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WKN: A0B7XJ | ISIN: CA5503721063 | Ticker-Symbol: GXD
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06.11.24
21:44 Uhr
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Lundin Mining Corporation: Lundin Mining Third Quarter 2024 Results

VANCOUVER, BC, Nov. 6, 2024 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its third quarter 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.

Jack Lundin, President and CEO commented, "Our overall performance has contributed to another near record quarter for revenue and copper production for the Company and we are on track to meeting full-year consolidated copper guidance. Operationally, Candelaria had an excellent third quarter producing 50,000 tonnes of copper driven by planned higher copper head grades. This was one of Candelaria's strongest quarters and materially contributed to our success.

"During the quarter the Company realized two significant growth opportunities. We increased our ownership at our Caserones copper-molybdenum mine from 51% to 70%, which immediately added attributable copper production to the Company. Caserones, located within the Vicuña District, is a long-life mine that yields strong cash flow generation. It is within this District where we also announced a transformational transaction with BHP to jointly acquire Filo Corp. and form a new joint arrangement incorporating the world-class Filo del Sol Project and the Josemaria Project in Argentina to create a top-tier multi-generational mining complex. Filo shareholders have overwhelmingly voted in favour of the transaction which is expected to close in the first quarter of 2025. Around the time of closing, we will also provide an update to the market on the key milestones and next steps to advance these projects.

"On exploration we are ramping up for another drill season in the Vicuña District. We will continue the near-mine campaign at Caserones and follow up on our Cumbre Verde target near Josemaria. During the quarter we continued to drill near-mine targets at our other operations with the objective to replace resources, add mine life and seek out future expansion opportunities, such as the Saúva resource located near our Chapada operation.

"As we enter the final quarter of 2024, we have tightened the production guidance ranges at our sites and are re-affirming our full-year consolidated production guidance for copper and gold. For our other metals, we have marginally reduced our full year guidance for zinc and are maintaining our revised nickel guidance."

Third Quarter Operational and Financial Highlights

  • Copper Production: Consolidated production of 99,855 tonnes of copper in the third quarter.
  • Other Production: During the quarter, a total of 46,610 tonnes of zinc, 893 tonnes of nickel and approximately 47,000 ounces of gold were produced.
  • Revenue:$1,073.0 million in the third quarter with a realized copper price1 of $4.29 /lb and a realized zinc price1 of $1.29 /lb.
  • Net Earnings and Adjusted Earnings1: Net earnings attributable to shareholders of the Company were $101.2 million or $0.13 per share in the third quarter with adjusted earnings of $72.5 million or $0.09 per share.
  • Adjusted EBITDA1:$457.7 million generated during the quarter.
  • Cash Generation: Cash provided by operating activities was $139.3 million and adjusted operating cash flow1 was $305.2 million, excluding the impact of a working capital build of $165.9 million.
  • Growth: During the quarter the Company announced two significant transactions:
    • On July 2, 2024, the Company closed the option to increase ownership in Caserones to 70%, which adds approximately 23,000 tonnes of additional attributable copper production to the Company's production profile2. The consideration of $350 million was fully funded through an increase to the Company's term loan from $800 million to $1.15 billion.
    • On July 29, 2024, Lundin Mining and BHP announced the joint acquisition of Filo Corp. Lundin Mining and BHP will form a 50/50 joint arrangement to hold the Filo del Sol Project and Lundin Mining's Josemaria Project. The partnership will create a multi-generational mining district with world-class potential that could support a globally ranked mining complex.
  • Outlook: The Company's full year production and cash cost guidance update is as follows:
    • Copper: Annual copper production guidance ranges have been tightened for several of the assets and the new consolidated copper guidance for the year is now 366,000 to 389,000 tonnes compared to the previous range of 366,000 to 400,000 tonnes. The Company is on track to meet full year consolidated copper guidance.
    • Zinc: Annual production guidance for Zinkgruvan has been increased which was offset by adjustments to zinc guidance at Neves-Corvo. New consolidated zinc guidance for the year has been adjusted to 190,000 to 199,000 tonnes from 195,000 tonnes to 215,000 tonnes.
    • Gold: Annual gold guidance has remained unchanged incorporating an increase in guidance at Chapada offset by a reduction at Candelaria.
    • Cash Costs: Forecast annual cash cost guidance at Chapada and Zinkgruvan has improved while cash cost guidance at Eagle has been adjusted upwards. All other sites remain unchanged.
    • Sustaining Capital Expenditures1: Sustaining capital will be reduced by $75 million and is expected to total $720 million (previously $795 million) for the year, primarily due to reductions in planned spending at Candelaria and Caserones. The Josemaria Project guidance has increased by $5 million to $230 million and exploration guidance increased by $7 million to $55.0 million for 2024. The increase in exploration expenditure is primarily due to accelerating exploration efforts at Caserones where drilling is targeting higher-grade copper breccia bodies to improve grades in the resource, as well as follow-up drilling at Cumbre Verde after positive results in the first half of 2024.

Summary Financial Results


Three months ended

September 30,


Nine months ended

September 30,

US$ Millions (except per share amounts)

2024

2023


2024

2023

Revenue

1,073.0

992.2


3,093.6

2,332.1

Gross profit

291.8

197.3


756.7

463.5

Attributable net earningsa

101.2

(3.0)


236.6

202.8

Net earnings

127.8

21.9


343.1

248.5

Adjusted earningsa,b

72.5

85.3


239.8

256.5

Adjusted EBITDAb

457.7

415.1


1,281.4

943.8

Basic earnings per share ("EPS")a

0.13

0.00


0.31

0.26

Diluted EPSa

0.13

0.00


0.30

0.26

Adjusted EPSa,b

0.09

0.11


0.31

0.33

Cash provided by operating activities

139.3

303.8


898.6

710.5

Adjusted operating cash flowb

305.2

316.5


988.7

662.2

Adjusted operating cash flow per shareb

0.39

0.41


1.28

0.86

Free cash flow from operationsb

1.7

136.5


406.9

228.3

Free cash flowb

(61.8)

71.1


173.3

(47.7)

Cash and cash equivalents

295.5

357.3


295.5

357.3

Net debt excluding lease liabilitiesb

1,541.7

880.9


1,541.7

880.9

Net debtb

1,802.5

1,158.9


1,802.5

1,158.9

a Attributable to shareholders of Lundin Mining Corporation.

b These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the three and nine months ended September 30, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

  • The Company generated revenue of $1,073.0 million during the quarter, driven by 90,069 tonnes of copper sold at a realized price of $4.29 /lb. Revenue benefited from higher realized copper, gold, and zinc prices, partially offset by $5.3 million negative provisional pricing adjustments on prior period concentrate sales.
  • Gross profit of $291.8 million and Adjusted EBITDA of $457.7 million in the quarter reflect higher realized copper, zinc and gold prices partially offset by decreases in zinc and nickel sales volumes.
  • Net earnings attributable to shareholders of the Company were $101.2 million or $0.13 per share in the quarter.
  • Adjusted earnings attributable to shareholders of the Company for the quarter were $72.5 million or $0.09 per share after removing $30.6 million unrealized gains on derivative contracts and adding $14.8 million in expenses relating to the partial suspension of underground operations at Eagle, among other things.
  • Cash and cash equivalents as at September 30, 2024 were $295.5 million. Cash provided by operating activities amounted to $139.3 million and cash used to fund investing activities amounted to $264.5 million. The Company had a net debt excluding lease liabilities1 balance of $1,541.7 million as at September 30, 2024 (December 31, 2023 - $946.2 million).
  • Free cash flow1 for the quarter of $(61.8) million was impacted by $165.9 million of working capital outflows as a result of timing of sales at Candelaria and Chapada.
  • As at November 6, 2024, the Company had a cash balance of approximately $466.1 million and a net debt excluding lease liabilities balance of approximately $1,362.6 million.

Operational Performance

Total Production

(Contained metal)a

2024

2023

YTD

Q3

Q2

Q1

Total

Q4

Q3

Q2

Q1

Copper (t)b

267,576

99,855

79,708

88,013

314,798

103,337

89,942

60,057

61,462

Zinc (t)

139,758

46,610

47,460

45,688

185,161

50,719

49,774

36,115

48,553

Nickel (t)

5,869

893

1,721

3,255

16,429

3,729

4,290

4,686

3,724

Gold (koz)b

112

47

32

33

149

44

35

34

36

Molybdenum (t)b

2,271

693

714

864

2,024

928

1,096

-

-

a. Tonnes (t) and thousands of ounces (koz)



b. Candelaria and Caserones production is on a 100% basis.

Candelaria (80% owned): Candelaria produced 50,018 tonnes of copper and approximately 29,000 ounces of gold in concentrate on a 100% basis during the quarter. Production in the quarter was positively impacted by higher copper head grades from Phase 11. Access to higher grade Phase 11 ore is anticipated to continue through most of the fourth quarter of 2024 as per the planned mine sequence. Production costs in the quarter were higher than in the prior year quarter due to higher copper sales, but also partially offset by favourable foreign exchange. Cash cost of $1.55/lb was positively impacted by higher sales volumes, favourable foreign exchange and favourable by-product credits.

Caserones (70% owned): Caserones produced 29,033 tonnes of total copper and 693 tonnes of molybdenum on a 100% basis during the quarter. Copper and molybdenum production in the quarter was impacted by labour action in August lasting 14 days which reduced throughput during that period to approximately 50% of capacity. Lower head grades were realized during the quarter as a result of a higher proportion of ore from Phase 6 due to hydrogeologic conditions in Phase 5. Production costs in the quarter were lower than in the prior year comparable period due to lower copper concentrate and molybdenum volumes and favourable foreign exchange. Cash cost of $2.96/lb was negatively impacted by lower sales volumes as a result of the labour action.

Chapada (100% owned): Chapada produced 11,694 tonnes of copper and approximately 18,000 ounces of gold in concentrate during the quarter. Copper production was positively impacted by higher throughput that was offset by lower grades and recoveries as a result of processing of stockpiled ore as part of an optimized mine plan that significantly reduces waste movement. Gold production reflected higher grades as a result of increased ore mined from the South and Central pits replacing older low-grade stockpiles. Production costs increased due to higher sales volumes, partially offset by favourable foreign exchange. Cash cost of $1.37/lb benefited from higher gold by-product credits and favourable foreign exchange combined with mining cost decreases due to operational improvements.

Eagle (100% owned): Eagle produced 893 tonnes of nickel and 1,027 tonnes of copper in the quarter. Production has been impacted by the fall of ground in the lower ramp in Eagle East during the second quarter of 2024 which restricted access to Eagle East, and reduced mining rates until ramp rehabilitation is completed. Normal throughput rates are expected to resume in late 2024. Production costs were reduced by lower sales and production volumes leading to reduced spend in milling, transportation and lower royalty expense. Production costs in the quarter excluded approximately $14.8 million of overhead costs that have been recorded in Other Income and Expense as a result of the partial suspension of underground mining operations. Nickel cash cost1 of $7.24/lb was impacted by lower sales volumes, partially offset by higher by-product credits as a result of higher realized copper prices.

Neves-Corvo (100% owned): Neves-Corvo produced 6,698 tonnes of copper and 29,509 tonnes of zinc during the quarter. Copper production was impacted by lower throughput and grades. The decrease in throughput and grades is attributed to changes in mine sequencing as a result of adjustments made to the mining method and cable bolting requirements. Additional development work in Lombador North and rehabilitation work also limited ore availability. Zinc production benefitted from higher throughput and recoveries as a result of the zinc expansion project. During the month of August, there was a record in shaft hoisting of 440,000 tonnes over the month, in addition to record zinc production of 10,527 tonnes. During the month of September, the daily shaft hoisting of 19,000 tonnes set a new record for the mine. Production costs increased due to an increase in zinc and lead sales volumes and cash cost of $2.13/lb benefitted from higher by-product credits.

Zinkgruvan (100% owned): Zinkgruvan produced 17,101 tonnes of zinc and 5,693 tonnes of lead in the quarter reflecting lower grades and throughput which were driven by changes in mine sequencing from operational and maintenance interruptions. Copper production of 1,385 tonnes in the quarter reflected higher throughput. Production costs decreased due to lower sales volumes and zinc cash cost of $0.16/lb benefitted from higher copper by-product credits as a result of higher realized copper prices.

________________________________

1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.

2 Based on Caserones 2024 revised production guidance as outlined in the outlook section of the MD&A for the three and nine months ended September 30, 2024.

Outlook

Annual guidance for 2024 has been updated from that disclosed in the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2024.

The Company remains on track to meet annual consolidated copper production guidance. The total production guidance range for copper has been tightened with the top end of the range at Candelaria increased as a result of continued access to higher grade ore in the second half of the year. Copper production guidance ranges at Caserones and Neves-Corvo have been tightened and lowered slightly. At Caserones, this reflects the impact of the labour action during the quarter that reduced operations for 14 days. At Neves-Corvo, changes in mine sequencing due to rehabilitation and development efforts led to the change in guidance.

Total production guidance for zinc has been revised, guidance range for Zinkgruvan increased slightly and the guidance range for Neves-Corvo reduced as a result of rehabilitation and development work impacting mine sequencing. Annual gold guidance has remained unchanged, incorporating an increase in guidance at Chapada offset by a reduction at Candelaria. For molybdenum, the guidance range has increased to reflect expected results according to the mine plan.

Cash cost guidance at Chapada and Zinkgruvan was lowered with cash costs continuing to benefit from increased realized prices on by-product sales and weaker local currencies. Cash cost guidance at Eagle has increased due to reduced mining rates following a fall of ground that continues to limit production.

Annual sustaining capital expenditure guidance has been lowered to $720 million from $795 million with reductions primarily at Caserones and Candelaria. Expenditure guidance related to the Josemaria Project of $230 million and exploration guidance of $55.0 million have been revised for 2024. The increase in exploration expenditure is primarily due to accelerating exploration efforts at Caserones where drilling is targeting the higher-grade copper breccia bodies to improve grades in the resource, as well as follow-up drilling at Cumbre Verde after positive results in the first half of 2024.

2024 Production and Cash Cost Guidance




Previous Guidancea

Revised Guidance


(contained metal)

Production

Cash Cost ($/lb)b

Production

Cash Cost ($/lb)b


Copper (t)

Candelaria (100%)

160,000 - 170,000

1.60 - 1.80c

165,000 - 173,000

1.60 - 1.80c



Caserones (100%)

124,000 - 135,000

2.60 - 2.80

121,000 - 125,000

2.60 - 2.80



Chapada

43,000 - 48,000

1.95 - 2.15d

43,000 - 48,000

1.55 - 1.65d



Eagle

5,000 - 7,000


6,000 - 8,000




Neves-Corvo

30,000 - 35,000

1.95 - 2.15c

27,000 - 30,000

1.95 - 2.15c



Zinkgruvan

4,000 - 5,000


4,000 - 5,000




Total

366,000 - 400,000


366,000 - 389,000



Zinc (t)

Neves-Corvo

120,000 - 130,000


111,000 - 116,000




Zinkgruvan

75,000 - 85,000

0.45 - 0.50c

79,000 - 83,000

0.40 - 0.45c



Total

195,000 - 215,000


190,000 - 199,000



Nickel (t)

Eagle

7,000 - 9,000

3.20 - 3.40

7,000 - 9,000

3.70 - 3.90


Gold (koz)

Candelaria (100%)

100 - 110


92 - 102




Chapada

55 - 60


63 - 68




Total

155 - 170


155 - 170



Molybdenum (t)

Caserones (100%)

2,500 - 3,000


2,800 - 3,300


a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2024.

b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $3.75/lb, Zn: $1.10/lb, Pb: $0.90/lb, Au: $1,800/oz, Mo: $20.00/lb, Ag: $23.00/oz), foreign exchange rates (€/USD:1.05, USD/SEK:10.50, USD/CLP:850, USD/BRL:5.00) and production costs. Cash cost is a non-GAAP measure - see the Company's Management Discussion and Analysis for the three and nine months ended September 30, 2024 and the Reconciliation of Non-GAAP Measures at the end of this news release.

c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement, and silver production at Zinkgruvan and Neves-Corvo are also subject to streaming agreements. Cash costs are calculated based on receipt of approximately $429/oz gold and $4.28/oz to $4.68/oz silver.

d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound.

2024 Capital Expenditure Guidanceb


($ millions)

Previous Guidancea

Revisions

Revised Guidance


Candelaria (100% basis)

300

(25)

275


Caserones (100% basis)

175

(40)

135


Chapada

110

-

110


Eagle

25

-

25


Neves-Corvo

115

(5)

110


Zinkgruvan

70

(5)

65


Other

-

-

-


Total Sustaining

795

(75)

720


Josemaria (Expansionary)

225

5

230


Total Capital Expenditures

1,020

(70)

950


a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2024.

b. Sustaining capital expenditure is a supplementary financial measure and expansionary capital expenditure is a non-GAAP measure - see the Company's Management Discussion and Analysis for the three and nine months ended September 30, 2024 and the Reconciliation of Non-GAAP Measures at the end of this news release.

Exploration

During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Zinkgruvan was focused on resource expansion and drilling at Candelaria was focused on Soplona, La Portuguesa and La Española. Drilling at Chapada concentrated on adding high grade resources to Saúva and testing near-mine geochemical and geophysical anomalies in Cava Norte, Santa Cruz, Castanhal and Jatoba.

At Caserones, exploration activity remains lower during the winter season. Exploration drilling continues in the lower portion of the mineral resource in search of higher-grade copper breccia bodies that could improve the average grade of the resource, and potentially expand it. Preparations to restart near-mine drilling at Angelica were made at the end of the quarter.

At Josemaria, preparations are underway to recommence the drilling campaign at Cumbre Verde.

Drilling started at Eagle during the quarter with two surface holes targeting a geophysical anomaly east of Eagle East. Drilling also commenced during the quarter at Neves-Corvo and focused on extending inferred resources at Lombador North and near-mine drilling at Neves Southwest.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with projects or operations in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, nickel and gold.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on November 6, 2024 at 14:30 Vancouver Time.

Technical Information

The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by Patrick Merrin, P.Eng., Executive Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Merrin has verified the data disclosed in this release and no limitations were imposed on his verification process.

Reconciliation of Non-GAAP Measures

The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the three and nine months ended September 30, 2024 which is available on SEDAR+ at www.sedarplus.com.

Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs on the Company's Condensed Interim Consolidated Statement of Earnings as follows:


Three months ended September 30, 2024



Operations

Candelaria

Caserones

Chapada

Eagle

Neves-Corvo

Zinkgruvan


($000s, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Ni)

(Cu)

(Zn)

Total

Sales volumes (Contained metal):








Tonnes

45,430

22,044

12,380

393

7,707

15,124


Pounds (000s)

100,155

48,599

27,293

866

16,991

33,342


Production costs







581,117

Less: Royalties and other







(19,133)








561,984

Deduct: By-product credits







(221,753)

Add: Treatment and refining







43,833

Cash cost

155,069

144,062

37,302

6,273

36,159

5,199

384,064

Cash cost per pound ($/lb)

1.55

2.96

1.37

7.24

2.13

0.16


Add: Sustaining capital

60,118

22,895

20,487

7,940

26,288

15,546


Royalties

4,519

6,354

2,643

162

1,226

-


Reclamation and other closure accretion and depreciation

2,416

1,061

2,374

1,473

1,381

1,149


Leases & other

1,625

17,773

956

1,489

147

79


All-in sustaining cost

223,747

192,145

63,762

17,337

65,201

21,973


AISC per pound ($/lb)

2.23

3.95

2.34

20.02

3.84

0.66



Three months ended September 30, 2023



Operations

Candelaria

Caserones

Chapada

Eagle

Neves-Corvo

Zinkgruvan


($000s, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Ni)

(Cu)

(Zn)

Total

Sales volumes (Contained metal):








Tonnes

33,668

30,385

11,445

3,640

8,799

22,042


Pounds (000s)

74,225

66,987

25,232

8,025

19,398

48,594


Production costs







615,109

Less: Royalties and other







(21,662)

Inventory fair value adjustment







(32,185)








561,262

Deduct: By-product credits







(216,150)

Add: Treatment and refining







56,261

Cash cost

162,672

106,866

57,501

16,598

44,043

13,693

401,373

Cash cost per pound ($/lb)

2.19

1.60

2.28

2.07

2.27

0.28


Add: Sustaining capital

86,693

28,849

16,716

4,989

27,357

12,350


Royalties

-

7,550

2,142

7,385

1,055

-


Reclamation and other closure accretion and depreciation

2,349

1,133

2,141

2,742

1,462

1,011


Leases & other

2,841

22,229

865

797

131

86


All-in sustaining cost

254,555

166,627

79,365

32,511

74,048

27,140


AISC per pound ($/lb)

3.43

2.49

3.15

4.05

3.82

0.56



Nine months ended September 30, 2024



Operations

Candelaria

Caserones

Chapada

Eagle

Neves-Corvo

Zinkgruvan


($000s, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Ni)

(Cu)

(Zn)

Total

Sales volumes (Contained metal):








Tonnes

108,965

87,117

29,415

4,574

21,491

49,459


Pounds (000s)

240,226

192,060

64,849

10,084

47,379

109,038


Production costs







1,754,677

Less: Royalties and other







(61,427)








1,693,250

Deduct: By-product credits







(597,173)

Add: Treatment and refining







129,361

Cash cost

438,494

481,756

113,607

39,903

107,898

43,780

1,225,438

Cash cost per pound ($/lb)

1.83

2.51

1.75

3.96

2.28

0.40


Add: Sustaining capital

220,194

100,977

74,927

15,998

76,622

43,188


Royalties

11,038

24,443

5,891

6,746

3,168

-


Reclamation and other closure accretion and depreciation

6,441

3,195

7,780

5,033

4,036

3,286


Leases & other

7,684

51,773

2,496

4,258

405

235


All-in sustaining cost

683,851

662,144

204,701

71,938

192,129

90,489


AISC per pound ($/lb)

2.85

3.45

3.16

7.13

4.06

0.83











Nine months ended September 30, 2023



Operations

Candelaria

Caserones

Chapada

Eagle

Neves-Corvo

Zinkgruvan


($000s, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Ni)

(Cu)

(Zn)

Total

Sales volumes (Contained metal):








Tonnes

105,585

30,385

30,681

10,234

23,000

48,028


Pounds (000s)

232,775

66,987

67,640

22,562

50,706

105,883


Production costs







1,438,071

Less: Royalties and other







(41,717)

Inventory fair value adjustment







(32,185)








1,364,169

Deduct: By-product credits







(495,751)

Add: Treatment and refining







125,390

Cash cost

507,884

106,866

165,170

47,228

128,206

38,454

993,808

Cash cost per pound ($/lb)

2.18

1.60

2.44

2.09

2.53

0.36


Add: Sustaining capital

300,796

28,849

52,433

15,653

74,551

42,812


Royalties

-

7,550

6,394

17,991

2,868

-


Reclamation and other closure accretion and depreciation

7,100

1,133

5,789

8,711

4,082

2,811


Leases & other

9,638

22,229

3,002

2,441

437

288


All-in sustaining cost

825,418

166,627

232,788

92,024

210,144

84,365


AISC per pound ($/lb)

3.55

2.49

3.44

4.08

4.14

0.80


Adjusted EBITDA can be reconciled to Net Earnings (Loss) on the Company's Condensed Interim Consolidated Statement of Earnings as follows:


Three months ended

September 30,


Nine months ended

September 30,

($thousands)

2024

2023


2024

2023

Net earnings

127,829

21,883


343,117

248,496

Add back:






Depreciation, depletion and amortization

200,074

179,788


582,224

430,540

Finance income and costs

39,152

36,212


111,153

67,808

Income taxes

96,940

84,891


203,668

113,983


463,995

322,774


1,240,162

860,827

Unrealized foreign exchange loss (gain)

12,901

9,096


574

(1,545)

Unrealized losses (gains) on derivative contracts

(30,613)

47,504


18,245

41,241

Ojos del Salado sinkhole (recoveries) expenses

871

(1,247)


550

15,235

Revaluation loss (gain) on marketable securities

(3,957)

3,449


(6,472)

(453)

Caserones inventory fair value adjustment

-

32,185


-

32,185

Partial suspension of underground operations at Eagle

14,813

-


24,637

-

Revaluation of Chapada derivative liability

-

370


307

2,166

Revaluation of Caserones purchase option

-

-


(11,728)

-

Write-down of capital works in progress

781

-


17,969

-

Gain on disposal of subsidiary

-

-


-

(5,718)

Other

(1,108)

990


(2,847)

(120)

Total adjustments - EBITDA

(6,312)

92,347


41,235

82,991

Adjusted EBITDA

457,683

415,121


1,281,397

943,818







Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders on the Company's Condensed Interim Consolidated Statement of Earnings as follows:


Three months ended

September 30,


Nine months ended

September 30,

($thousands, except share and per share amounts)

2024

2023


2024

2023

Net earnings attributable to Lundin Mining shareholders

101,160

(2,964)


236,632

202,765

Add back:






Total adjustments - EBITDA

(6,312)

92,347


41,235

82,991

Tax effect on adjustments

(8,135)

(20,758)


(7,921)

(23,938)

Deferred tax expense due to change in tax rate

-

25,700


-

25,700

Deferred tax arising from foreign exchange translation

(12,387)

12,317


(32,353)

(15,972)

Non-controlling interest on adjustments

(1,867)

(18,734)


2,164

(18,665)

Other

(1)

(2,648)


-

3,645

Total adjustments

(28,702)

88,224


3,125

53,761

Adjusted earnings

72,458

85,260


239,757

256,526







Basic weighted average number of shares outstanding

776,794,756

773,147,920


774,574,731

772,214,160







Net earnings (loss) attributable to shareholders

0.13

-


0.31

0.26

Total adjustments

(0.04)

0.11


-

0.07

Adjusted earnings per share

0.09

0.11


0.31

0.33

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows:


Three months ended

September 30,


Nine months ended

September 30,

($thousands)

2024

2023


2024

2023

Cash provided by operating activities

139,275

303,812


898,576

710,531

Sustaining capital expenditures

(151,173)

(180,013)


(532,236)

(523,397)

General exploration and business development

13,620

12,734


40,607

41,192

Free cash flow from operations

1,722

136,533


406,947

228,326

General exploration and business development

(13,620)

(12,734)


(40,607)

(41,192)

Expansionary capital expenditures

(49,926)

(52,662)


(193,027)

(234,831)

Free cash flow

(61,824)

71,137


173,313

(47,697)

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows:


Three months ended

September 30,


Nine months ended

September 30,

($thousands, except share and per share amounts)

2024

2023


2024

2023

Cash provided by operating activities

139,275

303,812


898,576

710,531

Changes in non-cash working capital items

165,901

12,655


90,140

(48,360)

Adjusted operating cash flow

305,176

316,467


988,716

662,171







Basic weighted average number of shares outstanding

776,794,756

773,147,920


774,574,731

772,214,160

Adjusted operating cash flow per share

$ 0.39

0.41


1.28

0.86

Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's condensed interim consolidated balance sheet as follows:

($thousands)

September 30, 2024

December 31, 2023

Debt and lease liabilities

(1,692,718)

(1,273,162)

Current portion of total debt and lease liabilities

(397,141)

(212,646)

Less deferred financing fees (netted in above)

(8,230)

(6,374)


(2,098,089)

(1,492,182)

Cash and cash equivalents

295,540

268,793

Net debt

(1,802,549)

(1,223,389)

Lease liabilities

260,895

277,208

Net debt excluding lease liabilities

(1,541,654)

(946,181)

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; expansion projects and the realization of additional value; expectations regarding, including the ability and timing to complete, the acquisition of Filo Corp. and the establishment and operation of a 50/50 joint arrangement with BHP and the anticipated project development and other plans and expectations with respect to such acquisition and joint arrangement; the Company's integration of acquisitions and expansions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, zinc, gold, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions, including the completion of the acquisition of Filo Corp., the establishment of the 50/50 joint arrangement with BHP and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company's operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; the inability to currently control Filo Corp. and the ability to satisfy the relevant conditions and complete the acquisition of Filo Corp. and establish the 50/50 joint arrangement with BHP on the proposed terms and schedule; risks associated with acquisitions, expansions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures, joint arrangements and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; mining rates and rehabilitation projects; mill shut downs; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the three and nine months ended September 30, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.com under the Company's profile.

All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all 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.

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

Cision View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-third-quarter-2024-results-302298028.html

© 2024 PR Newswire
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