Lundin Mining First Quarter 2024 Results
Corporate Office
1055 Dunsmuir Street
Suite 2800, Bentall IV
Vancouver, BC V7X 1L2
Phone +1 604 689 7842
lundinmining.com
NEWS RELEASE
Lundin Mining First Quarter 2024 Results
Vancouver, May 1, 2024 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the
“Company”) today reported its first quarter 2024 financial results. Unless otherwise stated, results are presented in United
States dollars on a 100% basis.
Jack Lundin, President and CEO commented, "Our strategic acquisition of a majority interest in the Caserones copper mine
continues to drive revenue and production growth. First quarter revenue and copper production increased 25% and 43%,
respectively, compared to the same quarter last year, and was in line with our expectations. Production at Candelaria will
be second half weighted due to higher grades as a result of planned mine sequencing. We remain on track to meet our
annual production and cash cost guidance.”
First Quarter Operational and Financial Highlights
• Copper Production: Consolidated production of 88,013 tonnes of copper in the first quarter.
• Other Production: During the quarter, a total of 45,688 tonnes of zinc, 3,255 tonnes of nickel and approximately
33,000 ounces of gold were produced. All metals are tracking to meet full year guidance.
• Revenue: $937.0 million in the first quarter with a realized copper price1 of $3.98 /lb.
• Adjusted EBITDA1: $362.9 million generated during the quarter.
• Adjusted Earnings 1: Net earnings attributable to shareholders of the Company were $13.9 million or $0.02 per
share in the first quarter with adjusted earnings1 of $45.2 million or $0.06 per share.
• Cash Generation: Cash provided by operating activities was $267.5 million and free cash flow from operations 1 was
$67.7 million, which was reduced by a working capital build of $46.1 million.
• Resource Growth: Earlier in the quarter the Company updated Mineral Reserve and Mineral Resource estimates and
grew overall Proven and Probable copper reserves by 26% on a 100% basis.
• Outlook: With first quarter 2024 production and cash costs being in line with expectations, the Company's full year
guidance remains unchanged:
◦ Copper production guidance of 366,000 – 400,000 t.
◦ Zinc production guidance of 195,000 – 215,000 t.
◦ Gold production guidance of 155,000 – 170,000 oz.
◦ Nickel production guidance of 10,000 – 13,000 t.
1 These are non -GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion
and Analysis ("MD&A") for the three months ended March 31, 2024 and the Reconciliation of Non -GAAP measures section at the end of this news release.
Summary Financial Results
Three months ended
March 31,
US$ Millions (except per share amounts) 2024 2023
Revenue 937.0 751.3
Gross profit 185.4 213.3
Attributable net earningsa 13.9 146.6
Net earnings 58.6 165.3
Adjusted earningsa,b 45.2 125.7
Adjusted EBITDAb 362.9 336.9
Basic and diluted earnings per share ("EPS")a 0.02 0.19
Adjusted EPSa,b 0.06 0.16
Cash provided by operating activities 267.5 211.9
Adjusted operating cash flowb 313.7 235.1
Adjusted operating cash flow per shareb 0.41 0.30
Free cash flow from operationsb 67.7 71.1
Free cash flowb (1.7) (34.2)
Cash and cash equivalents 365.5 184.2
Net debt excluding lease liabilitiesb 981.4 9.1
Net debtb
1,241.9 34.6
a Attributable to shareholders of Lundin Mining Corporation.
b These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion
and Analysis for the three months ended March 31, 2024 and the Reconciliation of Non -GAAP Measures section at the end of this news release.
• For the three months ended March 31, 2024, the Company generated revenue of $937.0 million (Q1 2023 - $751.3
million), including 86,189 tonnes of copper sold at a realized price of $3.98 /lb . The increase from the prior year
comparable period is primarily due to the inclusion of Caserones revenue and somewhat offset by lower sales
volumes at most mines and lower realized copper and zinc prices.
• Gross profit of $185.4 million (2023 - $213.3 million ) and Adjusted EBITDA of $362.9 million (Q1 2023 - $336.9
million) benefited from the inclusion of Caserones, favourable foreign exchange, and operational improvements at
Chapada.
• Net earnings attributable to shareholders of the Company were $13.9 million or $0.02 per share in the three
months ended March 31, 2024 , which were lower than in the prior year comparable period primarily due to non-
cash unrealized losses related to the mark-to-market valuation of unexpired foreign exchange contracts, lower gross
profit, and higher financing costs.
• Adjusted earnings attributable to shareholders of the Company for the three months ended March 31, 2024 of
$45.2 million or $0.06 per share were $80.5 million lower than in the prior year comparable period primarily due to
lower net attributable earnings.
• Cash and cash equivalents as at March 31, 2024 were $365.5 million. Cash provided by operating activities
amounted to $267.5 million and cash used to fund investing activities amounted to $269.7 million.
• Free cash flow1 for the three months ended March 31, 2024 of negative $1.7 million was $32.5 million higher than in
the prior year comparable period as a result of reduced spending relating to the Josemaria Project.
• For the three months ended March 31, 2024, the Company recognized a non -cash unrealized loss of approximately
$53 million on a pre-tax basis related to the mark-to-market valuation of the Company's unexpired foreign exchange
and diesel derivative contracts. For the three months ended March 31, 2024, the Company entered into zero cost
collar contracts in the total amounts of $24 million (equivalent to BRL 121 million) and $950 million (equivalent to
CLP 926 billion) with collar ranges of BRL 5.10 to BRL 6.07 and CLP 900 to CLP 1,085, respectively.
• As at May 1, 2024, the Company had a cash balance of approximately $395.0 million and a net debt excluding lease
liabilities balance of approximately $1,020.0 million.
1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion
and Analysis ("MD&A") for the three months ended March 31, 2024 and the Reconciliation of Non -GAAP measures section at the end of this news release.
Operational Performance
Total Production
(Contained metal)a 2024 2023
Q1 Total Q4 Q3 Q2 Q1
Copper (t)b 88,013 314,798 103,337 89,942 60,057 61,462
Zinc (t) 45,688 185,161 50,719 49,774 36,115 48,553
Nickel (t) 3,255 16,429 3,729 4,290 4,686 3,724
Gold (koz)b 33 149 44 35 34 36
Molybdenum (t)b 864 2,024 928 1,096 — —
a. Tonnes (t) and thousands of ounces (koz)
b. Candelaria and Caserones production is on a 100% basis.
Candelaria (80% owned): Candelaria produced 32,527 tonnes of copper and approximately 19,000 ounces of gold in
concentrate on a 100% basis in the three months ended March 31, 2024 . Copper and gold production was lower than in
the prior year comparable period, primarily due to lower grades as a result of planned mine sequencing. Production costs
were lower than in the prior year comparable period largely owing to favourable foreign exchange as a result of the
Chilean Peso weakening against the US dollar, and lower sales volumes. Copper cash cost of $1.89/lb improved from the
prior year comparable period due to favourable foreign exchange and higher by -product credits. Copper and gold
production in 2024 are forecast to be weighted to the second half of the year, primarily owing to mine sequencing and the
resultant grade profiles.
Caserones (51% owned): During the three months ended March 31, 2024 , Caserones produced 34,216 tonnes of copper
and 864 tonnes of molybdenum on a 100% basis . Copper and molybdenum production was slightly lower than expected
due to reduced throughput caused by unplanned maintenance, combined with lower recoveries due to mine sequencing.
Production costs and cash costs per pound in the three months ended March 31, 2024 were lower than planned primarily
due to favourable foreign exchange as a result of the Chilean peso weakening against the US dollar.
Chapada (100% owned): Chapada produced 10,138 tonnes of copper and approximately 14,000 ounces of gold in
concentrate in the three months ended March 31, 2024 . Copper and gold production were higher than in the prior year
comparable period primarily due to higher recoveries. Production costs were lower than in the prior year comparable
period primarily due to lower sales volumes and lower mining costs as a result of a planned reduction in waste movement.
Copper cash cost of $2.01/lb for the three months ended March 31, 2024 improved from the prior year comparable period
due to higher by-product credits combined with mining cost decreases due to operational improvements.
Eagle (100% owned): During the three months ended March 31, 2024 , Eagle produced 3,255 tonnes of nickel and 2,514
tonnes of copper which were lower than in the prior year comparable period due to lower planned grades and recoveries.
Production costs were lower than in the prior year comparable period due to lower sales volumes. Nickel cash cost of
$4.04/lb was higher than in the prior year comparable period and was impacted by lower sales volumes and lower by -
product credits.
Neves-Corvo (100% owned): Neves-Corvo produced 7,044 tonnes of copper and 26,487 tonnes of zinc in the three months
ended March 31, 2024. Both copper and zinc production was lower than in the prior year comparable period due to lower
grades and recoveries. Throughput was lower than planned in the three months ended March 31, 2024 due to a voluntary
three-day shutdown and subsequent ramp -up following the fatality that occurred in February 2024. Production costs
during the quarter were lower than in the prior year comparable period due to lower sales volumes and lower unit
production costs. Copper cash cost per pound of $3.24/lb was higher than prior year comparable period as a result of
lower production volumes, lower by-product credits and unfavorable foreign exchange.
Zinkgruvan (100% owned): Zinc production of 19,201 tonnes was lower than in the prior year comparable period primarily
due to lower grades. Lead production of 6,748 tonnes and copper production of 1,574 tonnes were lower than in the prior
year comparable period primarily due to lower grades as a result of delays in mining high -grade stopes. Production costs
were slightly higher than in the prior year comparable period and zinc cash cost per pound of $0.65/lb was higher than in
the prior year comparable period primarily due to lower production volumes.
Outlook
Overall, operations performed well in the first quarter of 2024 and the Company is expected to meet annual production
and cash cost guidance as disclosed in the Company’s MD&A for the year ended December 31, 2023.
Metal production continues to be weighted to the second half of the year at Candelaria, Chapada and Neves -Corvo due to
mine sequencing and resultant forecasted grade profiles. As a result of production challenges at Neves -Corvo in the first
quarter of 2024, copper production at that operation is tracking to the lower end of its annual production guidance range.
Production challenges at Neves-Corvo, Eagle and Zinkgruvan in the first quarter of 2024 led to higher -than-expected cash
costs per pound, which are expected to improve later in 2024.
Capital expenditure guidance also remains consistent as disclosed in the Company’s MD&A for the year ended December
31, 2023 including $840 million sustaining capital expenditure and $225 million of expenditure related to the Josemaria
Project. Similarly, exploration expenditure of $48 million remains on target for 2024.
Exploration
During the quarter ended March 31, 2024, exploration activity focused on in-mine and near-mine targets at the Company's
operations. Exploration drilling at Zinkgruvan was focused on resource expansion, Candelaria drilling was focused on
Candelaria Norte, and Chapada drilling concentrated on delineating the high-grade, near-mine trend at Corpo Sul.
At Caserones, exploration remains in the early stages. Geophysical surveys were recently carried out on the land package
and the data collected will help to refine our targets and advance our efforts. Exploration drilling was completed in the
lower portion of the mineral resource and at the Angelica oxide and sulphide targets, both near -mine targets that would
add potential mineral resources and extend the life of the operation.
At Josemaria, seasonal exploration drilling is coming to a close at the Cumbre Verde target near the Josemaria ore body.
Six holes were drilled targeting the same mineralized system and structures that hosted high grade mineralization on the
neighbouring property that run towards Josemaria. Exploration remains in its early stages and initial results highlight
copper/gold/silver mineralization. The data obtained will help further refine and target this mineralization. Work will
continue throughout the remainder of 2024, although it will be minimized during the winter season.
There was no exploration drilling at Neves-Corvo and Eagle in the quarter.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with projects and operations in Argentina, Brazil,
Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, nickel and gold.
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
May 1, 2024 at 14:30 Pacific Standard Time.
For further information, please contact: .
Stephen Williams, Vice President, Investor Relations +1 604 806 3074
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40
Technical Information
The scientific and technical information in this press release has been prepared in accordance with the disclosure
standards of National Instrument 43 -101 (“NI 43 -101”) and has been reviewed by Arman Barha, P .Eng., Vice President,
Technical Services, a "Qualified Person" under NI 43 -101. Mr. Barha has verified the data disclosed in this release and no
limitations were imposed on his verification process.
Reconciliation of Non-GAAP Measures
The Company uses certain performance measures in its analysis. These performance measures have no standardized
meaning within generally accepted accounting principles under International Financial Reporting Standards and,
therefore, amounts presented may not be comparable to similar data presented by other mining companies. For
additional details please refer to the Company’s discussion of non -GAAP and other performance measures in its
Management’s Discussion and Analysis for the three months ended March 31 , 2024 which is available on SEDAR+ at
www.sedarplus.com.
Cash Cost per Pound and All -in Sustaining Costs per pound can be reconciled to Production Costs on the Company's
Condensed Interim Consolidated Statement of Earnings as follows:
Three months ended March 31, 2024
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo
Zinkgruvan
($000s, unless
otherwise noted)
(Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales volumes
(Contained metal):
Tonnes 33,536 35,211 8,742 2,163 5,886 15,825
Pounds (000s) 73,934 77,627 19,273 4,769 12,976 34,888
Production costs
567,134
Less: Royalties and
other
(19,970)
547,164
Deduct: By-product
credits
(165,308)
Add: Treatment and
refining
46,951
Cash cost 139,490 166,439 38,735 19,249 42,057 22,837 428,807
Cash cost per pound 1.89 2.14 2.01 4.04 3.24 0.65
Add: Sustaining capital
99,532 42,754 29,199 4,078 22,413 14,341
Royalties 2,968 8,814 1,617 2,678 735 —
Reclamation and
other closure
accretion and
depreciation
2,167 1,040 2,679 1,968 1,335 1,186
Leases & other 3,033 15,381 765 1,236 64 78
All-in sustaining cost 247,190 234,428 72,995 29,209 66,604 38,442
AISC per pound ($/lb) 3.34 3.02 3.79 6.12 5.13 1.10
Three months ended March 31, 2023
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo
Zinkgruvan
($000s, unless
otherwise noted)
(Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales volumes
(Contained metal):
Tonnes 35,570 — 9,072 2,735 8,031 16,612
Pounds (000s) 78,418 — 20,000 6,030 17,705 36,623
Production costs
417,764
Less: Royalties and
other
(12,086)
405,678
Deduct: By-product
credits
(156,965)
Add: Treatment and
refining
36,615
Cash cost 173,692 — 47,318 14,640 29,892 19,786 285,328
Cash cost per pound 2.21 — 2.37 2.43 1.69 0.54
Add: Sustaining capital
90,686 — 16,027 7,102 25,061 14,468
Royalties — — 2,223 5,686 1,730 —
Reclamation and
other closure
accretion and
depreciation
2,307 — 1,801 2,958 1,324 1,061
Leases & other 3,143 — 966 747 158 102
All-in sustaining cost 269,828 — 68,335 31,133 58,165 35,417
AISC per pound ($/lb) 3.44 — 3.42 5.16 3.29 0.97
Adjusted EBITDA can be reconciled to Net Earnings (Loss) on the Company's Condensed Interim Consolidated Statement
of Earnings as follows:
Three months ended March 31,
($thousands) 2024 2023
Net earnings 58,555 165,311
Add back:
Depreciation, depletion and amortization 184,492 120,247
Finance income and costs 35,694 15,699
Income taxes 50,566 48,693
329,307 349,950
Unrealized foreign exchange loss (gain) (15,500) 8,644
Unrealized losses (gains) on derivative contracts 52,832 (20,666)
Ojos del Salado sinkhole (recoveries) expenses (1,031) 4,582
Revaluation loss (gain) on marketable securities (2,430) (438)
Gain on disposal of subsidiary — (5,718)
Other (322) 589
Total adjustments - EBITDA 33,549 (13,007)
Adjusted EBITDA 362,856 336,943
Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders
on the Company's Condensed Interim Consolidated Statement of Earnings as follows:
Three months ended March 31,
($thousands, except share and per share amounts) 2024 2023
Net earnings attributable to Lundin Mining shareholders 13,883 146,620
Add back:
Total adjustments - EBITDA 33,549 (13,007)
Tax effect on adjustments (1,767) (3,126)
Deferred tax arising from foreign exchange translation (6,300) (6,007)
Non-controlling interest on adjustments 5,852 1,202
Total adjustments 31,335 (20,938)
Adjusted earnings 45,218 125,682
Basic weighted average number of shares outstanding 773,048,710 771,216,060
Net earnings attributable to shareholders 0.02 0.19
Total adjustments 0.04 (0.03)
Adjusted earnings per share 0.06 0.16
Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the
Company's Condensed Interim Consolidated Statement of Cash Flows as follows:
Three months ended March 31,
($thousands) 2024 2023
Cash provided by operating activities 267,531 211,875
Sustaining capital expenditures (213,260) (155,564)
General exploration and business development 13,451 14,765
Free cash flow from operations 67,722 71,076
General exploration and business development (13,451) (14,765)
Expansionary capital expenditures (55,981) (90,519)
Free cash flow (1,710) (34,208)
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by
Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows:
Three months ended March 31,
($thousands, except share and per share amounts) 2024 2023
Cash provided by operating activities 267,531 211,875
Changes in non-cash working capital items 46,135 23,192
Adjusted operating cash flow 313,666 235,067
Basic weighted average number of shares outstanding 773,048,710 771,216,060
Adjusted operating cash flow per share $ 0.41 0.30
Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt
and Lease Liabilities and Cash and Cash Equivalents on the Company's condensed interim consolidated balance sheet as
follows:
($thousands) March 31, 2024 December 31, 2023
Debt and lease liabilities (1,417,892) (1,273,162)
Current portion of total debt and lease liabilities (183,702) (212,646)
Less deferred financing fees (netted in above) (5,729) (6,374)
(1,607,323) (1,492,182)
Cash and cash equivalents 365,451 268,793
Net debt (1,241,872) (1,223,389)
Lease liabilities 260,463 277,208
Net debt excluding lease liabilities (981,409) (946,181)
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is “forward -looking information” within the meaning of applicable Canadian securities laws. All
statements other than statements of historical facts included in this document constitute forward -looking information, including but not limited to statements
regarding the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future p roduction and its expectations
regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any
Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimat es, and mine and mine closure plans;
anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the C ompany’s Responsible Mining
Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development
activities at the Company’s projects; the Company’s integration of acquisitions and any anticipated benefits thereof; and exp ectations for other economic, business,
and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”,
“may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward -looking statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of management,
including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of cop per, nickel, zinc, gold and other
metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates
will continue to suppo rt the development and operation of mining projects; and assumptions related to the factors set forth below. While these fact ors and
assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience an d perception of current conditions
and expected developments, these statements are inherently subject to significant business, economic and competitive uncertai nties and contingencies. Known and
unknown factors could cause actual results to differ materi ally from those projected in the forward -looking statements and undue reliance should not be placed on
such statements and information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and
availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, in dustrial accidents, catastrophic equipment
failures, unusual or unexpected geological formations or unstable ground condi tions, and natural phenomena such as earthquakes, flooding or unusually severe
weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on ass ets in Chile; reputation risks related to
negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain o r comply with permits; risks relating to the
development of the Josemaria Project; health and safety laws and regulations; risks associated w ith climate change; risks relating to indebtedness; economic, political
and social instability and mining regime changes in the Company’s operating jurisdictions, including but not limited to those related to permitting and approvals,
nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, a nd transportation; inability to attract
and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign
exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety ri sks; compliance with environmental,
unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing tax ation regimes; the inability to effectively
compete in the industry; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties
or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activi ties, reclamation obligations,
environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in
foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resour ces and Mineral Res erves and the geology,
grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource
and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and
stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial proje ctions, including estimates of future
expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisd ictions; risks associated with the use of
derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structur al stability of waste rock dumps or tailings
storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corru ption involving the Company, its customers,
suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; ris ks relating to dilution; risks relating to
payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; es timation of asset carrying values;
relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated dif ficulties with or shortages of labour or
interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements
contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; and other risks a nd uncertainties, including but not limited
to those described in the "Managing Risks” section of the Company’s MD&A and the “Risks and Uncertainties” section of the Com pany’s Annual Information Form for
the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.com under the Company’s profile.
All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from those contained in forward -looking information, there may be other factors that cause results not to be
as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all fa ctors and assumptions which may have been
used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results ma y vary materially from those
described in forward -looking information. Accordingly, there can be no assurance that forward -looking information will prove to be accurate and forward -looking
information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward -looking information. The forward -looking
information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐looking
information or to explain any material difference between such and subsequent actual events, except as required by applicable law.