VANCOUVER, BC, Feb. 20, 2025 /PRNewswire/ -- (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 operations¹. Notwithstanding the $350 million purchase of an additional 19% at Caserones to bring our overall ownership to 70%, our net debt¹ 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 price¹ of $3.75 /lb and a realized gold price¹ of $2,643 /oz, and $165.0 million from discontinued operations.
Net Earnings and Adjusted Earnings¹: 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 earnings¹ 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 operations¹ 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.


     
     __________________



     
     (1) These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.

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 price¹ of $4.18 /lb and a realized gold price¹ of $2,532 /oz, and $694.8 million from discontinued operations.
Adjusted EBITDA¹: $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 Earnings¹: 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 operations¹ 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 debt¹ balance of $1,332.3 million, excluding lease liabilities. Net debt¹ 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 profile².
- 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.


     ___________________



     
                (1) These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.



     
                (2) Based on Caserones 2024 revised production guidance as outlined in the outlook section of the MD&A for the year ended December 31, 2024.

Summary Financial Results

                                                                                                            Three months ended                       Year
                                                                                                                                         ended

                                                                                                            December 31,                       December 31,



     (US$ millions continuing operations except where noted, except per share amounts)      2024      2023             2024         2023



     Revenue                                                                               858.9     893.4          3,422.6      2,743.4



     Gross profit                                                                          250.6     177.8            942.9        601.5



     Attributable net earningsa                                                          (195.3)     12.5             11.1        203.2



     Net earnings                                                                        (159.6)     40.4            153.4        276.9



     Adjusted earningsa,b (all operations)                                                 119.2      79.7            358.9        336.2



     Adjusted earningsa,b - continuing operations                                           94.8      72.4            291.7        287.5



     Adjusted earningsa,b - discontinued operations                                         24.4       7.3             67.2         48.7



     Adjusted EBITDAb (all operations)                                                     425.6     419.7          1,707.0      1,363.5



     Adjusted EBITDAb - continuing operations                                              368.2     367.6          1,461.8      1,145.6



     Adjusted EBITDAb - discontinued operations                                             57.4      52.1            245.2        217.9



     Basic earnings per share ("EPS")a (all operations)                                   (0.57)     0.05           (0.26)        0.31



     Basic earnings per share ("EPS")a - continuing operations                            (0.25)     0.02             0.01         0.26



     Basic earnings per share ("EPS")a - discontinued operations                          (0.32)     0.03           (0.27)        0.05



     Adjusted EPSa,b (all operations)                                                       0.15      0.10             0.46         0.44



     Adjusted EPSa,b - continuing operations                                                0.12      0.09             0.38         0.37



     Adjusted EPSa,b - discontinued operations                                              0.03      0.01             0.09         0.06



     Cash provided by operating activities (all operations)                                620.3     306.1          1,518.9      1,016.6



     Cash provided by operating activities related to continuing operations                547.3     249.9          1,300.8        827.2



     Cash provided by operating activities related to discontinued operations               73.0      56.2            218.0        189.4



     Adjusted operating cash flowb (all operations)                                        313.9     362.0          1,302.6      1,024.2



     Adjusted operating cash flowb - continuing operations                                 251.8     305.4          1,080.0        847.3



     Adjusted operating cash flowb - discontinued operations                                62.1      56.7            222.6        176.9



     Adjusted operating cash flow per shareb (all operations)                               0.40      0.47             1.68         1.33



     Adjusted operating cash flow per shareb - continuing operations                        0.32      0.39             1.39         1.10



     Adjusted operating cash flow per shareb - discontinued operations                      0.08      0.08             0.29         0.23



     Free cash flowb (all operations)                                                      397.9      61.2            571.2         13.5



     Free cash flowb - continuing operations                                               360.0      43.6            508.2       (19.9)



     Free cash flowb - discontinued operations                                              37.9      17.6             63.0         33.4



     Free cash flow from operationsb (all operations)                                      466.0     116.8            873.0        345.1



     Free cash flow from operationsb - continuing operations                               423.6      95.7            797.1        300.0



     Free cash flow from operationsb- discontinued operations                               42.5      21.0             75.9         45.1



     Cash and cash equivalents                                                             357.5     268.8            357.5        268.8



     Net debt excluding lease liabilitiesb                                             (1,332.3)   (946.2)       (1,332.3)     (946.2)



     Net debtb                                                                         (1,597.8) (1,223.4)        (1,597.8)   (1,223.4)


     
     a Attributable to shareholders of Lundin Mining Corporation.



     
     b These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

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 EBITDA¹ (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 earnings¹ from continuing operations attributable to shareholders of the Company for the year were $291.7 million or $0.38 per share. Adjusted earnings¹ 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 flow¹ from continuing operations for the year was $508.2 million and free cash flow¹ 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

      (Contained metal)a                                   2024                                     2023


                         YTD      Q4     Q3    Q2    Q1        Total     Q4      Q3       Q2          Q1



     Copper (t)b            369,067 101,491 99,855 79,708        88,013 314,798  103,337    89,942      60,057 61,462



     Zinc (t)               191,704  51,946 46,610 47,460        45,688 185,161   50,719    49,774      36,115 48,553



     Nickel (t)               7,486   1,617    893  1,721         3,255  16,429    3,729     4,290       4,686  3,724



     Gold (koz)b                158      46     47     32            33     149       44        35          34     36


      Molybdenum (t)b          3,183     912    693    714           864   2,024      928     1,096


     a. Tonnes (t) and thousands of ounces (koz)



     b. Candelaria and Caserones production is on a 100% basis. Caserones results are from July 13, 2023.

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 cost² 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 cost²of $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.


     ______________________



     
                (1) These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.



     
                (2) This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of the MD&A for discussion and the Reconciliation of Non-GAAP measures section at the end of this news release.

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 cost¹ 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 cost¹of $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 cost¹ 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 cost¹ of $0.41/lb was within the most recently disclosed 2024 cash cost guidance range.


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                (1) This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

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

                                                               Revised Guidance


     (contained                                  Production                           Cash Cost
     metal)                                                                            ($/lb)b


                Copper (t)   Candelaria               140,000 -
                              (100%)                    150,000                  1.80 - 2.00c


                             Caserones (100%)        115,000 -
                                                        125,000                   2.40 - 2.60


                             Chapada            40,000 - 45,000                 1.80 - 2.00d


                           
     Eagle               8,000 - 10,000


                                          Total         303,000
                                                      - 330,000                  2.05 - 2.30


                Gold (koz)   Candelaria
                              (100%)                    78 - 88


                             Chapada                    57 - 62


                                          Total             135
                                                          - 150


                Nickel (t)                Eagle  8,000 - 11,000                  3.05 - 3.25


     a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 16, 2025.

      b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $4.40/lb, Au: $2,500/oz, Mo: $17.00/lb, Ag: $30.00/oz), foreign exchange rates (USD/CLP:900, USD/BRL:5.50) and operating costs. Cash cost is a non-GAAP measure - see section 'Non-GAAP and Other Performance Measures' of the Company's MD&A for the
       year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.


     c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash costs are calculated based on receipt of approximately $433/oz gold and $4.32/oz silver.


     d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound.

2025 Capital Expenditure Guidance^a

     
     ($ millions)                                Guidanceb


     
     Candelaria (100% basis)                           205


     
     Caserones (100% basis)                            215


     
     Chapada                                            85


     
     Eagle                                              25


     
     
                Total Sustaining                     530


       Expansionary -Candelaria (100% basis)              50


       Expansionary -Vicuña Joint Arrangement (50%
        basis)                                           155


                    Total Capital Expenditures           735

     a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 16,
      2025.

     b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure - see section
      'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures
      section at the end of this news release.

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:

                                                                                        
          
     Three months ended December 31, 2024



     
                Operations                                  Candelaria Caserones  Chapada            Eagle                           Total -         Neves-      Zinkgruvan                     Total -
                                                                                                                           continuing             Corvo                              discontinued
                                                                                                                           operations                                                 operations



     ($000s, unless otherwise noted)                             (Cu)       (Cu)      (Cu)             (Ni)                              (Cu)           (Zn)



     Sales volumes (Contained metal):



     Tonnes                                                       49,052     26,750    10,200             1,088                                             5,230           18,627



     Pounds (000s)                                               108,141     58,973    22,487             2,399                                            11,531           41,066



     Production costs                                                                                                                  486,877                                                     102,300



     Less: Royalties and other                                                                                                        (27,839)                                                       (20)


                                                                                                                                        459,038                                                     102,280



     Deduct: By-product credits                                                                                                      (137,021)                                                   (75,716)



     Add: Treatment and refining                                                                                                        27,483                                                      12,128



     Cash cost                                                   165,039    147,826    24,107            12,528                            349,500          21,230           17,462                       38,692



     
                Cash cost per pound ($/lb)                        1.53       2.51      1.07              5.22                                              1.84             0.43



     Add: Sustaining capital                                      55,526     42,988    32,916             5,224                                            12,680           22,470



     Royalties                                                     4,692      7,663     2,689               696                                               793



     Reclamation and other closure accretion and depreciation      2,129    (4,457)    2,373             1,734                                             1,184              747



     Leases & other                                                1,449     17,229     1,080             2,691                                             2,917               74



     All-in sustaining cost                                      228,835    211,249    63,165            22,873                                            38,804           40,753



     
                AISC per pound ($/lb)                             2.12       3.58      2.81              9.53                                              3.37             0.99

                                                                                        
          
     Three months ended December 31, 2023



     
                Operations                                  Candelaria Caserones  Chapada            Eagle                           Total -         Neves-      Zinkgruvan                     Total -
                                                                                                                           continuing             Corvo                              discontinued
                                                                                                                           operations                                                 operations



     ($000s, unless otherwise noted)                             (Cu)       (Cu)      (Cu)             (Ni)                              (Cu)           (Zn)



     Sales volumes (Contained metal):



     Tonnes                                                       38,888     35,690    13,080             3,105                                             9,054           17,316



     Pounds (000s)                                                85,733     78,683    28,836             6,845                                            19,961           38,176



     Production costs                                                                                                                  533,783                                                     114,254



     Less: Royalties and other                                                                                                        (22,221)                                                    (2,299)



     Inventory fair value adjustment                                                                                                   (7,760)


                                                                                                                                        503,802                                                     111,955



     Deduct: By-product credits                                                                                                      (136,641)                                                   (67,523)



     Add: Treatment and refining                                                                                                        39,139                                                      18,799



     Cash cost                                                   152,276    183,687    54,108            16,229                            406,300          39,218           24,013                       63,231



     
                Cash cost per pound ($/lb)                        1.78       2.33      1.88              2.37                                              1.96             0.63



     Add: Sustaining capital                                      79,316     55,031    19,858             6,548                                            28,070           10,546



     Royalties                                                               8,270     2,174             5,003                                             1,081



     Reclamation and other closure accretion and depreciation      2,158      1,427     2,047             2,620                                             1,305              933



     Leases & other                                                2,901     25,715     1,131             1,101                                               106              103



     All-in sustaining cost                                      236,651    274,130    79,318            31,501                                            69,780           35,595



     
                AISC per pound ($/lb)                             2.76       3.48      2.75              4.60                                              3.50             0.93

                                                                                      
            
     Year
              ended December 31, 2024



     
                Operations                                  Candelaria Caserones  Chapada           Eagle                           Total -         Neves-      Zinkgruvan                     Total -
                                                                                                                          continuing             Corvo                              discontinued
                                                                                                                          operations                                                 operations



     ($000s, unless otherwise noted)                             (Cu)       (Cu)      (Cu)            (Ni)                              (Cu)           (Zn)



     Sales volumes (Contained metal):



     Tonnes                                                      158,017    113,867    39,615            5,662                                            26,721           68,086



     Pounds (000s)                                               348,367    251,033    87,336           12,483                                            58,910          150,104



     Production costs                                                                                                               1,898,627                                                     445,227



     Less: Royalties and other                                                                                                       (84,501)                                                    (4,785)


                                                                                                                                     1,814,126                                                     440,442



     Deduct: By-product credits                                                                                                     (504,431)                                                  (305,479)



     Add: Treatment and refining                                                                                                      113,565                                                      55,407



     Cash cost                                                   603,533    629,582   137,714           52,431                          1,423,260         129,128           61,242                      190,370



     
                Cash cost per pound ($/lb)                        1.73       2.51      1.58             4.20                                              2.19             0.41



     Add: Sustaining capital                                     275,720    143,965   107,843           21,222                                            89,302           65,658



     Royalties                                                    15,730     32,106     8,580            7,442                                             3,961



     Reclamation and other closure accretion and depreciation      8,570    (1,262)   10,153            6,767                                             5,220            4,033



     Leases & other                                                9,133     69,002     3,576            6,949                                             3,322              309



     All-in sustaining cost                                      912,686    873,393   267,866           94,811                                           230,933          131,242



     
                AISC per pound ($/lb)                             2.62       3.48      3.07             7.60                                              3.92             0.87

                                                                                      
            
     Year
              ended December 31, 2023



     
                Operations                                  Candelaria Caserones  Chapada           Eagle                           Total -           Neves-      Zinkgruvan                     Total -
                                                                                                                          continuing               Corvo                              discontinued
                                                                                                                          operations                                                   operations



     ($000s, unless otherwise noted)                             (Cu)       (Cu)      (Cu)            (Ni)                             (Cu)             (Zn)



     Sales volumes (Contained metal):



     Tonnes                                                      144,473     66,075    43,761           13,339                                              32,054           65,344



     Pounds (000s)                                               318,508    145,670    96,476           29,407                                              70,667          144,059



     Production costs                                                                                                               1,644,037                                                       442,071



     Less: Royalties and other                                                                                                       (60,916)                                                      (5,321)



     Inventory fair value adjustment                                                                                                 (39,945)


                                                                                                                                     1,543,176                                                       436,750



     Deduct: By-product credits                                                                                                     (428,208)                                                    (271,707)



     Add: Treatment and refining                                                                                                      118,480                                                        64,848



     Cash cost                                                   660,160    290,553   219,278           63,457                          1,233,448           167,424           62,467                      229,891



     
                Cash cost per pound ($/lb)                        2.07       1.99      2.27             2.16                                                2.37             0.43



     Add: Sustaining capital                                     380,112     83,880    72,291           22,201                                             102,621           53,358



     Royalties                                                              15,820     8,568           22,994                                               3,949



     Reclamation and other closure accretion and depreciation      9,258      2,560     7,836           11,331                                               5,387            3,744



     Leases & other                                               13,325     47,944     4,999            4,100                                                 553              427



     All-in sustaining cost                                    1,062,855    440,757   312,972          124,083                                             279,934          119,996



     
                AISC per pound ($/lb)                             3.34       3.03      3.24             4.22                                                3.96             0.83

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

                                                                                 Three months ended                              Year
      ended

                                                                                 December 31,                              December 31,



     ($thousands)                                                2024      2023            2024         2023         2022



     Net earnings (loss) - continuing operations            (159,618)    40,444         153,354      276,850      316,772



     Add back:



     Depreciation, depletion and amortization                 148,033   181,865         607,744      497,873      416,204



     Finance costs, net                                        38,282    32,023         141,455       91,429       51,317



     Income taxes expense                                      34,767   101,858         229,973      214,366      104,113



     
                EBITDA - continuing operations               61,464   356,190       1,132,526    1,080,518      888,406



     Unrealized foreign exchange loss (gain)                 (10,808)    2,693        (10,994)       1,804       16,491



     Unrealized losses (gains) on derivative contracts         85,986   (2,592)         85,168        8,464     (62,971)



     Ojos del Salado sinkhole expenses (recoveries)          (10,042)    1,687         (9,492)      16,922       63,271



     Revaluation loss (gain) on marketable securities           (911)  (1,393)        (7,383)     (1,846)     (5,201)



     Caserones inventory fair value adjustment                           7,760                      39,945



     Partial suspension of underground operations at Eagle     11,436                   36,073



     Revaluation of Caserones purchase option                            2,556        (11,728)       2,556



     Write-down of assets                                       4,160                   22,129                    5,783



     Goodwill and asset impairment                            254,218                  254,218                    4,280



     Inventory write-down (reversal)                         (26,626)                (26,626)                  62,546



     Gain on disposal of subsidiary                                                               (5,718)    (16,828)



     Other                                                      (637)      732         (2,085)       2,958      (2,133)



     Total adjustments - EBITDA                               306,776    11,443         329,280       65,085       65,238



     
                Adjusted EBITDA - continuing operations     368,240   367,633       1,461,806    1,145,603      953,644



     Including discontinued operations:



     Net earnings (loss) - discontinued operations          (244,816)    26,309       (214,671)       38,399      146,761



     Add back:



     Depreciation, depletion and amortization                  32,831    41,191         155,344      155,723      138,546



     Finance costs, net                                         1,813     2,868           9,793       11,270       12,868



     Income taxes expense                                    (22,173)      758        (13,711)       2,233       30,515



     
                EBITDA - discontinued operations          (232,345)    71,126        (63,245)     207,625      328,690



     Unrealized foreign exchange loss (gain)                    (960)       76           (200)       (580)       4,673



     Unrealized losses (gains) on derivative contracts          (466) (16,717)         18,597       13,468



     Goodwill and asset Impairment                            291,178                  291,178                     (19)



     Other                                                       (22)  (2,388)        (1,114)     (2,568)       5,518



     Total adjustments - EBITDA discontinued operations       289,730  (19,029)        308,461       10,320       10,172



     
                Adjusted EBITDA - discontinued operations    57,385    52,097         245,216      217,945      338,862



     
                Adjusted EBITDA (all operations)            425,625   419,730       1,707,022    1,363,548    1,292,506

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

                                                                                                                    Three months ended                         Year
        ended

                                                                                                                    December 31,                           December 31,



     ($thousands, except share and per share amounts)                                                2024        2023               2024        2023        2022



     Net (loss) earnings attributable to Lundin Mining shareholders - continuing operations     (195,343)     12,488             11,144     203,163     277,198



     Add back:



     Total adjustments - EBITDA                                                                   306,776      11,443            329,280      65,085      65,238



     Tax effect on adjustments                                                                   (57,600)    (2,987)          (59,519)   (26,925)      2,882



     Deferred tax expense due to change in tax rate                                                           14,500                        40,200



     Deferred tax arising from foreign exchange translation                                        45,065      41,168             12,712      28,841    (20,733)



     Non-controlling interest on adjustments                                                      (4,077)    (4,221)           (1,912)   (22,886)      2,026



     Total adjustments                                                                            290,164      59,903            280,560      84,315      49,413



     
                Adjusted earnings - continuing operations                                        94,821      72,391            291,704     287,478     326,611



     Including discontinued operations:



     Net earnings attributable to Lundin Mining shareholders - discontinued operations(1)       (244,816)     26,309          (214,671)     38,399     149,652



     Add back:



     Total adjustments - EBITDA - discontinued operations                                         289,730    (19,029)           308,461      10,320      10,172



     Tax effect on adjustments                                                                   (20,544)                     (26,547)               (3,679)



     Total adjustments                                                                            269,186    (19,029)           281,914      10,320       6,493



     
                Adjusted earnings - discontinued operations                                      24,370       7,280             67,243      48,719     156,145



     
                Adjusted earnings (all operations)                                              119,191      79,671            358,947     336,197     482,756





     
                Basic weighted average number of shares outstanding                         776,720,828 773,476,216        774,825,230 772,532,260 762,518,753





     Net (loss) earnings attributable to Lundin Mining shareholders - continuing operations        (0.25)       0.02               0.01        0.26        0.36



     Total adjustments                                                                               0.37        0.08               0.36        0.11        0.06



     
                Adjusted EPS - continuing operations                                               0.12        0.09               0.38        0.37        0.43





     Net (loss) earnings attributable to Lundin Mining shareholders - discontinued operations      (0.32)       0.03             (0.28)       0.05        0.20



     Total adjustments                                                                               0.35      (0.03)              0.36        0.01        0.01



     
                Adjusted EPS - discontinued operations                                             0.03        0.01               0.09        0.06        0.20





     Net (loss) earnings attributable to Lundin Mining shareholders                                (0.57)       0.05             (0.26)       0.31        0.56



     Total adjustments                                                                               0.72        0.05               0.73        0.12        0.07



     
                Adjusted EPS (all operations)                                                      0.15        0.10               0.46        0.44        0.63


     
     1 Represents Net (loss) earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders.

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:

                                                                                                   Three months ended                               Year
      ended

                                                                                                   December 31,                               December 31,



     ($thousands)                                                                  2024      2023            2024          2023          2022



     Cash provided by operating activities related to continuing operations     547,267   249,875       1,300,848       827,244       615,986



     Sustaining capital expenditures                                          (136,674) (165,211)       (549,100)     (571,245)    (520,465)



     General exploration and business development                                12,974    11,062          45,352        44,010       135,213



     
                Free cash flow from operations - continuing operations        423,567    95,726         797,100       300,009       230,734



     General exploration and business development                              (12,974) (11,062)       (45,352)     (44,010)    (135,213)



     Expansionary capital expenditures                                         (50,607) (41,082)      (243,566)     (275,913)    (171,094)



     
                Free cash flow - continuing operations                        359,986    43,582         508,182      (19,914)     (75,573)



     Cash provided by operating activities related to discontinued operations    73,014    56,206         218,009       189,368       260,903



     Sustaining capital expenditures                                           (35,150) (38,616)      (154,960)     (155,979)    (119,366)



     General exploration and business development                                 4,614     3,438          12,843        11,682         9,140



     
                Free cash flow from operations - discontinued operations       42,478    21,028          75,892        45,071       150,677



     General exploration and business development                               (4,614)  (3,438)       (12,843)     (11,682)      (9,140)



     Expansionary capital expenditures                                                                                           (31,899)



     
                Free cash flow - discontinued operations                       37,864    17,590          63,049        33,389       109,638



     
                Free cash flow from operations (all operations)               466,045   116,754         872,992       345,080       381,411



     
                Free cash flow (all operations)                               397,850    61,172         571,231        13,475        34,065

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:

                                                                                                        Three months ended                         Year
        ended

                                                                                                        December 31,                           December 31,



     ($thousands, except share and per share amounts)                                     2024        2023               2024        2023        2022



     Cash provided by operating activities related to continuing operations            547,267     249,875          1,300,848     827,244     615,986



     Changes in non-cash working capital items                                       (295,508)     55,518          (220,880)     20,032     124,087



     
                Adjusted operating cash flow - continuing operations                 251,759     305,393          1,079,968     847,276     740,073



     Cash provided by operating activities related to discontinued operations           73,014      56,206            218,009     189,368     260,903



     Changes in non-cash working capital items                                        (10,895)        447              4,615    (12,427)    (8,031)



     
                Adjusted operating cash flow - discontinued operations                62,119      56,653            222,624     176,941     252,872



     
                Adjusted operating cash flow (all operations)                        313,878     362,046          1,302,592   1,024,217     992,945





     Basic weighted average number of shares outstanding                           776,720,828 773,476,216        774,825,230 772,532,260 762,518,753





     
                Adjusted operating cash flow per share - continuing operations         $0.32        0.39               1.39        1.10        1.00



     
                Adjusted operating cash flow per share - discontinued operations       $0.08        0.08               0.29        0.23        0.30



     
                Adjusted operating cash flow per share (all operations)                $0.40        0.47               1.68        1.33        1.30

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:


     ($ thousands), continuing operations                                              December 31, 2024 December 31,  December 31,
                                                                                                           2023           2022



     Debt and lease liabilities                                                              (1,610,925)  (1,273,162)      (27,179)



     Current portion of debt and lease liabilities                                             (395,232)    (212,646)     (170,149)



     Less deferred financing fees (netted in above)                                              (7,656)      (6,374)       (4,926)



     Add debt and lease liabilities related to liabilities classified as held-for-sale          (16,266)


                                                                                              (2,030,079)  (1,492,182)     (202,254)





     Cash and cash equivalents                                                                   357,478       268,793        191,387



     Add cash and cash equivalents related to assets classified as held-for-sale                  74,801



     
                Net debt                                                                   (1,597,800)  (1,223,389)      (10,867)





     Lease liabilities                                                                           249,185       277,208         27,166



     Lease liabilities related to liabilities classified as held-for-sale                         16,266



     
                Net debt excluding lease liabilities                                       (1,332,349)    (946,181)        16,299

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.

For further information, please contact: Stephen Williams, Vice President, Investor Relations +1 604 806 3074; Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40

View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-fourth-quarter-and-full-year-2024-results-302380934.html

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