Lundin Mining Corporation (TSX: LUN) (Nasdaq Stockholm: LUMI) is pleased to announce today that it has entered into exclusivity to negotiate an earn-in agreement with Talon Metals Corp. for the right to acquire up to a 70% ownership interest in the Boulderdash exploration properties which are adjacent to the Company’s Eagle Mine.  Concurrently with the execution of the exclusivity agreement, Lunding Mining has advanced Talon US$5 million to, among other things, commence drilling at Boulderdash. If the parties do not execute the Option Agreement, Talon will either repay such advance or issue shares to the Company with an aggregate subscription price equal to such advance based on the 5-day volume weighted average price of Talon shares on the TSX at the time of issuance.

It is anticipated that pursuant to the terms of the Option Agreement, Lundin Mining will agree to fund up to 30,000 metres (m) of Talon’s drilling campaign at Boulderdash in exchange for a 44.625% interest in Boulderdash. Such drill campaign will be completed in 10,000 m tranches at the election of Lundin Mining. Following the completion of 30,000 m of drilling, the Company may fund a feasibility study in respect of the Boulderdash property in exchange for an additional 25.375% interest in Boulderdash, for a total ownership of 70%, as well as the potential for a 90% interest in certain properties adjacent to Boulderdash.

Boulderdash Properties

The Boulderdash target is located approximately 12 kilometres northwest of Lundin Mining’s Eagle Mine in Michigan, the only operating nickel mine in the U.S. The maiden drill hole at Boulderdash announced last year on October 24, 2024 (see Talon release “Talon Metals Makes New Copper-Nickel Discovery in Michigan”) intercepted 99.92 m grading 0.41% nickel and 0.35% copper starting at 9.14 m depth, more recent drilling has intercepted 2.35 m of nickel-copper massive sulphide mineralization assaying 2.33% nickel and 2.95% copper (press release dated February 27, 2025 “Talon Metals Reports More Drilling Success and Assays From its Michigan Boulderdash Discovery“). As part of the option agreement Lundin Mining will fund an initial 10,000 m drill program to follow up on recent drill results.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on March 5, 2025at 14:30 Pacific Time.