underlying EBITDA of EUR 235 million up 19% on 2010 (EUR 198 million).

with production guidance is expected to continue to grow in 2012.

demonstrated substantial improvements in 2011 (USD 1,257 compared to USD 1,739 in 2010).

(EUR 501 in 2010).

respectively.

2011 and the acquisition of Breakwater Resources (operations in Canada, Honduras and Chile) in August 2011.

Chief Operating Officer; comprising Group General Manager Mining North America, Group General Manager Mining

Latin America, Group General Manager Exploration and Mining Development.

impacted earnings, as foreshadowed in the Second 2011 Interim Management Statement. Earnings were also adversely

impacted by normal provisional pricing adjustments at the end of the reporting period and a purchase price allocation

adjustment on inventories acquired as part of the Breakwater acquisition.

wide range of 1.29 to 1.49.

1 Gearing: net debt to net debt plus equity at end of period

2 C1 cash costs are defined by Brook Hunt as: the costs of mining, milling and concentrating, on-site administration and general expenses, property and production royalties not related

to revenues or profits, metal concentrate treatment charges, and freight and marketing costs less the net value of by-product credits.

2

premiums and by-product gross profit (namely acid and silver at Port Pirie).

silver bearing material at Port Pirie.

for EUR 490 million in March 2011 and public offering of bonds for EUR 525 million in May 2011.

further value accretive growth.

business and engaging the entire workforce to achieve Nyrstar’s vision of being the leading integrated mining and

metals business.

Commenting on the 2011 full year results, Roland Junck, Chief Executive Officer of Nyrstar, said,

“In 2011 we achieved considerable growth in terms of our EBITDA, our scale of operations and our level of ambition.

An underlying EBITDA of EUR 265 million, up 26% compared to 2010, is a pleasing result in a volatile market

environment, particularly towards the end of the year when metal prices had fallen sharply. Group underlying EBITDA/t

improved 10% to EUR 199/t, driven by a significant increase in our mining segment underlying EBITDA per tonne, up 22%

from 2010 to EUR 348/t. The scale of our mining segment continued to grow with zinc in concentrate production more than

doubling to 207,000 tonnes, in-line with our revised guidance of 205,000 to 215,000 tonnes. Production of other metals,

namely, copper, gold, silver and lead, increased significantly and have become important contributors to our financial

results. Overall, the underlying EBITDA contribution from our mining segment has continued to grow, representing 27% of

group underlying EBITDA in 2011 up from 11% in 2010. This demonstrates the importance of our mining segment which,

in line with our 2012 production guidance, is expected to continue to grow.

Our smelting segment produced another year of record production and achieved an increased underlying EBITDA result

despite treatment charge, energy price and exchange rate pressures and is expected to provide a solid contribution to our

EBITDA in 2012.

Towards the end of the year we launched Strategy into Action, a disciplined approach to taking our strategy, Nyrstar2020,

into every part of our business, embedding annual plans and giving ownership of the group strategy to each operation and

their management teams. Our five year ambition is to generate EBITDA of at least EUR 1.5 billion in 2016. Achieving this

ambition will require us to maintain a sharp focus on the key strategic priorities that we believe will deliver success; namely

through organic growth and acquisitions whilst also continually improving our operations by driving excellence in

everything we do and seeking to unlock untapped value.

Looking forward, we enter 2012 in a strong position, with several key milestones having been achieved and valuable

lessons learnt during our journey in 2011. We have a clear ambition and strategy on which to continue our journey and,

with Strategy into Action, the processes in place to support success. Our portfolio of assets is continuing to improve in both

scale and quality, providing options for further growth and the flexibility to focus on maximizing shareholder value by

enhancing margins, even at constant metal prices. We have a strong balance sheet, with a high quality and diverse

portfolio of long term debt. We will continue to actively explore value accretive acquisitions based on our disciplined

approach and strict investment criteria, whilst also building a comprehensive pipeline of organic growth opportunities

reflecting our increased scale. By leveraging the passion and dedication of our people I am absolutely confident in our

ability to continue to deliver on our promises.”

3

Management will discuss this statement in a conference call with the investment community on 23 February 2012 at

also be available in archive.

Nyrstar has today published the Nyrstar 2011 Mineral Resource and Mineral Reserve Statement

4

Zinc in concentrate (‘000 tonnes) 207 84 146% 128 79 62%

Gold in concentrate (‘000 troy ounces) 49.9 4.7 962% 36.6 13.3 175%

Copper in concentrate (‘000 tonnes) 7.7 0.2 3,750% 4.9 2.8 75%

Zinc metal (‘000 tonnes) 1,125 1,076 5% 563 561 0%

Lead metal (‘000 tonnes) 211 198 7% 99 111 (11)%

Average LME zinc price (USD/t) 2,191 2,159 1% 2,063 2,323 (11)%

Average exchange rate (EUR/USD) 1.39 1.33 5% 1.38 1.40 (2)%

Revenue 3,348 2,696 24% 1,726 1,622 6%

Results from operating activities before

exceptional items 122 112 9% 61 61 –

Net operating cash flow 121 232 134 (12)

Net debt/(cash), end of period 718 296 718 252

5 75% of the silver produced by Campo Morado is subject to a streaming agreement with Silver Wheaton Corporation whereby only USD 3.90/oz is payable. In 2011, Campo

Morado produced approximately 1,836,000 troy ounces of silver.

6 Includes production from mines and primary and secondary smelters only. Lead production at ARA reflects Nyrstar’s ownership (50%). Production at Föhl, Galva 45, Genesis

and GM Metal (closed in 2010) are not included.

7 All references to EBITDA in the table above are Underlying EBITDA. Underlying measures exclude exceptional items related to restructuring measures, M&A related

transaction expenses, impairment of assets, material income or expenses arising from embedded derivatives recognised under IAS 39 and other items arising from events or

transactions clearly distinct from the ordinary activities of Nyrstar. Underlying EPS does not consider tax effect on underlying adjustments.

8 To improve reporting transparency, M&A related transaction expenses (2011: EUR 14.6m, 2010: EUR 2.8m) have been re-classed from operating costs to underlying

adjustments, impacting Underlying EBITDA. Profit after tax is unchanged

9 In relation to the right offering, the comparative EPS, and underlying EPS, for FY 2010 has been restated to retroactively reflect the impact of the March 2011 rights issue

(adjusted in accordance with IAS 33 Earnings per Share). See note 32 of Nyrstar’s Consolidated Financial Statements for the period ended 31 December 2011 for further

information.

10 Gearing: net debt to net debt plus equity at end of period

5

Campo Morado 46 25 21 19%

Contonga 10 2 400% 5 5 –

Coricancha 2 1 100% 1 1 –

El Mochito 10 10

El Toqui 9 9

Langlois 1 1

Myra Falls 15 15

East Tennessee 49 50 (2)% 24 24 –

Middle Tennessee 32 13 146% 18 14 29%

Tennessee Mines 80 63 27% 42 38 11%

Talvivaara Stream 35 18 94% 20 15 33%

Contonga 1.0 0.1 900% 0.6 0.4 50%

Coricancha 1.3 0.6 117% 0.8 0.6 33%

El Mochito 4.9 4.9

El Toqui 0.2 0.2

Myra Falls 0.4 0.4

Campo Morado 5.2 2.8 2.3 22%

Contonga 0.8 0.2 300% 0.4 0.4 –

Coricancha 0.2 – – 0.2 0.0 –

Langlois 0.1 0.1

Myra Falls 1.6 1.6

Campo Morado 17.0 9.2 7.8 18%

Coricancha 14.8 4.7 215% 9.3 5.5 69%

El Toqui 13.0 13.0

Myra Falls 5.1 5.1

Contonga 393 70 461% 196 198 (1)%

Coricancha 583 201 190% 352 231 52%

El Mochito 598 598

El Toqui 43 43

Myra Falls 220 220

The production figures above are those attained under Nyrstar ownership.

11 75% of the silver produced by Campo Morado is subject to a streaming agreement with Silver Wheaton Corporation whereby only USD 3.90/oz is payable. In 2011, Campo

Morado produced approximately 1,836,000 troy ounces of silver

6

Nyrstar produced approximately 207,000 tonnes of zinc in concentrate, achieving the revised production guidance issued

in the Second 2011 Interim Management Statement. Equally important was the significant increase in the production of

copper, lead, silver and gold across the portfolio of mining assets in 2011. For instance, copper in concentrate production

and gold production increased by 39-fold and 11-fold respectively.

The Campo Morado operation produced approximately 46,000 tonnes of zinc in concentrate in 2011, an increase of 9%

compared to 2010 under its previous ownership. In addition, the Campo Morado operation produced approximately 5,200

increase of 29% and 7% for copper and silver and a reduction of 4% for gold on the production volumes produced in 2010.

During the year, the Campo Morado operation improved a number of parameters relating to its bulk and zinc flotation

circuits which resulted in increased plant availability; however, these improvements were partially offset in 2011 by lower

head grades for zinc, silver and gold and a reduction in gold recoveries.

As previously announced, the Contonga mine in Q3 2011 was operating at a temporarily reduced milling capacity to allow

the expansion of its milling capacity from 660 to 990 tonnes per day which is expected to be completed by the end of Q1

2012, subject to the necessary permitting. In 2011, the Contonga mine produced approximately 10,000 tonnes of zinc in

concentrate, 1,000 tonnes of lead in concentrate, 800 tonnes of copper in concentrate and 393,000 troy ounces of silver in

concentrate, a substantial increase on 2010.

The Pucarrajo mine remains on care and maintenance and the ramp-up of this mine to commercial production levels is

continuing to be assessed against other internal and external growth opportunities as part of Nyrstar’s capital allocation

process.

In 2011, the Coricancha mine produced approximately 14,800 troy ounces of gold and 583,000 troy ounces of silver,

representing a 215% and 190% increase on 2010 production respectively. In addition the mine produced 1,300 tonnes of

lead in concentrate, 200 tonnes of copper in concentrate and 2,000 tonnes of zinc in concentrate. As previously disclosed,

temporary interruptions to the operations in H1 2011 impacted production levels. In Q1 2011, heavy rainfall reduced

operations at the mill for a period of approximately two weeks and in Q2 2011, despite the significant amount of work on

safety matters that has been undertaken by Nyrstar, an employee was fatally injured in an incident at the Coricancha mine.

To allow for a full and proper investigation by both Nyrstar and the Peruvian regulators, and to ensure that stoping

procedures at the mine were in accordance with Nyrstar’s safety standards, Nyrstar ceased mining and milling activities for

a period of 18 days. Further, following the conclusion of the investigations Nyrstar, in consultation with the Peruvian mining

authorities, proactively decided to reduce production to approximately 30% of capacity due to an increased moisture

compaction level at the newly commissioned Chinchán tailings facility, resulting from the aforementioned heavy rainfall.

Once the remediation and monitoring activities, which took approximately 22 days, were completed and both Nyrstar and

the Peruvian mining authorities were satisfied with the outcome, production began to ramp back up (at the start of June) to

full capacity. Tragically and despite the substantial amount of work that has been carried out to improve safety since the

mine’s first operational fatality in Q2 2011, the Coricancha mine suffered its second operational mine fatality when a

worker was fatally injured in an underground mining accident. As part of Nyrstar’s on-going work to ensure class leading

safety standards, Nyrstar has engaged a leading international mining consultancy to conduct a comprehensive safety audit

of Nyrstar’s global underground mining operations. In H2 2011, the Coricancha mine achieved record levels of ore

production, having increased by 66% compared to H1 2011 mainly due to better control of dilution and improvements

made to the tailings filter press.

The East Tennessee Mines, although being fully ramped-up in 2011, produced approximately 49,000 tonnes of zinc in

concentrate (down 2% compared to 2010). The production from the East Tennessee Mines was less than originally

expected by Nyrstar’s management, principally due to unplanned downtime on fixed plant infrastructure and underground

mobile equipment and the zinc mill head grade falling from 3.50% to 3.41%. All of these factors combined resulted in lower

than expected volumes of ore being milled and reduced contained metal production. The Middle Tennessee Mines

continued with their ramp-up to full production capacity in 2011 with the de-watering completed on-schedule at the

Morado produced approximately 1,836,000 troy ounces of silver.

7

Elmwood mine during Q3 2011 and new mobile fleet equipment delivered late in Q4 2011. At the end of 2011 all three of

the Middle Tennessee Mines had been completely de-watered and returned to commercial production. As detailed in the

Second 2011 Interim Management Statement, production at the Middle Tennessee Mines was negatively impacted in

2011 by mobile fleet downtime at the Gordonsville mine and repairs required to the underground infrastructure at the

mines, caused by prolonged exposure to water, which impacted hoisting activities and consequently availability of ore for

the mill and resulted in total production of approximately 32,000 tonnes of zinc in concentrate which was 146% higher than

in 2010.

Deliveries of zinc in concentrate from Talvivaara under the streaming agreement were approximately 35,000 tonnes in

2011, having increased substantially by 33% in H2 2011 (20,000 tonnes) compared to H1 2011 (15,000 tonnes).

Talvivaara in H2 2011 has taken steps to reduce the moisture content of their zinc in concentrate by installing and

commissioning a drying press at their site in Finland. It is expected that in Q1 2012, Talvivaara will begin to deliver

concentrate shipments with lower moisture content which will allow bulk shipping rather than by container and simplify the

logistical process for the delivery of the concentrate between the Talvivaara mine site and Nyrstar’s port facilities in

Antwerp. Based on nickel production guidance issued by Talvivaara on 16 February 2012, Nyrstar anticipates that

Talvivaara will produce approximately 50,000 – 60,000 tonnes of zinc in concentrate in 2012. Nyrstar remains confident in

the capability of Talvivaara to continue with the ramp-up of their production over 2012.

The Breakwater mines, consisting of El Toqui in Chile, El Mochito in Honduras, Myra Falls in British Columbia Canada,

and Langlois in Quebec Canada were acquired in late August 2011 and have integrated well into Nyrstar. The Breakwater

mines were consolidated into Nyrstar at the start of September and contributed 35,000 tonnes of zinc in concentrate

(representing four months of production) to Nyrstar’s mining segment in 2011. All of the Breakwater mines have performed

in line with, or exceeded Nyrstar’s production performance expectations. The El Mochito mine contributed approximately

10,000 tonnes of zinc in concentrate, 4,900 tonnes of lead in concentrate and 598,000 troy ounces of silver. The El Toqui

mine contributed approximately 9,000 tonnes of zinc in concentrate, 200 tonnes of lead in concentrate, 43,000 troy ounces

of silver and 13,000 troy ounces of gold. Myra Falls contributed approximately 15,000 tonnes of zinc in concentrate,

220,000 troy ounces of silver, 5,100 troy ounces of gold, 400 tonnes of lead in concentrate and 1,600 tonnes of copper in

concentrate. As previously advised, the Langlois mine is currently being ramped-up and is expected to commence

commercial production during H1 2012. In 2011, the Langlois mine contributed approximately 1,000 tonnes of zinc in

concentrate and 100 tonnes of copper in concentrate production as the site processed stockpiled ore through the mill as

part of its recomissioning and testing phase.

Production guidance for 2012 across our portfolio of mining assets is as follows:

Lead 14,000 – 17,000 tonnes

Copper 11,000 – 13,000 tonnes

Gold 100,000 – 110,000 troy ounces

The guidance above reflects Nyrstar’s current expectation for 2012 production. Importantly, Nyrstar’s strategy is to focus

on maximising value rather than production and, as such, the production mix of these metals may be altered during the

course of the year depending on prevailing market conditions. Revised updates may be issued by Nyrstar in subsequent

trading updates during 2012, if it is expected that there will be material changes to the above guidance.

As highlighted at the completion of the Breakwater Resources acquisition in August 2011, Nyrstar has paid particular

attention to the successful and efficient integration of the Breakwater operations into Nyrstar. A post-acquisition integration

13 Including zinc deliveries under the Talvivaara Streaming Agreement based on the 2012 zinc production guidance issued by Talvivaara on 16 February 2012

14 75% of the silver produced by Campo Morado is subject to a streaming agreement with Silver Wheaton Corporation whereby only USD 3.90/oz is payable

8

function was established to deliver operational and support synergies and deliver on operational promises. A cross

functional team identified key milestones which are continuously monitored, with progress regularly reported to the Nyrstar

Management Committee and Board. All the 2011 milestones had been achieved for the integration of the Breakwater

operations by the end of the year. These milestones included the closure of the Breakwater Toronto office, the

establishment of the new Vancouver corporate office and the roll-out of Nyrstar policies, procedures and standards for

environmental, safety, accounting and procurement amongst others. In 2012, Nyrstar will continue its integration program,

including the further integration of operations acquired prior to Breakwater.

Auby 164 163 1% 85 79 8%

Balen/Overpelt 282 260 8% 135 147 (8)%

Budel 261 254 3% 138 123 12%

Clarksville 110 120 (8)% 49 61 (20)%

Hobart 279 247 13% 141 138 2%

Port Pirie 30 32 (6)% 16 14 14%

Port Pirie 195 179 9% 93 103 (10)%

ARA (50%) 15 19 (21)% 7 9 (22)%

Copper cathode (‘000 tonnes) 4 4 – 2 2 –

Silver (‘000 troy ounces) 18,563 13,399 39% 10,075 8,488 19%

Gold (‘000 troy ounces) 36 22 64% 23 13 77%

Sulphuric acid (tonnes) 1,400 1,444 (3)% 688 712 (3)%

Nyrstar achieved record zinc metal production in 2011 of approximately 1,125,000 tonnes, up 5% on 2010 which was the

previous record year. Equally important, as we focus on value rather than volume, were record production levels of highvalue

silver and gold by-products at our multi-metals Port Pirie smelter (Australia). Record zinc, silver and gold production

is a direct result of Nyrstar’s Operational Excellence programme. Having commenced in Q4 2010, operational excellence

aligns with our strategic priority of achieving excellence in everything we do, by embedding a lean thinking and value focus

across Nyrstar’s mines and smelters, supported by a continuous KPI driven culture.

Despite production at the European smelters having been impacted during 2011 for various reasons; including strike

action in Q1 2011 at Auby, a planned roaster maintenance stop at Budel in Q1 2011 and a major roaster stop at Balen in

Q2 2010, zinc metal production at Auby, Balen, and Budel was above that produced in 2010. As previously reported

production at the Clarksville smelter was impacted in Q3 2011 due to the planned 45 day outage of the roaster to replace

the roaster dome refractory (a once in every thirty year event). The replacement of the roaster dome was successfully

completed and the smelter returned to full production capacity on schedule in Q4 2011. Indicative of the success of the

replacement of the roaster dome refractory, the production results at Clarksville were at a record high in Q4 2011. At

Hobart, zinc metal production in 2011 was 13% higher than in 2010, principally due to an operational excellence initiative

to improve current efficiency and the additional cellhouse capacity which was made available by the upgrade and

replacement of rectiformers that were damaged in the May 2010 fire.

As was illustrated in the Second 2011 Interim Management Statement, the focus at the Port Pirie multi metals smelter has

shifted to maximising value, often at the expense of lead production which was 9% higher than 2010 but below historic

levels. Consequently, gold production volumes at Port Pirie established a new record high of 36,000 troy ounces, up 64%

compared to 2010. Furthermore, silver production was approximately 18.6 million troy ounces, 39% higher compared to

9

2010. The higher volume of silver production in 2011 was largely due to the recovery of 2.8 million troy ounces of the

material extracted from the precious metals refinery floor and also the treatment of higher silver bearing feed material.

During 2012 there are a number of major scheduled and budgeted maintenance shuts at the smelters, which will have an

impact on production. These shuts will enable the smelters to continue to operate within internal safety and environmental

standards, comply with external regulations/standards and improve the reliability and efficiency of the production process.

In addition, the scheduled shuts will allow the sites to make improvements to critical production steps, for instance

improving reliability and/or expanding capacity of different metals. All efforts are made to reduce the production impact of

these shuts by building intermediate stocks prior the shut and managing the shut in a timely and effective manner. The

estimated impact of these shuts on 2012 production are estimated below.

Balen – roaster and acid plant Q4: 2-3 weeks Nil – 5,000 tonnes zinc metal

Budel – roaster and acid plant Q2: 3 weeks Nil – 5,000 tonnes zinc metal

Hobart – roaster Q3: 1-2 weeks Nil – 5,000 tonnes zinc metal

Port Pirie – slag fumer Q1: 2-3 weeks 1,000-2,000 tonnes zinc metal

Port Pirie – lead plant H2: 2-3 weeks 9,000-11,000 tonnes lead metal

800,000-1,200,000 troy ounces silver

5,000-6,000 troy ounces gold

As we have increased the scope and scale of our global mining operations, key organisational improvements were

identified to ensure we can sustainably deliver a safe and profitable mining segment, supported by the right leadership and

experience. The positions of Group General Manager, Mining North America; Group General Manager, Mining Latin

America; and Group General Manager, Exploration and Development have been created and filled. All three positions will

report directly to Nyrstar’s Chief Operating Officer, Greg McMillian, and will be based in Nyrstar’s new Vancouver

corporate office. In 2011 Nyrstar also created and filled the position of Group General Manager, Smelting Operations

reporting directly to Nyrstar’s Chief Operating Officer.

Nyrstar’s recordable injury rate was relatively flat in 2011, with a slight increase of 6% to 13.1 compared to 12.4 in 2010,

while the lost time injury rate decreased 7% to 4.3 in 2011, compared to 4.6 in 2010. The recordable injury rate and lost

time injury rate at Nyrstar’s smelters is currently at record low levels, whilst there has only been a modest increase in both

rates in the mining segment despite the acquisition of new mines and the growing mining workforce.

As mentioned earlier, tragically and despite the significant amount of work conducted by Nyrstar to improve safety

standards and practices across all operations, two employees were fatally injured in separate incidents at the Coricancha

mine in April and August 2011.

As a response to these fatalities, and in conjunction with Nyrstar’s commitment to prevent harm within our operations and

to achieve world class safety standards, a global underground safety audit was initiated in November. Using external

mining safety specialists, in collaboration with internal health and safety managers, an on-the-ground review of practices,

policies and procedures is currently in progress and will report to Nyrstar’s Board and Management Committee during H1

2012. The goal of this review is to create a safety framework and set in motion activities that will enable Nyrstar to achieve

world class underground mining safety standards. Several improvements have already been identified and new standards

and actions implemented across our mining operations. As part of this review, a global mining safety manager has been

appointed and will be located in the new Vancouver corporate office together with our mining management team.

10

There were 24 minor recordable environmental incidents in 2011, compared to 27 in 2010. This 11% improvement from

2010 is even more commendable when the acquisition and operation of five new mining operations in 2011 is taken into

consideration.

Exchange rate (EUR/USD) 1.39 1.33 5% 1.38 1.40 (2)%

Zinc price (USD/tonne, cash settlement) 2,191 2,159 1% 2,063 2,323 (11)%

Lead price (USD/tonne, cash settlement) 2,398 2,148 12% 2,224 2,578 (14)%

Copper price (USD/tonne, cash settlement) 8,811 7,539 17% 8,247 9,398 (12)%

Silver price (USD/t.oz, LBMA AM fix) 35.12 20.19 74% 35.39 34.84 2%

Gold price (USD/t.oz, LBMA AM fix) 1,572 1,225 28% 1,694 1,445 17%

The Eurodollar increased by 5%, from an average of 1.33 in FY 2010 to an average of 1.39 in FY 2011. The depreciation

of the US dollar relative to the Euro negatively impacted Nyrstar’s earnings in FY 2011 as its revenues are largely

denominated in US dollars, whereas a substantial proportion of its operating costs are denominated in Euros.

During first half of 2011, prices remained generally resilient to corrections in spite of a number of major disruptive events,

most notably the Japanese natural disaster and related Fukashima nuclear accident as well as political turmoil in the

Middle East and North African region. The second half of 2011 saw heightening concerns regarding the US debt ceiling

and the European sovereign debt crisis as well as expectations of softer than anticipated global growth. This resulted in

diminished risk appetite and prompted a correction in base metal prices, relative to H1 2011, particularly in Q4 2011.

Whilst the average price of zinc was 1% higher for 2011 than 2010, consumption growth continues at a historically strong

pace. Brook Hunt estimates that global refined zinc consumption in 2011 was 12.6 million tonnes, up 7.6% from 2010 (11.7

million tonnes). Exchange inventories saw an increase year on year of 17% on the London Metal Exchange and 15% on

the Shanghai Futures Exchange. Combined inventories of both exchanges totalled approximately 1.185Mt at the end of

2011, sufficient to meet global zinc consumption for 34 days, the highest level since 1994. Whilst total inventories on the

LME and SHFE have risen by 16.5% year on year, the second half of 2011 witnessed significant drawdowns with 3.8% of

total LME and 9.4% of SHFE stocks being taken off the exchange. In addition financing deals have kept a significant

amount of zinc stocks tied up for some time. The zinc price has experienced continued volatility in 2011, with the cash

price peaking in mid-February at USD 2,569/tonne with a low of USD 1720/tonne traded in mid-October. Brook Hunt

forecast global zinc consumption to grow by 5% in 2012.

Brook Hunt estimates that global refined lead consumption in 2011 was 9.93 million tonnes, up 5.4% from 2010 (9.32

million tonnes). At just over 380,000 tonnes combined inventory at the end of 2011, LME and SHFE lead stocks are at their

highest levels since the mid-1990s, providing equivalent to approximately 14 days of world consumption. The LME lead

price followed a similar pattern of volatility to zinc during 2011, with an average price in 2011 of USD 2,398 per tonne (12%

higher than 2010). Refined lead consumption is forecast to grow by 5% in 2012 in contrast to total refined production which

is only forecast to grow by 4.2% in the same period.

15 Zinc, lead and copper prices are averages of LME daily cash settlement prices. Silver and gold prices are averages of LBMA AM daily fixing prices.

11

It is estimated by Brook Hunt that global copper consumption, which includes direct use of scrap, increased by 3.5% in

2011. As mine production remained materially unchanged, it is likely that global copper inventories have decreased. Brook

Hunt forecast that 2012 will be another year with a raw material deficit and that global copper consumption will increase by

3.7%.

Precious metals prices have shown strong growth in 2011, supported by continuing uncertainties in certain areas of the

global economy; particularly with concerns over sovereign debt in the Eurozone as well as continued low interest rates in

the United States. During 2011, the gold price rose by approximately 28% to an average of USD 1,572/troy ounce whilst

the silver price increased by 74% to an average price of USD 35.12/troy. Silver has exhibited significantly higher volatility

than gold during the course of 2011 and due to its relatively higher industrial end user demand it has at times shown a

greater correlation with base metals than gold.

In 2011, prices achieved by Nyrstar on sales of sulphuric acid, which are predominately based on contracts rather than the

spot market, continued to trend upwards to an average of approximately USD 85 per tonne from an average of

approximately USD 35 per tonne in 2010. The sulphuric acid price, which strengthened throughout 2010 reflecting the

overall improvement of the world economy, was buoyed in 2011 by increasing food prices.

EUR 210 million in 2010. The Mining segment delivered considerable growth in underlying EBITDA, with a contribution of

EUR 72 million, up 200% in 2011 from 2010, while the Smelting segment contributed underlying EBITDA of EUR 235

million, an increase of 19% compared to 2010. Profit after tax of EUR 36 million, down 50% on 2010 (EUR 72 million), was

negatively impacted by one-off acquisition and restructuring costs associated with the integration of Farallon Mining and

Breakwater Resources, increasing depletion of mineral properties recognised as part of mining acquisitions, and higher

financing costs due to the issuance of public bonds for EUR 525 million.

Treatment charges (71) (27) 163% (45) (26) 73%

Payable metal contribution 288 118 144% 173 115 50%

By-Products 135 9 1400% 104 31 235%

Other (9) (5) 80% (4) (5) (20)%

Employee expenses 77 27 185% 48 29 66%

Energy expenses 29 9 222% 18 11 64%

Other expenses 168 35 380% 117 51 129%

adjustments, impacting Underlying EBITDA. Profit after tax is unchanged

12

The Mining segment achieved a substantial year on year increase in underlying EBITDA contribution, representing 27% of

group underlying EBITDA in 2011 compared to 11% in 2010. Underlying EBITDA growth in the Mining segment was, when

compared to 2010, positively impacted by the inclusion of production from Campo Morado which was acquired in January

2011 and the former Breakwater mines which were acquired at the end of August 2011 and increased production across

the mining segment.

A sharp decline in metal prices in Q4 2011 occurred in conjunction with a large increase in mine production and adversely

impacted earnings, as foreshadowed in the Second 2011 Interim Management Statement. It is useful to highlight the

impact this had on zinc revenues alone. We produced 64% more zinc in concentrate in the second half whilst the euro

denominated zinc price was 10% below that in the first half. Earnings were also adversely impacted by provisional pricing

adjustments at the end of the reporting period. As an example, Nyrstar was required to revalue down provisionally priced

sales at the end of 2011 to the year-end zinc price of USD 1,828/t, compared to the average second half price of

USD 2,058/t. As at 31 December, provisionally priced sales amounted to approximately 16,000 tonnes of zinc payable in

concentrate, 3,200 tonnes of lead payable in concentrate, 1,200 tonnes of copper payable in concentrate, 136,000 troy

ounces of silver payable in concentrate and 8,200 troy ounces of gold payable in concentrate. In addition, mining earnings

were negatively impacted by a purchase price allocation adjustment on inventories acquired as part of the Breakwater

acquisition. Accounting standards require that acquired inventories must be recognised at their fair value at the time of

acquisition, i.e. the prevailing market price. As a result of this accounting requirement Nyrstar effectively only recognised

approximately three months of profits from the former Breakwater mines despite being consolidated for four months. These

factors combined to have a material negative impact on mining earnings.

The Mining segment’s underlying gross profit was EUR 345 million in 2011, up 259% compared to 2010. Smelting

treatment charge expense was EUR 71 million, reflecting the increase in zinc concentrate sales, while payable metal

contribution was EUR 288 million. With the addition of the multi-metal Campo Morado and Breakwater mines, gross profit

from by-products increased substantially in 2011 to EUR 135 million (EUR 9 million in 2010). This reflects the growing

importance of other metals including copper, gold, silver and lead within the Mining segment. Other Mining gross profit,

which includes realization expenses, was EUR (9) million.

The C1 cash cost for Nyrstar’s zinc mines (including the Talvivaara zinc stream) was USD 1,257 per tonne of payable zinc

in 2011, an improvement of approximately 28% on 2010. The continued reduction on the average C1 cash cost for

Nyrstar’s zinc mines was due to the acquisition of the multi-metals Campo Morado mine and Breakwater mines and

increased deliveries from the Talvivaara zinc stream. At the Campo Morado mine the cash cost was USD 401 per tonne,

compared to USD 717 per tonne in FY 2010 when the mine was under previous ownership. The C1 cash cost at the

Contonga mine increased 129% in H2 2011 (USD 1,983 per tonne) compared to H1 2011 (USD 867 per tonne) as it

temporarily reduced its milling capacity to allow for an expansion from 660 to 990 tonnes per day. As indicated in the

Second 2011 Interim Management Statement, the expansion of the Contonga milling capacity is expected to be completed

by the end of Q1 2012, subject to the necessary permitting. The C1 cash cost for the Tennessee Mines improved by 12%

in H2 2011 (USD 2,228 per tonne) compared to H1 2011 (USD 2,525), primarily as a function of the Middle Tennessee

Mines being successfully de-watered and ramped-up to full production capacity by the end of the year. C1 cash cost for

zinc delivered from the Talvivaara zinc stream was approximately USD 1,019 per tonne of payable zinc in 2011. The C1

cash cost for the El Mochito, El Toqui and Myra Falls mines were generally in-line with or better than Nyrstar’s

expectations and averaged negative USD 34 per tonne, USD 1 per tonne and USD 394 per tonne respectively.

It is expected that the USD 1,000 per tonne average C1 cash cost target for Nyrstar’s zinc mines will be met in 2012.

Coricancha had a C1 cash cost of approximately USD 1,172 per troy ounce of payable gold, compared to USD 940 in

2010. The increase in the C1 cash cost over this period is due to higher operating costs per tonne caused by several

production interruptions experienced in 2011.

13

Campo Morado 401 – 342 485 (29)%

Contonga 1,459 2,915 (50)% 1,983 867 129%

El Mochito (34) – (34) –

El Toqui 1 – 1 –

Langlois – –

Myra Falls 394 – 394 –

Tennessee Mines 2,292 1,901 21% 2,228 2,525 (12)%

Talvivaara Stream 1,018 1,005 1% 1,019 1,028 (1)%

Coricancha 1,172 940 25% 1,168 1,095 7%

Despite the negative impact caused by the fall in metal prices in Q4 2011, Nyrstar’s mining segment in 2011 continued to

show an improvement in underlying EBITDA per tonne of zinc in concentrate produced. Underlying EBITDA per tonne in

the Mining segment was EUR 348 in 2011, up by 22% compared to 2010 (EUR 286). In-line with the 2012 production

guidance, and the move towards the stated medium term target of a USD 1,000 per tonne average zinc C1 cash cost, the

underlying EBITDA per tonne of zinc in concentrate produced by the mining segment is expected to continue to improve.

Treatment charges 386 429 (10)% 181 205 (12)%

Free metal contribution 245 260 (6)% 121 125 (3)%

Premiums 120 105 14% 59 61 (3)%

By-Products 282 115 145% 182 100 82%

Other (98) (81) 21% (79) (18) 339%

Employee expenses 202 187 8% 102 100 2%

Other expenses 223 196 14% 104 119 (13)%

Despite lower 2011 benchmark treatment charges, higher energy prices and a stronger Australian dollar, the Smelting

segment delivered another strong underlying EBITDA result, increasing by 19% to EUR 235 million in 2011 compared to

2010. The underlying EBITDA contribution of the Smelting segment was supported by another record year of production

and significant improvements in by-product income, which was up by 145% in 2011 compared to 2010, and premium

revenues.

17 Energy expenses do not include the net loss or gain on the Hobart smelter embedded energy derivatives (EUR 4m gain in 2011, EUR 13m loss in 2010).

14

The Smelting segment’s underlying gross profit increased 13% to EUR 938 million in 2011, compared to EUR 827 million

in 2010. Smelting treatment charge income from zinc and lead was EUR 386 million in 2011, approximately 10% less than

in 2010. While the 2011 zinc benchmark TCs settled below those achieved in 2010, due to carry over of some

concentrates on 2010 terms into the first half of 2011 and the use of secondary feeds such as zinc oxides, which carry

higher TCs, Nyrstar’s realised zinc treatment charge in 2011 was approximately USD 230/dmt, compared to USD 255/dmt

in 2010. Free metal contribution of EUR 245 million was 6% less than 2010 due to lower zinc metal production at Port

Pirie, with the site treating more complex concentrates to increase production and margins of other metals. Realised

premiums on special high grade zinc, commodity grade lead and speciality alloy products in 2011 were higher than in 2010

and, as such, gross profit contribution from Premiums was EUR 120 million, an increase of 14% from 2010. The

contribution of By-product gross profit to the Smelting segment was EUR 282 million, a substantial increase of 145%

compared to 2010. This increase was primarily the result of the increase in acid and other metal prices, as well as

increased production of gold and silver at Port Pirie (including the Port Pirie unlocking untapped value initiatives which

recovered and monetised 2.8 million troy ounces of silver). In addition, the gross profit contribution from sulphuric acid

production in 2011 was EUR 87 million, up 123% compared to 2010 (EUR 39 million). Smelting other gross profit was

negative EUR 98 million in 2011, compared to negative EUR 81 million in 2010.

Underlying smelting operating costs were EUR 702 million in 2011, an increase of 12% compared to 2010 (EUR 629

million). Smelting operating cost per tonne increased moderately to EUR 532/t despite energy price pressures, particularly

in Europe, and exchange rate pressures from the stronger Australian dollar.

As detailed in the HY 2011 results, Nyrstar has already started to deliver tangible financial results under the Strategy into

Action initiative of “unlocking untapped value”. In H1 2011, the Port Pirie multi metals smelter identified historical silver

refining losses of approximately 2.1 million troy ounces and in H2 2011 an additional 0.7 million troy ounces were

identified. The total volume of approximately 2.8 million troy ounces was successfully recovered during H2 2011 and sold

by the end of the year, contributing approximately EUR 78 million to by-product gross profit.

Underlying EBITDA per tonne in the smelting segment increased to EUR 209, up from EUR 184 in 2010.

The Other and Eliminations segment resulted in an underlying EBITDA loss of EUR 42 million, comprising of an elimination

of unrealised Mining segment underlying EBITDA of approximately EUR 8 million (for material sold internally to own

smelters), a net positive contribution of EUR 1 million from other operations, and other group costs. The increase in 2011

from 2010 is due to increased transfers of concentrate between Nyrstar mines and smelters, leading to increased

unrealised profits, and additional corporate development and other head office activity to deliver on Strategy into Action

initiatives.

In February 2011, Nyrstar launched Nyrstar2020, a strategic initiative aimed at positioning Nyrstar for a long term

sustainable future as the leading integrated mining and metals business with a mission of capturing the maximum value

inherent in mineral resources through deep market insight and unique processing capabilities, generating superior returns

for our shareholders and thereby achieving our 2016 growth ambition of having an EBITDA exceeding EUR 1.5 billion. To

support Nyrstar2020, towards the end of 2011, Nyrstar launched Strategy into Action, a disciplined approach to taking the

strategy into every part of the business, embedding annual plans and giving ownership of the group strategy to each

operation and their management teams. Achieving Nyrstar’s ambition will require a continued sharp focus on the key

strategic priorities that Nyrstar believes will deliver success; namely through organic growth and acquisitions whilst also

continually improving operations by driving excellence in everything we do and seeking to unlock untapped value.

15

Nyrstar believes that there exists significant hidden value that is not released by current processes. This value can only be

unlocked by continually challenging the way Nyrstar thinks about and works on its products and processes. Since

launching Nyrstar2020, Nyrstar has made substantial progress in building a growing pipeline of unlocking untapped value

initiatives to release latent value across every aspect of the business and asset footprint. The identification and recovery of

historical silver refining losses at Port Pirie is an example of unlocking untapped value that has already delivered

substantial returns (EUR 78 million of gross profit in 2011). In 2012 Nyrstar has committed capital expenditure to a number

of initiatives, for example the recovery and processing of tellurium dioxide and indium metal in the smelting segment. Both

products, with end uses in advanced electronics and solar cell applications, are expected to generate significant margins.

The commercial production of indium metal, at a dedicated plant located at the Auby smelter, is expected to commence in

H1 2012; while detailed engineering plans for a tellurium dioxide circuit at the Port Pirie smelter have been finalised, with

first production expected in H2 2012. Production of tellurium dioxide and indium metal will further improve by-product gross

profit in the smelting segment.

Sustainable growth means that Nyrstar will seek growth by leveraging its existing mining and smelting footprint and

through further value accretive acquisitions. The main strategic goals to deliver sustainable growth are to seek significant

acquisitions; seek internal growth opportunities; optimise the allocation of capital across the business; achieve excellence

in funding and continue to deliver on growth promises. Accordingly, Nyrstar will continue to actively explore value accretive

acquisitions based on it’s disciplined approach and strict investment criteria, whilst also building a comprehensive pipeline

of organic growth opportunities reflecting Nyrstar’s increased scale.

Nyrstar is a market driven business with an unrelenting focus on continuous improvement across all operations and

functions. The main strategic goals that have been identified by Nyrstar to achieve excellence in everything it does is to

ensure it makes market driven decisions, maintains sustainable effective operations, ensures excellence in

communications and fosters challenging and supporting functional leadership across the entire business. Nyrstar’s

operational excellence programme, which commenced in Q4 2010, has embedded a lean thinking and value focus across

Nyrstar’s mines and smelters, supported by a continuous KPI driven culture. The programme has been introduced and

commenced at all of Nyrstar’s smelters and mines, including the former Breakwater sites. At the end of 2011, there were

850 people across Nyrstar (mines, smelters and corporate functions) involved in operational excellence teams, with 21

operational records broken in 2011. In addition to leading to record metal production by enabling process bottlenecks to be

raised or released, it also reduced requirements on sustaining capital, enabling funds to be reallocated to growth areas.

The Nyrstar workforce has a unique culture which is referred to as the Nyrstar Way whereby employees are engaged and

aligned to deliver sustainable performance improvements across Nyrstar’s strategic priorities. The main strategic goals of

living the Nyrstar Way are to build on the Nyrstar brand; manage critical risks throughout the business and to ensure world

class safety and environmental performance across all of Nyrstar’s operations.

16

Capital expenditure was approximately EUR 229 million in 2011, an increase of 56% from 2010 (EUR 147 million).

Expenditure at the mines was EUR 104 million, a 73% increase compared to 2010, primarily due to the increase in

sustaining and compliance requirements with the acquisitions of the Campo Morado and Breakwater mines, and increased

production at the other mining operations. Ramp-up expenditure to prepare the Langlois mine for commercial production,

expected in H1 2012, amounted to EUR 15 million between the acquisition of Breakwater Resources and the end of 2011.

Exploration spend in 2011, approximately EUR 14 million, has delivered successful drilling results across several of

Nyrstar’s mines and has increased the understanding of the deposits to enable more efficient methods of material

extraction and to focus on maximising value over the short to medium term. See the Nyrstar 2011 Reserve and resource

Statement (dated 23 February 2012) for further information.

Capital expenditure for smelters was approximately EUR 112 million in 2011, up 38% on 2010 (EUR 81 million). This

comprised EUR 87 million of expenditure on sustaining and compliance and EUR 25 million was spent on organic growth

projects. This included the building of the indium metal plant at Auby, the successful commissioning of a third automated

SHG casting line at the Balen/Overpelt facility, which is expected to reduce operating costs and working capital

requirements by reducing cathode inventory holding time, and the capacity expansion of the cellhouse at Hobart.

In addition, approximately EUR 13 million was invested at other operations and corporate offices, including major IT

hardware and software upgrades across the group to ensure Nyrstar’s processes and systems can continue to support an

expanding workforce and a greater number of sites.

Capital expenditure guidance for Nyrstar’s mining segment in 2012 is as follows:

Sustaining and compliance 90 – 100

Growth 30 – 40

The level of sustaining and compliance spend in 2012 is the expected run-rate for Nyrstar’s current portfolio of operating

mines. Growth expenditure at the mines is expected to be relativity high in 2012, as there is a need to catch up on

exploration and development activity postponed by previous mine owners during the global financial crisis and depressed

commodity price environment. This additional spend will ensure Nyrstar’s operations can prove up their medium-term mine

plans to achieve greater consistency in their ore milled head grades.

Capital expenditure guidance for Nyrstar’s smelting segment in 2012 is as follows:

Sustaining and compliance (excluding shutdowns) 60 – 70

Shutdowns 20 – 30

Growth 25 – 35

The level of sustaining and compliance spend, excluding shutdowns, in 2012 is the expected run-rate for Nyrstar’s

smelters. Shutdown spend is expected to be relatively high in 2012, due to major planned shuts at all of Nyrstar’s largest

smelters (namely Balen, Budel, Hobart and Port Pirie) that will improve the reliability and efficiency of production

processes and allow the sites to make improvements to critical production steps. Committed growth spend has been

allocated to several key unlocking untapped value projects, such as the planned completion of the indium metal plant at

the Auby smelter and the tellurium dioxide circuit at Port Pirie. These projects have progressed through Nyrstar’s rigorous

capital allocation process and have received Board approval.

17

The estimates may be impacted during 2012 by factors such as management review, estimated input costs to and

Australian and US dollar movements against the Euro. Revised updates may be issued in subsequent trading updates

during 2012 if material changes to the above guidance is estimated by Nyrstar.

As of 31 December 2011, cash and cash equivalents were EUR 177 million, an increase of EUR 17 million from 31

December 2010. Cash flows from operating activities in 2011 generated an inflow of EUR 121 million, due to strong sales

in the mining and smelting segments in H2 2011. Although there was a sharp decline in zinc, lead and silver prices in Q4

of EUR 21 million in 2011 due to the strong sales performance at the end of the year.

Cash flows from investing activities in 2011 (EUR 891 million) mainly relate to the acquisition of Farallon Mining for

approximately EUR 280 million (net of cash) and Breakwater Resources for approximately EUR 390 million (net of cash).

These outflows in 2011 compare to EUR 272 million in 2010 invested in the acquisition of mines and the Talvivaara

streaming agreement. In addition the acquisition of property, plant and equipment and intangible assets was EUR 229

million in 2011, compared to EUR 147 million in 2010.

Cash inflows from financing activities in 2011 amounted to EUR 775 million. Included in this amount are the EUR 490

costs) raised in May 2011 with the placement of 5.375% bonds due 2016. As of 31 December 2011, the full amount of

Nyrstar’s EUR 500 million revolving structured commodity trade finance facility was undrawn (EUR 107 million as of 31

December 2010). During 2011, Nyrstar acquired 6,265,000 shares to hold in treasury, for approximately EUR 52 million, in

accordance with the Board of Director’s authorisation to acquire Nyrstar’s own shares, renewed at the Extraordinary

General Meeting on 26 May 2009. As at 31 December 2011, Nyrstar held a total of 9,413,138 of Nyrstar’s shares

(31 December 2010: 3,631,558). These shares are being held with suspended dividend rights, for potential delivery to

eligible Nyrstar employees in 2012, 2013 and 2014 to satisfy Nyrstar’s outstanding obligations under an Executive Long

Term Incentive Plan and Management Committee Co-Investment Plan.

The main tax jurisdictions in which Nyrstar operated in 2011 were Australia, Belgium, Canada, Chile, France, Honduras,

Mexico, the Netherlands, Peru, Switzerland and the United States Based on the proportion of its income from each of

these jurisdictions, Nyrstar’s effective statutory tax rate in 2011 was approximately 18%. Nyrstar has accumulated tax

losses in some of the jurisdictions where it operates and deferred tax benefits have been recognized to the extent it is

likely that future taxable amounts will be available. Nyrstar expects to benefit from these deferred tax benefits through a

decrease in its actual cash tax payments until such deferred tax benefits are used up or expire.

The Board of directors will propose to shareholders at the Annual General Meeting to be held in Brussels on 25 April 2012

a gross distribution of EUR 0.16 per share and to structure the distribution as a capital reduction. This reflects the Board’s

continued confidence in the Nyrstar’s financial strength and the medium to long-term prospects for the markets in which it

operates.

18 Working capital: change in inventories, trade and other receivables and trade and other payables and deferred income

19 Associated costs of the capital increase amounted to EUR 16 million (net proceeds from capital increase of EUR 474 million)

20 Gearing: net debt to net debt plus equity at end of period

18

CAD 409 million (EUR 296 million). The ore deposit currently being mined is the G-9 deposit which achieved commercial

production in April 2009 and comprises high grade zinc, copper, lead, gold and silver. In addition to the G-9 deposit, there

are four additional ore bodies that have been delineated (Reforma, El Largo, El Rey, Naranjo).

a friendly take-over with an implied a total transaction value to Breakwater shareholders of approximately CAD663 million

(EUR 443 million) on a fully diluted basis (including shares issued from the conversion of options and warrants).

Breakwater’s operations consist of four zinc multi-metals mines, including El Toqui in Chile, El Mochito in Honduras, Myra

Falls in British Columbia Canada, and Langlois in Quebec Canada (Langlois is currently in ramp-up and expected to

restart commercial production in H1 2012).

In November 2011, Nyrstar and Sims Metal Management Limited announced that they had reached a conditional

agreement to sell Australian Refined Alloys’ secondary lead producing facility in Sydney, Australia (ARA Sydney) to

companies associated with Renewed Metal Technologies for a total sale price of approximately EUR 60 million (AUD 80

million). Approval of the Australian Competition and Consumer Commission has been received and the sale is expected to

be completed by the end of February 2012. The sale price is subject to a customary working capital adjustment. Assuming

a sale price of EUR 60 million, Nyrstar expects to achieve a profit on the sale of its 50% share of ARA Sydney of at least

EUR 15 million.

Nyrstar and Sims Metal Management will retain ARA’s secondary lead producing facility in Melbourne, Australia which will

continue to be operated as a 50/50 joint venture allowing Nyrstar continued exposure (albeit on a smaller scale) to an

important segment of the global lead market.

In March 2011, Nyrstar successfully completed a rights offering in the amount of approximately EUR 490 million. During

the rights subscription period 95% of the total number of 70,009,282 rights were exercised to subscribe for an equal

number of new shares in Nyrstar. The remaining 5% of rights were converted into an equal number of scrips and sold by

the underwriters of that offering through an accelerated book building procedure with institutional investors.

offering in Belgium and Luxembourg. Due to strong demand the offering was increased from EUR 150 million to EUR 525

million.

At the end of June 2011, Nyrstar extended to the end of 2018 the Commodity Grade Off-take Agreement with the Glencore

Group for the sale and marketing of commodity grade zinc and lead metal produced by Nyrstar (initially entered into in

growing sales within the higher margin value-added zinc and lead alloys markets, while selling its commodity grade

products at market premiums to the Glencore Group.

19

Nyrstar’s results are significantly affected by changes in metal prices, exchange rates and treatment charges. Sensitivities

to variations in these parameters are depicted in the following table, which sets out the estimated impact of a change in

each of the parameters on Nyrstar’s full year underlying EBITDA based on the actual results and production profile for the

year ending 31 December 2011.

The above sensitivities were calculated by modelling Nyrstar’s 2011 underlying operating performance. Each parameter is

based on an average value observed during that period and is varied in isolation to determine the annualised EBITDA

impact.

Sensitivities are:

accurate estimate of financial performance.

changes may be significantly different to the results outlined.

These sensitivities should not be applied to Nyrstar’s results for any prior periods and may not be representative of the

EBITDA sensitivity of any of the variations going forward.

21 The sensitivity to the silver price excludes the impact of the silver bearing material that was recovered at the Port Pirie smelter and sold in 2011

22 dmt = dry metric tonnes of concentrate

20

Mining Smelting Other and

Eliminations

Group

Zinc in concentrate (‘000 tonnes) 207 – – 207

Gold in concentrate (‘000 troy ounces) 50 – – 50

Silver in concentrate (‘000 troy ounces) 3,673 – – 3,673

Copper in concentrate (‘000 tonnes) 8 – – 8

Zinc market metal (‘000 tonnes) – 1,125 – 1,125

Lead market metal (‘000 tonnes) – 195 15 211

Total Segment Revenue 358 3,096 (107) 3,348

Underlying EBITDA 72 235 (42) 265

Capital expenditure 104 112 13 229

Treatment charges (71) 386 – 316

Payable / Free metal 288 245 – 534

Premiums – 120 – 120

By-products 135 282 – 417

Other (9) (98) 5 (102)

Underlying gross profit 345 937 5 1,286

Employee benefits expense 77 202 61 339

Energy expenses 29 277 1 307

Other expenses 168 223 (15) 376

Underlying operating costs 273 702 48 1,023

Mining Smelting Other and

Eliminations

Group

Zinc in concentrate (‘000 tonnes) 84 – – 84

Gold in concentrate (‘000 troy ounces) 4.7 – – 4.7

Silver in concentrate (‘000 troy ounces) 271 – – 271

Copper in concentrate (‘000 tonnes) 0.2 – – 0.2

Zinc market metal (‘000 tonnes) – 1,076 – 1,076

Lead market metal (‘000 tonnes) – 179 19 198

Total Segment Revenue 96 2,654 (53) 2,696

Capital expenditure 60 81 6 147

Treatment charges (27) 429 – 403

Payable / Free metal 118 260 – 378

Premiums – 105 – 105

By-products 9 115 – 124

Other (5) (81) 2 (83)

Underlying gross profit 96 827 2 925

Employee benefits expense 27 187 48 263

Energy expenses 9 246 1 256

Other expenses 35 196 (26) 200

Underlying operating costs 72 629 18 718

23Other and Eliminations underlying EBITDA includes share of profit of equity accounted investees (2011: EUR 1 million, 2010: EUR 3 million)

21

The following table sets out the reconciliation between the “Result from operating activities before exceptional items” to Nyrstar’s

“EBITDA” and “Underlying EBITDA”.

“EBITDA” is a non-IFRS measure that includes the result from operating activities, before depreciation and amortization, plus Nyrstar’s

share of the profit or loss of equity accounted investees.

“Underlying EBITDA” is an additional non-IFRS measure of earnings, which is reported by Nyrstar to provide greater understanding of the

underlying business performance of its operations. Underlying EBITDA excludes items related to restructuring measures, M&A related

transaction expenses, impairment losses, material income or expenses arising from embedded derivatives recognized under IAS 39 and

other items arising from events or transactions that management considers to be clearly distinct from the ordinary activities of Nyrstar.

The items excluded from the “Result from operating activities before exceptional items and depletion, depreciation and amortisation” in

arriving at “Underlying EBITDA” are as follows:

(a) Restructuring expenses of EUR 9 million in 2011 (EUR 11 million in 2010) were incurred mainly in relation to the acquisition of Farallon

and Breakwater Resources, including the closure of the respective corporate offices. Expenses were also incurred in relation to the

relocation of some additional corporate functions to the corporate office in Zurich, Switzerland.

(b) The M&A related transaction expenses include the acquisition and disposal related direct transaction costs (e.g. advisory, accounting,

tax, legal or valuation fees paid to external parties). The M&A related transaction expenses in the 2011 income statement amount to

EUR 14.6 million (2010: EUR 2.8 million). These expenses have previously been classified within contracting and consulting expenses

and have been reclassified to M&A related transaction costs to improve reporting transparency.

(c) In 2010 an impairment loss of EUR 0.9 million was recognised on leasehold improvements as a consequence of the announced

relocation of the corporate office from London to Zurich. In 2009 a review of Nyrstar Yunnan Zinc Alloys Co. Ltd assets and liabilities held

for sale was conducted, leading to a reversal of EUR 4 million of previously recognised impairment losses. In addition, an impairment of

EUR 2 million was recognised with regard to the fixed assets of GM Metal when Nyrstar announced its planned closure in 2009. There

were no impairment losses or reversals in 2011.

(d) The Hobart Smelter’s electricity contract contains an embedded derivative which has been designated as a qualifying cash flow hedge.

To the extent that the hedge is effective, changes in its fair value are recognised directly in equity, whilst to the extent the hedge is

ineffective changes in fair value are recognised in the consolidated income statement. As the hedge is partially ineffective, the positive

change in fair value of EUR 4 million (2010: EUR 13 million loss) on the ineffective portion of the hedge was recorded as a cost in energy

expenses within the consolidated income statement. The impact on the income statement has been reversed from EBITDA for the

purpose of calculating the Nyrstar’s underlying EBITDA.

Depletion, depreciation and amortisation expense 145 82 87 59

Share of profit / (loss) of equity accounted investees 1 3 0 1

Add back:

22

Campo Morado 699 377 322 17%

Contonga 257 65 295% 120 137 (12)%

Coricancha 162 58 179% 101 61 66%

El Mochito 279 279

El Toqui 206 206

Langlois – –

Myra Falls 181 181

East Tennessee 1,532 1,521 1% 747 785 (5)%

Middle Tennessee 1,187 651 82% 637 550 16%

Tennessee Mines 2,719 2,172 25% 1,384 1,335 4%

Campo Morado 7.85% 8.00% 7.68% 4%

Contonga 4.38% 4.38% – 4.24% 4.52% (6)%

Coricancha 1.60% 1.78% (10)% 1.73% 1.36% 27%

El Mochito 4.28% 4.28%

El Toqui 5.10% 5.10%

Langlois 7.00% 7.00%

Myra Falls 9.00% 9.00%

East Tennessee 3.41% 3.50% (3)% 3.53% 3.28% 8%

Middle Tennessee 2.86% 2.35% 22% 3.10% 2.74% 13%

Tennessee Mines 3.12% 3.16% (1)% 3.33% 3.06% 9%

Contonga 0.58% 0.34% 71% 0.65% 0.50% 30%

Coricancha 1.10% 1.34% (18)% 1.04% 1.30% (20)%

El Mochito 2.24% 2.24%

El Toqui 0.20% 0.20%

Myra Falls 0.60% 0.60%

Campo Morado 1.07% 1.10% 1.04% 6%

Contonga 0.57% 0.69% (17)% 0.55% 0.58% (5)%

Coricancha 0.20% 0.00% – 0.28% 0.12% 133%

Langlois 0.56% 0.56%

Myra Falls 1.10% 1.10%

Campo Morado 2.13 2.12 2.14 (1)%

Coricancha 3.50 3.47 1% 3.45 3.56 (3)%

El Toqui 2.50 2.50

Myra Falls 1.22 1.22

Campo Morado 146.67 147.67 145.00 2%

Contonga 59.25 55.06 8% 59.68 60.34 (1)%

Coricancha 117.40 122.50 (4)% 113.50 123.24 (8)%

El Mochito 9.40 9.40

El Toqui 41.88 41.88

Myra Falls 47.76 47.76

23

Campo Morado 83.6% 83.7% 83.5% 0%

Contonga 89.6% 85.9% 4% 90.4% 88.8% 2%

Coricancha 78.9% 78.0% 1% 79.4% 78.0% 2%

El Mochito 84.9% 84.9%

El Toqui 86.6% 86.6%

Langlois 92.4% 92.4%

Myra Falls 82.7% 82.7%

East Tennessee 93.8% 93.6% 0% 93.4% 93.8% (0)%

Middle Tennessee 91.0% 86.5% 5% 91.6% 90.3% 1%

Tennessee Mines 92.6% 91.5% 1% 92.6% 92.4% 0%

Contonga 64.8% 41.4% 57% 70.9% 58.6% 21%

Coricancha 76.4% 83.0% (8)% 76.5% 78.6% (3)%

El Mochito 82.1% 82.1%

El Toqui 52.9% 52.9%

Myra Falls 35.2% 35.2%

Campo Morado 69.0% 68.4% 69.6% (2)%

Contonga 54.4% 53.5% 2% 53.9% 54.9% (2)%

Coricancha 36.5% – – 54.5% 38.8% 40%

Langlois 73.9% 73.9%

Myra Falls 76.6% 76.6%

Campo Morado 35.7% 36.0% 35.4% 2%

Coricancha 83.0% 77.9% 7% 85.2% 77.0% 11%

El Toqui 78.8% 78.8%

Myra Falls 71.1% 71.1%

Campo Morado 55.9% 55.7% 56.2% (1)%

Contonga 80.4% 60.7% 32% 84.3% 76.4% 10%

Coricancha 93.2% 82.4% 13% 94.2% 90.7% 4%

El Mochito 67.0% 67.0%

El Toqui 36.6% 36.6%

Myra Falls 79.6% 79.6%

Campo Morado 95 52 43 21%

Contonga 19 4 375% 9 10 (10)%

Coricancha 4 1 300% 3 1 200%

El Mochito 18 18

El Toqui 20 20

Langlois 2 2

Myra Falls 27 27

East Tennessee 78 81 (4)% 39 39 –

Middle Tennessee 50 21 138% 28 22 27%

Tennessee Mines 128 101 27% 67 60 12%

Talvivaara Stream 57 28 104% 32 25 28%

Contonga 1.7 0.2 750% 0.9 0.7 29%

Coricancha 2.7 0.7 286% 1.4 1.3 8%

El Mochito 7.6 7.6

El Toqui 0.4 0.4

Myra Falls 0.8 0.8

24

Campo Morado 38.7 20.7 18.0 15%

Contonga 3.2 0.9 256% 1.5 1.8 (17)%

Coricancha 0.8 – – 0.7 0.1 600%

Langlois 0.3 0.3

Myra Falls 6.1 6.1

Campo Morado 46 25 21 19%

Contonga 10 2 400% 5 5 –

Coricancha 2 1 100% 1 1 –

El Mochito 10 10

El Toqui 9 9

Langlois 1 1

Myra Falls 15 15

East Tennessee 49 50 (2)% 24 24 –

Middle Tennessee 32 13 146% 18 14 29%

Tennessee Mines 80 63 27% 42 38 11%

Talvivaara Stream 35 18 94% 20 15 33%

Contonga 1.0 0.1 900% 0.6 0.4 50%

Coricancha 1.3 0.6 117% 0.8 0.6 33%

El Mochito 4.9 4.9

El Toqui 0.2 0.2

Myra Falls 0.4 0.4

Campo Morado 5.2 2.8 2.3 22%

Contonga 0.8 0.2 300% 0.4 0.4 –

Coricancha 0.2 – – 0.2 0.0 –

Langlois 0.1 0.1

Myra Falls 1.6 1.6

Campo Morado 17.0 9.2 7.8 18%

Coricancha 14.8 4.7 215% 9.3 5.5 69%

El Toqui 13.0 13.0

Myra Falls 5.1 5.1

Campo Morado 1,836 992 844 18%

Contonga 393 70 461% 196 198 (1)%

Coricancha 583 201 190% 352 231 52%

El Mochito 598 598

El Toqui 43 43

Myra Falls 220 220

25

Campo Morado 699 611 14% 377 322 17%

El Mochito 714 714 – 381 333 14%

El Toqui 599 497 21% 296 303 (2)%

Langlois – – – – – –

Myra Falls 494 502 (2)% 252 242 4%

Campo Morado 7.85% 8.35% (7)% 8.00% 7.68% 4%

El Mochito 4.26% 5.57% (23)% 4.39% 4.50% (2)%

El Toqui 5.50% 4.70% 17% 5.50% 5.60% (2)%

Langlois 7.00% – – 7.00% – –

Myra Falls 8.00% 7.30% 10% 8.30% 7.80% 6%

El Mochito 2.20% 2.87% (24)% 2.24% 2.30% (4)%

El Toqui 0.20% 0.20% – 0.30% 0.10% 200%

Myra Falls 0.60% 0.70% (14)% 0.60% 0.50% 20%

Campo Morado 1.07% 0.98% 10% 1.10% 1.04% 10%

Langlois 0.56% – – 0.56% – –

Myra Falls 1.10% 1.30% (15)% 1.00% 1.20% (17)%

Campo Morado 2.13 2.29 (7)% 2.12 2.14 (1)%

El Toqui 2.30 3.10 (26)% 2.50 2.00 25%

Myra Falls 1.10 1.70 (35)% 1.10 1.10 –

Campo Morado 146.67 161.77 (9)% 147.67 145.00 2%

El Mochito 81.13 95.61 (15)% 81.13 86.20 (6)%

El Toqui 9.30 10.20 (9)% 11.00 7.70 43%

Myra Falls 45.30 57.80 (22)% 44.70 46.00 (3)%

Campo Morado 83.6% 83.0% 1% 83.7% 83.5% 0%

El Mochito 85.3% 85.0% 0% 85.3% 84.0% 2%

El Toqui 86.8% 86.5% 0% 87.3% 86.2% 1%

Langlois 82.7% – – 82.7% – –

Myra Falls 91.9% 89.4% 3% 92.2% 91.7% 1%

El Mochito 83.1% 82.6% 1% 83.6% 85.4% (2)%

El Toqui 48.5% 55.7% (13)% 48.5% 11.2% 333%

Myra Falls 34.5% 15.1% 128% 49.5% 18.8% 163%

Campo Morado 69.0% 67.7% 2% 68.4% 69.6% (2)%

Langlois 73.9% – – 73.9% – –

Myra Falls 77.5% 76.2% 2% 77.1% 78.0% (1)%

26

Campo Morado 35.7% 39.8% (10)% 36.0% 35.4% 2%

El Toqui 79.5% 77.4% 3% 78.9% 80.1% (1)%

Myra Falls 70.0% 71.3% (2)% 71.3% 68.7% 4%

Campo Morado 55.9% 55.0% 2% 55.7% 56.2% (1)%

El Mochito 68.3% 42.2% 62% 73.0% 63.6% 15%

El Toqui 80.4% 78.6% 2% 80.7% 80.1% 1%

Myra Falls 35.7% 39.8% (10)% 36.0% 35.4% 2%

Campo Morado 95 88 8% 52 43 21%

El Mochito 49 64 (23)% 25 24 4%

El Toqui 61 41 49% 30 30 –

Langlois 2 – – 2 – –

Myra Falls 66 61 8% 35 31 13%

El Mochito 21.3 26.3 (19)% 10.8 10.5 3%

El Toqui 0.9 0.8 13% 0.9 – –

Myra Falls 1.9 1.1 73% 1.3 0.6 117%

Campo Morado 38.7 31.1 24% 20.7 18.0 15%

Langlois 0.3 – – 0.3 – –

Myra Falls 16.4 19.6 (16)% 7.8 8.6 (9)%

Campo Morado 46 42 10% 25 21 19%

El Mochito 26 34 (24)% 13 13 –

El Toqui 29 20 45% 14 15 (7)%

Langlois 1 – – 1 – –

Myra Falls 36 33 9% 19 17 12%

El Mochito 13.1 17.0 (23)% 6.7 6.4 5%

El Toqui 0.5 0.4 25% 0.5 – –

Myra Falls 0.8 0.5 60% 0.6 0.2 200%

Campo Morado 5.2 4.0 30% 2.8 2.3 22%

Langlois 0.1 – – 0.1 – –

Myra Falls 4.2 4.8 (13)% 2.0 2.2 (9)%

Campo Morado 17.0 17.7 (4)% 9.2 7.8 18%

El Toqui 33.5 37.6 (11)% 18.5 15.1 23%

Myra Falls 12.4 15.4 (19)% 6.3 6.0 5%

Campo Morado 1,836 1,720 7% 992 844 18%

El Mochito 1,555 1,809 (14)% 777 778 (0)%

El Toqui 123 69 78% 75 48 56%

Myra Falls 574 469 22% 288 286 1%

27

This release includes forward-looking statements that reflect Nyrstar’s intentions, beliefs or current expectations

concerning, among other things: Nyrstar’s results of operations, financial condition, liquidity, performance, prospects,

growth, strategies and the industry in which Nyrstar operates. These forward-looking statements are subject to risks,

uncertainties and assumptions and other factors that could cause Nyrstar’s actual results of operations, financial condition,

liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ

materially from those expressed in, or suggested by, these forward-looking statements. Nyrstar cautions you that forwardlooking

statements are not guarantees of future performance and that its actual results of operations, financial condition

and liquidity and the development of the industry in which Nyrstar operates may differ materially from those made in or

suggested by the forward-looking statements contained in this news release. In addition, even if Nyrstar’s results of

operations, financial condition, liquidity and growth and the development of the industry in which Nyrstar operates are

consistent with the forward-looking statements contained in this news release, those results or developments may not be

indicative of results or developments in future periods. Nyrstar and each of its directors, officers and employees expressly

disclaim any obligation or undertaking to review, update or release any update of or revisions to any forward-looking

statements in this report or any change in Nyrstar’s expectations or any change in events, conditions or circumstances on

which these forward-looking statements are based, except as required by applicable law or regulation.

Nyrstar is an integrated mining and metals business, with market leading positions in zinc and lead, and growing positions

in other base and precious metals; essential resources that are fuelling the rapid urbanisation and industrialisation of our

changing world. Nyrstar has mining, smelting, and other operations located in Europe, the Americas, China and Australia

and employs over 7,000 people. Nyrstar is incorporated in Belgium and has its corporate office in Switzerland. Nyrstar is

listed on NYSE Euronext Brussels under the symbol NYR. For further information please visit the Nyrstar website,

www.nyrstar.com

Anthony Simms Group Manager Investor Relations T: +41 44 745 8157 M: +41 79 722 2152 [email protected]

Kate Dinon Group Manager Corporate Communications T: +41 44 745 8154 M: +41 79 722 84 66 [email protected]

Geert Lambrechts Manager Corporate Communications T: +32 14 449 646 M: +32 473 637 892 [email protected]

28

Selected Nyrstar Consolidated

Financial Information

For the year ended

31 December 2011

We hereby certify that, to the best of our knowledge, the selected consolidated financial information for the year ended 31

December 2011, which has been prepared in accordance with the International Financial Reporting Standards as adopted

by the European Union and with the legal requirements applicable in Belgium, give a true and fair view of the

– Consolidated income statement

– Consolidated statement of comprehensive income

– Consolidated statement of financial position

– Consolidated statement of changes in equity

– Consolidated statement of cash flows

– Segment reporting

for the reporting year 2011, and that the commentary on pages 1 to 27 offers a fair and balanced review of overall

performance of the business during 2011.

Brussels, 23 February 2012

Roland Junck Heinz Eigner

Chief Executive Officer Chief Financial Officer

The statutory auditor PricewaterhouseCoopers Bedrijfsrevisoren burg. CVBA / Réviseurs d’Entreprises SCRL civile,

represented by Peter Van den Eynde, has issued an unqualified audit opinion on the IFRS consolidated financial

statements and has confirmed that the IFRS accounting data included in this annual announcement does not include any

apparent inconsistencies with the IFRS consolidated financial statements. The accounting data included in this annual

announcement incorporates other financial information which has not been audited.

The selected consolidated financial information in this press release are extracted from the 2011 audited financial

statements which were published on 23 February 2012 for submission to the Annual General Meeting of shareholders on

25 April 2012. The consolidated financial statements have been prepared in accordance with the International Financial

Reporting Standards as adopted by the European Union and with the legal requirements applicable in Belgium.

29

Consolidated income statement

EUR million 2011 2010

Revenue 3,347.6 2,696.1

Raw materials used (2,000.6) (1,727.6)

Freight expense (60.8) (43.1)

Other income 13.7 9.1

Employee benefits expense (339.3) (262.2)

Energy expenses (303.6) (269.1)

Stores and consumables used (152.1) (103.1)

Contracting and consulting expense (145.8) (82.9)

Other expense (91.9) (23.1)

Depreciation, amortisation and depletion (145.2) (81.7)

M&A related transaction expense (14.6) (2.8)

Restructuring expense (9.0) (10.5)

Impairment loss – (0.9)

Finance income 5.2 0.8

Finance expense (66.3) (37.6)

Net foreign exchange gain 5.6 24.3

Share of profit of equity accounted investees 1.3 3.1

Income tax expense (8.1) (16.6)

Attributable to:

Equity holders of the parent 36.0 72.2

Non-controlling interest 0.1 –

Earnings per share for profit attributable to the equity holders of the

Company during the period (expressed in EUR per share)

basic 0.24 0.62

diluted 0.24 0.60

The accompanying notes are an integral part of these consolidated financial statements.

30

Consolidated statement of comprehensive income

EUR million 2011 2010

Profit for the period 36.1 72.2

Foreign currency translation differences 30.8 29.4

Defined benefit plans – actuarial gain / (loss) (8.5) (0.1)

Effective portion of changes in fair value of cashflow hedges 18.0 (16.0)

Change in fair value of investments in equity securities (2.1) 2.7

Income tax on income and expenses recognised directly in other

comprehensive income (2.8) 5.1

Attributable to:

Equity holders of the parent 71.4 93.3

Non-controlling interest 0.1 –

31

Consolidated statement of financial position

Property, plant and equipment 1,716.7 759.2

Intangible assets 166.4 18.7

Investments in equity accounted investees 47.9 50.9

Investments in equity securities 32.1 9.8

Zinc purchase interest 249.2 247.3

Deferred income tax assets 56.1 13.5

Other financial assets 41.4 23.7

Other assets 0.1 –

Inventories 569.9 556.6

Trade and other receivables 313.9 209.6

Prepayments 22.8 9.5

Current income tax assets 4.6 7.2

Other assets 15.3 –

Other financial assets 52.3 36.8

Cash and cash equivalents 177.4 160.6

Share capital and share premium 1,704.1 1,255.4

Reserves (184.9) (258.3)

Accumulated losses (204.8) (169.0)

Non-controlling interest 4.3 4.2

Loans and borrowings 864.4 443.4

Deferred income tax liabilities 225.9 54.0

Provisions 176.6 115.3

Employee benefits 75.1 52.2

Other financial liabilities 0.1 –

Other liabilities 47.4 12.1

Trade and other payables 416.4 314.0

Current income tax liabilities 40.0 13.9

Loans and borrowings 31.3 13.4

Provisions 32.1 43.3

Employee benefits 52.2 44.7

Other financial liabilities 38.6 30.2

Deferred income 127.4 107.0

Other liabilities 19.9 27.6

32

(a) adjusted for revisions to the provisional accounting for the acquisition of the Contonga and Pucarrajo mines (see note 8 of the

2011 audited financial statements)

33

Consolidated statement of changes in equity

EUR million

Share

capital

Share

premium Reserves

Accumulated

losses

Total amount

attributable to

shareholders

Noncontrolling

interest

Distribution to shareholders

EUR million

Share

capital

Share

premium Reserves

Accumulated

losses

Total amount

attributable to

shareholders

Noncontrolling

interest

Net movement in non-controlling

interests as result of acquisition /

34

Segment reporting

The Group’s operating segments (Smelting, Mining and Other & Eliminations) reflect the approach of the Nyrstar

Management Committee (NMC) towards evaluating the financial performance and allocating resources to the Group’s

operations. The NMC has been identified as the chief operating decision making group. The chief operating decisionmaker

assesses the performance of the operating segments based on a measure of ’Result from operating activities

before exceptional items’. The segmentation and the basis of measurement of segment profit/(loss) are unchanged to the

last annual financial statements as at 31 December 2010. Consequently, the Campo Morado operation (acquired as part of

the Farallon Mining acquisition) and El Mochito, El Toqui, Langlois and Myra Falls mines (acquired as part of the

Breakwater Resources acquisition) have been allocated to the Mining segment. For details of these acquisitions refer to

note 8.

The ‘Smelting’ segment comprises the following smelters: Auby (France), Balen (Belgium), Budel (Netherlands), Clarksville

(US), Hobart (Australia) and Port Pirie (Australia). The ‘Mining’ segment consists of the following mines: Tennessee (US),

Coricancha, Contonga and Pucarrajo (Peru), Campo Morado (Mexico), El Mochito (Honduras), El Toqui (Chile), Langlois,

Myra Falls (Canada) and the zinc streaming agreement with the Talvivaara mine (Finland). The ‘Other & Eliminations’

segment contains Galva 45 (France), corporate activities as well as the eliminations of the intra-group transactions

including any unrealised profits resulting from intercompany transactions.

The chief operating decision-maker assesses the performance of the operating segments based on a measure of ’Result

from operating activities before exceptional items’.

Sales to each individual customer (group of customers under the common control) of the Group did not exceed 10 % with

the exception of sales to Glencore and Umicore, which accounted for 40.8 % (2010: 45.1 %) and 9.6 % (2010: 11.8 %)

respectively, of the total Group’s zinc and lead sales.

Other and Total

EUR million Mining Smelting eliminations 2011

M&A related transaction expense (14.6)

Restructuring expense (9.0)

Impairment loss –

Finance income 5.2

Finance expense (66.3)

Net foreign exchange gain 5.6

Share of profit of equity accounted investees 1.3

35

Income tax expense (8.1)

EUR million Mining Smelting Other and

eliminations

Total

2010

M&A related transaction expense (2.8)

Restructuring expense (10.5)

Impairment loss (0.9)

Finance income 0.8

Finance expense (37.6)

Net foreign exchange gain 24.3

Share of profit of equity accounted investees 3.1

Income tax expense (16.6)

36

EUR million 2011 2010

Belgium 665.0 360.0

Rest of Europe 1,150.4 945.7

Americas 325.5 275.9

Australia 858.6 711.0

Asia 337.6 388.2

Other 10.5 15.3

The revenue information above is based on the location (shipping address) of the customer.

EUR million Dec 31, 2011 Dec 31, 2010

Belgium 73.9 61.2

Rest of Europe 524.2 505.7

North America 505.2 166.6

Central America (incl Mexico) 553.3 –

South America 263.9 109.7

Australia 211.3 182.0

Other 0.5 –

Non-current assets for this purpose consist of property, plant and equipment, intangible assets and the zinc purchase

interests.