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• 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.