Lundin Gold Inc. · TSX:LUG
Lundin Gold — Lundin Mining — Q3 2025 Earnings Presentation
26 slides from Lundin Gold's earnings presentation, Nov 6, 2025
Slide 1: Q3 Financial Results 2025
Q3 Financial Results 2025 November 5, 2025 TSX: LUN NASDAQ STOCKHOLM: LUMI
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 and conflicts that may arise in partnerships and joint ope
Slide 3: Participants on the Call
Participants on the Call Jack Lundin Juan Andres Morel Teitur Poulsen President & CEO COO CFO
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights Consistent operational performance Copper Guidance Vicuña Corp. Increased. Cash Progress Costs Lowered Strong Safety Near Term Growth Performance Opportunities Candelaria
Slide 5: Q3 2025 Highlights
Q3 2025 Highlights1 87ktCu Quarterly Cu production in Q3 20252 38kozAu Quarterly Au production in Q3 20252 $1.61/lb Consolidated C1 Cash Costs3 ($/lb Cu) $1.0Bn Revenue in Q3 20251 $490M Adjusted EBITDA in Q3 20251,2 $383M Adjusted Operating Cash Flow in Q3 20251,2 1. For continuing operations. 2. Q
Slide 6: Production Results
Production Results Juan Andrés Morel, COO
Slide 7: Q3/25 Production Results
Q3/25 Production Results Copper Q3 production of 87 kt Updated Annual 101 Q1 Q2 Q3 Guidance Range 84 81 87 77 kt 80 kt 87 kt 94 77 80 87 244 kt 319 kt 337 kt Original Guidance: Q4/24 Q1/25 Q2/25 Q3/25 303 – 330kt Cu Continuing Operations Discontinued Operations Gold Q3 production of 38 koz Updated A
Slide 8: Q3/25 Copper Production
Q3/25 Copper Production Candelaria Caserones By Mine Q3 production of 37 kt Q3 production of 35 kt 49 35 ▪ Near record quarterly throughput at 37 37 37 32 29 29 Candelaria ▪ Higher cathode production continued at Caserones Q4/24 Q1/25 Q2/25 Q3/25 Q4/24 Q1/25 Q2/25 Q3/25 ▪ Chapada weighted to the sec
Slide 9: Q3/25 Nickel Production
Q3/25 Nickel Production Nickel Q3 production of 2.7 kt Updated Annual Q1 Q2 Q3 Guidance Range 2.7 2.7 2.3 2.3 kt 2.7 kt 2.7 kt 1.6 7.7 kt 9 kt 11 kt Original Guidance: 8 – 11kt Ni Q4/24 Q1/25 Q2/25 Q3/25 Eagle Mine Lundin Mining | Q3 Financial Results 9
Slide 10: Production Guidance Updates
Production Guidance Updates Production Revised Production Guidance1 Guidance2 ▪ Total copper guidance has increased with the mid-point Cu Candelaria (100%) 140,000 - 150,000 143,000 - 149,000 moving up by 11,500 tonnes Copper Caserones (100%) 115,000 - 125,000 127,000 - 133,000 ▪ Caserones guidance
Slide 11: Financial Performance
Financial Performance Teitur Poulsen, CFO
Slide 12: Q3 Revenue
Q3 Revenue Metal Mix1 Q3 By Mine1 Q3 Revenue Nickel Other2 Chapada $1,007M 21% Molybdenum 3% 3% 2% Eagle Gold 13% 5% Caserones Q3 Q3 31% Candelaria Copper 43% 79% 1. Revenue from continuing operations. 2. Other metals include silver, cobalt, and PGM sales. Lundin Mining | Q3 Financial Results 12
Slide 13: Q3 Volume Sold & Realized Prices
Q3 Volume Sold & Realized Prices $6.00 Copper Volume Sold Realized Pricing1 Concentrate Inventory (kt) $5.50 Cu ($/lb) (kt concentrate) $5.00 Delayed Cu $4.63 $4.61 Shipment 93 $4.40 Delayed 90 87 $4.50 $4.29 Shipment ~20 kt 81 79 $4.17 $4.44 87 $4.32 81 81 79 $3.75 $4.24 $4.18 $4.00 67 kt 50 kt 52
Slide 14: Q3 Production Costs
Q3 Production Costs 2025 Cash Cash Guidance4 ▪ Candelaria costs reflect higher mill throughput $1.85 - $2.00/lb Cu ▪ Caserones costs reflect the deferred shipment of concentrate into Q4 Q3 C1 Cash Cost4 ▪ Chapada cash costs continued to benefited from higher gold prices Production Costs1,2,3,4 $1.61
Slide 15: Q3 Capital Costs
Q3 Capital Costs Capital Expenditure1 Sustaining2 Expansionary2 Revised Revised Full Year Full Year ▪ $160M spent during the period Q1 Q2 Q3 Guidance Q1 Q2 Q3 Guidance ▪ Stripping, tailings and underground $113M $116M $109M $510M $63M $34M $51M $240M development represent ~60% of Q3 $338M YTD $148M
Slide 16: Q3 Key Financial Metrics
Q3 Key Financial Metrics Adjusted EBITDA1 Adjusted Operating Cash Flow1 of $490 million in Q3 from continuing of $383 million in Q3 from continuing operations operations $393M $383M $490M $458M $451M $56M $426M $396M $305M $314M $73M $63M $337M $279M $57M $1M $62M $62M $2M $385M $388M $395M $368M $2
Slide 17: Q3 Key Financial Metrics
Q3 Key Financial Metrics Free Cash Flow from Operations1 Adjusted Earnings (Loss)1 of $169 million in Q3 from continuing of $152 million in Q3 from continuing operations operations $466M $42M $152M $146 M $424M $119M $100M $52M $223M $24M $12M $2M $169M $98M $211M $73M $95M $94M $32M $15M $2M $10M $
Slide 18: Cash Flow from Operations
Cash Flow from Operations Key Changes in Cash during Q3 Net Debt1 as at end Q3 $108M 1. Excluding lease liabilities for the period ended September 30, 2025. Lundin Mining | Q3 Financial Results 18
Slide 19: Final Remarks
Final Remarks Jack Lundin, CEO
Slide 20: Caserones Cathode Capacity
Caserones Cathode Capacity Improved utilization Cathode Production (tpa) Increased Cathode Production ▪ Historical plant utilization at ~50% ~ Nominal capacity ~35,000 ▪ Increased irrigation rates on the dump leach ▪ Additional irrigation of the dump leach slopes 23,900 ▪ Increased material placemen
Slide 21: Near-term Catalysts
Near-term Catalysts Tracking to plan RIGI Application Vicuña Integrated Technical Report Updated Credit Saúva Project Facility Update Filo del Sol Drill Rig Lundin Mining | Q3 Financial Results
Slide 22: Final Remarks: Guidance Updates
Final Remarks Guidance Updates ▪ Best quarter year to date Copper Guidance1 Cash Cost Guidance1,2 ▪ Increased copper guidance 319 – 337 kt Cu $1.85 – 2.00/lb Cu Increase of ~3.5% Reduction of ~6.0% ▪ Improved consolidated cash cost guidance 328 $2.05 ▪ Continued operational discipline 11.5 kt $0.125
Slide 23: 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. Lundin Mining | Q3 Fin
Slide 24: Revised Cash Cost Guidance
Revised Cash Cost Guidance By Mine Cash Revised Cash Costs1 Costs2 ▪ Chapada: Higher by gold by- products credits Candelaria $/lb Cu $1.80 - $2.00 Unchanged ▪ Caserones: Higher production, Caserones $/lb Cu $2.40 - $2.60 $2.15 - $2.25 lower labour & contractor costs Chapada $/lb Cu $1.10 - $1.30 $0.
Slide 25: Scientific and Technical Information
Scientific and Technical Information Unless otherwise indicated, Lundin Mining Corporation (the “Company”) has prepared the scientific and technical persons is a Qualified Person as defined under NI 43-101 and is independent of Lundin Mining. information in this presentation including Mineral Reserv
Slide 26: Non-GAAP Measures
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 min