Lundin Mining Corporation · TSX:LUN
Lundin Mining — Q2 2025 Earnings Presentation
27 slides from Lundin Mining's earnings presentation, Aug 7, 2025
Slide 1: Q2 Financial Results 2025
Q2 Financial Results 2025 August 6, 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 partnerships and joint operations; risks relating to devel
Slide 3: Participants on the Call
Participants on the Call Jack Lundin Juan Andres Morel Teitur Poulsen President & CEO COO CFO
Slide 4: Goal: +500 kt/yr Copper
Capital Markets Day Path to becoming a global top 10 copper producer Goal: +500 kt/yr Copper Unrivaled growth; high quality, +550 koz/yr Deliver on operational targets long-life assets. Gold Unlock near-mine opportunities Lundin Mining | Q2 Financial Results Build Vicuña 4 Caserones
Slide 5: Q2 2025 Highlights
Q2 2025 Highlights Transformed asset portfolio Sale of Neves-Corvo Vicuña Mineral and Zinkgruvan for Resource Estimate $1.4B 38Mt Cu 81Moz Au 1.4Boz Ag Released 2024 Strong Safety Sustainability Performance in H1 Report Candelaria
Slide 6: Q2 2025 Highlights
Q2 2025 Highlights1 80ktCu Quarterly Cu production in Q2 20252 38kozAu Quarterly Au production in Q2 20252 $1.92/lb Consolidated C1 Cash Costs3 ($/lb Cu) $937M Revenue in Q2 20251 $395M Adjusted EBITDA in Q2 20251,2 $277M Adjusted Operating Cash Flow in Q2 20251,2 1. For continuing operations. 2. Q2
Slide 7: Production Results
Production Results Juan Andrés Morel, COO
Slide 8: Q2/25 Production Results
Q2/25 Production Results Copper Q2 production of 80 kt Annual 100 101 Q1 Q2 Guidance Range 83 81 77 kt 80 kt 92 94 77 80 157 kt YTD 303 kt 330 kt Q3/24 Q4/24 Q1/25 Q2/25 Continuing Operations Discontinued Operations Gold Q2 production of 38 koz Annual 47 Q1 Q2 Guidance Range 46 38 32 32 koz 38 koz 7
Slide 9: Q2/25 Copper Production
Q2/25 Copper Production Candelaria Caserones By Mine Q2 production of 37 kt Q2 production of 29 kt 50 49 ▪ Candelaria had higher throughput due to 37 37 32 29 29 29 softer mill feed ▪ Higher cathode production continued at Caserones Q3/24 Q4/24 Q1/25 Q2/25 Q3/24 Q4/24 Q1/25 Q2/25 ▪ Chapada saw highe
Slide 10: Q2/25 Nickel Production
Q2/25 Nickel Production Nickel Q2 production of 2.7 kt Annual Q1 Q2 Guidance Range 2.7 2.3 2.3 kt 2.7 kt 1.6 0.9 5.0 kt YTD 8 kt 11 kt Q3/24 Q4/24 Q1/25 Q2/25 Eagle Mine Lundin Mining | Q2 Financial Results 10
Slide 11: Financial Performance
Financial Performance Teitur Poulsen, CFO
Slide 12: Continuing Operations Q2/25 Revenue
Continuing Operations Q2/25 Revenue Metal Mix1 Q2 By Mine1 Q2 Revenue Nickel Chapada Other2 $937M Molybdenum 3% 2% 16% 2% Eagle Gold 6% 11% Caserones Q2 Q2 34% Candelaria Copper 43% 82% 1. Revenue on continuing operations. 2. Other metals include silver, cobalt, and PGM sales. Lundin Mining | Q2 Fin
Slide 13: Volume Sold and Realized Prices
Volume Sold and Realized Prices $6.00 Copper Volume Sold Realized Pricing1 Revenue (kt) $5.50 Cu ($/lb) of $937 million in Q2 from continuing operations $1,144M $5.00 $4.79 $1,084M $1,073M Cu $4.63 $1,024M $180 $4.40 $958M 90 93 $4.29 $206 87 $4.50 $200 $21 79 $4.17 $165 80 $4.42 87 $4.32 81 81 79 $
Slide 14: Q2 Production Costs
Q2 Production Costs ▪ Candelaria costs reflect higher throughputs from softer ore feed ▪ Caserones costs normalized from Q1 which had higher sales volumes from delayed conc. shipments C1 Cash Cost3 ▪ Chapada cash costs benefited from higher gold prices and FX Production Costs1,2 Asset Costs $1.92/lb
Slide 15: Capital Costs
Capital Costs Q2 2025 Capital Expenditure1 Sustaining2,3 Expansionary2,3 Revised Full Year Full Year ▪ $150M spent during the period Q1 Q2 Guidance Q1 Q2 Guidance (Expansionary) (Sustaining) ▪ Stripping, tailings and underground $113M $116M $530M $63M $34M $265M development represent ~57% of Q2 $229
Slide 16: Q2 Key Financial Metrics
Q2 Key Financial Metrics Adjusted EBITDA1 Adjusted Operating Cash Flow1 of $395 million in Q2 from continuing of $277 million in Q2 from continuing operations operations $461M $458M $451M $393M $426M $396M $370M $91M $73M $63M $57M $1M $56M $395M $79M $305M $314M $385M $388M $279M $370M $368M $337M
Slide 17: Q2 Key Financial Metrics
Q2 Key Financial Metrics Free Cash Flow from Operations1 Adjusted Earnings (Loss)1 of $211 million in Q2 from continuing of $98 million in Q2 from continuing operations operations $466M $146 M $42M $122M $119M $338M $424M $52M $13M $100M $325M $223M $24M $39M $2M $73M $98M $12M $95M $94M $211M $15M
Slide 18: Cash Flow and Balance Sheet Strength
Cash Flow and Balance Sheet Strength Key Changes in Net Debt1,2 Liquidity Headroom $1,750 $1,442 M $1,315 M $1.5b $235 M $277 M $108 M $23 M $135 M $37 M $41 M $150 M March 31, 2025 Net cash Adj. operating Working Capex Dividends and Dividends to Other June 30, 2025 Total credit RCF drawn net debt p
Slide 19: Vicuña
Vicunha Jack Lundin, CEO
Slide 20: Vicuña Mineral Resource Estimate (High-Grade)
Vicuña Mineral Resource Estimate (High-Grade) Summary of high-grade core contained metal1 Filo del Sol – High-Grade Core2 Josemaria – High-Grade Core3 ▪ 600 Mt at 1.14% CuEq M&I ▪ 200 Mt at 0.73% CuEq M&I ▪ 860 Mt at 0.90% CuEq Inferred Copper Gold Silver Copper Gold Silver M&I 4.5Mt 9.6Moz 259Moz M
Slide 21: Vicuña Corp.
Vicuña Corp. Continues to advance key milestones Filo del Sol Drilling ▪ Ongoing drilling at Filo del Sol ▪ +20 holes since resource cut-off ▪ Updated EIA for Josemaria submitted in Q2 ▪ Geometallurgical testwork and hydrology testing to support throughput, grade and recovery improvements ▪ Mid-term
Slide 22: Organic Growth to +500 ktpa Copper
Organic Growth to +500 ktpa Copper 30 to 40 kt copper and 60 to 70 koz gold production growth over the next 3 to 5 years from existing operations Copper (kt) / year +500 kt2 Gold (koz) / year +550 koz2 ~10% ~350 kt1 ~40% ~205 koz1 303 - 330 135 - 150 2025 2028 - 2030 Long Term Target Growth 2025 202
Slide 23: Conclusion
Conclusion YTD Production vs. Guidance1 ▪ Strong financial results Q1 Q2 Annual Guidance Range ▪ Tracking to full year guidance on all 77 kt 80 kt metals Copper 157 kt YTD 303 kt 330 kt ▪ Improved consolidated cash cost 32 koz 38 koz guidance Gold 70 koz YTD 135 koz 150 koz ▪ Maintain operational di
Slide 24: 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 | Q2 Fin
Slide 25: Vicuña District – Mineral Resource
Vicuña District – Mineral Resource Notes: Mineral Resources have an effective date of April 15, 2025. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Reported within a conceptual pit shell using; Prices of $4.43/lb. copper, $2,185/oz gold, and $28.80/oz si
Slide 26: Scientific and Technical Information
Scientific and Technical Information Unless otherwise indicated, Lundin Mining Corporation (the “Company”) has prepared the scientific and technical persons is a Qualified Person as defined under NI 43-101 and is independent of Lundin Mining. information in this presentation including Mineral Reserv
Slide 27: Non-GAAP Measures
Non-GAAP Measures Certain non-GAAP performance measures are included in this presentation. These performance measures have no standardized meaning within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other min