Sale Of East Tennant Project

Strategic Energy Resources Limited (“SER” or “the Company”) is pleased to announce the signing of a binding Sale and Purchase Agreement (“SPA”) with ASX-listed Middle Island Resources Limited (ASX:MDI; MDI or Middle Island) for the sale of SER’s East Tennant Project. The sale includes EL32109, EL32306, EL32307, EL32617, EL32760 and EL32809 which are located near to Middle Island’s existing exploration projects.

HIGHLIGHTS

East Tennant Project sold to Middle Island Resources Limited (ASX:MDI)
Transaction provides ongoing exposure to broader East Tennant region

Commenting on the signing of the Agreement, SER Managing Director Dr David DeTata said;

“The East Tennant region remains highly prospective for the discovery of copper and gold and SER has assembled a portfolio of high priority targets which demand drill testing. The sale of the East Tennant Project to MDI, which has a considerable land position in the region, is a sensible consolidation that ensures SER’s targets will be tested and increases SER’s exposure to exploration success across the region.

“This transaction is aligned with SER’s corporate strategy: generate high quality Greenfields projects, add value through science-driven exploration, and share risk and reward ensuring the strategy can continue”.

Transaction Details:

Middle Island to purchase 100% of SER’s East Tennant Projects for 18,240,000 fully paid ordinary MDI shares, for a deemed issue price of $0.035 (3.5 cents), to be issued within 5 business days following satisfaction of completion conditions in SPA. No cash consideration is payable.
Completion will be subject to fulfilment of the following key conditions:
- MDI completing due diligence within 60 days, in its absolute discretion, in respect of the Mining Property and being satisfied with its findings, observations and conclusions in respect thereof and therefrom in its absolute discretion;
- Obtaining any consent required under the Mining Act for any of the dealings with the Tenements under the SPA; and
- No event occurring prior to completion which materially and adversely affects the rights or interests proposed to be acquired by MDI.
MDI will be issuing the consideration shares to SER out of its existing placement capacity under Listing Rule 7.1. The shares issued to SER will be subject to 12-month escrow restriction.
The sale is expected to be completed following the completion of the due diligence, subject to extensions and approval under the Mining Act.

Click here for the full ASX Release

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	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 earnings ^a	(195.3)	12.5	11.1	203.2
Net earnings	(159.6)	40.4	153.4	276.9
Adjusted earnings ^a,b (all operations)	119.2	79.7	358.9	336.2
Adjusted earnings ^a,b — continuing operations	94.8	72.4	291.7	287.5
Adjusted earnings ^a,b — discontinued operations	24.4	7.3	67.2	48.7
Adjusted EBITDA ^b (all operations)	425.6	419.7	1,707.0	1,363.5
Adjusted EBITDA ^b — continuing operations	368.2	367.6	1,461.8	1,145.6
Adjusted EBITDA ^b — 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 EPS ^a,b (all operations)	0.15	0.10	0.46	0.44
Adjusted EPS ^a,b — continuing operations	0.12	0.09	0.38	0.37
Adjusted EPS ^a,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 flow ^b (all operations)	313.9	362.0	1,302.6	1,024.2
Adjusted operating cash flow ^b — continuing operations	251.8	305.4	1,080.0	847.3
Adjusted operating cash flow ^b — discontinued operations	62.1	56.7	222.6	176.9
Adjusted operating cash flow per share ^b (all operations)	0.40	0.47	1.68	1.33
Adjusted operating cash flow per share ^b — continuing operations	0.32	0.39	1.39	1.10
Adjusted operating cash flow per share ^b — discontinued operations	0.08	0.08	0.29	0.23
Free cash flow ^b (all operations)	397.9	61.2	571.2	13.5
Free cash flow ^b — continuing operations	360.0	43.6	508.2	(19.9)
Free cash flow ^b — discontinued operations	37.9	17.6	63.0	33.4
Free cash flow from operations ^b (all operations)	466.0	116.8	873.0	345.1
Free cash flow from operations ^b — continuing operations	423.6	95.7	797.1	300.0
Free cash flow from operations ^b — 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 liabilities ^b	(1,332.3)	(946.2)	(1,332.3)	(946.2)
Net debt ^b	(1,597.8)	(1,223.4)	(1,597.8)	(1,223.4)

(Contained metal) ^a	2024					2023
(Contained metal) ^a	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	—	—

		Revised Guidance
(contained metal)		Production	Cash Cost ($/lb) ^b
Copper (t)	Candelaria (100%)	140,000 – 150,000	1.80 – 2.00 ^c
	Caserones (100%)	115,000 – 125,000	2.40 – 2.60
	Chapada	40,000 – 45,000	1.80 – 2.00 ^d
	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

	($ millions)	Guidance ^b
	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

	Three months ended December 31, 2024
Operations	Candelaria	Caserones	Chapada	Eagle	Total - continuing operations	Neves- Corvo	Zinkgruvan	Total - discontinued operations
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)	Total - continuing operations	(Cu)	(Zn)	Total - discontinued operations
Sales volumes (Contained metal):
Tonnes	49,052	26,750	10,200	1,088		5,230	18,627
Pounds (000s)	108,141	58,973	22,487	2,399		11,531	41,066
Production costs					486,877			102,300
Less: Royalties and other					(27,839)			(20)
					459,038			102,280
Deduct: By-product credits					(137,021)			(75,716)
Add: Treatment and refining					27,483			12,128
Cash cost	165,039	147,826	24,107	12,528	349,500	21,230	17,462	38,692
Cash cost per pound ($/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

^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.

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.

	Three months ended December 31, 2023
Operations	Candelaria	Caserones	Chapada	Eagle	Total - continuing operations	Neves- Corvo	Zinkgruvan	Total - discontinued operations
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)	Total - continuing operations	(Cu)	(Zn)	Total - discontinued operations
Sales volumes (Contained metal):
Tonnes	38,888	35,690	13,080	3,105		9,054	17,316
Pounds (000s)	85,733	78,683	28,836	6,845		19,961	38,176
Production costs					533,783			114,254
Less: Royalties and other					(22,221)			(2,299)
Inventory fair value adjustment					(7,760)			—
					503,802			111,955
Deduct: By-product credits					(136,641)			(67,523)
Add: Treatment and refining					39,139			18,799
Cash cost	152,276	183,687	54,108	16,229	406,300	39,218	24,013	63,231
Cash cost per pound ($/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
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)	Total - continuing operations	(Cu)	(Zn)	Total - discontinued operations
Sales volumes (Contained metal):
Tonnes	158,017	113,867	39,615	5,662		26,721	68,086
Pounds (000s)	348,367	251,033	87,336	12,483		58,910	150,104
Production costs					1,898,627			445,227
Less: Royalties and other					(84,501)			(4,785)
					1,814,126			440,442
Deduct: By-product credits					(504,431)			(305,479)
Add: Treatment and refining					113,565			55,407
Cash cost	603,533	629,582	137,714	52,431	1,423,260	129,128	61,242	190,370
Cash cost per pound ($/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
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)	Total - continuing operations	(Cu)	(Zn)	Total - discontinued operations
Sales volumes (Contained metal):
Tonnes	144,473	66,075	43,761	13,339		32,054	65,344
Pounds (000s)	318,508	145,670	96,476	29,407		70,667	144,059
Production costs					1,644,037			442,071
Less: Royalties and other					(60,916)			(5,321)
Inventory fair value adjustment					(39,945)			—
					1,543,176			436,750
Deduct: By-product credits					(428,208)			(271,707)
Add: Treatment and refining					118,480			64,848
Cash cost	660,160	290,553	219,278	63,457	1,233,448	167,424	62,467	229,891
Cash cost per pound ($/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

	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

	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 operations ¹	(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

($ 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

	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

Sale Of East Tennant Project

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