Lundin Mining Corporation · TSX:LUN
Lundin Mining — Investor Presentation (October 2026)
65 slides from Lundin Mining's investor presentation, October 2026
Slide 1: Disciplined Copper Growth at Scale
Disciplined Copper Growth at Scale October 2026 1
Slide 2: Cautionary Statements
Cautionary Statements Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not
Slide 3: Table of Contents
Table of Contents Overview 4 Recent Highlights 15 Vicuña District & Study Highlights 20 Operations 39 Sustainability 47 Production & Cost Guidance 52 Appendix 56 3
Slide 4: Overview
Overview Chapada
Slide 5: Copper Focused in Latin America
Copper Focused in Latin America Chapada1,2 Three operating mines; 85% copper with gold exposure Goias, Brazil 45 – 50 kt Cu/yr 57 – 62 koz Au/yr • Transformative growth profile, +55% growth in copper C1: $0.75/lb - $0.95/lb Cu +20 LOM production and +285% in gold production 2026 Guidance1 • Clean ba
Slide 6: Transformed Business
Transformed Business Three acquisitions and two divestitures in the last four years 60% copper production growth since 2018 Transactions: European Asset Sale Filo; Los Helados; Caserones Vicuña JV Eagle Sale Josemaria Chapada 369 kt 331 kt 315 kt 313 kt 263 kt 250 kt 236 kt 231 kt 200 kt 0 2018 2019
Slide 7: Path to a Global Top 10 Copper Producer
Path to a Global Top 10 Copper Producer A decade of growth ahead Copper Production1,2 (kt/yr) Gold Production1,2 (koz/yr) +550 koz +500 kt +55% +285% 313 kt 142 koz 2026 Midpoint Organic Vicuña Vicuña Stages Long-Term of Guidance Growth Stage 1 2&3 Production 2026 Midpoint Organic Vicuña Vicuña Stag
Slide 8: Vicuña Corp.
Vicuña Corp. Rapidly advancing the project towards construction Jan May Feb Mar Jun Aug 2025 2025 2026 2026 2026 2026 Vicuña Corp JV Vicuña Initial MRE Vicuña Integrated Stage 1 EIA RIGI Approval Provincial Formation Technical Report Approval Agreements & Powerline Approval 8
Slide 9: Vicuña Project
Vicuña Project The next major copper, gold, and silver project to be developed globally Production1,2,3 (100%, CuEq) Stage 1 Stage 2 & 3 • Mill (~175ktpd) • Filo oxide leaching • Conveyor • Desalination plant • Josemaria feed • Filo sulphide pre-strip • Mill expansion • Concentrate pipeline • Truck
Slide 10: Balance Sheet Strength
Balance Sheet Strength Ability to fund growth • De-levered balance sheet with $1.4B sale of our European assets (2025) • New $4.5B credit facility will enable the Company to fund future growth Liquidity1 (US$B) Net Debt (Cash) 19% Caserones $4.5B (US$B) Acquisition Net Cash1,2 $0.1B $1.5 $3.5B 51% C
Slide 11: Capital Return to Shareholders
Capital Return to Shareholders • +$1.8 billion returned to shareholders via dividends and share buybacks since 2017 • Total shareholder allocation1 of ~US$220M/yr (dividend of C$0.11/share & ~US$150M in share buybacks) Shareholder Returns2 (US$M) $335 $271 $256 $227 $206 $190 $88 $98 $68 $67 2017 20
Slide 12: Track Record of Exploration Success
Track Record of Exploration Success1,2 Exploration is a core value driver for Lundin Mining 320% 101% Neves Corvo Cu Candelaria Cu Acquisition year: 2014 Acquisition year: 2006 Divestiture year: 20253 1,390% Zinkgruvan Zn 60% Eagle Ni Acquisition year: 2004 Acquisition year: 2013 Divestiture year: 2
Slide 13: Value Through the Drill Bit
Value Through the Drill Bit Large Mineral Resource endowment to support growth Copper (Mt) Gold (Moz) Copper Mineral Resources Per Share +400% +1,450% +330% 18 33 21 32 1 7 4 2018 2026 2018 2026 2018 2026 Measured and Indicated Inferred Measured and Indicated Inferred Measured and Indicated Inferred
Slide 14: Investment Thesis
Investment Thesis Stable copper Strong balance sheet Transformational growth production profile World-class project $220M/yr in shareholder Proven exploration track Chapada and Partner distributions record 14
Slide 15: Recent Highlights
Recent Highlights Caserones
Slide 16: 2026 Corporate Highlights
2026 Corporate Highlights Announced the Copper resource Vicuña Study acquisition of 5% of growth of 115% results: Tier 1 asset Caserones & 31% YoY of Los Helados Revolving credit 6.1M shares Inaugural CSRD facility increased to repurchased Report filed $4.5Bn Chapada 16 16
Slide 17: Q2 2026 Operational and Financial Highlights
Q2 2026 Operational and Financial Highlights Production1,2 Consolidated C1 Cash Cost3 33 kozAu Copper production Gold production 77 ktCu $2.11/lb Financial Results1 Revenue Adjusted EBITDA3 Free Cash Flow from Operations3 $1,213M $658M $360M 1. For continuing operations only. 2. Q2 2026 consolidated
Slide 18: Q2/26 Production
Q2/26 Production Another consistent quarter; 77,000 tonnes of copper and 33,000 ounces of gold Copper (kt) Gold (koz) 87 87 38 80 77 34 32 33 85 85 Q3/25 Q4/25 Q1/26 Q2/26 Q3/25 Q4/25 Q1/26 Q2/26 Continuing Ops Discontinued Ops Annual Production vs. Guidance1 300 - 325 kt Annual Production vs. Guida
Slide 19: Consistent Operations
Consistent Operations Historical performance1 Copper Production (kt) Revenue (US$M) Production Costs (US$M) $1,302M $547M 85 85 $1,213M $513M $1,159M $487M $466M $454M $954M 80 $878M 78 77 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Cont. Ops Discont. Op
Slide 20: Vicuña District & Study Highlights
Vicuña District & Study Highlights Vicuña 20
Slide 21: Project Location
Project Location Regional Infrastructure in place Pipeline Vicuña District • Straddles the border between Argentina and Chile • ~165 km southeast of Copiapó, Chile • ~475 km from San Juan, Argentina 21
Slide 22: Vicuña District
Vicuña District Cluster of large deposits, with one operating mine (Caserones) and an advanced development project (Vicuña) ~35 km CASERONES FILO DEL SOL ANGELICA CUMBRE VERDE LUNAHUASI LOS HELADOS Resource pit outline CHILE JOSEMARIA ARGENTINA Resource pit outline Lundin Mining Vicuña Corp. NGEx Mi
Slide 23: Vicuña PEA Highlights
Vicuña PEA Highlights Delivering on our strategy • Giant metal district – peak production of over 500 ktpa of copper, 800 koz of gold and 20 Moz of silver1 • Multi-generational asset with a first quartile cash cost profile and robust economics1 • Staged development plan – using cashflows to self-fun
Slide 24: Vicuña District Concept
Vicuña District Concept Staged development strategy to manage capital expenditures and self-fund expansions Stage 1 • Development of the Josemaria mine and central sulphide mill Josemaria Mine (175 ktpd) for the Vicuña District & Sulphide Mill • Conventional open pit, milling and flotation operation
Slide 25: Vicuña PEA Highlights
Vicuña PEA Highlights1,2 Potential to be a top five copper, gold and silver mine in the world Peak 10-Yr Avg. Cu production 500ktCu Peak 10-Yr Avg. Au production 10-Yr Avg. Ag production 800kozAu 20MozAg 25-Yr Avg. Cu production 25-Yr Avg. Ag production 400ktCu 25-Yr Avg. Au production 700kozAu 22Mo
Slide 26: Production Profile – By Stages
Production Profile – By Stages +70-year LOM, 25-year average annual production of 400 kt Cu/yr at a ($0.20)/lb Cu Cash Cost1,2,3 1000 983 934 950 919 900 871 853 858 835 791 808 808 800 761 730 694 700 kt CuEq Recovered Copper Eq (CuEq kt) 700 656 657 643 619 612 600 559 534 512 511 500 404 400 400
Slide 27: Production Profile – By Deposit
Production Profile – By Deposit 10-year peak average annual production of over 500 kt copper, 800 koz gold and 20 Moz silver1,2 1,000 983 1.50% 934 950 919 900 871 853 858 835 791 808 808 800 761 730 Copper Eq Head Grade (CuEq %) Recovered Copper Eq (CuEq kt) 694 700 643 656 657 619 612 1.00% 600 53
Slide 28: Top Copper Producers
Top Copper Producers Vicuña has the potential to be a top five producer on a CuEq basis for the first twenty-five years of its mine life and one of the lowest-cost copper mining complexes in the world 2024 CuEq Production (kt)1,2,3 2024 Copper Cash Costs ($/lb Cu)1,3,4 Grasberg KGHM Polska Escondida
Slide 29: Production: Positioning Amongst the Giants
Production: Positioning Amongst the Giants Only mine with the potential to rank in the top 5 for annual copper, gold and silver production1 Top Copper Mines Top Gold Mines Top Silver Mines 2024 Cu Production (kt)2 2024 Au Production (koz)2 2024 Ag Production (Moz)2 Escondida Grasberg KGHM Poland Gra
Slide 30: Self-Funding Expansion
Self-Funding Expansion Phased approach to manage capital expenditures and self-fund expansions • Once in production, the Vicuña district will self-fund growth capital expenditures • Positive free cash flow in the first full year of operations Free Cash Flow1,2,3 ($B) Stage 3 Construction after Stage
Slide 31: Vicuña Mineral Resource Estimate
Vicuña Mineral Resource Estimate Summary of contained metal1 Copper Gold Silver M&I 14 Mt 36 Moz 729 Moz Inferred 32 Mt 61 Moz 1,051 Moz Vicuña 1. On a 100% basis, Vicuña includes Josemaria and Filo del Sol deposits. Please also refer to slides entitled “2026 Vicuña District – Mineral Resource Estim
Slide 32: Resource Comparison
Resource Comparison Updated Mineral Resource Estimate added the equivalent of three new large deposits (copper, gold and silver) Copper (Mt)1 Gold (Moz)1 Silver (Moz)1 16.5 97.4 8.6 46.5 80.9 12.6 313 1,780 7.1 37.9 3.9 1.5 243 1,467 70 61.3 32.3 1,051 48.7 25.1 808 32.2 36.1 659 729 12.8 14.3 2025
Slide 33: Resource Comparison: Filo del Sol February 2026
Grades > 0.8% CuEq highlighted N Resource Comparison 1 km 2025 drilling program expands the boundaries of the Filo del Drilling since Sol system, which remains open to further growth Maiden Resource Conceptual pit outline E M&I + Inferred CuEq grade (%) W May 2025 >1 0.5 - 1 0.25 - 0.5 May 2025 Reso
Slide 34: Stage 1 – Josemaria Mine & Sulphide Mill
Stage 1 – Josemaria Mine & Sulphide Mill Center of future development and expansion within the highly prospective and emerging Vicuña District • Conventional truck and shovel open pit operation • Standard processing – crush, grind and flotation to produce a copper/gold concentrate • Majority of infr
Slide 35: Stage 2 – Filo del Sol Oxides
Stage 2 – Filo del Sol Oxides Sequential leaching to optimize recoveries • 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 35
Slide 36: Stage 3: Mill Expansion
Stage 3: Mill Expansion 3 lines expanding to 5 lines (175,000 tpd to 293,000 tpd) • 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
Slide 37: Pathway to Sanctioning
Pathway to Sanctioning Key milestones Detailed design & engineering Vicuña 37
Slide 38: Next Steps
Next Steps Targeting final investment decision as early as year-end 2026 • Opportunities exist to improve project economics • Engineering for Stages 2 and 3 will continue as studies progress through 2026, including more drilling to support mine planning, mineral process flowsheet optimization, and s
Slide 39: Operations
Operations Candelaria
Slide 40: Copper Focused in Latin America
Copper Focused in Latin America Chapada1,2 Three operating mines; 85% copper with gold exposure Goias, Brazil 45 – 50 kt Cu/yr 57 – 62 koz Au/yr • Transformative growth profile, +55% growth in copper C1: $0.75/lb - $0.95/lb Cu +20 LOM production and +285% in gold production 2026 Guidance1 • Clean ba
Slide 41: Caserones
Vicuña District / Atacama (Chile) Caserones Mine Overview1 Production & C1 Cash Costs2,3 Ownership4 75% 150 $3.00 Mine Type OP 139 $2.80 Mine Movement ~84 Mtpa $2.51 140 133 $2.60 Mill Throughput ~100 ktpd 120 - 130 130 124 $2.40 Cathode Capacity 35 ktpa Cu $2.17 $2.20 Copper Reserve 120 0.30% $1.95
Slide 42: Candelaria
Atacama (Chile) Candelaria Mine Overview1 Production & C1 Cash Costs2,3 Ownership4 80% 170 $2.60 $2.05 – Mine Type OP/UG $2.25 $2.40 160 ~80 Mtpa OP/ $2.07 Mine Movement $2.20 ~5.0 Mtpa UG $1.92 150 $2.00 Mill Throughput 140 $1.73 135 - 145 75 ktpd | 3.8ktpd (Candelaria | PAC) $1.80 130 Copper Reser
Slide 43: Chapada
Goias, Brazil Chapada Mine Overview1 Production & C1 Cash Costs2,3 Ownership 100% 70 65 3.00 59 61 57 - 62 Mine Type OP 60 46 2.50 45 - 50 Mine Movement ~52 Mtpa 50 43 44 40 $2.27 2.00 Mill Throughput ~65 ktpd 30 1.50 Copper Reserve Grade 0.22% | 0.12g/t 20 $1.58 $0.75 $0.75 – $0.95 1.00 Mine Life +
Slide 44: Chapada Growth Project – Saúva
Chapada Growth Project – Saúva Project underway Overview Additional ball mill at Chapada • Higher copper and gold recoveries (~5%) • $35M capex in 2026 • Earthworks to begin July 2026 Saúva deposit development to follow Second Ball Mill ball mill commissioning, first ore Q1 2029 Chapada 2nd Ball Mil
Slide 45: Chapada Growth Project – Saúva
Chapada Growth Project – Saúva Potential to add ~15 kt/yr copper and 45 koz/yr gold • Increases copper production at Chapada by ~30% and gold production by ~75% • Potential extension of the mine plan beyond 4 years Project Overview1,2 Copper Production1 (kt) Gold Production1 (koz) Mine Type Open Pit
Slide 46: Saúva Schedule & Catalysts
Saúva Schedule & Catalysts Ball mill commissioning Q4 2027, first ore from Saúva Q1 2029 2026 2027 2028 2029 H1 H2 H1 H2 H1 H2 H1 H2 Ball Mill Construction Engineering, permitting and electrification approval Ball mill fabrication and Construction Commissioning Saúva Deposit Development Feasibility
Slide 47: Sustainability
Sustainability Chapada
Slide 48: 2025 Sustainability Performance Highlights
2025 Sustainability Performance Highlights • Leading Total Recordable Injury Frequency (TRIF) and All Injury Frequency (AIF) • All electricity supply to Lundin Mining’s Chilean operations is sourced from renewable sources • Achieved our Scope 1 and Scope 2 emissions 2030 target • 100% tailings facil
Slide 49: Responsible Mining
Responsible Mining • Candelaria’s freshwater demands met through sea water desalination facility • Continued implementation of the Global Industry Standard on Tailings Management (GISTM) Punta Padrones Port & Desalination Plant • Committed to the Copper Mark assurance framework to promote the respon
Slide 50: 2025 Sustainability Statement
2025 Sustainability Statement Aligned with CSRD reporting requirements • Highlights our efforts to address material sustainability topics • Demonstrates the integration of our sustainability actions into our Corporate strategy • Content aligned to the European Sustainability Reporting Standards 50
Slide 51: Alignment with Best Practices
Alignment with Best Practices • Under the Responsible Mining Framework, we commit to develop and implement management systems and operating practices that take into consideration applicable international guidelines, including: 51
Slide 52: Production & Cost Guidance
Production & Cost Guidance Caserones Cathode
Slide 53: Updated 2026 Production & Cash Cost Guidance
Updated 2026 Production & Cash Cost Guidance Revised Revised Cash Guidance Production1 Cash Cost1,2 Production1 Cost1,2,3 Cu Candelaria (100%) 135,000 - 145,000 $2.05 - $2.25 135,000 - 145,000 $2.05 - $2.25 Copper Caserones (100%) 130,000 - 140,000 $2.05 - $2.25 120,000 - 130,000 $2.15 - $2.35 Chapa
Slide 54: Guidance Outlook
Guidance Outlook 3-Year Production Guidance Copper1 kt 300 - 325 315 - 340 290 - 315 2026 2027 2028 Gold1 koz 143 - 158 132 - 147 Candelaria 134 - 149 2026 2027 2028 1. Guidance as announced in Lundin Mining’s press release dated January 21, 2026, entitled “Lundin Mining Announces 2025 Production Re
Slide 55: Updated 2026 Capital Expenditure Guidance Summary
Updated 2026 Capital Expenditure Guidance Summary • Total sustaining capital is forecast to be Capital Expenditures1 ($M) 2026 $550M, consistent with prior years’ original guidance Candelaria (100%) $215 Caserones (100%) $235 • Candelaria and Caserones account for Chapada $100 approx. 80% of the sus
Slide 56: Appendix
Appendix Caserones 56
Slide 57: Corporate Structure
Corporate Structure Snapshot Analyst Coverage Shareholder Summary3 29Analysts As of September 29, 2026 TSX: LUN STOCKHOLM: LUMI Share Price C$34.44 16% Basic Shares Outstanding (Aug 31, 2026) 851M 1% C$41.52 Basic Market Capitalization C$29.3B Cash & Cash Equivalents (Jun 30, 2026) US$266M Undrawn C
Slide 58: Filo del Sol Deposit
Filo del Sol Deposit Block model emphasizing the grade distribution of deposit1 Filo del Sol Sulphides, 100% basis, NSR cut-off of $9.84/t Tonnes CuEq Cu Au Ag Cu Au Ag Category (Mt) (%) (%) (g/t) (g/t) (kt) (Moz) (Moz) Measured - - - - - - - - Indicated 2,572 0.68 0.38 0.32 8.1 9,759 26.5 672 M&I 2
Slide 59: Josemaria Resources
Josemaria Resources Block model highlighting the grade profile of the deposit1 Josemaria, 100% basis, NSR cut-off of $9.59/t Tonnes CuEq Cu Au Ag Cu Au Ag Category (Mt) (%) (%) (g/t) (g/t) (kt) (Moz) (Moz) Measured 648 0.51 0.33 0.25 1.2 2,143 5.2 25 Indicated 961 0.36 0.25 0.15 1.1 2,436 4.6 33 M&I
Slide 60: Notes on Mineral Resource and Mineral Reserve Estimates
Notes on Mineral Resource and Mineral Reserve Estimates Notes: Chapada Mineral Resource and Mineral Reserve estimates are shown on a 100% basis. The Measured and Indicated Mineral Resource estimates are The Chapada Mineral Resource estimates are reported within a conceptual pit shell at an open pit
Slide 61: Mineral Reserve Estimate
Mineral Reserve Estimate 100% basis Tonnes Cu Au Ag Mo Cu Mo Site Category Au (koz) Ag (koz) Interest (%) (kt) (%) (g/t) (g/t) (ppm) (kt) (kt) Proven 345,438 0.47 0.11 1.34 - 1,619 1,206 14,827 - 80% Candelaria Combined Probable 247,274 0.45 0.10 1.53 - 1,117 834 12,155 - 80% Total 592,712 0.46 0.11
Slide 62: Mineral Resource Estimate
Mineral Resource Estimate 100% basis Tonnes Cu Au Ag Mo Cu Mo Interest Type Category Au (koz) Ag (koz) (kt) (%) (g/t) (g/t) (ppm) (kt) (kt) (%) Measured 795,303 0.54 0.13 1.8 - 4,329 3,294 47,255 - 80% Candelaria Indicated 562,429 0.56 0.13 2.0 - 3,170 2,305 36,022 - 80% M&I 1,357,732 0.55 0.13 1.9
Slide 63: Vicuña Mineral Resource Estimate
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 Vicuña Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining’s attribut
Slide 64: Mineral Resource Estimate – Los Helados
Mineral Resource Estimate – Los Helados 100% basis Tonnes Cu Au Ag CuEq Cu Cut-Off (%CuEq) Category Au (koz) Ag (koz) (Bt) (%) (g/t) (g/t) (%) (Mt) Indicated 2.08 0.40 0.15 1.5 0.51 8.4 10.2 97.5 0.33% Inferred 1.08 0.34 0.10 1.4 0.42 3.7 3.6 50.2 Indicated 0.51 0.56 0.21 1.8 0.72 2.9 3.5 30.2 0.60%
Slide 65: Non-GAAP Measures
Non-GAAP Measures The Company has included certain performance measures (“Non-GAAP measures”) in this presentation. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards (“IFRS”) and, therefore, may n