Lundin Mining Publishes 2023 Sustainability Report

VANCOUVER, July 10, 2024 - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corp. ("Lundin Mining" or the "Company") is pleased to announce the publication of its 2023 Sustainability Report (the "Report") which highlights the Company's material environment, health & safety, governance and social performance during the year.

Jack Lundin, President and CEO, commented "We are pleased to present our annual Sustainability Report, which highlights Lundin Mining's commitment to responsible and sustainable practices within the mineral resource industry. This report is integral to our Company's overall strategy for disciplined growth in the copper and base metals sector. Each year, we invest considerable effort into enhancing this document and demonstrating how we are improving the quality of our mining operations through important initiatives such as enhanced safety management standards, emissions reductions, and following best practices on tailings management across our global sites."

Since 2010, Lundin Mining has reported on the environmental, health & safety, governance and social issues that are of greatest interest to communities near its operations, employees, investors and other stakeholders in a comprehensive, stand-alone document. The 2023 Sustainability Report has been prepared in accordance with the Global Reporting Initiative ("GRI") Standards. The Report is available on Lundin Mining's website (lundinmining.com).

2023 Highlights Include:

• Candelaria and Caserones, our two largest operations, achieved certification to The Copper Mark™ standard, the leading global assurance framework for social and environmental responsibility in the copper industry.
• The Company advanced key greenhouse gas ("GHG") emission reduction initiatives, including Candelaria signing a new power purchase agreement ("PPA") where 80% of its electricity supply will come from renewable sources.
• Scope 2 emissions reductions were further advanced by Caserones' and Zinkgruvan's investments in a 100%-renewable electricity supply, supported by an I-REC certificate and a Guarantee of Origin.
• As of 2023, the active tailings facilities at Candelaria and Chapada fully conform to the Global Industry Standard on Tailings Management ("GISTM"). Neves-Corvo achieved 98% conformance in 2023. We are progressing toward full conformance at Neves-Corvo and the two active tailings facilities at our recently acquired Caserones Mine in 2024. Our active tailings facilities at Eagle and Zinkgruvan, which are classified as lower-consequence facilities, will conform with the GISTM in 2025, along with all other applicable inactive or closed facilities.
• Direct community investments across our corporate and sites totalled approximately $6.1 million in 2023. These investments supported education, health, culture, community development and small business development.
• Excellent safety performance with a Total Recordable Incident Frequency rate ("TRIF") of 0.43, a Company record. In addition, our All-Injury Frequency ("AIF") rate improved to 1.56, while the Lost Time Injury Frequency ("LTIF") also improved to 0.30.
• The Visible Felt Leadership program provided opportunities for coaching and recorded 21,768 interactions across Lundin Mining.
• Board composition exceeded targets with 37.5% of directors identified as visible minorities.
• Transitioned to a new whistleblower management system, with better reporting practices, enabling the Company to address issues more effectively and implement meaningful changes.
• Commenced the development of our Human Rights Guideline and finalized Candelaria human rights impact assessment.

Lundin Mining has filed its 2023 ESTMA Report and 2024 Modern Slavery Report which can be found on the Company's website (lundinmining.com).

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 10, 2024 at 14:30 Pacific Time.

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 regulatory 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, the expectations 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 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 perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. 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 conditions, 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 publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to 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, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain 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 or 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 anticipated 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 sites; 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, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory 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 joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; 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; counterparty 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 threat 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 31, 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 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 applicable law.

SOURCE Lundin Mining Corporation