Slide 1: Vicuña Mineral Resource Estimate
Vicuña Mineral Resource Estimate Lundin Mining TSX: LUN NASDAQ STOCKHOLM: LUMI May 2025
Slide 2: Cautionary Statements
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 in title; internal controls; compliance with foreign laws;
Slide 3: Vicuña Mineral Resource Estimate
Vicuña Mineral Resource Estimate Vicuña stands as the most significant greenfield mineral discovery in the last 30 years – emerging as one of the world's largest copper, gold, and silver resources1 Included in this estimate: ▪ Initial resource estimate for the Filo del Sol sulfides ▪ Updated mineral
Slide 4: Mineral Resource Estimate – Size
Vicuña Mineral Resource Estimate – Size Summary of contained metal1 Copper Gold Silver M&I 13 Mt 32Moz 659 Moz Inferred 25 Mt 49 Moz 808 Moz 1. On a 100% basis, Vicuña includes Josemaria and Filo del Sol deposits. Mineral Resources are not Mineral Reserves and have not demonstrated economic viabilit
Slide 5: Mineral Resource Estimate – Grade
Vicuña Mineral Resource Estimate – Grade High-grade core within the Mineral Resource estimate Filo del Sol High-grade core 1.14 % CuEq2 High-grade core 4.5 Mt Cu, 9.6 Moz Au & 259 Moz Ag (M&I)1 Josemaria High-grade core 0.73 % CuEq3 High-grade core 1.0 Mt Cu, 2.4 Moz Au & 11 Moz Ag (M&I)1 Filo del S
Slide 6: Generational Discovery
Generational Discovery Leading base metal companies are built around districts ▪ The largest greenfield copper discovery in the last 30 years ▪ One of the largest gold resources in the world ▪ One of the largest silver resources in the world Significant Copper Discoveries in the last 35 years1 Colla
Slide 7: District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade The Vicuña district has the potential to compete with the world’s largest copper mining complexes Cu Cu Mineral Resources of the Largest Copper Mines Copper Grades of the Largest Open Pit Copper Mines (contained copper Mt) (Cu%) Tenke Fungurume Antamina Collahua
Slide 8: District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade 2nd largest gold and silver resource compared to the world’s largest copper mining complexes Au Ag Gold Resources of the Largest Copper Mines Silver Resources of the Largest Copper Mines (contained gold Moz) (contained silver Moz) 808 49 659 32 Kamoa-Kakula Esco
Slide 9: District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade One of the largest gold and silver resources compared to the world’s largest gold and silver mines Au Ag Gold Resources of the Largest Gold Mines Silver Resources of the Largest Silver Mines (contained gold Moz) (contained silver Moz) 808 49 659 32 Penasquito Ga
Slide 10: District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade Josemaria and Filo del Sol sit approximately 10 km away from each other allowing for economics of scale, shared infrastructure and stage expansions to support a globally ranked mining complex 11 km 10 km Vicuna District Junction Distances and scale approximate f
Slide 11: District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade Filo del Sol deposit looking to the northeast Filo del Sol Deposit Lundin Mining Corporate Presentation 2025 11
Slide 12: Filo del Sol Deposit
Filo del Sol Deposit Block model highlighting the grade profile of the deposit1 Filo del Sol Sulphides, 100% basis, NSR cut-off of $10.39/t Category Tonnes (Mt) CuEq % Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured - - - - - - - - Indicated 1,192 0.83 0.54 0.39 8.1 6,452 14.8 311 M&I 1,
Slide 13: Filo del Sol Deposit – High-Grade Core
Filo del Sol Deposit – High-Grade Core Block model highlighting high-grade > 0.75% CuEq1 Filo del Sol Sulphides high-grade core, 100% basis, 0.75% CuEq cut-off Category Tonnes (Mt) CuEq % Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured - - - - - - - - Indicated 606 1.14 0.74 0.49 13.3 4,
Slide 14: Filo del Sol – High-Grade Oxide
Filo del Sol – High-Grade Oxide Block model highlighting high-grade > 0.60% CuEq1 Filo del Sol high-grade oxide core, 100% basis, 0.60% CuEq cut-off Category Tonnes (Mt) CuEq % Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured - - - - - - - - Indicated 181 1.05 0.50 0.39 39.6 911 2.3 230 M
Slide 15: Josemaria – High-Grade Core
Josemaria – High-Grade Core Block model highlighting high-grade > 0.60% CuEq1 Josemaria high-grade core, 100% basis, 0.60% CuEq cut-off Category Tonnes (Mt) CuEq % Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured 161 0.74 0.50 0.39 1.7 807 2.0 9.0 Indicated 35 0.68 0.49 0.31 1.7 171 0.4 2
Slide 16: District – Mineral Resource
Vicuña District – Mineral Resource Notes: Mineral Resources have an effective date of April 15, 2025. Mineral resources 100% basis are not mineral reserves and do not have demonstrated economic viability. Type Category Tonnes (Mt) Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Reported within a
Slide 17: Exploration
Exploration Big deposits get bigger
Slide 18: Big Deposits Get Bigger
Big Deposits Get Bigger ▪ Filo del Sol Sulphide deposit: - Open at depth and along strike to the north and south ▪ Updated Filo del Sol oxide Mineral Resource grew contained copper by 43% (M&I) vs January 2023 ▪ Updated Josemaria Mineral Resource grew contained copper by 38% (M&I) vs July 2020 Resou
Slide 19: Big Deposits Get Bigger
Big Deposits Get Bigger Filo del Sol block model and pit outline ▪ Filo del Sol Sulphide deposit: - Drilling along the edges of the pit has intercepted mineralization but limited drill density has categorized it as waste, creating an opportunity to convert to ore Lundin Mining Corporate Presentation
Slide 20: Appendix
Appendix Track record of exploration success
Slide 21: District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade Top 10 largest copper mineral resources globally Cu Cu Largest Copper Resources (Mines & Projects) Copper Grades of the Largest Open Pit Mineral Resources (contained copper Mt) (Cu%) Tenke Fungurume Oyu Tolgoi Udokan Collahuasi Filo del Sol High Grade Core 0.74%
Slide 22: Top Largest Gold and Silver Resources
Top 10 Largest Gold and Silver Resources Top 10 largest gold and silver mineral resource globally Au Ag Largest Gold Resources (Mines & Projects) Largest Silver Resources (Mines & Projects) (contained gold Moz) (contained silver Moz) 808 49 659 32 KSM Pebble Hermosa Garpenberg KGHM Poland Fresnillo
Slide 23: NI 43-101
NI 43-101 In accordance with applicable Canadian securities laws, all Mineral Resource estimates of the Company disclosed or referenced in this presentation have been prepared in accordance with the disclosure standards of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Pro
Slide 24: Disciplined Copper Growth at Scale
Disciplined Copper Growth at Scale We have the team We have multiple We are well-positioned and conviction to opportunities to create to achieve our vision of deliver. meaningful growth in becoming a top-tier both near and long- copper producer of term horizons. global scale.