Lundin Mining Pre -Announces Certain Items Impacting the Third Quarter 2023 Results
Corporate Office
885 West Georgia Street, Suite 2000
Vancouver, BC V6C 3E8
Phone: +1 604 689 7842
lundinmining.com
NEWS RELEASE
Lundin Mining Pre -Announces Certain Items Impacting the Third Quarter 2023
Results
Vancouver, October 17, 2023 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) is introducing a process of pre -announcing certain items impacting the Company’s
quarterly earnings, adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”)1,
adjusted earnings1 and adjusted earnings per share1.
Items of significant impact in the third quarter 2023 are expected to include unaudited foreign exchange and
trading gains on debt and equity investments supporting the capital funding for the Josemaria Project of
approximately $15 million on a pre -tax basis and un audited realized gains on foreign exchange and diesel
derivative contracts of approximately $13 million on a pre-tax basis.
In the third quarter 2023 the Company is also expected to recognize an unaudited non -cash unrealized loss of
approximately $48 million on a pre-tax basis related to the mark-to-market valuation of the Company’s unexpired
foreign exchange and diesel derivative contracts. This non-cash loss will impact the Company’s earnings but not
adjusted EBITDA, adjusted earnings or adjusted earnings per share.
The report for the third quarter ended September 30, 2023, will be published on Wednesday, November 1, 2023.
Third Quarter 2023 Results Conference Call and Webcast
The Company will hold a telephone conference call and webcast at 08: 30 PT,11:30 ET, 1 7:30 CET on Thursday,
November 2, 2023. Conference call details are provided below. Please dial in 15 minutes prior to the call start to
ensure placement into the conference on time.
Call-in number for the conference call (North America): +1 416 764 8646
Call-in number for the conference call (North America Toll Free): +1 888 396 8049
Call-in number for the conference call (UK): +44 800 652 2435
To view the live webcast presentation, please log on using this direct link:
https://viavid.webcasts.com/starthere.jsp?ei=1636787&tp_key=ac535e3530
The presentation slideshow will also be available in PDF format on the Lundin Mining website
www.lundinmining.com before the conference call.
A replay of the telephone conference will be available after the completion of the call through December 2, 2023.
Call-in numbers for the replay are (North America): +1 416 764 8692 or (internationally) +1 877 674 7070
The passcode for the replay is: 889461
A replay of the webcast will be available by clicking on the direct link above.
1 These measures are non-GAAP measures. 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 simil ar 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 and six months ended June 30, 2023 which is av ailable on SEDAR+ at www.sedarplus.ca.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina,
Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc,
molybdenum, gold and nickel.
The information was submitted for publication, through the agency of the contact persons set out below on
October 17, 2023 at 14:30 Pacific 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 50
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 expectations regarding financial results and impact on quarterly earni ngs; Company’s plans, prospects and
business strategies; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations;
expected costs; permitting requirements and timelines; timing and possib le outcome of pending litigation; the results of any Preliminary Economic
Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated
market prices of metals, curr ency exchange rates, and interest rates; the development and implementation of the Company’s Responsible Mining
Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipa ted exploration and
development activities at the Company’s projects; the Company’s integration of acquisitions and any anticipated benefits ther eof; and expectations 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 forwar d-looking statements.
Forward-looking information is necessarily based upo n various estimates and assumptions including, without limitation, the expectations and beliefs of
management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, 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 support the development and operation of mining projects; and assumptions related to the factors set
forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document i n light of management’s
experience and perception of current conditions and expected de velopments, these statements are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially fr om 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, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable
ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; project financing risks, liquidity
risks and limited financial resources; volatility and fluctuations in metal and commodity demand and prices; delays or the in ability to obtain, retain or
comply with permits; significant reliance on a single asset; reputation risks related to negative publicity with respect to the Company or the mining industry
in general; health and safety risks; risks relating to the development of the Josemaria Project; inability to attract and retain highly skilled employees; risks
associated with climate change; compliance with environmental, health and safety laws and regulations; unavailable or inacces sible infrastructure,
infrastructure failures, and risks related to ageing infr astructure; risks inherent in and/or associated with operating in foreign countries and emerging
markets, including with respect to foreign exchange and capital controls; economic, political and social instability and mini ng regime changes in the
Company’s operating jurisdictions, including but not limited to those related to permitting and approvals, environmental and tailings management, labour,
trade relations, and transportation; risks relating to indebtedness; the inability to effectively compete in th e industry; risks associated with acquisitions
and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expendi tures relating to integration and
diversion of management time on integration; chang ing taxation regimes; risks related to mine closure activities, 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 Resources and Mineral Reserves and the
geology, grade and continuity of mineral deposits including but not limited to models relating ther eto; 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 o pposition; financial projections, including estimates of future expenditures and cash costs, and
estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; environmental and regula tory risks associated with the
structural stability of waste rock dumps or tailings storage facilities; activist shareholders and proxy solicitation matters; r isks relating to dilution;
regulatory investigations, enforcement, sanctions and/or related or other litigation; risks relating to payment of dividends; counterparty and customer
concentration risks; the estimation of asset carrying values; risks associated with the use of derivatives; relationships with employees and contractors, and
the potential for and effects of labour disputes o r other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of
interest; existence of a significant shareholder; exchange rate fluctuations; challenges or defects in title; internal contro ls; compliance with for eign laws;
potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the all egation of improper or
discriminatory employment practices, or human rights violations; the threat associated with outbreaks of viruses and infectious diseases; risks relating to
minor elements contained in concentrate products; and other risks and uncertainties, including but not limited to those descr ibed in the “Risk and
Uncertainties” section of the Company’s Annual Information Form and the “Managing Risks” section of the Company’s MD&A for the year ended December
31, 2022, which are available on SEDAR+ at www.sedarplus.ca under the Company’s profile.
All of the forward -looking statements made in this document are quali fied 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 no t to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive o f
all factors 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 may 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.