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 5, 2019 (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”).
This approval allows the Company to purchase up to 63,797,653 common shares of the Company (the “Common
Shares”) (representing 10% of the 735,397,977 issued and outstanding Common Shares as of December 4, 2019,
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 shareh older 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, 2019. The NCIB will expire no later than December 8, 2020.
All purchases made pursuant to the NCI B will 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 517, 131 Common Shares, which
represents 25% of the average daily trading volume of 2,068,525 Common Shares on the TSX for the six months
ended November 30, 2019. The price that Lundin Mining will pay for Common Shares in open market
transactions will be the market price at the time of purchase.
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 ava ilable 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 7, 2018 and expires on December 6, 2019,
the Company previously sought and received approval from the TSX to purchase up to 63,718,842 Common
Shares. As of December 3, 2019, the Company has purchased 2,812,627 Common Shares under its current NCIB
through open market transactions at a weighted average price of approximately $6.44 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 disclosure 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 5, 2019 at 02:00 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. Forward -looking information includes, but is not limited to, statements with respect to Lundin Mining’s
proposed normal course issuer bid and the number of Common Shares th at may be purchased under the normal course issuer bid. Words such as “will”, “intends”,
“expects”, “believe”, “anticipate”, “possible”, “if”, “will be”, “may” and “schedule”, or variations of these 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 guarantees 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 pursuan t to the NCIB. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in forward -looking statements. Accordingly, readers should not place u ndue reliance on forward-
looking statements. The Company disclaims any 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.