Slide 1: Disciplined Copper Growth at Scale
Disciplined Copper Growth at Scale Corporate Presentation TSX: LUN NASDAQ STOCKHOLM: LUMI May 2025
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 Josemaria; risks that revenue may be significantly impacted in the
Slide 3: Overview
Overview Disciplined Copper Growth 4 Company Overview 11 Operations 14 Vicuña Corp. 20 Vicuña District 39 Sustainability 45 Production & Cost Guidance 49 Exploration 53 Mineral Reserves & Mineral Resources 55 Lundin Mining Corporate Presentation 2025 3
Slide 4: Disciplined Copper Growth
Disciplined Copper Growth Delivering on our strategy
Slide 5: Portfolio Simplification
Portfolio Simplification Americas focused, copper dominate 4 mines & 3 jurisdictions Candelaria Candelaria Chile | Copper Chile | Copper Portfolio Caserones Simplification Caserones Chile | Copper Chile | Copper Growth Profile Chapada Brazil | Copper/Gold Chapada Brazil | Copper/Gold +500 kt copper/
Slide 6: Operational Focus
Operational Focus 2024 record copper production and guidance achieved Chapada1 ▪ Optimized mine plan to reduce annual stripping requirements - Annual mining rates lowered by ~30 Mtpa Candelaria2 Chapada ▪ Redesigned mine plan to reduce mine movement by 25% Candelaria Caserones Improvements extend to
Slide 7: Transformed Business Profile
Transformed Business Profile Copper focused, better margins, clean balance sheet, improved capital allocation Copper Focused1 Other, 14% Copper, 71% Gold, 7% Better Stronger Improved Capital Zinc, 9% Margins2 Balance Sheet3 Allocation4 2023 EBITDA Margin Net Debt Sustaining Capital $1,332M 43% Ameri
Slide 8: Capital Return to Shareholders
Capital Return to Shareholders ▪ +$1.36 billion returned to shareholders via dividends and share buybacks since 2017 ▪ Total shareholder allocation1 of ~US$220M/yr (dividend of C$0.11/share & ~$150M in share buybacks) $335M Shareholder Returns2 (US$M) $268M $227M $206M $99M $88M $68M $67M 2017 2018
Slide 9: Disciplined Copper Growth to +500 kt/yr
Disciplined Copper Growth Acquired Filo; Vicuña JV Revenue: $4.1B to +500 kt/yr Acquired Delivering on our strategy Caserones Growth Opportunities3 Acquired European Sold Tenke Acquired Asset Sale2 Josemaria Chapada Acquired 300 kt Candelaria 369 kt Revenue: 315 kt $728M 250 kt 283 kt 263 kt 257 kt
Slide 10: Track Record of Mineral Resource Growth
Track Record of Mineral Resource Growth1,2 Exploration has been a core value driver for Lundin Mining 320 Candelaria Cu % 101 Neves Corvo Cu % Acquisition year: 2014 Acquisition year: 2006 Divestiture year: 20253 1,390 60 % % Zinkgruvan Zn Eagle Ni Acquisition year: 2004 Acquisition year: 2013 Filo
Slide 11: Company Overview
Company Overview Purpose-built team to deliver results
Slide 12: Company Overview
2025 Cu Guidance1 303 – 330kt Consolidated C1 Cash Cost: $2.05 - $2.30/lb Eagle Ni Cu Corporate Office Company Overview 369ktCu 2 2024A ▪ 4 operating mines, copper focused ▪ Partnership with BHP in the Vicuña District Candelaria2 Cu Au ▪ Shareholder distribution allocation3 of ~$220 million/yr (divi
Slide 13: Historical Results
Historical Results Revenue1 (US$M) Adj. EBITDA1 (US$M) Production Costs (US$M) $4,117M $1,707M Continuing Operations Caserones $445M $3,392M $1,293M $1,364M Discontinued Operations $405M 3 $3,041M $776M $1,661M $1,681M $1,122M 2022 2023 2024 2022 2023 2024 2022 2023 2024 Sustaining Capital1 (US$M) A
Slide 14: Operations
Operations Four operating assets with a focus on copper
Slide 15: Atacama Region & Vicuña District
Atacama Region & Vicuña District Pipeline Long History in the Area ▪ Two operating mines NGEx ▪ Port and desalination plant in the NGEx Los Helados Lunahuasi region Filo del Sol ▪ Strategic partnership and infrastructure to leverage assets Vicuña Corp. Lundin Mining Corporate Presentation 2025 15
Slide 16: Candelaria
Atacama (Chile) Candelaria ▪ Acquired in 2014 for $1.8 billion – Increased LOM by 18 years and M&I resources by 260%1 ▪ Water requirements met through desalinated sea water ▪ Mine plan optimization underway for the Candelaria Underground Expansion Project (CUGEP) Ownership 80% Copper, Gold & Cash Co
Slide 17: Caserones
Vicuña District / Atacama (Chile) Caserones ▪ Acquired 51% in 2023 for $950M – Increased ownership to 70% for $350M adding ~25 kt attributable copper/yr ▪ Large-scale, long-life copper-molybdenum operation ▪ Proximity to Candelaria and Josemaría introduces opportunities to realize supply chain, logi
Slide 18: Chapada (Copper/Gold)
Chapada (Copper/Gold) Location Brazil Overview Ownership 100% ▪ Acquired in 2019 for $800M Reserves (P&P)3 1,294 kt Cu ▪ Processing capacity of 65,000 tpd or 24 Mtpa Grade 0.24 | 0.13 ▪ Exploration focused on Sauva and high-grade targets (Cu% | Au g/t) near mine Mine Life +25 yrs. Mine Type OP Throu
Slide 19: Eagle (Nickel)
Eagle (Nickel) Location USA Overview Ownership 100% ▪ Acquired in 2013 for $325M, production commenced in 2014 Reserves (P&P)3 32 kt Ni ▪ Only primary nickel mine in the U.S. Grade (Ni%) 1.19% ▪ Efficient mine operated by high-performing workforce Mine Life ~5 yrs. ▪ Continue to evaluate exploration
Slide 20: Vicuña Corp.
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Slide 21: Vicuña Corp. Overview
Vicuña Corp. Overview 50% 50% 2 Board Members 2 Board Members Led by: Dave Dicaire 100% 100% Filo Del Sol Project Project Lundin Mining Corporate Presentation 2025 21
Slide 22: Vicuña District
Vicuña CASERONES District Operating mine Vicuña District A closer look NGEx Los Helados ▪ Cluster of 4 known deposits and 1 recent discovery - Scale, geological structure and grade NGEx JOSEMARIA Lunahuasi Development Project ▪ Caserones – large open pit with conventional crush, grind, flotation cir
Slide 23: Vicuña District
Vicuña District 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 ▪ High-sulphidation epithermal copper-gold- silver deposit associated with a large porphyry system ▪ Located in San Jua
Slide 24: Vicuña Mineral Resource Estimate – Size
Vicuña Mineral Resource Estimate – Size 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 viabilit
Slide 25: Vicuña Mineral Resource Estimate – Grade
Vicuña Mineral Resource Estimate – Grade High-grade core within the Mineral Resource estimate Filo del Sol High-grade core 1.14 % CuEq2 High-grade core 4.5 Mt Cu, 9.6 Moz Au & 259 Moz Ag (M&I)1 Josemaria High-grade core 0.73 % CuEq3 High-grade core 1.0 Mt Cu, 2.4 Moz Au & 11 Moz Ag (M&I)1 Filo del S
Slide 26: Vicuña District
Vicuña District Josemaria and Filo del Sol sit approximately 10 km away from each other allowing for economics of scale, shared infrastructure and stage expansions to support a globally ranked mining complex 11 km 10 km Vicuna District Junction Distances and scale approximate for illustrative purpos
Slide 27: Vicuña District
Vicuña District Filo del Sol deposit looking to the northeast Filo del Sol Deposit Lundin Mining Corporate Presentation 2025 27
Slide 28: 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
Slide 29: Filo del Sol Deposit
Filo del Sol Deposit Block model highlighting the grade profile of the deposit1 Filo del Sol Sulphides, 100% basis, NSR cut-off of $10.39/t Category Tonnes (Mt) CuEq % Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured - - - - - - - - Indicated 1,192 0.83 0.54 0.39 8.1 6,452 14.8 311 M&I 1,
Slide 30: Filo del Sol Deposit – High-Grade Core
Filo del Sol Deposit – High-Grade Core Block model highlighting high-grade > 0.75% CuEq1 Filo del Sol Sulphides high-grade core, 100% basis, 0.75% CuEq cut-off Category Tonnes (Mt) CuEq % Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured - - - - - - - - Indicated 606 1.14 0.74 0.49 13.3 4,
Slide 31: Filo del Sol – High-Grade Oxide
Filo del Sol – High-Grade Oxide Block model highlighting high-grade > 0.60% CuEq1 Filo del Sol high-grade oxide core, 100% basis, 0.60% CuEq cut-off Category Tonnes (Mt) CuEq % Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured - - - - - - - - Indicated 181 1.05 0.50 0.39 39.6 911 2.3 230 M
Slide 32: Big Deposits Get Bigger
Big Deposits Get Bigger ▪ Filo del Sol Sulphide deposit: - Open at depth and along strike to the north and south ▪ Updated Filo del Sol oxide Mineral Resource grew contained copper by 43% (M&I) vs January 2023 ▪ Updated Josemaria Mineral Resource grew contained copper by 38% (M&I) vs July 2020 N S R
Slide 33: Big Deposits Get Bigger
Big Deposits Get Bigger Filo del Sol block model and pit outline ▪ Filo del Sol Sulphide deposit: - Drilling along the edges of the pit has intercepted mineralization but limited drill density has categorized it as waste, creating an opportunity to convert to ore Lundin Mining Corporate Presentation
Slide 34: Josemaria Mineral Resource Estimate
Josemaria Mineral Resource Estimate Josemaria, 100% basis, NSR cut-off of $7.30/t Category Tonnes (Mt) Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured 654 0.33 0.25 1.2 2,148 5.2 25 Indicated 992 0.25 0.28 1.1 2,475 4.6 34 M&I 1,646 0.28 0.27 1.1 4,623 9.8 59 Inferred 736 0.22 0.19 1.0 1
Slide 35: Josemaria – High-Grade Core
Josemaria – High-Grade Core Block model highlighting high-grade > 0.60% CuEq1 Josemaria high-grade core, 100% basis, 0.60% CuEq cut-off Category Tonnes (Mt) CuEq % Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Measured 161 0.74 0.50 0.39 1.7 807 2.0 9.0 Indicated 35 0.68 0.49 0.31 1.7 171 0.4 2
Slide 36: Josemaria Project
Josemaria Project Advanced stage development asset ~10 km from Filo ▪ Unlocks the Vicuña District in Argentina ▪ Feasibility Study completed in 20201 ▪ Advancing detailed engineering studies, trade- offs studies, and permits ▪ RIGI passed in July 2024 – Foreign investment incentive bill, basis for f
Slide 37: Josemaria and Filo del Sol Projects
Josemaria and Filo del Sol Projects District development opportunity ▪ Undertake trade off studies, engineering and permitting ▪ Potential for shared process plant and major infrastructure including TSF, roads, and powerlines ▪ Assess combined land package for ideal placement of major infrastructure
Slide 38: Vicuña Next Steps
Vicuña Next Steps Mineral Resource Update in May 2025 ▪ One of the world's largest copper, gold, and silver resources discovered in the last 30 years1 ▪ Drilling to continue at Filo and Cumbre Verde ▪ Integrated technical report outlining a combined phased project Q1 2026 ▪ Application to the Incent
Slide 39: Vicuña District
Vicuña District Size, Scale & Grade
Slide 40: Vicuña District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade Giant footprints make for giant mining districts BOLIVIA El Abra Spence Gaby Collahuasi Alteration Mantos Blancos Operating mine footprint of Chuquicamata large mines CHILE Operating mine El Salvador Escondida compared to Inca de Oro Operating mine Vicuña Manto
Slide 41: 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 42: Vicuña District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade The Vicuña district has the potential to compete with the world’s largest copper mining complexes Cu Cu Mineral Resources of the Largest Copper Mines Copper Grades of the Largest Open Pit Copper Mines (contained copper Mt) (Cu%) Tenke Fungurume Antamina Collahua
Slide 43: Vicuña District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade 2nd largest gold and silver resource compared to the world’s largest copper mining complexes Au Ag Gold Resources of the Largest Copper Mines Silver Resources of the Largest Copper Mines (contained gold Moz) (contained silver Moz) 808 49 659 32 Kamoa-Kakula Esco
Slide 44: Vicuña District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade One of the largest gold and silver resources compared to the world’s largest gold and silver mines Au Ag Gold Resources of the Largest Gold Mines Silver Resources of the Largest Silver Mines (contained gold Moz) (contained silver Moz) 808 49 659 32 Penasquito Ga
Slide 45: Sustainability
Sustainability Focused on the Future
Slide 46: Responsible Mining
Responsible Mining ▪ Ambitious but achievable goal to reduce Scope 1 & 2 GHG absolute emissions by 35% by 20301 Zinkgruvan, Wind Farm, Sweden Scope 2 emissions benefit from Zinkgruvan’s investment in renewable electricity since 2017 Lundin Mining Corporate Presentation 2025 1. Compared to 2019 basel
Slide 47: Responsible Mining
Candelaria, Punta Padrones Port & Desalination Plant, Chile Responsible Mining ▪ Leading ISS Environment & Social Quality Scores ▪ Carbon Disclosure Project (“CDP”) score of ‘B’, above industry and North American averages ▪ Candelaria’s freshwater demands met through sea water desalination facility
Slide 48: Alignment with Best Practices
Alignment with Best Practices ▪ Under the Responsible Mining Framework, we commit to develop and implement management systems and operating practices that take into consideration applicable international guidelines, including: Strong CDP performance, earning a score of ‘B’ • We report annually to th
Slide 49: Production & Cost Guidance
Production & Cost Guidance
Slide 50: Guidance Outlook
Guidance Outlook 3-year Production Guidance1 Commentary Copper ▪ Higher consolidated copper kt production is forecast in 2026, 320 - 348 300 - 328 mainly due to mine sequencing 303 - 330 and copper grade profile at Candelaria and Caserones 2025 2026 2027 ▪ Does not include European assets Gold Nicke
Slide 51: 2025 Production & Cash Cost Guidance Summary
2025 Production & Cash Cost Guidance Summary Guidance Production1 Cash Cost1,2,3,4 Guidance Production1 Cash Cost1,2,3,4 (t, oz; contained metal in conc.) (t, contained metal in conc.) Cu Candelaria (100%) 140,000 - 150,000 $1.80 - $2.00 Au Candelaria (100%) 78,000 - 88,000 Copper Gold Chapada 57,00
Slide 52: 2025 Capital Expenditure Guidance Summary
2025 Capital Expenditure Guidance Summary ▪ Total sustaining capital expenditures Capital Expenditures1 ($M) 2025 reduced by 33% compared to 2024 Candelaria (100%) $205 guidance1 Caserones (100%) $215 ▪ Lower sustaining capital compared to last Chapada $85 year due to lower Candelaria expenditures E
Slide 53: Exploration
Exploration Track record of exploration success
Slide 54: Proven Exploration Success
Proven Exploration Success Candelaria case study Since Lundin Mining’s Mine life Nearly Over Over 2014 acquisition of Candelaria: Extended 160% and production profile improved1 in forecast copper production 260% 320% in M&I Mineral Resource1,2 increase in M&I Mineral Resource over the life-of-mine (
Slide 55: Mineral Reserves & Mineral Resources
Mineral Reserves & Mineral Resources
Slide 56: Mineral Reserves
Mineral Reserves 100% basis Grade Contained Metal 000's Cu Zn Pb Au Ag Ni Mo Cu Zn Pb Au Ag Ni Mo Interest Site Category Tonnes % % % g/t g/t % % kt kt kt Koz Koz kt kt % Candelaria Proven 376,992 0.47 - - 0.11 1.4 - - 1,767 - - 1,282 17,330 - - 80% Combined Probable 245,120 0.46 - - 0.10 1.6 - - 1,
Slide 57: Mineral Resources
Mineral Resources 100% basis Grade Contained Metal 000's Cu Zn Pb Au Ag Ni Mo Cu Zn Pb Au Ag Ni Mo Interest Site Category Tonnes % % % g/t g/t % % kt kt kt Koz Koz kt kt % Measured 852,817 0.54 - - 0.12 1.8 - - 4,646 - - 3,364 48,916 - - 80% Candelaria Indicated 589,044 0.58 - - 0.13 2.0 - - 3,436 -
Slide 58: 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
Slide 59: NI 43-101
NI 43-101 Unless otherwise indicated, Lundin Mining Corporation (the “Company”) has prepared the Exchange rates used were EUR/USD 1.20, USD/SEK 9.50, USD/CLP 850 and USD/BRL 5.00 for technical information in this presentation including Mineral Reserve and Mineral Resource Mineral Reserve and Mineral
Slide 60: 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.