Lundin Mining Pre-Announces Items Impacting the Second Quarter 2024 Results
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NEWS RELEASE
Lundin Mining Pre-Announces Items Impacting the Second Quarter 2024 Results
Vancouver, July 17, 2024 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining”
or the “Company”) is pre -announcing certain items impacting the Company’s quarterly earnings, adjusted
earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) 1, adjusted earnings 1 and
adjusted earnings per share1.
Foreign Exchange and Derivatives
Items of significant impact in the second quarter 2024 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 $10 million. Unaudited realized gains on foreign exchange and unaudited realized losses on
foreign exchange and commodity derivative contracts were not significant in the quarter.
In the second quarter 2024 the Company is also expected to recognize certain non -cash items that will impact
the Company’s earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share. These
include an unaudited non -cash unrealized loss on foreign exchange of approximately $3 million on a pre -tax
basis, and an unaudited non -cash unrealized gain of approximately $4 million on a pre-tax basis related to the
mark-to-market valuation of the Company’s unexpired foreign exchange and commodity derivative contracts.
Provisional Pricing Adjustments
Revenue in the second quarter 2024 is expected to be positively impacted by unaudited provisional pricing
adjustments on prior period concentrate sales of approximately $95 million on a pre -tax basis. These
adjustments primarily include upward adjustments in relation to prior period copper and zinc sales.
The financial results for the three and six months ended June 30, 2024 , will be published on Tuesday, July 30,
2024.
Second Quarter 2024 Results Conference Call and Webcast Details
The Company will hold a telephone conference call and webcast at [07:00 P DT, 10:00 E DT, 16:00 CET] on
Wednesday, July 31, 2024 to present the second quarter 2024 financial results. 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): [+1 289 514 5100]
• Call-in number for the conference call (North America Toll Free): [+1 800 717 1738]
• Call-in number for the conference call (UK): [+44 800 279 7040]
To view the live webcast presentation, please log on using this direct link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=18767674-226F-434D-9E5D-
DA6FED51253F&LangLocaleID=1033
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 October 15, 2024.
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 months ended March 31, 2024 which is available on SEDAR+ at www.sedarplus.com.
Call-in numbers for the replay are (North America): [+1 888 660 6264]
The passcode for the replay is: [21940]
A replay of the webcast will be available by clicking on the [direct link] above.
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, gold and
nickel.
The information was submitted for publication, through the agency of the contact persons set out below on
July 17, 2024 at 5:30 Eastern 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 are “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 tim ing and amount of
future production 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, Pre -Feasibility Study, Feasibility Study, or Mineral Resource and
Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, cu rrency exchange rates,
and interest rates; the development and implementation of the Company’s Responsible Mining Management System; the Company’s a bility to comply
with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the C ompany’s projects;
expansion projects and the realization of additional value; the Company’s integration of acquisitions and expansions and any anticipated benefits
thereof; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “antic ipate”, “contemplate”,
“target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estim ate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify
forward-looking information.
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 copper, zinc,
gold, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisiti ons; 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 factors and assumptions are considered reasonable by Lundin Mining as at the date of thi s document in light of
management’s experience and perception of current conditions and expected developments, these statements are inherently subje ct to significant
business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to d iffer materially from
those projected in the forward -looking information and undue reliance should not be placed on such 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 nat ural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks;
volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation ris ks related to negative
publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to
the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate ch ange; 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 managemen t, labour, trade relations,
and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operat ing in foreign countries and
emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited fi nancial resources;
health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing
infrastructure; changing taxation regimes; the inability to effectively compete in the industry; risks associated with acquis itions, expansions and related
integration efforts, including the ability to achieve antic ipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of
management time on integration; 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 jur isdictions; information
technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reser ves 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 charact eristics; ore processing
efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other l itigation; financial
projections, including estimates of fu ture expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in
foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environ mental and regulatory risks
associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; comp liance with foreign laws;
potential for the allegation of fraud and corruption involving the Company, its customers, s uppliers or employees, or the allegation of improper or
discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of div idends; counterparty and
customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; rela tionships with employees and
contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of la bour or interruptions in
production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; ri sks 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 "Risks and Uncertainties” section of the Company’s MD&A and the “Risks and Uncertai nties” section of the
Company’s Annual Information Form for the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.com un der the
Company’s profile.
All of the forward -looking information in this document are qualified by these cautionary statements. Although the Company has attempted to iden tify
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, forecasted or intended and readers are cautioned that the foregoing list i s not exhaustive of all factors
and assumptions which may have been used. Should o ne 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 o f 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.