Lundin Mining Provides Update on Investigations at Ojos del Salado Operation

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NEWS RELEASE

Lundin Mining Provides Update on Investigations at Ojos del Salado Operation

Toronto, August 18, 2022 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or

the “Company”) continues its monitoring and technical analysis to identify the factors that led to the formation of a

sinkhole near the Alcaparrosa mine at the Company’s Minera Ojos del Salado operation in Chile on July 30, 2022.

In s upport of the ongoing investigation, work continues with Chile’s National Service of Geology and Mining

(“Sernageomin”) to collect and analyze geophysical, geotechnical and hydrogeological data. For this purpose, the

Company has mobilized resources such as sophisticated technology and experts to guide this investigative process.

The Company is providing regular updates to community members, union representatives and other stakeholders,

and has expressed its full willingness to collaborate with investigati ve proceedings initiated by the national

environmental regulator, Superintendencia del Medio Ambiente (“SMA”), the Atacama Local Prosecutor's Office

(“PDI”) and an inter-ministerial working table to be formed, as announced by the Minister of Mining.

Mining operations at the Alcaparrosa mine remain suspended, and the status of the sinkhole has not changed

materially since detection. Further information will be provided as events warrant, including following the outcome

of investigation into the cause.

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 EU Market

Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set

out below on August 18, 2022 at 16:30 Eastern Time.

For further information, please contact:

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

Irina Kuznetsova, Manager, Investor Relations: +1 416 342 5583

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 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; 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 timelines; timing and possible outcome of pending litigation;

the results of any Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine

and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the

Company’s Responsible Mining Management System; the Company’s ability to comply with contractual and permitting or other regu latory requirements;

anticipated exploration and development activities at the Company’s projects; the Company’s integration of acquisitions and any anticipated benefits thereof;

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 similar expressions identify forward -looking statements.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, th e expectations and beliefs of

management, including that the Company can access financing, appropriate equipment and sufficient labor; assumed and future p rice of copper, nickel, zinc,

gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which

the Company operates will continue to support the development and operation of mining projects; and assumptions related to th e 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 ex perience and

perception of current conditions and expected developments, these statements are inherently subject to significant bus iness, economic and competitive

uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those project ed 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: risks inherent in mining

including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unex pected geological formations or

unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; global fina ncial conditions

and inflation; changes in the Company’s share price, and volatility in the equity markets in general; volatility a nd fluctuations in metal and commodity demand

and prices; changing taxation regimes; delays or the inability to obtain, retain or comply with permits; reliance on a single asset; unavailable or inaccessible

infrastructure, infrastructure failures, and risks related to ageing infrastructure; risks related to negative publicity with respect to the Company or the mining

industry in general; health and safety risks; pricing and availability of key supplies and services; the threat associated wi th outbreaks of viruses and infectious

diseases, including the COVID-19 virus; exchange rate fluctuations; risks relating to attracting and retaining of highly skilled employees; risks inherent in and/or

associated with operating in foreign countries and emerging markets; climate change; regulatory investigations, enforcement, sanctions and/or related or

other litigation; existence of significant shareholders; uncertain political and economic environments, including in Argentin a, Brazil and Chile; risks associated

with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties o r expenditures relating to

integration and diversion of management time on integration; indebtedness; liquidity risks and limited f inancial resources; funding requirements and

availability of financing; exploration, development or mining results not being consistent with the Company’s expectations; r isks related to the environmental

regulation and environmental impact of the Company’s operations and products and management thereof; activist shareholders and proxy solicitation

matters; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign j urisdictions; historical

environmental liabilities and ongoing reclamation obligations; information technology and cybersecurity risks; risks related to mine clos ure activities,

reclamation obligations, and closed and historical sites; social and political unrest, including civil disruption i n Chile; the inability to effectively compete in the

industry; financial projections, including estimates of future expenditures and cash costs, and estimates of future productio n may be unreliable; actual ore

mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and

metallurgical and other characteristics; ore processing efficiency; 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; enforcing legal rights in foreign jurisdictions; community

and stakeholder opposition; changes in laws, regulations or policies including but not limited to those related to mining regimes, permitting and approvals,

environmental and tailings management, labor, trade relations, and transportation; risks associated with the structural stabi lity of waste rock dumps or tailings

storage facilities; dilution; risks relating to dividends; conflicts of interest; counterparty and credit risks and customer concentration; the estimation of asset

carrying values; challenges or defects in title; internal controls; relationships with employees and contractors, and the po tential for and effects of labor

disputes or other unanticipated difficulties with or shortages of labor or interruptions in production; compliance with forei gn 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; compliance with environmental, health and safety regulations and laws; and other risks and uncert ainties, including but not limited

to those described in the “Risk and Uncertainties” section of the Company’s AIF and the “Managing Risks” section of the Compa ny’s MD&A for the year ended

December 31, 2021, which are available on SEDAR at www.sedar.com under the Company’s profile. All of t he 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 factors 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 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 ap plicable law.