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lundin mining Corporate Office 150 King Street West , Suite 2200 P.O. Box 38 , Toronto , ON M5H 1J9 Phone : +1 416 342 5560 Fax : +1 416 348 0303 lundinmining.com NEWS RELEASE Lundin Mining First Quarter Results Toronto , April 28 , 2021 ( TSX : LUN ; Nasdaq Stockholm : LUMI ) Lundin Mining Corporation ( " Lundin Mining " or the " Company " ) today reported cash flows of $ 158.7 million generated from operations in its first quarter 2021. Adjusted operating cash flow² for the quarter was $ 279.8 million ( $ 0.38 per share ) . Net earnings attributable to Lundin Mining shareholders for the quarter was $ 135.2 million ( $ 0.18 per share ) and adjusted earnings² was $ 144.4 million ( $ 0.20 per share ) . Adjusted EBITDA² was $ 354.4 million for the quarter . Marie Inkster , President and CEO commented , " Our operations performed well in the first quarter . Candelaria and Chapada significantly increased mill throughput quarter - over - quarter and a new record for zinc ore was set at Zinkgruvan . With increasing ore grades at Candelaria and Chapada , we are well positioned to deliver our annual guidance . While first quarter financial results were impacted by timing with a shipment from Chapada pushed into early April , we generated significant operating cash flow . Eagle achieved a cash cost² of negative $ 1.62 / lb nickel and contributed over $ 75 million of operating cash flow . The Zinc Expansion Project at Neves - Corvo restarted in early January and is on - track for commissioning later this year . Lastly , in early April , at Chapada we were successful in the acquisition of 23 highly prospective near - mine exploration claims through government auction , increasing our overall land position by 80 % . We continue to expect 2021 to be an exciting and rewarding year for Lundin Mining , as we benefit from the recent investments made in our operations to take full advantage of the favourable metal price environment and to generate meaningful free cash flow for our shareholders . " Summary Financial Results Three months ended March 31 US $ Millions ( except per share amounts ) Revenue Gross profit ( loss ) Attributable net earnings ( loss ) ¹ Net earnings ( loss ) 2021 2020 681.5 378.0 252.5 ( 22.7 ) 135.2 ( 111.5 ) 154.2 ( 113.6 ) Adjusted earnings ( loss ) ² 144.4 ( 40.6 ) Adjusted EBITDA² 354.4 90.3 Basic and diluted earnings ( loss ) per share¹ 0.18 ( 0.15 ) Basic and diluted adjusted earnings ( loss ) per share² 0.20 ( 0.06 ) Cash flow from operations 158.7 83.4 Adjusted operating cash flow² 279.8 27.9 Adjusted operating cash flow per share² 0.38 0.04 Cash and cash equivalents 181.3 366.9 Net debt² 8.1 117.7 1 Attributable to shareholders of Lundin Mining Corporation . 2 This is a non - GAAP measure . Please refer to the Company's discussion of non - GAAP measures in its Management's Discussion and Analysis for the three months ended March 31 , 2021 .