Slide 1: Q2 Financial Results 2026
Q2 Financial Results 2026 August 5, 2026
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 public disclosure documents of the Company, as well as those related
Slide 3: Participants on the Call
Participants on the Call Jack Lundin Juan Andrés Morel Teitur Poulsen President & CEO COO CFO 3
Slide 4: Q2 2026 Corporate Highlights
Q2 2026 Corporate Highlights Advancing our strategic vision Caserones Capital RIGI PEELP Shares Acquisition Markets Day Approved Repurchased 5% of Caserones and Updated financial projections Provincial agreements 2.2M shares in Q2 | ~$56M 31% of Los Helados and sanctioned ball mill announced constru
Slide 5: Q2 2026 Operational and Financial Highlights
Q2 2026 Operational and Financial Highlights Production1,2 Copper production Gold production Consolidated C1 Cash Cost3 77 ktCu 33 kozAu $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 6: Production Results
Production Results Juan Andrés Morel, COO
Slide 7: 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. Guidance 310 kt 335 kt Annual Production vs. Guida
Slide 8: Q2/26 Copper Production by Mine
Q2/26 Copper Production by Mine Caserones Candelaria Chapada Q2 copper production of 34 kt Q2 copper production of 31 kt Q2 copper production of 12 kt 40 39 37 13 35 12 34 34 11 11 31 31 Q3/25 Q4/25 Q1/26 Q2/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/25 Q4/25 Q1/26 Q2/26 Commentary Commentary Commentary Higher g
Slide 9: Severe Weather Event
Severe Weather Event Subsequent to the quarter end • Candelaria received ~35 mm of rain and Caserones received 3.4 m of snow • Significant impact regionally • Brief interruption of operations at Candelaria, have returned to full production • Caserones operations were disrupted with a loss of power f
Slide 10: Caserones Powerline Repair
Caserones Powerline Repair Power restored, operations ramping up • Two powerline towers serving the mine damaged (high winds and ice build up) • Powerline repair and restoration of power achieved on July 30 • Full capacity of Caserones operations expected by the end of next week Production and cost
Slide 11: Financial Performance
Financial Performance Teitur Poulsen, CFO
Slide 12: Q2/26 Revenue Breakdown
Q2/26 Revenue Breakdown South American focused, copper dominant Q2 Metal Mix Q2 By Mine Revenue Molybdenum Silver & Other Chapada Gold 8% 2% 2% $1,213M 18% $219M Q2 Caserones 43% Q2 $518M Candelaria $476M 39% Copper 88% 12
Slide 13: Volume Sold & Realized Prices
Volume Sold & Realized Prices High realized copper pricing drove financial results in the quarter Copper Volume Sold Realized Pricing1 Realized Pricing1 Cu (kt) Cu ($/lb) Au ($/oz) $5,123 $6.51 $4,511 $5.89 $5.83 $4,412 $4,875 89 81 79 $6.05 78 87 74 $3,889 $4,385 77 77 $5.70 $4,141 $3,419 $4.61 $5.
Slide 14: Q2 Production Costs
Q2 Production Costs YTD trending below cash cost guidance range 2026 Consolidated Cash Cost2 • Modest cost pressure from higher diesel prices across the portfolio 2026 FY Guidance • Candelaria: higher diesel prices and lower by-product credits $1.90/lb Cu $2.10/lb Cu • Chapada: cash cost guidance re
Slide 15: Capital Expenditures
Capital Expenditures Expected to pick up in the second half of the year • Q2 Capital expenditure of $194M Sustaining1,2 Expansionary1,2 • $74M related to Vicuña Corp. $126M $83M $7M • ~70% of sustaining capital attributed to $18M $111M $9M Equipment $9M stripping, tailings and underground $23M $54M
Slide 16: Q2 Key Financial Metrics
Q2 Key Financial Metrics Near record adjusted EBITDA during the 2nd quarter Adjusted EBITDA1,2 Adjusted Operating Cash Flow 1,2 $658 million in Q2 $495 million in Q2 $678M $701M $658M $627M $665M $686M $495M $490M $450M $396M $383M $472M $377M $279M $366M $261M Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3
Slide 17: Q2 Key Financial Metrics
Q2 Key Financial Metrics Another strong quarter of free cash flow generation and earnings Free Cash Flow from Operations1,2 Adjusted Earnings1,2 $360 million in Q2 $257 million in Q2 $370M $413M $364M $380M $360M $388M $265M $257M $223M $152M $169M $195M $100M $143M $160M $88M Q2/25 Q3/25 Q4/25 Q1/2
Slide 18: Cash Flows and Balance Sheet Strength
Cash Flows and Balance Sheet Strength Key changes in net cash during the second quarter $495M Net Cash1,2 $79M ($36M) ($111M) ($83M) $249M ($215M) ($13M) ($56M) ($34M) ($82M) $79M ($35M) Net Cash (Debt) Adj. Operating Working Capital Sustaining Expansionary 5% Caserones & Settlement of Shares Shareh
Slide 19: Summary
Summary Jack Lundin, President & CEO
Slide 20: Vicuña – Pathway to Sanctioning
Vicuña – Pathway to Sanctioning Key activities RIGI PEELP approved Provincial agreements announced Regulatory approval for the high voltage power line Vicuña Camp 20
Slide 21: Stability and Growth to Create Lasting Value
Stability and Growth to Create Lasting Value Operational Tracking to full-year Continuing to advance our consistency production and cost growth strategy Candelaria guidance Safety focused 21
Slide 22: Q2 Financial Results 2026
Q2 Financial Results 2026 August 5, 2026