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Business Times
11 hours ago
- Business
- Business Times
South-east Asia's IPO market shows signs of revival after subdued H1
[SINGAPORE] Initial public offering (IPO) activity across South-east Asia remained subdued in the first half of 2025 amid ongoing geopolitical and macroeconomic uncertainty, but market observers say signs of recovery are emerging for H2. The number of IPOs on major South-east Asian exchanges – in Indonesia, Malaysia, Singapore, Thailand, the Philippines and Vietnam – declined compared to the same period last year. Based on a recent Deloitte report, 53 listings were recorded in H1 2025, down from 64 in H1 2024. Ben Charoenwong, associate professor of finance at Insead, told The Business Times that the slowdown was driven not only by a reduced appetite to list but also by a widening valuation gap, fuelled by tariff uncertainty and global trade tensions. He described South-east Asia's IPO activity in H1 2025 as 'a classic supply-demand mismatch story' – where companies that proceeded with listings often accepted significantly smaller capital raises and longer timelines than initially planned. Prof Charoenwong said: 'Companies needed capital, but investors simply weren't willing to pay the prices that issuers expected. Yet, the private market has also dried up.' A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Still, signs of recovery are becoming evident. Stephen Bates, partner and head of deal advisory at KPMG in Singapore, noted that while large IPOs remain rare, smaller sector-focused listings – particularly in technology, fintech and renewable energy – are gaining momentum. He added that this rebound is supported by easing macroeconomic conditions and sector-specific growth drivers, such as the rapid expansion of tech and artificial intelligence (AI)-driven businesses, increased demand for renewables and infrastructure, and growing activity in consumer and healthcare sectors. Tay Hwee Ling, transactions accounting support leader at Deloitte South-east Asia, said renewed investor confidence is also reflected in the uptick of IPO activity in the consumer and real estate sectors, alongside a gradual reopening of capital markets for larger issuers. She pointed to a notable increase in sizeable mainboard IPO prospectuses lodged on South-east Asian bourses in June 2025 as an encouraging indicator. 'This signals positive market sentiments, and positions the region for a more vibrant second-half performance.' Bates also observed that the region's regulatory reforms and government initiatives – including improved market transparency, streamlined listing processes, International Financial Reporting Standards adoption and tax incentives – have bolstered sentiment and helped attract new listings. 'Companies increasingly favour local exchanges over international ones due to regulatory support and growing domestic investor interest,' he said. He added that strong foreign direct investment inflows into South-east Asia's digital and green sectors, amid supportive policies for IPOs in these areas, have further benefited the region. 'Cautious optimism' This year, global markets have become notably more upbeat. 'Investor sentiment has shifted from caution in 2024 to cautious optimism in the first half of 2025,' said Bates. Jimmy Seet, capital markets partner at PwC Singapore, observed that while macroeconomic fundamentals such as inflation and growth are showing signs of improvement, heightened geopolitical tensions continue to temper market enthusiasm. 'In this environment, investors are increasingly selective, gravitating towards high-quality issuers with proven profitability and operating in resilient sectors,' he added. Prof Charoenwong highlighted that investor caution intensified, following US President Donald Trump's 'Liberation Day' tariffs on Apr 2. He said: 'When US tariffs hit 145 per cent in April and regional indices dropped 10 per cent, we saw a complete freezing of IPO windows. And despite the US market recovering from that shock, the increased uncertainty also means that CFOs (chief financial officers) are holding off more, part of the option value of waiting to proceed with projects in the future.' In contrast, Bates said that geopolitical tensions have actually boosted IPO activity, as investors increase exposure to the region amid global uncertainties. Malaysia leads Amid global market jitters, Malaysia's stock exchange outshone its regional peers with a surge in IPO activity. According to the Deloitte report, the number of listings in Malaysia increased about 48 per cent year on year to 32, with proceeds raised increasing by some 109 per cent to US$940 million. This was accompanied by an uptick in total IPO market capitalisation by about 165 per cent to US$4.04 billion, accounting for over two-thirds of total proceeds raised across the South-east Asian region. Market watchers attributed this strong performance to regulatory reforms, including a faster IPO approval process. Prof Charoenwong noted that Bursa Malaysia's new framework, which cuts approval timelines from six months to three months, enables companies to respond more swiftly to market conditions. The Leap Market Transfer Framework has further added agility, allowing firms to pivot across market segments without being stalled by lengthy procedures. Seet also pointed to stabilising macroeconomic indicators, such as improved gross domestic product growth and moderating inflation, as additional drivers of market liquidity. These conditions made it easier for Malaysia to respond effectively to shifting global market conditions. 'When markets became volatile in March, Malaysian issuers could delay or accelerate based on conditions, while companies stuck in other jurisdictions' slower systems missed their windows entirely,' said Prof Charoenwong. He added that other government incentives further supported this agility. For the opposite reason, another standout IPO market for Prof Charoenwong was Thailand. 'Instead of high-conviction government policies aimed at supporting a vibrant stock market, Thailand was hit with both an earthquake and the tariffs, amid an already slowing economy and further political turmoil,' he said. On the Singapore Exchange (SGX), the IPO market has shown signs of renewed momentum. Seet attributed this to recent reforms in the listing framework and supportive initiatives by the Monetary Authority of Singapore, which have sparked increased interest in listing on the bourse. 'Although only one IPO was completed in H1 2025, the outlook for H2 is promising, with several offerings already announced,' he said. The IPO of NTT DC Reit, for example, marks a notable milestone, given it is the first real estate investment trust listing on the SGX in nearly four years. Looking ahead IPOs are expected to perform better across South-east Asia in H2, supported by strong growth and key reforms, though risks persist. 'Ongoing regulatory reforms across the region are expected to sustain interest in new listings,' said Seet, adding that escalating trade tensions could pose headwinds to broader IPO activity. Similarly, Bates noted that potential issuers will need to manage challenges arising from the uncertain geopolitical environment. 'New tariffs, the ongoing US-China trade decoupling and supply chain disruptions create IPO delays and valuation challenges.' He explained that regional currency swings and shocks like the April 2025 sell-off make it harder to time listings and attract foreign investors. Varying regulations across Asean, global tax reforms and stricter listing standards also increase compliance burdens and preparation time. Additionally, Bates sees the financial and operational demands of preparing for an IPO – including legal, accounting and management time – posing significant challenges, particularly for smaller firms in less developed markets. Against this backdrop, Prof Charoenwong said companies that can tap into the AI-driven momentum in the US and Chinese markets stand to benefit, especially if positioned as diversification plays away from dominant incumbents. In a related trend, Seet noted that the continued underperformance of and waning investor interest in China's A-shares market may prompt more Chinese companies to pursue offshore listings. He believes SGX is well-positioned to capture this interest, given its reputation as an international capital-raising hub and a strategic gateway for Chinese firms seeking access to South-east Asian investors.
Business Wire
13 hours ago
- Business
- Business Wire
Informa TechTarget: First-Half Revenue in Line With Guidance
NEWTON, Mass.--(BUSINESS WIRE)--TechTarget, Inc. (Nasdaq: TTGT) ('Informa TechTarget' or the 'Company'), a leading growth accelerator for the B2B Technology sector, today provides an update on its business ahead of Informa PLC's ('Informa') Half-Year Results (the majority shareholder in TTGT), which will be published on July 23, 2025 and include its consolidation of Informa TechTarget. Informa will report half-year revenue for Informa TechTarget of £171.6m (equivalent to approximately $223m), down 4.3% on an underlying and Combined Company basis (1), slightly ahead of previous Informa TechTarget commentary, which guided to a decline in revenues through H1 2025 of approximately 5%. Informa will also report an Adjusted Operating Profit (2) for Informa TechTarget of £0.2m and a non-cash impairment relating to Informa TechTarget for the half year of £484.2m (3). Informa TechTarget regained compliance with Nasdaq Listing Requirements following the filing of its Form 10-Q for the three months to March 31, 2025, on July 14, 2025 and it will release its second quarter results on or before August 14, 2025, consistent with the regulatory filing deadline. We remain confident that the Informa TechTarget combination significantly strengthens our position in what is a large and dynamic market, the intersection of Technology and B2B Marketing. Our Combination Plan is progressing at pace to unlock the benefits from the breadth and scale it affords, with the accelerated delivery of cost synergies to yield $10m+ in 2025. Through the second half of 2025, we are targeting further improvement in the trajectory of revenues and margins. The Company continues to guide for full year 2025 Revenues to be broadly flat versus the prior year (2024: $490m) and more than $85m Adjusted EBITDA (4) (2024: $82m). (1) Combined Company basis means calculated as if the acquisition of former TechTarget had occurred on January 1, 2023. (2) Adjusted Operating Profit for Informa is reported under its accounting procedures based on International Financial Reporting Standards (IFRS) and exclude certain items including amortization and impairment of goodwill and intangible assets relating to businesses acquired, acquisition and integration costs, profit or loss on disposal of businesses and restructuring costs. The measure does include a deduction for stock-based compensation. (3) Goodwill impairment for Informa calculated under its accounting procedures and assumptions based on International Financial Reporting Standards (IFRS) which may differ materially from calculation for Informa TechTarget under US GAAP. (4) Adjusted EBITDA means earnings before net interest, income taxes, depreciation and amortization, as further adjusted to exclude stock-based compensation, other income and expenses such as asset impairment and impairment related to goodwill, and costs related to mergers, acquisitions or reduction in forces expenses. Expand About Informa TechTarget TechTarget, Inc. (Nasdaq: TTGT), which also refers to itself as Informa TechTarget, informs, influences and connects the world's technology buyers and sellers, helping accelerate growth from R&D to ROI. With a vast reach of over 220 highly targeted technology-specific websites and over 50 million permissioned first-party audience members, Informa TechTarget has a unique understanding of and insight into the technology market. Underpinned by those audiences and their data, we offer expert-led, data-driven, and digitally enabled services that have the potential to deliver significant impact and measurable outcomes to our clients: Trusted information that shapes the industry and informs investment Intelligence and advice that guides and influences strategy Advertising that grows reputation and establishes thought leadership Custom content that engages and prompts action Intent and demand generation that more precisely targets and converts Informa TechTarget is headquartered in Boston, MA and has offices in 19 global locations. For more information, visit and follow us on LinkedIn. © 2025 TechTarget, Inc. All rights reserved. All trademarks are the property of their respective owners. Cautionary Note Regarding Forward-Looking Statements This press release contains 'forward-looking statements'. All statements, other than historical facts, are forward-looking statements, including: statements regarding the expected benefits of the transactions consummated on December 2, 2024 (the 'Closing Date') pursuant to the Agreement and Plan of Merger, dated as of January 10, 2024, among TechTarget Holdings Inc. (formerly known as TechTarget, Inc. ('Former TechTarget')), Informa TechTarget, Toro Acquisition Sub, LLC, Informa PLC, Informa US Holdings Limited, and Informa Intrepid Holdings Inc. (the 'Transactions'), such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market profile, business plans, expanded portfolio and financial strength; the competitive ability and position of Informa TechTarget; legal, economic, and regulatory conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words 'may,' 'will,' 'should,' 'potential,' 'intend,' 'expect,' 'endeavor,' 'seek,' 'anticipate,' 'estimate,' 'overestimate,' 'underestimate,' 'believe,' 'plan,' 'could,' 'would,' 'project,' 'predict,' 'continue,' 'target,' or the negatives of these words or other similar terms or expressions that concern Informa TechTarget's expectations, strategy, priorities, plans, or intentions. Forward-looking statements are based upon current plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We can give no assurance that such plans, estimates, or expectations will be achieved, and therefore, actual results may differ materially from any plans, estimates, or expectations in such forward-looking statements. Important factors that could cause actual results to differ materially from such plans, estimates, or expectations include, among others: unexpected costs, charges, or expenses resulting from the Transactions; uncertainty regarding the expected financial performance of Informa TechTarget; failure to realize the anticipated benefits of the Transactions, including as a result of integrating the Informa Tech Digital Businesses with the business of Former TechTarget; the ability of Informa TechTarget to implement its business strategy; difficulties and delays in Informa TechTarget achieving revenue and cost synergies; evolving legal, regulatory, and tax regimes; changes in economic, financial, political, and regulatory conditions, in the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, pandemics, geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade, and policy changes associated with the current or subsequent U.S. administrations; Informa TechTarget's ability to meet expectations regarding the accounting and tax treatments of the Transactions; market acceptance of Informa TechTarget's products and services; the impact of pandemics and future health epidemics and any related economic downturns on Informa TechTarget and the markets in which it and its customers operate; changes in economic or regulatory conditions or other trends affecting the internet, internet advertising and IT industries; data privacy and artificial intelligence laws, rules, and regulations; the impact of foreign currency exchange rates; certain macroeconomic factors facing the global economy, including instability in the regional banking sector, disruptions in the capital markets, economic sanctions and economic slowdowns or recessions, rising inflation and interest rate fluctuations on the operating results of Informa TechTarget; and other matters included in Risk Factors of Informa TechTarget's Form 10-K for fiscal year 2024 (filed with the United States Securities and Exchange Commission (the 'SEC') on May 28, 2025) and other documents filed by Informa TechTarget from time to time with the SEC. This summary of risks and uncertainties should not be considered to be a complete statement of all potential risks and uncertainties that may affect Informa TechTarget. Other factors may affect the accuracy and reliability of forward-looking statements. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes. Actual performance and outcomes, including, without limitation, Informa TechTarget's actual results of operations, financial condition and liquidity, may differ materially from those made in or suggested by the forward-looking statements contained in this press release. Any forward-looking statements speak only as of the date of this press release. None of Informa TechTarget, its affiliates, advisors or representatives, undertake any obligation to update any forward-looking statements, whether as a result of new information or developments, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Business Wire
a day ago
- Business
- Business Wire
Cementos Pacasmayo S.A.A. Announces Consolidated Results for Second Quarter 2025
LIMA, Peru--(BUSINESS WIRE)--Cementos Pacasmayo S.A.A. and subsidiaries (NYSE: CPAC; BVL: CPACASC1) ('the Company' or 'Pacasmayo') a leading cement company serving the Peruvian construction industry, announced today its consolidated results for the second quarter ('2Q25') and the first six months of the year ('6M25'). These results have been prepared in accordance with International Financial Reporting Standards ('IFRS') and are stated in Soles (S/). 2Q25 FINANCIAL AND OPERATIONAL HIGHLIGHTS: (All comparisons are to 2Q24, unless otherwise stated) Sales volume of cement, concrete and precast increased by 7.1%, mainly due to an increase in bagged cement demand as well as higher sales for infrastructure related projects. Revenues increased by 5.9%, in line with the increased sales volumes mentioned above. Consolidated EBITDA increased 9.0%, reaching S/130.2 million, mainly due to the above-mentioned revenue increase, as well as operational efficiencies. Consolidated EBITDA margin was 26.9%, a 0.8 percentage point increase. Net income was S/ 47.8 million, a 29.9% increase, mainly due to increased operating income, as well as a favorable foreign exchange difference and lower interest payments due to debt amortization. 6M25 FINANCIAL AND OPERATIONAL HIGHLIGHTS: (All comparisons are to 6M24, unless otherwise stated) Sales volume of cement, concrete and precast increased by 5.5%, mainly due to increased demand of both bagged cement and infrastructure projects. Revenues increased by 5.3%, in line with the increased sales volume. Consolidated EBITDA increased 5.0%, reaching S/264.9 million, mainly due to increased demand, as well as lower costs and operational efficiencies. Consolidated EBITDA margin was 26.9%, in line with the same period of last year. Net income increased by 16.5%, reaching S/ 100.5 million mainly due to higher operating income, as well as the favorable foreign exchange difference and the lower interest payments due to debt amortization as mentioned above. For a full version of Cementos Pacasmayo's Second Quarter 2025 Earnings Release, please visit CONFERENCE CALL INFORMATION: Cementos Pacasmayo will host a conference call on Tuesday, July 22, 2025, to discuss these results at 9:00 a.m. Lima Time/10:00 a.m. Eastern Time. To access the call, please dial: +1 (718) 866-4614 from within the U.S. Access code: 505256 There will also be a live Audio Webcast of the event at: You can also find additional dial-in numbers depending on your current location in the above link. About Cementos Pacasmayo S.A.A. Cementos Pacasmayo S.A.A. is a cement company, located in the Northern region of Peru. In February 2012, the Company's shares were listed on The New York Stock Exchange - Euronext under the ticker symbol "CPAC". With more than 67 years of operating history, the Company produces, distributes and sells cement and cement-related materials, such ready-mix concrete and precast materials. Pacasmayo's products are primarily used in construction, which has been one of the fastest-growing segments of the Peruvian economy in recent years. The Company also produces and sells quicklime for use in mining operations.
Time of India
2 days ago
- Business
- Time of India
UAE's 2025 tax update: How real estate firms can save on fair-valued assets
The UAE Ministry of Finance's new rule enables depreciation of fair-valued investment properties, offering firms fresh tax planning flexibility/Representative Image TL;DR: Finance Ministry's Ministerial Decision No. 173/2025 allows firms to deduct depreciation on investment properties measured at fair value, if they choose the realisation basis, effective from tax periods starting January 1, 2025. Companies can claim depreciation up to 4% of original cost or the account's written-down value for each 12‑month period. Tax expert insights, including Aldar, highlight greater planning flexibility and equitable treatment across fair-value and historical-cost assets. The "realisation basis" election is irrevocable and introduces fresh tax planning tools, though firms must navigate 'claw‑back' provisions. Businesses in the UAE are adjusting to new tax guidelines that affect how they report the value of their property assets. The Ministry of Finance has introduced specific provisions under the Corporate Tax framework that govern how companies can depreciate property assets that are recorded at fair value, a method that reflects the current market worth of assets, rather than historical purchase prices. This change is particularly important for companies that follow International Financial Reporting Standards (IFRS), as many real estate developers, investment firms, and asset-heavy industries in the UAE do. Under the new rule, even when a property's value rises on the balance sheet due to market appreciation, the depreciation expense claimed for tax purposes will still be based on the asset's original cost, not the higher market value. Experts believe this offers clarity and prevents businesses from inflating depreciation deductions to reduce tax liabilities. According to UAE tax professionals cited in a local news outlet Al Etihad, the move is a strategic clarification aimed at aligning tax practices with international standards while safeguarding the UAE's new corporate tax system from loopholes. What the New Rule Says Who it affects : Businesses holding investment properties using fair value accounting under IFRS. Eligibility condition : Must opt for the realisation basis, meaning gains are taxed on disposal, not annual book adjustments. Depreciation cap : Up to 4% of original cost or the written-down value, prorated for partial-year holdings. Election specifics : A one-time, irrevocable choice must be made in the first 2025 tax period. Once selected, it applies uniformly across all relevant properties. Claw-back rules : The decision includes guidance on reversal triggers particularly transfers or revaluations, so companies must track annual changes meticulously. Applicability : Regardless of whether fair value assets were held before or after June 1, 2023, the corporate tax implementation date coverage begins from January 1, 2025. Context: Why This Matters Previously, firms using fair value accounting received no depreciation tax benefit, unlike those using historical cost, who could deduct depreciation expenses annually. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Undo As The National describes it, this was 'a significant change from prior practice,' bringing parity and compliance clarity. Gulf News explains that the rule's goal is to 'create tax fairness between firms using fair value and historical cost methods', a move widely welcomed by developers and financial leaders. Voices from the Market In Al Etihad's interview, experts emphasised the significance of Ministerial Decision 173/2025: Aldar Properties , speaking to Al Etihad, applauded the decision for enhancing 'tax neutrality and equity' and called it a 'progressive and well-calibrated step.' Aldar's finance chief notes this brings confidence for capital deployment in its Dh25.8 billion assets under management. Aurifer's founding partner, as reported in The National, explained that the rule allows firms choosing the realisation basis to claim depreciation, smoothing taxable profits and aligning tax treatment with economic reality. Practical Implications for Businesses Strategic Tax Planning Firms can now choose whether to hold properties at market or historical value, factoring in current outlay, potential long-term gains, and timing. Cashflow Benefits Depreciation deductions can improve near-term cash flow by reducing taxable income and corporate tax liabilities, especially during early years of holding. Clarity & Compliance Confidence With guidelines on claw-back events, firms can manage transitions, inter-company transfers, and development scenarios more precisely. Investor Appeal Developers like Aldar believe the reform supports investor confidence and better capital allocation in the real estate sector. Key Considerations & Risks Irrevocable election : Once chosen, companies cannot revert, requiring comprehensive internal assessments before opting in. Annual calculations : Depreciation must be tracked and documented precisely, balancing reported gains and written-down values. Claw-back vigilance : Should revaluation events occur, firms need robust systems to comply with reversal rules. Compliance timing : Businesses must make the election in their first 2025 tax period, often aligning with the calendar year, so deadlines must be prioritized. Broader Tax Landscape This decision is part of a broader pattern of refining the UAE's Corporate Tax Law (Decree-Law 47/2022), which introduced a 9% base rate starting June 1, 2023, for profits exceeding AED 375,000. As per WAM, in 2025, corporate tax registration passed 576,000 entities, indicating widespread uptake. Additional 2025 reforms included tiered excise tax on sugary beverages and clarity on energy and digital taxation, further aligning the UAE with global fiscal standards. The 2025 depreciation rule for fair-valued investment properties marks a milestone in the evolution of UAE corporate taxation. By restoring parity between reporting methods and enabling depreciation allowances, the Ministry has introduced real planning levers for firms, particularly in real estate. As various interviews in local news outlet confirms, the move is more than administrative: it reinforces the UAE's reputation for fiscal clarity, fairness, and investor-friendly regulations.
Cision Canada
6 days ago
- Business
- Cision Canada
Lundin Mining Pre-Announces Items Impacting the Second Quarter 2025 Results
VANCOUVER, BC, July 17, 2025 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pre-announcing certain items impacting the Company's earnings, adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") 1, adjusted earnings 1 and adjusted earnings per share 1 for the three months ending June 30, 2025. Unless otherwise stated, dollar amounts are presented in United States dollars. Revenue and Provisional Pricing Adjustments View PDF Revenue in the second quarter 2025 is expected to be negatively impacted by unaudited provisional pricing adjustments on prior period concentrate sales of approximately $6 million on a pre-tax basis. These adjustments primarily include downward adjustments in relation to prior period copper sales, partially offset by upward adjustments on prior period gold sales. Foreign Exchange and Derivatives Unaudited realized foreign exchange losses and unaudited realized losses on foreign exchange and commodity derivative contracts in the second quarter 2025 are not expected to be significant. In the second quarter 2025 the Company is expected to recognize certain non-cash items that will impact the Company's earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share. These include an unaudited unrealized gain of approximately $11 million on a pre-tax basis related to the mark-to-market valuation of the Company's unexpired foreign exchange and commodity derivative contracts, primarily due to strengthening of the BRL and CLP against the US dollar during the quarter, partially offset by unrealized losses on unexpired gold derivative contracts. Second Quarter 2025 Results Conference Call and Webcast Details The Company will release its second quarter 2025 operations and financial results after market close on Wednesday, August 6, 2025, and will hold a webcast and conference call on Thursday, August 7, 2025 to present the results. Webcast and conference call details are provided below. Webcast / Conference Call Details: Date: Thursday, August 7, 2025 Time: 7:00 AM PT | 10:00 AM ET Listen Only Webcast: WEBCAST LINK Dial In for Investor & Analyst Q&A: DIAL IN LINK To participate in the call click on the dial in LINK above and complete the online registration form. Once registered you will receive the dial-in information and a unique PIN to join the call and ask questions. A replay of the webcast will be available by clicking on the webcast LINK above and will be archived on the Company's website for a limited period of time. ______________________ 1 These measures are non-GAAP measures. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the three months ended March 31, 2025 which is available on SEDAR+ at About Lundin Mining Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. The information was submitted for publication, through the agency of the contact persons set out below on July 17, 2025 at 14:30 Pacific Time. Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's financial results. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; the earn-in arrangement in respect of the Boulderdash property, including the entering into of an option agreement in respect thereof and the terms of such option agreement; future actions taken by Talon Metals Corp. and Lundin Mining in relation to the Boulderdash property and the outcomes and anticipated benefits thereof; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the three months ended March 31, 2025 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at under the Company's profile. All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐ looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
