Lundin Mining Reports Third Quarter 2026 Results, Delivering Strong Financial Performance Amidst Record Copper Prices

VANCOUVER, BC, Nov. 4, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its third quarter 2026 financial results. Unless otherwise stated, results are from continuing operations and presented in US dollars on a 100% basis.

Jack Lundin, President and CEO commented, "In the third quarter of 2026, Lundin Mining generated its fourth consecutive quarter of revenue exceeding $1 billion. Supported by record realized copper prices, year to date, our adjusted EBITDA of $1.9 billion and free cash flow from operations of $1.2 billion have both already surpassed their full-year 2025 totals, positioning the Company for what we expect to be another record beating financial year.

"Candelaria and Chapada delivered solid operational performance during the quarter, with Candelaria's copper production increasing 13% from the second quarter and Chapada achieving its highest quarterly copper and gold production of 2026. At Caserones, severe winter weather and the ongoing impacts of the Super El Niño season have continued to constrain open-pit mining activities, requiring us to further revise our 2026 copper production guidance from 120–130 thousand tonnes to 105–115 thousand tonnes. Importantly, these are deferred tonnes rather than lost production, and we expect to see a recovery in operational performance through 2027.

"We also continued to advance our organic growth strategy. At Chapada, earthworks and concrete pouring have commenced on the additional ball mill, with construction approximately 15% complete. We remain on schedule for commissioning in late 2027.

"At Vicuña, we secured a long-term Provincial Agreement with the Province of San Juan and received approval to construct the high-voltage powerline connecting the project to the national grid. These are important milestones as we continue to advance the project toward a sanction decision before year-end.

"Despite the operational challenges encountered at Caserones, Lundin Mining remains well positioned, with a strong balance sheet and an exceptional pipeline of organic growth opportunities. We remain focused on executing our strategy and achieving our ambition of becoming a top ten global copper producer."

Third Quarter Operational and Financial Highlights

Record realized copper prices drove another quarter of revenue above $1.1 billion with $418 million of free cash flow from operations¹, putting the Company in a net cash¹ position of $237 million at quarter-end. This strong financial performance was achieved despite the challenging weather conditions faced at Caserones, with heavy snowfall and strong winds resulting in two extended production stoppages during the third quarter.

• Copper Production: 62,610 tonnes at a consolidated cash cost¹ of $2.01/lb.
• Gold Production: 36,763 ounces of gold was produced.
• Revenue: $1,109.2 million with a record realized copper price¹ of $6.85/lb and a realized gold price¹ of $4,321/oz.
• Net Earnings and Adjusted Earnings¹: Net earnings attributable to shareholders of the Company was $228.9 million ($0.27 per share) and adjusted earnings was $276.5 million ($0.32 per share).
• Adjusted EBITDA¹: $647.7 million for the quarter.
• Capital Expenditures¹: Sustaining capital expenditures² were $122.8 million and expansionary capital expenditures¹ were $97.0 million.
• Cash Generation: Cash provided by operating activities in the quarter was $531.6 million, adjusted free cash flow from operations¹ was $317.0 million.
• Shareholder Returns: Under its normal course issuer bid, the Company repurchased 2,448,400 common shares for aggregate purchases of approximately $62.4 million and declared dividends of $16.6 million or C$0.0275 per share during the quarter. Year-to-date, the Company has repurchased 6,098,494 common shares for aggregate purchases of approximately $158.8 million and has declared dividends of $50.9 million or C$0.0825 per share. As part of its shareholder distribution policy, the Company is committed to allocating up to $150 million annually to share buybacks. In August, the Board also approved up to an additional $100 million of share repurchases, beyond the shareholder distribution policy commitment, for the remainder of 2026.
• Growth: The Company delivered several major growth milestones this quarter, positioning it to be able to sanction the Vicuña project and advance its growth strategy:
  • During the quarter, Vicuña announced that it has secured a long-term royalty agreement and infrastructure trust (the "Provincial Agreement") with the Government of San Juan Province, Argentina (the "Province"), which will provide further economic stability for the project. An infrastructure trust commitment of $250 million (Lundin Mining's attributable share: $125 million) with trust contributions to be made upon execution of eligible infrastructure works by the Province. This commitment grants Vicuña a five-year payment holiday from required infrastructure trust contributions which would otherwise commence on first production, while providing upfront funds to the Province for infrastructure and community initiatives.
  • Vicuña also received approval from the National Gas and Electricity Regulatory Entity ("ENRGE") to build the high-voltage powerline and electrical infrastructure for the project, and secure the capacity needed to meet the operation's power demands.
  • As part of its near-term growth strategy, the Company approved construction of an additional ball mill at Chapada to achieve higher recoveries as part of the Saúva growth project. Earthworks and concrete pouring have started and fabrication of the ball mill has commenced with commissioning targeted for late 2027.
• Net Cash¹: As at September 30, 2026, the net cash position of the Company was $237.0 million. As at November 4, 2026, net cash was approximately $200 million.
• Outlook: Following a series of severe winter storms during the quarter, full-year copper production guidance at Caserones was revised on August 18, 2026 to 120,000 – 130,000 tonnes from 130,000 – 140,000 tonnes and annual cash cost per pound sold guidance was revised to $2.15/lb – $2.35/lb from $2.05/lb – $2.25/lb. The impact of the storms has continued into the fourth quarter, as snowmelt has reduced haulage rates and limited the volume of ore delivered to the mill. As a result, Caserones full-year copper production guidance has been further revised to 105,000 – 115,000 tonnes from 120,000 – 130,000 tonnes. The consolidated copper production guidance for the Company is now 285,000 – 310,000 tonnes, with cash cost guidance of $1.95/lb - $2.15/lb of copper.

Summary Financial Results

Production Overview

Sales Volumes

Caserones (Chile)
Operating Statistics

Q3 2026 Performance

During the quarter, production at Caserones was impacted by a series of severe winter storms. Prolonged power outages in July and August resulted in the temporary suspension of operations for approximately 30 days including the time required to thaw flotation banks and turn over mills. Each restart was followed by a progressive ramp-up period. Limited mining activities during the quarter were primarily focused on Phase 6, with some contribution from Phase 7.

YTD 2026 Compared to 2026 Guidance

Following the weather events, annual copper production guidance was revised on August 18, 2026 to 120,000 – 130,000 tonnes from 130,000 – 140,000 tonnes and annual cash cost per pound sold guidance was revised to $2.15/lb – $2.35/lb from $2.05/lb – $2.25/lb. The impact of the storms has continued into the fourth quarter, as snowmelt has reduced haulage rates and limited the volume of ore delivered to the mill. As a result, Caserones full-year copper production guidance has been further revised to 105,000 – 115,000 tonnes from 120,000 – 130,000 tonnes.

Growth Projects

The Caserones cathode plant capacity is approximately 35,000 tonnes of copper cathode production per year, representing an opportunity to increase production from current levels through higher utilization rates. Additional oxide material placed on the dump leach and improved leaching practices led to stronger cathode production in 2025 and year-to-date. An additional project to further increase cathode production is being executed in two phases. Phase 1 is focused on operational and leaching improvements, including increasing tonnage placed on the dump leach, expanding irrigation areas, and increasing irrigation acidity, which are expected to support production reaching the plant's current capacity of 35,000 tonnes per year. Phase 2 is expected to further increase cathode production capacity to 40,000 tonnes per year through the repowering of the existing rectifiers.

Exploration Update

At Caserones, drilling designed to target high-grade copper breccias at Angélica was severely impacted by winter storms and is expected to commence again by the end of Q4. The 16 km road enabling access to the Cordillera exploration target was completed before the winter storm events. Drilling at Cordillera is scheduled to commence in the first half of 2027.

Candelaria (Chile)
Operating Statistics

Q3 2026 Performance

Open pit mining during the quarter remained focused on Phase 11, with increased ore contribution from Phase 12 improving average grade and reducing cash cost per pound sold. Throughput decreased due to increased ore hardness combined with reduced plant availability for planned maintenance activities.

YTD 2026 Compared to 2026 Guidance

Production remains in line with annual guidance of 135,000 – 145,000 tonnes. Candelaria's production profile is weighted towards the second half of the year due to increased availability of higher-grade Phase 12 ore, combined with increased underground mining rates as the underground insourcing initiative was substantially completed in the quarter.

Cash cost per pound sold continued to benefit from strong gold and silver prices. Higher average grades are anticipated to continue through the remainder of 2026, which is expected to contribute to higher sales volumes in Q4 and reduce full year cash cost per pound sold to within the annual guidance range of $2.05/lb – $2.25/lb.

Growth Projects

The Candelaria underground expansion project is expected to increase underground throughput capacity to approximately 22,000 tonnes per day from previous production levels, targeting a medium-term increase in annual copper production of 10% or approximately 12,000 – 14,000 tonnes of copper. The opportunity includes phased insourcing of the Company's underground mining contract and an increase in the number of active mining stopes. This opportunity is not included in Candelaria's three-year guidance figures. Candelaria's H1 2026 results reflected lower underground mining rates as the Company was in the process of insourcing the underground mining contract. Insourcing was substantially completed in the quarter with underground mining rates reaching planned levels and are expected to stabilize at 14,000 tonnes per day by the end of 2027. Planning is underway to support a gradual increase in underground mining rates, reaching approximately 22,000 tonnes per day by 2030.

Projects are also ongoing to support the mine life extension under the 2040 Environmental Impact Assessment ("EIA").

Exploration Update

At Candelaria, a total of 3,196 metres were drilled: underground in the Mariana sector of Candelaria Sur (one hole completed) and at Candelaria Norte UG (one hole completed, one in-progress) testing the extension of known vein and breccia mineralization, and on surface at Española, testing extensions to the known system (two holes completed, one in-progress). 

Chapada (Brazil)
Operating Statistics

Q3 2026 Performance

Mining during the quarter remained focused on the South pit. Mill throughput continued to benefit from high operational availability from efficiencies achieved through the Full Potential program, which focuses on achieving sustainable operational efficiencies and financial savings. Throughput also benefitted from optimized drill-and-blast fragmentation and a softer ore blend during the period. Recoveries for copper and gold benefitted from mill feed blend and improved flotation circuit performance.

YTD 2026 Compared to 2026 Guidance

Production remains in line with annual guidance of 45,000 – 50,000 tonnes. Average copper grades in the quarter are expected to remain consistent through the end of the year and throughput is expected to continue to benefit from operational efficiencies.

Growth Projects

The Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add approximately 15,000 tonnes of annual copper production and approximately 45,000 ounces of annual gold production. As part of this project, the construction of an additional ball mill has been approved and is expected to increase copper and gold recoveries by up to approximately 5 percentage points. The additional ball mill at Chapada is also expected to process higher grade ore from Saúva, replacing lower grade material currently being mined at the Chapada open pit. Earthworks began in July 2026 and construction of mill foundations and procurement of equipment are currently in progress. Fabrication of the ball mill has commenced and commissioning is expected in late 2027.

Further design and engineering work on this project will continue along with Saúva permitting. An updated technical report for the Chapada mine and Saúva Project is in progress and the results are expected to be announced in Q4 2026.

Exploration Update

At Chapada, two exploration drill rigs operated during the quarter, completing a total of 3,114 metres. One hole was completed at Saúva down-dip, testing the continuation of the >1% CuEq high-grade trend, in addition to three other exploration targets along the Saúva trend at Formiga, Saúva North and Bom Jesus (four completed, one in-progress). At the end of September 2026, a third rig began testing the Santa Cruz target, west of Chapada mine.

Vicuña Project (Argentina and Chile)

The development of the Vicuña district is envisioned in a staged approach. Stage 1 encompasses a sulphide mill and the Josemaria deposit, establishing an initial open pit mine and concentrator designed for future expansion to accelerate first production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a corresponding solvent extraction and electrowinning (SX/EW) plant for copper, gold and silver recovery. Stage 3 represents the long-term maturation of the district through expansion of the concentrator and development of the Filo del Sol sulphide deposit, enabling peak, sustained production, positioning the Vicuña Project as a long-life, globally significant copper operation. Stage 3 also integrates key district infrastructure, including a desalination plant and associated pipeline, concentrate slurry pipeline and concentrate treatment facility, to support expansion of the district.

Provincial Agreements

During the quarter, Vicuña secured a Provincial Agreement with the Government of the San Juan Province to provide further economic stability for the Vicuña Project. Vicuña and the Province have agreed to:

• Consolidate all financial contributions for social infrastructure required under the Vicuña Project's Declaration of Environmental Impact (mining permit) into a single contribution of 1.5% of gross revenue, which is to be paid into an infrastructure trust for the life of mine which simplifies the funding of the infrastructure contributions for the two deposits;
• An infrastructure trust commitment of $250 million (Lundin Mining's attributable share: $125 million) with trust contributions to be made upon execution of eligible infrastructure works by the Province. This commitment grants Vicuña a five-year payment holiday from required infrastructure trust contributions which would otherwise commence on first production, while providing upfront funds to the Province for infrastructure and community initiatives; and
• A cap to the provincial mining royalty of 3% gross revenue for the life of mine.

RIGI Approval

In June 2026, Vicuña received approval for the inclusion of the Vicuña Project to the Incentive Regime for Large Investments ("RIGI") under the Long-Term Strategic Export Projects ("PEELP") designation. Argentina's RIGI regime is designed to attract and accelerate large-scale investment through long-term fiscal stability and transparent regulatory conditions. Vicuña is the first copper mining project in Argentina to be granted the more favourable RIGI PEELP status. RIGI offers regulatory stability, including lower corporate and dividend withholding tax rates, removal of export duties, value added tax offsets and repatriation of revenues. RIGI PEELP is designed to support large scale, long-term investments into Argentina and provides longer benefit periods (40 years vs 30 years) and accelerated timelines to repatriate revenues and export duty exemptions, as compared to the regular RIGI regime.

Project Development

During the quarter, the Company spent $81.0 million in capital expenditures compared to $51.1 million in Q3 2025, reflecting increased project readiness activities as the project advances towards a sanction decision. During the quarter, activities were focused on detailed design and engineering, and execution planning. During July and August, exploration drilling and early earthworks were impacted by severe winter storms.

On a year-to-date basis, the Company spent $207.6 million in capital expenditures compared to $126.0 million in year-to-date 2025. Capital expenditures increased due to expanded engineering and execution planning activities as the project advances towards a sanction decision.

During the quarter, Vicuña received approval from ENRGE to build the high voltage powerline and electrical infrastructure for the Vicuña Project along with securing capacity to meet the power demands of the operation.

Upcoming Project Development Milestones

The Company intends to continue to work with its partner, BHP, and the Vicuña Project team to advance the Vicuña Project to a sanctioning decision. Key upcoming activities and milestones include:

• Engineering and mine design optimization activities for Stage 1.
• Advancement of financing structure to fund construction.
• Completion of a bottom-up Stage 1 capital cost estimate and construction schedule.
• Trade off studies and optimization of Stages 2 & 3.

Detailed design and engineering on the Vicuña Project is ongoing. The technical team is focused on advancing all aspects of the project to target a sanctioning decision as early as the end of 2026.

Technical Report Results

The results of the Vicuña Project integrated study, including an updated Mineral Resource estimate for the Vicuña Project (the "Updated Vicuña Mineral Resource"), were published on February 16, 2026 and highlighted a development project with the potential to rank among the top five copper, gold, and silver mines globally. Aspects of the integrated study, including engineering and mine design optimization activities for Stage 1 and a bottom-up Stage 1 capital cost estimate and construction schedule are being updated in support of a sanctioning decision as early as the end of 2026.

Highlights¹:

• Potential to be a top five copper, gold, and silver mine: Average annual production of 400,000 tonnes copper, 700,000 oz gold and 22 Moz silver over the first 25 full years of operation.
• Peak production of +500 ktpa copper: Average production over a ten-year period of over 500,000 tonnes copper, 800,000 oz gold and 20 Moz silver or 800,000 tonnes CuEq².
• Multi-generational asset: Initial +70-year LOM, producing approximately 22.3 Mt of copper, 37.2 Moz of gold and 763 Moz of silver.
• Significant free cash flow: Average annual free cash flow of $2.2 billion per year (after expansionary capital) during the first 25 years.
• Leveraged to copper and gold: LOM revenue contribution of 60% copper, 32% gold and 8% silver.
• Capital intensity below $30,000/tonne CuEq: Stage 1 capital of $7.1 billion with an after-tax payback period of 8.4³ years and an after-tax IRR of 14.8%.
• Resource growth: The Updated Vicuña Mineral Resource grew significantly compared to the previous estimate⁴.
• Base-case scenario: NPV_8% of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver.
• Value accretion at higher metal prices: $6.00/lb copper, $5,000/oz gold & $80/oz silver increases the NPV_8% to $28.8 billion and the IRR to 25.5% with a payback of 5.4 years.

The results of the integrated study were subsequently filed in a technical report ("Vicuña Technical Report") entitled "Vicuña Project, Argentina and Chile NI 43-101 Technical Report on Preliminary Economic Assessment", available under the Company's profile on SEDAR+ at www.sedarplus.ca. The Vicuña Project integrated study is preliminary in nature and provides only an initial, high-level review of the Vicuña Project's potential and design options; there is no certainty that the results of the Vicuña Project integrated study will be realized. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

About Vicuña

On January 15, 2025, the Company and BHP completed the acquisition of Filo Corp. through a plan of arrangement and concurrently formed a 50/50 independently managed joint arrangement, Vicuña, holding the Josemaria deposit in Argentina and the Filo del Sol deposit in Argentina and Chile. The Company accounts for Vicuña as a joint operation and accordingly records its 50% share of the assets, liabilities, revenue, expenses and cash flows.

Los Helados Project (Chile)

On April 7, 2026, the Company acquired from JX a 30.9% interest in the Los Helados Project, a large copper-gold deposit, located in Chile's Atacama Region, approximately 17 kilometres to the south of Caserones and approximately 10 kilometres to the north of the Vicuña Project. Los Helados strengthens the Company's Mineral Resource base, increasing measured and indicated copper Mineral Resources by 15% and gold Mineral Resources by 11%, on an attributable basis⁵. NGEx Minerals Ltd. holds the remaining 69.1% interest in the Los Helados Project and is the operator.

Los Helados provides compelling long-term growth optionality including potential synergies with the Caserones operation. Potential scenarios include throughput expansion, a standalone operation, or transportation of mineralization from Los Helados to Caserones, accelerating higher grade material.

A total of 96,448 metres of drilling has been completed on the Los Helados Project in 110 holes with a Mineral Resource estimate updated in 2023 which highlighted a significant inventory of contained copper, gold and silver.

Revenue Analysis

The revenue increase during the quarter was primarily due to an increase in realized copper prices. This was partially offset by lower sales volumes, primarily at Caserones due to weather related disruptions during the quarter.

Capital Expenditures¹ 

Sustaining capital expenditures during both periods were primarily related to open pit waste stripping, underground mine development, tailings storage facility upgrades, and investments in new mining equipment.

2026 Outlook

During the quarter, production at Caserones was impacted by a series of severe winter storms. Two prolonged power outages resulted in temporary suspensions of operations totalling approximately 30 days and were each followed by progressive ramp-up periods. The impact of the storms has continued into the fourth quarter, as snowmelt has reduced haulage rates and limited the volume of ore delivered to the mill. As a result, Caserones full-year copper production guidance has been further revised to 105,000 – 115,000 tonnes from 120,000 – 130,000 tonnes.

See below for current 2026 Guidance:

2026 Production and Consolidated Cash Cost¹ Guidance

2026 Production and Cash Cost¹ Guidance by Operation

The Company continues to assess the impact of the current macroeconomic environment and its subsequent effect on key input costs including diesel, sulphuric acid, and ocean freight. While these input costs have increased, the increases are not expected to have a material impact on the overall cost base of the Company at this time. We continue to actively monitor the situation for changes that could impact the Company's financial results and consider actions to reduce the risks associated with cost pressures.

Based on commodity prices realized year-to-date and expected to be realized for the remainder of the year, it is anticipated that the actual financial results will be more favourable than the Company's previously projected financial outlook for 2026¹.

2026 Capital Expenditure Guidance¹

The Company is reducing 2026 capital expenditure guidance including sustaining capital for Caserones and expansionary capital for Candelaria and Chapada. Reduction in expansionary capital guidance at Chapada is due to the timing of payments for the additional ball mill with no impact to the project schedule.

2026 Exploration Investment Guidance

Total exploration expenditure guidance for 2026 is $53 million.

Current 2026 Guidance Key Assumptions

Current 2026 cash cost guidance is based on various assumptions and estimates for the remainder of the year, including but not limited to: production volumes, commodity prices (Au: $4,000/oz, Ag: $70.00/oz), foreign exchange rates (USD/CLP: 925, USD/BRL: 5.25) and operating costs.

Candelaria is subject to a streaming agreement which currently streams 68% of the total gold and silver production. Candelaria's cash cost is calculated based on receipt of approximately $437/oz gold and $4.36/oz silver on streamed ounces. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements which are reflected in copper revenue.

Revised capital expenditure guidance is based on various assumptions and estimates for the remainder of the year, including, but not limited to foreign currency exchange rates (USD/CLP: 925, USD/BRL: 5.25).

About Lundin Mining

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce metals that underpin global development, supporting infrastructure, electrification, technological innovation, and economic resilience. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. We also hold a 31% interest in the Los Helados project, located adjacent to our operating Caserones mine, providing longer term growth optionality. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on November 4, 2026 at 15:30 Vancouver Time.

Technical Information 

The Vicuña Technical Report summarizing the results of the integrated study, including the Updated Vicuña Mineral Resource was prepared in accordance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101") and may be found under the Company's profile on SEDAR+ at www.sedarplus.ca in accordance with applicable securities rules. The Qualified Persons (as defined by NI 43-101) named below have reviewed and verified the scientific and technical information in respect of the Vicuña Technical Report and approve the written disclosure of such information. Each of the Qualified Persons named below, other than Dustin Smiley, is independent of Lundin Mining.

The Qualified Persons are:

Mr. Luke Evans, P.Eng., SLR Consulting (Canada) Ltd.
Mr. Paul Daigle, P.Geo., AGP Mining Consultants Inc.
Mr. Sean Horan, P.Geo., Resource Modelling Solutions Ltd.
Mr. Jeffery Austin, P.Eng., International Metallurgical and Environmental Inc.
Mr. Rod Clary, P.E., Design, Fluor Enterprises Inc.
Mr. Kirk Hanson, P.E., KH Mining LLC
Mr. Dustin Smiley, P.Eng., Vicuña Corp.
Mr. Daniel Ruane, P.Eng., Knight Piesold Ltd.

For further information related to the Vicuña Technical Report, see the Company's news release dated March 30, 2026.

The reader is advised that the Vicuña integrated study summarized herein is only a conceptual study of the potential viability of the Vicuña Project, and the economic and technical viability of the Vicuña Project and its estimated Mineral Resources has not been demonstrated. The Vicuña integrated study is preliminary in nature and provides only an initial, high-level review of the Vicuña Project's potential and design options; there is no certainty that the results of the Vicuña integrated study will be realized. The Vicuña integrated study conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Vicuña Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described herein and in the Vicuña Technical Report.

The scientific and technical information in this document other than that pertaining to the Vicuña Technical Report has been reviewed and approved in accordance with NI 43-101 by Eduardo Cortés, Registered Member (Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin Mining, a "Qualified Person" under NI 43-101.

Mr. Cortés has verified the scientific and technical information pertaining to the Los Helados Project by reviewing public disclosure of NGEx Minerals Ltd. pertaining to the project; however, he has not had access to any underlying data or other information beyond what is publicly disclosed by NGEx Minerals Ltd. Mr. Cortés has verified all scientific and technical information disclosed in this document other than with respect to the Vicuña Technical Report and no limitations were imposed on his verification process, other than as described for the Los Helados Project.

Abbreviations

Reconciliation of Non-GAAP Measures

The Company uses certain financial measures in its analysis. These financial measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP & other financial measures in its Management's Discussion and Analysis for the three and nine months ended September 30, 2026 which is available on SEDAR+ at www.sedarplus.ca.

Cash Cost per Pound and AISC per Pound

Cash cost per pound sold, consolidated cash cost per pound sold, and AISC per pound sold can be reconciled to production costs on the Company's condensed interim consolidated Statements of Earnings as follows:

Adjusted EBITDA

Adjusted EBITDA can be reconciled to net earnings from continuing operations on the Company's condensed interim consolidated Statements of Earnings as follows:

Adjusted Earnings and Adjusted EPS

Adjusted earnings and adjusted EPS can be reconciled to net earnings from continuing operations attributable to Lundin Mining Shareholders on the Company's condensed interim consolidated Statements of Earnings as follows: