Slide 1: Q1 Financial Results 2026
Q1 Financial Results 2026 May 7, 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 by Lundin Mining as at the date of this document in light of managem
Slide 3: Participants on the Call
Participants on the Call Jack Lundin Juan Andrés Morel Teitur Poulsen President & CEO COO CFO 3
Slide 4: Q1 2026 Operational and Financial Highlights
Q1 2026 Operational and Financial Highlights 80 ktCu Quarterly Cu production in Q1 20261,2 32 kozAu Quarterly Au production in Q1 20261,2 $1.66/lb Consolidated C1 Cash Cost1,3 ($/lb Cu) $1,159M Revenue in Q1 20261,3 $627M Adjusted EBITDA in Q1 20261,3 $380M Cash Flow from Operations in Q1 20261,3 1.
Slide 5: Q1 2026 Corporate Highlights
Q1 2026 Corporate Highlights Announced the Cu resource Vicuña Study Acquisition of 5% growth of 115% results: Tier 1 asset of Caserones & YoY 31% of Los Helados Revolving Credit 1.45M shares Inaugural CSRD Facility increased to repurchased Report filed $4.5Bn 2011 Los Helados Discovery Hole 5
Slide 6: Production Results
Production Results Juan Andrés Morel, COO
Slide 7: Q1/26 Copper Production
Q1/26 Copper Production Total production of 80,000 tonnes of copper Copper Q1 production of 80 kt Annual 87 87 Q1 Guidance Range1,2 81 80 80 kt 78 85 85 310 kt 335 kt Q2/25 Q3/25 Q4/25 Q1/26 Continuing Ops Discontinued Ops Gold Q1 production of 32 koz Annual 38 38 Q1 Guidance Range 34 32 32 koz 134
Slide 8: Q1/26 Production
Q1/26 Production Strong quarter at Caserones – 39,000 tonnes copper By Mine Candelaria Caserones Chapada Q1 copper production of 31 kt Q1 copper production of 39 kt Q1 copper production of 11 kt • Candelaria – Planned lower grades and unplanned 40 maintenance in Q1; production 39 37 37 13 weighted t
Slide 9: Financial Performance
Financial Performance Teitur Poulsen, CFO
Slide 10: Q1/26 Revenue Breakdown
Q1/26 Revenue Breakdown South American focused, copper dominant Q1 Metal Mix1 Q1 By Mine Revenue Molybdenum Silver Chapada $1,159M 3% 2% Gold 11% 17% Q1 Caserones 44% Q1 Candelaria 39% Copper 84% 1. Revenue from continuing operations only. 10
Slide 11: Volume Sold & Realized Prices
Volume Sold & Realized Prices Copper Volume Sold Realized Pricing1 Concentrate Inventory2 $5.89 $5.83 (kt) Cu ($/lb) (kt concentrate) Cu Delayed Shipment ~20 kt $5.70 87 89 81 79 78 87 $4.63 $4.61 $5.03 79 77 77 78 $4.40 51 kt $4.44 38 kt $4.32 30 kt 32 kt 29 kt $4.24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q
Slide 12: Q1 Direct Operating Cost by Category
Q1 Direct Operating Cost by Category Current cost guidance based on ~$0.60/L diesel price (NY Harbour) Supplies Lundin Mining Employees 1% Diesel Reagents Explosives 3% 2% 13% 7% 18% 35% 14% Fuel & Labour Consumables Energy 22% 3% Costs 11% Rods/Balls Contracted Services 5% Other Mine Costs Electric
Slide 13: Q1 Production Costs
Q1 Production Costs Trending below cash cost guidance range Q1 2026 Cash Cost2 • Quarter over quarter total costs have come down • C1 cash costs benefiting from high by-product credits $1.90/lb Cu Guidance $2.10/lb Cu $1.66/lb Q1 Actual Consolidated Costs1,2 Asset Costs ($M or Cu $/lb net credits)2
Slide 14: Q1 Key Financial Metrics
Q1 Key Financial Metrics Near record adjusted EBITDA during the 1st quarter Adjusted EBITDA1,2 Adjusted Operating Cash Flow 1,2 $627 million in Q1 $450 million in Q1 $678M $701M $627M $665M $686M $490M $450M $451M $393M $383M $396M $472M $382M $377M $279M $366M $330M $261M Q1/25 Q2/25 Q3/25 Q4/25 Q1
Slide 15: Q1 Key Financial Metrics
Q1 Key Financial Metrics Strong financial performance to start the year Free Cash Flow from Operations1,2 Adjusted Earnings1,2 $380 million in Q1 $265 million in Q1 $370M $413M $364M $380M $388M $265M $223M $146M $152M $169M $195M $100M $143M $160M $94M $88M $32M $30M Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q
Slide 16: Capital Expenditure
Capital Expenditure • Capital expenditure of $180M Sustaining1,2 Expansionary1,2 Full Year Guidance Full Year Guidance • $52M related to Vicuña Corp. (Sustaining) Q1 (Expansionary) Q1 • 63% of sustaining capital attributed to $126M $550M $54M $445M stripping, tailings and underground development $7M
Slide 17: Cash Flows and Balance Sheet Strength
Cash Flows and Balance Sheet Strength Key changes in net cash during the quarter $44M RCF Upsized1 $4.5Bn $450M Net Cash2,3 $249M ($126M) ($54M) ($14M) ($40M) ($60M) $249M ($27M) $77M 2025 Net Cash (Debt) 1 Adj. Operating Working Capital Sustaining Capex Expansionary Capex 4 Settlement of Shares rep
Slide 18: Summary
Summary Jack Lundin, President & CEO
Slide 19: Vicuña
Vicuña Integrated Technical Study results announced in February • Technical report filed on Sedar • Peer review process completed • Hiring ramping up, training and workforce development underway – 100 hires in Q1 Trucks to Site • Preparation for early earthworks underway • Half a dozen Scania trucks
Slide 20: Vicuña District – Los Helados
Vicuña District – Los Helados Lundin Mining acquired a 31% ownership in Los Helados from JX Advanced Metals • ~17 km from our Caserones mine, potential synergies and longer-term optionality ~35 km CASERONES FILO DEL SOL ANGELICA CUMBRE VERDE LUNAHUASI LOS HELADOS Resource pit outline CHILE JOSEMARIA
Slide 21: Los Helados
Los Helados Advanced exploration project • Large copper porphyry deposit overprinted by multiple events • High grade core of 2.9 Mt copper at 0.72% CuEq1 Mineral Resources (MI&I)1 12Mt copper 14Moz gold High-grade core: 2.9 Mt copper and 3.5 Moz gold (indicated) at 0.72% CuEq Drilling Completed 106h
Slide 22: Conclusion
Conclusion Consistent operations generating robust cashflows YTD Production vs. Guidance1 Annual Q1 Guidance Range • Strong financial results 80 kt Copper • Tracking to full year guidance on 310 kt 335 kt all metals and cash cost 32 koz Gold • Maintain operational discipline 134 koz 149 koz • Well p
Slide 23: Q1 Financial Results 2026
Q1 Financial Results 2026 May 7, 2026
Slide 24: Los Helados Mineral Resource Estimate
Los Helados Mineral Resource Estimate 100% basis Tonnes Cu Au Ag CuEq Cu Cut-Off (%CuEq) Category Au (koz) Ag (koz) (Bt) (%) (g/t) (g/t) (%) (Mt) Indicated 2.08 0.40 0.15 1.5 0.51 8.4 10.2 97.5 0.33% Inferred 1.08 0.34 0.10 1.4 0.42 3.7 3.6 50.2 Indicated 0.51 0.56 0.21 1.8 0.72 2.9 3.5 30.2 0.60% I