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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 Third Quarter Results Toronto , October 27 , 2021 ( TSX : LUN ; Nasdaq Stockholm : LUMI ) Lundin Mining Corporation ( " Lundin Mining " or the " Company " ) today reported cash flows of $ 523.1 million generated from operations in its third quarter . Adjusted operating cash flow² was $ 294.1 million ( $ 0.40 per share ) and free cash flow² was $ 407.0 million for the quarter ended September 30 , 2021. Net earnings attributable to Lundin Mining shareholders for the quarter was $ 173.7 million ( $ 0.24 per share ) . Adjusted earnings² were $ 168.4 million ( $ 0.23 per share ) and adjusted EBITDA² were $ 411.3 million for the quarter . Marie Inkster , President and CEO commented , " We continued to take advantage of the favourable base metal prices setting a second consecutive quarterly free cash flow record with generation of over $ 400 million . This was underpinned by strong operational performance , most notably with quarter - over - quarter production increases and cash cost improvements at Chapada and Zinkgruvan . Importantly , the Zinc Expansion Project shaft upgrades and major maintenance at both Neves - Corvo and Candelaria were successfully completed , positioning the fourth quarter to be the strongest of the year . " Summary Financial Results Three months ended September 30 , Nine months ended September 30 , US $ Millions ( except per share amounts ) 2021 2020 2021 2020 Revenue Gross profit Attributable net earnings¹ 756.4 600.7 303.9 199.3 2,310.2 936.6 1,512.0 318.8 173.7 122.4 551.6 49.6 Net earnings ( loss ) 190.6 133.6 613.2 68.3 Adjusted earnings 1,2 168.4 106.4 539.1 120.0 Adjusted EBITDA² 411.3 300.3 1,246.5 622.1 Basic and diluted net earnings per share¹ 0.24 0.17 0.75 0.07 Adjusted basic and diluted earnings per share 1,2 0.23 0.14 0.73 0.16 Cash flow from operations 523.1 272.2 1,100.8 393.2 Adjusted operating cash flow² 294.1 262.0 1,005.6 468.9 Adjusted operating cash flow per share² 0.40 0.36 1.36 0.64 Free cash flow² 407.0 194.5 762.0 120.4 Cash and cash equivalents 428.3 222.0 428.3 222.0 Net cash ( debt ) ² 390.7 ( 124.0 ) 390.7 ( 124.0 ) 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 nine months ended September 30 , 2021 .