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Annual Information Form for the Year Ended December 31, 2020

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Annual Information Form for the Year Ended December 31, 2020 Annual Information Form For the Year Ended December 31, 2020 March 29, 2021 Eagle Mine, U.S.A. Table of Contents Page No. Definitions ............................................................................................................................................................................ 1 Introduction ......................................................................................................................................................................... 8 Corporate Structure.......................................................................................................................................................... 11 General Development of the Business ........................................................................................................................... 12 Description of the Business ............................................................................................................................................. 15 Principal Products and Operations ......................................................................................................................... 15 Employees .................................................................................................................................................................. 15 Foreign Operations ................................................................................................................................................... 15 Environmental Protection Requirements ............................................................................................................... 16 Responsible Mining ................................................................................................................................................... 16 Competitive Conditions ............................................................................................................................................ 16 Description of Properties ......................................................................................................................................... 17 A. CANDELARIA MINE ........................................................................................................................................ 17 B. CHAPADA MINE .............................................................................................................................................. 26 C. EAGLE MINE .................................................................................................................................................... 34 D. NEVES-CORVO MINE ..................................................................................................................................... 40 E. ZINKGRUVAN MINE ........................................................................................................................................ 48 F. OTHER INVESTMENTS .................................................................................................................................... 55 G. CLOSED AND HISTORICAL SITES .................................................................................................................. 55 Risks and Uncertainties .................................................................................................................................................... 56 Dividends and Distributions ............................................................................................................................................ 79 Description of Capital Structure ...................................................................................................................................... 79 Market for Securities ........................................................................................................................................................ 80 Directors and Officers ...................................................................................................................................................... 80 Audit Committee ............................................................................................................................................................... 85 Legal Proceedings and Regulatory Actions .................................................................................................................... 87 Interest of Management and Others in Material Transactions ................................................................................... 89 Transfer Agents and Registrars ....................................................................................................................................... 89 Material Contracts ............................................................................................................................................................ 89 Interests of Experts ........................................................................................................................................................... 90 Additional Information ..................................................................................................................................................... 92 SCHEDULE A: Mineral Resource and Reserve Estimates as at June 30, 2020 ........................................................... 93 SCHEDULE B: Audit Committee Mandate ..................................................................................................................... 97 Annual Information Form i DEFINITIONS In this Annual Information Form all units are presented in accordance with the International System of Units (i.e., metric) unless otherwise noted. Abbreviations are as defined below unless the context otherwise indicates: 2022 Notes means the Company’s 7.7875% senior secured notes in the aggregate principal amount of $450 million due 2022, which were repaid in full on November 21, 2018. Ag means silver. AIF means this Annual Information Form. Altius means Altius Minerals Ltd. BHR or BHR Partners means BHR Newwood Investment Management Limited, a British Virgin Islands company. Board or Board of Directors means the board of directors of the Company. Bureau Veritas means the publicly listed company involved in testing, inspection and certification services. Candelaria or Candelaria Mine or Candelaria Copper Mining Complex means the open pit and underground mines and related infrastructure located near Copiapó in the Atacama Province, Region III of Chile owned by Minera Candelaria and Minera Ojos del Salado. Candelaria 2030 EIA means the EIA entitled “Candelaria 2030 - Project Operational Continuity”, which was submitted to the environmental authorities in September 2013 and approved on July 23, 2015. Candelaria Report means the NI 43-101 technical report entitled “Technical Report for the Candelaria Copper Mining Complex, Atacama Region, Region III, Chile” dated effective November 28, 2018 prepared for Lundin Mining by Glen Cole, P.Geo., Benny Zhang, P.Eng., John Nilsson, P.Eng., Adrian Dance, P.Eng., and Cameron C. Scott, P.Eng., each of whom is a Qualified Person. Candelaria Stream Agreement means the purchase and sale agreement dated October 6, 2014 among the Company, LMC Bermuda Ltd., Franco-Nevada and Franco-Nevada (Barbados) Corporation and as amended on November 4, 2016 and June 20, 2017. Cash costs means the costs of mining, milling and concentrating, onsite administration and general expenses, property and production royalties not related to revenues or profits, metal concentrate treatment charges, and freight and marketing costs less the net value of by-product credits. Cash costs are a non-GAAP financial measure. See “Introduction – Non-GAAP Performance Measures”. CBCA means the Canada Business Corporations Act. CCAA means Companies’ Creditors Arrangement Act. Chapada or Chapada Mine means the copper-gold mine located in northern Goiás State, Brazil, approximately 320 km north of the state capital of Goiania owned by MMIC. Chapada Purchase Agreement means the share and loan purchase agreement dated April 15, 2019, as amended July 5, 2019, among Yamana, Yamana International Holdings Coöperatie U.A., Lundin Mining Corporation and LMC Netherlands Holdings B.V. Annual Information Form 1 Chapada Report means the NI 43-101 technical report entitled “Technical Report on the Chapada Mine, Goiás State, Brazil” dated effective June 30, 2019 prepared for Lundin Mining by Chester M. Moore, P.Eng., Hugo M. Miranda, ChMC(RM), Andrew P. Hampton, M.Sc., P.Eng., and David G. Ritchie, M.Eng., P.Eng., each of whom is a Qualified Person. CIM means the Canadian Institute of Mining, Metallurgy and Petroleum. CIM Standards means the definitions adopted by the CIM Council on May 10, 2014, which are utilized by the Canadian Securities Administrators in NI 43-101. CMOC means China Molybdenum Co., Ltd. Company or Lundin Mining means Lundin Mining Corporation, and where applicable, includes its subsidiaries. Credit Agreement means the third amended and restated credit agreement dated August 28, 2019, between the Company and a banking syndicate comprised of The Bank of Nova Scotia, ING Capital LLC, Bank of Montreal, The Toronto-Dominion Bank, Bank of America, N.A., Canada Branch, Skandinaviska Enskilda Banken AB (publ) and Royal Bank of Canada. Cu means copper. DRC means Democratic Republic of the Congo. Eagle or Eagle Mine means the Eagle nickel and copper mine located in the
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