LUN.TO · 2024-02-08 12:00:00

Lundin Mining Announces 2023 Mineral Resource and Mineral Reserve Estimates

Resource Estimates

Corporate Office

885 West Georgia Street, Suite 2000

Vancouver, BC V6C 3E8

Phone: +1 604 689 7842

lundinmining.com

NEWS RELEASE

Lundin Mining Announces 2023 Mineral Resource and Mineral Reserve Estimates

Vancouver, February 8, 2024 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin

Mining” or the “Company”) today reported its Mineral Resource and Mineral Reserve estimates effective as of

December 31, 2023 (or otherwise specified herein). On a 100% consolidated basis, the estimated Proven and

Probable Mineral Reserve of contained copper is 10,630 kt (23. 4 Blb) an increase of 2,2 20 kt (4.9 Blb) over the

previous year. Lundin Mining also has significant Proven and Probable Mineral Reserve s in other base and

precious metals including 2,554 kt (5.6 Blb) of zinc, 51 kt (11 2 Mlb) of nickel, 12.0 Moz of gold, and 157. 0 Moz of

silver.

Net revisions (increases/decreases) are primarily the result of changes to mining regulations that impacted

underground geotechnical parameters at Candelaria and additions from exploration and resource input

updates at Caserones.

Jack Lundin, President and CEO, commented “This year, we grew our Mineral R eserve base through the strategic

acquisition of Caserones, which contributed to an increase in our overall Proven and Probable copper Reserves by 26%

on a 100% basis. Since the acquisition the Company has added an additional 350 kt of copper Proven and Probable

Mineral Reserves at Caserones. We have also initiated the first significant exploration drill program at Caserones since

the mine began operating in 2013 targeting Mineral Resources and mine life extension.

At Candelaria, additional drilling at La Espanola and Santos contributed to an increase in overall Mineral Resources,

offsetting changes to underground mining regulations which have impacted underground Mineral Resources.

The additional drilling at the Sauva deposit in 2023 grew the Measured and Indicated copper Mineral Resources by 25%,

Sauva now contains a Measured and Indicated Mineral Resource of 245 Mt at 0.29% copper and 0.17 g/t gold. We will

continue to evaluate options for future processing, which might include, among other options, integrating this material

into Chapada’s processing facility.

At Neves-Corvo and Zinkgruvan, infill drilling campaigns successfully replaced Mineral Reserve depletion from mining

during the year.”

Mineral Resource and Mineral Reserve Highlights

• Candelaria (Chile): Mineral Reserve reductions at Candelaria were primarily driven by depletion from

production and new geotechnical constraints for underground mining. Decreases were partially offset

by the addition of Mineral Reserves at La Espanola, Santos and the Candelaria main pit. The underground

expansion project (“CUGEP”) will be evaluated to include changes in the geotechnical parameters

recommended by the local authorities. A total of 42,190 metres were drilled for exploration purposes at

Candelaria underground (north and south), Candelaria west and south extensions, and at Santos.

Proven & Probable Copper Reserves

In thousands of tonnes (kt)

2022 Copper Reserves (P&P) 8,410

Depletion (-) 482

Acquisition (+) 2,550

Net Revisions (+) 152

2023 Copper Reserves (P&P) 10,630

• Caserones (Chile): Caserones Mineral Reserves and Mineral Resources increased from higher metal

price forecasts, block model updates and changes to Mineral Resource classification.

• Chapada (Brazil): Mineral Reserve changes were mainly the result of mine depletion, updated

metallurgical recoveries and increased operating cost assumptions. Total exploration drilling at Chapada

for 2023 was 23,614 metres, primarily focused on Baru northeast, Chapada sou thwest, Cava Norte,

Sucupira and Corpo Sul.

• Sauva (Brazil): The deposit, which is located approximately 15 km north of Chapada, remains open in

all directions. Additional drilling during the year tested step -out anomalies along the broader Sa uva-

Formiga trend which contributed to an increase in Mineral Resources. The Sauva deposit increased by

25% from 578 kt to 721 kt of copper in the Measured and Indicated Mineral Resource categories.

• Eagle (USA): The increase in Mineral Reserves at Eagle is primarily due to the increase in metal price

assumptions and a change in mining method in the Keel zone which extends the mine life into 2029.

Lower cut-off grades from the application of bulk mining methods have decreased average head grades.

• Neves Corvo (Portugal): Mineral Reserves remain in-line with last year ’s estimate . Conversion of

previously Inferred Mineral Resources has helped offset mining depletion during the year . In 2023,

exploration drilling focused on extending near -mine mineralization. A total of 29,635 m etres of

exploration drilling were completed in 2023.

• Zinkgruvan (Sweden): Additions to Mineral Reserves at Zinkgruvan were primarily driven by increases

in metal prices, improvement in metallurgical recovery, and Mineral Resource conversion from infill

drilling. In 2023, exploration drilling at Zinkgruvan was primarily focused on near-mine expansion along

known mineralized trends. A total of 31,820 metres were drilled from underground and surface targeting

extensions of known resources.

Mineral Resource and Reserve Summary

The tables below summarize the Mineral Resource and Mineral Reserve estimates for each of the Company’s

sites effective as of December 31, 2023 on a 100% basis (or otherwise stated therein) , important information is

included in the notes following this news release . Table totals may not summate correctly due to rounding .

Mineral Resources are inclusive of Mineral Reserves. For more information on the prior Mineral Resource and

Mineral Reserve estimates for each of the Company’s sites effective as of December 31, 2022 that are referred to

herein please see the news release dated February 8, 2023, which is available on the Company’s SEDAR + profile

at www.sedarplus.com and on the Company’s website at www.lundinmining.com.

Mineral Resource Estimates - December 31st, 2023

Grade Contained Metal

Site Category 000's

Tonnes

g/t

Koz

Interest

Candelaria Measured 477,451 0.41 - - 0.10 1.41 - - 1,958 - - 1,532 21,644 - - 80%

Open Pit Indicated 53,428 0.26 - - 0.08 0.95 - - 139 - - 130 1,632 - - 80%

M&I 530,878 0.39 - - 0.10 1.36 - - 2,096 - - 1,662 23,276 - - 80%

Inferred 9,701 0.20 - - 0.05 0.82 - - 19 - - 17 256 - - 80%

La Espanola Measured 47,901 0.37 - - 0.08 0.33 - - 177 - - 123 508 - - 80%

Indicated 87,624 0.34 - - 0.07 0.33 - - 298 - - 197 930 - - 80%

M&I 135,525 0.35 - - 0.07 0.33 - - 475 - - 320 1,438 - - 80%

Inferred 135,349 0.33 - - 0.04 0.23 - - 447 - - 174 1,001 - - 80%

Underground Measured 196,203 0.85 - - 0.19 3.58 - - 1,659 - - 1,199 22,612 - - 80%

Indicated 270,562 0.78 - - 0.18 3.20 - - 2,106 - - 1,539 27,861 - - 80%

M&I 466,764 0.81 - - 0.18 3.36 - - 3,765 - - 2,737 50,474 - - 80%

Inferred 44,327 0.74 - - 0.18 2.09 - - 327 - - 258 2,976 - - 80%

Stockpile Measured 0 - - - - - - - - - - - - - - 80%

Indicated 74,255 0.30 - - 0.08 1.30 - - 223 - - 191 3,104 - - 80%

M&I 74,255 0.30 - - 0.08 1.30 - - 223 - - 191 3,104 - - 80%

Inferred 0 - - - - - - - - - - - - - - 80%

Ojos del Salado Measured 84,453 0.91 - - 0.20 1.47 - - 765 - - 548 4,000 - - 80%

Underground Indicated 77,972 0.84 - - 0.17 1.72 - - 656 - - 436 4,311 - - 80%

M&I 162,425 0.87 - - 0.19 1.59 - - 1,421 - - 984 8,311 - - 80%

Inferred 27,301 0.90 - - 0.18 2.37 - - 247 - - 157 2,081 - - 80%

Measured 806,007 0.57 - - 0.13 1.88 - - 4,558 - - 3,402 48,765 - - 80%

Candelaria Indicated 563,841 0.61 - - 0.14 2.09 - - 3,422 - - 2,493 37,837 - - 80%

Total M&I 1,369,847 0.58 - - 0.13 1.97 - - 7,980 - - 5,895 86,602 - - 80%

Inferred 216,677 0.48 - - 0.09 0.91 - - 1,039 - - 606 6,313 - - 80%

Caserones Measured 390,547 0.34 - - - - - 0.01 1,343 - - - - - 41 51%

Indicated 1,111,318 0.26 - - - - - 0.01 2,936 - - - - - 113 51%

M&I 1,501,865 0.28 - - - - - 0.01 4,279 - - - - - 154 51%

Inferred 186,215 0.22 - - - - - 0.01 412 - - - - - 16 51%

Chapada Measured 509,076 0.25 - - 0.12 - - - 1,271 - - 2,031 - - - 100%

Open Pit Indicated 411,609 0.22 - - 0.11 - - - 898 - - 1,438 - - - 100%

M&I 920,684 0.24 - - 0.12 - - - 2,169 - - 3,469 - - - 100%

Inferred 54,230 0.22 - - 0.10 - - - 119 - - 167 - - - 100%

Stockpile Measured 0 - - - - - - - - - - - - - - 100%

Indicated 136,472 0.18 - - 0.11 - - - 245 - - 477 - - - 100%

M&I 136,472 0.18 - - 0.11 - - - 245 - - 477 - - - 100%

Inferred 0 - - - - - - - - - - - - - - 100%

Suruca Measured 16,608 - - - 0.32 - - - - - - 173 - - - 100%

Gold Indicated 141,715 - - - 0.45 - - - - - - 2,062 - - - 100%

M&I 158,323 - - - 0.44 - - - - - - 2,235 - - - 100%

Inferred 4,997 - - - 0.63 - - - - - - 101 - - - 100%

Sauva Measured 0 - - - - - - - - - - - - - - 100%

Open Pit Indicated 244,679 0.29 - - 0.17 - - - 721 - - 1,339 - - - 100%

M&I 244,679 0.29 - - 0.17 - - - 721 - - 1,339 - - - 100%

Inferred 1,364 0.20 - - 0.07 - - - 3 - - 3 - - - 100%

Sauva Measured 0 - - - - - - - - - - - - - - 100%

Underground Indicated 0 - - - - - - - - - - - - - - 100%

M&I 0 - - - - - - - - - - - - - - 100%

Inferred 53,333 0.41 - - 0.26 - - - 221 - - 445 - - - 100%

Mineral Resource Estimates - December 31st, 2023

Grade Contained Metal

Site Category 000's

Tonnes

g/t

Koz

Interest

Eagle Measured 305 1.73 - - 0.15 9.48 2.15 - 5 - - 1 93 7 - 100%

Indicated 4,569 1.03 - - 0.11 4.34 1.34 - 47 - - 16 637 61 - 100%

M&I 4,873 1.07 - - 0.12 4.66 1.40 - 52 - - 18 730 68 - 100%

Inferred 207 0.66 - - 0.07 2.61 0.90 - 1 - - 0 17 2 - 100%

Josemaria Measured 196,774 0.43 - - 0.34 1.34 - - 846 - - 2,176 8,503 - - 100%

Indicated 962,067 0.26 - - 0.18 0.86 - - 2,501 - - 5,629 26,601 - - 100%

M&I 1,158,841 0.29 - - 0.21 0.90 - - 3,348 - - 7,806 35,104 - - 100%

Inferred 704,158 0.19 - - 0.10 0.82 - - 1,338 - - 2,309 18,609 - - 100%

Neves-Corvo Measured 7,637 3.4 1.0 0.3 - 44 - - 260 75 24 - 10,683 - - 100%

Copper Indicated 46,673 2.0 0.8 0.3 - 44 - - 949 387 161 - 66,775 - - 100%

M&I 54,310 2.2 0.9 0.3 - 44 - - 1,209 462 185 - 77,458 - - 100%

Inferred 14,010 1.8 0.6 0.2 - 28 - - 248 88 33 - 12,752 - - 100%

Neves-Corvo Measured 12,082 0.4 7.7 1.8 - 65 - - 42 928 215 - 25,264 - - 100%

Zinc and Lead Indicated 51,520 0.3 6.6 1.3 - 60 - - 165 3409 680 - 99,398 - - 100%

M&I 63,602 0.3 6.8 1.4 - 61 - - 207 4,337 895 - 124,664 - - 100%

Inferred 4,094 0.3 5.7 1.6 - 63 - - 14 232 64 - 8,321 - - 100%

Semblana Measured 0 - - - - - - - - - - - - - - 100%

Indicated 0 - - - - - - - - - - - - - - 100%

M&I 0 - - - - - - - - - - - - - - 100%

Inferred 7,807 2.9 - - - 25 - - 223 - - - 6,299 - - 100%

Zinkgruvan Measured 7,255 - 8.0 2.9 - 65 - - - 580 210 - 15,161 - - 100%

Zinc and Lead Indicated 10,139 - 7.7 3.6 - 78 - - - 781 364 - 25,540 - - 100%

M&I 17,394 - 7.8 3.3 - 73 - - - 1,362 574 - 40,701 - - 100%

Inferred 15,700 - 8.4 3.8 - 91 - - - 1,319 592 - 46,075 - - 100%

Zinkgruvan Measured 3,003 2.3 - - - 35 - - 68 - - - 3,383 - - 100%

Copper Indicated 431 1.3 - - - 23 - - 6 - - - 312 - - 100%

M&I 3,434 2.1 - - - 33 - - 73 - - - 3,695 - - 100%

Inferred 208 1.8 - - - 29 - - 4 - - - 193 - - 100%

Mineral Reserves Estimates - December 31st, 2023

Grade Contained Metal

Site Category 000's

Tonnes

g/t

Koz

Interest

Candelaria Proven 322,138 0.45 - - 0.11 1.51 - - 1,440 - - 1,108 15,660 - - 80%

Open Pit Probable 26,758 0.29 - - 0.08 1.07 - - 77 - - 70 921 - - 80%

Total 348,896 0.44 - - 0.11 1.48 - - 1,518 - - 1,178 16,579 - - 80%

La Espanola Proven 34,685 0.38 - - 0.08 0.33 - - 133 - - 91 370 - - 80%

Probable 41,255 0.36 - - 0.07 0.34 - - 149 - - 98 450 - - 80%

Total 75,940 0.37 - - 0.08 0.34 - - 282 - - 190 818 - - 80%

Underground Proven 37,284 0.76 - - 0.17 2.92 - - 281 - - 209 3,495 - - 80%

Probable 70,282 0.70 - - 0.16 3.08 - - 494 - - 366 6,964 - - 80%

Total 107,566 0.72 - - 0.17 3.03 - - 776 - - 574 10,461 - - 80%

Stockpile Proven 0 - - - - - - - - - - - - - - 80%

Probable 73,512 0.28 - - 0.08 1.30 - - 206 - - 189 3,073 - - 80%

Total 73,512 0.28 - - 0.08 1.30 - - 206 - - 189 3,073 - - 80%

Ojos del Salado Proven 8,503 0.84 - - 0.21 2.01 - - 71 - - 57 550 - - 80%

Underground Probable 8,856 0.77 - - 0.16 2.16 - - 68 - - 46 614 - - 80%

Total 17,359 0.80 - - 0.19 2.09 - - 139 - - 103 1,164 - - 80%

Candelaria Proven 402,610 0.48 - - 0.11 1.55 - - 1,926 - - 1,465 20,076 - - 80%

Combined Probable 220,664 0.45 - - 0.11 1.69 - - 994 - - 769 12,021 - - 80%

Total 623,274 0.47 - - 0.11 1.60 - - 2,921 - - 2,235 32,095 - - 80%

Caserones Proven 352,876 0.35 - - - - - 0.01 1,223 - - - - - 37 51%

Probable 533,485 0.28 - - - - - 0.01 1,494 - - - - - 57 51%

Total 886,361 0.31 - - - - - 0.01 2,717 - - - - - 94 51%

Chapada Proven 334,237 0.25 - - 0.14 - - - 848 - - 1,507 - - - 100%

Open Pit Probable 138,077 0.22 - - 0.11 - - - 302 - - 498 - - - 100%

Total 472,314 0.24 - - 0.13 - - - 1,150 - - 2,004 - - - 100%

Stockpile Proven 0 - - - - - - - - - - - - - - 100%

Probable 136,472 0.18 - - 0.11 - - - 245 - - 477 - - - 100%

Total 136,472 0.18 - - 0.11 - - - 245 - - 477 - - - 100%

Suruca Proven 10,451 - - - 0.36 - - - - - - 119 - - - 100%

Gold Probable 10,564 - - - 0.35 - - - - - - 118 - - - 100%

Total 21,015 - - - 0.35 - - - - - - 237 - - - 100%

Eagle Proven 222 1.52 - - 0.12 8.66 1.98 - 3 - - 1 62 4 - 100%

Probable 3,837 0.93 - - 0.10 3.98 1.22 - 36 - - 14 491 47 - 100%

Total 4,060 0.96 - - 0.11 4.24 1.26 - 39 - - 15 553 51 - 100%

Josemaria Proven 196,774 0.43 - - 0.34 1.33 - - 837 - - 2,143 8,430 - - 100%

Probable 815,051 0.27 - - 0.19 0.85 - - 2,205 - - 4,872 22,285 - - 100%

Total 1,011,825 0.30 - - 0.22 0.94 - - 3,041 - - 7,015 30,715 - - 100%

Neves-Corvo Proven 2,641 3.1 0.7 0.2 - 32 - - 81 18 5 - 2,699 - - 100%

Copper Probable 18,576 1.8 0.6 0.2 - 33 - - 340 108 41 - 19,810 - - 100%

Total 21,217 2.0 0.6 0.2 - 33 - - 420 127 46 - 22,510 - - 100%

Zinc and Lead Proven 3,981 0.3 8.3 2.2 - 68 - - 13 328 86 - 8,696 - - 100%

Probable 17,588 0.3 7.4 1.8 - 62 - - 53 1305 313 - 35,120 - - 100%

Total 21,569 0.3 7.6 1.9 - 63 - - 65 1633 399 - 43,688 - - 100%

Zinkgruvan Proven 4,302 - 7.5 2.8 - 62 - - - 324 120 - 8,587 - - 100%

Zinc and Lead Probable 6,734 - 7.0 3.6 - 81 - - - 470 243 - 17,519 - - 100%

Total 11,036 - 7.2 3.3 - 74 - - - 794 363 - 26,108 - - 100%

Copper Proven 1,267 2.2 - - - 34 - - 28 - - - 1,404 - - 100%

Probable 167 2.2 - - - 39 - - 4 - - - 208 - - 100%

Total 1,434 2.2 - - - 35 - - 32 - - - 1,612 - - 100%

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina,

Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market

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

out below on February 8, 2024 at 14:30 Pacific Time.

For further information, please contact:

Stephen Williams, Vice President, Investor Relations: +1 604 806 3074

Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50

Cautionary Notes to Investors – Mineral Resource and Reserve Estimates

In accordance with applicable Canadian securities laws, all Mineral Reserve and Mineral Resource estimates of

the Company disclosed or referenced in this news release have been prepared in accordance with the disclosure

standards of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian

Securities Administrators (“NI 43-101”), and have been classified in accordance with Canadian Institute of Mining

Metallurgy and Petroleum’s “Definition Standards for Mineral Resou rces and Reserves” (the “CIM Standards”).

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Notes on Mineral Resource and Mineral Reserve Tables

Mineral Resource and Mineral Reserve estimates are shown on a 100% basis . The Measured and Indicated

Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral

Reserve estimates. All estimates , with the exception of Josemaria are effective as at December 31, 2023. The

Josemaria Mineral Resource estimates are effective as at July 10, 2020 and the Mineral Reserve estimates are

effective as at September 28, 2020.

Reference herein to $ or USD is to United States dollars, CLP is to Chilean pesos, BRL is to Brazilian rea l, EUR

refers to euros, and SEK is to Swedish kronor. Unless noted otherwise, Mineral Reserves for all active mines have

been estimated using metal prices of $3.65/lb copper, $1.15/lb zinc, $0.90/lb lead, $10.0/lb nickel and $1,600/oz

gold, whereas Mineral Resources have been estimated using metal prices of $4.20/lb copper and $1,840/oz gold.

Exchange rates used were EUR/USD 1.10, USD/SEK 9.00, USD/CLP 800 and USD/BRL 5.00 for Mineral Reserve and

Mineral Resource estimates . For the Josemaria Mineral Reserve, the metal prices used were $3.00/lb copper ,

$1,500/oz gold and $18.00/oz silver.

For a better understanding of each of the Company’s deposits readers are encouraged to read the technical

reports and other public disclosure of the Company, including all qualifications, assumptions, exclusions and

risks that relate to the Mineral Resource and Mineral Reserve estimates. The technical reports are listed below,

are intended to be read as a whole, and sections should not be read or relied upon out of context.

Unless noted otherwise, t he Mineral Resource and Mineral Reserve estimates were prepared under the

supervision of and verified by Cole Mooney, P.Geo., Director, Resource Geology, and Arkadius Tarigan, P.Eng.,

former Director, Reserves and Mine Planning, respectively for all sites below. They have also reviewed, verified

and approved the technical and scientific information in this news release. No limitations were imposed on their

verification process. Both Messrs. Mooney and Tarigan are Qualified Persons as defined under NI 43-101.

Candelaria and Ojos del Salado

Candelaria and La Española open pit Mineral Resource estimates are reported within a conceptual pit shell with

cut-off grades of 0.13% and 0.15% copper, respectively. Underground Mineral Resources are estimated at cut-off

grades of 0.38% and 0. 47% copper for Candelaria underground and Ojos del Salado , respectively. Mineral

Reserves for the Candelaria open pit, Española open pit , and Candelaria underground are estimated at cut -off

grades of 0.14%, 0.16% and 0.44% copper, respectively. Mineral Reserves for the Santos mine at Ojos del Salado

is estimated at a cut-off grade of 0.51% copper.

For further information on Candelaria, refer to the Technical Report entitled Technical Report for the Candelaria

Copper Mining Complex, Atacama Region, Region III, Chile , dated February 22, 2023, which is filed under the

Company’s profile on SEDAR+ at www.sedarplus.ca.

Caserones

Caserones Mineral Resource estimates are reported within conceptual pit shell using a cut-off grade of 0.13%

copper. Mineral Reserves for the Caserones open pit are estimated using open pit discard NSR cut-off values of

$11.70/t for ore processed at concentrating and $3.65/t for ore delivered to the heap leach and SX/EW processing.

For further information on Caserones, refer to the Technical Report entitled NI 43-101 Technical Report on the

Caserones Mining Operation, Atacama Region, Chile, dated July 13, 2023 which is filed under the Company’s

profile on SEDAR+ at www.sedarplus.ca.

Chapada

The Chapada and Suruca copper -gold Mineral Resource estimates are reported within a conceptual pit shell at

an open pit discard NSR cut-off value of $5.80/t. For the Suruca copper -gold, NSR cut-off value of $6.80/t was

used for oxide (heap leach) and sulphide portion, and $11.42/t for oxide (carbon-in-leach). For the Suruca gold

only Mineral Resource estimates, NSR cut-off values of $6.80/t for oxides and $11.42/t for mixed and sulphide

were used. Mineral Reserves are estimated using open pit discard NSR cut-off values of $5.80/t and $6.80/t for

the Chapada open pit and Suruca gold oxides respectively.

For further information on Chapada, refer to the Technical Report entitled Technical Report on the Chapada Mine,

Goiás State, Brazil, dated October 10, 2019 which is available on Lundin Mining’s SEDAR + profile

atwww.sedarplus.ca.

Eagle

The Eagle Mineral Resource and Mineral Reserve estimates are reported using NSR cut-off values of $143.9/t,

$150.4/t, $176.4/t and $151.2/t for Eagle, Upper Keel and Eagle East cut and fill and stope zones, respectively. The

NSR is calculated on a recovered payable basis considering nickel, copper, cobalt, gold and PGM grades,

metallurgical recoveries, prices and realization costs.

Josemaria

The Josemaria open pit Mineral Resource estimates are reported within a conceptual pit shell based on metal

prices of $3.00/lb copper, $1,500/oz gold and $18.00/oz silver with a cut -off grade of 0.10% copper. Mineral

Reserve estimates for Josemaria are estimated at NSR cut-off values ranging from $5.16 /t to $5.22/t, based on

metallurgical unit. Mr. Dustin Smiley, P.Eng., Manager, Mine Engineering and Costing, Lundin Mining reviewed

and verified the Mineral Reserves estimates for Josemaria project.

For further information on Josemaria, refer to the Technical Report entitled NI 43-101 Technical Report, Feasibility

Study for the Josemaria Copper -Gold Project, San Juan Province, Argentina dated November 5, 2020, which is

available on the Company’s subsidiary, Josemaria Resources Inc.’s SEDAR+ profile at www.sedarplus.ca

Neves-Corvo and Semblana

The copper Mineral Resource estimates are reported within geological volumes based on a nominal cut-off grade

of 1.0% copper and the zinc Mineral Resource estimates are reported within geological volumes based on a

nominal zinc cut -off grade of 4.5% zinc. The copper and zinc Mineral Reserve estimates have been calculated

using variable NSR values ranging from €49/t to €82/t based on mineralization, areas and mining methods. The

NSR is calculated on a recovered payable basis considering copper, lead, zinc a nd silver grades, metallurgical

recoveries, prices and realization costs.

The Mineral Resources at Semblana are estimated above a cut-off grade of 1.0% copper.

For further information on Neves-Corvo and Semblana, refer to the Technical Report entitled NI 43-101 Technical

Repot on the Neves -Corvo Mine, Portugal , dated February 22, 2023 which is filed under the Company’s profile on

SEDAR+ at www.sedarplus.ca.

Saúva

The Saúva open pit Mineral Resource estimates are reported within a conceptual pit shell with NSR cut-off value

of $7.80/t.

Zinkgruvan

The zinc and lead Mineral Resources are estimated within optimized stope volumes, using a 3.5 m minimum

mining width, based on an area dependent marginal NSR cut-off between SEK 740/t and SEK 920/t. The copper

Mineral Resource estimate s are reported within optimized stope volumes above a cut -off NSR values ranging

from SEK 800/t to SEK 830/t. The zinc and copper Mineral Reserves are estimated at NSR cut-off values ranging

from SEK 950/t to SEK 1,100/t depending on the mineralization, areas and mining methods. The NSR is calculated

on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and

realization costs.

Cautionary Statement in Forward-Looking Information

Certain of the statements made and information contained herein is “forward -looking information” within the meaning of applicable Canadian securities laws. All

statements other than statements of historical facts included in this document constitute forwar d-looking information, including but not limited to statements

regarding the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future p roduction and its expectations

regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any

Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimat es, and mine and mine closure plans;

anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the C ompany’s Responsible Mining

Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development

activities at the Company’s projects; the Company’s integration of acquisitions and any anticipated benefits thereof; and exp ectations for other economic, business,

and/or competitive factors. 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 statements.

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, nickel, zinc, gold and other

metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates

will continue to suppo rt the development and operation of mining projects; and assumptions related to the factors set forth below. While these fact ors 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, these statements are inherently subject to significant business, economic and competitive uncertai nties and contingencies. Known and

unknown factors could cause actual results to differ materi ally from those projected in the forward -looking statements and undue reliance should not be placed on

such statements and information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pr icing and

availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, in dustrial accidents, catastrophic equipment

failures, unusual or unexpected geological formations or unstable ground condi tions, and natural phenomena such as earthquakes, flooding or unusually severe

weather; uninsurable risks; project financing risks, liquidity risks and limited financial resources; volatility and fluctuat ions in metal and commodity demand and

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