Kvartalsrapport Q2 2023

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2

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

Corporate Office 
150 King Street West, Suite 2200 
P .O. Box 38, Toronto, ON M5H 1J9 
Phone: +1 416 342 5560 
Fax: +1 416 348 0303 
lundinmining.com 
 
 
 
NEWS RELEASE 
 
Lundin Mining Second Quarter 2023 Results   
 
Toronto, August 2, 2023 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation  (“Lundin Mining” or the 
“Company”) today reported net earnings attributable to Lundin Mining shareholders of $59.1 million ($0.08 per share) and  
$205.7 million ($0.27 per share) for the three and six months ended June 30, 2023, respectively. The Company also 
generated adjusted earnings 1 of $16.0 million ($0.02 per share) and adjusted EBITDA 1 of $162.2 million in the second 
quarter. Adjusted earnings were $141.7 million  ($0.1 8 per share) and adjusted EBITDA were $499.1 million for the six 
months ended Jun e 30, 2023. Adjusted operating cash flow 1 were $110.6 million ($0.14 per share) and $345.7 million 
($0.45 per share) for the three and six months ended June 30, 2023. 
 
“Overall, we are pleased with the performance of our operations during the second quarte r. We are currently tracking at the 
midpoint or higher for copper, gold and nickel guidance and the lower end for zinc. We generated adjusted EBITDA of over $160  
million despite a decline in metal prices early in the second quarter and resulting provisional pricing adjustments. Lundin Mining’s 
earnings and cash -generation potential has further increased with the addition of Caserones which closed early in the third 
quarter. On a 100% proforma basis, including Caserones, Lundin Mining’s operations produced a pproximately 280,000 tonnes of 
copper-equivalent metal in the first half of this year. Caserones produced approximately 70,000 tonnes of copper in the first half 
of the year and is off to a strong start in the third quarter,” commented Peter Rockandel, CEO.  
 
Mr. Rockandel added, “With the free cash flow from operations, the new $800 million Term Loan, and the existing $1.75 billion  
revolving credit facility, Lundin Mining retains a strong balance sheet and significant liquidity to progress growth projects.”   
 
Summary Financial Results  
             
 
Three months ended  
June 30,  
Six months ended 
June 30, 
US$ Millions (except per share amounts) 2023    2022  2023    2022    
Revenue  588.5   590.2    1,339.9   1,581.3  
Gross profit  52.8   46.0    266.2   524.8  
Attributable net earnings (loss)2   59.1   (52.6)   205.7   292.5  
Net earnings (loss)  61.3   (48.6)   226.6   329.5  
Adjusted earnings 1,2   16.0   (35.3)   141.7   260.3  
Adjusted EBITDA1   162.2   148.6    499.1   736.4  
Basic and diluted earnings per share ("EPS")2   0.08   (0.07)   0.27   0.39  
Adjusted EPS1,2   0.02   (0.05)   0.18   0.35  
Cash flow from operations  194.8   366.4    406.7   683.7  
Adjusted operating cash flow1   110.6   49.7    345.7   522.6  
Adjusted operating cash flow per share1   0.14   0.06    0.45   0.70  
Free cash flow from operations1  20.7   266.3    91.8   461.1  
Free cash flow1   (84.6)  149.1    (118.8)  321.5  
Cash and cash equivalents  190.2   498.2    190.2   498.2  
Net debt1  
  
 (229.8)  469.9    (229.8)  469.9  
1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the three 
and six months ended June  30, 2023  and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
2 Attributable to shareholders of Lundin Mining Corporation.

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

Highlights  
 
For the quarter ended June 30, 2023 the Company generated revenue of $588.5 million (Q2 2022 - $590.2 million), gross 
profit of $52.8 million (Q2 2022 - $46.0 million) and adjusted EBITDA of $162.2 million (Q2 2022 - $148.6 million). 
 
Overall, the operations performed well during the second quarter of 2023 and the Company remains on track to achieve 
production guidance. 
 
Operational Performance  
 
Candelaria (80% owned):  Candelaria produced 36,952 tonnes of copper, and approximately 21,000 ounces of gold in 
concentrate on a 100% basis in the quarter. Copper production was lower than the prior year quarter due to grades 
partially offset by higher throughput. Gold productio n was lower than the prior year quarter due to recoveries. Current 
quarter production costs and copper cash cost1 of $2.14/lb were higher than the prior year quarter largely owing to higher 
contractor and maintenance costs. Cash cost was further impacted by lower sales volumes.  
 
Chapada (100% owned): Chapada produced 10,697 tonnes of copper and approximately 13,000 ounces of gold in 
concentrate in the quarter. Copper production was higher than the prior year quarter primarily due to higher recoveries in 
the quarter. Current quarter production for both metals was better than the first quarter of 2023, due to higher grades 
and recoveries. In aggregate, production costs were higher than the prior year comparable quarter due to higher sales 
volumes achieved, wh ile the higher sales volumes also led to improvement on a unit basis with a copper cash cost 
of$2.69/lb for the quarter. 
 
Eagle (100% owned):  During the quarter Eagle produced 4,686 tonnes of nickel and 3,881 tonnes of copper which were 
lower than the prio r year quarter due to lower grades and lower throughput. Production costs were lower than the 
comparable prior year quarter due to lower consumable costs. Nickel cash cost in the quarter of $1.88/lb was higher than 
the prior year quarter due primarily to lower by-product copper price and lower sales volumes. 
 
Neves-Corvo (100% owned):  Neves-Corvo produced 7,610 tonnes of copper for the quarter and 24,177 tonnes of zinc. 
Copper production was lower than the prior year comparable quarter, due to lower grades,  while zinc production was 
higher primarily due to increased throughput and recoveries driven by the ramp -up of the Zinc Expansion Project (“ZEP”). 
Production costs were comparable to the prior year quarter. Copper cash cost of $3.99/lb was higher than the  prior year 
quarter due primarily to lower copper sales volumes.   
 
Zinkgruvan (100% owned):  Zinc production of 11,938 tonnes and lead production of 3,816 tonnes were lower than the 
prior year quarter due to lower throughput due to a shut -down of the mill to perform the planned implementation of the 
sequential flotation circuit. Copper production of 917 tonnes was higher than the prior year quarter due to higher grades. 
Production costs were lower than the prior year quarter due to lower mine and mill costs . Zinc cash cost of $0.24/lb was 
lower than the prior year quarter due to lower production costs. 
 
Total Production  
(contained metal)a 2023 2022 
YTD Q2 Q1 Total Q4 Q3 Q2 Q1 
Copper (t)b  121,519   60,057   61,462   249,659   56,552   63,930   64,096   65,081  
Zinc (t)  84,668   36,115   48,553   158,938   44,308   40,327   41,912   32,391  
Gold (koz)b  70   34   36   154   36   45   39   34  
Nickel (t)  8,410   4,686   3,724   17,475   4,096   4,379   4,719   4,281  
a. Tonnes (t) and thousands of ounces (koz) 
b.  Candelaria's production is on a 100% basis.

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

Corporate Updates  
 
• On July 10, 2023, the Company published its 2022 Sustainability Report. 
 
• On July 13, 2023, the Company announced the closing of the acquisition of 51% of the issued and outstanding equity 
of SCM Minera Lumina Copper Chile ("Lumina Copper"), which owns the Caserones copper -molybdenum mine 
("Caserones") located in Chile. The Company paid an aggregate of approximately $800 million in cash  consideration at 
closing. Remaining deferred cash consideration of $150 million will be payable in installments over the six ‑year period 
following the closing date. Lundin Mining also has the right to acquire up to an additional 19% interest in Lumina 
Copper for $350 million over a five-year period commencing on the first anniversary of the date of closing . A technical 
report for the Caserones mine titled “Caserones Mining Operation, Chile, NI 43-101 Technical Report on the Caserones 
Mining Operation” was filed under the Company's profile. 
 
• On July 27, 2023, the Company announced it had obtained a three -year term loan ("Term Loan") in a principal amount 
of $800 million with an additional $400 million accordion and closing of up to an additional 19% interest  in Lumina 
Copper. 
 
Financial Performance  
 
• Gross profit for the quarter ended June 30, 2023 was $52.8 million, an increase of $6.8 million and largely comparable 
to the prior year quarter. On a year -to-date basis, gross profit for the peri od ended June 30, 2023 was $266.2 million 
and was lower than the prior year period due to lower sales volumes and lower metal prices. 
 
• For the three months ended June 30, 2023, net earnings of $61.3 million were $109.9 million  higher than the prior 
year quarter due primarily to lower general exploration and business development costs and lower income taxes. On 
a year -to-date basis net earnings of $226.6 million were  lower than the prior year period due to lower gross profit 
resulting from lower realized prices, partially offset by lower taxes. 
 
• Adjusted earnings  for the three months ended June 30, 2023,  of $16.0 million were $51.3 million higher than the 
adjusted loss of the prior year quarter due to the same factors as the change in net earnings described above. On a 
year-to-date basis adjusted earnings of $141.7 million were lower than the prior year period due to lower gross profit 
partially offset by lower income taxes. 
 
Financial Position and Financing   
 
• Cash and cash equiva lents as at June 30, 2023 was $190.2 million. Cash flow from operations of $194.8 million was 
used to fund investing activities of $283.5 million. Cash from financing activities was $99.9 million, which was 
comprised primarily of the proceeds from debt on a net basis partially offset by dividends paid to shareholders. Cash 
and cash equivalents remained relatively unchanged during the six months ended June 30, 2023. 
 
• As at June 30, 2023, the Company had a net debt balance of $229.8 million.  
 
• As at August  2, 2023, the Company had cash and net debt balances of approximately $2 70.0 million and 
$930.0 million, respectively. The net debt increase was attributable to debt financing of the acquisition of Caserones.

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

Outlook  
 
Overall, the operations performed well during the second quarter of 2023. The Company is currently tracking to the 
midpoint or higher for copper, gold and nickel guidance and the lower end for zinc. Production continues to be weighted 
to the second half of  the year. Candelaria and Eagle production is forecast to be modestly weighted to the second half of 
the year, primarily owing to mine sequencing and the resultant grade profiles. Chapada production is forecast to be 
weighted to the second half of the year  due to  first half seasonal operating considerations, and forecast grade and 
recovery profiles. 
 
Expected cash costs remain consistent with reported guidance for Candelaria, Caserones and Neves -Corvo. Chapada’s 
cash cost guidance range has been improved to $2.35 - $2.55/lb of copper, reflecting lower pricing of consumables. Eagle’s 
forecast nickel cash cost guidance has been increased to $2.30 - $2.45/lb of nickel. While Eagle’s overall operating costs 
remain consistent with the Company’s previou s expectations, nickel cash cost guidance has been increased primarily 
driven by lower by-product credits, mainly pricing. Zinkgruvan’s cash cost guidance has been improved to $0.45 - $0.50/lb 
of zinc, reflecting greater by-product credits. 
 
A reduction in capital expenditure guidance is expected for the remainder of the year as  the timing of several projects at 
Candelaria has been deferred into next year. At Josemaria, foreign exchange, a delay in planned equipment deliveries and 
reduced activities have lowered capital spend guidance.  
 
2023 Production and Cash Cost Guidance 
 
   Previous Guidancea Revised Guidance 
 (contained metal) Production Cash Cost ($/lb) Production Cash Cost ($/lb)b 
 Copper (t) Candelaria (100%) 145,000 - 155,000  1.80 – 1.95c 145,000 - 155,000 1.80 – 1.95c 
  Caserones (100%)e 60,000 - 65,000 2.30 - 2.45 60,000 - 65,000 2.30 - 2.45 
  Chapada 43,000 - 48,000 2.55 – 2.75d 43,000 - 48,000 2.35 – 2.55d 
  Eagle 12,000 - 15,000  12,000 - 15,000  
  Neves-Corvo 33,000 - 38,000 2.10 – 2.30c 33,000 - 38,000 2.10 – 2.30c 
  Zinkgruvan 3,000 - 4,000  3,000 - 4,000  
  Total 296,000 - 325,000  296,000 - 325,000  
 Zinc (t) Neves-Corvo 100,000 - 110,000  100,000 - 110,000  
  Zinkgruvan 80,000 - 85,000 0.60 – 0.65c 80,000 - 85,000 0.45 – 0.50c 
  Total 180,000 - 195,000  180,000 - 195,000  
 Molybdenum (t) Caserones (100%)e 1,500 - 2,000  1,500 - 2,000  
 Gold (koz) Candelaria (100%) 85 - 90  85 - 90  
  Chapada 55 - 60  55 - 60  
  Total 140 - 150  140 - 150  
 Nickel (t) Eagle 13,000 - 16,000 1.50 – 1.65 13,000 - 16,000 2.30 – 2.45 
a. Guidance as outlined in the MD&A for the year ended December 31, 2022 and for Caserones as outlined in the news release "L undin Mining Announces 
Closing of the Acquisition of Majority Interest in Caserones Copper -Molybdenum Mine in Chile and Commitments for New $800 Million Term Loan" 
provided on July 13, 2023.  
b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity pri ces (Cu: $3.75/lb, Zn: 
$1.30/lb, Mo: $20.00/lb Pb: $0.90/lb, Au: $1,850/oz), foreign exchange rates (€/USD:1.00, USD/SEK:10.50, USD/CLP:800, USD/BRL:5.00) and production costs 
for the remainder of 2023. 
c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement , and silver production at Zinkgruvan and Neves-Corvo are also 
subject to streaming agreements. Cash costs are calculated based on receipt of approximately $425/oz gold and $4.25/oz to $4. 57/oz silver. 
d. Chapada’s cash cost is calculated on a by-product basis and does not include the e ffects of its copper stream agreements. Effects of the copper stream 
agreements are reflected in copper revenue and will impact realized price per pound.  
e. Caserones guidance is for the  second half of 2023. Closing of the Caserones Acquisition occurred on July 13, 2023.

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

2023 Capital Expenditureb 
 
 ($ millions) Previous Guidancea Revisions Revised Guidance 
 Candelaria (100% basis) 400 (25) 375 
 Caserones (100% basis)c 110 — 110 
 Chapada 70 — 70 
 Eagle 20 — 20 
 Neves-Corvo 130 — 130 
 Zinkgruvan 70 — 70 
 Other 10 — 10 
 Total Sustaining 810 (25) 785 
 Josemaria 400 (50) 350 
 Total Capital Expenditures 1,210 (75) 1,135 
 a. Guidance as outlined in the  MD&A for the year ended December 31, 2022 and for Caserones as outlined in the news release " Lundin Mining 
Announces Closing of the Acquisition of Majority Interest in Caserones Copper -Molybdenum Mine in Chile and Commitments for New $800 Million 
Term Loan" provided on July 13, 2023.                                                                                                                                                                                                       
b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non -GAAP measure - see the 
Company's Management Discussion and Analysis for the three and six months ended June 30, 2023 and the Reconcilia tion of Non-GAAP Measures at 
the end of this news release.                                                                                                                                                                                                                         
c. Caserones guidance is for the  second half of 2023. Closing of the Caserones Acquisition occurred on July 13, 2023.  
 
2023 Exploration Investment Guidance 
 
Total exploration expenditures are on target to be $45.0 million in 2023, unchanged from previous guidance.  
 
Senior Leadership Appointments 
 
The Company would also like to announce the executive appointments of Cara Allaway as Vice President, Finance, Steve 
Little as Vice President, Technology and Innovation, Tim Walmsley as Vice President, Exploration and Stephen Williams as 
Vice President, Investor Relations. 
 
Cara Allaway 
Ms. Allaway has joined Lundin Mining’s Senior Leadership Team as Vice President, Finance. In her previous role with 
Eldorado Gold, Cara was Vice President, Finance, where she was responsible for overseeing accounting, financial reporting 
and planning and analysis functions. Previous to Eldorado Gold, she held similar roles at Nevsun Resources Ltd. and 
Dominion Diamond Mines, and spent 12 years at PwC in the Assurance groups in Halifax and Toronto, and in the Capital 
Markets Group in Russia. Cara is a Chartered Professional Accountant and holds a Bachelor of Science in Chemistry from 
Mount Allison University and a Master of Management and Professional Accounting from the University of Toronto. 
 
Steve Little 
Mr. Little has joined Lundin Mining’s Senior Leadership Team as Vice President, Technology and Innovation. He has over 30 
years of experience in providing technology leadership within asset intensive industries such as power generation and 
heavy manufacturing, as well as high tech. Prior to joining Lundin Mining, he was most recently Vice President, Business 
Technology Solutions for Seaspan Shipyards and Seaspan Marine Transportation. A registered Professional Engineer, Mr. 
Little holds a Bachelor of Engineering (Electrical) from the Royal Military College of Canada and an MBA from Queen's 
University. 
 
Tim Walmsley 
Mr. Walmsley is the Vice President, Exploration for Lundin Mining and has more than 30 years of international experience 
in all stages of mineral exploration.  Prior to his VP position, he held the role of Senior Director, Exploration.  Timothy 
joined Lundin Mining as Chile Exploration Manager in 2013.  Before joining Lundin Mining, Timothy held progressively 
more senior technical roles with Xstrata plc, Falconbridge Limited, and Noranda Inc., based initially in Canada and then 
primarily in Chile. 
 
During his career Mr. Walmsley has been responsible for various aspects of exploration and new business development 
throughout much of North and South America and has contributed to numerous mineral deposit discoveries. 
 
Timothy holds a Bachelor of Applied Science (Honours) in Geological Engineering from Queen's University in Canada. 
 
Stephen Williams 
Mr. Williams has joined Lundin Mining’s Senior Leadership Team as Vice President, Investor Relations. Stephen is joining 
from Bluestone Resources, where he was the Vice President, Corporate Development & Investor Relations. Previously he

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

was a member of the Metals & Mining investment banking team at Canaccord Genuity Corp, where he provided strategic 
advice to clients on acquisitions, mergers, and equity financings. 
 
Stephen is a professional engineer by background having worked for Freeport-McMoRan in an operational and process 
development capacity. He holds a B.A.Sc. in Metallurgical Engineering from the University of British Columbia and an MBA 
from the W. P . Carey School of Business, Arizona State University. 
 
 
About Lundin Mining  
 
Lundin Mining is a diversified Canadian base metals mining company with projects and operations in Argentina, Brazil, 
Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.   
 
The information in this re lease is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse 
Regulation. The information was submitted for publication, through the agency of the contact persons set out below on 
August 2, 2023 at 5:30 pm Eastern Time. 
 
For further information, please contact:  
 
Mark Turner, Vice President, Business Valuations and Investor Relations: +1 416 342 5565  
Stephen Williams, Vice President, Investor Relations +1 416 342 5117 
Irina Kuznetsova, Manager, Investor Relations: +1 416 342 5583  
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40 
  
Technical Information  
  
The scientific and technical information in this press release has been prepared in accordance with the disclosure 
standards of National Instrument 43 -101 (“NI 43 -101”) and has been reviewed by Arman Barha, P .Eng., Vice President, 
Technical Services, a "Qu alified Person" under NI 43 -101. Mr. Barha has verified the data disclosed in this release and no 
limitations were imposed on his verification process.

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

Reconciliation of Non-GAAP Measures   
  
The Company uses certain performance measure s 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 b y 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 and six months ended June 30, 2023 which is available on SEDAR at  
www.sedar.com.  
 
Adjusted EBITDA can be reconciled to the Company's Consolidated Statement of Earnings as follows:  
 
 
Three months ended 
June 30,  
Six months ended 
June 30, 
($thousands) 2023 2022  2023 2022 
Net earnings (loss)  61,302   (48,626)   226,613   329,483  
Add back:      
Depreciation, depletion and amortization     130,505   142,042    250,752   271,879  
Finance income and costs  15,897   17,309    31,596   32,281  
Income taxes  (19,601)  49,003    29,092   126,209  
       188,103   159,728    538,053   759,852  
Unrealized foreign exchange  (19,285)  2,721    (10,641)  10,574  
Revaluation gain on derivatives  (14,783)  (19,593)   (34,033)  (16,300) 
Sinkhole costs  11,900   —    16,482   —  
Revaluation gain on marketable securities  (3,464)  1,626    (3,902)  (2,266) 
Gain on disposal of subsidiary  —   —    (5,718)  (16,828) 
Other  (283)  4,161    (1,110)  1,385  
Total adjustments - EBITDA  (25,915)  (11,085)   (38,922)  (23,435) 
Adjusted EBITDA  162,188   148,643    499,131   736,417  
      
                       
 
Adjusted earnings and adjusted earnings per share can be reconciled to the Company's Consolidated Statement of 
Earnings as follows:  
 
 
Three months ended 
June 30,  
Six months ended 
June 30, 
($thousands, except share and per share amounts) 2023 2022  2023 2022 
Net earnings (loss) attributable to Lundin Mining 
shareholders 
 59,109   (52,577)   205,729   292,501  
Add back:      
Total adjustments - EBITDA  (25,915)  (11,085)   (38,922)  (23,435)  
Tax effect on adjustments  (554)  5,035    (3,180)  3,001  
Deferred tax arising from foreign exchange translation  (15,989)  23,091    (21,996)  (11,863)  
Other  (634)  260    69   128  
Total adjustments  (43,092)  17,301    (64,029)  (32,169)  
Adjusted earnings      16,017   (35,276)   141,700   260,332  
      
Basic weighted average number of shares outstanding  772,255,656   766,775,032    771,739,532   751,676,764  
      
Net earnings (loss) attributable to shareholders     0.08   (0.07)   0.27   0.39  
Total adjustments     (0.06)  0.02    (0.09)  (0.04) 
Adjusted earnings per share     0.02   (0.05)   0.18   0.35  
 
Adjusted operating cash flow and adjusted operating cash flow per share can be reconciled to cash provided by operating 
activities as follows:

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

Three months ended 
June 30,  
Six months ended 
June 30, 
($thousands, except share and per share amounts) 2023 2022  2023 2022 
Cash provided by operating activities  194,844   366,411    406,719   683,668  
Changes in non-cash working capital items  (84,207)  (316,665)   (61,015)  (161,117)  
Adjusted operating cash flow      110,637   49,746    345,704   522,551  
      
Basic weighted average number of shares outstanding  772,255,656   766,775,032    771,739,532   751,676,764  
Adjusted operating cash flow per share    $ 0.14   0.06    0.45   0.70  
            
Free cash flow from operations can be reconciled to cash provided by operating activities as follows:  
     
 
Three months ended 
June 30,  
Six months ended 
June 30, 
($thousands) 2023 2022  2023 2022 
Cash provided by operating activities  194,844   366,411    406,719   683,668  
Sustaining capital expenditures  (187,820)  (151,665)   (343,384)  (282,423) 
General exploration and business development  13,693   51,531    28,458   59,813  
Free cash flow from operations  20,717   266,277    91,793   461,058  
General exploration and business development  (13,693)  (51,531)   (28,458)  (59,813) 
Expansionary capital expenditures  (91,650)  (65,603)   (182,169)  (79,757) 
Free cash flow   (84,626)  149,143    (118,834)  321,488  
 
Net (debt) cash can be reconciled as follows:  
 
($thousands) June 30, 2023 December 31, 2022 
Cash and cash equivalents  190,182   191,387  
Current portion of total debt and lease liabilities     (284,656)  (170,149) 
Debt and lease liabilities  (130,359)  (27,179) 
  (415,015)  (197,328) 
Deferred financing fees (netted in above)  (4,998)  (4,926) 
  (420,013)  (202,254) 
Net debt  (229,831)  (10,867)

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

Cash and All-in Sustaining Costs can be reconciled to the Company's operating costs as follows: 
  
 Six months ended June 30, 2023    
Operations  Candelaria Chapada Eagle Neves-
Corvo 
Zinkgruvan 
  
($000s, unless otherwise noted) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  Total  
Sales volumes (Contained metal):       
Tonnes       71,917   19,236   6,594   14,201   25,986      
    
 
Pounds (000s)  158,550   42,408   14,537   31,308   57,289       
Production costs        
   
   
   
   
   
   
   
  
  
 822,962   
Less: Royalties and other                (20,055)  
       802,907   
Deduct: By-product credits                (279,601)  
Add: Treatment and refining                69,129   
Cash cost  345,212   107,669   30,630   84,163   24,761   592,435   
Cash cost per pound ($/lb)  2.18   2.54   2.11   2.69   0.43       
Add: Sustaining capital     214,103   35,717   10,664   47,194   30,462      
    
 
Royalties  —   4,252   10,606   1,813   —       
Reclamation and other closure 
accretion and depreciation 
 4,751   3,648   5,969   2,620   1,800      
 
Leases & other  6,797   2,137   1,644   306   202       
All-in sustaining cost  570,863   153,423   59,513   136,096   57,225       
AISC per pound ($/lb)  3.60   3.62   4.09   4.35   1.00       
($000s, unless otherwise noted) 2023 Guidance   
Cash cost  620,000   260,000   90,000   180,000   90,000    
Cash cost per pound($/lb) 1.80 – 1.95 2.35 – 2.55 2.30 – 2.45 2.10 – 2.30 0.45 – 0.50   
        
 
 Six months ended June 30, 2022   
Operations Candelaria Chapada Eagle Neves- Zinkgruvan  
($000s, unless otherwise noted) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  Total 
Sales volumes (Contained metal):      
Tonnes       78,103   20,709   7,473   16,667   34,327      
    Pounds (000s)  172,187   45,655   16,475   36,744   75,678      
Production costs        
   
   
   
   
   
   
   
  
  
 784,617  
Less: Royalties and other                (29,528) 
       755,089  
Deduct: By-product credits                (315,735) 
Add: Treatment and refining                62,115  
Cash cost  296,225   103,309   (638)   75,001   27,572   501,469  
Cash cost per pound ($/lb)  1.72   2.26   (0.04)  2.04   0.36      
Add: Sustaining capital     169,071   44,215   7,383   33,276   23,122      
    Royalties  —   6,106   18,424   2,197   —      
Reclamation and other closure 
accretion and depreciation 
 4,051   3,749   9,300   451   2,073      
Leases & other  4,626   2,039   1,282   396   398      
All-in sustaining cost  473,973   159,417   35,751   111,321   53,165      
AISC per pound ($/lb)  2.75   3.49   2.17   3.03   0.70

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

Three months ended June 30, 2023   
Operations Candelaria Chapada Eagle Neves-Corvo Zinkgruvan 
 
($000s, unless otherwise noted) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  Total 
Sales volumes (Contained metal):      
Tonnes       36,347   10,164   3,859   6,170   9,374      
    Pounds (000s)  80,132   22,408   8,507   13,603   20,666      
Production costs        
   
   
   
   
   
   
   
  
  
 405,198  
Less: Royalties and other                (7,969) 
       397,229  
Deduct: By-product credits                (122,636) 
Add: Treatment and refining                32,514  
Cash cost  171,520   60,351   15,990   54,271   4,975   307,107  
Cash cost per pound ($/lb)  2.14   2.69   1.88   3.99   0.24      
Add: Sustaining capital     123,417   19,690   3,562   22,133   15,994      
    Royalties  —   2,029   4,920   83   —      
Interest expense  2,444   1,847   3,011   1,296   739      
Leases & other  3,654   1,171   897   148   100      
All-in sustaining cost  301,035   85,088   28,380   77,931   21,808      
AISC per pound ($/lb)  3.76   3.80   3.34   5.73   1.06      
    
 Three months ended June 30, 2022   
Operations Candelaria Chapada Eagle Neves-Corvo Zinkgruvan 
 
($000s, unless otherwise noted) (Cu) (Cu)   (Ni)  (Cu)  (Zn)  Total 
Sales volumes (Contained metal):      
Tonnes       39,655   7,905   4,206   8,183   18,525      
    Pounds (000s)  87,424   17,427   9,273   18,040   40,841      
Production costs        
   
   
   
   
   
   
   
  
  
 402,190  
Less: Royalties and other                (13,657) 
       388,533  
Deduct: By-product credits                (134,728) 
Add: Treatment and refining                29,960  
Cash cost  162,240   51,872   8,341   43,198   18,114   283,765  
Cash cost per pound ($/lb)  1.86   2.98   0.90   2.39   0.44      
Add: Sustaining capital     86,107   29,760   2,923   13,760   14,083      
    Royalties  —   2,442   10,633   (616)   —      
Interest expense  2,082   1,865   4,683   120   956      
Leases & other  2,658   1,110   631   194   160      
All-in sustaining cost  253,087   87,049   27,211   56,656   33,313      
AISC per pound ($/lb)  2.89   5.00   2.93   3.14   0.82

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

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 stat ements 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 pe nding litigation; the results of any 
Preliminary Economic Assessment, Feasibility Study, or Minera l 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 C ompany’s Responsible Mining 
Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipate d exploration and development 
activities at the Company’s projects; the Company’s integration of acquisitions and any anticipated b enefits thereof, including the Caserones transaction; and 
expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “cont emplate”, “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 expec tations 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 promp t 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 b elow. While these factors  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 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 infor mation. 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 environm ent, industrial accidents, catastrophic equipment 
failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquake s, flooding or unusually severe 
weather; uninsurable risks; project financing ris ks, liquidity risks and limited financial resources; volatility and fluctuations in metal and commodity demand and 
prices; delays or the inability to obtain, retain or comply with permits; significant reliance on a single asset; reputation risks related to negative publicity with respect to 
the Company or the mining industry in general; health and safety risks; risks relating to the development of the Josemaria Pr oject; inability to attract and retain highly 
skilled employees; risks associated with climate change; compliance with environmental, health and safety laws and regulations; unavailable or inaccessible 
infrastructure, infrastructure failures, and risks related to ageing infrastructure; risks inherent in and/or associated with  operating in foreign co untries and emerging 
markets, including with respect to foreign exchange and capital controls; economic, political and social instability and mini ng regime changes in the Company’s 
operating jurisdictions, including but not limited to those related to perm itting and approvals, environmental and tailings management, labour, trade relations, and 
transportation; risks relating to indebtedness; the inability to effectively compete in the industry; risks associated with a cquisitions and related integration effor ts, 
including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and  diversion of management time on integration, 
including with respect to the Caserones transaction; changing taxation regimes; r isks 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 a nd/or metal recoveries varying from Mineral Resource and 
Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore  processing efficiency; community and 
stakeholder opposition; financial pr ojections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable;  
enforcing legal rights in foreign jurisdictions; environmental and regulatory risks associated with the structural stability of wa ste rock dumps or tailings storage 
facilities; activist shareholders and proxy solicitation matters; risks relating to dilution; regulatory investigations, enfo rcement, sanctions and/or related or other 
litigation; risks relating to payment of dividends; c ounterparty and customer concentration risks; the estimation of asset carrying values; risks associated with the use 
of derivatives; relationships with employees and contractors, and the potential for and effects of labour disputes or other u nanticipated difficulties with or shortages of 
labour or interruptions in production; conflicts of interest; existence of a significant shareholder; exchange rate fluctuati ons; challenges or defects in title; internal 
controls; compliance with foreign laws; potential fo r the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the 
allegation of improper or discriminatory employment practices, or human rights violations; the threat associated with outbrea ks of viruses and inf ectious diseases; 
risks relating to minor elements contained in concentrate products; and other risks and uncertainties, including but not limi ted to those described in the “Risk and 
Uncertainties” section of the Company’s Annual Information Form and the “ Managing Risks” section of the Company’s MD&A for the year ended December 31, 2022, 
which are available on SEDAR at www.sedar.com under the Company’s profile.   
All of the forward-looking statements made in this document are qualified by these cautionary s tatements. 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 assumpti ons which may have been 
used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions pro ve 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 fu ture 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 t o update or r evise forward ‑looking 
information or to explain any material difference between such and subsequent actual events, except as required by applicable  law.

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

Management’s Discussion and Analysis 
For the three and six months ended June 30, 2023 
  
This management’s discussion and analysis (“MD&A”) has been prepared as of August  2, 2023 and should be read in 
conjunction with the Company’s condensed interim consolidated financial statements for the three and six months ended 
June 30, 2023. Those finan cial statements are prepared in accordance with International Financial Reporting Standards 
("IFRS") as issued by the International Accounting Standards Board applicable to the preparation of interim financial 
statements, including International Accounting  Standard 34, Interim Financial Reporting. The Company’s presentation 
currency is United States (“US”) dollars. Reference herein of $ or USD is to United States dollars, ARS is to Argentine pesos , 
BRL is to Brazilian reais, C$ is to Canadian dollars, CLP is to Chilean pesos, € refers to euros, and SEK is to Swedish kronor. 
 
About Lundin Mining 
Lundin Mining Corporation (“Lundin Mining” or the “Company”) is a diversified Canadian base metals mining company with 
projects and operations in Argentina, Brazil, C hile, Portugal, Sweden, and the United States of America, primarily producing 
copper, zinc, gold and nickel. 
 
Table of Contents 
Highlights
 ..............................................................................................................................................................................................  
1 
Financial Position and Financing
 ..............................................................................................................................................................................................  
2 
Outlook
 ..............................................................................................................................................................................................  
3 
Selected Quarterly Financial Information
 ..............................................................................................................................................................................................  
5 
Revenue Overview
 ..............................................................................................................................................................................................  
6 
Financial Results
 ..............................................................................................................................................................................................  
10 
Mining Operations
 ..............................................................................................................................................................................................  
12 
Production Overview
 ........................................................................................................................................................................................  
12 
Cash Cost Overview
 ........................................................................................................................................................................................  
13 
Capital Expenditures
 ........................................................................................................................................................................................  
14 
Candelaria
 ........................................................................................................................................................................................  
15 
Chapada
 ........................................................................................................................................................................................  
16 
Eagle
 ........................................................................................................................................................................................  
17 
Neves-Corvo
 ........................................................................................................................................................................................  
18 
Zinkgruvan
 ........................................................................................................................................................................................  
19 
      Josemaria Project
 ..............................................................................................................................................................................................  
20 
Metal Prices, LME Inventories, and Smelter Treatment and Refining Charges
 ..............................................................................................................................................................................................  
21 
Liquidity and Capital Resources
 ..............................................................................................................................................................................................  
22 
Related Party Transactions
 ..............................................................................................................................................................................................  
23 
Changes in Accounting Policies and Critical Accounting Estimates and Judgements
 ..............................................................................................................................................................................................  
23 
Non-GAAP and Other Performance Measures
 ..............................................................................................................................................................................................  
24 
Managing Risks
 ..............................................................................................................................................................................................  
30 
Management's Report on Internal Controls
 ..............................................................................................................................................................................................  
30 
Outstanding Share Data
 ..............................................................................................................................................................................................  
30

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

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 thi s 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 acqu isitions and any anticipated benefits thereof, 
including the Caserones t ransaction; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “an ticipate”, “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, includi ng 
that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, nicke l, 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 an d 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 ea rthquakes, flooding or 
unusually severe weather; uninsurable risks; project financing risks, liquidity risks and limited financial resources; volatility and fluctuations in metal and commodity demand and 
prices; delays or the inability to obtain, retain or comply with permits; significant reliance on a single asset; reputation risks related to negative publicity with respect to the Company 
or the mining industry in general; health and safety risks; risks relating to the development of the Josemaria Project; inabi lity to attract and retain highly skilled employees; risks 
associated with climate change; compliance with environmental, health and safety laws and regulations; unavailable or inaccessible infrastructure, infrastructure failures, and risks 
related to ageing infrastructure; risks inherent in and/or associated with operating in foreign countries and emerging market s, including wi th respect to foreign exchange and 
capital controls; economic, political and social instability and mining regime changes in the Company’s operating jurisdictions, including but not limited to those related to permitting 
and approvals, environmental and ta ilings management, labour, trade relations, and transportation; risks relating to indebtedness; 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, including with respect to the Caserones transaction; changing ta xation regimes; risks related to mine closure 
activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting an d oversight systems, as well as third parties 
and consultants in foreign jurisdictions; information technology and cybersecurity ri sks; 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 Minera l Resource 
and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder 
opposition; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign 
jurisdictions; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; activist shareholders and proxy solicitation 
matters; risks relating to dilution; regulatory investigations, enforcement, sanctions and/or related or other litigation; ri sks relating to payment of dividends; counterparty and 
customer concentration risks; the estimation of asset carrying values; risks associated with the use of derivatives; relationships with employees and c ontractors, and the potential 
for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or  interruptions in production; conflicts of interest; existence of a significant 
shareholder; exchange rate fluctuations; challenges or defects in title; internal controls; compliance with foreign laws; potential for the allegation of fraud and corruption involving 
the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; the threat associated with 
outbreaks of viruses and infectious diseases; risks relating to minor elements contained in concentrate products; and other risks and uncertainties, including but not limited to those 
described in the “Risk and Uncertainties” section of the Company’s Annual Information Form and the “Managing Risks” section o f the Company’s M D&A for the year ended 
December 31, 2022, which are available on SEDAR at www.sedar.com under the Company’s profile.  
 
All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that 
could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, 
forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks 
and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from thos e described in forward -looking information. 
Accordingly, there can be no assurance that forward -looking information will prove to be accurate and forward -looking information is not a guarantee of future performance. 
Readers are advised not to place undue reliance on forward -looking information. The forward -looking information contained herein speaks only as  of the date of this document. 
The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual 
events, except as required by applicable law.

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

1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.  
1 
Highlights 
 
For the quarter ended June 30, 2023 the Company generated revenue of $588.5 million (Q2 2022 - $590.2 million), gross 
profit of $52.8 million (Q2 2022 - $46.0 million) and adjusted EBITDA1 of $162.2 million (Q2 2022 - $148.6 million). 
 
Overall, the operations performed well during the second quarter of 2023 and the Company remains on track to achieve 
production guidance. 
 
Operational Performance 
Candelaria (80% owned):  Candelaria produced 36,952 tonnes of copper, and approximately 21,000 ounces of gold in 
concentrate on a 100% basis in the quarter. Copper production was lower than the prior year quarter due to grades partially  
offset by higher throughput. Gold production was lower than the prior year quarter due to recoveries. Current quarter 
production costs and copper cash cost1 of $2.14/lb were higher than the prior year quarter largely owing to higher contractor 
and maintenance costs. Cash cost was further impacted by lower sales volumes.  
 
Chapada (100% owned): Chapada produced 10,697 tonnes of copper and approximately 13,000 ounces of gold in concentrate 
in the quarter. Copper production was higher than the prior year quar ter primarily due to higher recoveries in the quarter. 
Current quarter production for both metals was better than the first quarter of 2023, due to higher grades and recoveries. In 
aggregate, production costs were higher than the prior year comparable quarter due to higher sales volumes achieved, while 
the higher sales volumes also led to improvement on a unit basis with a copper cash cost of $2.69/lb for the quarter. 
 
Eagle (100% owned): During the quarter Eagle produced 4,686 tonnes of nickel and 3,881 tonnes of copper which were lower 
than the prior year quarter due to lower grades and lower throughput. Production costs were lower than the comparable 
prior year quarter due to lower consumable costs. Nickel cash cost in the quarter of $1.88/lb was higher t han the prior year 
quarter due primarily to lower by-product copper price and lower sales volumes. 
 
Neves-Corvo (100% owned): Neves-Corvo produced 7,610 tonnes of copper for the quarter and 24,177 tonnes of zinc. Copper 
production was lower than the prior year comparable quarter, due to lower grades, while zinc production was higher primarily 
due to increased throughput and reco veries driven by the ramp -up of the Zinc Expansion Project (“ZEP”). Production costs 
were comparable to the prior year quarter. Copper cash cost of $3.99/lb was higher than the prior year quarter due primarily 
to lower copper sales volumes.  
 
Zinkgruvan (100% owned): Zinc production of 11,938 tonnes and lead production of 3,816 tonnes were lower than the prior 
year quarter due to lower throughput due to a shut-down of the mill to perform the planned implementation of the sequential 
flotation circuit. Copper production of 917 tonnes was higher than the prior year quarter due to higher grades. Production 
costs were lower than the prior year quarter due to lower mine and mill costs. Zinc cash cost of $0.24/lb was lower than the 
prior year quarter due to lower production costs. 
 
Total Productiona 
(contained metal) 
2023 2022 
YTD Q2 Q1 Total Q4 Q3 Q2 Q1 
Copper (t)b  121,519   60,057   61,462   249,659   56,552   63,930   64,096   65,081  
Zinc (t)  84,668   36,115   48,553   158,938   44,308   40,327   41,912   32,391  
Gold (koz)b  70   34   36   154   36   45   39   34  
Nickel (t)  8,410   4,686   3,724   17,475   4,096   4,379   4,719   4,281  
a - Tonnes (t) and thousands of ounces (koz) 
b - Candelaria's production is on a 100% basis

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

1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.                  
    2 
 
 
Corporate Updates 
• On July 10, 2023, the Company published its 2022 Sustainability Report. 
 
• On July 13, 2023, the Company announced the closing of the acquisition of 51% of the issued and outstanding equity of 
SCM Minera Lumina Copper Chile ("Lumina Copper"), which owns the Caserones copper -molybdenum mine 
("Caserones") located in Chile. The Company paid an aggregate of approximately $800 million in cash consideration at 
closing. Remaining deferred cash consideration of $150 million will be payable in installments over the six ‑year period 
following the closing date. Lundin Mining also has the right to acquire up to an additional 19% interest in Lumina Copper 
for $350 million over a five-year period commencing on the first anniversary of the date of closing. A technical report for 
the Caserones mine titled “Caserones Mining Operation, Chile, NI 43 -101 Technical Report on the Caserones Mining 
Operation” was filed under the Company's profile. 
 
• On July 27, 2023, the Company announced it had obtained a three-year term loan ("Term Loan") in a principal amount of 
$800 million with an additional $400 million accordion and closing of up to an additional 19% interest in Lumina Copper. 
 
Financial Performance 
• Gross profit for the quarter ended June 30, 2023 was $52.8 million, an increase of $6.8 million and largely comparable to 
the prior year quarter. On a year -to-date basis, gross profit for the period ended June 30, 2023 was $266.2 million and 
was lower than the prior year period due to lower sales volumes and lower metal prices. 
 
• For the three months ended June 30, 2023, net earnings of $61.3 million were $109.9 million higher than the prior year 
quarter due primarily to lower general exploration and business development costs and lower income taxes. On a year -
to-date basis net earnings of $226.6 million were lower than the prior year period due to lower gross profit resulting from 
lower realized prices, partially offset by lower taxes. 
 
• Adjusted earnings 1 for the three months ended June 30, 2023, of $16.0 million were $51.3 milli on higher than the 
adjusted loss of the prior year quarter due to the same factors as the change in net earnings described above. On a year-
to-date basis adjusted earnings of $141.7 million were lower than the prior year period due to lower gross profit partially 
offset by lower income taxes. 
 
Financial Position and Financing 
 
• Cash and cash equivalents as at June 30, 2023 was $190.2 million. Cash flow from operations of $194.8 million was used 
to fund investing activities of $283.5 million. Cash from financing activities was $99.9 million which was comprised 
primarily of the proceeds from debt on a net basis partially offset b y dividends paid to shareholders. Cash and cash 
equivalents remained relatively unchanged during the six months ended June 30, 2023. 
  
• As at June 30, 2023, the Company had a net debt1 balance of $229.8 million.  
 
• As at August 2, 2023, the Company had cash and net debt balances of approximately $ 270.0 million and $930.0 million, 
respectively. The net debt increase was attributable to debt financing of the acquisition of Caserones.

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

3 
Outlook 
 
Overall, the operations performed well during the second quarter of 2023. The Company is currently tracking to the midpoint 
or higher for copper, gold and nickel guidance and the lower end for zinc. Production continues to be weighted to the second 
half of the year. Candelaria and Eagle production is forecast to be modestly weighted to the second half of the year, primarily 
owing to mine sequencing and the resultant grade profiles. Chapada production is forecast to be weighted to the second half 
of the year due to the first half seasonal operating considerations and forecast grade and recovery profiles. 
 
Expected cash costs remain consistent with reported guidance for Candelaria, Caserones and Neves -Corvo. Chapada’s cash 
cost guidance range has been improved to $2.35 - $2.55/lb of copper, reflecting lower pricing of consumables. Eagle’s forecast 
nickel cash cost guidance has been increased to $2.30 - $2.45/lb of nickel. While Eagle’s overall operating costs remain 
consistent with the Company’s previous expectations, nickel cash cost guidance has been increased primarily driven by lower 
by-product credits, mainly pricing. Zinkgruvan’s cash cost guidance has been improved to $0.45 - $0.50/lb of zinc, reflecting 
greater by-product credits. 
 
A reduction in capital expenditure  guidance is expected for the remainder of the year as timing of several projects at 
Candelaria have been deferred into next year. At Josemaria, foreign exchange, a delay in planned equipment deliveries and 
reduced activities have lowered capital spend guidance.  
 
2023 Production and Cash Cost Guidance 
    Guidancea  Revised Guidance 
 (contained metal) Production Cash Cost ($/lb)b  Production Cash Cost ($/lb)b 
 Copper (t) Candelaria (100%) 145,000 – 155,000  1.80 – 1.95c  145,000 – 155,000 1.80 – 1.95c 
  Caserones (100%)e 60,000 – 65,000 2.30 – 2.45  60,000 – 65,000 2.30 – 2.45 
  Chapada 43,000 – 48,000 2.55 – 2.75d  43,000 – 48,000 2.35 – 2.55d 
  Eagle 12,000 – 15,000   12,000 – 15,000  
  Neves-Corvo 33,000 – 38,000 2.10 – 2.30c  33,000 – 38,000 2.10 – 2.30c 
  Zinkgruvan 3,000 – 4,000   3,000 – 4,000  
  Total 296,000 – 325,000   296,000 – 325,000  
 Zinc (t) Neves-Corvo 100,000 – 110,000   100,000 – 110,000  
  Zinkgruvan 80,000 – 85,000 0.60 – 0.65c  80,000 – 85,000 0.45 – 0.50c 
  Total 180,000 – 195,000   180,000 – 195,000  
 Molybdenum (t) Caserones (100%)e 1,500 – 2,000   1,500 – 2,000  
 Gold (koz) Candelaria (100%) 85 – 90   85 – 90  
  Chapada 55 – 60   55 – 60  
  Total 140 – 150   140 – 150  
 Nickel (t) Eagle 13,000 – 16,000 1.50 – 1.65  13,000 – 16,000 2.30 – 2.45 
a. Guidance as outlined in the MD&A for the year ended December 31, 2022 and for Caserones as outlined in the news release “Lundin Mining Announces 
Closing of the Acquisition of Majority Interest in Caserones Copper -Molybdenum Mine in Chile and Commitments  for New $800 Million Term Loan” 
provided on July 13, 2023.  
b. Cash costs are based on various assumptions and estimates, including but not limited to:  production volumes, commodity prices (Cu: $3.75/lb, Zn: 
$1.30/lb, Mo: $20.00/lb Pb: $0.90/lb, Au: $1,850/oz), foreign exchange rates (€/USD:1.00, USD/SEK:10.50, USD/CLP:800, USD/BRL :5.00) and production 
costs for the remainder of 2023. 
c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement and silver production at Zinkgruvan and Neves-Corvo are also 
subject to streaming agreements. Cash costs are calculated based on receipt of approximately $425/oz gold and $4.25/oz to $4.57/oz silver. 
d. Chapada cash cost is calculated on a by -product basis and does not include the effects of its copper stream agreements. Effects of the copper stream 
agreements are reflected in copper revenue and will impact realized price per pound. 
e. Caserones guidance is for the entire second half of 2023.

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

4 
2023 Capital Expenditure Guidanceb 
 ($ millions)  Guidancea Revisions Revised Guidance 
 Candelaria (100% basis) 400 (25) 375 
 Caserones (100% basis)c 110 — 110 
 Chapada 70 — 70 
 Eagle 20 — 20 
 Neves-Corvo 130 — 130 
 Zinkgruvan 70 — 70 
 Other 10 — 10 
 Total Sustaining 810 (25) 785 
 Expansionary - Josemaria 400 (50) 350 
 Total Capital Expenditures 1,210 (75) 1,135 
a. Guidance as outlined in the MD&A for the year ended December 31, 2022 and for Caserones as outlined in the news release "Lundin Mining Announces 
Closing of the Acquisition of Majority Interest in Caserones Copper -Molybdenum Mine in Chile and Commitments for New $800 Million Term Loan" 
provided on July 13, 2023. 
b. Sustaining capital expenditure is a supplementary financial measure and expansionary capital expenditure is a non-GAAP measure – see Section "Non-
GAAP and Other Performance Measures" of this MD&A for discussion. 
c. Caserones guidance is for entire second half of 2023. 
 
2023 Exploration Investment Guidance 
Total exploration expenditures are on target to be $45.0 million in 2023, unchanged from previous guidance.

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

5 
Selected Quarterly Financial Information1 
 
Three months ended 
June 30,  
Six months ended 
June 30, 
($ millions, except share and per share amounts) 2023  2022  2023  2022 
Revenue  588.5    590.2    1,339.9    1,581.3  
Costs of goods sold:        
Production costs  (405.2)   (402.2)   (823.0)   (784.6) 
Depreciation, depletion and amortization  (130.5)   (142.0)   (250.8)   (271.9) 
Gross profit  52.8    46.0    266.2    524.8  
        Net earnings (loss) attributable to:        
Lundin Mining shareholders  59.1    (52.6)   205.7    292.5  
Non-controlling interests  2.2    4.0    20.9    37.0  
Net earnings (loss)  61.3    (48.6)   226.6    329.5  
        Adjusted earnings (loss)3  16.0    (35.3)   141.7    260.3  
Adjusted EBITDA3  162.2    148.6    499.1    736.4  
Cash flow from operations  194.8    366.4    406.7    683.7  
Adjusted operating cash flow3  110.6    49.7    345.7    522.6  
Free cash flow from operations  20.7    266.3    91.8    461.1  
Free cash flow3  (84.6)   149.1    (118.8)   321.5  
Capital expenditures4  279.9    217.3    526.0    362.2  
        
Per share amounts:        
Basic and diluted earnings (loss) per share ("EPS") attributable 
to shareholders  0.08    (0.07)   0.27    0.39  
Adjusted EPS  0.02    (0.05)   0.18    0.35  
Adjusted operating cash flow per share3  0.14    0.06    0.45    0.70  
Dividends declared (C$/share)  0.09    0.09    0.18    0.29  
        
     June 30, 2023  
December 31, 
2022 
Total assets      8,441.8    8,172.8  
Total debt and lease liabilities      415.0    197.3  
Net debt3      (229.8)   (10.9) 
 
Summary of Quarterly Results1,2,5 
($ millions, except per share data) Q2-23 Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21 
Revenue  588.5  751.3  811.4  648.5  590.2  991.1  1,018.6  756.4 
Gross profit  52.8  213.3  155.2  82.5  46.0  478.8  433.2  303.9 
Net earnings (loss)  61.3  165.3  145.3  (11.2)  (48.6)  378.1  266.1  190.6 
- attributable to shareholders  59.1  146.6  145.6  (11.2)  (52.6)  345.1  228.8  173.7 
Adjusted earnings (loss)3  16.0  125.7  191.5  30.9  (35.3)  295.6  281.5  168.4 
Adjusted EBITDA3  162.2  336.9  353.7  202.4  148.6  587.8  623.0  411.3 
EPS - Basic and Diluted  0.08  0.19  0.19  (0.01)  (0.07)  0.47  0.31  0.24 
Adjusted EPS3  0.02  0.16  0.25  0.04  (0.05)  0.40  0.38  0.23 
Cash flow from operations  194.8  211.9  156.9  36.3  366.4  317.3  384.2  523.1 
Adjusted operating cash flow per share3  0.14  0.30  0.38  0.23  0.06  0.64  0.65  0.40 
Capital expenditures4  279.9  246.1  281.2  199.5  217.3  144.9  153.9  133.8 
 
 
1 Except where otherwise noted, financial data has been prepared in accordance with IFRS as issued by the IASB.  
2 The sum of quarterly amounts may differ from year-to-date results due to rounding. 
3 This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 
4 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. 
5 Variability in revenues and net earnings is largely driven by metal prices and sales volumes. In recent quarters, net earnings has also been impacted by  
    inflation factors. For further metal price trending discussion, refer to page 21 of this MD&A.

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

6 
Revenue Overview 
 
Sales Volumes by Payable Metal 
(Contained metal) 2023 2022 
YTD Q2 Q1 Total Q4 Q3 Q2 Q1 
Copper (t)         
Candelaria (100%)  71,917  36,347   35,570   147,251   33,561   35,587   39,655   38,448  
Chapada  19,236  10,164   9,072   45,563   12,037   12,817   7,905   12,804  
Eagle  5,736  2,951   2,785   14,060   2,672   3,721   4,159   3,508  
Neves-Corvo  14,201  6,170   8,031   31,592   6,351   8,574   8,183   8,484  
Zinkgruvan  1,870  1,001   869   4,428   886   1,570   337   1,635  
  112,960  56,633   56,327   242,894   55,507   62,269   60,239   64,879  
Zinc (t)         
Neves-Corvo  43,667  20,125   23,542   66,966   20,205   18,770   16,289   11,702  
Zinkgruvan  25,986  9,374   16,612   65,684   17,635   13,722   18,525   15,802  
  69,653  29,499   40,154   132,650   37,840   32,492   34,814   27,504  
Gold (koz)         
Candelaria (100%)  45  23   22   83   20   20   22   21  
Chapada  22  11   11   65   17   23   10   15  
  67  34   33   148   37   43   32   36  
Nickel (t)         
Eagle  6,594  3,859   2,735   14,427   3,239   3,715   4,206   3,267  
Lead (t)         
Neves-Corvo  1,920  881   1,039   2,908   673   654   818   763  
Zinkgruvan  10,422  4,944   5,478   30,163   7,654   7,502   10,163   4,844  
  12,342  5,825   6,517   33,071   8,327   8,156   10,981   5,607  
Silver (koz)         
Candelaria (100%)  628  333   295   1,442   278   305   412   447  
Chapada  60  29   31   156   50   32   26   48  
Eagle  10  4   6   34   9   9   9   7  
Neves-Corvo  329  158   171   552   92   117   152   191  
Zinkgruvan  730  331   399   2,088   551   532   650   355  
  1,757  855   902   4,272   980   995   1,249   1,048

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

7 
Revenue Analysis 
  Three months ended June 30,  Six months ended June 30, 
 by Mine 2023  2022  Change  2023  2022  Change 
 ($ thousands) $ %  $ %  $  $ %  $ %  $ 
 Candelaria (100%)  290,426 50    261,999 44    28,427   670,831 50    719,545 46    (48,714) 
 Chapada  94,721 16    57,260 10    37,461   205,839 15    216,865 14    (11,026) 
 Eagle  105,250 18    106,828 18    (1,578)   174,670 13    256,697 16    (82,027) 
 Neves-Corvo  68,614 12    93,538 16    (24,924)   198,017 15    228,105 14    (30,088) 
 Zinkgruvan  29,520 5    70,596 12    (41,076)   90,518 7    160,088 10    (69,570) 
   588,531    590,221    (1,690)   1,339,875    1,581,300    (241,425) 
 
  Three months ended June 30,  Six months ended June 30, 
 by Metal 2023  2022  Change  2023  2022  Change 
 ($ thousands) $ %  $ %  $  $ %  $ %  $ 
 Copper  390,953 66    350,911 59    40,042   920,634 69    1,029,986 65    (109,352) 
 Zinc  34,801 6    87,693 15    (52,892)   133,952 10    195,308 12    (61,356) 
 Gold  51,007 9    43,072 7    7,935   108,075 8    102,789 7    5,286 
 Nickel  80,302 14    70,876 12    9,426   122,261 9    177,666 11    (55,405) 
 Lead  11,049 2    17,383 3    (6,334)   22,508 2    29,220 2    (6,712) 
 Silver  9,652 2    10,003 2    (351)   18,888 1    23,901 2    (5,013) 
 Other  10,767 1    10,283 2    484   13,557 1    22,430 1    (8,873) 
   588,531    590,221    (1,690)   1,339,875    1,581,300    (241,425) 
 
Revenue for the quarter ended June 30, 2023 amounted to $588.5 million which was comparable to the prior year quarter. 
On a year -to-date basis revenue was lower than the prior year period primarily as a result of lower sales volumes ($126.6 
million) and realized metal prices ($88.9 million). 
 
Revenue from gold and silver for the three and six months ended June 30, 2023 includes the partial recognition of an upfront 
purchase price on the sale of precious metals streams for Candelaria, Neves -Corvo, and Zinkgruvan as well as the cash 
proceeds which amount to approximately $425/oz for gold and between $4.25/oz and $4.57/oz for silver. 
 
Chapada’s copper revenue includes the recognition of deferred revenue from copper streams acquired with the Chapada 
mine, as well as the cash proceeds of 30% of the market price of the copper sold under the streams. 
 
Revenue is recorded using the metal pri ce 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.

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

8 
Provisionally Valued Revenue as of June 30, 2023 
 Metal Payable metal Valued at 
 Copper  82,405 t $3.77 /lb 
 Zinc  27,637 t $1.08 /lb 
 Gold  35  koz $1,929 /oz 
 Nickel  1,668  t $9.25 /lb 
 
Quarterly Reconciliation of Realized Prices 
  Three months ended June 30, 2023 
 ($ thousands) Copper Zinc Gold Nickel Total 
 Current period sales1  473,543   74,219   65,401   78,486   691,649  
 Prior period price adjustments  (53,338)  (20,341)  (2,949)  2,039   (74,589)
     420,205   53,878   62,452   80,525   617,060  
 Other metal sales      46,124  
 Copper stream cash effect      (4,253)
   Gold stream cash effect      (20,923)
   Less: Treatment & refining charges      (49,477)
   Total Revenue      588,531  
       
 Payable Metal 56,633 t 29,499 t 34 koz 3,859 t  
       
 Current period sales1,2 $3.79 $1.14 $1,929 $9.23  
 Prior period adjustments2 (0.42) (0.31) (87) 0.24  
 Realized prices2, 3 $3.37 /lb $0.83 /lb $1,842 /oz $9.47 /lb  
       
  Three months ended June 30, 2022 
  Copper Zinc Gold Nickel Total 
 Current period sales1  502,541   111,814   58,808   102,349   775,512  
 Prior period price adjustments  (127,376)  (6,432)  (5,652)  (31,525)  (170,985)
     375,165   105,382   53,156   70,824   604,527  
 Other metal sales      56,114  
 Copper stream cash effect      (5,244)
   Gold stream cash effect      (20,181)
   Less: Treatment & refining charges      (44,995)
   Total Revenue      590,221  
       
 Payable Metal 60,239 t 34,814 t 32 koz 4,206 t  
       
 Current period sales1,2 $3.78 $1.46 $1,825 $11.04  
 Prior period adjustments2 (0.96)  (0.09) (176) (3.40)  
 Realized prices2, 3 $2.82 /lb $1.37 /lb $1,649 /oz $7.64 /lb  
 1. Includes provisional price adjustments on current period sales. 
 2. This is a non-GAAP measure – see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 
 
3. The realized price for copper inclusive of the impact of streaming agreements for the three months ended June 30, 2023 is $3.34/lb (2022: $2.78/lb). 
The realized price for gold inclusive of the impact of streaming agreements for the three months ended June 30, 2023 is $1,225/oz (2022: $1,023/oz).

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

9 
Year-to-Date Reconciliation of Realized Prices 
  Six months ended June 30, 2023 
 ($ thousands) Copper Zinc Gold Nickel Total 
 Current period sales1  949,919   176,090   128,960   143,244   1,398,213  
 Prior period price adjustments  28,168   1,160   1,145   (18,322)  12,151  
   978,087   177,250   130,105   124,922   1,410,364  
 Other metal sales      87,177  
 Copper stream cash effect      (10,763)
   Gold stream cash effect      (41,519)
   Less: Treatment & refining charges      (105,384)
   Total Revenue      1,339,875  
       
 Payable Metal 112,960 t 69,653 t 66 koz 6,594 t  
       
 Current period sales1,2 $3.81 $1.15 $1,939 $9.85  
 Prior period adjustments2 0.12 0.00 17 (1.26)  
 Realized prices2, 3 $3.93 /lb $1.15 /lb $1,956 /oz $8.59 /lb  
 
  Six months ended June 30, 2022 
  Copper Zinc Gold Nickel Total 
 Current period sales1  1,068,409   218,906   126,088   191,851   1,605,254  
 Prior period price adjustments  13,057   5,611   (1,670)  (11,754)  5,244  
   1,081,466   224,517   124,418   180,097   1,610,498  
 Other metal sales      111,649  
 Copper stream cash effect      (12,384)
   Gold stream cash effect      (41,289)
   Less: Treatment & refining charges      (87,174)
   Total Revenue      1,581,300  
       
 Payable Metal 125,118 t 62,318 t 68 koz 7,473 t  
       
 Current period sales1,2 $3.87 $1.59 $1,854 $11.64  
 Prior period adjustments2 0.05 0.04 (24) (0.71)  
 Realized prices2, 3 $3.92 /lb $1.63 /lb $1,830 /oz $10.93 /lb  
 1. Includes provisional price adjustments on current period sales. 
 2. This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 
 
3. The realized price for copper inclusive of the impact of streaming agreements for 2023 is $3.89/lb (2022: $3.88/lb). The realized price for gold inclusive 
of the impact of streaming agreements for 2023 is $1,332/oz (2022: $1,212/oz).

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

10 
Financial Results 
 
Production Costs  
Production costs for the quarter ended June 30, 2023 were $405.2 million and were largely comparable to the prior year 
quarter. On a year -to-date basis, production costs of $823.0 million was an increase of $38.3 million over the prior year 
comparable period primarily due to increased contractor and maintenance costs at Candelaria. 
 
Depreciation, Depletion and Amortization 
For the three and six months ended June 30, 2023 depreciation, depletion and amortization expense decreased compared to 
the prior year comparative periods, primarily attributable to an extended life of mine at Eagle and reduced Candelaria deferred 
stripping amortization.  
 
 Depreciation, depletion & amortization Three months ended June 30,  Six months ended June 30, 
  ($ thousands) 2023 2022 Change  2023 2022 Change 
 Candelaria  69,696   75,911   (6,215)   128,071   144,020   (15,949) 
 Chapada  14,989   8,473   6,516    27,070   19,590   7,480  
 Eagle  12,670   21,904   (9,234)   23,821   38,753   (14,932) 
 Josemaria  —   288   (288)   38   —   38  
 Neves-Corvo  27,719   23,979   3,740    57,799   44,824   12,975  
 Zinkgruvan  4,913   11,030   (6,117)   13,000   23,509   (10,509) 
 Other  518   457   61    953   895   58  
   130,505   142,042   (11,537)   250,752   271,591   (20,839) 
 
General Exploration and Business Development 
Total general exploration and business development expenses for the quarter and the six months ended June 30, 2023 were 
lower than the comparable prior year periods due mainly to project investigation costs incurred in 2022 related to the 
Josemaria Project.  
 
During the current quarter, exploration costs were spent primarily on in -mine and near -mine targets at the Company’s 
operations. Geophysical surveys were conducted at Chapada, Eagle and Zinkgruvan. Drilling at Candelaria was divided 
between Ojos distri ct and Candelaria Underground with six rigs. Exploration drilling at Neves -Corvo and Zinkgruvan was 
primarily focused along near -mine mineralized trends; Drilling at Chapada has primarily focused on Saúva and the Chapada 
District with four drill rigs opera ting during the quarter. Drilling at Eagle commenced during the second quarter with 
geophysical targeting support which will continue into the third quarter. 
 
Other Income 
Net other income for the quarter and six months ende d June 30, 2023 increased compared to the prior year comparable 
periods due to foreign exchange, trading gains on debt and equity investments and gains on foreign currency contracts. This 
was partially offset by Ojos del Salado sinkhole expenses and a comparatively lower gain on disposal in the current year related 
to a subsidiary sold in a prior period. 
 
Foreign exchange gains and losses recorded in other income primarily resulted from foreign exchange revaluation of working 
capital denomin ated in foreign currencies. Period end exchange rates having a meaningful impact on foreign exchange 
recorded at June 30, 2023 were:

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

11 
  June 30, 2023 March 31, 2023 December 31, 2022 
 Brazilian Real (USD:BRL) 4.82 5.08 5.22 
 Chilean Peso (USD:CLP) 803 789 860 
 Euro (USD:€) 0.92 0.92 0.94 
 Swedish Kronor (USD:SEK) 10.85 10.35 10.44 
 Argentine Peso (USD:ARS) 256 209 177 
 
 
Income Taxes 
 Income tax (recovery) expense 
Three months ended 
 June 30,  
Six months ended  
June 30, 
 ($ thousands) 2023 2022 Change  2023 2022 Change 
 Candelaria  3,732   5,421   (1,689)   46,279   78,390   (32,111) 
 Chapada  (15,864)  27,265   (43,129)   (21,213)  (416)  (20,797) 
 Eagle  3,539   2,396   1,143    3,546   16,158   (12,612) 
 Josemaria  678   982   (304)   678   982   (304) 
 Neves-Corvo  (10,617)  (2,405)  (8,212)   (9,345)  4,706   (14,051) 
 Zinkgruvan  2,286   11,986   (9,700)   6,265   23,251   (16,986) 
 Other  (3,355)  3,358   (6,713)   2,882   3,138   (256) 
   (19,601)  49,003   (68,604)   29,092   126,209   (97,117) 
 
 Income taxes by classification 
Three months ended 
 June 30,  
Six months ended 
 June 30, 
 ($ thousands) 2023 2022 Change  2023 2022 Change 
 Current income tax  27,213   75,649   (48,436)   86,714   171,187   (84,473) 
 Deferred income tax recovery  (46,814)  (26,646)  (20,168)   (57,622)  (44,978)  (12,644) 
   (19,601)  49,003   (68,604)   29,092   126,209   (97,117) 
 
Income tax (recovery) expense for the three and six months ended June 30, 2023 was lower than the prior year comparable 
periods due primarily to lower taxable earnings.  Included in Chapada’s income taxes for the current quarter was a $16.0 
million recovery and $22.0 million recovery on a year-to-date basis recorded for deferred tax on revaluation of non-monetary 
assets and translation of deferred taxes (Q2 2022 – $23.1 million expense, YTD 2022 - $11.9 million recovery).

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

12 
Mining Operations 
 
Production Overview 
(Contained metal in 
concentrate) 
2023 2022 
YTD Q2 Q1 Total Q4 Q3 Q2 Q1 
 Copper (t)         
 Candelaria (100%) 76,119 36,952 39,167 152,042 34,398 37,192 40,949 39,503 
 Chapada 20,561 10,697 9,864 45,739 11,306 13,988 10,345 10,100 
 Eagle 7,021 3,881 3,140 15,895 3,081 3,994 4,400 4,420 
 Neves-Corvo 15,184 7,610 7,574 31,906 7,160 7,019 7,867 9,860 
 Zinkgruvan 2,634 917 1,717 4,077 607 1,737 535 1,198 
  121,519 60,057 61,462 249,659 56,552 63,930 64,096 65,081 
 Zinc (t)         
 Neves-Corvo 51,970 24,177 27,793 82,435 24,523 22,514 20,647 14,751 
 Zinkgruvan 32,698 11,938 20,760 76,503 19,785 17,813 21,265 17,640 
  84,668 36,115 48,553 158,938 44,308 40,327 41,912 32,391 
 Gold (koz)         
 Candelaria (100%) 45 21 24 86 20 21 23 22 
 Chapada 25 13 12 68 16 24 16 12 
  70 34 36 154 36 45 39 34 
 Nickel (t)         
 Eagle 8,410 4,686 3,724 17,475 4,096 4,379 4,719 4,281 
 Lead (t)         
 Neves-Corvo 2,123 951 1,172 3,306 845 743 925 793 
 Zinkgruvan 11,223 3,816 7,407 30,517 7,619 7,046 9,124 6,728 
  13,346 4,767 8,579 33,823 8,464 7,789 10,049 7,521 
 Silver (koz)         
 Candelaria (100%) 713 366 347 1,595 306 337 457 495 
 Chapada 118 62 56 258 65 75 60 58 
 Eagle 28 11 17 93 20 20 26 27 
 Neves-Corvo 843 407 436 1,383 370 323 346 344 
 Zinkgruvan 1,006 374 632 2,621 663 642 739 577 
  2,708 1,220 1,488 5,950 1,424 1,397 1,628 1,501

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

13 
Production Cost and Cash Cost Overview ($ thousand, $/lb) 
 
  
Three months ended 
June 30,  
Six months ended 
June 30, 
 ($ thousands) 2023 2022  2023 2022 
 Candelaria      
 Production costs $184,958 $168,164  $372,937 $320,973 
 Gross cost  2.51   2.08    2.54   2.02  
 By-product1  (0.37)  (0.22)   (0.36)  (0.30) 
 Cash Cost (Cu, $/lb)  2.14   1.86    2.18   1.72  
 AISC (Cu, $/lb)2  3.76   2.89    3.60   2.75  
       
 Chapada      
 Production costs $80,113 $71,507  $148,747 $151,184 
 Gross cost  3.72   4.12    3.63   3.33  
 By-product  (1.03)  (1.14)   (1.09)  (1.07) 
 Cash Cost (Cu, $/lb)  2.69   2.98    2.54   2.26  
 AISC (Cu, $/lb)  3.80   5.00    3.62   3.49  
       
 Eagle      
 Production cost $45,735 $55,128  $91,184 $94,686 
 Gross cost  4.81   4.78    5.71   4.76  
 By-product  (2.93)  (3.88)   (3.60)  (4.80) 
 Cash Cost (Ni, $/lb)  1.88   0.90    2.11   (0.04) 
 AISC (Ni, $/lb)  3.34   2.93    4.09   2.17  
       
 Neves-Corvo      
 Production costs $76,080 $77,788  $161,806 $156,258 
 Gross cost  5.96   4.61    5.45   4.47  
 By-product  (1.97)  (2.22)   (2.76)  (2.43) 
 Cash Cost (Cu, $/lb)  3.99   2.39    2.69   2.04  
 AISC (Cu, $/lb)  5.73   3.14    4.35   3.03  
       
 Zinkgruvan      
 Production costs $17,786 $29,066  $46,691 $60,254 
 Gross cost  1.13   0.93    1.07   0.99  
 By-product  (0.89)  (0.49)   (0.64)  (0.63) 
 Cash Cost (Zn, $/lb)  0.24   0.44    0.43   0.36  
 AISC (Zn, $/lb)  1.06   0.82    1.00   0.70  
1. By-product is after related treatment and refining charges. 
2. All-in Sustaining Cost ("AISC") is a non-GAAP measure, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

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

14 
Capital Expenditures1 
 
  Three months ended June 30, 
  2023 2022 
 ($ thousands) Sustaining Expansionary 
Capitalized 
Interest Total Sustaining Expansionary 
Capitalized 
Interest Total 
 Candelaria  123,417   —   —   123,417   86,107   —   —   86,107  
 Chapada  19,690   —   —   19,690   29,760   —   —   29,760  
 Eagle  3,562   —   —   3,562   2,923   —   —   2,923  
 Josemaria  —   91,650   443   92,093   —   54,934   —   54,934  
 Neves-Corvo  22,133   —   —   22,133   13,760   10,669   —   24,429  
 Zinkgruvan  15,994   —   —   15,994   14,083   —   —   14,083  
 Other  3,024   —   —   3,024   5,032   —   —   5,032  
   187,820   91,650   443   279,913   151,665   65,603   —   217,268  
          
  Six months ended June 30, 
  2023 2022 
 ($ thousands) Sustaining Expansionary 
Capitalized 
Interest Total Sustaining Expansionary 
Capitalized 
Interest Total 
 Candelaria  214,103   —   —   214,103   169,071   —   —   169,071  
 Chapada  35,717   —   —   35,717   44,215   —   —   44,215  
 Eagle  10,664   —   —   10,664   7,383   —   —   7,383  
 Josemaria  —   182,169   479   182,648   —   54,934   —   54,934  
 Neves-Corvo  47,194   —   —   47,194   33,276   24,823   —   58,099  
 Zinkgruvan  30,462   —   —   30,462   23,122   —   —   23,122  
 Other  5,244   —   —   5,244   5,356   —   —   5,356  
   343,384   182,169   479   526,032   282,423   79,757   —   362,180  
1. Capital expenditures are reported on a cash basis, as presented in the condensed interim consolidated statement of cash flows. Sustaining capital 
expenditure is supplementary financial measure and expansionary capital expenditure is a non-GAAP measure – see the "Non-GAAP and Other Performance 
Measures" section of this MD&A for discussion.

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

15 
Candelaria (Chile) 
 
Operating Statistics 
  2023 2022 
 (100% Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1 
          
 Ore mined (000s tonnes)  12,796   6,194   6,602   22,666   4,993   6,239   6,362   5,072  
 Ore milled (000s tonnes)  14,126   6,924   7,202   26,725   6,593   6,642   6,847   6,643  
 Grade         
 Copper (%)  0.59   0.59   0.59   0.62   0.57   0.60   0.64   0.65  
 Gold (g/t)  0.14   0.14   0.15   0.14   0.13   0.14   0.14   0.14  
 Recovery         
 Copper (%)  91.9   91.1   92.6   92.7   92.7   93.3   93.0   91.9  
 Gold (%)  69.6   68.8   70.3   73.9   74.0   74.6   73.8   73.0  
 Production (contained metal)         
 Copper (tonnes)  76,119   36,952   39,167   152,042   34,398   37,192   40,949   39,503  
 Gold (000 oz)  45   21   24   86   20   21   23   22  
 Silver (000 oz)  713   366   347   1,595   306   337   457   495  
 Revenue ($000s)  670,831   290,426   380,405   1,317,223   342,348   255,330   261,999   457,546  
 Production costs ($000s)  372,937   184,958   187,979   697,171   207,596   168,602   168,164   152,809  
 Gross profit ($000s)  169,823   35,772   134,051   335,793   69,285   11,956   17,924   236,628  
 Cash cost ($ per pound copper)  2.18   2.14   2.21   1.96   2.52   1.97   1.86   1.58  
 AISC ($ per pound copper)  3.60   3.76   3.44   3.22   4.19   3.34   2.89   2.61  
 
Gross Profit 
Gross profit for the three months ended June 30, 2023 was higher than the prior year quarter, primarily due to higher net 
price adjustments for both copper and gold, partially offset by higher production costs. Year -to-date, gross profit was lower 
than the prior year period due to higher production costs and lower sales volumes. 
 
Production 
Copper production for the three and six months ended June 30, 2023 was lower than the prior year quarter and year-to-date 
period due to lower grades from the open pit, partially offset by higher throughput. Gold production in the current quarter 
was below the prior year quarter, due to lower recoveries and on a year-to-date basis, gold production was comparable to the 
prior year period. Annual copper and gold production are on track to achieve guidance.  
 
Production Costs and Cash Cost 
Production costs and copper cash cost for the three and six months ended June 30, 2023 were higher than the prior year 
quarter, mainly due to higher contractor services and higher maintenance costs partially mitigated by contracted lower energy 
costs. Cash  cost was further impacted by lower copper sales volumes. Annual copper cash cost guidance has remained 
unchanged from previous guidance. AISC for the three and six months ended June 30, 2023 were higher than the prior year 
periods due to higher cash cost and higher sustaining capital expenditures.  
 
For the six months ended June 30, 2023, approximately 29,000 oz of gold and 426,000 oz of silver were subject to terms of a 
streaming agreement from which approximately $425/oz of gold and $4.25/oz of silver will be received.

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

16 
Chapada (Brazil) 
 
Operating Statistics 
  2023 2022 
 (100% Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1 
          
 Ore mined (000s tonnes)  13,643   7,522   6,121   26,319   7,801   7,404   4,875   6,239  
 Ore milled (000s tonnes)  11,183   5,207   5,976   22,752   5,296   6,345   5,670   5,441  
 Grade         
 Copper (%) 0.24  0.26  0.23  0.26  0.25  0.28  0.25  0.23  
 Gold (g/t) 0.14  0.14  0.13  0.16  0.16  0.19  0.17  0.13  
 Recovery         
 Copper (%) 76.8  80.3  73.3  78.6  83.4  78.8  72.9  79.6  
 Gold (%) 50.9  54.1  48.0  56.0  59.5  58.3  50.6  55.3  
 Production (contained metal)         
 Copper (tonnes)  20,561   10,697   9,864   45,739   11,306   13,988   10,345   10,100  
 Gold (000 oz)  25   13   12   68   16   24   16   12  
 Silver (000 oz)  118   62   56   258   65   75   60   58  
 Revenue ($000s)  205,839   94,721   111,118   477,927   142,328   118,734   57,260   159,605  
 Production costs ($000s)  148,747   80,113   68,634   324,096   84,247   88,665   71,507   79,677  
 Gross (loss) profit ($000s)  30,022   (381)  30,403   41,420   (22,522)  17,851   (22,720)  68,811  
 Cash cost ($ per pound copper)  2.54   2.69   2.37   2.08   1.95   1.92   2.98   1.82  
 AISC ($ per pound copper)  3.62   3.80   3.42   3.36   3.73   2.80   5.00   2.56  
 
Gross (Loss) Profit 
Gross loss in the second quarter improved over the prior year quarter, largely due to higher copper price and price 
adjustments, partially offset by lower sales volumes and higher production costs. Year -to-date, gross profit was lower than 
the prior year period, due to higher depreciation expense. 
 
Production  
Copper production for the t hree and six months ended June 30, 2023 was higher than the prior year periods due to higher 
recoveries in the second quarter of 2023. Gold production in the quarter and year -to-date was lower than the prior year 
periods due to lower grades. Production of both metals in the current quarter were higher than production in the first quarter. 
Both metals are on track to meet annual production guidance.  
 
Production Costs and Cash Cost 
Current quarter production costs were higher than the prior year quarter due primarily to higher volumes sold. Year-to-date, 
production costs are comparable to the prior year period. 
 
Copper cash cost in the second quarter was better than the prior year quarter due to higher sales volumes. Year-to-date, cash 
cost was higher than 2022 due to lower sales volumes. Annual cash cost guidance has improved from $2.55 - $2.75/lb to $2.35 
- $2.55/lb of copper due lower pricing of consumables. AISC was lower in the current quarter and higher year -to-date, 
attributable to cash cost movements described above. 
 
Projects 
The Company is continuing to evaluate options for long -term mine and plant expansion. Study work is being conducted 
following comprehensive exploration efforts focused on near-mine targets since acquisition. The results will be incorporated 
in any future expansionary or optimization plans. During the second quarter, approximately 12,700 metres of exploration 
drilling were completed, primarily on Saúva area targets.

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

17 
Eagle (USA) 
 
Operating Statistics 
  2023 2022 
 (100% Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1 
          
 Ore mined (000s tonnes) 345 189 156 718 165 190 181  182  
 Ore milled (000s tonnes) 342 181 161 718 170 187 182  179  
 Grade         
 Nickel (%) 2.8  2.9  2.6  2.8  2.7  2.7  3.0  2.8  
 Copper (%) 2.1  2.2  2.0  2.3  1.9  2.2  2.5  2.5  
 Recovery         
 Nickel (%) 88.7  88.8  88.5  86.6  88.6  85.5  87.3  85.3  
 Copper (%) 97.1  97.0  97.2  97.2  96.8  96.5  97.7  97.6  
 Production (contained metal)         
 Nickel (tonnes) 8,410 4,686 3,724 17,475 4,096 4,379 4,719 4,281 
 Copper (tonnes) 7,021 3,881 3,140 15,895 3,081 3,994 4,400 4,420 
 Revenue ($000s)  174,670   105,250   69,420   520,472   157,060   106,715   106,828   149,869  
 Production costs ($000s)  91,184   45,735   45,449   193,003   50,581   47,736   55,128   39,558  
 Gross profit ($000s)  59,665   46,845   12,820   247,946   87,359   37,329   29,796   93,462  
 Cash cost ($ per pound nickel)  2.11   1.88   2.43   0.79   2.40   1.05   0.90   (1.25) 
 AISC ($ per pound nickel)  4.09   3.34   5.16   3.01   5.23   2.77   2.93   1.19  
 
Gross Profit 
Gross profit for the quarter ended June 30, 2023 was higher than the prior year quarter, primarily due to positive nickel price 
adjustments as well as lower depreciation expense. Year-to-date, gross profit was lower than the comparable period in 2022, 
as a result of lower nickel prices and price adjustments and sales volumes.  
 
Production 
Nickel and copper production in the current quarter and year-to-date were lower than the prior year comparable periods, due 
to lower grades and throughput. Production of b oth metals is trending higher in the current quarter over the first quarter of 
2023 and on a year -to-date basis in accordance with expectations. Both metals are on track to meet full year production 
guidance. 
 
Production Costs and Cash Cost 
Production costs in the second quarter and year -to-date were lower than the prior year periods due to lower costs for 
consumables and royalties. Nickel cash cost in the quarter and year -to-date was higher than the prior year periods due to 
lower sales volumes and lower copper by-products. Annual cash cost guidance has increased from $1.50 - $1.65/lb to $2.30 - 
$2.45/lb of nickel due mainly to lower by -product credits. AISC in the second quarter and year -to-date were higher than the 
prior year periods, due to higher cash cost.

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

18 
Neves-Corvo (Portugal)  
 
Operating Statistics 
  2023 2022 
 (100% Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1 
          
 Ore mined, copper (000s tonnes) 1,225 622 603 2,501 611 598 610 682 
 Ore mined, zinc (000s tonnes) 981 470 511 1,632 462 447 426 297 
 Ore milled, copper (000s tonnes) 1,232 628 604 2,499 607 596 606 690 
 Ore milled, zinc (000s tonnes) 975 465 510 1,633 465 449 420 299 
 Grade         
 Copper (%) 1.6  1.6  1.6  1.7  1.6  1.6  1.7  1.8  
 Zinc (%) 6.7  6.6  6.7  6.9  6.9  6.9  6.9  7.0  
 Recovery         
 Copper (%) 77.4  77.0  77.7  76.1  75.1  73.0  77.0  78.7  
 Zinc (%) 77.8  76.8  78.7  70.2  74.3  70.3  68.4  66.1  
 Production (contained metal)         
 Copper (tonnes) 15,184 7,610 7,574 31,906 7,160 7,019 7,867  9,860  
 Zinc (tonnes) 51,970 24,177 27,793 82,435 24,523 22,514 20,647  14,751  
 Lead (tonnes) 2,123 951 1,172 3,306 845 743 925  793  
 Silver (000 oz)  843   407   436   1,383   370   323   346   344  
 Revenue ($000s)  198,017   68,614   129,403   433,486   102,516   102,865   93,538   134,567  
 Production costs ($000s)  161,806   76,080   85,726   329,232   78,402   94,572   77,788   78,470  
 Gross (loss) profit ($000s)  (21,588)  (35,185)  13,597   2,447   (7,570)  (17,006)  (8,229)  35,252  
 Cash cost ($ per pound copper)  2.69   3.99   1.69   2.27   2.32   2.69   2.39   1.70  
 AISC ($ per pound copper)  4.35   5.73   3.29   3.40   4.22   3.51   3.14   2.92  
 
Gross (Loss) Profit  
Gross loss was higher on a quarter and year-to-date basis compared to 2022, due to lower net zinc prices. 
 
Production  
Copper production for the three and six months ended June 30, 2023, was lower than the prior year comparable periods due 
to lower grades. Zinc production in the quarter and year-to-date was higher than the prior year periods, attributable to higher 
throughput and better recoveries from the ZEP ramp up. Both metals are expected to achieve ann ual guidance and are as 
planned. 
 
Production Costs and Cash Cost 
Production costs for the three months ended June 30, 2023, were comparable to the prior year quarter. Year -to-date, 
production costs were higher than the six months ended June 30, 2022 primarily due to higher zinc sales volumes.  
 
Copper cash cost for the three and six months were higher than the prior year comparable periods due to lower copper sales 
volumes and higher treatment and refining charges and lower zinc by -product credits in the current quarter. Annual copper 
cash cost guidance remains unchanged . AISC for the three and six months ended June 30, 2023 were higher than the prior 
year quarter due to higher cash cost and higher sustaining capital expenditures from mine development.

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

19 
Zinkgruvan (Sweden) 
 
Operating Statistics 
  2023 2022 
 (100% Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1 
          
 Ore mined, zinc (000s tonnes) 578 268 310 1,209 325 260 298 326 
 Ore mined, copper (000s tonnes) 106 51 55 192 48 61 38 45 
 Ore milled, zinc (000s tonnes) 526 211 315 1,234 309 293 327 305 
 Ore milled, copper (000s tonnes) 112 34 78 225 26 84 27 88 
 Grade         
 Zinc (%) 7.1  6.6  7.4  7.0  7.3  6.9  7.3  6.5  
 Lead (%) 2.7  2.4  2.9  3.0  3.0  2.9  3.3  2.7  
 Copper (%) 2.6  3.1  2.4  2.1  2.6  2.4  2.3  1.6  
 Recovery         
 Zinc (%) 87.8  86.3  88.7  88.4  88.3  87.5  89.1  88.7  
 Lead (%) 80.0  76.2  82.1  82.4  82.2  82.5  83.1  81.7  
 Copper (%) 88.9  86.1  90.5  87.1  89.0  86.1  87.7  87.3  
 Production (contained metal)         
 Zinc (tonnes) 32,698 11,938 20,760 76,503 19,785 17,813 21,265 17,640 
 Lead (tonnes) 11,223 3,816 7,407 30,517 7,619 7,046 9,124 6,728 
 Copper (tonnes) 2,634 917 1,717 4,077 607 1,737 535 1,198 
 Silver (000 oz) 1,006 374 632 2,621 663 642 739 577 
 Revenue ($000s)  90,518   29,520   60,998   292,120   67,178   64,854   70,596   89,492  
 Production costs ($000s)  46,691   17,786   28,905   115,553   29,590   25,709   29,066   31,188  
 Gross profit ($000s)  30,827   6,821   24,006   139,828   29,800   33,703   30,500   45,825  
 Cash cost ($ per pound)  0.43   0.24   0.54   0.32   0.32   0.18   0.44   0.27  
 AISC ($ per pound)  1.00   1.06   0.97   0.68   0.77   0.50   0.82   0.57  
 
Gross Profit 
Gross profit for the three and six months ended June 30, 2023, was  lower than the prior year periods due to lower net zinc 
price combined with lower sales volumes. 
 
Production  
Production of zinc and lead in the three and six months ended June 30, 2023 was below  the prior year periods, impacted by 
lower throughput as a result of a shut -down of the mill to perform the planned implementation of the sequential flotation 
system. In the current quarter, zinc and lead production were also impacted by lower grades and r ecoveries. Copper 
production in the current quarter and year-to-date was higher than the prior year periods, due to higher grades. Annual zinc 
and copper production guidance remains unchanged. 
 
Production Costs and Cash Cost 
Production costs for the quarter were lower than the prior year comparable periods due to mainly to lower sales volumes. 
Year-to-date production costs also benefitted from foreign exchange. Zinc cash cost was lower than the prior year quarter due 
to lower mine and mill costs. On a year-to-date basis cash cost was higher due to lower sales volumes partially offset by lower 
production costs and favourable foreign exchange. Full year cash cost guidance has improved from $0.60 - $0.65/lb to $0.45 
- $0.50/lb of zinc due to higher by -product credits. AISC for the quarter and year -to-date were higher than the prior year 
periods due to higher sustaining capital expenditures.

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

20 
Josemaria Project (Argentina)  
 
Project Development 
The Josemaria Project continues to advance in several areas of pre-construction in reducing risks and enhancing the project, 
for example by advancing government agreements, evaluating inflation and currency devaluation impacts, enhancing mining 
and production plans and further water, geotechnical and exploration drilling planned for the remainder of 2023. 
 
At Josemaria, the construction of the Phase 1 camp is substantially complete with the exception of the installation of the 
power supply system and subsequent commissioning of the kitchen. Internal roadwork has also been completed. Site work is 
now focused on drilling for additional water resources and after the winter in the fourth quarter exploration drilling will 
commence. The long lead grinding mills started to arrive in Argentina and are scheduled to be moved to San Juan in July with 
deliveries continuing throughout the remainder of 2023 and into 2024. 
 
Negotiation continues on the San Juan infrastructure agreements for the royalty offset funding of the access road and th e 
power line capital costs with signing of these agreements scheduled after the change in provincial governor determined by 
the recent July 2nd election. Agreements for the Guandacol access road bypass and road maintenance agreements are nearing 
completion and work will be proceeding imminently. 
 
Additionally, a work plan was prepared for the remainder of 2023 focusing on de -risking the project and adding value to 
Josemaria as well as advancing project financing and execution readiness activities. This work  involves eight work streams in 
the categories of mine optimization, throughput and concentrator recovery, concentrate shipping, infrastructure optimization, 
commercial reviews and project financing, execution readiness and project permitting and government agreements. 
 
During the current quarter, the Company spent $50.6  million, inclusive of foreign exchange and trading gains on debt and 
equity investments of $30.7  million (Q2 2022 - $29.1 million). Capital expenditures during the current quarter were 
$91.7 million (Q2 2022 - $54.9 million). On a year -to-date basis the Company spent $141.1  million in project development 
costs. 
 
Annual capital guidance has been reduced from $400.0 million to $350.0 million to reflect foreign exchange, a delay in planned 
equipment deliveries and reduced activities. 
 
Josemaria Mineral Resources and Mineral Reserves remain unchanged since the 2020 estimates.

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

21 
Metal Prices, LME Inventories and Smelter Treatment and Refining Charges 
 
Overall, the average metal prices for quarter and the year-to-date 2023 were lower than the respective comparative periods 
with the exception of gold. The average metal prices for copper, zinc and nickel for the second quarter of 2023 were all lower 
than the average prices for the first quarter of 2023 by; 5% copper, 19% zinc and 14% nickel while the average price for gold 
for the second quarter of 2023 was 5% higher compared to the first quarter.  
 
   Three months ended June 30,  Six months ended June 30, 
 (Average LME Price) 2023 2022 Change  2023 2022 Change 
 Copper US$/pound 3.84 4.31 -11 %  3.95 4.43 -11 % 
  US$/tonne 8,464 9,513   8,703 9,761  
 Zinc US$/pound 1.15 1.78 -35 %  1.29 1.74 -26 % 
  US$/tonne 2,526 3,915   2,835 3,832  
 Gold US$/ounce 1,976 1,871 6 %  1,932 1,874 3 % 
 Nickel US$/pound 10.12 13.13 -23 %  10.98 12.54 -12 % 
  US$/tonne 22,308 28,940   24,205 27,636  
 
LME inventories for copper and zinc increased by 13% and 79%, respectively, during the second quarter of 2023 while the 
LME inventories of nickel decreased by 12%. 
 
During the second quarter of 2023 the treatment charges (“TC”) and refining charges (“RC”) in the spot market for copper 
concentrates between miners and commodity traders increased from an average spot TC during April of $71 per dmt of 
concentrate and a sp ot RC of $0.071 per lb of payable copper to a spot TC of $84 per dmt of concentrate and a spot RC of 
$0.084 per lb of payable copper during June. Also, the spot terms at which Chinese copper smelters were prepared to buy 
increased through the quarter from a TC of $83 per dmt of concentrate and a RC of $0.083 per payable lb of copper over April 
to a TC of $91 per dmt of concentrate and a RC of $0.091 per payable lb of copper in June. The terms for annual contracts for 
copper concentrates for 2023 were reached in December 2022 at a TC of $88 per dmt with a RC of $0.088 per payable lb of 
copper.  
 
The spot TC, delivered China, for zinc concentrates during the second quarter of 2023 decreased from $225 per dmt, flat, in 
April to $200 per dmt, flat, in June. The 2023 annual terms for zinc concentrates were settled at $274 per dmt of concentrate, 
with an upscale price escalator of 6% from a price basis of $3,000 per dmt zinc without de-escalator.  
 
The Company’s nickel concentrate production from Eagle is sold under several long-term contracts at terms in-line with market 
conditions. Gold production fro m Chapada and Candelaria is sold at terms in -line with market conditions for copper 
concentrates.

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

22 
Liquidity and Capital Resources 
 
As at June 30, 2023, the Company had cash and cash equivalents of $190.2 million and a net debt balance of $229.8 million.  
 
Cash flow from operations for the three months ended June 30, 2023 amounted to $194.8 million and was $171.6 million 
lower than the prior year quarter due mainly to a lower comparative change in non -cash working capital, partially offset by 
lower income tax and higher foreign exchange and trading gains on debt and equity investments. On a year-to-date basis, cash 
flow from operations was $406.7 million and was $276.9 million lower than the prior year comparable period as a result of 
lower gross profit before depreciation partially offset by lower income taxes.  
 
Cash flow used in investing activities for the three and six months ended June 30, 2023 amounted to $283.5 million and $523.5 
million respectively. Cash flow used in investing activities during the current quarter was lower than the prior year quarter  
due to higher expansionary capex in the current period partially offset by the  Josemaria acquisition costs and bridge loan 
payments. On a year-to-date basis cash flow used in investing activities was comparable to the prior year period. 
 
During the current quarter, the Company used $99.9 million for financing activities which was lower than the amount used in 
the prior year quarter due primarily to the payment of a performance dividend in 2022. On a year -to-date basis, there was 
cash flow of $119.4 million from financing activities compared to $259.5 million used in the prior year co mparable period. 
This change was due to higher net proceeds from debt partially offset with lower dividends paid in the current period. 
 
Capital Resources 
The Company continues to expect to be able to fund all its contractual commitments with its operating  cash flow, cash on 
hand and available capital resources.  
 
As at June 30, 2023, the Company had $386.5 million of debt and $28.5 million of lease liabilities outstanding.  
 
As at June 30, 2023, the Company has a revolving Credit Facility of $1,750.0 million with $176.0 million outstanding (December 
31, 2022 - $13.7 million). The Credit Facility bears interest on drawn funds at rates of Term Secured Overnight Financing Rate 
("Term SOFR") + Credit Spread Adjustment ("CSA") + 1.45% to Term SOFR + CSA + 2.50% d epending on the Company’s net 
leverage ratio. The Credit Facility is subject to customary covenants. On April 26, 2023, the Credit Facility was amended 
extending the term to April 2028 and reducing the CSA to 0.10%. 
 
The Company also has equipment financin g with an outstanding balance of $1.2 million as at June 30, 2023 (December 31, 
2022 - $2.4 million) and a commercial paper program of $27.2 million (€25.0 million) which matures in May 2025. In June the 
Company entered into an additional commercial paper program of $54.3 million (€50.0 million) which matures in June 2028. 
The amounts outstanding related to both commercial paper programs as at June 30, 2023 was $65.2 million (€60.0 million) 
(December 31, 2022 - $26.7 million). As at June 30, 2023, the Company had outstanding short-term unsecured term loans of 
$149.1 million (December 31, 2022 - $127.4 million).  
 
In July 2023, the Company entered into a third commercial paper program ("Commercial Paper Program 3") which matures in 
July 2028. The $43.5 millio n (€40.0 million) program bears interest on drawn funds at EURIBOR+0.30%. In July 2023, the 
Company drew down €30.0 million on Commercial Paper Program 3 and €10.0 million under the second commercial paper 
program. 
 
On July 27, 2023, the Company announced that it had received a new term loan in a principal amount of $800 million, which 
the Company will use to refinance the drawdown under the Company’s existing $1.750.0 million revolving credit facility which 
was used to fund the upfront cash consi deration of the Caserones Acquisition. The term loan has a term of three years and 
provides for an additional $400 million non -committed accordion, which would become available upon receipt of additional 
binding commitments and closing of up to an addition al nineteen percent (19%) interest in Caserones. The term loan bears 
interest on US dollar denominated drawn funds at an annual rate equal to Term SOFR+CSA+1.60% to 2.65%, depending on 
the Company’s net leverage ratio. 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.

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

23 
During the three and six months ended June 30, 2023, no shares were purchased under the Company's Normal Course Issuer 
Bid (Q2 2022 and YTD 2022 - 1,189,200 shares, $8.1 million consideration).  
 
Contractual Obligations, Commitments and Contingencies 
The Company has contractual obligations and capita l commitments as described in Note 19 “Commitments and 
Contingencies” in the Company’s Condensed Interim Consolidated Financial Statements. From time to time, the Company 
may also be involved in legal proceedings that arise in the ordinary course of its business. 
 
Financial Instruments 
The Company has entered into derivative contracts consisting of foreign currency forward and option contracts as well as 
diesel swap forward contracts. The option contracts consist of put and call contracts in a collar structure. The Company does 
not currently utilize financial instruments in hedging metal price or interest rate exposure.  
 
For a detailed discussion of the Company’s financial instruments refer to Note 18 of the Company’s Condensed Interim 
Consolidated Financial Statements. 
 
Sensitivities 
Revenue, cost of goods sold  and capital expenditures are affected by certain external factors including fluctuations in metal 
prices and changes in exchange rates between the €, the SEK, the CLP , the BRL, the ARS and the $. Foreign exchange changes 
may be limited by the cash flow hedges previously described.  
 
Market and Liquidity Risks and Sensitivities 
Revenue and cost of goods sold are affected by certain external factors including fluctuations in metal prices and changes in  
exchange rates between the €, the SEK, the CLP , the BRL and the $. 
 
Metal Prices 
The following table illustrates the sensitivity of the Company's risk on final settlement of its provisionally priced revenues: 
 
 Metal Payable Metal 
Provisional price on 
 June 30, 2023 Change 
Effect on Revenue 
($millions) 
 Copper 82,405 t $3.77/lb +/- 10 % +/- $68.5 
 Zinc 27,637 t $1.08/lb +/- 10 % +/- $6.6 
 Gold 35 koz $1,929/oz +/- 10 % +/- $6.8 
 Nickel 1,668 t $9.25/lb +/- 10 % +/- $3.4 
 
Related Party Transactions  
 
The Company enters into related party transactions that are in the normal course of business and on an arm’s length basis. 
Related party disclosures can be found in Note 21 of the Company’s June 30, 2023 Condensed Interim Consolidated Financial 
Statements. 
 
Changes in Accounting Policies and Critical Accounting Estimates and Judgments 
 
The Company describes its significant accounting policies as well as any changes in accounting policies in Note 2 “Basis of 
Presentation and Summary of Significant Accounting Policies” of the June 30, 2023 Condensed Interim Consolidated Financial 
Statements.

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

24 
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 i nformation and should not be 
considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following are 
non-GAAP measures that the Company uses as key performance indicators. 
 
Net Debt 
Net debt is a performan ce measure used by the Company to assess its financial position. Management believes that in 
addition to conventional performance measures prepared in accordance with IFRS, net debt is a useful indicator to some 
investors to evaluate the Company’s financial position. Net debt is defined as cash and cash equivalents, less debt and lease 
liabilities, excluding deferred financing fees and can be reconciled as follows: 
 
 ($thousands) June 30, 2023 December 31, 2022 
 Cash and cash equivalents  190,182   191,387  
     Current portion of total debt and lease liabilities  (284,656)  (170,149) 
 Debt and lease liabilities  (130,359)  (27,179) 
   (415,015)  (197,328) 
 Deferred financing fees (netted in above)  (4,998)  (4,926) 
   (420,013)  (202,254) 
 Net debt  (229,831)  (10,867) 
     
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share 
Adjusted operating cash flow per share is a performance measure used by the Company to assess its ability to generate cash 
from its operations. Adjusted operating cash flow is defined as cash provided by operating activities, excluding changes in 
non-cash working capital items. The Company believes adjusted operating cash flow per share is a relevant measure to some 
investors, as it removes the impact of working capital, which can experience variability period -to-period. Adjusted operating 
cash flow per share can be reconciled to the Company's cash provided by operating activities as follows: 
 
  
Three months ended 
June 30, 
Six months ended 
June 30, 
 ($thousands, except share and per share amounts) 2023 2022 2023 2022 
 Cash provided by operating activities  194,844   366,411   406,719   683,668  
 Changes in non-cash working capital items  (84,207)  (316,665)  (61,015)  (161,117) 
 Adjusted operating cash flow  110,637   49,746   345,704   522,551  
 Basic weighted average number of shares outstanding 772,255,656 766,775,032 771,739,532 751,676,764 
 Adjusted operating cash flow per share 0.14 0.06 0.45 0.70 
 
Free Cash Flow from Operations and Free Cash Flow 
The Company believes free cash flow from operations and free cash flow are relevant measures for investors. Free cash flow 
from operations is indicative of the Company’s ability to generate cash from operations, after consideration of required 
sustaining capital expenditures necessary to maintain operations. Free cash flow is a relevant measure for some investors, as 
it is indicative of the Company’s available cash generated.  
 
Free cash flow from operations is defined as cash flow provided by operating act ivities, excluding exploration and project 
investigation costs and less sustaining capital expenditures. Free cash flow is defined as free cash flow from operations les s 
expansionary capex and exploration and project investigation costs.

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

25 
The Company has r edefined free cash flow so that it encompasses all capital expenditures, including both sustaining and 
expansionary, to more fully represent available cash generation. Free cash flow from operations and free cash flow can be 
reconciled as follows: 
 
  
Three months ended 
June 30, 
Six months ended 
June 30, 
 ($thousands) 2023 2022 2023 2022 
 Cash provided by operating activities  194,844   366,411   406,719   683,668  
 General exploration and business development  13,693   51,531   28,458   59,813  
 Sustaining capital expenditures  (187,820)  (151,665)  (343,384)  (282,423) 
 Free cash flow from operations  20,717   266,277   91,793   461,058  
 General exploration and business development  (13,693)  (51,531)  (28,458)  (59,813) 
 Expansionary capital expenditures  (91,650)  (65,603)  (182,169)  (79,757) 
 Free cash flow  (84,626)  149,143   (118,834)  321,488  
 
Adjusted EBITDA, Adjusted Earnings and Adjusted EPS 
Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), adjusted earnings and adjusted 
EPS are non -GAAP measures. These measures are presented to provide additional information to investors and other 
stakeholders on the  Company’s underlying operational performance. The Company believes certain investors find this 
information useful to evaluate the Company’s ability to generate cash flow from the Company’s core operations. Certain items 
have been excluded from adjusted EBITDA and adjusted earnings such as unrealized foreign exchange and revaluation gains 
and losses, impairment charges and reversals, gain or loss on debt settlement, interest on tax refunds and assessments, 
litigations, settlements and other items that do no t represent the Company’s current and on -going operations and are not 
necessarily indicative of future operating results. 
 
Adjusted EBITDA can be reconciled to the Company's Condensed Interim Consolidated Statement of Earnings as follows: 
 
  
Three months ended 
June 30, 
Six months ended 
June 30, 
 ($thousands) 2023 2022 2023 2022 
 Net earnings (loss)  61,302   (48,626)  226,613   329,483  
 Add back:     
 Depreciation, depletion and amortization  130,505   142,042   250,752   271,879  
 Finance income and costs  15,897   17,309   31,596   32,281  
 Income taxes  (19,601)  49,003   29,092   126,209  
   188,103   159,728   538,053   759,852  
 Unrealized foreign exchange  (19,285)  2,721   (10,641)  10,574  
 Revaluation gain on derivatives  (14,783)  (19,593)  (34,033)  (16,300) 
 Sinkhole costs  11,900   —   16,482   —  
 Revaluation gain on marketable securities  (3,464)  1,626   (3,902)  (2,266) 
 Gain on disposal of subsidiary  —   —   (5,718)  (16,828) 
 Other  (283)  4,161   (1,110)  1,385  
 Total adjustments - EBITDA  (25,915)  (11,085)  (38,922)  (23,435) 
 Adjusted EBITDA  162,188   148,643   499,131   736,417

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

26 
Adjusted earnings and adjusted EPS can be reconciled to the Company's Condensed Interim Consolidated Statement of 
Earnings as follows: 
 
  
Three months ended 
June 30, 
Six months ended 
June 30, 
 ($thousands, except share and per share amounts) 2023 2022 2023 2022 
 Net earnings (loss) attributable to Lundin Mining shareholders  59,109   (52,577)  205,729   292,501  
 Add back:     
 Total adjustments - EBITDA  (25,915)  (11,085)  (38,922)  (23,435) 
 Tax effect on adjustments  (554)  5,035   (3,180)  3,001  
 Deferred tax arising from foreign exchange translation  (15,989)  23,091   (21,996)  (11,863) 
 Other  (634)  260   69   128  
 Total adjustments  (43,092)  17,301   (64,029)  (32,169) 
 Adjusted earnings   16,017   (35,276)  141,700   260,332  
      
 Basic weighted average number of shares outstanding 772,255,656 766,775,032 771,739,532 751,676,764 
      
 Net earnings (loss) attributable to Lundin Mining shareholders 0.08  (0.07)  0.27   0.39  
 Total adjustments  (0.06)  0.02   (0.09)  (0.04) 
 Adjusted EPS  0.02   (0.05)  0.18   0.35  
 
Realized Price per Pound 
Realized price per pound and price per ounce are non-GAAP ratios that are calculated using the non-GAAP financial measures 
of current period sales and prior period adjustments. Realized prices exclude the effects of the stream cash effects as well as 
TC/RCs. Management believes that measuring these prices enables investors to better understand performance based on the 
realized metal sales in the current and prior periods. 
 
Capital Expenditures 
Identifying capital expenditures, on a cash basis, using a sustaining or expansionary classification provides investors with a 
better understanding of costs required to maintain existing operations, and costs required for future growth of exis ting or 
new assets. 
 
• Sustaining capital expenditures – Expenditures which maintain existing operations and sustain production levels. 
 
• Expansionary capital expenditures – Expenditures which increase current or future production capacity, cash flow or 
earnings potential. 
 
Where an expenditure both maintains and expands current operations, classification would be based on the primary decision 
for which the expenditure is being made. Expansionary capital expenditures are reported excluding capitalized interest  and 
therefore is a non-GAAP measure. Sustaining capital expenditure is a supplementary financial measure. 
 
Cash Cost per Pound 
Copper, zinc and nickel cash costs per pound are key performance measures that management uses to monitor performance. 
Management uses these statistics to assess how well the Company’s producing mines are performing and to assess overall 
efficiency and effectiveness of the mining operations. Cash cost is a non-GAAP measure and, although it is calculated according 
to accepted indust ry practice, the Company’s disclosed cash costs may not be directly comparable to other base metal 
producers. 
 
• Cash cost per pound, gross – Total cash costs directly attributable to mining operations, excluding any allocation of 
upfront streaming proceeds or capital expenditures for deferred stripping, are divided by the sales volume of the primary 
metal to arrive at gross cash cost per pound. As this measure is not impacted by fluctuations in sales of by-product metals, 
it is generally more consistent across periods.

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

27 
 
• Cash cost per pound, net of by -products – Credits for by -products sales are deducted from total cash costs directly 
attributable to mining operations. By-product revenue is adjusted for the terms of streaming agreements, but excludes 
any deferred revenue from the allocation of upfront cash received. The net cash costs are divided by the sales volume of 
the primary metal to arrive at net cash cost per pound. The inclusion of by-product credits provides a broader economic 
measurement, incorporating the benefit of other metals extracted in the production of the primary metal. 
 
All-in Sustaining Cost (“AISC”) per Pound 
AISC per pound is an extension of the cash cost per pound measure discussed above and is also a key performance measure 
that management uses to monitor performance. Management uses this measure to analyze margins achieved on existing 
assets while sustaining and maintaining production at current levels. Expansionary capital and certain exploration costs are 
excluded from this def inition as these are costs typically incurred to extend mine life or materially increase the productive 
capacity of existing assets, or for new operations. Corporate general and administrative expenses have also been excluded 
from the all -in sustaining cos t measure, as any attribution of these costs to an operating site would not necessarily be 
reflective of costs directly attributable to the administration of the site.

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

28 
Cash and All-in Sustaining Costs can be reconciled to the Company's production costs as follows: 
 
 Three months ended June 30, 2023 
 Operations Candelaria Chapada Eagle Neves-Corvo Zinkgruvan  
 ($000s, unless otherwise noted) (Cu) (Cu) (Ni) (Cu) (Zn) Total 
 Sales volumes (Contained metal in concentrate):       
 Tonnes 36,347 10,164 3,859 6,170 9,374  
 Pounds (000s) 80,132 22,408 8,507 13,603 20,666  
        
 Production costs       405,198  
 Less: Royalties and other       (7,969) 
        397,229  
 Deduct: By-product credits       (122,636) 
 Add: Treatment and refining charges       32,514  
 Cash cost  171,520  60,351  15,990  54,271  4,975  307,107  
 Cash cost per pound ($/lb) 2.14 2.69 1.88 3.99 0.24  
        
 Add: Sustaining capital expenditure  123,417  19,690  3,562  22,133  15,994  
 Royalties  —  2,029  4,920  83  —  
 
Reclamation and other closure accretion and 
depreciation  2,444  1,847  3,011  1,296  739  
 Leases and other  3,654  1,171  897  148  100  
 All-in sustaining cost  301,035  85,088  28,380  77,931  21,808  
 AISC per pound ($/lb) 3.76 3.80 3.34 5.73 1.06  
 ($000s, unless otherwise noted) 2023 Guidance  
 Cash cost  620,000  260,000  90,000  180,000  90,000  
 Cash cost per pound($/lb) 1.80 – 1.95 2.35 – 2.55 2.30 – 2.45 2.10 – 2.30 0.45 – 0.50  
        
 Three months ended June 30, 2022 
 Operations Candelaria Chapada Eagle Neves-Corvo Zinkgruvan  
 ($000s, unless otherwise noted) (Cu) (Cu) (Ni) (Cu) (Zn) Total 
 Sales volumes (Contained metal in concentrate):       
 Tonnes 39,655 7,905 4,206 8,183 18,525  
 Pounds (000s) 87,424 17,427 9,273 18,040 40,841  
        
 Production costs       402,190  
 Less: Royalties and other       (13,657) 
        388,533  
 Deduct: By-product credits       (134,728) 
 Add: Treatment and refining charges       29,960  
 Cash cost  162,240  51,872  8,341   43,198  18,114  283,765  
 Cash cost per pound ($/lb) 1.86 2.98 0.90 2.39 0.44  
        
 Add: Sustaining capital expenditure  86,107  29,760  2,923  13,760  14,083  
 Royalties  —  2,442  10,633  (616)  —  
 
Reclamation and other closure accretion and 
depreciation  2,082  1,865  4,683  120  956  
 Leases and other  2,658  1,110  631  194  160  
 All-in sustaining cost  253,087  87,048  27,211  56,656  33,313  
 AISC per pound ($/lb) 2.89 5.00 2.93 3.14 0.82

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

29 
 Six months ended June 30, 2023 
 Operations Candelaria Chapada Eagle Neves-Corvo Zinkgruvan  
 ($000s, unless otherwise noted) (Cu) (Cu) (Ni) (Cu) (Zn) Total 
 Sales volumes (Contained metal in concentrate):       
 Tonnes 71,917 19,236 6,594 14,201 25,986  
 Pounds (000s) 158,550 42,408 14,537 31,308 57,289  
        
 Production costs       822,962  
 Less: Royalties and other       (20,055) 
        802,907  
 Deduct: By-product credits       (279,601) 
 Add: Treatment and refining charges       69,129  
 Cash cost  345,212  107,669  30,630  84,163  24,761  592,435  
 Cash cost per pound ($/lb) 2.18 2.54 2.11 2.69 0.43  
        
 Add: Sustaining capital expenditure  214,103  35,717  10,664  47,194  30,462  
 Royalties  —  4,252  10,606  1,813  —  
 
Reclamation and other closure accretion and 
depreciation  4,751  3,648  5,969  2,620  1,800  
 Leases and other  6,797  2,137  1,644  306  202  
 All-in sustaining cost  570,863  153,423  59,513  136,096  57,225  
 AISC per pound ($/lb) 3.60 3.62 4.09 4.35 1.00  
        
 Six months ended June 30, 2022 
 Operations Candelaria Chapada Eagle Neves-Corvo Zinkgruvan  
 ($000s, unless otherwise noted) (Cu) (Cu) (Ni) (Cu) (Zn) Total 
 Sales volumes (Contained metal in concentrate):       
 Tonnes 78,103 20,709 7,473 16,667 34,327  
 Pounds (000s) 172,187 45,655 16,475 36,744 75,678  
        
 Production costs       784,617  
 Less: Royalties and other       (29,528) 
        755,089  
 Deduct: By-product credits       (315,735) 
 Add: Treatment and refining charges       62,115  
 Cash cost  296,225  103,309  (638)  75,001  27,572  501,469  
 Cash cost per pound ($/lb) 1.72 2.26 (0.04) 2.04 0.36  
        
 Add: Sustaining capital expenditure  169,071  44,215  7,383  33,276  23,122  
 Royalties  —  6,106  18,424  2,197  —  
 
Reclamation and other closure accretion and 
depreciation  4,051  3,749  9,300  451  2,073  
 Leases and other  4,626  2,039  1,282  396  398  
 All-in sustaining cost  473,973  159,417  35,751  111,321  53,165  
 AISC per pound ($/lb) 2.75 3.49 2.17 3.03 0.70

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

30 
Managing Risks 
 
Risks and Uncertainties 
The Company’s business activities are subject to a variety and wide range of inherent risks and uncertainties. Any of these 
risks could have an adverse effect on the Company, its business and prospects, and could cause actual outcomes and results 
to differ materially from those described in forward-looking statements relating to the Company. 
 
For additional discussion on Lundin Mining’s risks, refer to the “Risks and Uncertainties” section of the Company’s Annual 
Information Form (“AIF”) for the year ended December 31, 2022 and the “Cautionary Statement on Forward -Looking 
Information” of this MD&A. 
 
Management’s Report on Internal Controls 
 
Disclosure controls and procedures (“DCP”) 
DCP have been designed to provide reasonable a ssurance that all material information related to the Company is identified 
and communicated on a timely basis. Management of the Company, under the supervision of the Chief Executive Officer and 
the Chief Financial Officer, is responsible for the design and operation of DCP . 
 
Internal control over financial reporting (“ICFR”) 
The Company’s ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and 
preparation of financial statements for external purposes in accordance with IFRS. However, due to inherent limitations ICFR 
may not prevent or detect all misstatements and fraud. Management will continue to monitor the effectiveness of its ICFR 
and may make modifications from time to time as considered necessary. 
 
Control Framework 
Management assesses the effectiveness of the Company’s ICFR using the Internal Control – Integrated Framework (2013 
Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). 
 
Changes in ICFR 
There have been no changes in the Company’s ICFR during the quarter ended June 30, 2023 that have materially affected, or 
are reasonably likely to materially affect, the Company’s financial reporting. 
 
Outstanding Share Data 
 
As at August 2, 2023, the Company has 773,066,071 common shares issued and outstanding, and 6,932,668 stock options 
and 1,896,028 share units outstanding under the Company's plans. 
 
Other Information 
Additional information regarding the Company is in cluded in the Company’s AIF which  is filed with the Canadian securities 
regulators. A copy of the Company’s AIF  can be obtained on SEDAR  (www.sedar.com) or on the Company’s website 
(www.lundinmining.com).

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

Condensed Interim Consolidated Financial Statements of  
 
Lundin Mining Corporation 
 
June 30, 2023 
(Unaudited)

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

- 1 - 
LUNDIN MINING CORPORATION    
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS As at 
(Unaudited - in thousands of US dollars) June 30, 
2023 
 December 31, 
2022   
ASSETS    
Cash and cash equivalents (Note 3) $ 190,182   $ 191,387  
Trade and other receivables (Note 4)  508,347    576,178  
Income taxes receivable  63,448    72,402  
Inventories (Note 5)  352,480    296,710  
Current portion of derivative assets (Note 18)  52,794    43,521  
Other current assets  25,573    38,571  
Total current assets  1,192,824    1,218,769  
Restricted funds  55,301    50,195  
Long-term inventory (Note 5)  681,536    641,877  
Derivative assets (Note 18)  20,147    25,111  
Other non-current assets  25,790    20,035  
Mineral properties, plant and equipment (Note 6)  6,222,740    5,975,686  
Deferred tax assets   4,447    3,837  
Goodwill   239,023    237,294  
  7,248,984    6,954,035  
Total assets $ 8,441,808   $ 8,172,804  
LIABILITIES    
Trade and other payables (Note 7) $ 575,631   $ 612,965  
Income taxes payable  39,810    45,000  
Current portion of derivative liabilities (Note 18)  26,967    24,423  
Current portion of debt and lease liabilities (Note 8)  284,656    170,149  
Current portion of deferred revenue (Note 9)  78,170    74,061  
Current portion of reclamation and other closure provisions (Note 10)  21,452    23,550  
Total current liabilities  1,026,686    950,148  
Derivative liabilities (Note 18)  24,792    27,876  
Debt and lease liabilities (Note 8)  130,359    27,179  
Deferred revenue (Note 9)  556,903    580,045  
Reclamation and other closure provisions (Note 10)  460,568    422,298  
Other long-term liabilities  21,830    24,922  
Provision for pension obligations  5,077    5,613  
Deferred tax liabilities   651,316    709,602  
  1,850,845    1,797,535  
Total liabilities  2,877,531    2,747,683  
SHAREHOLDERS' EQUITY    
Share capital (Note 11)  4,568,943    4,555,125  
Contributed surplus  53,714    55,769  
Accumulated other comprehensive loss  (339,047)   (342,287) 
Retained earnings  695,803    592,425  
Equity attributable to Lundin Mining Corporation shareholders  4,979,413    4,861,032  
Non-controlling interests  584,864    564,089  
Total shareholders' equity  5,564,277    5,425,121  
Total liabilities and shareholders' equity $ 8,441,808   $ 8,172,804  
Commitments and contingencies (Note 19)    
Subsequent event (Note 23)    
    
The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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

- 2 - 
LUNDIN MINING CORPORATION      
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)      
(Unaudited - in thousands of US dollars, except for shares and per share amounts)    
      
 
Three months ended 
June 30, 
Six months ended 
June 30, 
 2023 2022  2023 2022 
Revenue (Note 12) $ 588,531  $ 590,221   $ 1,339,875  $ 1,581,300  
Cost of goods sold      
Production costs (Note 13)  (405,198)  (402,190)   (822,962)  (784,617) 
Depreciation, depletion and amortization  (130,505)  (142,042)   (250,752)  (271,879) 
Gross profit  52,828   45,989    266,161   524,804  
General and administrative expenses  (14,898)  (11,168)   (30,008)  (22,670) 
General exploration and business development (Note 15)  (13,693)  (51,531)   (28,458)  (59,813) 
Finance income (Note 16)  1,572   883    3,336   1,484  
Finance costs (Note 16)  (17,469)  (18,192)   (34,932)  (33,765) 
Other income (Note 17)  33,361   34,396    79,606   45,652  
Earnings before income taxes  41,701   377    255,705   455,692  
Current tax expense   (27,213)  (75,649)   (86,714)  (171,187) 
Deferred tax recovery   46,814   26,646    57,622   44,978  
Net earnings (loss) $ 61,302  $ (48,626)  $ 226,613  $ 329,483  
      
Net earnings (loss) attributable to:      
Lundin Mining Corporation shareholders $ 59,109  $ (52,577)  $ 205,729  $ 292,501  
Non-controlling interests  2,193   3,951    20,884   36,982  
Net earnings (loss) $ 61,302  $ (48,626)  $ 226,613  $ 329,483  
      
Basic and diluted earnings (loss) per share attributable to Lundin Mining 
Corporation shareholders: $ 0.08  $ (0.07)  $ 0.27  $ 0.39  
      
Weighted average number of shares outstanding (Note 11)      
Basic  772,255,656   766,775,032    771,739,532   751,676,764  
Diluted  773,189,884   766,775,032    772,427,392   753,106,879  
      
The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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

- 3 - 
LUNDIN MINING CORPORATION      
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 
(Unaudited - in thousands of US dollars)      
      
 
Three months ended 
June 30,  
Six months ended 
June 30, 
 2023 2022  2023 2022 
Net earnings (loss) $ 61,302  $ (48,626)  $ 226,613  $ 329,483  
      
Other comprehensive (loss) income, net of taxes      
Item that will not be reclassified to net earnings:      
Remeasurements for post-employment benefit plans  (308)  302    (566)  (561) 
Item that may be reclassified subsequently to net earnings:      
Effects of foreign exchange  (15,756)  (84,594)   3,697   (108,417) 
Other comprehensive (loss) income  (16,064)  (84,292)   3,131   (108,978) 
Total comprehensive income (loss) $ 45,238  $ (132,918)  $ 229,744  $ 220,505  
      
Comprehensive income (loss) attributable to:      
Lundin Mining Corporation shareholders $ 43,097  $ (136,929)  $ 208,969  $ 183,634  
Non-controlling interests  2,141   4,011    20,775   36,871  
Total comprehensive income (loss) $ 45,238  $ (132,918)  $ 229,744  $ 220,505  
      
The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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

- 4 - 
LUNDIN MINING CORPORATION     
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY    
(Unaudited - in thousands of US dollars, except for shares)    
        
 
Number of 
shares 
Share 
capital 
Contributed 
surplus 
Accumulated 
other 
comprehensive 
loss 
Retained 
earnings 
Non-
controlling 
interests Total 
Balance, December 31, 2022  770,746,531  $ 4,555,125  $ 55,769  $ (342,287)
  
$ 592,425  $ 564,089  $ 5,425,121  
Exercise of share-based awards  2,091,707   13,818   (6,260)
  
 —   —   —   7,558  
Share-based compensation  —   —   4,205   —   —   —   4,205  
Dividends declared (Note 11(c))  —   —   —   —   (102,351)
  
 —   (102,351)
  Net earnings  —   —   —   —   205,729   20,884   226,613  
Other comprehensive income (loss)  —   —   —   3,240   —   (109)
  
 3,131  
Total comprehensive income  —   —   —   3,240   205,729   20,775   229,744  
Balance, June 30, 2023  772,838,238  $ 4,568,943  $ 53,714  $ (339,047) $ 695,803  $ 584,864  $ 5,564,277  
        
Balance, December 31, 2021  734,987,154  $ 4,199,756  $ 58,166  $ (249,929)
  
$ 437,160  $ 547,580  $ 4,992,733  
Distributions   —   —   —   —   —   (20,000)
  
 (20,000)
  Josemaria acquisition  40,031,936   369,175   13,436   —   —   —   382,611  
Exercise of share-based awards  4,922,141   36,869   (16,408)
  
 —   —   —   20,461  
Share-based compensation  —   —   5,535   —   —   —   5,535  
Dividends declared  —   —   —   —   (170,941)
  
 —   (170,941)
  Shares purchased  (1,189,200)
  
 (7,016)
  
 —   —   (1,034)
  
 —   (8,050)
  Accrued liability for automatic share purchase plan 
commitment   —   (10,431)  —   —   —   —   (10,431)  
Net earnings  —   —   —   —   292,501   36,982   329,483  
Other comprehensive loss  —   —   —   (108,867)
  
 —   (111)
  
 (108,978)
  Total comprehensive (loss) income  —   —   —   (108,867)
  
 292,501   36,871   220,505  
Balance, June 30, 2022  778,752,031  $ 4,588,353  $ 60,729  $ (358,796)
  
$ 557,686  $ 564,451  $ 5,412,423  
        
The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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

- 5 - 
LUNDIN MINING CORPORATION      
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS      
(Unaudited - in thousands of US dollars)      
 
Three months ended 
June 30,  
Six months ended  
June 30, 
Cash provided by (used in) 2023 2022  2023 2022 
Operating activities      
Net earnings (loss) $ 61,302  $ (48,626)  $ 226,613  $ 329,483  
Items not involving cash and other adjustments      
Depreciation, depletion and amortization  130,505   142,042    250,752   271,879  
Share-based compensation  1,755   2,339    4,021   5,535  
Foreign exchange (gain) loss  (19,285)  2,721    (10,641)  10,574  
Unrealized foreign exchange and trading gains on equity investments  —   (18,848)   —   (18,848) 
Finance costs, net (Note 16)  15,897   17,309    31,596   32,281  
Recognition of deferred revenue (Note 9)  (16,919)  (19,395)   (36,019)  (40,100) 
Deferred tax recovery  (46,814)  (26,646)   (57,622)  (44,978) 
Revaluation of marketable securities (Note 17)  (3,464)  1,626    (3,902)  (2,266) 
Revaluation of foreign currency and diesel derivatives (Note 18)  128   —    (34,115)  —  
Other  5,382   (6,251)   13,445   (22,726) 
Reclamation payments (Note 10)  (2,548)  (2,160)   (5,129)  (3,907) 
Other payments  (411)  (474)   (989)  (1,025) 
Changes in long-term inventory  (14,891)  6,109    (32,306)  6,649  
Changes in non-cash working capital items (Note 22)  84,207   316,665    61,015   161,117  
  194,844   366,411    406,719   683,668  
Investing activities      
Investment in mineral properties, plant and equipment  (279,913)  (217,268)   (526,032)  (362,180) 
Acquisition of Josemaria, net of cash acquired  —   (126,381)   —   (126,381) 
Cash received from disposal of subsidiary (Note 17)  —   —    5,718   16,828  
Interest received  1,290   1,175    2,168   1,405  
Josemaria bridge loan  —   (13,600)   —   (54,100) 
Distributions from associate, net   —   18,000    —   18,000  
Other  (4,845)  5,027    (5,388)  897  
  (283,468)  (333,047)   (523,534)  (505,531) 
Financing activities      
Proceeds from debt (Note 8)  282,119   —    430,949   —  
Interest paid  (5,972)  (2,066)   (10,667)  (3,525) 
Principal payments of lease liabilities  (6,062)  (4,872)   (11,280)  (8,936) 
Principal repayments of debt (Note 8)  (84,022)  (615)   (214,502)  (1,267) 
Payment of Josemaria debentures  —   (47,000)   —   (47,000) 
Dividends paid to shareholders  (104,021)  (171,232)   (104,021)  (171,232) 
Shares purchased (Note 11)  —   (8,050)   —   (8,050) 
Proceeds from common shares issued  5,473   9,569    7,558   20,461  
Distributions paid to non-controlling interests  —   (20,000)   —   (35,000) 
Net proceeds from settlement of foreign currency and diesel derivatives  13,331   —    24,400   —  
Other  (924)  (4,954)   (3,009)  (4,954) 
  99,922   (249,220)   119,428   (259,503) 
Effect of foreign exchange on cash balances  (5,355)  (19,777)   (3,818)  (14,460) 
Increase (decrease) in cash and cash equivalents during the period  5,943   (235,633)   (1,205)  (95,826) 
Cash and cash equivalents, beginning of period  184,239   733,876    191,387   594,069  
Cash and cash equivalents, end of period $ 190,182  $ 498,243   $ 190,182  $ 498,243  
Supplemental cash flow information (Note 22)      
 The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 6 - 
1. NATURE OF OPERATIONS 
 
Lundin Mining Corporation is a diversified Canadian base metals mining company primarily producing copper, zinc, 
gold and nickel. The Company owns 80% of the Candelaria and Ojos del Salado mining complex ("Candelaria") located 
in Chile. The Company’s wholly -owned operating assets include the Chapada mine located in Brazil, the Eagle mine 
located in the United States of America (“USA”), the Neves -Corvo mine loca ted in Portugal, and the Zinkgruvan mine 
located in Sweden. In addition, the Company owns the large scale copper -gold Josemaria project ("Josemaria Project"), 
located in Argentina. On July 13, 2023, the Company announced the closing of the acquisition of a  fifty-one percent 
(51%) controlling interest in the Caserones copper-molybdenum mine ("Caserones") located in Chile (Note 23). 
 
The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm 
Exchange in Sweden. The Company is incorporated under the Canada Business Corporations Act. The Company is 
domiciled in Canada and its registered address is 150 King Street West, Toronto, Ontario, Canada. 
 
2.  BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES 
 
(i) Basis of presentation and measurement 
 
The unaudited condensed interim consolidated financial statements have been prepared in accordance with 
International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board 
(“IASB”) and Interpretations of the Inter national Financial Reporting Interpretations Committee which the 
Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - 
Accounting including IAS 34 Interim Financial Reporting. The condensed interim consolidated financial statements 
should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 
2022.  
 
The consolidated financial statements have been prepared on a historical cost basis except for certain financial 
instruments which have been measured at fair value. 
 
The Company's presentation currency is United States (“US”) dollars. Reference herein 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 for issue on 
August 2, 2023. 
 
(ii)     Material accounting policies 
 
The accounting policies followed in these condensed interim consolidated financial statem ents are consistent 
with those disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 
31, 2022, except as discussed below. 
 
(iii) New standards and interpretations adopted 
 
In May 2021, the IASB issued amendments  to IAS 12, Income Taxes. The amendments to IAS 12 narrow the scope 
of the initial recognition exemption so that it no longer applies to transactions which give rise to equal amounts 
of taxable and deductible temporary differences. The amendments require recognition of a deferred tax asset and 
deferred tax liability for temporary differences arising on initial recognition for certain transactions, including 
leases and reclamation provisions. The amendments to IAS 12 are effective for annual reporting period s 
beginning on or after January 1, 2023, with early adoption permitted. The Company adopted the amendments 
effective January 1, 2023, with no material impact to the consolidated financial statements for 2023 or the 
comparative period.

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 7 - 
 
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. 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 evaluates the impact of these income 
taxes on its consolidated financial statements. 
 
(iv)   Critical accounting estimates and judgments in applying the entity’s accounting policies 
 
Areas of judgment that have the most significant effect on the amounts recognized in the financial statements are 
disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2022.  
 
 
3. CASH AND CASH EQUIVALENTS 
 
Cash and cash equivalents are comprised of the following: 
 
  June 30, 2023              December 31, 2022 
 Cash $ 150,954  $ 158,153 
 Short-term deposits  39,228   33,234 
  $ 190,182  $ 191,387 
 
 
4. TRADE AND OTHER RECEIVABLES 
 
Trade and other receivables are comprised of the following: 
 
  June 30, 2023  December 31, 2022 
 Trade receivables $ 339,648  $ 430,734 
 Prepaid expenses  87,859   53,767 
 Value added tax  58,574   65,028 
 Other receivables  22,266   26,649 
  $ 508,347  $ 576,178 
 
 
5. INVENTORIES 
 
Inventories are comprised of the following: 
 
  June 30, 2023  December 31, 2022 
 Ore stockpiles $ 67,157  $ 69,781 
 Concentrate stockpiles  61,285   42,209 
 Materials and supplies  224,038   184,720 
  $ 352,480  $ 296,710 
 
Long-term inventory is comprised of ore stockpiles. As at June 30, 2023, the Company had $410.5 million (December 
31, 2022 - $394.2 million) and $271.0 million (December 31, 2022 -  $247.7 million) of long- term ore stockpiles at 
Candelaria and Chapada, respectively.

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 8 - 
6. MINERAL PROPERTIES, PLANT AND EQUIPMENT 
 
Mineral properties, plant and equipment are comprised of the following: 
 
 Cost 
Mineral 
properties  
Plant and 
equipment  
Assets under 
construction1  
Development 
project2  
Software 
intangible 
assets  Total 
 As at December 31, 2021 $ 5,279,143   $ 3,441,171   $ 342,592   $ 6,631   $ 14,678   $ 9,084,215  
 Josemaria acquisition  —    22,233    —    646,605    —    668,838  
 Additions  131,361    31,952    127,287    64,777    903    356,280  
 Disposals and transfers  51,727    139,293    (195,239)
    (7,022)
    4,530    (6,711)
   Effects of foreign exchange  (169,007)
    (84,926)
    (13,355)
    —    (360)
    (267,648)
   As at June 30, 2022  5,293,224    3,549,723    261,285    710,991    19,751    9,834,974  
 Additions  191,104    60,697    149,962    163,685    13,367    578,815  
 Disposals and transfers  41,378    120,137    (174,448)
    1,743    (489)
    (11,679)
   Effects of foreign exchange  21,217    21,620    (743)
    —    (3)
    42,091  
 As at December 31, 2022  5,546,923    3,752,177    236,056    876,419    32,626    10,444,201  
 Additions  153,973    27,214    175,503    147,431    42    504,163  
 Disposals and transfers  44,937    31,289    (87,431)
    —    2,464    (8,741)
   Effects of foreign exchange  3,091    9,037    (343)
    —    (39)
    11,746  
 As at June 30, 2023 $ 5,748,924   $ 3,819,717   $ 323,785   $ 1,023,850   $ 35,093   $ 10,951,369  
 
 
Accumulated depreciation, 
depletion and amortization 
Mineral        
properties  
Plant and 
equipment  
Assets under 
construction1  
Development 
project2  
Software 
intangible 
assets  Total 
 As at December 31, 2021 $ 2,620,196   $ 1,405,084   $ —   $ —   $ 8,036   $ 4,033,316  
 Depreciation  163,615    117,149    —    —    1,147    281,911  
 Disposals and transfers  (79)
    (2,904)
    —    —    —    (2,983)
   Effects of foreign exchange  (105,266)
    (38,381)
    —    —    (103)
    (143,750)
   As at June 30, 2022  2,678,466    1,480,948    —    —    9,080    4,168,494  
 Depreciation  145,216    134,854    —    —    2,682    282,752  
 Disposals and transfers  —    (2,557)
    —    —    (119)
    (2,676)
   Effects of foreign exchange  11,749    8,194    —    —    2    19,945  
 As at December 31, 2022  2,835,431    1,621,439    —    —    11,645    4,468,515  
 Depreciation  146,614    118,343    —    —    2,232    267,189  
 Disposals and transfers  —    (8,579)
    —    —    —    (8,579)
   Effects of foreign exchange  (564)
    2,101    —    —    (33)
    1,504  
 As at June 30, 2023 $ 2,981,481   $ 1,733,304   $ —   $ —   $ 13,844   $ 4,728,629  
 
 Net book value 
Mineral        
properties  
Plant and 
equipment  
Assets under 
construction1  
Development 
project2  
Software 
intangible 
assets  Total 
 As at December 31, 2022 $ 2,711,492  $ 2,130,738  $ 236,056  $ 876,419  $ 20,981  $ 5,975,686 
 As at June 30, 2023 $ 2,767,443  $ 2,086,413  $ 323,785  $ 1,023,850  $ 21,249  $ 6,222,740 
 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.

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 9 - 
During the second quarter of 2022, the Company completed the Josemaria Resources Inc. acquisition acquiring 
$668.8 million of mineral properties, plant and equipment related to the Josemaria Project. During the fourth quarter 
of 2022, the Company began to capitalize the Josemaria Project development costs.  
 
During the three and six months ended June 30, 2023 , the Company cap italized $4.5 million and $7.8 million, 
respectively, of finance costs to the Josemaria Project at a weighted average interest rate of 5.5%. During the three and 
six months ended June 30, 2022, the Company capitalized $0.7 million and $1.8 million, respectively, of finance costs to 
assets under construction at a weighted average interest rate of 5.5%.  
 
During the three and six months ended June 30, 2023, the Company capitalized $54.5 million (second quarter ("Q2") 
2022 - $63.1 million) and $95.8 million (y ear-to-date ("YTD") Q2 2022 - $122.0 million), respectively, of deferred 
stripping costs to mineral properties. The depreciation expense related to deferred stripping for the three and six 
months ended June 30, 2023, was $26.8 million (Q2 2022 - $38.4 mill ion) and $52.4 million (YTD Q2 2022 - $66.3 
million), respectively. Included in the mineral properties balance at June 30, 2023 is $211.7 million (December 31, 2022 
- $681.7 million) related to deferred stripping at Candelaria, which is currently non-depreciable.
 
 
The Company leases various assets including buildings, rail cars, vehicles, machinery and equipment. The following 
table summarizes the changes in right-of-use assets within plant and equipment: 
 
  Net book value 
 As at December 31, 2021 $ 27,597  
 Josemaria acquisition   32  
 Additions  8,878  
 Depreciation  (10,089)
   Effects of foreign exchange  (400)
   As at June 30, 2022  26,018  
 Additions  13,193  
 Depreciation  (11,199)
   Disposals  (75)
   Effects of foreign exchange  (14)
   As at December 31, 2022  27,923  
 Additions  11,843  
 Depreciation  (11,755)
   Effects of foreign exchange  278  
 As at June 30, 2023 $ 28,289

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 10 - 
7. TRADE AND OTHER PAYABLES 
 
Trade and other payables are comprised of the following: 
 
  June 30, 2023  December 31, 2022 
 Trade payables $ 254,798   $ 315,948  
 Unbilled goods and services  128,341    122,390  
 Employee benefits payable  90,226    88,086  
 Pricing provisions on concentrate sales  36,549    8,484  
 Sinkhole provision   31,030    38,000  
 Royalties payable  15,470    16,283  
 Other  19,217    23,774  
  $ 575,631   $ 612,965  
 
The sinkhole provision relates to expected remediation costs and potential fines directly related to the sinkhole near 
the Company's Ojos del Salado operations.  
 
Included in pricing provisions on concentrate sales are balances owing to customers and provisions arising from 
forward market price adjustments.

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 11 - 
 
8. DEBT AND LEASE LIABILITIES 
 
Debt and lease liabilities are comprised of the following: 
 
  June 30, 2023  December 31, 2022 
 Revolving credit facility (a) (Note 23) $ 171,002   $ 13,730  
 Term loans (b)  149,080   127,400 
 Lease liabilities (c)  28,538   27,166 
 Commercial paper (d)  65,196   26,665 
 Line of credit (e)  1,199   2,367 
 Debt and lease liabilities  415,015   197,328 
 Less: current portion  284,656   170,149 
 Long-term portion $ 130,359  $ 27,179 
     
The changes in debt and lease liabilities are comprised of the following: 
  Leases  Debt  Total 
 As at December 31, 2021 $ 25,878  $ 5,125  $ 31,003 
 Josemaria acquisition  38    47,000   47,038 
 Additions  8,876    —   8,876 
 Payments  (9,620)   (48,267)   (57,887) 
 Interest  684   —   684 
 Effects of foreign exchange  (1,059)   (352)   (1,411) 
 As at June 30, 2022  24,797   3,506   28,303 
 Additions  12,322   282,938   295,260 
 Payments  (12,031)   (112,557)   (124,588) 
 Disposals  (26)   —    (26) 
 Interest  750   —   750 
 Financing fee amortization  —   656   656 
 Financing fee reclassification  —   (4,926)   (4,926) 
 Effects of foreign exchange  1,354    545    1,899  
 As at December 31, 2022  27,166   170,162   197,328 
 Additions  11,774   430,949   442,723 
 Payments  (12,013)   (214,502)   (226,515) 
 Interest  733   —   733 
 Financing fee amortization  —   430   430 
 Deferred financing fee  —   (1,158)   (1,158) 
 Effects of foreign exchange  878    596    1,474  
 As at June 30, 2023  28,538   386,477   415,015 
 Less: current portion  14,181   270,475   284,656 
 Long-term portion $ 14,357  $ 116,002  $ 130,359

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 12 - 
a) The Company has a secured revolving credit facility of $1,750.0 million. On April 26, 2023, the credit facility was 
amended, extending the term by one year to April 2028 and bearing 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 subject to 
customary covenants. During the first quarter of 2023, the Company drew down $25.0 million and subsequently 
repaid $13.0 million. During the second  quarter of 2023, the Company drew down an additional $146.0 million.  
As at June 30, 2023, the balance outstanding was $176.0 million (December 31, 2022 - $18.0 million) with 
deferred financing fees of $5.0 million (December 31, 2022 - $4.3 million) netted against borrowings.  
 
In July 2023, the Company repaid $55.0 million on the revolving credit facility.  
 
b) During 2022, Candelaria obtained an unsecured fixed term loan in the amount of $50.0 million which remains 
outstanding as at June  30, 2023 (December 31, 2022 - $50.0 million). The loan matures on December 20, 2023 
and accrues interest at a rate of 6.13% per annum, with interest payable upon maturity.  
 
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 $59.5 million and $71.1 million during the first 
and second quarter of 2023, respectively. Chapada subsequently repaid $47.1 million and $61.8 million of the 
outstanding term loans during the first and second quarter of 2023, respectively. 
 
During 2022, Chapada obtained a series of unsecured fixed term loans totalling $101.4 million. Term loans 
totalling $24.0 million were repaid in full upon their respective maturity dates in 2022.  
 
As at June 30, 2023, there were twenty -one term loans outstanding at Chapada totalling $99.1 million 
(December 31, 2022 - nine term loans totalling $77.4 million). These outstanding term loans accrue interest a t 
rates ranging from 6.19% to 7.27% per annum with interest payable upon maturity. The maturity dates range 
from August 9 to October 27, 2023. 
 
c) Lease liabilities relate to leases on buildings, rail cars, vehicles, machinery and equipment which have rema ining 
lease terms of one to twelve years and interest rates of 0.8% - 8.0% over the terms of the leases. Additionally, 
the Company acts as lessee in certain leases that contain variable lease payment terms that are primarily based 
on usage of the right-of-use assets.  
 
d) Sociedade Mineira de Neves -Corvo, S.A. (“Somincor”), a subsidiary of the Company which owns the Neves-
Corvo mine, has a commercial paper program ("Commercial Paper Program 1") which matures in May 2025. The 
$27.2 million (€25.0 million) pr ogram bears interest on drawn funds at EURIBOR+0.50%. As at December 31, 
2022, the Commercial Paper Program 1 was fully drawn at $26.7 million (€25.0 million). During 2023, Somincor 
made several repayments totalling $91.1 million (€85.0 million) and made several drawdowns totalling $86.1 
million (€80.0 million) on the program. In June 2023, Somincor entered into an additional commercial paper 
program ("Commercial Paper Program 2") which matures in June 2028. The $54.3 million (€50.0 million) 
program bears interest on drawn funds at EURIBOR+0.50%. During the second quarter of 2023, Somincor drew 
down $43.3 million (€40.0 million) from the program. As at June 30, 2023, Commercial Paper Program 1 and 
Commercial Paper Program 2 remain drawn at $21.7 million (€20.0 million) and $43.5 million (€40.0 million), 
respectively. 
 
 
In July 2023, Somincor entered into a third commercial paper program ("Commercial Paper Program 3") which 
matures in July 2028. The $43.5 million (€40.0 million) program bears interest on drawn  funds at 
EURIBOR+0.30%. In July 2023, Somincor drew down €30.0 million on Commercial Paper Program 3 and €10.0 
million on Commercial Paper Program 2. 
 
e) As at June 30, 2023, the balance outstanding for Somincor equipment financing was $1.2 million (€1.1 million) 
(December 31, 2022 - $2.4 million). Interest rates vary from a fixed rate of 0.88% to EURIBOR+0.84%, dependent 
on the piece of equipment, with the debt maturing throughout 2023 and 2024.

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 13 - 
The schedule of undiscounted lease payment and debt obligations is as follows: 
 
  Leases  Debt  Total 
 Less than one year $ 15,327   $ 270,475   $ 285,802  
 One to five years  14,286    121,000    135,286  
 More than five years  2,622    —   2,622  
 Total undiscounted obligations as at June 30, 2023 $ 32,235  $ 391,475  $ 423,710 
 
 
9. DEFERRED REVENUE 
 
The following table summarizes the changes in deferred revenue: 
 
 As at December 31, 2021 $ 693,467  
 Recognition of revenue  (40,100)
   Finance costs  18,898  
 Effects of foreign exchange  (6,690)
   As at June 30, 2022  665,575  
 Recognition of revenue  (33,633)
   Variable consideration adjustment  3,492  
 Finance costs  18,723  
 Effects of foreign exchange  (51)
   As at December 31, 2022  654,106  
 Recognition of revenue  (36,019)
   Finance costs  18,004  
 Effects of foreign exchange  (1,018)
   As at June 30, 2023  635,073  
 Less: current portion  78,170  
 Long-term portion $ 556,903  
 
Consideration received under the Company’s gold, silver and copper streaming agreements is deemed to be variable 
and can be subject to cumulative adjustments when the contractual volume to be delivered changes. In 2022, as a 
result of changes to the Compan y’s Mineral Resources and Mineral Reserves estimates, an adjustment was made to 
the deferred revenue liability which was recognized through revenue and finance costs.

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 14 - 
10. RECLAMATION AND OTHER CLOSURE PROVISIONS 
 
Reclamation and other closure provisions relating to the Company's mining operations are as follows: 
 
  
Reclamation 
provisions  
Other closure 
provisions  Total 
 Balance, December 31, 2021 $ 406,966  $ 39,089  $ 446,055 
 Accretion  7,138   —   7,138 
 Changes in estimate  18,487    5,780   24,267  
 Changes in discount rate  (41,896)   —   (41,896) 
 Payments  (1,494)   (2,413)    (3,907) 
 Effects of foreign exchange  (11,767)   (4,070)    (15,837) 
 Balance, June 30, 2022  377,434    38,386    415,820  
 Accretion  7,206   —   7,206 
 Changes in estimate  27,279    5,594    32,873  
 Changes in discount rate  (1,771)   —    (1,771) 
 Payments  (9,681)   (2,315)    (11,996) 
 Effects of foreign exchange  553    3,163    3,716  
 Balance, December 31, 2022  401,020   44,828   445,848 
 Accretion  10,477    —   10,477  
 Changes in estimate  5,766    8,794    14,560  
 Changes in discount rate  13,846    —    13,846  
 Payments  (3,649)   (1,480)    (5,129) 
 Effects of foreign exchange  (256)   2,674    2,418  
 Balance, June 30, 2023  427,204    54,816    482,020  
 Less: current portion  15,511    5,941   21,452  
 Long-term portion $ 411,693  $ 48,875  $ 460,568 
 
The Company expects these liabilities to be settled between 2023 and 2062. The reclamation provisions are discounted 
using current market pre-tax discount rates which range from 2.6% to 11.1% (December 31, 2022 - 2.0% to 13.5%).

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 15 - 
11. SHARE CAPITAL 
 
a) Basic and diluted weighted average number of shares outstanding 
 
  
Three months ended                 
June 30,  
Six months ended  
June 30, 
  2023 2022  2023 2022 
 Basic weighted average number of shares outstanding  772,255,656   766,775,032    771,739,532   751,676,764  
 Effect of dilutive securities (i)  934,228   —    687,860   1,430,115  
 Diluted weighted average number of shares outstanding  773,189,884   766,775,032    772,427,392   753,106,879  
 Antidilutive securities  23,175   101,100    1,267,078   574,829  
 
(i) As a result of the Company’s net loss position for the three months ended June 30, 2022, 1,152,354 shares 
that would have been dilutive had the Company been in a net earnings position were excluded from diluted 
weighted average number of shares outstanding.  
 
The effect of dilutive securities relates to in-the-money outstanding stock options and share units ("SUs"). 
 
Upon closing the Josemaria Resources Inc. acquisition in April 2022, the Company issued 40,031,936 common 
shares to the former shareholders of Josemaria Resources Inc. with a fair value of $369.2 million. 
 
b) Stock options and SUs granted/issued 
  
Three months ended                 
June 30,  
Six months ended  
June 30, 
  2023 2022  2023 2022 
 Stock options  18,230   —    1,880,663   1,753,520  
 Replacement Options  —   2,513,866    —   2,513,866  
 SUs  13,930   —    1,261,503   480,429  
 
In April 2022, the Company issued 2,513,866 Replacement Options upon the acquisition of Josemaria Resources 
Inc.  
 
c) Dividends 
 
During the three and six months  ended June 30, 2023, the Company declared dividends in the amount of $51.1 
million (Q2 2022 - $54.7 million ) or C$0.09 per share ( Q2 2022 - C$0.09), and $102.4 million  (YTD Q2 2022 - 
$170.9 million) or C$0.18 per share (YTD Q2 2022 - C$0.29), respectively. 
 
d) Normal course issuer bid 
 
For the three and six months  ended June 30, 2023, no common  shares were purchased by the Company's broker 
under the automatic share purchase plan ("ASPP") or at management's discretion pursuant to its normal course 
issuer bid ("NCIB"). 
 
For the three and six months  ended June 30, 2022, 1,189,200 shares were purcha sed by the Company's broker 
under the ASPP pursuant to its NCIB at an average price of C$8.67 per share for total consideration of $8.1 million. 
All common shares purchased were cancelled. As at June 30, 2022, the Company had recorded an accrual of $10.4 
million in trade and other payables representing the contractual maximum share purchases remaining under the 
A S P P.

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 16 - 
12. REVENUE 
 
The Company's analysis of revenue from contracts with customers, segmented by product, is as follows: 
 
  
Three months ended 
June 30,  
Six months ended  
June 30, 
  2023  2022  2023  2022 
 Revenue from contracts with customers:        
 Copper $ 440,162  $ 512,870   $ 921,142  $ 1,136,655  
 Nickel  97,482    108,535    161,112    193,267  
 Zinc  50,832    102,136    149,321    202,344  
 Gold  50,008    46,188    103,351    103,614  
 Lead  10,463   19,499    23,303   30,952  
 Silver  9,835    11,125    19,101    25,021  
 Other  11,860    12,467    16,315    23,526  
   670,642    812,820    1,393,645    1,715,379  
 Provisional pricing adjustments on concentrate sales  (82,111)   (222,599)    (53,770)   (134,079) 
 Revenue $ 588,531   $ 590,221   $ 1,339,875   $ 1,581,300  
         
 
The Company's geographical analysis of revenue from contracts with customers, segmented based on the 
destination of product, is as follows: 
         
  
Three months ended 
June 30,  
Six months ended  
June 30, 
  2023  2022  2023  2022 
 Revenue from contracts with customers:        
 Japan $ 133,408   $ 158,916   $ 327,746   $ 484,160  
 Spain  128,149   129,793    260,717   195,600  
 Canada  124,714    154,085    215,830    278,877  
 China  54,717    53,228    195,282    116,181  
 Finland  40,605    46,828    107,657    150,078  
 Germany  45,926   51,172    73,714   131,270  
 Other  143,123    218,798    212,699    359,213  
   670,642    812,820    1,393,645    1,715,379  
 Provisional pricing adjustments on concentrate sales  (82,111)    (222,599)    (53,770)    (134,079) 
 Revenue $ 588,531  $ 590,221  $ 1,339,875  $ 1,581,300

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 17 - 
13. PRODUCTION COSTS 
 
The Company's production costs are comprised of the following: 
 
  
Three months ended 
June 30,  
Six months ended  
June 30, 
  2023  2022  2023  2022 
 Direct mine and mill costs $ 373,519   $ 357,521   $ 751,162   $ 696,881  
 Transportation  24,647   32,210    55,129   61,009  
 Royalties  7,032    12,459    16,671    26,727  
 Total production costs $ 405,198   $ 402,190   $ 822,962   $ 784,617  
 
 
14. EMPLOYEE BENEFITS 
 
The Company's employee benefits recognized in the consolidated statement of earnings are comprised of the 
following: 
 
  
Three months ended 
June 30,  
Six months ended  
June 30, 
  2023  2022  2023  2022 
 Production costs        
 Wages and benefits $ 78,546   $ 69,457   $ 158,308   $ 145,190  
 Retirement benefits  485    417    1,061    837  
 Share-based compensation  438    542    980    1,272  
   79,469    70,416    160,349    147,299  
 General and administrative expenses        
 Wages and benefits  5,994    5,215    11,567    11,057  
 Retirement benefits  199    252    601    452  
 Share-based compensation  1,203    1,723    2,843    4,059  
 Termination benefits  1,349    —    3,198    —  
   8,745    7,190    18,209    15,568  
 General exploration and business development        
 Wages and benefits  1,242    3,170    2,900    4,413  
 Retirement benefits  11    7    23    13  
 Share-based compensation  114    74    198    204  
 Termination benefits  313    —    313    —  
   1,680    3,251    3,434    4,630  
 Total employee benefits $ 89,894   $ 80,857   $ 181,992   $ 167,497

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 18 - 
15. GENERAL EXPLORATION AND BUSINESS DEVELOPMENT 
 
The Company's general exploration and business development costs are comprised of the following: 
 
  
Three months ended 
June 30,  
Six months ended  
June 30, 
  2023 2022  2023  2022 
 General exploration $ 11,752  $ 10,200   $ 20,955   $ 17,260  
 Corporate development  165  —    5,191   —  
 Project development  1,776   41,331    2,312    42,553  
 Total general exploration and business development $ 13,693  $ 51,531   $ 28,458   $ 59,813  
 
For the three and six months ended June 30, 2023, corporate development expenses include  $0.2 million and $5.0 
million, respectively, in transaction costs incurred related to the acquisition of Caserones (Note 23). 
 
Project development expenses include study costs related to potential expansion projects at the Company's operating 
sites. During the fourth quarter of 2022, the Company began to capitalize the Josemaria Project development costs. 
 
 
16. FINANCE INCOME AND COSTS 
 
The Company's finance income and costs are comprised of the following: 
 
  
Three months ended 
June 30,  
Six months ended  
June 30, 
  2023  2022  2023  2022 
 Interest income $ 1,289   $ 883   $ 2,172   $ 1,484  
 Interest expense and bank fees  (6,988)    (2,759)    (13,197)    (4,069) 
 Deferred revenue finance costs  (4,852)   (8,701)    (10,525)   (17,116) 
 Accretion expense on reclamation provisions  (5,268)    (3,525)    (10,477)    (7,138) 
 Lease liability interest  (361)    (367)    (733)    (684) 
 Other  283    (2,840)    1,164    (4,758) 
 Total finance costs, net $ (15,897)  $ (17,309)  $ (31,596)  $ (32,281) 
         
         
 Finance income $ 1,572   $ 883   $ 3,336   $ 1,484  
 Finance costs  (17,469)   (18,192)    (34,932)   (33,765) 
 Total finance costs, net $ (15,897)  $ (17,309)   $ (31,596)  $ (32,281)

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

LUNDIN MINING CORPORATION 
Notes to condensed interim consolidated financial statements 
For the three and six months ended June 30, 2023 and 2022 
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) 
 
- 19 - 
17.   OTHER INCOME AND EXPENSE 
 
The Company's other income and expense are comprised of the following: 
 
Three months ended 
June 30,  
Six months ended  
June 30, 
 2023  2022  2023  2022 
Foreign exchange and trading gains on debt and equity 
investments (a) $ 30,667   $ 29,093   $ 52,745   $ 29,093  
Realized gains on derivative contracts (Note 18)  14,275    —    27,852    —  
Unrealized (losses) gains on derivative contracts (Note 
18)  (14,403)   —    6,263    —  
Gain on disposal of subsidiary (b)  —    —    5,718    16,828  
Revaluation of marketable securities  3,464    (1,626)   3,902    2,266  
Foreign exchange gain (loss)   12,390    10,155    2,445    (629) 
Ojos del Salado sinkhole expenses (c)  (11,900)   —    (16,482)   —  
Revaluation of Chapada derivative liability  (380)   745    (1,796)   (2,548) 
(Loss) income from equity investment in associate  —    (1,321)   (54)   3,375  
Other expense  (752)   (2,650)   (987)   (2,733) 
Total other income, net $ 33,361   $ 34,396   $ 79,606   $ 45,652  
 
a)  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.  
 
b) Pursuant to the terms of the original sale agreement of Rio Narcea Recursos, S.A. in 2016, the Company received 
a $16.8 million payment during the first quarter of 2022, and a further $5.7 million payment in the first quarter 
of 2023, which were contingent on historical tax assessments which have now been closed. 
 
c) Ojos del Salado sinkhole expenses include idle costs, maintenance, and remediation work related to the sinkhole 
near the Company's Ojos del Salado operations.

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