Mr. Mark Turner reports

LUNDIN MINING ANNOUNCES CLOSING OF $800 MILLION TERM LOAN WITH ADDITIONAL $400 MILLION ACCORDION AVAILABLE

Lundin Mining Corp. has closed a three-year term loan in a principal amount of $800-million, with an additional $400-million accordion becoming available upon receipt of additional binding commitments and closing of up to an additional 19-per-cent interest in SCM Minera Lumina Copper Chile (Lumina Copper) and satisfaction of relevant conditions precedent.

The company has used the term loan to refinance the drawdown under the existing $1.75-billion revolving credit facility used to finance the upfront cash consideration of $800-million for the acquisition of 51 per cent of the issued and outstanding equity of Lumina Copper, which owns the Caserones copper-molybdenum mine in Chile.

The term loan bears interest on U.S.-dollar-denominated drawn funds at an annual rate equal to the term secured overnight financing rate plus a credit spread adjustment plus an applicable margin of 1.60 per cent to 2.65 per cent, depending upon the company's net leverage ratio. The company is working with the co-sustainability structuring agents to establish a sustainability-linked component to the term loan and the existing revolving credit facility. The term loan is unsecured, save and except for a charge over certain assets in the United States of America, and has similar covenants to the company's existing $1.75-billion revolving credit facility.

BMO Capital Markets, ING Capital LLC and Bank of Nova Scotia have acted as joint lead arrangers and joint bookrunners. Bank of Montreal is acting as administrative agent, and Bank of Montreal, Canadian Imperial Bank of Commerce, ING Capital LLC and Bank of Nova Scotia are acting as co-sustainability structuring agent. Bank of Montreal, Bank of Nova Scotia, ING Capital LLC, Canadian Imperial Bank of Commerce, Federation des caisses Desjardins du Quebec, Toronto-Dominion Bank, Bank of America NA -- Canada branch, Royal Bank of Canada -- Canadian branch and Morgan Stanley Bank NA acted as lenders.

The term loan agreement will be available for review under the company's profile on SEDAR Plus.

About Lundin Mining Corp.

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.

We seek Safe Harbor.