Lundin Mining (LUN) investor relations material

Executive summary

• Q3 revenue was $1,109.2M, Adjusted EBITDA $647.7M and free cash flow from operations $418.2M; record copper pricing supported results.

• Caserones weather disruptions reduced FY2026 copper production guidance, while Candelaria and Chapada delivered solid operating results.

• Vicuña advanced toward a year-end Stage One sanction decision; Chapada’s additional ball mill remains targeted for commissioning in late 2027.

Financial highlights

• Q3 revenue was $1,109.2M; Adjusted EBITDA was $647.7M and adjusted operating cash flow was $430M.

• Free cash flow from operations was $418.2M; adjusted earnings were $276.5M, or $0.32/share, excluding Caserones standby costs.

• YTD revenue was $3,480.7M, Adjusted EBITDA $1,932.4M and free cash flow from operations $1,158.1M.

• Net earnings attributable to shareholders were $228.9M, or $0.27/share; cash provided by operating activities was $531.6M.

• Q3 capital expenditures were $219.8M: $122.8M sustaining and $97.0M expansionary.

Outlook and guidance

• FY2026 consolidated copper production guidance was reduced to 285–310 kt from 300–325 kt; cash cost guidance remains $1.95–$2.15/lb.

• Caserones copper guidance was cut to 105–115 kt from 120–130 kt; Candelaria remains at 135–145 kt and Chapada at 45–50 kt.

• FY2026 capital expenditure guidance was reduced by $50M to $980M, reflecting project spending deferred to 2027.

• Vicuña Stage One sanction is targeted before year-end, pending completion and review of its capital estimate, execution plan and schedule; the district PFS is targeted for H2 2027.

• Chapada’s additional ball mill is expected to add ~15 kt/year of copper and 45 koz/year of gold; commissioning is targeted for late 2027.