Lundin Mining Corporation

Good day, and thank you for standing by. Welcome to the Lundin Mining Fourth Quarter 2024 In-Year and Financial Results Conference Call. At this time, all participants are in listen-only mode. Under the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You'll then hear automated message, you're advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I'd like to hand the conference over to your first speaker today, Jack Lundeen, President and CEO. Please go ahead.

Good morning, and welcome to Lundeen Mining's full year and fourth quarter 2024 earnings call. Last night, we reported our operating and financial results. A copy of our news release and presentation are available on the Lundin Mining website, where a replay of this webcast will also be made available. All figures presented today are in U.S. dollars unless otherwise noted. Before we begin our presentation, I would like to remind everyone that yesterday's results and certain comments on the call include forward-looking statements. Please refer to the cautionary statements on slide two for reference. Joining me on the call today is Titor Poulsen, our CFO, and Juan Andres Morel, our COO, to present the financial and operating results for the company. 2024 was a milestone year for the company. We posted record copper and zinc production for the year, which translated to strong financial results for Lundin Mining. On the business development front, we increased our ownership in the Casaronas mine from 51% up to 70%, which contributed just under 24,000 tons of annualized attributable copper production to the company in 2024, as these benefits were realized from the 1st of January and equates to approximately $14,500 per ton acquisition cost, which is highly accretive for our portfolio. In July 2024, the company announced the acquisition of Filo Corp, owner of the Filo del Sol Copper Gold Silver project with BHP valued at $3 billion and the 50% sale of the Jose Maria project to BHP for $690 million to form a 50-50 joint venture called Vicuña Corp. This transaction recently closed on January 15th and Vicuña is currently operating as an independent JV unifying the Filo and Jose deposits. The transaction was the largest copper miner acquisition in 2024 and a top five M&A deal in the sector last year. 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 Jose Maria 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 phase construction of the district in Argentina. In December, we announced the sale of Nevis Corvo and Zinc Reuven to Boliden for a consideration of up to $1.52 billion. This transaction streamlines our portfolio by reducing the number of operating assets from six to four and removes two operating jurisdictions. while simultaneously strengthening the company's balance sheet to support our ambitious growth plans in the Vicuna District. We updated our mineral reserves and resources, which contains approximately 10.8 million tons of proven and probable copper reserves. We successfully offset mine depletion and replaced reserves associated with the pending sale of our European assets driven by a combination of the field acquisition, which adds an oxide mineral reserve and continued success from conversion drilling, mainly at Candelaria. Lundin Mining also celebrated its 30th anniversary in 2024, reflecting our longstanding legacy of creating value in the base metal sector, a great milestone and a testament to the amazing people that have worked and continue to work within the organization. Operationally, our assets performed well, delivering on guidance in all consolidated metal categories. As mentioned, annual copper production was another record for the company at 369,072 tons, and zinc production hit a new record at 191,704 tons. We produced also 158,000 ounces of gold in the year. Candelaria had one of its best half-year performances in its 30-year history, producing nearly 100,000 tons in the second half of 2024. We generated adjusted EBITDA of $1.7 billion, $1.46 of which was coming from our continuing operations when excluding Nevis Corvo and Zinc Rubin, and free cash flow from operations of $873 million during the year. In 2024, we directly returned $227 million in dividends and buybacks. Of note, we purchased 3.3 million shares under our NCIB program in December. I will now hand it over to Juan Andres to go through the operational results in more detail. Thank you, Jack, and good morning, everybody.

We previously released our production results earlier this year, and today I will speak briefly to some of the details provided in our year-end release. As mentioned earlier, the company met metal production guidance on consolidated basis for all metals in 2024. Copper production was a record for the company at 369,000 tons for the year and 101,000 tons for the quarter. Gold production for the fourth quarter was approximately 46,000 ounces, and for the full year, 158,000 ounces, which was in line with guidance. Candelaria had a strong second half, producing almost 100,000 tons of copper. In the fourth quarter, the mill processed 7.6 million tons of ore and produced 49,000 tons of copper. Full year production at Candelaria was 162,000 tons of copper. which was just under guidance as higher grade material in the second half of the year trade off in December, which was expected to continue to the end of the year. Cacedones performed well and hit the midpoint of the original guidance of 120,000 to 130,000 tons. The labor action in Q3 impacted overall production for the year. During the fourth quarter, the mine produced 32,000 tons of copper, Higher production volumes were driven by higher throughputs, which totaled 8.8 million tons for the quarter, with an average of 4,300 tons per hour, also a record for Cacerones. Checkpata was second half of the year weighted. During the fourth quarter, throughput was good at 5.9 million tons, which produced 12,300 tons of copper. Combined with higher grade, it was the best quarter of the year. In the first half of the year, Chapada produced 19,300 tons versus the second half at 24,000 tons of copper for a total on a full year basis of 43,300 tons. Zinc production was higher quarter over quarter at 52,000 tons and a new quarterly record, which contributed to a yearly zinc production record for the company. Production at Neves Corvo was 28,000 tons of zinc and production at Zingruben was 24,000 tons for the quarter. In December, we announced the sale of Neves Corvo and Zingruben to Boliden for a total consideration of up to $1.52 billion. We expect this transaction to close in the second quarter of this year. As such, these assets are held in our portfolio as discontinued operations. On consolidated basis for the year, Lundin mining produced 192,000 tons of zinc, which was in line with 2024 guidance. Nickel production was 1,600 tons for the quarter and 7,500 tons for the year, which was in line with the revised guidance for EGLE. The fall of ground that occurred in the lower ramp in the second quarter impacted production in the second half of the year. This has been remediated, and we expect throughputs to return to normal this quarter and for the remainder of 2025. We continue to see progress at our assets, and 2024 was a good year. The team will continue to focus on operational improvements in 2025 to drive margins and improve the cost profile of our assets. Thank you. I will now turn the call over to Tyler to provide financial summary.