Lundin Mining First Quarter 2025 Results
Corporate Office 1055 Dunsmuir Street Suite 2800, Bentall IV Vancouver, BC V7X 1L2 Phone +1 604 689 7842 lundinmining.com
NEWS RELEASE
Lundin Mining First Quarter 2025 Results
Vancouver, May 7, 2025 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today reported its first quarter 2025 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.
Jack Lundin, President and CEO commented, “In the quarter we produced 76,774 tonnes of copper and 31,849 ounces of gold, keeping us firmly on track to achieve our annual guidance. Higher realized gold prices and solid operating performance drove nearly $1 billion in revenue, alongside $388 million in adjusted EBITDA from continuing operations and $337 million in adjusted operating cash flow from continuing operations. Our consolidated copper cash costs came in at $2.07 per pound, within the lower end of our guidance range, demonstrating our continued focus on cost discipline.
"Beyond operations, we completed several key strategic initiatives, including the $1.4 billion sale of our European assets on April 16th, which has meaningfully strengthened our balance sheet. We also introduced a new shareholder distribution policy that targets $220 million in annual shareholder returns.
"In January we finalized the joint acquisition of Filo Corp. with our partner BHP to form Vicuña Corp., and earlier this week we announced the combined Mineral Resource estimate for the Filo del Sol and Josemaria deposits collectively, the Vicuña project, demonstrating a significant future growth opportunity for the Company. This quarter reflects the strength of our strategy and positions us well for the year ahead.”
First Quarter Operational and Financial Highlights
On April 16, 2025, the Company closed the sale of its European assets, Zinkgruvan and Neves-Corvo, to Boliden for cash consideration of $1,402 million. The financial results from these assets are reported as “discontinued operations” in the Company’s financial statements.
- Copper Production: Production of 76,774 tonnes of copper in the first quarter from continuing operations.
- Other Production: During the quarter, 32,000 ounces of gold and 2,296 tonnes of nickel were produced.
- Revenue: $963.9 million in the first quarter from continuing operations with a realized copper price1 of $4.63 /lb and a realized gold price1 of $3,349 /oz.
- Net Earnings and Adjusted Earnings1: During the quarter, net earnings from continuing operations attributable to shareholders of the Company was $138.1 million ($0.16 per share) and adjusted earnings from continuing operations was $93.9 million ($0.11 per share).
- Adjusted EBITDA1: $387.9 million was generated from continuing operations for the quarter.
- Cash Generation: Cash provided by continuing operations was $122.3 million and free cash flow from operations - continuing operations1 was $21.6 million, which was impacted by lower operating cash flow as a result of a $214.7 million negative change in working capital during the quarter.
- Growth: The Company completed several significant initiatives that redefined its asset portfolio and positioned the Company for long-term growth:
- During the quarter the Company completed the joint acquisition of Filo Corp. with BHP and formed the 50/50 joint arrangement, Vicuña Corp. ("Vicuña"), to hold the Filo del Sol project and the Josemaria project.
- The Company entered into an exclusivity agreement with Talon Metals Corp. on March 5, 2025 to acquire a highly prospective exploration project ("Boulderdash") adjacent to the Company's Eagle Mine.
- During the quarter Lundin Mining announced a new shareholder distribution policy that provides an annual return of approximately $220 million per year to shareholders through a combination of dividends and share buybacks.
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 quarter ended March 31, 2025 and the Reconciliation of Non-GAAP measures section at the end of this news release.
- On April 16, 2025 Lundin Mining completed the sale of Neves-Corvo and Zinkgruvan to Boliden for cash proceeds of $1,402 million and subsequently paid off its term loan of $1,150 million.
- On May 4, 2025 the Company announced an initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an update to the Mineral Resource estimate for the Filo del Sol oxide deposit and an update to the Mineral Resource estimate for the Josemaria deposit, which highlighted the combined Vicuña project as one of the largest copper, gold and silver resources in the world.
- Outlook: The Company reaffirms it is tracking to full year guidance for production, cash costs and capital expenditures. The Company continues to benefit from stronger throughput at Candelaria and Caserones, while higher gold prices have improved cash costs which are expected to continue into the second quarter.
- Assets and liabilities held for sale and discontinued operations: All assets and liabilities relating to the Neves- Corvo and Zinkgruvan reporting segments have been classified as current assets and current liabilities held for sale as at March 31, 2025. The operating results of these segments have been classified as earnings (loss) from discontinued operations.
Total assets of $1,442.2 million and liabilities of $407.2 million have been classified as held for sale for this purpose. Net loss from discontinued operations of $13.8 million represents the net loss of $39.3 million and the net earnings of $25.5 million from Neves-Corvo and Zinkgruvan, respectively, for the quarter ended March 31, 2025.
Summary Financial Results
| (US$ millions continuing operations except where noted, except per share amounts) | Three months ended | ||
|---|---|---|---|
| March 31, | |||
| 2025 | 2024 | ||
| Revenue Gross profit Attributable net earningsa Net earnings | 963.9 | 812.3 197.5 38.3 83.0 | |
| 308.9 | |||
| 138.1 | |||
| 181.4 | |||
| Adjusted earningsa,b (all operations) Adjusted earningsa,b — continuing operations Adjusted earnings (loss)a,b — discontinued operations | 146.2 | 45.2 56.4 (11.1) | |
| 93.9 | |||
| 52.2 | |||
| Adjusted EBITDAb (all operations) Adjusted EBITDAb — continuing operations Adjusted EBITDAb — discontinued operations | 450.8 | 362.9 338.5 24.4 | |
| 387.9 | |||
| 62.8 | |||
| Basic and diluted earnings per share ("EPS")a (all operations) Basic and diluted earnings per share ("EPS")a — continuing operations Basic and diluted loss per share ("EPS")a — discontinued operations | 0.15 | 0.02 0.05 (0.03) | |
| 0.16 | |||
| (0.02) | |||
| Adjusted EPSa,b (all operations) Adjusted EPSa,b — continuing operations Adjusted EPSa,b — discontinued operations | 0.17 | 0.06 0.07 (0.01) | |
| 0.11 | |||
| 0.06 | |||
| Cash provided by operating activities (all operations) Cash provided by operating activities - continuing operations Cash provided by operating activities - discontinued operations | 177.0 | 267.5 232.2 35.4 | |
| 122.3 | |||
| 54.7 | |||
| Adjusted operating cash flowb (all operations) Adjusted operating cash flowb — continuing operations Adjusted operating cash flowb — discontinued operations | 392.8 | 313.7 294.0 19.7 | |
| 337.0 | |||
| 55.8 | |||
| Adjusted operating cash flow per shareb (all operations) Adjusted operating cash flow per shareb — continuing operations Adjusted operating cash flow per shareb — discontinued operations | 0.46 | 0.41 0.38 0.03 | |
| 0.40 | |||
| 0.07 | |||
| Free cash flowb (all operations) Free cash flowb — continuing operations Free cash flowb — discontinued operations | (47.5) | (1.7) (0.3) (1.4) | |
| (53.1) | |||
| 5.6 | |||
| Free cash flow from operationsb (all operations) Free cash flow from operationsb — continuing operations Free cash flow from operationsb— discontinued operations | 32.0 | 67.7 66.5 1.2 | |
| 21.6 | |||
| 10.4 | |||
| Cash and cash equivalents Net debt excluding lease liabilitiesb Net debtb | 341.6 | 365.5 (981.4) (1,241.9) | |
| (1,441.7) | |||
| (1,699.3) |
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 quarter ended March 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.
- For the quarter ended March 31, 2025, the Company generated revenue from continuing operations of $963.9 million (Q1 2024 - $812.3 million) and from discontinued operations of $180.1 million (Q1 2024 - $124.7 million).
- Gross profit from continuing operations for the quarter of $308.9 million was $111.5 million higher than in the prior year comparable period of $197.5 million. The increase was primarily due to higher realized copper and gold prices, lower treatment charges, and favourable foreign exchange. Gross profit from discontinued operations for the quarter of $69.9 million increased from a gross loss of $12.1 million in the prior year comparable period primarily due to no depreciation being taken on assets classified as held for sale.
- Net earnings from continuing operations for the quarter of $181.4 million increased from the prior year comparable period of $83.0 million primarily due to an increase in gross profit. Net loss from discontinued operations for the quarter of $13.8 million (Q1 2024 - net loss of $24.4 million) primarily resulted from the Euro strengthening in the quarter, resulting in a non-cash impairment of $65.7 million net of tax (Q1 2024 - nil) to reduce the carrying value of Neves-Corvo to the cash proceeds subsequently received for this asset. This loss was partially offset by increased gross profit from discontinued operations.
- Adjusted earnings from continuing operations for the quarter of $93.9 million, increased from the prior year comparable period of $56.4 million as a result of higher gross profit.
- Cash provided by operating activities related to continuing operations for the quarter of $122.3 million represented a decrease of $109.8 million from the prior year comparable period of $232.2 million. The decrease was primarily due to negative working capital outflows of $214.7 million (Q1 2024 - $61.8 million) including a buildup of trade receivables from shipments toward the end of the quarter and the recognition of $45.0 million of revenue at Caserones for shipments in early January for which payment had been received in December 2024. The shipments of copper concentrate were delayed due to certain operational and weather-related issues. Cash provided by operating activities related to discontinued operations for the quarter was $54.7 million (Q1 2024 - $35.4 million).
- For the quarter, sustaining capital expenditures1 from continuing operations of $112.6 million were lower than in the prior year comparable period of $176.5 million. The net reduction was primarily due to lower spending at Candelaria from reduced deferred stripping and reduced spending on the Los Diques tailing storage facility. Sustaining capital expenditures, from discontinued operations, related to Neves-Corvo and Zinkgruvan were $27.7 million and $21.3 million , respectively, for the quarter.
- Expansionary capital expenditures1 of $62.9 million for the quarter were higher than $56.0 million in the prior year comparable period as a result of initiatives at Candelaria related to the mine life extension to 2040 under the Environmental Impact Assessment ("2040 EIA"), partially offset by lower allocated spending at the Josemaria Project due to the formation of Vicuña, which completed on January 15, 2025. As of the formation date, 50% of Vicuña's capital expenditures are included in the Company's capital expenditures.
- Free cash flow1 (all operations) for the quarter of negative $(47.5) million was lower than in the prior year comparable period of negative $(1.7) million primarily due to less cash provided by operating activities due to negative changes in working capital, partially offset by lower sustaining capital expenditures. Free cash flow from discontinued operations for the quarter was $5.6 million.
- As at May 7, 2025, the Company had cash of approximately $252.6 million and net debt excluding lease liabilities1 of approximately $279.6 million.
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 quarter ended March 31, 2025 and the Reconciliation of Non-GAAP measures section at the end of this news release.
Operational Performance
Total Production
| 2025 (Contained metal)a Q1 | 2024 Total Q4 Q3 Q2 Q1 | |
|---|---|---|
| Q1 | ||
| Continuing Operations Copper (t)b Nickel (t) Gold (koz)b Molybdenum (t)b | 336,875 94,094 91,772 71,614 79,395 7,486 1,617 893 1,721 3,255 158 46 47 32 33 3,183 912 693 714 864 | |
| 76,774 | ||
| 2,296 | ||
| 32 | ||
| 602 | ||
| Discontinued Operations Copper (t) Zinc (t) | 32,192 7,397 8,083 8,094 8,618 191,704 51,946 46,610 47,460 45,688 | |
| 7,094 | ||
| 48,948 |
a - Tonnes (t) and thousands of ounces (koz).
b - Candelaria and Caserones production are on a 100% basis.
Candelaria (80% owned): Candelaria produced 37,071 tonnes of copper and approximately 21,000 ounces of gold in concentrate on a 100% basis during the quarter. Production in the quarter was positively impacted by increased throughput as a result of higher than anticipated ore softness in sections of Phase 11 in the open pit. The majority of the material processed was from Phase 11, together with material from Phase 12 and long-term stockpiles. Cash cost3of $1.75/lb was positively impacted by favorable by-product credits driven primarily by higher metal prices.
Caserones (70% owned): Caserones produced 28,709 tonnes of total copper and 602 tonnes of molybdenum on a 100% basis during the quarter. Production was positively impacted by higher throughput in the mill as a result of operational efficiencies that mitigated lower than anticipated grades due to sequencing. Revenue and production costs increased as a result of higher sales volumes as two shipments delayed from December 2024 were completed in the quarter. Cash cost of $2.52/lb in the quarter was impacted by higher contractor and maintenance costs.
Chapada (100% owned): Chapada produced 8,909 tonnes of copper and approximately 11,000 ounces of gold in concentrate during the quarter. Both metals were impacted by lower recoveries as a result of increased processing of ore from the older low-grade stockpile. Production costs were reduced by lower sales volumes and favourable foreign exchange. Cash cost of $1.47/lb also benefitted from favourable foreign exchange, combined with higher gold by-product credits.
Eagle (100% owned): Eagle produced 2,296 tonnes of nickel and 2,085 tonnes of copper in the quarter. Production was impacted by lower grades than anticipated at the beginning of the quarter and winter weather which affected ore haulage. Ramp rehabilitation was completed during the quarter, and normal levels of production are expected for the remainder of the year. Production costs were reduced primarily by lower sales volumes. Nickel cash cost of $3.94/lb was positively impacted by lower mining costs. During the quarter, the Company entered into an exclusivity agreement with Talon Metals Corp. ("Talon") to negotiate an earn-in agreement for the right to acquire up to a 70% ownership interest in the Boulderdash property that is near Eagle.
Neves-Corvo (100% owned): Neves-Corvo produced 6,123 tonnes of copper and 27,691 tonnes of zinc during the quarter. Cash cost during the quarter was $1.69/lb.
Zinkgruvan (100% owned): Zinkgruvan produced 21,257 tonnes of zinc and 7,586 tonnes of lead in the quarter. Zinc cash cost during the quarter was $0.40/lb.
3 This is a non-GAAP measure. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the quarter ended March 31, 2025 and the Reconciliation of Non-GAAP measures section at the end of this news release.
Outlook
The Company reaffirms its guidance for production, cash costs, capital expenditures, and exploration that was released on January 16, 2025. In regard to operations, the Company expects that all of its sites will meet their respective guidance ranges as published.
At Candelaria, softer ore is expected to continue into the second quarter which will benefit throughput in the mill as seen in this quarter. The Company expects cash costs in the second quarter to be in line with the first quarter, benefiting from a higher gold price.
At Caserones, the performance of the mill, together with expected grade increases and strong cathode production are expected to sustain the Company's annual production guidance for 2025.
At Chapada, production is second half of the year weighted, copper grades and recoveries are expected to increase during this period. Sequencing of the mine plan forecasts processing less lower-grade stockpile and more fresh ore.
At Eagle, it is expected that mine sequencing and grades will normalize during Q2 which supports maintaining the Company's annual production guidance. Additionally, mining at the Eagle deposit is expected to be completed towards the end of the year and higher grade ore from Eagle East will be sourced.
See below for the 2025 Guidance as released on January 16, 2025:
2025 Production and Cash Cost Guidancea
Guidance
(contained metal) Production Cash Cost ($/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 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.
Vicuña
On January 15, 2025, the Company completed the Filo Acquisition and the Joint Arrangement, resulting in the Company indirectly holding a 50% interest in Vicuña Corp., which owns the Josemaria Project in Argentina and the Filo del Sol Project in Argentina and Chile. BHP indirectly owns the remaining 50% interest in Vicuña.
Vicuña will be led by Dave Dicaire, General Manager, Vicuña, former Executive Vice President of the Josemaria Project at Lundin Mining. During the quarter, integration efforts were prioritized, with employees from the Josemaria and Filo del Sol project teams transitioning to Vicuña to ensure continuity and preserve project knowledge. Recruitment for key leadership positions also commenced.
In 2025, work will focus on advancing studies related to the synergies between the Filo del Sol and Josemaria projects, continuing the drilling program, and progressing the development of the Josemaria Project.
Activities at Josemaria during the quarter centered on the ongoing update of the Environmental Impact Assessment ("EIA") and continued advancement of the water program. Fieldwork progressed on the water program, geotechnical studies, and the wetlands biodiversity offset initiatives. In addition, the contract for the construction of the Northern Access Road was awarded, with construction scheduled to begin in mid-2025. Work also continued on a multi-phased development concept pertaining to the Josemaria and Filo del Sol ore bodies. An integrated technical report is targeted to be complete by early 2026.
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 investment programs were launched with a focus on gender, youth training, cooperative development, and rural livelihoods.
Drilling during the quarter of 16,650 m primarily focused on step-out holes to both the east and west designed to expand the Filo del Sol Mineral Resource. Additionally, an exploration hole in the exploration sector of Cumbre Verde further north was finished at 1,400 m, of which 436 m were drilled in Q1.
On May 4, 2025 the Company announced an initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an update to the Mineral Resource estimate for the Filo del Sol oxide deposit and an update to the Mineral Resource estimate for the Josemaria deposit, which highlighted the combined Vicuña Project as one of the largest copper, gold and silver resources in the world.
During the quarter, the Company spent $42.7 million in capital expenditures compared to $56.0 million in the prior year comparable period. Reduced spending was primarily due to capital expenditures for the Josemaria Project being recorded in Vicuña at the Company's 50% attributable share compared to 100% in the prior year comparable period.
Senior Leadership Appointment
The Company would also like to announce the executive appointment of Vlada Cvijetinovic as Vice President, Legal & Corporate Secretary.
Vlada Cvijetinovic
Mr. Cvijetinovic is Vice President, Legal & Corporate Secretary and is responsible for advising on legal and regulatory matters and leading Board operations and the Company's corporate governance framework. He is an experienced legal executive with over 10 years of experience in corporate and securities laws, corporate governance and strategic transactions.
Prior to joining Lundin Mining, Mr. Cvijetinovic was General Counsel at Hyperion Resource Partners, and previously held senior leadership roles with Lithium Argentina, Newcrest Mining Limited and Pretium Resources Inc.
Mr. Cvijetinovic holds a Bachelor’s degree in Commerce and a Juris Doctor, both from the University of British Columbia.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in Argentina, Brazil, Chile and the United States of America, 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 May 7, 2025 at 15:35 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
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 Cole Mooney, Director, Resource Geology at Lundin Mining, a "Qualified Person" under NI 43-101. Mr. Mooney has verified the data disclosed in this release and no limitations were imposed on his verification process.
Reconciliation of Non-GAAP Measures
The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company’s discussion of non-GAAP and other performance measures in its Management’s Discussion and Analysis for the three months ended March 31, 2025 which is available on SEDAR+ at www.sedarplus.com.
Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs on the Company's Condensed Interim Consolidated Statement of Earnings as follows:
Three months ended March 31, 2025
| Continuing Operations Candelaria Caserones Chapada ($000s, unless otherwise noted) (Cu) (Cu) (Cu) | Consolidated (Cu) | Eagle (Ni) | Total - continuing operations1 |
|---|---|---|---|
| Sales volumes (Contained metal): Tonnes 34,974 36,181 8,346 Pounds (000s) 77,104 79,765 18,400 | 79,501 175,269 | 1,748 3,854 | |
| Production costs 172,100 243,943 63,501 Less: Royalties and other (1,068) (13,642) (5,035) 171,032 230,301 58,466 Deduct: By-product credits (43,584) (36,640) (34,343) Add: Treatment and refining 7,210 7,250 2,959 | 479,544 (19,745) | 37,120 (5,146) | 516,881 (25,108) |
| 459,799 (114,567) 17,419 | 31,974 (16,812) 5 | 491,773 (131,379) 17,424 | |
| Cash cost 134,658 200,911 27,082 Cash cost per pound ($/lb) 1.75 2.52 1.47 | 362,651 2.07 | 15,167 3.94 | 377,818 |
| Add: Sustaining capital 47,713 38,196 22,182 Royalties 3,489 9,892 2,059 Reclamation and other closure 2,158 1,264 1,689 accretion and depreciation Leases & other 1,455 17,586 1,050 | 4,450 2,255 1,170 846 | ||
| All-in sustaining cost 189,473 267,849 54,062 AISC per pound ($/lb) 2.46 3.36 2.94 | 23,888 6.20 |
1 Includes immaterial amounts related to other segments.
Three months ended March 31, 2025
| Discontinued Operations Neves-Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Zn) | Total - discontinued operations |
|---|---|
| Sales volumes (Contained metal): Tonnes 5,351 19,150 Pounds (000s) 11,797 42,218 | |
| Production costs 75,910 34,249 Less: Royalties and other (1,082) — 74,828 34,249 Deduct: By-product credits (59,511) (24,100) Add: Treatment and refining 4,604 6,606 | 110,159 (1,082) |
| 109,077 (83,611) 11,210 | |
| Cash cost 19,921 16,755 Cash cost per pound ($/lb) 1.69 0.40 | 36,676 |
| Add: Sustaining capital 27,739 21,318 Royalties 1,019 — Reclamation and other closure 584 259 accretion and depreciation Leases & other 870 35 | |
| All-in sustaining cost 50,133 38,367 AISC per pound ($/lb) 4.25 0.91 |
Three months ended March 31, 2024
| Continuing Operations Candelaria Caserones Chapada ($000s, unless otherwise noted) (Cu) (Cu) (Cu) | Consolidated (Cu) | Eagle (Ni) | Total - continuing operations1 |
|---|---|---|---|
| Sales volumes (Contained metal): Tonnes 33,536 35,211 8,742 Pounds (000s) 73,934 77,627 19,273 | 77,489 170,834 | 2,163 4,769 | |
| Production costs 161,250 197,655 64,585 Less: Royalties and other (2,486) (8,803) (3,187) 158,764 188,852 61,398 Deduct: By-product credits (34,594) (34,854) (27,383) Add: Treatment and refining 15,320 12,441 4,720 | 423,490 (14,476) | 40,536 (2,838) | 465,347 (18,635) |
| 409,014 (96,831) 32,481 | 37,698 (18,430) (19) | 446,712 (115,261) 32,462 | |
| Cash cost 139,490 166,439 38,735 Cash cost per pound ($/lb) 1.89 2.14 2.01 | 344,664 2.02 | 19,249 4.04 | 363,913 |
| Add: Sustaining capital 99,532 42,754 29,199 Royalties 2,968 8,814 1,617 Reclamation and other closure 2,167 1,040 2,679 Leases & other 3,033 15,381 765 | 4,078 2,678 1,968 1,236 | ||
| All-in sustaining cost 247,190 234,428 72,995 AISC per pound ($/lb) 3.34 3.02 3.79 | 29,209 6.12 |
1 Includes immaterial amounts related to other segments.
Three months ended March 31, 2024
| Discontinued Operations Neves-Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Zn) | Total - discontinued operations |
|---|---|
| Sales volumes (Contained metal): Tonnes 5,886 15,825 Pounds (000s) 12,976 34,888 | |
| Production costs 71,712 30,075 Less: Royalties and other (1,335) — 70,377 30,075 Deduct: By-product credits (33,899) (16,148) Add: Treatment and refining charges 5,579 8,910 | 101,787 (1,335) |
| 100,452 (50,047) 14,489 | |
| Cash cost 42,057 22,837 Cash cost per pound ($/lb) 3.24 0.65 | 64,894 |
| Add: Sustaining capital expenditure 22,413 14,341 Royalties 735 — Reclamation and other closure 1,335 1,186 accretion and depreciation Leases and other 64 78 | |
| All-in sustaining cost 66,604 38,442 AISC per pound ($/lb) 5.13 1.10 |
Adjusted EBITDA can be reconciled to Net Earnings (Loss) as follows:
Three months ended March 31,
| ($thousands) | 2025 | 2024 |
| Net earnings (loss) — continuing operations Add back: Depreciation, depletion and amortization Finance costs, net Income taxes expense | 181,365 | 82,950 149,463 33,285 56,681 |
| 138,059 | ||
| 43,942 | ||
| 50,745 | ||
| EBITDA — continuing operations Unrealized foreign exchange loss (gain) Unrealized losses (gains) on derivative contracts Ojos del Salado sinkhole expenses (recoveries) Revaluation loss (gain) on marketable securities Gain on partial disposal and contribution to Vicuña Other | 414,111 | 322,379 (14,842) 33,902 (1,031) (2,430) — 482 |
| 9,314 | ||
| (35,954) | ||
| 1,071 | ||
| 462 | ||
| (3,024) | ||
| 1,930 | ||
| Total adjustments — EBITDA | (26,201) | 16,081 |
| Adjusted EBITDA — continuing operations | 387,910 | 338,460 |
| Including discontinued operations: Net earnings (loss) — discontinued operations Add back: Depreciation, depletion and amortization Finance costs, net Income taxes expense | (24,395) 35,029 2,409 (6,115) | |
| (13,769) | ||
| — | ||
| 4,341 | ||
| 6,524 | ||
| EBITDA — discontinued operations Unrealized foreign exchange loss (gain) Unrealized losses (gains) on derivative contracts Asset Impairment Other | (2,904) | 6,928 (658) 18,930 — (804) |
| (925) | ||
| (66) | ||
| 65,688 | ||
| 1,054 | ||
| Total adjustments — EBITDA discontinued operations | 65,751 | 17,468 |
| Adjusted EBITDA — discontinued operations | 62,847 | 24,396 |
| Adjusted EBITDA (all operations) | 450,757 | 362,856 |
Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders as follows:
Three months ended March 31,
| ($thousands, except share and per share amounts) | 2025 | 2024 |
| Net (loss) earnings attributable to Lundin Mining shareholders — continuing operations Add back: Total adjustments - EBITDA Tax effect on adjustments Deferred tax arising from foreign exchange translation Deferred tax arising from partial disposal and contribution to Vicuña Non-controlling interest on adjustments | 138,106 | 38,278 16,081 2,439 (6,300) — 5,852 |
| (26,201) | ||
| (4,681) | ||
| (21,217) | ||
| 8,965 | ||
| (1,046) | ||
| Total adjustments | (44,180) | 18,072 |
| Adjusted earnings — continuing operations | 93,926 | 56,350 |
Including discontinued operations:
| Net earnings attributable to Lundin Mining shareholders - discontinued operations1 Add back: Total adjustments - EBITDA - discontinued operations Tax effect on adjustments | (13,769) | (24,395) 17,468 (4,206) |
| 65,751 | ||
| 266 | ||
| Total adjustments | 66,017 | 13,262 |
| Adjusted earnings — discontinued operations | 52,248 | (11,133) |
| Adjusted earnings (all operations) | 146,174 | 45,218 |
Basic weighted average number of shares outstanding 851,561,392 773,048,710
| Net (loss) earnings attributable to Lundin Mining shareholders - continuing operations Total adjustments | 0.16 | 0.05 0.02 |
| (0.05) | ||
| Adjusted EPS — continuing operations | 0.11 | 0.07 |
| Net (loss) earnings attributable to Lundin Mining shareholders - discontinued operations Total adjustments | (0.03) 0.02 | |
| (0.02) | ||
| 0.08 | ||
| Adjusted EPS — discontinued operations | 0.06 | (0.01) |
| Net (loss) earnings attributable to Lundin Mining shareholders Total adjustments | 0.02 0.04 | |
| 0.15 | ||
| 0.03 | ||
| Adjusted EPS (all operations) | 0.17 | 0.06 |
1 Represents Net (loss) earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders.