Lundin Mining Completes Acquisition of an Additional 5% Ownership in Caserones and a 31% Interest in the Los Helados Project
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News Release
Lundin Mining Completes Acquisition of an Additional 5%
Ownership in Caserones and a 31% Interest in the Los
Helados Project
Vancouver, BC, April 7, 2026 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) is pleased to announce the completion of its previously announced acquisition of an
additional 5% equity interest in SCM Minera Lumina Copper Chile, owner of the Caserones copper -molybdenum
mine (“Caserones’”), along with a 30.9% interest in the Los Helados Project and a 0.62% net smelter return royalty
on Los Helados, from JX Advanced Metals Corporation and affiliates for total consideration of US$215 million. The
total consideration paid at closing was funded from cash on hand.
This acquisition increases the Company’s ownership in Caserones to 75%, adding annual attributable copper
production of approximately 6,500 to 7,000 tonnes based on the full year guidance1, while the 30.9% interest in the
Los Helados Project strengthens the Company’s copper and gold Mineral Resource base and provides compelling
long-term growth optionality, including potential synergies with the nearby Caserones operation .
About Lundin Mining
Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in
Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision
is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which
includes advancing one of the world’s largest copper, gold, and silver projects in the Vicuña District on the border
of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation
through resource growth, operational excellence, and responsible development. The Company’s shares trade on
the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish
Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact
persons set out below on April 7, 2026 at 6:00 PM Pacific 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
Scientific and Technical Information
The Qualified Person responsible for the scientific and technical information contained herein and who has
reviewed and approved such information in accordance with National Instrument 43 -101 (“NI 43-101”) is Eduardo
Cortés, Registered Member (Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean
Mining Commission), Vice President, Mining & Resources at Lundin Mining, a "Qualified Person" under NI 43 -
1 Guidance as announced by news release "Lundin Mining Announces 2025 Production Results and 2026 Guidance" dated January 21, 2026.
101. For further details please refer to the Company’s news release announcing the acquisition on March 9, 2026
which is available on its SEDAR+ and its website at www.lundinmining.com.
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, business strategies and strategic vision and aspirations and their achievement and timing; the production profile of Caserones and
economics resulting therefrom; the Mineral Resources for Los Helados and the parameters and assumptions used to estimate the Mineral Resources ; the potential
synergies between Caserones and Los Helados; the Company’s guidance on the timing and amount of future production and its expectations regarding the results
of operations; expected financial performance; the Company’s growth and optimization initiatives, and expectations for other economic, business, and/or competitive
factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “a im”, “intend”, “continue”, “budget”, “estimate”, “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 expectations and beliefs of management,
including with respect to the Company’s business, operations, strategies and growth and expan sion plans; that no significant event will occur outside of the
Company’s normal course of business and operations (other than as set out herein); the seamless integration of Los Helados into the Company’s operations;
assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; currency exchange rates and interest rates; ability to achieve
goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic,
permitting and legal environment in which the Company operates will continue to support the development and operation of mini ng projects; timing and receipt of
governmental, regulatory and third party approvals, consents, licenses and their renewals; the geopolitical, economic, permitting and legal climate that the Company
operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, cons truction, development, commissioning and ramp -up timelines;
access to sufficient infrastructure, equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and
interpretations; assumptions underly ing life -of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including
economic analysis of the Study); the Company’s ability to comply with contractual and permitting or other regulatory requirem ents; operating conditions, capital and
operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities ; economic viability of the Company’s
operations and development projects; the Company’s ability to s atisfy the terms and conditions of its debt obligations; the adequacy of the Company’s financial
resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial ca pital
markets; the successful sanctioning, permitting and development of the Company’s Projects (including the Vicuña Project) and commencement of production;
successful completion of the Company’s projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assumptions as
set out herein, in the technical report for the Los Helados project, and in other applicable public disclosure documents of the Company, as well as those related to
the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s
experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political,
regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to
be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known
and unknown factors could cause actual results to differ 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: dependence on international market prices and demand for the metals that the Company produces;
political, economic, and regulatory uncertainty in operati ng jurisdictions, including but not limited to those related to permitting and approvals, nationalization or
expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respe ct to the fiscal,
geopolitical, economic, permitting and legal climate that the Company operates in; risks relating to mine closure and reclama tion obligations; health and safety
hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction,
commissioning and ramp -up of the Company’s projects and operations; risks relating to tailings and waste management facilities; risks relating to th e Company’s
indebtedness; risks relating to project financing; the Company’s ability to access capital on acceptable terms if at all; risk s related to the credit facility amendment
commitments, including the Company’s ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future;
challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company’s partnership with each of JX and NGEx Minerals
Ltd. and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Caserones or Los Helados Project, and
the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impa cted in the event of any production
stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner
or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and av ailability of key supplies, equipment, labour
and services; business interruptions caused by critical infrastructure failures; challenges of effective water management; ex posure to greater foreign exchange and
capital controls, as well as political, social and economic risks as a result of the Compan y’s operation in emerging markets; risks relating to stakeholder opposition
to continued operation, further development, or new development of the Company’s projects and mines; any breach or failure of information systems; risks relating
to reliance on est imates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time
(including tax disputes); risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new
laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive j urisdiction of foreign courts; the outbreak
of infectious diseases or virus es; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements
contained in concentrate products; changes in the relationship with its employees and contractors; the Company’s Mineral Reserves and Mineral Resources which
are estimates only; uncertainties relating to Inferred Mineral Resources being converted into Measured or Indicated Mineral R esources; compliance with
environmental, health and safety laws and regulations, including cha nges to such laws or regulations; interests of significant shareholders of the Company; asset
values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Grou p companies or entities; activist
shareholders and proxy solicitation firms; risks associated with climate change; the Company’s common shares being subject to di lution; ability to attract and retain
highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company’s internal controls; potential for the allegation
of fraud and corruption involving the Company, its respective customers, suppliers or employees, or the allegation of improp er or discriminatory employment
practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms
of contingent payments in respect of the completion of the sale of the Company’s European assets and expectations related thereto; and other risks and uncertainties,
including but not limited to those described in the “Risk and Uncertainties” section of the Company's MD&A for the year ended December 31, 2025, and the “Risk
and Uncertainties” section of the Company’s latest Annual Information Form, which are available on SEDAR+ at www.sedarplus.ca under the Company’s profile.
All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify 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 is not exhaustive of all fac tors and assumptions which may have
been used. Should on e 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 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.