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LUN.TO ·

Declaration of Dividend Amendment to the General Terms and Conditions for Swedish Depository Receipts

Corporate Actions

NEWS RELEASE

Declaration of Dividend

Amendment to the General Terms and Conditions for Swedish Depository Receipts

Toronto, February 22, 2017 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin

Mining” or the “Company”) reports the following:

The Company is pleased to announce that today it has declared a dividend of C AD$0.03 per share. The

dividend is payable on April 18, 2017 to the shareholders of record at the close of business on March 31,

2017. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.

Notice to all Non-Canadian Resident Shareholders

In 2012, the Canada Revenue Agency (CRA) changed how the tax withholding rate applied to dividend

payments made to non-residents is determined. The CRA now requires a certification of residency from

each shareholder so that the preferred tax t reaty rate can be applied where applicable to persons

resident in countries which have a tax treaty with Canada.

Form NR301 form will be mailed to all Registered non -resident shareholders by Computershare Investor

Services Inc. In order to receive the pr eferred treaty rate, you must complete and mail back the form as

soon as possible. Failure to supply a completed NR301 form will result in Computershare withholding

the statutory 25% withholding tax rate on any payments to Registered non-resident shareholders. You

can also download the form at https://cda.computershare.com/Content/4f677775-5e6c-4e64-a695-

a5785771fec3. Instructions on how to correctly complete the NR30 1 are on the back of the form.

Shareholders who hold their shares through a broker should contact their broker directly. They do not

need to return a form to Computershare.

Notice to all holders of Swedish Depository Receipts

The dividend is payable to t hose holders of SDBs ( ISIN SE0001134529) (“SDRs”) who on the record date

(March 31, 2017) are entered o n the SD R register kept by Euroclear Sweden as holder s of SD Rs or

holders of rights. Dividends payable to SDR holders shall be paid in Swedish kronor (SEK). The

conversion from CAD$ to SEK will be executed by Pareto Securities AB (“Pareto”) at public market rate.

The estimated payment date is on or about April 25, 2017.

In order to execute the payment of the dividend on the SDRs, a temporary admini strative cross border

transfer closure will be applied from and including March 28, 2017 up to and including March 31, 2017,

during which period shares of the Company cannot be deposited with Pareto Securities AB and

deposited shares of the Company cannot be withdrawn.

In order to make possible a payment of dividends on the SDRs, the Company and Pareto have jointly

amended and further updated the General Terms and Conditions for the SDRs (the “Terms”). The

Corporate Office

150 King Street West, Suite 1500

P.O. Box 38

Toronto, ON M5H 1J9

Phone: +1 416 342 5560

Fax: +1 416 348 0303

UK Office

Hayworthe House, Market Place

Haywards Heath, West Sussex

RH16 1DB

United Kingdom

Phone: +44 (0) 1444 411 900

Fax: +44 (0) 1444 456 901

www.lundinmining.com

complete amended Terms are available on the Company’s website and on Pareto’s website at

www.paretosec.com. A notice of the change of the Terms will also be published in Svenska Dagbladet

on or around February 27, 2017, from which date the amended Terms will take effect.

Dividend payments on SDRs will be made net of 25% Canadian withholding tax and any other Canadian

and Swedish taxes deemed applicable under Canadian and Swedish law. SDR holders who are entitled to

reclaim Canadian and/or Swedish tax unde r applicable tax treaties should contact the CRA and the

Swedish Tax Agency, respectively, directly. SDR holders who hold their SDRs through a nominee should

contact their nominee.

The declaration, timing, amount and payment of future dividends remain at the discretion of the Board

of Directors.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations in Chile, the USA,

Portugal, and Sweden, primarily producing copper, nickel and zinc. In addition, Lundin Mining holds an

indirect 24% equity stake in the world -class Tenke Fungurume copper/cobalt mine in the Democratic

Republic of Congo and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in

Kokkola, Finland. The Company has entered into an agreement to sell its indirect equity stake in Tenke

Fungurume.

On Behalf of the Board,

Paul Conibear, President and CEO

This is information that Lundin Mining Corporation is obliged to make public pursuant to the EU Market

Abuse Regulation. The information was submitted for publication, through the agency of the contact

persons set out above on February 22, 2017 at 7:15 p.m. Eastern Time.

The content contained herein is not tax advice. Do not use or otherwise rely upon any of the content

without first seeking independent tax advice.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mark Turner

Director, Business Valuations and Investor Relations

+1-416-342-5565

Sonia Tercas

Senior Associate, Investor Relations

+1-416-342-5583

Robert Eriksson

Investor Relations Sweden

+46 8 545 015 50