Lundin Mining Corporation · TSX:LUN

Lundin Mining — Investor Presentation (December 2025)

73 slides from Lundin Mining's investor presentation, December 2025

  1. Slide 1: Disciplined Copper Growth at Scale

    Disciplined Copper Growth at Scale Corporate Presentation TSX: LUN NASDAQ STOCKHOLM: LUMI December 2025

  2. 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 development of the Company's and Talon's respective projec

  3. Slide 3: Overview

    Overview Company Overview 4 Eagle Mine to Merge with Talon Metals 12 Recent Highlights 18 Operations 22 Vicuña Corp. 32 Vicuña District 45 Sustainability 52 Production & Cost Guidance 57 Exploration 62 Appendix 65 Lundin Mining Corporate Presentation 2025 3

  4. Slide 4: Company Overview

    Company Overview Delivering on our strategy

  5. Slide 5: Company Overview 2025 Cu Guidance

    Company Overview 2025 Cu Guidance1,2 ▪ Three operating mines; copper focused 319 – 337kt 2025E Consolidated C1 Cash Cost: $1.85 - $2.00/lb Cu with gold exposure ▪ Transformative growth profile targeting Eagle4 Michigan, USA +500kt Cu/yr and +550koz Au/yr 9– 11 kt Ni/yr Chapada ▪ Clean balance sheet

  6. Slide 6: Delivering on our Strategy

    Delivering on our Strategy Streamlined portfolio, deleveraged balance sheet and the strongest growth profile amongst our peers 2022 2023 / 2024 2024 / 2025 2025 2025 Josemaria Caserones 70% Filo / Josemaria 50% Europe Eagle Josemaria Caserones Filo & Josemaria 50% Europe Eagle $485M or ₵3.2/lb. $1.3

  7. Slide 7: Transformational Growth

    Acquired Filo; Revenue: Vicuña JV $4.1B Transformational Growth Acquired +300% copper production growth since 2013 Caserones Growth Opportunities2 Acquired European Sold Tenke Acquired Asset Sale Josemaria Chapada Acquired 300 kt Candelaria 369 kt Revenue: 315 kt $728M 250 kt 283 kt 263 kt 257 kt 23

  8. Slide 8: Balance Sheet Strength

    Balance Sheet Strength Ability to fund growth ▪ Cash of $290M1 Available Liquidity1 (US$M) Undrawn RCF Capacity ▪ Net debt of $108M1,2 Drawn RCF ▪ De-levered balance sheet with $1.4B sale of our $196M European assets ▪ Targeting a new credit $1,750M facility in Q1 2026 to fund growth $1,554M Chapada

  9. Slide 9: Capital Return to Shareholders

    Capital Return to Shareholders ▪ +$1.5 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 $193M $99M $88M $68M $67M 2017

  10. Slide 10: Track Record of Exploration Success

    Track Record of Exploration Success1,2 Exploration is 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 del Sol Di

  11. Slide 11: Investment Thesis

    Investment Thesis Stable copper Strong balance sheet Transformational production growth profile World-class project $220M/yr in shareholder Proven exploration and Partner distributions track record Lundin Mining Corporate Presentation 2025

  12. Slide 12: Eagle Mine to Merge with Talon Metals

    Eagle Mine to Merge with Talon Metals Transaction Highlights

  13. Slide 13: Transaction Rationale

    Transaction Rationale Further streamlines Lundin Mining’s portfolio as a pure play copper company focused on South America ▪ Creation of a new US focused nickel-copper company with significant ownership and upside ▪ The combination of shared infrastructure (Humboldt Mill) and additional Mineral Reso

  14. Slide 14: Transaction Consideration

    Transaction Consideration Meaningful ownership in Talon ▪ Talon Metals will acquire Eagle Mine and Humboldt Mill for shares resulting in Lundin Mining owning 19.99%1 of Talon Metals ▪ Darby Stacey, Managing Director at Eagle to become Talon CEO and Director ▪ New Board will consist of two Lundin and

  15. Slide 15: Consolidating US Nickel Supply

    CANADA Consolidating US Nickel Supply Boulderdash ▪ Eagle Mine: The only primary nickel Tamarack mine operating in the US 400 km ▪ Tamarack: High grade nickel project with potential to rail ore to the Humboldt Mill ▪ Boulderdash: Exploration prospect Lundin Mining located 12 km from Eagle mine Talon

  16. Slide 16: Eagle Mine

    Michigan, USA Eagle Mine Mine Overview1 Production & C1 Costs2,3 Mine Type Underground 17 16 18 4.5 16 Mine Movement ~1.1 Mtpa 16 4 14 14 $4.20 3.5 12 3 Mill Throughput ~2,000 tpd 9 - 11 9 - 10 10 2.5 5% 7 Copper Mineral Reserve 6 $2.30 - 8 2 1.19% | 0.91% $2.16 Grade (Ni | Cu) 6 $2.40 1.5 $0.79 Q3

  17. Slide 17: Talon Metals Summary

    Talon Metals Summary Tamarack Talon Sample from Vault Zone ▪ Located ~400 km west of Eagle Mine in Minnesota with road, rail and power infrastructure nearby Vault Zone ▪ Talon can earn up to 60%1 through a JV with Rio Tinto ▪ Permitting underway, environmental process began in June 2023 ▪ Recent hig

  18. Slide 18: Recent Highlights

    Recent Highlights Purpose-built team to deliver results

  19. Slide 19: Recent Highlights LTM

    Recent Highlights LTM Transformed asset portfolio Acquisition of Sale of European Record Copper Filo with BHP assets to Boliden Production in 2024 and 50% sale of April 2025 Josemaria Vicuña Mineral Updated Resource Estimate1 Record Safety Shareholder Performance Distribution Policy 38Mt Cu 81Moz Au

  20. Slide 20: Q3 2025 Highlights

    Q3 2025 Highlights1 87ktCu Quarterly Cu production in Q3 20252 38kozAu Quarterly Au production in Q3 20252 $1.61/lb Consolidated C1 Cash Costs3 ($/lb Cu) $1007M Revenue in Q3 20251 $490M Adjusted EBITDA in Q3 20251,2,3 $383M Adjusted Operating Cash Flow in Q3 20251,2,3 1. For continuing operations.

  21. Slide 21: On Track to Meet 2025 Guidance

    On Track to Meet 2025 Guidance Guidance Updates ▪ Best quarter year to date Copper Guidance1 Cash Cost Guidance1,2 ▪ Increased copper guidance 319 – 337 kt Cu $1.85 – 2.00/lb Cu Increase of ~3.5% Reduction of ~6.0% ▪ Improved consolidated cash cost guidance 328 $2.05 ▪ Continued operational discipli

  22. Slide 22: Operations

    Operations Three operating assets with a focus on copper

  23. Slide 23: Full Potential Programs

    Full Potential Programs Value over volume Key areas of focus: ▪ Enhance the basics: Planning cycle and optimization of long-term mine plans ▪ Process improvements: Data driven to improve KPI’s and standardize processes (recoveries, tph, truck factor, avg speed, other) ▪ Cost reductions: Spending, su

  24. Slide 24: 2025 Cu Guidance

    2025 Cu Guidance1,2 Producing Mines Consistent, long-life, free cash flow generating mines 319 – 337kt 2025E Consolidated C1 Cash Cost: $1.85 - $2.00/lb Cu ▪ Three operating mines; copper focused Eagle3 Michigan, USA with gold exposure 9– 11 kt Ni/yr Chapada 9 – 10 kt Cu/yr Gois, Brazil ▪ 30 to 40 k

  25. Slide 25: Mid-Term Low Capital Intensity Organic Growth

    Mid-Term Low Capital Intensity Organic Growth 30 to 40 kt copper production growth over the next 3 to 5 years Potential ~10% incremental copper production and ~40% gold production growth from existing operations Copper (kt) Gold (koz) ~205 koz ~350 kt ~10% ~40% 319 - 337 135 - 146 2025 Candelaria UG

  26. Slide 26: Candelaria

    Atacama (Chile) Candelaria Mine Overview1 Production & C1 Cash Costs2,3 Ownership 80% 180 $2.40 Mine Type OP/UG 170 $2.07 $2.20 160 $1.96 $1.80 – $2.00 ~80 Mtpa OP/ $2.00 Mine Movement $1.73 ~5.0 Mtpa UG 150 $1.80 Mill Throughput 140 75 ktpd | 3.8ktpd 43% (Candelaria | PAC) $1.60 130 143 - 149 152 1

  27. Slide 27: Candelaria UG Growth

    Candelaria UG Growth Reworked, gradual increase with lower capital intensity Throughput Increase1 (ktpd) ▪ Re-envisioned with the insourcing of the ~22 ~16 - 18 underground mining contract ~12 - 14 ▪ Similar results achievable with improved productivity and availability from insourcing ▪ Improved ca

  28. Slide 28: Caserones

    Vicuña District / Atacama (Chile) Caserones Mine Overview1 Production & C1 Cash Costs2, 3 Ownership 70% 150 $3.20 Mine Type OP 140 139 127 - 133 $3.00 125 124 Mine Movement ~84 Mtpa 130 $2.80 120 $2.60 Mill Throughput ~100 ktpd 110 $2.22 31% 100 $2.40 $2.51 Cathode Capacity 35 ktpa Cu 90 $2.20 80 $1

  29. Slide 29: Angelica – Oxide/Sulphide Exploration Target

    Angelica – Oxide/Sulphide Exploration Target Exploration potential ▪ The Angelica target is located ~2 km from Caserones mill Dump Leach and cathode plant Caserones ▪ New Cu-Mo sulphide Cathode Plant discovery under Cu Oxides Flotation Plant ▪ Under utilized cathode plant Angelica Known Cu capacity

  30. Slide 30: Chapada

    Goias, Brazil Chapada Mine Overview1 Production & C1 Cash Costs2,3 Ownership 100% 80 3.00 68 65 2.80 Mine Type OP 70 59 57 - 62 2.60 60 2.40 Mine Movement ~52 Mtpa 46 46 43 40 - 45 50 2.20 40 $2.27 2.00 Mill Throughput ~65 ktpd $2.08 21% 1.80 30 1.60 Mineral Reserve 0.23% | 0.12g/t 20 Grade (Cu | Au

  31. Slide 31: Chapada Growth – Saúva Phase

    Chapada Growth – Saúva Phase 1 Phase 1 Scoping Study1 Current Status ▪ ~15 km from Chapada, offset lower grade material with higher Ownership 100% grade ore and adding additional grinding capacity Mine Type OP ▪ PFS underway on Phase 1 – Q4 2025 Initial Capital ~$155M Mine ▪ Permitting and Phase 2 w

  32. Slide 32: Vicuña Corp.

    Vicuña Corp.

  33. Slide 33: Formation of Vicuña Corp.

    Formation of Vicuña Corp. January 2025 50% 50% Filo Del Sol Project Project Lundin Mining Corporate Presentation 2025 33

  34. Slide 34: Atacama Region & Vicuña District

    Atacama Region & Vicuña District Strategic leverage to owned infrastructure: ▪ Two mines producing Candelaria +250kt Cu ARGENTINA ▪ Port facility and desalination facility with spare capacity ▪ ~$20M in synergies per annum Pacific Ocean El Morro Lundin Mining Corporate Presentation 2025 34

  35. Slide 35: Vicuña District Overview

    Vicuña District Overview CASERONES FILO DEL SOL ANGELICA CUMBRE VERDE LUNAHUASI LOS HELADOS Resource pit outline CHILE JOSEMARIA ARGENTINA Resource pit outline Lundin Mining Vicuña Corp. NGEx Minerals 2 km Panoramic view looking towards the West 35

  36. Slide 36: Vicuña Mineral Resource Estimate

    Vicuña Mineral Resource Estimate 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 viability. Ther

  37. Slide 37: 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,

  38. Slide 38: 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,

  39. Slide 39: Filo del Sol Deposit – High-Grade Oxide

    Filo del Sol Deposit – 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

  40. Slide 40: 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

  41. Slide 41: 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

  42. Slide 42: Vicuña Corp. Concept

    Vicuña Corp. Concept1 Phased development strategy will minimize upfront capital spend ▪ Most advanced project in the district Josemaria ▪ Conventional large-scale open pit providing infrastructure for the Vicuña District Level of project definition ▪ Oxide mineralization above Filo sulphide Filo Oxi

  43. Slide 43: Vicuña Corp.

    Vicuña Corp. Josemaria – advanced stage development asset to unlock the Vicuña District ▪ Permitting: Feasibility Study completed in 2020 forms the basis of the EIA, update submitted ▪ Expanded concentrator study underway to incorporate future phases ▪ Geometallurgical and hydrology testing to suppo

  44. Slide 44: Vicuña Corp. – continued

    Vicuña Corp. – continued Continue to advance key milestones Filo del Sol Drilling ▪ Ongoing drilling at Filo del Sol ▪ +25 holes since resource estimate cut-off date ▪ RIGI application submitted in December 2025 ▪ Integrated technical report Q1 2026 M&I Conceptual pit outline Inferred Drill holes po

  45. Slide 45: Vicuña District

    Vicuña District Size, Scale & Grade

  46. Slide 46: 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

  47. Slide 47: 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

  48. Slide 48: Copper Resources of the Largest Copper Mines

    Copper Resources of the Largest Copper Mines Vicuña is in the top 10 (contained copper Mt) Escondida Collahuasi Buenavista Kamoa Kakula KGHM Poland ˜ Vicuna 13 25 Grasberg Norilsk Kola Tenke Fungurume Cerro Verde Antamina Copper (M+I) Copper (Inf) Lundin Mining Corporate Presentation 2025 For illust

  49. Slide 49: Gold Resources of the Largest Gold Mines

    Gold Resources of the Largest Gold Mines Vicuña is in the top 5 (contained gold Moz) Nevada Ops Grasberg ˜ Vicuna 32 49 Olimpiada Detour Lake Lihir Malartic Kibali Loulo Ahafo Tasiast Gold (M+I) Gold (Inf) Lundin Mining Corporate Presentation 2025 For illustrative purposes only to show relative rank

  50. Slide 50: Silver Resources of the Largest Silver Mines

    Silver Resources of the Largest Silver Mines Vicuña is in the top 5 (contained silver Moz) KGHM Poland ˜ Vicuna 659 808 Antamina Fresnillo Garpenberg Penasquito Saucito Juanicipio Greens Creek Uchucchacua San Julian Silver (M+I) Silver (Inf) Lundin Mining Corporate Presentation 2025 For illustrative

  51. Slide 51: Production: Top Copper, Gold and Silver Mines

    Production: Top 10 Copper, Gold and Silver Mines Vicuña has potential to be ranked in the top 10 for annual copper, gold and silver production1 2024 Cu Production (kt)2 2024 Au Production (koz)2 2024 Ag Production (Moz)2 Escondida Nevada Ops KGHM Poland Grasberg Grasberg Penasquito Collahuasi Olimpi

  52. Slide 52: Sustainability

    Sustainability Focused on the Future

  53. Slide 53: 2024 Sustainability Performance Highlights

    2024 Sustainability Performance Highlights ▪ Second-best year on record in terms of Total Recordable Injury Frequency (TRIF) and All Injury Frequency (AIF) ▪ All electricity supply to Lundin Mining’s Chilean operations is sourced from renewable sources ▪ Achieved our Scope 1 and Scope 2 emissions 20

  54. Slide 54: Responsible Mining

    Responsible Mining ▪ Candelaria’s freshwater demands met through sea water desalination facility ▪ Continued implementation of the Global Industry Standard on Tailings Management (GISTM) Punta Padrones Port & Desalination Plant ▪ Committed to the Copper Mark assurance framework to promote the respon

  55. Slide 55: 2024 Sustainability Report

    2024 Sustainability Report 15th annual sustainability report ▪ Highlights our efforts to address material sustainability topics ▪ Demonstrates the integration of our sustainability actions into our Corporate strategy ▪ Content aligned to the European Sustainability Reporting Standards Lundin Mining

  56. Slide 56: 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: Lundin Mining Corporate Presentation 2025 56

  57. Slide 57: Production & Cost Guidance

    Production & Cost Guidance

  58. Slide 58: Guidance Outlook

    Guidance Outlook 3-year Production Guidance1 Commentary Copper2 ▪ Higher consolidated copper kt production is forecast in 2026, 319 - 337 320 - 348 300 - 328 mainly due to mine sequencing and copper grade profile at Candelaria and Caserones 2025 2026 2027 ▪ Does not include growth initiatives Gold N

  59. Slide 59: 3-Year Production Guidance by Asset

    3-Year Production Guidance by Asset Production Outlook1,2,3 2025 2026 2027 Production Outlook1,2,3 2025 2026 2027 (kt, contained metal in conc.) (kt, koz; contained metal in conc.) Cu Candelaria (100%) 143 – 149 145 – 155 150 – 160 Au Candelaria (100%) 78 – 84 87 – 97 85 – 95 Copper Gold Chapada 57

  60. Slide 60: 2025 Production & Cash Cost Guidance Summary

    2025 Production & Cash Cost Guidance Summary Original Revised Guidance Production1 Cash Cost Cash Cost Guidance Production1 Cash Cost1,2,3 (kt, contained metal in conc.) Guidance1,2,3 Guidance1,2,3 (kt, koz; contained metal in conc.) Cu Candelaria (100%) 143,000 - 149,000 $1.80 - $2.00 Unchanged Au

  61. Slide 61: 2025 Capital Expenditure Guidance Summary

    2025 Capital Expenditure Guidance Summary Original Revised ▪ Total sustaining capital expenditures Capital Expenditures1,2 ($M) Guidance Guidance reduced compared to 2024 guidance1,2 Candelaria (100%) $205 $205 ▪ Expansionary expenditures was revised Caserones (100%) $215 $180 upward to $240, primar

  62. Slide 62: Exploration

    Exploration Track record of exploration success

  63. Slide 63: 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 (

  64. Slide 64: Caserones Mineral Resource Growth

    Caserones Mineral Resource Growth1,2,3 Exploration is a core value driver for Lundin Mining 15Cu Reserve Growth % 28 Cu M&I Growth % Acquisition year: 2023 4 Years Mine Life Extension 18 km 2025 Drill Program Caserones 1. Growth in M&I copper resources including depletion since the respective year o

  65. Slide 65: Appendix

    Appendix Supplemental Information

  66. Slide 66: 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

  67. Slide 67: Corporate Structure

    Corporate Structure Snapshot Analyst Coverage Shareholder Summary2 As of November 30, 2025 26 Analysts TSX: LUN STOCKHOLM: LUMI Share Price C$26.11 Basic Shares Outstanding (Oct. 31, 2025) 856M C$25.54 Basic Market Capitalization C$22.3B 34% Cash & Cash Equivalents (Sept 30, 2025) $290M 45% Undrawn

  68. Slide 68: 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,

  69. Slide 69: 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 -

  70. Slide 70: Vicuña District Mineral Resources

    Vicuña District Mineral Resources 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 sil

  71. Slide 71: 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

  72. Slide 72: Non-GAAP and Other Performance Measures

    Non-GAAP and Other Performance Measures Certain non-IFRS financial measures, supplementary financial measures and non-GAAP ratios are included in this presentation. Lundin Mining believes that these measures, in addition to conventional measures prepared in accordance with International Financial Re

  73. Slide 73: 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 — Investor Presentation (December 2025) on 6ix