Lundin Mining (LUN) investor relations material

Strategic growth and operational highlights

• Achieved 55% copper and 285% gold production growth, driven by three operating mines in Latin America and a transformative project pipeline.

• Maintains a clean balance sheet, supported by a $1.4B European asset sale and a new $4.5B credit facility to fund future growth.

• Returned over $1.6B to shareholders since 2017 through dividends and share buybacks, with a current annual allocation of ~$220M.

• Demonstrated exploration success, increasing copper mineral resources by 400% and gold by 1,450% since 2018.

• Q1 2026 saw 80 kt copper and 32 koz gold produced, $1.16B revenue, and $627M adjusted EBITDA.

Vicuña District and project development

• Vicuña is positioned as a world-class, multi-generational copper, gold, and silver project, targeting over 500 ktpa copper, 800 koz gold, and 20 Moz silver at peak.

• Staged development plan leverages cash flows to self-fund expansions, with Stage 1 capex at $7.1B and subsequent stages at $11.1B.

• Life of mine exceeds 70 years, with a 25-year average annual free cash flow of $2.2B and first quartile cash costs.

• Project NPV8% estimated at $28B at spot prices, with IRR up to 25.5% and payback as short as 5.4 years depending on commodity prices.

• Mineral resource estimate for Vicuña District totals 14Mt copper, 61Moz gold, and 1,051Moz silver (M&I + Inferred, 100% basis).

Operations and production guidance

• 2026 copper production guidance is 310–335 kt at a consolidated C1 cash cost of $1.90–$2.10/lb.

• Candelaria and Caserones each contribute 130–145 kt copper annually, with Chapada adding 45–50 kt.

• Saúva Growth Project at Chapada aims to add ~15 kt/y copper and 45 koz/y gold, increasing Chapada output by ~30% and 75% respectively.

• Total sustaining capital for 2026 is forecast at $550M, with $395M in expansionary capital, mainly for Vicuña.