Mr. Stephen Williams reports

LUNDIN MINING PRE-ANNOUNCES ITEMS IMPACTING THE FOURTH QUARTER 2023 RESULTS

Certain items will impact Lundin Mining Corp.'s quarterly earnings, adjusted earnings before interest, taxes, depreciation and amortization, adjusted earnings, and adjusted earnings per share.

Foreign exchange and derivatives

Items of significant impact in the fourth quarter 2023 are expected to include unaudited foreign exchange and trading gains on debt and equity investments supporting the capital financing for the Josemaria project of approximately $19-million on a pretax basis and unaudited realized gains on foreign exchange and diesel derivative contracts of approximately $9-million on a pretax basis.

In the fourth quarter 2023, the company is also expected to recognize an unaudited non-cash unrealized gain of approximately $19-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 gain will impact the company's earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share.

Provisional pricing adjustments

Revenue in the fourth quarter 2023 is expected to be negatively impacted by decreases in metal prices for molybdenum and nickel during the quarter. The sales volume during the quarter for molybdenum and nickel was 978 tonnes and 3,105 tonnes, respectively. Downward provisional pricing adjustments on concentrate sales completed in prior quarters are expected to reduce revenue in the fourth quarter by approximately $5 per pound for molybdenum and approximately $1 per pound for nickel. Downward provisional pricing adjustments on concentrate sales completed in prior quarters relating to other metals are not expected to be significant.

The report for the year ended Dec. 31, 2023, will be published on Wednesday, Feb. 21, 2024.

Fourth quarter 2023 results conference call and webcast

The company will hold a telephone conference call and webcast at 10 a.m. Eastern Time on Thursday, Feb. 22, 2024. Conference call details are provided below. 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):  44-208-609-4320

A live webcast presentation will be available.

The presentation slide show 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 May 1, 2025.

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

The passcode for the replay is:  266999

A replay of the webcast will be available.

About Lundin Mining Corp.

Lundin Mining is a diversified Canadian base metal 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.