Lundin Mining to acquire Josemaria Resources, meaningfully increasing Copper and Gold Growth Profile

Lundin Mining Corporation announce it has entered into a definitive agreement with Josemaria Resources Inc. to acquire all of the issued and outstanding shares of Josemaria Resources through a plan of arrangement for an implied equity value of approximately C$625 million (US$485 million).

Lundin Mining will acquire 100% of the Josemaria copper-gold project located in the San Juan Province of Argentina. The world-class Josemaria project is a unique opportunity at an advanced stage with a clear path to production. With Josemaria, Lundin Mining positions itself as a major copper producer with a diversified portfolio of high-quality, long-life base metal assets.

Under the terms of the Transaction, Josemaria Resources shareholders may elect to receive in exchange for each Josemaria Resources common share (a “Josemaria Resources Share”), 0.1487 of a common share of Lundin Mining (each whole share, a “Lundin Mining Share”) or C$1.60 cash or any combination thereof issuable to all Josemaria Resources shareholders (collectively, the “Consideration”). The Consideration will be subject to a total maximum cash consideration of approximately C$183 million and a total maximum share consideration of approximately 39.7 million Lundin Mining Shares, equating to 30% of the Transaction Consideration payable in cash and 70% of the Transaction Consideration payable in Lundin Mining Shares, respectively. The Consideration implies a purchase price of C$1.60 per Josemaria Resources Share, representing a 29% premium to Josemaria Resources’ 10-day volume weighted average price on the Toronto Stock Exchange (“TSX”) for the period ended December 17, 2021. Any cash payments on Josemaria Resources Shares traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear Sweden principles.

About Lundin Mining

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

Source: Lundin

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