Lundin Mining Corporation · TSX:LUN
Lundin Mining — Investor Day (June 2026)
104 slides from Lundin Mining's investor day presentation, Jun 17, 2026
Slide 1: Capital Markets Day
Capital Markets Day June 17, 2026 1
Slide 2: Cautionary Statements
Cautionary Statements Preliminary Economic Assessment The reader is advised that the Vicuña preliminary economic assessment (“Vicuña PEA” or the “PEA”) set out in the Technical Report entitled “Vicuña Project, Argentina and Chile NI 43-101 Technical Report on Preliminary Economic Assessment”, dated
Slide 3: Cautionary Statements
Cautionary Statements 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
Slide 4: Today's Speakers
Today’s Speakers In Attendance Jack Lundin Juan Andrés Morel Teitur Poulsen President & CEO COO CFO Adam Lundin – Chair Lundin Mining Vlada Cvijetinovic – VP Legal & Corporate Secretary Robert Eriksson – Investor Relations Leonardo Gonzalez – MD Candelaria Mine Jennifer Kellogg – EA to President & C
Slide 5: Agenda
Agenda Wednesday June 17, 2026 2:00 PM Introduction 20 MINS | Jack Lundin 2:20 PM Operations 60 MINS | Juan Andres Morel Tim Walmsley Eduardo Cortes 3:20 PM Break 15 MINS 3:35 PM Vicuña District 10 MINS | Tim Walmsley Growth Eduardo Cortes 3:45 PM Vicuña Corp. 30 MINS | Ron Hochstein 4:15 PM Financi
Slide 6: Introduction
Introduction Jack Lundin, President & CEO
Slide 7: Over Three Decades of Strategic Growth
Over Three Decades of Strategic Growth Building a global copper growth Company 1994 2004 2007 2014 2022 Foundation European Global South America Portfolio & IPO Platform Expansion Copper Focus Transformation 1994 2004 2007 2014 - 2019 2022 – 2026 Zinkgruvan & Tenke Candelaria / The Vicuña Storliden
Slide 8: The Next Chapter
The Next Chapter Portfolio transformation, strategic shift to copper focused growth 2022 – 2026 2022 2023 2024 2025 2026 Josemaria Caserones Filo/Josemaria Europe Eagle Acquisition of Lundin Mining Lundin Mining and BHP European Merged with Talon Josemaria Acquires Caserones1 acquire Filo; Lundin Mi
Slide 9: Evolution of Lundin Mining
Evolution of Lundin Mining Streamlined portfolio, improved cost structure, strong balance sheet 2022 Revenue: $3.0Bn Market Cap Gold ($B)3 7% Nickel $18.4 12% EBITDA & 250 kt Zinc Margins2 $5.7 Cu1 12% Copper $1.9B 63% 2022 2025 $1.2B 46% Share Price 2025 Revenue: $4.1Bn 40% Performance3,4 Gold 200%
Slide 10: Performance per Share
Performance per Share Accretive growth Copper1 Gold1 Copper1 Mineral Resources/Share Mineral Resources/Share Production/Share +330% +180% +19% 2022 2026 2022 2026 2022 2025 Candelaria Measured and Indicated Inferred Measured and Indicated Inferred See "Endnotes – Additional Footnotes". 10
Slide 11: Copper in Demand
Copper in Demand Electrification, data centers and defense drive ~60% of the growth in the copper demand Source: S&P Global, Copper in the Age of AI: Challenges of Electrification 1. Includes copper demand from construction, cooling, appliances, fossil power, machinery and ICEVs. 2. Includes copper
Slide 12: Underlying Fundamentals
Underlying Fundamentals Accelerating demand against a declining supply forecast Source: S&P Global, Copper in the Age of AI: Challenges of Electrification Note: Recycled (secondary supply) represents end-of-life scrap. Mined supply includes operating production and risked production from committed,
Slide 13: Primary Copper Supply
Primary Copper Supply Copper mined production from operating assets (2010–2040) (Mt) Source: S&P Global, Copper in the Age of AI: Challenges of Electrification https://www.spglobal.com/en/research-insights/special-reports/copper-in-the-age-of-ai 13
Slide 14: Lundin Mining 2026 Guidance: 310 – 335 ktpa
Lundin Mining 2026 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, +50% growth in copper C1: $0.75/lb - $0.95/lb Cu +20 LOM production and +250% in gold production • Clean balance sheet to fund developm
Slide 15: Path to a Global Top 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% 323 kt 142 koz 2026 Midpoint Near-Term Vicuña Stage 1 Vicuña Stages Long-Term 2026 Midpoint Near-Term Vicuña Stage Vicuña Stages Long-Term of Guidance
Slide 16: Vicuña
Vicuña Rapidly Advancing a Giant Mining District Josemaria Stage 1 16
Slide 17: Stability and Growth to Create Lasting Value
Stability and Growth to Create Lasting Value Performance Focused. Financial Strength. Unrivaled Growth. Relentless focus on safety & Upsized RCF Unlocking near-mine on cost discipline opportunities Strong cashflows Candelaria Reducing emissions, Sanction and build strengthening sustainability Contin
Slide 18: Operations
Operations Juan Andrés Morel, Chief Operating Officer Tim Wamsley, VP Exploration Candelaria Eduardo Cortes, VP Mining & Mineral Resources
Slide 19: Operations
Operations Safety, planning, achievement Chapada Operational Consistency Full Potential Programs Brownfields Growth Safety focused Unlock maximum value Saúva project, Caserones Cathode Asset planning Continuous improvement Production targets 19
Slide 20: Health & Safety Priority
Health & Safety Priority Continue to see leading results with our Fatal Risk Management (FRM) System FRM Implementation Total Frequency Rate ICMM & Lundin Mining 14 A leading fatality Fully embedded across all prevention program operations 12 10 8 Safety Performance band 6 FRM Launch Results Next St
Slide 21: Production vs. Guidance
Production vs. Guidance Discipline, consistency and reliability • Stable operations - 3 years of achieving or beating guidance, averaging ~330 kt/yr copper • Tracking to production guidance for 2026 Copper Production vs. Guidance1 (kt) Gold Production vs. Guidance1 (koz) 369 149 158 331 142 314 32 8
Slide 22: Value-driven Operational Strategy
Value-driven Operational Strategy Continuously unlocking value Asset Full Potential “Where to focus, over the short and long-term, to unlock the maximum value of the ore body?” Asset Operational Excellence Asset Strategy “Where to improve to maximize the value while “Where to invest and innovate to
Slide 23: Full Potential Programs
Full Potential Programs Realized savings at Chapada and Caserones, ongoing optimization at Candelaria Mine Site Cost1,2,3 (US$/tonne milled) -10% -11% $20.00 -4% $11.80 $19.90 $17.90 $19.03 $10.60 Pre-FP (2022) Post FP Pre-FP (2022) Post FP (2025) Pre-FP (2022) Post FP (2023-2025) (2023-2025) Chapad
Slide 24: Chapada
Goias, Brazil Chapada Mine Overview 1 Production & C1 Cash Costs2,3 Ownership 100% 70 65 3.00 59 61 57 - 62 60 Mine Type OP 2.50 46 45 - 50 44 50 Mine Movement ~52 Mtpa 43 40 $2.27 2.00 Mill Throughput ~65 ktpd 30 1.50 Copper Reserve $1.58 $0.75 - 0.22% | 0.12g/t Grade 20 $0.75 $0.95 1.00 10 Mine Li
Slide 25: Chapada Full Potential
Chapada Full Potential Yielding results1 • Fuel optimization consumption • 9% higher mill throughput • 40% lower sustaining rate (l/hr) -11% • +4% additional ore milled capital costs2 • 6% faster cycle times per year • 29% lower strip ratio • 2% increase in truck payload See "Endnotes – Additional F
Slide 26: Saúva Growth Project
Saúva Growth Project 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 to follow ball mill Second Ball Mill commissioning, first ore Q1 2029 Chapada 2nd Ball Mill Rendering For illust
Slide 27: Saúva Growth Project
Saúva Growth Project 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 Overview 1,2 Copper Production1 (kt) Gold Production1 (koz) Mine Type Open Pit Avg. 15
Slide 28: 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 29: Chapada 10-year outlook
North N Pit Chapada 10-year outlook • Focus on South pit and Baru pit Plant Central Pit • Saúva first ore brought forward to Q1 2029 Baru • Mineral Resource update in Q4 2026 / Q1 2027 ~ 2027-28 Production Areas ~ 2027-28 North, Baru & Stockpile Production Areas South & SW SW Pit Copper (kt) 100 50
Slide 30: Saúva Deposit
Saúva Deposit Extending underground delineation Conceptual Saúva A expansion Saúva Phase 1 pit A’ N High-grade (> 1% CuEq) extension A confirmed by drilling Conceptual Expansion Open-Pit Saúva Underground Potential Resources¹ 200 m UG Resources outline¹ Phase 1 Underground pits Resources¹ A’ Mineral
Slide 31: Candelaria
Atacama Region, Chile Candelaria Mine Overview 1 Production & C1 Cash Costs2,3 Ownership4 80% 180 $3.20 Mine Type OP/UG 170 162 ~80 Mtpa OP/ 160 $2.80 Mine Movement ~5.0 Mtpa UG 152 150 145 Mill Throughput 135 - 145 75 ktpd | 3.8ktpd 140 $2.40 (Candelaria | PAC) $2.05 – $2.25 130 $2.07 Copper Reserv
Slide 32: Candelaria Full Potential
Candelaria Full Potential Yielding results, still early stage1 • 27% increase in tire life • 11% increase in grinding • Unitary sustaining capex2 • Improved shovel utilization +10% throughput reduction -65% • 6% increase in truck payloads • Reduce mill consumables while • Optimization of G&A and Non
Slide 33: Candelaria Underground
Candelaria Underground Underground contractor insourcing & expansion • Contractor insourcing 97% complete by May 2026. Full implementation by Q2 2026 • Underground development to increase in H2 2026 • Stabilize throughput at 14,000 tpd in H2 2027 • Gradual underground extraction expansion towards 20
Slide 34: Candelaria Streaming
Candelaria Streaming Franco Nevada streaming agreement expected to step down in H1 2027 Candelaria Gold Production Forecast (koz)1 • Streaming agreement will step down 100 from 68% to 40% once 720 koz has 100% been delivered • Incremental attributable 15 – 20 koz Stream: 68% Au/year 50 50% Stream: 4
Slide 35: Candelaria 10-year outlook
N Old Tailings Facility Candelaria Norte UG Candelaria PHASE 14 (Growth) 10-year outlook • Focus on Phase 11 and 12 near term PHASE 11 • Opportunity for an additional push back (Phase 14) and underground expansion to 22 ktpd PHASE 12 PHASE 13 Candelaria Pit Copper (kt) 200 100 ~ 2027-28 Plant Produc
Slide 36: Candelaria Exploration
Candelaria Exploration S Candelaria Norte – La Portuguesa Long Section N LA PORTUGUESA & RESGUARDO ESPAÑOLA CANDELARIA Española – Portuguesa connection?? Open Open CANDELARIA SUR UG CANDELARIA Candelaria Sur NORTE UG Another Candelaria at depth?? Continuation? 2 Km Resources pit At Candelaria Minera
Slide 37: Candelaria Growth
N Candelaria Growth Resguardo: Shallow Española-type potential Candelaria Pit Española Mineral Resource1 0.34% Cu Plant 162 Mt 0.07 g/t Au Española 548 kt Cu 343 koz Au Resource Pit M&I Resource M&I Resource Espanola Deposit Resource in Candelaria LOM 1 km Additional Growth Possible Resguardo Drillh
Slide 38: Caserones
Atacama Region / Vicuña District, Chile Caserones Mine Overview 1 Production & C1 Cash Costs2,3 Ownership4 75% 139 133 150 3.2 Mine Type OP 130-140 130 124 Mine Movement ~84 Mtpa 110 2.8 90 Mill Throughput ~100 ktpd 70 $2.05 - 2.4 $2.51 $2.25 Cathode Capacity 35 ktpa Cu 50 Copper Reserve $2.17 0.30%
Slide 39: Caserones Full Potential
Caserones Full Potential Yielding results1 • 5% increasing in truck payloads • SAG throughput increase +1.2% • Cathodes production capacity • Reducing cycle times by ~20% • +5% SAG mill availability increase (+37%) • Increasing haul fleet usage in 21% • Increasing mill capacity • Testing leaching te
Slide 40: Caserones Cathode Plant Utilization
Caserones Cathode Plant Utilization Plant utilization has increased from ~55% to ~80% since acquisition Cathode Production1 (tpa) Phase 1: Reach nominal capacity 35 ktpa • Additional tonnage: +5Mt/yr on the dump leach 40,000 • Additional irrigation area: +100,000 m2 ~ Nominal capacity 35,000 • Irrig
Slide 41: Caserones Gold Production
Caserones Gold Production Historical gold production of approximately 10 to 15 koz/year Historical Gold Production (koz)1 • Historical gold production • Future mineral resource model to include gold 15 koz • Gold guidance for 2027 15 koz 12 koz 12 koz 10 koz 3 koz 2021 2022 2023 2024 2025 Q1 2026 Se
Slide 42: Caserones 10-year outlook
N Caserones Caserones Pit 10-year outlook ~ 2027-28 Production Areas • Focus on Phase 6B and 7 • Opportunity for additional material to the dump leach from ore reclassification work • Cathode production target of 40 ktpa PHASE 06B PHASE 07 Copper (kt) 200 Dump Leach Crusher 100 SX-EW Plant Mill Conc
Slide 43: Deep Sulphide and Angelica Target Overview
Deep Sulphide and Angelica Target Overview Oxide/Sulphide exploration target near Caserones Mine (2 km) Dump Leach Concentrator Plant Angelica Prospect Caserones Pit Cathode Plant Leachable Potential Sulphide Potential Deep Sulphides Potential • 20,000 m of drilling completed in 2025 • 26,900 m of d
Slide 44: Caserones District Exploration
N Cerro Norte Caserones District Brecha Norte Exploration Don Diego Caserones E Caserones Pipeline to Support Growth Caserones SW Frontera 2026 Drill Program Cerro Sur Plant 39,000 m planned drilling Obispo Centauro Angelica Focus on Angelica Frontera Sur Delineate first Resource Cordillera Cordille
Slide 45: Operations Summary
Summary Operations Safety Focused Optimization Efforts Low Capital-Intensive, Candelaria Operational Delivering Results Near-Term Growth Projects Consistency 45
Slide 46: Break – 15 mins
4. Lundin Mining Break — 15 mins ——
Slide 47: Vicuña District Growth
Vicuña District Growth Los Helados Tim Walmsley, VP Exploration Eduardo Cortes, VP Mining and Mineral Resources
Slide 48: Vicuña District
Vicuña District To form a giant porphyry copper district a lot has to go right Right rocks Multiple events Magmas capable of Repeated mineralizing events carrying a lot of metal forming clusters of deposits Major structures Preservation Plumbing to channel and focus Not too deep but not eroded eithe
Slide 49: Vicuña District
Vicuña District 1. Scale Usually outsized for their deposit class 2. Clusters Giant metal districts Commonly feature a regional are unique and complex cluster of giant deposits but most share four simple characteristics 3. Structures Big, long-life faults 4. Grade Not just bigger, but higher grade a
Slide 50: Video: Vicuña District Geology
Video Vicuña District Geology
Slide 51: Vicuña District
Vicuña District Long term optionality to develop the Chilean side of the Vicuña district with a 31% interest in Los Helados 35 km CASERONES FILO DEL SOL ANGELICA CUMBRE VERDE LUNAHUASI LOS HELADOS Resource pit CHILE outline JOSEMARIA ARGENTINA Resource pit outline Lundin Mining Vicuña Corp. NGEx Min
Slide 52: Los Helados
N Los Helados High-grade core Caserones NGEx Open ~17 km to Caserones Increases land package by Alicanto Zone Open towards Caserones +30% (20,000 hectares) Mineral Property Fenix Zone 500 m Drillholes Access Alteration Footprint Caserones claims Mineralization Footprint Condor Zone > 0.8% CuEq > 0.3
Slide 53: Los Helados Deposit Scale
Los Helados Deposit Scale ~ 1.3 km long x ~1.3 vertical extent SE Large copper, gold porphyry deposit Mineral Resources (Indicated)1 NW High-grade Zones 8.4 Mt Cu > 0.7% CuEq 500 m 10.2 Moz Au Drillholes < Block Model CuEq (%) > 1% CuEq High-grade core: 2.9 Mt copper and 3.5 > 0.5% CuEq Moz gold (in
Slide 54: Los Helados Development Pathways
Los Helados Development Pathways Three strategic options under evaluation to unlock district value 1 EXTENSION Lower CAPEX Lower Execution Risk Leverage existing Caserones infrastructure Los Helados Ore Transport Caserones Plant Life of Mine CAPEX GROWTH Extension 2 EXPANSION Higher Shared Productio
Slide 55: Vicuña Corp.
Vicuña Corp. 50/50 Joint Venture with BHP Vicuña Ron Hochstein, CEO Vicuña Corp. 55
Slide 56: Next major copper project to be developed
Next major copper project to be developed Vicuña 56
Slide 57: Video: Vicuña District Overview
Video Vicuña District Overview
Slide 58: Vicuña – Tier Asset
Vicuña – Tier 1 Asset1,2 Potential to be a top five copper, gold and silver mine in the world1 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 700kozAu 22M
Slide 59: Self-Funding Expansion – Updated Metal Prices
Self-Funding Expansion – Updated Metal Prices Phased approach to manage capital expenditures and self-fund expansions Free Cash Flow1,2,3,4 ($B) Stage 3 Construction after Stage 2 & 3 capex $3.6 $3.8 $3.5 $3.0 $2.8 Stage 2 Construction $2.1 $1.9 $1.2 $1.0 $1.0 -$0.8 Year 2030 2031 2032 2033 2034 203
Slide 60: Vicuña Corp.
Vicuña Corp. Rapidly advancing the project towards construction Jan May Feb Mar Jun 2025 2025 2026 2026 2026 Vicuña Corp JV Vicuña Initial MRE Vicuña Integrated Stage 1 EIA RIGI Approved Formation Technical Report Approval 60
Slide 61: Pathway to Sanctioning Vicuña
Pathway to Sanctioning Key milestones Fiscal stability agreement Provincial agreements Detailed design & engineering Vicuña 61
Slide 62: Fiscal Stability Agreement
Fiscal Stability Agreement RIGI PEELP application approved, Argentina’s incentive regime for large-scale investments Description RIGI1 Income tax 25% VAT Cash-free VAT (tax certificates) Import duties Exempt excl consumables but require guarantee Stability Period 30/40 yrs. Exportation taxes 0% afte
Slide 63: Stage 1 – Engineering & Procurement
Stage 1 – Engineering & Procurement Engineering expected to exceed 50% by year-end • 400+ suppliers engaged to support project delivery across the value chain • Long-lead procurement is advancing o High voltage equipment and heavy mining equipment • Major construction contract scopes are being devel
Slide 64: Stage 1 – Project Readiness
Stage 1 – Project Readiness People & Resources Headcount Ramp Up • Training programs underway 4,000 • Camp expansion ongoing 1,840 2,500 • Final camp capacity of ~6,500 by 2028 620 900 1,200 Current 2026 YE 2027 YE Employees Contractors Vicuña Training Programs 64
Slide 65: Stage 1 – Project Execution
Stage 1 – Project Execution Early earthworks and construction packages • Access road improvements commenced • Concentrator bulk earthworks • 150 tonne fleet on order, first units October 2026 • Major vertical construction packages to be tendered Q3 2026 • High voltage powerline construction to be te
Slide 66: Stage 2 & 3 Workplan
Stage 2 & 3 Workplan District Leaching & Filo Sulfides Stage 2 • Flowsheet optimization and metallurgical testing ongoing Stage 3 PFS • Binational treaty protocols Stage 3 • Mine plan optimization and ongoing drilling • Metallurgical testing Filo del Sol • Infrastructure studies • PFS – H2 2027 66
Slide 67: What to Expect in 2027
What to Expect in 2027 Subject to Stage 1 sanction decision • Tailings storage facility earthworks contract to be awarded and commence early 2027 • Major vertical construction contracts awarded and commenced Camp expansion • Construction camp expanded to +4,300 beds • Stage 1 engineering >85% comple
Slide 68: Vicuña Corp. Summary
Summary Vicuña Corp. Project & Operational Detailed Design and Readiness Engineering Sanctioning Decision Vicuña 68
Slide 69: Financial Outlook
Caserones Concentrate Loadout Financial Outlook Teitur Poulsen, Chief Financial Officer
Slide 70: Financial Outlook
Financial Outlook Net cash position, poised for growth Chapada 2025 Capital Market Day 2026 Outlook 5-year financial outlook Impact of Vicuña Shareholder distributions through Ability to fund growth Ability to generate cash flow any cycle Capital allocation strategy 70
Slide 71: Financial Framework
Financial Framework Robust balance sheet with strong future cash flows Operational Excellence – Anchored on LOM Mineral resources, planning, technical reviews Operating Cashflow Cost discipline and focus Sustaining Expansionary Shareholder Balance Sheet Capex Capex Distribution Strength Full Potenti
Slide 72: Financial Scenarios
Financial Scenarios Base case and growth scenarios Operations Included Excluded Projects Included Excluded Caserones Base Case LOM Vicuña PEA Candelaria Base Case LOM Chapada Base Case LOM Saúva Phase 1 Corporate Included Excluded Saúva Phase 2 Shareholder Distributions Caserones Cathodes - 35 ktpa
Slide 73: Key Macro Assumptions
Key Macro Assumptions Base Case Long-Term Sensitivities Metal Prices 2026 2027 2028 2029+ Metal Prices LOW BASE CASE HIGH Copper $5.50/lb $5.50/lb $5.50/lb $5.50/lb Copper $4.50/lb $5.50/lb $6.50/lb Gold $4,000/oz $4,000/oz $4,000/oz $3,700/oz Molybdenum $25.00/lb $25.00/lb $25.00/lb $25.00/lb Forei
Slide 74: FY 2026 Forecast & Sensitivities
FY 2026 Forecast & Sensitivities +/- $1.00 change in 2026 Production Guidance Base Case1,4 Copper Price Copper 310 – 335 kt Gold 134 – 149 koz 2026 Financial Forecast Revenue $4,510M +690 / -690 Adjusted EBITDA2 $2,270M +640 / -630 Adjusted Operating Cash Flow2 $1,730M +410 / -410 Adjusted Free Cash
Slide 75: 10-Year Production Outlook
10-Year Production Outlook Growth target of +500 kt/yr copper production Consolidated Avg. Copper Production & Growth Targets1 (ktpa) +500 kt 500 410 kt 340 kt 330 kt 250 2024 - 2025 2026 - 2027 2028 - 2029 2030 - 2031 2032 - 3033 2034 - 2035 2 4 LOM Growth 3 Vicuña (50%) See "Endnotes – Additional
Slide 76: Unit Cash Costs & EBITDA
Unit Cash Costs & EBITDA Illustrative 5-year outlook (2026 – 2030)1 C1 Unit Cash Costs2 EBITDA Margin2 Cumulative Adj. EBITDA2 ($/lb Cu) (%) 2026-2030 ($B) $2.50 80% $15.3 $13.2 50% $11.1 2025 CMD Base Case $8.1 $0.50 20% 2023 2024 2025 2026 2027 2028 2029 2030 2022 2023 2024 2025 2026 2027 2028 202
Slide 77: Input Cost Sensitivity
Input Cost Sensitivity Projected 2026 cost breakdown1 Supplies Lundin Mining 1% Explosives Employees Reagents 3% 2% 35% 13% 14% Diesel 7% 17% Fuel & Labour Costs Consumables 22% 3% Energy 10% Contracted Rods/Balls Services Electricity 5% Other Mine Costs Consolidated Guidance Mid-point Cash Cost Sen
Slide 78: Cumulative Free Cash Flow
Cumulative Free Cash Flow Illustrative 5-year outlook (2026 – 2030)1 Cumulative Free Cash Flow ($B) Cumulative Sustaining Capital ($B) $12.1 $0.2B $10.5 ($2.5) $9.6 $9.0 $8.1 $0.4B 2025 CMD $6.5 $6.5 Base Case $1.1B 2025 CMD Base Case $4.9 $0.8B Adjusted Operating Sustaining Adjusted Free Cash Cash
Slide 79: Vicuña Impact on Financials – A Decade of Two Halves
Vicuña Impact on Financials – A Decade of Two Halves Illustrative EBITDA and Free Cash Flow Cumulative Adj. Cumulative Adj. FCF Vicuña Expansionary EBITDA1,2 ($B) from Operations1,2 ($B) Capital1,2 ($B) +90% 70% $15.5 $22.3 -20% $4.9 $3.9 $13.2 $8.1 2026 - 2030 2031 - 2035 2026 - 2030 2031 - 2035 20
Slide 80: Illustrative Cumulative Cash Flow
Illustrative Cumulative Cash Flow Cumulative Cash Flow (2026 – 2035)1,2 ($B) $17.3 $15.5 $13.5 $9.6 $11.6 $8.1 $8.2 $6.5 $4.1 $4.5 ($0.7) Adj. FCF from Distributions Expansionary Leases, Available 2025 Net cash Vicuña Net Debt Adj. FCF from Distributions Expansionary Leases, Available Net cash Opera
Slide 81: Disciplined Approach to Leverage
Disciplined Approach to Leverage Strong balance sheet to fund growth Adjusted EBITDA and Leverage1 Available Liquidity (RCF) Chapada Josemaria Caserones European Sale Acquired Acquired Acquired Vicuña JV 2500 1.0x 0.8x 0.7x 2000 $4.5B 0.5x $0.1B $3.5B $2,037 1500 drawn 0.0x $2.25B 0.0x 0.0x $1,869 1
Slide 82: Shareholder Distribution Policy
Shareholder Distribution Policy $220M Annual Distributions Regular Dividend1 Share Buybacks2 Special Dividend ▪ CAD 0.11/share annually ▪ Up to $150 million annually ▪ Issued if regular dividend and share buybacks are less than $220 million Special dividend Q1 Q2 Q3 Q4 (if applicable) Dividend (CAD/
Slide 83: Financial Outlook Summary
Summary Financial Outlook Stable Underlying Robust Balance Sheet Delivering Sustained Business to Deliver Shareholder Distributions Net Cash Position with Caserones Strong Cashflows Significant Borrowing Capacity 83
Slide 84: Summary
Summary Candelaria Jack Lundin, President & CEO
Slide 85: A Decade of Growth Ahead
A Decade of Growth Ahead Driven by Vicuña and supported by a strong underlying business1 Avg. Total Growing Cu Production (kt/yr) Revenue ($B) Production 48% 30% $35.6 445 Significant Revenue $24.1 340 Strong Avg. Avg. 2026 - 2030 2031 - 2035 Underlying business 2026 - 2030 2031 - 2035 See "Endnotes
Slide 86: Robust Cashflows to Drive Excess Shareholder Capital Returns
Cashflows to Drive Capital Returns Illustrative EBITDA and cash flow after capital expenditure requirements1,2 Cumulative Adj. EBITDA ($B) Cumulative Adj. FCF Operations ($B) Robust EBITDA & Cashflow 70% $22.3 +90% $15.5 Excess $13.2 Cash generation $8.1 2026 - 2030 2031 - 2035 2026 - 2030 2031 - 20
Slide 87: Poised for Growth
Poised for Growth Driven by operational excellence and a proven team Current Near-Term Balance Sheet Next Chapter Foundation Catalysts Strength Operational Focus Growth Drivers Financial Outlook Vicuña District Consistently met guidance (last 3 Accelerating the Saúva Project Strong balance sheet to
Slide 88: Capital Markets Day June 17, 2026
Capital Markets Day 88 June 17, 2026
Slide 89: Endnotes
Endnotes Los Helados
Slide 90: Additional Footnotes
Additional Footnotes Page 9 – Evolution of Lundin Mining Technical Information” below. 1. Copper equivalency based on realized revenue and realized commodity prices of $3.75/lb in 2022 and $4.91/lb in 2025. Page 25 – Chapada Full Potential 2. EBITDA and EBITDA margins are non-GAAP measures. Please s
Slide 91: Additional Footnotes
Additional Footnotes Page 32 – Candelaria Full Potential Page 39 – Caserones Full Potential 1. Comparison of 2022 (Pre-Full Potential program) and 2025 (Post-Full Potential program). 1. Comparison of 2022 (pre-Full Potential program) and 2025 (Post-Full Potential program). 2. Sustaining capital expe
Slide 92: Additional Footnotes
Additional Footnotes Page 75 – 10-Year Production Outlook Page 79 – Vicuña Impact on Financials – a decade of two halves 1. Targets reported are on a 100% consolidated basis for all assets except the Vicuña Project (Filo del Sol and Josemaria deposits) which 1. Lundin Mining’s financial outlook is i
Slide 93: Additional Footnotes
Additional Footnotes Page 85 – A Decade of Growth Ahead 1. Lundin Mining’s projections and financial outlook are indicative in nature and subject to change, and are based on (among others) the respective Chapada, Candelaria and Caserones Technical Reports as supplemented and/or modified by the resul
Slide 94: 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 95: 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 96: 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 Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining’s attributable in
Slide 97: Notes on Mineral Resource and Mineral Reserve Tables
Notes on Mineral Resource and Mineral Reserve Tables Mineral Resource and Mineral Reserve estimates are shown on a 100% basis. The Measured and Indicated Mineral Resource estimates are inclusive of NSR cut-off value of $34.50/t. Mr. Gustavo Campos, FAusIMM, Director Technical Services for Chapada mi
Slide 98: Los Helados Mineral Resource Estimate
Los Helados Mineral Resource Estimate 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% I
Slide 99: Scientific and Technical Information
Scientific and Technical Information Unless otherwise indicated, Lundin Mining Corporation (the “Company”) has prepared the scientific and technical information The Mineral Resource estimates for Lundin Mining sites were prepared under the supervision of and verified by Hamilton in this presentation
Slide 100: Outlook Assumptions
Outlook Assumptions Five-Year Financial Outlook Lundin Mining’s financial outlook is indicative in nature and subject to change. The indicative financial outlook is on a 2026 real term basis and is based on commodity prices of $5.50/lb Cu, $4,000/oz Au for 2026-2028 and $3,700/oz Au for 2029 and bey
Slide 101: Non-GAAP and Other Performance Measures
Non-GAAP and Other Performance 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”)
Slide 102: Non-GAAP and Other Performance Measures
Non-GAAP and Other Performance Measures Non-GAAP Measure Most Directly Comparable IFRS Measure Unit Q1 2026 FY 2025 Earnings before interest, taxes, Net earnings (loss) from continuing operations USD million $620.1 $1,857.1 depreciation and amortization ("EBITDA") Adjusted EBITDA Net earnings (loss)
Slide 103: Non-GAAP and Other Performance Measures
Non-GAAP and Other Performance Measures Below are Non-GAAP measures which are not included in the Non-GAAP reconciliations in the Company's latest MD&A. Non-GAAP Measure Definition Most Directly Comparable IFRS Measure Why Management Uses the Measure or Ratio EBITDA margin This ratio is defined as E
Slide 104: Non-GAAP and Other Performance Measures
Non-GAAP and Other Performance Measures Below are Non-GAAP measures which are not included in the Non-GAAP reconciliations in the Company's latest MD&A. Non-GAAP Measure Q1 2026* FY 2025* FY 2024* FY 2023 FY 2022 ($ millions) EBITDA 620.1 1,857.1 1,132.5 1,288.1 1,217.1 divided by: Revenue 1,158.8 4