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LUN.TO ·

Lundin Mining Announces Declaration of Dividend

Corporate Actions

NEWS RELEASE

Lundin Mining Announces Declaration of Dividend

Toronto, July 26, 2017 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or

the “Company”) today announced that its Board of Directors has declared a dividend of CAD$0.03 per share,

payable on September 20, 2017, to shareholders of record at the close of business on September 8, 2017.

This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. The declaration, timing,

amount and payment of future dividends remain at the discretion of the Board of Directors.

Dividends on shares traded on the Toronto Stock Exchan ge (“TSX”) will be paid in Canadian Dollars (CAD) on

September 20, 2017.

Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor (SEK) in accordance with

Euroclear principles on September 21, 2017 . To execute the payment of the divid end, a temporary

administrative cross -border transfer closure will be applied by Euroclear from and including September 6,

2017 up to and including September 8, 2017, during which period shares of the Company cannot be

transferred between TSX and Nasdaq Stockholm.

Notice to all Non-Canadian Resident Shareholders

In 2012, the Canada Revenue Agency (CRA) changed how the tax withholding rate applied to dividend

payments made to non-residents is determined. The CRA now requires a certification of residency fr om each

shareholder so that the preferred tax treaty rate can be applied where applicable to person’s resident in

countries which have a tax treaty with Canada.

Shares traded on Toronto Stock Exchange

Form NR301 will be mailed to any new Registered non -resident shareholders as at the dividend record date

(September 8, 2017), by Computershare Investor Services Inc. In order to receive the preferred treaty rate,

you must complete and mail back the form as soon as possible. Failure to supply a completed NR301 form

will result in Computershare withholding the statutory 25% withholding tax rate on any payments to

Registered non-resident shareholders. You can also download the form at:

https://cda.computershare.com/Content/4f677775-5e6c-4e64-a695-a5785771fec3.

Instructions on how to correctly complete the NR301 are on the back of the form. Shareholders who hold

their shares through a broker should contact their bro ker directly. They do not need to return a form to

Computershare. If you have already completed Form NR301, you do not need to complete a new form.

Shares traded on Nasdaq Stockholm

Dividend payments will be made net of 25% Canadian withholding tax and are subject to any other Canadian

and Swedish taxes deemed applicable under Canadian and Swedish law. Share holders who are entitled to

reclaim Canadian and/or Swedish tax under applicable tax treaties should contact the CRA and the Swedish

Tax Agency, respectively, directly. Share holders who hold their shares through a nominee should contact

their nominee.

Corporate Office

150 King Street West, Suite 1500

P.O. Box 38

Toronto, ONM5H 1J9

Phone: +1 416 342 5560

Fax: +1 416 348 0303

UK Office

Ground Floor Hayworthe House,

2 Market Place, Haywards Heath

West Sussex, RH16 1DB

United Kingdom

Phone: +44 (0) 1444 411 900

Fax: +44 (0) 1444 456 901

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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 2 4% equity stake in the Freeport Cobalt Oy business, which includes a cobalt

refinery located in Kokkola, Finland.

The content contained herein is not tax advice. Do not use or otherwise rely upon any of the content

without first seeking independent tax advice.

This is information that Lundin Mining Corporation is obliged to make public pursuant to the EU Market

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

set out above on July 26, 2017 at 6:15 p.m. Eastern Time.

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, payment of the dividend, future dividends. Words such as “if”, “will be”,

“may” and “schedule”, or variations of these terms or similar terminology or statements that certain actions, events or

results “could” 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 herein are reasonable, these

statements by their nature involve risks and uncertainties, and are not guarantees of future performance. Forward-

looking information is based on a number of assumptions, and subject to a variety of risks and uncertainties which could

cause actual events or results to differ from those reflected in the forward -looking statements. Should one or more of

these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual r esults may vary

materially from those described in forward -looking statements. Accordingly, readers should not to place 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.