representative work

Lundin Mining to Acquire Josemaria Resources for an Implied Equity Value of $625 Million

12/20/2021

On December 20, 2021, Lundin Mining Corporation entered into a definitive agreement with Josemaria Resources Inc. to acquire all of the issued and outstanding shares of Josemaria through a plan of arrangement for an implied equity value of approximately $625 million. Under the terms of the agreement, Josemaria shareholders may elect to receive 0.1487 of a Lundin Mining common share or $1.60 in cash or any combination thereof for each Josemaria share held, subject to a total maximum cash consideration of approximately $183 million and a total maximum share consideration of approximately 39.7 million Lundin Mining shares.

Lundin Mining will acquire 100% of the world-class Josemaria project, located in the San Juan Province of Argentina. With the Josemaria project, Lundin Mining positions itself as a major copper producer with a diversified portfolio of high-quality, long-life base metal assets.

Lundin Mining is represented internally by Andrew Hastings, Senior Vice President and General Counsel. Cassels is acting as external counsel for Lundin Mining.