Lundin Mining Completes the Sale of Neves-Corvo and Zinkgruvan to Boliden
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NEWS RELEASE
Lundin Mining Completes the Sale of Neves-Corvo and Zinkgruvan to Boliden
Vancouver, April 16, 2025 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the
“Company”) is pleased to announce the completion of the sale of its Neves-Corvo operation in Portugal and Zinkgruvan
operation in Sweden to Boliden AB (OM: BOL) (“Boliden”) (the “Transaction”). At closing Lundin Mining received cash
proceeds of $1.40 billion which includes accrued interest from the lock-box date of August 31, 2024.
Future contingent payments of up to $150 million are tied to commodity prices and satisfaction of certain conditions as
outlined in the press release dated December 9, 2024 “Lundin Mining Announces Sale of Neves-Corvo and Zinkgruvan for
Total Consideration of up to $1.52 Billion”.
Jack Lundin, President and CEO, commented “The sale of Neves-Corvo and Zinkgruvan marks the close of a pivotal chapter
for Lundin Mining, one that elevated our profile and laid the groundwork for the growth we are now poised to deliver. With
a more focused portfolio and a strengthened balance sheet, we are well-positioned for what’s ahead.
“As we enter the next phase, led by our high -potential growth strategy in the Vicuña District, we do so with enhanced
financial flexibility to drive long -term shareholder value. Operationally, we remain on track to meet our guidance, which
excludes the Neves-Corvo and Zinkgruvan assets.”
About Lundin Mining
Lundin Mining is a diversified base metals mining company with operations or projects in Argentina, Brazil, Chile, and the
United States of America, primarily producing copper, gold and nickel.
The information in this news release is information that Lundin Mining is required to make public under the EU Market
Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below
on April 16, 2025 at 7:00 am EST.
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 terms of the contingent payments and expectations related thereto; the expected benefits of the Transaction
for the Company , including the expectation to support its growth plans in the Vicuña District; the realization of prospects in the Vicuña district; the identification of
additional value creation opportunities; 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 time lines; anticipated exploration and development activities at the Company’s projects; expansion projects and the
realization of additional value; the Company’s integration of acquisitions and expansions and any anticipated benefits thereo f; the Company’s ability to become a top
tier copper producer; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”,
“plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and si milar expressions iden tify 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, nickel, gold and other metals;
anticipated costs; the ability to achieve goals and identify and realize opportunities; that the political environment in which the Company operates will continue to
support the development and operation of mining projects; and assumptions 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 percep tion of current conditions and expected developments,
these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Kn own 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 regul atory
uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation,
environmental and tailings management, labour, trad e relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety
hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste m anagement facilities ; risks relating to the
Company’s indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to devel opment projects; risks that revenue may be
significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation;
business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to grea ter foreign exchange a nd capital controls,
as well as political, social and economic risks as a result of the Company’s operation in emerging markets; risks relating to stakeholder opposition to continued operation,
further development, or new development of the Company’s proje cts and mines; any breach or failure information systems; risks relating to reliance on estimates of
future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acq uisitions 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 jurisdicti on of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation
changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentr ate products; changes in the relat ionship
with its employees and contractors; the Company’s Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance
with environmental, health and safety laws and regulations, including changes 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 Group companies or entities; activist shareholders
and proxy solicitation firms; risks associated with climate change; the Company’s common shares being subject to dilution; abilit y to attract and retain highly skilled
employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company’s internal controls; counterparty and customer concentration
risk; risks associated with the use of derivatives; exchange rate fluctuations; and other risks and uncertainties, including but not limited to those described in the “Risks
and Uncertainties” section of the Company’s MD&A for the year ended December 31, 2024 and the “Risks and Uncertainties” section of the Company’s Annual Information
Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus. ca 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 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 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 information. Accordingly, there can be no assurance that forward -looking i nformation 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.