Consolidated Financial Results for the First Quarter Ended June 30, 2024 [IFRS]
August 7, 2024
[Full version of English translation released on August 30, 2024]

Listed Company Name: Sumitomo Metal Mining Co., Ltd.
Code:
5713
Listings:
Tokyo Stock Exchange
URL:
https://www.smm.co.jp/
Representative:
Nobuhiro Matsumoto, President and Representative Director
Contact:
Atsuyuki Inoue, Manager, PR & IR Dept.
TEL: +81-3-3436-7705
Scheduled Date to Start Dividend Payment: —Preparation of Supplementary Explanation Materials for Financial Results: Yes
Briefing on Account Settlement: Yes (for institutional investors and analysts)(Amounts less than one million yen are rounded off)

1. Consolidated Financial Results (From April 1, 2024, to June 30, 2024)(1) Consolidated Operating Results
Net sales
Millions ofyen

Three months
ended
June 30, 2024
Three months
ended
June 30, 2023

Profit before tax%

Millions ofyen

410,29711.1

369,190

3.2(2)

Profit%Millions ofyen%Millions ofyen%Millions ofyen%

30,68813.1

21,469-6.9

22,075

6.5

106,400

93.2

27,133-73.9

23,050-71.7

20,732-72.9

55,073-56.9

Basic earnings per share

Diluted earnings per share

Yen

Yen

80.34

80.34

75.45

75.45

Three months ended
June 30, 2024
Three months ended
June 30, 2023(% figures show year-on-year change)
Profit attributable to Total comprehensive
owners of parent
incomeConsolidated Financial Position
Total assets

As of June 30, 2024
As of March 31, 2024

Total equity

Equity attributable toowners of parent

Equity attributable toowners of parent ratio

Millions of yen

Millions of yen

Millions of yen%

3,223,531
3,027,714

2,068,600
1,973,380

1,862,877
1,785,104

57.8
59.0

2. Dividends
Dividend per shareFirst quarter-end
Year ended
March 31, 2024
Year ending
March 31, 2025
Year ending March 31,
2025 (Forecast)Second quarter-end

Yen

Yen

—

35.00

49.00

Third quarter-end
Yen

Year-end

Total
Yen

Yen

—

63.00

98.00

—

50.00

99.00

—

(Note) Revision of dividend forecast that has been disclosed lastly: None

3. Forecast of Consolidated Operating Results for the Year Ending March 31, 2025
(From April 1, 2024, to March 31, 2025)
Net sales
Millions of yen

Full year

1,553,000

Profit before tax% Millions of yen

7.4

111,000(% figures show year-on-year change)
Profit attributable to
Basic earnings
owners of parent
per share

Profit%Millions of yen%

Millions of yen

%

Yen

15.9

78,00028.3

73,00024.6

265.69(Note) Revision of operating results forecast that has been disclosed lastly: Yes
For further details, please refer to “1. Overview of Business Performance, etc., (3) Forward-Looking
Information Including Forecast of Consolidated Operating Results and Other” on page 5.
Notes(1) Significant Changes in the Scope of Consolidation during the Period: None
(2) Changes in Accounting Policies or Estimates
1) Changes in accounting policies required by IFRS:
2) Changes in accounting policies other than item 1) above:3) Changes in accounting estimates:

None
None
None

(3) Number of Outstanding Shares (Common stock)1) Number of shares issued as of end of period (including treasury stock)290,814,015 shares at June 30, 2024
290,814,015 shares at March 31, 2024
2) Number of shares of treasury stock as of end of period
16,055,427 shares at June 30, 2024
16,054,245 shares at March 31, 2024
3) Average number of shares during the period
274,758,944 shares for three months ended June 30, 2024
274,764,017 shares for three months ended June 30, 2023
Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified
public accountants or audit corporations: Yes (voluntary)
Explanation regarding appropriate use of operating results forecast and other special notes
The forward-looking statements, including business results forecast, contained in this report are based on information
available to the Company and on certain assumptions deemed to be reasonable as of the date of release of this report
and they are not meant to be a commitment by the Company. Also, actual business results may differ substantially due
to a number of factors.
(Supplementary Explanation Materials for Financial Results)
The Supplementary Explanation Materials will be posted on the Company’s website on Wednesday, August 7, 2024.

Contents of the Attachment
1. Overview of Business Performance, etc. ............................................................................................................... 2(1) Overview of Business Performance for the Three Months Ended June 30, 2024 ............................................. 2(2) Overview of Financial Position for the Three Months Ended June 30, 2024 ................................................... 4(3) Forward-Looking Information Including Forecast of Consolidated Operating Results and Other ................... 5
2. Condensed Quarterly Consolidated Financial Statements and Primary Notes ................................................. 6(1) Condensed Quarterly Consolidated Statement of Financial Position ............................................................... 6(2) Condensed Quarterly Consolidated Statement of Profit or Loss and Consolidated Statement ofComprehensive Income .................................................................................................................................... 8(Condensed Quarterly Consolidated Statement of Profit or Loss)................................................................... .. 8
(Condensed Quarterly Consolidated Statement of Comprehensive Income) .................................................... 9(3) Condensed Quarterly Consolidated Statement of Changes in Equity ............................................................. 10(4) Condensed Quarterly Consolidated Statement of Cash Flows ....................................................................... 12(5) Notes Relating to the Condensed Quarterly Consolidated Financial Statements............................................ 14(Note Relating to the Going Concern Assumption) ......................................................................................... 14(Applicable Financial Reporting Framework)................................................................................................. 14(Changes in Presentation Method) .................................................................................................................. 14(Segment Information) .................................................................................................................................... 15
3. Supplementary Information ................................................................................................................................. 17
Independent Auditor’s Report on the Interim Review of Quarterly Consolidated Financial Statements ........ 18

1

1. Overview of Business Performance, etc.
(1) Overview of Business Performance for the Three Months Ended June 30, 2024
Net sales
Three months ended June 30, 2024
Three months ended June 30, 2023
Increase/decrease[Rate of change: %]410,297369,190
41,107[11.1]

Profit before tax
30,68827,133
3,555[13.1](Millions of yen)
Profit attributable toowners of parent
22,075
20,732
1,343[6.5](Overseas market prices and foreign exchange rates)
Unit
CopperNickelGold
Exchange rate (TTM)

$/t
$/lb
$/TOZ
¥/$

Three months ended
June 30, 2023
8,478
10.16
1,978.1
137.37

Three months ended
June 30, 2024
9,751
8.34
2,337.7
155.89

Increase/decrease
1,273
-1.82
359.6
18.52

The global economy during the first three months of fiscal 2024, the year ending March 31, 2025, saw a
gradual recovery. In the United States, despite continued upward pressure on prices, the economy remained
resilient on the back of strong consumption and production. In Europe, the economy recovered moderately
as personal consumption picked up due to an increase in real wages, although the effects of monetary
tightening policy lingered. In China, personal consumption remained stagnant amid the sluggish real estatemarket, but the recovery in exports helped bolster the economy.
Regarding the prices of major non-ferrous metals, copper prices have been on an upward trend since theend of the previous fiscal year due to expectations for medium- to long-term demand growth outweighing
supply concerns stemming from the suspension of operation at some overseas mines, resulting in average
prices increasing year over year. Although Nickel prices briefly increased amid supply concerns caused byfactors such as uncertainty in New Caledonia, average prices fell year over year due to the sustained supply
glut, such as an increase in LME stock. Gold prices rose from the end of the previous fiscal year on theback of heightened geopolitical risks in the Middle East and then plateaued, which resulted in an increasein average prices year over year.
As for exchange rates, the average exchange rate for the yen depreciated sharply year over year due tothe interest rate differential between Japan and the United States, reflecting the Fed cautiously steering
toward the potential commencement of interest rate cuts in the United States amid favorable economic
trends, while Japan maintained its monetary easing policy.
In industries related to the Materials business, demand for automobile battery materials remained strong
thanks to increased demand for electric and hybrid vehicles. Demand for components for electronic parts
began to recover due to progress with inventory adjustments and other factors.
Under these circumstances, consolidated net sales in the first three months of fiscal 2024 increased by¥41,107 million year over year to ¥410,297 million, due mainly to the Group’s production at mines andsmelters generally progressing according to plan, the average price of copper and gold increasing year overyear, and yen depreciation.
Consolidated profit before tax increased by ¥3,555 million year over year to ¥30,688 million, due mainly
to top-line growth and an improvement in finance income owing to higher interest income, which morethan offset deterioration in share of loss (profit) of investments accounted for using equity method.
Profit attributable to owners of parent increased by ¥1,343 million year over year to ¥22,075 million,
due mainly to an increase in consolidated profit before tax.

2

Operating results by reportable segment are as follows.
(Segment income is calculated based on profit before tax in the condensed quarterly consolidated statementof profit or loss.)(Mineral Resources segment)(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Increase/decrease

Rate of change (%)

Net sales

38,48942,724

4,235

11.0

Segment income

27,718

10,413-17,305-62.4

Segment income decreased year over year mainly due to the increase in production costs.
The statuses of the main mines are as follows.
Mining operations at the Hishikari Mine remained steady in line with the planned annual sales volumeof 4.0 tonnes, and the sales volume of gold in the first three months of fiscal 2024 was 0.8 tonnes.
Production levels at the Morenci Copper Mine (United States) (of which the Company holds a 25.0%
interest, excluding non-controlling interest) was 81 thousand tonnes, lower than the same period of theprevious fiscal year due mainly to a decrease in ore grade.
Production levels at the Cerro Verde Copper Mine (Peru) (of which the Company holds a 16.8% interest,
excluding non-controlling interest) was 103 thousand tonnes, lower than the same period of the previous
fiscal year due mainly to a decrease in ore grade.
Production levels at the Quebrada Blanca Copper Mine (Chile) (of which the Company holds a 25.0%
interest, excluding non-controlling interest) was 42 thousand tonnes.
(Millions of yen)

(Smelting & Refining segment)
Three months ended
June 30, 2023
Net sales
Segment income

Three months ended
June 30, 2024

Increase/decrease

Rate of change (%)

267,074

326,62959,555

22.3

6,090

27,787

21,697356.3(Output by the Company’s major product)
Three months ended
Three months ended
June 30, 2023
June 30, 2024
Coppert
96,779111,136
5,079
4,731
Gold
kg
Electrolytic nickelt
13,915
14,455
1,949
1,018
Ferronickelt(Note) Output includes the portions of commissioning and/or commissioned production.
Product

Unit

Increase/decrease
14,357
-348
540
-931

Segment income increased year over year, due mainly to higher copper prices and yen depreciation.
The production level of electrolytic copper increased from the same period of the previous fiscal year,
while the sales volume remained on par with the same period of the previous fiscal year. The productionlevel and sales volume of electrolytic nickel increased year over year. The production level and sales volume
of ferronickel decreased year over year.
The production levels at Coral Bay Nickel Corporation (Philippines) remained on par with the same
period of the previous fiscal year. The production levels at Taganito HPAL Nickel Corporation (Philippines)
decreased from the same period of the previous fiscal year.
(Materials segment)(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Increase/decrease

Rate of change (%)

Net sales

91,09976,631-14,468-15.9

Segment income

1,382

3,076

1,694

122.6

Segment income increased mainly due to a recovery in demand for components for electronic parts, despite
lower sales of automobile battery materials impacted by falling prices of non-ferrous metals and otherfactors.
3

(2) Overview of Financial Position for the Three Months Ended June 30, 2024
1) Financial Position
Total assets
Total liabilities
Total equity

As of March 31, 2024
3,027,714
1,054,334
1,973,380

As of June 30, 2024
3,223,531
1,154,931
2,068,600(Millions of yen)
Increase/decrease
195,817
100,597
95,220Total assets as of June 30, 2024 increased from those as of March 31, 2024. This was mainly due to increases
in inventories, property, plant and equipment, investments accounted for using equity method, and otherfinancial assets under non-current assets, mainly long-term loans receivable. Of which, the increase ininventories was attributable to a rise in prices of non-ferrous metals and other factors, while the increase ininvestments accounted for using equity method was attributable to yen depreciation and other factors.
Total liabilities increased from those as of March 31, 2024. This was mainly due to increases in bonds
and borrowings under current liabilities owing to the issuance of short-term bonds, and in bonds andborrowings under non-current liabilities, mainly long-term borrowings owing to the impact of foreignexchange rates.
Total equity increased from that as of March 31, 2024. Under other components of equity, the exchange
differences on transition of foreign operations increased due to the depreciation of the yen.
2) Cash FlowsNet cash used in operating
activities
Net cash used in investing
activities
Net cash provided by financing
activities
Effect of exchange rate changes
on cash and cash equivalents
Cash and cash equivalents at
beginning of period
Cash and cash equivalents at endof period(Millions of yen)Three months
ended June 30, 2023

Three months
ended June 30, 2024

Increase/decrease(4,964)(19,757)-14,793(56,032)(38,089)

17,94344,751

62,681

17,930

7,003

6,398

-605

215,007

151,022-63,985

205,765

162,255-43,510

Net cash used in operating activities during the first three months of fiscal 2024 increased from the same
period of the previous fiscal year, due mainly to an increase in inventories, despite an increase in trade andother payables.
Net cash used in investing activities decreased from the same period of the previous fiscal year. Thiswas mainly because although purchase of property, plant and equipment increased, payments for long-termloans receivable decreased.
Net cash provided by financing activities increased from the same period of the previous fiscal year, due
mainly to an increase in proceeds from issuance of bonds as well as decreases in repayments of short-termborrowings and dividends paid, despite a decrease in proceeds from short-term borrowings.

4

(3) Forward-Looking Information Including Forecast of Consolidated Operating Results and Other(Overseas market prices and foreign exchange rates)

$/t
$/lb
$/TOZ

9,751
8.34
2,337.7

FY2024
Second toFourth Quarter
Forecast
9,200
7.50
2,100.0¥/$

155.89150.00Unit
CopperNickelGold
Exchange rate
(TTM)

FY2024First Three
MonthsResults

Year ending
March 31, 2025
Full Year
Forecast
9,338
7.71
2,159.4
151.47In the business environment surrounding the SMM Group, in the non-ferrous metals industry, given factors
such as supply concerns following the suspension of operations at some overseas mines in addition to
expectations for a steady increase in demand, we estimate the supply-demand balance for copper remaining
in short supply. On the other hand, we estimate the supply-demand balance for nickel to remain inoversupply due mainly to the continued expansion of production in Indonesia.
As for industries related to the Materials business, we estimate demand for electric and hybrid vehicles
remaining robust on the whole, although demand levels will likely vary by manufacturer and model. For
components for electronic parts, we estimate demand remaining on a gradual recovery trend for the time
being.
With regard to the forecast of consolidated operating results for fiscal 2024, in light of consolidated
results for the first three months of fiscal 2024, we have revised our estimate for major non-ferrous metal
prices for the second quarter onward by predicting the future supply-demand balance with consideration
given to current levels, as well as factoring in current progress with the production and sales plans of eachbusiness. Our forecast for foreign exchange rates remains unchanged from the previous forecast. As a result,net sales are expected to reach ¥1,553.0 billion, profit before tax of ¥111.0 billion, profit of ¥78.0 billion,
and profit attributable to owners of parent of ¥73.0 billion on a consolidated basis.
Forecast of consolidated operating results for fiscal 2024 (Revised)(Millions of yen)
Net sales
Segment
incomeMineralResources
205,000

Smelting &Refining
1,173,000

92,00033,000Materials

Total

309,000

1,687,000

Other
Businesses
11,0001,000

126,000(2,000)5

Adjustments

Total(145,000)

1,553,000(13,000)

111,000

2. Condensed Quarterly Consolidated Financial Statements and Primary Notes(1) Condensed Quarterly Consolidated Statement of Financial Position

FY2023(As of March 31, 2024)

First Quarter of FY2024(As of June 30, 2024)

Millions of yen

Millions of yen

AssetsCurrent assets
Cash and cash equivalents

151,022

162,255

Trade and other receivables

185,238

199,421

9,054

22,032Inventories

516,014559,721

Other current assets

43,61150,089904,939

993,518

Assets held for sale

19,482

9,921

Total current assets

924,4211,003,439

Property, plant and equipment

759,484

812,441

Intangible assets and goodwill

72,46876,320Investment property

3,477

3,477

Investments accounted for using equity method

499,097

522,942

Other financial assets

722,250

757,857

Deferred tax assets

1,828

2,050

Other non-current assets

44,68945,005

Total non-current assets

2,103,293

2,220,092

Total assets

3,027,714

3,223,531

Other financial assets

Subtotal

Non-current assets

6

FY2023(As of March 31, 2024)

First Quarter of FY2024(As of June 30, 2024)

Millions of yen

Millions of yen

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables

263,054263,289

Bonds and borrowings

133,610214,344

Other financial liabilities

16,961

20,439

Income taxes payable

11,168

11,927

Provisions

8,387

6,396

Other current liabilities

26,01528,928459,195

545,323

4,415

4,078

463,610549,401

Bonds and borrowings

396,679

409,877

Other financial liabilities

14,354

13,598Provisions

42,99745,621Retirement benefit liability

3,223

3,382

128,808

126,857

Other non-current liabilities

4,663

6,195

Total non-current liabilities

590,724605,530

1,054,334

1,154,931

Share capital

93,242

93,242

Capital surplus

89,80089,800Treasury shares(38,099)(38,104)

Other components of equity

344,241

414,958

Retained earnings

1,295,920

1,302,981

Total equity attributable to owners of parent

1,785,104

1,862,877

188,276

205,723

Total equity

1,973,380

2,068,600

Total liabilities and equity

3,027,714

3,223,531

Subtotal
Liabilities directly associated with assets held forsale
Total current liabilities
Non-current liabilities

Deferred tax liabilities

Total liabilities
EquityNon-controlling interests7(2) Condensed Quarterly Consolidated Statement of Profit or Loss and Consolidated Statement ofComprehensive Income(Condensed Quarterly Consolidated Statement of Profit or Loss)

Three months
ended June 30, 2023
(From April 1, 2023
to June 30, 2023)

Three months
ended June 30, 2024
(From April 1, 2024
to June 30, 2024)

Millions of yen

Millions of yen

Net sales

369,190

410,297

Cost of sales(332,849)(363,011)

Gross profit

36,34147,286

Selling, general and administrative expenses(16,558)(17,305)

Finance income

7,965

23,372Finance costs(3,477)(7,314)

Share of profit (loss) of investments accounted for using
equity method

13,944(2,261)Other income

310

735

Other expenses(11,392)(13,825)

Profit before tax

27,13330,688

Income tax expense(4,083)(9,219)Profit23,05021,469Owners of parent

20,732

22,075

Non-controlling interests

2,318

(606)

Profit23,05021,469Basic earnings per share (Yen)

75.45

80.34

Diluted earnings per share (Yen)

75.45

80.34

Profit attributable to:Earnings per share

8

(Condensed Quarterly Consolidated Statement of Comprehensive Income)

ProfitThree months
ended June 30, 2023
(From April 1, 2023
to June 30, 2023)

Three months
ended June 30, 2024
(From April 1, 2024
to June 30, 2024)

Millions of yen

Millions of yen

23,05021,46916,208(1,486)－(9)

16,208(1,495)

Cash flow hedges
Exchange differences on transition of foreign
operations
Share of other comprehensive income of investments
accounted for using equity method

2,816

1,504

9,110

56,4793,889

28,443

Total of items that will be reclassified to profit or loss

15,81586,42632,02384,93155,073

106,400

Owners of parent

49,28995,088Non-controlling interests

5,784

11,312Comprehensive income

55,073

106,400

Other comprehensive income
Items that will not be reclassified to profit or loss:
Financial assets measured at fair value through othercomprehensive income
Share of other comprehensive income of investments
accounted for using equity method
Total of items that will not be reclassified to profit orloss
Items that will be reclassified to profit or loss:

Other comprehensive income, net of tax
Comprehensive income
Comprehensive income attributable to:9(3) Condensed Quarterly Consolidated Statement of Changes in Equity
For the three months ended June 30, 2023 (From April 1, 2023 to June 30, 2023)

Share capital

Equity attributable to owners of parent
Other components of equity
Financial assets
Exchange
Treasurymeasured at fairdifferences onsharesCash flow hedges value through othertransition ofcomprehensive
foreign operations
incomeCapitalsurplusMillions of yen Millions of yen Millions of yen

Millions of yen

Millions of yen

105,602725

Millions of yen

93,24289,800(38,076)

Profit

―

―

―

―

―

―

Other comprehensive income

―

―

―

9,471

2,878

16,208

―

―

―

9,471

2,878

16,208Purchase of treasury shares

―

―

(7)

―

―

―

Disposal of treasury shares

―

0

0

―

―

―

Dividends

―

―

―

―

―

―

Changes in ownership interest in
subsidiaries

―

―

―

―

―

―

Transfer to retained earnings

―

―

―

―

―

1

As of April 1, 2023

Total comprehensive income

Transactions with owners - total
As of June 30, 2023

114,056

―

0

(7)

―

―

1

93,24289,800(38,083)

115,0733,603

130,265

Equity attributable to owners of parent
Other components of equity
RemeasureRetained
ments ofearnings
Total
defined benefit
plans

Total

Noncontrollinginterests

Total equity

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

As of April 1, 2023―

220,383

1,266,322

1,631,671

157,625

1,789,296

Profit――20,732

20,732

2,318

23,050

Other comprehensive income―

28,557―28,5573,466

32,023―28,557

20,73249,2895,784

55,073Purchase of treasury shares

―

―

―

(7)

―

(7)

Disposal of treasury shares

―

―

―

0

―

0

(31,598)(2,265)(33,863)

Total comprehensive income

Dividends――(31,598)

Changes in ownership interest in
subsidiaries

―

―

―

―

8,853

8,853

Transfer to retained earnings

―

1

(1)

―

―

―

Transactions with owners - total
As of June 30, 2023―

1

(31,599)(31,605)

6,588(25,017)―

248,941

1,255,455

1,649,355

169,997

1,819,352

10

For the three months ended June 30, 2024 (From April 1, 2024 to June 30, 2024)

Share capital

Equity attributable to owners of parent
Other components of equity
Financial assets
Exchange
Treasurymeasured at fairdifferences onsharesCash flow hedges value through othertransition ofcomprehensive
foreign operations
incomeCapitalsurplusMillions of yen Millions of yen Millions of yen

Millions of yen

Millions of yen

89,800(38,099)

Profit

―

―

―

―

―

―

Other comprehensive income

―

―

―

72,655

1,853(1,495)―――72,655

1,853(1,495)Purchase of treasury shares

―

―

(5)

―

―

―

Disposal of treasury shares

―

―

―

―

―

―

Dividends
Changes in ownership interest in
subsidiaries
Transfer to retained earnings

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

(2,296)

―

―

(5)

―

―

(2,296)

93,24289,800(38,104)

243,555

1,746

169,657

Total comprehensive income

Transactions with owners - total
As of June 30, 2024

170,900

Equity attributable to owners of parent
Other components of equity
RemeasureRetained
ments ofearnings
Total
defined benefit
plans

Total

(107)

Millions of yen

93,242As of April 1, 2024

173,448

Noncontrollinginterests

Total equity

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

As of April 1, 2024―

344,241

1,295,920

1,785,104

188,276

1,973,380

Profit――22,07522,075(606)

21,469Other comprehensive income―

73,013―73,013

11,91884,931―73,01322,07595,088

11,312

106,400

Purchase of treasury shares

―

―

―

(5)

―

(5)

Disposal of treasury shares

―

―

―

―

―

―

Dividends
Changes in ownership interest in
subsidiaries
Transfer to retained earnings――(17,310)(17,310)(1,080)(18,390)

―

―

―

―

7,215

7,215

―

(2,296)

2,296

―

―

―

―

(2,296)(15,014)(17,315)

6,135(11,180)―

414,958

1,302,981

1,862,877

205,723

2,068,600

Total comprehensive income

Transactions with owners - total
As of June 30, 202411

(4) Condensed Quarterly Consolidated Statement of Cash Flows
Three months
ended June 30, 2023
(From April 1, 2023
to June 30, 2023)

Three months
ended June 30, 2024
(From April 1, 2024
to June 30, 2024)

Millions of yen

Millions of yen

Cash flows from operating activities
Profit before tax

27,13330,688Depreciation and amortization expense

13,11816,707

Share of loss (profit) of investments accounted for using
equity method(13,944)

2,261

86

194

Increase (decrease) in provisions(1,624)(1,674)

Finance income(7,965)(23,372)

Finance costs

3,477

7,314

Decrease (increase) in trade and other receivables(2,078)(13,861)

Decrease (increase) in inventories

31,645(39,433)

Increase (decrease) in trade and other payables(49,587)(129)

Decrease (increase) in advance payments to suppliers

2,357(4,241)

Increase (decrease) in accrued consumption taxes

5,496

1,703

Other

(642)

5,553

7,472

(18,290)

Interest received

1,035

1,044

Dividends received

13,731

11,091

Interest paid

(1,085)(1,440)

Income taxes paid

(26,117)(12,162)

Net cash provided by (used in) operating activities(4,964)(19,757)

Increase or decrease in retirement benefit asset or liability

Subtotal

12

Three months
ended June 30, 2023
(From April 1, 2023
to June 30, 2023)

Three months
ended June 30, 2024
(From April 1, 2024
to June 30, 2024)

Millions of yen

Millions of yen

Cash flows from investing activities
Purchase of property, plant and equipment(16,066)(32,787)

Proceeds from sale of property, plant and equipment

683

134

Purchase of intangible assets

(87)

(183)

Purchase of investment securities

―

(967)

Proceeds from sale of investment securities

―

8,440

Purchase of shares of subsidiaries and associates(10,150)(3,158)

Payments for long-term loans receivable(30,490)(9,650)78

82(56,032)(38,089)

Proceeds from short-term borrowings

114,01152,681

Repayments of short-term borrowings(99,825)(51,237)

Proceeds from long-term borrowings

21,766―

Repayments of long-term borrowings(10,665)(1,912)

Proceeds from issuance of bonds

49,99989,905

Redemption of bonds(5,000)(14,993)

Proceeds from share issuance to non-controllingshareholders

8,853

7,215

Dividends paid

(31,598)(17,310)

Dividends paid to non-controlling interests(2,265)(1,080)

(525)

(588)

44,751

62,681

Net increase (decrease) in cash and cash equivalents(16,245)

4,835

Cash and cash equivalents at beginning of period

215,007

151,022

7,003

6,398

205,765

162,255

Other
Net cash provided by (used in) investing activities
Cash flows from financing activities

Other
Net cash provided by (used in) financing activities

Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at end of period13(5) Notes Relating to the Condensed Quarterly Consolidated Financial Statements(Note Relating to the Going Concern Assumption)
There are no pertinent items.

(Applicable Financial Reporting Framework)
Condensed quarterly consolidated financial statements (condensed quarterly consolidated statement of financial
position, condensed quarterly consolidated statement of profit or loss, condensed quarterly consolidated statementof comprehensive income, condensed quarterly consolidated statement of changes in equity, condensed quarterly
consolidated statement of cash flows and notes) are prepared in accordance with Article 5, Paragraph 2 of theStandards for Preparation of Quarterly Financial Statements, etc. of Tokyo Stock Exchange, Inc. (provided, however,that the omissions prescribed in Article 5, Paragraph 5 of the Standards for Preparation of Quarterly Financial
Statements, etc. have been applied), and some of the disclosure items and notes required under IAS 34 Interim
Financial Reporting have been omitted.

(Changes in Presentation Method)(Condensed Quarterly Consolidated Statement of Cash Flows)“Payments into time deposits,” “proceeds from withdrawal of time deposits,” and “collection of short-term loans
receivable,” which were presented separately under “cash flows from investing activities” in the first three months
ended June 30, 2023, are included in “other” under “cash flows from investing activities” due to their decreasedmateriality. To reflect this change in the presentation method, a reclassification has been made to the condensed
quarterly consolidated financial statements for the first three months ended June 30, 2023.
As a result, “payments into time deposits” of ¥(267) million, “proceeds from withdrawal of time deposits” of¥33 million, “collection of short-term loans receivable” of ¥201 million, and “other” of ¥111 million, which were
presented under “cash flows from investing activities” in the condensed quarterly consolidated statement of cash
flows for the first three months ended June 30, 2023, have been reclassified as “other” of ¥78 million.

14

(Segment Information)(1) Summary of reportable segments
1) Decision method of the reportable segments
The operating segments of the Company refer to constitutional units, for which separate financial information
is available and that are subject to periodic reviews by the Board of Directors as the supreme, managerial
decision-making organ to determine the allocation of management resources and assess their respective
operating results.
The Company currently has four business divisions―Mineral Resources Div., Non-Ferrous Metals Div.,
Battery Materials Div. and Advanced Materials Div.―in the pursuit of effective business operations byproducts and services. Each of these business divisions plans its own comprehensive strategies to be carriedout in Japan and overseas for its own product and service lines and engages in diverse business activities within
the Company and through the consolidated subsidiaries and equity-method associates over which it holds
jurisdiction. Furthermore, the Company has integrated the operating segments of the Battery Materials Div.
and the Advanced Materials Div., as they have similar business characteristics and similar economic
characteristics in terms of their customers, etc., and are recognized to be similar in all aspects including
product/service characteristics. The Company has classified these operating segments into three core reportablesegments of Mineral Resources, Smelting & Refining, and Materials by classifying the mineral resource
businesses into Mineral Resources, the metals businesses into Smelting & Refining, and the battery materials
businesses and the advanced materials businesses into Materials.
2) Types of products and services that belong to each reportable segment
In the Mineral Resources segment, the SMM Group mainly engages in the exploration, development andproduction of non-ferrous metal resources in Japan and overseas, as well as sales of ores and products.
In the Smelting & Refining segment, the SMM Group mainly engages in smelting and sales of copper,
nickel, ferronickel, zinc, etc., as well as smelting and sales of precious metals such as gold, silver, platinum
and palladium.
In the Materials segment, the Company mainly engages in manufacturing, processing and sales of battery
materials (e.g., nickel hydroxide, lithium nickel oxide), powder materials (e.g., pastes, nickel powder, NIR
absorbing materials, magnetic materials), crystal materials (e.g., lithium tantalate substrates, lithium niobate
substrates), and tape materials; and manufacturing and sales of autoclaved lightweight concrete (ALC) products,
automotive exhaust processing catalysts, chemical catalysts, and petroleum refinery and desulfurization
catalysts.
(2) Information on the amounts of net sales and income (loss) by reportable segments
The accounting methods employed for the reportable segments are almost the same as the accounting policies
for the creation of the condensed quarterly consolidated financial statements, with the exception of the recordingby each operating segment of amounts corresponding to interest on internal loans, as determined in the statementof financial position of each segment.
The inter-segment net sales are calculated based on arm’s length transaction prices.

15

Three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)(Millions of yen)
Reportable Segments
Smelting
MineralMaterials
Resources & Refining

Total

Other
Businesses1

Total

Adjustments2

Consolidated
Statement ofProfit or Loss

Net sales:
Outside customers
29,509 252,783
85,963368,255935 369,190―
369,190
Inter-segment
8,980
14,291
5,136
28,407
1,638
30,045(30,045)―
Total
38,489 267,074
91,099396,6622,573
399,235(30,045)
369,190
Segment income3
27,7186,090
1,382
35,190(233)
34,957(7,824)
27,133(Notes)1. The Other Businesses segment refers to operating segments and other income-seeking business activities that are under thecontrol of the Head Office divisions/departments and are engaged in by business segments other than those included in thereportable segments. Other Businesses include real estate and technical engineering businesses.
2. The adjustments for segment income of ¥(7,824) million consist primarily of eliminations of inter-segment transactions, generaladministrative expenses and finance income and costs, which are not attributable to the reportable segments.
3. Segment income is adjusted against the profit before tax on the condensed quarterly consolidated statement of profit or loss.

Three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(Millions of yen)
Reportable Segments
Smelting
MineralMaterials
Resources & Refining

Total

Other
Businesses1

Total

Adjustments2

Consolidated
Statement ofProfit or Loss

Net sales:
Outside customers
25,407 313,761
70,140409,308989 410,297―
410,297
Inter-segment
17,317
12,8686,491
36,676
1,907
38,583(38,583)―
Total
42,724 326,629
76,631445,9842,896
448,880(38,583)
410,297
Segment income3
10,41327,787
3,076
41,276
135
41,411(10,723)
30,688(Notes)1. The Other Businesses segment refers to operating segments and other income-seeking business activities that are under thecontrol of the Head Office divisions/departments and are engaged in by business segments other than those included in thereportable segments. Other Businesses include real estate and technical engineering businesses.
2. The adjustments for segment income of ¥(10,723) million consist primarily of eliminations of inter-segment transactions,general administrative expenses and finance income and costs, which are not attributable to the reportable segments.
3. Segment income is adjusted against the profit before tax on the condensed quarterly consolidated statement of profit or loss.

16

3. Supplementary Information
Sales Volume, Unit Price and Net Sales for Major Products (the Company)
Segment

Product

Mineral ResourcesGold and silver ores

Smelting & Refining(Gold content)
CopperGold

SilverNickelUnitt¥1,000/DMT¥million(kg)t¥1,000/t¥millionkg¥/g¥millionkg¥1,000/kg¥milliont¥1,000/t¥million¥million

FY2024First Three Months
Results
31,082
309
9,593
(812)
112,103
1,538
172,409
4,678
11,00451,47347,792
144
6,862
15,8792,927
46,47757,460Materials
Battery materials, etc.
(Notes)1. The Company mainly engages in project production for these major products because the ratio of build-to-orderproduction is low.
2. Nickel above includes ferronickel.

17

(Translation)

Independent Auditor’s Reporton the Interim Review of Quarterly Consolidated Financial Statements
August 7, 2024
To the Board of Directors of
Sumitomo Metal Mining Co., Ltd.
KPMG AZSA LLC
Tokyo Office, Japan

Designated Limited Liability Partner
Engagement Partner
Certified Public Accountant:
Tomoyasu Sugizaki
Designated Limited Liability Partner
Engagement Partner
Certified Public Accountant:
Kenya Yakuwa
Designated Limited Liability Partner
Engagement Partner
Certified Public Accountant:
Kenichi TejimaConclusion
We have audited the condensed quarterly consolidated financial statements of Sumitomo Metal Mining Co., Ltd.
listed in the “Attachment,” namely, the condensed quarterly consolidated statement of financial position, thecondensed quarterly consolidated statement of profit or loss, the condensed quarterly consolidated statement ofcomprehensive income, the condensed quarterly consolidated statement of changes in equity, and the condensed
quarterly consolidated statement of cash flows, as well as their notes, for the first quarter (April 1, 2024 to June 30,2024) and the first three months (April 1, 2024 to June 30, 2024) of the consolidated fiscal year from April 1, 2024
to March 31, 2025.
As a result of conducting our interim review, there were no matters that cause us to believe that the condensed
quarterly consolidated financial statements referred to above are not prepared in accordance with Article 5,
Paragraph 2 of the Standards for Preparation of Quarterly Financial Statements, etc. of Tokyo Stock Exchange, Inc.
(provided, however, that the omissions prescribed in Article 5, Paragraph 5 of the Standards for Preparation of
Quarterly Financial Statements, etc. have been applied), in all material respects.
Basis for the Conclusion
We conducted an interim review in accordance with interim review standards generally accepted in Japan. Our
responsibilities under the interim review standards are described in the “Auditor’s Responsibility in the Interim
Review of the Condensed Quarterly Consolidated Financial Statements.” We are independent of the Company andits consolidated subsidiaries in accordance with the provisions related to professional ethics requirements in Japan,
and are fulfilling other ethical responsibilities as an auditor. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our conclusion.
Responsibilities of Management, Audit & Supervisory Board Members and the Audit & Supervisory Board for theCondensed Quarterly Consolidated Financial Statements
Management is responsible for the preparation of the condensed quarterly consolidated financial statements inaccordance with Article 5, Paragraph 2 of the Standards for Preparation of Quarterly Financial Statements, etc. ofTokyo Stock Exchange, Inc. (provided, however, that the omissions prescribed in Article 5, Paragraph 5 of theStandards for Preparation of Quarterly Financial Statements, etc. have been applied), and for designing and18

operating such internal control as management determines is necessary to enable the preparation of the condensed
quarterly consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the condensed quarterly consolidated financial statements, management is responsible for assessing
whether it is appropriate to prepare the condensed quarterly consolidated financial statements in accordance with thegoing concern assumption, and for disclosing matters relating to going concern when it is required to do so inaccordance with Article 5, Paragraph 2 of the Standards for Preparation of Quarterly Financial Statements, etc. ofTokyo Stock Exchange, Inc. (provided, however, that the omissions prescribed in Article 5, Paragraph 5 of theStandards for Preparation of Quarterly Financial Statements, etc. have been applied).
Audit & Supervisory Board Members and the Audit & Supervisory Board are responsible for overseeing theexecution of duties by Directors in designing and operating a financial reporting process.
Auditor’s Responsibility in the Interim Review of the Condensed Quarterly Consolidated Financial Statements
Our responsibility is to give a conclusion on the condensed quarterly consolidated financial statements from an
independent standpoint in an interim review report based on our interim review.
We exercise professional judgment in the interim review process in accordance with the interim review standards
generally accepted in Japan, and perform the following while maintaining professional skepticism.
･ Ask questions primarily to management and persons responsible for financial and accounting matters, perform
analytical procedures and other interim review procedures. Interim review procedures are more limited procedures
than audits of annual financial statements performed in accordance with auditing standards generally accepted inJapan.
･ If we determine that there is significant uncertainty in regard to events or conditions that may cast significant
doubt on the going concern assumption, we conclude, based on the evidence obtained, whether there are any
matters that cause us to believe that the condensed quarterly consolidated financial statements have not been
prepared in accordance with Article 5, Paragraph 2 of the Standards for Preparation of Quarterly Financial
Statements, etc. of Tokyo Stock Exchange, Inc. (provided, however, that the omissions prescribed in Article 5,
Paragraph 5 of the Standards for Preparation of Quarterly Financial Statements, etc. have been applied). In
addition, if there is significant uncertainty concerning the going concern assumption, the auditor is required to callattention to the notes to the condensed quarterly consolidated financial statements in the interim review report, or
if the notes to the condensed quarterly consolidated financial statements pertaining to the significant uncertainty
are inappropriate, issue a modified conclusion or a negative conclusion on the condensed quarterly consolidated
financial statements. While the conclusions of the auditor are based on the evidence obtained up to the date of theinterim review report, depending on future events or conditions, an entity may be unable to continue as a going
concern.
･ Evaluate whether there are any matters that cause us to believe that the presentation of and notes to the condensed
quarterly consolidated financial statements have not been prepared in accordance with Article 5, Paragraph 2 of
the Standards for Preparation of Quarterly Financial Statements, etc. of Tokyo Stock Exchange, Inc. (provided,
however, that the omissions prescribed in Article 5, Paragraph 5 of the Standards for Preparation of Quarterly
Financial Statements, etc. have been applied).
･ Obtain evidence regarding the financial statements of the Company and its consolidated subsidiaries that forms thebasis for giving a conclusion on the condensed quarterly consolidated financial statements. We are responsible fordirection, supervision, and inspections relating to the interim review of the condensed quarterly consolidated
financial statements, and are solely responsible for our audit conclusion.
The auditor reports to Audit & Supervisory Board Members and the Audit & Supervisory Board regarding thescope and timing of the planned interim review and material interim review findings.
The auditor reports to Audit & Supervisory Board Members and the Audit & Supervisory Board regarding theobservance of provisions related to professional ethics in Japan as well as matters that are reasonably considered tohave an impact on the auditor’s independence and any measures that have been taken to eliminate obstacles or
safeguards that have been put in place to reduce these obstacles to an acceptable level.
Interest
Our firm and the engagement partners do not have any interest in the Company and its consolidated subsidiaries
which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.
End(Notes)1. The original copy of the Interim Review Report in above, is kept separately by the Company (the company
disclosing quarterly financial results).
2. XBRL data and HTML data are not included in the scope of the interim review.
19Note:The English version of the financial statements consists of an English translation of the reviewed Japanese financial
statements. The actual text of the English translation of the financial statements was not covered by our review.
Consequently, for the auditors’ review report of the English financial statements, the Japanese original is the official
text, and the English version is a translation of that text. Should there be any inconsistency between the translationand the official Japanese text, the latter shall prevail.

19