HIGHLIGHTS:
Group underlying EBITDA[1] of EUR 205 million for 2017, an increase of 5% on 2016, supported by a 38% increase in the average zinc price (USD 2,095/t to USD 2,896/t), and a substantial production increase in Mining, largely offset by lower treatment charges, expected reduced production at Port Pirie, and reduced free metal price exposure due to the call option price in the zinc price collar hedging structure
Metals Processing underlying EBITDA of EUR 206 million, down EUR 16 million year-on-year, driven by lower zinc treatment charges, reduced lead and by-product production, and the H2 2017 outages at Budel and Hobart, partially offset by higher commodity prices net of strategic hedges
Mining underlying EBITDA of EUR 47 million, up EUR 39 million year-on-year, driven by higher commodity prices, lower treatment charges, a positive contribution from the successful restart of the Middle Tennessee Mines, partially offset by the cost of the Myra Falls mine re-start
Balance sheet substantially strengthened with increased liquidity and extended maturity profile
Net debt excluding zinc metal prepay and perpetual securities of EUR 1,102 million at the end of December 2017, an increase of EUR 237 million on 31 December 2016, predominantly due to working capital outflow due to higher commodity prices and capex expenditure at the top end of guidance which were partially offset by new silver prepays in 2017 and a EUR 100 million equity placement in November 2017. Net debt inclusive of zinc metal prepay and perpetual securities of EUR 1,363 million at the end of December 2017, an increase of EUR 199 million on 31 December 2016
Key activity: successful placement of leverage neutral EUR 400m notes due 2024 in March 2017 and EUR 100m upsize in September 2017 due 2024 and tender for 2018 convertible bonds in September 2017; private placement of EUR 100m of equity and two year extension of the USD 250m committed working capital facility with Trafigura in November 2017 and upsized refinance of the structured commodity trade finance facility to EUR 600 million in December 2017
Net profit of EUR 47 million for 2017, assisted by an impairment reversal of EUR 126 million related to the Middle Tennessee and Myra Falls mining assets
Port Pirie Redevelopment delivered, in line with guidance
successful commencement of hot commissioning at the end of September 2017; furnace heat-up and first feed to the new TSL furnace in October 2017. All major systems, including slag caster (December 2017) and acid plant (January 2018) are in operation;
currently ramping-up to deliver in-line with earnings guidance provided at the start of 2017 with an uplift against a 2016 basis of at least EUR 40 million in 2018, EUR 100 million in 2019 and EUR 130 million in 2020
The progress on our strategic priorities, combined with record safety performance across the group, has placed Nyrstar on a solid footing for 2018 where we anticipate a sustainable improvement in operational and financial performance across our business
Zinc smelting and mining optimisation reviews completed by Q3 2017 with substantial improvements in production and operating costs identified which will be gradually implemented in 2018 and subsequent years
Latin American mining operations sales completed and divestment process concluded in Q3 2017 with the North American mining portfolio to be held as a core component of the Nyrstar business and optimised; Middle Tennessee Mines fully ramped-up and Myra Falls restart on schedule
Record safety performance achieved across the group in 2017

Commenting on the 2017 full year results, Hilmar Rode, Chief Executive Officer said:

"The year of 2017 was all about delivering on the successful commissioning of the Port Pirie Redevelopment, optimising our mining portfolio, further strengthening our balance sheet to provide liquidity and an extended maturity profile, while staying on track with our smelter production. Port Pirie is ramping up and we expect it to contribute to earnings as previously guided, by at least EUR 40 million, EUR 100 million and EUR 130 million in 2018 to 2020 respectively. Our North American mines now form a core part of the business and we will continue to identify production improvements. Metals Processing was impacted by historically low treatment charges, unplanned outages at Budel and Hobart and lower lead metal and by-products at Port Pirie. We have completed the Metals Processing and Mining optimisation reviews and have identified improvements in production and operating costs which will be realized in 2018 and beyond.

"The zinc price continued its rally throughout 2017 and topped the base metals charts for the second year in a row, backed by robust demand and supply deficiencies of both zinc concentrate and zinc metal. In 2018, we expect to see a continued supply response from zinc mines with additional mine production to come online during the course of the year. Demand is also expected to remain strong throughout 2018 with economic indicators pointing to synchronous global growth. The zinc industry is now approaching a turning point in the treatment charge cycle where we expect to start seeing increases during the second half of 2018. We remain positive on the short to medium term outlook for the zinc price."

CONFERENCE CALL
Management will discuss this statement in a conference call with the investment community on 22 February 2018 at 9:00am Central European Time. The presentation will be webcast live and will also be available in archive. The webcast can be accessed via: https://edge.media-server.com/m6/p/pji2sxqc


FORWARD-LOOKING STATEMENTS
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 etc. etc..