Today, BHP and Lundin Mining completed the joint acquisition of Filo Corp, the sale of 50% of Lundin Mining's Josemaria project to BHP, and the formation of a 50/50 joint venture ("Vicuña") to hold the Filo del Sol ("FDS") and Josemaria projects.

The formation of Vicuña marks a new chapter in the development of the emerging Vicuña district, located in the San Juan province of Argentina and the Atacama region of Chile. By combining Filo del Sol and Josemaría into a single integrated project, Vicuña has the potential to drive a world-class operation, generating substantial economic and social benefits to the local community and the wider region for many years to come.

About the Joint Venture

Vicuña will be the operator of the combined FDS and Josemaria projects, acting independently of BHP and Lundin Mining, and will be responsible for the development, operation and management of the projects.

BHP and Lundin Mining each own 50% of Vicuña and have equal voting rights on the Vicuña Board of Directors that will govern the joint venture. The Vicuña board will be comprised of Jack Lundin (President and CEO of Lundin Mining), Teitur Poulsen (EVP and CFO of Lundin Mining), Brandon Craig (President of Americas BHP) and Carlos Ramirez (VP Vicuña JV BHP). Carlos Ramirez has been appointed as Chairman of the Board of Vicuña.

The Vicuña management team will be led by Dave Dicaire, as General Manager, who previously led the Josemaria project as Executive Vice President of the Josemaria Project for Lundin Mining since August 2022.

Dave Dicaire commented, "Thanks to the strong collaboration and shared vision between BHP and Lundin Mining, today we are announcing the formation of Vicuña. The Vicuña team is highly motivated and focused on safely advancing the 2025 field programs and meeting several key milestones during the year."

Budget 2025, Work Program and Next Steps

Vicuña's work plan for 2025 will focus on exploratory drilling, mineral resource estimation, mine planning, metallurgy, hydrology studies and initiation of access road construction. In parallel, engineering studies and comparative analyses will be completed in preparation for future permitting and a technical report outlining an integrated project.

More information at:

Vicuña's website: www.vicuna.com

For BHP and Lundin Mining press releases, visit: www.bhp.com and www.lundinmining.com.

Press contact:

Carolina Laumann
Vicuña Communications Manager
carolina.laumann@vicuna.com carolina.laumann@vicuna.com

About Vicuña

Vicuña is a joint venture between BHP(www.bhp.com) and Lundin Mining(www.lundinmining.com) that owns 100% of the Filo del Sol and Josemaría projects located in the province of San Juan, Argentina and the Atacama region of Chile.