Lundin Mining Announces Declaration of Regular Dividend

Corporate Office

150 King Street West, Suite 2200

P.O. Box 38, Toronto, ON M5H 1J9

Phone: +1 416 342 5560

Fax: +1 416 348 0303

lundinmining.com

NEWS RELEASE

Lundin Mining Announces Declaration of Regular Dividend

Toronto, May 3, 2023 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the

“Company”) today announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars

(“CAD”) $0.09 per share, payable on June 21, 2023, to shareholders of record at the close of business on June 2, 2023. 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 Exchange (“TSX”) will be paid in CAD on June 21, 2023. Dividends on shares

traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear principles on June 27, 2023. To

execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear

from May 31, 2023 up to and including June 2, 2023 during which period shares of the Company cannot be transferred

between TSX and Nasdaq Stockholm.

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 was submitted for publication, through the agency of the contact persons set out below on May 3, 2023 at

18:15 Eastern Time.

For further information, please contact:

Mark Turner, Vice President, Business Valuations and Investor Relations: +1 416 342 5565

Irina Kuznetsova, Manager, Investor Relations: +1 416 342 5583

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, 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 and

declaration of future dividends, and timing and amount thereof. 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 results may vary materially from

those described in forward-looking statements. Accordingly, readers should not 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.