Lundin Mining Announces Changes to the Board of Directors
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NEWS RELEASE
Lundin Mining Announces Changes to the Board of Directors
Vancouver, February 19, 2025 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) is pleased to announce the appointment of Ms. Victoria McMillan to the Company’s
Board of Directors (the “Board”) effective today. The Company also announces that Director Ms. Juliana (Julie) Lam
had advised us of her personal retirement decision and will not stand for re-election at the 2025 Annual Meeting.
Adam Lundin, Chair of Lundin Mining’s Board of Directors, commented “On behalf of the Board and the Company’s
management team we wish to thank Ms. Lam for her service and contributions to the Company. We wish her all
the best as she focuses her energy on her family and health.”
“We are excited to welcome Victoria to the Lundin Mining Board” commented Adam Lundin. “Victoria’s extensive
finance knowledge, and recognized contributions make her an ideal addition to our Board. Her financial expertise
and strategic leadership will be invaluable in guiding our Company’s growth and financial stewardship in the future.
We look forward to benefiting from her insights and experience to create long-term value for our stakeholders.”
Ms. McMillan is a Chartered Professional Accountant (CPA, CA) and currently serves as the CFO of Versamet
Royalties Corporation, a private company. Ms. McMillan also recently completed a 4-year term from 2021-2024 as
a director on the board of BC Hydro, where she chaired the Audit and Finance Committee.
Ms. McMillan has over 20 years of financial experience working across a variety of sectors with a focus on mining
and the royalty industry. During her career, Ms. McMillan has led financial reporting, regulatory, treasury, tax and
risk management function s. Ms. McMillan has also held various other finance roles within the mining sector
including at two mid -tier gold mining companies where she was involved in the execution of mergers and
acquisitions, a U.S. listing, as well as the establishment and management of a gold sales function.
Ms. McMillan’s experience includes eight years with a large global accounting firm in both London, United Kingdom,
and Vancouver, where she was a senior manager within the assurance practice. Ms. McMillan holds a Bachelor of
Management Studies from the University of Nottingham, England.
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 Swedish
Financial Instruments Trading Act. The information was submitted for publication, through the agency of the
contact persons set out below on February 19, 2025 at 18:35 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 forward-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 production 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, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, li fe of mine estimates, and mine and mine closure plans;
anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Co mpany’s Responsible Mining
Management System; the Company’s ability to compl y 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 expansions and any anticipated benefits t hereof, including the a nticipated project
development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company’s European
assets; and expectations 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 expression s 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; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of syne rgies and economies of scale in connection
therewith; that the political environment in which the Company operates will continue to support the development and operation of mining pr ojects; and assumptions
related to the factors set forth below. While these factors and assumptions are considered reasonable by Lu ndin Mining as at the date of this document in light of
management’s experience and perception of current conditions and expected developments, such information is inherently subjec t to significant business, economic
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, nationalization or exp ropriation without fair compensation, environmental and tailings management, labour, trade relations, and
transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mini ng, not all of which rela ted 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; r isks 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 water management; exposure to greater foreign exchange and capital controls, as well as political, social and econo mic risks as a result of the Company’s
operation in emerging markets; risks relating to stakeholder oppositi on 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; r isks relating to competition 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 employees and contr actors; the Company’s Mineral
Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations,
including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subje ct to impairment charges; potential for
conflicts of interest and pu blic association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks ass ociated 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 completion of the sale of the Company’s European assets; 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 year ended December 31, 2024 and the “Risks and Uncert ainties” section of the Company’s
Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Com pany’s profile.
All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify 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 is not exhaustive of all fac tors and assumptions which may have been
used. Should one 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 o f 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.