Lundin Mining Announces TSX Approval for a Normal Course Issuer Bid
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NEWS RELEASE
Lundin Mining Announces TSX Approval for a Normal Course Issuer Bid
Toronto, December 4, 2020 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) announces that the Toronto Stock Exchange (the “TSX”) has accepted the notice of
Lundin Mining’s intention to renew its normal course issuer bid (the “NCIB”).
The Company intends to continue to utilize the NCIB at its discretion to make opportunistic purchases to create
shareholder value and manage the number of outstanding common shares of the Company (the “Common
Shares”).
This approval allows the Company to purchase up to 63,682,170 Common Shares, representing 10% of t he
734,303,819 issued and outstanding Common Shares as of November 30, 2020, minus those Common Shares
beneficially owned, or over which control or direction is exercised by the Company, the senior officers and
directors of the Company and every shareholde r who owns or exercises control or direction over more than
10% of the outstanding Common Shares, over a period of twelve months commencing on December 9, 2020.
The NCIB will expire no later than December 8, 2021.
All purchases made pursuant to the NCIB wi ll be made through the facilities of the TSX or other alternative
Canadian trading systems. In accordance with TSX rules, any daily purchases (other than pursuant to a block
purchase exemption) on the TSX under the NCIB are limited to a maximum of 524,753 Common Shares, which
represents 25% of the average daily trading volume of 2,099,014 Common Shares on the TSX for the six months
ended November 30, 2020. The price that Lundin Mining will pay for Common Shares in open market
transactions will be the market price at the time of purchase.
In connection with the NCIB renewal, Lundin Mining entered into an automatic repurchase plan with its
designated broker to allow for the repurchase of Common Shares at times when the Company ordinarily would
not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise
(any such period being an “Operating Period”). Before entering an Operating Period, the Company may, but is
not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms
of the plan. Purchases made pursuant to the plan, if any, will be made by the Company’s designated broker
based upon the parameters prescribed by the TSX, applicable Canadian securities laws and th e terms of the
written agreement entered between the Company and its designated broker. Outside of these Operating
Periods, Common Shares will be purchasable by Lundin Mining at its discretion under its NCIB.
The automatic repurchase plan will commence on the effective date of the NCIB and will terminate on the
earliest of the date on which: (i) the purchase limit under the NCIB has been reached; (ii) the NCIB expires; and
(iii) the Company terminates the automatic repurchase plan in accordance with its ter ms. The automatic
repurchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and
the agreement governing the plan has been pre-cleared by the TSX.
The actual number of Common Shares that may be purchased and the timing of such purchases will be
determined by the Company. Decisions regarding purchases will be based on market conditions, share price,
best use of available cash, and other factors. Any Common Shares that are purchased under the NCIB will be
cancelled.
Under the Company’s current NCIB that commenced on December 9, 2019 and expires on December 8, 2020,
the Company previously sought and received approval from the TSX to purchase up to 63,797,653 Common
Shares. As of November 30, 2020, the Company has purchased 2,611,300 Common Shares under its current
NCIB through open market transactions at a weighted average price of approximately $6.81 per Common
Share.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal,
Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the dis closure requirements of Lundin Mining under the EU Market
Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set
out below on December 4, 2020 at 18:30 Eastern Time.
For further information, please contact:
Mark Turner, Director, Business Valuations and Investor Relations: +1 416 342 5565
Brandon Throop, Manager, Investor Relations: +1 416 342 5583
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50
Cautionary Statement in Forward-Looking Information
Certain of the statements made and information contained herein, other than statements of historical fact and historical information, is “forward-looking information”
within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to, statements with respect to Lundin Mining’s proposed
normal course issuer bid, the Company’s pre -defined plan with its broker to allow for the repurchase of Common Shares, and the number of Common Shares tha t
may be purchased under the normal course issuer bid. Words such as “if”, “will be”, “may” and “schedule”, or variations of t hese terms or similar terminology or
statements that certain actions, events or results “could” occur or be achieved are intended to identify such forward -looking information. Although the Company
believes that the expectations reflected in the forward -looking information contained herein are reasonable, these statements by their nature involve risks and
uncertainties, and are not g uarantees of future performance. Forward -looking information is based on a number of assumptions, and subject to a variety of risks
and uncertainties which could cause actual events or results to differ from those reflected in the forward -looking statements. Risks include but are not limited to the
market price of the Common Shares being too high to ensure that purchases benefit the Company and its shareholders, as well as additional risks disclosed in filings
made by the Company with Canadian securities regulatory authorities. There can be no assurance that the Common Shares will, from time to time, trade below their
value or that the Company will complete purchases of Common Shares pursuant to the NCIB. Should one or more of these risks an d uncertainties m aterialize, or
should underlying assumptions prove incorrect, actual results may vary materially from those described in forward -looking statements. Accordingly, readers should
not place undue reliance on forward -looking statements. The Company disclaims a ny intention or obligation to update or revise any forward -looking statements or
to explain any material difference between subsequent actual events and such forward- looking statements, except to the extent required by applicable law.