discontinued operations.  
• Adjusted EBITDA1: $425.6 million for the quarter, $368.2 million from continuing operations and $57.4 million was 
generated from discontinued operations during the quarter. 
• Cash Generation: Cash provided by operating activities in the quarter was $620.3 million, comprised of $547.3 million 
from continuing operations and $73.0 million from discontinued operations. Free cash flow from operations 1 was 
 
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 year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.

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$466.0 million , comprised of  $423.6 million  from continuing operations and $42.5 million  from discontinued 
operations, which was increased by a working capital release of $295.5 million from continuing operations.
Full Year 2024 Highlights  
• Copper Production: Record copper production of 369,067 tonnes of copper for the full year which is within the 2024 
annual copper production guidance.  
• Other Production:  During the year, record zinc production of 191,704 tonnes, 7,486 tonnes of nickel and 
approximately 158,000 ounces of gold were produced. Production for all metals was within revised guidance ranges. 
• Revenue: $4,117 million for the full year, comprised of $3,422.6 million from continuing operations with a realized 
copper price1 of $4.18 /lb and a realized gold price1 of $2,532 /oz, and $694.8 million from discontinued operations.  
• Adjusted EBITDA1:  $1,707.0 million for the full year, comprised of $1,461.8 million from continuing operations and 
$245.2 million from discontinued operations. 
• Net Earnings and Adjusted Earnings 1: Net loss attributable to shareholders of the Company was $203.5 million, 
comprised of $11.1 million ($0.01 per share) net earnings from continuing operations and $214.7 million net loss from 
discontinued operations. Net earnings from continuing operations was impacted by non-cash impairments of goodwill 
and assets relating to Eagle, Suruca, and Alcaparossa.  Adjusted earnings was $358.9 million, $291.7 million ($0.38 per 
share) from continuing operations and $67.2 million from discontinued operations.   
• Cash Generation: During the year, cash provided by operating activities was $1,518.9 million, $1,300.8 million from 
continuing operations and $218.0 million from discontinued operations. Free cash flow from operations 1 was $873.0 
million, $797.1 million from continuing operations and $75.9 million from discontinued operations, which included a 
working capital release of $220.9 million from continuing operations. 
• Balance Sheet: To exercise the Caserones purchase option, the consideration of $350 million was fully funded through 
an increase to the Company's term loan from $800 million to $1.15 billion. As at December 31, 2024, the Company had 
a net debt1 balance of $1,332.3 million, excluding lease liabilities. Net debt1 is expected to reduce significantly with the 
closing of the sale of Neves-Corvo and Zinkgruvan. 
• Growth: During the year the Company announced three significant transactions: 
◦ On July 2, 2024, the Company closed the option to increase ownership in Caserones to 70%, which adds 
approximately 24,000 tonnes  of additional attributable copper production to the Company’s production 
profile2.  
◦ On July 29, 2024, Lundin Mining and BHP announced the joint acquisition of Filo Corp. ("Filo") and the 
concurrent formation of a 50/50 joint arrangement ("Joint Arrangement") to hold the Filo del Sol ("FDS") project 
and the Josemaria project. The partnership will create a multi -generational mining district with world -class 
potential that could support a globally ranked mining complex. 
◦ On December 9, 2024, the Company announced the sale of Neves -Corvo and Zinkgruvan to Boliden for total 
consideration of up to $1.52 billion. The proceeds from the transaction will strengthen the Company’s balance 
sheet and support its growth plans in the Vicuña District. 
• Assets and liabilities held for sale and discontinued operations: At December 31, 2024, the Neves -Corvo and 
Zinkgruvan reporting segments met the criteria to be classified as held -for-sale and discontinued operations. 
Accordingly, all assets and liabilities relating to the Neves -Corvo and Zinkgruvan reporting segments ha ve been 
classified as current assets and current liabilities held for sale at December 31, 2024. 
Total assets of $1,389.7 million and liabilities of $393.1 million have been classified as held for sale for this purpose. A 
net loss from discontinued operations of $214.7 million represents the loss after tax of $278.6 million and earnings 
after tax of $63.9 million from Neves-Corvo and Zinkgruvan, respectively, for the year ended December 31, 2024. 
  
 
 
 
 
 
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 year ended December 31, 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 year ended Decembe r 31, 2024.

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Summary Financial Results 
  
 
Three months ended  
December 31,  
Year ended 
December 31, 
(US$ millions continuing operations except where noted, 
except per share amounts) 2024    2023  2024    2023    
Revenue  858.9   893.4    3,422.6   2,743.4  
Gross profit  250.6   177.8    942.9   601.5  
Attributable net earningsa  (195.3)  12.5    11.1   203.2  
Net earnings  (159.6)  40.4    153.4   276.9  
Adjusted earningsa,b (all operations)  119.2   79.7    358.9   336.2  
Adjusted earningsa,b — continuing operations  94.8   72.4    291.7   287.5  
Adjusted earningsa,b — discontinued operations  24.4   7.3    67.2   48.7  
Adjusted EBITDAb (all operations)  425.6   419.7    1,707.0   1,363.5  
Adjusted EBITDAb — continuing operations  368.2   367.6    1,461.8   1,145.6  
Adjusted EBITDAb — discontinued operations  57.4   52.1    245.2   217.9  
Basic earnings per share ("EPS")a (all operations)  (0.57)  0.05    (0.26)  0.31  
Basic earnings per share ("EPS")a — continuing operations  (0.25)  0.02    0.01   0.26  
Basic earnings per share ("EPS")a — discontinued 
operations 
 (0.32)  0.03    (0.27)  0.05  
Adjusted EPSa,b (all operations)  0.15   0.10    0.46   0.44  
Adjusted EPSa,b — continuing operations  0.12   0.09    0.38   0.37  
Adjusted EPSa,b — discontinued operations  0.03   0.01    0.09   0.06  
Cash provided by operating activities (all operations)  620.3   306.1    1,518.9   1,016.6  
Cash provided by operating activities related to continuing 
operations 
 547.3   249.9   
 1,300.8   827.2  
Cash provided by operating activities related to 
discontinued operations 
 73.0   56.2   
 218.0   189.4  
Adjusted operating cash flowb (all operations)  313.9   362.0    1,302.6   1,024.2  
Adjusted operating cash flowb — continuing operations  251.8   305.4    1,080.0   847.3  
Adjusted operating cash flowb — discontinued operations  62.1   56.7    222.6   176.9  
Adjusted operating cash flow per shareb (all operations)  0.40   0.47    1.68   1.33  
Adjusted operating cash flow per shareb — continuing 
operations 
 0.32   0.39  
 
 1.39   1.10  
Adjusted operating cash flow per shareb — discontinued 
operations 
 0.08   0.08  
 
 0.29   0.23  
Free cash flowb (all operations)  397.9   61.2    571.2   13.5  
Free cash flowb — continuing operations  360.0   43.6    508.2   (19.9) 
Free cash flowb — discontinued operations  37.9   17.6    63.0   33.4  
Free cash flow from operationsb (all operations)  466.0   116.8    873.0   345.1  
Free cash flow from operationsb — continuing operations  423.6   95.7    797.1   300.0  
Free cash flow from operationsb— discontinued operations  42.5   21.0    75.9   45.1  
Cash and cash equivalents  357.5   268.8    357.5   268.8  
Net debt excluding lease liabilitiesb  (1,332.3)  (946.2)   (1,332.3)  (946.2) 
Net debtb 
  
 (1,597.8)  (1,223.4)   (1,597.8)  (1,223.4) 
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 year ended December 31, 2024 and the Reconciliation of Non -GAAP Measures section at the end of this news release.  
             
• For the year ended December 31, 2024, the Company generated annual revenue from continuing operations of $3.4 
billion (2023 - $2.7 billion). Revenue from discontinued operations was $694.8 million (2023 - $648.6 million), and the 
combination of revenue from continuing operations and discontinued operations ("all operations") was an annual 
record for the Company of $4.1 bi llion (2023 - $3.4 billion). The Company achieved record production of 369,067

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tonnes of copper, record production of 191,704 tonnes of zinc, and 158 thousand ounces ("koz") of gold, which 
achieved the most recently disclosed annual guidance for all metals. 
• For the quarter ended December 31, 2024, the Company generated revenue from continuing operations of $858.9 
million (Q4 2023 - $893.4 million). Net loss in the quarter from continuing operations was $159.6 million  (Q4 2023 - 
net earnings of $40.4 million) and adjusted EBITDA1 (all operations) was $425.6 million (Q4 2023 - $419.7 million).  
• Net loss for the year was $61.3 million, comprised of a net earnings of $153.4 million from continuing operations and 
$214.7 million net loss from discontinued operations, a decrease in earnings from the prior year comparable period 
of $276.9 million from continuing operations  and a decrease from net earnings of $38.4 million from discontinued 
operations, primarily due to non-cash impairments of goodwill and assets relating to Neves-Corvo, Eagle, Suruca and 
Alcaparrosa during the year, partially offset by higher gross profit. 
• Adjusted earnings 1 from continuing operations attributable to shareholders of the Company for the year were 
$291.7 million or $0.38 per share. Adjusted earnings 1 from discontinued operations attributable to shareholders of 
the Company for the year were $67.2 million or $0.09 per share. 
• Cash and cash equivalents at continuing operations as at December 31, 2024 were $357.5 million. As indicated above, 
cash provided by operating activities related to continuing operations of $1,300.8 million in the year was used to fund 
investing activities from continuing operations of $855.4 million, which primarily includes $807.3 million investment 
in mineral properties, plant and equipment, $41.7 million subscription for Filo shares to provide interim financing to 
Filo and the final $25.0 million paymen t of contingent consideration for the acquisition of Chapada.  Cash used in 
financing activities related to continuing operations of $3 49.8 million was comprised primarily of funds used to 
exercise the Company's option to acquire an additional 19% interest in Caserones for $350.0 million, which was 
funded by debt proceeds, $202.5 million dividends paid to shareholders and $152.0 million in distributions paid to 
non-controlling interests. 
• Free cash flow 1 from continuing operations for the year was $508.2 million and free cash flow 1 from discontinued 
operations for the year was $63.0 million. 
• As at February 19, 2025, the Company had cash of approximately $407.1 million and net debt excluding lease liabilities 
of approximately $1,322.4 million. Net cash in Vicuña is included on a 50% basis to represent Lundin Mining's 
attributable share. Cash and net debt balances include assets and liabilities classified as held-for-sale. 
Operational Performance 
 
Total Production  
(Contained metal)a 2024 2023 
YTD Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 
Copper (t)b  369,067   101,491   99,855   79,708   88,013   314,798   103,337   89,942   60,057   61,462  
Zinc (t)  191,704   51,946   46,610   47,460   45,688   185,161   50,719   49,774   36,115   48,553  
Nickel (t)  7,486   1,617   893   1,721   3,255   16,429   3,729   4,290   4,686   3,724  
Gold (koz)b  158   46   47   32   33   149   44   35   34   36  
Molybdenum (t)b  3,183   912   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. Caserones  results are from July 13, 2023. 
 
Candelaria (80% owned): Candelaria produced, on a 100% basis, 162,487 tonnes of copper, approximately  93,000 ounces 
of gold and 2.0 million ounces of silver during the year. Copper and gold production benefited from planned higher grade 
ore from Phase 11 and in the second half of the year, the operation produced 98,970 tonnes of copper which was one of its 
best second-half performances in its 30-year history. In late 2024, production from Phase 11 shifted to lower average grades, 
resulting in annual copper production slightly below the most recently published guidance range. In 2025 , production will 
continue to be sourced primarily from Phase 11 with a planned reduction in average copper grades from those realized in 
the second half of 2024. Annual gold production was within the most recently disclosed annual guidance range. Copper cash 
cost2 of $1.73/lb was within the most recently disclosed 2024 cash cost guidance range and benefitted from higher sales 
volumes, favourable foreign exchange, and higher by-product credits. 
 
Caserones (70% owned):  Caserones produced, on a 100% basis,  124,761 tonnes of copper and  3,183 tonnes of 
molybdenum, both within the most recently disclosed 2024 annual production guidance ranges. Production during the year 
was impacted by labour action in August which reduced throughput to approximately 50% capacity over a 14 -day period. 
Mine sequencing changes as a result of hydrogeologic conditions in Phase 5 reduced grades and impacted recoveries in the 
mill during the quarter. Copper cathode production  was positively impacted by increased irrigation pattern on the dump 
 
1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its MD&A for the year ended 
December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release. 
2 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of the MD&A for discussion and the Reconciliation of Non-GAAP 
measures section at the end of this news release .

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leach pad. Copper cash cost2 of $2.51/lb was below the low end of the most recently disclosed cash cost guidance range and 
benefitted from higher by-product credits and favourable foreign exchange.   
 
Chapada (100% owned): Chapada produced 43,261 tonnes of copper and approximately 65,000 ounces of gold during the 
year, both metals were within the most recently disclosed 2024 production guidance ranges. An optimized mine plan led to 
a significant reduction in overall material movement, including waste and ore, and contributed to lower produ ction costs. 
Increased processing of ore from the older low -grade stockpile and North pit resulted in lower copper production due to 
lower grades and recoveries. Gold p roduction benefited from higher grades and throughput as emphasis was placed on 
gold in the current elevated gold price environment. Production costs during the year also benefited from a weakening of 
the BRL against the USD. Copper cash cost 1 of $1.58/lb was within the most recently disclosed 2024 cash cost guidance 
range and benefited from higher by-product credits and favourable foreign exchange. 
 
Eagle (100% owned): Eagle produced 7,486 tonnes of nickel and 6,366 tonnes of copper during the year. Production was 
impacted by reduced mining rates following a fall of ground in the lower ramp in May, which limited access to Eagle East 
while ramp rehabilitation was complet ed. During the quarter mining re -commenced at Eagle East and normal throughput 
is expected to resume in Q1 2025. Both metals were within the most recently disclosed 2024 production guidance ranges. 
Production costs decreased in line with lower production and sales. Nickel cash cost1 of $4.20/lb was above the most recently 
disclosed 2024 cash cost guidance range due to mining rates not recovering as quickly as expected in the quarter. 
 
Neves-Corvo (100% owned): Neves-Corvo produced 28,228 tonnes of copper and a record 109,571 tonnes of zinc during the 
year. Copper production was within the most recently disclosed production guidance range and zinc production benefited 
from higher throughput as a result of the zinc expansion project, although was slightly below the most recently disclosed 
annual production guidance range. Production costs during the year decreased in line with sales volumes. Annual copper 
cash cost1 of $2.19/lb benefited from higher by -product credits but exceeded the most recently disclosed 2024 cash cost 
guidance range as a result of lower than expected sales volumes. 
 
Zinkgruvan (100% owned): Record zinc production of 82,133 tonnes and lead production of 30,888 tonnes during the year 
were driven by higher throughput, grades and recoveries. Annual zinc production was within the most recently disclosed 
2024 production guidance range. Production costs during the year increased in line with higher zinc and lead production 
and sales volumes. Zinc cash cost1 of $0.41/lb was within the most recently disclosed 2024 cash cost guidance range. 
 
Outlook 
On January 16, 2025, the Company announced its production, cash cost, capital expenditures and exploration investment 
guidance for 2025. 
 
2025 Production and Cash Cost Guidancea  
   Revised Guidance 
 (contained metal) Production Cash Cost ($/lb)b 
 Copper (t) Candelaria (100%) 140,000 – 150,000 1.80 – 2.00c 
  Caserones (100%) 115,000 – 125,000 2.40 – 2.60 
  Chapada 40,000 – 45,000 1.80 – 2.00d 
  Eagle 8,000 – 10,000  
  Total 303,000 – 330,000 2.05 – 2.30 
 Gold (koz) Candelaria (100%) 78 – 88  
  Chapada 57 – 62  
  Total 135 – 150  
 Nickel (t) Eagle 8,000 – 11,000 3.05 – 3.25 
a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Gui dance' dated January 16, 
2025. 
b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $4.40/lb, Au: 
$2,500/oz, Mo: $17.00/lb, Ag: $30.00/oz), foreign exchange rates (USD/CLP:900, USD/BRL:5.50) and operating costs. Cash cost i s a non-GAAP measure - see 
section 'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non -GAAP 
Measures section at the end of this news release.  
c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash costs are calculated based  on receipt of approximately 
$433/oz gold and $4.32/oz silver. 
d. Chapada's cash cost is calculated on a by -product basis and does not include the effects of its copper stream agreements. Effects of the copper stream 
agreements are reflected in copper revenue and will impact realized price per pound.  
 
 
1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

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2025 Capital Expenditure Guidancea 
 ($ millions) Guidanceb  
 Candelaria (100% basis) 205  
 Caserones (100% basis) 215  
 Chapada 85  
 Eagle 25  
 Total Sustaining 530  
 Expansionary - Candelaria (100% basis) 50  
 Expansionary - Vicuña Joint Arrangement (50% basis) 155  
 Total Capital Expenditures 735  
 
a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 
16, 2025. 
b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non -GAAP measure – see section 
'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non -GAAP 
Measures section at the end of this news release.  
                                                                                                                                                                                                                     
2025 Exploration Investment Guidance 
Total exploration expenditure guidance for 2025 is $40 million. 
 
Exploration 
During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration 
drilling at Candelaria was focused on Candelaria South, La Portuguesa and La Espanola.  
 
At Caserones, exploration drilling was completed in the lower portion of the mineral resource in search of higher -grade 
copper breccia bodies that could improve the average grade of the resource and potentially expand it. The drilling program 
at Angelica, in search of copper sulphides, was also completed during the quarter. 
 
Drilling at Chapada concentrated on adding high grade resources to Sauva and testing near-mine geochemical anomalies.  
 
At Josemaria, the drilling campaign restarted at Cumbre Verde. 
 
Drilling continued at Eagle during the quarter with one surface hole targeting a geophysical anomaly east of Eagle East. At 
Neves-Corvo, the 2024 drilling program focused on extending inferred resources at Lombador North and near-mine drilling 
at Neves Southwest concluded at the end of the quarter. Drilling at Zinkgruvan was focused on resource expansion. 
 
All 2024 drilling campaigns were successfully completed by the end of the quarter. 
 
Vicuña 
During the quarter, the Company focused on preparing for the completion of the acquisition of Filo and formation of the 
50/50 Joint Arrangement with BHP, initially announced on July 29, 2024. The work plan associated with the transaction with 
BHP progressed as expected. Subsequent to year-end on January 15, 2025, the Company completed the Filo acquisition and 
the Joint Arrangement with BHP , resulting in the Company indirectly holding a 50% interest in Vicuña Corp. (“Vicuña”), which 
owns the FDS project and Josemaria project. BHP indirectly owns the remaining 50% interest in Vicuña. 
 
As part of the Joint Arrangement, the 2024 work scope was changed to include incorporation of new studies and preparation 
of a resource model relating to FDS, a joint development concept pertaining to the Josemaria and FDS ore bodies as well as 
processing facilities and infrastructure. An action plan was developed for the combined project, including a 2025 budget 
that included advancement of studies associated with the synergies between the FDS and Josemaria projects, continuation 
of the drilling program and advancing the Josemaria project. 
 
Capital expenditures for the Joint Arrangement are forecast to total $312 million on a 100% basis for 2025. The workplan 
will focus on FDS drilling, FDS mineral resource estimation, Josemaria mineral resource estimation update, mine planning, 
metallurgy, hydrology wells and studies, commencement of access road construction, and exploration at the Cumbre Verde 
target. In parallel, engineering studies and trade off analysis will be completed in preparation for future permitting and a 
technical report outlining an integrated project plan for development and operation.

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Vicuña is targeting a new mineral resource estimate at FDS and an update to the resource estimate at Josemaria within the 
first half of 2025. These resource estimates will form the basis of an integrated technical report which will outline the 
development plan for the phased construction of the district.  
 
Drilling is currently underway at FDS and Cumbre Verde. Drilling at FDS will continue throughout the year. The drill program 
at FDS will focus on resource growth with multiple step -out targets in all directions from zones of known mineralization, 
including both the Bonita and Aurora Zones along with infill drilling to support an initial sulphide mineral resource estimate. 
Drilling at Cumbre Verde will follow up on the initial results from last year and target the same mineralized system and 
structures discovered to the north of the project. 
 
During the quarter, Josemaria activities were focused on continuing the Environmental Impact Assessment ("EIA") update 
and maintaining progress on the water program. Field activities continued with the water program, geotechnical studies, 
road maintenance, wetlands biodiversity offset and exploration drilling at Cumbre Verde. 
 
Senior Leadership Appointments 
The Company would also like to announce the executive appointments of Eduardo Cortes as Vice President, Mining & 
Mineral Resources and Andre Gagnon as Vice President, Geotechnics & Water.  
 
Eduardo Cortes  
 
Eduardo Cortés is the Vice President, Mining & Resources at Lundin Mining Corporate, leading mine planning, reserves, 
geology, and metallurgy across the company’s global operations. With more than 12 years of experience across the 
Americas, he has a strong track record of mine optimization, cost reduction, and strategic growth. 
 
Previously, at Lundin Mining Corporate, he served as Director, Reserves & Mine Planning, overseeing reserve estimation and 
technical assurance, and before that, as Senior Mining Engineer, leading high -impact optimization projects at Candelaria, 
Caserones, and Chapada. 
 
Before joining Lundin Mining, Eduardo was a core member of the Fruta del Norte project at Lundin Gold, developing the 
mine from feasibility through commercial production. Following this, he served as Chief Engineer at Bluestone Resources, 
overseeing mine p lanning efforts. Earlier, at NCL SPA, he worked on major underground projects for Codelco and Anglo 
American. 
 
Eduardo holds a Mining Engineering degree from Universidad de Santiago de Chile and is fluent in Spanish and English, with 
intermediate Portuguese. 
 
Andre Gagnon 
 
Andre Gagnon was appointed Vice President, Geotechnics & Water. Mr. Gagnon joined Lundin Mining in 2017 and has served 
in increasingly senior roles, starting as Senior Tailings & Geotechnical Engineer before progressing to Director, Tailings.  Mr. 
Gagnon is res ponsible for leading a team of functional experts focused on tailings, water, geotechnical engineering, and 
hydrogeology. Mr. Gagnon has more than 18 years of experience in the mining industry.  
 
Prior to joining Lundin Mining, he served as Manager, Tailings at Goldcorp and as a consultant focused on tailings and 
geotechnical engineering, and water management.  
 
Mr. Gagnon holds a B.A.Sc. in Geological Engineering from Queen’s University, and an M.Sc. in Engineering Geology from 
Imperial College London. He is a registered Professional Engineer in Ontario and British Columbia. 
 
About Lundin Mining  
 
Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in the Americas 
and primarily producing copper, gold and nickel.  
 
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 
February 19, 2025 at 18:35 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

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

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 no t 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 MD&A the year ended ended 
December 31, 2024 which is available on SEDAR+ at www.sedarplus.ca. 
 
Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs as follows: 
 Three months ended December 31, 2024 
Operations Candelaria Caserones Chapada Eagle Total - 
continuing 
operations 
Neves-
Corvo 
Zinkgruvan Total - 
discontinued 
operations ($000s, unless otherwise 
noted) 
(Cu) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  
Sales volumes (Contained 
metal):         
Tonnes       49,052   26,750   10,200   1,088      
    
 5,230
  
 18,627   
Pounds (000s)  108,141   58,973   22,487   2,399       11,531
  
 41,066   
Production costs        
       
   
   
   
 486,877     
   
  
  
 102,300  
Less: Royalties and other            (27,839)       (20) 
      459,038     102,280  
Deduct: By-product credits            (137,021)       (75,716) 
Add: Treatment and refining            27,483        12,128  
Cash cost  165,039   147,826   24,107   12,528   349,500   21,230
  
 17,462   38,692  
Cash cost per pound ($/lb)  1.53   2.51   1.07   5.22       1.84
  
 0.43   
Add: Sustaining capital 
   
 55,526   42,988   32,916   5,224      
    
 12,680
  
 22,470   
Royalties  4,692   7,663   2,689   696       793
  
 —   
Reclamation and other 
closure accretion and 
depreciation 
 2,129   (4,457)   2,373   1,734       1,184
  
 747   
Leases & other  1,449   17,229   1,080   2,691       2,917
  
 74   
All-in sustaining cost  228,835   211,249   63,165   22,873       38,804
  
 40,753   
AISC per pound ($/lb)  2.12   3.58   2.81   9.53       3.37
  
 0.99

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

Three months ended December 31, 2023 
Operations Candelaria Caserones Chapada Eagle Total - 
continuing 
operations 
Neves-
Corvo 
Zinkgruvan Total - 
discontinued 
operations ($000s, unless otherwise 
noted) 
(Cu) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  
Sales volumes (Contained 
metal):         
Tonnes       38,888   35,690   13,080   3,105      
    
 9,054   17,316   
Pounds (000s)  85,733   78,683   28,836   6,845       19,961   38,176   
Production costs        
       
   
   
   
 533,783     
   
  
  
 114,254  
Less: Royalties and other            (22,221)       (2,299) 
Inventory fair value 
adjustment 
   
    
   
   
   
    (7,760) 
   
   
  
   —  
      503,802     111,955  
Deduct: By-product credits            (136,641)       (67,523) 
Add: Treatment and refining            39,139        18,799  
Cash cost  152,276   183,687   54,108   16,229   406,300   39,218   24,013   63,231  
Cash cost per pound ($/lb)  1.78   2.33   1.88   2.37       1.96   0.63   
Add: Sustaining capital 
   
 79,316   55,031   19,858   6,548      
    
 28,070   10,546   
Royalties  —   8,270   2,174   5,003       1,081   —   
Reclamation and other 
closure accretion and 
depreciation 
 2,158   1,427   2,047   2,620       1,305   933   
Leases & other  2,901   25,715   1,131   1,101       106   103   
All-in sustaining cost  236,651   274,130   79,318   31,501       69,780   35,595   
AISC per pound ($/lb)  2.76   3.48   2.75   4.60       3.50   0.93   
 
 
 
 
 
 
 Year ended December 31, 2024 
Operations Candelaria Caserones Chapada Eagle Total - 
continuing 
operations 
Neves-
Corvo 
Zinkgruvan Total - 
discontinued 
operations ($000s, unless otherwise 
noted) 
(Cu) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  
Sales volumes (Contained 
metal):         
Tonnes       158,017   113,867   39,615   5,662      
    
 26,721   68,086   
Pounds (000s)  348,367   251,033   87,336   12,483       58,910   150,104   
Production costs        
       
   
   
   
 1,898,627     
   
  
  
 445,227  
Less: Royalties and other            (84,501)       (4,785) 
      1,814,126     440,442  
Deduct: By-product credits            (504,431)       (305,479) 
Add: Treatment and refining            113,565        55,407  
Cash cost  603,533   629,582   137,714   52,431   1,423,260   129,128   61,242   190,370  
Cash cost per pound ($/lb)  1.73   2.51   1.58   4.20       2.19   0.41   
Add: Sustaining capital 
   
 275,720   143,965   107,843   21,222      
    
 89,302   65,658   
Royalties  15,730   32,106   8,580   7,442       3,961   —   
Reclamation and other 
closure accretion and 
depreciation 
 8,570   (1,262)   10,153   6,767       5,220   4,033   
Leases & other  9,133   69,002   3,576   6,949       3,322   309   
All-in sustaining cost  912,686   873,393   267,866   94,811       230,933   131,242   
AISC per pound ($/lb)  2.62   3.48   3.07   7.60       3.92   0.87

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

Year ended December 31, 2023 
Operations Candelaria Caserones Chapada Eagle Total - 
continuing 
operations 
Neves-
Corvo 
Zinkgruvan Total - 
discontinued 
operations ($000s, unless otherwise noted) (Cu) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  
Sales volumes (Contained 
metal):         
Tonnes       144,473   66,075   43,761   13,339      
    
 32,054   65,344   
Pounds (000s)  318,508   145,670   96,476   29,407       70,667   144,059   
Production costs        
       
   
   
   
 1,644,037     
   
  
  
 442,071  
Less: Royalties and other            (60,916)       (5,321) 
Inventory fair value adjustment    
    
   
   
   
    (39,945) 
   
   
  
   —  
      1,543,176     436,750  
Deduct: By-product credits            (428,208)       (271,707) 
Add: Treatment and refining            118,480        64,848  
Cash cost  660,160   290,553   219,278   63,457   1,233,448   167,424   62,467   229,891  
Cash cost per pound ($/lb)  2.07   1.99   2.27   2.16       2.37   0.43   
Add: Sustaining capital     380,112   83,880   72,291   22,201      
    
 102,621   53,358   
Royalties  —   15,820   8,568   22,994       3,949   —   
Reclamation and other 
closure accretion and 
depreciation 
 9,258   2,560   7,836   11,331       5,387   3,744   
Leases & other  13,325   47,944   4,999   4,100       553   427   
All-in sustaining cost  1,062,855   440,757   312,972   124,083       279,934   119,996   
AISC per pound ($/lb)  3.34   3.03   3.24   4.22       3.96   0.83

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

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

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

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

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

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the 
Company's Consolidated Statement of Cash Flows as follows: 
 
 
Three months ended 
December 31,  
Year ended 
December 31, 
($thousands) 2024 2023  2024 2023 2022 
Cash provided by operating activities related to 
continuing operations 
 547,267   249,875  
 
 1,300,848   827,244   615,986  
Sustaining capital expenditures  (136,674)  (165,211)   (549,100)  (571,245)  (520,465) 
General exploration and business development  12,974   11,062    45,352   44,010   135,213  
Free cash flow from operations — continuing 
operations 
 423,567   95,726  
 
 797,100   300,009   230,734  
General exploration and business development  (12,974)  (11,062)   (45,352)  (44,010)  (135,213) 
Expansionary capital expenditures  (50,607)  (41,082)   (243,566)  (275,913)  (171,094) 
Free cash flow — continuing operations  359,986   43,582    508,182   (19,914)  (75,573) 
Cash provided by operating activities related to 
discontinued operations 
 73,014   56,206  
 
 218,009   189,368   260,903  
Sustaining capital expenditures  (35,150)  (38,616)   (154,960)  (155,979)  (119,366) 
General exploration and business development  4,614   3,438    12,843   11,682   9,140  
Free cash flow from operations — 
discontinued operations 
 42,478   21,028  
 
 75,892   45,071   150,677  
General exploration and business development  (4,614)  (3,438)   (12,843)  (11,682)  (9,140) 
Expansionary capital expenditures  —   —    —   —   (31,899) 
Free cash flow — discontinued operations  37,864   17,590    63,049   33,389   109,638  
Free cash flow from operations (all operations)  466,045   116,754    872,992   345,080   381,411  
Free cash flow (all operations)  397,850   61,172    571,231   13,475   34,065  
 
 Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by 
Operating Activities on the Company's Consolidated Statement of Cash Flows as follows: 
 
 
Three months ended 
December 31,  
Year ended 
December 31, 
($thousands, except share and per share 
amounts) 
2024 2023 
 
2024 2023 2022 
Cash provided by operating activities related to 
continuing operations 
 547,267   249,875  
 
 1,300,848   827,244   615,986  
Changes in non-cash working capital items  (295,508)  55,518    (220,880)  20,032   124,087  
Adjusted operating cash flow — continuing 
operations 
 251,759   305,393  
 
 1,079,968   847,276   740,073  
Cash provided by operating activities related to 
discontinued operations 
 73,014   56,206   
 218,009   189,368   260,903  
Changes in non-cash working capital items  (10,895)  447    4,615   (12,427)  (8,031) 
Adjusted operating cash flow — discontinued 
operations 
 62,119   56,653  
 
 222,624   176,941   252,872  
Adjusted operating cash flow (all operations)  313,878   362,046    1,302,592   1,024,217   992,945  
       
Basic weighted average number of shares 
outstanding 
776,720,828   773,476,216   
774,825,230   772,532,260   762,518,753  
       
Adjusted operating cash flow per share — 
continuing operations 
$ 0.32   0.39  
 
 1.39   1.10   1.00  
Adjusted operating cash flow per share — 
discontinued operations 
$ 0.08   0.08  
 
 0.29   0.23   0.30  
Adjusted operating cash flow per share (all 
operations) 
$ 0.40   0.47  
 
 1.68   1.33   1.30

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

Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt 
and Lease Liabilities and Cash and Cash Equivalents on the Company's Consolidated Balance Sheets as follows: 
    
($ thousands), continuing operations December 31, 2024 December 31, 2023 December 31, 2022 
Debt and lease liabilities  (1,610,925)  (1,273,162)  (27,179) 
Current portion of debt and lease liabilities  (395,232)  (212,646)  (170,149) 
Less deferred financing fees (netted in above)  (7,656)  (6,374)  (4,926) 
Add debt and lease liabilities related to liabilities 
classified as held-for-sale  (16,266) - - 
  (2,030,079)  (1,492,182)  (202,254) 
    
Cash and cash equivalents  357,478   268,793   191,387  
Add cash and cash equivalents related to assets 
classified as held-for-sale  74,801  - - 
Net debt  (1,597,800)  (1,223,389)  (10,867) 
    
Lease liabilities  249,185   277,208   27,166  
Lease liabilities related to liabilities classified as held-
for-sale  16,266  - - 
Net debt excluding lease liabilities  (1,332,349)  (946,181)  16,299  
    
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 pe rmitting or other 
regulatory requirements; anticipated exploration and development activities at the Company’s proj ects; the Company’s integration of acquisitions and 
expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectatio ns with respect to the 50/50 
joint arrangement with BHP; the timing and complet ion of the sale of the Company’s European assets; and expectations for other economic, business, and/or 
competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, 
“will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward -looking information. 
 
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of 
management, including that the Company can access financing, appropriate equipment and sufficient labour;  assumed and future price of copper, gold, zinc, 
nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions an d the realization of synergies and 
economies of scale in connection therewith; tha t the political environment in which the Company operates will continue to support the development and 
operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin 
Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, such information 
is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results 
to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, 
but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory 
uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalizati on or exp ropriation without fair 
compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; 
health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; 
risks relating to the Company’s indebtedness; challenges and conflicts that may arise in partnerships and joint operations; r isks relating to development 
projects; r isks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the  impact of global 
financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure f ailures; challenges of effective water management; 
exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the  Company’s operation in emerging 
markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company’s projects and mines; any 
breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litiga tion and administrative  proceedings 
which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relatin g to competition in the industry; 
failure to comply with existing or new laws or changes in laws; challenges or defect s in title or termination of mining or exploitation concessions; the exclusive 
jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that 
are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contr actors; the Company’s 
Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; complian ce with environmental, health and safety laws 
and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset v alues being subject to impairment 
charges; potential for conflicts of interest and pu blic association with other Lundin Group companies or entities; activist shareholders and proxy solicitation 
firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and re tain highly skilled em ployees; 
reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterpart y and customer concentration 
risk; risks associated with the use of derivatives; exchange rate fluctuations; the completio n of the sale of the Company’s European assets; and other risks and 
uncertainties, including but not limited to those described in the "Risks and Uncertainties” section of the Company’s MD&A fo r the year ended December 31, 
2024 and the “Risks and Uncertain ties” section of the Company’s Annual Information Form for the year ended December 31, 2024, which are available on 
SEDAR+ at www.sedarplus.ca under the Company’s profile.  
 
All of the forward -looking information in this document are qualified by these cautionary statements. Although the Company has attempted to iden tify 
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 i s not exhaustive of all factors and 
assumptions which may have been used. Should o ne 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 o f 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 15 =====

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Liquidity	and	Capital	Resources
Consolidated	Cash	Flow
Year	ended	December	31,	
($	thousands,	continuing	operations	unless	otherwise	noted) 2024 2023 Change
Cash	provided	by	operating	activities	related	to	continuing	operations 	 1,300,848	 	 827,244	 	 473,604	
Cash	provided	by	operating	activities	related	to	discontinued	operations 	 218,009	 	 189,368	 	 28,641	
Cash	used	in	investing	activities	related	to	continuing	operations 	 (855,369)	 	 (1,518,812)	 	 663,443	
Cash	used	in	investing	activities	related	to	discontinued	operations 	 (151,537)	 	 (155,722)	 	 4,185	
Cash	(used	in)	provided	by	financing	activities	related	to	continuing	
operations 	 (349,774)	 	 711,910	 	 (1,061,684)	 
Cash	provided	by	financing	activities	related	to	discontinued	operations 	 5,547	 	 16,676	 	 (11,129)	 
Effect	of	foreign	exchange	on	cash	balances 	 (4,238)	 	 6,742	 	 (10,980)	 
Increase	in	cash	and	cash	equivalents 	 163,486	 	 77,406	 	 86,080	
Opening	cash	and	cash	equivalents 	 268,793	 	 191,387	 	 77,406	
Less:	Cash	and	cash	equivalents	included	in	assets	held	for	sale 	 (74,801)	 	 —	 	 (74,801)	 
Closing	cash	and	cash	equivalents 	 357,478	 	 268,793	 	 88,685	
Adjusted	operating	cash	flow1		—	continuing	operations 	 1,079,968	 	 847,276	 	 232,692	
Adjusted	operating	cash	flow1		—	discontinued	operations 	 222,624	 	 176,941	 	 45,683	
Free	cash	flow	from	operations1	—	continuing	operations 	 797,100	 	 300,009	 	 497,091	
Free	cash	flow	from	operations1	—	discontinued	operations 	 75,892	 	 45,071	 	 30,821	
Free	cash	flow1		—	continuing	operations 	 508,182	 	 (19,914)	 	 528,096	
Free	cash	flow1	—	discontinued	operations 	 63,049	 	 33,389	 	 29,660	
1This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.	
Cash	provided	by	operating	activities	related	to	continuing	operations	during	the	year	was	 $473.6	million	higher	than	in	the	
prior	year	primarily	due	to	higher	sales	volumes	combined	with	favourable	realized	copper	and	gold	prices,	including	the	
impacts	of	upward	provisional	pricing	adjustments	on	prior	year	concentrate	sales	on	an	annual	basis.	The	inclusion	of	full	
year	 operating	 cash	 flows	 at	 Caserones	 also	 contributed	 to	 increased	 cash	 flow	 from	 operating	 activities	 year	 over	 year.	
Additional	 cash	 was	 provided	 from	 $220.9	 million	 of	 positive	 working	 capital	 changes	 primarily	 due	 to	 net	 collections	 of	
trade	receivables	at	Caserones,	timing	of	tax	payments	at	Candelaria,	and	 $45.0	million	in	payments	received	by	Caserones	
relating	to	two	shipments	of	copper	concentrate	scheduled	for	December	2024	that	were	delayed	to	early	January	due	to	
certain	operational	and	weather	related	issues.	
Cash	used	in	investing	activities	related	to	continuing	operations 	during	the	year	was	 $663.4	million	lower	than	in	the	prior	
year	 primarily	 due	 to	 the	 acquisition	 of	 Caserones	 and	 a	 $49.8	 million	 reduction	 in	 capital	 expenditures.	 Cash	 used	 in	
investing	activities	related	to	continuing	operations	during	the	year	also	included	a	$41.7	million	subscription	for	Filo	shares	
to	provide	interim	financing	to	Filo.
Cash	used	in	financing	activities	related	to	continuing	operations	during	the	year	included	net	borrowings	of	$567.1	million,	
part	of	which	was	used	to	finance	the	exercise	of	the	option	to	acquire	an	additional	19%	interest	in	Caserones	for	$350.0	
million.	 The	 Company	 additionally	 paid	 $202.5	 million	 dividends	 to	 shareholders	 in	 the	 year,	 paid	 $152.0	 million	 in	
distributions	 to	 partners	 holding	 minority	 interests	 in	 Candelaria	 and	 Caserones,	 and	 repurchased	 $24.4	 million	 of	 its	
common	shares	through	an	automatic	share	purchase	plan,	pursuant	to	its	Normal	Course	Issuer	Bid	(“NCIB”).	
Free	cash	flow	from	operations	-	continuing	during	the	year	was	 higher	than	in	the	prior	year	comparable	period	primarily	
as	 a	 result	 of	 incremental	 cash	 flows	 from	 a	 full	 year	 of	 Caserones	 operations	 and	 favourable	 realized	 copper	 and	 gold	
prices	 as	 discussed	 above.	 Free	 cash	 flow	 from	 operations	 -	 discontinued	 during	 the	 year	 was	 higher	 than	 the	 prior	 year	
comparable	period	due	to	higher	realized	zinc	prices	combined	with	lower	cash	costs.
Free	cash	flow	-	continuing	operations	was	higher	than	in	the	prior	year	comparable	period	as	a	result	of	the	same	factors	
discussed	 above	 for	 Free	 cash	 flow	 from	 operations	 -	 continuing,	 in	 addition	 to	 lower	 spending	 on	 the	 Vicuña	 Projects	
during	the	year.
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===== SIDA 52 =====

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

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