Lundin Mining Announces Sale of Interest in Kokkola Cobalt Refinery

NEWS RELEASE

Lundin Mining Announces Sale of Interest in Kokkola Cobalt Refinery

Toronto, May 23, 2019 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin

Mining” or the “Company”) is pleased to announce that Freeport Cobalt, the Company’s joint venture

with Freeport-McMoRan Inc. has entered into a definitive agreement to sell its cobalt refinery in Kokkola,

Finland and related cobalt cathode precursor business to Umicore for cash consideration of approximately

US$150 million, plus working capital at the time of close (the “Transaction”). Lundin Mining is entitled to

receive 30 percent of the proceeds of the Transaction. The joint venture will retain Freeport Cobalt’s fine

powders, chemicals, catalyst, ceramics and pigments businesses.

The Transaction is subject to the completion of the separation of Freeport Cobalt, the receipt of required

regulatory approvals, and other customary closing conditions. The Transaction is expected to close by

year-end 2019.

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 24% equity stake in the Freeport Cobalt Oy business, which includes a cobalt

refinery located in Kokkola, Finland.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU

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

contact persons set out below on May 23, 2019 at 4:10 pm Eastern Time.

For further information, please contact:

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

Brandon Throop, Manager, Investor Relations: +1 416 342 5583

Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50

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

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 mean ing of applicable Canadian securities laws.

Such statements include, but are not limited to, the timing of closing of the Transaction, the completion of the

physical separation of the cobalt refinery and other assets being sold from the assets being retained by the joint

venture, the receipt of required regulatory approvals. Words such as “if”, “will be”, “may” and “schedule”, “expect”,

“estimate”, 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, r eaders 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.