Lundin Mining Corporation

Good day and thank you for standing by. Welcome to the Lundeen Mining Second 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 will 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 speaker today, Jacqueline Dean, President and CEO. Please go ahead.

Good morning and welcome to our 2025 second quarter conference call. A press release and presentation summarizing the financial results for the quarter is available on our website where a replay of this call will be available. All figures presented today are in U.S. dollars and less otherwise noted. Before we begin, please note that today's presentation will include forward-looking statements that are subject to various risks and uncertainties. We encourage you to review the cautionary statements on slide two, as well as the forward-looking information disclaimer in our MD&A and related filings available on CDAR. With me on the call today are two members of our senior executive team, our Chief Operating Officer, Juan Andres Morel, and our Chief Financial Officer, Tyler Polson. On June 18th, we held our first ever Capital Markets Day, where we outlined our strategic vision and financial outlook to support our growth ambitions. We have set a target to become a top 10 global copper producer, targeting over 500,000 tons per year of copper, as well as over 550,000 ounces of gold. To support our strategic vision, we highlighted multiple near-term growth initiatives at our existing operations in addition to the longer-term opportunity that is presented with the Vicuña project. The mineral resources contained within this project establishes Vicuña as one of the world's largest copper, gold, and silver mineral resources. There is a replay of the CMD available on our website where the audience can go to view to get the full overview as well as highlights from the day. On April 16th, we completed the sale of our two European mines to Boliden. This transaction generated cash proceeds of 1.4 billion, and the use of the proceeds went towards fully repaying and canceling the company's Casaronas term loan and towards substantially paying down the outstanding balance on our revolving credit facility, bringing our net debt, excluding lease liabilities, down to about 135 million as at the end of Q2. As a result, our reporting now focuses solely on our four continuing operations, which are Candelaria, Casaronas, Chapada, and Eagle. In May, we announced the initial mineral resource at Field El Sol, demonstrating one of the world's largest copper, gold, and silver resources. Combined together with the updated mineral resource of Jose Maria, the project contains 38 million tons of copper, over 80 million ounces of gold, and nearly 1.4 billion ounces of silver, making it a truly unique asset. Also during the quarter, we published our 2024 sustainability report, highlighting the company's environmental, health and safety, governance, and social performance. We are proud to note that in 2024, based on our recalculated 2019 baseline emissions, which now include Casaronas, our Scope 1 and Scope 2 emissions targets for 2030 has been achieved. Even without the inclusion of Cacerones, our other operations reached 91% of the emissions reduction target. This was primarily due to Candelaria expanding its contractual agreement to purchase 100% of its electricity from renewable sources with zero carbon emissions in 2024. Our full sustainability report can be found on our website under the sustainability page. Importantly, there were no major injuries in the first half of the year, and the total recordable injury frequency rate, our TRIF, was the lowest in 10 years at 0.33. The team's strong safety performance in the first half of the year reflects our shared commitment to identifying and mitigating critical risks. Our continued proactive efforts are driving meaningful improvement to the critical controls we are implementing. Now touching on Q2 2025 highlights. Copper production for the quarter totaled 80,000 tons, higher than Q1, primarily driven by a strong performance at Candelaria and Casaronas, along with improved copper and gold grades at Chapada. In the first half of the year, we produced 157,000 tons of copper, keeping us on track to meet our annual copper production guidance range of 303,000 to 330,000 tons. Gold production also increased significantly quarter over quarter from 32,000 ounces to 38,100 ounces this quarter, positioning us well again to achieve the full year guidance range of 135,000 to 150,000 ounces of gold. This year, we included a consolidated copper cash cost range in our annual guidance. During the quarter, we produced copper at a consolidated cost of $1.92 a pound, coming in below our revised guidance range of 195 to $215 a pound, which was supported by strong by product credits and gold prices. Our operations delivered close to 1 billion in revenue supported by strong gold and copper prices, 395 million in adjusted EBITDA, and 277 million in adjusted operating cash flow. This quarter, we declared our 36th regular quarterly dividend, which has been adjusted down to just under 3 cents a share per quarter, making room for 4.6 million shares to be repurchased under our NCIB program in Q2. Year-to-date, we have bought back 12.6 million shares, representing approximately 104 million U.S. in share repurchases. Our updated shareholder distribution policy targets approximately 220 million in annual returns, combining an annualized dividend of 11 cents per share with 150 million in share buybacks under our NCID program. I will now pass the call over to Juan Andres, our Chief Operating Officer, to talk about our production results in more detail.

Juan Andres- Thank you, Jack, and good morning, everyone. The company is tracking to production guidance on consolidated basis for copper, gold, and nickel for 2025. As mentioned earlier, copper production for the company was 80,000 tons for the quarter, and 157,000 tons for the first half of the year. Gold production for the quarter totaled approximately 38,000 ounces and 70,000 ounces for the first half of the year. At Candelaria, copper production for the quarter totaled 37,000 tons, along with 20,500 ounces of gold. Operationally, Candelaria performed well during the quarter, and softer mill feed continued into the first part of Q2. This drove higher throughput in the mill, which processed 7.8 million tons in the period. In the first half of the year, Candelaria produced 74,000 tons of copper and 41,500 ounces of gold. We anticipate steady production levels for the second half of the year, which keeps Candelaria firmly on track to meet full year guidance for copper and gold. At Cacerones, copper production reached 29,300 tons in Q2 and 58,000 tons for the first half of the year. All mill was in line with planned production despite unplanned downtime caused by a blockage in the primary crusher. In the second half of the year, it is expected that copper head grades will improve to approximately 0.4%. Cattle production continued to outperform expectations with 5,800 tons produced in the quarter. driven by the increased material placed on the leach packs. In the quarter, Chapada produced 11,300 tons of copper and 17,500 ounces of gold. Performance improved due to higher grades and better copper recoveries from increased processing of fresh ore and reduced reliance on stockpiled materials. Production at Chapada is expected to be slightly weighted toward the second half of the year and on a quarterly basis similar to production levels in Q2. At Eagle, nickel production was 2,700 tons and copper production was 2,500 tons for the quarter. Equipment availability and power outage during the period limited throughput. We expect these to improve in the second half of the year. and or availability are expected to normalize, which will support the annual guidance forecast for the year. I will now turn the call over to Tyler to provide the summary on our financial results.