Mr. Stephen Williams reports

LUNDIN MINING ANNOUNCES TSX APPROVAL FOR A NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (the TSX) has accepted the notice of Lundin Mining Corp.'s intention to renew its normal course issuer bid (the NCIB).

The company intends to continue to utilize the NCIB at its discretion to make opportunistic purchases to create shareholder value and manage the number of outstanding common shares of the company.

This approval allows the company to purchase up to 52,538,870 common shares, representing 10 per cent of the 773,494,324 issued and outstanding common shares as of Nov. 30, 2023, minus those common shares beneficially owned, or over which control or direction is exercised by the company, the senior officers and directors of the company, and every shareholder who owns or exercises control or direction over more than 10 per cent of the outstanding common shares, over a period of 12 months commencing on Dec. 11, 2023. The NCIB will expire no later than Dec. 10, 2024.

All purchases made pursuant to the NCIB will be made on the open market through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. In accordance with TSX rules, any daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 564,097 common shares, which represents 25 per cent of the average daily trading volume of 2,256,389 common shares on the TSX for the six months ended Nov. 30, 2023. The price that Lundin Mining will pay for common shares in open market transactions will be the market price at the time of purchase.

In connection with the NCIB renewal, Lundin Mining entered into an automatic share purchase plan (ASPP) with its designated broker to allow for the repurchase of common shares at times when the company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise (any such period being a blackout period). Before entering a blackout period, the company may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the plan. At this time the company has not instructed the broker to actively repurchase common shares of the company. Purchases made pursuant to the plan, if any, will be made by the company's designated broker based upon the parameters prescribed by the TSX, applicable Canadian securities laws and the terms of the written agreement entered between the company and its designated broker. Outside of these blackout periods, common shares will be purchasable by Lundin Mining at its discretion under its NCIB.

The ASPP will terminate on the earliest of the date on which: (i) the purchase limit under the NCIB has been reached; (ii) the NCIB expires; and (iii) the ASPP otherwise terminates in accordance with its terms. The ASPP constitutes an automatic plan for purposes of applicable Canadian securities legislation and the agreement governing the plan has been precleared by the TSX.

The actual number of common shares that may be purchased and the timing of such purchases will be determined by the company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash and other factors. Any common shares that are purchased under the NCIB will be cancelled.

Under the company's current NCIB that commenced on Dec. 9, 2022, and expires on Dec. 8, 2023, the company previously sought and received approval from the TSX to purchase up to 65,313,173 common shares. As of Nov. 30, 2023, the company has purchased nil common shares under its current NCIB through open market transactions.

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, gold and nickel.

We seek Safe Harbor.