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Lundin Mining announces employment agreement at Caserones mine

Vaseline August 25, 2024

Lundin Mining Logo (CNW Group/Lundin Mining Corporation)

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) is pleased to announce today that an agreement has been reached with the trade union at Caserones and has been accepted by a majority of the union members through a vote. Further to the press release dated August 12, 2024 entitled “Lundin Mining Provides Update on Labor Negotiations at its Caserones Mine”, a new collective bargaining agreement will be signed shortly. The Company will now focus on a safe return to work plan and an efficient ramp-up of operations which have been operating at approximately 50% capacity during the labor action. View PDF version

About Lundin Mining

Lundin Mining is a diversified Canadian base metal mining company with operations and projects in Argentina , Brazil , Chile , Portugal , Sweden And the United States of America where mainly copper, zinc, gold and nickel are produced.

The information was submitted for publication through the contact persons listed below. August 24, 2024 at 5:00 PM Vancouver time.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information contained in this document constitute “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact contained herein, constitute forward-looking information, including, but not limited to, statements regarding the Company’s plans, prospects and business strategies; the Company’s approach to the resolution and procedures relating to the cessation and expectations regarding the return to normal operations; the Company’s guidance on the timing and amount of future production and expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and potential outcomes of pending litigation; the results of any preliminary economic assessment, feasibility study, feasibility study or mineral resource and mineral reserve estimates, mine life estimates and mine and mine closure plans; expected market metal prices, 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; expected exploration and development activities at the Company’s projects; expansion projects and the realization of additional value; expectations regarding, and the ability to complete, the acquisition of Filo Corp. and the 50/50 joint venture with BHP; the expected development and other plans relating to the acquisition and joint venture; the integration of acquisitions and expansions by the Company and any expected benefits thereof; and expectations for other economic, business and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “consider”, “goal”, “plan”, “target”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “could”, “would”, “should”, “plan” and similar expressions identify forward-looking information.

Forward-looking information is necessarily based on various estimates and assumptions, including, without limitation, management’s expectations and beliefs, including that the Company has access to financing, suitable equipment and sufficient labor; assumed and future prices of copper, zinc, gold, nickel and other metals; expected costs; the ability to achieve targets; the rapid and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions regarding the factors set out below. Although these factors and assumptions are considered reasonable by Lundin Mining as of the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are 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: the inability to resolve labor disruptions; global financial conditions, market volatility and inflation, including the pricing and availability of key supplies and services; risks inherent in mining, including but not limited to environmental risks, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, floods or unusually severe weather conditions; uninsurable risks; volatility and fluctuations in the demand for and prices of metals and commodities; significant dependence on assets in Chile ; reputational risks related to negative publicity regarding the Company or the mining sector in general; delays or inability to obtain, maintain or comply with permits; risks related to the development of the Josemaria Project; health and safety laws and regulations; risks related to climate change; risks related to debt; economic, political and social instability and changes in the mining regime in the Company’s operating jurisdictions, including but not limited to those related to permits and approvals, nationalization or expropriation without fair compensation, environmental and waste management, labor, trade relations and transportation; the inability to attract and retain highly qualified employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including in relation to currency and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; environmental compliance, unavailable or inaccessible infrastructure, infrastructure failures and risks related to aging infrastructure; changing tax regimes; the inability to compete effectively in the industry; the inability to currently control Filo Corp. and the ability to satisfy the conditions and complete the acquisition of Filo Corp. and the joint venture transaction with BHP on the proposed terms and expected schedule; risks associated with acquisitions, expansions and related integration efforts, including the ability to achieve expected benefits, unanticipated difficulties or expenses related to integration and diversion of management time for integration; risks related to mine closure activities, remediation obligations, environmental liabilities and closed and historic sites; reliance on key personnel and reporting and monitoring systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks related to the estimation of mineral resources and mineral reserves and the geology, quality and continuity of mineral deposits, including but not limited to modeling related thereto; actual ore mining and/or metal extraction differing from estimates of mineral resources and mineral reserves, estimates of grade, tonnage, dilution, mining plans and metallurgical and other characteristics; efficiency of ore processing; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcement of legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks associated with joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock disposal sites or waste pile storage facilities; currency exchange rate fluctuations; compliance with foreign laws; potential for the assertion of fraud and corruption involving the Company, its customers, suppliers or employees, or allegations of improper or discriminatory labor practices or human rights abuses; dilution risks; dividend payment risks; counterparty and customer concentration risks; shareholder activists and proxy solicitation matters; estimating the carrying value of assets; relationships with employees and contractors, and the possibility and effects of labor disputes or other unforeseen labor difficulties or shortages or interruptions in production; conflicts of interest; the existence of significant shareholders; challenges or deficiencies in title; internal controls; risks related to minor elements in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; mining tariffs and rehabilitation projects; plant closures; 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 three and six months ended June 30, 2024 and the ‘Risks and Uncertainties’ section of the Company’s Annual Information Form for the year ended December 31, 2023 which are available on SEDAR+ at www.sedarplus.com under the company profile.

All forward-looking information contained in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, predicted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that 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 the 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 cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this document speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise any forward-looking information. ‐ to seek information or to explain any material difference between such information and subsequent actual events, except as required by applicable law.

Lundin Mining announces employment agreement at Caserones mine (CNW Group/Lundin Mining Corporation)