Lundin Mining Files Vicuña Mineral Resource Technical Report
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NEWS RELEASE
Lundin Mining Files Vicuña Mineral Resource Technical Report
Vancouver, BC, June 16, 20 25 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) announces that, further to its news release dated May 4, 2025, announcing the initial
Mineral Resource estimate for the Filo del Sol sulphide deposit, an update to the Mineral Resource estimate for
the Filo del Sol oxide deposit and an update to the Mineral Resource estimate for the Josemaria deposit (collectively
referred to as the “Vicuña Mineral Resource”) , the Company has filed a technical report entitled “NI 43-101
Technical Report on the Vicuña Project, Argentina and Chile”, with an effective date of April 15, 2025 (the “Technical
Report”). There are no material differences in the Mineral Resource estimates reported in the Technical Report and
those contained in the May 4, 2025 news release.
The recently released Vicuña Mineral Resource (see News Release dated May 4, 2025) highlights one of the world’s
largest copper, gold, and silver resources which ranks in the top 10 for Mineral Resources of the largest producing
copper mines in the world and is the largest greenfield copper discovery in the last 30 years1.
Vicuña Corp. is a 50/50 joint arrangement between Lundin Mining and BHP (the “Joint Arrangement”) and holds
the Filo del Sol project and the Josemaria project (collectively, “Vicuña”). The Joint Arrangement creates a long-term
strategic alliance between the two companies to develop an emerging world class copper, gold, and silver district.
The proximity of the Filo del Sol and Josemaria projects form the basis of the Vicuna project which allows for joint
development capturing greater economies of scale, sha red infrastructure and increased optionality for staged
expansions to support a globally ranked mining complex.
The Technical Report was prepared by Luke Evans, M.Sc., P.Eng. of SLR Consulting (Canada) Ltd, Paul Daigle, P.Geo.
of AGP Mining Consultants Inc. , Sean Horan, P.Geo. of Resource Modeling Solutions Ltd. , Jeffrey Austin, P.Eng. of
International Metallurgical and Environmental Inc. , and Bruno Borntraeger, P.Eng. of Knight Piésold Ltd , each of
whom is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects
(“NI 43-101”) and independent of Lundin Mining.
The Technical Report has been prepared pursuant to Canadian Securities Administrator's NI 43-101 requirements
and may be found on the Company’s SEDAR+ profile at www.sedarplus.ca and on the Company’s website at
www.lundinmining.com.
1. Based on rankings from S&P Global, including the Filo del Sol and Josemaria deposits.
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.
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 mineral resource estimation for Vicuña, including the parameters and assumptions re lated thereto; the Company’s plans, prospects and business strategies; the
operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña district; the development and future operation of the Vicuña project;
the timing and expectations for future studies; the potential for resource expansion; and expectations for other economic, business, and/or competitive facto rs. Words
such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “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 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; currency exchange rates and interest rates; the ability to achieve goals and identify and realize opportunities; the prompt and effective integration of
acquisitions;, the realization of synergies and economies of scale in connection with the establishment of the joint arrangement with B HP; that the political, economic,
permitting and legal environment in which the Company operates will continue to support the devel opment and operation of mining projects; timing and receipt of
governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; positive relations wit h local groups; the accuracy of Mineral
Resource estimates and related information, analyses and interpretations; 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 per ception of current conditions and expected
developments, these statements are inherently subject to significant business, economic, political, regulatory and competitiv e uncertainties and contingencies. 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: 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 fail ures, unusual or
unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusua lly severe weather; uninsurable
risks; project financing risks, liquidity risks and limited financial resources; volatility and fluctuations in metal and commodity demand and prices; delays or the inability
to obtain, retain or comply with permits; significant reliance on assets in Chile; reputation risks related to negative publi city with respect to the Company or the mining
industry in general; health and safety risks; risks relating to the development of the Filo del Sol deposit and the Josemaria deposit; inability to attract and retain highly
skilled employees; risks associated with climate change; compliance with environmental, health and safety laws and regulations; unavailable or inaccessible
infrastructure, infrastructure failures, and risks related to ageing infrastructure; risks inherent in and/or associated with operating in foreign countries and emerging
markets, including with respect to foreign exchange and capital controls; 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, na tionalization or expropriation without fair compensation, environmental and
tailings management, labour, trade relations, and transportation; risks relating to indebtedness; the inability to effectively compete in the industry; risks associated with
acquisitions 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, including the joint acquisition of Filo Corp. and the joint arrangement with BHP; changing taxation regimes; risks related
to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on k ey 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; uncertainties relating to
inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; actual ore mined and/or metal recove ries varying from Mineral Resource
and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and
stakeholder opposition; financial projections, including estimates of future expenditures and cash costs, and es timates of future production may not be reliable;
enforcing legal rights in foreign jurisdictions; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities;
activist shareholders and proxy solicitation matters; risks relating to dilution; regulatory investigations, enforcement, sanctions and/or related or othe r litigation; risks
relating to payment of dividends; counterparty and customer concentration risks; the estimation of asset carryi ng values; risks associated with the use of derivatives;
risks relating to joint ventures, joint arrangements and operations; relationships with employees and contractors, and the po tential for and effects of labour disputes
or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of a significant shareholde r; exchange rate
fluctuations; challenges or defects in title; internal controls; compliance with foreign laws; potential for the a llegation 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; the threat associated with
outbreaks of viruses and infectious diseases; risks relating to minor elements contained in concentrate products; and other risks and uncertainties, including bu t not
limited to those described in the “Risk and Uncertainties” section of the Company’s MD&A for the year ended December 31, 2024 and the “Risk 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 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 o f 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.