Lundin Mining Corporation · TSX:LUN
Lundin Mining — Investor Presentation (July 2026)
66 slides from Lundin Mining's investor presentation, July 2026
Slide 1: Disciplined Copper Growth at Scale
Disciplined Copper Growth at Scale July 2026 1
Slide 2: Cautionary Statements
Cautionary Statements Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal c
Slide 3: Table of Contents
Table of Contents Company Overview 4 Recent Highlights 15 Vicuña District & Study Highlights 19 Operations 40 Sustainability 48 Production & Cost Guidance 53 Appendix 57 3
Slide 4: Overview
Overview Chapada
Slide 5: Copper Focused in Latin America
Copper Focused in Latin America Chapada1,2 Three operating mines; 85% copper with gold exposure Goias, Brazil 45 – 50 kt Cu/yr 57 – 62 koz Au/yr • Transformative growth profile, +55% growth in copper C1: $0.75/lb - $0.95/lb Cu +20 LOM production and +285% in gold production 2026 Guidance • Clean bal
Slide 6: Transformed Business
Transformed Business Three acquisitions and two divestitures in the last four years 60% copper production growth since 2018 Transactions: European Asset Sale Filo; Los Helados; Caserones Vicuña JV Eagle Sale Josemaria Chapada 369 kt 331 kt 323 kt 315 kt 263 kt 250 kt 236 kt 231 kt 200 kt 0 2018 2019
Slide 7: Path to a Global Top 10 Copper Producer
Path to a Global Top 10 Copper Producer A decade of growth ahead Copper Production1,2 (kt/yr) Gold Production1,2 (koz/yr) +550 koz +500 kt +55% +285% 323 kt 142 koz 2026 Midpoint Organic Vicuña Vicuña Stages Long-Term of Guidance Growth Stage 1 2&3 Production 2026 Midpoint Organic Vicuña Vicuña Stag
Slide 8: Vicuña Corp.
Vicuña Corp. Rapidly advancing the project towards construction Jan May Feb Mar Jun 2025 2025 2026 2026 2026 Vicuña Corp JV Vicuña Initial MRE Vicuña Integrated Stage 1 EIA RIGI Approved Formation Technical Report Approval 8
Slide 9: Vicuña Project
Vicuña Project The next major copper, gold, and silver project to be developed globally Production1,2,3 (100%, CuEq) Stage 1 Stage 2 & 3 • Mill (~175ktpd) • Filo oxide leaching • Conveyor • Desalination plant • Josemaria feed • Filo sulphide pre-strip • Mill expansion • Concentrate pipeline • Truck
Slide 10: Balance Sheet Strength
Balance Sheet Strength Ability to fund growth • De-levered balance sheet with $1.4B sale of our European assets (2025) • New $4.5B credit facility will enable the Company to fund future growth Liquidity1 (US$M) Undrawn RCF Capacity Net Debt (Cash) 19% Caserones Drawn RCF (US$B) Acquisition Net Cash1
Slide 11: Capital Return to Shareholders
Capital Return to Shareholders • +$1.6 billion returned to shareholders via dividends and share buybacks since 2017 • Total shareholder allocation1 of ~US$220M/yr (dividend of C$0.11/share & ~US$150M in share buybacks) Shareholder Returns2 (US$M) $335 $271 $256 $227 $206 $88 $98 $68 $67 2017 2018 20
Slide 12: Track Record of Exploration Success
Track Record of Exploration Success1,2 Exploration is a core value driver for Lundin Mining 320% 101% Neves Corvo Cu Candelaria Cu Acquisition year: 2014 Acquisition year: 2006 Divestiture year: 20253 1,390% Zinkgruvan Zn 60% Eagle Ni Acquisition year: 2004 Acquisition year: 2013 Divestiture year: 2
Slide 13: Value Through the Drill Bit
Value Through the Drill Bit Large Mineral Resource endowment to support growth Copper (Mt) Gold (Moz) Copper Mineral Resources Per Share +400% +1,450% +330% 18 33 21 32 1 7 4 2018 2026 2018 2026 2018 2026 Measured and Indicated Inferred Measured and Indicated Inferred Measured and Indicated Inferred
Slide 14: Investment Thesis
Investment Thesis Stable copper Strong balance sheet Transformational growth production profile World-class project $220M/yr in shareholder Proven exploration track Chapada and Partner distributions record 14
Slide 15: Recent Highlights
Recent Highlights Caserones
Slide 16: Q1 2026 Corporate Highlights
Q1 2026 Corporate Highlights Announced the Copper resource Vicuña Study acquisition of 5% of growth of 115% results: Tier 1 asset Caserones & 31% YoY of Los Helados Revolving credit 1.45M shares Inaugural CSRD facility increased to repurchased Report filed $4.5Bn Chapada 16 16
Slide 17: 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 $380M Cash Flow from Operations in Q1 20261,3 1.
Slide 18: Consistent Operations
Consistent Operations Historical performance Copper Production1 (kt) Revenue1 (US$M) Production Costs (US$M) 85 85 $1,302M $547M $1,159M $480M $487M $466M $454M 80 $920M $954M 78 $878M 75 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Cont. Ops Discont. Ops
Slide 19: Vicuña District & Study Highlights
Vicuña District & Study Highlights Vicuña 19
Slide 20: Project Location
Project Location Regional Infrastructure in place Pipeline Vicuña District • Straddles the border between Argentina and Chile • ~165 km southeast of Copiapó, Chile • ~475 km from San Juan, Argentina 20
Slide 21: Vicuña District
Vicuña District Cluster of large deposits, with one operating mine (Caserones) and an advanced development project (Vicuña) ~35 km CASERONES FILO DEL SOL ANGELICA CUMBRE VERDE LUNAHUASI LOS HELADOS Resource pit outline CHILE JOSEMARIA ARGENTINA Resource pit outline Lundin Mining Vicuña Corp. NGEx Mi
Slide 22: Vicuña PEA Highlights
Vicuña PEA Highlights Delivering on our strategy • Giant metal district – peak production of over 500 ktpa of copper, 800 koz of gold and 20 Moz of silver1 • Multi-generational asset with a first quartile cash cost profile and robust economics1 • Staged development plan – using cashflows to self-fun
Slide 23: Vicuña District Concept
Vicuña District Concept Staged development strategy to manage capital expenditures and self-fund expansions Stage 1 • Development of the Josemaria mine and central Josemaria Mine sulphide mill (175 ktpd) for the Vicuña District & Sulphide Mill • Conventional open pit, milling and flotation operation
Slide 24: Vicuña PEA Highlights
Vicuña PEA Highlights1,2 Potential to be a top five copper, gold and silver mine in the world Peak 10-Yr Avg. Cu production 500ktCu Peak 10-Yr Avg. Au production 10-Yr Avg. Ag production 800kozAu 20MozAg 25-Yr Avg. Cu production 25-Yr Avg. Ag production 400ktCu 25-Yr Avg. Au production 700kozAu 22Mo
Slide 25: Vicuña PEA Highlights
Vicuña PEA Highlights1 Generational asset to support the worlds growing copper demands Stage 2 & 3 Capital Expenditures2 AISC3,4 - 25 Yr Avg. ($/lb Cu) Current Life of Mine $11.1Bn $0.47/lb +70Years Avg. Taxes & Royalties4 – 25 Yr Avg. Taxes & Royalties4 – LOM $1.0Bn/yr $69Bn Vicuña 1. Please see ca
Slide 26: Leverage to Commodity Prices
Leverage to Commodity Prices NPV8% of +$28B at spot prices discounted to the start of construction and $45B at the start of operations1,2 $6.00/lb Cu $5,000/oz Au IRR 25.5% | 5.4 yr payback $28.8 $80/oz Ag $5.50/lb Cu $4,500/oz Au IRR 21.9% | 6.3 yr payback $21.6 $60/oz Ag Commodity Prices $5.00/lb
Slide 27: Production Profile – By Stages
Production Profile – By Stages +70-year LOM, 25-year average annual production of 400 kt Cu/yr at a ($0.20)/lb Cu Cash Cost1,2,3 1000 983 934 950 919 900 871 853 858 835 791 808 808 800 761 730 694 700 kt CuEq Recovered Copper Eq (CuEq kt) 700 656 657 643 619 612 600 559 534 512 511 500 404 400 400
Slide 28: Production Profile – By Deposit
Production Profile – By Deposit 10-year peak average annual production of over 500 kt copper, 800 koz gold and 20 Moz silver1,2 1,000 983 1.50% 934 950 919 900 871 853 858 835 791 808 808 800 761 730 Copper Eq Head Grade (CuEq %) Recovered Copper Eq (CuEq kt) 694 700 643 656 657 619 612 1.00% 600 53
Slide 29: Top Copper Producers
Top Copper Producers Vicuña has the potential to be a top five producer on a CuEq basis for the first twenty-five years of its mine life and one of the lowest-cost copper mining complexes in the world 2024 CuEq Production (kt)1,2,3 2024 Copper Cash Costs ($/lb Cu)1,3 Grasberg KGHM Polska Escondida C
Slide 30: Production: Positioning Amongst the Giants
Production: Positioning Amongst the Giants Only mine with the potential to rank in the top 5 for annual copper, gold and silver production1 Top Copper Mines Top Gold Mines Top Silver Mines 2024 Cu Production (kt)2 2024 Au Production (koz)2 2024 Ag Production (Moz)2 Escondida Grasberg KGHM Poland Gra
Slide 31: Self-Funding Expansion
Self-Funding Expansion Phased approach to manage capital expenditures and self-fund expansions • Once in production, the Vicuña district will self-fund growth capital expenditures • Positive free cash flow in the first full year of operations Free Cash Flow1,2 ($B) Stage 3 Construction after Stage 2
Slide 32: Vicuña Mineral Resource Estimate
Vicuña Mineral Resource Estimate Summary of contained metal1 Copper Gold Silver M&I 14 Mt 36 Moz 729 Moz Inferred 32 Mt 61 Moz 1,051 Moz Vicuña 1. On a 100% basis, Vicuña includes Josemaria and Filo del Sol deposits. Please also refer to slides entitled “2026 Vicuña District – Mineral Resource Estim
Slide 33: Resource Comparison
Resource Comparison Updated Resource Estimate added the equivalent of three new large deposits (copper, gold and silver) Copper (Mt)1 Gold (Moz)1 Silver (Moz)1 16.5 97.4 8.6 46.5 80.9 12.6 313 1,780 7.1 37.9 3.9 1.5 243 1,467 70 61.3 32.3 1,051 48.7 25.1 808 32.2 36.1 659 729 12.8 14.3 2025 MRE Chan
Slide 34: Resource Comparison (February 2026)
Grades > 0.8% CuEq highlighted N Resource Comparison 1 km 2025 drilling program expands the boundaries of the Filo del Drilling since Sol system, which remains open to further growth Maiden Resource Conceptual pit outline E M&I + Inferred CuEq grade (%) W May 2025 >1 0.5 - 1 0.25 - 0.5 May 2025 Reso
Slide 35: Stage 1 – Josemaria Mine & Sulphide Mill
Stage 1 – Josemaria Mine & Sulphide Mill Center of future development and expansion within the highly prospective and emerging Vicuña District • Conventional truck and shovel open pit operation • Standard processing – crush, grind and flotation to produce a copper/gold concentrate • Majority of infr
Slide 36: Stage 2 – Filo del Sol Oxides
Stage 2 – Filo del Sol Oxides Sequential leaching to optimize recoveries • 60 ktpd leaching process will be used to treat blended material • Initial Cu recovery via on/off heap leach pad followed by gold leaching • 30 ktpd gold heap leach to treat ROM gold material 36
Slide 37: Stage 3: Mill Expansion
Stage 3: Mill Expansion 3 lines expanding to 5 lines (175,000 tpd to 293,000 tpd) • Existing three-line concentrator would be expanded to five lines • Coarse stockpile, grinding, flotation, regrinding, concentrate thickening, and tailings expanded • Fed by higher grade Filo del Sol material with the
Slide 38: Pathway to Sanctioning
Pathway to Sanctioning Key milestones Fiscal stability agreement Provincial agreements Detailed design & engineering Vicuña 38
Slide 39: Next Steps
Next Steps Targeting final investment decision as early as year-end 2026 • Opportunities exist to improve project economics • Engineering for Stages 2 and 3 will continue as studies progress through 2026, including more drilling to support mine planning, mineral process flowsheet optimization, and s
Slide 40: Operations
Operations Candelaria
Slide 41: Copper Focused in Latin America
Copper Focused in Latin America Chapada1,2 Three operating mines; 85% copper with gold exposure Goias, Brazil 45 – 50 kt Cu/yr 57 – 62 koz Au/yr • Transformative growth profile, +55% growth in copper C1: $0.75/lb - $0.95/lb Cu +20 LOM production and +285% in gold production 2026 Guidance • Clean bal
Slide 42: Caserones
Vicuña District / Atacama (Chile) Caserones Mine Overview1 Production & C1 Cash Costs2,3 Ownership4 75% 150 $3.20 Mine Type OP 139 130 - 140 140 133 $3.00 Mine Movement ~84 Mtpa 130 124 $2.80 120 Mill Throughput ~100 ktpd $2.60 110 Cathode Capacity 35 ktpa Cu $2.05 - $2.17 100 $2.40 $2.25 $2.51 Copp
Slide 43: Candelaria
Atacama (Chile) Candelaria Mine Overview1 Production & C1 Cash Costs2,3 Ownership4 80% 180 $2.40 Mine Type OP/UG 170 $2.07 $2.20 ~80 Mtpa OP/ $1.92 Mine Movement 160 ~5.0 Mtpa UG $2.00 150 $1.73 $2.05 – $2.25 Mill Throughput $1.80 75 ktpd | 3.8ktpd (Candelaria | PAC) 140 135 - 145 $1.60 Copper Reser
Slide 44: Chapada
Goias, Brazil Chapada Mine Overview1 Production & C1 Cash Costs2,3 Ownership 100% 70 65 3.00 59 61 57 - 62 Mine Type OP 60 46 2.50 45 - 50 Mine Movement ~52 Mtpa 50 43 44 40 $2.27 2.00 Mill Throughput ~65 ktpd 30 1.50 Copper Reserve Grade 0.22% | 0.12g/t 20 $1.58 $0.75 $0.75 – $0.95 1.00 Mine Life +
Slide 45: Saúva Growth Project
Saúva Growth Project Project underway Overview Additional ball mill at Chapada • Higher copper and gold recoveries (~5%) • $35M capex in 2026 • Earthworks to begin July 2026 Saúva deposit development to follow Second Ball Mill ball mill commissioning, first ore Q1 2029 Chapada 2nd Ball Mill Renderin
Slide 46: Saúva Growth Project
Saúva Growth Project Potential to add ~15 kt/yr copper and 45 koz/yr gold • Increases copper production at Chapada by ~30% and gold production by ~75% • Potential extension of the mine plan beyond 4 years Project Overview1,2 Copper Production1 (kt) Gold Production1 (koz) Mine Type Open Pit Avg. 15 k
Slide 47: Saúva Schedule & Catalysts
Saúva Schedule & Catalysts Ball mill commissioning Q4 2027, first ore from Saúva Q1 2029 2026 2027 2028 2029 H1 H2 H1 H2 H1 H2 H1 H2 Ball Mill Construction Engineering, permitting and electrification approval Ball mill fabrication and Construction Commissioning Saúva Deposit Development Feasibility
Slide 48: Sustainability
Sustainability Chapada
Slide 49: 2025 Sustainability Performance Highlights
2025 Sustainability Performance Highlights • Leading 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 2030 target • 100% tailings facil
Slide 50: 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
Slide 51: 2025 Sustainability Statement
2025 Sustainability Statement Aligned with CSRD reporting requirements • 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 51
Slide 52: 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: 52
Slide 53: Production & Cost Guidance
Production & Cost Guidance Caserones Cathode
Slide 54: Updated 2026 Production & Cash Cost Guidance
Updated 2026 Production & Cash Cost Guidance Cash Cost Guidance Production1 Guidance1,2,3,4 Cu Candelaria (100%) 135,000 - 145,000 $2.05 - $2.25 Copper Caserones (100%) 130,000 - 140,000 $2.05 - $2.25 Chapada 45,000 - 50,000 $0.75 - $0.95 Total Copper (t) 310,000 - 335,000 $1.90 - $2.10 Au Candelari
Slide 55: Guidance Outlook
Guidance Outlook 3-Year Production Guidance Copper1 kt 310 - 335 315 - 340 290 - 315 2026 2027 2028 Gold1 koz 143 - 158 132 - 147 Candelaria 134 - 149 2026 2027 2028 1. Guidance as announced in Lundin Mining’s press release dated January 21, 2026, entitled “Lundin Mining Announces 2025 Production Re
Slide 56: Updated 2026 Capital Expenditure Guidance Summary
Updated 2026 Capital Expenditure Guidance Summary • Total sustaining capital is forecast to be Capital Expenditures1 ($M) 2026 $550M, consistent with prior years’ original guidance Candelaria (100%) $215 Caserones (100%) $235 • Candelaria and Caserones account for Chapada $100 approx. 80% of the sus
Slide 57: Appendix
Appendix Caserones July 2026 57
Slide 58: Filo del Sol Deposit
Filo del Sol Deposit Block model emphasizing the grade distribution of deposit1 Filo del Sol Sulphides, 100% basis, NSR cut-off of $9.84/t Tonnes CuEq Cu Au Ag Cu Au Ag Category (Mt) (%) (%) (g/t) (g/t) (kt) (Moz) (Moz) Measured - - - - - - - - Indicated 2,572 0.68 0.38 0.32 8.1 9,759 26.5 672 M&I 2
Slide 59: Josemaria Resources
Josemaria Resources Block model highlighting the grade profile of the deposit1 Josemaria, 100% basis, NSR cut-off of $9.59/t Tonnes CuEq Cu Au Ag Cu Au Ag Category (Mt) (%) (%) (g/t) (g/t) (kt) (Moz) (Moz) Measured 648 0.51 0.33 0.25 1.2 2,143 5.2 25 Indicated 961 0.36 0.25 0.15 1.1 2,436 4.6 33 M&I
Slide 60: Corporate Structure
Corporate Structure Snapshot Analyst Coverage Shareholder Summary3 29Analysts As of June 30, 2026 TSX: LUN STOCKHOLM: LUMI Share Price C$34.56 Basic Shares Outstanding (June. 30, 2026) 854M 26% C$41.57 Basic Market Capitalization C$29.5B Cash & Cash Equivalents (Mar 31, 2026) US$565M 1% Undrawn Cred
Slide 61: 2026 Vicuña Mineral Resource Estimate
2026 Vicuña Mineral Resource Estimate Notes: 100% basis Mineral Resources have an effective date of October 31, 2025. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining’s
Slide 62: Mineral Reserve Estimate
Mineral Reserve Estimate 100% basis Tonnes Cu Au Ag Mo Cu Mo Site Category Au (koz) Ag (koz) Interest (%) (kt) (%) (g/t) (g/t) (ppm) (kt) (kt) Proven 345,438 0.47 0.11 1.34 - 1,619 1,206 14,827 - 80% Candelaria Combined Probable 247,274 0.45 0.10 1.53 - 1,117 834 12,155 - 80% Total 592,712 0.46 0.11
Slide 63: Mineral Resource Estimate
Mineral Resource Estimate 100% basis Tonnes Cu Au Ag Mo Cu Mo Interest Type Category Au (koz) Ag (koz) (kt) (%) (g/t) (g/t) (ppm) (kt) (kt) (%) Measured 795,303 0.54 0.13 1.8 - 4,329 3,294 47,255 - 80% Candelaria Indicated 562,429 0.56 0.13 2.0 - 3,170 2,305 36,022 - 80% M&I 1,357,732 0.55 0.13 1.9
Slide 64: Mineral Resource Estimate – Los Helados
Mineral Resource Estimate – Los Helados 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%
Slide 65: Notes on Mineral Resource and Mineral Reserve Tables
Notes on Mineral Resource and Mineral Reserve Tables Notes: Chapada Mineral Resource and Mineral Reserve estimates are shown on a 100% basis. The Measured and Indicated Mineral Resource estimates are The Chapada Mineral Resource estimates are reported within a conceptual pit shell at an open pit dis
Slide 66: Non-GAAP Measures
Non-GAAP Measures The Company has included herein certain performance measures (“Non-GAAP measures”). These performance measures have no standardized meaning within generally accepted accounting principles under IFRS and, therefore, may not be comparable to similar data presented by other mining com