LUN.TO · 2025-02-12 12:00:00

Lundin Mining Announces 2024 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

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NEWS RELEASE

Lundin Mining Announces 2024 Mineral Resource and Mineral Reserve Estimates

Vancouver, February 12, 2025 (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, 2024 (or as otherwise specified herein). On a 100% consolidated basis, the estimated Proven and

Probable Mineral Reserve of contained copper is 10,872 kilotonnes (“kt”) an increase of 242 kt over the previous

year. Lundin Mining also has significant Proven and Probable Mineral Reserves in other base and precious metals

including 2,429 kt of zinc, 42 kt of nickel, 14.3 million ounces (“Moz”) of gold, and 282.0 Moz of silver.

Net revisions (increases/decreases) are primarily the result of exploration additions at Candelaria offset by cost

input updates at Caserones. The Company announced the proposed divestiture of Neves-Corvo and Zinkgruvan

on December 9, 2024, to Boliden. Mineral Resources and Mineral Reserves for those assets have been included

in the Mineral Reserve and Mineral Resource statement and will be removed once the transaction is completed.

Jack Lundin, President and CEO, commented “Throughout the year, we successfully offset mine depletion and

replaced reserves associated with the pending sale of our European assets , driven by a combination of the Filo

acquisition and continued success from conversion drilling.

“The closing of the Filo acquisition in January, in partnership with BHP, add s over 360 million tonnes of oxide

Mineral Resources to the Vicuña portfolio, which also includes over one billion tonnes of resources at Josemaria.

Vicuña is on track for a highly anticipated maiden sulphide Mineral Resource at Filo del Sol in the second quarter

of this year, alongside an updated Mineral Resource estimate for Josemaria.

“At Candelaria, additional drilling at La Española largely offset depletion , and conversion of inferred Mineral

Resources grew the measured and indicated Mineral Resource categories.

“Drilling at Caserones last year was encouraging and this year the exploration program will be the largest y et

since mine operations began. The focus at Caserones will be deeper in -pit drilling to better define higher grade

breccia zones and exploration drilling to test the sulphide mineral potential beneath the Angelica oxide deposit.”

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. These decreases were partially

offset by the addition of Mineral Reserves at La Española and Santos. A total of 16,070 metres were

1 The acquisition of Filo Corp. and the formation of the joint arrangement with BHP was completed on January 15, 2025. See press release “Lundin Mining Completes

Joint Acquisition of Filo with BHP and 50% Sale of Josemaria to Form Vicuña Corp.”

Proven & Probable Copper Reserves

100% basis, contained copper (kt)

2023 Copper Reserves (P&P) 10,630

Depletion (-) 453

European assets held for sale (-) 491

Acquisition of Filo (oxide only)1 (+) 1,007

Net revisions (+) 179

2024 Copper Reserves (P&P) 10,872

drilled in 2024 for exploration purposes at Candelaria underground (north and south), Candelaria south

extension, La Española and Santos.

• Caserones (Chile): Caserones Mineral Reserves and Mineral Resources slightly decreased year over year

from depletion and updated cost inputs. These decreases were partially offset by higher metal price

forecasts. Exploration activities last year included 14,209 metres of diamond drilling, and airborne and

ground based geophysics.

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

operating cost assumptions. Total exploration drilling at Chapada for 202 4 was 16,329 metres that

targeted high-grade corridors, mainly at Corpo Sul and Jatobá . The Mineral Resources at Saúva remain

unchanged from 2023 with the exception of updated underground geotechnical standards which

impacted the underground inferred material . Drilling at Saúva mainly focused on extending the

mineralization downdip. It is anticipated that an updated Mineral Resource estimate as Saúva will be

completed next year.

The Suruca gold deposit was removed from the Mineral Reserve inventory at Chapada, as it is a primary

gold deposit and not contemplated in the current life of mine (“LOM”) plan. Suruca will continue to be

classified as Mineral Resources.

• Filo del Sol (Argentina): The Company completed the acquisition of Filo Corp. on January 15, 2025, and

formed a joint arrangement with BHP where each company hold s a 50% interest in Filo del Sol and

Josemaria. Updated study work is underway at Filo del Sol and will focus on drilling, mineral resource

estimation, mine planning, metallurgy, hydrology wells and studies, and the commencement of access

road construction. In parallel, engineering studies and trade off analysis will be completed in preparation

for future permitting and a technical report outlining an integrated Josemaria/Filo del Sol project.

• Eagle (USA): The decrease in Mineral Reserves and Mineral Resources at Eagle is primarily due to

depletion and a decrease in metal price assumptions.

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

Resources grew from a successful exploration program. I n 2024, a total of 7,171 metres of exploration

drilling was completed targeting Lombador North and Neves SW to test extensions near the ore body.

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

of resources at the Burkland zone to Mineral Reserves. In 2024, exploration drilling at Zinkgruvan was

primarily focused on near -mine expansion along known mineralized trends. A total of 55,543 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, 2024 on a 100% basis (or as 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, 2023 that are referred to

herein please see the news release dated February 8, 2024, which is available on the Company’s SEDAR+ profile

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

The acquisition of Filo Corp. and the formation of the joint arrangement with BHP was completed on January 15,

2025. See press release “Lundin Mining Completes Joint Acquisition of Filo with BHP and 50% Sale of Josemaria

to Form Vicuña Corp.” On December 9, 2024 the Company announced the sale of its European assets to Boliden.

See press release “Lundin Mining Announces Sale of Neves -Corvo and Zinkgruvan for Total Consideration of up

to $1.52 Billion”. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory

approvals.

Mineral Resource Estimates – December 31st, 2024

100% basis, inclusive of Reserves Grade Contained Metal

Site Category Tonnes

g/t

Koz

Interest

Candelaria Measured 517,548 0.39 - - 0.09 1.3 - - 2,018 - - 1,498 21,964 - - 80%

Open Pit Indicated 74,074 0.25 - - 0.06 0.9 - - 185 - - 143 2,167 - - 80%

M&I 591,622 0.37 - - 0.09 1.3 - - 2,204 - - 1,640 24,131 - - 80%

Inferred 15,579 0.17 - - 0.05 0.7 - - 26 - - 25 371 - - 80%

La Espanola Measured 54,182 0.36 - - 0.07 0.3 - - 195 - - 122 575 - - 80%

Indicated 93,088 0.33 - - 0.06 0.3 - - 307 - - 180 988 - - 80%

M&I 147,270 0.34 - - 0.06 0.3 - - 502 - - 302 1,562 - - 80%

Inferred 36,974 0.26 - - 0.04 0.3 - - 96 - - 48 321 - - 80%

Underground Measured 194,304 0.85 - - 0.19 3.6 - - 1,652 - - 1,187 22,302 - - 80%

Indicated 263,274 0.78 - - 0.17 3.1 - - 2,054 - - 1,439 26,578 - - 80%

M&I 457,578 0.81 - - 0.18 3.3 - - 3,705 - - 2,626 48,880 - - 80%

Inferred 44,018 0.75 - - 0.16 2.1 - - 330 - - 226 2,901 - - 80%

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

Indicated 78,964 0.29 - - 0.08 1.2 - - 229 - - 203 3,047 - - 80%

M&I 78,964 0.29 - - 0.08 1.2 - - 229 - - 203 3,047 - - 80%

Inferred - - - - - - - - 80%

Ojos del Salado Measured 86,783 0.90 - - 0.20 1.5 - - 781 - - 558 4,074 - - 80%

Underground Indicated 79,645 0.83 - - 0.17 1.7 - - 661 - - 435 4,379 - - 80%

M&I 166,428 0.87 - - 0.19 1.6 - - 1,442 - - 993 8,452 - - 80%

Inferred 25,027 0.89 - - 0.17 2.4 - - 223 - - 137 1,923 - - 80%

Measured 852,817 0.54 - - 0.12 1.8 - - 4,646 - - 3,364 48,915 - - 80%

Candelaria Indicated 589,044 0.58 - - 0.13 2.0 - - 3,436 - - 2,400 37,158 - - 80%

Total M&I 1,441,862 0.56 - - 0.12 1.9 - - 8,082 - - 5,764 86,073 - - 80%

Inferred 121,597 0.56 - - 0.11 1.4 - - 675 - - 436 5,516 - - 80%

Caserones Measured 376,427 0.33 - - - - - 0.01 1,254 - - - - - 42 70%

Indicated 958,390 0.26 - - - - - 0.01 2,463 - - - - - 104 70%

M&I 1,334,817 0.28 - - - - - 0.01 3,717 - - - - - 145 70%

Inferred 116,466 0.22 - - - - - 0.01 256 - - - - - 12 70%

Chapada Measured 423,744 0.25 - - 0.13 - - - 1,072 - - 1,781 - - - 100%

Open Pit Indicated 459,323 0.21 - - 0.11 - - - 979 - - 1,555 - - - 100%

M&I 883,067 0.23 - - 0.12 - - - 2,051 - - 3,336 - - - 100%

Inferred 48,360 0.22 - - 0.09 - - - 107 - - 140 - - - 100%

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

Indicated 135,585 0.18 - - 0.11 - - - 239 - - 464 - - - 100%

M&I 135,585 0.18 - - 0.11 - - - 239 - - 464 - - - 100%

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

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

Open Pit Indicated 249,858 0.29 - - 0.16 - - - 714 - - 1,301 - - - 100%

M&I 249,858 0.29 - - 0.16 - - - 714 - - 1,301 - - - 100%

Inferred 2,028 0.20 - - 0.06 - - - 4 - - 4 - - - 100%

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

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

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

Inferred 25,184 0.50 - - 0.41 - - - 126 - - 332 - - - 100%

Measured 423,744 0.25 - - 0.13 - - - 1,072 - - 1,781 - - - 100%

Chapada Indicated 844,766 0.23 - - 0.12 - - - 1,932 - - 3,320 - - - 100%

Total M&I 1,268,509 0.24 - - 0.13 - - - 3,004 - - 5,101 - - - 100%

Inferred 75,573 0.31 - - 0.20 - - - 238 - - 476 - - - 100%

Chapada

Suruca Gold

Measured 16,046 - - - 0.32 - - - - - - 163 - - - 100%

Indicated 95,527 - - - 0.45 - - - - - - 1,393 - - - 100%

M&I 112,572 - - - 0.43 - - - - - - 1,556 - - - 100%

Inferred 1,361 - - - 0.52 - - - - - - 23 - - - 100%

Mineral Resource Estimates - December 31st, 2024

100% basis, inclusive of Reserves Grade Contained Metal

Site Category Tonnes

g/t

Koz

Interest

Eagle Measured 136 1.84 - - 0.18 9.8 2.12 - 3 - - 1 43 3 - 100%

Indicated 3,612 1.08 - - 0.12 4.5 1.41 - 39 - - 14 524 51 - 100%

M&I 3,749 1.11 - - 0.12 4.7 1.44 - 41 - - 15 567 54 - 100%

Inferred 148 0.72 - - 0.08 2.7 0.92 - 1 - - 0 13 1 - 100%

Filo Oxide Measured - - - - - - - - - - - - - - - 50%

Indicated 362,200 0.34 - - 0.33 13.3 - - 1,217 - - 3,839 154,670 - - 50%

M&I 362,200 0.34 - - 0.33 13.3 - - 1,217 - - 3,839 154,670 - - 50%

Inferred 132,700 0.25 - - 0.30 9.9 - - 329 - - 1,280 42,370 - - 50%

Josemaria Measured 196,774 0.43 - - 0.34 1.34 - - 846 - - 2,176 8,503 - - 50%

Indicated 962,067 0.26 - - 0.18 0.86 - - 2,501 - - 5,629 26,601 - - 50%

M&I 1,158,841 0.29 - - 0.21 0.90 - - 3,348 - - 7,806 35,104 - - 50%

Inferred 704,158 0.19 - - 0.10 0.82 - - 1,338 - - 2,309 18,609 - - 50%

Neves-Corvo Measured 7,626 3.33 0.97 0.31 - 43.6 - - 254 74 24 - 10,683 - - 100%

Copper Indicated 46,802 2.03 0.82 0.35 - 43.3 - - 949 383 162 - 65,137 - - 100%

M&I 54,428 2.21 0.84 0.34 - 43.3 - - 1,202 457 186 - 75,821 - - 100%

Inferred 21,109 1.81 0.77 0.27 - 25.3 - - 381 162 56 - 17,202 - - 100%

Neves-Corvo Measured 13,499 0.34 7.62 1.74 - 64.3 - - 46 1,028 234 - 27,926 - - 100%

Zinc and Lead Indicated 49,055 0.32 6.55 1.27 - 59.3 - - 155 3,211 621 - 93,582 - - 100%

M&I 62,554 0.32 6.78 1.37 - 60.4 - - 201 4,239 855 - 121,509 - - 100%

Inferred 3,981 0.33 6.11 1.33 - 56.8 - - 13 243 53 - 7,266 - - 100%

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

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

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

Inferred 7,807 2.90 - - - 25.0 - - 226 - - - 6,275 - - 100%

Zinkgruvan Measured 7,066 - 8.90 3.70 - 80.0 - - - 629 261 - 18,174 - - 100%

Zinc and Lead Indicated 10,258 - 8.40 3.80 - 83.0 - - - 862 390 - 27,374 - - 100%

M&I 17,324 - 8.60 3.76 - 81.8 - - - 1,491 651 - 45,548 - - 100%

Inferred 14,549 - 9.30 4.20 - 100.0 - - - 1,353 611 - 46,776 - - 100%

Zinkgruvan Measured 2,112 2.20 - - - 35.0 - - 46 - - - 2,377 - - 100%

Copper Indicated 473 2.10 - - - 38.0 - - 10 - - - 578 - - 100%

M&I 2,585 2.18 - - - 35.5 - - 56 - - - 2,954 - - 100%

Inferred 241 1.70 - - - 30.0 - - 4 - - - 232 - - 100%

Mineral Reserves Estimates - December 31st, 2024

100% basis Grade Contained Metal

Site Category Tonnes

g/t

Koz

Interest

Candelaria Proven 301,746 0.44 - - 0.10 1.4 - - 1,328 - - 970 13,582 - - 80%

Open Pit Probable 28,178 0.28 - - 0.08 1.1 - - 79 - - 72 951 - - 80%

Total 329,924 0.43 - - 0.10 1.4 - - 1,407 - - 1,043 14,533 - - 80%

La Espanola Proven 43,704 0.39 - - 0.08 0.4 - - 170 - - 112 492 - - 80%

Probable 65,509 0.37 - - 0.07 0.4 - - 242 - - 147 737 - - 80%

Total 109,213 0.38 - - 0.07 0.4 - - 413 - - 260 1,229 - - 80%

Underground Proven 26,380 0.84 - - 0.19 3.4 - - 222 - - 161 2,858 - - 80%

Probable 62,573 0.78 - - 0.17 3.3 - - 488 - - 342 6,639 - - 80%

Total 88,953 0.80 - - 0.18 3.3 - - 710 - - 503 9,497 - - 80%

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

Probable 78,965 0.30 - - 0.08 1.3 - - 237 - - 203 3,275 - - 80%

Total 78,965 0.30 - - 0.08 1.3 - - 237 - - 203 3,275 - - 80%

Ojos del Salado Proven 5,162 0.92 - - 0.23 2.4 - - 47 - - 38 398 - - 80%

Underground Probable 9,895 0.83 - - 0.18 2.4 - - 82 - - 57 760 - - 80%

Total 15,057 0.86 - - 0.20 2.4 - - 130 - - 95 1,159 - - 80%

Candelaria Proven 376,992 0.47 - - 0.11 1.4 - - 1,767 - - 1,282 17,330 - - 80%

Combined Probable 245,120 0.46 - - 0.10 1.6 - - 1,128 - - 822 12,363 - - 80%

Total 622,112 0.47 - - 0.11 1.5 - - 2,896 - - 2,104 29,693 - - 80%

Caserones Proven 362,249 0.33 - - - - - 0.01 1,197 - - - - - 40 70%

Probable 522,057 0.27 - - - - - 0.01 1,405 - - - - - 53 70%

Total 884,306 0.29 - - - - - 0.01 2,602 - - - - - 93 70%

Chapada Proven 305,257 0.25 - - 0.14 - - - 776 - - 1,384 - - - 100%

Open Pit Probable 128,297 0.22 - - 0.11 - - - 278 - - 438 - - - 100%

Total 433,554 0.24 - - 0.13 - - - 1,055 - - 1,822 - - - 100%

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

Probable 135,585 0.18 - - 0.11 - - - 239 - - 464 - - - 100%

Total 135,585 0.18 - - 0.11 - - - 239 - - 464 - - - 100%

Chapada

Combined

Proven 305,257 0.25 - - 0.14 - - - 776 - - 1,384 - - - 100%

Probable 263,882 0.20 - - 0.11 - - - 518 - - 902 - - - 100%

Total 569,139 0.23 - - 0.12 - - - 1,294 - - 2,286 - - - 100%

Eagle Proven 50 1.44 - - 0.12 8.0 1.71 - 1 - - 0 13 1 - 100%

Probable 3,434 0.91 - - 0.10 3.8 1.19 - 31 - - 11 422 41 - 100%

Total 3,484 0.91 - - 0.10 3.9 1.19 - 32 - - 11 435 42 - 100%

Filo del Sol Proven - - - - - - - - - - - - - - - 50%

Oxide Probable 259,640 0.39 - - 0.34 16.0 - - 1,007 - - 2,867 133,334 - - 50%

Total 259,640 0.39 - - 0.34 16.0 - - 1,007 - - 2,867 133,334 - - 50%

Josemaria Proven 196,774 0.43 - - 0.34 1.33 - - 837 - - 2,143 8,430 - - 50%

Probable 815,051 0.27 - - 0.19 0.85 - - 2,205 - - 4,872 22,285 - - 50%

Total 1,011,825 0.30 - - 0.22 0.94 - - 3,041 - - 7,015 30,715 - - 50%

Neves-Corvo Proven 2,661 2.98 0.61 0.18 - 31.9 - - 79 16 5 - 2,729 - - 100%

Copper Probable 17,438 1.86 0.61 0.23 - 31.6 - - 324 107 39 - 17,723 - - 100%

Total 20,099 2.01 0.61 0.22 - 31.6 - - 403 123 44 - 20,452 - - 100%

Zinc and Lead Proven 4,052 0.30 8.29 2.19 - 67.4 - - 12 336 89 - 8,785 - - 100%

Probable 14,642 0.30 7.49 1.77 - 60.7 - - 44 1,096 259 - 28,574 - - 100%

Total 18,694 0.30 7.66 1.86 - 62.2 - - 56 1,432 348 - 37,359 - - 100%

Zinkgruvan Proven 3,923 - 7.40 3.00 - 65.0 - - - 290 118 - 8,198 - - 100%

Zinc and Lead Probable 7,358 - 7.92 3.69 - 83.0 - - - 583 272 - 19,635 - - 100%

Total 11,281 - 7.74 3.45 - 76.7 - - - 873 389 - 27,833 - - 100%

Copper Proven 1,365 2.04 - - - 32.7 - - 28 - - - 1,436 - - 100%

Probable 217 1.95 - - - 35.2 - - 4 - - - 246 - - 100%

Total 1,582 2.03 - - - 33.1 - - 32 - - - 1,681 - - 100%

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. In December 2024

the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid -

2025 subject to customary conditions and regulatory approvals.

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 12, 2025 at 18:00 Eastern 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 Resources 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 and Filo del Sol are effective as at December

31, 2024. The Josemaria Mineral Resource estimates are effective as at July 10, 2020 and the Mineral Reserve

estimates are effective as at September 28, 2020. The Filo del Sol Mineral Resource estimates are effective as at

January 18, 2023 and the Mineral Reserve estimates are effective as at February 28, 2023.

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 $3.85/lb copper, $1.15/lb zinc, $0.90/lb lead, $8.50/lb nickel and $1,600/oz

gold, whereas Mineral Resources have been estimated using metal prices of $4.43/lb copper and $1,840/oz gold.

Exchange rates used were EUR/USD 1.20, USD/SEK 9.50, USD/CLP 850 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 the Filo del Sol Mineral Reserve, the metal prices used were $ 3.50/lb

copper, $1,600/oz gold and $20.00/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 (or of Filo Corp. in the case of the recently acquired Filo del

Sol project) 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.

The Mineral Resource estimates for all sites were prepared under the supervision of and verified by Cole Mooney,

P.Geo., Director, Resource Geology except for Chapada which were prepared under the supervision of and

verified by Jorge Watanabe, MAusIMM, Master Geologist . Mineral Reserve estimates were prepared under the

supervision of and verified by Eduardo A. Cortes, Director, Reserves and Mine Planning , Claudio Araya, Global

Practice Lead, Reserves & Mine Planning, Arthur Oppitz, FAusIMM, Technical Servic es Manager, Dustin Smiley,

Area Director, Phase 2 of Vicuña Corp and Alejandro Sepulveda, CP, Project Leader of NCL Ingenieria y

Construccion SpA. They have also reviewed, verified and approved the technical and scientific information in this

news release. No limitations were imposed on their verification process. Each of the aforementioned persons is

a Qualified Person 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 0.43% copper, respectively. Mineral Reserves for the Santos mine at Ojos del Salado

is estimated at a cut -off grade of 0.52% copper . Claudio Araya, Global Practice Lead, Reserves & Mine Planning ,

Lundin Mining has reviewed and verified the Mineral Reserves estimates.

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 a conceptual pit shell using a cut -off grade of 0.13%

and 0.08% copper for the concentrator and dump leach, respectively. Mineral Reserves for the Caserones open

pit are estimated using open pit discard NSR cut -off values of $11.08/t for ore processed at con centrating and

$2.98/t for ore delivered to the heap leach and SX/EW processing. Claudio Araya, Global Practice Lead, Reserves

& Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.

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 Mineral Resource estimates are reported within a conceptual pit shell at an open pit discard NSR

cut-off value of $6.26/t. For Suruca, an 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). Mineral Reserves are estimated using open pit discard NSR cut-

off values of $6.26/t for the Chapada open pit. Suruca gold oxide reserves have been removed for 2024 because

they are no longer included in the LOM plan. The Saúva open pit Mineral Resource estimates are reported within

a conceptual pit shell with NSR cut-off value of $7.12/t. Saúva underground Mineral Resources are reported within

optimized stope volumes with an NSR cut -off value of $34.50/t . Mr. Arthur Oppitz, FAusIMM, Technical Services

Manager, Lundin Mining has reviewed and verified the Mineral Reserves estimates.

Leapfrog Geo software was used to develop geological and mineralization domains to volumetrically constrain

grade estimation. A combination of Maptek’s Vulcan, Snowden Supervisor and various python-based scripts were

used to prepare assay data for geostati stical analysis, construct the block model, estimate copper and gold

grades, and tabulate mineral resources. Copper and gold grades were estimated using ordinary kriging and

inverse distance, conditioned by capped and composited assay grades. The Mineral Reserve estimates are based

on a LOM plan and open pit designs developed using modifying parameters including metal prices, metal

recovery based on performance of the processing plant, operating cost estimates, and sustaining capital cost

estimates based on the production schedule and equipment requirements. The Company is not aware of any

additional mining, metallurgical, infrastructure, permitting, or other factors that could materially affect the

Mineral Resource or Mineral Reserve estimates which are not set out in the current Chapada technical report

dated October 10, 2019 or to be set out in a new technical report for Chapada that will be filed under the

Company’s profile on SEDAR+ at www.sedarplus.ca within 45 days of this news release.

Data Verification: Sample preparation and analysis have been conducted by independent accredited laboratories,

including Geolab in Brazil, ALS Chemex in Lima, Peru, and SGS GEOSOL in Vespasiano, Brazil, which operate under

ISO standards. Analytical quality control programs h ave been robust, involving the insertion of blanks, certified

reference materials, and duplicate samples. Additional regular checks were performed at an umpire laboratory

to test the reliability and reproducibility of results from the primary laboratory. Data verification processes have

involved both internal and external reviews and there were no limitations placed on such processes. Independent

qualified persons from SRK Consulting (Canada) Inc. conducted an independent verification of the exploration

data during their site visit, involving a review of data collection and storage procedures to assess reliability of

exploration data for the purpose of Mineral Resource estimation. Additional data verification information can be

found in the current Chapada technical report dated October 10, 2019, and will be updated in a new technical

report for Chapada that will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca within 45 days

of this news release.

Eagle

The Eagle Mineral Resource and Mineral Reserve estimates are reported using NSR cut -off values ranging from

$147.5/t to $155.7/t, depending on zone and mining method. The NSR is calculated on a recovered payable basis

considering nickel, copper, cobalt, g old and PGM grades, metallurgical recoveries, prices and realization costs.

Eduardo A. Cortes, Director, Reserves and Mine Planning , Lundin Mining has reviewed and verified the Mineral

Reserves estimates.

Filo del Sol

The Filo del Sol Mineral Resource estimates were estimated in accordance with the CIM Definition Standards for

Mineral Resources and Reserves. Sulphide copper equivalent (CuEq) assumes metallurgical recoveries of 84% for

copper, 70% for gold and 77% for silver based on similar deposits, as no metall urgical testwork has been done

on the sulphide mineralization, and metal prices of $4 .00/lb copper, $1,800/oz gold, $23.00/oz silver. The CuEq

formula is: CuEq=Cu+Ag*0.0077+Au*0.5469. The Mineral Resource was constrained by a n optimised pit shell

using the following parameters: Cu $4 .00/lb, Ag $23 .00/oz, Au $1 ,800/oz, slope of 29° to 45°, a mining cost of

$2.72/t and an average process cost of $9.86/t. 7. Cutoff grades are 0.2 g/t Au for the AuOx material, 0.15% CuEq

for the CuAuOx material and 20 g/t Ag for the Ag material. These three mineralization types have been

amalgamated in the oxide total above. CuAuOx copper equivalent (CuEq) assumes average metallurgical

recoveries of 77% for copper, 72% for gold and 71% for silver base d on preliminary metallurgical testwork, and

metal prices of $4 .00/lb copper, $1 ,800/oz gold, $23 .00/oz silver. The CuEq formula is:

CuEq=Cu+Ag*0.0077+Au*0.6136.

The Mineral Reserves are supported by a mine plan, based on a pit design, guided by a Lerchs -Grossmann (LG)

pit shell. Inputs to that process are metal prices of Cu $3.50/lb, Ag $20 .00/oz, Au $1,600/oz; mining cost average

of $2.72/t; an average processing cost of $9.65/t; general and administration cost of $1.46/t processed; pit slope

angles varying from 29 to 45 degrees, inclusive of geotechnical berms and ramp allowances; process recoveries

were based on rock type. The average recoveries applied were 83% for Cu, 73% for Au and 80% for Ag, which

exclude the adjustments for operational efficiency and copper recovered as precipitate which were included in

the financial evaluation. Dilution and mining loss adjustments were applied at ore/waste contacts using a mixing

zone approach. The volumes of dilution gain and ore loss were equal, resulting in reductions in grades of 1.0%,

1.3% and 1.0% for Cu, Au and Ag, respectively. Ore/waste delineation was based on a net value per tonne (NVPT)

cutoff of $4.5/t considering metal prices, recoveries, royalties, process and G&A costs as per LG shell parameters

stated above, elevated above break -even cutoff to satisfy processing capacity constraints. The life -of-mine

stripping ratio in tonnes is 1.57:1.

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