On April 28, 2022, Josemaria Resources Inc. (“Josemaria Resources”) completed the $625-million acquisition by Lundin Mining Corporation (“Lundin Mining”). The transaction was completed by plan of arrangement (the “Arrangement”) to acquire all of the issued and outstanding shares of Josemaria Resources.

Under the terms of the Arrangement, Josemaria Resources shareholders were provided the right to elect to receive 0.1487 of a common share of Lundin Mining (each whole share, a “Lundin Mining Share”) per Josemaria Resources common share (“Josemaria Resources Share”) plus $0.11 for each whole Lundin Mining share issued to such shareholder or $1.60 in cash for each Josemaria Share or any combination thereof, subject to pro-ration of a total maximum cash consideration of approximately $184.5 million and a total maximum of approximately 40 million Lundin Mining Shares.

Blake, Cassels & Graydon LLP acted as counsel for Josemaria Resources with a team led by Peter J. O'Callaghan, that included Trisha Robertson, Victoria Craib, Dafydd Samuel (Securities/M&A); Sean Boyle, Alexandra Luchenko (Litigation & Dispute Resolution); and Kevin Zimka (Tax).

Lundin Mining was represented internally by Andrew Hastings, Senior Vice President and General Counsel.

Cassels Brock & Blackwell LLP acted as external counsel for Lundin Mining.

Fasken acted as counsel for Lundin Mining – Special Committee.