Kvartalsrapport Q1 2023

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===== SIDA 1 =====

Corporate Office 
150 King Street West, Suite 2200 
P .O. Box 38, Toronto, ON M5H 1J9 
Phone: +1 416 342 5560 
Fax: +1 416 348 0303 
lundinmining.com 
 
 
 
 
NEWS RELEASE 
 
Lundin Mining First Quarter 2023 Results   
 
Toronto, May 3, 2023  (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 earnings 1 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 EBITDA 1 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.

===== SIDA 2 =====

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 profi t 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 throug hput. Current quarter production 
costs and copper cash cost of $2.21/lb were higher than the prior year quarter largely owing to higher cont ractor and 
maintenance costs. Cash cost was further impacted by union bonus payments for the finalization of the rem aining 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. C opper 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 tha n 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 pri or 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. 
 
 
1These 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.

===== SIDA 3 =====

Corporate Updates  
 
• On February 8, 2023, the Company reported its Mineral Resource and Miner al 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, 202 3, 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 co mprised 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.

===== SIDA 4 =====

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 conti nues 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 wei ghted 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 associate d 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 pr ograms 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 re lease 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. 
 
For further information, please 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 
  
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.

===== SIDA 5 =====

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 n ot 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

===== SIDA 6 =====

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)

===== SIDA 7 =====

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

===== SIDA 8 =====

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 histor ical 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 possi ble outcome of pending 
litigation; the results of any Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and M ineral Reserve estimations, life of mine estimates, 
and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the develo pment 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 Casero nes transaction; the Company’s 
integration of acquisitions and any anticipated benefits thereof, including the Caserones transaction; and expectations for ot her 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 copper, nickel, 
zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisition s; 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 this document in ligh t of management’s 
experience and perception of current conditions and expected developments, these statements are inherently subject to significant busine ss, economic and 
competitive uncertainties 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 pr icing 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 condi tions, 
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; delay s 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 min ing industry in general; health and 
safety risks; risks relating to th e development of the Josemaria Project; inability to attract and retain highly skilled employees; risks associated with clima te 
change; compliance with environmental, health and safety laws and regulations; unavailable or inaccessible infrastructure, in frastructure failures, and risks 
related to ageing infrastructure; risks inherent in and/or associated with operating in foreign countries and emerging market s, including with respect to 
foreign exchange and capital controls; economic, political and social in stability 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 asso ciated with acquisitions and related 
integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relati ng 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 cons ultants in foreign jurisdictions; 
information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserve s 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 p rojections, 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 w aste rock 
dumps or tailings storage facilities; activist shareholders and proxy solicitation matters; risks relating to dilution; regul atory 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 potentia l 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; pot ential for the allegation of fraud and 
corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory empl oyment practices, or human 
rights violations; the threat associated with outbreaks of viruses and in fectious 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 th e 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.seda r.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, e stimated, 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 a ssumptions 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 f uture 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.

===== SIDA 9 =====

Management’s Discussion and Analysis 
For the three months ended March 31, 2023 
  
This management’s discussion and analysis (“MD&A”) has been prepared as of May 3, 2023 and should be read in conjunction 
with the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2023. Those 
financial statements are prepared in accordance with International Financial Reporting Standards ("IF RS") as issued by the 
International Accounting Standards Board applicable to the preparation of interim financial statements, including 
International Accounting Standard 34, Interim Financial Reporting. The Company’s presentation currency is United States 
(“US”) dollars. Reference herein of $ or USD is to United States dollars, ARS is to Argentine pesos, BRL is to Brazilian reai s, C$ 
is to Canadian dollars, CLP is to Chilean pesos, € refers to euros, and SEK is to Swedish kronor. 
 
About Lundin Mining 
Lundin Mining Corporation (“Lundin Mining” or the “Company”) 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. 
 
Table of Contents 
Highlights
 ..............................................................................................................................................................................................  
1 
Financial Position and Financing
 ..............................................................................................................................................................................................  
2 
Outlook
 ..............................................................................................................................................................................................  
3 
Selected Quarterly Financial Information
 ..............................................................................................................................................................................................  
4 
Revenue Overview
 ..............................................................................................................................................................................................  
5 
Financial Results
 ..............................................................................................................................................................................................  
8 
Mining Operations
 ..............................................................................................................................................................................................  
10 
Production Overview
 ........................................................................................................................................................................................  
10 
Cash Cost Overview
 ........................................................................................................................................................................................  
11 
Capital Expenditures
 ........................................................................................................................................................................................  
12 
Candelaria
 ........................................................................................................................................................................................  
13 
Chapada
 ........................................................................................................................................................................................  
14 
Eagle
 ........................................................................................................................................................................................  
15 
Neves-Corvo
 ........................................................................................................................................................................................  
16 
Zinkgruvan
 ........................................................................................................................................................................................  
17 
      Josemaria Project
 ..............................................................................................................................................................................................  
18 
Metal Prices, LME Inventories, and Smelter Treatment and Refining Charges
 ..............................................................................................................................................................................................  
19 
Liquidity and Capital Resources
 ..............................................................................................................................................................................................  
20 
Related Party Transactions
 ..............................................................................................................................................................................................  
21 
Changes in Accounting Policies and Critical Accounting Estimates and Judgements
 ..............................................................................................................................................................................................  
21 
Non-GAAP and Other Performance Measures
 ..............................................................................................................................................................................................  
22 
Managing Risks
 ..............................................................................................................................................................................................  
27 
Management's Report on Internal Controls
 ..............................................................................................................................................................................................  
27 
Outstanding Share Data
 ..............................................................................................................................................................................................  
27

===== SIDA 10 =====

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 rega rding 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 exploratio n and development activities at the Company’s projects; expectations and ability to complete the Caserones transaction; the C ompany’s 
integration of acquisitions and any anticipated benefits thereof, including the Caserones transaction; and expectations fo r 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 copper, nickel, zinc, gold and other meta ls; 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 dat e 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 unkn own 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 un expected 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; volati lity 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 market s, 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, trad e 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 antic ipated 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 ge ology, 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 Rese rve estimates, estimates of grade, 
tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing effici ency; 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 oth er 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 po tential 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 3 1, 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 thos e 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.

===== SIDA 11 =====

1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.  
1 
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 cost 1 continues on track 
with recent guidance. The Company generated gross profit of $213.3 million (Q1 2022 - $478.8 million) and adjusted EBITDA1 
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 quarte r 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 Productiona 
(contained metal in concentrate) 
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

===== SIDA 12 =====

1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.                  
    2 
 
 
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 an d 
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 earnings1 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 d ebt on a net basis and the settlement of foreign 
currency derivatives. 
  
• As at March 31, 2023, the Company had a net debt1 balance of $34.6 million.  
 
• As at May  3, 2023, the Company had cash and net debt balances of approximately $ 180.0 million and $ 90.0 million, 
respectively.

===== SIDA 13 =====

1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.    
                                     3 
Outlook 
 
The Company remains in a strong financial position with its producing as sets generating material free cash flow from 
operations1 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 out lined 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 ena ble 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 anticipat ed 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, ther e 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.

===== SIDA 14 =====

4 
Selected Quarterly Financial Information1 
  
Three months ended 
March 31, 
($ millions, except share and per share amounts)  2023  2022 
Revenue   751.3    991.1  
Costs of goods sold:     
Production costs   (417.8)   (382.4) 
Depreciation, depletion and amortization   (120.2)   (129.8) 
Gross profit   213.3    478.8  
     
Net earnings attributable to:     
Lundin Mining shareholders   146.6    345.1  
Non-controlling interests   18.7    33.0  
Net earnings   165.3    378.1  
     
Adjusted earnings3   125.7    295.6  
Adjusted EBITDA3   336.9    587.8  
Cash flow from operations   211.9    317.3  
Adjusted operating cash flow3   235.1    472.8  
Free cash flow from operations   71.1    194.8  
Free cash flow3   (34.2)   172.3  
Capital expenditures4   246.1    144.9  
     
Per share amounts:     
Basic and diluted earnings per share ("EPS") attributable to shareholders   0.19    0.47  
Adjusted EPS   0.16    0.40  
Adjusted operating cash flow per share3   0.30    0.64  
Dividends declared (C$/share)   0.09    0.20  
     
  
March 31, 
2023  
December 31, 
2022 
Total assets   8,347.0    8,172.8  
Total debt and lease liabilities   214.7    197.3  
Net debt3   (34.6)   (10.9) 
 
Summary of Quarterly Results1,2,5 
($ millions, except per share data) Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21 Q2-21  
Revenue  751.3  811.4  648.5  590.2  991.1  1,018.6  756.4  872.3  
Gross profit  213.3  155.2  82.5  46.0  478.8  433.2  303.9  380.2  
Net earnings (loss)  165.3  145.3  (11.2)  (48.6)  378.1  266.1  190.6  268.4  
- attributable to shareholders  146.6  145.6  (11.2)  (52.6)  345.1  228.8  173.7  242.6  
Adjusted earnings (loss)3  125.7  191.5  30.9  (35.3)  295.6  281.5  168.4  226.3  
Adjusted EBITDA3  336.9  353.7  202.4  148.6  587.8  623.0  411.3  480.7  
EPS - Basic and Diluted  0.19  0.19  (0.01)  (0.07)  0.47  0.31  0.24  0.33  
Adjusted EPS3  0.16  0.25  0.04  (0.05)  0.40  0.38  0.23  0.31  
Cash flow from operations  211.9  156.9  36.3  366.4  317.3  384.2  523.1  419.0  
Adjusted operating cash flow per share3  0.30  0.38  0.23  0.06  0.64  0.65  0.40  0.58  
Capital expenditures4  246.1  281.2  199.5  217.3  144.9  153.9  133.8  131.9  
 
 
1 Except where otherwise noted, financial data has been prepared in accordance with IFRS as issued by the IASB.  
2 The sum of quarterly amounts may differ from year-to-date results due to rounding. 
3 This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 
4 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. 
5 Variability in revenues and net earnings is largely driven by metal prices and sales volumes. In recent quarters, net earnings has also been  
   impacted by inflation factors. For further metal price trending discussion, refer to page 19 of this MD&A.

===== SIDA 15 =====

5 
Revenue Overview 
 
Sales Volumes by Payable Metal 
(Contained metal in concentrate) 2023 2022 
Q1 Total Q4 Q3 Q2 Q1 
Copper (t)       
Candelaria (100%)  35,570  147,251   33,561   35,587   39,655   38,448  
Chapada  9,072  45,563   12,037   12,817   7,905   12,804  
Eagle  2,785  14,060   2,672   3,721   4,159   3,508  
Neves-Corvo  8,031  31,592   6,351   8,574   8,183   8,484  
Zinkgruvan  869  4,428   886   1,570   337   1,635  
  56,327  242,894   55,507   62,269   60,239   64,879  
Zinc (t)       
Neves-Corvo  23,542  66,966   20,205   18,770   16,289   11,702  
Zinkgruvan  16,612  65,684   17,635   13,722   18,525   15,802  
  40,154  132,650   37,840   32,492   34,814   27,504  
Gold (koz)       
Candelaria (100%)  22  83   20   20   22   21  
Chapada  11  65   17   23   10   15  
  33  148   37   43   32   36  
Nickel (t)       
Eagle  2,735  14,427   3,239   3,715   4,206   3,267  
Lead (t)       
Neves-Corvo  1,039  2,908   673   654   818   763  
Zinkgruvan  5,478  30,163   7,654   7,502   10,163   4,844  
  6,517  33,071   8,327   8,156   10,981   5,607  
Silver (koz)       
Candelaria (100%)  295  1,442   278   305   412   447  
Chapada  31  156   50   32   26   48  
Eagle  6  34   9   9   9   7  
Neves-Corvo  171  552   92   117   152   191  
Zinkgruvan  399  2,088   551   532   650   355  
  902  4,272   980   995   1,249   1,048

===== SIDA 16 =====

6 
Revenue Analysis 
   Three months ended March 31, 
 by Mine  2023  2022  Change 
 ($ thousands)  $ %  $ %  $ 
 Candelaria (100%)   380,405 51    457,546 46    (77,141) 
 Chapada   111,118 15    159,605 16    (48,487) 
 Eagle   69,420 9    149,869 15    (80,449) 
 Neves-Corvo   129,403 17    134,567 14    (5,164) 
 Zinkgruvan   60,998 8    89,492 9    (28,494) 
    751,344    991,079    (239,735) 
 
   Three months ended March 31, 
 by Metal  2023  2022  Change 
 ($ thousands)  $ %  $ %  $ 
 Copper   529,681 70    679,075 69    (149,394) 
 Zinc   99,151 13    107,615 11    (8,464) 
 Gold   57,068 8    59,717 6    (2,649) 
 Nickel   41,959 6    106,790 11    (64,831) 
 Lead   11,459 2    11,837 1    (378) 
 Silver   9,236 1    13,898 1    (4,662) 
 Other   2,790 —    12,147 1    (9,357) 
    751,344    991,079    (239,735) 
 
Revenue for the quarter ended March 31, 2023  amounted to $ 751.3 million which was lower in comparison to the prior 
quarter primarily as a result of lower realized metal prices and price adjustments ($151.8 million). 
 
Revenue from gold and silver for the quarter ended March 31, 2023 includes the partial recognition of an upfront purchase 
price on the sale of precious metals streams for Candelaria, Neves-Corvo, and Zinkgruvan as well as the cash proceeds which 
amount to approximately $425/oz for gold and between $4.25/oz and $4.57/oz for silver. 
 
Chapada’s copper revenue includes the recognition of deferred revenue from copper streams acquired with the Chapada 
mine, as well as the cash proceeds of 30% of the market price of the copper sold under the streams. 
 
Revenue is recorded using the metal price received for s ales that settle during the reporting period. For sales that have not 
been settled, an estimate is used based on the expected month of settlement and the forward price of the metal at the end 
of the reporting period. The difference between the estimate and the final price received is recognized by adjusting revenue 
in the period in which the sale is settled. Settlement dates can range from one to six months after shipment.

===== SIDA 17 =====

7 
Provisionally Valued Revenue as of March 31, 2023 
 Metal Payable metal Valued at 
 Copper  88,628 t $4.08 /lb 
 Zinc  41,644 t $1.33 /lb 
 Gold  38  koz $1,975 /oz 
 Nickel  2,048  t $10.75 /lb 
 
Quarterly Reconciliation of Realized Prices 
  Three months ended March 31, 2023 
 ($ thousands) Copper Zinc Gold Nickel Total 
 Current period sales1  505,239   118,233   64,506   64,657   752,635  
 Prior period price adjustments  52,643   5,139   3,147   (20,260)  40,669  
   557,882   123,372   67,653   44,397   793,304  
 Other metal sales      41,053  
 Copper stream cash effect      (6,510)
   Gold stream cash effect      (20,596)
   Less: Treatment & refining charges      (55,907)
   Total Revenue      751,344  
        Payable Metal 56,327 t 40,154 t 32 koz 2,735 t  
        Current period sales1,2 $4.07 $1.34 $1,978 $10.72  
 Prior period adjustments2 0.42 0.05 96 (3.36)  
 Realized prices2, 3 $4.49 /lb $1.39 /lb $2,074 /oz $7.36 /lb  
       
  Three months ended March 31, 2022 
  Copper Zinc Gold Nickel Total 
 Current period sales1  671,395   111,706   70,530   102,516   956,147  
 Prior period price adjustments  34,906   7,428   732   6,757   49,823  
   706,301   119,134   71,262   109,273   1,005,970  
 Other metal sales      55,536  
 Copper stream cash effect      (7,140)
   Gold stream cash effect      (21,108)
   Less: Treatment & refining charges      (42,179)
   Total Revenue      991,079  
        Payable Metal 64,879 t 27,504 t 36 koz 3,267 t  
        Current period sales1,2 $4.69 $1.84 $1,939 $14.23  
 Prior period adjustments2 0.25  0.12 20 0.94  
 Realized prices2, 3 $4.94 /lb $1.96 /lb $1,959 /oz $15.17 /lb  
 1. Includes provisional price adjustments on current period sales. 
 2. This is a non-GAAP measure – see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 
 
3. The realized price for copper inclusive of the impact of streaming agreements for the three months ended March 31, 2023 is $4.44/lb (2022: $4.89/lb). 
The realized price for gold inclusive of the impact of streaming agreements for the three months ended March 31, 2023 is $1,443/oz (2022: $1,379/oz).

===== SIDA 18 =====

8 
Financial Results 
 
Production Costs  
Production costs for the quarter ended March 31, 2023 were $417.8 million an increase of $35.3 million over the first quarter 
in the prior year. These production cost increases were primarily due to increased contractor and maintenance costs at 
Candelaria. 
 
Depreciation, Depletion and Amortization 
Depreciation, depletion and amortization expense for the quarter ended March 31, 2023 decreased, primarily attributable to 
reduced Candelaria deferred stripping amortization. 
 
 Depreciation, depletion & amortization  Three months ended March 31, 
  ($ thousands)  2023 2022 Change 
 Candelaria   58,375   68,109   (9,734) 
 Chapada   12,081   11,117   964  
 Eagle   11,151   16,849   (5,698) 
 Josemaria   38   —   38  
 Neves-Corvo   30,080   20,845   9,235  
 Zinkgruvan   8,087   12,479   (4,392) 
 Other   435   438   (3) 
    120,247   129,837   (9,590) 
 
General Exploration and Business Development 
Total general exploration and business development expenses for the quarter ended March 31, 2023  was higher than the 
comparable prior year quarter due mainly to increased corporate development expenses related to the acquisition of 
Caserones. During the current quarter, exploration costs were spent primarily on in -mine and near -mine targets at the 
Company’s operations. Geophysical surveys were conducted at Candelaria, Chapada and Zinkgruvan. Drilling at Candelaria 
was divided between Ojos district and Candelaria North with four rigs. Exploration drilling at Neves-Corvo and Zinkgruvan was 
primarily focused along near-mine mineralized trends; Drilling at Chapada has primarily focused on Saúva and the Chapada 
District with four drill rigs operating during the quarter. Drilling and geophysical surveys will ramp up during the second quarter 
at Eagle. 
 
Other Income 
Net other income for the year ended March 31, 2023 was higher than the prior year due to foreign exchange and trading gains 
on equity investments of $22.1 million and realized as well as unrealized gains on foreign currency contracts of $34.2 million. 
In the prior year quarter, a larger tax refund was received related to a subsidiary sold in a prior period. 
 
Foreign exchange gains and losses recorded in other income primarily resulted from foreign exchange revaluation of working 
capital denominated in foreign currencies. Period end exchange rates having a meaningful impact on foreign exchange 
recorded at March 31, 2023 were: 
 
  March 31, 2023 December 31, 2022 
 Brazilian Real (USD:BRL) 5.08 5.22 
 Chilean Peso (USD:CLP) 789 860 
 Euro (USD:€) 0.92 0.94 
 Swedish Kronor (USD:SEK) 10.35 10.44 
 Argentine Peso (USD:ARS) 209 177

===== SIDA 19 =====

9 
Income Taxes 
 Income tax expense (recovery)  Three months ended March 31, 
 ($ thousands)  2023 2022 Change 
 Candelaria   42,547   72,969   (30,422) 
 Chapada   (5,349)  (27,681)  22,332  
 Eagle   7   13,762   (13,755) 
 Neves-Corvo   1,272   7,111   (5,839) 
 Zinkgruvan   3,979   11,265   (7,286) 
 Other   6,237   (220)  6,457  
    48,693   77,206   (28,513) 
 
 Income taxes by classification  Three months ended March 31, 
 ($ thousands)  2023 2022 Change 
 Current income tax expense   59,501   95,538   (36,037) 
 Deferred income tax expense (recovery)   (10,808)  (18,332)  7,524  
    48,693   77,206   (28,513) 
 
Income tax expense for the quarter ended March 31, 2023  was lower than the prior year quarter primarily due to lower 
taxable earnings. Included in Chapada's income taxes for the quarter ended March 31, 2023 was a $6.0 million recovery 
recorded for deferred tax on foreign exchange revaluation of non -monetary assets and deferred taxes (2022 – $35.0 million 
expense).

===== SIDA 20 =====

10 
Mining Operations 
 
Production Overview 
(Contained metal in concentrate) 2023 2022 
Q1 Total Q4 Q3 Q2 Q1 
 Copper (t)       
 Candelaria (100%) 39,167 152,042 34,398 37,192 40,949 39,503 
 Chapada 9,864 45,739 11,306 13,988 10,345 10,100 
 Eagle 3,140 15,895 3,081 3,994 4,400 4,420 
 Neves-Corvo 7,574 31,906 7,160 7,019 7,867 9,860 
 Zinkgruvan 1,717 4,077 607 1,737 535 1,198 
  61,462 249,659 56,552 63,930 64,096 65,081 
 Zinc (t)       
 Neves-Corvo 27,793 82,435 24,523 22,514 20,647 14,751 
 Zinkgruvan 20,760 76,503 19,785 17,813 21,265 17,640 
  48,553 158,938 44,308 40,327 41,912 32,391 
 Gold (koz)       
 Candelaria (100%) 24 86 20 21 23 22 
 Chapada 12 68 16 24 16 12 
  36 154 36 45 39 34 
 Nickel (t)       
 Eagle 3,724 17,475 4,096 4,379 4,719 4,281 
 Lead (t)       
 Neves-Corvo 1,172 3,306 845 743 925 793 
 Zinkgruvan 7,407 30,517 7,619 7,046 9,124 6,728 
  8,579 33,823 8,464 7,789 10,049 7,521 
 Silver (koz)       
 Candelaria (100%) 347 1,595 306 337 457 495 
 Chapada 56 258 65 75 60 58 
 Eagle 17 93 20 20 26 27 
 Neves-Corvo 436 1,383 370 323 346 344 
 Zinkgruvan 632 2,621 663 642 739 577 
  1,488 5,950 1,424 1,397 1,628 1,501

===== SIDA 21 =====

11 
Production Cost and Cash Cost Overview ($ thousand, $/lb) 
   
Three months ended 
March 31, 
 ($ thousands)  2023 2022 
 Candelaria    
 Production costs  $187,979 $152,809 
 Gross cost   2.58   1.96  
 By-product1   (0.37)  (0.38) 
 Cash Cost (Cu, $/lb)   2.21   1.58  
 AISC (Cu, $/lb)2   3.44   2.61  
     
 Chapada    
 Production costs  $68,634 $79,677 
 Gross cost   3.54   2.85  
 By-product   (1.17)  (1.03) 
 Cash Cost (Cu, $/lb)   2.37   1.82  
 AISC (Cu, $/lb)   3.42   2.56  
     
 Eagle    
 Production cost  $45,449 $39,558 
 Gross cost   6.98   4.73  
 By-product   (4.55)  (5.98) 
 Cash Cost (Ni, $/lb)   2.43   (1.25) 
 AISC (Ni, $/lb)   5.16   1.19  
     
 Neves-Corvo    
 Production costs  $85,726 $78,470 
 Gross cost   5.06   4.32  
 By-product   (3.37)  (2.62) 
 Cash Cost (Cu, $/lb)   1.69   1.70  
 AISC (Cu, $/lb)   3.29   2.92  
     
 Zinkgruvan    
 Production costs  $28,905 $31,188 
 Gross cost   1.03   1.07  
 By-product   (0.49)  (0.80) 
 Cash Cost (Zn, $/lb)   0.54   0.27  
 AISC (Zn, $/lb)   0.97   0.57  
1. By-product is after related treatment and refining charges. 
2. All-in Sustaining Cost ("AISC") is a non-GAAP measure, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

===== SIDA 22 =====

12 
Capital Expenditures1 
  Three months ended March 31, 
  2023 2022 
 ($ thousands) Sustaining Expansionary 
Capitalized 
Interest Total Sustaining Expansionary 
Capitalized 
Interest Total 
 Candelaria  90,686   —   —   90,686   82,964   —   —   82,964  
 Chapada  16,027   —   —   16,027   14,455   —   —   14,455  
 Eagle  7,102   —   —   7,102   4,460   —   —   4,460  
 Josemaria  —   90,519   36   90,555   —   —   —   —  
 Neves-Corvo  25,061   —   —   25,061   19,516   14,154   —   33,670  
 Zinkgruvan  14,468   —   —   14,468   9,039   —   —   9,039  
 Other  2,220   —   —   2,220   324   —   —   324  
   155,564   90,519   36   246,119   130,758   14,154   —   144,912  
1. Capital expenditures are reported on a cash basis, as presented in the condensed interim consolidated statement of cash flows. Sustaining capital 
expenditure is a supplementary financial measure and expansionary capital expenditure is a non -GAAP measure – see the "Non -GAAP and Other 
Performance Measures" section of this MD&A for discussion.

===== SIDA 23 =====

13 
Candelaria (Chile) 
 
Operating Statistics 
  2023 2022 
 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 
        
 Ore mined (000s tonnes)  6,602   22,666   4,993   6,239   6,362   5,072  
 Ore milled (000s tonnes)  7,202   26,725   6,593   6,642   6,847   6,643  
 Grade       
 Copper (%)  0.59   0.62   0.57   0.60   0.64   0.65  
 Gold (g/t)  0.15   0.14   0.13   0.14   0.14   0.14  
 Recovery       
 Copper (%)  92.6   92.7   92.7   93.3   93.0   91.9  
 Gold (%)  70.3   73.9   74.0   74.6   73.8   73.0  
 Production (contained metal)       
 Copper (tonnes)  39,167   152,042   34,398   37,192   40,949   39,503  
 Gold (000 oz)  24   86   20   21   23   22  
 Silver (000 oz)  347   1,595   306   337   457   495  
 Revenue ($000s)  380,405   1,317,223   342,348   255,330   261,999   457,546  
 Production costs ($000s)  187,979   697,171   207,596   168,602   168,164   152,809  
 Gross profit ($000s)  134,051   335,793   69,285   11,956   17,924   236,628  
 Cash cost ($ per pound copper)  2.21   1.96   2.52   1.97   1.86   1.58  
 AISC ($ per pound copper)  3.44   3.22   4.19   3.34   2.89   2.61  
 
Gross Profit 
Gross profit for the quarter ended March 31, 2023 was lower than the prior year quarter, primarily due to higher production 
costs, lower copper prices and sales volumes.  
 
Production 
Copper production for the quarter ended March 31, 2023 was lower than the prior year quarter due to lower grades from the 
open pit partially offset by higher throughput. Gold production was higher than the prior year quarter largely due to higher 
throughput. Both metals performed better than fourth quarter 2022 production. Annual copper and gold production are on 
track to achieve guidance.  
 
Production Costs and Cash Cost 
Production costs and copper cash cost for the quarter ended March 31, 2023 were higher than the prior year quarter, mainly 
due to higher contractor services and higher 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, 
as well as lower copper sales volumes. Annual copper cash cost guidance remains unchanged.  
 
AISC for the quarter ended March 31, 2023 was higher than that reported in the prior year quarter due to higher cash cost 
and higher sustaining capital expenditures.  
 
For the quarter ended March 31, 2023, approximately 14,000 oz of gold and 200,000 oz of si lver were subject to terms of a 
streaming agreement from which approximately $425/oz of gold and $4.25/oz of silver were received.

===== SIDA 24 =====

14 
Chapada (Brazil) 
 
Operating Statistics 
  2023 2022 
 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 
        
 Ore mined (000s tonnes)  6,121   26,319   7,801   7,404   4,875   6,239  
 Ore milled (000s tonnes)  5,976   22,752   5,296   6,345   5,670   5,441  
 Grade       
 Copper (%) 0.23  0.26  0.25  0.28  0.25  0.23  
 Gold (g/t) 0.13  0.16  0.16  0.19  0.17  0.13  
 Recovery       
 Copper (%) 73.3  78.6  83.4  78.8  72.9  79.6  
 Gold (%) 48.0  56.0  59.5  58.3  50.6  55.3  
 Production (contained metal)       
 Copper (tonnes)  9,864   45,739   11,306   13,988   10,345   10,100  
 Gold (000 oz)  12   68   16   24   16   12  
 Silver (000 oz)  56   258   65   75   60   58  
 Revenue ($000s)  111,118   477,927   142,328   118,734   57,260   159,605  
 Production costs ($000s)  68,634   324,096   84,247   88,665   71,507   79,677  
 Gross profit (loss) ($000s)  30,403   41,420   (22,522)  17,851   (22,720)  68,811  
 Cash cost ($ per pound copper)  2.37   2.08   1.95   1.92   2.98   1.82  
 AISC ($ per pound copper)  3.42   3.36   3.73   2.80   5.00   2.56  
 
Gross Profit 
Gross profit for the quarter ended March 31, 2023 was lower compared to the prior year quarter, largely due to lower sales 
volumes and inflationary increases for production costs.  
 
Production  
Copper production for the quarter ended March 31, 2023 was lower than the fourth quarter of 2022, as expected during the 
rainy season, and was lower than the prior year quarter due to planned lower recoveries, partially offset by higher throughput. 
Gold production in the quarter was comparable to the prior year quarter. Both metals performed better than plan during the 
first quarter of 2023 and are on track to meet annual production guidance.  
 
Production Costs and Cash Cost 
Current quarter production costs were lower than the prior year quarter due primarily to lower volumes sold. 
 
Copper cash cost for the quarter ended March 31, 2023  was higher than the prior year quarter due to higher consumable 
costs and lower sales volumes. Annual copper cash cost guidance remains unchanged. AISC was higher compared to the prior 
year quarter due to higher cash cost. 
 
Projects 
The Company is continuing to evaluate options for long -term mine and plant expansion. Study work is being conducted 
following comprehensive exploration efforts focused on near-mine targets since acquisition. The results will be incorporated 
in any future expansionary or optimization plans. During the first quarter, approximately 9,400 metres of exploration drilling 
were completed, primarily on Saúva area targets.

===== SIDA 25 =====

15 
Eagle (USA) 
 
Operating Statistics 
  2023 2022 
 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 
        
 Ore mined (000s tonnes) 156 718 165 190 181  182  
 Ore milled (000s tonnes) 161 718 170 187 182  179  
 Grade       
 Nickel (%) 2.6  2.8  2.7  2.7  3.0  2.8  
 Copper (%) 2.0  2.3  1.9  2.2  2.5  2.5  
 Recovery       
 Nickel (%) 88.5  86.6  88.6  85.5  87.3  85.3  
 Copper (%) 97.2  97.2  96.8  96.5  97.7  97.6  
 Production (contained metal)       
 Nickel (tonnes) 3,724 17,475 4,096 4,379 4,719 4,281 
 Copper (tonnes) 3,140 15,895 3,081 3,994 4,400 4,420 
 Revenue ($000s)  69,420   520,472   157,060   106,715   106,828   149,869  
 Production costs ($000s)  45,449   193,003   50,581   47,736   55,128   39,558  
 Gross profit ($000s)  12,820   247,946   87,359   37,329   29,796   93,462  
 Cash cost ($ per pound nickel)  2.43   0.79   2.40   1.05   0.90   (1.25) 
 AISC ($ per pound nickel)  5.16   3.01   5.23   2.77   2.93   1.19  
 
Gross Profit 
Gross profit for the quarter ended March 31, 2023 was lower than the prior year quarter, primarily due to lower nickel price 
adjustments and lower sales volumes. 
 
Production 
Nickel and copper production in the current quarter was lower than the fourth quarter of 2022 and the prior year quarter, 
due to lower throughput and lower grades. Both metals are on track to meet full year production guidance. 
 
Production Costs and Cash Cost 
Production costs and nickel cash cost in the first quarter were higher than the prior year quarter due to higher costs for 
consumables. Cash cost was also impacted by lower by -product copper price and lower nickel sales volumes. Annual nickel 
cash cost guidance remains unchanged. AISC in the first quarter was higher than the prior year quarter largely as a result of  
higher cash cost, as well as higher sustaining capital expenditures.

===== SIDA 26 =====

16 
Neves-Corvo (Portugal)  
 
Operating Statistics 
  2023 2022 
 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 
        
 Ore mined, copper (000s tonnes) 603 2,501 611 598 610 682 
 Ore mined, zinc (000s tonnes) 511 1,632 462 447 426 297 
 Ore milled, copper (000s tonnes) 604 2,499 607 596 606 690 
 Ore milled, zinc (000s tonnes) 510 1,633 465 449 420 299 
 Grade       
 Copper (%) 1.6  1.7  1.6  1.6  1.7  1.8  
 Zinc (%) 6.7  6.9  6.9  6.9  6.9  7.0  
 Recovery       
 Copper (%) 77.7  76.1  75.1  73.0  77.0  78.7  
 Zinc (%) 78.7  70.2  74.3  70.3  68.4  66.1  
 Production (contained metal)       
 Copper (tonnes) 7,574 31,906 7,160 7,019 7,867  9,860  
 Zinc (tonnes) 27,793 82,435 24,523 22,514 20,647  14,751  
 Lead (tonnes) 1,172 3,306 845 743 925  793  
 Silver (000 oz)  436   1,383   370   323   346   344  
 Revenue ($000s)  129,403   433,486   102,516   102,865   93,538   134,567  
 Production costs ($000s)  85,726   329,232   78,402   94,572   77,788   78,470  
 Gross profit (loss) ($000s)  13,597   2,447   (7,570)  (17,006)  (8,229)  35,252  
 Cash cost ($ per pound copper)  1.69   2.27   2.32   2.69   2.39   1.70  
 AISC ($ per pound copper)  3.29   3.40   4.22   3.51   3.14   2.92  
 
Gross Profit  
Gross profit for the quarter ended March 31, 2023 , was lower than the first quarter of 2022 due to lower zinc and copper 
price and price adjustments and higher production costs. 
 
Production  
Copper production for the quarter ended March 31, 2023, was higher than the fourth quarter of 2022 due to higher recoveries, 
though lower than the prior year quarter due to lower throughput and grades. Zinc production in the first quarter was higher 
than both the fourth quarter of 2022 and the prior year quarter as a result of higher throughput due to the ZEP ramp up and 
better recoveries. Both metals are expected to achieve annual guidance. 
 
Production Costs and Cash Cost 
Production costs for the quarter ended March 31, 2023, were higher than the prior year quarter, primarily due to higher zinc 
production volumes. Production costs benefitted from the easing of inflationary pressures on consumable prices, in particular 
electricity.  
 
Copper cash cost for the quarter was comparable to the prior year quarter. Annual copper cash cost guidance remains 
unchanged. AISC for the quarter ended March 31, 2023, was higher than the prior year quarter due to higher sustaining capital 
expenditures.

===== SIDA 27 =====

17 
Zinkgruvan (Sweden) 
 
Operating Statistics 
  2023 2022 
 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 
        
 Ore mined, zinc (000s tonnes) 310 1,209 325 260 298 326 
 Ore mined, copper (000s tonnes) 55 192 48 61 38 45 
 Ore milled, zinc (000s tonnes) 315 1,234 309 293 327 305 
 Ore milled, copper (000s tonnes) 78 225 26 84 27 88 
 Grade       
 Zinc (%) 7.4  7.0  7.3  6.9  7.3  6.5  
 Lead (%) 2.9  3.0  3.0  2.9  3.3  2.7  
 Copper (%) 2.4  2.1  2.6  2.4  2.3  1.6  
 Recovery       
 Zinc (%) 88.7  88.4  88.3  87.5  89.1  88.7  
 Lead (%) 82.1  82.4  82.2  82.5  83.1  81.7  
 Copper (%) 90.5  87.1  89.0  86.1  87.7  87.3  
 Production (contained metal)       
 Zinc (tonnes) 20,760 76,503 19,785 17,813 21,265 17,640 
 Lead (tonnes) 7,407 30,517 7,619 7,046 9,124 6,728 
 Copper (tonnes) 1,717 4,077 607 1,737 535 1,198 
 Silver (000 oz) 632 2,621 663 642 739 577 
 Revenue ($000s)  60,998   292,120   67,178   64,854   70,596   89,492  
 Production costs ($000s)  28,905   115,553   29,590   25,709   29,066   31,188  
 Gross profit ($000s)  24,006   139,828   29,800   33,703   30,500   45,825  
 Cash cost ($ per pound)  0.54   0.32   0.32   0.18   0.44   0.27  
 AISC ($ per pound)  0.97   0.68   0.77   0.50   0.82   0.57  
 
Gross Profit 
Gross profit for the quarter ended March 31, 2023, was lower than the prior year quarter due to lower zinc price and price 
adjustments. 
 
Production  
Production of zinc, lead and copper in current quarter was above the prior year quarter mainly due to higher grades. Zinc and 
lead also benefitted from higher throughput. Current quarter zinc and copper production was also higher than the fourth 
quarter of 2022. Annual zinc and copper production guidance remains unchanged. 
 
Production Costs and Cash Cost 
Production costs for the quarter ended March 31, 2023 , were lower than the prior year quarter due to favourable foreign 
exchange.  
 
Zinc cash cost for the quarter was higher than the prior year quarter cash cost, due to lower copper by-product sales volumes, 
partially offset by favourable foreign exchange movements. Full year cash cost guidance remains unchanged. AISC for the 
quarter was higher than the prior year quarter due to higher cash cost and higher sustaining capital spend.

===== SIDA 28 =====

18 
Josemaria Project (Argentina)  
 
Project Development 
The Josemaria Project is updating its capital cost estimate and project execution schedule. The es timate report is advancing 
and intends to show capital cost at the Feasibility Study level. Plant engineering is at 39% completion as of March 31, 2023,  
including procurement of key long lead equipment. Early works continue onsite, mainly with the completi on of the Phase 1 
camp construction which was 94% complete and internal access roads construction was 84% complete at the end of the 
quarter. The geotechnical drilling campaign began in March 2023. Additionally, work continues in water, drilling, permittin g 
and supply testing, and a program to initiate studies for water & permit requirements, including water balance and hydro -
geological modelling, to be incorporated into the bi-annual EIA update submission in the second quarter of 2024. Agreements 
with provincial governments continue to progress on access road and power supply and infrastructure funding. Progress also 
continued on a project union agreement for construction.  
 
During the current quarter, the Company spent $84.3  million, inclusive of foreign e xchange and trading gains on equity 
investments of $22.1 million. Capital expenditures during the current quarter were $90.6 million.  
 
Josemaria Mineral Resources and Mineral Reserves remain unchanged since the 2020 estimates. Subsequent to the 2020 
estimate cut-off date infill drilling and assaying completed in 2021 and 2022 will be incorporated into future Mineral Resource 
and Mineral Reserve estimates.

===== SIDA 29 =====

19 
Metal Prices, LME Inventories and Smelter Treatment and Refining Charges 
 
The average metal prices for copper, zinc and nickel were lower in the current quarter compared to the prior year quarter 
while gold was higher than the prior year quarter. The average metal prices for copper, zinc, nickel and gold for the first quarter 
of 2023 were all higher than the average prices for the last quarter of 2022 by 12% copper, 4% zinc, 3% nickel and 10% gold. 
The prices for copper, zinc and nickel decreased through the quarter while gold increased over the same period of time. 
 
   Three months ended March 31,  
 (Average LME Price) 2023 2022 Change  
 Copper US$/pound 4.05 4.53 -11 %  
  US$/tonne 8,927 9,997   
 Zinc US$/pound 1.42 1.70 -16 %  
  US$/tonne 3,124 3,754   
 Gold US$/ounce 1,890 1,877 1 %  
 Nickel US$/pound 11.79 11.97 -2 %  
  US$/tonne 25,983 26,395   
 
The LME inventories for copper and nickel decreased during the first quarter of 2023, 27% and 20%, respectively, while the 
LME inventory for zinc increased 41%.  
 
During the first three months of 2023 the treatment charges (“TC”) and refining charges (“RC”) in the spot market for copper 
concentrates between miners and commodity traders decreased from an average spot TC during January of $73 per dmt of 
concentrate and a spot RC of $0.073 per lb of payable copper to a spot TC of $69 per dmt of co ncentrate and a spot RC of 
$0.069 per lb of payable copper during March 2023. Also, the spot terms at which Chinese copper smelters were prepared to 
buy decreased through the quarter from a TC of $84 per dmt of concentrate and a RC of $0.084 per payable lb of copper over 
January to a TC of $78 per dmt of concentrate and a RC of $0.078 per payable lb of copper at the end of March. The terms for 
annual contracts for copper concentrates for 2023 were reached in December 2022 at a TC of $88 per dmt with a RC of $0.088 
per payable lb of copper. This represents an improvement for the smelters compared to the 2022 annual terms at a TC of $65 
per dmt of concentrates and a RC of $0.065 per payable lb of copper. 
 
The spot TC, delivered China, for zinc concentrates during the first three months of 2023 decreased from $275 per dmt, flat, 
at the beginning of the year to $245 per dmt, flat, by the end of the first quarter, on increased activity in the Chinese mar ket 
after the Lunar holiday and increases in refined production in Europe.  
 
The Company’s nickel concentrate production from Eagle is sold under several long-term contracts at terms in-line with market 
conditions. Gold production from Chapada and Candelaria is sold at terms in -line with market conditions for copper 
concentrates.

===== SIDA 30 =====

20 
Liquidity and Capital Resources 
 
As at March 31, 2023, the Company had cash and cash equivalents of $184.2 million.  
 
Cash flow from operations for the three months ended M arch 31, 2023 amounted to $ 211.9 million and was $105.4 million 
lower than the prior year quarter as a result of lower gross profit before depreciation of $275.1 million partially offset by a 
lower comparative change in non-cash working capital and lower cash taxes paid.  
 
Cash flow used in investing activities for the three months ended March 31, 2023 amounted to $240.1 million and was higher 
compared to the prior year quarter due to higher capital investments at Josemaria.  
 
During the current quarter, the Company generated $19.5 million from financing activities compared to $10.3 million used in 
the prior year quarter. The change is due to higher net proceeds for debt, settlement of foreign currency derivatives and lower 
distributions to non-controlling interests during the current quarter. 
 
Capital Resources 
The Company continues to expect to be able to fund all its contractual commitments with its operating cash flow, cash on 
hand and available capital resources. The Company expects to fund the acquisiti on of Caserones with its revolving Credit 
Facility. 
 
As at March 31, 2023, the Company had $189.2 million of debt and $25.5 million of lease liabilities outstanding. 
 
As at March 31, 2023 , the Company has a revolving Credit Facility of $1,750.0  million wit h $25.9 million  outstanding 
(December 31, 2022 - $13.7 million). The Credit Facility bears interest on drawn funds at rates of Term Secured Overnight 
Financing Rate ("Term SOFR") + Credit Spread Adjustment ("CSA") + 1.45% to Term SOFR + CSA + 2.50% dependi ng on the 
Company’s net leverage ratio. The Credit Facility is subject to customary covenants. On April 26, 2023, the Credit Facility was 
amended extending the term to April 2028 and reducing the CSA to 0.10%. 
 
The Company also has equipment financing with an outstanding balance of $1.8 million as at March 31, 2023 (December 31, 
2022 - $2.4 million) and a commercial paper program of $27.2 million (€25.0 million) which matures in May 2025. The amount 
outstanding as at March 31, 2023  was $21.8 million (€20.0 million) and bears interest at EURIBOR + 0.50% (December 31, 
2022 - $26.7 million). As at March 31, 2023, the Company had outstanding short-term unsecured term loans of $139.8 million 
(December 31, 2022 - $127.4 million). 
 
During the first quarter of 2023, no shares were purchased under the Company's Normal Course Issuer Bid (Q1 2022 - nil).  
 
Contractual Obligations, Commitments and Contingencies 
The Company has contractual obligations and capital commitments as described in Note 19 “Commitments and 
Contingencies” in the Company’s Condensed Interim Consolidated Financial Statements. From time to time, the Company 
may also be involved in legal proceedings that arise in the ordinary course of its business. 
 
Financial Instruments 
 
The Company has entered into derivative contracts consisting of foreign currency forward and option contracts. The option 
contracts consist of put and call contracts in a collar structure. The Company does not currently utilize financial instruments 
in hedging metal price or interest rate exposure. The Company entered into diesel forward swap contracts subsequent to 
quarter end. 
 
For a detailed discussion of the Company’s financial instruments refer to Note 18 of the Company’s Condensed Interim 
Consolidated Financial Statements.

===== SIDA 31 =====

21 
Sensitivities 
Revenue, cost of goods sold and capital expenditures are affected by certa in external factors including fluctuations in metal 
prices and changes in exchange rates between the €, the SEK, the CLP , the BRL, the ARS and the $. Foreign exchange changes 
may be limited by the cash flow hedges previously described.  
 
Market and Liquidity Risks and Sensitivities 
Revenue and cost of goods sold are affected by certain external factors including fluctuations in metal prices and changes in  
exchange rates between the €, the SEK, the CLP , the BRL and the $. 
 
Metal Prices 
The following table illustrates the sensitivity of the Company's risk on final settlement of its provisionally priced revenues: 
 
 Metal Payable Metal 
Provisional price on 
 March 31, 2023 Change 
Effect on Revenue 
($millions) 
 Copper 88,628 t $4.08/lb +/- 10 % +/- $79.7 
 Zinc 41,644 t $1.33/lb +/- 10 % +/- $12.2 
 Gold 38 koz $1,975/oz +/- 10 % +/- $7.5 
 Nickel 2,048 t $10.75/lb +/- 10 % +/- $4.9 
 
Related Party Transactions  
 
The Company enters into related party transactions that are in the normal course of business and on an arm’s length basis. 
Related party disclosures can be found in Note 21 of the Company’s March 31, 2023 Condensed Interim Consolidated Financial 
Statements. 
 
Changes in Accounting Policies and Critical Accounting Estimates and Judgments 
 
The Company describes its material accounting policies as well as any changes in accounting policies in Note 2 “Basis of 
Presentation and Summary of Material Accounting Policies” of the March 31, 2023 Condensed Interim Consolidated Financial 
Statements.

===== SIDA 32 =====

22 
Non-GAAP and Other Performance Measures 
 
The Company uses certain performance measures in its analysis. These performance measures have no meaning within 
generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar 
data presented by other mining companies. This data is intended to provide additional information and should not be 
considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following are 
non-GAAP measures that the Company uses as key performance indicators. 
 
Net Debt 
Net debt  is a performance measure used by the Company to assess its financial position. Management believes that in 
addition to conventional performance measures prepared in accordance with IFRS, net debt is a useful indicator to some 
investors to evaluate the Company’s financial position. Net debt is defined as cash and cash equivalents, less debt and lease 
liabilities, excluding deferred financing fees and 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) 
     
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share 
Adjusted operating cash flow per share is a performance measure used by the Company to assess its ability to generate cash 
from its operations. Adjusted operating cash flow is defined as cash provided by operating activities, excluding changes in 
non-cash working capital items. The Company believes adjusted operating cash flow per share is a relevant measure to some 
investors, as it removes the impact of working capital, which can experience variability period -to-period. Adjusted operating 
cash flow per share can be reconciled to the Company's 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 and Free Cash Flow 
The Company believes free cash flow from operations and free cash flow are relevant measures for investors. Free cash flow 
from operations is indicative of the Company’s ability to generate cash from operations, after consideration of required 
sustaining capital expenditures necessary to maintain operations. Free cash flow is a relevant measure for some investors, as 
it is indicative of the Company’s available cash generated.  
 
Free cash flow from operations is defined as cash flow provided by operating act ivities, excluding exploration and project 
investigation costs and less sustaining capital expenditures. Free cash flow is defined as free cash flow from operations les s 
expansionary capex and exploration and project investigation costs.

===== SIDA 33 =====

23 
The Company has r edefined free cash flow so that it encompasses all capital expenditures, including both sustaining and 
expansionary, to more fully represent available cash generation. 
 
  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  
    
 
Adjusted EBITDA, Adjusted Earnings and Adjusted EPS 
Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), adjusted earnings and adjusted 
EPS are non -GAAP measures. These measures are presented to provide additional information to investors and other 
stakeholders on the  Company’s underlying operational performance. The Company believes certain investors find this 
information useful to evaluate the Company’s ability to generate cash flow from the Company’s core operations. Certain items 
have been excluded from adjusted EBITDA and adjusted earnings such as unrealized foreign exchange and revaluation gains 
and losses, impairment charges and reversals, gain or loss on debt settlement, interest on tax refunds and assessments, 
litigations, settlements and other items that do no t represent the Company’s current and on -going operations and are not 
necessarily indicative of future operating results. 
 
Adjusted EBITDA can be reconciled to the Company's Condensed Interim 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 (gain) loss on derivatives  (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

===== SIDA 34 =====

24 
Adjusted earnings and adjusted EPS can be reconciled to the Company's Condensed Interim 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 Lundin Mining shareholders  0.19   0.47  
 Total adjustments  (0.03)  (0.07) 
 Adjusted EPS  0.16   0.40  
 
Realized Price per Pound 
Realized price per pound and price per ounce are non-GAAP ratios that are calculated using the non-GAAP financial measures 
of current period sales and prior period adjustments. Realized prices exclude the effects of the stream cash effects as well as 
TC/RCs. Management believes that measuring these prices enables investors to better understand performance based on the 
realized metal sales in the current and prior periods. 
 
Capital Expenditures 
Identifying capital expenditures, on a cash basis, using a sustaining or  expansionary classification provides investors with a 
better understanding of costs required to maintain existing operations, and costs required for future growth of existing or 
new assets. 
 
• Sustaining capital expenditures – Expenditures which maintain existing operations and sustain production levels. 
 
• Expansionary capital expenditures – Expenditures which increase current or future production capacity, cash flow or 
earnings potential. 
 
Where an expenditure both maintains and expands current operations, classification would be based on the primary decision 
for which the expenditure is being made. Expansionary capital expenditures are reported excluding capitalized interest and 
therefore is a non-GAAP measure. Sustaining capital expenditure is a supplementary financial measure. 
 
Cash Cost per Pound 
Copper, zinc and nickel cash costs per pound are key performance measures that management uses to monitor performance. 
Management uses these statistics to assess how well the Company’s producing mines are performi ng and to assess overall 
efficiency and effectiveness of the mining operations. Cash cost is a non-GAAP measure and, although it is calculated according 
to accepted industry practice, the Company’s disclosed cash costs may not be directly comparable to oth er base metal 
producers. 
 
• Cash cost per pound, gross – Total cash costs directly attributable to mining operations, excluding any allocation of 
upfront streaming proceeds or capital expenditures for deferred stripping, are divided by the sales volume of the primary 
metal to arrive at gross cash cost per pound. As this measure is not impacted by fluctuations in sales of by-product metals, 
it is generally more consistent across periods.

===== SIDA 35 =====

25 
• Cash cost per pound, net of by -products – Credits for by -products sales are deducted from total cash costs directly 
attributable to mining operations. By-product revenue is adjusted for the terms of streaming agreements, but excludes 
any deferred revenue from the allocation of upfront cash received. The net cash costs are divided by the sales volume of 
the primary metal to arrive at net cash cost per pound. The inclusion of by-product credits provides a broader economic 
measurement, incorporating the benefit of other metals extracted in the production of the primary metal. 
 
All-in Sustaining Cost (“AISC”) per Pound 
AISC per pound is an extension of the cash cost per pound measure discussed above and is also a key performance measure 
that management uses to monitor performance. Management uses this measure to analyze margins achi eved on existing 
assets while sustaining and maintaining production at current levels. Expansionary capital and certain exploration costs are 
excluded from this definition as these are costs typically incurred to extend mine life or materially increase the  productive 
capacity of existing assets, or for new operations. Corporate general and administrative expenses have also been excluded 
from the all -in sustaining cost measure, as any attribution of these costs to an operating site would not necessarily be 
reflective of costs directly attributable to the administration of the site.

===== SIDA 36 =====

26 
Cash and All-in Sustaining Costs can be reconciled to the Company's production costs as follows: 
 
 Three months ended March 31, 2023 
 Operations Candelaria Chapada Eagle Neves-Corvo Zinkgruvan  
 ($000s, unless otherwise noted) (Cu) (Cu) (Ni) (Cu) (Zn) Total 
 Sales volumes (Contained metal in concentrate):       
 Tonnes 35,570 9,072 2,735 8,031 16,612  
 Pounds (000s) 78,418 20,000 6,030 17,705 36,623  
         Production costs       417,764  
 Less: Royalties and other       (12,086) 
        405,678  
 Deduct: By-product credits       (156,965) 
 Add: Treatment and refining charges       36,615  
 Cash cost  173,692  47,318  14,640  29,892  19,786  285,328  
 Cash cost per pound ($/lb) 2.21 2.37 2.43 1.69 0.54  
         Add: Sustaining capital expenditure  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 and 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-Corvo Zinkgruvan  
 ($000s, unless otherwise noted) (Cu) (Cu) (Ni) (Cu) (Zn) Total 
 Sales volumes (Contained metal in concentrate):       
 Tonnes 38,448 12,804 3,267 8,484 15,802  
 Pounds (000s) 84,763 28,228 7,202 18,704 34,837  
         Production costs       382,427  
 Less: Royalties and other       (15,877) 
        366,550  
 Deduct: By-product credits       (181,007) 
 Add: Treatment and refining charges       32,155  
 Cash cost  133,985  51,437  (8,979)  31,797  9,458  217,698  
 Cash cost per pound ($/lb) 1.58 1.82 (1.25) 1.70 0.27  
         Add: Sustaining capital expenditure  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 and other  1,968  929  651  202  238  
 All-in sustaining cost  220,886  72,369  8,540  54,669  19,852  
 AISC per pound ($/lb) 2.61 2.56 1.19 2.92 0.57

===== SIDA 37 =====

27 
Managing Risks 
 
Risks and Uncertainties 
The Company’s business activities are subject to a variety and wide range of inherent risks and uncertainties. Any of these 
risks could have an adverse effect on the Company, its business and prospects, and could cause actual outcomes and results 
to differ materially from those described in forward-looking statements relating to the Company. 
 
For additional discussion on Lundin Mining’s risks, refer to the “Risks and Uncertainties” section of the Company’s Annual 
Information Form (“AIF”) for the year ended December 31, 2022  and the “Cautionary Statement on Forward -Looking 
Information” of this MD&A. 
 
Management’s Report on Internal Controls 
 
Disclosure controls and procedures (“DCP”) 
DCP have been designed to provide reasonable assurance that all material information related to the Company is identified 
and communicated on a timely basis. Management of the Company, under the supervision of the Chief Executive Officer and 
the Chief Financial Officer, is responsible for the design and operation of DCP . 
 
Internal control over financial reporting (“ICFR”) 
The Company’s ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and 
preparation of financial statements for external purposes in accordance with IFRS. However, due to inherent limitations ICFR 
may not prevent or detect all misstatements and fraud. Management will continue to monitor the effectiveness of its ICFR 
and may make modifications from time to time as considered necessary. 
 
Control Framework 
Management assesses the effectiveness of the Company’s ICFR using the Internal Control – Integrated Framework (2013 
Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). 
 
Changes in ICFR 
There have been no changes in the Company’s ICFR during the quarter ended March 31, 2023 that have materially affected, 
or are reasonably likely to materially affect, the Company’s financial reporting. 
 
Outstanding Share Data 
 
As at May 3, 2023, the Company has 771,908,307 common shares issued and outstanding, and 8,064,505  stock options and 
1,938,797 share units outstanding under the Company's plans. 
 
Other Information 
Additional information regarding the Company is included in the Company’s AIF which  is filed with the Canadian securities 
regulators. A copy of the Company’s AIF  can be obtained on SEDAR  (www.sedar.com) or on the Company’s website 
(www.lundinmining.com).

===== SIDA 38 =====

Condensed Interim Consolidated Financial Statements of  
 
Lundin Mining Corporation 
 
March 31, 2023 
(Unaudited)

===== SIDA 39 =====

- 1 - 
LUNDIN MINING CORPORATION    
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS As at 
(Unaudited - in thousands of US dollars) March 31, 
2023 
 December 31, 
2022   
ASSETS    
Cash and cash equivalents (Note 3) $ 184,239   $ 191,387  
Trade and other receivables (Note 4)  581,035    576,178  
Income taxes receivable  70,157    72,402  
Inventories (Note 5)  320,218    296,710  
Current portion of derivative assets (Note 18)  58,997    43,521  
Other current assets  23,683    38,571  
Total current assets  1,238,329    1,218,769  
Restricted funds  51,025    50,195  
Long-term inventory (Note 5)  664,062    641,877  
Derivative assets (Note 18)  25,520    25,111  
Other non-current assets  20,994    20,035  
Mineral properties, plant and equipment (Note 6)  6,107,452    5,975,686  
Deferred tax assets   531    3,837  
Goodwill   239,101    237,294  
  7,108,685    6,954,035  
Total assets $ 8,347,014   $ 8,172,804  
LIABILITIES    
Trade and other payables (Note 7) $ 624,739   $ 612,965  
Income taxes payable  60,645    45,000  
Current portion of derivative liabilities (Note 18)  24,725    24,423  
Current portion of debt and lease liabilities (Note 8)  177,108    170,149  
Current portion of deferred revenue (Note 9)  74,764    74,061  
Current portion of reclamation and other closure provisions (Note 10)  20,712    23,550  
Total current liabilities  982,693    950,148  
Derivative liabilities (Note 18)  23,559    27,876  
Debt and lease liabilities (Note 8)  37,634    27,179  
Deferred revenue (Note 9)  570,061    580,045  
Reclamation and other closure provisions (Note 10)  447,457    422,298  
Other long-term liabilities  21,534    24,922  
Provision for pension obligations  5,060    5,613  
Deferred tax liabilities   696,328    709,602  
  1,801,633    1,797,535  
Total liabilities  2,784,326    2,747,683  
SHAREHOLDERS' EQUITY    
Share capital (Note 11)  4,561,478    4,555,125  
Contributed surplus  53,767    55,769  
Accumulated other comprehensive loss  (323,035)   (342,287) 
Retained earnings  687,755    592,425  
Equity attributable to Lundin Mining Corporation shareholders  4,979,965    4,861,032  
Non-controlling interests  582,723    564,089  
Total shareholders' equity  5,562,688    5,425,121  
Total liabilities and shareholders' equity $ 8,347,014   $ 8,172,804  
Commitments and contingencies (Note 19)    
    
The accompanying notes are an integral part of these condensed interim consolidated financial statements.

===== SIDA 40 =====

- 2 - 
LUNDIN MINING CORPORATION   
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS   
(Unaudited - in thousands of US dollars, except for shares and per share amounts)   
   
 Three months ended March 31, 
 2023 2022 
Revenue (Note 12) $ 751,344  $ 991,079  
Cost of goods sold   
Production costs (Note 13)  (417,764)  (382,427) 
Depreciation, depletion and amortization  (120,247)  (129,837) 
Gross profit  213,333   478,815  
General and administrative expenses  (15,110)  (11,502) 
General exploration and business development (Note 15)  (14,765)  (8,282) 
Finance income (Note 16)  1,764   601  
Finance costs (Note 16)  (17,463)  (15,573) 
Other income (Note 17)  46,245   11,256  
Earnings before income taxes  214,004   455,315  
Current tax expense   (59,501)  (95,538) 
Deferred tax recovery   10,808   18,332  
Net earnings $ 165,311  $ 378,109  
   
Net earnings attributable to:   
Lundin Mining Corporation shareholders $ 146,620  $ 345,078  
Non-controlling interests  18,691   33,031  
Net earnings $ 165,311  $ 378,109  
   
Basic and diluted earnings per share attributable to Lundin Mining Corporation 
shareholders: $ 0.19  $ 0.47  
   
Weighted average number of shares outstanding (Note 11)   
Basic  771,216,060   736,410,739  
Diluted  771,992,179   738,172,357  
   
The accompanying notes are an integral part of these condensed interim consolidated financial statements.

===== SIDA 41 =====

- 3 - 
LUNDIN MINING CORPORATION    
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME    
(Unaudited - in thousands of US dollars)    
    
 Three months ended March 31, 
 2023  2022 
Net earnings $ 165,311   $ 378,109  
    
Other comprehensive income (loss), net of taxes    
Item that will not be reclassified to net earnings:    
Remeasurements for post-employment benefit plans  (258)   (863) 
Item that may be reclassified subsequently to net earnings:    
Effects of foreign exchange  19,453    (23,823) 
Other comprehensive income (loss)  19,195    (24,686) 
Total comprehensive income $ 184,506   $ 353,423  
    
Comprehensive income attributable to:    
Lundin Mining Corporation shareholders $ 165,872   $ 320,563  
Non-controlling interests  18,634    32,860  
Total comprehensive income $ 184,506   $ 353,423  
    
The accompanying notes are an integral part of these condensed interim consolidated financial statements.

===== SIDA 42 =====

- 4 - 
LUNDIN MINING CORPORATION     
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY    
(Unaudited - in thousands of US dollars, except for shares)    
        
 
Number of 
shares 
Share 
capital 
Contributed 
surplus 
Accumulated 
other 
comprehensive 
loss 
Retained 
earnings 
Non-
controlling 
interests Total 
Balance, December 31, 2022  770,746,531  $ 4,555,125  $ 55,769  $ (342,287)
  
$ 592,425  $ 564,089  $ 5,425,121  
Exercise of share-based awards  999,480   6,353   (4,268)
  
 —   —   —   2,085  
Share-based compensation  —   —   2,266   —   —   —   2,266  
Dividends declared (Note 11(c))  —   —   —   —   (51,290)
  
 —   (51,290)
  Net earnings  —   —   —   —   146,620   18,691   165,311  
Other comprehensive income (loss)  —   —   —   19,252   —   (57)
  
 19,195  
Total comprehensive income  —   —   —   19,252   146,620   18,634   184,506  
Balance, March 31, 2023  771,746,011  $ 4,561,478  $ 53,767  $ (323,035) $ 687,755  $ 582,723  $ 5,562,688  
        
Balance, December 31, 2021  734,987,154  $ 4,199,756  $ 58,166  $ (249,929)
  
$ 437,160  $ 547,580  $ 4,992,733  
Exercise of share-based awards  2,959,473   21,135   (10,243)
  
 —   —   —   10,892  
Share-based compensation  —   —   3,196   —   —   —   3,196  
Dividends declared  —   —   —   —   (116,252)
  
 —   (116,252)
  Net earnings  —   —   —   —   345,078   33,031   378,109  
Other comprehensive loss  —   —   —   (24,515)
  
 —   (171)
  
 (24,686)
  Total comprehensive (loss) income  —   —   —   (24,515)
  
 345,078   32,860   353,423  
Balance, March 31, 2022  737,946,627  $ 4,220,891  $ 51,119  $ (274,444)
  
$ 665,986  $ 580,440  $ 5,243,992  
        
The accompanying notes are an integral part of these condensed interim consolidated financial statements.

===== SIDA 43 =====

- 5 - 
LUNDIN MINING CORPORATION    
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS    
(Unaudited - in thousands of US dollars)    
 Three months ended March 31, 
Cash provided by (used in) 2023  2022 
Operating activities    
Net earnings $ 165,311   $ 378,109  
Items not involving cash and other adjustments    
Depreciation, depletion and amortization  120,247    129,837  
Share-based compensation  2,266    3,196  
Foreign exchange loss  8,644    7,853  
Finance costs, net (Note 16)  15,699    14,972  
Recognition of deferred revenue (Note 9)  (19,100)   (20,705) 
Deferred tax recovery  (10,808)   (18,332) 
Revaluation of derivative liability (Note 17)  1,416    3,293  
Revaluation of marketable securities (Note 17)  (438)   (3,892) 
Revaluation of foreign currency derivatives (Note 18)  (34,243)   —  
Other  6,647    (19,768) 
Reclamation payments (Note 10)  (2,581)   (1,747) 
Other payments  (578)   (551) 
Changes in long-term inventory  (17,415)   540  
Changes in non-cash working capital items (Note 22)  (23,192)   (155,548) 
  211,875    317,257  
Investing activities    
Investment in mineral properties, plant and equipment  (246,119)   (144,912) 
Cash received from disposal of subsidiary (Note 17)  5,718    16,828  
Interest received  878    230  
Josemaria bridge loan  —    (40,500) 
Other  (543)   (4,130) 
  (240,066)   (172,484) 
Financing activities    
Proceeds from debt (Note 8)  148,830    —  
Interest paid  (4,695)   (1,459) 
Principal payments of lease liabilities  (5,218)   (4,064) 
Principal repayments of debt (Note 8)  (130,480)   (652) 
Proceeds from common shares issued  2,085    10,892  
Distributions paid to non-controlling interests  —    (15,000) 
Proceeds from settlement of foreign currency derivatives  11,069    —  
Other  (2,085)   —  
  19,506    (10,283) 
Effect of foreign exchange on cash balances  1,537    5,316  
(Decrease) increase in cash and cash equivalents during the period  (7,148)   139,807  
Cash and cash equivalents, beginning of period  191,387    594,069  
Cash and cash equivalents, end of period $ 184,239   $ 733,876  
Supplemental cash flow information (Note 22)    
 The accompanying notes are an integral part of these condensed interim consolidated financial statements.

===== SIDA 44 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 6 - 
1. NATURE OF OPERATIONS 
 
Lundin Mining Corporation is a diversified Canadian base metals mining company primarily producing copper, zinc, 
gold and nickel. The Company owns 80% of the Candelaria and Ojos del Salado mining complex ("Candelaria") located 
in Chile. The Company’s wholly -owned operating assets include the Chapada mine located in Brazil, the Eagle mine 
located in the United States of America (“USA”), the Neves -Corvo mine located in Portugal, and the Zinkgruvan mine 
located in Sweden. In addition, the Company owns the large scale copper -gold Josemaria project ("Josemaria Project"), 
located in Argentina. On March 27, 2023, the Company announced that it had entered into a binding purchase 
agreement to acquire fifty -one percent (51%) of the Caserones copper -molybdenum mine ("Caserones") located in 
Chile (Note 23). 
 
The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm 
Exchange in Sweden. The Company is incorporated under the Canada Business Corporations Act. The Company is 
domiciled in Canada and its registered address is 150 King Street West, Toronto, Ontario, Canada. 
 
2.  BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES 
 
(i) Basis of presentation and measurement 
 
The unaudited condensed interim consolidated financial statements have been prepared in accordance with 
International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board 
(“IASB”) and Interpretations of the Inter national Financial Reporting Interpretations Committee which the 
Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - 
Accounting including IAS 34 Interim financial reporting. The condensed interim consolidated financial statements 
should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 
2022.  
 
The consolidated financial statements have been prepared on a historical cost basis except for certain financial 
instruments which have been measured at fair value. 
 
The Company's presentation currency is United States (“US”) dollars. Reference herein of $ or USD is to US 
dollars, C$ or CAD is to Canadian dollars, SEK is to Swedish krona, € refers to the Euro, CLP refers to the Chilean 
peso, BRL refers to the Brazilian real, and ARS refers to the Argentine peso.  
 
Balance sheet items are classified as current if receipt or payment is due within twelve months. Otherwise, they 
are presented as non-current. 
 
These condensed interim consolidated financial statements were approved by the Board of Directors for issue on 
May 3, 2023. 
 
(ii)     Material accounting policies 
 
The accounting policies followed in these condensed interim consolidated finan cial statements are consistent 
with those disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 
31, 2022, except as discussed below.

===== SIDA 45 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 7 - 
(iii) New standards and interpretations adopted 
 
In May 2021, the IASB issued  amendments to IAS 12, Income Taxes. The amendments to IAS 12 narrow the scope 
of the initial recognition exemption so that it no longer applies to transactions which give rise to equal amounts 
of taxable and deductible temporary differences. The Company i s to recognize a deferred tax asset and deferred 
tax liability for temporary differences arising on initial recognition for certain transactions, including leases and 
reclamation provisions. The amendments to IAS 12 are effective for annual reporting perio ds beginning on or 
after January 1, 2023, with early adoption permitted. The Company adopted the amendments effective January 1, 
2023, with no material impact to the consolidated financial statements for 2023 or the comparative period. 
 
(iv)   Critical accounting estimates and judgments in applying the entity’s accounting policies 
 
Areas of judgment that have the most significant effect on the amounts recognized in the financial statements are 
disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2022.  
 
 
3. CASH AND CASH EQUIVALENTS 
 
Cash and cash equivalents are comprised of the following: 
 
  March 31, 2023              December 31, 2022 
 Cash $ 149,424  $ 158,153 
 Short-term deposits  34,815   33,234 
  $ 184,239  $ 191,387 
 
 
4. TRADE AND OTHER RECEIVABLES 
 
Trade and other receivables are comprised of the following: 
 
  March 31, 2023  December 31, 2022 
 Trade receivables $ 416,987  $ 430,734 
 Prepaid expenses  70,324   53,767 
 Value added tax  62,711   65,028 
 Other receivables  31,013   26,649 
  $ 581,035  $ 576,178 
 
 
5. INVENTORIES 
 
Inventories are comprised of the following: 
 
  March 31, 2023  December 31, 2022 
 Ore stockpiles $ 58,680  $ 69,781 
 Concentrate stockpiles  56,136   42,209 
 Materials and supplies  205,402   184,720 
  $ 320,218  $ 296,710

===== SIDA 46 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 8 - 
Long-term inventory is comprised of ore stockpiles. As at March 31, 2023, the Company had $403.1 million (December 
31, 2022 - $394.2 million) and $261.0 million (December 31, 2022 -  $247.7 million) of long- term ore stockpiles at 
Candelaria and Chapada, respectively.  
 
6. MINERAL PROPERTIES, PLANT AND EQUIPMENT 
 
Mineral properties, plant and equipment are comprised of the following: 
 
 Cost 
Mineral 
properties  
Plant and 
equipment  
Assets under 
construction1  
Development 
project2  
Software 
intangible 
assets  Total 
 As at December 31, 2021 $ 5,279,143   $ 3,441,171   $ 342,592   $ 6,631   $ 14,678   $ 9,084,215  
 Additions  83,204    7,287    63,490    —    793    154,774  
 Disposals and transfers  8,075    95,342    (107,178)
    —    3,258    (503)
   Effects of foreign exchange  (38,028)
    (17,438)
    (4,822)
    —    (41)
    (60,329)
   As at March 31, 2022  5,332,394    3,526,362    294,082    6,631    18,688    9,178,157  
 Josemaria acquisition  —    22,233    —    646,605    —    668,838  
 Additions  239,261    85,362    213,759    228,462    13,477    780,321  
 Disposals and transfers  85,030    164,088    (262,509)
    (5,279)
    783    (17,887)
   Effects of foreign exchange  (109,762)
    (45,868)
    (9,276)
    —    (322)
    (165,228)
   As at December 31, 2022  5,546,923    3,752,177    236,056    876,419    32,626    10,444,201  
 Additions  73,485    8,453    80,020    76,149    22    238,129  
 Disposals and transfers  4,278    1,188    (12,495)
    —    99    (6,930)
   Effects of foreign exchange  28,534    17,374    1,030    —    98    47,036  
 As at March 31, 2023 $ 5,653,220   $ 3,779,192   $ 304,611   $ 952,568   $ 32,845   $ 10,722,436  
 
 
Accumulated depreciation, 
depletion and amortization 
Mineral        
properties  
Plant and 
equipment  
Assets under 
construction1  
Development 
project2  
Software 
intangible 
assets  Total 
 As at December 31, 2021 $ 2,620,196   $ 1,405,084   $ —   $ —   $ 8,036   $ 4,033,316  
 Depreciation  76,102    56,479    —    —    462    133,043  
 Disposals and transfers  (79)
    (64)
    —    —    —    (143)
   Effects of foreign exchange  (23,293)
    (8,057)
    —    —    (16)
    (31,366)
   As at March 31, 2022  2,672,926    1,453,442    —    —    8,482    4,134,850  
 Depreciation  232,729    195,524    —    —    3,367    431,620  
 Disposals and transfers  —    (5,397)
    —    —    (119)
    (5,516)
   Effects of foreign exchange  (70,224)
    (22,130)
    —    —    (85)
    (92,439)
   As at December 31, 2022  2,835,431    1,621,439    —    —    11,645    4,468,515  
 Depreciation  69,765    58,429    —    —    1,056    129,250  
 Disposals and transfers  —    (6,870)
    —    —    —    (6,870)
   Effects of foreign exchange  17,096    6,968    —    —    25    24,089  
 As at March 31, 2023 $ 2,922,292   $ 1,679,966   $ —   $ —   $ 12,726   $ 4,614,984

===== SIDA 47 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 9 - 
 
 Net book value 
Mineral        
properties  
Plant and 
equipment  
Assets under 
construction1  
Development 
project2  
Software 
intangible 
assets  Total 
 As at December 31, 2022 $ 2,711,492  $ 2,130,738  $ 236,056  $ 876,419  $ 20,981  $ 5,975,686 
 As at March 31, 2023 $ 2,730,928  $ 2,099,226  $ 304,611  $ 952,568  $ 20,119  $ 6,107,452 
 ¹ Represent assets under construction at the Company's operating mine sites which are currently non-depreciable. 
 
2 Assets relate to the Josemaria Project which are currently non-depreciable. 
 
During the second quarter of 2022, the Company completed the Josemaria Resources Inc. acquisition acquiring 
$668.8 million of mineral properties, plant and equipment related to the Josemaria Project. During the fourth quarter 
of 2022, the Company began to capitalize the Josemaria Project development costs.  
 
During the three months ended March 31, 2023, the Company capitalize d $3.3 million of finance costs to the 
Josemaria Project (first quarter ("Q1") 2022 - $1.1 million capitalized to assets under construction), at a weighted 
average interest rate of 5.5% (2022 - 5.5%). 
 
During the three months ended March 31, 2023, the Company capitalized $41.3 million (Q1 2022 - $58.9 million) of 
deferred stripping costs to mineral properties. The depreciation expense related to deferred stripping for the quarter 
was $25.6 million (Q1 2022 - $27.9 million). Included in the mineral properties balance at March 31, 2023 is $177.8 
million (December 31, 2022 - $681.7 million) related to deferred stripping at Candelaria, which is currently non -
depreciable.
 
 
The Company leases various assets including buildings, rail cars, vehicles, machinery and equipment. The following 
table summarizes the changes in right-of-use assets within plant and equipment: 
 
  Net book value 
 As at December 31, 2021 $ 27,597  
 Additions  1,546  
 Depreciation  (4,796)
   Effects of foreign exchange  (103)
   As at March 31, 2022  24,244  
 Josemaria acquisition   32  
 Additions  20,525  
 Depreciation  (16,492)
   Disposals  (75)
   Effects of foreign exchange  (311)
   As at December 31, 2022  27,923  
 Additions  3,187  
 Depreciation  (5,606)
   Effects of foreign exchange  333  
 As at March 31, 2023 $ 25,837

===== SIDA 48 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 10 - 
7. TRADE AND OTHER PAYABLES 
 
Trade and other payables are comprised of the following: 
 
  March 31, 2023  December 31, 2022 
 Trade payables $ 289,039   $ 315,948  
 Unbilled goods and services  107,258    122,390  
 Employee benefits payable  91,038    88,086  
 Dividends payable  51,342    —  
 Sinkhole provision   33,200    38,000  
 Pricing provisions on concentrate sales  25,768    8,484  
 Royalties payable  14,531    16,283  
 Prepayment from customers  362    389  
 Other  12,201    23,385  
  $ 624,739   $ 612,965  
 
The sinkhole provision relates to expected remediation costs and potential fines directly related to the sinkhole near 
the Company's Ojos del Salado operations.  
 
Included in pricing provisions on concentrate sales are balances owing to customers and provisions arising from 
forward market price adjustments. 
 
 
 
8. DEBT AND LEASE LIABILITIES 
 
Debt and lease liabilities are comprised of the following: 
 
  March 31, 2023  December 31, 2022  
 Revolving credit facility (a) $ 25,930   $ 13,730   
 Term loans (b)  139,750   127,400   
 Lease liabilities (c)  25,522   27,166  
 Commercial paper (d)  21,750   26,665  
 Line of credit (e)  1,790   2,367  
 Debt and lease liabilities  214,742   197,328  
 Less: current portion  177,108    170,149   
 Long-term portion $ 37,634   $ 27,179

===== SIDA 49 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 11 - 
The changes in debt and lease liabilities are comprised of the following: 
  Leases  Debt  Total 
 As at December 31, 2021 $ 25,878   $ 5,125   $ 31,003  
 Additions  1,544    —   1,544  
 Payments  (4,381)   (652)   (5,033) 
 Interest  317   —   317 
 Effects of foreign exchange  1,238    (87)   1,151  
 As at March 31, 2022  24,596    4,386    28,982  
 Josemaria acquisition  38   47,000    47,038  
 Additions  19,654    282,938    302,592  
 Payments  (17,270)   (160,172)   (177,442) 
 Disposals  (26)   —    (26) 
 Interest  1,117    —   1,117  
 Financing fee amortization  —   656   656 
 Financing fee reclassification  —   (4,926)    (4,926)  
 Effects of foreign exchange  (943)   280    (663) 
 As at December 31, 2022  27,166   170,162   197,328 
 Additions  3,117    148,830    151,947  
 Payments  (5,590)   (130,480)   (136,070) 
 Interest  372   —   372 
 Financing fee amortization  —   200   200 
 Effects of foreign exchange  457    508    965  
 As at March 31, 2023  25,522    189,220    214,742  
 Less: current portion  13,818    163,290    177,108  
 Long-term portion $ 11,704  $ 25,930  $ 37,634 
       
a) The Company has a secured revolving credit facility of $1,750.0 million, originally maturing April 2027. The 
credit facility bears interest on drawn funds at rates of Term Secured Overnight Financing Rate (“Term SOFR”) + 
Credit Spread Adjustment (“CSA”) + 1.45% to Term SOFR+CSA+2.50%, depending on the Company’s net leverage 
ratio. The revolving credit facility is subject to customary covenants. On April 26, 2023, the credit facility was 
amended, extending the term by one year to April 2028 and reducing the credit spread adjustment to 10 basis 
points. During the first quarter of 2023, the Company drew down $25.0 million and subsequently repaid $13.0 
million. As at March 31, 2023, the balance outstanding was $30.0 million (December 31, 2022 - $18.0 million) 
with deferred financing fees of $4.1 million (December 31, 2022 - $4.3 million) netted against borrowings.  
 
b) During 2022, Candelaria obtained an unsecured fixed term loan in the amount of $50.0 million which remains 
outstanding as at March 31, 2023 (December 31, 2022 - $50.0 million). The loan matures on December 20, 2023 
and accrues interest at a rate of 6.13% per annum, with interest payable upon maturity.

===== SIDA 50 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 12 - 
 During 2022, Mineração Maracá Indústria e Comércio S/A (“Chapada”), a subsidiary of the Company which 
owns the Chapada mine, obtained eleven unsecured fixed term loans totalling $101.4 million. The term loans 
accrue interest at rates ranging from 4.00% to 6.70% per annum with interest payable upon maturity. The 
maturity dates range from November 3, 2022 to May 18 , 2023. Two term loans totalling $24.0 million were 
repaid in full upon their respective maturity dates in 2022.  
 
       Chapada obtained an additional twelve unsecured fixed term loans totalling $59.5 million during the quarter . 
The term loans accrue interest at rates ranging from 5.74% to 6.74% per annum with interest payable upon 
maturity. The maturity dates range from March 20, 2023 to June 20, 2023. Chapada subsequently repaid seven 
term loans totalling $47.1 million on their respective maturity dates ranging from January 5, 2023 to March 27, 
2023. As at March 31, 2023, the total balance outstanding for all fourteen term loans at Chapada was $89.8 
million (December 31,  2022 - $77.4 million). 
 
In April 2023, Chapada obtained four additional unsecured fixed term loans totalling $12.8 million, accruing 
interest at rates of 6.19% and 6.95% per annum with interest payable upon maturity. The maturity dates range 
from August 9, 2023 to August 23, 2023. Additionally, Chapada repaid o ne term loan in the amount of $7.5 
million. 
 
c) Lease liabilities relate to leases on buildings, rail cars, vehicles, machinery and equipment which have remaining 
lease terms of one to twelve years and interest rates of 0.8% - 8.0% over the terms of the leases. Additionally, 
the Company acts as lessee in certain leases that contain variable lease payment terms that are primarily based 
on usage of the right-of-use assets.  
 
d) Sociedade Mineira de Neves -Corvo, S.A. (“Somincor”), a subsidiary of the Company w hich owns the Neves-
Corvo mine, has a commercial paper program which matures in May 2025. The $27.2 million (€25.0 million) 
program bears interest on drawn funds at EURIBOR+0.50%. As at December 31, 2022, the credit facility was fully 
drawn at $26.7 million (€25.0 million). During 2023, Somincor made several repayments totalling $69.8 million 
(€65.0 million) and made several drawdowns totalling $64.4 million (€60.0 million). As at March 31, 2023, the 
credit facility remains drawn at $21.8 million (€20.0 million).
 
 
e) As at March 31, 2023, the balance outstanding for Somincor equipment financing was $1.8 million (€1.6 million) 
(December 31, 2022 - $2.4 million). Interest rates vary from a fixed rate of 0.88% to EURIBOR+0.84%, dependent 
on the piece of equipment, with the debt maturing throughout 2023 and 2024. 
 
 
The schedule of undiscounted lease payment and debt obligations is as follows: 
 
  Leases  Debt  Total 
 Less than one year $ 14,893   $ 163,290   $ 178,183  
 One to five years  11,658    30,000    41,658  
 More than five years  2,139    —   2,139  
 Total undiscounted obligations as at March 31, 2023 $ 28,690  $ 193,290  $ 221,980

===== SIDA 51 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 13 - 
9. DEFERRED REVENUE 
 
The following table summarizes the changes in deferred revenue: 
 
 As at December 31, 2021 $ 693,467  
 Recognition of revenue  (20,705)
   Finance costs  9,477  
 Effects of foreign exchange  (1,574)
   As at March 31, 2022  680,665  
 Recognition of revenue  (53,028)
   Variable consideration adjustment  3,492  
 Finance costs  28,144  
 Effects of foreign exchange  (5,167)
   As at December 31, 2022  654,106  
 Recognition of revenue  (19,100)
   Finance costs  9,010  
 Effects of foreign exchange  809  
 As at March 31, 2023  644,825  
 Less: current portion  74,764  
 Long-term portion $ 570,061  
 
Consideration received under the Company’s gold, silver and copper streaming agreements is deemed to be variable 
and can be subject to cumulative adjustments when the contractual volume to be delivered changes. In 2022, as a 
result of changes to the Compan y’s Mineral Resources and Mineral Reserves estimates, an adjustment was made to 
the deferred revenue liability which was recognized through revenue and finance costs.

===== SIDA 52 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 14 - 
10. RECLAMATION AND OTHER CLOSURE PROVISIONS 
 
Reclamation and other closure provisions relating to the Company's mining operations are as follows: 
 
  
Reclamation 
provisions  
Other closure 
provisions  Total 
 Balance, December 31, 2021 $ 406,966  $ 39,089  $ 446,055 
 Accretion  3,613   —   3,613 
 Changes in estimate  29,317    2,749   32,066  
 Changes in discount rate  (20,668)   —   (20,668) 
 Payments  (700)   (1,047)    (1,747) 
 Effects of foreign exchange  (2,843)   2,043    (800) 
 Balance, March 31, 2022  415,685    42,834    458,519  
 Accretion  10,731    —   10,731  
 Changes in estimate  16,449    8,625    25,074  
 Changes in discount rate  (22,999)   —    (22,999) 
 Payments  (10,475)   (3,681)    (14,156) 
 Effects of foreign exchange  (8,371)   (2,950)    (11,321) 
 Balance, December 31, 2022  401,020   44,828   445,848 
 Accretion  5,209   —   5,209 
 Changes in estimate  10,393    1,113    11,506  
 Changes in discount rate  2,635    —    2,635  
 Payments  (2,169)   (412)   (2,581) 
 Effects of foreign exchange  1,864    3,688    5,552  
 Balance, March 31, 2023  418,952    49,217    468,169  
 Less: current portion  15,264    5,448   20,712  
 Long-term portion $ 403,688  $ 43,769  $ 447,457 
 
The Company expects these liabilities to be settled between 2023 and 2062. The reclamation provisions are discounted 
using current market pre-tax discount rates which range from 2.2% to 13.1% (December 31, 2022 - 2.0% to 13.5%).   
 
11. SHARE CAPITAL 
 
a) Basic and diluted weighted average number of shares outstanding 
 
  Three months ended March 31, 
  2023  2022 
 Basic weighted average number of shares outstanding  771,216,060    736,410,739  
 Effect of dilutive securities  776,119    1,761,618  
 Diluted weighted average number of shares outstanding  771,992,179    738,172,357  
 Antidilutive securities  1,257,075    574,829  
 
The effect of dilutive securities relates to in-the-money outstanding stock options and share units ("SUs").

===== SIDA 53 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 15 - 
b) Stock options and SUs granted/issued 
  Three months ended March 31, 
  2023  2022 
 Stock options  1,862,433    1,753,520  
 SUs  1,247,573    480,429  
 
 
c) Dividends 
 
During the three months ended March 31, 2023, the Company declared dividends in the amount of $51.3 million  
(Q1 2022 - $116.3 million) or C$0.09 per share (Q1 2022 - C$0.20 per share), which were paid on April 12, 2023. 
 
12. REVENUE 
 
The Company's analysis of revenue from contracts with customers, segmented by product, is as follows: 
 
  Three months ended March 31, 
  2023  2022 
 Revenue from contracts with customers:    
 Copper $ 480,980   $ 623,785  
 Zinc  98,489   100,208  
 Nickel  63,630   84,732 
 Gold  53,343   57,426 
 Lead  12,840   11,453 
 Silver  9,266   13,896 
 Other  4,455   11,059 
   723,003   902,559  
 Provisional pricing adjustments on concentrate sales  28,341   88,520 
 Revenue $ 751,344  $ 991,079 
     
 
The Company's geographical analysis of revenue from contracts with customers, segmented based on the 
destination of product, is as follows: 
     
  Three months ended March 31, 
  2023  2022 
 Revenue from contracts with customers:    
 Japan $ 194,338  $ 325,244  
 China  140,565    62,953 
 Spain  132,568    65,807 
 Canada  91,116   124,792  
 Finland  67,052   103,250  
 Germany  27,788   80,098 
 Other  69,576   140,415  
   723,003   902,559 
 Provisional pricing adjustments on concentrate sales  28,341   88,520 
 Revenue $ 751,344  $ 991,079

===== SIDA 54 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 16 - 
13. PRODUCTION COSTS 
 
The Company's production costs are comprised of the following: 
 
  Three months ended March 31, 
  2023  2022 
 Direct mine and mill costs $ 377,643   $ 339,360  
 Transportation  30,482   28,799 
 Royalties  9,639   14,268 
 Total production costs $ 417,764   $ 382,427  
 
 
14. EMPLOYEE BENEFITS 
 
The Company's employee benefits recognized in the consolidated statement of earnings are comprised of the 
following: 
 
  Three months ended March 31, 
  2023  2022 
 Production costs    
 Wages and benefits $ 79,762   $ 75,733  
 Retirement benefits  576    420  
 Share-based compensation  542    730  
   80,880    76,883  
 General and administrative expenses    
 Wages and benefits  5,573    5,842  
 Retirement benefits  402    200  
 Share-based compensation  1,640    2,336  
 Termination benefits  1,849    — 
   9,464    8,378  
 General exploration and business development    
 Wages and benefits  1,658    1,243  
 Retirement benefits  12    6  
 Share-based compensation  84    130  
   1,754    1,379  
 Total employee benefits $ 92,098   $ 86,640

===== SIDA 55 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 17 - 
15. GENERAL EXPLORATION AND BUSINESS DEVELOPMENT 
 
The Company's general exploration and business development costs are comprised of the following: 
 
  Three months ended March 31, 
  2023  2022 
 General exploration $ 9,203  $ 7,060 
 Corporate development  5,026   — 
 Project development  536    1,222  
 Total general exploration and business development $ 14,765  $ 8,282 
 
For the three months ended March 31, 2023, corporate development expenses include $4.8 million in transaction costs 
incurred related to the acquisition of Caserones (Note 23). 
 
Project development expenses include study costs related to potential expansion projects at the Company's operating 
sites. During the fourth quarter of 2022, the Company began to capitalize the Josemaria Project development costs. 
 
 
16. FINANCE INCOME AND COSTS 
 
The Company's finance income and costs are comprised of the following: 
 
  Three months ended March 31, 
  2023  2022 
 Interest income $ 883   $ 601  
 Interest expense and bank fees  (6,209)   (1,310) 
 Deferred revenue finance costs  (5,673)   (8,415) 
 Accretion expense on reclamation provisions  (5,209)   (3,613) 
 Lease liability interest  (372)   (317) 
 Other  881    (1,918) 
 Total finance costs, net $ (15,699)  $ (14,972) 
     
     
 Finance income $ 1,764   $ 601  
 Finance costs  (17,463)   (15,573) 
 Total finance costs, net $ (15,699)  $ (14,972)

===== SIDA 56 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 18 - 
17.   OTHER INCOME AND EXPENSE 
 
The Company's other income and expense are comprised of the following: 
 Three months ended March 31, 
 2023  2022 
Foreign exchange and trading gains on equity investments (a) $ 22,078   $ —  
Unrealized gain on revaluation of foreign currency contracts (Note 18)  20,666    —  
Realized gain on foreign currency contracts (Note 18)  13,577    —  
Gain on disposal of subsidiary (b)  5,718    16,828  
Revaluation of marketable securities  438    3,892  
Foreign exchange loss   (9,945)   (10,784)  
Ojos del Salado sinkhole expenses (c)  (4,582)   —  
Revaluation of Chapada derivative liability  (1,416)   (3,293) 
(Loss)/income from equity investment in associate  (54)   4,696  
Other expense  (235)   (83) 
Total other income, net $ 46,245   $ 11,256  
 
a)  Foreign exchange and trading gains on equity investments include the changes in fair value of equity instruments 
supporting capital funding for the Josemaria Project.  
 
b) Pursuant to the terms of the original sale agreement of Rio Narcea Recursos, S.A. in 2016,  the Company received 
a $16.8 million payment during the first quarter of 2022, and a further $5.7 million payment in the first quarter 
of 2023, which were contingent on historical tax assessments which have now been closed. 
 
c) Ojos del Salado sinkhole expenses include idle costs related to the sinkhole near the Company's Ojos del Salado 
operations. 
 
 
18. FINANCIAL INSTRUMENTS 
 
Derivative instruments 
 
From time to time, the Company uses derivative contracts as part of its risk management strategy to mitigate exposure 
to foreign currencies and commodities.  
 
During 2022, the Company entered into EUR, BRL, CLP , SEK and CAD foreign currency options and forward contracts 
intended to limit the foreign exchange exposure of its forecasted foreign currency de nominated after-tax attributable 
operating and capital expenditures. The foreign exchange contracts have not been designated as hedges for purposes 
of hedge accounting and are measured at fair value with changes in fair value recognized in the consolidated  
statement of earnings. The following table shows the remaining contract positions and their expiry dates: 
 
 Expired in  Expiring throughout: 
Foreign currency forward contracts Q1 2023  
 remainder of 
2023  2024 
EUR/USD forwards      
Average contract price  1.01    1.01    1.02  
Position (EUR millions)  62    187    155  
USD/SEK forwards      
Average contract price  11.1    11.1    10.9  
Position (SEK millions)  309    927    900

===== SIDA 57 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 19 - 
 
 Expired in  Expiring throughout: 
Foreign currency zero cost collar contracts Q1 2023  
remainder of 
2023  2024 
USD/BRL collars      
    Average contract price 5.00/6.40  5.00/6.40  5.00/6.40 
          Position (BRL millions)  285    857    974  
USD/CLP collars      
Average contract price 900/1,050  900/1,050  900/1,050 
Position (CLP millions)  61,628    184,885    143,426  
USD/CAD collars      
Average contract price 1.34/1.38  1.33/1.38  1.30/1.40 
Position (CAD millions)  9    27    19  
 
The Company’s net unrealized and realized gains on foreign currency derivative contracts are as follows: 
 
 Three months ended March 31, 
 2023  2022 
Unrealized gain on derivative financial instruments:    
Foreign currency contracts $ 20,666   $ —  
    
Realized gain on derivative financial instruments    
Foreign currency contracts  13,577    —  
    
Total unrealized and realized gain on foreign currency derivative contracts: $ 34,243   $ —  
 
A summary of the fair values of unsettled derivative contracts recorded on the consolidated balance sheet is as follows: 
 
 March 31, 2023  December 31, 2022  
Foreign currency contracts:    
Current asset position $ 58,997   $ 43,521  
Non-current asset position  25,520    25,111  
Current liability position  10    —  
Non-current liability position  83    5,524  
Other contracts:    
Chapada derivative current liability  24,715    24,423  
Chapada derivative non-current liability  23,476    22,352  
 
Diesel forward swap contracts 
 
In April 2023, the Company entered into forward swap contracts intended to limit exposure to changes in the price of 
diesel fuel purchases at Candelaria. Positions taken represent approximately 75% and 50% of Candelaria's forecasted 
attributable diesel fuel purchases for the remainder of 2023 and 2024, respectively.

===== SIDA 58 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 20 - 
Fair values of financial instruments 
 
The Company’s financial assets and financial liabilities have been classified into categories that determine their basis of 
measurement. The following table shows the carrying values, fair values and fair value hierarchy of the Company’s 
financial instruments as at March 31, 2023 and December 31, 2022: 
 
 
    March 31, 2023  December 31, 2022 
  Level  
Carrying  
value Fair value  
Carrying    
value Fair value 
 Financial assets        
 Fair value through profit or loss        
 Restricted funds 1  $ 51,025  $ 51,025   $ 50,195  $ 50,195  
 Trade receivables (provisional) 2   398,811   398,811    403,300   403,300  
 Marketable securities and equity investments 1   12,517   12,517    12,075   12,075  
 Foreign currency contracts 2   84,517   84,517    68,632   68,632  
    $ 546,870  $ 546,870   $ 534,202  $ 534,202  
         
 Financial liabilities        
 Amortized cost        
 Debt 3  $ 189,220  $ 189,220   $ 170,162  $ 170,162  
         
 Fair value through profit or loss        
 Pricing provisions on concentrate sales 2  $ 18,436  $ 18,436   $ 5,006  $ 5,006  
 Chapada derivative liability 2   48,191   48,191    46,775   46,775  
 Foreign currency contracts 2   93   93    5,524   5,524  
    $ 66,720  $ 66,720   $ 57,305  $ 57,305  
 
Fair values of financial instruments are determined by valuation methods depending on hierarchy levels as defined 
below: 
 
Level 1 – Quoted market price in active markets for identical assets or liabilities. 
 
Level 2 – Inputs other than quoted market prices included within Level 1 that are observable for the assets or 
liabilities, either directly (i.e. observed prices) or indirectly (i.e. derived from prices). 
 
Level 3 – Inputs for the assets or liabilities are not based on observable market data. 
 
The Company calculates fair values based on the following methods of valuation and assumptions: 
 
Marketable securities/equity investments/restricted funds – The fair value of investments in shares is determined 
based on the quoted market price. 
 
Trade receivables/pricing provisions on concentrate sales – The fair value of trade receivables that contain 
provisional pricing sales arrangements are va lued using quoted forward market prices.  The Company recognized 
positive pricing adjustments of $28.3 million in revenue during the three months ended March 31, 2023 (Q1 2022 
- $88.5 million positive pricing adjustments). 
 
Foreign currency contracts – The fair value of these derivatives are determined by the counterparties to the 
contracts and are assessed by Management using pricing models based on active market prices.

===== SIDA 59 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 21 - 
Chapada derivative liability – The fair value of this derivative is de termined using a valuation model that 
incorporates such factors as metal prices, metal price volatility, expiry date, and risk-free interest rate.  
 
Debt – The fair values approximate carrying values as the interest rates are comparable to current market rates.  
 
The carrying values of certain financial instruments maturing in the short -term approximate their fair values. 
These financial instruments include cash and cash equivalents, trade and other receivables other than those 
provisionally priced, and trade and other payables other than those provisionally priced, which are classified as 
amortized cost. 
 
 
19.  COMMITMENTS AND CONTINGENCIES 
 
a) The Company has capital commitments of $592.9 million  on various initiatives, of which $357.0 million is 
expected to be paid during 2023.  
 
b) The Company may be involved in legal proceedings arising in the ordinary course of business. The potential 
amount of the liability with respect to such legal proceedi ngs is not expected to materially affect the Company's 
financial position.  
 
c) There were no significant changes to contingencies since those reported at December 31, 2022. 
 
 
20.  SEGMENTED INFORMATION 
 
The Company is engaged in mining, exploration and development of mineral properties, primarily in Chile, Brazil, USA, 
Argentina, Portugal and Sweden. Operating segments are reported in a manner consistent with the internal reporting 
provided to executive management who act as the c hief operating decision -maker. Executive management are 
responsible for allocating resources and assessing performance of the operating segments.

===== SIDA 60 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 22 - 
For the three months ended March 31, 2023         
 Candelaria Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total 
 Chile Brazil USA Argentina Portugal Sweden   
Revenue $ 380,405  $ 111,118  $ 69,420  $ —  $ 129,403  $ 60,998  $ —  $ 751,344  
Cost of goods sold         
Production costs  (187,979)
  
 (68,634)
  
 (45,449)
  
 —   (85,726)
  
 (28,905)
  
 (1,071)
  
 (417,764)
  Depreciation, depletion and amortization  (58,375)
  
 (12,081)
  
 (11,151)
  
 (38)
  
 (30,080)
  
 (8,087)
  
 (435)
  
 (120,247)
  Gross profit (loss)  134,051   30,403   12,820   (38)
  
 13,597   24,006   (1,506)
  
 213,333  
General and administrative expenses  —   —   —   —   —   —   (15,110)
  
 (15,110)
  General exploration and business development  (3,840)
  
 (1,504)
  
 (586)
  
 —   (1,136)
  
 (1,620)
  
 (6,079)
  
 (14,765)
  Finance (costs) income  (8,001)
  
 (6,034)
  
 (1,084)
  
 2,810   (565)
  
 (1,103)
  
 (1,722)
  
 (15,699)
  Other income (expense)  13,311   6,368   (182)
  
 15,313   2,569   (248)
  
 9,114   46,245  
Income tax (expense) recovery  (42,547)
  
 5,349   (7)
  
 —   (1,272)
  
 (3,979)
  
 (6,237)
  
 (48,693)
  Net earnings (loss) $ 92,974  $ 34,582  $ 10,961  $ 18,085  $ 13,193  $ 17,056  $ (21,540) $ 165,311  
Capital expenditures $ 90,686  $ 16,027  $ 7,102  $ 90,555  $ 25,061  $ 14,468  $ 2,220  $ 246,119

===== SIDA 61 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 23 - 
 
For the three months ended March 31, 2022        
 Candelaria Chapada Eagle Neves-Corvo Zinkgruvan Other Total 
 Chile Brazil USA Portugal Sweden   
Revenue $ 457,546  $ 159,605  $ 149,869  $ 134,567  $ 89,492  $ —  $ 991,079  
Cost of goods sold        
Production costs  (152,809)  (79,677)  (39,558)  (78,470)  (31,188)  (725)  (382,427) 
Depreciation, depletion and amortization  (68,109)  (11,117)  (16,849)  (20,845)  (12,479)  (438)  (129,837) 
Gross profit (loss)  236,628   68,811   93,462   35,252   45,825   (1,163)  478,815  
General and administrative expenses  —   —   —   —   —   (11,502)  (11,502) 
General exploration and business development  (2,585)  (1,876)  (245)  (1,556)  (959)  (1,061)  (8,282) 
Finance costs  (7,003)  (4,582)  (470)  (1,546)  (904)  (467)  (14,972) 
Other (expense) income  (4,217)  (11,076)  (320)  (150)  143   26,876   11,256  
Income tax (expense) recovery  (72,969)  27,681   (13,762)  (7,111)  (11,265)  220   (77,206) 
Net earnings $ 149,854  $ 78,958  $ 78,665  $ 24,889  $ 32,840  $ 12,903  $ 378,109  
Capital expenditures $ 82,964  $ 14,455  $ 4,460  $ 33,670  $ 9,039  $ 324  $ 144,912

===== SIDA 62 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 24 - 
21. RELATED PARTY TRANSACTIONS 
 
a) Transactions with associates  - The Company may enter into transactions related to its investment in associate. 
These transactions are entered into in the normal course of business and on an arm’s length basis. 
 
b) Key management personnel - The Company has identified its directors and senior officers as its key management 
personnel. Employee benefits for key management personnel are as follows: 
 
  Three months ended March 31, 
  2023  2022 
 Wages and salaries $ 1,294   $ 1,366  
 Pension benefits  44    41  
 Share-based compensation  743    1,235  
 Termination benefits  1,406    —  
  $ 3,487   $ 2,642  
 
c) Other related parties - For the three months ended March 31, 2023, the Company incurred $0.3 million (Q1 2022 
– $nil) for services provided by a company owned by a member of key management personnel. 
 
22.   SUPPLEMENTARY CASH FLOW INFORMATION 
 
   Three months ended March 31, 
   2023  2022 
 Changes in non-cash working capital items consist of:     
 Trade and income taxes receivable, inventories, and other current assets  $ (14,169)  $ (173,872) 
 Trade and income taxes payable, and other current liabilities   (9,023)   18,324  
   $ (23,192)   $ (155,548) 
      
 Operating activities included the following cash payments:     
 Income taxes paid  $ 39,857   $ 81,109  
 
 
23.  PURCHASE AGREEMENT TO ACQUIRE MAJORITY INTEREST IN CASERONES MINE 
 
On March 27, 2023, the Company announced that it had entered into a binding purchase agreement with JX Nippon 
Mining & Metals Corporation and certain of its subsidiaries (collectively, “JX”), to acquire fifty-one percent (51%) of the 
issued and outstanding equity of SCM Minera Lumina Copper Chile (“Lumina Copper”), a wholly owned subsidiary of JX 
which operates the Caserones copper-molybdenum mine (“Caserones”) located in Chile (the “Acquisition”).   
 
Under the terms of the Acquisition, JX will receive upfront cash consideration from the Company of $800 million 
subject to any adjustments from the effective locked box date of December 31, 2022, until closing. In addition, $150 
million in deferred cash consideration will be payable by the Company in installments over a six -year period following 
the closing date. The Company will also have the right to acquire up to 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 Acquisition is based on Lumina Copper cont aining zero debt and zero cash as of the locked box date of December 
31, 2022.  The purchase price is expected to be funded from the Company's revolving credit facility.

===== SIDA 63 =====

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three months ended March 31, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
 
- 25 - 
The Acquisition has been unanimously approved by the Board of Directors of both the Company and JX and is expected 
to close in the third quarter of 2023 subject to typical closing conditions, including third -party and requisite regulatory 
approvals. The transaction does not require shareholder approval of either party.

===== SIDA 64 =====

Corporate Office 
150 King Street West, Suite 2200, P.O. Box 38, Toronto, ON M5H 1J9 
Phone: +1 416 342 5560    Fax: +1 416 348 0303 
lundinmining.com