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Lundin Mining Mineral Resource Estimates - Inclusive of Mineral Reserves - December 31, 2022¹

¹ All estimates, with the exception of Josemaria and Suruca, are effective as at December 31, 2022. The Josemaria Mineral Resource estimates are effective as at July 10, 2020, and the Mineral Reserves estimates are effective as at September 28, 2020. The Suruca Mineral Resource and Mineral Reserve estimates are effective as at June 30, 2019.

Lundin Mining Mineral Reserve Estimates - December 31, 2022¹

¹ All estimates, with the exception of Josemaria and Suruca, are effective as at December 31, 2022. The Josemaria Mineral Resource estimates are effective as at July 10, 2020, and the Mineral Reserves estimates are effective as at September 28, 2020. The Suruca Mineral Resource and Mineral Reserve estimates are effective as at June 30, 2019.

Notes on Mineral Resource and Mineral Reserve Tables

Mineral Resource and Mineral Reserve estimates are shown on a 100% basis and Lundin Mining’s share is reported reflecting 80% ownership of Candelaria. The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates. All estimates, with the exception of Josemaria and Suruca are effective as at December 31, 2022. The Josemaria Mineral Resource estimates are effective as at July 10, 2020 and the Mineral Reserve estimates are effective as at September 28, 2020. The Suruca Mineral Resource and Mineral Reserves estimates are effective as at June 30, 2019.

Reference herein to $ or USD is to United States dollars, CLP is to Chilean pesos, BRL is to Brazilian reais, EUR refers to euros, and SEK is to Swedish kronor. Mineral Reserves for all active mines have been estimated using metal prices of $3.35/lb copper, $1.15/lb zinc, $0.90/lb lead, $7.50/lb nickel and $1,600/oz gold. Exchange rates used were EUR/USD 1.25, USD/SEK 7.50, USD/CLP 700 and USD/BRL 5.00 for Mineral Reserve and Mineral Resource estimates. For the Suruca gold deposit Mineral Reserve, the metal prices used were $3.00/lb copper and $1,250/oz gold and an exchange rate of USD/BRL 3.95. For the Josemaria Mineral Reserve, the metal prices used were $3.00/lb copper, $1,500/oz gold and $18.00/oz silver.

For a better understanding of each of the Company’s projects, readers are strongly encouraged to read the technical reports and other public disclosure of the Company, including all qualifications, assumptions, exclusions and risks that relate to the Mineral Resource and Mineral Reserves. The technical reports are intended to be read as a whole, and sections should not be read or relied upon out of context.

Unless noted, otherwise, the Mineral Resource and Mineral Reserve estimates were prepared under the supervision of and verified by Cole Mooney, P.Geo., Director, Resource Geology, and Arkadius Tarigan, P.Eng., Director, Reserves and Mine Planning, respectively for all sites below. They have also reviewed, verified and approved the technical and scientific information in this news release. No limitations were imposed on their verification process. Both Messrs. Mooney and Tarigan are Qualified Persons as defined under NI 43-101.

Candelaria and Ojos del Salado

Candelaria and La Española open pit Mineral Resource estimates are reported within a conceptual pit shell based on metal prices of $4.02/lb copper and $1,600/oz gold with cut-off grades of 0.15% and 0.17% copper, respectively. Underground Mineral Resources are estimated at cut-off grades of 0.40% and 0.45% copper for Candelaria underground and Ojos del Salado, respectively. Mineral Reserves for the Candelaria open pit, Española open pit and underground for the Candelaria property are estimated at cut-off grades of 0.15%, 0.17% and 0.44% copper, respectively. Underground Mineral Reserves for the Santos mine at Ojos del Salado is estimated at a cut-off grade of 0.51% copper. Jose Bello Soto, Chief Geological and Resources Modeling, a Registered Member of Chilean Mining Commission, employed by the Candelaria Copper Mining Complex, reviewed and verified the Mineral Resource estimates for Candelaria and Ojos del Salado mines. Mr. Bello is a Qualified Person as defined under NI 43-101.

A technical report for Candelaria, prepared in accordance with NI 43-101, will be filed under the Company’s profile on SEDAR at www.sedar.com within 45 days of this news release.

Caserones

Mineral Resources and Mineral Reserves are reported on a 100% basis (Lundin Mining holds a 51% interest) using the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the "2014 CIM Definition Standards") and have an effective date of December 31, 2022. The Mineral Resource estimate is based on 1,045 core and reverse circulation drillholes totaling 175,280 m and includes all drilling completed up until the end of 2017. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Qualified Person responsible for the Mineral Resource estimate is Mr. Paul Daigle, P.Geo., Associate Principal Geologist with AGP Mining Consultants Inc. The Mineral Reserves have an effective date of December 31, 2022 and are reported at the point of delivery to the process plant. The Qualified Person responsible for the estimate is Mr. Kirk Hanson, P.E., Principal Mining Engineer with AGP.

Caserones open pit Mineral Resources are reported within an optimized constraining shell with cut-off grades of 0.13% copper. Mineral Reserves are reported within a design pit based on optimized Lerchs–Grossmann pit shell. Input parameters include the long term copper price of US$3.65/lb and long term molybdenum price of US$11.45/lb.

For further information, refer to the Technical Report entitled Caserones Mining Operation, Chile, NI 43-101 Technical Report on the Caserones Mining Operation, dated July 13, 2023 which is available on Lundin Mining's SEDAR profile at www.sedar.com.

Chapada

The Chapada and Suruca copper-gold Mineral Resource estimates are reported within a conceptual pit shell based on metal prices of $4.02/lb copper and $1,800/oz gold and at open pit discard NSR cut-off grade of $4.72/t. For the Suruca gold only Mineral Resource estimates, cut-off grades of 0.16 g/t gold for oxides and 0.23 g/t for sulphides were used. Mineral Reserves for the Chapada open pit are estimated at metal prices of $3.35/lb copper and $1,600/oz gold and at open pit discard NSR cut-off grade of $4.72/t. For the Suruca gold only Mineral Reserve estimates cut-off grades of 0.19 g/t gold for oxides and 0.30 g/t for sulphides are used. Arthur Oppitz, FAusIMM, Principal Mining Engineer, Lundin Mining, reviewed and verified the Mineral Reserve estimates for Chapada mine. Mr. Oppitz is Qualified Person as defined under NI 43-101.

For further information, refer to the Technical Report entitled Technical Report on the Chapada Mine, Goiás State, Brazil, dated October 10, 2019 which is available on Lundin Mining’s SEDAR profile at www.sedar.com.

Eagle

The Eagle Mineral Resource and Mineral Reserve estimates are reported using NSR cut-offs of $138/t, $140/t and $156/t for Eagle, Upper Keel and Eagle East zones, respectively. The NSR is calculated on a recovered payable basis considering nickel, copper, cobalt, gold and PGM grades, metallurgical recoveries, prices and realization costs. The Eagle East Mineral Resources are estimated using metal prices for Eagle and Eagle East: $9.00/lb Ni, $4.02/lb Cu. The same metal prices used for Upper Keel except for nickel at $9.60/lb.

A technical report for Eagle, prepared in accordance with NI 43-101, will be filed under the Company’s profile on SEDAR at www.sedar.com within 45 days of this news release.

Josemaria

The Josemaria open pit Mineral Resource estimates are reported within a conceptual pit shell based on metal prices of $3.00/lb copper, $1,500/oz gold and $18.00/oz silver with a cut-off grade of 0.10% copper. Mineral Reserve estimates for Josemaria are estimated at cut-off NSR values ranging from $5.16/t to $5.22/t, based on metallurgical unit. Mr. Dustin Smiley, P.Eng., Manager, Mine Engineering and Costing, Lundin Mining reviewed and verified the Mineral Reserves estimates for Josemaria project.

For further information, refer to the Technical Report entitled NI 43-101 Technical Report, Feasibility Study for the Josemaria Copper-Gold Project, San Juan Province, Argentina dated November 5, 2020, which is available on the Company’s subsidiary, Josemaria Resources Inc.’s SEDAR profile at www.sedar.com.

Neves-Corvo and Semblana

The copper Mineral Resource estimates are reported within geological volumes based on a nominal cut-off grade of 1.0% copper and the zinc Mineral Resource estimates are reported within geological volumes based on a nominal zinc cut-off grade of 4.5% zinc. The copper and zinc Mineral Reserve estimates have been calculated using variable NSR values ranging from EUR 44/t to EUR 60/t based on areas and mining methods. The NSR is calculated on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and realization costs. Sandra Santos, CEng MIMMM, Geological Engineer at Neves-Corvo, reviewed and verified the Mineral Resource estimates for the Neves-Corvo mine. Ms. Santos is Qualified Person as defined under NI 43-101.

The Mineral Resources at Semblana are estimated above a cut-off grade of 1.0% copper.

A technical report for Neves-Corvo, prepared in accordance with NI 43-101, will be filed under the Company’s profile on SEDAR at www.sedar.com within 45 days of this news release.

Saúva

The Saúva open pit Mineral Resource estimates are reported within a conceptual pit shell based on metal prices of $4.02/lb copper and $1,800/oz gold with a cut-off grade of 0.16% copper equivalent. Copper equivalency is based on metallurgical recoveries of 79% for copper and 68% for gold.

Zinkgruvan

The zinc Mineral Resources are estimated within optimized stope volumes, using a 3.5 m minimum mining width, based on an area dependent marginal NSR cut-off between SEK 515/t and SEK 710/t. The copper Mineral Resource estimates are reported within optimized stope volumes above a cut-off NSR values ranging from SEK 580/t to SEK 600/t. The zinc and copper Mineral Reserves are estimated at NSR cut-off values ranging from SEK 750/t to SEK 950/t NSR. The NSR is calculated on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and realization costs.