Lundin Mining Announces Labour Agreement at Caserones Mine
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NEWS RELEASE
Lundin Mining Announces Labour Agreement at Caserones Mine
Vancouver, August 24, 20 24 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) is pleased to announce today that an agreement has been reached with the union at
Caserones and accepted by the majority of the union members through a vote. Further to the press release
dated August 12, 2024 entitled “Lundin Mining Provides Update on Labour Negotiations at its Caserones Mine“ ,
a new collective bargaining agreement will be signed imminently. The Company will now focus on a safe back-
to-work plan and an efficient ramp-up of operations which has been running at approximately 50% capacity
during the labour action.
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
August 24, 2024 at 17:00 Vancouver 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 approach to resolut ion and procedures
regarding the strike and its expectations regarding the return to normal operations; 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; t iming 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, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, cu rrency exchange rates,
and interest rates; the development and implementation of the Company’s Responsible Mining Management System; the Company’s a bility to comply
with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the C ompany’s projects;
expansion projects and the realization of additional value; expectations regarding, and ability to complete, the acquisition of Filo Corp. and the 50/50
joint venture with BHP; the anticipated development and other plans with respect to the acquisition and joint venture; the Co mpany’s integration of
acquisitions and expansions and any anticipated benefits thereof; and expectations for other economic, business, and/or compe titive factors. Words
such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “e stimate”, “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, zinc,
gold, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisiti ons; that the political
environment in which the Company operates will continue to support the development and operation of mining projects; and assu mptions related to the
factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of thi s document in light of
management’s experience and perception of current conditions and expected developments, these statements are inherently subje ct to significant
business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to d iffer 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: the inability to resolve labour disruptions; global financial conditions, market volatility and inflation, includ ing pricing and availability of key
supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures,
unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, floodin g or unusually
severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile;
reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the i nability to obtain, retain or
comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risk s associated with climate
change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company’s operating jurisdictions,
including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compens ation, environmental and
tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; r isks inherent in and/or
associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital c ontrols; project financing
risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable o r inaccessible infrastructure,
infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; the
inability to currently control Filo Corp. and the ability to satisfy the conditions and consummate the acquisition of Filo Co rp. and the joint venture
transaction with BHP on the proposed terms and expected schedule; risks associated with acquisitions, expansions and related integration efforts,
including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time
on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and h istorical sites; reliance on key
personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and
cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade an d continuity of mineral
deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral
Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore process ing efficiency; community
and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial p rojections, including estimates
of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in fore ign jurisdictions; risks
associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks a ssociated with the structural
stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; poten tial for the allegation of fraud
and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or
human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concen tration risks; activist
shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractor s, and the potential for and
effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; co nflicts of interest; existence of
significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in co ncentrate products; the threat
associated with outbreaks of viruses and infectious diseases; mining rates and rehabilitation projects; mill shut downs; and other risks and
uncertainties, including but not limited to those described in the "Risks and Uncertainties” section of the Company’s MD&A f or the three and six
months ended June 30, 2024 and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year en ded December 31,
2023, which are available on SEDAR+ at www.sedarplus.com under the Company’s profile.
All of the forward -looking information in this document are qualified by these cautionary statements. Although the Company has attempted to iden tify
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 one or more of these risks and uncertainties materialize, or should underlyi ng 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.