Mr. Stephen Williams reports

LUNDIN MINING PRE-ANNOUNCES CERTAIN ITEMS IMPACTING THE THIRD QUARTER 2023 RESULTS

Lundin Mining Corp. is introducing a process of preannouncing certain items impacting the company's quarterly earnings, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) (1), adjusted earnings (1) and adjusted earnings per share (1).

Items of significant impact in the third quarter 2023 are expected to include unaudited foreign exchange and trading gains on debt and equity investments supporting the capital funding for the Josemaria project of approximately $15-million on a pretax basis and unaudited realized gains on foreign exchange and diesel derivative contracts of approximately $13-million on a pretax basis.

In the third quarter 2023 the company is also expected to recognize an unaudited non-cash unrealized loss of approximately $48-million on a pretax basis related to the mark-to-market valuation of the company's unexpired foreign exchange and diesel derivative contracts. This non-cash loss will impact the company's earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share.

The report for the third quarter ended Sept. 30, 2023, will be published on Wednesday, Nov. 1, 2023.

Third quarter 2023 results conference call and webcast

The company will hold a telephone conference call and webcast at 8:30 a.m. PT, 11:30 a.m. ET, 5:30 p.m. CET on Thursday, Nov. 2, 2023. Conference call details are provided herein. Please dial in 15 minutes prior to the call start to ensure placement into the conference on time.

Call-in number for the conference call (North America):  1-416-764-8646

Call-in number for the conference call (North America toll-free):   1-888-396-8049

Call-in number for the conference call (United Kingdom):  44-800-652-2435

The presentation slideshow will also be available in PDF format on the Lundin Mining website before the conference call.

A replay of the telephone conference will be available after the completion of the call through Dec. 2, 2023.

Call-in numbers for the replay are (North America):  1-416-764-8692 or (internationally) 1-877-674-7070

The pass code for the replay is:  889461

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, primarily producing copper, zinc, molybdenum, gold and nickel.

We seek Safe Harbor.