Mr. Stephen Williams reports

LUNDIN MINING PRE-ANNOUNCES ITEMS IMPACTING THE FIRST QUARTER 2024 RESULTS

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

Foreign exchange and derivatives

Items of significant impact in the first quarter 2024 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 $8-million on a pretax basis, unaudited realized gains on foreign exchange and diesel derivative contracts of approximately $4-million on a pretax basis and unaudited realized gains on foreign exchange of approximately $11-million on a pretax basis, primarily relating to payments in Chilean pesos during the quarter.

In the first quarter 2024 the company is also expected to recognize certain non-cash items that will impact the company's earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share. These include an unaudited non-cash unrealized gain on foreign exchange of approximately $16-million on a pretax basis, primarily due to the weakening of the Chilean peso during the quarter, and an unaudited non-cash unrealized loss of approximately $53-million on a pretax basis related to the mark-to-market valuation of the company's unexpired foreign exchange and diesel derivative contracts. Unexpired foreign exchange derivative contracts include zero cost collar contracts of $921-million (equivalent to 898 billion Chilean pesos) entered into during the first quarter 2024 and expiring in the remainder of 2024 through 2026.

Provisional pricing adjustments

Revenue in the first quarter 2024 is expected to be positively impacted by unaudited provisional pricing adjustments on prior period concentrate sales of approximately $2-million on a pretax basis. These adjustments primarily include upward adjustments in relation to copper and nickel sales, partially offset by downward adjustments on molybdenum and zinc sales.

The financial results for the three months ended March 31, 2024, will be published on Wednesday, May 1, 2024.

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.