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, October 27, 2021 (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 CAD$0.09 per share,

payable on December 15, 2021, to shareholders of record at the close of business on December 3, 2021. 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. The

Company’s total dividend is supported by its dividend framework aimed at returning to shareholders, through a

combination of a regular quarterly dividend and semi-annual variable performance dividend, a minimum target of 40% of

operating cash flow after capital investments, contingent payments and distributions to partners.

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

15, 2021. Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor (“SEK”) in accordance with

Euroclear principles on December 16, 2021. To execute the payment of the dividend, a temporary administrative cross-

border transfer closure will be applied by Euroclear from December 2, 2021 up to and including December 3, 2021 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 in 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

October 27, 2021 at 18:35 Eastern Time.

For further information, please contact:

Mark Turner, Director, 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.