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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 Second Quarter Results Toronto , July 28 , 2021 ( TSX : LUN ; Nasdaq Stockholm : LUMI ) Lundin Mining Corporation ( " Lundin Mining " or the " Company " ) today reported cash flows of $ 419.0 million generated from operations in its second quarter . Adjusted operating cash flow² was $ 431.6 million ( $ 0.58 per share ) and free cash flow² was $ 298.9 million for the quarter ended June 30 , 2021. Net earnings attributable to Lundin Mining shareholders for the quarter was $ 242.6 million ( $ 0.33 per share ) . Adjusted earnings² was $ 226.3 million ( $ 0.31 per share ) for the quarter and adjusted EBITDA² were $ 480.7 million for the quarter . Marie Inkster , President and CEO commented , " Our operations performed well in the second quarter , particularly as our South American mines continued to address evolving challenges of COVID - 19 . Production of all metals increased over the first quarter . On this performance , we were able to take advantage of the current base metal price environment , generating over $ 480 million of adjusted EBITDA and a quarterly record of nearly $ 300 million of free cash flow . " Summary Financial Results Three months ended June 30 , Six months ended June 30 , US $ Millions ( except per share amounts ) 2021 2020 2021 2020 Revenue 872.3 533.3 1,553.8 911.3 Gross profit 380.2 142.1 632.6 119.4 Attributable net earnings¹ 242.6 38.7 377.8 ( 72.7 ) Net earnings ( loss ) 268.4 48.3 422.7 ( 65.3 ) Adjusted earnings 1,2 226.3 52.8 370.7 11.7 Adjusted EBITDA² 480.7 231.5 835.2 321.8 Basic and diluted net earnings per share¹ 0.33 0.05 0.51 ( 0.10 ) Adjusted basic and diluted earnings per share 1,2 0.31 0.07 0.50 0.02 Cash flow from operations 419.0 37.6 577.7 121.0 Adjusted operating cash flow² 431.6 179.0 711.5 206.9 Adjusted operating cash flow per share² 0.58 0.24 0.96 0.28 Free cash flow² 298.9 ( 47.8 ) 354.9 ( 74.1 ) Cash and cash equivalents 294.9 283.9 294.9 283.9 Net cash ( debt ) ² 153.4 ( 220.0 ) 153.4 ( 220.0 ) 1 Attributable to shareholders of Lundin Mining Corporation . 2 These are non - GAAP measures . Please refer to the Company's discussion of non - GAAP measures in its Management's Discussion and Analysis for the three and six months ended June 30 , 2021 .