Interra Copper Closes $110,000 Personal Placement

July 30, 2022

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” Regardless of difficult inflationary situations within the second quarter, Lundin Mining generated over $365 million of money from working actions and $215 million of free money circulate. Sadly, our earnings have been affected by important provisional pricing changes given the late-quarter decline in base steel costs. Our stability sheet stays very robust with $470 million of internet money and whole liquidity of roughly $2.3 billion on the finish of the quarter, ” commented Peter Rockandel , President and CEO.

“Our operations proceed to carry out effectively with Candelaria, Eagle and Zinkgruvan all on-track to ship annual manufacturing steering. We’ve got revised manufacturing steering for Chapada given impacts of the very moist begin to the 12 months, and for Neves-Corvo zinc as we progress ramping the Zinc Growth Challenge in the direction of full capability. We count on inflationary impacts on mining consumables to persist, which is mirrored in our revised money value and capital expenditure steering for Chapada and Candelaria. Chapada’s Saúva discovery continues to ship spectacular outcomes, increasing the mineralized footprint as soon as once more this quarter. We’re excited to now have the Josemaria Challenge beneath Lundin Mining stewardship and are advancing the undertaking in a deliberate and disciplined method.”

Abstract Monetary Outcomes

	Three months ended June 30,		Six months ended June 30,
US$ Thousands and thousands (besides per share quantities)	2022	2021	2022	2021
Income	590.2	872.3	1,581.3	1,553.8
Gross revenue	46.0	380.2	524.8	632.6
Attributable internet (loss) earnings ²	(52.6)	242.6	292.5	377.8
Web (loss) earnings	(48.6)	268.4	329.5	422.7
Adjusted (loss) earnings ^1,2	(35.3)	226.3	260.3	370.7
Adjusted EBITDA ¹	148.6	480.7	736.4	835.2
Primary and diluted earnings per share (“EPS”) ²	(0.07)	0.33	0.39	0.51
Adjusted EPS ^1,2	(0.05)	0.31	0.35	0.50
Money circulate from operations	366.4	419.0	683.7	577.7
Adjusted working money circulate ¹	49.7	431.6	522.6	711.5
Adjusted working money circulate per share ¹	0.06	0.58	0.70	0.96
Free money circulate ¹	214.7	298.9	401.2	354.9
Money and money equivalents	498.2	294.9	498.2	294.9
Web money ¹	469.9	153.4	469.9	153.4

¹ These are non-GAAP measures. Please seek advice from the Firm’s dialogue of non-GAAP and different efficiency measures in its Administration’s Dialogue and Evaluation for the three and 6 months ended June 30, 2022 and the Reconciliation of Non-GAAP Measures part on the finish of this information launch.
² Attributable to shareholders of Lundin Mining Company.

Highlights

Operational Efficiency

Copper and zinc manufacturing throughout the present quarter was greater than the prior 12 months quarter. Manufacturing value and money value have been greater this quarter than the comparable prior 12 months quarter primarily as a result of inflationary impacts on consumables, notably diesel and electrical energy, in addition to on contractor and upkeep prices.

Candelaria (80% owned): Candelaria produced 40,949 tonnes of copper, and roughly 23,000 ounces of gold in focus on a 100% foundation within the quarter. Copper manufacturing was greater than the comparable prior 12 months quarter as a consequence of grades, whereas gold manufacturing was decrease primarily as a consequence of decrease gold recoveries. Manufacturing prices have been greater within the present quarter reflecting greater consumable prices, partially offset by beneficial overseas change. Copper money value of $1.86 /lb for the present quarter was greater than the prior 12 months quarter largely owing to the influence of upper mining prices and decrease by-product credit.

Chapada (100% owned): Chapada produced 10,345 tonnes of copper and roughly 16,000 ounces of gold in focus within the quarter. Copper and gold manufacturing was decrease than the prior 12 months quarter primarily as a consequence of processed ore sorts impacting throughput and steel recoveries. Manufacturing prices have been greater as a consequence of greater consumable prices. Copper money value of $2.98 /lb for the quarter was greater than the prior 12 months quarter due primarily to greater mining prices from inflationary pressures, in addition to decrease gross sales volumes.

Eagle (100% owned): Eagle produced 4,719 tonnes of nickel and 4,400 tonnes of copper throughout the quarter, which was decrease than the prior 12 months quarter as a consequence of decrease grades. Manufacturing prices have been greater as a consequence of greater consumable prices. Nickel money value within the quarter of $0.90 /lb was greater than the prior 12 months quarter due primarily to decrease by-product copper worth and better manufacturing prices.

Neves-Corvo (100% owned): Neves-Corvo produced 7,867 tonnes of copper for the quarter and 20,647 tonnes of zinc. Copper manufacturing was decrease than the prior 12 months comparable interval, as a consequence of throughput. Zinc manufacturing was greater primarily as a consequence of elevated throughput pushed by the ramp-up of the Zinc Growth Challenge (“ZEP”). Manufacturing prices have been greater as a consequence of inflationary value will increase. Copper money value of $2.39 /lb for the quarter was greater than the prior 12 months quarter primarily as a consequence of inflationary will increase, primarily electrical energy, in addition to decrease gross sales volumes.

Zinkgruvan (100% owned): Zinc manufacturing of 21,265 tonnes and lead manufacturing of 9,124 tonnes have been each greater than the prior 12 months comparable interval as a consequence of greater throughput. Manufacturing prices have been greater as a consequence of greater gross sales volumes, partially offset by beneficial overseas change. Zinc money value of $0.44 /lb was corresponding to the prior 12 months quarter.

Whole Manufacturing

(Contained steel in focus) ^a	2022			2021
(Contained steel in focus) ^a	YTD	Q2	Q1	Whole	This fall	Q3	Q2	Q1
Copper (t) ^b	129,177	64,096	65,081	262,884	76,996	65,077	63,457	57,354
Zinc (t)	74,303	41,912	32,391	143,797	36,830	38,769	34,833	33,365
Gold (koz) ^b	73	39	34	167	46	46	41	34
Nickel (t)	9,000	4,719	4,281	18,353	4,101	4,124	4,774	5,354
a. Tonnes (t) and 1000’s of ounces (koz)
b. Candelaria’s manufacturing is on a 100% foundation.

Company Updates

On April 26, 2022 , the Firm executed a fourth amended and restated credit score settlement that elevated its revolving credit score facility (“the Credit score Facility”) to $1,750.0 million (beforehand $800.0 million with a $200.0 million accordion possibility), lowered the price of borrowing, and prolonged the time period to April 2027 , from August 2023 . The amended Credit score Facility bears curiosity on drawn funds at charges of Time period Secured In a single day Financing Fee (“Time period SOFR”) + Credit score Unfold Adjustment (“CSA”) + 1.45% to Time period SOFR+CSA+2.50% relying upon the Firm’s internet leverage ratio, lowered from LIBOR+1.75% to LIBOR+2.75%, beforehand. The modification and restatement gives the Firm with extra beneficial covenants, lowered safety on property and included different customary revisions.
On April 28, 2022 , the Firm accomplished the beforehand introduced plan of association (the “Association”) to accumulate the entire issued and excellent shares of Josemaria Sources Inc. (“Josemaria Sources”). Below the phrases of the Association, Josemaria Sources shareholders have been supplied with the appropriate to elect to obtain 0.1487 of a typical share of Lundin Mining (“Lundin Mining Share”) per Josemaria Sources frequent share (“Josemaria Sources Share”) plus C$0.11 for every complete Lundin Mining Share issued to such shareholder or C$1.60 in money for every Josemaria Sources Share or any mixture thereof, topic to pro-ration of a complete most variety of Lundin Mining Shares and money consideration.
On Could 12, 2022 , on the Annual Assembly, the Firm introduced the appointment of Mr. Adam Lundin because the Chair of the Board of Administrators following the retirement of Mr. Lukas Lundin .

Monetary Efficiency

Gross revenue for the quarter ended June 30, 2022 was $46.0 million , a lower of $334.2 million compared to the prior 12 months quarter as a consequence of decrease steel costs internet of worth changes ( $256.7 million ) and better manufacturing prices as a consequence of inflationary worth will increase. On a year-to-date foundation, gross revenue was additionally decrease than the prior 12 months comparative interval as a result of identical impacts.
For the three and 6 months ended June 30, 2022 , internet lack of $48.6 million and internet earnings of $329.5 million have been $317.1 million and $93.2 million decrease than the prior 12 months comparable durations, respectively. Decrease internet earnings have been attributable to decrease gross revenue, partially offset by beneficial overseas change.
Adjusted lack of $35.3 million and adjusted earnings of $260.3 millionfor the three and 6 months ended June 30, 2022 , respectively, and have been decrease than the prior 12 months comparable durations as a consequence of decrease internet earnings.

Monetary Place and Financing

Money and money equivalents as at June 30, 2022 have been $498.2 million , a lower throughout the quarter of $235.6 million . Money circulate from operations of $366.4 million was used to fund investing actions of $333.0 million which incorporates the Josemaria Sources acquisition. As well as, financing actions included shareholder dividends of $171.2 million , distributions of $20.0 million to non-controlling pursuits and $47.0 million in Josemaria debentures which have been paid within the quarter.
On a year-to-date foundation, money and money equivalents decreased by $95.8 million . Money circulate from operations of $683.7 million was used to fund investing actions of $505.5 million , and financing actions described above.
As at June 30, 2022 , the Firm had a internet money stability of $469.9 million . As at July 27, 2022 , the Firm had money and internet money balances of roughly $485.0 million and $460.0 million , respectively.

Outlook

The Firm continues to expertise persevering with dangers related to world inflation in addition to provide chain supply. Up to now, there have been no important impacts on our operations relating to provide chain availability; nonetheless, inflationary impacts on diesel, electrical energy and contractor prices are anticipated to proceed to extend working prices for the rest of the 12 months. The Firm has applied procurement methods to attempt to mitigate the influence and continues to watch these dangers.

Chapada manufacturing steering has been revised to mirror delayed entry to deliberate ore sorts primarily on account of above common rainfall skilled within the first half of the 12 months which impacted deliberate waste stripping actions. Neves-Corvo zinc manufacturing steering has been revised to mirror ZEP ramp-up progress achieved up to now and anticipated underground mining charges.

Money value steering for Candelaria and Chapada has been up to date to mirror anticipated inflationary impacts.

2022 Manufacturing and Money Price Steerage

		Earlier Steerage ^a		Revised Steerage
(contained steel in focus)		Manufacturing	Money Price ($/lb)	Manufacturing	Money Price ($/lb) ^b
Copper (t)	Candelaria (100%)	155,000 – 165,000	1.55	155,000 – 165,000	1.75 ^c
	Chapada	53,000 – 58,000	1.60	45,000 – 50,000	2.25 ^d
	Eagle	15,000 – 18,000		15,000 – 18,000
	Neves-Corvo	33,000 – 38,000	1.80	33,000 – 38,000	1.80 ^c
	Zinkgruvan	2,000 – 3,000		2,000 – 3,000
	Whole	258,000 – 282,000		250,000 – 274,000
Zinc (t)	Neves-Corvo	110,000 – 120,000		90,000 – 100,000
	Zinkgruvan	78,000 – 83,000	0.55	78,000 – 83,000	0.55 ^c
	Whole	188,000 – 203,000		168,000 – 183,000
Gold (koz)	Candelaria (100%)	83 – 88		83 – 88
	Chapada	70 – 75		62 – 67
	Whole	153 – 163		145 – 155
Nickel (t)	Eagle	15,000 – 18,000	(0.25)	15,000 – 18,000	(0.25)

a. Steerage as outlined within the MD&A for the 12 months ended December 31, 2021.

b. Money prices are primarily based on varied assumptions and estimates, together with however not restricted to: manufacturing volumes, commodity costs (Cu: $3.75/lb, Zn: $1.50/lb, Pb: $0.90/lb, Au: $1,850/oz), overseas change charges (€/USD:1.10, USD/SEK:9.00, USD/CLP:900, USD/BRL:5.00) and manufacturing prices.

c. 68% of Candelaria’s whole gold and silver manufacturing are topic to a streaming settlement and silver manufacturing at Zinkgruvan and Neves-Corvo are additionally topic to streaming agreements. Money prices are calculated primarily based on receipt of roughly $420/oz gold and $4.20/oz to $4.52/oz silver.

d. Chapada money value is calculated on a by-product foundation and doesn’t embody the consequences of its copper stream agreements. Results of the copper stream agreements are mirrored in copper income and can influence realized worth per pound.

2022 Capital Expenditure

Capital expenditure steering has been up to date for Candelaria and Chapada and displays greater anticipated capitalized deferred stripping prices as a consequence of inflationary impacts on power and different mining consumables.

	($ tens of millions)	Earlier Steerage ^a	Revisions	Revised Steerage
	Candelaria (100% foundation)	370	30	400
	Chapada	65	15	80
	Eagle	10	—	10
	Neves-Corvo	95	—	95
	Zinkgruvan	60	—	60
	Different	25	—	25
	Whole Sustaining Capital	625	45	670
	Zinc Growth Challenge (Neves-Corvo)	30	—	30
	Whole Capital Expenditures	655	45	700
a.	Steerage as outlined in MD&A for the 12 months ended December 31, 2021.

Josemaria Challenge Steerage

The big scale copper-gold Josemaria undertaking (“Josemaria Challenge”) was acquired on April 28, 2022 via the acquisition of Josemaria Sources. The Firm had beforehand estimated Josemaria Challenge spend of $300 million to advance the undertaking which included engineering, commitments for lengthy lead gadgets, pre-construction actions and drilling, as outlined within the information launch dated April 28, 2022 , entitled “Lundin Mining Proclaims Closing of Acquisition of Josemaria Sources and Supplies Replace on Josemaria Challenge”. The anticipated undertaking spend stays unchanged.

2022 Exploration Funding Steerage

Whole deliberate exploration expenditures are anticipated to be $45.0 million in 2022, unchanged from earlier steering. Roughly $40.0 million might be spent supporting important in-mine and near-mine targets at our operations ( $14.0 million at Candelaria, $11.0 million at Chapada, $7.0 million at Neves-Corvo, $4.0 million at Zinkgruvan and $4.0 million at Eagle). The remaining quantities are deliberate to advance actions on exploration stage and new enterprise improvement initiatives.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining firm with initiatives and operations in Argentina , Brazil , Chile , Portugal , Sweden and the US of America , primarily producing copper, zinc, gold and nickel.

The data on this launch is topic to the disclosure necessities of Lundin Mining beneath the EU Market Abuse Regulation. The data was submitted for publication, via the company of the contact individuals set out under on July 27, 2022 at 17:30 Jap Time .

Technical Info

The scientific and technical info on this press launch has been ready in accordance with the disclosure requirements of Nationwide Instrument 43-101 (“NI 43-101”) and has been reviewed and authorized by Jeremy Weyland , P.Eng., Director, Research of the Firm, a “Certified Individual” beneath NI 43-101. Mr. Weyland has verified the information disclosed on this launch and no limitations have been imposed on his verification course of.

Reconciliation on Non-GAAP Measures

The Firm makes use of sure efficiency measures in its evaluation. These efficiency measures haven’t any standardized which means inside usually accepted accounting ideas beneath Worldwide Monetary Reporting Requirements and, subsequently, quantities offered might not be corresponding to comparable information offered by different mining corporations. For extra particulars please seek advice from the Firm’s dialogue of non-GAAP and different efficiency measures in its Administration’s Dialogue and Evaluation for the three and 6 months ended June 30, 2022 which is accessible on SEDAR at www.sedar.com .

Adjusted EBITDA might be reconciled to the Firm’s Consolidated Assertion of Earnings as follows:

	Three months ended June 30,		Six months ended June 30,
($1000’s)	2022	2021	2022	2021
Web (loss) earnings	(48,626)	268,432	329,483	422,651
Add again:
Depreciation, depletion and amortization	142,042	130,850	271,879	256,760
Finance earnings and prices	17,309	9,078	32,281	20,174
Revenue taxes	49,003	62,614	126,209	132,516
	159,728	470,974	759,852	832,101
Unrealized overseas change	2,721	5,296	10,574	6,258
Unrealized overseas change and buying and selling good points on fairness investments	(18,848)	—	(18,848)	—
Revaluation of by-product legal responsibility	(745)	5,084	2,548	(2,019)
Revaluation of marketable securities	1,626	(3,513)	(2,266)	(4,062)
Revenue from funding in associates	1,321	(773)	(3,375)	(1,146)
Achieve on disposal of subsidiary	—	—	(16,828)	—
Different	2,840	3,659	4,760	4,034
Whole changes – EBITDA	(11,085)	9,753	(23,435)	3,065
Adjusted EBITDA	148,643	480,727	736,417	835,166

Adjusted earnings and adjusted earnings per share might be reconciled to the Firm’s Consolidated Assertion of Earnings as follows:

	Three months ended June 30,		Six months ended June 30,
($1000’s, besides share and per share quantities)	2022	2021	2022	2021
Web (loss) earnings attributable to Lundin Mining shareholders	(52,577)	242,643	292,501	377,828
Add again:
Whole changes – EBITDA	(11,085)	9,753	(23,435)	3,065
Tax impact on changes	5,035	(2,302)	3,001	827
Deferred tax arising from overseas change translation	23,091	(24,133)	(11,863)	(11,225)
Different	260	320	128	155
Whole	17,301	(16,362)	(32,169)	(7,178)
Adjusted (loss) earnings	(35,276)	226,281	260,332	370,650

Primary weighted common variety of shares excellent	766,775,032	738,612,506	751,676,764	737,756,508

Web (loss) earnings attributable to shareholders	(0.07)	0.33	0.39	0.51
Whole changes	0.02	(0.02)	(0.04)	(0.01)
Adjusted earnings per share	(0.05)	0.31	0.35	0.50

Adjusted working money circulate and adjusted working money circulate per share might be reconciled to money supplied by working actions as follows:

	Three months ended June 30,		Six months ended June 30,
($1000’s, besides share and per share quantities)	2022	2021	2022	2021
Money supplied by working actions	366,411	418,998	683,668	577,673
Adjustments in non-cash working capital gadgets	(316,665)	12,629	(161,117)	133,799
Adjusted working money circulate	49,746	431,627	522,551	711,472

Primary weighted common variety of shares excellent	766,775,032	738,612,506	751,676,764	737,756,508
Adjusted working money circulate per share	$ 0.06	0.58	0.70	0.96

Free money circulate might be reconciled to money supplied by working actions as follows:

	Three months ended June 30,		Six months ended June 30,
($1000’s)	2022	2021	2022	2021
Money supplied by working actions	366,411	418,998	683,668	577,673
Sustaining capital expenditures	(151,665)	(120,100)	(282,423)	(222,744)
Free money circulate	214,746	298,898	401,245	354,929

Web money might be reconciled as follows:

($1000’s)	June 30, 2022	June 30, 2021
Money and money equivalents	498,243	294,914
Present portion of whole debt and lease liabilities	(14,344)	(119,780)
Debt and lease liabilities	(13,959)	(21,752)
	(28,303)	(141,532)
Web money	469,940	153,382

Money and All-in Sustaining Prices might be reconciled to the Firm’s working prices as follows:

	Three months ended June 30, 2022
Operations	Candelaria	Chapada	Eagle	Neves-Corvo	Zinkgruvan
($000s, except in any other case famous)	(Cu)	(Cu)	(Ni)	(Cu)	(Zn)	Whole
Gross sales volumes (Contained steel in focus):
Tonnes	39,655	7,905	4,206	8,183	18,525
Kilos (000s)	87,424	17,427	9,273	18,040	40,841
Manufacturing prices						402,190
Much less: Royalties and different						(13,657)
						388,533
Deduct: By-product credit						(134,728)
Add: Therapy and refining						29,960
Money value	162,240	51,872	8,341	43,198	18,114	283,765
Money value per pound ($/lb)	1.86	2.98	0.90	2.39	0.44
Add: Sustaining capital	86,107	29,760	2,923	13,760	14,083
Royalties	—	2,442	10,633	(616)	—
Curiosity expense	1,348	1,720	401	35	21
Leases & different	3,392	1,254	4,913	279	1,095
All-in sustaining value	253,087	87,048	27,211	56,656	33,313
AISC per pound ($/lb)	2.89	5.00	2.93	3.14	0.82

	Three months ended June 30, 2021
Operations	Candelaria	Chapada	Eagle	Neves-Corvo	Zinkgruvan
($000s, except in any other case famous)	(Cu)	(Cu)	(Ni)	(Cu)	(Zn)	Whole
Gross sales volumes (Contained steel in focus):
Tonnes	35,537	12,247	4,258	10,314	14,305
Kilos (000s)	78,346	27,000	9,387	22,738	31,537
Manufacturing prices						361,317
Much less: Royalties and different						(22,564)
						338,753
Deduct: By-product credit						(180,782)
Add: Therapy and refining						28,915
Money value	119,000	35,731	(18,827)	37,611	13,371	186,886
Money value per pound ($/lb)	1.52	1.32	(2.01)	1.65	0.42
Add: Sustaining capital	81,573	12,461	5,346	11,211	9,415
Royalties	—	3,567	8,629	3,033	—
Curiosity expense	1,165	859	177	19	18
Leases & different	3,096	827	2,470	1,417	1,175
All-in sustaining value	204,834	53,445	(2,205)	53,291	23,979
AISC per pound ($/lb)	2.61	1.98	(0.23)	2.34	0.76

	Six months ended June 30, 2022
Operations	Candelaria	Chapada	Eagle	Neves-Corvo	Zinkgruvan
($000s, except in any other case famous)	(Cu)	(Cu)	(Ni)	(Cu)	(Zn)	Whole
Gross sales volumes (Contained steel in focus):
Tonnes	78,103	20,709	7,473	16,667	34,327
Kilos (000s)	172,187	45,655	16,475	36,744	75,678
Manufacturing prices						784,617
Much less: Royalties and different						(29,528)
						755,089
Deduct: By-product credit						(315,735)
Add: Therapy and refining						62,115
Money value	296,225	103,309	(638)	75,001	27,572	501,469
Money value per pound ($/lb)	1.72	2.26	(0.04)	2.04	0.36
Add: Sustaining capital	169,071	44,215	7,383	33,276	23,122
Royalties	—	6,106	18,424	2,197	—
Curiosity expense	2,781	3,441	802	71	43
Leases & different	5,896	2,346	9,780	776	2,428
All-in sustaining value	473,973	159,417	35,751	111,321	53,165
AISC per pound ($/lb)	2.75	3.49	2.17	3.03	0.70
($000s, except in any other case famous)		2022 Revised Steerage
Money value	620,000	230,000	(10,000)	140,000	80,000
Money value per pound($/lb)	1.75	2.25	(0.25)	1.80	0.55

	Six months ended June 30, 2021
Operations	Candelaria	Chapada	Eagle	Neves-	Zinkgruvan
($000s, except in any other case famous)	(Cu)	(Cu)	(Ni)	(Cu)	(Zn)	Whole
Gross sales volumes (Contained steel in focus):
Tonnes	71,053	19,626	8,376	16,879	30,008
Kilos (000s)	156,645	43,268	18,466	37,212	66,156
Manufacturing prices						664,430
Much less: Royalties and different						(29,069)
						635,361
Deduct: By-product credit						(306,162)
Add: Therapy and refining						57,908
Money value	248,071	57,430	(33,557)	75,364	39,799	387,107
Money value per pound ($/lb)	1.58	1.33	(1.82)	2.03	0.60
Add: Sustaining capital	152,315	21,431	8,875	20,157	19,826
Royalties	—	5,640	15,475	3,737	—
Curiosity expense	2,284	1,718	354	39	36
Leases & different	5,152	1,496	5,061	2,963	2,556
All-in sustaining value	407,822	87,715	(3,792)	102,260	62,217
AISC per pound ($/lb)	2.60	2.03	(0.21)	2.75	0.94

Cautionary Assertion on Ahead-Wanting Info

Sure of the statements made and data contained herein is “forward-looking info” throughout the which means of relevant Canadian securities legal guidelines. All statements apart from statements of historic information included on this doc represent forward-looking info, together with however not restricted to statements relating to the Firm’s plans, prospects and enterprise methods; the Firm’s steering on the timing and quantity of future manufacturing and its expectations relating to the outcomes of operations; anticipated prices; allowing necessities and timelines; timing and doable final result of pending litigation; the outcomes of any Preliminary Financial Evaluation, Feasibility Examine, or Mineral Useful resource and Mineral Reserve estimations, lifetime of mine estimates, and mine and mine closure plans; anticipated market costs of metals, forex change charges, and rates of interest; the event and implementation of the Firm’s Accountable Mining Administration System; the Firm’s potential to adjust to contractual and allowing or different regulatory necessities; anticipated exploration and improvement actions on the Firm’s initiatives; the Firm’s integration of acquisitions and any anticipated advantages thereof; and expectations for different financial, enterprise, and/or aggressive components. Phrases comparable to “consider”, “count on”, “anticipate”, “ponder”, “goal”, “plan”, “purpose”, “intention”, “intend”, “proceed”, “funds”, “estimate”, “could”, “will”, “can”, “might”, “ought to”, “schedule” and comparable expressions determine forward-looking statements.

Ahead-looking info is essentially primarily based upon varied estimates and assumptions together with, with out limitation, the expectations and beliefs of administration, together with that the Firm can entry financing, applicable tools and adequate labor; assumed and future worth of copper, nickel, zinc, gold and different metals; anticipated prices; potential to realize objectives; the immediate and efficient integration of acquisitions; that the political atmosphere through which the Firm operates will proceed to help the event and operation of mining initiatives; and assumptions associated to the components set forth under. Whereas these components and assumptions are thought-about cheap by Lundin Mining as on the date of this doc in mild of administration’s expertise and notion of present situations and anticipated developments, these statements are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies. Identified and unknown components might trigger precise outcomes to vary materially from these projected within the forward-looking statements and undue reliance shouldn’t be positioned on such statements and data. Such components embody, however are usually not restricted to: dangers inherent in mining together with however not restricted to dangers to the atmosphere, industrial accidents, catastrophic tools failures, uncommon or surprising geological formations or unstable floor situations, and pure phenomena comparable to earthquakes, flooding or unusually extreme climate; uninsurable dangers; world monetary situations and inflation; modifications within the Firm’s share worth, and volatility within the fairness markets typically; volatility and fluctuations in steel and commodity demand and costs; altering taxation regimes; delays or the lack to acquire, retain or adjust to permits; reliance on a single asset; unavailable or inaccessible infrastructure, infrastructure failures, and dangers associated to ageing infrastructure; dangers associated to destructive publicity with respect to the Firm or the mining trade typically; well being and security dangers; pricing and availability of key provides and providers; the menace related to outbreaks of viruses and infectious ailments, together with the COVID-19 virus; change charge fluctuations; dangers regarding attracting and retaining of extremely expert staff; dangers inherent in and/or related to working in overseas nations and rising markets; local weather change; regulatory investigations, enforcement, sanctions and/or associated or different litigation; existence of serious shareholders; unsure political and financial environments, together with in Argentina , Brazil and Chile ; dangers related to acquisitions and associated integration efforts, together with the power to realize anticipated advantages, unanticipated difficulties or expenditures regarding integration and diversion of administration time on integration; indebtedness; liquidity dangers and restricted monetary assets; funding necessities and availability of financing; exploration, improvement or mining outcomes not being in keeping with the Firm’s expectations; dangers associated to the environmental regulation and environmental influence of the Firm’s operations and merchandise and administration thereof; activist shareholders and proxy solicitation issues; reliance on key personnel and reporting and oversight techniques, in addition to third events and consultants in overseas jurisdictions; historic environmental liabilities and ongoing reclamation obligations; info expertise and cybersecurity dangers; dangers associated to mine closure actions, reclamation obligations, and closed and historic websites; social and political unrest, together with civil disruption in Chile ; the lack to successfully compete within the trade; monetary projections, together with estimates of future expenditures and money prices, and estimates of future manufacturing could also be unreliable; precise ore mined and/or steel recoveries various from Mineral Useful resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and different traits; ore processing effectivity; dangers related to the estimation of Mineral Sources and Mineral Reserves and the geology, grade and continuity of mineral deposits together with however not restricted to fashions relating thereto; implementing authorized rights in overseas jurisdictions; neighborhood and stakeholder opposition; modifications in legal guidelines, rules or insurance policies together with however not restricted to these associated to mining regimes, allowing and approvals, environmental and tailings administration, labor, commerce relations, and transportation; dangers related to the structural stability of waste rock dumps or tailings storage amenities; dilution; dangers regarding dividends; conflicts of curiosity; counterparty and credit score dangers and buyer focus; the estimation of asset carrying values; challenges or defects in title; inner controls; relationships with staff and contractors, and the potential for and results of labor disputes or different unanticipated difficulties with or shortages of labor or interruptions in manufacturing; compliance with overseas legal guidelines; potential for the allegation of fraud and corruption involving the Firm, its prospects, suppliers or staff, or the allegation of improper or discriminatory employment practices, or human rights violations; compliance with environmental, well being and security rules and legal guidelines; and different dangers and uncertainties, together with however not restricted to these described within the “Threat and Uncertainties” part of the Firm’s AIF and the “Managing Dangers” part of the Firm’s MD&A for the 12 months ended December 31, 2021 , which can be found on SEDAR at www.sedar.com beneath the Firm’s profile. The entire forward-looking statements made on this doc are certified by these cautionary statements. Though the Firm has tried to determine essential components that would trigger precise outcomes to vary materially from these contained in forward-looking info, there could also be different components that trigger outcomes to not be as anticipated, estimated, forecast or supposed and readers are cautioned that the foregoing checklist is just not exhaustive of all components and assumptions which can have been used. Ought to a number of of those dangers and uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes could differ materially from these described in forward-looking info. Accordingly, there might be no assurance that forward-looking info will show to be correct and forward-looking info is just not a assure of future efficiency. Readers are suggested to not place undue reliance on forward-looking info. The forward-looking info contained herein speaks solely as of the date of this doc. The Firm disclaims any intention or obligation to replace or revise ahead‐wanting info or to elucidate any materials distinction between such and subsequent precise occasions, besides as required by relevant regulation.