Slide 1: Q4 and Full Year Financial Results 2025
Q4 and Full Year Financial Results 2025 February 19, 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 respect to the fiscal, geopolitical, economic, permitting and legal
Slide 3: Participants on the Call
Participants on the Call Jack Lundin Juan Andrés Morel Teitur Poulsen President & CEO COO CFO 3
Slide 4: 2025 Company Highlights
2025 Company Highlights Streamlined portfolio, deleveraged balance sheet and the strongest growth profile amongst our peers Acquisition of Filo Sale of European Merger of Eagle with BHP and 50% assets to Boliden Mine with Talon sale of Josemaria Metals 15.5M shares Vicuña Record revenue in repurchas
Slide 5: FY 2025 Highlights
FY 2025 Highlights Record Revenue for the year 331 ktCu Cu production in 20251,2 142 kozAu Au production in 20252 $1.87/lb Consolidated C1 Cash Cost4 ($/lb Cu) $4,053M Revenue in 20253 $1,917M Adjusted EBITDA in 20253,4 $1,622M Adjusted Operating Cash Flow in 20253,4 1. Production inclusive of Eagle
Slide 6: Production Results
Production Results Juan Andrés Morel, COO
Slide 7: Q4/25 Copper Production
Q4/25 Copper Production Total production for the year of 331,000 tonnes of copper Copper Q4 production of 87 kt1,2 Annual 87 87 Q1 Q2 Q3 Guidance Range1,2 84 81 77 kt 80 kt 87 kt 331 kt FY1 87 87 80 77 319 kt 337 kt Q1/25 Q2/25 Q3/25 Q4/25 Continuing Ops (incl. Eagle) Discontinued Ops Gold Q4 produc
Slide 8: Q4/25 Production
Q4/25 Production Caserones achieved the upper end of guidance By Mine Candelaria Q4 copper production of 34 kt Caserones Q4 copper production of 40 kt 40 ▪ Candelaria – Lower grades were offset 37 37 37 34 35 by higher throughput in the quarter 29 29 ▪ Caserones – Highest quarterly Q1/25 Q2/25 Q3/25
Slide 9: Q4/25 Production
Q4/25 Production Chapada produced 44 kt copper in 2025 By Mine Chapada Q4 copper production of 11 kt Eagle1 Q4 nickel production of 2.2 kt ▪ Chapada – met guidance for the full 11 13 11 2.7 2.7 year 9 2.3 2.2 ▪ Eagle – met nickel guidance for the Q1/25 Q2/25 Q3/25 Q4/25 Q1/25 Q2/25 Q3/25 Q4/25 full
Slide 10: Financial Performance
Financial Performance Teitur Poulsen, CFO
Slide 11: Q4/25 Revenue
Q4/25 Revenue Copper share of total revenue has gone up from ~75%1 to 87% Q4 Metal Mix2 Q4 By Mine Q4 Disc Ops Molybdenum Silver Chapada Eagle 14% 4% $1,354M Gold 1% 2% 10% Cont. Ops: $1,302M Disc. Ops: $52M3 Q4 Caserones 44% Q4 2025 FY Candelaria 38% Copper $4,463M 87% Cont. Ops: $4,053M Disc. Ops:
Slide 12: Q4 Volume Sold & Realized Prices
Q4 Volume Sold & Realized Prices Delayed concentrate shipment from Q3 into Q4 increased sales volumes Copper Volume Sold Realized Pricing1,2 Concentrate Inventory3 $7.00 (kt) $6.50 Cu ($/lb) (kt concentrate) Cu $6.00 $5.89 Delayed Shipment 93 $5.50 89 Delayed Shipment 87 81 79 ~20 kt $5.00 86 87 $4.
Slide 13: Q4 Production Costs
Q4 Production Costs Lower end of cash cost guidance range for 2025 FY 2025 Cash Cost2,3 ▪ Candelaria: 3-year union agreement signing expensed in Q4 2025 $1.95/lb Cu Original Guidance $2.15/lb Cu ▪ Caserones: Q4'25 costs higher due to higher copper sales volumes $1.85/lb Cu Revised Guidance $2.00/lb
Slide 14: Capital Expenditure Full Year 2025
Capital Expenditure Full Year 2025 2025 Capital Expenditures1 ▪ Full Year Capital Expenditure of $690M Capital Cost Breakdown ▪ 8% below guidance of $750M2 $167M $690M $9M $31M $67M $22M $2M $21M $499M $97M Water Management $97M Equipment $156M UG Development $129M Tailings Other $224M Stripping $16
Slide 15: Q4 Key Financial Metrics
Q4 Key Financial Metrics Record adjusted EBITDA during the 4th quarter Adjusted EBITDA1,2 Adjusted Operating Cash Flow 1,2 $686 million in Q4 and $1,917 million in $665 million in Q4 and $1,622 million in 2025 2025 $701M $678M $686M $665M $490M $451M $426M $396M $472M $393M $383M $314M $367M $382M $
Slide 16: Q4 Key Financial Metrics
Q4 Key Financial Metrics Strong financial performance to finish the year Free Cash Flow from Operations1,2 Adjusted Earnings1,2 $388 million in Q4 and $774 million in 2025 $364 million in Q4 and $688 million in 2025 $466M $370M $413M $447M $364M $388M $223M $169M $146M $152M $195M $119M $100M $143M
Slide 17: Strong Cash Flows from Operations
Strong Cash Flows from Operations Key Changes in Cash Full Year 2025 – Net cash position $77M1,2 Revolving Credit Facility5 $4.5B $1.75B $1,315M Current New Commitments $1,622M ($259M) ($138M) $34M $77M ($150M) ($414M) $68M ($669M) ($1,332M) 2024 Net Debt Adj. Operating Working Capital Capex includi
Slide 18: Production & Cost Guidance
Production & Cost Guidance Jack Lundin, CEO
Slide 19: Guidance Outlook
Guidance Outlook 3-Year Production Guidance 2026 Cash Cost Guidance Copper1 +15 kt copper (US$/lb) kt 315 - 340 Cash Cost1,2,3,4 310 - 335 290 - 315 Cu Candelaria (100%) $2.05 - $2.25 Copper Caserones (100%) $2.05 - $2.25 2026 2027 2028 Chapada $1.00 - $1.20 Total $1.90 - $2.10 Gold koz 143 - 158 13
Slide 20: 2026 Capital Expenditure Guidance Summary
2026 Capital Expenditure Guidance Summary • Total sustaining capital is forecast to be Capital Expenditures1 ($M) 2026 $550M, consistent with prior years’ original Candelaria (100%) $215 guidance Caserones (100%) $235 Chapada $100 • Candelaria and Caserones account for Total Sustaining Capital $550
Slide 21: 2026 Exploration Program
2026 Exploration Program Exploration efforts continue to focus on near mine and higher-grade resources $53M Exploration Budget • Caserones – 39,800 m program • Focus on the Angelica deposit definition • Targeting discoveries Centauro & Cordillera • Candelaria – 16,000 m program • Underground resourc
Slide 22: Saúva Update
Saúva Update Juan Andrés Morel, COO
Slide 23: Saúva Update
Saúva Update • Additional ball mill installation at Chapada and development of Saúva satellite deposit • Higher recoveries from finer grind size (~5% for copper & gold) • Higher grade material from Saúva to offset lower grade material at Chapada • Prefeasibility study completed, sanctioning decision
Slide 24: Vicuña Study Highlights
Vicuña Study Highlights Jack Lundin, CEO 24
Slide 25: 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 26: 2025 Company Highlights
2025 Company Highlights Streamlined portfolio, deleveraged balance sheet and the strongest growth profile amongst our peers Acquisition of Sale of Merger of Eagle Filo with BHP European Mine with Talon and 50% sale of assets to Metals Josemaria Boliden 15.1M shares Vicuña Record revenue repurchased