Lundin Mining Corporation reported its Mineral Resource and Mineral Reserve estimates effective as of December 31, 2023. On a 100% consolidated basis, the estimated Proven and Probable Mineral Reserve of contained copper is 10,630 kt (23.4 Blb) an increase of 2,220 kt (4.9 Blb) over the previous year. Lundin Mining also has significant Proven and Probable Mineral Reserves in other base and precious metals including 2,554 kt (5.6 Blb) of zinc, 51 kt (112 Mlb) of nickel, 12.0 Moz of gold, and 157.0 Moz of silver.

Mineral Resource and Mineral Reserve Highlights: Candelaria (Chile): Mineral Reserve reductions at Candelaria were primarily driven by depletion from production and new geotechnical constraints for underground mining. Decreases were partially offset by the addition of Mineral Reserves at La Espanola, Santos and the Candelaria main pit. The underground expansion project ("CUGEP") will be evaluated to include changes in the geotechnical parameters recommended by the local authorities.

A total of 42,190 metres were drilled for exploration purposes at Candelaria underground (north and south), Candelaria west and south extensions, and at Santos. Caserones (Chile): Caserones Mineral Reserves and Mineral Resources increased from higher metal price forecasts, block model updates and changes to Mineral Resource classification. Chapada (Brazil): Mineral Reserve changes were mainly the result of mine depletion, updated metallurgical recoveries and increased operating cost assumptions.

Total exploration drilling at Chapada for 2023 was 23,614 metres, primarily focused on Baru northeast, Chapada southwest, Cava Norte, Sucupira and Corpo Sul. Sauva (Brazil): The deposit, which is located approximately 15 km north of Chapada, remains open in all directions. Additional drilling during the year tested step-out anomalies along the broader Sauva-Formiga trend which contributed to an increase in Mineral Resources.

The Sauva deposit increased by 25% from 578 kt to 721 kt of copper in the Measured and Indicated Mineral Resource categories. Eagle (USA): The increase in Mineral Reserves at Eagle is primarily due to the increase in metal price assumptions and a change in mining method in the Keel zone which extends the mine life into 2029. Lower cut-off grades from the application of bulk mining methods have decreased average head grades.

Neves Corvo (Portugal): Mineral Reserves remain in-line with last year's estimate. Conversion of previously Inferred Mineral Resources has helped offset mining depletion during the year. In 2023, exploration drilling focused on extending near-mine mineralization.

A total of 29,635 metres of exploration drilling were completed in 2023. Zinkgruvan (Sweden): Additions to Mineral Reserves at Zinkgruvan were primarily driven by increases in metal prices, improvement in metallurgical recovery, and Mineral Resource conversion from infill drilling. In 2023, exploration drilling at Zinkgruvan was primarily focused on near-mine expansion along known mineralized trends.

A total of 31,820 metres were drilled from underground and surface targeting extensions of known resources.