Slide 1: Unlocking Vicuña
Unlocking Vicuña The World’s Next Giant Mining District Technical Report Presentation February 16, 2026 TSX: LUN NASDAQ STOCKHOLM: LUMI
Slide 2: Cautionary Statements Regarding Forward-Looking Information
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 RIGI regime does not function as expected and risks arising from suc
Slide 3: Agenda
Agenda Mineral Resource Stage 1 Study Highlights Update Josemaria Mine & Sulphide Mill Stage 2 Stage 3 Summary & Filo Oxides Filo Sulphides & Next Steps Infrastructure Drilling at Filo del Sol Lundin Mining Corporate Presentation 2026
Slide 4: Vicuña PEA Study Highlights
Vicuña PEA Study 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 se
Slide 5: 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 Josemaria Mine mill for the Vicuña District & Sulphide Mill ▪ Conventional open pit, milling and flotation operation Stage 2 ▪
Slide 6: Vicuña PEA Study Highlights
Vicuña PEA Study Highlights1,2 Potential to be a top five copper, gold and silver mine in the world Peak 10-Yr Avg. Cu production Peak 10-Yr Avg. Au production 10-Yr Avg. Ag production 500ktCu 800kozAu 20MozAg 25-Yr Avg. Cu production 25-Yr Avg. Au production 25-Yr Avg. Ag production 400ktCu 700kozA
Slide 7: Vicuña PEA Study Highlights
Vicuña PEA Study Highlights1 Generational asset to support the worlds growing copper demands Stage 2 & 3 Capital Expenditures2 AISC3,4 - 25 Yr Avg. ($/lb Cu) Current Life of Mine $11.1Bn $0.47/lb +70Years Avg. Taxes & Royalties4 – 25 Yr Avg. Taxes & Royalties4 – LOM $1.0Bn/yr $69Bn 1. Please see cau
Slide 8: Leverage to Commodity Prices
Leverage to Commodity Prices NPV8% of +$28B at spot prices discounted to the start of construction and $45B at the start of operations1,2 $6.00/lb Cu $5,000/oz Au IRR 25.5% | 5.4 yr payback $28.8 $80/oz Ag $5.50/lb Cu $4,500/oz Au IRR 21.9% | 6.3 yr payback $21.6 Commodity Prices $60/oz Ag $5.00/lb
Slide 9: Production Profile – By Stages
Production Profile – By Stages +70-year LOM, 25-year average annual production of 400 kt Cu/yr at a ($0.20)/lb Cu Cash Cost1.2,3 1000 983 934 950 919 900 871 853 858 835 791 808 808 800 761 730 694 700 kt CuEq 700 656 657 Recovered Copper Eq (CuEq kt) 643 619 612 600 559 534 512 511 500 404 400 400
Slide 10: Production Profile – By Deposit
Production Profile – By Deposit 10-year peak average annual production of over 500 kt copper, 800 koz gold and 20 Moz silver1,2 1,000 983 1.50% 934 950 919 900 871 853 858 835 791 808 808 800 761 730 Copper Eq Head Grade (CuEq %) Recovered Copper Eq (CuEq kt) 694 700 643 656 657 619 612 1.00% 600 53
Slide 11: Top Copper Producers
Top Copper Producers Vicuña has the potential to be a top five producer on a CuEq basis for the first twenty-five years of its mine life and one of the lowest-cost copper mining complexes in the world 2024 CuEq Production (kt)1,2,3 2024 Copper Cash Costs ($/lb Cu)1,3 Grasberg KGHM Polska Escondida C
Slide 12: Production: Top Copper, Gold and Silver Mines
Production: Top 10 Copper, Gold and Silver Mines 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 Pola
Slide 13: The Largest Development Project
The Largest Development Project Vicuña is the largest and lowest cost development project in the world1 CuEq Annual Production (ktpa)1,2 C1 Cash Costs ($/lb Cu)1,3 Vicuna: 25 Year Avg 400 700 ktpa Project 7 Project 1 Project 10 Project 2 Project 4 Project 3 Project 5 Project 4 Project 8 Project 5 Pr
Slide 14: Low-Cost Mine
Low-Cost Mine Vicuña has the potential to be one of the lowest cost copper mines globally1,2,3 2024 Global Cash Cost Curve2 - C1 Cash Cost Net By-Product (c/lb. Cu) ¢600 ¢400 Vicuña 25-year Avg. ¢200 ($0.20)/lb Cu1,3 ¢0 Vicuña LOM Avg. $0.74/lb Cu3 -¢200 0.0% 25.0% 50.0% 75.0% 100.0% Cumulative Prod
Slide 15: Self-Funding Expansion
Self-Funding Expansion Phased approach to manage capital expenditures and self-fund expansions ▪ Positive free cash flow (net of Stage 2 & 3 capex) in the first full year of operation ▪ Stage 1 capital intensity of ~$21,000/t CuEq Free Cash Flow1,2 ($B) Stage 3 Construction after Stage 2 & 3 capex $
Slide 16: Large Investment Incentive Scheme (“RIGI”)
Large Investment Incentive Scheme (“RIGI”) Vicuña submitted application for RIGI under Long Term Strategic Export (PEELP) designation in Dec 2025 Existing Tax Law RIGI1 RIGI PEELP1 Minimum $200M (40% capex in the first 2 yrs post $2B (20% capex in the first 2 yrs post N/A Investment approval) approv
Slide 17: Infrastructure Build Out
Infrastructure Build Out Desalination plant, pipeline, concentrate pipeline and roaster ▪ 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 wit
Slide 18: Benefits to Argentina and Chile
Benefits to Argentina and Chile Creating shared value and prioritizing sustainable development ▪ Vicuña will be one of the largest foreign direct investments into Argentina ▪ Build local supplier capacity and businesses to support operations ▪ Average employment of +5,500 direct workers and 19,000 i
Slide 19: Updated Mineral Resource Estimate
Updated Mineral Resource Estimate Increase of 12% M&I and 28% Inferred in contained copper
Slide 20: NEW Vicuña Mineral Resource Estimate
NEW Vicuña Mineral Resource Estimate Significant growth since last resource, added 8.6 Mt copper, 16.6 Moz gold and 313 Moz silver in contained metal Copper Gold Silver M&I Increase 12 % 12 % 11 % Inferred Increase 28 % 26 % 30 % 1. On a 100% basis, Vicuña includes Josemaria and Filo del Sol deposit
Slide 21: NEW Vicuña Mineral Resource Estimate
NEW 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 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 22: Resource Comparison
Resource Comparison Change from the 2025 Mineral Resource estimate Copper (Mt)1 Gold (Moz)1 Silver (Moz)1 12.6 7.1 3.9 1.5 243 70 61.3 32.3 1051 48.7 25.1 808 32.2 36.1 659 729 12.8 14.3 2025 MRE Change 2026 MRE 2025 MRE Change 2026 MRE 2025 MRE Change 2026 MRE M&I Inferred M&I Inferred M&I Inferred
Slide 23: Resource Comparison
Grades > 0.8% CuEq highlighted N Resource Comparison 1 km 2025 drilling program expands the boundaries of the Filo del Sol system, which remains open to further growth Drilling since Maiden Resource Conceptual pit outline M&I + Inferred W E CuEq grade (%) May 2025 >1 0.5 - 1 May 2025 0.25 - 0.5 Reso
Slide 24: 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 Cu Au Ag Cu Au Ag Category (Mt) (%) (g/t) (g/t) (kt) (Moz) (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
Slide 25: Josemaria Resources
Josemaria Resources Block model highlighting the grade profile of the deposit1 Josemaria, 100% basis, NSR cut-off of $9.59/t Tonnes Cu Au Ag Cu Au Ag Category (Mt) (%) (g/t) (g/t) (kt) (Moz) (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.
Slide 26: Stage 1: Josemaria Mine & Sulphide Mill
Stage 1 Josemaria Mine & Sulphide Mill
Slide 27: Project Location
Project Location Pipeline Vicuña District ▪ Straddles the boarder between Argentina and Chile NGEx Los Helados NGEx Lunahuasi ▪ 145 km southeast of Copiapó, Chile Filo del Sol ▪ 800 km from San Juan, Argentina Vicuña Corp. asset Lundin Mining Corporate Presentation 2026 27
Slide 28: Vicuña District Overview
Vicuña District Overview CASERONES FILO DEL SOL ANGELICA CUMBRE VERDE LUNAHUASI LOS HELADOS Resource pit outline CHILE JOSEMARIA ARGENTINA Resource pit outline Lundin Mining Vicuña Corp. NGEx Minerals 2 km Josemaria site location best for centralized fixed infrastructure 28
Slide 29: 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 30: Stage 1 – Josemaria Mine & Sulphide Mill
Stage 1 – Josemaria Mine & Sulphide Mill Mine Gold Leach Pad Leach Plant District Mill Waste Rock ▪ Josemaria primary source of material for the first 6 yrs Waste Rock Tailings Storage Facility ▪ Three grinding lines (SAG mill/Ball Mill) processing ~175,000 tpd ore (~64 Mtpa) ▪ Three stage flotation
Slide 31: Stage 1 – Processing
Stage 1 – Processing Josemaria is the primary source of material for the first 6 yrs and then transitions to Filo del Sol ore Concentrator feed by source 120 0.75% Key Statistics1,2 First 5 Years Total Mine life 55 100 Total Material Mined 691 Mt Material Processed 311 Mt Concentrator Feed (Mt) 80 0
Slide 32: 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 silver1,3 1,000 983 1.50% 934 950 919 900 871 853 858 835 791 808 808 800 761 2 730 Copper Eq Head Grade (CuEq %) Recovered Copper Eq (CuEq kt) 694 700 643 656 657 619 612 1.00% 600
Slide 33: First 5 Years: First Quartile C1 and AISC Profile
First 5 Years: First Quartile C1 and AISC Profile Initial cash cost of ($2.50)/lb copper (net credits)2 Operating Cost Breakdown1,3 First 5 Years ▪ The initial years of the Josemaria mine and Filo Oxides plan provides significant gold by- Total Operating Costs $4.8B product credits driving negative
Slide 34: Stage 1: Capital Expenditure
Stage 1: Capital Expenditure Capital cost break-down Initial Capital1 ($B) Mine $1.0 Mine, 14% Crushing and Crushing and Processing $1.1 Contingency, Processing, 13% 16% Tailings Management $0.2 On-site Infrastructure $0.5 Tailings Management, Off-site Infrastructure $0.8 Owners Cost, 3% 7% Subtotal
Slide 35: Stage 2: Filo del Sol Oxides
Stage 2 Filo del Sol Oxides
Slide 36: Stage 2: Filo del Sol Oxides
Stage 2: Filo del Sol Oxides Two stage sequential leaching to optimize recoveries Filo del Sol Deposit ▪ 60 ktpd leaching process will be used to treat blended material ▪ Initial Cu recovery via on/off heap leach pad followed by gold leaching ▪ 30 ktpd gold heap leach to treat ROM gold material 36 L
Slide 37: Stage 2: Filo del Sol Oxides
Stage 2: Filo del Sol Oxides Expands production capacity by approximately 31 ktpa copper, 103 koz gold and 11.5 Moz silver (25 yr. avg.) Filo del Sol Oxide Mill Feed 30 0.50% Leaching Key Statistics1,2 First 25 Years 25 Total Mine life 35 0.40% Total Material Mined 457 Mt 20 Material Processed 457 M
Slide 38: Stage 2: Filo del Sol Oxides – Capital Expenditure
Stage 2: Filo del Sol Oxides – Capital Expenditure Construction of the leaching facilities and mine development would begin in approximately 2029 Expansionary Mine Stage 2 Capital ($B) 8% Mine $0.3 Crushing and Processing Crushing and Processing $1.2 Contingency 32% 18% Tailings Management - On-site
Slide 39: Stage 3: Filo del Sol Sulphides, Mill Expansion & Infrastructure
Stage 3 Filo del Sol Sulphides, Mill Expansion & Infrastructure
Slide 40: Stage 3: Filo del Sol Sulphides
Primary Crushing Leach Plant Waste Rock Gold Leach Pad Stage 3: Waste Rock Filo del Sol Conveyor Sulphides ▪ The Filo del Sol mine would be expanded ▪ Material is mined, crushed, and transported via a 12 km conveyor to the Sulphide Mill Sulphide Mill Lundin Mining Corporate Presentation 2026 Note: C
Slide 41: Stage 3: Mill Expansion
Stage 3: Mill Expansion 3 lines expanding to 5 lines (175,000 tpd to 293,000 tpd) ▪ The existing three-line concentrator would be expanded to five lines - Coarse stockpile, grinding, flotation, regrinding, concentrate thickening, and tailings expanded ▪ Fed by higher grade Filo del Sol material with
Slide 42: Stage 3: Mill Expansion
Stage 3: Mill Expansion Fed by higher grade Filo del Sol material with the ability to also process Josemaria material Concentrator feed by source 120 0.75% Key Statistics Stage 3 Initial Start up 2036 100 Total Mine life 49 years Total Material Mined 10,604 Mt Concentrator Feed (Mt) 80 0.50% Copper
Slide 43: Key Offsite Infrastructure Components
Key Offsite Infrastructure Components Desalination plant, pipeline, concentrate pipeline and roaster ▪ The Study assumes the desalination plant, water pipeline, concentrate pipeline and roaster will be financed in a separate infrastructure company owned by a 3rd party. Financial costs were included
Slide 44: Stage 3: Capital Expenditure
Stage 3: Capital Expenditure Filo del Sol mine expansion, mill expansion & infrastructure build out Mine Expansionary Stage 3 12% Capital ($B) Crushing and Mine $0.8 Processing Crushing and Processing $2.4 34% Tailings Management $0.1 Contingency 19% On-site Infrastructure $0.1 Off-site Infrastructu
Slide 45: Next Steps
Next Steps PEA demonstrates a world-class mining complex ▪ 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
Slide 46: Summary
Summary District scale opportunity World-Class Asset Top 5 Copper, Gold & Path to Sanctioning Silver Mine Big resource getting Stage 1 defined bigger World’s largest development project Opportunity to optimize Stage 2 & 3 First quartile cost profile Lundin Mining Corporate Presentation 2026 Batidero
Slide 47: 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 Corporat
Slide 48: 2026 Vicuña Mineral Resource Estimate
2026 Vicuña Mineral Resource Estimate 100% basis Prev. NEW Prev. NEW Prev. NEW Prev. NEW Prev. NEW Prev. NEW Prev. NEW Tonnes Tonnes Cu Cu Au Au Ag Ag Cu Cu Au Au Ag Ag Type Category (Mt) (Mt) (%) (%) (g/t) (g/t) (g/t) (g/t) (kt) (kt) (Moz) (Moz) (Moz) (Moz) Filo del Sol Measured - - - - - - - - - -
Slide 49: 2026 Vicuña Mineral Resource Estimate
2026 Vicuña Mineral Resource Estimate Notes: Mineral Resources have an effective date of October 31, 2025. Mineral resources are not mineral reserves 100% basis and do not have demonstrated economic viability. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining’s
Slide 50: Non-GAAP Measures
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 com