Lundin Mining Completes the Transaction to Increase Ownership in Caserones to 70%
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NEWS RELEASE
Lundin Mining Completes the Transaction to Increase Ownership in Caserones to 70%
Vancouver, July 2, 20 24 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the
“Company”) is pleased to announce the closing of the option to acquire an additional 19% interest in the issued and
outstanding equity of SCM Minera Lumina Copper Chile (“Lumina Copper”), which owns the Caserones copper-molybdenum
mine (“Caserones’”) located in Chile, from JX Advanced Metals Corporation1 (“JX”), as previously announced on June 26, 2024
(the “Call Option Exercise”).
The consideration for the Call Option Exercise was paid for in cash and consisted of a payment of $350 million for an
additional 19% interest in Caserones, bringing the Company’s ownership to 70%. Upon closing of the call option, Lumina
Copper declared a cash dividend of $150 million of which 70% will be distributed to Lundin Mining and 30% to JX.
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 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 July 2, 2024 at 14:30 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
1 Previously named JX Metals Corporation.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is “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. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”,
“budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” a nd similar expressions identify forward-looking statements.
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, nickel, zinc, gold and other metals;
anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environ ment in which the Company operates will
continue to suppo rt the development and operation of mining projects; and assumptions related to the factors set forth below. While these fact ors 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, these statements are inherently subject to significant business, economic and competitive uncertainties and con tingencies. Known and unknown factors
could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and
information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including 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 condi tions, and natural phenomena such as earthquakes, flooding 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 p ublicity with respect to the
Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating t o the development of the Josemaria Project;
health and safety laws and regulations; risks 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, nat ionalization or expropriation without fair
compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and re tain highly skilled employees; risks
inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; 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; risks associated with acquisitions and
related integration efforts, including the ability to achieve ant icipated 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 historical si tes; 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 and 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, estim ates of grade, tonnage, dilutio n, mine
plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulator y investigations, enforcement, sanctions
and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be
reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to jo int ventures and operations; environmental and
regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate flu ctuations; compliance with foreign laws;
potential 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; counter party and customer concentration risks;
activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects
of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders;
challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the th reat associated with outbreaks of viruses and
infectious diseases; and other risks and uncertainties, including but not limited to those described in the "Managing Risks” section of the Company’s MD&A and the “Risks
and Uncertainties” section of the Company’s Annual Information Form for the year ended December 3 1, 2023, which are available on SEDAR+ at www.sedarplus.com
under the Company’s profile.
All of the forward-looking statements made 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, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all fa ctors 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 ma y 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.