Lundin Mining Corporation

Good day and thank you for standing by. Welcome to the Lending Mining First Quarter 2025 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After 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 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jack Lundin, President and CEO. Please go ahead.

Good morning, and thank you everyone for joining Lundin Mining's first quarter 2025 conference call. Yesterday, we reported our operating and financial results for Q1. Copy of our press release containing the details of the quarter and the presentation are available on our website, where a replay will also be made available. All figures presented are in US dollars unless otherwise noted. I would like to remind everyone that yesterday's results and certain comments on the call include forward-looking information. I will draw your attention to the cautionary statements on this slide for reference and our latest relevant filings on CDAR. On the call with me today, I'm joined by my colleagues, Titor Paulson, our Executive Vice President and Chief Financial Officer, and Juan Andres Morel, our Executive Vice President and Chief Operating Officer. We will be presenting our figures from continuing operations, Candelaria, Casaronas, Chapada, and Eagle. Touching on the highlights from Q1, quarterly copper production for the company was 76,774 tons, while gold production was 31,849 ounces, which keeps us on track to meet our annual guidance of between 303 to 330,000 tons of copper and 135 to 150,000 ounces of gold. The operational performance supported by strong gold prices in the quarter translated into another quarter of almost a billion dollars in revenue, $388 million in adjusted EBITDA, and $337 million in adjusted operating cash flow, which excludes the impact of a working capital build of $215 million. When we released our annual guidance in January, we introduced a consolidated cash cost range. For the quarter, we produced copper at $2.07 a pound, which is in the lower end of our cash cost guidance range for the year between $2.05 and $2.30 a pound. In addition to the operations performing as per plan, the company executed on a number of strategic initiatives that I will touch on in the next slide. On April 16th, outside the current earnings period, we successfully completed the sale of our European assets Nevis Corvo and Zinc Rubin for cash proceeds of 1.4 billion US dollars. Following receipt of those proceeds, we paid off and canceled our term loan of $1.15 billion and repaid a portion of the debt drawn on our revolving credit facility, all of which has significantly strengthened our balance sheet in support of our future growth opportunities. In March, the company entered into an auction agreement with Talon Metals to acquire a highly prospective exploration project called Boulder Dash adjacent to the company's Eagle Mines. This transaction provides a low-risk, high-potential opportunity that could extend the mine life at Eagle if exploration continues to be successful, improving out an economic ore body. During the quarter, Lundy Mining also announced a new shareholder distribution policy that commits an annual return of approximately $220 million per year to shareholders. This is in line with previous annual distributions, but we have increased the level of share buybacks and adjusted the dividend to maintain the set amount. On an annualized basis, we are now paying a dividend yield, which is in line with our peers. In February, we updated our mineral resource and mineral reserve statement for our operating assets. where we were able to successfully offset mine depletion and replace reserves associated with the sale of Nevis Corvo and Zinc Reuven. This past Monday, we announced the impressive initial mineral resource estimate for the Vicuña project, outlining the world's largest advanced stage copper, gold, silver development project, of which Lundin Mining owns 50% alongside our partnership with BHP. On January 15th, we closed the transaction to jointly acquire FiloCorp, and the mineral resource announcement is the first major milestone for the joint venture. It forms the basis for our upcoming integrated technical report that will continue to outline a multi-phase development plan for the district in the emerging Argentinian mining province of San Juan. I will now hand the call over to Juan Andres, our COO, to walk us through in more detail the company's production results.

Thank you, Jack, and good morning, everyone. The company is tracking to production guidance on a consolidated basis for all metals in 2025. As Jack mentioned, copper production for continuing operations for the company was 77,000 tons, and gold production was 32,000 ounces for the border. At Candelaria, production was 37,000 tons of copper and 21,000 ounces of gold. During the quarter, throughput was positively impacted by softer than anticipated ore from sections in the phase 11 in the open pit. This is expected to continue into the first part of the second quarter. Overall, production at Candelaria is striking to guidance. Pasadena has performed well this quarter, and throughput was positively impacted by improvements to operation from the full potential program underway. During the quarter, the mill processed 8.7 million tons, which is a quarterly record for Cacerones. In addition, cathode production was strong at 6,500 tons due to continued benefits from ore material being placed on the pads and higher aggregation rates on the dung leach. Cacerones is tracking to guidance for the full year. Production at Chapada will be modestly weighted to the second half of the year. During the quarter, Chapada produced 8,900 tons of copper and 11,000 ounces of gold. Results were driven by an increase in stockpiling material to the mill, which led to lower recoveries for the period. Grace and copper recoveries are expected to increase in the second half of the year due to higher contributions from fresh ore and less stockpiling material processed. Chapada is tracking to guidance for the year for both copper and gold. At Eagle, nickel production was 2,300 tons and copper production was 2,100 tons for the border. Ramp rehabilitation at Eagle East has been completed after the fall of ground in Q2 2024, and normal production levels are expected for the remainder of 2025. Mine sequencing and grades are expected to normalize in Q2, which will support the annual guidance forecast for the year. In the first quarter, we experienced impacts from winter weather that affected the ore haulage, which affected mining rates and mill throughput. Overall, we have had a good start of the year, and production is tracking to guidance for 2025. I will now turn the call over to Tyler to provide the summary on our financial results.