Wednesday, June 29 2022

Lundin Mining Corporation (CNW Group / Lundin Mining Corporation)

TORONTO, December 6, 2021 / CNW / – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin mining company (“Lundin Mining” or the “Company”) announces that the Toronto Stock Exchange (the “TSX”) has accepted notice of Lundin Mining’s intention to renew its public tender offer (the “Mutual Fund”).

The Company intends to continue to use the issuer bid at its discretion to make opportunistic purchases in order to create shareholder value and to manage the number of outstanding common shares of the Company (the “ ordinary actions “).

This approval allows the Company to purchase up to 63,762,574 common shares, which represents 10% of the 735,122,870 common shares issued and outstanding as of November 30, 2021, less common shares beneficially owned, or over which the company exercises control or direction, senior officers and directors of the company and each shareholder who owns or exercises control or direction over more than 10% of the common shares in circulation, over a period of twelve months from December 9, 2021. The NCIB will expire no later than December 8, 2022.

All purchases made under the tender offer will be made through the facilities of the TSX or other alternative Canadian trading systems. In accordance with TSX rules, any daily purchase (other than under a block purchase exemption) from the TSX as part of the issuer bid is limited to a maximum of 565,398 common shares, representing 25% of the average daily trading volume of 2,261,595 common shares on the TSX for the six months ended November 30, 2021. The price that Lundin Mining will pay for the Common Shares in open market transactions will be the market price at the time of purchase.

As part of the renewal of the public tender offer, Lundin Mining has entered into an automatic buyback plan with its appointed broker to allow the buyback of ordinary shares at times when the Company would not normally be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise (such period being an “Operating Period”). Prior to entering an operating period, the Company may, but is not obligated to, request the Designated Broker to make purchases under the tender offer in accordance with the terms of the plan. Purchases made under the plan, if any, will be made by the Company’s designated broker based on parameters prescribed by the TSX, applicable Canadian securities laws and the terms of the written agreement between the Company. and its designated broker. Outside of these operating periods, ordinary shares may be purchased by Lundin Mining at its discretion as part of its public tender offer.

The automatic repurchase plan will begin on the effective date of the public loan repurchase offer and will end on the earliest of the dates on which: (i) the purchase limit under the public offer of redemption is reached; (ii) the NCIB expires; and (iii) the Company terminates the automatic repurchase plan in accordance with its terms. The Automatic Redemption Plan constitutes an “automatic plan” for the purposes of applicable Canadian securities legislation and the agreement governing the Plan has been previously authorized by the TSX.

The actual number of Common Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, the share price, the best use of available cash and other factors. All Common Shares purchased under the Offer will be canceled.

As part of the Company’s current public service offering which began on December 9, 2020 and expire on December 8, 2021, the Company had previously applied for and received approval from the TSX to purchase up to 63,682,170 common shares. From November 30, 2021, the Company has purchased 4,323,100 common shares under its current open market tender offer at a weighted average price of approximately $ 11.25 per common share.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal, Sweden and United States of America, mainly producing copper, zinc, gold and nickel.

The information in this press release is subject to Lundin Mining’s disclosure requirements under the EU Market Abuse Regulation. The information has been submitted for publication, through the contact persons indicated below on December 6, 2021 at 10:00 p.m. Eastern Time.

Caution in forward-looking information

Some of the statements made and information contained in this document are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact included in this document constitute forward-looking information, including, but not limited to, statements regarding the normal course issuer bid for Lundin Mining, the plan predefined of the Company with its broker to allow the repurchase of common shares and the number of common shares that can be purchased under the normal course buyback offer. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “Budget”, “estimate”, “may”, “will”, “may”, “could”, “should”, “schedule” and similar expressions identify forward-looking statements.

Forward-looking information is necessarily based on various estimates and assumptions, including, without limitation, the expectations and beliefs of management; assumed and future prices for copper, nickel, zinc, gold and other metals; expected costs; ability to achieve goals; rapid and efficient integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; common shares will from time to time trade below their value; the Company will carry out the purchases of ordinary shares within the framework of the public tender offer; and assumptions relating to the factors set out below. While these factors and assumptions are considered reasonable by Lundin Mining as of the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in forward-looking statements and such statements and information should not be relied on unduly. These factors include, but are not limited to: the market price of the Common Shares being too high to ensure that the purchases benefit the Company and its shareholders; and other risks and uncertainties, including, but not limited to, those described in the “Risks and Uncertainties” section of the Annual Information Form and the “Risk Management” section of the Company’s MD&A for the completed exercise December 31, 2020, which are available on SEDAR at under the Company profile. All forward-looking statements contained in this document are qualified by these cautionary statements. Although the Company has attempted to identify material factors which could cause actual results to differ materially from those contained in forward-looking information, there may be other factors which may cause actual results to differ. those anticipated, estimated, forecast or forecast and readers are cautioned that the foregoing list is not exhaustive of all the factors and assumptions that may have been used. If one or more of these risks and uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results could differ materially from those described in the forward-looking information. There can be no assurance that the Common Shares will from time to time trade below their value and that the Company will complete any purchases of Common Shares pursuant to the issuer bid. Therefore, 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 cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this document is valid 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 actual and subsequent events, except as required by applicable law.

Lundin Mining Announces TSX Approval of Normal Course Issuer Bid (CNW Group / Lundin Mining Corporation)

Lundin Mining Announces TSX Approval of Normal Course Issuer Bid (CNW Group / Lundin Mining Corporation)

SOURCE Lundin Mining Corporation



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