Lundin Mining (TSE:LUN) Full Year 2024 ResultsKey Financial Results

• Revenue: US$3.42b (up 25% from FY 2023).

• Net income: US$11.1m (down 95% from FY 2023).

• Profit margin: 0.3% (down from 7.4% in FY 2023).

• EPS: US$0.014 (down from US$0.26 in FY 2023).

LUN Production and Reserves

Copper

• Production: 0.25 Mt (0.22 Mt in FY 2023)

• Proved and probable reserves (ore): 3,391 Mt (3,179 Mt in FY 2023)

• Number of mines: 4 (6 in FY 2023)

Zinc

• Production: 0.192 Mt (0.185 Mt in FY 2023)

• Proved and probable reserves (ore): 50.07 Mt (53.82 Mt in FY 2023)

• Number of mines: 2 (2 in FY 2023)

Gold

• Production: 139.4 troy koz (131 troy koz in FY 2023)

• Proved and probable reserves (ore): 2,466 Mt (2,269 Mt in FY 2023)

• Number of mines: 2 (2 in FY 2023)

TSX:LUN Revenue and Expenses Breakdown February 25th 2025

All figures shown in the chart above are for the trailing 12 month (TTM) period

Lundin Mining Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 161%.

The primary driver behind last 12 months revenue was the Candelaria – Chile segment contributing a total revenue of US$1.62b (47% of total revenue). Notably, cost of sales worth US$1.91b amounted to 56% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling US$769.7m were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how LUN's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Metals and Mining industry in Canada.

Performance of the Canadian Metals and Mining industry.

The company's shares are down 2.8% from a week ago.

Risk Analysis

It's still necessary to consider the ever-present spectre of investment risk. We've identified 3 warning signs with Lundin Mining, and understanding them should be part of your investment process.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Teck Resources Limited TECK reported fourth-quarter 2024 adjusted earnings per share (EPS) of 33 cents, beating the Zacks Consensus Estimate of 22 cents. The bottom line marked a substantial improvement from the earnings per share of 3 cents in the year-ago quarter. The last year’s quarter’s earnings has been adjusted by Teck Resources to reflect the sale of the steelmaking coal business or Elk Valley Resources (“EVR”) in the third quarter of 2024. Including the business, earnings in the fourth quarter of 2023 was previously at $1.02.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The increase was primarily led by higher base metal prices and increased copper and zinc in concentrate sales volumes.Including one-time items, the company reported EPS of 56 cents in the fourth quarter of 2024 compared with the year-ago quarter’s EPS of 68 cents.

Teck Resources Ltd Price, Consensus and EPS Surprise

 

Teck Resources Ltd price-consensus-eps-surprise-chart | Teck Resources Ltd Quote

TECK’s Q4 Sales Rise Y/Y, Margins Improve

Net sales amounted to $1.99 billion, indicating a 47% year-over-year improvement. The top line surpassed the consensus estimate of $1.86 billion.The gross profit was CAD$542 million ($387 million), skyrocketing 256.6% from the year-ago quarter. The gross margin was 19.5% compared with the year-ago quarter’s 8.2%.The adjusted EBITDA was CAD$835 million ($596 million), which soared 160% from the year-earlier period. The EBITDA margin was 30% in the quarter under review compared with the year-ago quarter’s 17.4%.

Teck Resources’ Q4 Segmental Performances

The Copper segment’s net sales improved 46.6% year over year to CAD1.67 billion ($1.19 billion), attributed to higher production and copper prices.Total copper production was a record 122,100 tons, 18.4% higher than the fourth quarter of 2024. Copper in concentrate production from QB was 60,700 tons in the fourth quarter, reflecting an ongoing ramp-up from 52,500 tons in the third quarter of 2024.The segment’s gross profit skyrocketed 269% year over year to CAD$299 million ($214 million), attributed to higher copper prices and sales volume, offset by the depreciation of QB assets.The Zinc segment’s net sales jumped 58.6% year over year to CAD$1.11 billion ($0.79 billion) on improved zinc prices and sales volumes. The segment’s gross profit marked a year-over-year surge of 242% to CAD$243 million ($176 million). This was attributed to higher zinc prices, lower zinc treatment charges, and substantially advanced silver and lead by-product revenues.

TECK’s Cash Flow & Balance Sheet

Teck Resources generated a cash flow of CAD$1.29 billion ($0.92 billion) from operating activities in the fourth quarter of 2024, up 14.4% year over year. The company had cash and cash equivalents of CAD$7.59 billion ($5.12 billion) at the end of 2024 compared with CAD$0.7 billion at the end of 2023. The upside was driven by the sale of EVR in 2024.

Teck Resources’ Guidance

The company’s copper production is anticipated to be 490,000-565,000 tons. The zinc production is projected between 525,000 tons and 575,000 tons. Refined zinc is estimated between 190,000 tons and 230,000 tons.

TECK’s FY24 Results

Teck Resources reported an adjusted EPS of $1.91 in 2024, beating the Zacks Consensus Estimate of $1.63. The company provided restated adjusted earnings per share of  41 cents for 2023.Including one-time items, the company reported an EPS of 57 cents in 2024 compared with $3.40 in 2023.Net sales amounted to $6.48 billion in 2024, indicating a 40% year-over-year increase. The top line beat the Zacks Consensus Estimate of $6.31 billion.

Teck Resources Stock’s Price Performance

The company’s shares have gained 7.5% in the past year against the industry’s 1.5% decline.

 

Zacks Investment Research

Image Source: Zacks Investment Research

 TECK’s Zacks Rank

Teck Resources currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Teck Resources’ Peer Performances

Reliance, Inc. RS recorded earnings of $2.22 per share, down from $4.73 a year ago. It lagged the Zacks Consensus Estimate of $2.74.The company recorded net sales of $3.13 billion, down 6.3% year over year. The top line beat the Zacks Consensus Estimate of $3,079 million. RS benefited from higher shipments amid headwinds from weaker metals pricing in the quarter.Nexa Resources S.A. NEXA reported a fourth-quarter 2024 adjusted loss per share of $1.00, missing the Zacks Consensus Estimate of earnings of 35 cents. NEXA incurred a loss of 1 cent in the year-ago quarter. Nexa Resources posted sales of $740.9 million, beating the Zacks Consensus Estimate of $700 million. It reported sales of $630 million in the year-ago quarter.Cameco Corporation CCJ posted fourth-quarter 2024 adjusted earnings per share of 26 cents, beating the Zacks Consensus Estimate of earnings of 23 cents. CCJ reported an EPS of 15 cents in the year-ago quarter.CCJ posted sales of $846 million, beating the Zacks Consensus Estimate of $753 million. It reported sales of $620 million in the year-ago quarter.

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This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

WHITE ROCK, BC / ACCESS Newswire / February 24, 2025 / Honey Badger Silver Inc. (TSXV:TUF)(OTCQB:HBEIF) ("Honey Badger" or the "Company") is pleased to announce that based on geological and geophysical criteria, six (6) high priority exploration targets have been identified, comprising two (2) high priority conductors (R-6 and R-9), and 11 lower priority conductors located on the current Raptor claim block (see Figure 1) and an additional four (4) high priority conductors (M-1, M-2, M-3 and M-6) and 10 lower priority conductors located on the current main Yava claim (and lease) block (see Figure 2). These targets have not yet been drill-tested.

Conductor M-3, located 1.25km northwest of the Yava Main Zone, has a 500m strike length and is associated at surface with mineralization in outcrop where a grab sample assay in 2007, returned values of 1.2 ppm gold (Au), 4,960 ppm silver (Ag), 3.5% lead (Pb) and 1.5% zinc (Zn)* (see Figure 3).

Another sample, collected in 2004, located 650 m north of the M-3 target/conductor, comprised sulphide-rich mineralization that was later named the Yava North Zone and returned analytical values of 0.17 ppm Au and 3,452 ppm Ag* (see Figure 3). Geological evidence suggests that the silver-rich sulphide mineralization at the M-3 and Yava North zones represent part of a significant volcanogenic massive sulphide (VMS) footwall stringer zone that appears to be a northwestern projection of the Yava Main Zone mineralized horizon. This second mineralized system on the main Yava claim/lease block, along with the remainder of the strike extent of the Yava Main Zone mineralized horizon, represents an additional priority for future exploration at the property.

The identification of these targets enhances the discovery potential of the Yava Project, where the Company tripled its land position by staking claims over favorable ground shortly after acquiring the property in October 2024.

The Company's CEO, Dorian L. (Dusty) Nicol, commented, "The identification of these targets confirms our belief that Yava has tremendous discovery potential above and beyond the currently identified historical resource. The project's location only 45 kilometres from Glencore's Hackett River project, one of the largest undeveloped silver resources in the world (113 million ounces Indicated plus 232 million ounces Inferred) and on the same belt of volcanic rocks, testifies to the favorable geology and discovery potential of Yava. We are continuing data review and planning a field program to field check these new targets and continue advancing Yava toward a new discovery."

Figure 1. High and low priority geophysical targets on the Raptor Zone claim block.

Figure 2. High and low priority geophysical targets on the Yava Main Zone claim/lease block.

Figure 3. Yava Main Zone compilation with priority exploration targets.

*Grab rock samples, by their nature, are selective samples and may not represent underlying mineralization.

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver (and 201.3 million pounds of zinc) Indicated and 13.9 Moz of silver (and 247.8 million pounds of zinc) Inferred (1)(3) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has a historic resource of 5.5 Moz of silver and 1.3 billion pounds of zinc (2)(3). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002 (2,3). A qualified person has not done sufficient work to classify the foregoing historical resources as current mineral resources and the Company is not treating the estimates as current mineral resources. The historical resource estimates are provided solely for the purpose as an indication of the volume of mineralization that could be present. Additional work, including verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral resources.

(1) Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold.

(2) Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

(3) Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."

ON BEHALF OF THE BOARD

Dorian L. (Dusty) Nicol, CEO

For more information please visit our website www.honeybadgersilver.com or contact Mrs. Sonya Pekar for Investor Relations | spekar@honeybadgersilver.com | +1 (647) 498-8244.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE: Honey Badger Silver Inc.

View the original press release on ACCESS Newswire

Written by Amy Legate-Wolfe at The Motley Fool Canada

If you’re looking to kick off 2025 with a smart investment, putting $500 into a couple of strong Canadian stocks could be a great way to start the year. While tech stocks and artificial intelligence (AI) plays often get the spotlight, the real opportunities might be in the commodities sector. Two Canadian stocks that stand out are Teck Resources (TSX:TECK.B) and Lundin Mining (TSX:LUN). Both are well-established players in the mining industry, and with the global demand for metals expected to rise, could be solid picks for investors looking for long-term growth.

Teck

Teck Resources is one of Canada’s largest diversified mining companies, producing copper, zinc, and energy products. Teck’s stock price reflects steady growth as the Canadian stock continues to expand operations, particularly in copper production, which is crucial for everything from electric vehicles to renewable energy projects. The company’s most recent earnings report showed earnings per share of $0.42, which exceeded analyst estimates of $0.27. This strong performance highlights Teck’s ability to navigate volatile commodity markets while maintaining profitability.

Looking ahead, Teck has ambitious plans for 2025. The Canadian stock is increasing its copper production, expecting higher ore grades and improved efficiencies to drive growth. With global demand for copper surging due to the energy transition, Teck is in a strong position to capitalize on these trends. Moreover, the Canadian stock has a healthy balance sheet, with $7.2 billion in cash and a current ratio of 2.9, meaning it has plenty of liquidity to weather any short-term economic fluctuations.

Lundin

Lundin Mining is another standout choice for investors looking to get exposure to the mining sector. The Canadian stock focuses on base metals like copper, zinc, and nickel, all of which are essential for the modern economy. While Lundin operates on a smaller scale compared to Teck, its production levels have been impressive. The Canadian stock recently announced record-breaking production numbers, hitting 369,067 tonnes of copper and 191,704 tonnes of zinc for 2024, aligning with their previous guidance.

Looking forward to 2025, Lundin has projected copper production between 303,000 and 330,000 tonnes. The Canadian stock expects its consolidated cash costs to range from $2.05 to $2.30 per pound, indicating that it is maintaining efficiency even as production levels fluctuate. With demand for base metals expected to remain high, particularly in sectors like electric vehicles, construction, and electronics, Lundin is well-positioned to deliver steady growth.

A winning pair

Both Teck and Lundin benefit from strong commodity prices and global demand for metals. Copper, in particular, is expected to see sustained growth as governments and industries invest heavily in clean energy infrastructure. While commodity stocks can be volatile, these two Canadian stocks have solid financials and clear growth plans. Making them compelling options for investors looking to start the year with a strong position in the market.

For investors with $500 to invest, splitting it between these two stocks could be a smart move. Teck offers the stability and scale of a large-cap mining company, while Lundin provides exposure to a more focused base metals operation with significant growth potential. Together, these offer a balanced way to gain exposure to the ongoing demand for essential resources.

Bottom line

Of course, all investments come with risks, and commodity stocks can be sensitive to fluctuations in global economic conditions, trade policies, and supply chain disruptions. However, both Teck and Lundin have shown resilience in past downturns. And long-term growth prospects remain strong. For those willing to ride out short-term volatility, these Canadian stocks could deliver strong returns in the years to come.

The post Got $500? Buy These Canadian Stocks to Supercharge 2025 appeared first on The Motley Fool Canada.

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2025

Teck Resources Limited (TSE:TECK.B) will pay a dividend of CA$0.125 on the 31st of March. This payment means the dividend yield will be 1.7%, which is below the average for the industry.

View our latest analysis for Teck Resources

Estimates Indicate Teck Resources' Dividend Coverage Likely To Improve

If it is predictable over a long period, even low dividend yields can be attractive. The company is paying out a large amount of its cash flows, even though it isn't generating any profit. This makes us feel that the dividend will be hard to maintain.

Looking forward, earnings per share is forecast to rise exponentially over the next year. If the dividend extends its recent trend, estimates say the dividend could reach 43%, which we would be comfortable to see continuing.

TSX:TECK.B Historic Dividend February 22nd 2025Dividend Volatility

The company's dividend history has been marked by instability, with at least one cut in the last 10 years. The annual payment during the last 10 years was CA$0.90 in 2015, and the most recent fiscal year payment was CA$1.00. This means that it has been growing its distributions at 1.1% per annum over that time. The dividend has seen some fluctuations in the past, so even though the dividend was raised this year, we should remember that it has been cut in the past.

The Company Could Face Some Challenges Growing The Dividend

With a relatively unstable dividend, it's even more important to see if earnings per share is growing. Teck Resources has impressed us by growing EPS at 29% per year over the past five years. The company hasn't been turning a profit, but it running in the right direction. If this trajectory continues and the company can turn a profit soon, it could bode well for the dividend going forward.

Teck Resources' Dividend Doesn't Look Sustainable

Overall, we don't think this company makes a great dividend stock, even though the dividend wasn't cut this year. In general, the distributions are a little bit higher than we would like, but we can't ignore the fact the quickly growing earnings gives this stock great potential in the future. We would be a touch cautious of relying on this stock primarily for the dividend income.

Companies possessing a stable dividend policy will likely enjoy greater investor interest than those suffering from a more inconsistent approach. However, there are other things to consider for investors when analysing stock performance. Earnings growth generally bodes well for the future value of company dividend payments. See if the 11 Teck Resources analysts we track are forecasting continued growth with our free report on analyst estimates for the company. Is Teck Resources not quite the opportunity you were looking for? Why not check out our selection of top dividend stocks.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

• Revenue: $4.1 billion for the full year, including $695 million from discontinued operations.

• Adjusted EBITDA: $1.7 billion for the year, including $426 million in the fourth quarter.

• Free Cash Flow: $873 million for the year.

• Net Debt: Just over $1.3 billion, excluding capital leases.

• Copper Production: Record 369,072 tonnes for the year.

• Zinc Production: Record 191,704 tonnes for the year.

• Gold Production: 158,000 ounces for the year.

• Cash Costs: Candelaria at $1.73 per pound, Caserones at $2.51 per pound, Chapada at $1.58 per pound.

• Capital Expenditures: Sustaining CapEx of $704 million for the year.

• Dividends and Buybacks: $227 million returned through dividends and buybacks.

• Share Buyback: 3.3 million shares purchased under NCIB program in December.

• Ownership Increase: Caserones ownership increased from 51% to 70%.

• Major Acquisition: Acquisition of Filo Corp. valued at $3 billion.

• Asset Sale: Sale of Neves-Corvo and Zinkgruvan for up to $1.52 billion.

• Warning! GuruFocus has detected 7 Warning Signs with LUNMF.

Release Date: February 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Lundin Mining Corp (LUNMF) achieved record copper and zinc production in 2024, with copper production reaching 369,072 tonnes and zinc production at 191,704 tonnes.

• The company increased its ownership in the Caserones mine from 51% to 70%, adding approximately 24,000 tonnes of annualized attributable copper production.

• Lundin Mining Corp (LUNMF) formed a joint venture with BHP called Vicuna Corp, positioning the company as a top-tier copper producer.

• The sale of Neves-Corvo and Zinkgruvan to Boliden for up to $1.52 billion is expected to streamline the company’s portfolio and strengthen its balance sheet.

• The company generated adjusted EBITDA of $1.7 billion and free cash flow from operations of $873 million in 2024.

Negative Points

• Copper sales volumes were negatively impacted by weather-related delays, resulting in approximately 20,000 tonnes of copper concentrate being recognized as revenue in Q1 2025 instead of Q4 2024.

• Pricing adjustments on prior period sales negatively impacted revenues by $46 million in the fourth quarter.

• The company faced non-cash tax impairments totaling $545 million, affecting earnings during the quarter.

• The fall of ground at the Eagle mine in the second quarter impacted nickel production, although it has been remediated.

• The company is in a moderate net debt position of just over $1.3 billion, although this is expected to improve with the sale of European assets.

Q & A Highlights

Q: Are you considering a potential positive development of Jose Maria and Filo to accelerate growth opportunities? A: Jack Lundin, President and CEO, stated that they are focusing on a phased development plan. The key milestone is to update the resource on Jose Maria and introduce a maiden resource for the sulfide component of the Filo del Sol deposit. These resource estimates will form the basis for an integrated project, envisioned to be developed in phases.

Q: With large capital commitments ahead, will you continue with share buybacks or preserve cash to improve balance sheet flexibility? A: Jack Lundin emphasized their commitment to returning capital to shareholders, noting that they believe the company is trading at a discount. They will remain opportunistic with share buybacks and have declared a Q4 dividend, balancing growth opportunities with shareholder returns.

Q: What is the scope of Phase One for the Vicuna district with the joint venture now closed? A: Jack Lundin explained that Phase One will likely resemble the previous standalone plan for Jose Maria, with a focus on large-scale mining operations that allow for rapid expansion. The integrated project will be designed to facilitate a quick increase in throughput and overall size.

Q: Can you clarify the timeline and capital requirements for the Argentina development under the Rig Bill? A: Jack Lundin clarified that they have until July 2026 to sign up for the Rig Bill, which requires spending 40% of the initial capital within the first two years of starting the investment. This equates to $800 million of a $2 billion project, which they are confident in achieving given the project’s magnitude.

Q: How will the cash flow from the European assets be reflected in financial statements until the deal closes? A: Teitur Poulsen, CFO, explained that from September 1, 2024, the economic handover of these assets to Boliden means any cash generation or funding is for Boliden’s account. The firm consideration is $1.37 billion, with a 5% interest earned from September 1 until closing, contributing to a net debt-free position on a pro forma basis.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This article first appeared on GuruFocus.

Teck Resources (TSE:TECK.B) Full Year 2024 ResultsKey Financial Results

• Revenue: CA$9.07b (down 40% from FY 2023).

• Net loss: CA$800.0m (down by 133% from CA$2.44b profit in FY 2023).

• CA$1.55 loss per share (down from CA$4.70 profit in FY 2023).

TSX:TECK.B Earnings and Revenue Growth February 21st 2025

All figures shown in the chart above are for the trailing 12 month (TTM) period

Teck Resources EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates.

Looking ahead, revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Metals and Mining industry in Canada.

Performance of the Canadian Metals and Mining industry.

The company's shares are down 1.2% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. See our latest analysis on Teck Resources' balance sheet health.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

• Revenue from Sale of Steelmaking Coal Business: USD 8.6 billion.

• Cash Returned to Shareholders in 2024: USD 1.8 billion, including USD 514 million in dividends and USD 1.25 billion in share buybacks.

• Debt Reduction in 2024: USD 2.5 billion.

• Liquidity as of December 31, 2024: USD 11.3 billion, including USD 7.1 billion in cash.

• Net Cash Position as of December 31, 2024: USD 2.1 billion.

• Adjusted EBITDA in 2024: USD 2.9 billion, more than double the prior year.

• Fourth Quarter Adjusted EBITDA: USD 835 million, a 160% increase compared to the same period last year.

• Annual Copper Production in 2024: 446,000 tonnes, a 50% increase from the prior year.

• Reduction in Corporate Costs in 2024: 21% or USD 88 million compared with 2023.

• Fourth Quarter Cash Flow Generation: USD 1.3 billion.

• Fourth Quarter Cash Returned to Shareholders: USD 549 million.

• Fourth Quarter Debt Reduction: USD 275 million.

• Fourth Quarter Copper Production at QB: 67,000 tonnes.

• 2025 Copper Production Guidance: 490,000 to 565,000 tonnes.

• 2025 Copper Net Cash Unit Cost Guidance: USD 1.65 to USD 1.95 per pound.

• 2025 Zinc Production Guidance: 525,000 to 575,000 tonnes.

• 2025 Zinc Net Cash Unit Cost Guidance: USD 0.45 to USD 0.55 per pound.

• 2025 Sustaining Capital and Capitalized Stripping Guidance: CAD 1 billion to CAD 1.2 billion.

• 2025 Growth Capital Guidance: USD 625 million to USD 700 million.

• Warning! GuruFocus has detected 4 Warning Sign with HNI.

Release Date: February 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Teck Resources Ltd (NYSE:TECK) completed the sale of its steelmaking coal business, repositioning as a pure-play energy transition metals company focused on copper and zinc.

• The company announced the largest cash return to shareholders in its history, returning $1.8 billion in cash, including $514 million in dividends and $1.25 billion in share buybacks.

• Teck Resources Ltd (NYSE:TECK) reduced its debt by $2.5 billion and maintained a strong balance sheet with $11.3 billion in liquidity, including $7.1 billion in cash.

• The company set a record for annual copper production with a 50% increase from the prior year to 446,000 tonnes.

• Teck Resources Ltd (NYSE:TECK) received recognition for its sustainability leadership, being named one of Canada’s Top 100 Employers and one of the World’s Top Companies for Women in 2024.

Negative Points

• The company faces potential challenges from tariffs and trade restrictions between the US and Canada, although it does not expect a material impact on its business.

• Teck Resources Ltd (NYSE:TECK) experienced an increase in net cash unit costs for its copper segment due to the ramp-up of QB operations.

• The zinc segment’s net cash unit costs are expected to increase in 2025 due to lower zinc production and higher labor and consumable costs.

• The Highland Valley life extension project faces delays due to a challenge by an indigenous government organization, impacting the approval process.

• Trail operations were impacted by a localized fire, affecting refined zinc production, and the company is focused on maximizing profitability and cash generation from this asset.

Q & A Highlights

Q: Can you provide more details on the QB2 ramp-up and its performance since the January shutdown? A: Jonathan Price, CEO: The ramp-up is progressing well and aligns with our benchmark ramp-up timelines. The 18-day shutdown in January for maintenance and reliability work is reflected in our 2025 guidance of 230,000 to 270,000 tonnes. Post-shutdown, operations have been running according to our plans, and we are confident in achieving our guidance range.

Q: What is the planned schedule for future maintenance shutdowns at QB2? A: Jonathan Price, CEO: We expect the plant’s online time to be around 92%, implying a shutdown of about seven days each quarter. We plan to maintain this cadence throughout 2025.

Q: How does Teck plan to balance its strong balance sheet with capital allocation, shareholder returns, and potential M&A? A: Jonathan Price, CEO: Our capital allocation focuses on value creation for shareholders. We have a significant share buyback authorization and a base dividend. Excess cash will be returned to shareholders or invested in low-capital, high-return projects like Highland Valley, Zafranal, and San Nicolas. Our focus remains on organic growth rather than M&A.

Q: Can you provide an update on the potential tie-up or JV with Collahuasi? A: Jonathan Price, CEO: We recognize the potential value of a tie-up with Collahuasi and have engaged in discussions with partners. However, our primary focus is on optimizing QB’s ramp-up and debottlenecking. Discussions are confidential, but we aim to maximize value for Teck shareholders.

Q: What are the key factors influencing the decision to sanction the Zafranal project? A: Jonathan Price, CEO: Sanctioning Zafranal depends on completing studies, engineering work, and securing permits. The project’s economics, including strong IRRs and cash flow potential, are compelling. We are progressing towards a potential sanction decision, focusing on ensuring all financial metrics align with our expectations.

Q: How does Teck view its zinc segment in terms of capital allocation and future growth? A: Jonathan Price, CEO: We view capital allocation holistically, with zinc competing for capital based on returns. Zinc fundamentals are attractive, and Red Dog is a world-class operation. We aim to extend Red Dog’s life and maintain a strong position in the zinc market, supported by potential future sources like San Nicolas.

Q: What is the status of the Highland Valley life extension project, and how are you addressing indigenous concerns? A: Jonathan Price, CEO: We are in the final phases of the EA process, with a formal dispute process in place to resolve issues. We have agreements with other indigenous groups and continue to engage with SSN. We are confident in moving forward successfully and expect to sanction the project later this year.

Q: How does Teck plan to address the cash flow challenges at Trail operations? A: Jonathan Price, CEO: We are focused on profitability and cash generation at Trail, implementing cost reductions and optimizing operations. Trail is strategically important, producing critical metals like germanium. We aim to maintain its place in the portfolio by ensuring profitability and leveraging its strategic benefits.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This article first appeared on GuruFocus.

(Bloomberg) — Rio Tinto Group (RIO.L) has rebuked a call from activist investor Palliser Capital UK Ltd. to unify its dual listing into an Australian-domiciled holding company, saying tax costs would amount to billions and there was nothing to gain.

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Palliser has been asking Rio to end its London listing since May, arguing unification could “unlock $28 billion of upside in the near term” for shareholders and that the current structure had cost investors $50 billion.

“The Board firmly rejects Palliser’s claim of $50 billion of lost value over the past 30 years, of which Palliser states $35.6 billion is attributable to structural impediments caused by the DLC structure,” Rio said. “Contrary to Palliser’s claims, unification is not a low-cost decision from a tax perspective.”

Glencore Plc (GLEN.L), another mining giant, on Wednesday said it’s studying whether to move its primary listing away from London, as a flux of companies exit the UK capital in search of deeper liquidity and heftier valuations. BHP Group (BHP) did so in 2022, while oil major Shell Plc (SHEL.L) has been considering a move to the US.

Rio’s board said it conducted an independent review of the listing structure last year, but failed to find any benefits. The company recommended shareholders vote against a Palliser motion to engage an independent firm to conduct another study.

Rio’s share register is far more weighted to London compared with BHP’s at the time. It has about three-quarters of its stock listed in the UK.

 

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(Bloomberg) — The world’s biggest miners, having cashed in on China’s once-rampant demand for iron ore, are starting to reel from the impact of their main customer’s economic struggles.

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BHP Group Ltd., Rio Tinto Group and Fortescue Ltd. in Australia, and Brazil’s Vale SA, all posted weaker profits this week, after prices of the steel-making staple beat a retreat in the face of China’s prolonged property crisis and its impact on construction demand in the world’s second-biggest economy. The firms most exposed to iron ore fared the worst.

Iron ore was one of the worst-performing major commodities in 2024, losing more than a quarter of its value, with the average price of benchmark futures falling about 7% from the previous year. The Singapore market peaked above $140 a ton before dropping to around $100 a ton, and analysts predict that further losses to below $90 a ton are likely by the end of 2025.

Demand for steel in China is now widely thought to have peaked, and its decline means less need for iron ore. Although the country still imports over 1 billion tons a year, an inflection point is overdue. Steel mills are under increasing financial pressure and the government is unlikely to inject stimulus that would significantly boost the construction sector. Rising protectionism around the world is also set to undermine the country’s steel exports.

Worsening demand isn’t the only weight on iron ore prices. Supply is also likely to ramp up, with Guinea’s giant Simandou project expected to come online later this year, augmented by expansions in both Australia and Brazil.

Smaller, higher-cost miners will be worst hit, said Jiang Mengtian, the Shanghai-based chief iron ore analyst at consultancy Horizon Insights.

“The profit-squeezing process will gradually shift upstream, especially as the production capacity of iron ore mines is expected to increase by about 46 million tons in 2025,” she said.

The biggest miners are relatively insulated by their lower costs, but they’re still feeling the pinch. BHP posted record earnings in the year to June 2022 as iron ore demand soared, but annual profits have since more than halved. Rio’s annual earnings from the steelmaking ingredient fell 19% from 2023, even though production remained flat.

The two Australian powerhouses have spent decades scaling up iron ore mines to allow them to turn a profit even if prices fall. They’re also more diversified than some of their peers, with most of BHP’s revenue and over 40% of Rio’s coming from other metals.

“Rio is positioned to continue to generate strong cash flow from its iron ore business while also retaining, and increasing, its leverage to rising prices for copper and aluminum when the next demand cycle kicks in,” Chris LaFemina, an analyst at Jefferies Financial Group, said in a research note.

BHP and Rio saw their headline profit numbers drop by 23% and 8% respectively, but miners more exposed to iron, like Vale and Australia’s Fortescue Ltd., were in a worse position. The Brazilian firm relies on iron ore for 80% of its revenue and saw one gauge of its latest quarterly profit slump by 41%, while Fortescue, a pure iron ore play, posted a 53% plunge in the first half.

–With assistance from Paul-Alain Hunt.

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VANCOUVER, BC, Feb. 19, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars ("CAD") $0.09 per share, payable on April 9, 2025, to shareholders of record at the close of business on March 21, 2025. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. The declaration, timing, amount, and payment of future dividends remain at the discretion of the Board of Directors.  View PDF

Dividends on shares traded on the Toronto Stock Exchange ("TSX") will be paid in CAD on April 9, 2024. Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear principles on April 14, 2024. To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from March 19, 2024, up to and including March 21, 2024, during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm.

During the fourth quarter 2024, the Company purchased 3,245,000 common shares under its normal course issuer bid ("NCIB") representing approximately C$40 million. The Company will continue to monitor market activity and potentially make further purchases based on market conditions, share price and best use of available cash. Any common shares that are purchased under the NCIB will be cancelled.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:30 Pacific Time.

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; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; 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, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions 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, such information is 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: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in 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; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; 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 year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca 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.

Lundin Mining Announces Declaration of Regular Dividend and Provides Update on Share Buybacks (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/19/c5822.html

VANCOUVER, BC, Feb. 19, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the appointment of Ms. Victoria McMillan to the Company's Board of Directors (the "Board") effective today. The Company also announces that Director Ms. Juliana (Julie) Lam had advised us of her personal retirement decision and will not stand for re-election at the 2025 Annual Meeting.

Adam Lundin, Chair of Lundin Mining's Board of Directors, commented "On behalf of the Board and the Company's management team we wish to thank Ms. Lam for her service and contributions to the Company. We wish her all the best as she focuses her energy on her family and health."

"We are excited to welcome Victoria to the Lundin Mining Board" commented Adam Lundin. "Victoria's extensive finance knowledge, and recognized contributions make her an ideal addition to our Board. Her financial expertise and strategic leadership will be invaluable in guiding our Company's growth and financial stewardship in the future. We look forward to benefiting from her insights and experience to create long-term value for our stakeholders."

Ms. McMillan is a Chartered Professional Accountant (CPA, CA) and currently serves as the CFO of Versamet Royalties Corporation, a private company.  Ms. McMillan also recently completed a 4-year term from 2021-2024 as a director on the board of BC Hydro, where she chaired the Audit and Finance Committee.

Ms. McMillan has over 20 years of financial experience working across a variety of sectors with a focus on mining and the royalty industry.  During her career, Ms. McMillan has led financial reporting, regulatory, treasury, tax and risk management functions. Ms. McMillan has also held various other finance roles within the mining sector including at two mid-tier gold mining companies where she was involved in the execution of mergers and acquisitions, a U.S. listing, as well as the establishment and management of a gold sales function.

Ms. McMillan's experience includes eight years with a large global accounting firm in both London, United Kingdom, and Vancouver, where she was a senior manager within the assurance practice. Ms. McMillan holds a Bachelor of Management Studies from the University of Nottingham, England.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:35 Pacific Time.

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; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; 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, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions 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, such information is 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: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in 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; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; 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 year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca 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.

Lundin Mining Announces Changes to the Board of Directors (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/19/c3820.html

VANCOUVER, BC, Feb. 19, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its fourth quarter and full year 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.

Jack Lundin, President and CEO commented, "2024 was highlighted by three transformative transactions, along with achieving record copper and zinc production which generated strong revenue and operating cashflow for the Company. Among these deals, 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 Josemaria within the second quarter of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district in Argentina.

"Operationally, we met copper guidance for the second consecutive year, translating to over $870 million in annual free cash flow from operations1. Notwithstanding the $350 million purchase of an additional 19% at Caserones to bring our overall ownership to 70%, our net debt1 position at year end was just over $1.3 billion. Our debt is expected to be reduced significantly within the first half of this year pending the finalization of the sale of our European assets, Zinkgruvan and Neves-Corvo, making the Company net-debt free on a pro-forma basis. With our strong financial standing and well-positioned asset base, our operations will continue to drive returns, fueling the growth opportunities within our current portfolio of assets.

"Lastly, in 2024 we celebrated our 30th anniversary, reflecting our longstanding legacy of creating value in the base metals sector. We believe we are well positioned for the future at Lundin Mining and remain committed to executing within our targeted guidance ranges, enhancing margins through sustainable cost control, while upholding the highest health and safety standards to protect our workforce."

Fourth Quarter and Full Year Operational and Financial Highlights

On December 9th, 2024, the Company announced the sale of its European assets, Zinkgruvan and Neves Corvo, to Boliden. As a result of this, the financial results from these assets are reported as "discontinued operations" in the Company's financial statements and met the criteria to be classified as held-for-sale. The transaction is expected to close at the latest by mid-year 2025, subject to the completion of customary conditions and regulatory approvals.

Fourth Quarter Highlights

• Copper Production: Consolidated production of 101,491 tonnes of copper in the fourth quarter.

• Other Production: During the quarter, a total of 51,946 tonnes of zinc, 1,617 tonnes of nickel and approximately 46,000 ounces of gold were produced.

• Revenue: $1,023.8 million in the fourth quarter, comprised of $858.9 million from continuing operations with a realized copper price1 of $3.75 /lb and a realized gold price1 of $2,643 /oz, and $165.0 million from discontinued operations.

• Net Earnings and Adjusted Earnings1: During the quarter, net loss attributable to shareholders of the Company was $440.2 million, comprised of $195.3 million ($0.25 per share) net loss from continuing operations and $244.8 million net loss from discontinued operations. Net loss attributable to shareholders of the Company was impacted by non-cash impairments of goodwill and assets at Eagle, Suruca, Neves-Corvo and Alcaparossa. Adjusted earnings1 were $119.2 million, comprised of $94.8 million ($0.12 per share) from continuing operations and $24.4 million from discontinued operations.

• Adjusted EBITDA1: $425.6 million for the quarter, $368.2 million from continuing operations and $57.4 million was generated from discontinued operations during the quarter.

• Cash Generation: Cash provided by operating activities in the quarter was $620.3 million, comprised of $547.3 million from continuing operations and $73.0 million from discontinued operations. Free cash flow from operations1 was $466.0 million, comprised of $423.6 million from continuing operations and $42.5 million from discontinued operations, which was increased by a working capital release of $295.5 million from continuing operations.

__________________

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 year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.

Full Year 2024 Highlights 

• Copper Production: Record copper production of 369,067 tonnes of copper for the full year which is within the 2024 annual copper production guidance.

• Other Production: During the year, record zinc production of 191,704 tonnes, 7,486 tonnes of nickel and approximately 158,000 ounces of gold were produced. Production for all metals was within revised guidance ranges.

• Revenue: $4,117 million for the full year, comprised of $3,422.6 million from continuing operations with a realized copper price1 of $4.18 /lb and a realized gold price1 of $2,532 /oz, and $694.8 million from discontinued operations.

• Adjusted EBITDA1: $1,707.0 million for the full year, comprised of $1,461.8 million from continuing operations and $245.2 million from discontinued operations.

• Net Earnings and Adjusted Earnings1: Net loss attributable to shareholders of the Company was $203.5 million, comprised of $11.1 million ($0.01 per share) net earnings from continuing operations and $214.7 million net loss from discontinued operations. Net earnings from continuing operations was impacted by non-cash impairments of goodwill and assets relating to Eagle, Suruca, and Alcaparossa. Adjusted earnings was $358.9 million, $291.7 million ($0.38 per share) from continuing operations and $67.2 million from discontinued operations.

• Cash Generation: During the year, cash provided by operating activities was $1,518.9 million, $1,300.8 million from continuing operations and $218.0 million from discontinued operations. Free cash flow from operations1 was $873.0 million, $797.1 million from continuing operations and $75.9 million from discontinued operations, which included a working capital release of $220.9 million from continuing operations.

• Balance Sheet: To exercise the Caserones purchase option, the consideration of $350 million was fully funded through an increase to the Company's term loan from $800 million to $1.15 billion. As at December 31, 2024, the Company had a net debt1 balance of $1,332.3 million, excluding lease liabilities. Net debt1 is expected to reduce significantly with the closing of the sale of Neves-Corvo and Zinkgruvan.

• Growth: During the year the Company announced three significant transactions:

  • On July 2, 2024, the Company closed the option to increase ownership in Caserones to 70%, which adds approximately 24,000 tonnes of additional attributable copper production to the Company's production profile2.

  • On July 29, 2024, Lundin Mining and BHP announced the joint acquisition of Filo Corp. ("Filo") and the concurrent formation of a 50/50 joint arrangement ("Joint Arrangement") to hold the Filo del Sol ("FDS") project and the Josemaria project. The partnership will create a multi-generational mining district with world-class potential that could support a globally ranked mining complex.

  • On December 9, 2024, the Company announced the sale of Neves-Corvo and Zinkgruvan to Boliden for total consideration of up to $1.52 billion. The proceeds from the transaction will strengthen the Company's balance sheet and support its growth plans in the Vicuña District.

• Assets and liabilities held for sale and discontinued operations: At December 31, 2024, the Neves-Corvo and Zinkgruvan reporting segments met the criteria to be classified as held-for-sale and discontinued operations. Accordingly, 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 at December 31, 2024.

Total assets of $1,389.7 million and liabilities of $393.1 million have been classified as held for sale for this purpose. A net loss from discontinued operations of $214.7 million represents the loss after tax of $278.6 million and earnings after tax of $63.9 million from Neves-Corvo and Zinkgruvan, respectively, for the year ended December 31, 2024.

___________________

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 year ended December 31, 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 year ended December 31, 2024.

Summary Financial Results

	Three months ended December 31,			Year ended December 31,
(US$ millions continuing operations except where noted, except per share amounts)	2024	2023		2024	2023
Revenue	858.9	893.4		3,422.6	2,743.4
Gross profit	250.6	177.8		942.9	601.5
Attributable net earningsa	(195.3)	12.5		11.1	203.2
Net earnings	(159.6)	40.4		153.4	276.9
Adjusted earningsa,b (all operations)	119.2	79.7		358.9	336.2
Adjusted earningsa,b — continuing operations	94.8	72.4		291.7	287.5
Adjusted earningsa,b — discontinued operations	24.4	7.3		67.2	48.7
Adjusted EBITDAb (all operations)	425.6	419.7		1,707.0	1,363.5
Adjusted EBITDAb — continuing operations	368.2	367.6		1,461.8	1,145.6
Adjusted EBITDAb — discontinued operations	57.4	52.1		245.2	217.9
Basic earnings per share ("EPS")a (all operations)	(0.57)	0.05		(0.26)	0.31
Basic earnings per share ("EPS")a — continuing operations	(0.25)	0.02		0.01	0.26
Basic earnings per share ("EPS")a — discontinued operations	(0.32)	0.03		(0.27)	0.05
Adjusted EPSa,b (all operations)	0.15	0.10		0.46	0.44
Adjusted EPSa,b — continuing operations	0.12	0.09		0.38	0.37
Adjusted EPSa,b — discontinued operations	0.03	0.01		0.09	0.06
Cash provided by operating activities (all operations)	620.3	306.1		1,518.9	1,016.6
Cash provided by operating activities related to continuing operations	547.3	249.9		1,300.8	827.2
Cash provided by operating activities related to discontinued operations	73.0	56.2		218.0	189.4
Adjusted operating cash flowb (all operations)	313.9	362.0		1,302.6	1,024.2
Adjusted operating cash flowb — continuing operations	251.8	305.4		1,080.0	847.3
Adjusted operating cash flowb — discontinued operations	62.1	56.7		222.6	176.9
Adjusted operating cash flow per shareb (all operations)	0.40	0.47		1.68	1.33
Adjusted operating cash flow per shareb — continuing operations	0.32	0.39		1.39	1.10
Adjusted operating cash flow per shareb — discontinued operations	0.08	0.08		0.29	0.23
Free cash flowb (all operations)	397.9	61.2		571.2	13.5
Free cash flowb — continuing operations	360.0	43.6		508.2	(19.9)
Free cash flowb — discontinued operations	37.9	17.6		63.0	33.4
Free cash flow from operationsb (all operations)	466.0	116.8		873.0	345.1
Free cash flow from operationsb — continuing operations	423.6	95.7		797.1	300.0
Free cash flow from operationsb— discontinued operations	42.5	21.0		75.9	45.1
Cash and cash equivalents	357.5	268.8		357.5	268.8
Net debt excluding lease liabilitiesb	(1,332.3)	(946.2)		(1,332.3)	(946.2)
Net debtb	(1,597.8)	(1,223.4)		(1,597.8)	(1,223.4)

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 year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

• For the year ended December 31, 2024, the Company generated annual revenue from continuing operations of $3.4 billion (2023 – $2.7 billion). Revenue from discontinued operations was $694.8 million (2023 – $648.6 million), and the combination of revenue from continuing operations and discontinued operations ("all operations") was an annual record for the Company of $4.1 billion (2023 – $3.4 billion). The Company achieved record production of 369,067 tonnes of copper, record production of 191,704 tonnes of zinc, and 158 thousand ounces ("koz") of gold, which achieved the most recently disclosed annual guidance for all metals.

• For the quarter ended December 31, 2024, the Company generated revenue from continuing operations of $858.9 million (Q4 2023 – $893.4 million). Net loss in the quarter from continuing operations was $159.6 million (Q4 2023 – net earnings of $40.4 million) and adjusted EBITDA1 (all operations) was $425.6 million (Q4 2023 – $419.7 million).

• Net loss for the year was $61.3 million, comprised of a net earnings of $153.4 million from continuing operations and $214.7 million net loss from discontinued operations, a decrease in earnings from the prior year comparable period of $276.9 million from continuing operations and a decrease from net earnings of $38.4 million from discontinued operations, primarily due to non-cash impairments of goodwill and assets relating to Neves-Corvo, Eagle, Suruca and Alcaparrosa during the year, partially offset by higher gross profit.

• Adjusted earnings1 from continuing operations attributable to shareholders of the Company for the year were $291.7 million or $0.38 per share. Adjusted earnings1 from discontinued operations attributable to shareholders of the Company for the year were $67.2 million or $0.09 per share.

• Cash and cash equivalents at continuing operations as at December 31, 2024 were $357.5 million. As indicated above, cash provided by operating activities related to continuing operations of $1,300.8 million in the year was used to fund investing activities from continuing operations of $855.4 million, which primarily includes $807.3 million investment in mineral properties, plant and equipment, $41.7 million subscription for Filo shares to provide interim financing to Filo and the final $25.0 million payment of contingent consideration for the acquisition of Chapada. Cash used in financing activities related to continuing operations of $349.8 million was comprised primarily of funds used to exercise the Company's option to acquire an additional 19% interest in Caserones for $350.0 million, which was funded by debt proceeds, $202.5 million dividends paid to shareholders and $152.0 million in distributions paid to non-controlling interests.

• Free cash flow1 from continuing operations for the year was $508.2 million and free cash flow1 from discontinued operations for the year was $63.0 million.

• As at February 19, 2025, the Company had cash of approximately $407.1 million and net debt excluding lease liabilities of approximately $1,322.4 million. Net cash in Vicuña is included on a 50% basis to represent Lundin Mining's attributable share. Cash and net debt balances include assets and liabilities classified as held-for-sale.

Operational Performance

Total Production

(Contained metal)a	2024					2023
	YTD	Q4	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1
Copper (t)b	369,067	101,491	99,855	79,708	88,013	314,798	103,337	89,942	60,057	61,462
Zinc (t)	191,704	51,946	46,610	47,460	45,688	185,161	50,719	49,774	36,115	48,553
Nickel (t)	7,486	1,617	893	1,721	3,255	16,429	3,729	4,290	4,686	3,724
Gold (koz)b	158	46	47	32	33	149	44	35	34	36
Molybdenum (t)b	3,183	912	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. Caserones results are from July 13, 2023.

Candelaria (80% owned): Candelaria produced, on a 100% basis, 162,487 tonnes of copper, approximately 93,000 ounces of gold and 2.0 million ounces of silver during the year. Copper and gold production benefited from planned higher grade ore from Phase 11 and in the second half of the year, the operation produced 98,970 tonnes of copper which was one of its best second-half performances in its 30-year history. In late 2024, production from Phase 11 shifted to lower average grades, resulting in annual copper production slightly below the most recently published guidance range. In 2025, production will continue to be sourced primarily from Phase 11 with a planned reduction in average copper grades from those realized in the second half of 2024. Annual gold production was within the most recently disclosed annual guidance range. Copper cash cost2 of $1.73/lb was within the most recently disclosed 2024 cash cost guidance range and benefitted from higher sales volumes, favourable foreign exchange, and higher by-product credits.

Caserones (70% owned): Caserones produced, on a 100% basis, 124,761 tonnes of copper and 3,183 tonnes of molybdenum, both within the most recently disclosed 2024 annual production guidance ranges. Production during the year was impacted by labour action in August which reduced throughput to approximately 50% capacity over a 14-day period. Mine sequencing changes as a result of hydrogeologic conditions in Phase 5 reduced grades and impacted recoveries in the mill during the quarter. Copper cathode production was positively impacted by increased irrigation pattern on the dump leach pad. Copper cash cost2 of $2.51/lb was below the low end of the most recently disclosed cash cost guidance range and benefitted from higher by-product credits and favourable foreign exchange.

______________________

1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.

2 This is a non-GAAP measure – see section "Non-GAAP and Other Performance Measures" of the MD&A for discussion and the Reconciliation of Non-GAAP measures section at the end of this news release.

Chapada (100% owned): Chapada produced 43,261 tonnes of copper and approximately 65,000 ounces of gold during the year, both metals were within the most recently disclosed 2024 production guidance ranges. An optimized mine plan led to a significant reduction in overall material movement, including waste and ore, and contributed to lower production costs. Increased processing of ore from the older low-grade stockpile and North pit resulted in lower copper production due to lower grades and recoveries. Gold production benefited from higher grades and throughput as emphasis was placed on gold in the current elevated gold price environment. Production costs during the year also benefited from a weakening of the BRL against the USD. Copper cash cost1 of $1.58/lb was within the most recently disclosed 2024 cash cost guidance range and benefited from higher by-product credits and favourable foreign exchange.

Eagle (100% owned): Eagle produced 7,486 tonnes of nickel and 6,366 tonnes of copper during the year. Production was impacted by reduced mining rates following a fall of ground in the lower ramp in May, which limited access to Eagle East while ramp rehabilitation was completed. During the quarter mining re-commenced at Eagle East and normal throughput is expected to resume in Q1 2025. Both metals were within the most recently disclosed 2024 production guidance ranges. Production costs decreased in line with lower production and sales. Nickel cash cost1 of $4.20/lb was above the most recently disclosed 2024 cash cost guidance range due to mining rates not recovering as quickly as expected in the quarter.

Neves-Corvo (100% owned): Neves-Corvo produced 28,228 tonnes of copper and a record 109,571 tonnes of zinc during the year. Copper production was within the most recently disclosed production guidance range and zinc production benefited from higher throughput as a result of the zinc expansion project, although was slightly below the most recently disclosed annual production guidance range. Production costs during the year decreased in line with sales volumes. Annual copper cash cost1 of $2.19/lb benefited from higher by-product credits but exceeded the most recently disclosed 2024 cash cost guidance range as a result of lower than expected sales volumes.

Zinkgruvan (100% owned): Record zinc production of 82,133 tonnes and lead production of 30,888 tonnes during the year were driven by higher throughput, grades and recoveries. Annual zinc production was within the most recently disclosed 2024 production guidance range. Production costs during the year increased in line with higher zinc and lead production and sales volumes. Zinc cash cost1 of $0.41/lb was within the most recently disclosed 2024 cash cost guidance range.

___________________

1 This is a non-GAAP measure – see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

Outlook

On January 16, 2025, the Company announced its production, cash cost, capital expenditures and exploration investment guidance for 2025.

2025 Production and Cash Cost Guidancea

			Revised 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 the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release. 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 Guidancea

	($ millions)	Guidanceb
	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 the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

2025 Exploration Investment Guidance

Total exploration expenditure guidance for 2025 is $40 million.

Exploration

During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Candelaria was focused on Candelaria South, La Portuguesa and La Espanola.

At Caserones, exploration drilling was completed 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. The drilling program at Angelica, in search of copper sulphides, was also completed during the quarter.

Drilling at Chapada concentrated on adding high grade resources to Sauva and testing near-mine geochemical anomalies.

At Josemaria, the drilling campaign restarted at Cumbre Verde.

Drilling continued at Eagle during the quarter with one surface hole targeting a geophysical anomaly east of Eagle East. At Neves-Corvo, the 2024 drilling program focused on extending inferred resources at Lombador North and near-mine drilling at Neves Southwest concluded at the end of the quarter. Drilling at Zinkgruvan was focused on resource expansion.

All 2024 drilling campaigns were successfully completed by the end of the quarter.

Vicuña

During the quarter, the Company focused on preparing for the completion of the acquisition of Filo and formation of the 50/50 Joint Arrangement with BHP, initially announced on July 29, 2024. The work plan associated with the transaction with BHP progressed as expected. Subsequent to year-end on January 15, 2025, the Company completed the Filo acquisition and the Joint Arrangement with BHP, resulting in the Company indirectly holding a 50% interest in Vicuña Corp. ("Vicuña"), which owns the FDS project and Josemaria project. BHP indirectly owns the remaining 50% interest in Vicuña.

As part of the Joint Arrangement, the 2024 work scope was changed to include incorporation of new studies and preparation of a resource model relating to FDS, a joint development concept pertaining to the Josemaria and FDS ore bodies as well as processing facilities and infrastructure. An action plan was developed for the combined project, including a 2025 budget that included advancement of studies associated with the synergies between the FDS and Josemaria projects, continuation of the drilling program and advancing the Josemaria project.

Capital expenditures for the Joint Arrangement are forecast to total $312 million on a 100% basis for 2025. The workplan will focus on FDS drilling, FDS mineral resource estimation, Josemaria mineral resource estimation update, mine planning, metallurgy, hydrology wells and studies, commencement of access road construction, and exploration at the Cumbre Verde target. In parallel, engineering studies and trade off analysis will be completed in preparation for future permitting and a technical report outlining an integrated project plan for development and operation.

Vicuña is targeting a new mineral resource estimate at FDS and an update to the resource estimate at Josemaria 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 phased construction of the district.

Drilling is currently underway at FDS and Cumbre Verde. Drilling at FDS will continue throughout the year. The drill program at FDS will focus on resource growth with multiple step-out targets in all directions from zones of known mineralization, including both the Bonita and Aurora Zones along with infill drilling to support an initial sulphide mineral resource estimate. Drilling at Cumbre Verde will follow up on the initial results from last year and target the same mineralized system and structures discovered to the north of the project.

During the quarter, Josemaria activities were focused on continuing the Environmental Impact Assessment ("EIA") update and maintaining progress on the water program. Field activities continued with the water program, geotechnical studies, road maintenance, wetlands biodiversity offset and exploration drilling at Cumbre Verde.

Senior Leadership Appointments

The Company would also like to announce the executive appointments of Eduardo Cortes as Vice President, Mining & Mineral Resources and Andre Gagnon as Vice President, Geotechnics & Water.

Eduardo Cortes

Eduardo Cortés is the Vice President, Mining & Resources at Lundin Mining Corporate, leading mine planning, reserves, geology, and metallurgy across the company's global operations. With more than 12 years of experience across the Americas, he has a strong track record of mine optimization, cost reduction, and strategic growth.

Previously, at Lundin Mining Corporate, he served as Director, Reserves & Mine Planning, overseeing reserve estimation and technical assurance, and before that, as Senior Mining Engineer, leading high-impact optimization projects at Candelaria, Caserones, and Chapada.

Before joining Lundin Mining, Eduardo was a core member of the Fruta del Norte project at Lundin Gold, developing the mine from feasibility through commercial production. Following this, he served as Chief Engineer at Bluestone Resources, overseeing mine planning efforts. Earlier, at NCL SPA, he worked on major underground projects for Codelco and Anglo American.

Eduardo holds a Mining Engineering degree from Universidad de Santiago de Chile and is fluent in Spanish and English, with intermediate Portuguese.

Andre Gagnon

Andre Gagnon was appointed Vice President, Geotechnics & Water. Mr. Gagnon joined Lundin Mining in 2017 and has served in increasingly senior roles, starting as Senior Tailings & Geotechnical Engineer before progressing to Director, Tailings.  Mr. Gagnon is responsible for leading a team of functional experts focused on tailings, water, geotechnical engineering, and hydrogeology. Mr. Gagnon has more than 18 years of experience in the mining industry.

Prior to joining Lundin Mining, he served as Manager, Tailings at Goldcorp and as a consultant focused on tailings and geotechnical engineering, and water management.

Mr. Gagnon holds a B.A.Sc. in Geological Engineering from Queen's University, and an M.Sc. in Engineering Geology from Imperial College London. He is a registered Professional Engineer in Ontario and British Columbia.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in the Americas 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 February 19, 2025 at 18:35 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 MD&A the year ended ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.ca.

Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs as follows:

	Three months ended December 31, 2024
Operations	Candelaria	Caserones	Chapada	Eagle	Total – continuing operations	Neves-Corvo	Zinkgruvan	Total – discontinued operations
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)		(Cu)	(Zn)
Sales volumes (Contained metal):
Tonnes	49,052	26,750	10,200	1,088		5,230	18,627
Pounds (000s)	108,141	58,973	22,487	2,399		11,531	41,066
Production costs					486,877			102,300
Less: Royalties and other					(27,839)			(20)
					459,038			102,280
Deduct: By-product credits					(137,021)			(75,716)
Add: Treatment and refining					27,483			12,128
Cash cost	165,039	147,826	24,107	12,528	349,500	21,230	17,462	38,692
Cash cost per pound ($/lb)	1.53	2.51	1.07	5.22		1.84	0.43
Add: Sustaining capital	55,526	42,988	32,916	5,224		12,680	22,470
Royalties	4,692	7,663	2,689	696		793	—
Reclamation and other closure accretion and depreciation	2,129	(4,457)	2,373	1,734		1,184	747
Leases & other	1,449	17,229	1,080	2,691		2,917	74
All-in sustaining cost	228,835	211,249	63,165	22,873		38,804	40,753
AISC per pound ($/lb)	2.12	3.58	2.81	9.53		3.37	0.99

	Three months ended December 31, 2023
Operations	Candelaria	Caserones	Chapada	Eagle	Total -continuing operations	Neves-Corvo	Zinkgruvan	Total – discontinued operations
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)		(Cu)	(Zn)
Sales volumes (Contained metal):
Tonnes	38,888	35,690	13,080	3,105		9,054	17,316
Pounds (000s)	85,733	78,683	28,836	6,845		19,961	38,176
Production costs					533,783			114,254
Less: Royalties and other					(22,221)			(2,299)
Inventory fair value adjustment					(7,760)			—
					503,802			111,955
Deduct: By-product credits					(136,641)			(67,523)
Add: Treatment and refining					39,139			18,799
Cash cost	152,276	183,687	54,108	16,229	406,300	39,218	24,013	63,231
Cash cost per pound ($/lb)	1.78	2.33	1.88	2.37		1.96	0.63
Add: Sustaining capital	79,316	55,031	19,858	6,548		28,070	10,546
Royalties	—	8,270	2,174	5,003		1,081	—
Reclamation and other closure accretion and depreciation	2,158	1,427	2,047	2,620		1,305	933
Leases & other	2,901	25,715	1,131	1,101		106	103
All-in sustaining cost	236,651	274,130	79,318	31,501		69,780	35,595
AISC per pound ($/lb)	2.76	3.48	2.75	4.60		3.50	0.93

 

	Year ended December 31, 2024
Operations	Candelaria	Caserones	Chapada	Eagle	Total – continuing operations	Neves-Corvo	Zinkgruvan	Total – discontinued operations
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)		(Cu)	(Zn)
Sales volumes (Contained metal):
Tonnes	158,017	113,867	39,615	5,662		26,721	68,086
Pounds (000s)	348,367	251,033	87,336	12,483		58,910	150,104
Production costs					1,898,627			445,227
Less: Royalties and other					(84,501)			(4,785)
					1,814,126			440,442
Deduct: By-product credits					(504,431)			(305,479)
Add: Treatment and refining					113,565			55,407
Cash cost	603,533	629,582	137,714	52,431	1,423,260	129,128	61,242	190,370
Cash cost per pound ($/lb)	1.73	2.51	1.58	4.20		2.19	0.41
Add: Sustaining capital	275,720	143,965	107,843	21,222		89,302	65,658
Royalties	15,730	32,106	8,580	7,442		3,961	—
Reclamation and other closure accretion and depreciation	8,570	(1,262)	10,153	6,767		5,220	4,033
Leases & other	9,133	69,002	3,576	6,949		3,322	309
All-in sustaining cost	912,686	873,393	267,866	94,811		230,933	131,242
AISC per pound ($/lb)	2.62	3.48	3.07	7.60		3.92	0.87

 

	Year ended December 31, 2023
Operations	Candelaria	Caserones	Chapada	Eagle	Total – continuing operations	Neves-Corvo	Zinkgruvan	Total – discontinued operations
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)		(Cu)	(Zn)
Sales volumes (Contained metal):
Tonnes	144,473	66,075	43,761	13,339		32,054	65,344
Pounds (000s)	318,508	145,670	96,476	29,407		70,667	144,059
Production costs					1,644,037			442,071
Less: Royalties and other					(60,916)			(5,321)
Inventory fair value adjustment					(39,945)			—
					1,543,176			436,750
Deduct: By-product credits					(428,208)			(271,707)
Add: Treatment and refining					118,480			64,848
Cash cost	660,160	290,553	219,278	63,457	1,233,448	167,424	62,467	229,891
Cash cost per pound ($/lb)	2.07	1.99	2.27	2.16		2.37	0.43
Add: Sustaining capital	380,112	83,880	72,291	22,201		102,621	53,358
Royalties	—	15,820	8,568	22,994		3,949	—
Reclamation and other closure accretion and depreciation	9,258	2,560	7,836	11,331		5,387	3,744
Leases & other	13,325	47,944	4,999	4,100		553	427
All-in sustaining cost	1,062,855	440,757	312,972	124,083		279,934	119,996
AISC per pound ($/lb)	3.34	3.03	3.24	4.22		3.96	0.83

Adjusted EBITDA can be reconciled to Net Earnings (Loss) as follows:

	Three months ended December 31,			Year ended December 31,
($thousands)	2024	2023		2024	2023	2022
Net earnings (loss) — continuing operations	(159,618)	40,444		153,354	276,850	316,772
Add back:
Depreciation, depletion and amortization	148,033	181,865		607,744	497,873	416,204
Finance costs, net	38,282	32,023		141,455	91,429	51,317
Income taxes expense	34,767	101,858		229,973	214,366	104,113
EBITDA — continuing operations	61,464	356,190		1,132,526	1,080,518	888,406
Unrealized foreign exchange loss (gain)	(10,808)	2,693		(10,994)	1,804	16,491
Unrealized losses (gains) on derivative contracts	85,986	(2,592)		85,168	8,464	(62,971)
Ojos del Salado sinkhole expenses (recoveries)	(10,042)	1,687		(9,492)	16,922	63,271
Revaluation loss (gain) on marketable securities	(911)	(1,393)		(7,383)	(1,846)	(5,201)
Caserones inventory fair value adjustment	—	7,760		—	39,945	—
Partial suspension of underground operations at Eagle	11,436	—		36,073	—	—
Revaluation of Caserones purchase option	—	2,556		(11,728)	2,556	—
Write-down of assets	4,160	—		22,129	—	5,783
Goodwill and asset impairment	254,218	—		254,218	—	4,280
Inventory write-down (reversal)	(26,626)	—		(26,626)	—	62,546
Gain on disposal of subsidiary	—	—		—	(5,718)	(16,828)
Other	(637)	732		(2,085)	2,958	(2,133)
Total adjustments — EBITDA	306,776	11,443		329,280	65,085	65,238
Adjusted EBITDA — continuing operations	368,240	367,633		1,461,806	1,145,603	953,644
Including discontinued operations:
Net earnings (loss) — discontinued operations	(244,816)	26,309		(214,671)	38,399	146,761
Add back:
Depreciation, depletion and amortization	32,831	41,191		155,344	155,723	138,546
Finance costs, net	1,813	2,868		9,793	11,270	12,868
Income taxes expense	(22,173)	758		(13,711)	2,233	30,515
EBITDA — discontinued operations	(232,345)	71,126		(63,245)	207,625	328,690
Unrealized foreign exchange loss (gain)	(960)	76		(200)	(580)	4,673
Unrealized losses (gains) on derivative contracts	(466)	(16,717)		18,597	13,468	—
Goodwill and asset Impairment	291,178	—		291,178	—	(19)
Other	(22)	(2,388)		(1,114)	(2,568)	5,518
Total adjustments — EBITDA discontinued operations	289,730	(19,029)		308,461	10,320	10,172
Adjusted EBITDA — discontinued operations	57,385	52,097		245,216	217,945	338,862
Adjusted EBITDA (all operations)	425,625	419,730		1,707,022	1,363,548	1,292,506

Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders as follows:

	Three months ended December 31,			Year ended December 31,
($thousands, except share and per share amounts)	2024	2023		2024	2023	2022
Net (loss) earnings attributable to Lundin Mining shareholders — continuing operations	(195,343)	12,488		11,144	203,163	277,198
Add back:
Total adjustments – EBITDA	306,776	11,443		329,280	65,085	65,238
Tax effect on adjustments	(57,600)	(2,987)		(59,519)	(26,925)	2,882
Deferred tax expense due to change in tax rate	—	14,500		—	40,200	—
Deferred tax arising from foreign exchange translation	45,065	41,168		12,712	28,841	(20,733)
Non-controlling interest on adjustments	(4,077)	(4,221)		(1,912)	(22,886)	2,026
Total adjustments	290,164	59,903		280,560	84,315	49,413
Adjusted earnings — continuing operations	94,821	72,391		291,704	287,478	326,611
Including discontinued operations:
Net earnings attributable to Lundin Mining shareholders – discontinued operations1	(244,816)	26,309		(214,671)	38,399	149,652
Add back:
Total adjustments – EBITDA – discontinued operations	289,730	(19,029)		308,461	10,320	10,172
Tax effect on adjustments	(20,544)	—		(26,547)	—	(3,679)
Total adjustments	269,186	(19,029)		281,914	10,320	6,493
Adjusted earnings — discontinued operations	24,370	7,280		67,243	48,719	156,145
Adjusted earnings (all operations)	119,191	79,671		358,947	336,197	482,756
Basic weighted average number of shares outstanding	776,720,828	773,476,216		774,825,230	772,532,260	762,518,753
Net (loss) earnings attributable to Lundin Mining shareholders – continuing operations	(0.25)	0.02		0.01	0.26	0.36
Total adjustments	0.37	0.08		0.36	0.11	0.06
Adjusted EPS — continuing operations	0.12	0.09		0.38	0.37	0.43
Net (loss) earnings attributable to Lundin Mining shareholders – discontinued operations	(0.32)	0.03		(0.28)	0.05	0.20
Total adjustments	0.35	(0.03)		0.36	0.01	0.01
Adjusted EPS — discontinued operations	0.03	0.01		0.09	0.06	0.20
Net (loss) earnings attributable to Lundin Mining shareholders	(0.57)	0.05		(0.26)	0.31	0.56
Total adjustments	0.72	0.05		0.73	0.12	0.07
Adjusted EPS (all operations)	0.15	0.10		0.46	0.44	0.63

1 Represents Net (loss) earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders.

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

	Three months ended December 31,			Year ended December 31,
($thousands)	2024	2023		2024	2023	2022
Cash provided by operating activities related to continuing operations	547,267	249,875		1,300,848	827,244	615,986
Sustaining capital expenditures	(136,674)	(165,211)		(549,100)	(571,245)	(520,465)
General exploration and business development	12,974	11,062		45,352	44,010	135,213
Free cash flow from operations — continuing operations	423,567	95,726		797,100	300,009	230,734
General exploration and business development	(12,974)	(11,062)		(45,352)	(44,010)	(135,213)
Expansionary capital expenditures	(50,607)	(41,082)		(243,566)	(275,913)	(171,094)
Free cash flow — continuing operations	359,986	43,582		508,182	(19,914)	(75,573)
Cash provided by operating activities related to discontinued operations	73,014	56,206		218,009	189,368	260,903
Sustaining capital expenditures	(35,150)	(38,616)		(154,960)	(155,979)	(119,366)
General exploration and business development	4,614	3,438		12,843	11,682	9,140
Free cash flow from operations — discontinued operations	42,478	21,028		75,892	45,071	150,677
General exploration and business development	(4,614)	(3,438)		(12,843)	(11,682)	(9,140)
Expansionary capital expenditures	—	—		—	—	(31,899)
Free cash flow — discontinued operations	37,864	17,590		63,049	33,389	109,638
Free cash flow from operations (all operations)	466,045	116,754		872,992	345,080	381,411
Free cash flow (all operations)	397,850	61,172		571,231	13,475	34,065

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

	Three months ended December 31,			Year ended December 31,
($thousands, except share and per share amounts)	2024	2023		2024	2023	2022
Cash provided by operating activities related to continuing operations	547,267	249,875		1,300,848	827,244	615,986
Changes in non-cash working capital items	(295,508)	55,518		(220,880)	20,032	124,087
Adjusted operating cash flow — continuing operations	251,759	305,393		1,079,968	847,276	740,073
Cash provided by operating activities related to discontinued operations	73,014	56,206		218,009	189,368	260,903
Changes in non-cash working capital items	(10,895)	447		4,615	(12,427)	(8,031)
Adjusted operating cash flow — discontinued operations	62,119	56,653		222,624	176,941	252,872
Adjusted operating cash flow (all operations)	313,878	362,046		1,302,592	1,024,217	992,945
Basic weighted average number of shares outstanding	776,720,828	773,476,216		774,825,230	772,532,260	762,518,753
Adjusted operating cash flow per share — continuing operations	$             0.32	0.39		1.39	1.10	1.00
Adjusted operating cash flow per share — discontinued operations	$             0.08	0.08		0.29	0.23	0.30
Adjusted operating cash flow per share (all operations)	$             0.40	0.47		1.68	1.33	1.30

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 Consolidated Balance Sheets as follows:

($ thousands), continuing operations	December 31, 2024	December 31, 2023	December 31, 2022
Debt and lease liabilities	(1,610,925)	(1,273,162)	(27,179)
Current portion of debt and lease liabilities	(395,232)	(212,646)	(170,149)
Less deferred financing fees (netted in above)	(7,656)	(6,374)	(4,926)
Add debt and lease liabilities related to liabilities classified as held-for-sale	(16,266)	–	–
	(2,030,079)	(1,492,182)	(202,254)
Cash and cash equivalents	357,478	268,793	191,387
Add cash and cash equivalents related to assets classified as held-for-sale	74,801	–	–
Net debt	(1,597,800)	(1,223,389)	(10,867)
Lease liabilities	249,185	277,208	27,166
Lease liabilities related to liabilities classified as held-for-sale	16,266	–	–
Net debt excluding lease liabilities	(1,332,349)	(946,181)	16,299

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; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; 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, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions 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, such information is 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: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in 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; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; 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 year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca 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.

Lundin Mining Fourth Quarter and Full Year 2024 Results (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/19/c4990.html

VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — Lundin Mining Corp. (LUNMF) on Wednesday reported a loss of $440.2 million in its fourth quarter.

The Vancouver, British Columbia-based company said it had a loss of 57 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 12 cents per share.

The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.

The base metals mining company posted revenue of $858.9 million in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $1.13 billion.

For the year, the company reported a loss of $203.5 million, or 26 cents per share. Revenue was reported as $3.42 billion.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LUNMF at https://www.zacks.com/ap/LUNMF

Lundin Mining (LUN.TO) late on Wednesday reported an increase in fourth-quarter 2024 adjusted earnin

(Updates shares.) Lundin Mining (LUN.TO) late on Wednesday reported higher fourth-quarter adjuste

Special Participant	Government of Québec
Platinum Sponsors	Agnico Eagle, Laurentian Bank Securities, National Bank Financial Markets
Student Sponsor	Glencore Canada
Gold Sponsors	AtkinsRéalis, IBK Capital Corp, VRIFY
Silver Sponsors	Atrium Research, CAUR Technologies, Crux Investor, CSE, First Phosphate, Gold Telegraph, Mi3 Financial, PearTree Financial, STIFEL, The Northern Miner, TMX Group
Sustainable Sponsor	Osisko Gold Royalties
Copper Sponsors	Alliance Advisors, Brooks & Nelson, Cassels, CDPQ, Centre des congrès de Québec, INFOR Financial, Out of the Box Capital
Media & Partners	BTV, Canadian Mining Magazine, CEO.CA, Ellis Martin Report, Invercio, Kitco, MarketOne, Mining Discovery, Mining.com, Mining Hub, Mining IR, Newsfile, The Prospector, VID Media Incorporated

 

Toronto, Ontario–(Newsfile Corp. – February 12, 2025) – THE Mining Investment Event ("THE Event"), Canada's Only Tier 1 Global Mining Investment Conference, is pleased to announce new and returning participating sponsors and issuers joining us in Quebec City, June 3-5, 2025.

"In 2024, THE Event hosted several large-cap issuers and senior sponsors, demonstrating its global nature and establishing itself as one of the must-attend conferences for qualified companies. Participants from across the industry-issuers, related companies, and investors-came together to engage in high-level networking events and intimate one-on-one meetings, fostering valuable discussions and connections," remarked Joanne Jobin, CEO & Founder.

"We are thrilled to announce that over 100 international issuers have already confirmed their participation in THE Event 2025. With new issuers and sponsors joining our ranks daily, we are poised for another remarkable year of growth. We welcome our newest sponsors: Agnico Eagle, AtkinsRéalis, VRIFY, CAUR Technologies and the Gold Telegraph. Additionally, I am delighted to share that Glencore Canada will again support THE Student Sponsorship Program, now recognized as one of North America's most comprehensive fully funded conference initiatives for students."

THE Participating Companies*1×1's only ^^Mi3 ExplorCo Lounge #Coreshack Participant ~Industry Invitee/Corp. Dev.
1911 Gold Mining*TSX-V: AUMB	E2Gold Inc.^^TSX-V: ETU; OTCQB ETUGF	Lithium Royalty Corp.TSX: LIRC; OTCQX: LITRF	Resouro Strategic Metals*TSX-V: RSM.
Abcourt Mines Inc.*TSX-V: ABI; OTCQB: ABMBF	Emperor Metals Inc. ^^CSE: AUOZ; OTCQB: EMAUF	Magna Mining Inc.TSX-V: NICU; OTCQB: MGMNF	Sayona Mining Ltd.ASX: SYA; OTCQB: SYAXF
Abitibi Metals Corp#CSE: AMQ; OTCQB: AMQFF	Equity Metals Corporation*TSX-V: EQTY; OTCQB: EQMEF	Major Drilling Group Int'l.*TSX: MDI	Scandium Canada Ltd.*TSX-V: SCD; OTCQB: SCDCF
Abra Silver Resource Corp.TXS-V: ABRA; OTCQX: ABBRF	Exiro Minerals Corp.*Private	Mandalay Resources CorpTSX:MND; OTCQB: MNDJF	Silver One Resources Inc.TSX-V: SVE, OTCQX: SLVRF
Adyton Resources Corp.TSX-V: ADY	Exploits Discovery Corp.*CSE: NFLD; OTCQB: NFLDF	Maple Gold Mines Ltd.TSX:-V: MGM; OTCQB: MGMLF	Silver X Mining Corp.*TSX-V: AGX; OTCQB: AGXPF
Agnico Eagle Mines LimitedTSX: AEM; NYSE: AEM	Firefly Metals Ltd. ASX: FFM	Maritime Resources Corp.TSX-V: MAE	Sirios Resources Inc.*TSX-V: SOI; OTCQB: SIREF
Amex Exploration Inc.TSX-V: AMX; OTCQX: AMXEF	Fireweed Metals CorpTSX-V: FWZ; OTCQX: FWEDF	Max Resource Corp.TSX-V: MAX	Standard Uranium Limited*TSX-V: STND; OTCQB: STTDF
Andean Precious MetalsTSX-V: APM	First Mining Gold Corp.TSX: FF; OTCQX: FFMGF	Midland Exploration Inc.*TSX-V: MD	Stillwater Critical Minerals Corp*TSX-V: PGE; OCTQB: PGEZF
Angus Gold Inc~TSX-V: GUS; OTCQB: ANGVF	First Phosphate Corp.#CSE: PHOS: OTCQB: FRSPF	Mineros S.A.TSX: MSA	Strategic Resources Inc.TSX-V:SR
Apollo Silver CorpTSX-V: APGO; OTCQB: APGOF	FPX Nickel Corp.TSX-V: FPX; OTCQB: FPOCF	Mines D'or Orbec Inc.^^TSX-V: BLUE	Red Pine Exploration*TSX-V: RPX: OTCQB: RDEXF
Arizona Metals Corp.TSX: AMC; OTCQX:AZMCF	Glencore CanadaLSE: GLEN; JSE: GLN	New Gold Inc.TSX: NGD: NYSE: NGD	Strikepoint Gold Inc.^^TSX-V: SKP; OTCQB: STKXF
Atha Energy Corp.TSX-V: SASK; OTCQB: SASKF	Go Metals Corp.^^CSE: GOCO	Niobay Metals Inc.^^#TSX-V: NBY; OTCQB: NBYCF	Summit Royalty Corp.*Private
Aurania Resources Ltd.*TSX-V: ARU; OTCQB: AUIAF	Gold Royalty Corp.NYSE: GROY	Nuvau Minerals Corp.*TSX-V: NMC	Temas Resources Corp.^^CSE: TMAS; OTCQB: TMASF
Avanti Gold Corp.*CSE: AGC	Golden Cariboo Resources ^^CSE: GCC; OTCQB: GCCFF	Opus One Gold Corporation^^TSX-V: OOR	Troilus Gold Corp.TSX: TLG; OTCQX: CHXMF
Brunswick Exploration Inc.#TSX-V: BRW; OTCQB: BRWXF	Grid Metals Corp.^^TSX-V: GRDM; OTCQB: MSMGF	Orogen Royalties Inc.TSX-V: OGN; OTCQB: OGNRF	Tronic Metals*Private
Bunker Hill Mining Corp.TSX-V: BNKR ; OTCQB: BHLL	Harfang Exploration Inc.^^TSX-V: HAR	Orvana Minerals Corp.*TSX:ORV	Unigold Inc.*TSX-V:UGD: OTCQX: UGDIF
Calibre Mining Corp.TSX: CXB; OCTQX: CXBMF	i80 Gold Corp.TSX: IAU; NYSE: IAUX	Osisko Development Corp.TSX-V: ODV; NYSE: ODV	Valkea Resources Corp.*TSX-V: OZ
Canterra Minerals Corp*TSX-V: CTM; OTCQX: CTMCF	IAMGOLD CorporationTSX: IMG; NYSE: IAG	Osisko Gold Royalties Ltd.TSX: OR; NYSE: OR	Vior Inc.TSX-V: VIO; OTCQB: VIORF
Collective Mining Ltd.TSX: CNL; NYSE: CNL	Integra Resources Corp.TSX-V: ITR; NYSE: ITRG	Osisko Metals Incorporated#TSX-V: OM; OTCQX: OMZNF	Vizsla Silver Corp.TSX-V: VZLA; NYSE: VZLA
Cygnus Metals LimitedTSX-V: CYG	Juno Corp.*Private	Patriot Battery Metals Inc.TSX:PMET; ASX:PMT; OTCQX:PMETF	Wallbridge Mining Company TSX: WM; OTCQX: WLBMF
CUPANI Metals Corporation*CSE: CUPA	Kenorland Minerals Ltd.TSX-V: KLD; OTCQX: KLDCF	Peloton Minerals Corporation*CSE: PMC; OTCQB: PMCCF	Wesdome Gold Mines Ltd.TSX: WDO; OTCQX: WDOFF
Dolly Varden Silver CorpTSX-V: DV; OTCQX: DOLLF	Kirkland Lake Discoveries*TSX-V: KLDC	Perseverance Metals*Private	West Red Lake Gold Mines TSX-V: WRLG; OTCQB: WRLGF
Dryden Gold Corp.*#TSX-V: DRY; OCTQB: DRYGF	Kuya Silver Corporation*CSE: KUYA; OTCQB: KUYAF	Power Nickel Inc.TSX-V: PNPN; OTCQB:PNPNF	Western Alaska Minerals Corp*TSX-V: WAM
Dumont NickelPrivate	Lavras Gold Corp.TSX-V: LGC; OTCQB: LGCFF	Q2 Metals Corp.#TSX-V:QTWO; OTCQB:QUEXF	Wheaton Precious Metals Corp.TSX:WPM; NYSE:WPM
Dynasty Gold Corp*#TSX-V: DYG	Li-FT Power Ltd.TSX-V:LIFT: OTCQX:LIFFF	Quimbaya Gold Inc. ^^CSE: QIM; OTCQB; QIMFG	XXIX Metal Corp.*TSX:V: XXIX; OTCQB: QCCUF
		Radisson Mining ResourcesTSX-V: RDS; OTCQB: RMRDF	Yukon Metals Corp.*CSE: YMC: OTCQB: YMMCF

 

THE MINING INVESTMENT EVENT – AGENDA FORMAT Centre des congrès de Québec | Quebec Convention CentreCorporate Presentations, Private Investor One-on-One Meetings & Networking Events

Mon. June 2Early Registration6:00 pm – 9:00 pm	– CAUR Technologies Welcome Event – Badges & Beers; – Loggia, Quebec Convention Centre– Pre-registration and live entertainment with The Tremors
DAY I – Tues. June 3Producers, Royalty Co's7:00 am – 5:00 pm	– Company Presentations, Keynote Speakers/Panels & Scheduled 1×1 Meetings – 6:30 pm – Midnight – THE Sponsors Gala Networking Event & Casino – THE Juneuary Lounge
DAY II – Wed. June 4Critical & Transition Metals7:00 am – 5:00 pm	– Company Presentations, Keynote Speakers/Panels & Scheduled 1×1 Meetings– 6:00 – 7:30 pm – THE Sponsors Cocktail Networking Event – THE Juneuary Lounge– 9:00 pm – Midnight – THE AtkinsRéalis After Dark Event – Hilton Ballroom Foyer, 2nd Floor
DAY III – Thurs. June 5Explorers & Developers7:00 am – 4:00 pm	– Company Presentations, Keynote Speakers/Panels & Scheduled 1×1 Meetings – 4:00 pm – Adieu Cocktails – Loggia, Quebec Convention Centre

 

THE Event is invitation only – Interested investors & issuers, please go here:

https://www.themininginvestmentevent.com/register or contact Jennifer Choi, jchoi@irinc.ca

THE Mining Investment Event-Canada's Only Tier I Global Mining Investment Conference© is held annually in Québec City, Canada. It is independently sponsored and designed to facilitate privately arranged meetings between mining companies, international investors, and various mining government authorities. The conference provides a platform to hear from some of the most influential thought leaders in the sector.

THE Event is committed to promoting diversity, equality, and sustainability in the mining industry through education and innovation through its unique Student Sponsorship and SHE-Co Initiatives.

Joanne Jobin CEO & FounderIR.INC & VID Media jjobin@irinc.ca

Jennifer ChoiVice President, OperationsIR.INC & VID Media jchoi@irinc.ca

Brhett BookerAssociateIR.INC & VID Media bbooker@irinc.ca

Sydney SchuchAssociateIR.INC & VID Mediasydney@irinc.ca

 

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240474

Vancouver, British Columbia–(Newsfile Corp. – February 10, 2025) – Reagan Glazier, President and CEO of Pacific Bay Minerals Ltd. (TSXV: PBM) ("Pacific Bay" or the "Company") reports the appointment of a new Chief Financial Officer. Longtime CFO Leanora Brett has stepped down and is replaced by Philip Ellard, CPA. Ms. Brett remains Corporate Secretary of the Company.

Philip Ellard is a designated CPA with a Bachelor of Commerce Honours from the University of British Columbia. His expertise includes providing financial reporting, go-public, taxation and regulatory support services. Philip is also CFO of public issuers Neotech Metals Corp, MiMedia Holdings and Newpath Resources Inc.

"Lea Brett's service and dedication to Pacific Bay is greatly appreciated and I look forward to working with her as Corporate Secretary," said Reagan Glazier, President & CEO of Pacific Bay. "Philip Ellard is a skilled and talented accounting professional who will help the Company execute its aggressive growth strategy."

Brazil Update

The TSX Venture Exchange continues its review of the Company's proposed acquisition of an option to acquire a 100% interest in Pereira-Velho Gold Project, located in inland Alagoas state, Brazil, announced January 7th, 2025. Upon satisfactory review by the Exchange of technical information about the Project, the Company expects that trading in the Company's stock will resume. Prior to trading resumption, the Company will disclose additional technical information about the Project.

"With gold prices climbing, it's a good time to be acquiring quality projects," said Reagan Glazier, President & CEO of Pacific Bay. "Our team is working hard to expedite the Pereira-Velho Gold transaction and is excited about the prospect of exploring a project we all believe in strongly."

Pacific Bay Minerals Ltd. Per/

Reagan Glazier, President & CEO

Contact: Reagan Glazier, 403-815-6663, reagan@pacificbayminerals.com

This news release contains "forward‐looking statements" within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to the timing for payment of the option payments, timing regarding any future financings of the Company and timing for completion of future expenditures and plans relating to exploration of the Property, the magnitude and quality of the Property and spending commitments. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Pacific Bay will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition, results of exploration activities and development of the Atlin Goldfields Property, risks associated with the Agreement, including that the Agreement may be terminated or the option not exercised, risks relating to regulatory approvals, and the ability of the Company to complete a private placement financing. Although Pacific Bay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. Pacific Bay does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240325

Written by Amy Legate-Wolfe at The Motley Fool Canada

The global trade landscape is shifting once again, and Canada’s resource-heavy economy is feeling the impact. With U.S. President Donald Trump back in the headlines over his proposed trade policies, speculation is mounting about the potential imposition of tariffs on Canadian exports. While tariffs generally spell trouble for industries that rely heavily on trade with the United States, Canada’s mining sector may have a different story to tell.

In particular, two mining giants, First Quantum Minerals (TSX:FM) and Teck Resources (TSX:TECK.B) are poised to benefit from the changes. If tariffs disrupt traditional supply chains, these Canadian stocks could find new opportunities to expand their market share, increase production, and capitalize on shifting global demand.

First Quantum Minerals

First Quantum Minerals is a leading Canadian mining company specializing in copper, a metal that remains in high demand due to its essential role in everything from construction to electric vehicles. Despite facing significant headwinds in 2024, including production challenges and fluctuating commodity prices, First Quantum has remained resilient. In its third-quarter earnings report for 2024, the company posted a gross profit of $456 million. Meanwhile, net earnings attributable to shareholders came in at $0.13 per share. While revenue saw some decline due to weaker copper prices earlier in the year, the Canadian stock has taken proactive steps to enhance efficiency and streamline costs.

One of First Quantum’s key advantages is its global diversification. The company operates large-scale mines in Zambia, Panama, and Turkey. This means it is not entirely dependent on U.S. trade policies. In fact, a shift in global trade dynamics could push First Quantum to expand its market presence in Asia and Europe, regions with growing demand for copper. China remains a major importer of raw materials, and Europe is ramping up renewable energy initiatives that require vast amounts of copper. Therefore, First Quantum is well-positioned to benefit from a changing market landscape.

The Canadian stock has been volatile over the past year, but analysts remain optimistic about its long-term prospects. With copper demand expected to surge as the global push for electrification continues, First Quantum stands to gain significantly from both higher prices and increased production. Investors looking for exposure to the commodities sector should keep an eye on this stock, as it could be primed for substantial upside in 2025.

Teck Resources

Teck Resources is another Canadian mining leader that could see significant upside in 2025, especially if trade tensions push global buyers to seek alternative suppliers. Unlike First Quantum, which focuses primarily on copper, Teck Resources is a diversified mining company with exposure to multiple commodities, including steelmaking coal, zinc, and copper. This diversification provides Teck with a buffer against volatility in any single commodity market, making it an attractive investment in uncertain times.

Teck’s recent earnings report showcased impressive numbers, reinforcing its status as a financial powerhouse in the mining sector. As of writing, the company reported a market capitalization of $31.5 billion, with total cash reserves of $7.2 billion and a debt-to-equity ratio of 36.3%. More notably, Teck’s Quebrada Blanca mine in Chile has ramped up production, contributing to a 43.7% year-over-year increase in quarterly revenue growth. This strong performance is a testament to Teck’s ability to scale operations and navigate shifting market dynamics.

Looking ahead, Teck Resources could benefit from higher infrastructure spending worldwide. If Trump’s tariffs lead to increased infrastructure projects within the U.S., demand for steelmaking coal and base metals could rise. Given Teck’s strong foothold in these commodities, the Canadian stocks could see a boost in sales and profitability. Furthermore, as the world transitions to cleaner energy solutions, Teck’s copper assets will become increasingly valuable, reinforcing its long-term growth potential.

Foolish takeaway

As we head into 2025, investors looking for commodity-driven growth should keep these two stocks on their radar. With the potential for higher commodity prices, increased global demand, and a weaker Canadian dollar playing to their advantage, First Quantum and Teck Resources could explode in value, making them standout picks in an uncertain market.

The post Trump’s Tariffs: 2 Canadian Stocks That Could Explode in 2025 appeared first on The Motley Fool Canada.

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2025

Centrus Energy Corp. (LEU) came out with quarterly earnings of $3.20 per share, beating the Zacks Consensus Estimate of $1.06 per share. This compares to earnings of $3.58 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 201.89%. A quarter ago, it was expected that this company would post earnings of $0.18 per share when it actually produced a loss of $0.30, delivering a surprise of -266.67%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Centrus Energy , which belongs to the Zacks Mining – Non Ferrous industry, posted revenues of $151.6 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 44.11%. This compares to year-ago revenues of $103.6 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Centrus Energy shares have added about 26.7% since the beginning of the year versus the S&P 500's gain of 3.1%.

What's Next for Centrus Energy?

While Centrus Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Centrus Energy: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.36 on $72.5 million in revenues for the coming quarter and $2.83 on $418.8 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining – Non Ferrous is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Lundin Mining (LUNMF), has yet to report results for the quarter ended December 2024.

This base metals mining company is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of +80%. The consensus EPS estimate for the quarter has been revised 22.4% lower over the last 30 days to the current level.

Lundin Mining's revenues are expected to be $1.17 billion, up 10.8% from the year-ago quarter.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Centrus Energy Corp. (LEU) : Free Stock Analysis Report

Lundin Mining Corp. (LUNMF) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

Teck Resources Ltd

VANCOUVER, British Columbia, Feb. 04, 2025 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) will release its fourth quarter 2024 earnings results before market open on Thursday, February 20, 2025.

A webcast to review the results will be held as follows:

Date:	Thursday, February 20, 2025
Time:	8:00 a.m. PT / 11:00 a.m. ET
Listen-Only Webcast:	here
Dial In for Investor & Analyst Q&A:	1.647.484.8814 or 1.844.763.8274
	Quote “Teck Resources”, to join the call
Alternate, pre-register to the call for Q&A:	registration link

An archive of the webcast will be available at teck.com within 24 hours.

About TeckTeck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Investor Contact:Ellen LaiCoordinator, Investor Relations604.699.4257ellen.lai@teck.com

Media Contact:Dale SteevesDirector, External Communications236.987.7405 dale.steeves@teck.com

(Reuters) -Shares of Australia's Predictive Discovery were set for their best session in nearly six months on Tuesday after the gold explorer said that China's Zijin Mining will invest A$24.1 million ($15.00 million), while Lundin family will invest A$45.1 million in it, to acquire a 3.5% and a 6.5% stake, respectively.

Shares of the company gained as much as 13.2% by 0020 GMT and were set for their biggest single-day rise since mid-August, 2024. Meanwhile, the broader benchmark S&P/ASX 200 index was up 0.6%.

Predictive said it received firmed commitments from both parties to raise a total of A$69.2 million at an issue price of A$0.265 per share, the same as the company's last close on Jan. 31.

Proceeds from the placement will be used to accelerate the miner's key asset Bankan Gold Project in Guinea, it said.

Lundin family is a majority shareholder in Lundin Group, which manages public companies, such as Canada's Lundin Mining Corp, that are focused on the minerals, metals, renewables and energy sectors.

($1 = 1.6069 Australian dollars)

(Reporting by Sherin Sunny in Bengaluru; Editing by Alan Barona)

Jonathan Price learnt the biggest lesson of his career in his first job, working at a nickel refinery near his hometown of Swansea.A fresh

We recently compiled a list of the 10 Best ASX Stocks to Buy According to Hedge Funds. In this article, we are going to take a look at where BHP Group Limited (NYSE:BHP) stands against other best ASX stocks to buy according to hedge funds.

According to a report by the Australian Bureau of Statistics (ABS) published on December 4, 2024, the Australian economy grew by 0.3% in the September quarter of 2024, which marked the twelfth consecutive quarter of growth. This growth, however, was the lowest rate since the December quarter of 2020 after the COVID-19 pandemic. The report also noted that in nominal terms, GDP rose by 0.4%.

In terms of trade, a key indicator of the economy’s international competitiveness fell by 2.5% in the quarter. This decline was primarily due to a 2.6% drop in export prices and was the third consecutive quarterly fall. The weakening in global bulk commodity demand, particularly from China, significantly affected the prices of metallurgical coal and iron ore. Import prices also fell slightly by 0.1%, aligning with lower global oil prices.

However, public investment surged by 6.3% after three-quarters of decline, with government investment rising, driven by increased imports of defense equipment and investments in hospital and road projects. State and local public corporations also contributed to the rise, with increased activity on major road and renewable energy projects.

READ ALSO: 12 Most Promising Green Stocks According to Hedge Funds and 10 Worst Performing Energy Stocks in 2024.

According to Morgan Stanley’s 2025 Outlook and Implications for Australian Investors, the outlook for Australian equities is optimistic, though it is expected to lag behind major developed markets, particularly the United States. Morgan Stanley has raised its year-end 2025 price target for the ASX 200 to 8500, reflecting a base case multiple of 17.0x and a forecasted 10% earnings per share growth over the next 12 months. Within the Australian market, Morgan Stanley favors sectors that are poised for strong performance, such as healthcare, technology, and consumer discretionary. These sectors are expected to benefit from secular growth trends and favorable macroeconomic conditions.

In the energy sector, Morgan Stanley anticipates lower crude oil prices in 2025 due to rising supply from both OPEC and non-OPEC producers, outpacing slowing demand growth. This could impact energy-related stocks and investments. Regarding metals, copper remains the top pick, driven by declining inventories and demand recovery at lower price levels. For gold, the outlook is more cautious, with limited upside expected despite potential tailwinds from rate cuts. According to the report, physical demand for gold is beginning to soften, which may dampen its appeal as a safe-haven asset.

The Australian economy continues its growth streak and sectors such as healthcare, technology, and consumer discretionary are positioned for strong performance.

Is BHP Group Limited (BHP) Among the Best ASX Stock to Buy According to Hedge Funds?

An aerial view of a mining operation in action, with large trucks and yellow diggers.

Our Methodology

To compile our list of the 10 best ASX stocks to buy according to hedge funds, we used Finviz and Yahoo stock screeners to identify companies that are dual-listed in the United States and Australia. We then used Insider Monkey’s Hedge Fund database to rank 10 stocks according to the largest number of hedge fund holders, as of Q3 2024. The list is sorted in ascending order of hedge fund sentiment.

Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

BHP Group Limited (NYSE:BHP)

Number of Hedge Fund Holdings: 22

BHP Group Limited (NYSE:BHP) is a leading global resources company headquartered in Australia. The company is engaged in the exploration, production, and processing of minerals and energy resources. BHP Group Limited’s (NYSE:BHP) diversified portfolio includes iron ore, copper, coal, nickel, and potash. The company serves industries such as steelmaking, electronics, and agriculture.

BHP Group Limited (NYSE:BHP) is actively pursuing growth opportunities in the copper market, which is expected to see significant demand growth in the coming decades. In South Australia, the company is expanding its Olympic Dam operation, with plans to increase production to over 500,000 tons per year by the early 2030s. BHP Group Limited (NYSE:BHP) is also advancing several copper projects in Chile, including at the Escondida mine, where it plans to invest in new leaching technology to boost production and extend the mine’s lifespan. Additionally, BHP Group Limited (NYSE:BHP) has recently formed a joint venture with Lundin Mining to develop the Filo del Sol and Josemaria copper projects in Argentina and Chile, which have the potential to become major copper producers.

Another key area of growth for BHP Group Limited (NYSE:BHP) is its potash business, where the company is investing in the Jansen project in Canada. The Jansen project is a world-class potash asset and is expected to become one of the largest potash producers globally. BHP Group Limited (NYSE:BHP) is currently constructing the first phase of the project, which is expected to produce around 4.3 million tons of potash per year. The company also has plans for future expansions are planned, with the potential to increase production to over 16 million tons annually.

Overall BHP ranks 2nd on our list of the best ASX stocks to buy according to hedge funds. While we acknowledge the potential of BHP as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BHP but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.

VANCOUVER, BC, Jan. 31, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:

The number of issued and outstanding shares of the Company has increased by 93,674,455 to 867,777,426 common shares with voting rights as of January 31, 2025. The increase in the number of issued and outstanding shares from January 1, 2025 to date is the result of shares issued in connection with the Filo Corp. acquisition (see press release dated January 15, 2025 entitled "Lundin Mining Completes Joint Acquisition of Filo with BHP and 50% Sale of Josemaria to Form Vicuña Corp."), and the exercise of employee stock options or the vesting of employee share units, offset by any share buy backs completed under the normal course issuer bid.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on January 31, 2025 at 14:30 Pacific Time.

Lundin Mining Announces Updated Share Capital and Voting Rights (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2025/31/c8898.html

Southern Copper (SCCO) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Over the past month, shares of this miner have returned +0.5%, compared to the Zacks S&P 500 composite's +2.9% change. During this period, the Zacks Mining – Non Ferrous industry, which Southern Copper falls in, has lost 0.5%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings Estimates

Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Southern Copper is expected to post earnings of $1.02 per share, indicating a change of +79% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The consensus earnings estimate of $4.38 for the current fiscal year indicates a year-over-year change of +40.8%. This estimate has changed +0.5% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $4.63 indicates a change of +5.6% from what Southern Copper is expected to report a year ago. Over the past month, the estimate has changed +0.5%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Southern Copper is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPSRevenue Growth Forecast

Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Southern Copper, the consensus sales estimate for the current quarter of $2.78 billion indicates a year-over-year change of +21.1%. For the current and next fiscal years, $11.57 billion and $11.61 billion estimates indicate +16.9% and +0.4% changes, respectively.

Last Reported Results and Surprise History

Southern Copper reported revenues of $2.93 billion in the last reported quarter, representing a year-over-year change of +17%. EPS of $1.15 for the same period compares with $0.79 a year ago.

Compared to the Zacks Consensus Estimate of $2.94 billion, the reported revenues represent a surprise of -0.26%. The EPS surprise was +2.68%.

Over the last four quarters, Southern Copper surpassed consensus EPS estimates three times. The company topped consensus revenue estimates two times over this period.

Valuation

Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an An is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Southern Copper is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom Line

The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Southern Copper. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

We recently compiled a list of the 10 Best Coal Stocks to Invest in Right Now. In this article, we are going to take a look at where BHP Group Limited (NYSE:BHP) stands against the other coal stocks.

Research by The Business Research Company estimates the coal market to grow by 2.6% in 2025, reaching a market value of $669.84 billion. The continued dependency on coal for developing countries should sustain a growth rate of 2% until 2029. The APAC region is the region with the largest share of the market with China being the largest player. Slow economic growth in the region is the reason for the lackluster performance of the commodity in 2024.

Rising energy demand is the primary driver for the growth in the coal industry but a transition to renewable forms of energy forms a major headwind. The steel industry along with other manufacturing sectors provides a sustained demand for coal. These industries have not fared well in 2024, leading to unfavorable pricing for coal companies.

The production in the US is expected to remain flat in 2025 after registering a 12% drop in 2024. The demand from utility firms is expected to be met by the accumulation of inventory. India continues to be the destination where a majority of the exports of metallurgical and thermal coal take place. While the trend is expected to continue, a strengthening dollar is expected to lower the volumes in the near future.

The recent performance of coal companies has not been particularly good due to the overall macroeconomic environment. Companies are looking to diversify their assets and are exploring opportunities in other commodities like mining. Nonetheless, most of these companies have a healthy balance sheet that has enabled them to tide over this period. With a better year around the corner, there should be a revival in business for these companies.

Coal ETFs have generated returns of -4.34%, -17.86% and -20.86% for 1-month, 6-month and 1-year tenors. While big tech players pose a threat, there is immense potential to tap a constantly growing advertising pie that would benefit traditional players.

READ ALSO 7 Best Stocks to Buy For Long-Term and 8 Cheap Jim Cramer Stocks to Invest In

For this article we picked 10 coal stocks trending on latest news. With each stock we have mentioned the number of hedge fund investors. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

An aerial view of a mining operation in action, with large trucks and yellow diggers.

BHP Group Limited (NYSE:BHP)

Number of Hedge Fund Investors: 22

BHP Group Limited (NYSE:BHP) operates as a resources company with coal being one of the key segments. The primary operations of BHP are located in Australia, Europe, China, Japan, India, South Korea, the rest of Asia and North America.

While the overall business has been growing, energy coal production was down 4% y-o-y and steelmaking coal was lower by 23% in the latest quarter. This does not deter the annual guidance as the company expects coal production to be in the upper half of its guidance for 2025. The impact of unfavorable coal prices has been offset by higher shipments. A diversified business makes BHP a defensive investment in the commodity space. A more favorable coal pricing should enable BHP to generate better margins. It has already received a higher EBITDA revision for the year. A forward dividend yield close to 6% also offers a lucrative investment opportunity in this stock.

Overall BHP ranks 8th on our list of the best coal stocks to buy. While we acknowledge the potential of BHP as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than BHP but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

 

Disclosure: None. This article is originally published at Insider Monkey.

Southern Copper (SCCO) closed the most recent trading day at $91.62, moving -1.11% from the previous trading session. This move lagged the S&P 500's daily loss of 0.51%. Elsewhere, the Dow saw a downswing of 0.75%, while the tech-heavy Nasdaq depreciated by 0.28%.

Heading into today, shares of the miner had gained 0.53% over the past month, lagging the Basic Materials sector's gain of 4.34% and the S&P 500's gain of 2.87% in that time.

The investment community will be closely monitoring the performance of Southern Copper in its forthcoming earnings report. The company is forecasted to report an EPS of $1.02, showcasing a 78.95% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $2.78 billion, indicating a 21.1% increase compared to the same quarter of the previous year.

Investors might also notice recent changes to analyst estimates for Southern Copper. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.46% higher. Southern Copper currently has a Zacks Rank of #3 (Hold).

In the context of valuation, Southern Copper is at present trading with a Forward P/E ratio of 20.03. Its industry sports an average Forward P/E of 20.03, so one might conclude that Southern Copper is trading at no noticeable deviation comparatively.

Investors should also note that SCCO has a PEG ratio of 1.81 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Mining – Non Ferrous was holding an average PEG ratio of 0.87 at yesterday's closing price.

The Mining – Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 165, positioning it in the bottom 35% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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Zacks Investment Research

The market expects Southern Copper (SCCO) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus Estimate

This miner is expected to post quarterly earnings of $1.02 per share in its upcoming report, which represents a year-over-year change of +79%.

Revenues are expected to be $2.78 billion, up 21.1% from the year-ago quarter.

Estimate Revisions Trend

The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Earnings Whisper

Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model — the Zacks Earnings ESP (Expected Surprise Prediction) — has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Southern Copper?

For Southern Copper, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -13.30%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Southern Copper will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?

While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Southern Copper would post earnings of $1.12 per share when it actually produced earnings of $1.15, delivering a surprise of +2.68%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom Line

An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Southern Copper doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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Zacks Investment Research

VANCOUVER, BC, Jan. 30, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Minera Ojos del Salado, a subsidiary of Lundin Mining Corporation ("Lundin Mining" or the "Company") has received a notice from the Superintendencia del Medio Ambiente ("SMA") following its investigative proceedings involving the sinkhole that occurred at the Alcaparrosa mine in 2022. The notice levies a fine of $3.3 million and orders the continued closure of the Alcaparrosa mine, based on four violations investigated.

Mining operations at Alcaparrosa have been suspended since the incident occurred in 2022. At the time, Mineral Reserve estimates for the Alcaparrosa mine were removed from the Company's reserve statement and have not been included in any future production estimates. The Company's Candelaria operation is unaffected and generated record production in the second half of 2024. The Candelaria mine is forecast to produce 140,000 tonnes to 150,000 tonnes of copper in 2025.

The Company has collaborated with investigative proceedings initiated by the national environmental regulator (SMA), including providing monitoring technology, studies and experts to guide the process. The Company will review the notification and determine the next steps relating to the charges that it allegedly breached its environmental permit at its Minera Ojos del Salado operation which owns the Alcaparrosa mine.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of their European assets to Boliden, the transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.

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 January 30, 2025 at 19:00 Eastern Time.

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 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 operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña district; estimated capital expenditures; the timing and expectations for studies and updated estimates; the completion of the sale of the Company's European assets and the timing thereof; the conditions to close the sale of the Company's European assets; 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 and timing 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 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; 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, nickel, gold and other metals; anticipated costs; that the conditions to close the sale of the Company's European assets will be satisfied; the ability to achieve goals and identify and realize opportunities; the prompt and effective integration of acquisitions, including the acquisition of Filo, the establishment of the 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: the failure to obtain required approvals for the sale of the Company's European assets; 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; project financing risks, liquidity risks and limited financial resources; volatility and fluctuations in metal and commodity demand and prices; delays or the inability to obtain, retain or comply with permits; significant reliance on assets in Chile; reputation risks related to negative publicity with respect to the Company or the mining industry in general; health and safety risks; risks relating to the development of the Filo del Sol project and the Josemaria project; inability to attract and retain highly skilled employees; risks associated with climate change; compliance with environmental, health and safety laws and regulations; unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; 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; risks relating to indebtedness; the inability to effectively compete in the industry; risks associated with acquisitions 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, including the joint acquisition of Filo and the joint arrangement with BHP; changing taxation regimes; 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; 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; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; activist shareholders and proxy solicitation matters; risks relating to dilution; regulatory investigations, enforcement, sanctions and/or related or other litigation; risks relating to payment of dividends; counterparty and customer concentration risks; the estimation of asset carrying values; risks associated with the use of derivatives; risks relating to joint ventures, joint arrangements and operations; 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 a significant shareholder; exchange rate fluctuations; challenges or defects in title; internal controls; 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; the threat associated with outbreaks of viruses and infectious diseases; risks relating to minor elements contained in concentrate products; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year three and nine months ended September 30, 2024 and the "Risk 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.

Lundin Mining Reports on Legal Notice Pertaining to the 2022 Sinkhole at the Alcaparrosa Mine (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

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