Slide 1: Q1 Financial Results 2025
Q1 Financial Results 2025 May 7, 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 including Filo del Sol and Josemaria; risks that revenue m
Slide 3: Participants on the Call
Jack Lundin Teitur Poulsen Juan Andres Morel President & CEO CFO COO Participants on the Call
Slide 4: Q1 2025 Highlights
Q1 2025 Highlights1 77ktCu Quarterly Cu production in Q1 20252 81ktCu Quarterly Cu sales in Q1 20252 32kozAu Quarterly Au production in Q1 20252 $388M Adjusted EBITDA in Q1 20253 $337M Adjusted OCF before changes in $2.07/lb Consolidated C1 Cash Costs3 ($/lb Cu) working capital in Q1 20253 1. For co
Slide 5: Q1 2025 Highlights
Q1 2025 Highlights Transformed asset portfolio Sale of European Boulderdash Option assets to Boliden Agreement with Talon Updated Mineral Updated Shareholder Resource and Reserve Distribution Policy Statement Zinkgruvan
Slide 6: Vicuña Mineral Resource Estimate
Vicuña Mineral Resource Estimate Vicuña stands as the most significant greenfield mineral discovery in the last 30 years – emerging as one of the world's largest copper, gold, and silver resources1 ▪ January 15th – completed the transaction to jointly acquire Filo with BHP and form Vicuña Corp. ▪ Mi
Slide 7: Production Results
Production Results
Slide 8: Q1/25 Production Results
Q1/25 Production Results Copper Q1 production of 77 kt Annual Q1 Guidance Range 77 kt 92 94 77 72 303 kt 330 kt Q2/24 Q3/24 Q4/24 Q1/25 Continuing Operations Discontinued Operations Gold Q1 production of 32 koz Annual 47 46 Q1 Guidance Range 32 32 32 koz 135 koz 150 koz Q2/24 Q3/24 Q4/24 Q1/25 Caser
Slide 9: Q1/25 Copper Production
Q1/25 Copper Production Candelaria Caserones By Mine Q1 production of 37 kt Q1 production of 29 kt 50 49 ▪ Candelaria had higher throughput due to 37 32 30 29 29 softer ore 31 ▪ Higher cathode production and better mill performance at Caserones Q2/24 Q3/24 Q4/24 Q1/25 Q2/24 Q3/24 Q4/24 Q1/25 ▪ Chapa
Slide 10: Q1/25 Nickel Production
Q1/25 Nickel Production Nickel Q1 production of 2.3 kt Annual Q1 Guidance Range 2.3 1.7 1.6 2.3 kt 0.9 8 kt 11 kt Q2/24 Q3/24 Q4/24 Q1/25 Caserones Mine Lundin Mining | Q1 Financial Results 10
Slide 11: Financial Performance
lundin mining Financial Performance
Slide 12: Continuing Operations Q1/25 Revenue
Continuing Operations Q1/25 Revenue Metal Mix1 Q1 By Mine1 Q1 Revenue Nickel Chapada Other2 $964M Molybdenum 3% 2% 12% 2% Eagle Gold 5% 9% Caserones Q1 Q1 40% Candelaria Copper 43% 84% 1. Revenue on continuing operations. 2. Other metals include silver, cobalt, and PGM sales. Lundin Mining | Q1 Fina
Slide 13: Volume Sold and Realized Prices
Volume Sold and Realized Prices Copper Volume Sold $6.00 Realized Pricing Revenue (kt) Cu ($/lb) of $964 million in Q1 for continuing operations $1,144 M $5.50 $1,084 M $1,073 M Cu $1,024 M $180 M $5.00 $4.79 90 93 $4.63 $937 M $206 M $200 M 86 87 $165 M 79 87 $4.50 $4.29 $125 M 80 81 81 $4.16 70 $3
Slide 14: Q1 Production Costs
Q1 Production Costs ▪ Change in inventory from delayed Caserones shipment increased production costs C1 Cash Cost ▪ Higher costs were driven by increased material movement at Candelaria & Caserones ▪ Candelaria and Chapada cash costs benefited from higher gold prices and FX $2.07/lb Cu Consolidated
Slide 15: Capital Costs
Capital Costs Q1 2025 Capital Expenditure1 Sustaining Growth Full Year Full Year Q1 Guidance Q1 Guidance (Sustaining) (Growth) ▪ $175M spent during the period $113M $530M $63M $205M ▪ Stripping and tailings represented ~70% or $78M of total sustaining capital costs ▪ $43M spent at Vicuña (50%) $113M
Slide 16: Q1 Key Financial Metrics
Q1 Key Financial Metrics Adjusted EBITDA1 Adjusted Operating Cash Flow1 of $388 million in Q1 for continuing of $337 million in Q1 for continuing operations operations $461 M $458 M $451 M $393 M $426 M $370 M $91M $73M $63M $57M $56M $363 M $314 M $79M $305 M $314 M $24M $385M $388M $370M $368M $20
Slide 17: Q1 Key Financial Metrics
Q1 Key Financial Metrics Free Cash Flow from Operations1 Adjusted Earnings (Loss)1 Net Debt / Adjusted EBITDA1,2 of $22 million in Q1 for continuing operations of $85 million in Q1 for continuing operations $466 M $146 M 1.0X $42M $338 M $424M $122 M $119 M $52M $13M $24M $39M $324M $73 M $95M $94M
Slide 18: Cash Flow and Balance Sheet Strength
Cash Flow and Balance Sheet Strength Key Changes in Net Debt1 $611 M $690 M $176 M $71 M $64 M $1,442 M $1,402 M $1,332 M $337 M $215 M $83 M $108 M $53 M $262 M $84 M $124 M 1 2024 ending Adjusted Working Capex Acquisition Proceeds for Shares Other, March 31, Proceeds Funds left in Net Debt Q4 Divi
Slide 19: Growth
Growth
Slide 20: Option Agreement with Talon Metals Corp.
Option Agreement with Talon Metals Corp. ▪ The Company entered into an exclusivity agreement to earn a 70% ownership interest in the Boulderdash ▪ Similar deposit style to Eagle and Eagle East with high Ni-Cu tenors ▪ Drilling intercepted 2.35 m of 2.33% Ni and 2.95% Cu ▪ Located 12km from the Eagle
Slide 21: Vicuña Mineral Resource Estimate
Vicuña Mineral Resource Estimate Summary of contained metal1 Copper Gold Silver M&I 13 Mt 32Moz 659 Moz Inferred 25 Mt 49 Moz 808 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 viability. Ther
Slide 22: Generational Discovery
Generational Discovery Leading base metal companies are built around districts ▪ The largest greenfield copper discovery in the last 30 years ▪ One of the largest gold resources in the world ▪ One of the largest silver resources in the world Significant Copper Discoveries in the last 35 years1 Colla
Slide 23: High-Grade Core within the Mineral Resource estimate
High-Grade Core within the Mineral Resource estimate 1 Filo del Sol High-grade core 1.14 High-grade core 4.5 Mt Cu, 9.6 % CuEq3 Josemaria High-grade core 0.73 High-grade core 1.0 Mt Cu, 2.4 % CuEq4 Moz Au & 259 Moz Ag (M&I)2 Moz Au & 11 Moz Ag (M&I)2 Filo del Sol high-grade core S Gemelos N CuEq gra
Slide 24: 2025 YTD Summary
2025 YTD Summary Transformed portfolio focused on copper growth in South America Mineral $1.4B sale of Vicuña Corp. JV Resource European assets Established Estimate for to Boliden Vicuña District Updated Boulderdash Resource and Shareholder Option Reserve Distribution Agreement Statement Policy ~$22
Slide 25: 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 | Q1 Fin
Slide 26: Vicuña District – Mineral Resource
Vicuña District – Mineral Resource Notes: Mineral Resources have an effective date of April 15, 2025. Mineral resources 100% basis are not mineral reserves and do not have demonstrated economic viability. Type Category Tonnes (Mt) Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Reported within a