Lundin Mining Announces an Update Regarding the 2017 Class Action
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NEWS RELEASE
Lundin Mining Announces an Update Regarding the 2017 Class Action
Vancouver, November 28, 2025 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) announces that it has received a ruling from its appeal to the Supreme Court of Canada.
The ruling upholds the 2023 Ontario Court of Appeal decision allowing a proposed securities class action to be
commenced relating to the timing of disclosure of a 2017 pit wall instability and rockslide at the Candelaria Mine
in Chile. The certified class action can now proceed before the Ontario Superior Court of Justice. There has been
no decision on the merits of the case, and the Company intends to vigorously defend the action.
Background
Lundin Mining disclosed the pit wall instability and rockslide in its normal course operational update to investors
on November 29, 2017. The claim alleges that these events should have been disclosed earlier. The decision
regarding leave to proceed centered on the distinction between a “material fact” and a “material change” under
the Ontario Securities Act.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with projects or operations in Argentina,
Brazil, Chile and the United States of America, and primarily producing copper, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish
Financial Instruments Trading Act. The information was submitted for publication, through the agency of the
contact persons set out below on November 28, 2025 at 11:00 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 Statement on Forward-Looking Information
Certain of the statements made and information contained herein are “forward -looking information” within the meaning of applicable Canadian securities
laws. All statements other than statements of historical facts included in this document constitute forwa rd-looking information, including but not limited to
statements regarding the proposed securities class action against the Company related to the timing of disclosure of a 2017 pit wall instability and rockslide
at the Candelaria Mine in Chile. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budge t”,
“estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward -looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of
management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold,
zinc, nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the p rompt and effective integration of
acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment
in which the Company operates will continue to support the development and operation of mining projects; timing and receipt o f governmental, regulatory
and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accur acy of Mineral Resource and
Mineral Reserve estimates and related information, analyses and interpretations; and such other assumpt ions as set out herein as well as those related to
the factors set forth below. While these factors 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 con ditions and expected developments, such information is inherently subject to significant business,
economic, political, regulatory and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially
from those projected in the forward -looking information and undue reliance should not be placed on such information. Such factors include, but are not
limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory
uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalizati on or expropriation without fair
compensation, environmental and tailings management, labour, t rade relations, and transportation; operating jurisdictions, including but not limited to
those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tail ings management, labour,
trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all
of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company’s indebtedness; challenges
and conflicts that may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria; risks that
revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions,
market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective w ater management; exposure to
greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company’s o peration in emerging markets;
risks relating to stakeholder opposition to continued operation, further development, or new development of the Company’s projects and mines; any breach
or failure information systems; risks relating to reliance on estimates of future production; risks rel ating to litigation and administrative proceedings which
the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to c ompetition in the industry;
failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive
jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt o f and ability to maintain all permits
that are required for operation; minor elements contained in concentrate products; changes in the relationship with its emplo yees and contractors; the
Company’s Mineral Reserves and Mineral Resources which are estimates only; uncert ainties relating to inferred Mineral Resources being converted into
Measured or Indicated Mineral Resources; payment of dividends in the future; compliance with environmental, health and safety laws and regulations,
including changes to such laws or regula tions; interests of significant shareholders of the Company; asset values being subject to impairment charges;
potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholde rs and proxy solicit ation firms;
risks associated with climate change; the Company’s common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance
on key personnel and reporting and oversight systems; risks relating to the Company’s internal controls; counterparty and customer concentration risk;
risks associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the
Company’s European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the “Risks
and Uncertainties” section of the Company’s MD&A for the three and nine months ended September 30, 2025, the “Risks and Uncertainties” section of the
Company’s MD&A for the year ended December 31, 2024, and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year
ended December 31, 2024, which are available on SEDA R+ at www.sedarplus.ca under the Company’s profile.
All of the forward -looking information in this document is qualified by these cautionary statements. Although the Company has attempted to ident ify
important factors that could cause actual results to differ materially from those contained in forward -looking information, there may be other factors that
cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list i s not exhaustive of all factors
and assumptions which may have been used. Should on e or more of these risks and uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in forward -looking information. Accordingly, there can be no assurance that forward -
looking information will prove to be accurate and forward -looking information is not a guarantee of future performance. Readers are advised not to place
undue reliance on forward -looking information. The forward -looking information contained herein speaks only as of the date of this document. The
Company disclaims any intention or obligation to update or revise forward ‐ looking information or to explain any material difference between such and
subsequent actual events, except as required by applicable law.