Mr. Stephen Williams reports

LUNDIN MINING ANNOUNCES UPDATED SHARE CAPITAL AND COMPLETES SHARE BUYBACK FOR 2025

Lundin Mining Corp. has updated its share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act.

The number of issued and outstanding shares of the company decreased by 1,399,950 to 854,347,591 common shares with voting rights as of Dec. 31, 2025. The decrease in the number of issued and outstanding shares from Nov. 30, 2025, to date is the result of share buybacks completed under the normal course issuer bid (NCIB), offset by the exercise of employee stock options or the vesting of employee share units.

Normal course issuer bid

The company is committed to delivering shareholder returns through a balanced approach of dividends and share buybacks. In 2025, Lundin Mining acquired 15,088,180 common shares at a cost of approximately $150-million (U.S.), completing its targeted annual allocation of approximately $150-million (U.S.) in annual share buybacks through its NCIB program.

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. The company produces commodities that support modern infrastructure and electrification. Its strategic vision is to become a top 10 global copper producer. To get there, the company 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. Lundin Mining has a proven record of value creation through resource growth, operational excellence and responsible development. The company's shares trade on the Toronto Stock Exchange and Nasdaq Stockholm.