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LUN.TO ·

Lundin Mining’s Application for Listing Shares Directly on Nasdaq Stockholm Approved

Listings & Exchange

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NEWS RELEASE

Lundin Mining’s Application for Listing Shares Directly on

Nasdaq Stockholm Approved

Toronto, May 2, 2017 (TSX: LUN; OMX: LUMI) Lundin Mining Corporation (“Lundin Mining” or the

“Company”) is pleased to announce that Nasdaq Stockholm has approved the application for direct

listing of its shares. The approval is subject to customary conditions including the approval and

registration, and subsequent publication, of a listing prospectus prepared in accordance with Swedish

laws and regulations.

In accordance with the Company’s p revious announcement, a notice of termination of the Swedish

Depository Receipts (“SDRs”) representing the shares was published in Svenska Dagbladet on May 2,

2017. As set forth in the notice, the record date for the conversion of the SDRs in the VPC register shall

be June 9, 2017. Pareto Securities AB will, in accordance with the VPC plan for conversion of securities,

deliver the underlying shares to the holders of SDRs entitled to receive shares. Entitled holders do not

need to take any action as all SDRs will be converted to shares automatically. The conversion will have

the same meaning as deregistration according to section 18.4 of the General Terms and Conditions for

Swedish Depositary Receipts in Lundin Mining Corporation.

The first day of trading of shares is expected to be June 8, 2017. The last day of trading of the SDRs is

expected to be June 7, 2017.

The trading symbol for the shares on Nasdaq Stockholm shall be “LUMI”. This is a correction of the

announcement made April 26, 2017 at 5:40 p.m. Eastern Time.

Further information on the conversion procedure will be included in the listing prospectus, which once

approved and registered , will be made available on the Company’s website ( www.lundinmining.com)

and on the Swedish Financial Supervisory Authority’s website (www.fi.se).

About Lundin Mining

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

States of America, Portugal, and Sweden, primarily producing copper, nickel and zinc. In addition, Lundin

Mining holds an indirect 24% equity stake in t he Freeport Cobalt Oy business, which includes a cobalt

refinery located in Kokkola, Finland.

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 and the Swedish Securities Markets Act. The information was submitted for

publication, through the agency of the contact persons set out below on May 2, 2017 at 6:00 p.m.

Eastern Time.

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

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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

Cautionary Statement in Forward-Looking Information

Certain of the statements made and information contained herein, other than statements of historical fact and historical information, is

“forward-looking information” within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to,

listing of the common shares on Nasdaq Stockholm (including timing thereof), conversion and delisting of the SDRs from the Nasdaq

Stockholm (including timing thereof), and the approval and registration of a listing prospectus. Words such as “expect”, “plan”,

“schedule”, “shall”, “subject to”, and “will” , or variations of these terms or similar terminology or statemen ts that certain actions, events

or results could , shall or will occur or be achieved are intended to identify such forward -looking information. Although the Company

believes that the expectations reflected in the forward -looking information contained herei n are reasonable, these statements by their

nature involve risks, uncertainties and contingencies, and are not guarantees of future performance. Forward-looking information is based

on a number of assumptions, and subject to a variety of risks , uncertainties and contingencies which could cause actual events or results

to differ from those reflected in the forward -looking statements. Such risks , uncertainties and contingencies include, without limitation,

delays encountered with the Nasdaq Stockholm and othe r regulatory authorities in Sweden, changes in laws or policies, foreign taxation,

delays or the inability to obtain necessary governmental/regulatory approvals (including the approval of the listing prospect us), as well as

other risks , uncertainties and c ontingencies including but not limited to those described in the Risks and Uncertainties section of the

Company’s most recently filed Annual Information Form and in the Managing Risks section of each of the Company’s management

discussion and analysis. Sho uld one or more of these risks , uncertainties and contingencies materialize, or should underlying assumptions

prove incorrect, actual results may vary materially from those described in forward -looking statements. Accordingly, readers are advised

not to pl ace undue reliance on forward -looking statements. The Company disclaims any intention or obligation to update or revise any

forward‐looking statements or to explain any material difference between subsequent actual events and such forward‐ looking

statements, except to the extent required by applicable law.