• Lundin Mining average gross margin for 2023 was 39.32%, a 25.96% decline from 2022.
• Lundin Mining average gross margin for 2022 was 53.11%, a 4.13% decline from 2021.
• Lundin Mining average gross margin for 2021 was 55.4%, a 28.45% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.