Lundin Mining Fourth Quarter and Full Year 2024 Results

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its fourth quarter and full year 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.

Jack Lundin , President and CEO commented, "2024 was highlighted by three transformative transactions, along with achieving record copper and zinc production which generated strong revenue and operating cashflow for the Company. Among these deals, the formation of Vicuña Corp. has positioned the Company on a clear path to becoming a top-tier copper producer. Vicuña is targeting a new and updated mineral resource estimate at Filo del Sol and Josemaria within the second quarter of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district in Argentina .

"Operationally, we met copper guidance for the second consecutive year, translating to over $870 million in annual free cash flow from operations ¹ . Notwithstanding the $350 million purchase of an additional 19% at Caserones to bring our overall ownership to 70%, our net debt ¹ position at year end was just over $1.3 billion . Our debt is expected to be reduced significantly within the first half of this year pending the finalization of the sale of our European assets, Zinkgruvan and Neves-Corvo, making the Company net-debt free on a pro-forma basis. With our strong financial standing and well-positioned asset base, our operations will continue to drive returns, fueling the growth opportunities within our current portfolio of assets.

"Lastly, in 2024 we celebrated our 30 ^th anniversary, reflecting our longstanding legacy of creating value in the base metals sector. We believe we are well positioned for the future at Lundin Mining and remain committed to executing within our targeted guidance ranges, enhancing margins through sustainable cost control, while upholding the highest health and safety standards to protect our workforce."

Fourth Quarter and Full Year Operational and Financial Highlights

On December 9th, 2024 , the Company announced the sale of its European assets, Zinkgruvan and Neves Corvo, to Boliden. As a result of this, the financial results from these assets are reported as "discontinued operations" in the Company's financial statements and met the criteria to be classified as held-for-sale. The transaction is expected to close at the latest by mid-year 2025, subject to the completion of customary conditions and regulatory approvals.

Fourth Quarter Highlights

• Copper Production: Consolidated production of 101,491 tonnes of copper in the fourth quarter.
• Other Production: During the quarter, a total of 51,946 tonnes of zinc, 1,617 tonnes of nickel and approximately 46,000 ounces of gold were produced.
• Revenue: $1,023.8 million in the fourth quarter, comprised of $858.9 million from continuing operations with a realized copper price ¹ of $3.75 /lb and a realized gold price ¹ of $2,643 /oz, and $165.0 million from discontinued operations.
• Net Earnings and Adjusted Earnings ¹ : During the quarter, net loss attributable to shareholders of the Company was $440.2 million , comprised of $195.3 million ( $0.25 per share) net loss from continuing operations and $244.8 million net loss from discontinued operations. Net loss attributable to shareholders of the Company was impacted by non-cash impairments of goodwill and assets at Eagle, Suruca, Neves-Corvo and Alcaparossa. Adjusted earnings ¹ were $119.2 million , comprised of $94.8 million ( $0.12 per share) from continuing operations and $24.4 million from discontinued operations.
• Adjusted EBITDA1: $425.6 million for the quarter, $368.2 million from continuing operations and $57.4 million was generated from discontinued operations during the quarter.
• Cash Generation: Cash provided by operating activities in the quarter was $620.3 million , comprised of $547.3 million from continuing operations and $73.0 million from discontinued operations. Free cash flow from operations ¹ was $466.0 million , comprised of $423.6 million from continuing operations and $42.5 million from discontinued operations, which was increased by a working capital release of $295.5 million from continuing operations.

Full Year 2024 Highlights

• Copper Production: Record copper production of 369,067 tonnes of copper for the full year which is within the 2024 annual copper production guidance.
• Other Production: During the year, record zinc production of 191,704 tonnes, 7,486 tonnes of nickel and approximately 158,000 ounces of gold were produced. Production for all metals was within revised guidance ranges.
• Revenue: $4,117 million for the full year, comprised of $3,422.6 million from continuing operations with a realized copper price ¹ of $4.18 /lb and a realized gold price ¹ of $2,532 /oz, and $694.8 million from discontinued operations.
• Adjusted EBITDA ¹ : $1,707.0 million for the full year, comprised of $1,461.8 million from continuing operations and $245.2 million from discontinued operations.
• Net Earnings and Adjusted Earnings ¹ : Net loss attributable to shareholders of the Company was $203.5 million , comprised of $11.1 million ( $0.01 per share) net earnings from continuing operations and $214.7 million net loss from discontinued operations. Net earnings from continuing operations was impacted by non-cash impairments of goodwill and assets relating to Eagle, Suruca, and Alcaparossa. Adjusted earnings was $358.9 million , $291.7 million ( $0.38 per share) from continuing operations and $67.2 million from discontinued operations.
• Cash Generation: During the year, cash provided by operating activities was $1,518.9 million , $1,300.8 million from continuing operations and $218.0 million from discontinued operations. Free cash flow from operations ¹ was $873.0 million , $797.1 million from continuing operations and $75.9 million from discontinued operations, which included a working capital release of $220.9 million from continuing operations.
• Balance Sheet: To exercise the Caserones purchase option, the consideration of $350 million was fully funded through an increase to the Company's term loan from $800 million to $1.15 billion . As at December 31, 2024 , the Company had a net debt ¹ balance of $1,332.3 million , excluding lease liabilities. Net debt ¹ is expected to reduce significantly with the closing of the sale of Neves-Corvo and Zinkgruvan.
• Growth: During the year the Company announced three significant transactions:
  • On July 2, 2024 , the Company closed the option to increase ownership in Caserones to 70%, which adds approximately 24,000 tonnes of additional attributable copper production to the Company's production profile ² .
  • On July 29, 2024 , Lundin Mining and BHP announced the joint acquisition of Filo Corp. ("Filo") and the concurrent formation of a 50/50 joint arrangement ("Joint Arrangement") to hold the Filo del Sol ("FDS") project and the Josemaria project. The partnership will create a multi-generational mining district with world-class potential that could support a globally ranked mining complex.
  • On December 9, 2024 , the Company announced the sale of Neves-Corvo and Zinkgruvan to Boliden for total consideration of up to $1.52 billion . The proceeds from the transaction will strengthen the Company's balance sheet and support its growth plans in the Vicuña District.
• Assets and liabilities held for sale and discontinued operations: At December 31, 2024 , the Neves-Corvo and Zinkgruvan reporting segments met the criteria to be classified as held-for-sale and discontinued operations. Accordingly, all assets and liabilities relating to the Neves-Corvo and Zinkgruvan reporting segments have been classified as current assets and current liabilities held for sale at December 31, 2024 .

Total assets of $1,389.7 million and liabilities of $393.1 million have been classified as held for sale for this purpose. A net loss from discontinued operations of $214 .7 million represents the loss after tax of $278.6 million and earnings after tax of $63.9 million from Neves-Corvo and Zinkgruvan, respectively, for the year ended December 31, 2024 .

Summary Financial Results

• For the year ended December 31, 2024 , the Company generated annual revenue from continuing operations of $3.4 billion (2023 - $2.7 billion ). Revenue from discontinued operations was $694.8 million (2023 - $648.6 million ), and the combination of revenue from continuing operations and discontinued operations ("all operations") was an annual record for the Company of $4.1 billion (2023 - $3.4 billion ). The Company achieved record production of 369,067 tonnes of copper, record production of 191,704 tonnes of zinc, and 158 thousand ounces ("koz") of gold, which achieved the most recently disclosed annual guidance for all metals.
• For the quarter ended December 31, 2024 , the Company generated revenue from continuing operations of $858.9 million (Q4 2023 - $893.4 million ). Net loss in the quarter from continuing operations was $159.6 million (Q4 2023 - net earnings of $40.4 million ) and adjusted EBITDA ¹ (all operations) was $425.6 million (Q4 2023 - $419.7 million ).
• Net loss for the year was $61.3 million , comprised of a net earnings of $153.4 million from continuing operations and $214.7 million net loss from discontinued operations, a decrease in earnings from the prior year comparable period of $276.9 million from continuing operations and a decrease from net earnings of $38.4 million from discontinued operations, primarily due to non-cash impairments of goodwill and assets relating to Neves-Corvo, Eagle, Suruca and Alcaparrosa during the year, partially offset by higher gross profit.
• Adjusted earnings ¹ from continuing operations attributable to shareholders of the Company for the year were $291.7 million or $0.38 per share. Adjusted earnings ¹ from discontinued operations attributable to shareholders of the Company for the year were $67.2 million or $0.09 per share.
• Cash and cash equivalents at continuing operations as at December 31, 2024 were $357.5 million . As indicated above, cash provided by operating activities related to continuing operations of $1,300.8 million in the year was used to fund investing activities from continuing operations of $855.4 million , which primarily includes $807.3 million investment in mineral properties, plant and equipment, $41.7 million subscription for Filo shares to provide interim financing to Filo and the final $25.0 million payment of contingent consideration for the acquisition of Chapada. Cash used in financing activities related to continuing operations of $349.8 million was comprised primarily of funds used to exercise the Company's option to acquire an additional 19% interest in Caserones for $350.0 million , which was funded by debt proceeds, $202.5 million dividends paid to shareholders and $152.0 million in distributions paid to non-controlling interests.
• Free cash flow ¹ from continuing operations for the year was $508.2 million and free cash flow ¹ from discontinued operations for the year was $63.0 million .
• As at February 19, 2025 , the Company had cash of approximately $407.1 million and net debt excluding lease liabilities of approximately $1,322.4 million . Net cash in Vicuña is included on a 50% basis to represent Lundin Mining's attributable share. Cash and net debt balances include assets and liabilities classified as held-for-sale.

Operational Performance

Total Production

Candelaria (80% owned): Candelaria produced, on a 100% basis, 162,487 tonnes of copper, approximately 93,000 ounces of gold and 2.0 million ounces of silver during the year. Copper and gold production benefited from planned higher grade ore from Phase 11 and in the second half of the year, the operation produced 98,970 tonnes of copper which was one of its best second-half performances in its 30-year history. In late 2024, production from Phase 11 shifted to lower average grades, resulting in annual copper production slightly below the most recently published guidance range. In 2025, production will continue to be sourced primarily from Phase 11 with a planned reduction in average copper grades from those realized in the second half of 2024. Annual gold production was within the most recently disclosed annual guidance range. Copper cash cost ² of $1.73 /lb was within the most recently disclosed 2024 cash cost guidance range and benefitted from higher sales volumes, favourable foreign exchange, and higher by-product credits.

Caserones   (70% owned): Caserones produced, on a 100% basis, 124,761 tonnes of copper and 3,183 tonnes of molybdenum, both within the most recently disclosed 2024 annual production guidance ranges. Production during the year was impacted by labour action in August which reduced throughput to approximately 50% capacity over a 14-day period. Mine sequencing changes as a result of hydrogeologic conditions in Phase 5 reduced grades and impacted recoveries in the mill during the quarter. Copper cathode production was positively impacted by increased irrigation pattern on the dump leach pad. Copper cash cost ² of $2.51 /lb was below the low end of the most recently disclosed cash cost guidance range and benefitted from higher by-product credits and favourable foreign exchange.

Chapada (100% owned): Chapada produced 43,261 tonnes of copper and approximately 65,000 ounces of gold during the year, both metals were within the most recently disclosed 2024 production guidance ranges. An optimized mine plan led to a significant reduction in overall material movement, including waste and ore, and contributed to lower production costs. Increased processing of ore from the older low-grade stockpile and North pit resulted in lower copper production due to lower grades and recoveries. Gold production benefited from higher grades and throughput as emphasis was placed on gold in the current elevated gold price environment. Production costs during the year also benefited from a weakening of the BRL against the USD. Copper cash cost ¹ of $1.58 /lb was within the most recently disclosed 2024 cash cost guidance range and benefited from higher by-product credits and favourable foreign exchange.

Eagle (100% owned): Eagle produced 7,486 tonnes of nickel and 6,366 tonnes of copper during the year. Production was impacted by reduced mining rates following a fall of ground in the lower ramp in May, which limited access to Eagle East while ramp rehabilitation was completed. During the quarter mining re-commenced at Eagle East and normal throughput is expected to resume in Q1 2025. Both metals were within the most recently disclosed 2024 production guidance ranges. Production costs decreased in line with lower production and sales. Nickel cash cost ¹ of $4.20 /lb was above the most recently disclosed 2024 cash cost guidance range due to mining rates not recovering as quickly as expected in the quarter.

Neves-Corvo (100% owned): Neves-Corvo produced 28,228 tonnes of copper and a record 109,571 tonnes of zinc during the year. Copper production was within the most recently disclosed production guidance range and zinc production benefited from higher throughput as a result of the zinc expansion project, although was slightly below the most recently disclosed annual production guidance range. Production costs during the year decreased in line with sales volumes. Annual copper cash cost ¹ of $2.19 /lb benefited from higher by-product credits but exceeded the most recently disclosed 2024 cash cost guidance range as a result of lower than expected sales volumes.

Zinkgruvan (100% owned): Record zinc production of 82,133 tonnes and lead production of 30,888 tonnes during the year were driven by higher throughput, grades and recoveries. Annual zinc production was within the most recently disclosed 2024 production guidance range. Production costs during the year increased in line with higher zinc and lead production and sales volumes. Zinc cash cost ¹ of $0.41/lb was within the most recently disclosed 2024 cash cost guidance range.

Outlook

On January 16, 2025 , the Company announced its production, cash cost, capital expenditures and exploration investment guidance for 2025.

2025 Production and Cash Cost Guidance ^a

2025 Capital Expenditure Guidance ^a

2025 Exploration Investment Guidance

Total exploration expenditure guidance for 2025 is $40 million .

Exploration

During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Candelaria was focused on Candelaria South , La Portuguesa and La Espanola.

At Caserones, exploration drilling was completed in the lower portion of the mineral resource in search of higher-grade copper breccia bodies that could improve the average grade of the resource and potentially expand it. The drilling program at Angelica, in search of copper sulphides, was also completed during the quarter.

Drilling at Chapada concentrated on adding high grade resources to Sauva and testing near-mine geochemical anomalies.

At Josemaria, the drilling campaign restarted at Cumbre Verde.

Drilling continued at Eagle during the quarter with one surface hole targeting a geophysical anomaly east of Eagle East. At Neves-Corvo, the 2024 drilling program focused on extending inferred resources at Lombador North and near-mine drilling at Neves Southwest concluded at the end of the quarter. Drilling at Zinkgruvan was focused on resource expansion.

All 2024 drilling campaigns were successfully completed by the end of the quarter.

Vicuña

During the quarter, the Company focused on preparing for the completion of the acquisition of Filo and formation of the 50/50 Joint Arrangement with BHP, initially announced on July 29, 2024 . The work plan associated with the transaction with BHP progressed as expected. Subsequent to year-end on January 15, 2025 , the Company completed the Filo acquisition and the Joint Arrangement with BHP, resulting in the Company indirectly holding a 50% interest in Vicuña Corp. ("Vicuña"), which owns the FDS project and Josemaria project. BHP indirectly owns the remaining 50% interest in Vicuña.

As part of the Joint Arrangement, the 2024 work scope was changed to include incorporation of new studies and preparation of a resource model relating to FDS, a joint development concept pertaining to the Josemaria and FDS ore bodies as well as processing facilities and infrastructure. An action plan was developed for the combined project, including a 2025 budget that included advancement of studies associated with the synergies between the FDS and Josemaria projects, continuation of the drilling program and advancing the Josemaria project.

Capital expenditures for the Joint Arrangement are forecast to total $312 million on a 100% basis for 2025. The workplan will focus on FDS drilling, FDS mineral resource estimation, Josemaria mineral resource estimation update, mine planning, metallurgy, hydrology wells and studies, commencement of access road construction, and exploration at the Cumbre Verde target. In parallel, engineering studies and trade off analysis will be completed in preparation for future permitting and a technical report outlining an integrated project plan for development and operation.

Vicuña is targeting a new mineral resource estimate at FDS and an update to the resource estimate at Josemaria within the first half of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district.

Drilling is currently underway at FDS and Cumbre Verde. Drilling at FDS will continue throughout the year. The drill program at FDS will focus on resource growth with multiple step-out targets in all directions from zones of known mineralization, including both the Bonita and Aurora Zones along with infill drilling to support an initial sulphide mineral resource estimate. Drilling at Cumbre Verde will follow up on the initial results from last year and target the same mineralized system and structures discovered to the north of the project.

During the quarter, Josemaria activities were focused on continuing the Environmental Impact Assessment ("EIA") update and maintaining progress on the water program. Field activities continued with the water program, geotechnical studies, road maintenance, wetlands biodiversity offset and exploration drilling at Cumbre Verde.

Senior Leadership Appointments

The Company would also like to announce the executive appointments of Eduardo Cortes as Vice President, Mining & Mineral Resources and Andre Gagnon as Vice President, Geotechnics & Water.

Eduardo Cortes

Eduardo Cortés is the Vice President, Mining & Resources at Lundin Mining Corporate, leading mine planning, reserves, geology, and metallurgy across the company's global operations. With more than 12 years of experience across the Americas, he has a strong track record of mine optimization, cost reduction, and strategic growth.

Previously, at Lundin Mining Corporate, he served as Director, Reserves & Mine Planning, overseeing reserve estimation and technical assurance, and before that, as Senior Mining Engineer, leading high-impact optimization projects at Candelaria, Caserones, and Chapada.

Before joining Lundin Mining, Eduardo was a core member of the Fruta del Norte project at Lundin Gold, developing the mine from feasibility through commercial production. Following this, he served as Chief Engineer at Bluestone Resources, overseeing mine planning efforts. Earlier, at NCL SPA, he worked on major underground projects for Codelco and Anglo American .

Eduardo holds a Mining Engineering degree from Universidad de Santiago de Chile and is fluent in Spanish and English, with intermediate Portuguese.

Andre Gagnon

Andre Gagnon was appointed Vice President, Geotechnics & Water. Mr. Gagnon joined Lundin Mining in 2017 and has served in increasingly senior roles, starting as Senior Tailings & Geotechnical Engineer before progressing to Director, Tailings.  Mr. Gagnon is responsible for leading a team of functional experts focused on tailings, water, geotechnical engineering, and hydrogeology. Mr. Gagnon has more than 18 years of experience in the mining industry.

Prior to joining Lundin Mining, he served as Manager, Tailings at Goldcorp and as a consultant focused on tailings and geotechnical engineering, and water management.

Mr. Gagnon holds a B.A.Sc. in Geological Engineering from Queen's University, and an M.Sc. in Engineering Geology from Imperial College London. He is a registered Professional Engineer in Ontario and British Columbia .

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in the Americas and primarily producing copper, gold and nickel.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:35 Vancouver Time.

Technical Information

The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by Patrick Merrin , P.Eng., Executive Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Merrin has verified the data disclosed in this release and no limitations were imposed on his verification process.

Reconciliation of Non-GAAP Measures

The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A the year ended ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.ca .

Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs as follows:

Adjusted EBITDA can be reconciled to Net Earnings (Loss) as follows:

Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders as follows:

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Consolidated Statement of Cash Flows as follows:

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Consolidated Statement of Cash Flows as follows:

Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's Consolidated Balance Sheets as follows:

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile ; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024 , which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

SOURCE Lundin Mining Corporation

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