Mr. Stephen Williams reports

LUNDIN MINING ANNOUNCES UPDATED SHARE CAPITAL AND PROVIDES UPDATE ON SHARE BUYBACKS

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 has increased by 22,173 to 851,359,558 common shares with voting rights as of Sept. 30, 2026. The increase in the number of issued and outstanding shares from Aug. 31, 2026, to date is a result of the exercise of employee stock options or the vesting of employee share units. During this period, the company did not purchase any shares for cancellation under its normal course issuer bid program.

Normal course issuer bid

Under the company's shareholder distribution policy, the company is committed to allocating up to $150-million (U.S.) in annual share buybacks through the NCIB program. The company's board of directors has also approved an increase of up to $100-million (U.S.) to the share repurchase program for the rest of 2026. So far during 2026, Lundin Mining has acquired 6,098,494 common shares at an average cost of approximately $35.70 (Canadian) per share.

About Lundin Mining Corp.

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada, with three operating mines in Brazil and Chile. It produces metals that underpin global development, supporting infrastructure, electrification, technological innovation and economic resilience. Its strategic vision is to become a top-10 global copper producer. To get there, it 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 it holds a 50-per-cent interest. It also holds a 31-per-cent interest in Los Helados project, located adjacent to its operating Caserones mine, providing longer-term growth optionality. 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 (LUN) and Nasdaq Stockholm (LUMI).