Mr. Stephen Williams reports

LUNDIN MINING ANNOUNCES TSX APPROVAL FOR A NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted the notice of Lundin Mining Corp.'s intention to renew its normal course issuer bid. Unless otherwise stated, all values presented are in U.S. dollars. The company is committed to delivering shareholder returns through a balanced approach of dividends and share buybacks, with a total annual allocation of approximately $220-million. As part of its shareholder distribution policy (see news release dated March 26, 2025), the company will pay a quarterly dividend of 2.75 Canadian cents per common share of the company while allocating up to approximately $150-million per annum in share buybacks through the company's NCIB. If the company allocates less than $150-million in share buybacks in a calendar year, the shortfall will be distributed as a special dividend. If applicable, the special dividend will be paid alongside the regular fourth quarter dividend. Under the company's previous NCIB that commenced on Dec. 16, 2024, and expires on Dec. 15, 2025, the company sought and received approval from the TSX to acquire up to 57,597,388 common shares. As of Dec. 5, 2025, the company acquired 17,474,000 common shares in the market for cancellation at an average price of $13.09 (Canadian) per common share. Such amount includes the purchase of 14,229,000 common shares since Jan. 1, 2025, in accordance with the company's 2025 shareholder distribution policy.

Normal course issuer bid

The approval of the NCIB allows the company to purchase up to 67,723,868 common shares, representing 10 per cent of the 855,770,029 issued and outstanding common shares as of Dec. 4, 2025, 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. 16, 2025. The NCIB will expire no later than Dec. 15, 2026.

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 624,337 common shares, which represents 25 per cent of the average daily trading volume of 2,497,350 common shares on the TSX for the six months ended Nov. 30, 2025. 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. 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.

About Lundin Mining Corp.

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada, with four operating mines in Brazil, Chile and the United States. Lundin Mining produces commodities that support modern infrastructure and electrification. Built for growth, ready for opportunity, Lundin Mining's strategic vision is to become a top 10 global copper producer. To get there, Lundin Mining is executing a clear growth strategy, which includes advancing one of the world's largest copper, gold and silver projects in the Vicuna district on the border of Argentina and Chile, where Lundin Mining holds a 50-per-cent interest. With a legacy of value creation in the base metals sector, Lundin Mining has a proven record of resource growth, operational excellence and responsible development. Lundin Mining is committed to safety, sustainability and delivering long-term value for stakeholders. Lundin Mining's shares trade on the TSX (symbol: LUN) and Nasdaq Stockholm (symbol: LUMI).

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