Page 1

lundin mining Corporate Office 150 King Street West , Suite 2200 P.O. Box 38 , Toronto , ON M5H 1J9 Phone : +1 416 342 5560 Fax : +1 416 348 0303 lundinmining.com NEWS RELEASE Lundin Mining Provides Operational Outlook & Update Toronto , November 22 , 2021 ( TSX : LUN ; Nasdaq Stockholm : LUMI ) Lundin Mining Corporation ( " Lundin Mining " or the " Company " ) provides the following production guidance for the three - year period of 2022 through 2024 , as well as cash cost , capital and exploration expenditure forecasts for 2022. The Company will hold a conference call and webcast on Tuesday November 23 , 2021 , to answer investor and analyst questions . Additionally , the Company announces renewal of its Normal Course Issuer Bid ( " NCIB " ) , pending final approvals . ( This news release contains non - GAAP measures and forward - looking information about expected future events and financial and operating performance of the Company . We refer to the Historical Non - GAAP Measure Comparatives section and the risks and assumptions set out in our Cautionary Statement on Forward - Looking Information section of this press release . All dollar amounts are expressed in U.S. dollars , unless otherwise noted . ) • Copper production is to increase to 258,000-282,000 t on a consolidated basis in 2022 . • • Zinc production is forecast to increase to 188,000-203,000 t in 2022 as the Neves - Corvo Zinc Expansion Project ( " ZEP " ) ramps up and on an improved near - term production profile at Zinkgruvan . Gold production is forecast to be 153,000-163,000 oz in 2022 , of which approximately 85,000 oz , at the midpoint of guidance , are unencumbered and to receive full market pricing . • Nickel production is to moderate to 15,000-18,000 t in 2022 with priority on increasing Eagle East ore . Production Outlook 2022 - 2024 ' 2022 2023 2024 Copper ( t ) Candelaria ( 100 % basis ) 155,000 165,000 150,000 160,000 165,000 175,000 Chapada 53,000 58,000 50,000 55,000 50,000 55,000 Eagle 15,000 18,000 12,000 15,000 9,000 12,000 Neves - Corvo 33,000 38,000 35,000 40,000 35,000 40,000 Zinkgruvan 2,000 3,000 3,000 4,000 3,000 4,000 Total Copper 258,000 282,000 250,000 274,000 262,000 286,000 Zinc ( t ) Neves - Corvo 110,000 120,000 142,000 152,000 142,000 152,000 Zinkgruvan 78,000 Total Zinc 188,000 - 83,000 203,000 85,000 90,000 83,000 88,000 227,000 242,000 225,000 240,000 Gold ( oz ) Candelaria ( 100 % basis ) ² 83,000 Chapada 70,000 Total Gold 153,000 88,000 75,000 163,000 90,000 95,000 93,000 98,000 65,000 155,000 - 70,000 165,000 60,000 65,000 153,000 163,000 Nickel ( t ) Eagle Total Nickel 15,000 15,000 18,000 18,000 13,000 13,000 16,000 9,000 12,000 16,000 9,000 12,000 1 Production guidance is based on certain estimates and assumptions , including but not limited to : Mineral Resources and Mineral Reserves , geological formations , grade and continuity of deposits and metallurgical characteristics . 2 68 % of Candelaria's total gold and silver production are subject to a streaming agreement .