Lundin Mining Corporation

In May 2024, Lundin Mining amended the terms of two credit facilities – a US$1.75 billion revolving credit facility and a US$800 million term loan – to, among other things, implement a sustainability-linked loan structure.

Lundin Mining worked with its Co-Sustainability Structuring Agents, Bank of Montreal, The Bank of Nova Scotia, ING Capital LLC and Canadian Imperial Bank of Commerce, to establish key performance indicators (KPIs) and sustainability performance targets (SPTs) that link Lundin Mining’s financing strategy to its sustainability strategy, whereby the interest rate margin in the facilities will be adjusted based on the Company’s performance relative to the SPTs.

The sustainability linked loan structure incentivizes:

• Reduced Greenhouse Gas (GHG) Emissions: Reduction in the Company’s absolute Scope 1 and 2 GHG emissions, in support of its publicly disclosed 2030 GHG reduction target. Lundin Mining is focused on taking key actions in its decarbonization journey, including the ongoing evaluation of projects focused on electrification, renewable energy, energy efficiency, and low carbon fuels.
• Thriving Communities: An innovative social science-based community engagement KPI. Strong community relations are essential to the long-term success of the Company and are a core element of the mining industry’s social license to operate.

These sustainability performance targets are central to two pillars of Lundin Mining’s sustainability strategy which are detailed in the Company’s annual Sustainability Report.