Slides
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TSX: LUN NASDAQ STOCKHOLM: LUMI November 5, 2025 Q3 Financial Results 2025
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2 Cautionary statements Caution Regarding Forward-Looking Information and Non-IFRS Performance Measures Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company’s plans, prospects, business strategies and strategic vision and aspirations and their achievement and timing; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance, including expected earnings, revenue, costs and expenditures and other financial metrics; the Company’s growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; permitting requirements and timelines; timing and possible outcomes of pending litigation and disputes, including tax disputes; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; remediation and reclamation obligations, including their anticipated costs and timing; anticipated market prices of metals, currency exchange rates and interest rates; the Company’s shareholder distribution policy, including with respect to share buybacks and the payment and amount of dividends and the timing thereof; the development and implementation of the Company’s Responsible Mining Management System; the Company’s liquidity, contractual obligations, commitments and contingencies, and the Company’s capital resources and adequacy thereof; the Company’s tax obligations; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities, including potential outcomes, results, impacts and timing thereof; the Company’s integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and associated costs and timing, and other plans and expectations with respect to the Vicuña Project and the 50/50 joint arrangement with BHP; mineral resource estimation for the Vicuña Project, including the parameters and assumptions related thereto; the operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña district; the development and future operation of the Vicuña Project, including expected costs and timing; the timing and expectations for future regulatory applications (including the RIGI application), studies and technical reports with respect to the Company’s operations and projects, including the Vicuña Project and the Saúva Project; the potential for resource expansion; the terms of the contingent payments in respect of the completion of the sale of the Company’s European assets and expectations related thereto; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking information. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; and such other assumptions as set out herein as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic, political, regulatory and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to geotechnical incidents; risks relating to tailings and waste management facilities; risks relating to the Company’s indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company’s operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company’s projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to disputes, litigation and administrative proceedings (including tax disputes) which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company’s Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the Company’s European assets and expectations related thereto;; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties” section of this document, the “Risks and Uncertainties” section of the Company’s MD&A for the year ended December 31, 2024, and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company’s profile. All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law. Please also refer to the "Scientific and Technical Information" slide in this presentation. Non-IFRS Measures The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company’s discussion of non-GAAP and other performance measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 which is available on SEDAR+ at www.sedarplus.com. Note: All dollar amounts are in US dollars unless otherwise denoted.
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Participants on the Call Jack Lundin President & CEO Juan Andres Morel COO Teitur Poulsen CFO
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Q3 2025 Highlights Copper Guidance Increased. Cash Costs Lowered Vicuña Corp. Progress Candelaria Strong Safety Performance Near Term Growth Opportunities Consistent operational performance
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Lundin Mining | Q3 Financial Results 87ktCu 1. For continuing operations. 2. Q3 2025 consolidated copper and gold production on a 100% basis. Lundin Mining holds an 80% interest in Candelaria and a 70% interest in Caserones. 3. For the three months ended September 30, 2025. C1 Cash Costs, Adjusted EBITDA and Adjusted Operating Cash Flow are non -GAAP measures. Please see the section "Non-GAAP Measures" in this presentation, and the section "Non-GAAP and Other Performance Measures" in Lundin Mining’s MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference herein. $1.0Bn Revenue in Q3 20251 Q3 2025 Highlights1 $1.61/lb Consolidated C1 Cash Costs3 ($/lb Cu) 38kozAu Quarterly Au production in Q3 20252Quarterly Cu production in Q3 20252 $383M Adjusted Operating Cash Flow in Q3 20251,2 $490M Adjusted EBITDA in Q3 20251,2
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Production Results Juan Andrés Morel, COO
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7 94 77 80 87 Q4/24 Q1/25 Q2/25 Q3/25 Continuing Operations Discontinued Operations Copper Q3 production of 87 kt 46 32 38 38 Q4/24 Q1/25 Q2/25 Q3/25 Gold Q3 production of 38 koz Candelaria Plant Q3/25 Production Results 319 kt 77 kt Updated Annual Guidance Range 337 kt 32 koz Updated Annual Guidance Range 135 koz 146 koz Q1 Q1 Lundin Mining | Q3 Financial Results Original Guidance: 135 – 150koz Au 80 kt Q2 38 koz Q2 244 kt 108 koz 101 84 81 87 kt Q3 87 38 koz Q3 Original Guidance: 303 – 330kt Cu
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8 1.3 2.1 2.5 2.4 Q4/24 Q1/25 Q2/25 Q3/25 Q3/25 Copper Production Lundin Mining | Q3 Financial Results By Mine ▪ Near record quarterly throughput at Candelaria ▪ Higher cathode production continued at Caserones ▪ Chapada weighted to the second half of the year 49 37 37 37 Q4/24 Q1/25 Q2/25 Q3/25 Candelaria Q3 production of 37 kt 32 29 29 35 Q4/24 Q1/25 Q2/25 Q3/25 Caserones 12 9 11 13 Q4/24 Q1/25 Q2/25 Q3/25 Chapada Q3 production of 35 kt Q3 production of 13 kt Q3 production of 2.4 kt Eagle
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9 Q3/25 Nickel Production 1.6 2.3 2.7 2.7 Q4/24 Q1/25 Q2/25 Q3/25 Q3 production of 2.7 kt Lundin Mining | Q3 Financial Results 9 kt 2.3 kt 11 kt Q1 Updated Annual Guidance Range Eagle Mine 2.7 kt Q2 Nickel 7.7 kt 2.7 kt Q3 Original Guidance: 8 – 11kt Ni
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10 Production Guidance Updates Production Guidance1 Revised Production Guidance2 Cu Candelaria (100%) 140,000 - 150,000 143,000 - 149,000 Copper Caserones (100%) 115,000 - 125,000 127,000 - 133,000 Chapada 40,000 - 45,000 Unchanged Eagle 8,000 - 10,000 9,000 - 10,000 Total (t) 303,000 - 330,000 319,000 - 337,000 Au Candelaria (100%) 78,000 - 88,000 78,000 - 84,000 Gold Chapada 57,000 - 62,000 Unchanged Total (oz) 135,000 - 150,000 135,000 - 146,000 Ni Eagle 8,000 - 11,000 9,000 - 11,000 Nickel Total (t) 8,000 - 11,000 9,000 - 11,000 1. Guidance as announced by press release dated January 16, 2025, entitled "Lundin Mining Announced Record Production Results for 2024 and Provides 2025 Guidance “ and “Lundin Mining Announces Third Quarter 2025 Results and Increases Copper Production Guidance” dated November 5, 2025. 2. Guidance as outlined in the MD&A for the three and nine months ended September 30, 2025.Lundin Mining | Q3 Financial Results ▪ Total copper guidance has increased with the mid-point moving up by 11,500 tonnes ▪ Caserones guidance increased reflecting higher cathode production ▪ Candelaria tightened ranges for both copper and gold
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Financial Performance Teitur Poulsen, CFO
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12 Metal Mix1 Copper 79% Gold 13% Other2 3%Molybdenum 2% Nickel 3% Lundin Mining | Q3 Financial Results Q3 By Mine1 $1,007M Caserones 31% Candelaria 43% Chapada 21% Eagle 5% 1. Revenue from continuing operations. 2. Other metals include silver, cobalt, and PGM sales. Q3 Revenue Q3 Q3 Q3 Revenue
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13 81 87 81 79 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Continuing Operations Discontinued Operations $4.29 $3.75 $4.63 $4.40 $4.61 $4.18 $4.17 $4.24 $4.32 $4.44 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3 Volume Sold & Realized Prices Lundin Mining | Q3 Financial Results Realized Pricing1 Cu ($/lb) Copper Volume Sold (kt) Concentrate Inventory (kt concentrate) Realized Cu Pricing 50 kt 67 kt 40 kt 31 kt 52 kt Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Cu LME Cu Price 879390 79 1. Realized price per pound is a non-GAAP measure. Please see the section "Non-GAAP Measures" in this presentation, and the section "Non -GAAP and Other Performance Measures" in Lundin Mining’s MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference herein. Delayed Shipment Delayed Shipment ~20 kt 81
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14 $456M $487M $517M $507M $125M $102M $110M $17M $1.91 $1.78 $2.07 $1.92 $1.61 $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $M $100M $200M $300M $400M $500M $600M $700M Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Continuing Operations Discontinued Operations C1 Cash Cost $64M $64M $75M $96M $1.07 $1.47 $0.75 $0.50 0 0.5 1 1.5 2 2.5 3 3.5 4 $0 M $20 M $40 M $60 M $80 M $100 M $120 M Q4/24 Q1/25 Q2/25 Q3/25 Production Costs1,2,3,4 Q3 Production Costs Lundin Mining | Q3 Financial Results 1. Quarterly data based on continuing and discontinued operations. 2. Q3/24 and Q4/24 consolidated costs exclude standby costs at Eagle. 3. C1 Cash Cost includes primary copper producing assets (Candelaria, Caserones, and Chapada) from continuing operations. 4. C1 Cash Costs are a non-GAAP measure. Please see the section "Non-GAAP Measures" in this presentation, and the section "Non-GAAP and Other Performance Measures" in Lundin Mining’s MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference herein. Candelaria Caserones Chapada ▪ Candelaria costs reflect higher mill throughput ▪ Caserones costs reflect the deferred shipment of concentrate into Q4 ▪ Chapada cash costs continued to benefited from higher gold prices Asset Costs ($M or Cu $/lb net credits)4 Cash Costs ($/lb) Production Costs $209M $200M $244M $205M $158M $2.51 $2.52 $2.45 $1.86 0 0.5 1 1.5 2 2.5 3 3.5 4 $0 M $50 M $100 M $150 M $200 M $250 M Q4/24 Q1/25 Q2/25 Q3/25 $201M $172M $186M $199M $1.53 $1.75 $1.81 $1.87 0 0.5 1 1.5 2 2.5 3 3.5 $0 M $50 M $100 M $150 M $200 M $250 M Q4/24 Q1/25 Q2/25 Q3/25 $589M$581M $627M Q3 C1 Cash Cost4 $1.61/lb Cu $524M $491M 2025 Cash Cash Guidance4 $1.85 - $2.00/lb Cu
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15 1 Water Management Equipment UG Development Stripping Tailings Other 1 Vicuña Candelaria Q3 Capital Costs Lundin Mining | Q3 Financial Results Capital Expenditure1 ▪ $160M spent during the period ▪ Stripping, tailings and underground development represent ~60% of Q3 sustaining capital ▪ $51M spent at Vicuña (50%) ▪ Full year capital cost guidance decreased by $45M to $750M ▪ $25M at Candelaria ▪ $20M at Caserones Q3 Sustaining Capital $510M$113M Revised Full Year GuidanceQ1 Q3 Expansionary Capital $63M Q1 Sustaining2 Expansionary2 Revised Full Year Guidance $240M $51M $109M $116M Q2 $338M YTD $34M Q2 $148M YTD 1. Continuing operations. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure. Please see the section "Non-GAAP Measures" in this presentation, and the section "Non-GAAP and Other Performance Measures" in Lundin Mining’s MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference herein. 2. Guidance as announced by press release dated January 16, 2025, entitled “Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance” and “Lundin Mining Announces Third Quarter Results and Increases Copper Production Guidance” dated November 5, 2025. Capital expenditures are based on various assumptions and estimates. Please refer to the November 5, 2025 press release for more information, including relevant assumptions and estimates. See also the “Cautionary Statement on Forward-Looking Information” slide. $109M $51M Q3 Q3
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16 Q3 Key Financial Metrics Lundin Mining | Q3 Financial Results Adjusted EBITDA1 of $490 million in Q3 from continuing operations 1. Adjusted EBITDA and adjusted operating cash flow are non-GAAP measures. Please see the section "Non-GAAP Measures" in this presentation, and the section "Non-GAAP and Other Performance Measures" in Lundin Mining’s MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference herein. Adjusted Operating Cash Flow1 of $383 million in Q3 from continuing operations Desalination Plant $385M $368M $388M $395M $73M $57M $63M $1M Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Continuing Operations Discontinued Operations $243M $252M $337M $277M $62M $62M $56M $2M Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Continuing Operations Discontinued Operations $426M $458M $451M $314M$305M $383M$393M $396M $279M $490M
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17 Q3 Key Financial Metrics Lundin Mining | Q3 Financial Results Free Cash Flow from Operations1 of $169 million in Q3 from continuing operations 1. For the three months ended September 30, 2025, adjusted earnings (loss), and free cash flow from operations are non-GAAP measures. Please see the section "Non-GAAP Measures" in this presentation, and the section "Non-GAAP and Other Performance Measures" in Lundin Mining’s MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference herein. Adjusted Earnings (Loss)1 of $152 million in Q3 from continuing operations -$18M $424M $22M $211M $20M $42M $10M $12M Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Continuing Operations Discontinued Operations $58M $95M $94M $98M $15M $24M $52M $2M Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Continuing Operations Discontinued Operations $466M $2M $32M $119M $73M $146 M $223M $100M Chapada $169M $152M
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18 Cash Flow from Operations Lundin Mining | Q3 Financial Results Key Changes in Cash during Q3 Net Debt1 as at end Q3 $108M 1. Excluding lease liabilities for the period ended September 30, 2025.
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Final Remarks Jack Lundin, CEO
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20 Increased Cathode Production Caserones Cathode Capacity Improved utilization ▪ Historical plant utilization at ~50% ▪ Increased irrigation rates on the dump leach ▪ Additional irrigation of the dump leach slopes ▪ Increased material placement on dump leach pad Excess Cathode Plant Capacity ▪ Additional oxide ore at Phase 7 and Angelica ▪ Opportunity to increase cathode production by ~7-10 kt/yr1 14,800 15,100 18,900 23,900 ~35,000 2021 2022 2023 2024 YTD 2025 Total Capacity 18,500 Cathode Production (tpa) ~ Nominal capacity Leaching Improvements 2025 forecast 1. Management’s indicative forecasts, based on various factors and assumptions considered reasonable as at the date hereof and subject to various risks, uncertainties and contingencies. Please see the “Cautionary Statement on Forward-Looking Information” slide. Lundin Mining | Q3 Financial Results
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Near-term Catalysts RIGI Application Vicuña Integrated Technical Report Updated Credit Facility Saúva Project Update Tracking to plan Filo del Sol Drill Rig Lundin Mining | Q3 Financial Results
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22 ▪ Best quarter year to date ▪ Increased copper guidance ▪ Improved consolidated cash cost guidance ▪ Continued operational discipline ▪ Well positioned for the future Lundin Mining | Q3 Financial Results Final Remarks Copper Guidance1 1. Revised guidance as announced in press release dated November 5, 2025, entitled “Lundin Mining Reports Third Quarter 2025 Results and Increases Copper Production Guidance”. 2025 revised projected cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $4.40/lb, Au: $3,500/oz, Mo: $20.00/lb), foreign exchange rates (USD/CLP:950, USD/BRL:5.50) and operating costs. See also the “Cautionary Statement on Forward-Looking Information” slide. 2. C1 Cash Costs are non-GAAP measures. Please see the section "Non-GAAP Measures" in this presentation, and the section "Non-GAAP and Other Performance Measures" in Lundin Mining’s MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference herein. Candelaria Cash Cost Guidance1,2 317 328 Previous Midpoint Revised Midpoint $2.05 $1.93 Previous Midpoint Revised Midpoint 319 – 337 kt Cu Increase of ~3.5% $1.85 – 2.00/lb Cu Reduction of ~6.0% 11.5 kt Increase $0.125 Decrease Guidance Updates
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We have multiple opportunities to create meaningful growth in both near- and long- term horizons. Disciplined copper growth at scale We have the team and conviction to deliver. We are well-positioned to achieve our vision of becoming a top-tier copper producer of global scale. Lundin Mining | Q3 Financial Results
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24 Lundin Mining | Q3 Financial Results Cash Costs1 Revised Cash Costs2 Candelaria $/lb Cu $1.80 - $2.00 Unchanged Caserones $/lb Cu $2.40 - $2.60 $2.15 - $2.25 Chapada $/lb Cu $1.10 - $1.30 $0.90 - $1.00 Consolidated Copper $/lb Cu $1.95 - $2.15 $1.85 - $2.00 Eagle $/lb Ni $3.05 - $3.25 $2.30 - $2.40 By Mine ▪ Chapada: Higher by gold by- products credits ▪ Caserones: Higher production, lower labour & contractor costs ▪ Eagle: Higher by-product credits and lower labour costs Revised Cash Cost Guidance 1. Guidance as announced by press release dated January 16, 2025, entitled "Lundin Mining Announced Record Production Results for 2024 and Provides 2025 Guidance “ and “Lundin Mining Announces Third Quarter 2025 Results and Increases Copper Guidance” dated November 5, 2025 2. Guidance as outlined in the MD&A for the three and nine months ended September 30, 2025. For historical comparatives see the “Historical Non-GAAP Measure Comparatives” section in Lundin Mining’s MD&A for the three and nine months ended September 30, 2024, for discussion of cash costs and other non-GAAP measures.
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25 Unless otherwise indicated, Lundin Mining Corporation (the “Company”) has prepared the scientific and technical information in this presentation including Mineral Reserve and Mineral Resource estimates (“Technical Information”) based on information contained in the technical reports and news releases (collectively the “Disclosure Documents”) available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Each Disclosure Document was prepared by or under the supervision of a qualified person (“Qualified Person”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). For readers to fully understand the information in this presentation, they should read the technical reports identified below in their entirety, including all qualifications, assumptions and exclusions that relate to the information set out in this presentation which qualifies the Technical Information. The Disclosure Documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure Documents as well as those set out herein. Readers are advised that Mineral Resource estimates that are not Mineral Reserves do not have demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into Mineral Reserves. In addition, “Inferred Resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian securities rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI 43- 101. Investors are cautioned not to assume that part or all of an Inferred Mineral Resource exists or is economically or legally mineable. Mineral Resource and Mineral Reserve estimates are shown on a 100% basis. The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates. All estimates, are effective as at December 31, 2024, other than with respect to Filo del Sol, which are effective as at April 15, 2025, and Josemaria, which are effective as at June 30, 2024. The Mineral Resource estimates for Candelaria, Caserones and Eagle were prepared under the supervision of and verified by Cole Mooney, P.Geo., (former) Director, Resource Geology. The Mineral Resource estimate for Chapada was prepared under the supervision of and verified by Jorge Watanabe, MAusIMM, Master Geologist. Mineral Reserve estimates were prepared under the supervision of and verified by Eduardo A. Cortes, Registered Member (Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin Mining, Claudio Araya, Global Practice Lead, Reserves & Mine Planning, Arthur Oppitz, FAusIMM, Technical Services Manager. Each of the aforementioned persons is a Qualified Person as defined under NI 43-101. The Mineral Resource estimate for Filo del Sol was prepared under the supervision of and verified and approved by Mr. Luke Evans, P.Eng., SLR Consulting (Canada) Ltd. The Mineral Resource estimate for Josemaria was prepared under the supervision of and verified and approved by Mr. Sean Horan, P.Geo. of Resource Modeling Solutions Ltd. Drilling and sampling procedures were verified by Mr. Evans and Mr. Paul Daigle, P.Geo. of AGP Mining Consultants Inc. for Filo del Sol and Josemaria, respectively. Recovery and other metallurgical assumptions were reviewed, verified and approved by Mr. Jeff Austin, P.Eng. of International Metallurgical and Environmental Inc. Each of the aforementioned persons is a Qualified Person as defined under NI 43-101 and is independent of Lundin Mining. For a better understanding of each of the Company’s deposits, including information on data verification, assumptions and parameters, please refer to the technical reports and other public disclosure of the Company including all qualifications, assumptions, exclusions and risks that relate to the Mineral Resource and Mineral Reserve estimates. The technical reports are listed below, are intended to be read as a whole, and sections should not be read or relied upon out of context. • Candelaria: Technical Report entitled “Technical Report for the Candelaria Copper Mining Complex, Atacama Region, Region III, Chile”, dated February 22, 2023, which is filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. • Caserones: Technical Report entitled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile”, dated July 13, 2023 which is filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. • Chapada: Technical Report entitled “Independent Technical Report for Chapada Mine and Saúva Copper-Gold Project, Northern Goiás State, Brazil”, dated February 19, 2025, which is filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. • Vicuña (Filo del Sol and Josemaria): Technical Report entitled “NI 43-101 Technical Report on the Vicuña Project, Argentina and Chile”, dated June 16, 2025, which is available on Lundin Mining’s SEDAR+ profile at www.sedarplus.ca. The Vicuña Mineral Resource estimate, and the corresponding Vicuña Technical Report supersede the 2020 Josemaria feasibility study (including declassifying the Mineral Reserves previously declared in the 2020 Josemaria feasibility study) and the Filo del Sol updated pre-feasibility study with an effective date of February 28, 2023. The scientific and technical information in this document pertaining to the Vicuña Mineral Resource is based on the Vicuña Technical Report, which was prepared by Luke Evans, M.Sc., P.Eng. of SLR Consulting (Canada) Ltd, Paul Daigle, P.Geo. of AGP Mining Consultants Inc., Sean Horan, P.Geo. of Resource Modeling Solutions Ltd., Jeffrey Austin, P.Eng. of International Metallurgical and Environmental Inc., and Bruno Borntraeger, P.Eng. of Knight Piésold Ltd, each of whom reviewed, verified and approved the scientific and technical information pertaining to the Vicuña Mineral Resource that is related to his respective scope of responsibility. Each of the foregoing individuals is a “Qualified Person” as defined by NI 43-101and independent of the Company. The scientific and technical information in this document other than that pertaining to the Vicuña Mineral Resource has been reviewed and approved in accordance with NI 43-101 by Eduardo Cortés, Registered Member (Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin Mining, a "Qualified Person" under NI 43-101. Mr. Cortés has verified the data disclosed in this document and no limitations were imposed on his verification process. Scientific and Technical Information Lundin Mining | Q3 Financial Results
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26 Non-GAAP Measures Certain non-GAAP performance measures are included in this presentation. These performance measures have no standardized meaning within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The most directly comparable IFRS measure and results from the quarter ended September 30, 2025 and year ended December 31, 2024 are below. For more information, please see the section "Non-GAAP and Other Performance Measures" in Lundin Mining’s MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference herein. Non-GAAP financial measure or ratio Most directly comparable IFRS measure Q3 2025 FY2024 Cash cost Production costs from continuing operations Production costs from discontinued operations $490.5 - $1,898.6 $445.2 Cash cost per pound sold Consolidated cash cost per pound sold All-in sustaining cost ("AISC") AlSC per pound sold Sustaining capital expenditures Investment in mineral properties, plant and equipment $163.8 $807.3 Expansionary capital expenditures Realized price per pound and realized price per ounce Revenue from continuing operations $1,007.0 $3,422.6 Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA Net earnings (loss) from continuing operations Net earnings (loss) from discontinued operations $184.6 $19.6 $153.4 $(214.7) Adjusted earnings (loss) Net earnings (loss) attributable to Lundin Mining Corporation shareholders Net earnings (loss) from continuing operations attributable to Lundin Mining Corporation shareholders $162.9 $143.3 $(203.5) $11.1Adjusted earnings (loss) per share Free cash flow from operations Cash provided by operating activities related to continuing operations Cash provided by operating activities related to discontinued operations $270.3 - $1,300.8 $218.0 Free cash flow Adjusted operating cash flow Adjusted operating cash flow per share Net debt Debt and lease liabilities Current portion of debt and lease liabilities Cash and cash equivalents. $378.6 $249.0 $290.3 $1,610.9 $395.2 $357.5Net debt excluding lease liabilities