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

Corporate Office 
1055 Dunsmuir Street 
Suite 2800, Bentall IV 
Vancouver, BC V7X 1L2 
Phone +1 604 689 7842 
lundinmining.com 
 
 
NEWS RELEASE 
 
Lundin Mining First Quarter 2024 Results   
 
Vancouver, May 1, 2024  (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation  (“Lundin Mining” or the 
“Company”) today reported its first quarter 2024  financial results. Unless otherwise stated, results are presented in United 
States dollars on a 100% basis. 
 
Jack Lundin, President and CEO commented, "Our strategic acquisition of a majority interest in the Caserones copper mine 
continues to drive revenue and production growth. First quarter revenue and copper production increased 25% and 43%, 
respectively, compared to the same quarter last year, and was in line with our expectations. Production at Candelaria will 
be second half weighted due to higher grades as a result of planned mine sequencing. We remain on track to meet our 
annual production and cash cost guidance.” 
 
First Quarter Operational and Financial Highlights  
 
• Copper Production: Consolidated production of 88,013 tonnes of copper in the first quarter. 
• Other Production: During the quarter, a total of 45,688 tonnes of zinc, 3,255 tonnes of nickel and approximately 
33,000 ounces of gold were produced. All metals are tracking to meet full year guidance. 
• Revenue: $937.0 million in the first quarter with a realized copper price1 of $3.98 /lb. 
• Adjusted EBITDA1:  $362.9 million generated during the quarter. 
• Adjusted Earnings 1: Net earnings attributable to shareholders of the Company were $13.9 million  or $0.02 per 
share in the first quarter with adjusted earnings1 of $45.2 million or $0.06 per share. 
• Cash Generation: Cash provided by operating activities was $267.5 million and free cash flow from operations 1 was 
$67.7 million, which was reduced by a working capital build of $46.1 million.  
• Resource Growth: Earlier in the quarter the Company updated Mineral Reserve and Mineral Resource estimates and 
grew overall Proven and Probable copper reserves by 26% on a 100% basis. 
• Outlook: With first quarter 2024 production and cash costs being in line with expectations, the Company's full year 
guidance remains unchanged: 
◦ Copper production guidance of 366,000 – 400,000 t. 
◦ Zinc production guidance of 195,000 – 215,000 t. 
◦ Gold production guidance of 155,000 – 170,000 oz. 
◦ Nickel production guidance of 10,000 – 13,000 t. 
 
 
 
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 ("MD&A") for the three months ended March 31, 2024 and the Reconciliation of Non -GAAP measures section at the end of this news release.

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

Summary Financial Results  
             
 
Three months ended  
March 31, 
US$ Millions (except per share amounts) 2024    2023 
Revenue  937.0   751.3  
Gross profit  185.4   213.3  
Attributable net earningsa  13.9   146.6  
Net earnings  58.6   165.3  
Adjusted earningsa,b  45.2   125.7  
Adjusted EBITDAb  362.9   336.9  
Basic and diluted earnings per share ("EPS")a  0.02   0.19  
Adjusted EPSa,b  0.06   0.16  
Cash provided by operating activities  267.5   211.9  
Adjusted operating cash flowb  313.7   235.1  
Adjusted operating cash flow per shareb  0.41   0.30  
Free cash flow from operationsb  67.7   71.1  
Free cash flowb  (1.7)  (34.2) 
Cash and cash equivalents  365.5   184.2  
Net debt excluding lease liabilitiesb  981.4   9.1  
Net debtb 
  
 1,241.9   34.6  
a Attributable to shareholders of Lundin Mining Corporation.  
b 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, 2024 and the Reconciliation of Non -GAAP Measures section at the end of this news release.  
 
• For the three months ended March 31, 2024, the Company generated revenue of $937.0 million  (Q1 2023 - $751.3 
million), including 86,189 tonnes of copper sold at a realized price of $3.98 /lb . The increase from the prior year 
comparable period is primarily due to the inclusion of Caserones revenue and somewhat offset by lower sales 
volumes at most mines and lower realized copper and zinc prices. 
• Gross profit of $185.4 million  (2023 - $213.3 million ) and Adjusted EBITDA of $362.9 million  (Q1 2023 - $336.9 
million) benefited from the inclusion of Caserones, favourable foreign exchange, and operational improvements at 
Chapada. 
• Net earnings attributable to shareholders of the Company were $13.9 million  or $0.02 per share in the three 
months ended March 31, 2024 , which were lower than in the prior year comparable period primarily due to  non-
cash unrealized losses related to the mark-to-market valuation of unexpired foreign exchange contracts, lower gross 
profit, and higher financing costs. 
• Adjusted earnings  attributable to shareholders of the Company for the three months ended March 31, 2024 of 
$45.2 million or $0.06 per share were $80.5 million lower than in the prior year comparable period primarily due to 
lower net attributable earnings. 
• Cash and cash equivalents as at March 31, 2024  were $365.5 million. Cash provided by operating activities 
amounted to  $267.5 million and cash used to fund investing activities amounted to $269.7 million.  
• Free cash flow1 for the three months ended March 31, 2024 of negative $1.7 million was $32.5 million higher than in 
the prior year comparable period as a result of reduced spending relating to the Josemaria Project. 
• For the three months ended March 31, 2024, the Company recognized a non -cash unrealized loss of approximately 
$53 million on a pre-tax basis related to the mark-to-market valuation of the Company's unexpired foreign exchange 
and diesel derivative contracts.  For the three months ended March 31, 2024, the Company entered into zero cost 
collar contracts in the total amounts of $24 million (equivalent to BRL 121 million) and $950 million (equivalent to 
CLP 926 billion) with collar ranges of BRL 5.10 to BRL 6.07 and CLP 900 to CLP 1,085, respectively. 
• As at May 1, 2024, the Company had a cash balance of approximately $395.0 million and a net debt excluding lease 
liabilities balance of approximately $1,020.0 million.   
 
 
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 ("MD&A") for the three months ended March 31, 2024 and the Reconciliation of Non -GAAP measures section at the end of this news release.

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

Operational Performance 
 
Total Production  
(Contained metal)a 2024 2023 
Q1 Total Q4 Q3 Q2 Q1 
Copper (t)b  88,013   314,798   103,337   89,942   60,057   61,462  
Zinc (t)  45,688   185,161   50,719   49,774   36,115   48,553  
Nickel (t)  3,255   16,429   3,729   4,290   4,686   3,724  
Gold (koz)b  33   149   44   35   34   36  
Molybdenum (t)b  864   2,024   928   1,096   —   —  
a. Tonnes (t) and thousands of ounces (koz)   
b. Candelaria and Caserones production is on a 100% basis.  
 
Candelaria (80% owned):  Candelaria produced 32,527  tonnes of copper and approximately 19,000 ounces of gold in 
concentrate on a 100% basis in the  three months ended March 31, 2024 . Copper and gold production was lower than in 
the prior year comparable period, primarily due to lower grades as a result of planned mine sequencing.  Production costs 
were lower than in the prior year comparable  period largely owing to favourable foreign exchange as a result of the 
Chilean Peso weakening against the US dollar, and lower sales volumes. Copper cash cost   of $1.89/lb improved from the 
prior year comparable  period due to favourable foreign exchange and higher by -product credits.  Copper and gold 
production in 2024 are forecast to be weighted to the second half of the year, primarily owing to mine sequencing and the 
resultant grade profiles.  
 
Caserones (51% owned):  During the three months ended March 31, 2024 , Caserones produced 34,216 tonnes of copper 
and 864  tonnes of molybdenum on a 100% basis . Copper and molybdenum production was slightly lower than expected 
due to reduced throughput caused by unplanned maintenance, combined with lower recoveries due to mine sequencing. 
Production costs and cash costs per pound in the  three months ended March 31, 2024 were lower than planned primarily 
due to favourable foreign exchange as a result of the Chilean peso weakening against the US dollar.    
 
Chapada (100% owned): Chapada produced 10,138 tonnes of copper and approximately 14,000 ounces of gold in 
concentrate in the  three months ended March 31, 2024 . Copper and gold production were higher than in the prior year 
comparable period primarily due to higher recoveries. Production costs were lower than in the prior year comparable  
period primarily due to lower sales volumes and lower mining costs as a result of a planned reduction in waste movement. 
Copper cash cost of $2.01/lb for the three months ended March 31, 2024 improved from the prior year comparable period 
due to higher by-product credits combined with mining cost decreases due to operational improvements. 
 
Eagle (100% owned):  During the three months  ended March 31, 2024 , Eagle produced 3,255 tonnes of nickel and  2,514  
tonnes of copper which were lower than in the prior year comparable  period due to lower planned grades and recoveries. 
Production costs were lower than in the prior year comparable  period due to lower sales volumes. Nickel cash cost  of 
$4.04/lb was higher than in the prior year comparable  period and was impacted by lower sales volumes and lower by -
product credits. 
 
Neves-Corvo (100% owned): Neves-Corvo produced 7,044 tonnes of copper and 26,487 tonnes of zinc in the  three months 
ended March 31, 2024. Both copper and zinc production was lower than in the prior year comparable  period due to lower 
grades and recoveries. Throughput was lower than planned in the  three months ended March 31, 2024 due to a voluntary 
three-day shutdown and subsequent ramp -up following the fatality that occurred in February  2024.  Production costs 
during the quarter  were lower than in the prior year comparable  period due to lower sales volumes and lower unit 
production costs. Copper cash cost per pound of $3.24/lb was higher than prior year comparable period as a result of 
lower production volumes, lower by-product credits and unfavorable foreign exchange.   
 
Zinkgruvan (100% owned): Zinc production of 19,201 tonnes was lower than in the prior year comparable  period primarily 
due to lower grades. Lead production of 6,748  tonnes and copper production of 1,574 tonnes were lower than in the prior 
year comparable period primarily due to lower grades as a result of delays in mining high -grade stopes. Production costs 
were slightly higher than in the prior year comparable  period and  zinc cash cost per pound of $0.65/lb was higher than in 
the prior year comparable period primarily due to lower production volumes.

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

Outlook 
 
Overall, operations performed well in the first quarter of 2024 and the Company is expected to meet annual production 
and cash cost guidance as disclosed in the Company’s MD&A for the year ended December 31, 2023.  
 
Metal production continues to be weighted to the second half of the year at Candelaria, Chapada and Neves -Corvo due to 
mine sequencing and resultant forecasted grade profiles. As a result of production challenges at Neves -Corvo in the first 
quarter of 2024, copper production at that operation is tracking to the lower end of its annual production guidance range. 
Production challenges at Neves-Corvo, Eagle and Zinkgruvan in the first quarter of 2024 led to higher -than-expected cash 
costs per pound, which are expected to improve later in 2024. 
 
Capital expenditure guidance also remains consistent as disclosed in the Company’s MD&A for the year ended December 
31, 2023 including $840 million sustaining capital expenditure and $225 million of expenditure related to the Josemaria 
Project. Similarly, exploration expenditure of $48 million remains on target  for 2024. 
 
Exploration 
 
During the quarter ended March 31, 2024, exploration activity focused on in-mine and near-mine targets at the Company's 
operations. Exploration drilling at Zinkgruvan was focused on resource expansion, Candelaria drilling was focused on 
Candelaria Norte, and Chapada drilling concentrated on delineating the high-grade, near-mine trend at Corpo Sul.  
 
At Caserones, exploration remains in the early stages. Geophysical surveys were recently carried out on the land package 
and the data collected will help to refine our targets and advance our efforts. Exploration drilling was completed in the 
lower portion of the mineral resource and at the Angelica oxide and sulphide targets, both near -mine targets that would 
add potential mineral resources and extend the life of the operation.  
 
At Josemaria, seasonal exploration drilling is coming to a close at the Cumbre Verde target near the Josemaria ore body. 
Six holes were drilled targeting the same mineralized system and structures that hosted high grade mineralization on the 
neighbouring property that run towards Josemaria. Exploration remains in its early stages and initial results highlight 
copper/gold/silver mineralization. The data obtained will help further refine and target this mineralization. Work will 
continue throughout the remainder of 2024, although it will be minimized during the winter season. 
 
There was no exploration drilling at Neves-Corvo and Eagle in the quarter. 
 
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, nickel and gold.   
 
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse 
Regulation. The information was submitted for publication, through the agency of the contact persons set out below on 
May 1, 2024 at 14:30 Pacific Standard Time. 
 
For further information, please contact: . 
 
Stephen Williams, Vice President, Investor Relations +1 604 806 3074 
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 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.  
 
 
Reconciliation of Non-GAAP Measures   
  
The Company uses certain performance measures in its analysis. These performance measures have no standardized 
meaning within generally accepted accounting principles under International Financial Reporting Standards and, 
therefore, amounts presented may not be comparable to similar data presented by other mining companies. For 
additional details please refer to the Company’s discussion of non -GAAP and other performance measures in its 
Management’s Discussion and Analysis for the three months ended March 31 , 2024  which is available on SEDAR+ at 
www.sedarplus.com.

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

Cash Cost per Pound and All -in Sustaining Costs per pound can be reconciled to Production Costs on the Company's 
Condensed Interim Consolidated Statement of Earnings as follows: 
 
 Three months ended March 31, 2024   
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo 
Zinkgruvan 
 
($000s, unless 
otherwise noted) 
(Cu) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  Total 
Sales volumes 
(Contained metal):        
Tonnes       33,536   35,211   8,742   2,163   5,886   15,825      
    Pounds (000s)  73,934   77,627   19,273   4,769   12,976   34,888      
Production costs 
    
   
   
    
   
   
   
   
   
  
  
 567,134  
Less: Royalties and 
other 
   
 
            (19,970) 
        547,164  
Deduct: By-product 
credits 
   
 
            (165,308) 
Add: Treatment and 
refining 
   
 
            46,951  
Cash cost  139,490   166,439   38,735   19,249   42,057   22,837   428,807  
Cash cost per pound   1.89   2.14   2.01   4.04   3.24   0.65      
Add: Sustaining capital 
   
 99,532   42,754   29,199   4,078   22,413   14,341      
    Royalties  2,968   8,814   1,617   2,678   735   —      
Reclamation and 
other closure 
accretion and 
depreciation 
 2,167   1,040   2,679   1,968   1,335   1,186      
Leases & other  3,033   15,381   765   1,236   64   78      
All-in sustaining cost  247,190   234,428   72,995   29,209   66,604   38,442      
AISC per pound ($/lb)  3.34   3.02   3.79   6.12   5.13   1.10      
    
 
 
 Three months ended March 31, 2023   
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo 
Zinkgruvan 
 
($000s, unless 
otherwise noted) 
(Cu) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  Total 
Sales volumes 
(Contained metal):        
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   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

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

Adjusted EBITDA can be reconciled to Net Earnings (Loss) on the Company's Condensed Interim Consolidated Statement 
of Earnings as follows: 
 
 Three months ended March 31, 
($thousands) 2024 2023 
Net earnings  58,555   165,311  
Add back:   
Depreciation, depletion and amortization     184,492   120,247  
Finance income and costs  35,694   15,699  
Income taxes  50,566   48,693  
       329,307   349,950  
Unrealized foreign exchange loss (gain)  (15,500)  8,644  
Unrealized losses (gains) on derivative contracts  52,832   (20,666) 
Ojos del Salado sinkhole (recoveries) expenses  (1,031)  4,582  
Revaluation loss (gain) on marketable securities  (2,430)  (438) 
Gain on disposal of subsidiary  —   (5,718) 
Other  (322)  589  
Total adjustments - EBITDA  33,549   (13,007) 
Adjusted EBITDA  362,856   336,943  
     
 
Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders 
on the Company's Condensed Interim Consolidated Statement of Earnings as follows: 
 
 Three months ended March 31, 
($thousands, except share and per share amounts) 2024 2023 
Net earnings attributable to Lundin Mining shareholders  13,883   146,620  
Add back:   
Total adjustments - EBITDA  33,549   (13,007) 
Tax effect on adjustments  (1,767)  (3,126) 
Deferred tax arising from foreign exchange translation  (6,300)  (6,007) 
Non-controlling interest on adjustments  5,852   1,202  
Total adjustments  31,335   (20,938) 
Adjusted earnings    45,218   125,682  
   
Basic weighted average number of shares outstanding  773,048,710   771,216,060  
   
Net earnings attributable to shareholders     0.02   0.19  
Total adjustments     0.04   (0.03) 
Adjusted earnings per share    0.06   0.16

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

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the 
Company's Condensed Interim Consolidated Statement of Cash Flows as follows: 
    
 Three months ended March 31, 
($thousands) 2024 2023 
Cash provided by operating activities  267,531   211,875  
Sustaining capital expenditures  (213,260)  (155,564) 
General exploration and business development  13,451   14,765  
Free cash flow from operations  67,722   71,076  
General exploration and business development  (13,451)  (14,765) 
Expansionary capital expenditures  (55,981)  (90,519) 
Free cash flow   (1,710)  (34,208) 
 
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by 
Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: 
   
 Three months ended March 31, 
($thousands, except share and per share amounts) 2024 2023 
Cash provided by operating activities  267,531   211,875  
Changes in non-cash working capital items  46,135   23,192  
Adjusted operating cash flow      313,666   235,067  
   
Basic weighted average number of shares outstanding  773,048,710   771,216,060  
Adjusted operating cash flow per share    $ 0.41   0.30  
 
Net debt  and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt 
and Lease Liabilities and Cash and Cash Equivalents on the Company's condensed interim consolidated balance sheet as 
follows:  
 
    
($thousands) March 31, 2024 December 31, 2023 
Debt and lease liabilities  (1,417,892)  (1,273,162) 
Current portion of total debt and lease liabilities     (183,702)  (212,646) 
Less deferred financing fees (netted in above)  (5,729)  (6,374) 
  (1,607,323)  (1,492,182) 
Cash and cash equivalents  365,451   268,793  
Net debt  (1,241,872)  (1,223,389) 
Lease liabilities  260,463   277,208  
Net debt excluding lease liabilities  (981,409)  (946,181)

===== 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 historical facts included in this document constitute forward -looking information, including but not limited to statements 
regarding the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future p roduction 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 estimat es, and mine and mine closure plans; 
anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the C ompany’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; the Company’s integration of acquisitions and any anticipated benefits thereof; and exp ectations for other economic, business, 
and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, 
“may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward -looking statements. 
 
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of management, 
including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of cop per, nickel, zinc, gold and other 
metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political  environment in which the Company operates 
will continue to suppo rt the development and operation of mining projects; and assumptions related to the factors set forth below. While these fact ors and 
assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience an d perception of current conditions 
and expected developments, these statements are inherently subject to significant business, economic and competitive uncertai nties 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 pricing and 
availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, in dustrial 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; volatility and fluctuations in metal and commodity demand and prices; significant reliance on ass ets in Chile; reputation risks related to 
negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain o r comply with permits; risks relating to the 
development of the Josemaria Project; health and safety laws and regulations; risks associated w ith climate change; risks relating to indebtedness; economic, political 
and social instability and mining regime changes in the Company’s operating jurisdictions, including but not limited to those  related to permitting and approvals, 
nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, a nd transportation; inability to attract 
and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and  emerging markets, including with respect to foreign 
exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety ri sks; compliance with environmental, 
unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing tax ation regimes; the inability to effectively 
compete in the industry; risks associated with acquisitions and related integration efforts, including the ability to achieve  anticipated benefits, unanticipated difficulties 
or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activi ties, 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 Resour ces and Mineral Res erves 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; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial proje ctions, including estimates of future 
expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisd ictions; risks associated with the use of 
derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structur al stability of waste rock dumps or tailings 
storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corru ption involving the Company, its customers,  
suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; ris ks relating to dilution; risks relating to 
payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; es timation of asset carrying values; 
relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated dif ficulties with or shortages of labour or 
interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements 
contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; and other risks a nd uncertainties, including but not limited 
to those described in the "Managing Risks” section of the Company’s MD&A and the “Risks and Uncertainties” section of the Com pany’s Annual Information Form for 
the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.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 fa ctors 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 ma y vary materially from those 
described in forward -looking information. Accordingly, there can be no assurance that forward -looking information will prove to be accurate and forward -looking 
information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward -looking information. The forward -looking 
information contained herein speaks only as  of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐looking 
information or to explain any material difference between such and subsequent actual events, except as required by applicable  law.

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

Management’s	Discussion	and	Analysis
For	the	three	months	ended	March	31,	2024
This	 management’s	 discussion	 and	 analysis	 (“MD&A”)	 has	 been	 prepared	 as	 of	 May	 1,	 2024	 and	 should	 be	 read	 in	
conjunction	with	the	Company’s	condensed	interim	consolidated	financial	statements	for	the	 three	months	ended	 March	
31,	2024.	Those	financial	statements	are	prepared	in	accordance	with	International	Financial	Reporting	Standards	as	issued	
by	 the	 International	 Accounting	 Standards	 Board	 (“IFRS	 Accounting	 Standards”)	 and	 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	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	reais,	C$	is	to	Canadian	dollars,	CLP	is	to	Chilean	
pesos,	 €	 refers	 to	 euros,	 and	 SEK	 is	 to	 Swedish	 kronor.	 "This	 quarter"	 or	 "The	 quarter"	 means	 the	 first	 quarter	 ("Q1")	 of	
2024.
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,	nickel	and	gold.
Table	of	Contents
Highlights     ................................................................................................................................................................................ 1
Outlook    ................................................................................................................................................................................... 4
Selected	Quarterly	Financial	Information     .............................................................................................................................. 5
Summary	of	Quarterly	Results      ............................................................................................................................................... 6
Revenue	Overview  .................................................................................................................................................................. 7
Financial	Results     ..................................................................................................................................................................... 10
Mining	Operations   .................................................................................................................................................................. 12
Production	Overview     ........................................................................................................................................................ 12
Production	Cost	and	Cash	Cost	Overview     ........................................................................................................................ 13
Capital	Expenditures   ......................................................................................................................................................... 14
Candelaria      ......................................................................................................................................................................... 15
Caserones   .......................................................................................................................................................................... 16
Chapada      ............................................................................................................................................................................ 17
Eagle   .................................................................................................................................................................................. 18
Neves-Corvo     ...................................................................................................................................................................... 19
Zinkgruvan ......................................................................................................................................................................... 20
						Josemaria	Project     ................................................................................................................................................................... 21
Exploration	Update   ................................................................................................................................................................. 21
Liquidity	and	Capital	Resources   .............................................................................................................................................. 22
Non-GAAP	and	Other	Performance	Measures    ....................................................................................................................... 25
Other	Information	and	Advisories     .......................................................................................................................................... 30
Outstanding	Share	Data     ......................................................................................................................................................... 31

===== 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	 regarding	 the	 Company’s	
plans,	 prospects	 and	 business	 strategies;	 the	 Company’s	 guidance	 on	 the	 timing	 and	 amount	 of	 future	 production	 and	 its	 expectations	 regarding	 the	 results	 of	 operations;	
expected	costs;	permitting	requirements	and	timelines;	timing	and	possible	outcome	of	pending	litigation;	the	results	of	any	Preliminary	Economic	Assessment,	Feasibility	Study,	
or	Mineral	Resource	and	Mineral	Reserve	estimations,	life	of	mine	estimates,	and	mine	and	mine	closure	plans;	anticipated	market	prices	of	metals,	currency	exchange	rates,	
and	 interest	 rates;	 the	 development	 and	 implementation	 of	 the	 Company’s	 Responsible	 Mining	 Management	 System;	 the	 Company’s	 ability	 to	 comply	 with	 contractual	 and	
permitting	or	other	regulatory	requirements;	anticipated	exploration	and	development	activities	at	the	Company’s	projects;	the	Company’s	integration	of	acquisitions	and	any	
anticipated	 benefits	 thereof;	 and	 expectations	 for	 other	 economic,	 business,	 and/or	 competitive	 factors.	 Words	 such	 as	 “believe”,	 “expect”,	 “anticipate”,	 “contemplate”,	
“target”,	“plan”,	“goal”,	“aim”,	“intend”,	“continue”,	“budget”,	“estimate”,	“may”,	“will”,	“can”,	“could”,	“should”,	“schedule”	and	similar	expressions	identify	forward-looking	
statements.
Forward-looking	information	is	necessarily	based	upon	various	estimates	and	assumptions	including,	without	limitation,	the	expectations	and	beliefs	of	management,	including	
that	the	Company	can	access	financing,	appropriate	equipment	and	sufficient	labour;	assumed	and	future	price	of	copper,	nickel,	zinc,	gold	and	other	metals;	anticipated	costs;	
ability	 to	 achieve	 goals;	 the	 prompt	 and	 effective	 integration	 of	 acquisitions;	 that	 the	 political	 environment	 in	 which	 the	 Company	 operates	 will	 continue	 to	 support	 the	
development	 and	 operation	 of	 mining	 projects;	 and	 assumptions	 related	 to	 the	 factors	 set	 forth	 below.	 While	 these	 factors	 and	 assumptions	 are	 considered	 reasonable	 by	
Lundin	 Mining	 as	 at	 the	 date	 of	 this	 document	 in	 light	 of	 management’s	 experience	 and	 perception	 of	 current	 conditions	 and	 expected	 developments,	 these	 statements	 are	
inherently	subject	to	significant	business,	economic	and	competitive	uncertainties	and	contingencies.	Known	and	unknown	factors	could	cause	actual	results	to	differ	materially	
from	those	projected	in	the	forward-looking	statements	and	undue	reliance	should	not	be	placed	on	such	statements	and	information.	Such	factors	include,	but	are	not	limited	
to:	global	financial	conditions,	market	volatility	and	inflation,	including	pricing	and	availability	of	key	supplies	and	services;	risks	inherent	in	mining	including	but	not	limited	to	
risks	 to	 the	 environment,	 industrial	 accidents,	 catastrophic	 equipment	 failures,	 unusual	 or	 unexpected	 geological	 formations	 or	 unstable	 ground	 conditions,	 and	 natural	
phenomena	 such	 as	 earthquakes,	 flooding	 or	 unusually	 severe	 weather;	 uninsurable	 risks;	 volatility	 and	 fluctuations	 in	 metal	 and	 commodity	 demand	 and	 prices;	 significant	
reliance	on	assets	in	Chile;	reputation	risks	related	to	negative	publicity	with	respect	to	the	Company	or	the	mining	industry	in	general;	delays	or	the	inability	to	obtain,	retain	or	
comply	with	permits;	risks	relating	to	the	development	of	the	Josemaria	Project;	health	and	safety	laws	and	regulations;	risks	associated	with	climate	change;	risks	relating	to	
indebtedness;	 economic,	 political	 and	 social	 instability	 and	 mining	 regime	 changes	 in	 the	 Company’s	 operating	 jurisdictions,	 including	 but	 not	 limited	 to	 those	 related	 to	
permitting	 and	 approvals,	 nationalization	 or	 expropriation	 without	 fair	 compensation,	 environmental	 and	 tailings	 management,	 labour,	 trade	 relations,	 and	 transportation;	
inability	to	attract	and	retain	highly	skilled	employees;	risks	inherent	in	and/or	associated	with	operating	in	foreign	countries	and	emerging	markets,	including	with	respect	to	
foreign	exchange	and	capital	controls;	project	financing	risks,	liquidity	risks	and	limited	financial	resources;	health	and	safety	risks;	compliance	with	environmental,	unavailable	
or	inaccessible	infrastructure,	infrastructure	failures,	and	risks	related	to	ageing	infrastructure;	changing	taxation	regimes;	the	inability	to	effectively	compete	in	the	industry;	
risks	 associated	 with	 acquisitions	 and	 related	 integration	 efforts,	 including	 the	 ability	 to	 achieve	 anticipated	 benefits,	 unanticipated	 difficulties	 or	 expenditures	 relating	 to	
integration	and	diversion	of	management	time	on	integration;	risks	related	to	mine	closure	activities,	reclamation	obligations,	environmental	liabilities	and	closed	and	historical	
sites;	reliance	on	key	personnel	and	reporting	and	oversight	systems,	as	well	as	third	parties	and	consultants	in	foreign	jurisdictions;	information	technology	and	cybersecurity	
risks;	 risks	 associated	 with	 the	 estimation	 of	 Mineral	 Resources	 and	 Mineral	 Reserves	 and	 the	 geology,	 grade	 and	 continuity	 of	 mineral	 deposits	 including	 but	 not	 limited	 to	
models	relating	thereto;	actual	ore	mined	and/or	metal	recoveries	varying	from	Mineral	Resource	and	Mineral	Reserve	estimates,	estimates	of	grade,	tonnage,	dilution,	mine	
plans	 and	 metallurgical	 and	 other	 characteristics;	 ore	 processing	 efficiency;	 community	 and	 stakeholder	 opposition;	 regulatory	 investigations,	 enforcement,	 sanctions	 and/or	
related	or	other	litigation;	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;	risks	associated	with	the	use	of	derivatives;	risks	relating	to	joint	ventures	and	operations;	environmental	and	regulatory	risks	associated	with	the	
structural	stability	of	waste	rock	dumps	or	tailings	storage	facilities;	exchange	rate	fluctuations;	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;	risks	relating	to	
dilution;	risks	relating	to	payment	of	dividends;	counterparty	and	customer	concentration	risks;	activist	shareholders	and	proxy	solicitation	matters;	estimation	of	asset	carrying	
values;	 relationships	 with	 employees	 and	 contractors,	 and	 the	 potential	 for	 and	 effects	 of	 labour	 disputes	 or	 other	 unanticipated	 difficulties	 with	 or	 shortages	 of	 labour	 or	
interruptions	in	production;	conflicts	of	interest;	existence	of	significant	shareholders;	challenges	or	defects	in	title;	internal	controls;	risks	relating	to	minor	elements	contained	
in	concentrate	products;	the	threat	associated	with	outbreaks	of	viruses	and	infectious	diseases;	and	other	risks	and	uncertainties,	including	but	not	limited	to	those	described	in	
the	 "Managing	 Risks”	 section	 of	 this	 MD&A	 and	 the	 “Risk	 and	 Uncertainties”	 section	 of	 the	 Company’s	 Annual	 Information	 Form,	 which	 is	 available	 on	 SEDAR+	 at	
www.sedarplus.com	under	the	Company’s	profile.	
All	of	the	forward-looking	statements	made	in	this	document	are	qualified	by	these	cautionary	statements.	Although	the	Company	has	attempted	to	identify	important	factors	
that	could	cause	actual	results	to	differ	materially	from	those	contained	in	forward-looking	information,	there	may	be	other	factors	that	cause	results	not	to	be	as	anticipated,	
estimated,	forecast	or	intended	and	readers	are	cautioned	that	the	foregoing	list	is	not	exhaustive	of	all	factors	and	assumptions	which	may	have	been	used.	Should	one	or	more	
of	 these	 risks	 and	 uncertainties	 materialize,	 or	 should	 underlying	 assumptions	 prove	 incorrect,	 actual	 results	 may	 vary	 materially	 from	 those	 described	 in	 forward-looking	
information.	Accordingly,	there	can	be	no	assurance	that	forward-looking	information	will	prove	to	be	accurate	and	forward-looking	information	is	not	a	guarantee	of	future	
performance.	Readers	are	advised	not	to	place	undue	reliance	on	forward-looking	information.	The	forward-looking	information	contained	herein	speaks	only	as	of	the	date	of	
this	 document.	 The	 Company	 disclaims	 any	 intention	 or	 obligation	 to	 update	 or	 revise	 forward-looking	 information	 or	 to	 explain	 any	 material	 difference	 between	 such	 and	
subsequent	actual	events,	except	as	required	by	applicable	law.

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

Highlights
For	the	quarter	ended	March	31,	2024,	the	Company	generated	revenue	of	 $937.0	million	(Q1	2023	-	 $751.3	million),	gross	
profit	 of	 $185.4	 million	 (Q1	 2023	 -	 $213.3	 million)	 and	 adjusted	 EBITDA1	 of	 $362.9	 million	 (Q1	 2023	 -	 $336.9	 million).	
Financial	results	benefited	from	contribution	from	the	Caserones	mine,	acquired	in	July	2023.	
The	operations	performed	well	during	the 	first	quarter	of	2024	with	 88,013	tonnes	of	copper ,	45,688	tonnes	of	zinc ,	and	
33,000	oz	of	gold	produced.	The	Company	remains	on	track	to	achieve	annual	production	guidance.	
Operational	Performance
Candelaria	 (80%	 owned):	 Candelaria	 produced	 32,527	 tonnes	 of	 copper	 and	 approximately	 19,000	 ounces	 of	 gold	 in	
concentrate	 on	 a	 100%	 basis	 in	 the	 quarter.	 Copper	 and	 gold	 production	 was	 lower	 than	 in	 the	 prior	 year	 comparable	
quarter,	primarily	due	to	lower	grades	as	a	result	of	planned	mine	sequencing.	Current	quarter	production	costs	were	lower	
than	 in	 the	 prior	 year	 comparable	 quarter	 largely	 owing	 to	 favourable	 foreign	 exchange	 as	 a	 result	 of	 the	 Chilean	 Peso	
weakening	 against	 the	 US	 dollar,	 and	 lower	 sales	 volumes.	 Copper	 cash	 cost1	 of	 $1.89/lb	 improved	 from	 the	 prior	 year	
comparable	quarter	due	to	favourable	foreign	exchange	and	higher	by-product	credits.
Caserones	 (51%	 owned):	 In	 the	 quarter	 ended	 March	 31,	 2024	 Caserones	 produced	 34,216	 tonnes	 of	 copper	 and	 864	
tonnes	 of	 molybdenum	 on	 a	 100%	 basis.	 Copper	 and	 molybdenum	 production	 was	 slightly	 lower	 than	 expected	 due	 to	
reduced	 throughput	 caused	 by	 unplanned	 maintenance,	 combined	 with	 lower	 recoveries	 due	 to	 mine	 sequencing .	
Production	 costs	 and	 cash	 costs	 per	 pound	 in	 the	 quarter	 were	 lower	 than	 planned	 primarily	 due	 to	 favourable	 foreign	
exchange	as	a	result	of	the	Chilean	peso	weakening	against	the	US	dollar.	
Chapada	 (100%	 owned):	 Chapada	 produced	 10,138	 tonnes	 of	 copper	 and	 approximately	 14,000	 ounces	 of	 gold	 in	
concentrate	in	the 	quarter.	 Copper	and	gold	production	w ere	higher	than	in	the	prior	year	comparable 	quarter	 primarily	
due	 to	 higher	 recoveries.	 Production	 costs	 were	 lower	 than	 in	 the	 prior	 year	 comparable	 quarter	 primarily	 due	 to	 lower	
sales	volumes	and	lower	mining	costs	as	a	result	of	a	planned	reduction	in	waste	movement.	Copper	cash	cost	of 	$2.01/lb	
for	the	quarter	 improved	from	the	prior	year	comparable	 quarter	due	to	higher	by-product	credits	combined	with	mining	
cost	decreases	due	to	operational	improvements.
Eagle	 (100%	 owned):	 During	 the	 quarter	 Eagle	 produced	 3,255	 tonnes	 of	 nickel	 and	 2,514	 tonnes	 of	 copper	 which	 were	
lower	than	in	the	prior	year	comparable 	quarter	due	to	lower	planned	grades 	and	recoveries.	Production	costs	were	lower	
than	 in	 the	 prior	 year	 comparable	 quarter	 due	 to	 lower	 sales	 volumes.	 Nickel	 cash	 cost1	 in	 the	 quarter	 of	 $4.04/lb	 was	
higher	than	in	the	prior	year	comparable	quarter	and	was	impacted	by	lower	sales	volumes	and	lower	by-product	credits.
Neves-Corvo	(100%	owned):	Neves-Corvo	produced	 7,044	tonnes	of	copper	and	 26,487	tonnes	of	zinc	in	the 	quarter.	Both	
copper	and	zinc	production 	in	the	quarter	 was	lower	than	in	the	prior	year	comparable 	quarter	 due	to	 lower	grades	and	
recoveries.	 Throughput	 was	 lower	 than	 planned	 in	 the	 quarter	 due	 to	 a	 voluntary	 three-day	 shutdown	 and	 subsequent	
ramp-up	following	the	fatality	that	occurred	in	February .	Production	costs	during	the	quarter 	were	lower	than	 in	the	prior	
year	comparable	quarter	 due	to	lower 	sales	volumes	and	lower	unit	production	costs.	Copper	cash	cost	per	pound	 during	
the	quarter	of 	$3.24/lb	was	 higher	than	prior	year	comparable	period	as	a	result	of	lower	production	volumes,	lower	by-
product	credits	and	unfavorable	foreign	exchange.		
Zinkgruvan	(100%	owned):	Zinc	production	of	19,201	tonnes	was	lower	than	in	the	prior	year	comparable	quarter	primarily	
due	to	lower	grades.	Lead	production	of	 6,748	tonnes	and	copper	production	of	 1,574	tonnes	were	lower	than	in	the	prior	
year	comparable	quarter	 primarily	due	to	lower	grades	as	a	result	of	delays	in	mining	high-grade	stopes.	Production	costs	
were	slightly	higher	than	in	the	prior	year	comparable	quarter	and		zinc	cash	cost1	per	pound	of	$0.65/lb	during	the	quarter	
was	higher	than	in	the	prior	year	comparable	quarter	primarily	due	to	lower	production	volumes.		
1
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

Total	Productiona
2024 2023
Q1 Total Q4 Q3 Q2 Q1
Copper	(t)b 	 88,013	 	 314,798	 	 103,337	 	 89,942	 	 60,057	 	 61,462	
Zinc	(t) 	 45,688	 	 185,161	 	 50,719	 	 49,774	 	 36,115	 	 48,553	
Nickel	(t) 	 3,255	 	 16,429	 	 3,729	 	 4,290	 	 4,686	 	 3,724	
Gold	(koz)b 	 33	 	 149	 	 44	 	 35	 	 34	 	 36	
Molybdenum	(t)b 	 864	 	 2,024	 	 928	 	 1,096	 	 —	 	 —	
a	-		Tonnes(t)	and	thousands	of	ounces	(koz).
b	-	Candelaria	and	Caserones	production	are	on	a	100%	basis.	Caserones	results	in	2023	are	from	July	13,	2023.
Corporate	Updates
• On	 January	 14,	 2024,	 the	 Company	 provided	 its	 2024	 production	 and	 cost	 guidance	 and	 reaffirmed	 the	 three	 year	
production	outlook.
• On	February	8,	2024,	the	Company	 reported	its	Mineral	Resource	and	Mineral	Reserve	estimates	as	at	December	 31,	
2023	(or	as	otherwise	specified).
• On	 February	 12,	 2024,	 the	 Company	 reported	 an	 employee	 fatality	 at	 the	 Neves-Corvo	 Mine	 in	 Portugal.	 Operations	
were	voluntarily	suspended	 and	restarted	on	February	15,	2024.	The	appropriate	 authorities	in	Portugal	were	notified	
and	the	Company	is	providing	its	full	cooperation	in	the	investigation.
Financial	Performance
• Gross	profit	for	the	quarter	ended	 March	31,	2024	was	$185.4	million	which	was	 $28.0	million	lower	than	in	the	prior	
year	comparable	period.	The	decrease	was	primarily	due	to	 lower	realized	copper	and	zinc	prices 1	and	excluding	gross	
profit	results	from	Caserones,	the	sales	volumes	were	lower.	
• For	 the	 quarter	 ended	 March	 31,	 2024,	 net	 earnings	 of	 $58.6	 million	 were	 lower	 than	 in	 the	 prior	 year	 comparable	
period	 primarily	 due	 to	 non-cash	 unrealized	 losses	 related	 to	 the	 mark-to-market	 valuation	 of	 unexpired	 foreign	
exchange	contracts,	lower	gross	profit,	and	higher	financing	costs.
• Adjusted	earnings 1	for	the	 quarter	ended	 March	31,	2024 	of	$45.2	million	were	$80.5	million	lower	than	 in	the	prior	
year	comparable	period	primarily	due	to	lower	net	attributable	earnings.
• Cash	provided	by	operating	activities 	for	the	quarter	ended	 March	31,	2024	of	$267.5	million	was	$55.7	million	higher	
than	 in	 the	 prior	 year	 comparable	 period	 and	 benefited	 from	 the	 inclusion	 of	 operating	 cash	 flows	 from	 Caserones,	
partially	offset	by	reduced	cash	in	the	quarter	due	to	working	capital	changes.
• For	 the	 quarter	 ended	 March	 31,	 2024,	 the	 Company	 recognized	 a	 non-cash	 unrealized	 loss	 of	 approximately	 $53	
million	on	a	pre-tax	basis	related	to	the	mark-to-market	valuation	of	the	Company's	unexpired	foreign	exchange	and	
diesel	 derivative	 contracts.	 During	 the	 quarter	 ended	 March	 31,	 2024,	 the	 Company	 entered	 into	 zero	 cost	 collar	
contracts	in	the	total	amounts	of	$24	million	(equivalent	to	BRL	121	million)	and	$950	million	(equivalent	to	CLP	926	
billion)	with	collar	ranges	of	BRL	5.10	to	BRL	6.07	and	CLP	900	to	CLP	1,085,	respectively.
• For	 the	 quarter	 ended	 March	 31,	 2024,	 sustaining	 capital	 expenditures1	 of	 $213.3	 million	 were	 $57.7	 million	 higher	
than	the	prior	year	comparable	period	as	a	result	of	the	inclusion	of	Caserones	sustaining	capital,	as	well	as	increases	at	
Chapada	 in	 deferred	 stripping	 and	 tailings	 spend.	 Expansionary	 capital	 expenditures1	 of	 $56.0	 million	 were	 $34.5	
million	lower	than	the	prior	year	comparable	period	as	a	result	of	less	spend	on	the	Josemaria	Project.
2

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

• For	the	quarter	ended	March	31,	2024,	free	cash	flow	from	operations1	of	$67.7	million	was	$3.4	million	lower	than	the	
prior	year	comparable	period	as	a	result	of		higher	capital	expenditures	during	the	quarter.
Financial	Position	and	Financing
• Cash	and	cash	equivalents	as	at	 March	31,	2024 	were	$365.5	million,	an	increase	during	the	quarter	of 	$96.7	million.	
Cash	provided	by	operating	activities	 amounted	to		$267.5	million	and	cash	used	to	fund	investing	activities	amounted	
to	$269.7	million.	Cash	provided	by	financing	activities	was	comprised	primarily	of	proceeds	from	debt.
• As	 at	 March	 31,	 2024,	 the	 Company	 had	 a	 net	 debt1	 balance	 of	 $1,241.9	 million	 and	 a	 net	 debt	 excluding	 lease	
liabilities1	balance	of	$981.4	million.	
• On	April	26,	2024,	the	Company's	revolving	credit	facility,	originally	expiring	in	April	2028,	was	amended	and	extended	
to	April	2029.	On	the	same	date,	the	Company's	Term	Loan	(the	"Term	Loan")	was	also	amended	and	extended	by	one	
year	to	July	2027.
• As	at	 May	1,	2024 ,	the	Company	had	 a	cash	balance	of	approximately	$395.0	million	and	a	net	debt	excluding	lease	
liabilities	balance	of	approximately	$1,020.0	million.	
3
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.	
1

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

Outlook
Overall,	operations	performed	well	in	the	first	quarter	of	2024	and	the	Company	is	expected	to	meet	annual	production	and	
cash	cost	guidance	as	disclosed	in	the	Company’s	MD&A	for	the	year	ended	December	31,	2023.	
Metal	production	continues	to	be	weighted	to	the	second	half	of	the	year	at	 Candelaria,	Chapada	and	Neves-Corvo	due	to	
mine	 sequencing	 and	 resultant	 forecasted	 grade	 profiles.	 As	 a	 result	 of	 production	 challenges	 at	 Neves-Corvo	 in	 the	 first	
quarter	of	2024,	copper	production	at	that	operation	is	tracking	to	the	lower	end	of	its	annual	production	guidance	range.	
Production	challenges	at	Neves-Corvo,	Eagle	and	Zinkgruvan	in	the	first	quarter	of	2024	led	to	higher-than-expected	cash	
costs	per	pound,	which	are	expected	to	improve	later	in	2024.
Capital	expenditure	guidance	also	remains	consistent	as	disclosed	in	the	Company’s	MD&A	for	the	year	ended	December	
31,	 2023	 including	 $840	 million	 sustaining	 capital	 expenditure	 and	 $225	 million	 of	 expenditure	 related	 to	 the	 Josemaria	
Project.	Similarly,	exploration	expenditure	of	$48	million	remains	on	target		for	2024.
																																					4

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

Selected	Quarterly	Financial	Information	
Three	months	ended
March	31,
($	millions,	except	share	and	per	share	amounts) 2024 2023
Revenue 	 937.0	 	 751.3	
Costs	of	goods	sold:
Production	costs 	 (567.1)	 	 (417.8)	 
Depreciation,	depletion	and	amortization 	 (184.5)	 	 (120.2)	 
Gross	profit 	 185.4	 	 213.3	
Net	earnings	attributable	to:
Lundin	Mining	shareholders 	 13.9	 	 146.6	
Non-controlling	interests 	 44.7	 	 18.7	
Net	earnings 	 58.6	 	 165.3	
Adjusted	earnings1 	 45.2	 	 125.7	
Adjusted	EBITDA1 	 362.9	 	 336.9	
Cash	provided	by	operating	activities 	 267.5	 	 211.9	
Adjusted	operating	cash	flow1 	 313.7	 	 235.1	
Free	cash	flow	from	operations1 	 67.7	 	 71.1	
Free	cash	flow1 	 (1.7)	 	 (34.2)	 
Capital	expenditures2 	 271.9	 	 246.1	
Per	share	amounts:
Basic	and	diluted	earnings	(loss)	per	share	("EPS")	attributable	to	shareholders 	 0.02	 	 0.19	
Adjusted	EPS1 	 0.06	 	 0.16	
Adjusted	operating	cash	flow	per	share1 	 0.41	 	 0.30	
Dividends	declared	(C$/share) 	 0.09	 	 0.09	
March	31,	
2024
December	31,	
2023
Total	assets 	 10,911.9	 	 10,861.2	
Total	debt	and	lease	liabilities 	 1,601.6	 	 1,485.8	
Net	debt	excluding	lease	liabilities1
	 981.4	 	 946.2	
1	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
2	Capital	expenditures	are	reported	on	a	cash	basis,	as	presented	in	the	consolidated	statement	of	cash	flows.
5

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

Summary	of	Quarterly	Results1
($	millions,	except	per	share	data) Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Q4-22 Q3-22 Q2-22
Revenue 	 937.0	 	 1,060.0	 	 992.2	 	 588.5	 	 751.3	 	 811.4	 	 648.5	 	 590.2	 
Gross	profit 	 185.4	 	 188.9	 	 197.3	 	 52.8	 	 213.3	 	 155.2	 	 82.5	 	 46.0	 
Net	earnings	(loss) 	 58.6	 	 66.8	 	 21.9	 	 61.3	 	 165.3	 	 145.3	 	 (11.2)	 	 (48.6)	 
-	attributable	to	shareholders 	 13.9	 	 38.8	 	 (3.0)	 	 59.1	 	 146.6	 	 145.6	 	 (11.2)	 	 (52.6)	 
Adjusted	earnings	(loss)2 	 45.2	 	 79.7	 	 85.3	 	 45.6	 	 125.7	 	 191.5	 	 30.9	 	 (35.3)	 
Adjusted	EBITDA2 	 362.9	 	 419.7	 	 415.1	 	 191.8	 	 336.9	 	 353.7	 	 202.4	 	 148.6	 
EPS	-	Basic	and	Diluted 	 0.02	 	 0.05	 	 —	 	 0.08	 	 0.19	 	 0.19	 	 (0.01)	 	 (0.07)	 
Adjusted	EPS2 	 0.06	 	 0.10	 	 0.11	 	 0.06	 	 0.16	 	 0.25	 	 0.04	 	 (0.05)	 
Cash	flow	from	operations 	 267.5	 	 306.1	 	 303.8	 	 194.8	 	 211.9	 	 156.9	 	 36.3	 	 366.4	 
Adjusted	operating	cash	flow	per	share2 	 0.41	 	 0.47	 	 0.41	 	 0.14	 	 0.30	 	 0.38	 	 0.23	 	 0.06	 
Capital	expenditure3
	 271.9	 	 243.9	 	 243.2	 	 279.9	 	 246.1	 	 281.2	 	 199.5	 	 217.3	 
1	The	sum	of	quarterly	amounts	may	differ	from	year-to-date	results	due	to	rounding.
2	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
3	Capital	expenditures	are	reported	on	a	cash	basis,	as	presented	in	the	consolidated	statement	of	cash	flows.
On	a	quarterly	basis	the	Company's	revenue,	gross	profit	and	net	earnings	can	be	impacted	by	metal	prices,	sales	volumes	
as	 a	 result	 of	 the	 timing	 of	 concentrate	 shipments,	 and	 provisional	 pricing	 adjustments	 on	 current	 and	 prior	 period	
shipments.	
The	Company's	results	have	also	been	impacted	by	the	acquisition	of	the	Josemaria	Project	in	April	2022	and	the	acquisition	
of	the	Caserones	mine	in	July	2023.	Project	development	costs	for	the	Josemaria	Project	were	initially	included	in	general	
exploration	 expenses	 following	 the	 acquisition	 of	 the	 project	 in	 April	 2022,	 but	 began	 to	 be	 capitalized	 from	 the	 fourth	
quarter	of	2022.	This	reduced	net	earnings	in	Q2	2022	and	Q3	2022	and	contributed	to	higher	capital	expenditure	starting	
in	Q4	2022.
The	acquisition	of	the	Caserones	mine	in	July	2023	contributed	to	an	increase	in	gross	profit	and	cash	flow	from	operations	
in	Q3	2023	and	in	subsequent	quarters.	Additionally,	fair	value	adjustments	of	$32.2	million	and	$7.8	million	were	recorded	
in	production	costs	in	Q3	2023	and	Q4	2023,	respectively,	to	re-value	in-process	and	concentrate	inventory	on	hand	at	the	
acquisition	date.	The	$800	million	three-year	term	loan	entered	into	in	conjunction	with	the	acquisition	has	increased	the	
Company's	interest	expense	in	Q3	2023	through	Q1	2024,	reducing	net	earnings.
During	2022,	inflationary	price	increases	were	experienced	for	electricity,	diesel	and	consumables.	In	2023	and	continuing	
into	Q1	2024,	input	prices	stabilized,	and	in	some	cases	lowered.	These	trends	impacted	gross	profit	and	net	earnings	in	the	
quarters	presented	above.
A	 non-cash	 write-down,	 including	 depreciation,	 of	 long-term	 ore	 stockpile	 inventory	 at	 Chapada	 of	 $66.8	 million	 was	
recognized	in	Q4	2022,	reducing	net	earnings.	
From	 Q3	 2022,	 the	 Company	 has	 entered	 into	 derivative	 contracts	 for	 foreign	 currency	 and	 diesel	 as	 part	 of	 its	 risk	
management	strategy.	From	Q2	2022,	the	Company	has	also	realized	foreign	exchange	and	trading	gains	on	debt	and	equity	
investments	 to	 support	 capital	 funding	 for	 the	 Josemaria	 Project.	 Realized	 and	 unrealized	 gains	 and	 losses	 on	 derivative	
contracts	and	foreign	exchange	and	trading	gains	on	debt	and	equity	investments	are	recorded	in	other	income	and	impact	
the	Company's	net	earnings.
6

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

Revenue	Overview
Sales	Volumes	by	Payable	Metal	
2024 2023
Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 	 33,536	 	 144,473	 	 38,888	 	 33,668	 	 36,347	 	 35,570	
Caserones	(100%)1 	 35,211	 	 66,075	 	 35,690	 	 30,385	 	 —	 	 —	
Chapada 	 8,742	 	 43,761	 	 13,080	 	 11,445	 	 10,164	 	 9,072	
Eagle 	 2,058	 	 11,968	 	 3,055	 	 3,177	 	 2,951	 	 2,785	
Neves-Corvo 	 5,886	 	 32,054	 	 9,054	 	 8,799	 	 6,170	 	 8,031	
Zinkgruvan 	 756	 	 4,473	 	 845	 	 1,758	 	 1,001	 	 869	
	 86,189	 	 302,804	 	 100,612	 	 89,232	 	 56,633	 	 56,327	
Zinc	(t)
Neves-Corvo 	 21,204	 	 91,115	 	 25,491	 	 21,957	 	 20,125	 	 23,542	
Zinkgruvan 	 15,825	 	 65,344	 	 17,316	 	 22,042	 	 9,374	 	 16,612	
	 37,029	 	 156,459	 	 42,807	 	 43,999	 	 29,499	 	 40,154	
Nickel	(t)
Eagle 	 2,163	 	 13,339	 	 3,105	 	 3,640	 	 3,859	 	 2,735	
Gold	(koz)
Candelaria	(100%) 	 19	 	 87	 	 23	 	 19	 	 23	 	 22	
Chapada 	 12	 	 53	 	 18	 	 13	 	 11	 	 11	
	 31	 	 140	 	 41	 	 32	 	 34	 	 33	
Molybdenum	(t)
Caserones	(100%)1 	 836	 	 2,019	 	 978	 	 1,041	 	 —	 	 —	
Lead	(t)
Neves-Corvo 	 1,324	 	 4,970	 	 1,830	 	 1,220	 	 881	 	 1,039	
Zinkgruvan 	 4,835	 	 25,527	 	 5,714	 	 9,391	 	 4,944	 	 5,478	
	 6,159	 	 30,497	 	 7,544	 	 10,611	 	 5,825	 	 6,517	
Silver	(koz)
Candelaria	(100%) 	 400	 	 1,322	 	 415	 	 279	 	 333	 	 295	
Chapada 	 21	 	 129	 	 37	 	 32	 	 29	 	 31	
Eagle 	 1	 	 24	 	 8	 	 6	 	 4	 	 6	
Neves-Corvo 	 224	 	 821	 	 265	 	 227	 	 158	 	 171	
Zinkgruvan 	 297	 	 1,892	 	 449	 	 713	 	 331	 	 399	
	 943	 	 4,188	 	 1,174	 	 1,257	 	 855	 	 902	
1	Caserones	2023	results	are	from	July	13,	2023.
7

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

Revenue	Analysis	
Three	months	ended	March	31,
by	Mine 2024 2023 Change
($	thousands) $ % $ % $
Candelaria	(100%) 	 330,409	 	 34	 	 380,405	 	 51	 	 (49,996)	 
Caserones	(100%)1 	 326,211	 	 35	 	 —	 	 —	 	 326,211	 
Chapada 	 98,435	 	 11	 	 111,118	 	 15	 	 (12,683)	 
Eagle 	 57,223	 	 6	 	 69,420	 	 9	 	 (12,197)	 
Neves-Corvo 	 80,630	 	 9	 	 129,403	 	 17	 	 (48,773)	 
Zinkgruvan 	 44,073	 	 5	 	 60,998	 	 8	 	 (16,925)	 
	 936,981	 	 751,344	 	 185,637	 
1	Caserones	2023	results	are	from	July	13,	2023.
Three	months	ended	March	31,
by	Metal 2024 2023 Change
($	thousands) $ % $ % $
Copper1 	 715,549	 	 76	 	 529,681	 	 70	 	 185,868	 
Gold 	 57,708	 	 6	 	 57,068	 	 8	 	 640	 
Zinc 	 57,367	 	 6	 	 99,151	 	 13	 	 (41,784)	 
Nickel 	 38,793	 	 4	 	 41,959	 	 6	 	 (3,166)	 
Molybdenum1 	 32,138	 	 3	 	 —	 	 —	 	 32,138	 
Silver 	 13,806	 	 2	 	 9,236	 	 1	 	 4,570	 
Lead 	 11,712	 	 2	 	 11,459	 	 2	 	 253	 
Other 	 9,908	 	 1	 	 2,790	 	 —	 	 7,118	 
	 936,981	 	 751,344	 	 185,637	 
1	Caserones	2023	results	are	from	July	13,	2023.
Revenue	 for	 the	 quarter	 ended	 March	 31,	 2024	 amounted	 to	 $937.0	 million	 which	 was	 higher	 than	 the	 prior	 year	
comparable	period	as	a	result	of	the	inclusion	of	Caserones	copper	and	molybdenum	revenue	partially	offset	by	decreases	
in	copper	and	zinc	volumes	and	prices	at	the	other	operations,	and	nickel	volumes	at	Eagle.	
Revenue	from	gold	and	silver	for	the	 quarter	ended	March	31,	2024	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	$429/oz	for	gold	and	between	$4.28/oz	and	$4.68/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	sales	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.	
Provisionally	Valued	Revenue	as	of	March	31,	2024
Metal Payable	metal Valued	at
Copper 	 96,860	 	t $4.02	/lb
Zinc 	 26,781	 	t $1.09	/lb
Nickel 	 987	 	t $7.53	/lb
Gold 	 34		koz $2,230	/oz
Molybdenum 	 802	 	t $17.57	/lb
8

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

Quarterly	Reconciliation	of	Realized	Prices
Three	months	ended	March	31,	2024
($	thousands) Copper Zinc Nickel Gold Molybdenum Other Total
Revenue	from	contracts	with	
customers1 	 738,145	 	 90,689	 	 35,125	 	 65,235	 	 38,827	 	 39,195	 	 1,007,216	
Provisional	pricing	adjustments	on	
current	period	concentrate	sales 	 7,669	 	 (3,333)	 	 24	 	 3,412	 	 (816)	 	 19	 	 6,974	
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales 	 9,677	 	 (4,476)	 	 3,624	 	 901	 	 (5,873)	 	 (1,714)	 	 2,140	
	 755,491	 	 82,880	 	 38,773	 	 69,548	 	 32,138	 	 37,500	 	 1,016,330	
Recognition	of	deferred	revenue 	 14,095	
Copper	stream	cash	effect 	 (6,098)	 
Gold	stream	cash	effect 	 (20,938)	 
Less:	Treatment	and	refining	charges 	 (66,408)	 
Total	Revenue 	 936,981	
Payable	Metal 86,189	t 37,029	t 2,163	t 31	koz 836	t
Current	period	sales	($/lb)2	 $3.93 $1.07 $7.37 $2,218 $20.62
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales	($/lb) $0.05 $(0.05) $0.76 $29.00 $(3.18)
Realized	prices3,4 $3.98	/lb $1.02	/lb $8.13	/lb $2,247	/oz $17.44	/lb
Three	months	ended	March	31,	2023
Copper Zinc Nickel Gold Other Total
Revenue	from	contracts	with	
customers1 	 512,309	 	 124,929	 	 74,807	 	 63,581	 	 15,225	 	 790,851	
Provisional	pricing	adjustments	on	
current	period	concentrate	sales 	 (7,070)	 	 (6,696)	 	 (10,150)	 	 925	 	 10,663	 	 (12,328)	 
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales 	 52,643	 	 5,139	 	 (20,260)	 	 3,147	 	 —	 	 40,669	
	 557,882	 	 123,372	 	 44,397	 	 67,653	 	 25,888	 	 819,192	
Recognition	of	deferred	revenue 	 15,165	
Copper	stream	cash	effect 	 (6,510)	 
Gold	stream	cash	effect 	 (20,596)	 
Less:	Treatment	&	refining	charges 	 (55,907)	 
Total	Revenue 	 751,344	
Payable	Metal 56,327	t 40,154	t 2,735	t 32	koz
Current	period	sales	($/lb)2 $4.07 $1.34 $10.72 $1,978
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales	($/lb) $	 0.42	 $	 0.05	 $	 (3.36)	 $	 96.00	
Realized	prices3,4 $4.49	/lb $1.39	/lb $7.36	/lb $2,074	/oz
1.	Revenue	from	contracts	with	customers	before	recognition	of	deferred	revenue,	gold	and	copper	stream	cash	effects	and	treatment	and	refining	
charges,	each	of	which	is	presented	separately	in	the	table.
2.	Includes	revenue	from	contracts	with	customers	and	provisional	pricing	adjustments	on	current	period	concentrate	sales.
3.	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
4.	The	realized	price	for	copper	inclusive	of	the	impact	of	streaming	agreements	for	the	three	months	ended	March	31,	2024	is	$3.95/lb	(2023:	$4.44/
lb).	 The	 realized	 price	 for	 gold	 inclusive	 of	 the	 impact	 of	 streaming	 agreements	 for	 the	 three	 months	 ended	 March	 31,	 2024	 is	 $1,570/oz	 (2023:	
$1,443/oz).
Due	to	volatility	in	commodity	prices,	significant	variances	may	arise	between	average	market	prices	and	realized	prices	due	
to	the	timing	of	sales	in	the	period.	
9

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

Financial	Results
Production	Costs	
Production	costs	for	the	quarter	ended	 March	31,	2024 	were	 $567.1	million,	an	increase	from	 $417.8	million	in	the	prior	
year	comparable	period.	Production	cost	increases	were	primarily	as	a	result	of	the	acquisition	of	Caserones,	partially	offset	
by	 decreased	 production	 costs	 at	 Candelaria,	 Neves-Corvo,	 Eagle	 and	 Chapada,	 each	 attributed	 to	 lower	 sales	 volumes.	
Additionally,	production	costs	at	Candelaria	benefited	from	favourable	foreign	exchange	due	to	a	weakened	Chilean	Peso.
Depreciation,	Depletion	and	Amortization
Depreciation,	depletion	and	amortization	expense	for	the	quarter	ended	 March	31,	2024 	increased	compared	to	the	prior	
year	comparative	period.	The	increase	was	primarily	attributable	to	the	acquisition	of	Caserones	in	addition	to	increased	
amortization	of	mineral	properties	at	Candelaria	due	to	higher	stripping	costs	capitalized	in	2023.
Depreciation,	depletion	&	amortization Three	months	ended	March	31,
	($	thousands) 2024 2023 Change
Candelaria 	 73,426	 	 58,375	 	 15,051	
Caserones1 	 51,729	 	 —	 	 51,729	
Chapada 	 15,080	 	 12,081	 	 2,999	
Eagle 	 9,151	 	 11,151	 	 (2,000)	 
Josemaria 	 —	 	 38	 	 (38)	 
Neves-Corvo 	 27,046	 	 30,080	 	 (3,034)	 
Zinkgruvan 	 7,983	 	 8,087	 	 (104)	 
Other 	 77	 	 435	 	 (358)	 
	 184,492	 	 120,247	 	 64,245	
1	Caserones	2023	results	are	from	July	13,	2023.
Finance	Income	and	Costs
Net	finance	costs	of	 $35.7	million	for	the	 quarter	ended	 March	31,	2024 	were	higher	than	 $15.7	million	in	the	prior	year	
comparable	 period	 primarily	 due	 to	 higher	 interest	 expense	 related	 to	 higher	 outstanding	 debt	 through	 the	 quarter,	
combined	with	increased	lease	liability	interest	following	the	acquisition	of	Caserones.
Other	Income	and	Expense
Net	 other	 expense	 for	 the	 quarter	 ended	 March	 31,	 2024	 amounted	 to	 $10.3	 million	 and	 negatively	 impacted	 earnings	
before	tax	by	$56.5	million	compared	to	the	prior	year	comparable	period	when	the	Company	recorded	net	other	income	of	
$46.2	 million.	 The	 change	 in	 other	 income	 and	 expenses	 is	 primarily	 due	 to	 $52.8	 million	 of	 non-cash	 unrealized	 losses	
related	to	the	mark-to-market	valuation	of	unexpired	foreign	exchange	contracts,	particularly	for	CLP	and	SEK.	Net	other	
expense	in	the	quarter	also	included	reduced	realized	gains	on	expired	foreign	exchange	and	diesel	derivative	contracts	and	
reduced	foreign	exchange	and	trading	gains	on	debt	and	equity	investments	supporting	capital	funding	for	the	Josemaria	
Project	following	the	devaluation	of	the	ARS	in	December	2023.
	
10

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

Foreign	 exchange	 gains	 recorded	 in	 other	 income	 and	 expense	 resulted	 from	 foreign	 exchange	 revaluation	 of	 working	
capital	 and	 leases	 denominated	 in	 foreign	 currencies,	 primarily	 due	 to	 the	 weakening	 of	 the	 CLP	 against	 the	 USD	 in	 the	
quarter.	 Foreign	 exchange	 gains	 also	 included	 changes	 in	 fair	 value	 of	 debt	 and	 equity	 instruments	 supporting	 capital	
funding	for	the	Josemaria	Project .	Period	end	exchange	rates	having	a	meaningful	impact	on	foreign	exchange	recorded	at	
March	31,	2024	were:
March	31,	2024 December	31,	2023
Brazilian	Real	(USD:BRL) 5.00 4.84
Chilean	Peso	(USD:CLP) 982 877
Euro	(USD:€) 0.93 0.91
Swedish	Kronor	(USD:SEK) 10.69 9.98
Argentine	Peso	(USD:ARS) 857 808
Income	Taxes
Income	tax	expense	(recovery) Three	months	ended	March	31,
($	thousands) 2024 2023 Change
Candelaria 	 39,393	 	 42,547	 	 (3,154)	 
Caserones1 	 22,236	 	 —	 	 22,236	
Chapada 	 (2,260)	 	 (5,349)	 	 3,089	
Josemaria 	 —	 	 —	 	 —	
Eagle 	 (1,278)	 	 7	 	 (1,285)	 
Neves-Corvo 	 (4,837)	 	 1,272	 	 (6,109)	 
Zinkgruvan 	 (1,278)	 	 3,979	 	 (5,257)	 
Other 	 (1,410)	 	 6,237	 	 (7,647)	 
	 50,566	 	 48,693	 	 1,873	
1	Caserones	2023	results	are	from	July	13,	2023.
Income	taxes	by	classification Three	months	ended	March	31,
($	thousands) 2024 2023 Change
Current	income	tax	expense 	 47,263	 	 59,501	 	 (12,238)	 
Deferred	income	tax	expense	(recovery) 	 3,303	 	 (10,808)	 	 14,111	
	 50,566	 	 48,693	 	 1,873	
Income	tax	expense	for	the	 quarter	ended	 March	31,	2024 	was	 higher	than	the	prior	year	primarily	due	to	a	$22.2	million	
increase	 in	 income	 tax	 expense	 following	 the	 acquisition	 of	 Caserones.	 This	 was	 offset	 by	 overall	 lower	 taxable	 earnings	
when	compared	to	the	prior	period.	
11

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

Mining	Operations
Production	Overview
2024 2023
Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 32,527 152,012 41,618 34,275 36,952 39,167
Caserones	(100%)1 34,216 65,210 35,389 29,821 — —
Chapada 10,138 45,719 12,872 12,286 10,697 9,864
Eagle 2,514 13,600 3,334 3,245 3,881 3,140
Neves-Corvo 7,044 33,823 9,623 9,016 7,610 7,574
Zinkgruvan 1,574 4,434 501 1,299 917 1,717
88,013 314,798 103,337 89,942 60,057 61,462
Zinc	(t)
Neves-Corvo 26,487 108,812 31,035 25,807 24,177 27,793
Zinkgruvan 19,201 76,349 19,684 23,967 11,938 20,760
45,688 185,161 50,719 49,774 36,115 48,553
Nickel	(t)
Eagle 3,255 16,429 3,729 4,290 4,686 3,724
Gold	(koz)
Candelaria	(100%) 19 90 25 20 21 24
Chapada 14 59 19 15 13 12
33 149 44 35 34 36
Molybdenum	(t)
Caserones	(100%)1 864 2,024 928 1,096 — —
Lead	(t)
Neves-Corvo 1,604 5,600 2,030 1,447 951 1,172
Zinkgruvan 6,748 26,284 6,418 8,643 3,816 7,407
8,352 31,884 8,448 10,090 4,767 8,579
Silver	(koz)
Candelaria	(100%) 415 1,487 468 306 366 347
Chapada 58 258 73 67 62 56
Eagle 8 64 17 19 11 17
Neves-Corvo 524 1,902 573 486 407 436
Zinkgruvan 640 2,300 509 785 374 632
1,645 6,011 1,640 1,663 1,220 1,488
12
1	Caserones	2023	results	are	from	July	13,	2023.

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

Production	Cost	and	Cash	Cost	Overview	($	thousand,	$/lb)
Three	months	ended
March	31,
($	thousands) 2024 2023
Candelaria
Production	costs $161,250 $187,979
Gross	cost 	 2.35	 	 2.58	
By-product1 	 (0.46)	 	 (0.37)	 
Cash	Cost	(Cu,	$/lb)2 	 1.89	 	 2.21	
AISC	(Cu,	$/lb)2 	 3.34	 	 3.44	
Caserones3
Production	costs $197,655 	 —	
Gross	cost 	 2.59	 	 —	
By-product1 	 (0.45)	 	 —	
Cash	Cost	(Cu,	$/lb)2 	 2.14	 	 —	
AISC	(Cu,	$/lb)2 	 3.02	 	 —	
Chapada
Production	costs $64,585 $68,634
Gross	cost 	 3.43	 	 3.54	
By-product1 	 (1.42)	 	 (1.17)	 
Cash	Cost	(Cu,	$/lb)2 	 2.01	 	 2.37	
AISC	(Cu,	$/lb)2 	 3.79	 	 3.42	
Eagle
Production	cost $40,536 $45,449
Gross	cost 	 7.90	 	 6.98	
By-product1 	 (3.86)	 	 (4.55)	 
Cash	Cost	(Ni,	$/lb)2 	 4.04	 	 2.43	
AISC	(Ni,	$/lb)2 	 6.12	 	 5.16	
Neves-Corvo
Production	costs $71,712 $85,726
Gross	cost 	 5.85	 	 5.06	
By-product1 	 (2.61)	 	 (3.37)	 
Cash	Cost	(Cu,	$/lb)2 	 3.24	 	 1.69	
AISC	(Cu,	$/lb)2 	 5.13	 	 3.29	
Zinkgruvan
Production	costs $30,075 $28,905
Gross	cost 	 1.12	 	 1.03	
By-product1 	 (0.47)	 	 (0.49)	 
Cash	Cost	(Zn,	$/lb)2 	 0.65	 	 0.54	
AISC	(Zn,	$/lb)2 	 1.10	 	 0.97	
1	By-product	is	after	related	treatment	and	refining	charges.
2	Cash	Cost	per	pound	sold	and	All-in	Sustaining	Cost	per	pound	sold	("AISC")	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	
Measures"	section	of	this	MD&A	for	discussion.
3	Caserones	2023	results	are	from	July	13,	2023.
13

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

Capital	Expenditures1
Three	months	ended	March	31,
2024 2023
($	thousands) Sustaining Expansionary
Capitalized	
Interest Total Sustaining Expansionary
Capitalized	
Interest Total
Candelaria 	 99,532	 	 —	 	 —	 	 99,532	 	 90,686	 	 —	 	 —	 	 90,686	
Caserones 	 42,754	 	 —	 	 —	 	 42,754	 	 —	 	 —	 	 —	 	 —	
Chapada 	 29,199	 	 —	 	 —	 	 29,199	 	 16,027	 	 —	 	 —	 	 16,027	
Eagle 	 4,078	 	 —	 	 —	 	 4,078	 	 7,102	 	 —	 	 —	 	 7,102	
Josemaria 	 —	 	 55,981	 	 2,665	 	 58,646	 	 —	 	 90,519	 	 36	 	 90,555	
Neves-Corvo 	 22,413	 	 —	 	 —	 	 22,413	 	 25,061	 	 —	 	 —	 	 25,061	
Zinkgruvan 	 14,341	 	 —	 	 —	 	 14,341	 	 14,468	 	 —	 	 —	 	 14,468	
Other 	 943	 	 —	 	 —	 	 943	 	 2,220	 	 —	 	 —	 	 2,220	
	 213,260	 	 55,981	 	 2,665	 	 271,906	 	 155,564	 	 90,519	 	 36	 	 246,119	
1	 Capital	 expenditures	 are	 reported	 on	 a	 cash	 basis,	 as	 presented	 in	 the	 consolidated	 statement	 of	 cash	 flows.	 Sustaining	 capital	 expenditures	 is	 a	
supplementary	 financial	 measure	 and	 expansionary	 capital	 expenditures	 is	 a	 non-GAAP	 measure	 –	 see	 the	 "Non-GAAP	 and	 Other	 Performance	
Measures"	section	of	this	MD&A	for	discussion.
14

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

Candelaria	(Chile)
Operating	Statistics
2024 2023
(100%	Basis) Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(000s	tonnes) 	 5,116	 	 25,939	 	 7,793	 	 5,350	 	 6,194	 	 6,602	
Ore	milled	(000s	tonnes) 	 7,309	 	 28,903	 	 7,609	 	 7,168	 	 6,924	 	 7,202	
Grade
Copper	(%) 	 0.48	 	 0.58	 	 0.60	 	 0.52	 	 0.59	 	 0.59	
Gold	(g/t) 	 0.11	 	 0.14	 	 0.15	 	 0.12	 	 0.14	 	 0.15	
Recovery
Copper	(%) 	 91.9	 	 91.3	 	 90.3	 	 91.0	 	 91.1	 	 92.6	
Gold	(%) 	 69.8	 	 69.5	 	 68.6	 	 70.6	 	 68.8	 	 70.3	
Production	(contained	metal)
Copper	(tonnes) 	 32,527	 	 152,012	 	 41,618	 	 34,275	 	 36,952	 	 39,167	
Gold	(000	oz) 	 19	 	 90	 	 25	 	 20	 	 21	 	 24	
Silver	(000	oz) 	 415	 	 1,487	 	 468	 	 306	 	 366	 	 347	
Revenue	($000s) 	 330,409	 	 1,329,599	 	 359,023	 	 299,745	 	 290,426	 	 380,405	
Production	costs	($000s) 	 161,250	 	 726,493	 	 178,088	 	 175,468	 	 184,958	 	 187,979	
Gross	profit	($000s) 	 95,733	 	 330,729	 	 106,997	 	 53,909	 	 35,772	 	 134,051	
Cash	cost	($	per	pound	copper)1 	 1.89	 	 2.07	 	 1.78	 	 2.19	 	 2.14	 	 2.21	
AISC	($	per	pound	copper)1 	 3.34	 	 3.34	 	 2.76	 	 3.43	 	 3.76	 	 3.44	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	
Measures"	section	of	this	MD&A	for	discussion.
Production
Copper	 and	 gold	 production	 in	 the	 quarter	 ended	 March	 31,	 2024	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 period	
primarily	due	to	lower	grades	as	a	result	of	mine	 sequencing,	partially	offset	by	higher	throughput.	Work	to	backfill	stopes	
from	previous	underground	mining	was	ongoing	in	the	quarter	and	will	allow	access	to	higher-grade	ore	in	the	second	half	
of	2024.	Both	metals	are	on	track	to	meet	full	year	annual	production	guidance.
Production	Costs	and	Cash	Cost
Production	costs	in	the	 quarter	ended	 March	31,	2024 	were	lower	than	in	the	prior	year	comparable	period,	largely	as	a	
result	 of	 favourable	 foreign	 exchange	 due	 to	 a	 weaker	 Chilean	 peso,	 lower	 sales	 volume	 and	 reduced	 maintenance	 costs	
due	 to	 the	 stabilization	 of	 the	 maintenance	 cycles	 in	 both	 mines	 and	 plants.	 Cash	 cost	 per	 pound	 in	 the	 quarter	 ended	
March	31,	2024	improved	from	the	prior	year	comparable	period	primarily	due	to	favourable	foreign	exchange	and	higher	
by-product	credits,	combined	with	cost	decrease s.	Annual	copper	cash	cost	guidance	remains	unchanged.	All-in	sustaining	
cost	per	pound	("AISC")	in	the	 quarter	ended	 March	31,	2024 	was	lower	than	in	the	prior	year	comparable	period	due	to	
decreased	cash	cost	per	pound.
In	the	quarter	ended	March	31,	2024,	approximately	12,600	oz	of	gold	and	272,300	oz	of	silver	were	subject	to	terms	of	a	
streaming	agreement	from	which	approximately	$429/oz	of	gold	and	$4.28/oz	of	silver	will	be	received.
Gross	Profit
Gross	 profit	 in	 the	 quarter	 ended	 March	 31,	 2024	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 period,	 primarily	 due	 to	
lower	realized	copper	prices,	net	of	price	adjustments,	higher	depreciation	expense	and	lower	sales	volume,	partially	offset	
by	favourable	foreign	exchange	and	lower	operational	cost.
15

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

Caserones	(Chile)
Operating	Statistics
2024 2023
(100%	Basis) Q1 Total2 Q4 Q32
Ore	mined	(000s	tonnes) 	 6,807	 	 15,583	 	 7,484	 	 8,099	
Ore	milled	(000s	tonnes) 	 7,690	 	 15,424	 	 8,262	 	 7,162	
Ore	placed	on	leach 	 1,914	 	 5,541	 	 3,234	 	 2,307	
Grade
Copper	(%) 	 0.44	 	 0.42	 	 0.41	 	 0.44	
Molybdenum	(%) 	 0.160	 	 0.203	 	 0.191	 	 0.218	
Recovery
Copper	(%) 	 79.7	 	 86.1	 	 88.2	 	 83.9	
Molybdenum	(%) 	 70.0	 	 72.4	 	 73.9	 	 70.9	
Production	(tonnes)
			Copper	in	concentrate 	 27,166	 	 55,191	 	 29,496	 	 25,695	
			Copper	cathode	 	 7,050	 	 10,019	 	 5,893	 	 4,126	
Total	copper	 	 34,216	 	 65,210	 	 35,389	 	 29,821	
Molybdenum	 	 864	 	 2,024	 	 928	 	 1,096	
Revenue	($000s) 	 326,211	 	 601,775	 	 317,219	 	 284,556	
Production	costs	($000s) 	 197,655	 	 404,837	 	 215,855	 	 188,982	
Gross	profit	($000s) 	 76,827	 	 88,449	 	 31,182	 	 57,267	
Cash	cost	($	per	pound	copper)1 	 2.14	 	 1.99	 	 2.33	 	 1.60	
AISC	($	per	pound	copper)1 	 3.02	 	 3.03	 	 3.48	 	 2.49	
1	All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	
Measures"	section	of	this	MD&A	for	discussion.
2	Caserones	2023	results	are	from	July	13,	2023.	
Production
In	the	quarter	ended	 March	31,	2024,	an	increase	in	copper	grade	from	Q4	2023	was	offset	by	lower	recoveries	as	a	result	
of	mine	sequencing.	Throughput	in	the	quarter	was	reduced	by	unplanned	maintenance	on	a	conveyor	feeding	the	grinding	
circuit,	impacting	copper	and	molybdenum	concentrate	production.	This	reduction	was	partially	offset	by	increased	copper	
cathode	 production	 which	 benefited	 from	 increased	 leach	 irrigation.	 Both	 copper	 and	 molybdenum	 remain	 on	 track	 to	
meet	annual	production	guidance.
Production	Costs	and	Cash	Cost
Production	 costs	 and	 cash	 costs	 per	 pound	 in	 the	 quarter	 ended	 March	 31,	 2024	 benefitted	 from	 favourable	 foreign	
exchange	 as	 a	 result	 of	 the	 Chilean	 peso	 weakening	 against	 the	 US	 dollar.	 Annual	 copper	 cash	 cost	 guidance	 remains	
unchanged.	In	April	2024	the	Company	completed	a	three-year	collective	bargaining	agreement	with	one	of	three	employee	
labour	unions	at	Caserones.	Renewal	of	the	remaining	two	agreements	is	expected	to	occur	over	the	next	twelve	months.
Gross	Profit
Gross	 profit	 in	 the	 quarter	 ended	 March	 31,	 2024	 benefited	 from	 higher	 copper	 prices,	 net	 of	 price	 adjustments,	 lower	
treatment	and	refining	charges	as	well	as	favourable	foreign	exchange.
16

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

Chapada	(Brazil)
Operating	Statistics
2024 2023
(100%	Basis) Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(000s	tonnes) 	 5,125	 	 29,508	 	 7,803	 	 8,062	 	 7,522	 	 6,121	
Ore	milled	(000s	tonnes) 	 5,496	 	 22,233	 	 5,218	 	 5,832	 	 5,207	 	 5,976	
Grade
Copper	(%) 	 0.23	 	 0.26	 	 0.29	 	 0.26	 	 0.26	 	 0.23	
Gold	(g/t) 	 0.14	 	 0.15	 	 0.18	 	 0.15	 	 0.14	 	 0.13	
Recovery
Copper	(%) 	 81.1	 	 80.2	 	 85.9	 	 80.8	 	 80.3	 	 73.3	
Gold	(%) 	 55.3	 	 55.0	 	 61.1	 	 55.3	 	 54.1	 	 48.0	
Production	(contained	metal)
Copper	(tonnes) 	 10,138	 	 45,719	 	 12,872	 	 12,286	 	 10,697	 	 9,864	
Gold	(000	oz) 	 14	 	 59	 	 19	 	 15	 	 13	 	 12	
Silver	(000	oz) 	 58	 	 258	 	 73	 	 67	 	 62	 	 56	
Revenue	($000s) 	 98,435	 	 461,175	 	 143,439	 	 111,897	 	 94,721	 	 111,118	
Production	costs	($000s) 	 64,585	 	 317,317	 	 89,716	 	 78,854	 	 80,113	 	 68,634	
Gross	profit	(loss)	($000s) 	 18,770	 	 80,378	 	 30,126	 	 20,230	 	 (381)	 	 30,403	
Cash	cost	($	per	pound	copper)1 	 2.01	 	 2.27	 	 1.88	 	 2.28	 	 2.69	 	 2.37	
AISC	($	per	pound	copper)1 	 3.79	 	 3.24	 	 2.75	 	 3.15	 	 3.80	 	 3.42	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	
Measures"	section	of	this	MD&A	for	discussion.
Production	
Copper	 and	 gold	 production	 in	 the	 quarter	 ended	 March	 31,	 2024	 were	 higher	 than	 in	 the	 prior	 year	 comparable	 period	
primarily	due	to	higher	recoveries,	partially	offset	by	lower	throughput.	The	lower	amount	of	 ore	mined	is	a	result	of	a	shift	
to	processing	increased	amounts	of	stockpiled	ore	and	an	optimized	mine	plan	that	significantly	reduces	waste	movement.	
Both	metals	are	on	track	to	meet	annual	production	guidance.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	ended	March	31,	2024	were	lower	than	in	the	prior	year	comparable	period	primarily	due	to	
lower	sales	volumes	and	lower	mining	costs	as	a	result	of	a	planned	reduction	in	waste	movement. 	Copper	cash	cost	 per	
pound	in	the	quarter	ended	 March	31,	2024	improved	from	the	prior	year	 comparable	period	primarily	due	to	mining	cost	
decreases	 combined	 with	 increased	 realized	 prices	 for	 gold	 sales,	 which	 reduce	 copper	 cash	 cost	 as	 by-product	 credits.	
Annual	 copper	 cash	 cost	 guidance	 remains	 unchanged.	 AISC	 per	 pound	 in	 the	 quarter	 ended	 March	 31,	 2024	 was	 higher	
than	in	the	prior	year	comparable	period	primarily	due	to	higher	sustaining	capital	expenditure.	
Gross	Profit
Gross	profit	in	the	quarter	ended	March	31,	2024	was	lower	than	in	the	prior	year	comparable	period	due	to	lower	realized	
copper	prices,	net	of	price	adjustments,	and	higher	depreciation	expense.
17

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

Eagle	(USA)
Operating	Statistics
2024 2023
(100%	Basis) Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(000s	tonnes) 165 725 188 192 189 	 156	
Ore	milled	(000s	tonnes) 179 718 186 190 181 	 161	
Grade
Nickel	(%) 	 2.1	 	 2.6	 	 2.3	 	 2.6	 	 2.9	 	 2.6	
Copper	(%) 	 1.5	 	 2.0	 	 1.9	 	 1.8	 	 2.2	 	 2.0	
Recovery
Nickel	(%) 	 85.2	 	 87.4	 	 86.1	 	 86.2	 	 88.8	 	 88.5	
Copper	(%) 	 95.3	 	 96.8	 	 96.5	 	 96.4	 	 97.0	 	 97.2	
Production	(contained	metal)
Nickel	(tonnes) 3,255 16,429 3,729 4,290 4,686 3,724
Copper	(tonnes) 2,514 13,600 3,334 3,245 3,881 3,140
Revenue	($000s) 	 57,223	 	 350,895	 	 73,720	 	 102,505	 	 105,250	 	 69,420	
Production	costs	($000s) 	 40,536	 	 191,704	 	 48,023	 	 52,497	 	 45,735	 	 45,449	
Gross	profit	($000s) 	 7,536	 	 107,141	 	 11,794	 	 35,682	 	 46,845	 	 12,820	
Cash	cost	($	per	pound	nickel)1 	 4.04	 	 2.16	 	 2.37	 	 2.07	 	 1.88	 	 2.43	
AISC	($	per	pound	nickel)1 	 6.12	 	 4.22	 	 4.60	 	 4.05	 	 3.34	 	 5.16	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	
Measures"	section	of	this	MD&A	for	discussion.
Production
Nickel	 and	 copper	 production	 in	 the	 quarter	 ended	 March	 31,	 2024	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 period	
primarily	due	to	expected	lower	grades	and	recoveries.	Throughput	increased	from	the	prior	year	comparable	period	but	
was	 below	 plan	 due	 to	 temporary	 equipment	 constraints	 and	 weather-related	 haulage	 interruptions.	 Both	 metals	 are	 on	
track	to	meet	annual	production	guidance.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	ended	March	31,	2024	were	lower	than	in	the	prior	year	comparable	period	primarily	due	to	
lower	 sales	 volumes	 which	 also	 resulted	 in	 lower	 royalty	 expenses	 and	 severance	 taxes.	 In	 the	 quarter	 ended	 March	 31,	
2024,	 cash	 cost	 per	 pound	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 due	 to	 lower	 grades	 and	 production	
challenges,	resulting	in	lower	production	and	sales	volumes	and	a	decrease	in	by-product	credits .	Annual	nickel	cash	cost	
guidance	 remains	 unchanged.	 AISC	 in	 the	 quarter	 ended	 March	 31,	 2024	 was	 higher	 than	 in	 the	 prior	 year	 comparable	
period	due	to	higher	cash	cost	per	pound.
Gross	Profit
Gross	 profit	 in	 the	 quarter	 ended	 March	 31,	 2024	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	
lower	sales	volumes.
18

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

Neves-Corvo	(Portugal)	
Operating	Statistics
2024 2023
(100%	Basis) Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	copper	(000s	tonnes) 588 2,591 677 689 622 603
Ore	mined,	zinc	(000s	tonnes) 518 1,989 549 459 470 511
Ore	milled,	copper	(000s	tonnes) 599 2,588 682 674 628 604
Ore	milled,	zinc	(000s	tonnes) 512 1,989 573 441 465 510
Grade
Copper	(%) 	 1.5	 	 1.7	 	 1.9	 	 1.8	 	 1.6	 	 1.6	
Zinc	(%) 	 6.5	 	 6.8	 	 6.6	 	 7.4	 	 6.6	 	 6.7	
Lead	(%) 	 1.2	 	 1.5	 	 1.4	 	 1.5	 	 1.5	 	 1.5	
Recovery
Copper	(%) 	 77.3	 	 76.5	 	 75.6	 	 76.1	 	 77.0	 	 77.7	
Zinc	(%) 	 78.4	 	 78.0	 	 79.9	 	 76.1	 	 76.8	 	 78.7	
Lead	(%) 	 26.5	 	 19.2	 	 25.2	 	 21.3	 	 14.0	 	 15.7	
Production	(contained	metal)
Copper	(tonnes) 7,044 33,823 9,623 9,016 7,610 	 7,574	
Zinc	(tonnes) 26,487 108,812 31,035 25,807 24,177 	 27,793	
Lead	(tonnes) 1,604 5,600 2,030 1,447 951 	 1,172	
Silver	(000	oz) 	 524	 	 1,902	 	 573	 	 486	 	 407	 	 436	
Revenue	($000s) 	 80,630	 	 425,042	 	 115,823	 	 111,202	 	 68,614	 	 129,403	
Production	costs	($000s) 	 71,712	 	 326,677	 	 82,734	 	 82,137	 	 76,080	 	 85,726	
Gross	(loss)	profit	($000s) 	 (18,128)	 	 (23,234)	 	 642	 	 (2,288)	 	 (35,185)	 	 13,597	
Cash	cost	($	per	pound	copper)1 	 3.24	 	 2.37	 	 1.96	 	 2.27	 	 3.99	 	 1.69	
AISC	($	per	pound	copper)1 	 5.13	 	 3.96	 	 3.50	 	 3.82	 	 5.73	 	 3.29	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	
Measures"	section	of	this	MD&A	for	discussion.
Production	
Copper	production	in	the	quarter	ended	 March	31,	2024	was	lower	than	in	the	prior	year	comparable	period	due	to	lower	
grades	and	recoveries.	Zinc	production	in	the	quarter	ended	 March	31,	2024 	was	lower	than	in	the	prior	year	comparable	
period	due	to	lower	grades	and	recoveries.	Throughput	was	lower	than	planned	in	the	quarter	due	to	a	voluntary	three-day	
shutdown	and	subsequent	ramp-up	following	the	fatality	that	occurred	in	February.	Both	metals	are	expected	to	achieve	
annual	production	guidance.	
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	ended	March	31,	2024	were	lower	than	in	the	prior	year	comparable	period	primarily	due	to	
decreases	in	sales	volumes.	 Production	costs	benefited	from	lower	unit	production	costs	and	lower	maintenance	costs	at	
the	 mine	 and	 mill.	 Copper	 cash	 cost	 per	 pound	 in	 the	 quarter	 ended	 March	 31,	 2024	 was	 higher	 than	 in	 the	 prior	 year	
comparable	period	due	to	lower	production	volumes,	lower	by-product	credits	and	unfavorable	foreign	exchange.	Annual	
copper	cash	cost	guidance	remains	unchanged.	AISC	in	the	quarter	ended	 March	31,	2024	was	higher	than	in	the	prior	year	
comparable	period	due	to	higher	cash	cost.
Gross	(Loss)	Profit	
Gross	loss	for	the	quarter	ended	March	31,	2024	was	$18.1	million	compared	to	the	prior	year	gross	profit	of	$ 13.6	million.	
The	 decrease	 was	 a	 result	 of	 lower	 copper	 and	 zinc	 sales	 volumes,	 lower	 realized	 copper	 and	 zinc	 prices	 and	 higher	
treatment	and	refining	charges.	
19

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

Zinkgruvan	(Sweden)
Operating	Statistics
2024 2023
(100%	Basis) Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	zinc	(000s	tonnes) 306 1,178 313 287 268 310
Ore	mined,	copper	(000s	tonnes) 47 207 36 65 51 55
Ore	milled,	zinc	(000s	tonnes) 313 1,179 327 326 211 315
Ore	milled,	copper	(000s	tonnes) 75 198 28 58 34 78
Grade
Zinc	(%) 	 6.7	 	 7.3	 	 6.7	 	 8.2	 	 6.6	 	 7.4	
Lead	(%) 	 2.7	 	 2.9	 	 2.5	 	 3.5	 	 2.4	 	 2.9	
Copper	(%) 	 2.4	 	 2.5	 	 2.0	 	 2.5	 	 3.1	 	 2.4	
Recovery
Zinc	(%) 	 91.1	 	 89.0	 	 89.8	 	 90.0	 	 86.3	 	 88.7	
Lead	(%) 	 79.4	 	 77.8	 	 77.1	 	 75.7	 	 76.2	 	 82.1	
Copper	(%) 	 89.0	 	 88.5	 	 86.3	 	 88.7	 	 86.1	 	 90.5	
Production	(contained	metal)
Zinc	(tonnes) 19,201 76,349 19,684 23,967 11,938 20,760
Lead	(tonnes) 6,748 26,284 6,418 8,643 3,816 7,407
Copper	(tonnes) 1,574 4,434 501 1,299 917 1,717
Silver	(000	oz) 640 2,300 509 785 374 632
Revenue	($000s) 	 44,073	 	 223,591	 	 50,783	 	 82,290	 	 29,520	 	 60,998	
Production	costs	($000s) 	 30,075	 	 115,394	 	 31,520	 	 37,183	 	 17,786	 	 28,905	
Gross	profit	($000s) 	 6,015	 	 74,073	 	 10,519	 	 32,727	 	 6,821	 	 24,006	
Cash	cost	($	per	pound)1 	 0.65	 	 0.43	 	 0.63	 	 0.28	 	 0.24	 	 0.54	
AISC	($	per	pound)1 	 1.10	 	 0.83	 	 0.93	 	 0.56	 	 1.06	 	 0.97	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	
Measures"	section	of	this	MD&A	for	discussion.
Production	
Production	of	zinc	in	the	quarter	ended	 March	31,	2024	was	lower	than	the	prior	year	comparable	period	primarily	due	to	
lower	grades,	partially	offset	by	higher	recoveries.	Lead	and	copper	production	in	the	quarter	ended	 March	31,	2024 	was	
lower	than	the	first	quarter	of	2023	primarily	due	to	lower	 grades	and	recoveries.	Temporary	challenges	with	 equipment	
availability	also	led	to	a	slight	delay	in	mining	of	high-grade	stopes,	and	reduced	throughput	in	the	quarter. 	Annual	zinc	and	
copper	production	is	expected	to	meet	annual	production	guidance.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	ended	 March	31,	2024 	were	slightly	higher	than	in	the	prior	year	comparable	period	and	
zinc	cash	cost	per	pound	in	quarter	ended	 March	31,	2024 	was	higher	than	in	the	prior	year	comparable	period,	primarily	
due	to	lower	production	volumes.	Full	year	cash	cost	guidance	remains	unchanged.	AISC	in	quarter	ended	 March	31,	2024	
were	higher	than	in	the	prior	year	comparable	period	in	line	with	higher	cash	cost.	
Gross	Profit
Gross	 profit	 in	 the	 quarter	 ended	 March	 31,	 2024	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	
lower	zinc	prices,	net	of	price	adjustments,	higher	depreciation	expense,	and	higher	production	costs.
20

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

Josemaria	Project	(Argentina)	
Project	Development
The	Company	continues	to	optimize	and	de-risk	activities	for	mining	and	production	plans,	plant	throughput,	concentrate	
transportation,	infrastructure,	and	updating	the	master	schedule	and	plan	including	updating	capital	and	operational	costs	
to	mirror	the	optimizations.
Field	activities	were	mainly	associated	with	supporting	the	water	and	exploration	programs.	Work	on	the	confirmation	of	
the	water	supply	continues	advancing	with	drilling	on	the	water	sources,	testing,	and	obtaining	the	data	from	well	tests	to	
update	water	supply	and	usage	models.	
The	grinding	mills	and	gearless	mill	drives	("GMDs")	deliveries	continue	and	will	be	stored	at	the	San	Juan	warehouse	facility	
for	preservation.
Work	continues	on	permitting	with	the	technical	review	of	the	tailings	dam	design,	the	northern	corridor	access	road	and	
offsite	power	line	EIAs	which	were	submitted	in	2023.	
Government	relations	continue	at	both	the	national	and	provincial	levels.	At	the	national	level,	the	Company	continues	 to	
monitor	 the	 new	 governments'	 implementation	 of	 the	 RIGI	 (incentive	 regime	 for	 large	 investments)	 and	 the	 associated	
financial	 impacts.	 In	 conjunction,	 discussions	 on	 provincial	 royalties,	 infrastructure	 offset,	 and	 trust	 fund	 agreements	
continue.	
Commercial	reviews	and	capital	cost	adjustments	incorporating	the	throughput	optimization	results,	infrastructure	layout	
improvement,	 concentrate	 shipping	 recommendations,	 adjusting	 major	 commodities	 prices	 to	 the	 current	 markets,	 and	
incorporating	currency	exchange	and	inflation	rates	continue.	
In	Q1	2024,	the	Company	spent	 $56.0	million	in	capital	expenditure	compared	to	 $90.6	million	in	Q1	2023.	The	project	is	
expected	to	incur	capital	spend	within	the	annual	guidance	amount.
Exploration	Update
During	the	quarter	ended	March	31,	2024,	exploration	activity	focused	on	in-mine	and	near-mine	targets	at	the	Company's	
operations.	 Exploration	 drilling	 at	 Zinkgruvan	 was	 focused	 on	 resource	 expansion,	 Candelaria	 drilling	 was	 focused	 on	
Candelaria	Norte,	and	Chapada	drilling	concentrated	on	delineating	the	high-grade,	near-mine	trend	at	Corpo	Sul.	
At	Caserones,	exploration	remains	in	the	early	stages.	Geophysical	surveys	were	recently	carried	out	on	the	land	package	
and	 the	 data	 collected	 will	 help	 to	 refine	 our	 targets	 and	 advance	 our	 efforts.	 Exploration	 drilling	 was	 completed	 in	 the	
lower	portion	of	the	mineral	resource	and	at	the	Angelica	oxide	and	sulphide	targets,	both	near-mine	targets	that	would	
add	potential	mineral	resources	and	extend	the	life	of	the	operation.	
At	Josemaria,	seasonal	exploration	drilling	is	coming	to	a	close	at	the	Cumbre	Verde	target	near	the	Josemaria	ore	body.	Six	
holes	 were	 drilled	 targeting	 the	 same	 mineralized	 system	 and	 structures	 that	 hosted	 high	 grade	 mineralization	 on	 the	
neighbouring	 property	 that	 run	 towards	 Josemaria.	 Exploration	 remains	 in	 its	 early	 stages	 and	 initial	 results	 highlight	
copper/gold/silver	 mineralization.	 The	 data	 obtained	 will	 help	 further	 refine	 and	 target	 this	 mineralization.	 Work	 will	
continue	throughout	the	remainder	of	2024,	although	it	will	be	minimized	during	the	winter	season.
There	was	no	exploration	drilling	at	Neves-Corvo	and	Eagle	in	the	quarter.
21

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

Liquidity	and	Capital	Resources
Consolidated	Cash	Flow
Three	months	ended	March	31,	
($	thousands) 2024 2023 Change
Cash	provided	by	operating	activities 	 267,531	 	 211,875	 	 55,656	
Cash	used	in	investing	activities 	 (269,664)	 	 (240,066)	 	 (29,598)	 
Cash	from	financing	activities 	 102,258	 	 19,506	 	 82,752	
Effect	of	foreign	exchange	on	cash	balances 	 (3,467)	 	 1,537	 	 (5,004)	 
Increase	(decrease)	in	cash	and	cash	equivalents 	 96,658	 	 (7,148)	 	 103,806	
Opening	cash	and	cash	equivalents 	 268,793	 	 191,387	 	 77,406	
Closing	cash	and	cash	equivalents 	 365,451	 	 184,239	 	 181,212	
Adjusted	operating	cash	flow1 	 313,666	 	 235,067	 	 78,599	
Free	cash	flow	from	operations1 	 67,722	 	 71,076	 	 (3,354)	 
Free	cash	flow1 	 (1,710)	 	 (34,208)	 	 32,498	
1This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.	
Cash	provided	by	operating	activities	in	the	 first	quarter	was	$55.7	million	higher	than	in	the	prior	year	comparable	period.	
This	 was	 primarily	 due	 to	 the	 inclusion	 of	 operating	 cash	 flows	 from	 Caserones,	 partially	 offset	 by	 reduced	 cash	 in	 the	
quarter	due	to	working	capital	changes.
Cash	 used	 in	 investing	 activities	 in	 the	 first	 quarter	 was	 $29.6	 million	 higher	 than	 in	 the	 prior	 year	 comparable	 period.	
Higher	spending	in	the	current	year	was	primarily	due	to	the	inclusion	of	sustaining	capital	expenditure	at	Caserones,	higher	
sustaining	 capital	 expenditure	 at	 Chapada	 and	 Candelaria	 and	 was	 partially	 offset	 by	 lower	 expansionary	 capital	
expenditures	relating	to	the	Josemaria	Project.
Cash	 from	 financing	 activities	 in	 the	 first	 quarter	 was	 $82.8	 million	 higher	 than	 in	 the	 prior	 year	 comparable	 period.	 The	
increase	 was	 primarily	 due	 to	 $65.0	 million	 proceeds	 received	 from	 subsidiary	 fixed	 term	 loans	 and	 a	 net	 draw	 down	 of	
$50.0	million	from	the	Company's	revolving	credit	facility	during	the	quarter.
Free	cash	flow	from	operations	in	the	 first	quarter	was	slightly	lower	than	the	prior	year	comparable	period	as	a	result	of	
working	capital	changes	and	increased	sustaining	capital	expenditure,	and	was	mostly	offset	by	the	inclusion	of	operating	
cash	flows	from	Caserones.	Free	cash	flow	in	the	 first	quarter	was	 $32.5	million	higher	 than	in	the	prior	year	comparable	
period	as	a	result	of	reduced	spending	relating	to	the	Josemaria	Project.
Liquidity	and	Financial	Position
($	thousands) March	31,	2024 December	31,	2023 Change
Cash	and	cash	equivalents 	 365,451	 	 268,793	 	 96,658	
Total	assets 	 10,911,882	 	 10,861,199	 	 50,683	
Debt1 	 1,341,131	 	 1,208,600	 	 132,531	
Lease	liabilities 	 260,463	 	 277,208	 	 (16,745)	 
Net	debt2 	 (1,241,872)	 	 (1,223,389)	 	 (18,483)	 
Net	debt	excluding	lease	liabilities2 	 (981,409)	 	 (946,181)	 	 (35,228)	 
1Debt	includes	both	current	and	non-current	portions.	
2This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.	
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.
Net	debt	excluding	lease	liabilities	at	 March	31,	2024	increased	slightly	from	 December	31,	2023	due	to	net	proceeds	from	
debt,	 including	 new	 subsidiary	 fixed	 term	 loans	 as	 well	 as	 amounts	 drawn	 down	 during	 the	 quarter	 from	 the	 Company’s	
revolving	credit	facility.
22

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

During	 the	 quarter	 ended	 March	 31,	 2024,	 no	 shares	 were	 purchased	 under	 the	 Company's	 Normal	 Course	 Issuer	 Bid	
(“NCIB”)	(quarter	ended	March	31,	2023	-	nil	shares).
Contractual	Obligations,	Commitments	and	Contingencies
The	 Company	 has	 contractual	 obligations	 and	 capital	 commitments	 as	 described	 in	 Note	 21	 “Commitments	 and	
Contingencies”	in	the	Company’s	condensed	interim	consolidated	financial	statements	for	the	three	months	ended	 March	
31,	2024.	From	time	to	time,	the	Company	may	also	be	involved	in	legal	proceedings	that	arise	in	the	ordinary	course	of	its	
business.
Capital	Resources
As	 at	 March	 31,	 2024,	 the	 Company	 has	 a	 revolving	 credit	 facility	 of	 $1,750.0	 million	 with	 $300.0	 million	 outstanding	
(December	31,	2023	-	$250.0	million).	 The	credit	facility		bears	interest	on	drawn	funds	at	rates	of	Term	Secured	Overnight	
Financing	 Rate	 ("Term	 SOFR")	 +	 Credit	 Spread	 Adjustment	 ("CSA")	 of	 0.10%+	 1.45%	 to	 Term	 SOFR	 +	 0.10%	 +	 2.50%	
depending	on	the	Company’s	net	leverage	ratio.	The	revolving	credit	facility	is	unsecured,	save	and	except	for	a	charge	over	
certain	assets	in	the	United	States	of	America,	and	is	subject	to	customary	covenants.	On	April	26,	2024,	the	credit	facility,	
which	originally	expired	in	April	2028,	was	amended	and	extended	to	April	2029.
As	at	March	31,	2024,	the	Company's	Term	Loan	has	a	principal	amount	of	$800.0	million	with	an	additional	$400.0	million	
accordion	option	maturing	in	July	2026.	On	April	26,	2024,	the	term	loan	was	amended	and	extended	to	July	2027.
As	 at	 March	 31,	 2024,	 the	 Company	 also	 has	 unsecured	 commercial	 paper	 programs	 maturing	 in	 2025	 through	 2028	 of	
which	$108.1	million	(December	31,	2023 	-	$116.0	million)	were	drawn.	As	at	 March	31,	2024 ,	certain	subsidiaries	of	the	
Company	had	outstanding	unsecured	term	loans	totalling	 $138.8	million	(December	31,	2023	-	$48.9	million)	and	accruing	
interest	at	rates	ranging	from	 5.67%	to	7.15% 	per	annum	with	interest	payable	upon	maturity.	The	maturity	dates	range	
from	April	to	June	2024.
The	 development	 of	 the	 Josemaria	 Project	 requires	 significant	 capital	 commitments	 from	 the	 Company,	 and	 additional	
funding,	beyond	debt,	may	be	required	to	advance	the	project	to	completion.
23

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

Financial	Instruments
Revenue,	cost	of	goods	sold	and	capital	expenditures	are	affected	by	certain	external	factors	including	fluctuations	in	metal	
prices,	energy	prices,	and	changes	in	exchange	rates	between	the	€,	the	SEK,	the	CLP,	the	BRL,	the	ARS	and	the	$.
During	the	quarter	ended	 March	31,	2024 ,	the	Company	entered	into	derivative	contracts	as	part	of	its	risk	management	
strategy	 to	 mitigate	 exposure	 to	 foreign	 currency	 and	 commodities.	 At	 March	 31,	 2024,	 derivative	 contracts	 consist	 of	
foreign	 currency	 forward	 and	 option	 contracts	 as	 well	 as	 diesel	 swap	 forward	 contracts.	 The	 foreign	 currency	 option	
contracts	consist	of	put	and	call	contracts	in	a	collar	structure.	
Subsequent	 to	 March	 31,	 2024,	 the	 Company	 entered	 into	 commodity	 collar	 contracts	 in	 the	 amount	 of	 21,500	 metric	
tonnes	of	copper	with	collar	ranges	of	$4.10/lb	to	$4.52/lb,	expiring	in	May	2024.
The	derivative	contracts	have	not	been	designated	as	hedges	for	purposes	of	hedge	accounting	and	are	measured	at	fair	
value	as	assessed	by	pricing	models	based	on	active	market	prices.	Changes	in	fair	value	are	recognized	in	other	income	and	
expense	in	the	consolidated	statement	of	earnings.
The	Company’s	trade	receivables	also	contain	provisional	pricing	sales	arrangements	that	are	valued	using	quoted	forward	
market	 prices.	 The	 following	 table	 illustrates	 the	 sensitivity	 of	 the	 Company’s	 risk	 on	 final	 settlement	 of	 its	 provisionally	
priced	revenues	as	at	March	31,	2024.
Metal Payable	Metal
Provisional	price	on
	March	31,	2024 Change
Effect	on	Revenue	
($millions)
Copper 96,860	t $4.02/lb 	 +/-	10	 % +/-	$85.8
Zinc 26,781	t $1.09/lb 	 +/-	10	 % +/-	$6.4
Nickel 987	t $7.53/lb 	 +/-	10	 % +/-	$1.6
Gold 34	koz $2,230/oz 	 +/-	10	 % +/-	$7.6
Molybdenum 802	t $17.57/lb 	 +/-	10	 % +/-	$3.1
For	a	detailed	discussion	of	the	Company’s	financial	instruments,	refer	to	Note	 20	"Financial	Instruments"	in	the	Company’s	
condensed	interim	consolidated	financial	statements	for	the	three	months	ended	March	31,	2024.
24

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

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.
Non-GAAP	financial	
measure	or	ratio Definition
Most	directly	
comparable	IFRS	
measure
Why	management	uses	the	
measure	and	why	it	may	be	
useful	to	investors
Cash	cost Includes	costs	directly	attributable	to	mining	operations	
(including	mining,	processing	and	administration),	
treatment,	refining	and	transportation	charges,	but	
excludes	royalty	expenses,	expenses	associated	with	non-
cash	fair	value	adjustments	to	inventory,	depreciation	and	
amortization	and	capital	expenditures	for	deferred	
stripping.	Revenue	from	sales	of	by-products,	inclusive	of	
adjustments	for	the	terms	of	streaming	agreements	but	
excluding	the	recognition	of	any	deferred	revenue	from	the	
allocation	of	upfront	streaming	proceeds,	reduce	cash	
costs.	
Production	costs Copper,	zinc	and	nickel	cash	
cost	per	pound	sold	are	useful	
measures	to	assess	the	
operating	performance	of	the	
Company's	mines,	and	their	
ability	to	generate	cash.	The	
inclusion	of	by-product	credits	
incorporates	the	benefit	of	
other	metals	extracted	in	the	
production	of	the	primary	
metal.
Cash	cost	per	pound	
sold
This	ratio	is	calculated	by	dividing	cash	cost	by	the	sales	
volume	of	the	primary	metal	(copper,	zinc,	or	nickel).
All-in	sustaining	cost	
("AISC")
Includes	cash	cost	(as	defined	above),	royalties,	sustaining	
capital	expenditure	(including	deferred	stripping	and	
underground	mine	development),	reclamation	and	other	
closure	cost	accretion	and	amortization	and	lease	
payments	(cash	basis).	As	this	measure	seeks	to	reflect	the	
full	cost	of	production	from	current	operations,	
expansionary	capital	and	certain	exploration	costs	are	
excluded	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	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.	Certain	other	cash	
expenditures,	including	tax	payments,	financing	charges	
(including	capitalized	interest)	and	costs	related	to	
business	combinations,	asset	acquisitions	and	asset	
disposals	are	also	excluded.
Production	costs Copper,	zinc	and	nickel	AISC	
and	ASIC	per	pound	sold	are	
useful	measures	to	understand	
the	full	cost	of	producing	and	
selling	metal	at	the	Company's	
mines,	and	each	mine's	ability	
to	generate	cash	while	
sustaining	production	at	current	
levels.
AlSC	per	pound	sold This	ratio	is	calculated	by	dividing	AISC	by	the	sales	volume	
of	the	primary	metal	(copper,	zinc,	or	nickel).
Sustaining	capital	
expenditures
This	supplementary	financial	measure	is	defined	as	cash-
basis	expenditures	which	maintain	existing	operations	and	
sustain	production	levels.
Investment	in	
mineral	properties,	
plant	and	
equipment
Sustaining	capital	expenditures	
provide	an	understanding	of	
costs	required	to	maintain	
existing	production	levels.	
Expansionary	capital	
expenditures	provide	
information	on	costs	required	
for	future	growth	of	existing	or	
new	assets.	
Expansionary	capital	
expenditures
This	non-GAAP	measure	is	defined	as	cash-basis	
expenditures	which	increase	current	or	future	production	
capacity,	cash	flow	or	earnings	potential	and	are	reported	
excluding	capitalized	interest.	Where	an	expenditure	both	
maintains	and	expands	current	operations,	classification	
would	be	based	on	the	primary	decision	for	which	the	
expenditure	is	being	made.
25

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

Non-GAAP	financial	
measure	or	ratio Definition
Most	directly	
comparable	IFRS	
measure
Why	management	uses	the	
measure	and	why	it	is	useful	to	
investors
Realized	price	per	
pound	and	realized	
price	per	ounce1
Defined	as	revenue	from	metal	sales	(copper,	zinc,	gold,	
nickel	and	molybdenum)	adding	back	treatment	and	
refining	charges,	cash	effects	of	gold	and	copper	streams,	
recognition	of	deferred	revenue	from	the	allocation	of	
upfront	streaming	proceeds	and	sales	of	silver	and	other	
metals,	divided	by	the	volume	of	metal	sold	in	the	period.	
Revenue These	measures	provide	an	
understanding	of	the	price	
realized	in	each	reporting	
period	for	metal	sales.
Earnings	before	
interest,	taxes,	
depreciation	and	
amortization	
(EBITDA)	and	
Adjusted	EBITDA
EBITDA	represents	net	earnings	or	loss	for	the	period	
before	income	tax	expense	or	recovery,	depreciation	and	
amortization,	interest	income	and	finance	costs.	Adjusted	
EBITDA	removes	the	effects	of	items	that	do	not	reflect	the	
Company's	underlying	operating	performance	and	are	not	
necessarily	indicative	of	future	operating	results.	These	
may	include:	unrealized	foreign	exchange,	unrealized	gains	
or	losses	from	derivative	contracts,	revaluation	gains	or	
losses	on	marketable	securities,	derivative	liabilities	and	
purchase	options,	expenses	for	acquisition-related	fair	
value	adjustments	to	inventory,	non-cash	impairment	
charges	and	reversals,	non-cash	stockpile	inventory	or	
fixed	asset	write-downs,	costs	relating	to	the	sinkhole	near	
Ojos	del	Salado	operations,	income	from	investments	in	
associates,	gains	or	losses	on	disposals	of	subsidiaries,	
insurance	proceeds	and	litigation	and	settlements.	
Net	earnings	(loss) EBITDA	and	Adjusted	EBITDA	
are	used	to	evaluate	the	
Company's	operational	
performance	and	its	ability	to	
generate	cash	from	core	
operations.	
Adjusted	earnings	
(loss)
Defined	as	net	earnings	or	loss	attributable	to	shareholders	
of	the	Company	excluding	the	effects	(net	of	tax)	of	
significant	items	that	do	not	reflect	the	Company's	
underlying	operating	performance.	In	addition	to	the	items	
listed	for	Adjusted	EBITDA,	these	may	also	include:	
deferred	tax	recovery	or	expense	arising	from	foreign	
exchange	translation	and	deferred	tax	recovery	or	expense	
arising	from	changes	in	tax	rates.	Adjustments	exclude	
amounts	attributable	to	non-controlling	interests.	
Net	earnings	(loss)	
attributable	to	
Lundin	Mining	
Corporation		
shareholders
In	addition	to	conventional	
measures	prepared	in	
accordance	with	IFRS,	adjusted	
earnings	and	adjusted	earnings	
per	share	measure	the	
underlying	operating	
performance	of	the	Company.
Adjusted	earnings	
(loss)	per	share
This	ratio	is	calculated	by	dividing	adjusted	net	earnings	or	
loss	by	the	weighted	average	number	of	shares	
outstanding.
Free	cash	flow	from	
operations
Defined	as	cash	flow	provided	by	operating	activities,	
excluding	general	exploration	and	business	development	
costs	and	deducting	sustaining	capital	expenditures	(as	
defined	above).
Cash	provided	by	
operating	activities
Free	cash	flow	from	operations	
is	indicative	of	the	Company's	
ability	to	generate	cash	from	its	
operations	after	consideration	
of	required	sustaining	capital	
expenditure	necessary	to	
maintain	existing	production	
levels.
Free	cash	flow Defined	as	cash	flow	provided	by	operating	activities,	
deducting	sustaining	capital	expenditures	and	
expansionary	capital	expenditures	(both	as	defined	above).
Adjusted	operating	
cash	flow
Defined	as	cash	provided	by	operating	activities,	excluding	
changes	in	non-cash	working	capital	items.	
Cash	provided	by	
operating	activities
These	measures	are	indicative	
of	the	Company's	ability	to	
generate	cash	from	its	
operations	and	remove	the	
impact	of	working	capital,	
which	can	experience	volatility	
from	period-to-period.
Adjusted	operating	
cash	flow	per	share
This	ratio	is	calculated	by	dividing	adjusted	operating	cash	
flow	by	the	weighted	average	number	of	shares	
outstanding.
Net	debt Net	debt	is	defined	as	total	debt	and	lease	liabilities	
excluding	deferred	financing	fees,	less	cash	and	cash	
equivalents.	Net	debt	excluding	lease	liabilities	is	defined	
as	total	debt	excluding	lease	liabilities,	deferred	financing	
fees,	less	cash	and	cash	equivalents.
Debt	and	lease	
liabilities,	current	
portion	of	debt	and	
lease	liabilities,	
cash	and	cash	
equivalents
These	measures	are	indicative		
of	the	Company's	financial	
position.
Net	debt	excluding	
lease	liabilities
1See	the	'Revenue	Overview'	section	of	this	MD&A	for	reconciliations	to	revenue,	the	most	directly	comparable	IFRS	measure.	
26

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

Cash	Cost	per	Pound	and	All-in	Sustaining	Cost	(“AISC”)	per	Pound
Cash	 Cost	 per	 Pound	 and	 All-in	 Sustaining	 Costs	 per	 pound	 can	 be	 reconciled	 to	 Production	 Costs	 on	 the	 Company's	
Condensed	Interim	Consolidated	Statement	of	Earnings	as	follows:
Three	months	ended	March	31,	2024
Operations Candelaria Caserones Chapada Eagle
Neves-
Corvo Zinkgruvan
($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales	volumes:
Tonnes 33,536 35,211 8,742 2,163 5,886 15,825
Pounds	(000s) 73,934 77,627 19,273 4,769 12,976 34,888
Production	costs 	 567,134	
Less:	Royalties	and	other 	 (19,970)	 
	 547,164	
Deduct:	By-product	credits 	 (165,308)	 
Add:	Treatment	and	refining	charges 	 46,951	
Cash	cost 	 139,490	 	 166,439	 	 38,735	 	 19,249	 	 42,057	 	 22,837	 	 428,807	
Cash	cost	per	pound	($/lb) 1.89 2.14 2.01 4.04 3.24 0.65
Add:	Sustaining	capital	expenditure 	 99,532	 	 42,754	 	 29,199	 	 4,078	 	 22,413	 	 14,341	 
Royalties 	 2,968	 	 8,814	 	 1,617	 	 2,678	 	 735	 	 —	 
Reclamation	and	other	closure	
accretion	and	depreciation 	 2,167	 	 1,040	 	 2,679	 	 1,968	 	 1,335	 	 1,186	 
Leases	and	other 	 3,033	 	 15,381	 	 765	 	 1,236	 	 64	 	 78	 
All-in	sustaining	cost 	 247,190	 	 234,428	 	 72,995	 	 29,209	 	 66,604	 	 38,442	 
AISC	per	pound	($/lb) 3.34 3.02 3.79 6.12 5.13 1.10
Three	months	ended	March	31,	2023
Operations Candelaria Chapada Eagle
Neves-
Corvo Zinkgruvan
($000s,	unless	otherwise	noted) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales	volumes:
Tonnes 35,570 9,072 2,735 8,031 16,612
Pounds	(000s) 78,418 20,000 6,030 17,705 36,623
Production	costs 	 417,764	
Less:	Royalties	and	other 	 (12,086)	 
	 405,678	
Deduct:	By-product	credits 	 (156,965)	 
Add:	Treatment	and	refining	charges 	 36,615	
Cash	cost 	 173,692	 	 47,318	 	 14,640	 	 29,892	 	 19,786	 	 285,328	
Cash	cost	per	pound	($/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
27

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

Adjusted	EBITDA
Adjusted	EBITDA	can	be	reconciled	to	Net	Earnings	(Loss)	on	the	Company's	Condensed	Interim	Consolidated	Statement	of	
Earnings	as	follows:
Three	months	ended
March	31,
($thousands) 2024 2023
Net	earnings 	 58,555	 	 165,311	
Add	back:
Depreciation,	depletion	and	amortization 	 184,492	 	 120,247	
Finance	income	and	costs 	 35,694	 	 15,699	
Income	taxes	expense	(recovery) 	 50,566	 	 48,693	
	 329,307	 	 349,950	
Unrealized	foreign	exchange	loss	(gain) 	 (15,500)	 	 8,644	
Unrealized	losses	(gains)	on	derivative	contracts 	 52,832	 	 (20,666)	 
Ojos	del	Salado	sinkhole	(recoveries)	expenses 	 (1,031)	 	 4,582	
Revaluation	loss	(gain)	on	marketable	securities 	 (2,430)	 	 (438)	 
Gain	on	disposal	of	subsidiary 	 —	 	 (5,718)	 
Other 	 (322)	 	 589	
Total	adjustments	-	EBITDA 	 33,549	 	 (13,007)	 
Adjusted	EBITDA 	 362,856	 	 336,943	
Adjusted	Earnings	and	Adjusted	EPS
Adjusted	Earnings	and	Adjusted	EPS	can	be	reconciled	to	Net	Earnings	(Loss)	Attributable	to	Lundin	Mining	Shareholders	on	
the	Company's	Condensed	Interim	Consolidated	Statement	of	Earnings	as	follows:
Three	months	ended
March	31,
($thousands,	except	share	and	per	share	amounts) 2024 2023
Net	earnings	attributable	to	Lundin	Mining	shareholders 	 13,883	 	 146,620	
Add	back:
Total	adjustments	-	EBITDA 	 33,549	 	 (13,007)	 
Tax	effect	on	adjustments 	 (1,767)	 	 (3,126)	 
Deferred	tax	arising	from	foreign	exchange	translation 	 (6,300)	 	 (6,007)	 
Non-controlling	interest	on	adjustments 	 5,852	 	 1,202	
Total	adjustments 	 31,335	 	 (20,938)	 
Adjusted	earnings 	 45,218	 	 125,682	
Basic	weighted	average	number	of	shares	outstanding 773,048,710 771,216,060
Net	(loss)	earnings	attributable	to	Lundin	Mining	shareholders 0.02 	 0.19	
Total	adjustments 	 0.04	 	 (0.03)	 
Adjusted	EPS 	 0.06	 	 0.16	
28

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

Free	Cash	Flow	from	Operations	and	Free	Cash	Flow
Free	 Cash	 Flow	 from	 Operations	 and	 Free	 Cash	 Flow	 can	 be	 reconciled	 to	 Cash	 provided	 by	 Operating	 Activities	 on	 the	
Company's	Condensed	Interim	Consolidated	Statement	of	Cash	Flows	as	follows:
Three	months	ended
March	31,
($thousands) 2024 2023
Cash	provided	by	operating	activities 	 267,531	 	 211,875	
General	exploration	and	business	development 	 13,451	 	 14,765	
Sustaining	capital	expenditures 	 (213,260)	 	 (155,564)	 
Free	cash	flow	from	operations 	 67,722	 	 71,076	
General	exploration	and	business	development 	 (13,451)	 	 (14,765)	 
Expansionary	capital	expenditures 	 (55,981)	 	 (90,519)	 
Free	cash	flow 	 (1,710)	 	 (34,208)	 
Adjusted	Operating	Cash	Flow	and	Adjusted	Operating	Cash	Flow	per	Share
Adjusted	 Operating	 Cash	 Flow	 and	 Adjusted	 Operating	 Cash	 Flow	 per	 Share	 can	 be	 reconciled	 to	 Cash	 Provided	 by	
Operating	Activities	on	the	Company's	Condensed	Interim	Consolidated	Statement	of	Cash	Flows	as	follows:
Three	months	ended
March	31,
($thousands,	except	share	and	per	share	amounts) 2024 2023
Cash	provided	by	operating	activities 	 267,531	 	 211,875	
Changes	in	non-cash	working	capital	items 	 46,135	 	 23,192	
Adjusted	operating	cash	flow 	 313,666	 	 235,067	
Basic	weighted	average	number	of	shares	outstanding 773,048,710 771,216,060
Adjusted	operating	cash	flow	per	share 0.41 0.30
Net	Debt	and	Net	Debt	Excluding	Lease	Liabilities
Net	debt	and	net	debt	excluding	lease	liabilities	can	be	reconciled	to	Debt	and	Lease	Liabilities,	Current	Portion	of	Debt	and	
Lease	Liabilities	and	Cash	and	Cash	Equivalents	on	the	Company's	condensed	interim	consolidated	balance	sheet	as	follows:
($thousands) March	31,	2024 December	31,	2023
Debt	and	lease	liabilities 	 (1,417,892)	 	 (1,273,162)	 
Current	portion	of	debt	and	lease	liabilities 	 (183,702)	 	 (212,646)	 
Less	deferred	financing	fees	(netted	in	above) 	 (5,729)	 	 (6,374)	 
	 (1,607,323)	 	 (1,492,182)	 
Cash	and	cash	equivalents 	 365,451	 	 268,793	
Net	debt 	 (1,241,872)	 	 (1,223,389)	 
Lease	liabilities 	 260,463	 	 277,208	 
Net	debt	excluding	lease	liabilities 	 (981,409)	 	 (946,181)	 
29

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

Other	Information	and	Advisories
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	 23	of	the	Company’s	condensed	interim	consolidated	financial	statements	
for	the	three	months	ended	March	31,	2024.
Changes	in	Accounting	Policies
The	 accounting	 policies	 applied	 in	 the	 Company’s	 condensed	 interim	 consolidated	 financial	 statements	 for	 the	 three	
months	ended	 March	31,	2024 	are	the	same	as	those	applied	in	the	Company’s	consolidated	financial	statements	for	the	
year	ended	December	31,	2023.	
Certain	 amendments	 to	 standards	 were	 effective	 for	 annual	 periods	 beginning	 on	 or	 after	 January	 1,	 2024,	 including	
amendments	to	IAS	1	–	Presentation	of	Financial	Statements	and	IAS	12	–	Income	Taxes.	There	was	no	material	impact	on	
the	Company’s	condensed	interim	consolidated	financial	statements	from	the	adoption	of	these	amendments.
Critical	Accounting	Estimates	and	Judgments
The	preparation	of	consolidated	financial	statements	in	conformity	with	IFRS	requires	management	to	make	judgements,	
estimates	and	assumptions	that	affect	the	application	of	accounting	policies	and	the	reported	amounts	of	assets,	liabilities,	
income	and	expenses.	Actual	results	may	differ	from	these	estimates.	Estimates	and	underlying	assumptions	are	reviewed	
at	each	period	end.	Revisions	to	accounting	estimates	are	recognized	in	the	period	in	which	the	estimates	are	revised	and	in	
any	future	periods	affected.	
For	 further	 information	 on	 the	 Company’s	 significant	 accounting	 estimates	 and	 judgements,	 refer	 to	 Note	 2	 of	 the	
Company’s	 consolidated	 financial	 statements	 for	 the	 year	 ended	 December	 31,	 2023.	 There	 have	 been	 no	 subsequent	
material	changes	to	these	significant	accounting	estimates	and	judgements.
Disclosure	Controls	and	Procedures	
Disclosure	 controls	 and	 procedures	 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	 President	 and	 Chief	 Executive	 Officer	 and	 the	 Executive	 Vice	 President	 and	 Chief	 Financial	 Officer,	 is	
responsible	 for	 the	 design	 and	 operation	 of	 disclosure	 controls	 and	 procedures.	 Management	 has	 evaluated	 the	
effectiveness	 of	 the	 Company’s	 disclosure	 controls	 and	 procedures	 and	 has	 concluded	 that	 they	 were	 effective	 as	 at	
December	31,	2023.
There	have	been	no	changes	in	the	Company’s	disclosure	controls	and	procedures	during	the	 three	months	ended	 March	
31,	2024	that	have	materially	affected,	or	are	reasonably	likely	to	materially	affect,	the	Company’s	financial	reporting.
Internal	Control	over	Financial	Reporting	(“ICFR”)
Management	 of	 the	 Company,	 under	 the	 supervision	 of	 the	 President	 and	 Chief	 Executive	 Officer	 and	 Executive	 Vice	
President	and	Chief	Financial	Officer,	is	responsible	for	establishing	and	maintaining	adequate	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.
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”).	 Management	
conducted	an	evaluation	of	the	effectiveness	of	ICFR	and	concluded	that	it	was	effective	as	at	December	31,	2023.	
There	have	been	no	changes	in	the	Company’s	ICFR	during	the	 three	months	ended	 March	31,	2024 	that	have	materially	
affected,	or	are	reasonably	likely	to	materially	affect,	the	Company’s	financial	reporting.
30

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

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,	 2023	 and	 the	 “Cautionary	 Statement	 on	 Forward-Looking	
Information”	of	this	MD&A.
National	Instrument	43-101	Compliance
The	 scientific	 and	 technical	 information	 in	 this	 document	 has	 been	 reviewed	 and	 approved	 in	 accordance	 with	 the	
disclosure	 standards	 of	 National	 Instrument	 43-101	 ("NI	 43-101")	 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	 document	 and	 no	
limitations	were	imposed	on	his	verification	process.
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.sedarplus.com)	or	on	the	Company’s	website	
(www.lundinmining.com).
Outstanding	Share	Data
The	table	below	summarizes	the	Company’s	common	shares	and	securities	convertible	into	common	shares	as	at	 May	1,	
2024.
May	1,	2024
Common	shares	issued	and	outstanding 	 776,004,962	
Stock	options	outstanding	
(weighted	average	exercise	price	of	C$10.11) 	 4,870,143	
Time	vesting	share	units1 	 1,523,037	
Performance	vesting	share	units2 	 1,040,377	
1	Time	vesting	share	units	represent	the	right	to	receive	one	common	share	(subject	to	adjustments)	issued	from	treasury.
2	Performance	vesting	share	units	(“PSU”)	represent	the	right	to	receive	a	variable	number	of	common	shares	(subject	to	adjustments)	issued	from	
treasury	 contingent	 upon	 achieving	 applicable	 performance	 vesting	 conditions.	 The	 number	 of	 common	 shares	 listed	 above	 in	 respect	 of	 PSU	
assumes	that	100%	of	PSU	granted	(without	change)	will	vest	and	be	paid	out	in	common	shares	on	a	one	for	one	basis.	However,	as	noted,	the	final	
number	of	PSU	that	may	be	earned	and	redeemed	may	be	higher	or	lower	than	the	PSU	initially	granted.
31

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

Condensed	Interim	Consolidated	Financial	Statements	of	
Lundin	Mining	Corporation
March	31,	2024	
(Unaudited)

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

LUNDIN	MINING	CORPORATION
CONDENSED	INTERIM	CONSOLIDATED	BALANCE	SHEETS As	at
(Unaudited	-	in	thousands	of	US	dollars) March	31,
2024
December	31,
2023
ASSETS
Cash	and	cash	equivalents	(Note	3) $	 365,451	 $	 268,793	
Trade	and	other	receivables	(Note	4) 	 759,377	 	 828,871	
Income	taxes	receivable 	 39,352	 	 34,542	
Inventories	(Note	5) 	 617,020	 	 599,407	
Current	portion	of	derivative	assets	(Note	20) 	 12,646	 	 38,114	
Other	current	assets 	 21,538	 	 21,421	
Total	current	assets 	 1,815,384	 	 1,791,148	
Restricted	funds 	 60,840	 	 59,979	
Long-term	inventory	(Note	5) 	 774,772	 	 797,597	
Derivative	assets	(Note	20) 	 2,582	 	 9,397	
Other	non-current	assets	(Note	6) 	 67,784	 	 67,090	
Mineral	properties,	plant	and	equipment	(Note	7) 	 7,789,521	 	 7,725,169	
Deferred	tax	assets	 	 162,450	 	 170,203	
Goodwill	 	 238,549	 	 240,616	
	 9,096,498	 	 9,070,051	
Total	assets $	 10,911,882	 $	 10,861,199	
LIABILITIES
Trade	and	other	payables	(Note	8) $	 772,966	 $	 805,763	
Income	taxes	payable 	 64,785	 	 62,926	
Current	portion	of	derivative	liabilities	(Note	20) 	 33,779	 	 26,389	
Current	portion	of	debt	and	lease	liabilities	(Note	9) 	 183,702	 	 212,646	
Current	portion	of	deferred	revenue	(Note	10) 	 86,709	 	 87,867	
Current	portion	of	reclamation	and	other	closure	provisions	(Note	11) 	 11,627	 	 14,442	
Total	current	liabilities 	 1,153,568	 	 1,210,033	
Derivative	liabilities	(Note	20) 	 17,527	 	 3,148	
Debt	and	lease	liabilities	(Note	9) 	 1,417,892	 	 1,273,162	
Deferred	revenue	(Note	10) 	 523,009	 	 535,363	
Reclamation	and	other	closure	provisions	(Note	11) 	 519,836	 	 529,734	
Deferred	consideration	and	other	long-term	liabilities 	 134,440	 	 133,199	
Provision	for	pension	obligations 	 5,658	 	 6,752	
Deferred	tax	liabilities	 	 745,075	 	 751,688	
	 3,363,437	 	 3,233,046	
Total	liabilities 	 4,517,005	 	 4,443,079	
SHAREHOLDERS'	EQUITY
Share	capital	(Note	12) 	 4,587,131	 	 4,574,830	
Contributed	surplus 	 52,118	 	 55,201	
Accumulated	other	comprehensive	loss 	 (336,267)	 	 (296,617)	 
Retained	earnings 	 590,464	 	 627,903	
Equity	attributable	to	Lundin	Mining	Corporation	shareholders 	 4,893,446	 	 4,961,317	
Non-controlling	interests	(Note	13) 	 1,501,431	 	 1,456,803	
Total	shareholders'	equity 	 6,394,877	 	 6,418,120	
Total	liabilities	and	shareholders'	equity $	 10,911,882	 $	 10,861,199	
Commitments	and	contingencies	(Note	21)
The	accompanying	notes	are	an	integral	part	of	these	condensed	interim	consolidated	financial	statements.
APPROVED	BY	THE	BOARD	OF	DIRECTORS
(Signed)	Adam	I.	Lundin	-	Director (Signed)	Dale	C.	Peniuk	-	Director
-	1	-

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

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,
2024 2023
Revenue	(Note	14) $	 936,981	 $	 751,344	
Cost	of	goods	sold
Production	costs	(Note	15) 	 (567,134)	 	 (417,764)	 
Depreciation,	depletion	and	amortization 	 (184,492)	 	 (120,247)	 
Gross	profit 	 185,355	 	 213,333	
General	and	administrative	expenses 	 (16,760)	 	 (15,110)	 
General	exploration	and	business	development	(Note	17) 	 (13,451)	 	 (14,765)	 
Finance	income	(Note	18) 	 3,833	 	 1,764	
Finance	costs	(Note	18) 	 (39,527)	 	 (17,463)	 
Other	(expense)	income	(Note	19) 	 (10,329)	 	 46,245	
Earnings	before	income	taxes 	 109,121	 	 214,004	
Current	tax	expense	 	 (47,263)	 	 (59,501)	 
Deferred	tax	(expense)	recovery	 	 (3,303)	 	 10,808	
Net	earnings $	 58,555	 $	 165,311	
Net	earnings	attributable	to:
Lundin	Mining	Corporation	shareholders $	 13,883	 $	 146,620	
Non-controlling	interests 	 44,672	 	 18,691	
Net	earnings $	 58,555	 $	 165,311	
Basic	and	diluted	earnings	per	share	attributable	to	Lundin	Mining	Corporation	
shareholders: $	 0.02	 $	 0.19	
Weighted	average	number	of	shares	outstanding	(Note	12)
Basic 	 773,048,710	 	 771,216,060	
Diluted 	 775,002,730	 	 771,992,179	
The	accompanying	notes	are	an	integral	part	of	these	condensed	interim	consolidated	financial	statements.
-	2	-

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

LUNDIN	MINING	CORPORATION
CONDENSED	INTERIM	CONSOLIDATED	STATEMENTS	OF	COMPREHENSIVE	INCOME
(Unaudited	-	in	thousands	of	US	dollars)
Three	months	ended	March	31,
2024 2023
Net	earnings $	 58,555	 $	 165,311	
Other	comprehensive	(loss)	income,	net	of	taxes
Item	that	will	not	be	reclassified	to	net	earnings:
Remeasurements	for	post-employment	benefit	plans 	 (241)	 	 (258)	 
Item	that	may	be	reclassified	subsequently	to	net	earnings:
Effects	of	foreign	exchange 	 (39,453)	 	 19,453	
Other	comprehensive	(loss)	income 	 (39,694)	 	 19,195	
Total	comprehensive	income $	 18,861	 $	 184,506	
Comprehensive	income	attributable	to:
Lundin	Mining	Corporation	shareholders $	 (25,767)	 $	 165,872	
Non-controlling	interests 	 44,628	 	 18,634	
Total	comprehensive	income $	 18,861	 $	 184,506	
The	accompanying	notes	are	an	integral	part	of	these	condensed	interim	consolidated	financial	statements.
-	3	-

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

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)	income
Retained	
earnings
Non-
controlling	
interests Total
Balance,	December	31,	2023 	 773,667,789	 $	 4,574,830	 $	 55,201	 $	 (296,617)	 $	 627,903	 $	 1,456,803	 $	 6,418,120	
Exercise	of	share-based	awards 	 1,516,779	 	 12,301	 	 (4,748)	 	 —	 	 —	 	 —	 	 7,553	
Share-based	compensation 	 —	 	 —	 	 1,665	 	 —	 	 —	 	 —	 	 1,665	
Dividends	declared	(Note	12(d)) 	 —	 	 —	 	 —	 	 —	 	 (51,322)	 	 —	 	 (51,322)	 
Net	earnings 	 —	 	 —	 	 —	 	 —	 	 13,883	 	 44,672	 	 58,555	
Other	comprehensive	loss 	 —	 	 —	 	 —	 	 (39,650)	 	 —	 	 (44)	 	 (39,694)	 
Total	comprehensive	(loss)	income 	 —	 	 —	 	 —	 	 (39,650)	 	 13,883	 	 44,628	 	 18,861	
Balance,	March	31,	2024 	 775,184,568	 $	 4,587,131	 $	 52,118	 $	 (336,267)	 $	 590,464	 $	 1,501,431	 $	 6,394,877	
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 	 —	 	 —	 	 —	 	 —	 	 (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	
The	accompanying	notes	are	an	integral	part	of	these	condensed	interim	consolidated	financial	statements.
	
-	4	-

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

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) 2024 2023
Operating	activities
Net	earnings $	 58,555	 $	 165,311	
Items	not	involving	cash	and	other	adjustments
Depreciation,	depletion	and	amortization 	 184,492	 	 120,247	
Share-based	compensation 	 1,641	 	 2,266	
Unrealized	foreign	exchange	(gain)	loss 	 (15,500)	 	 8,644	
Finance	costs,	net	(Note	18) 	 35,694	 	 15,699	
Recognition	of	deferred	revenue	(Note	10) 	 (18,838)	 	 (19,100)	 
Deferred	tax	expense	(recovery) 	 3,303	 	 (10,808)	 
Revaluation	of	marketable	securities	(Note	19) 	 (2,430)	 	 (438)	 
Revaluation	of	foreign	currency	and	diesel	derivatives	(Note	20) 	 49,117	 	 (34,243)	 
Other 	 2,234	 	 8,063	
Reclamation	payments	(Note	11) 	 (4,984)	 	 (2,581)	 
Pension	payments 	 (843)	 	 (578)	 
Changes	in	long-term	inventory 	 21,225	 	 (17,415)	 
Changes	in	non-cash	working	capital	items	(Note	24) 	 (46,135)	 	 (23,192)	 
	 267,531	 	 211,875	
Investing	activities
Investment	in	mineral	properties,	plant	and	equipment 	 (271,906)	 	 (246,119)	 
Cash	received	from	disposal	of	subsidiary	(Note	19) 	 —	 	 5,718	
Interest	received 	 1,915	 	 878	
Other 	 327	 	 (543)	 
	 (269,664)	 	 (240,066)	 
Financing	activities
Proceeds	from	debt	(Note	9) 	 267,802	 	 148,830	
Principal	repayments	of	debt	(Note	9) 	 (133,397)	 	 (130,480)	 
Principal	payments	of	lease	liabilities 	 (14,905)	 	 (5,218)	 
Interest	paid 	 (28,135)	 	 (4,695)	 
Proceeds	from	common	shares	issued 	 7,553	 	 2,085	
Net	proceeds	from	settlement	of	foreign	currency	and	diesel	derivatives 	 3,942	 	 11,069	
Other 	 (602)	 	 (2,085)	 
	 102,258	 	 19,506	
Effect	of	foreign	exchange	on	cash	balances 	 (3,467)	 	 1,537	
Increase	(decrease)	in	cash	and	cash	equivalents	during	the	period 	 96,658	 	 (7,148)	 
Cash	and	cash	equivalents,	beginning	of	period 	 268,793	 	 191,387	
Cash	and	cash	equivalents,	end	of	period $	 365,451	 $	 184,239	
Supplemental	cash	flow	information	(Note	24)
The	accompanying	notes	are	an	integral	part	of	these	condensed	interim	consolidated	financial	statements.
-	5	-

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

1.	 NATURE	OF	OPERATIONS
Lundin	Mining	Corporation	("Lundin	Mining"	or	the	"Company")	is	 a	diversified	Canadian	base	metals	mining	company	
primarily	 producing	 copper,	 zinc,	 nickel	 and	 gold.	 The	 Company	 owns	 80%	 of	 the	 Candelaria	 and	 Ojos	 del	 Salado	
mining	complex	("Candelaria")	and	51%	of	the	Caserones	copper-molybdenum	mine	(“Caserones”),	each	of	which	are	
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.	
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	 principal	 place	 of	 business	 is	 1055	 Dunsmuir	 Street,	 Suite	 2800,	 Vancouver,	 British	
Columbia,	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	 as	 issued	 by	 the	 International	 Accounting	 Standards	 Board	 (“IFRS	
Accounting	Standards”)	and	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,	2023.	
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	 to	 $	 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	 of	 the	
Company	for	issue	on	May	1,	2024.
(ii)					Material	accounting	policies
The	 accounting	 policies	 followed	 in	 these	 condensed	 interim	 consolidated	 financial	 statements	 are	 consistent	
with	those	disclosed	in	Note	 2	of	the	Company’s	consolidated	financial	statements	for	the	year	ended	December	
31,	 2023.	 Except	 as	 described	 in	 Note	 2(iii),	 there	 were	 no	 changes	 in	 material	 accounting	 policies	 during	 the	
three	months	ended	March	31,	2024.
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	6	-

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

(iii)	 New	accounting	standards	issued
Amendments	to	IAS	1	-	Classification	of	Liabilities	as	Current	or	Non-Current
In	 January,	 2020,	 the	 IASB	 issued	 Classification	 of	 Liabilities	 as	 Current	 or	 Non-Current	 (Amendments	 to	 IAS	 1)	
providing	 a	 more	 general	 approach	 to	 the	 classification	 of	 liabilities	 under	 IAS	 1	 based	 on	 the	 contractual	
arrangements	in	place	at	the	reporting	date.	Under	existing	requirements,	a	liability	is	current	if	an	unconditional	
right	to	defer	settlement	of	the	liability	for	at	least	twelve	months	after	the	reporting	period	does	not	exist.	With	
the	introduction	of	the	two	amendments	to	IAS	1	in	2024,	for	a	liability	to	be	classified	as	non-current,	a	company	
must	have	the	right	to	defer	settlement	of	the	liability	for	at	least	twelve	months	after	the	reporting	period.	The	
right	must	have	substance	and	exist	at	the	end	of	the	reporting	period,	and	the	classification	of	the	liability	must	
be	unaffected	by	the	likelihood	that	the	company	will	exercise	that	right.	The	amendments	apply	retrospectively	
for	 annual	 reporting	 periods	 beginning	 on	 or	 after	 1	 January	 2024,	 with	 early	 application	 permitted	 and	 have	
been	applied	with	no	material	impact	on	the	Company	in	the	current	reporting	period.
Amendments	to	IAS	12	-	International	Tax	Reform	-	Pillar	Two	Model	Rules
In	May	2023,	the	IASB	issued 	amendments	to	IAS	12	– 	Income	Taxes.	The	amendments	provide	an	exception	to	
the	requirements	regarding	the	recognition	of	deferred	tax	assets	and	liabilities	related	to	the	Pillar	Two	global	
minimum	tax	rules	 and	were	effective	immediately .	The	Company	has	applied	the	exception	to	recognizing	and	
disclosing	 information	 about	 deferred	 tax	 assets	 and	 liabilities	 related	 to	 Pillar	 Two	 income	 taxes	 whilst	 it	
continues	to	evaluate	the	impact	of	these	income	taxes	on	its	consolidated	financial	statements.
Additionally,	 the	 amendments	 to	 IAS	 12	 require	 disclosure	 of	 the	 Company's	 current	 tax	 expense	 or	 income	
related	 to	 Pillar	 Two	 income	 taxes	 and	 disclosure	 of	 known	 or	 reasonably	 estimable	 information	 regarding	 the	
Company's	exposure	to	Pillar	Two	income	taxes.	Among	the	jurisdictions	where	the	Company	operates,	Pillar	Two	
legislation	 is	 enacted	 in	 Sweden	 and	 Netherlands	 and	 is	 expected	 to	 be	 substantially	 enacted	 in	 Canada	 and	
Portugal	in	2024.	The	Company	is	currently	assessing	the	potential	impact	of	the	Pillar	Two	legislation	for	when	it	
comes	 into	 effect,	 but	 the	 quantitative	 impact	 of	 the	 enacted	 or	 substantively	 enacted	 legislation	 has	 not	 yet	
been	determined.
(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,	
2023.
3.	 	 CASH	AND	CASH	EQUIVALENTS
Cash	and	cash	equivalents	are	comprised	of	the	following:
March	31,	2024 December	31,	2023
Cash $	 269,755	 $	 197,537	 
Short-term	deposits 	 95,696	 	 71,256	 
$	 365,451	 $	 268,793	 
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	7	-

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

4.	 TRADE	AND	OTHER	RECEIVABLES
Trade	and	other	receivables	are	comprised	of	the	following:
March	31,	2024 December	31,	2023
Trade	receivables $	 578,134	 $	 643,722	 
Prepaid	expenses 	 69,947	 	 48,901	 
Value	added	tax 	 67,150	 	 80,088	 
Other	receivables 	 44,146	 	 56,160	 
$	 759,377	 $	 828,871	 
5.	 INVENTORIES
Inventories	are	comprised	of	the	following:
March	31,	2024 December	31,	2023
Materials	and	supplies $	 335,906	 $	 313,966	 
Ore	stockpiles	and	dump	leach 	 201,472	 	 207,602	 
Finished	goods	-	concentrate	stockpiles 	 66,852	 	 72,515	 
Finished	goods	-	copper	cathode 	 12,790	 	 5,324	 
$	 617,020	 $	 599,407	 
Long-term	inventory	is	comprised	of	the	following:
March	31,	2024 December	31,	2023
Ore	stockpiles	at	Candelaria $	 420,416	 $	 427,075	 
Ore	stockpiles	at	Chapada 	 259,694	 	 270,570	 
Dump	leach	at	Caserones 	 94,662	 	 99,952	 
$	 774,772	 $	 797,597	 
6.	 OTHER	NON-CURRENT	ASSETS
Other	non-current	assets	are	comprised	of	the	following:
March	31,	2024 December	31,	2023
Caserones	purchase	option	(a)	 $	 43,735	 $	 44,438	 
Marketable	securities 	 16,319	 	 14,268	 
Other 	 7,730	 	 8,384	 
$	 67,784	 $	 67,090	 
a)	 	 Pursuant	 to	 the	 terms	 of	 the	 purchase	 agreement	 to	 acquire	 51%	 of	 SCM	 Minera	 Lumina	 Copper	 Chile	
("Caserones	mine"),	the	Company	acquired	the	right	to	purchase	an	additional	19%	interest	in	Caserones	mine	
for	 $350.0	 million	 over	 a	 five-year	 period	 commencing	 on	 July	 13,	 2024	 ("Caserones	 Purchase	 Option").	 The	
Caserones	 Purchase	 Option	 is	 recorded	 at	 fair	 value	 with	 changes	 in	 fair	 value	 recorded	 in	 Other	 income	 and	
expense.
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	8	-

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

7.	 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,	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	
Caserones	acquisition 	 —	 	 1,243,432	 	 94,110	 	 —	 	 —	 	 1,337,542	
Additions 	 206,615	 	 87,828	 	 326,520	 	 177,499	 	 60	 	 798,522	
Disposals	and	transfers 	 113,184	 	 176,892	 	 (397,432)	 	 —	 	 30,488	 	 (76,868)	 
Effects	of	foreign	exchange 	 41,735	 	 20,653	 	 2,452	 	 —	 	 176	 	 65,016	
As	at	December	31,	2023 	 6,014,754	 	 5,307,997	 	 330,261	 	 1,130,067	 	 63,569	 	 12,846,648	
Additions 	 82,660	 	 14,326	 	 86,554	 	 97,133	 	 78	 	 280,751	
Disposals	and	transfers 	 12,434	 	 26,134	 	 (42,771)	 	 —	 	 34	 	 (4,169)	 
Effects	of	foreign	exchange 	 (66,658)	 	 (31,784)	 	 (3,211)	 	 —	 	 (292)	 	 (101,945)	 
As	at	March	31,	2024 $	 6,043,190	 $	 5,316,673	 $	 370,833	 $	 1,227,200	 $	 63,389	 $	 13,021,285	
Accumulated	depreciation,	
depletion	and	amortization
Mineral								
properties
Plant	and	
equipment
Assets	under	
construction1
Development	
project2
Software	
intangible	
assets Total
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	
Depreciation 	 244,135	 	 288,240	 	 —	 	 —	 	 4,214	 	 536,589	
Disposals	and	transfers 	 —	 	 (67,920)	 	 —	 	 —	 	 —	 	 (67,920)	 
Effects	of	foreign	exchange 	 27,648	 	 10,095	 	 —	 	 —	 	 83	 	 37,826	
As	at	December	31,	2023 	 3,194,075	 	 1,910,381	 	 —	 	 —	 	 17,023	 	 5,121,479	
Depreciation 	 68,736	 	 101,733	 	 —	 	 —	 	 2,486	 	 172,955	
Disposals	and	transfers 	 —	 	 (2,846)	 	 —	 	 —	 	 —	 	 (2,846)	 
Effects	of	foreign	exchange 	 (43,999)	 	 (15,676)	 	 —	 	 —	 	 (149)	 	 (59,824)	 
As	at	March	31,	2024 $	 3,218,812	 $	 1,993,592	 $	 —	 $	 —	 $	 19,360	 $	 5,231,764	
Net	book	value
Mineral								
properties
Plant	and	
equipment
Assets	under	
construction1
Development	
project2
Software	
intangible	
assets Total
As	at	December	31,	2023 $	 2,820,679	 $	 3,397,616	 $	 330,261	 $	 1,130,067	 $	 46,546	 $	 7,725,169	 
As	at	March	31,	2024 $	 2,824,378	 $	 3,323,081	 $	 370,833	 $	 1,227,200	 $	 44,029	 $	 7,789,521	 
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.
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	9	-

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

During	the	three	months	ended	March	31,	2024,	the	Company	capitalized	 $7.5	million	(March	31,	2023	-	$3.3	million)	
of	 finance	 costs	 to	 assets	 under	 construction	 and	 the	 Josemaria	 Project	 at	 a	 weighted	 average	 interest	 rate	 of	 6.0%	
(March	31,	2023	-	5.5%).	
During	 the	 three	 months	 ended	 March	 31,	 2024,	 the	 Company	 capitalized	 $78.7	 million	 (March	 31,	 2023	 -	 $41.3	
million)	of	deferred	stripping	costs	to	mineral	properties.	The	depreciation	expense	related	to	deferred	stripping	for	
the	quarter	was	$22.7	million	(March	31,	2023	-	$25.6	million).	Included	in	the	mineral	properties	balance	at	March	31,	
2024	is	$327.2	million	(December	31,	2023	-	$277.5	million)	related	to	deferred	stripping	at	Candelaria	and	Caserones,	
which	is	currently	non-depreciable.
The	 Company's	 software	 intangible	 assets	 relate	 primarily	 to	 a	 global	 instance	 of	 an	 Enterprise	 Resource	 Planning	
("ERP")	 system,	 and	 related	 configuration	 and	 customization	 costs	 incurred	 in	 preparing	 the	 intangible	 asset	 for	 its	
intended	use.	These	assets	have	useful	lives	of	8	years	or	less,	and	are	amortized	on	a	straight-line	basis.
The	 Company	 leases	 various	 assets	 including	 power	 line	 infrastructure,	 buildings	 and	 storage	 facilities,	 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,	2022 $	 27,923	
Additions 	 3,187	
Depreciation 	 (5,606)	 
Effects	of	foreign	exchange 	 333	
As	at	March	31,	2023 	 25,837	
Caserones	acquisition	 	 257,655	
Additions 	 51,622	
Depreciation 	 (45,785)	 
Disposals 	 (5,363)	 
Effects	of	foreign	exchange 	 31	
As	at	December	31,	2023 	 283,997	
Additions 	 9,719	
Depreciation 	 (16,867)	 
Disposals 	 (1,534)	 
Effects	of	foreign	exchange 	 (75)	 
As	at	March	31,	2024 $	 275,240	
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	10	-

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

8.	 TRADE	AND	OTHER	PAYABLES
Trade	and	other	payables	are	comprised	of	the	following:
March	31,	2024 December	31,	2023
Trade	payables $	 391,761	 $	 393,829	
Unbilled	goods	and	services 	 167,170	 	 176,444	
Employee	benefits	payable 	 78,994	 	 114,514	
Dividends	payable 	 51,485	 	 —	
Sinkhole	provision	 	 27,200	 	 29,827	
Royalties	payable 	 22,460	 	 23,773	
Deferred	consideration,	current	portion 	 10,000	 	 10,000	
Pricing	provisions	on	concentrate	sales 	 8,569	 	 13,201	
Prepayment	from	customers 	 494	 	 21,963	
Other 	 14,833	 	 22,212	
$	 772,966	 $	 805,763	
Included	 in	 pricing	 provisions	 on	 concentrate	 sales	 are	 balances	 owing	 to	 customers	 and	 provisions	 arising	 from	
forward	market	price	adjustments.
The	sinkhole	provision	relates	to	expected	remediation	costs	and	potential	fines	directly	related	to	the	sinkhole	near	
the	Company's	Ojos	del	Salado	operations.	
The	 deferred	 consideration	 relates	 to	 the	 current	 portion	 of	 the	 remaining	 deferred	 cash	 consideration	 arising	 from	
the	Caserones	acquisition,	payable	in	installments	over	the	next	six	years.	The	long-term	portion	of	$ 107.9	million	has	
been	reported	in	Other	Long-Term	Liabilities.
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	11	-

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

9.	 DEBT	AND	LEASE	LIABILITIES
Debt	and	lease	liabilities	are	comprised	of	the	following:
March	31,	2024 December	31,	2023
Revolving	credit	facility	(a) $	 295,437	 $	 245,084	
Term	loan	(b) 	 798,834	 	 798,542	 
Candelaria	and	Chapada	term	loans	(c) 	 138,750	 	 48,850	 
Lease	liabilities	(d) 	 260,463	 	 277,208	 
Commercial	paper	(e) 	 108,110	 	 116,025	 
Line	of	credit 	 —	 	 99	
Debt	and	lease	liabilities 	 1,601,594	 	 1,485,808	 
Less:	current	portion 	 183,702	 	 212,646	
Long-term	portion $	 1,417,892	 $	 1,273,162	
											The	changes	in	debt	and	lease	liabilities	are	comprised	of	the	following:
Leases Debt Total
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	 
Caserones	acquisition 	 257,655	 	 —	 	 257,655	 
Additions 	 51,275	 	 2,341,767	 	 2,393,042	 
Payments 	 (54,251)	 	 (1,321,324)	 	 (1,375,575)	 
Disposals 	 (6,221)	 	 —	 	 (6,221)	 
Interest 	 12,149	 	 —	 	 12,149	 
Financing	fee	amortization 	 —	 	 646	 	 646	 
Deferred	financing	fee 	 —	 	 (2,950)	 	 (2,950)	 
Effects	of	foreign	exchange 	 (8,921)	 	 1,241	 	 (7,680)	 
As	at	December	31,	2023 	 277,208	 	 1,208,600	 	 1,485,808	 
Additions 	 9,569	 	 267,802	 	 277,371	 
Payments 	 (20,794)	 	 (133,397)	 	 (154,191)	 
Disposals 	 (1,495)	 	 —	 	 (1,495)	 
Interest 	 5,889	 	 —	 	 5,889	 
Financing	fee	amortization 	 —	 	 645	 	 645	 
Effects	of	foreign	exchange 	 (9,914)	 	 (2,519)	 	 (12,433)	 
As	at	March	31,	2024 	 260,463	 	 1,341,131	 	 1,601,594	 
Less:	current	portion 	 44,952	 	 138,750	 	 183,702	 
Long-term	portion $	 215,511	 $	 1,202,381	 $	 1,417,892	 
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	12	-

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

a)	 The	 Company	 has	 a	 revolving	 credit	 facility	 of	 $1,750.0	 million	 maturing	 in	 April	 2028	 and	 bears	 interest	 on	
drawn	funds	at	rates	of	Term	Secu red	Overnight	Financing	Rate	(“Term	SOFR”)	 plus	Credit	Spread	Adjustment	
(“CSA”)	of	0.10%	plus	an	applicable	margin	of	 1.45%	to	2.50%,	depending	on	the	Company’s	net	leverage	ratio.	
The	 revolving	 credit	 facility	 is	 unsecured,	 save	 and	 except	 for	 a	 charge	 over	 certain	 assets	 in	 the	 USA,	 and	 is	
subject	 to	 customary	 covenants.	 During	 the	 three	 months	 ended	 March	 31,	 2024,	 the	 Company	 drew	 down	
$65.0	million	(March	31,	2023	-	$25.0	million),	and	repaid	$ 15.0	million	(March	31,	2023	-	$13.0	million).	As	at	
March	 31,	 2024,	 a	 principal	 balance	 of	 $300.0	 million	 (December	 31,	 2023	 -	 $250.0	 million)	 was	 outstanding,	
with	 unamortized	 deferred	 financing	 fees	 of	 $4.6	 million	 (December	 31,	 2023	 -	 $4.9	 million)	 netted	 against	
borrowings.	 Subsequent	 to	 March	 31,	 2024,	 the	 revolving	 credit	 facility	 was	 amended	 and	 extended	 to	 April	
2029.
	 b)	 	 	 In	 July	 2023,	 the	 Company	 obtained	 a	 term	 loan	 of	 a	 principal	 amount	 of	 $800.0	 million	 with	 an	 additional	
$400.0	 million	 accordion	 option,	 maturing	 July	 2026.	 The	 term	 loan	 bears	 interest	 at	 an	 annual	 rate	 equal	 to	
Term	SOFR	+	CSA	+	an	applicable	margin	of	1.60%	to	2.65%,	depending	on	the	Company’s	net	leverage	ratio.	
Principal	is	payable	at	maturity. 	The	term	loan	is	unsecured,	save	and	except	for	a	charge	over	certain	assets	in	
the	 USA,	 and	 has	 similar	 covenants	 to	 the	 Company’s	 existing	 $1,750.0	 million	 revolving	 credit	 facility.	 As	 at	
March	 31,	 2024,	 a	 principal	 balance	 of	 $800.0	 million	 (December	 31,	 2023	 -	 $800.0	 million)	 was	 outstanding,	
with	 unamortized	 deferred	 financing	 fees	 of	 $1.2	 million	 (December	 31,	 2023	 -	 $1.5	 million)	 netted	 against	
borrowings.	Subsequent	to	March	31,	2024,	the	term	loan	was	amended	and	extended	to	July	2027.
c)	 In	 February	 and	 March	 2024,	 Compañia	 Contractual	 Minera	 Candelaria	 S.A.	 ("Candelaria")	 obtained	 two	
unsecured	 fixed	 term	 loans	 in	 the	 amount	 of	 $50.0	 million	 and	 $15.0	 million,	 respectively.	 The	 loans	 accrue	
interest	at	rates	of	5.67%	and	5.79%	per	annum	and	mature	in	May	and	June	2024,	respectively.	As	at	 March	
31,	2024,	a	principal	balance	of	$65.0	million	(December	31,	2023	-	$nil)	was	outstanding.	
Mineração	 Maracá	 Indústria	 e	 Comércio	 S/A	 (“Chapada”),	 a	 subsidiary	 of	 the	 Company	 which	 owns	 the	
Chapada	mine,	obtained	a	series	of	unsecured	fixed	term	loans	totalling	$ 45.4	million	during	the	 three	months	
ended	March	31,	2024	(March	31,	2023	-	$59.5	million).	Chapada	repaid	$ 20.5	million	of	the	outstanding	term	
loans	during	the	three	months	ended	March	31,	2024	(March	31,	2023	-	$47.1	million).
As	 at	 March	 31,	 2024,	 there	 were	 twenty	 three	 term	 loans	 outstanding	 at	 Chapada	 totalling	 $73.8	 million	
(December	31,	2023	-	sixteen	term	loans	totalling	 $48.9	million).	These	outstanding	term	loans	accrue	 interest	
at	rates	ranging	from	6.07%	to	7.15%	per	annum	with	interest	payable	upon	maturity.	The	maturity	dates	range	
from	April	to	June	2024.
d)	 Lease	liabilities	relate	to	leases	on	power	line	infrastructure,	buildings	and	storage	facilities,	rail	cars,	vehicles,	
machinery	 and	 equipment	 which	 have	 remaining	 lease	 terms	 of	 one	 to	 fourteen	 years	 and	 interest	 rates	 of	
0.8%	-	10.4%	over	the	terms	of	the	leases.
e)	 Sociedade	 Mineira	 de	 Neves-Corvo,	 S.A.	 (“Somincor”),	 a	 subsidiary	 of	 the	 Company	 which	 owns	 the	 Neves-
Corvo	 mine,	 entered	 into	 three	 unsecured	 commercial	 paper	 programs	 during	 2022	 and	 2023	 ("Commercial	
Paper	Program	1,	2,	and	3",	respectively).	Commercial	Paper	Program	1,	entered	into	September	2022,	has	a	
borrowing	capacity	of	€25.0	million,	matures	May	2025,	and	bears	interest	on	drawn	funds	at	EURIBOR+0.50%.	
Commercial	Paper	Program	2,	entered	into	in	June	2023,	has	a	borrowing	capacity	of	 €50.0	million,	matures	in	
June	 2028,	 and	 bears	 interest	 on	 drawn	 funds	 at	 EURIBOR+0.50%.	 Commercial	 Program	 3,	 entered	 into	 July	
2023,	 has	 a	 borrowing	 capacity	 of	 €40.0	 million,	 matures	 in	 July	 2028,	 and	 bears	 interest	 on	 drawn	 funds	 at	
EURIBOR+0.30%.
During	 the	 three	 months	 ended	 March	 31,	 2024,	 Somincor	 had	 drawn	 $92.5	 million	 (€85.0	 million)	 from	 the	
commercial	 paper	 programs	 (March	 31,	 2023	 -	 $64.4	 million	 (€60.0	 million))	 and	 repaid	 $97.8	 million	 (€90.0	
million)	from	the	respective	programs	(March	31,	2023	-	$69.8	million(€65.0	million)).
As	 at	 March	 31,	 2024,	 a	 principal	 balance	 of	 $21.6	 million	 (€20.0	 million),	 $54.1	 million	 (€50.0	 million),	 and	
$32.4	million	(€30.0	million)	was	outstanding	on	Commercial	Paper	Program	1,	2,	and	3,	respectively	(December	
31,	2023	-	$27.6	million	(€25.0	million),	$55.3	million	(€50.0	million),	and	$33.2	million	(€30.0	million)).
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	13	-

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

The	schedule	of	undiscounted	lease	payment	and	debt	obligations	is	as	follows:
Leases Debt Total
Less	than	one	year $	 63,248	 $	 138,750	 $	 201,998	 
One	to	five	years 	 167,624	 	 1,208,110	 	 1,375,734	 
More	than	five	years 	 148,127	 	 —	 	 148,127	 
Total	undiscounted	obligations	as	at	March	31,	2024 $	 378,999	 $	 1,346,860	 $	 1,725,859	 
10. DEFERRED	REVENUE
The	following	table	summarizes	the	changes	in	deferred	revenue:
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	
Recognition	of	revenue 	 (53,643)	 
Variable	consideration	adjustment 	 3,018	
Finance	costs 	 26,994	
Effects	of	foreign	exchange 	 2,036	
As	at	December	31,	2023 	 623,230	
Recognition	of	revenue 	 (18,838)	 
Finance	costs 	 8,596	
Effects	of	foreign	exchange 	 (3,270)	 
As	at	March	31,	2024 	 609,718	
Less:	current	portion 	 86,709	
Long-term	portion $	 523,009	
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	 2023,	 as	 a	
result	of	changes	to	the	Company’s	Mineral	Resources	and	Mineral	Reserves	estimates,	an	adjustment	was	made	to	
the	deferred	revenue	liability	which	was	recognized	through	revenue	and	finance	costs.
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	14	-

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

11.	 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,	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	 
Acquisition	of	Caserones 	 92,440	 	 —	 	 92,440	
Accretion 	 17,960	 	 —	 	 17,960	 
Changes	in	estimate 	 (40,900)	 	 4,459	 	 (36,441)	 
Changes	in	discount	rate 	 11,949	 	 —	 	 11,949	
Payments 	 (6,673)	 	 (1,237)	 	 (7,910)	 
Effects	of	foreign	exchange 	 3,417	 	 (5,408)	 	 (1,991)	 
Balance,	December	31,	2023 	 497,145	 	 47,031	 	 544,176	 
Accretion 	 6,343	 	 —	 	 6,343	 
Changes	in	estimate 	 (5,691)	 	 1,129	 	 (4,562)	 
Payments 	 (4,151)	 	 (833)	 	 (4,984)	 
Effects	of	foreign	exchange 	 (5,110)	 	 (4,400)	 	 (9,510)	 
Balance,	March	31,	2024 	 488,536	 	 42,927	 	 531,463	 
Less:	current	portion 	 6,946	 	 4,681	 	 11,627	 
Long-term	portion $	 481,590	 $	 38,246	 $	 519,836	 
The	 Company	 expects	 these	 liabilities	 to	 be	 settled	 between	 2024	 and	 2110.	 The	 reclamation	 provisions	 are	
discounted	using	current	market	pre-tax	discount	rates	which	range	from	2.0%	to	10.4%	(December	31,	2023	-	2.0%	to	
10.4%).		
12.	 SHARE	CAPITAL
a) Basic	and	diluted	weighted	average	number	of	shares	outstanding
Three	months	ended	March	31,
2024 2023
Basic	weighted	average	number	of	shares	outstanding 	 773,048,710	 	 771,216,060	
Effect	of	dilutive	securities 	 1,954,020	 	 776,119	
Diluted	weighted	average	number	of	shares	outstanding 	 775,002,730	 	 771,992,179	
Antidilutive	securities 	 2,492,016	 	 1,257,075	
The	effect	of	dilutive	securities	relates	to	in-the-money	outstanding	stock	options	and	share	units	("SUs").
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	15	-

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

b) Stock	options	and	share	units	granted
Three	months	ended	March	31,
2024 2023
Stock	options 	 1,498,160	 	 1,862,433	
Restricted	Share	Units	and	Performance	Share	Units 	 1,041,450	 	 1,247,573	
c) Deferred	share	units
During	the	year	ended	December	31,	2023,	the	Company	adopted	a	Deferred	Share	Unit	("DSU")	Plan	effective	
January	 1,	 2024	 under	 which	 DSUs	 are	 granted	 by	 the	 Board	 of	 Directors	 quarterly	 to	 eligible	 non-employee	
Directors.	The	DSUs	will	accumulate	and	will	be	settled	in	cash	at	the	time	of	each	eligible	Director's	departure	or	
at	the	termination	of	the	DSU	Plan.	A	director	will	receive	a	cash	payment	equal	to	the	market	value	of	such	DSUs	
plus	 accrued	 dividend	 equivalents	 as	 of	 the	 settlement	 date.	 During	 the	 three	 months	 ended	 March	 31,	 2024,	
8,204	DSUs	were	granted	under	the	plan.
d) Dividends
During	the	three	months	ended	 March	31,	2024,	the	Company	declared	dividends	in	the	amount	of	 $51.3	million	
(March	 31,	 2023	 -	 $51.3	 million)	 or	 C$0.09	 per	 share	 (March	 31,	 2023	 -	 C$0.09	 per	 share),	 which	 were	 paid	 on	
April	10,	2024.
13.	 NON-CONTROLLING	INTERESTS
Set	 out	 below	 is	 summarized	 financial	 information	 for	 each	 subsidiary	 with	 non-controlling	 interest	 ("NCI")	 that	 is	
material	to	the	group.	As	part	of	its	Candelaria	segment,	the	Company	owns	80%	of	 Candelaria	mine	and	Compañia	
Contractual	 Minera	 Ojos	 del	 Salado	 S.A.’s	 copper	 mining	 operations	 and	 supporting	 infrastructure	 in	 Chile	 (together	
the	"Candelaria	complex").	In	addition,	the	Company	owns	51%	of	Caserones	mine,	also	located	in	Chile.	
The	continuity	of	the	Company's	non-wholly	owned	subsidiaries	with	material	NCI	is	as	follows:
Candelaria	complex Caserones	mine Total
NCI	in	subsidiary	at	March	31,	2024 20% 49%
As	at	December	31,	2022 $	 564,089	 $	 —	 $	 564,089	
Share	of	net	comprehensive	income	(loss) 	 18,634	 	 —	 	 18,634	
As	at	March	31,	2023 	 582,723	 	 —	 	 582,723	
Caserones	acquisition 	 —	 	 873,767	 	 873,767	
Share	of	net	comprehensive	income	(loss) 	 23,119	 	 32,294	 	 55,413	
Distributions 	 (11,000)	 	 (44,100)	 	 (55,100)	 
As	at	December	31,	2023 	 594,842	 	 861,961	 	 1,456,803	
Share	of	net	comprehensive	income	(loss) 	 14,369	 	 30,259	 	 44,628	
As	at	March	31,	2024 $	 609,211	 $	 892,220	 $	 1,501,431	
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	16	-

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

Summarized	 financial	 information	 for	 the	 Company's	 non-wholly	 owned	 subsidiaries	 on	 a	 100%	 basis,	 before	
inter-company	eliminations	is	as	follows:
Summarized	Balance	Sheets
Candelaria	complex Caserones	mine
As	at	Mar.	31,	2024 As	at	Dec.	31,	2023 As	at	Mar.	31,	2024 As	at	Dec.	31,	2023
Total	current	assets $	 577,424	 $	 512,217	 $	 719,359	 $	 708,927	 
Total	non-current	assets $	 3,142,286	 $	 3,140,799	 $	 1,608,966	 $	 1,629,052	 
Total	current	liabilities $	 297,573	 $	 266,314	 $	 285,508	 $	 323,797	 
Total	non-current	liabilities $	 642,619	 $	 646,189	 $	 255,849	 $	 267,263	 
Summarized	Statements	of	Earnings	and	Comprehensive	Income	(Loss)
Candelaria	complex Caserones	mine
For	the	three	months	ended
March	31, 2024 2023 2024 2023
Total	revenue $	 374,322	 $	 432,676	 $	 322,793	 $	 —	 
Net	earnings	(loss) $	 71,851	 $	 99,620	 $	 61,049	 $	 —	 
Net	comprehensive	income	(loss) $	 71,807	 $	 99,563	 $	 61,049	 $	 —	 
Summarized	Statement	of	Cash	Flows
Candelaria	complex Caserones	mine
For	the	three	months	ended
March	31, 2024 2023 2024 2023
Cash	provided	by	operating	
activities $	 52,725	 $	 87,662	 $	 106,104	 $	 —	 
Cash	used	in	investing	activities 	 (98,772)	 	 (91,928)	 	 (40,137)	 	 —	 
Cash	(used	in)/provided	by	
financing	activities 	 29,801	 	 (28,270)	 	 (38,930)	 	 —	
Increase	(decrease)	in	cash	and	
cash	equivalents	during	the	period $	 (16,246)	 $	 (32,536)	 $	 27,037	 $	 —	
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	17	-

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

14.	 REVENUE
The	Company's	analysis	of	revenue	from	contracts	with	customers,	segmented	by	product,	is	as	follows:
Three	months	ended	March	31,
2024 2023
Revenue	from	contracts	with	customers:
Copper $	 699,255	 $	 480,980	 
Zinc 	 64,941	 	 98,489	 
Gold 	 54,718	 	 53,343	 
Molybdenum 	 38,827	 	 —	 
Nickel 	 35,126	 	 63,630	 
Silver 	 13,328	 	 9,266	 
Lead 	 12,496	 	 12,840	 
Other 	 9,176	 	 4,455	 
	 927,867	 	 723,003	 
Provisional	pricing	adjustments	on	current	period	concentrate	sales 	 6,974	 	 (12,328)	 
Provisional	pricing	adjustments	on	prior	period	concentrate	sales 	 2,140	 	 40,669	
Revenue $	 936,981	 $	 751,344	 
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,
2024 2023
Revenue	from	contracts	with	customers:
Japan $	 381,877	 $	 194,338	 
China 	 194,457	 	 140,565	 
Germany 	 71,144	 	 27,788	 
Finland 	 60,449	 	 67,052	 
Spain 	 53,912	 	 132,568	 
Canada 	 52,216	 	 91,116	 
Chile 	 48,594	 	 15,720	 
Norway 	 19,938	 	 45,028	 
Other 	 45,280	 	 8,828	 
	 927,867	 	 723,003	 
Provisional	pricing	adjustments	on	current	period	concentrate	sales 	 6,974	 	 (12,328)	 
Provisional	pricing	adjustments	on	prior	period	concentrate	sales 	 2,140	 	 40,669	
Revenue $	 936,981	 $	 751,344	 
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	18	-

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

15. PRODUCTION	COSTS
The	Company's	production	costs	are	comprised	of	the	following:
Three	months	ended	March	31,
2024 2023
Direct	mine	and	mill	costs $	 517,517	 $	 377,643	
Transportation 	 32,805	 	 30,482	
Royalties 	 16,812	 	 9,639	
Total	production	costs $	 567,134	 $	 417,764	 
16.	 EMPLOYEE	BENEFITS
The	 Company's	 employee	 benefits	 recognized	 in	 the	 consolidated	 statement	 of	 earnings	 are	 comprised	 of	 the	
following:
Three	months	ended	March	31,
2024 2023
Production	costs
Wages	and	benefits $	 98,295	 $	 79,762	
Retirement	benefits 	 448	 	 576	
Share-based	compensation 	 402	 	 542	
	 99,145	 	 80,880	
General	and	administrative	expenses
Wages	and	benefits 	 7,481	 	 5,573	
Retirement	benefits 	 175	 	 402	
Share-based	compensation 	 1,238	 	 1,640	
Termination	benefits 	 —	 	 1,849	 
	 8,894	 	 9,464	
General	exploration	and	business	development
Wages	and	benefits 	 1,080	 	 1,658	
Retirement	benefits 	 11	 	 12	
Share-based	compensation 	 1	 	 84	
	 1,092	 	 1,754	
Total	employee	benefits $	 109,131	 $	 92,098	
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	19	-

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

17.	 GENERAL	EXPLORATION	AND	BUSINESS	DEVELOPMENT
The	Company's	general	exploration	and	business	development	costs	are	comprised	of	the	following:
Three	months	ended	March	31,
2024 2023
General	exploration $	 12,618	 $	 9,203	 
Project	development 	 822	 	 536	
Corporate	development 	 11	 	 5,026	
Total	general	exploration	and	business	development $	 13,451	 $	 14,765	 
Corporate	 development	 expenses	 for	 the	 three	 months	 ended	 March	 31,	 2023	 included	 $4.8	 million	 in	 transaction	
costs	related	to	the	acquisition	of	Caserones.
18.	 FINANCE	INCOME	AND	COSTS
The	Company's	finance	income	and	costs	are	comprised	of	the	following:
Three	months	ended	March	31,
2024 2023
Interest	income $	 3,833	 $	 883	
Interest	expense	and	bank	fees 	 (23,157)	 	 (6,209)	 
Accretion	expense	on	reclamation	provisions 	 (6,343)	 	 (5,209)	 
Lease	liability	interest 	 (5,889)	 	 (372)	 
Deferred	revenue	finance	costs 	 (3,746)	 	 (5,673)	 
Other 	 (392)	 	 881	
Total	finance	costs,	net $	 (35,694)	 $	 (15,699)	 
Finance	income $	 3,833	 $	 1,764	
Finance	costs 	 (39,527)	 	 (17,463)	 
Total	finance	costs,	net $	 (35,694)	 $	 (15,699)	 
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	20	-

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

19.			OTHER	INCOME	AND	EXPENSE
The	Company's	other	income	and	expense	are	comprised	of	the	following:
Three	months	ended	March	31,
2024 2023
Unrealized	(losses)	gains	on	derivative	contracts	(Note	20) $	 (52,832)	 $	 20,666	
Foreign	exchange	gain	(loss)	(a) 	 26,824	 	 (9,945)	 
Foreign	exchange	and	trading	gains	on	debt	and	equity	investments	(b) 	 8,179	 	 22,078	
Realized	gains	on	derivative	contracts	(Note	20) 	 3,715	 	 13,577	
Revaluation	of	marketable	securities 	 2,430	 	 438	
Ojos	del	Salado	sinkhole	recoveries	(expenses)	(c) 	 1,031	 	 (4,582)	 
Revaluation	of	Caserones	purchase	option 	 (703)	 	 —	
Revaluation	of	Chapada	derivative	liability 	 (307)	 	 (1,416)	 
Gain	on	disposal	of	subsidiary 	 —	 	 5,718	
Other	income	(expense) 	 1,334	 	 (289)	 
Total	other	(expense)	income,	net $	 (10,329)	 $	 46,245	
a)		 Foreign	exchange	gains	during	the	 three	months	ended	March	31,	2024	primarily	relate	to	the	foreign	exchange	
revaluation	of	trade	payables	and	lease	liabilities	held	in	CLP.	
b)					Foreign	exchange	and	trading	gains	on	debt	and	equity	investments	include	the	 changes	in	fair	value	of	debt	and	
equity	instruments	supporting	capital	funding	for	the	Josemaria	Project.	
c)	 Ojos	 del	 Salado	 sinkhole	 recoveries	 during	 the	 three	 months	 ended	 March	 31,	 2024	 include	 a	 reversal	 of	
expenses	 originally	 accrued	 for	 as	 a	 result	 of	 updated	 information	 obtained	 related	 to	 the	 sinkhole	 near	 the	
Company's	Ojos	del	Salado	operations.	
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	21	-

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

20.	 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.	 Beginning	 in	 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	 denominated	 after-tax	 attributable	 operating	 and	 capital	 expenditures.	 In	 2023,	 the	 Company	
entered	into	commodity	forward	swap	contracts	to	limit	exposure	to	changes	in	the	price	of	diesel	fuel	purchases	at	
Candelaria.	 The	 foreign	 exchange	 and	 commodities	 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.
During	 the	 three	 months	 ended	 March	 31,	 2024,	 the	 Company	 entered	 into	 zero	 cost	 collar	 contracts	 in	 the	 total	
amounts	 of	 $24	 million	 (equivalent	 to	 BRL	 121	 million)	 and	 $950	 million	 (equivalent	 to	 CLP	 926	 billion)	 with	 collar	
ranges	of	BRL	5.10	to	BRL	6.07	and	CLP	900	to	CLP	1,085,	respectively.	Of	 the	CLP	foreign	currency	contracts	entered	
into	 during	 the	 three	 months	 ended	 March	 31,	 2024,	 $29	 million	 (equivalent	 to	 CLP	 28	 billion)	 expired	 during	 the	
period,	with	the	remaining	contracts	expiring	in	the	remainder	of	2024	through	2026.	The	following	tables	outline	the	
foreign	currency	and	diesel	derivative	contract	positions	and	their	expiry	dates:
Expired	in Expiring	throughout:
Foreign	currency	forward	contracts Q1	2024
remainder	of
2024 2025 2026
EUR/USD	forwards
Average	contract	price 	 1.02	 	 1.02	 	 —	 	 —	
Position	(EUR	millions) 	 39	 	 116	 	 —	 	 —	
USD/SEK	forwards
Average	contract	price 	 10.90	 	 10.90	 	 10.83	 	 —	
Position	(SEK	millions) 	 225	 	 697	 	 758	 	 —	
Expired	in Expiring	throughout:
Foreign	currency	zero	cost	collar	contracts Q1	2024
remainder	of
2024 2025 2026
USD/BRL	collars
Average	contract	price 	5.00/6.40	 	5.00/6.40	 	5.05/6.06	 	5.10/6.07	
Position	(BRL	millions) 	 243	 	 730	 	 391	 	 121	
USD/CLP	collars
Average	contract	price 	872/1,029	 	884/1,042	 	872/1,032	 	904/1,060	
Position	(CLP	millions) 	 91,775	 	 427,882	 	 480,476	 	 480,476	
USD/CAD	collars
Average	contract	price 	1.30/1.40	 	1.30/1.40	 	 —	 	 —	
Position	(CAD	millions) 	 5	 	 14	 	 —	 	 —	
USD/SEK	collars
Average	contract	price 	10.35/11.15	 	10.35/11.15	 	 —	 	 —	
Position	(SEK	millions) 	 99	 	 297	 	 —	 	 —	
Subsequent	 to	 March	 31,	 2024,	 the	 Company	 entered	 into	 zero	 cost	 collar	 contracts	 in	 the	 total	 amount	 of	 $174	
million	(equivalent	to	BRL	894	million)	with	average	collar	ranges	of	BRL	5.07	to	BRL	6.04	expiring	in	2025	and	2026.
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	22	-

===== SIDA 65 =====

Expired	in Expiring	throughout:
Diesel	forward	swap	contracts Q1	2024
remainder	of
2024 2025 2026
Average	contract	price	($/L) 	 0.667	 	 0.667	 	 —	 	 —	
Position	(USD	millions) 	 7	 	 20	 	 —	 	 —	
Subsequent	to	March	31,	2024,	the	Company	entered	into	commodity	collar	contracts	in	the	amount	of	21,500	metric	
tonnes	of	copper	with	collar	ranges	of	$4.10/lb	to	$4.52/lb,	expiring	May	2024.
The	 Company’s	 net	 unrealized	 and	 realized	 (loss)/gain	 on	 foreign	 currency	 and	 diesel	 derivative	 contracts	 are	 as	
follows:
Three	months	ended	March	31,
2024 2023
Unrealized	(loss)/gain	on	derivative	financial	instruments:
Foreign	currency	contracts $	 (54,539)	 $	 20,666	
Diesel	forward	swap	contracts 	 1,707	 	 —	
	 (52,832)	 	 20,666	
Realized	gain	on	derivative	financial	instruments:
Foreign	currency	contracts 	 3,364	 	 13,577	
Diesel	forward	swap	contracts 	 351	 	 —	
	 3,715	 	 13,577	
Total	unrealized	and	realized	gain	on	derivative	contracts: $	 (49,117)	 $	 34,243	
A	 summary	 of	 the	 fair	 values	 of	 unsettled	 derivative	 contracts	 recorded	 on	 the	 consolidated	 balance	 sheet	 is	 as	
follows:
March	31,	2024 December	31,	2023	
Foreign	currency	contracts:
Current	asset	position $	 11,835	 $	 38,114	
Non-current	asset	position 	 2,582	 	 9,397	
Current	liability	position 	 9,103	 	 1,124	
Non-current	liability	position 	 17,527	 	 3,148	
Diesel	forward	swap	contracts:
Current	asset	position 	 811	 	 —	
Current	liability	position 	 —	 	 896	
Other	contracts:
Chapada	derivative	current	liability 	 24,676	 	 24,369	
LUNDIN	MINING	CORPORATION
Notes	to	condensed	interim	consolidated	financial	statements
For	the	three	months	ended	March	31,	2024	and	2023
(Unaudited	-	Tabular	amounts	in	thousands	of	US	dollars,	except	for	shares	and	per	share	amounts)
-	23	-

===== SIDA 66 =====