TORONTO, May 3, 2023 /PRNewswire/ -- (TSX: LUN) (Nasdaq
Stockholm: LUMI) Lundin Mining Corporation ("Lundin
Mining" or the "Company") today reported net earnings attributable
to Lundin Mining shareholders of $146.6
million ($0.19 per share) in
the first quarter of 2023. The Company also generated adjusted
earnings1 of $125.7
million ($0.16 per share),
adjusted EBITDA1 of $336.9
million, and adjusted cash flow from operations1
of $235.1 million ($0.30 per share).
"Our operations performed well in the first quarter of 2023,
reflecting our continued focus on improving operational consistency
and excellence. Copper production increased quarter-over-quarter
with strong performance across our portfolio. Zinc production also
increased meaningfully with the ongoing ramp-up of the Zinc
Expansion Project at Neves-Corvo delivering a fourth quarter of
sequential improvement and achieving record quarterly zinc
production of nearly 27,800 tonnes. We remain on track to deliver
our annual production guidance for all metals and cash
costs," commented Peter
Rockandel, CEO.
Mr. Rockandel added, "With healthy metal prices, we generated
adjusted EBITDA1 of over $335
million and free cash flow from operations1 of
over $70 million in the first
quarter. We continue to be very constructive on the outlook for the
metals we produce and look forward to immediately growing our
business with the closing and integration of our acquisition of an
initial 51% interest in the Caserones copper-molybdenum mine early
in the second half of this year."
Summary Financial Results
|
Three months
ended
March
31,
|
US$ Millions (except
per share amounts)
|
2023
|
2022
|
Revenue
|
751.3
|
991.1
|
Gross profit
|
213.3
|
478.8
|
Attributable net
earnings2
|
146.6
|
345.1
|
Net earnings
|
165.3
|
378.1
|
Adjusted earnings
1,2
|
125.7
|
295.6
|
Adjusted
EBITDA1
|
336.9
|
587.8
|
Basic and diluted
earnings per share ("EPS")2
|
0.19
|
0.47
|
Adjusted
EPS1,2
|
0.16
|
0.40
|
Cash flow from
operations
|
211.9
|
317.3
|
Adjusted operating cash
flow1
|
235.1
|
472.8
|
Adjusted operating cash
flow per share1
|
0.30
|
0.64
|
Free cash flow from
operations1
|
71.1
|
194.8
|
Free cash
flow1
|
(34.2)
|
172.3
|
Cash and cash
equivalents
|
184.2
|
733.9
|
Net
debt1
|
(34.6)
|
704.9
|
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 for the three months ended March 31, 2023
and the Reconciliation of Non-GAAP Measures section at the end of
this news release.
|
2
Attributable to shareholders of Lundin Mining
Corporation.
|
Highlights
For the quarter ended March 31,
2023 the Company generated revenue of $751.3 million (Q1 2022 - $991.1 million). Production costs were higher
than the prior year quarter due to inflationary impacts, however
cash cost1 continue on track with recent guidance.
The Company generated gross profit of $213.3 million (Q1 2022 - $478.8 million) and adjusted EBITDA of
$336.9 million (Q1 2022 -
$587.8 million).
Overall, our operations performed well during the first quarter
of 2023 and the Company remains on track to achieve production
guidance.
Operational Performance
Candelaria (80% owned): Candelaria produced
39,167 tonnes of copper, and approximately 24,000 ounces of gold in
concentrate on a 100% basis in the quarter. Copper production was
lower than the comparable prior year quarter due to grades whereas
gold production was higher than the prior year quarter due to
throughput. Current quarter production costs and copper cash cost
of $2.21/lb were higher than the
prior year quarter largely owing to higher contractor and
maintenance costs. Cash cost was further impacted by union bonus
payments for the finalization of the remaining two union
negotiations which were successfully completed during the first
quarter 2023, and lower sales volumes.
Chapada (100% owned): Chapada produced 9,864
tonnes of copper and approximately 12,000 ounces of gold in
concentrate in the quarter. Copper production was lower than the
prior year quarter primarily due to planned lower recoveries
partially offset by higher throughput. Current quarter production
for both metals was above expectations due to higher throughput.
Production costs were lower due to lower sales volumes. Copper cash
cost of $2.37/lb for the quarter was
higher than the prior year quarter due to higher consumable costs
and lower sales volumes.
Eagle (100% owned): During the quarter Eagle
produced 3,724 tonnes of nickel and 3,140 tonnes of copper which
were lower than the prior year quarter due to planned lower grades
and lower throughput. Production costs were higher than the
comparable prior year quarter due to higher consumable costs.
Nickel cash cost in the quarter of $2.43/lb was higher than the prior year quarter
due primarily to lower by-product copper price and lower sales
volumes.
Neves-Corvo (100% owned): Neves-Corvo
produced 7,574 tonnes of copper for the quarter and 27,793 tonnes
of zinc. Copper production was lower than the prior year comparable
quarter, due primarily to lower throughput and grades, while zinc
production was higher primarily due to increased throughput driven
by the ramp-up of the Zinc Expansion Project ("ZEP"). Production
costs were higher than the prior year due to higher zinc volumes
and copper cash cost of $1.69/lb for
the quarter was comparable to the prior year quarter.
Zinkgruvan (100% owned): Zinc production of
20,760 tonnes, lead production of 7,407 tonnes and copper
production of 1,717 tonnes were higher than the prior year quarter.
Zinc and lead production were higher due to higher grades, and
better than expected throughput while copper production was higher
due to grades. Production costs were lower than the prior year
quarter due to favourable foreign exchange. Zinc cash cost of
$0.54/lb was higher than the prior
year quarter due to lower by-product credits.
Total Production
(Contained metal in
concentrate)a
|
2023
|
2022
|
Q1
|
Total
|
Q4
|
Q3
|
Q2
|
Q1
|
Copper
(t)b
|
61,462
|
249,659
|
56,552
|
63,930
|
64,096
|
65,081
|
Zinc (t)
|
48,553
|
158,938
|
44,308
|
40,327
|
41,912
|
32,391
|
Gold
(koz)b
|
36
|
154
|
36
|
45
|
39
|
34
|
Nickel (t)
|
3,724
|
17,475
|
4,096
|
4,379
|
4,719
|
4,281
|
a. Tonnes (t) and
thousands of ounces (koz)
|
b. Candelaria's
production is on a 100% basis.
|
|
_______________________________
|
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 for the three months ended March 31, 2023 and the
Reconciliation of Non-GAAP Measures section at the end of this news
release.
|
Corporate Updates
- On February 8, 2023, the Company
reported its Mineral Resource and Mineral Reserve estimates as at
December 31, 2022.
- On February 22, 2023, the Company
filed updated technical reports for Candelaria, Neves-Corvo and
Eagle.
- On March 23, 2023, the Company
announced the appointment of Ms. Maria
Olivia Recart to the Company's Board of Directors.
- On March 27, 2023, the Company
announced it entered into a binding purchase agreement with JX
Nippon Mining and Metals Corporation to acquire a majority interest
in the Caserones copper-molybdenum mine ("Caserones") in
Chile. The Company will pay
$800 million and in addition,
$150 million in deferred cash
consideration over a six year period following the closing date.
The Company will also have the right to acquire an additional 19%
interest in Caserones for $350
million over a five-year period commencing on the first
anniversary of the date of closing. The transaction is expected to
close in the third quarter of 2023.
- On April 11, 2023, the Company
announced the Annual Meeting of Shareholders will be held on
Thursday, May 11, 2023.
- On April 26, 2023, the Company
executed a fifth amended and restated credit agreement that
extended the term of its revolving credit facility ("the Credit
Facility") to April 2028.
Financial Performance
- Gross profit for the quarter ended March
31, 2023 was $213.3 million, a
decrease of $265.5 million in
comparison to the prior year quarter due to higher operating costs
impacted by inflationary impacts, lower metal prices net of price
adjustments ($151.8 million) and
lower sales volumes.
- For the three months ended March 31,
2023, net earnings of $165.3
million were $212.8 million
lower than the prior year comparable period due to lower gross
profit partially offset by lower income taxes.
- Adjusted earnings of $125.7
million for the quarter ended March
31, 2023, were lower than the prior year comparable quarter
due to lower net attributable earnings.
Financial Position and Financing
- During the quarter ended March 31,
2023, cash and cash equivalents decreased by $7.1 million. Cash flow from operations of
$211.9 million was used to fund
investing activities of $240.1
million. Cash from financing activities was $19.5 million which was comprised primarily of
the proceeds from debt on a net basis and the settlement of foreign
currency derivatives.
- As at March 31, 2023, the Company
had a net debt balance of $34.6
million.
- As at May 3, 2023, the Company
had cash and net debt balances of approximately $180 million and $90
million, respectively.
Outlook
The Company remains in a strong financial position with its
producing assets generating material free cash flow from operations
which continues to be allocated towards growth projects,
acquisitions and shareholder distributions.
All metal production continues to track against the most
recently reported guidance ranges as outlined in the MD&A for
the year ended December 31, 2022.
Metal production is modestly weighted to the second half of the
year for all sites except Neves-Corvo where copper is equally
weighted and zinc production is expected to increase as initiatives
to enable ZEP to consistently achieve nameplate capacity are
executed and expected to result in improved overall throughput and
metal recovery rates.
Forecast cash costs at all sites are trending within or better
than guidance ranges due to lower than anticipated production cost
at all sites except Eagle, where cash cost is trending higher due
to anticipated lower sales volumes.
The Company continues to experience continuing risks associated
with global inflation as well as supply chain delivery. To date,
there have been no significant impacts on our operations relating
to supply chain availability. The Company has implemented
procurement strategies and foreign exchange and diesel hedging
programs to mitigate the impact on costs and continues to monitor
these risks.
Cash based capital expenditures, are tracking well to the most
recent guidance of $1,100.0 million,
inclusive of capitalized costs for the Josemaria Project.
Similarly, total exploration expenditures are on target of
$45.0 million for 2023.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with projects and operations in Argentina, Brazil, Chile, Portugal, Sweden and the
United States of America, primarily producing copper, zinc,
gold and nickel.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below on May 3, 2023 at
18:00 Eastern Time.
Technical Information
The scientific and technical information in this press release
has been prepared in accordance with the disclosure standards of
National Instrument 43-101 ("NI 43-101") and has been reviewed by
Arman Barha, P.Eng., Vice President,
Technical Services, a "Qualified Person" under NI 43-101. Mr. Barha
has verified the data disclosed in this release and no limitations
were imposed on his verification process.
Reconciliation of Non-GAAP Measures
The Company uses certain performance measures in its analysis.
These performance measures have no standardized meaning within
generally accepted accounting principles under International
Financial Reporting Standards and, therefore, amounts presented may
not be comparable to similar data presented by other mining
companies. For additional details please refer to the Company's
discussion of non-GAAP and other performance measures in its
Management's Discussion and Analysis for the three months ended
March 31, 2023 which is available on
SEDAR at www.sedar.com.
Adjusted EBITDA can be reconciled to the Company's Consolidated
Statement of Earnings as follows:
|
Three months
ended
March
31,
|
($thousands)
|
2023
|
2022
|
Net earnings
|
165,311
|
378,109
|
Add back:
|
|
|
Depreciation, depletion
and amortization
|
120,247
|
129,837
|
Finance income and
costs
|
15,699
|
14,972
|
Income taxes
|
48,693
|
77,206
|
|
349,950
|
600,124
|
Unrealized foreign
exchange
|
8,644
|
7,853
|
Revaluation loss (gain)
on derivative liability
|
(19,250)
|
3,293
|
Sinkhole
costs
|
4,582
|
—
|
Revaluation gain on
marketable securities
|
(438)
|
(3,892)
|
Gain on disposal of
subsidiary
|
(5,718)
|
(16,828)
|
Other
|
(827)
|
(2,776)
|
Total adjustments -
EBITDA
|
(13,007)
|
(12,350)
|
Adjusted
EBITDA
|
336,943
|
587,774
|
Adjusted earnings and adjusted earnings per share can be reconciled
to the Company's Consolidated Statement of Earnings as follows:
|
Three months
ended
March
31,
|
($thousands, except
share and per share amounts)
|
2023
|
2022
|
Net earnings
attributable to Lundin Mining
shareholders
|
146,620
|
345,078
|
Add back:
|
|
|
Total adjustments -
EBITDA
|
(13,007)
|
(12,350)
|
Tax effect on
adjustments
|
(3,126)
|
(2,034)
|
Deferred tax arising
from foreign exchange translation
|
(6,007)
|
(34,954)
|
Other
|
1,202
|
(132)
|
Total
adjustments
|
(20,938)
|
(49,470)
|
Adjusted
earnings
|
125,682
|
295,608
|
|
|
|
Basic weighted
average number of shares outstanding
|
771,216,060
|
736,410,739
|
|
|
|
Net earnings
attributable to
shareholders
|
0.19
|
0.47
|
Total
adjustments
|
(0.03)
|
(0.07)
|
Adjusted earnings
per share
|
0.16
|
0.40
|
Adjusted operating cash flow and adjusted operating cash flow per
share can be reconciled to cash provided by operating activities as
follows:
|
Three months
ended
March
31,
|
($thousands, except
share and per share amounts)
|
2023
|
2022
|
Cash provided by
operating activities
|
211,875
|
317,257
|
Changes in non-cash
working capital items
|
23,192
|
155,548
|
Adjusted operating
cash flow
|
235,067
|
472,805
|
|
|
|
Basic weighted average
number of shares outstanding
|
771,216,060
|
736,410,739
|
Adjusted operating
cash flow per share
|
0.30
|
0.64
|
Free cash flow from operations can be reconciled to cash provided
by operating activities as follows:
|
Three months
ended
March
31,
|
($thousands)
|
2023
|
2022
|
Cash provided by
operating activities
|
211,875
|
317,257
|
Sustaining capital
expenditures
|
(155,564)
|
(130,758)
|
General exploration and
business development
|
14,765
|
(8,282)
|
Free cash flow from
operations
|
71,076
|
194,781
|
General exploration and
business development
|
(14,765)
|
(8,282)
|
Expansionary capital
expenditures
|
(90,519)
|
(14,154)
|
Free cash
flow
|
(34,208)
|
172,345
|
Net (debt) cash can be reconciled as follows:
($thousands)
|
March 31,
2023
|
December 31,
2022
|
Cash and cash
equivalents
|
184,239
|
191,387
|
Current portion of
total debt and lease liabilities
|
(177,108)
|
(170,149)
|
Debt and lease
liabilities
|
(37,634)
|
(27,179)
|
|
(214,742)
|
(197,328)
|
Deferred financing fees
(netted in above)
|
(4,070)
|
(4,926)
|
|
(218,812)
|
(202,254)
|
Net
debt
|
(34,573)
|
(10,867)
|
Cash and All-in Sustaining Costs can be reconciled to the Company's
operating costs as follows:
|
Three months
ended March 31, 2023
|
|
|
Operations
|
Candelaria
|
Chapada
|
Eagle
|
Neves-Corvo
|
Zinkgruvan
|
|
($000s, unless
otherwise noted)
|
(Cu)
|
(Cu)
|
(Ni)
|
(Cu)
|
(Zn)
|
Total
|
Sales volumes
(Contained metal in concentrate):
|
|
|
|
|
|
Tonnes
|
35,570
|
9,072
|
2,735
|
8,031
|
16,612
|
|
Pounds
(000s)
|
78,418
|
20,000
|
6,030
|
17,705
|
36,623
|
|
Production costs
|
|
|
|
|
|
417,764
|
Less: Royalties and
other
|
|
|
|
|
|
(12,086)
|
|
|
|
|
|
|
405,678
|
Deduct: By-product
credits
|
|
|
|
|
|
(156,965)
|
Add: Treatment and
refining
|
|
|
|
|
|
36,615
|
Cash cost
|
173,692
|
47,318
|
14,640
|
29,892
|
19,786
|
285,328
|
Cash cost per pound
($/lb)
|
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
|
|
|
Three months
ended March 31, 2022
|
|
|
Operations
|
Candelaria
|
Chapada
|
Eagle
|
Neves-
|
Zinkgruvan
|
|
($000s, unless
otherwise noted)
|
(Cu)
|
(Cu)
|
(Ni)
|
(Cu)
|
(Zn)
|
Total
|
Sales volumes
(Contained metal in concentrate):
|
|
|
|
|
|
Tonnes
|
38,448
|
12,804
|
3,267
|
8,484
|
15,802
|
|
Pounds
(000s)
|
84,763
|
28,228
|
7,202
|
18,704
|
34,837
|
|
Production costs
|
|
|
|
|
|
382,427
|
Less: Royalties and
other
|
|
|
|
|
|
(15,877)
|
|
|
|
|
|
|
366,550
|
Deduct: By-product
credits
|
|
|
|
|
|
(181,007)
|
Add: Treatment and
refining
|
|
|
|
|
|
32,155
|
Cash cost
|
133,985
|
51,437
|
(8,979)
|
31,797
|
9,458
|
217,698
|
Cash cost per pound
($/lb)
|
1.58
|
1.82
|
(1.25)
|
1.70
|
0.27
|
|
Add: Sustaining capital
|
82,964
|
14,455
|
4,460
|
19,516
|
9,039
|
|
Royalties
|
—
|
3,664
|
7,791
|
2,813
|
—
|
|
Reclamation and other
closure accretion and depreciation
|
1,969
|
1,884
|
4,617
|
331
|
1,117
|
|
Leases &
other
|
1,968
|
929
|
651
|
202
|
238
|
|
All-in sustaining
cost
|
220,886
|
72,369
|
8,540
|
54,659
|
19,852
|
|
AISC per pound
($/lb)
|
2.61
|
2.56
|
1.19
|
2.92
|
0.57
|
|
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 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, Feasibility Study, or Mineral
Resource and Mineral Reserve estimations, life of mine estimates,
and mine and mine closure plans; anticipated market prices of
metals, currency 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; anticipated
exploration and development activities at the Company's projects;
expectations and ability to complete the Caserones transaction; the
Company's integration of acquisitions and any anticipated benefits
thereof, including the Caserones transaction; 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 forward-looking statements.
Forward-looking information is necessarily based upon 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 in light of management's experience and
perception of current conditions and expected developments, 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 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, 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 inability
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 inaccessible infrastructure, infrastructure failures, and risks
related to ageing infrastructure; 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 mining
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 the industry; the inability to currently
control the Caserones mine and the ability to satisfy the
conditions and consummate the Caserones transaction on the proposed
terms and expected schedule; 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; changing 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 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; 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 regulatory risks
associated with the structural stability of waste rock dumps or
tailings storage facilities; activist shareholders and proxy
solicitation matters; risks 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 or 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 controls;
compliance with foreign laws; potential for the allegation of fraud
and corruption involving the Company, its customers, suppliers or
employees, or the allegation 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
described 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.sedar.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 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.
CONTACT: Mark Turner, Vice President, Business Valuations
and Investor Relations: +1 416 342 5565; Irina Kuznetsova,
Manager, Investor Relations: +1 416 342 5583; Robert Eriksson,
Investor Relations Sweden: +46 8 440 54 40
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content:https://www.prnewswire.co.uk/news-releases/lundin-mining-first-quarter-2023-results-301815334.html