VANCOUVER, BC, Nov. 1, 2023 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today reported its third quarter 2023 financial results.

“Our operations continued with a strong performance in the third quarter. As a result, we are increasing our production guidance for Caserones and Eagle. The acquisition of Caserones enabled us to achieve a new record in quarterly consolidated copper production, and we also achieved a record in quarterly zinc production. This led the Company to an adjusted EBITDA of $415 million for the period.” commented Peter Rockandel, CEO.

Mr. Rockandel added, “During the integration process of Caserones, our team has identified and outlined synergies between Caserones and Candelaria, which are expected to yield initial annual savings of $20 to $30 million per year. We are excited about launching the largest exploration program at Caserones since production commenced, targeting resource extensions and near-mine discoveries. The corporate office move to Vancouver is complete and all senior executive positions are in place. As we approach 2024, Lundin Mining is strategically, operationally, and financially, in a strong position to continue to deliver on our plans and execute on the next phase of growth. On a personal note, as this is my last quarter as CEO, I would like to thank all our employees, partners and stakeholders for their dedication, hard work and support, all of which have been integral to our current and future success. I am extremely proud of what the team has been able to accomplish during my tenure as CEO.”

Third Quarter Highlights

Copper Production: The Company achieved consolidated production of 89,942 tonnes of copper, a new quarterly record.
Other Production: During the quarter a total of 49,774 tonnes of zinc, 4,290 tonnes of nickel and approximately 35,000 ounces of gold were produced. A quarterly zinc production record was achieved as the zinc expansion project (“ZEP”) at Neves-Corvo ramps up and a full quarter of operation from the sequential flotation project at Zinkgruvan was realized.
Revenue: $992.2 million in the quarter.
Adjusted Earnings: Net loss attributable to shareholders of the Company was $3.0 million ($0.00 per share). Adjusted earnings attributable to shareholders of the Company1 was $85.6 million ($0.11 per share).
Adjusted EBITDA: Adjusted earnings before interest, taxes, depreciation and amortization1 (“EBITDA”) of $415.1 million in the third quarter.
Cash Generation: Cash provided by operating activities was $303.8 million and cash and cash equivalents at September 30, 2023 was $357.3 million. Adjusted operating cash flow1 was $316.5 million ($0.41 per share), after removing the impact of working capital. Free cash flow1 was $71.1 million.
Caserones Acquisition: Completed the acquisition of 51% of the Caserones copper-molybdeum mine on July 13, 2023, adding another long-life asset in a tier one jurisdiction. The Company anticipates initial annual synergies from supply chain and service contracts between Caserones and Candelaria to be $20 million to $30 million per year.
Term Loan: To fund the Caserones acquisition, the Company obtained a term loan in July 2023 of a principal amount of $800.0 million with an additional $400.0 million accordion option maturing in July 2026. As at September 30, 2023, the Company had a net debt1 balance of $1,158.9 million.
CEO Succession: Peter Rockandel, the current Chief Executive Officer announced that he will be stepping down from the role of CEO and from the Board of Directors as of December 31, 2023. Those responsibilities will be assumed by Jack Lundin, current President, and former Director of the Company.
Outlook: Revised annual production guidance, including an increase in copper production from 296,000 - 325,000 tonnes to 305,000 - 325,000 tonnes. Cash cost guidance was lowered at Caserones and Eagle and increased at Candelaria. Annual capital expenditure guidance is lower by $30 million.
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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 nine months ended September 30, 2023 and the Reconciliation of Non-GAAP measures section at the end of this news release.

Summary Financial Results

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and
Lundin Mining Announces Declaration of Regular Dividend
November 1, 2023

VANCOUVER, BC, Nov. 1, 2023 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars (“CAD”) $0.09 per share, payable on December 13, 2023, to shareholders of record at the close of business on December 1, 2023. This dividend qualifies as an ‘eligible dividend’ for Canadian income tax purposes. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

Dividends on shares traded on the Toronto Stock Exchange (“TSX”) will be paid in CAD on December 13, 2023. Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear principles on December 18, 2023. To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from November 29, 2023 up to and including December 1, 2023 during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm.