Slide 1: 2024 Q4 & Full Year Results
2024 Q4 & Full Year Results February 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 diversion of management time on integration; risks relatin
Slide 3: Participants on the Call
Jack Lundin Teitur Poulsen Juan Andres Morel President & CEO CFO COO Participants on the Call
Slide 4: 2024 Company Highlights
2024 Company Highlights Transformed portfolio focused on copper growth in South America Record copper Increased Acquisition of and zinc ownership in Filo with BHP production Caserones and 50% sale of Josemaria Sale of Mineral Reserve European assets update to Boliden
Slide 5: Delivering on Record Results
Delivering on Record Results 369ktCu 192ktZn Record consolidated annual Cu Record consolidated annual Zn 158koz Consolidated annual Au production production in 20241 production in 20241 in 20241 $1.7B Adjusted EBITDA 20242 $873M FCF from Operations 20242 $227M Total shareholder dividends and buyback
Slide 6: Production Highlights
Production Highlights
Slide 7: Q4/24 Production Results
Q4/24 Production Results Copper Q4 production of 101 kt Revised Q1 Q2 Q3 Guidance Range 100 101 88 88 kt 80 kt 100 kt 369 kt FY 80 366 kt 389 kt Q1/24 Q2/24 Q3/24 Q4/24 Gold Q4 production of 46 koz Annual 47 46 Q1 Q2 Q3 Guidance Range 33 32 33 koz 32 koz 47 koz 158 koz FY 155 koz 170 koz Q1/24 Q2/24
Slide 8: Q4/24 Copper Production
Q4/24 Copper Production Candelaria Caserones By Mine Q4 production of 49 kt Q4 production of 32 kt 50 49 ▪ Strong second half from Candelaria 34 32 30 29 33 31 ▪ Caserones performed well ▪ Chapada was second half of the year weighted Q1/24 Q2/24 Q3/24 Q4/24 Q1/24 Q2/24 Q3/24 Q4/24 Zinkgruvan Chapada
Slide 9: Q4/24 Production Results
Q4/24 Production Results Zinc Q4 production of 52 kt Revised Q1 Q2 Q3 Guidance Range 52 46 47 47 46 kt 47 kt 47 kt 192 kt FY 24 190 kt 199 kt 28 Zinkgruvan Neves-Corvo Q1/24 Q2/24 Q3/24 Q4/24 Nickel Q4 production of 1.6 kt Revised Q1 Q2 Q3 Guidance Range 3.3 3.3 kt 1.7 kt 0.9 kt 7.5 kt FY 1.7 1.6 0.
Slide 10: Financial Performance
lundin mining Financial Performance
Slide 11: All Operations Q4/24 Revenue
All Operations Q4/24 Revenue Metal Mix1 Q4 By Mine1 Nickel Other2 Q4 Discontinued Operations 16% 2% 4% Eagle Neves-Corvo $1,024M Molybdenum 2% 9% Zinkgruvan 4% Chapada 7% 12% Zinc Cont. Ops: $859M 9% Disc. Ops: $165M Gold Copper Caserones Q4 7% Q4 74% 26% Candelaria 2024 FY 44% $4,117M Cont. Ops: $3
Slide 12: Volume Sold and Realized Prices
Volume Sold and Realized Prices Copper Volume Sold1 $6.00 Realized Pricing Revenue (kt) Cu ($/lb) of $1,024 million in Q4 $5.50 and $4,117 million in 2024 $1,060 M $1,084 M $1,073 M $1,024 M Cu $5.00 $4.79 $167 M $937 M $206 M $200 M $165 M $125 M 92 $4.50 $4.29 $4.22 101 $3.98 $4.52 86 90 $3.81 $3.
Slide 13: Commodity Hedging
Commodity Hedging 62,000 oz of gold hedged for 2025 and 43,200 oz for 2026 Opportunistic hedge to protect downside pricing risk Spot Gold Price (US$/oz) 2025 2026 $3,500 $3,455/oz $3,125/oz Zero Cost $3,000 Collar Range $2,500 $2,500/oz $2,500/oz $2,000 62 koz 43.2 koz Hedged $1,500 Dec/23 Jan/24 Fe
Slide 14: Q4 Production Costs
Q4 Production Costs ▪ Higher mining rates and throughputs at Candelaria and Caserones drove cost increases QoQ ▪ YoY, production costs are up 12%, while copper production is up 17% from the Caserones acquisition Consolidated Costs Asset Costs ($M or Cu $/lb net credits)1 $648 M $606 M $581 M $589 M
Slide 15: Operating Costs
Operating Costs 2024 Guidance vs. Cash Costs1,2,3 2024 Operating Costs $1.80/lb Cu Candelaria $1.60/lb Cu $1.73/lb ▪ Met or beat cost guidance for all assets except for Eagle and Caserones $2.51/lb $2.60/lb Cu $2.80/lb Cu Neves-Corvo ▪ Caserones was below guidance Chapada $1.55/lb Cu $1.58/lb $1.65/
Slide 16: Capital Costs
Capital Costs 2024 Capital Expenditure Capital Cost Breakdown ▪ Inline with 2024 capex guidance of $950M $948M Water Management $244M $948M Equipment $124 M $66M Other $89M $151 M $108M $21M Tailings $144M UG Development $226 M $276M Stripping $244 M Expansionary Capital Candelaria Caserones Chapada
Slide 17: Key Financial Metrics
Key Financial Metrics Adjusted EBITDA1 Adjusted Operating Cash Flow1 of $426 million in Q4 of $314 million in Q4 And $1,707 million in 2024 And $1,303 million in 2024 $461 M $458 M $420 M $426 M $362 M $370 M $91M $73M $52M $363 M $57M $314 M $314 M $57M $79M $305 M $24M $385M $368M $370M $368M $20M
Slide 18: Key Financial Metrics
Key Financial Metrics Free Cash Flow from Operations1 Adjusted Earnings (Loss)1 Net Debt / Adjusted EBITDA1,2 of $466 million in Q4 of $119 million in Q4 And $873 million in 2024 And $359 million in 2024 $466 M $122 M 0.8X $42M $119 M $338 M $424M $24M $39M $13M $80 M $95M $73 M $7M $83M $324M $72M
Slide 19: Strong Cash Flows from Operations
Strong Cash Flows from Operations Key Changes in Cash $216 M $704 M $1,303 M $556 M $360 M $244 M $355 M $42 M $25 M $183 M $432 M $269 M 2023 ending Adj. operating Working capital Sustaining Expansion Filo share Chapada Debt proceeds, Exercise of Shareholder Lease principal, 2024 ending cash cash f
Slide 20: Production & Cost Guidance
& bd] O ¢c © Ae. =} O ~ W) \e] U Production
Slide 21: Guidance Outlook
Guidance Outlook 3-year Production Guidance1 2025 Cash Cost Guidance1,2,3,4 (US$/lb) Copper kt Cash Cost1,2,3,4 320 - 348 303 - 330 300 - 328 Cu Candelaria (100%) $1.80 - $2.00 Copper Caserones (100%) $2.40 - $2.60 Chapada $1.80 - $2.00 2025 2026 2027 Total $2.05 - $2.30 Gold Nickel kt koz 144 - 159
Slide 22: 2025 Capital Expenditure Guidance Summary
2025 Capital Expenditure Guidance Summary ▪ Total sustaining capital expenditure Capital Expenditures1 ($M) 2025 guidance reduced by 33% compared to Candelaria (100%) $205 20241 Caserones (100%) $215 ▪ Lower sustaining capital compared to last Chapada $85 year due to lower Candelaria expenditures Ea
Slide 23: 2025 Exploration Program
2025 Exploration Program Exploration efforts continue to focus on near mine and higher-grade resources $40M Exploration Budget ▪ Candelaria – 18,000 meter program ▪ Caserones – 18,000 meter program ▪ District geophysics program underway ▪ Refining district drill targets ▪ Chapada – 20,000 meter prog
Slide 24: Slide 24
Slide 25: 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 | Q4 and Full Year Results 25
Slide 26: Vicuña Next Steps
Vicuña Next Steps Deal closed in January 2025 ▪ Maiden sulphide mineral resource estimate at Filo del Sol and an updated mineral resource estimate at Josemaría – Q2 2025 ▪ Integrated technical report outlining a combined phased project ▪ Application to the Incentive Regime for Large Investments “RIG
Slide 27: 2024 Company Highlights
2024 Company Highlights Transformed portfolio focused on copper growth in South America Record copper Increased Acquisition of and zinc ownership in Filo with BHP production Caserones and 50% sale of Josemaria Sale of Mineral Reserve European assets update to Boliden
Slide 28: 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 | Q4 and