Vicuña Corp. Applies for RIGI PEELP in Argentina
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NEWS RELEASE
Vicuña Corp. Applies for RIGI PEELP in Argentina
Vancouver, December 11, 2025 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) is pleased to announce that Vicuña Corp. (“Vicuña”) has submitted an application for
the inclusion of the Josemaria and Filo del Sol deposits (collectively, the “Vicuña Project”) to the Incentive Regime
for Large Investments (“RIGI”) under the Long-Term Strategic Export Projects designation (“PEELP”) in Argentina.
Argentina’s RIGI regime is designed to attract and accelerate large -scale investment through long -term fiscal
stability and transparent regulatory conditions.
The submission represents a key milestone to advance a multi -decade, district -scale copper -gold-silver
development p roject in Argentina , making it one of the largest potential foreign investment projects into the
country across all sectors. Vicuña Project details and economic benefits will be outlined in an integrated technical
report expected to be completed in the first quarter of 2026.
Jack Lundin, President and CEO, commented “Submitting the Vicuña RIGI PEELP application is an important step in
positioning the project for long -term success. The RIGI framework offers a stable investment environment that
aligns well with the scale, capital intensity, and multi -decade potential of the Vicuña Project. The combination of
RIGI benefits, provincial support, and the quality of the Vicuña Project resource base lays the foundation for
transformative value creation. Together with our valued partner BHP we look forward to continuing to build on
the solid relationship with the Argentinian and San Juan governments.”
About the RIGI Regime
RIGI offers a competitive investment framework and an array of benefits that significantly enhance project
economics for rapid development. RIGI offers regulatory stability, including lower corporate and dividend
withholding tax rates, removal of export duties, value added tax offsets and repatriation of revenues.
The Vicuña Project is the first mining project to apply for the RIGI PEELP, which is designed to support large scale,
long-term investments into Argentina. RIGI PEELP provides longer benefit period s (40 years vs 30 years) and
accelerated timelines to repatriate revenues and export duty exemptions, as compared to the regular RIGI regime.
About Vicuña
Lundin Mining indirectly holds a 50% interest in Vicuña, an independently managed joint operation which owns
the Josemaria deposit in Argentina and the Filo del Sol deposit in Argentina and Chile.
An initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an updated Mineral Resource estimate
for the Filo del Sol oxide deposit, and an updated Mineral Resource estimate for the Josemaria deposit highlighted
the combined Vicuña Project as one of the largest copper, gold and silver resources in the world (see Lundin
Mining’s news release dated May 4, 2025).
The proximity of the Filo del Sol and Josemaria deposits form the basis of the Vicuña Project which allows for joint
development capturing greater economies of scale, shared infrastructure and increased optionality for staged
expansions to support a globally ranked mining complex.
About Lundin Mining
Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with four operating mines in
Brazil, Chile and the USA. We produce commodities that support modern infrastructure and electrification. Built
for growth, ready for opportunity, 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 Vicu ña District on the border of Argentina and Chile, where we hold a 50% interest. With a
legacy of value creation in the base metals sector, Lundin Mining has a proven track record of resource growth,
operational excellence, and responsible development. We a re committed to safety, sustainability, and delivering
long-term value for stakeholders. Lundin Mining’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 December 11, 2025 at 1:15 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
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 forwa rd-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; th e
Company’s growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof;
permitting requirements and timelines; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and
Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated exploration and development activities, including potential
outcomes, results, impacts and timing thereof; the Company’s integration of acquisitions and ex pansions and any anticipated benefits thereof, including
the anticipated project development and other plans and expectations with respect to the Vicuña Project and the 50/50 joint arrangement with BHP;
anticipated costs and benefits of the Vicuña project; mineral resource estimation for the Vicuña Project, including the parameters and assumptions related
thereto; the operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña district; the de velopment and future operation
of the Vicuña Project; the timing and expectations for future studies and technical reports with respect to the Company’s ope rations and projects, including
the Vicuña Project; Vicuña’s RIGI PEELP application and the timing and benefits thereof; and the leadership and management of Vicuña Corp. Words such
as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estima te”, “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, gold,
zinc, nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the p rompt 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 mining projects; timing and receipt o f governmental, regulatory
and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accur acy of Mineral Resource and
Mineral Reserve estimates and related information, analyses and interpretations; and such other assumpt ions as set out herein 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 con ditions and expected developments, such information is inherently subject to significant business,
economic, political, regulatory and competitive 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: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory
uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalizati on or expropriation without fair
compensation, environmental and tailings management, labour, t rade relations, and transportation; operating jurisdictions, including but not limited to
those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tail ings management, labour,
trade 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 management facilities; risks relating to the Company’s indebtedness; challenges
and conflicts that may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria; 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 w ater management; exposure to
greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company’s o peration 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 information systems; risks relating to reliance on estimates of future production; risks relating to litigation an d administrative proceedings which
the Company may be subject to from time to t ime; 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
jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; tax-related disputes; 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 Resources; payment of dividends in the future; compliance with environmental, he alth 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; ability to attract and re tain 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; the terms of the contingent payments in resp ect 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 de scribed in the
“Risks and Uncertainties” section of the Company’s MD&A for the three and nine months ended September 30, 2025, 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.seda rplus.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 ident ify
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 i s not exhaustive of all factors
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.