Lundin Mining (LUN) Investor Update summary

Resource Estimate Highlights

• Vicuña ranks among the world's top 10 largest copper, gold, and silver resources, with 38 Mt copper, 81 Moz gold, and nearly 1.5 Boz silver in total resources, and 13 Mt copper (M&I) and 25 Mt inferred, 32 Moz gold (M&I) and 49 Moz inferred, and 659 Moz silver (M&I) and 808 Moz inferred.

• Filo del Sol and Josemaria feature high-grade cores: Filo del Sol's at 606 Mt (M&I) grading 1.14% CuEq and Josemaria's at 196 Mt (M&I) grading 0.73% CuEq.

• The district is positioned to compete with the world's largest copper mining complexes, with both deposits located about 10 km apart, enabling shared infrastructure and economies of scale.

• Drilling indicates expansion potential, with mineralization open at depth and along strike, and recent drill holes intercepting mineralization beyond current resource limits.

• Lundin Mining's attributable copper mineral resource base increased by 29% (M&I) and 650% (inferred) due to this update.

Development Strategy and Phasing

• Development will proceed in multiple phases, initially focusing on high-grade cores for early cash flow.

• Phase one throughput at Josemaria is targeted at 175,000 tpd, with potential for further increases.

• Early years will prioritize Josemaria and Filo oxides, with Filo sulfides integrated in later phases.

• Mine life for Josemaria as a standalone exceeds 20 years, but transition to Filo is expected within 5–10 years.

• The joint arrangement between Lundin Mining and BHP enables shared infrastructure, economies of scale, and staged expansion options.

Metallurgy, Recoveries, and Technical Considerations

• High-grade cores show positive grade-recovery relationships, with potential 1–2% higher recoveries.

• Metallurgical testing confirms heap leach amenability for Filo del Sol oxides and conventional milling/flotation for sulphides at both deposits.

• Recovery estimates: Filo del Sol concentrator (78% Cu, 62% Au, 62% Ag), heap leach (67% Cu, 63% Au, 78% Ag); Josemaria flotation (82% Cu, 60% Au, 56% Ag).

• Arsenic content and processing options are under study, with blending and tertiary processes being considered.

• Resource estimates use metal prices of $4.43/lb Cu, $2,185/oz Au, and $28.80/oz Ag, with pit optimization for economic extraction.