Lundin Mining completes sale of U.S. subsidiary

Mr. Jack Lundin reports LUNDIN MINING COMPLETES THE SALE OF THE EAGLE MINE AND HUMBOLDT MILL TO TALON METALS Lundin Mining Corp. has completed the previously announced sale of its subsidiary Lundin Mining U.S. Ltd., which indirectly holds the Eagle mine and Humboldt mill to Talon Metals Corp. At closing, Lundin Mining received 275,152,232 common shares of Talon which, together with the shares previously held by the company, represents approximately 19.86 per cent of the issued and outstanding shares of Talon. The implied valuation of the share consideration is approximately $127.0-million (U.S.), based on the five-day volume-weighted average share price of Talon as of Jan. 8, 2026. Jack Lundin, president and chief executive officer, commented: "We are pleased to see this transaction successfully completed and are confident that the alignment of these assets and the complementary skill sets of the teams will lead to sustained value generation in the region for all stakeholders involved. We look forward to supporting Darby and the rest of the Talon team on this exciting new journey. With this milestone completed, Lundin Mining is positioned as pure-play copper company with our existing operations along with a clear growth strategy to become a global top 10 copper producer through the development of the Vicuna district." Darby Stacey, chief executive officer of Talon, commented: "I want to thank Lundin Mining for the leadership, support and guidance over the past 13 years that has enabled the Eagle team to confidently take on the next challenge. Together with the established and successful Talon Metals team, I am genuinely excited about the future and what we will accomplish. Congratulations to everyone involved that made this happen!" Under the terms of the transaction, as consideration Lundin Mining received 275,152,232 shares, representing approximately 18.61 per cent of Talon's issued and outstanding shares on a non-diluted basis. Prior to the transaction, the company beneficially owned 18,502,906 shares, representing approximately 1.57 per cent of the issued and outstanding shares on a non-diluted basis. Upon completion of the transaction, the company beneficially owns 293,655,138 shares, representing approximately 19.86 per cent of the issued and outstanding shares of Talon. Talon early warning disclosure In connection to the transaction, Lundin Mining and Talon entered into (i) an investor rights agreement whereby, among other things, Lundin Mining is entitled to certain director nomination and anti-dilution rights and (ii) a lockup agreement restricting the acquisition, sale and disposition of Talon shares for a period of up to 24 months. The acquisition was for investment purposes. The company may, from time to time, acquire additional securities of Talon, dispose of some or all of the existing or additional securities or may continue to hold its shares. This press release is issued pursuant to the early warning provisions of Canadian securities legislation. To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Talon's profile on the SEDAR+ website. Lundin Mining's head office is located at 1055 Dunsmuir, suite 2800, Vancouver, B.C., V7X 1L2. Talon is listed on the TSX and its head office is located at Craigmuir Chambers, P.O. box 71, Road Town Tortola, Virgin Islands British. About Lundin Mining Corp. Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada, with three operating mines in Brazil and Chile. The company produces commodities that support modern infrastructure and electrification. Lundin's strategic vision is to become a top 10 global copper producer. To get there, the company is executing a clear growth strategy, which includes advancing one of the world's largest copper, gold and silver projects in the Vicuna district on the border of Argentina and Chile, where the company holds a 50-per-cent interest. Lundin Mining has a proven record of value creation through resource growth, operational excellence and responsible development. The company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). We seek Safe Harbor.