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TSX: LUN NASDAQ STOCKHOLM: LUMI Unlocking Vicuña The World’s Next Giant Mining District Technical Report Presentation February 16, 2026
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2 Cautionary Statements Regarding Forward-Looking Information 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 and business strategies and strategic vision and aspirations and their achievement and timing; the results of the Vicuña Project PEA, including but not limited to the Mineral Resource estimate and the parameters and assumptions used to estimate the Mineral Resources, future expansion of the Mineral Resource estimate and the Project, the life of mine, the life of mine plan, commencement of production, mining methods, estimated workforce and equipment requirements, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, process flowsheet, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and the timing thereof, economic metrics and sensitivities, estimated economic results (including Project economics, economic metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Project, tailings management, Project infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting facilities, pipelines, transportation systems, and desalination plant and pipeline), Project development and construction plans (including staged development, Project Stages, sequencing, timing, costs and the effects and benefits), Project permitting (including timelines and expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the Project and the timing thereof, community and social engagement and corporate social responsibility matters, economic, fiscal and other benefits of the Project to local communities, host-countries, shareholders and other stakeholders, the Vicuña Project Technical Report and the timing thereof; Project studies (including technical, environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to be a world-class project ranking among the top five copper, gold and silver mines globally; the Company’s credit facility and the amendments thereto, including upsizing, expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended credit facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit facility; Project funding and the Company’s expectations regarding its funding strategy and its work with BHP; 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, cash flow, costs, expenditures and other financial metrics; permitting requirements and timelines; the Company’s ability to comply with contractual and permitting or other regulatory requirements; timing and possible outcome of pending litigation and disputes, including tax disputes; the timing and expectations of future studies; 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; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company’s Responsible Mining Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company’s projects; the Company’s integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the Company’s growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the operation of the Vicuña Project with BHP; expected processing capacities and infrastructure development; the timing and expectations for future regulatory applications; the anticipated economic and fiscal benefits to Argentina and Chile, including expected tax, royalty, employment and infrastructure impactsand 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 with respect to the Company’s business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company’s normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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 (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company’s ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company’s operations and development projects; the Company’s ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company’s financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company’s ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Vicuña Project and commencement of production; successful completion of the Company’s projects and initiatives (including the Project) within budget and expected timelines; and such other assumptions as set out herein, in the Project Technical Report when filed, and in other applicable public disclosure documents of the Company, 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, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. 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; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; 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; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company’s projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company’s indebtedness; risks relating to project financing; the Company’s ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company’s ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company’s partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); 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; 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; potential for the allegation of fraud and corruption involving the Company, its respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of 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 “Risk and Uncertainties” section of the Company’s MD&A for the three and nine months ended September 30, 2025, the “Risks and Uncertainties” section of the Company’s MD&A for the year ended December 31, 2024, and the “Risk 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 are 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. Non-GAAP 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. Preliminary Economic Assessment The reader is advised that the PEA summarized in this presentation is only a conceptual study of the potential viability of the Project, and the economic and technical viability of the Project and its estimated Mineral Resources has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the Project’s potential and design options; there is no certainty that the PEA will be realized. The PEA conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described herein and to be described in the Technical Report. For further information related to the Vicuña PEA, including the key assumptions and parameters see the Company’s News Release “Lundin Mining Announces Vicuña Integrated Technical Study Results Demonstrating a World-Class Mining Complex” dated February 16, 2026. Numbers presented are shown on a 100% basis unless otherwise noted. The Project is a 50:50 joint arrangement between Lundin Mining and BHP Canada. Lundin Mining’s attributable interest in the Mineral Resource estimate is 50%. All dollar amounts are in US dollars unless otherwise denoted. Lundin Mining Corporate Presentation 2026
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Study Highlights Stage 1 Josemaria Mine & Sulphide Mill Mineral Resource Update Stage 3 Filo Sulphides & Infrastructure Summary & Next Steps Stage 2 Filo Oxides Lundin Mining Corporate Presentation 2026 Agenda Drilling at Filo del Sol
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4 Vicuña PEA Study Highlights ▪ Giant metal district – peak production of over 500 ktpa of copper, 800 koz of gold and 20 Moz of silver1 ▪ Staged development plan – using cashflows to self-fund expansions ▪ Multi-generational asset with a first quartile cash cost profile and robust economics1 ▪ Largest mining project ever to be developed in Argentina Delivering on our strategy Lundin Mining Corporate Presentation 2026 1. On a 100% basis. The Project is a 50:50 joint arrangement between Lundin Mining and BHP. Production numbers based on a 10-Year average defined as 2045 – 2054. The PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Vicuña Team
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5 ▪ Development of the Josemaria mine and central sulphide mill for the Vicuña District ▪ Conventional open pit, milling and flotation operation Stage 1 Josemaria Mine & Sulphide Mill ▪ Oxide mineralization above Filo sulphide zone ▪ Multi-stage leach circuit for different material types Stage 2 Filo Oxides ▪ Infrastructure to support the mill expansion, concentrate slurry and desalination pipelines, roaster and powerline upgrade ▪ Expand sulphide mill to support Filo sulphide material ▪ Expansion would rank Vicuña as a top 5 global copper producing operation Stage 3 Filo Sulphides, Mill Expansion & Infrastructure Vicuña District Concept Staged development strategy to manage capital expenditures and self-fund expansions Lundin Mining Corporate Presentation 2026
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6 6 500ktCu $2.2Bn 25-Yr Avg Annual FCF3 20MozAg 10-Yr Avg. Ag production 800kozAu Peak 10-Yr Avg. Au productionPeak 10-Yr Avg. Cu production ($0.20)/lb 25-Yr Avg C1 Cash Costs3,4 ($/lb Cu) $7.1Bn Stage 1 Capital Expenditures Vicuña PEA Study Highlights1,2 Potential to be a top five copper, gold and silver mine in the world 1. Please see cautionary statement regarding the Preliminary Economic Assessment on page 2 of this presentation. 2. On a 100% basis. First 25 years of commercial production beginning in the first full year of operations. 10-year average peak production years defined as 2045 - 2054 3. Average Free Cash Flow includes expansionary capital expenditures. Annual Free Cash Flow and Consolidated C1 Cash Cost (net by-product credits) based on the first 25 years of commercial production, estimates based on the following commodity prices: $4.60/ lb Cu, $3,300/oz Au and $40/oz Ag. 4. C1 Cash Costs assume offsite infrastructure to be funded by a 3rd party and is included in operating costs. Cash costs are th e sum of refining costs, third party royalties, and site operating costs, less by -product credits, all divided by the pounds of sold. C1 Cash Costs (net of by -product credits) is a Non-GAAP measures, please see the section "Cautionary Note Regarding Non-GAAP Measures" below. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Com pany cannot perform a reconciliation of these Non -GAAP measures. 400ktCu 22MozAg 25-Yr Avg. Ag production 700kozAu 25-Yr Avg. Au production25-Yr Avg. Cu production
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7 7 Vicuña PEA Study Highlights1 $11.1Bn +70Years AISC3,4 - 25 Yr Avg. ($/lb Cu) $0.47/lb Stage 2 & 3 Capital Expenditures2 Current Life of Mine $1.0Bn/yr Avg. Taxes & Royalties4 – 25 Yr Avg. $69Bn Taxes & Royalties4 – LOM Generational asset to support the worlds growing copper demands 1. Please see cautionary statement regarding the Preliminary Economic Assessment on page 2 of this presentation. 2. Growth Capital Expenditures includes Stage 2 – Filo Oxides and Stage 3 – Filo Sulphides and Mill Expansion. 3. All-in sustaining costs are the sum of refining costs, third party royalties, site operating costs, sustaining capital costs, an d closure capital costs less by-product credits, all divided by the pounds of sold. C1 Cash Costs (net of by -product credits) and all-in sustaining costs (net of by-product credits) are Non-GAAP measures, please see the section "Cautionary Note Regarding Non -GAAP Measures" below. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non -GAAP measures. 4. Based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag.
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8 $3.1 $6.3 $9.5 $15.1 $21.6 $28.8 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 IRR 14.8% | 8.4 yr payback Commodity Prices After-tax NPV8% ($B)2 Lundin Mining Corporate Presentation 2026 Leverage to Commodity Prices NPV8% of +$28B at spot prices discounted to the start of construction and $45B at the start of operations 1,2 $6.00/lb Cu $5,000/oz Au $80/oz Ag $4.25/lb Cu $3,100/oz Au $35/oz Ag $5.50/lb Cu $4,500/oz Au $60/oz Ag $4.60/lb Cu $3,300/oz Au $40/oz Ag $5.00/lb Cu $4,000/oz Au $45/oz Ag IRR 25.5% | 5.4 yr payback IRR 12.7% | 9.4 yr payback IRR 21.9% | 6.3 yr payback IRR 18.2% | 7.3 yr payback 1. Spot estimates based on the following commodity prices: $6.00/lb Cu, $5,000/oz Au and $80/oz Ag. 2. On a 100% basis. Payback period from January 1, 2030 and includes stages 2 & 3. $4.00/lb Cu $2,800/oz Au $30/oz Ag IRR 10.4 % | 11.0 yr payback
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9 227 355 404 534 512 643 511 619 656 730 657 559 791 761 808 934 871 808 694 612 853 950 919 858 983 835 0 100 200 300 400 500 600 700 800 900 1000 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 Recovered Copper Eq (CuEq kt) Stage 1 Stage 2 Stage 3 Lundin Mining Corporate Presentation 2026 Year Production Profile – By Stages +70-year LOM, 25-year average annual production of 400 kt Cu/yr at a ($0.20)/lb Cu Cash Cost1.2,3 1. On a 100% basis. First 25 years of commercial production beginning in the first full year of operations. 10-year average peak production years defined as 2045 - 2054 2. Copper equivalent (CuEq kt) based on production after recoveries and based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed in this presentation for reference. 3. C1 Cash Costs (net by-product credits) are non-GAAP measures. C1 Cash Costs assume offsite infrastructure to be funded by a 3rd party and are included in operating costs . 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. 700 kt CuEq 400 kt Cu
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10 227 355 404 534 512 643 511 619 656 730 657 559 791 761 808 934 871 808 694 612 853 950 919 858 983 835 0.00% 0.50% 1.00% 1.50% 0 100 200 300 400 500 600 700 800 900 1,000 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 Copper Eq Head Grade (CuEq %) Recovered Copper Eq (CuEq kt) Josemaria Copper Josemaria Gold Josemaria Silver Filo Copper Filo Gold Filo Silver Copper Eq Grade (CuEq %) Production Profile – By Deposit 10-year peak average annual production of over 500 kt copper, 800 koz gold and 20 Moz silver1,2 Production Units 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 Copper kt 115 200 218 276 287 291 244 276 307 329 370 325 347 417 473 515 528 502 396 373 515 564 582 551 550 443 Gold koz 325 458 531 643 479 432 494 555 784 829 768 639 687 778 825 785 819 773 643 562 809 930 837 744 1,111 852 Silver Moz 1 2 3 12 17 54 27 41 24 33 9 7 56 23 17 41 20 14 23 14 19 21 16 17 18 29 1. On a 100% basis. First 25 years of commercial production beginning in the first full year of operations. 10-year average peak production years defined as 2045 - 2054 2. Copper equivalent (CuEq kt) based on production after recoveries and based on the following commodity prices: $4.60/ lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed in this presentation for reference. 3. Copper equivalent head grade based on contained metals prior to processing divided by concentrator and heap leach feed. Based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. 0.89% CuEq Lundin Mining Corporate Presentation 2026
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Vicuña has the potential to be a top five producer on a CuEq basis for the first twenty-five years of its mine life and one of the lowest-cost copper mining complexes in the world Lundin Mining Corporate Presentation 2026 1. For illustrative purposes only to show relative ranking. List not exhaustive, based on resource data from S&P Capital IQ and Company disclosure. Refer to the Appendices for more information. 2. 2024 Copper equivalent (CuEq kt) production estimates based on the following commodity prices : $4.60/lb Cu, $3,300/oz Au $40/oz Ag, $20/lb Mo, $1.26/lb Zn and $11.80/lb Co. 3. Vicuña is at at PEA stage and viability has not been proven. 100% basis. First 25 years of commercial production beginning in the first full year of operations. CuEq and C1 Cash Cost estimate based on the following commodity prices:$4.60/lb Cu, $3,300/oz Au and $40/oz Ag. C1 Cash Costs assume offsite infrastructure to be funded by a 3rd party and are included in operating costs Kamoa-Kakula Cerro Verde Buenavista Tenke Fungurume Antamina KGHM Poland Collahuasi Vicuna: 25-Year Avg Escondida Grasberg 0 500 1000 1500 Cu (kt) CuEq ByProducts (kt) 2024 CuEq Production (kt)1,2,3 2024 Copper Cash Costs ($/lb Cu)1,3 Grasberg Vicuna: 25 Year Avg Antamina Buenavista Escondida Collahuasi Kamoa-Kaklua Tenke Fungurume Cerro Verde KGHM Polska -$1.00 $0.00 $1.00 $2.00 $3.00 400 ktpa 700 ktpa ($0.20) Top Copper Producers 11
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12 Production: Top 10 Copper, Gold and Silver Mines Top Copper Mines 2024 Cu Production (kt)2 Top Gold Mines 2024 Au Production (koz)2 Top Silver Mines 2024 Ag Production (Moz)2 1.Vicuña is at at PEA stage and viability has not been proven. On a 100% basis. First 25 years of commercial production beginning in the first full year of operations. 10-Year average peak production year defined as 2045 – 2054. 2.For illustrative purposes only to show relative ranking. List not exhaustive, based on data from S&P Capital IQ and Company d isclosure. Production numbers based on 2024 results in kt copper, koz gold and Moz silver. 700 800 0 600 1,200 1,800 Tasiast Malartic Detour Lake Kibali Loulo Vicuna: 25-Year Avg Cortez Ahafo Vicuna: 10-Year Peak Carlin Olimpiada Grasberg 20 22 0 10 20 30 40 50 Garpenberg Greens Creek Fresnillo Uchucchacua Antamina San Julian Saucito Juanicipio Vicuna: 10-Year Avg Vicuna: 25-Year Avg Penasquito KGHM Poland 400 500 0 400 800 1,200 Norilsk Kola Vicuna: 25 -Year Avg KGHM Poland Antamina Cerro Verde Buenavista Kamoa-Kakula Tenke Fungurume Vicuna: 10-Year Peak Collahuasi Grasberg Escondida Only mine with the potential to rank in the top 5 for annual copper, gold and silver production1 Lundin Mining Corporate Presentation 2026
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13 400 - 200 400 600 800 Project 10 Project 9 Project 8 Project 7 Project 6 Project 5 Project 4 Project 3 Project 2 Project 1 Vicuna: 25 Year Avg Cu Ktpa CuEq Ktpa 700 ktpa CuEq Annual Production (ktpa)1,2 Lundin Mining Corporate Presentation 2026 C1 Cash Costs ($/lb Cu)1,3 The Largest Development Project Vicuña is the largest and lowest cost development project in the world1 1. For illustrative purposes only to show relative ranking. List not exhaustive, based on data from S&P Capital IQ, Woodmac and Company disclosure at various different commodity prices. See also the “Cautionary Statement on Forward-Looking Information” slide. 2. CuEq production based on the following commodity prices: $4.60/lb Cu, $3300/oz Au, $40/oz Ag, and $20/lb Mo. 3. Vicuña C1 Cash costs based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. C1 Cash Costs assume offsite infrastructure to be funded by a 3rd party and are included in operating costs. 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. 4. Projects include El Arco, El Pachon, La Granja, Los Azules, NuevaUnion, Pebble, Reko Diq, Resolution, Taca Taca and Warintza. ($0.20) -$0.50 $0.00 $0.50 $1.00 $1.50 $2.00 Vicuna: 25 Year Avg Project 6 Project 1 Project 3 Project 2 Project 9 Project 8 Project 5 Project 4 Project 10 Project 7
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14 Low-Cost Mine 1. Indicative projection. Based on the first 25 years of commercial production beginning in the first full year of operations. See also the “Cautionary Statement on Forward-Looking Information” slide. 2. For illustrative purposes only to show relative ranking. List not exhaustive, based on data from Woodmac and Company disclosure. 3. Vicuña C1 Cash costs based on the following commodity prices: $4.60/lb Cu, $3300/oz Au and $40/oz Ag. C1 Cash Costs assume offsite infrastructure to be funded by a 3rd party and are included in operating costs. 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. Vicuña has the potential to be one of the lowest cost copper mines globally 1,2,3 Lundin Mining Corporate Presentation 2026 -¢200 ¢0 ¢200 ¢400 ¢600 0.0% 25.0% 50.0% 75.0% 100.0% 2024 Global Cash Cost Curve2 - C1 Cash Cost Net By-Product (c/lb. Cu) Cumulative Production (%) Vicuña 25-year Avg. ($0.20)/lb Cu1,3 Vicuña LOM Avg. $0.74/lb Cu3
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15 -$1.0 $0.5 $0.4 $1.2 $1.1 $1.1 $2.0 $3.0 $3.0 $2.6 $2.1 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 $1.9 $1.5 $1.5 $1.8 $1.7 $1.3 $0.9 $0.4 $0.0 $- $- ▪ Positive free cash flow (net of Stage 2 & 3 capex) in the first full year of operation ▪ Stage 1 capital intensity of ~$21,000/t CuEq Lundin Mining Corporate Presentation 2026 Phased approach to manage capital expenditures and self-fund expansions Self-Funding Expansion Stage 3 Construction Stage 2 Construction Free Cash Flow1,2 ($B) after Stage 2 & 3 capex 1. Annual Free Cash Flow inclusive of sustaining and Stage 1, 2 and 3 capital expenditures. 2030 includes capital expenditure from both Stage 1 and Stage 2. 100% basis. 2. Annual Free Cash Flow estimates based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Year Stage 2 & 3 Capex ($B)
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16 Large Investment Incentive Scheme (“RIGI”) Existing Tax Law RIGI1 RIGI PEELP1 Minimum Investment N/A $200M (40% capex in the first 2 yrs post approval) $2B (20% capex in the first 2 yrs post approval) Income Tax 35% 25% 25% Dividend Tax 7% 7% (yrs 1 - 7), 3.5% in yr 8 7% (yrs 1 - 7), 3.5% in yr 8 Export Duties 4.5% 0% after yr 3 0% after yr 2 VAT on Investments Long period for VAT credit refunds Immediate via tax credit Immediate via tax credit FX Controls Obligation to repatriate proceeds into Country through local FX market No restrictions after 4 yrs No restrictions after 3 yrs Stability N/A 30 years 40 years Vicuña submitted application for RIGI under Long Term Strategic Export (PEELP) designation in Dec 2025 Lundin Mining Corporate Presentation 2026 1. Tax regime applicable to mineralized material from Argentina
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17 ▪ The Study assumes the desalination plant, water pipeline, concentrate pipeline and roaster would be financed in a separate 3rd party infrastructure company ▪ Financial costs were included as operating costs with an assumed margin and capital payback ▪ Infrastructure build-out can support other district mines in the region Candelaria Port Desalination plant, pipeline, concentrate pipeline and roaster Infrastructure Build Out Lundin Mining Corporate Presentation 2026
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18 Creating shared value and prioritizing sustainable development Benefits to Argentina and Chile ▪ Meaningful infrastructure investment in Chile to support employment and economic benefits ▪ Vicuña will be one of the largest foreign direct investments into Argentina ▪ Direct Investment of $7.1Bn for Stage 1 ▪ Average employment of +5,500 direct workers and 19,000 indirect workers ▪ Build local supplier capacity and businesses to support operations Lundin Mining Corporate Presentation 2026
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Updated Mineral Resource Estimate Increase of 12% M&I and 28% Inferred in contained copper
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20 Significant growth since last resource, added 8.6 Mt copper, 16.6 Moz gold and 313 Moz silver in contained metal NEW Vicuña Mineral Resource Estimate 1. On a 100% basis, Vicuña includes Josemaria and Filo del Sol deposits. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. There is no certainty that all or any part of the estimated Mineral Resources will be converted into Mineral Reserves. Please also refer to slides entitled “2026 Vicuña District – Mineral Resource Estimate” at the end of this presentation for more information, including respective metal grades and quantities. Lundin Mining Corporate Presentation 2026 Copper SilverGold 12% 12% 11% M&I Increase Inferred Increase 28% 26% 30% 20
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21 Copper M&I Inferred SilverGold 14Mt 32Mt 36Moz 61Moz 729Moz 1,051Moz Summary of contained metal1 NEW Vicuña Mineral Resource Estimate 1. On a 100% basis, Vicuña includes Josemaria and Filo del Sol deposits. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. There is no certainty that all or any part of the estimated Mineral Resources will be converted into Mineral Reserves. Please also refer to slides entitled “2026 Vicuña District – Mineral Resource Estimate” at the end of this presentation for more information, including respective metal grades and quantities. Lundin Mining Corporate Presentation 2026
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22 12.8 1.5 14.3 25.1 7.1 32.3 2025 MRE Change 2026 MRE M&I Inferred Resource Comparison Copper (Mt)1 Gold (Moz)1 Silver (Moz)1 Change from the 2025 Mineral Resource estimate Lundin Mining Corporate Presentation 2026 32.2 3.9 36.1 48.7 12.6 61.3 2025 MRE Change 2026 MRE M&I Inferred 659 70 729 808 243 1051 2025 MRE Change 2026 MRE M&I Inferred 1. On a 100% basis, Vicuña includes Josemaria and Filo del Sol deposits. Please also refer to slides entitled “2026 Vicuña District – Mineral Resource Estimate” at the end of this presentation for more information, including respective metal grades and quantities.
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23 Resource Comparison 2025 drilling program expands the boundaries of the Filo del Sol system, which remains open to further growth 1 km N Drilling since Maiden Resource Conceptual pit outline 0.25 - 0.5 0.1 - 0.25 0.05 - 0.1 CuEq grade (%) 0.5 - 1 > 1 0.025 – 0.05 W E W E M&I + Inferred May 2025 M&I + Inferred February 2026 May 2025 Resource pit PEA 2026 Resource pit May 2025 Resource pit PEA 2026 Resource pit FSDH145 Cross Section 1 North Slice 6,848,500 Slice Width 250 m Grades > 0.8% CuEq highlighted Open to the West Open to the East 1. For more information, please refer to the Company’s press release dated February 16, 2026, entitled “Lundin Mining Announces Vicuña Integrated Technical Study Results Demonstrating a World Class Mining Complex”. Please also refer to slides entitled “2026 Vicuña District – Mineral Resource Estimate” at the end of this presentation. Filo del Sol copper equivalent (CuEq) assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.60/lb Cu, $2,875/oz Au and $32.50/oz Ag.
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24 Resource pit shell 0.25 - 0.5 0.1 - 0.25 0.05 - 0.1 CuEq grade (%) 0.5 - 1 > 1 0.025 – 0.05 24 N S 500 m Lundin Mining Corporate Presentation 2026 Open at depth Open to the North Open to the South Aurora Refugio Filo Bonita New Indicated + Inferred December 2025 Flamenco Tamberias Filo del Sol Sulphides, 100% basis, NSR cut-off of $9.84/t Category Tonnes (Mt) Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured - - - - - - - Indicated 2,572 0.38 0.32 8.1 9,759 26.5 672 M&I 2,572 0.38 0.32 8.1 9,759 26.5 672 Inferred 9,958 0.31 0.18 3.2 30,740 58.7 1,030 6.5 km Filo del Sol Deposit Block model emphasizing the grade distribution of deposit1 1. For more information, please refer to the Company’s press release dated February 16, 2026, entitled “Lundin Mining Announces Vicuña Integrated Technical Study Results Demonstrating a World Class Mining Complex”. Please also refer to slides entitled “2026 Vicuña District – Mineral Resource Estimate” at the end of this presentation. Filo del Sol copper equivalent (CuEq) assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.60/lb Cu, $2,875/oz Au and $32.50/oz Ag.
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25 Josemaria, 100% basis, NSR cut-off of $9.59/t Category Tonnes (Mt) Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured 648 0.33 0.25 1.2 2,143 5.2 25 Indicated 961 0.25 0.15 1.1 2,436 4.6 33 M&I 1,609 0.28 0.19 1.1 4,579 9.7 58 Inferred 683 0.22 0.11 1.0 1,515 2.5 22 300 m NE SW 0.25 - 0.5 0.1 - 0.25 0.05 - 0.1 CuEq grade (%) 0.5 - 1 > 1 0.025 – 0.05 Block model Resource pit shell 0 m Josemaria Resources Lundin Mining Corporate Presentation 2026 1. For more information, please refer to the Company’s press release dated February 16, 2026, entitled “Lundin Mining Announces Vicuña Integrated Technical Study Results Demonstrating a World Class Mining Complex”. Please also refer to slides entitled “2026 Vicuña District – Mineral Resource Estimate” at the end of this presentation. Josemaria copper equivalent (CuEq) assumes average metallurgical recoveries of 82% for copper, 60% for gold and 56% for silver, and metal prices of $4.60/lb Cu, $2,875/oz Au and $32.50/oz Ag. Block model highlighting the grade profile of the deposit1
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Stage 1 Josemaria Mine & Sulphide Mill
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27 Lundin Mining Corporate Presentation 2026 Vicuña District ▪ Straddles the boarder between Argentina and Chile ▪ 145 km southeast of Copiapó, Chile ▪ 800 km from San Juan, Argentina 27 Filo del Sol Project Location Pipeline NGEx Lunahuasi NGEx Los Helados Vicuña Corp. asset
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28 2 km CHILE ARGENTINA ANGELICA CASERONES Resource pit outline Lundin Mining Vicuña Corp. FILO DEL SOL CUMBRE VERDE LOS HELADOS NGEx Minerals Josemaria site location best for centralized fixed infrastructure Resource pit outline Vicuña District Overview JOSEMARIA LUNAHUASI
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29 ▪ Conventional truck and shovel open pit operation ▪ Standard processing – crush, grind and flotation to produce a copper/gold concentrate ▪ Majority of infrastructure will be located at ~4,000 masl ▪ Concentrate will be trucked to port 29 Stage 1 – Josemaria Mine & Sulphide Mill Center of future development and expansion within the highly prospective and emerging Vicuña District Lundin Mining Corporate Presentation 2026
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30 ▪ Josemaria primary source of material for the first 6 yrs ▪ Three grinding lines (SAG mill/Ball Mill) processing ~175,000 tpd ore (~64 Mtpa) ▪ Three stage flotation (Rougher, Cleaner, Scavenger) to produce a copper/gold concentrate 30Lundin Mining Corporate Presentation 2026 Mine Gold Leach PadLeach Plant Waste Rock Waste Rock Tailings Storage Facility District Mill Stage 1 – Josemaria Mine & Sulphide Mill
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31 Lundin Mining Corporate Presentation 2026 Stage 1 – Processing Josemaria is the primary source of material for the first 6 yrs and then transitions to Filo del Sol ore 1. On a 100% basis, First 5 years of commercial production beginning in the first full year of operations. 2. Please see cautionary statement regarding the Preliminary Economic Assessment on slide 2 of this presentation. Concentrator feed by source Key Statistics1,2 First 5 Years Total Mine life 55 Total Material Mined 691 Mt Material Processed 311 Mt Strip Ratio 0.8x Mill Annual Production 63 Mtpa Avg. Mill Grade (Cu % | Au g/t | Ag g/t) 0.40 | 0.3 | 1.4 Mill Recoveries (Cu | Au | Ag) 83% | 67% | 63% Avg. Cu Production1 207 kt/yr Avg. Au Production1 395 koz/yr Avg. Ag Production1 1.7Moz/yr 0.00% 0.25% 0.50% 0.75% 0 20 40 60 80 100 120 2030 2040 2050 2060 2070 2080 2090 2100 Copper Grade (%) Concentrator Feed (Mt) Josemaria Ore Filo Sulphide Ore Stockpile Ore Copper Grade (%)
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32 227 355 404 534 512 643 511 619 656 730 657 559 791 761 808 934 871 808 694 612 853 950 919 858 983 835 0.00% 0.50% 1.00% 1.50% 0 100 200 300 400 500 600 700 800 900 1,000 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 Copper Eq Head Grade (CuEq %) Recovered Copper Eq (CuEq kt) Josemaria Copper Josemaria Gold Josemaria Silver Filo Copper Filo Gold Filo Silver Copper Eq Grade (CuEq %) Production Profile – By Deposit 10-year peak average annual production of over 500 kt copper, 800 koz gold and 20 Moz silver1,3 Production Units 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 Copper kt 115 200 218 276 287 291 244 276 307 329 370 325 347 417 473 515 528 502 396 373 515 564 582 551 550 443 Gold koz 325 458 531 643 479 432 494 555 784 829 768 639 687 778 825 785 819 773 643 562 809 930 837 744 1,111 852 Silver Moz 1.4 1.6 3.3 12.2 17.4 53.6 27.0 41.2 23.7 33.4 9.4 6.7 55.8 23.0 16.7 41.4 19.5 13.6 22.5 14.3 19.1 21.0 16.2 16.5 18.0 29.0 1. On a 100% basis. First 25 years of commercial production beginning in the first full year of operations. 10-year average peak production years defined as 2045 - 2054 2. Copper equivalent (CuEq kt) estimates based on the following commodity prices : $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Copper equivalent head grade based on contained metals prior to processing divided by concentrator and heap leach feed. 3. Please see cautionary statement regarding the Preliminary Economic Assessment in the appendix to this presentation. 400 kt Cu 0.89% CuEq Lundin Mining Corporate Presentation 2026 Year 2
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33 ▪ The initial years of the Josemaria mine and Filo Oxides plan provides significant gold by- product credits driving negative cash costs ▪ Free cash flow funds growth capital for Stage 3 Operating Cost Breakdown1,3 First 5 Y ears Total Operating Costs $4.8B Gold and Silver By-Products2 ($11.6B) C1 Cash Costs (net credits) ($6.8B) C1 Cash Costs (net credits) ($2.50)/lb Sustaining Capital $4.1B All-in Sustaining Costs (net credits) ($0.98)/lb Lundin Mining Corporate Presentation 2026 1. On a 100% basis. First five years of commercial production beginning in the first full year of operations inclusive of both Josemaria and Filo Oxide operating costs 2. Estimates based on the following commodity prices $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. 3. Please see cautionary statement regarding the Preliminary Economic Assessment on slide 2 of this presentation. Cash Costs (ne t of by-product credits) is a Non-GAAP measures, please see the section "Cautionary Note Regarding Non -GAAP Measures" below. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non -GAAP measures. First 5 Years: First Quartile C1 and AISC Profile Initial cash cost of ($2.50)/lb copper (net credits)2
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34 Initial Capital1 ($B) Mine $1.0 Crushing and Processing $1.1 T ailings Management $0.2 On-site Infrastructure $0.5 Off-site Infrastructure $0.8 Subtotal Direct Costs $3.7 Indirect Costs $2.0 Subtotal Direct and Indirect $5.6 Owner’s Costs $0.5 Contingency $0.9 T otal $7.1 Lundin Mining Corporate Presentation 2026 Stage 1: Capital Expenditure 1. On a 100% basis from January 1 2027. Lundin Mining is a 50% joint venture partner in Vicuña Corp. All figures are rounded and totals may not sum due to rounding. Capital cost break-down Mine, 14% Crushing and Processing, 16% Tailings Management, 3% On-site Infrastructure, 7% Off-site Infrastructure, 12% Indirect Costs, 28% Owners Cost, 7% Contingency, 13%
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Stage 2 Filo del Sol Oxides
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36 ▪ 60 ktpd leaching process will be used to treat blended material ▪ Initial Cu recovery via on/off heap leach pad followed by gold leaching ▪ 30 ktpd gold heap leach to treat ROM gold material Lundin Mining Corporate Presentation 2026 36 Stage 2: Filo del Sol Oxides Two stage sequential leaching to optimize recoveries Filo del Sol Deposit
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37 Lundin Mining Corporate Presentation 2026 Stage 2: Filo del Sol Oxides Expands production capacity by approximately 31 ktpa copper, 103 koz gold and 11.5 Moz silver (25 yr. avg.) Key Statistics1,2 Leaching First 25 Years Total Mine life 35 Total Material Mined 457 Mt Material Processed 457 Mt Strip Ratio - Max. Material Placed on the Leach Pad 24 Mtpa Avg. Mill Grade (Cu % | Au g/t | Ag g/t) 0.24 | 0.3 | 21.2 Mill Recoveries (Cu | Au | Ag) 66% | 56% | 76% Avg. Copper Production 31 kt/yr Avg. Gold Production1 103 koz/yr Avg. Silver Production1 11.5 Moz/yr Filo del Sol Oxide Mill Feed - 0.10% 0.20% 0.30% 0.40% 0.50% - 5 10 15 20 25 30 2030 2035 2040 2045 2050 2055 2060 2065 Copper Grade (%) Oxides Treated (Mt) Filo Oxides Copper Grade (%) 1. On a 100% basis, 2. Please see cautionary statement regarding the Preliminary Economic Assessment on slide 2 of this presentation.
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38 Lundin Mining Corporate Presentation 2026 Construction of the leaching facilities and mine development would begin in approximately 2029 Stage 2: Filo del Sol Oxides – Capital Expenditure Stage 2 Expansionary Capital ($B) Mine $0.3 Crushing and Processing $1.2 T ailings Management - On-site Infrastructure $0.5 Off-site Infrastructure $0 Subtotal Direct Costs $2.1 Indirect Costs $1.0 Subtotal Direct and Indirect $3.1 Owner’s Costs $0.1 Contingency $0.7 T otal $3.9 Mine 8% Crushing and Processing 32% On-site Infrastructure 13% Off-site Infrastructure 1% Indirect Costs 27% Owners Cost 2% Contingency 18% All figures are rounded and totals may not sum due to rounding.
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Stage 3 Filo del Sol Sulphides, Mill Expansion & Infrastructure
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40 40Lundin Mining Corporate Presentation 2026 Gold Leach Pad Leach Plant Waste Rock Conveyor Stage 3: Filo del Sol Sulphides ▪ The Filo del Sol mine would be expanded ▪ Material is mined, crushed, and transported via a 12 km conveyor to the Sulphide Mill Sulphide Mill Waste Rock Note: Conveyor location for illustrative purposes only. Primary Crushing
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41 ▪ The existing three-line concentrator would be expanded to five lines - Coarse stockpile, grinding, flotation, regrinding, concentrate thickening, and tailings expanded ▪ Fed by higher grade Filo del Sol material with the ability to also process Josemaria material Lundin Mining Corporate Presentation 2026 Stage 3: Mill Expansion 3 lines expanding to 5 lines (175,000 tpd to 293,000 tpd)
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42 Lundin Mining Corporate Presentation 2026 Stage 3: Mill Expansion Fed by higher grade Filo del Sol material with the ability to also process Josemaria material 1. On a 100% basis, Stage 3 inclusive of Filo Sulpides only Concentrator feed by source Key Statistics Stage 3 Initial Start up 2036 Total Mine life 49 years Total Material Mined 10,604 Mt Material Processed 5,291 Mt Strip Ratio 1.0x Mill Annual Production 107 Mtpa Avg. Mill Grade (Cu % | Au g/t | Ag g/t) 0.39 | 0.3 | 4.6 Mill Recoveries (Cu | Au | Ag) 83% | 59% | 54% Avg. Copper Production1 285 kt/yr Avg. Gold Production1 453 koz/yr Avg. Silver Production1 7.3 Moz/yr 0.00% 0.25% 0.50% 0.75% 0 20 40 60 80 100 120 2030 2040 2050 2060 2070 2080 2090 2100 Copper Grade (%) Concentrator Feed (Mt) Josemaria Ore Filo Sulphide Ore Stockpile Ore Copper Grade (%)
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43 ▪ The Study assumes the desalination plant, water pipeline, concentrate pipeline and roaster will be financed in a separate infrastructure company owned by a 3rd party. Financial costs were included as operating costs with an assumed margin and capital payback Key Offsite Infrastructure Components Desalination plant, pipeline, concentrate pipeline and roaster Key Statistics Stage 3 Infrastructure Desalination Plant and Pipeline 2,000 L/sec, 200 km from the Pacific Ocean Concentrate Pipeline Mine to roaster prior to shipment Roaster Treat Filo del Sol concentrate Port Upgrade Increase capacity of Chilean Port Lundin Mining Corporate Presentation 2026
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44 Lundin Mining Corporate Presentation 2026 Filo del Sol mine expansion, mill expansion & infrastructure build out Stage 3: Capital Expenditure Stage 3 Expansionary Capital ($B) Mine $0.8 Crushing and Processing $2.4 T ailings Management $0.1 On-site Infrastructure $0.1 Off-site Infrastructure $0.3 Subtotal Direct Costs $3.8 Indirect Costs $1.8 Subtotal Direct and Indirect $5.6 Owner’s Costs $0.1 Contingency $1.4 T otal $7.1 Mine 12% Crushing and Processing 34% Tailings Management 2% On-site Infrastructure 2%Off-site Infrastructure 4%Indirect Costs 26% Owners Cost 1% Contingency 19% All figures are rounded and totals may not sum due to rounding.
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45 ▪ Opportunities exist to improve economics ▪ Trade off studies and optimization will continue on Stages 2 & 3 as studies advance through 2027 – mine plans, flowsheets and timing of stages ▪ Josemaria Stage 1 estimate is a Class 3 and will get updated to a Class 2 ▪ RIGI application submitted and waiting on approval ▪ Targeting a sanctioning decision as early as year-end Next Steps Lundin Mining Corporate Presentation 2026 PEA demonstrates a world-class mining complex
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Summary World-Class Asset Big resource getting bigger Top 5 Copper, Gold & Silver Mine World’s largest development project First decile cost profile Path to Sanctioning Stage 1 defined Opportunity to optimize Stage 2 & 3 District scale opportunity Batidero Construction Camp Lundin Mining Corporate Presentation 2026
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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 Corporate Presentation 2026
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48 Lundin Mining Corporate Presentation 2026 100% basis Prev. NEW Prev. NEW Prev. NEW Prev. NEW Prev. NEW Prev. NEW Prev. NEW Type Category Tonnes (Mt) Tonnes (Mt) Cu (%) Cu (%) Au (g/t) Au (g/t) Ag (g/t) Ag (g/t) Cu (kt) Cu (kt) Au (Moz) Au (Moz) Ag (Moz) Ag (Moz) Filo del Sol Sulphide Measured - - - - - - - - - - - - - - Indicated 1,192 1,733 0.54 0.46 0.39 0.34 8.1 6.0 6,452 8,031 14.8 19.2 311 336 M&I 1,192 1,733 0.54 0.46 0.39 0.34 8.1 6.0 6,452 8,031 14.8 19.2 311 336 Inferred 6,080 8,721 0.37 0.34 0.20 0.18 3.2 2.9 22,643 29,683 38.9 51.5 631 823 Filo del Sol Copper Oxide Measured - - - - - - - - - - - - - - Indicated 434 467 0.34 0.32 0.28 0.27 2.5 2.5 1,483 1,474 3.9 4.1 35 38 M&I 434 467 0.34 0.32 0.28 0.27 2.5 2.5 1,483 1,474 3.9 4.1 35 38 Inferred 331 431 0.25 0.23 0.21 0.20 2.1 2.2 838 982 2.3 2.7 22 30 Filo del Sol Gold Oxide Measured - - - - - - - - - - - - - - Indicated 288 301 - - 0.29 0.25 3.1 2.7 - - 2.7 2.4 29 26 M&I 288 301 - - 0.29 0.25 3.1 2.7 - - 2.7 2.4 29 26 Inferred 673 711 - - 0.21 0.18 3.3 3.0 - - 4.5 4.1 72 69 Filo del Sol Silver Oxide Measured - - - - - - - - - - - - - - Indicated 77 71 0.34 0.36 0.37 0.36 90.7 119.7 259 254 0.9 0.8 225 272 M&I 77 71 0.34 0.36 0.37 0.36 90.7 119.7 259 254 0.9 0.8 225 272 Inferred 72 95 0.10 0.08 0.17 0.14 26.1 35.1 71 75 0.4 0.4 60 108 Josemaria Measured 654 648 0.33 0.33 0.25 0.25 1.2 1.2 2,148 2,143 5.2 5.2 25 25 Indicated 992 961 0.25 0.25 0.14 0.15 1.1 1.1 2,475 2,436 4.6 4.5 34 33 M&I 1,646 1,609 0.28 0.28 0.19 0.19 1.1 1.1 4,623 4,579 9.8 9.7 59 58 Inferred 736 683 0.22 0.22 0.11 0.11 1.0 1.0 1,587 1,515 2.6 2.5 23 22 Vicuña District Measured 654 648 0.33 0.33 0.25 0.25 1.2 1.2 2,148 2,143 5.2 5.2 25 25 Indicated 2,984 3,533 0.36 0.34 0.28 0.27 6.6 6.2 10,669 12,195 27.0 30.9 634 704 M&I 3,638 4,181 0.35 0.34 0.27 0.27 5.6 5.4 12,817 14,338 32.2 36.1 659 729 Inferred 7,895 10,641 0.32 0.30 0.19 0.18 3.2 3.1 25,139 32,255 48.7 61.3 808 1,051 2026 Vicuña Mineral Resource Estimate
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49 Lundin Mining Corporate Presentation 2026 100% basis Type Category Tonnes (Mt) Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Filo del Sol Sulphide Measured - - - - - - - Indicated 1,733 0.46 0.34 6.0 8,031 19.2 336 M&I 1,733 0.46 0.34 6.0 8,031 19.2 336 Inferred 8,721 0.34 0.18 2.9 29,683 51.5 823 Filo del Sol Copper Oxide Measured - - - - - - - Indicated 467 0.32 0.27 2.5 1,474 4.1 38 M&I 467 0.32 0.27 2.5 1,474 4.1 38 Inferred 431 0.23 0.20 2.2 982 2.7 30 Filo del Sol Gold Oxide Measured - - - - - - - Indicated 301 - 0.25 2.7 - 2.4 26 M&I 301 - 0.25 2.7 - 2.4 26 Inferred 711 - 0.18 3.0 - 4.1 69 Filo del Sol Silver Oxide Measured - - - - - - - Indicated 71 0.36 0.36 119.7 254 0.8 272 M&I 71 0.36 0.36 119.7 254 0.8 272 Inferred 95 0.08 0.14 35.1 75 0.4 108 Josemaria Measured 648 0.33 0.25 1.2 2,143 5.2 25 Indicated 961 0.25 0.15 1.1 2,436 4.5 33 M&I 1,609 0.28 0.19 1.1 4,579 9.7 58 Inferred 683 0.22 0.11 1.0 1,515 2.5 22 Vicuña District Measured 648 0.33 0.25 1.2 2,143 5.2 25 Indicated 3,533 0.34 0.27 6.2 12,195 30.9 704 M&I 4,181 0.34 0.27 5.4 14,338 36.1 729 Inferred 10,641 0.30 0.18 3.1 32,255 61.3 1,051 2026 Vicuña Mineral Resource Estimate Notes: Mineral Resources have an effective date of October 31, 2025. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining’s attributable interest in the Mineral Resource estimate is 50%. Mineral Resource estimates for Filo del Sol were constrained within a pit shell with pit slope angles of up to 45°. Metal prices used were US$4.60/lb. copper, US$2,875/oz gold, and US$32.50/oz silver. Net smelter return (NSR) cut-off values and metallurgical recoveries varied by zone, and included • Gold Oxide: 73% gold; 63% silver recoveries with an NSR cut-off value of US$10.68/t; • Copper and Silver Oxide: 67% copper, 63% gold, and 78% silver recoveries with an NSR cut-off value of US$16.58/t; • Sulphide: 78% copper, 62% gold, and 62% silver recoveries with an NSR cut-off value of $9.84/t. • Mining cost: $1.64/t (base cost at 4885 m) + incremental costs of $0.049/t/bench below and $0.031/t/bench above, Processing cost: $7.78/t (gold oxide); $14.13/t (copper and silver oxides); $4.74/t (sulphide),, Water cost: $2.19/t processed, Tailing cost: $0.19/t processed, G&A cost: $1.64/t processed, Stockpile reclaiming cost: $0.79/t reclaimed, ROM hauling cost: $0.36/t processed (gold oxide), Sustaining mining cost: $0.33/t mined, Sustaining tailing & mill cost: $1.09/t processed, Refining costs: $0.07/lb. (copper); $5.0/oz. (gold); $0.5/oz. (silver), Treatment costs: $70.0/dmt, Royalties: 3.0% of gross payable revenue Mineral Resource estimates for Josemaría were constrained within a pit shell with pit slope angles of up to 45°. Metal prices used were US$4.60/lb. copper, US$2,875/oz gold, US$32.50/oz silver and an NSR cut-off value of US$9.59/t. Other inputs included average metallurgical recoveries of 82%, 60% and 56% for Cu, Au and Ag respectively. • Mining cost: $1.86/t (base cost at 4535 m) + incremental costs of $0.049/t/bench below and $0.031/t/bench above, Water cost: $2.19/t processed, Processing cost: $4.48/t processed, Tailing cost: $0.19/t processed, G&A cost: $1.64/t processed, Sustaining mining cost: $0.33/t mined, Sustaining tailing & mill cost: $1.09/t processed, Refining costs: $0.07/lb. (copper); $5.0/oz. (gold); $0.5/oz. (silver), Treatment costs: $70.0/dmt,, Royalties: 3.0% of gross payable revenue NSR values in $/t units account for metal prices, metallurgical recoveries, and off-site sales terms, and can be compared to unit operating costs as a basis for inclusion in Mineral Resources. All figures are rounded to reflect the accuracy of the estimate and totals may not sum due to rounding. 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 further information related to the Vicuña Mineral Resource, including the key assumptions, parameters, and methods used to estimate the Vicuña Mineral Resource, risks and cautionary statements, see the Company’s News Release “Lundin Mining Announces Vicuña Integrated Technical Study Results Demonstrating a World-Class Mining Complex” dated February 16, 2026.
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50 Non-GAAP Measures The Company has included herein certain performance measures (“Non-GAAP measures”). These performance measures have no standardized meaning within generally accepted accounting principles under IFRS and, therefore, may not be comparable to similar data presented by other mining companies. These measur es are 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 Vicuña Pr oject does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures. Non-GAAP financial measure or ratio Most directly comparable IFRS measure Cash cost Production costs Cash cost per pound sold All-in sustaining cost ("AISC") AlSC per pound sold Sustaining capital expenditures Investment in mineral properties, plant and equipment Expansionary capital expenditures Free cash flow Cash provided by operating activities Lundin Mining Corporate Presentation 2026