Årsredovisning 2025

Risks	and	Uncertainties
The	Company’s	business	activities	are	subject	to	a	variety	and	wide	range	of	inherent	risks	and	uncertainties.	Any	of	these	
risks	could	have	an	adverse	effect	on	the	Company,	its	business	and	prospects,	and	could	cause	actual	outcomes	and	results	
to	differ	materially	from	those	described	in	forward-looking	statements	relating	to	the	Company.
The	development	of	the	Vicuña	Project	requires	significant	capital	commitments	from	the	Company,	and	additional	funding,	
beyond	 debt,	 may	 be	 required	 to	 advance	 the	 project	 to	 completion.	 Such	 additional	 funding	 may	 take	 the	 form	 of	 a	
partnership,	joint	arrangement,	royalty,	stream	or	other	arrangement	(or	a	combination	thereof)	for	the	Vicuña	Project,	any	
of	which	would	dilute	the	Company’s	existing	interest	in	the	Vicuña	Project.	The	Company	may	also	be	required	or	elect	to	
pursue	equity	financing,	which	could	have	a	dilutive	effect	on	existing	security	holders	if	shares,	options,	warrants	or	other	
convertible	securities	are	issued.
The	Company’s	ability	to	obtain	additional	financing	for	the	Vicuña	Project	in	the	future	will	depend,	in	part,	on	prevailing	
capital	market	conditions	and	the	Company’s	financial	performance.	Failure	to	secure	adequate	financing	on	a	timely	basis	
may	 cause	 the	 Company	 to	 postpone,	 abandon,	 reduce	 or	 terminate	 its	 development	 activities	 in	 respect	 of	 the	 Vicuña	
Project	and	could	have	a	material	adverse	effect	on	the	Company’s	business,	results	of	operations,	financial	condition	and	
price	of	common	shares.	
In	 June	 2024,	 under	 President	 Javier	 Milei,	 the	 Argentine	 Congress	 passed	 the	 “Bases	 Law”	 and	 the	 Tax	 Measures	 Law	
effecting	a	series	of	blanket	reforms,	and	the	RIGI	incentive	regime	for	large	investments,	bringing	significant	implications	
across	industries.	If	the	Vicuña	Project	is	accepted	into	the	RIGI	framework,	significant	economic	benefits	are	expected	to	
be	provided.	If,	however,	the	Vicuña	Project	is	not	accepted	into	the	RIGI	framework		in	a	timely	manner	or	at	all,	or	if	the	
RIGI	 framework	 does	 not	 work	 as	 intended	 or	 anticipated,	 it	 may	 have	 a	 material	 adverse	 impact	 on	 the	 Company’s	
operations	 and	 financial	 conditions,	 strategic	 vision,	 growth	 opportunities,	 and	 accuracy	 of	 cost	 estimates	 and	 economic	
analysis	of	the	Vicuña	Project,	as	well	as	material	adverse	tax	effects.
In	 addition,	 the	 Company’s	 exploration,	 acquisition,	 development	 and	 operational	 activities	 generally	 require	 significant	
investment	of	resources	and	capital.	The	Company	allocates	such	resources	and	capital	to	support	business	objectives,	and	
the	availability	of	required	resources	and	capital	is	subject	to	market	conditions	and	the	Company’s	financial	position.
The	Company	has	limited	financial	resources	and	there	is	no	assurance	that	sufficient	additional	funding	or	financing	will	be	
available	 to	 the	 Company	 or	 its	 direct	 and	 indirect	 subsidiaries	 on	 acceptable	 terms,	 or	 at	 all,	 for	 further	 exploration	 or	
development	 of	 its	 properties,	 including	 the	 development	 of	 the	 Vicuña	 Project,	 or	 to	 fulfill	 its	 obligations	 under	 any	
applicable	agreements.
The	Company	may	incur	substantial	debt	from	time	to	time	to	finance	working	capital,	capital	expenditures,	investments	or	
acquisitions	or	for	other	purposes.	If	the	Company	does	so,	the	risks	related	to	the	Company’s	indebtedness	could	intensify,	
including,	 among	 other	 things:	 substantial	 interest	 and	 capital	 payments;	 increased	 difficulty	 in	 satisfying	 existing	 debt	
obligations;	 limitations	 on	 the	 ability	 to	 obtain	 additional	 financing,	 or	 imposed	 requirements	 to	 make	 non-strategic	
divestitures;	 imposed	 hedging	 requirements;	 explicit	 or	 implicit	 restrictions	 on	 the	 Company’s	 cash	 flows	 for	 capital	
investment,	 dividends	 or	 distributions,	 opportunistic	 acquisitions	 and	 other	 business	 needs;	 increased	 vulnerability	 to	
general	 adverse	 economic	 and	 industry	 conditions;	 interest	 rate	 risk	 exposure	 as	 borrowings	 may	 be	 at	 variable	 rates	 of	
interest;	 decreased	 flexibility	 in	 planning	 for	 and	 reacting	 to	 changes	 in	 the	 industry	 in	 which	 it	 competes;	 reduced	
competitiveness	as	compared	to	less	leveraged	competitors;	and	increased	cost	of	additional	borrowing.
The	terms	of	the	revolving	credit	facility	require	the	Company	to	satisfy	various	affirmative	and	negative	covenants	and	to	
meet	 certain	 financial	 ratios	 and	 tests.	 These	 covenants	 limit,	 among	 other	 things,	 the	 Company’s	 ability	 to	 incur	 further	
indebtedness	if	doing	so	would	cause	it	to	fail	to	meet	certain	financial	covenants,	create	certain	liens	on	assets	or	engage	
in	certain	types	of	transactions.	A	failure	to	comply	with	these	covenants,	including	a	failure	to	meet	the	financial	tests	or	
ratios,	would	likely	result	in	an	event	of	default	under	the	revolving	credit	facility	and	would	allow	the	lenders	to	restrict	
future	loans	or	accelerate	the	debt,	which	could	materially	and	adversely	affect	the	Company’s	business,	financial	condition	
and	results	of	operations,	its	ability	to	meet	payment	obligations	under	its	debt	and	the	price	of	its	common	shares.	As	at	
December	31,	2025,	the	Company	is	in	compliance	with	its	debt	covenants.
The	 Company	 may	 issue	 additional	 securities	 to	 raise	 funds,	 to	 pay	 for	 acquisitions	 or	 for	 other	 reasons.	 The	 Company	
cannot	predict	the	size	of	future	issuances	of	securities	or	the	effect,	if	any,	that	future	issuances	and	sales	of	securities	will	
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have	 on	 the	 market	 price	 of	 common	 shares.	 Sales	 or	 issuances	 of	 substantial	 numbers	 of	 common	 shares,	 or	 the	
expectation	that	such	sales	could	occur,	may	adversely	affect	prevailing	market	prices	of	the	Company’s	common	shares.	In	
connection	with	any	issuance	of	common	shares,	investors	will	suffer	dilution	to	their	voting	power	and	the	Company	may	
experience	dilution	in	its	earnings	per	share.
The	 Company	 is	 exposed	 to	 various	 counterparty	 risks	 including,	 among	 others:	 financial	 institutions	 that	 hold	 the	
Company’s	 cash;	 companies	 that	 have	 payables	 to	 the	 Company,	 including	 concentrate	 customers;	 the	 Company’s	
insurance	 providers;	 counterparties	 to	 the	 Company's	 derivative	 contracts;	 the	 Company’s	 lenders	 and	 other	 banking	
counterparties;	companies	that	have	received	deposits	from	the	Company	for	the	future	delivery	of	equipment;	and	third	
parties	that	have	agreed	to	indemnify	the	Company	upon	the	occurrence	of	certain	events.	The	Company	is	also	subject	to	
customer	counterparty	and	credit	risks	and	concentration	risk	associated	with	trade	receivables.	
The	Company	maintains	relationships	with	various	banking	partners	for	its	operating	activities	in	the	jurisdictions	in	which	
the	Company	operates.	The	Company’s	access	to	funds	under	its	credit	facilities	or	other	debt	arrangements	is	dependent	
on	 the	 ability	 of	 the	 financial	 institutions	 that	 are	 counterparties	 to	 the	 facilities	 to	 meet	 their	 funding	 commitments.	
Default	by	financial	institutions	could	require	the	Company	to	take	measures	to	conserve	cash	until	the	markets	stabilize	or	
until	alternative	credit	or	other	funding	arrangements	for	the	Company’s	business	needs	can	be	obtained.
If	market	prices	for	metals	fall	below	the	Company’s	full	production	costs	and	remain	at	such	levels	for	any	sustained	period	
of	time,	the	Company	may	experience	losses	and	may	decide	to	discontinue	mining	operations	or	development	of	a	project	
at	one	or	more	of	its	properties.	If	the	prices	drop	significantly,	the	economic	prospects	of	the	mines	and	projects	in	which	
the	Company	has	an	interest	could	be	significantly	reduced	or	rendered	uneconomic,	in	which	case	the	Company	may	need	
to	restate	its	Mineral	Resource	and	Mineral	Reserve	estimates.	Low	metal	prices	will	affect	the	Company’s	liquidity,	and	if	
they	 persist	 for	 an	 extended	 period	 of	 time,	 the	 Company	 may	 have	 to	 look	 for	 other	 sources	 of	 cash	 flow	 to	 maintain	
liquidity	 until	 metal	 prices	 recover.	 A	 sustained	 and	 material	 impact	 on	 the	 Company’s	 liquidity	 may	 also	 impact	 the	
Company’s	ability	to	comply	with	financial	covenants	under	its	credit	facilities.
In	Brazil,	regulatory	requirements	for	tailings	facility	management	and	reporting	have	steadily	increased	in	the	past	several	
years	and	have	required	the	Chapada	Mine	to	continue	to	adapt	its	practices	and	procedures	to	ensure	legal	and	regulatory	
compliance.	 On	 October	 17,	 2025	 the	 National	 Mining	 Agency	 in	 Brazil	 (“ANM”)	 published	 Resolution	 No.	 220/2025	
(“ANM-220”),	establishing	new	rules	applicable	to	mining	dams	within	the	scope	of	ANM	which	come	into	effect	in	2027.	
Such	 rules	 include	 restrictions	 on	 the	 activities	 in	 tailings	 dam	 self-rescue	 zones	 (“ZAS”)	 and	 restrictions	 on	 the	 workers	
allowed	in	the	ZAS	to	those	that	are	strictly	necessary	for	the	performance	of	select	activities	related	to	tailings	dams.	The	
Company	 is	 currently	 evaluating	 the	 potential	 impacts	 of	 ANM-220	 on	 its	 Chapada	 operations,	 including	 studies	 on	
potential	 initiatives	 for	 compliance	 with	 ANM-220.	 State	 and	 federal	 laws	 and	 regulations,	 including	 ANM-220	 could	
significantly	increase	the	costs	associated	with	the	Company’s	operations.	Non-compliance	with	applicable	laws,	regulations	
and	permitting	requirements	(including	allegations	of	such)	may	result	in	civil	litigation,	administrative	or	criminal	sanctions	
or	regulatory	enforcement	actions,	including	orders	issued	by	regulatory	or	judicial	authorities	causing	operations	to	cease	
or	 be	 curtailed	 or	 causing	 the	 withdrawal	 of	 mining	 licenses,	 and	 the	 imposition	 of	 fines,	 corrective	 measures	 requiring	
material	capital	expenditure	or	remedial	action	resulting	in	materially	increased	costs	of	compliance,	reputational	damage	
and	potentially	impaired	ability	to	secure	future	approvals	and	permits.
In	certain	jurisdictions	in	which	the	Company	operates,	there	are	certain	restrictions	on	the	ownership	of	land	by	foreign	
beneficial	 owners.	 For	 example,	 in	 Brazil,	 there	 are	 limitations	 on	 the	 amount	 of	 rural	 land	 that	 can	 be	 held	 by	 foreign	
beneficial	owners	and	these	restrictions	apply	at	both	the	individual	and	aggregate	level	across	all	foreign	beneficial	owners	
on	 a	 municipality-by-municipality	 basis.	 Any	 challenges,	 disputes,	 or	 termination	 of	 any	 one	 or	 more	 of	 the	 Company’s	
mining,	exploration	or	other	concessions,	property	holdings	or	titles	could	have	a	material	adverse	effect	on	the	Company’s	
financial	condition	or	results	of	operations.
In	respect	of	the	2017	taxation	year,	the	CRA	issued	a	reassessment	denying	the	Company’s	2007	election	to	increase	the	
tax	cost	of	its	investment	in	a	subsidiary.	The	reassessment	proposes	an	increase	in	taxable	income	of	approximately	$456	
million,	 which	 would	 result	 in	 additional	 income	 taxes	 payable	 of	 approximately	 $114.1	 million	 and	 interest	 of	
approximately	 $46.2	 million.	 The	 Company	 filed	 a	 Notice	 of	 Objection	 on	 January	 28,	 2026	 and	 will	 vigorously	 and	
expeditiously	defend	its	tax	filing	position	through	CRA's	Appeals	Division	and,	if	required,	court	proceedings.
The	foregoing	is	not	an	exhaustive	description	of	the	risks	and	uncertainties	to	which	the	Company’s	business	activities	are	
subject.	For	additional	discussion	on	Lundin	Mining’s	risks	and	uncertainties,	refer	to	the	“Risks	and	Uncertainties”	section	
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of	 the	 Company’s	 most	 recent	 Annual	 Information	 Form	 (“AIF”)	 and	 the	 “Cautionary	 Statement	 on	 Forward-Looking	
Information”	section	of	this	MD&A.
National	Instrument	43-101	Compliance
The	 technical	 report	 summarizing	 the	 results	 of	 the	 Study,	 including	 the	 Updated	 Vicuña	 Mineral	 Resource,	 is	 being	
prepared	in	accordance	with	 National	Instrument	43-101	–	Standards	of	Disclosure	for	Mineral	Projects	(“NI	43-101”)	 and	
will	be	filed	under	the	Company's	profile	on	SEDAR+	at	www.sedarplus.ca	in	accordance	with	applicable	securities	rules.	The	
Qualified	Persons	named	below	have	reviewed	and	verified	the	scientific	and	technical	information	in	respect	of	the	Study	
in	this	document	and	approve	the	written	disclosure	of	such	information.	
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	Corp.
Mr.	Kirk	Hanson,	P.E.,	KH	Mining	LLC
Mr.	Dustin	Smiley,	P.Eng.,	Vicuña	Corp.
Mr.	Daniel	Ruane,	P.Eng.,	Knight	Piesold	Ltd.
Each	 of	 the	 foregoing	 individuals	 is	 a	 “Qualified	 Person”	 as	 defined	 by	 NI	 43-101.	 The	 Updated	 Vicuña	 Mineral	 Resource	
estimates	are	shown	on	a	100%	basis	and	have	an	effective	date	of	October	31,	2025.	For	further	information	related	to	the	
Study,	 including	 the	 Updated	 Vicuña	 Mineral	 Resource,	 and	 the	 key	 assumptions,	 parameters,	 and	 methods	 used	 to	
estimate	 the	 Updated	 Vicuña	 Mineral	 Resource,	 risks	 and	 cautionary	 statements,	 see	 the	 Company’s	 news	 release	 dated	
February	16,	2026.
The	 scientific	 and	 technical	 information	 in	 this	 document	 other	 than	 that	 pertaining	 to	 the	 results	 of	 the	 Vicuña	 PEA	
(including	 the	 Updated	 Vicuña	 Mineral	 Resource)	 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	data	disclosed	in	this	document	and	no	limitations	were	imposed	on	his	verification	process.
Other	Information
Additional	 information	 regarding	 the	 Company,	 including	 the	 Company’s	 AIF,	 can	 be	 obtained	 on	
SEDAR+	(www.sedarplus.com)	and	on	the	Company’s	website	(www.lundinmining.com).
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Outstanding	Share	Data
The	 table	 below	 summarizes	 the	 Company’s	 common	 shares	 and	 securities	 convertible	 into	 common	 shares	 as	 at	
February	19,	2026.
February	19,	
2026
Common	shares	issued	and	outstanding 	 854,533,639	
Stock	options	outstanding	
(weighted	average	exercise	price	of	C$10.82) 	 3,609,917	
Time	vesting	share	units1 	 1,444,818	
Performance	vesting	share	units2 	 1,343,604	
1	Time	vesting	share	units	represent	the	right	to	receive	one	common	share	(subject	to	adjustments)	issued	from	treasury.
2	Performance	vesting	share	units	(“PSU”)	represent	the	right	to	receive	a	variable	number	of	common	shares	(subject	to	adjustments)	
issued	from	treasury	contingent	upon	achieving	applicable	performance	vesting	conditions.	The	number	of	common	shares	listed	above	
in	respect	of	PSU	assumes	that	100%	of	PSU	granted	(without	change)	will	vest	and	be	paid	out	in	common	shares	on	a	one	for	one	
basis.	 However,	 as	 noted,	 the	 final	 number	 of	 PSU	 that	 may	 be	 earned	 and	 redeemed	 may	 be	 higher	 or	 lower	 than	 the	 PSU	 initially	
granted.
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SUSTAINABILITY STATEMENT LUNDIN MINING 2025
Table of Contents
General Information (ESRS2)       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Environmental Information     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
Climate Change (ESRS E1)     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
Pollution (ESRS E2)        . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
Water and Marine Resources (ESRS E3)       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Biodiversity and Ecosystems (ESRS E4)    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
Resource Use and Circular Economy (ESRS E5) - Waste and Tailings         . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
EU Taxonomy    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
Social Information       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
Own Workforce (ESRS S1)     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
Affected Communities (ESRS S3) – Community Health and Wellbeing       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157
Governance Information      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
Business Conduct (ESRS G1)       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
Appendices       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
Appendix A – ESRS Content Index      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
Appendix B – Non-GAAP and Other Performance Measures   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177
Appendix C - Cautionary Statement   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180
Appendix D – Assurance Letter     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182
 
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General Information (ESRS2) 
The General Information section outlines the principles that guide Lundin Mining Corporation’s sustainability disclosure and provides an overview of the sustainability governance, strategy and business 
model, stakeholder engagement and the material sustainability topics identified in the Double Materiality Assessment (“DMA”). It also includes a summary of the subsequent topical chapters and a 
European Sustainability Reporting Standards (“ESRS”) content index for this Sustainability Statement.
Unless otherwise stated, all references to “$” are to United States dollars. “LMC”, “Lundin Mining”, the “Company”, “we” or “our” refer to Lundin Mining Corporation and/or its subsidiaries, as well as 
joint operations. 
Basis for preparation 
The Sustainability Statement has been compiled according to the Swedish Annual Accounts Act. This approach to disclosure requirements is grounded in the following principles: 
- Materiality: Ensuring focus on the most relevant issues 
- Stakeholder inclusiveness: Engaging with stakeholders to understand their concerns 
- Accuracy: Providing precise and reliable information 
- Clarity: Presenting data in an understandable manner 
- Reliability: Ensuring the data is verifiable and trustworthy 
Reporting Period and Framework 
- Reporting Period: January 1, 2025 – December 31, 2025. All information in this Statement is as of December 31, 2025 unless otherwise indicated or the context otherwise suggests. 
- Reporting Framework: The Swedish Annual Accounts Act (1995:1554) Chapter 6, sections 12a-12e and Chapter 7, sections 31a + 31c-e as amended by adoption of the Corporate Sustainability 
Reporting Directive (“CSRD”) and EU Taxonomy under law 2024:347”. The Global Reporting Initiative (“GRI”) is used to complement ESRS. Specifically, water withdrawals (GRI 303-3:2018), water 
discharges (GRI 303-4:2018), community grievances (GRI 14.10.4), community investments (GRI 14.9.2), and direct economic value generated and distributed ("EVGD") (GRI 201-1:2016), are 
reported with reference to related GRI indicators. Lastly, the Company defined the air pollution metric with its own criteria considering sites operational and regulatory context.
- The Sustainability Statement has been reviewed by LMC’s Executive Team (“ET”) and Senior Leadership Team (“SLT”);  and reviewed and approved by LMC’s Board of Directors (“Board”). In addition, 
the Sustainability Statement has been subject to external limited assurance by the Öhrlings PricewaterhouseCoopers AB (“PwC”). Please refer to the limited assurance opinion from PwC in 
Appendix D. 
In accordance with the principle of double materiality, this Sustainability Statement reports on sustainability matters that are material either from an impact perspective and/or from a financial 
perspective, or both. The identification and assessment of these matters require the application of judgment, including assumptions and estimates. As a result, the outcomes of the materiality 
assessment may change over time and may not be directly comparable with those of other companies. The use and understanding of “material” and “materiality” in this context is specific to 
sustainability reporting and does not necessarily correspond to the concept of materiality used in financial reporting and reporting under applicable securities rules.
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===== SIDA 62 =====

Consolidation
Lundin Mining has published an annual Sustainability Report since 2010 under reporting frameworks other than ESRS. This report covering 2025 has been renamed the “2025 Sustainability Statement” or 
the “Sustainability Statement” and has been prepared under the ESRS reporting framework, on a consolidated basis, and consistent with the Company’s consolidated financial statements for the year 
ended December 31, 2025, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“Consolidated Financial Statements”). 
On January 15, 2025, the Company and BHP Investments Canada Inc. ("BHP") completed the acquisition of Filo Corp. ("Filo") through a plan of arrangement and concurrently formed an independently 
managed 50/50 joint arrangement, Vicuña Corp (“Vicuña”). Vicuña holds the Josemaria deposit in Argentina and the Filo del Sol deposit in Argentina and Chile (collectively, the “Vicuña Project”). Vicuña 
is an independently managed joint operation (“Joint Operation”) and material quantitative metrics for Vicuña are reported at 50% share for the period from January 15, 2025 to December 31, 2025.
On April 16, 2025, the Company completed the sale of its interests in the Neves-Corvo and Zinkgruvan mines located in Portugal and Sweden, respectively. On January 9, 2026, the Company completed 
the sale of its interest in the Eagle mine and Humboldt mill (“Eagle”), both located in the United States of America ("USA"). With the exception of workforce characteristics metrics in the Own Workforce 
section, where Neves-Corvo and Zinkgruvan have not been included; the sustainability metrics from operations of these three mines are reported as discontinued operations in the Company’s 
Sustainability Statement as follows, unless otherwise noted:   
- Neves-Corvo and Zinkgruvan: Period from January 1, 2025 to April 16, 2025
- Eagle: Period from January 1, 2025 to December 31, 2025  
Value chain reporting 
Lundin Mining operations were primarily focused on producing copper and gold in Brazil and Chile, and nickel in the USA in 2025. The Vicuña Project is a development asset and an independently 
managed joint operation located in Argentina and Chile. Upstream in the value chain, the Company sources machinery, parts, equipment, supplies, reagents and services from large national in-country 
suppliers in the jurisdictions in which the Company operates and multinational suppliers outside of such jurisdictions. It also sources services and supplies, from local businesses wherever possible 
according to its local procurement programs.
Copper concentrates produced at the Company’s operations are shipped to destinations in Europe and Asia, including Japan, South Korea and China. The copper concentrates and cathodes are sold 
both through long-term contracts and on a spot market basis. 
Demand for copper can be categorized into three main sectors: electrical networks, consumer goods, and construction, with about a quarter of copper demand allocated to these industries. For high-
gold copper concentrates, the principal markets are in Europe and Japan. The remaining demand is divided between the automotive and transportation sectors and industrial machinery. As the world 
shifts toward a more sustainable future, copper plays a crucial role in green technologies. Copper’s conductivity is vital in the production of solar panels, wind turbines, energy storage systems, and 
electric vehicles, all of which are central to reducing global carbon emissions. Additionally, copper enhances the efficiency of electric motors and is critical for the transmission and distribution of 
electricity, further supporting the global push for carbon neutrality. As demand for renewable energy solutions and electric mobility grows, copper’s role in enabling clean energy infrastructure and 
accelerating the decarbonisation of industries is expected to become even more pivotal. In addition, copper plays a critical role in the infrastructure of data centers, which are essential for modern 
computing, AI technologies and digital services. The rapid expansion of AI technologies is significantly increasing the demand for data centers, which in turn is driving the demand for copper.
The Sustainability Statement discloses material information on impacts, risks and opportunities (“IROs”) from own operations, downstream and upstream value chains in alignment with the outcome of 
our DMA . As such, most of the information in the Sustainability Statement relates to our own operations and quantitative metrics reflect the consolidation boundaries defined, current data 
availability and internal reporting systems. Our material IROs within the value chain have been identified and these are discussed in greater detail in the Climate Change and Own Workforce sections. 
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===== SIDA 63 =====

Omissions and exemptions 
The Company has not opted to omit any information corresponding to intellectual property, know-how or the results of innovation. In addition, LMC has not made any exemptions regarding impending 
developments or ongoing negotiations. 
In alignment with the phase-in provisions of the EU’s “quick fix” delegated act, the following omissions and modifications have been used in the Sustainability Statement: 
- Omitting the disclosure of anticipated financial effects related to environmental topics
- Omitting metrics under Own Workforce (ESRS S1): characteristics of non-employees (except where material)
- Biodiversity and Ecosystems (ESRS E4) are presented as a summary
- Affected Communities (ESRS S3) are presented as a summary 
Specific circumstances 
Detailed information regarding our nature of ownership, legal form and financial and operational results in the Consolidated Financial Statements and corresponding Management’s Discussion and 
Analysis (“MD&A”), and the Management Information Circular  for the annual meeting of the Company’s shareholders to be held May 7, 2026 (“MIC”)1. 
Unless otherwise stated, our definition of “short-term” aligns with the Consolidated Financial Statements and refers to a period of up to one year; medium-term refers to a period of one to five years; and 
“long-term” refers to a time horizon exceeding five years. 
For disclosures in relation to specific circumstances, metrics estimations in the value chain, sources of estimation, outcome uncertainty, and changes in preparation or presentation of sustainability 
information, refer to Metrics methodologies and assumptions of each section. 
Estimations and uncertainties 
Reasonable estimations, assumptions, approximations, and judgments applied to quantitative metrics followed guidance from relevant local regulations, standards, frameworks used as well as site-
specific methodologies and judgment. Where applicable, these disclosures are provided in the specific topic chapter and include the basis for the preparation uncertainties, level of accuracy and 
planned actions to improve accuracy in the future. Estimates primarily apply to greenhouse gas ("GHG") emissions, water, resource inflows and circular economy and biodiversity metrics where 
assumptions were applied. Scope 3 GHG emissions are subject to inherent estimation uncertainty due to the use of secondary data (for example emission factors), primary data variability in supplier 
and activity information across the value chain, and the need for methodological choices and significant judgments (e.g., category boundaries, allocation rules, and use of proxies); these factors may 
affect the completeness and accuracy of reported Scope 3 GHG emissions. Additional details on the calculation methodologies and assumptions are addressed in the Climate Change section.
Certain information contained or incorporated by reference in this 2025 Sustainability Statement, including projects, plans, or future financial or operating performance, constitutes “forward-looking 
statements” and/or “forward-looking information” (collectively, “forward-looking information”) within the meaning of applicable securities laws. All such forward-looking information made in this 
statement are qualified by the Cautionary Statement found in the Appendix C. Forward-looking information is based upon various estimates and assumptions and known and unknown factors could 
cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information, including future actions and expected 
developments for metrics have a degree of uncertainty and are subject to change in future Sustainability Statements. 
63 
1 Related documents such Consolidated Financial Statements, MD&A and MIC are publicly available on the Company’s website and accessible under Lundin Mining’s profile on the System for Electronic Document Analysis 
and Retrieval + ("SEDAR+") in Canada and on Börsinformation in Sweden.

===== SIDA 64 =====

Strategy, business model and value chain 
Ensuring the resilience and agility of our business – Strategy 
Lundin Mining is a global base metals producer, evolving from its early growth phases through strategic acquisitions and divestments. Our purpose is to mine responsibly to contribute to a more 
sustainable world, acknowledging that the metals we produce—such as copper— are fundamental for the global energy transition and sustainable technological development.
Lundin Mining serves the global market with high-quality base metals, operating a portfolio of long-life assets across several jurisdictions focused on the Americas. The Company’s market offering is 
built on operational excellence and disciplined growth, involving continuous adaptation of technology to improve recovery rates and reduce environmental impact.
Lundin Mining manages a broad supply chain, purchasing equipment, components, and services necessary for large-scale mining operations. For critical inputs, such as those related to water 
management and tailings facilities, Lundin Mining is dependent on specialized suppliers and engineering experts. The Company expects suppliers, contractors, and business partners to adhere to the 
principles of its Responsible Mining Policy, which includes having emergency response plans to manage operational disruptions effectively.
For critical suppliers and contractors, compliance and continuity are reviewed through regular audits and performance meetings.
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===== SIDA 65 =====

Lundin Mining’s commitment to sustainability informs decisions and necessitates clear visibility of environmental and human rights risks in our operations and value chain. The Company follows a risk-
based approach to due diligence, meaning that due diligence is conducted as part of key processes to identify and manage risks of adverse environmental and human rights impacts. The due diligence 
process builds on the guidance provided by the UN Guiding Principles on Business and Human Rights and the Organization for Economic Co-operation and Development  ("OECD") Guidelines for 
Multinational Enterprises. Key processes in which due diligence is integrated include procurement, occupational health and safety, environmental management and sales. 
We are committed to responsible resource development that creates enduring value for our shareholders, employees, communities, and other stakeholders. Our approach to sustainability balances 
environmental, social, and economic considerations, and supports the delivery of our corporate strategy.
Throughout 2025, we continued to integrate sustainability planning and initiatives into Lundin Mining’s business cycle and annual plans – these include key performance objectives tracked annually, as 
well as a medium-term target for Climate Change to address material IROs. The results of the DMA will be used to review and refine the integration of this sustainability framework going forward. 
Our business model 
Our operations 
Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada. As of the date of publication of this Sustainability Statement, the Company has three operating mines in Chile and 
Brazil as well as a 50% interest in the Vicuña Project located in Argentina and Chile. We primarily produce copper, which supports the global megatrends of urbanization, electrification, digitalization, 
and advanced technologies. 
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===== SIDA 66 =====

Operated Assets
Joint Operation
Continuing Operations Discontinued Operations
Site Candelaria
Chile2
Caserones 
Chile
Chapada
Brazil
Eagle 
USA3
Neves-Corvo 
Portugal
Zinkgruvan
 Sweden
Vicuña Project
Argentina and Chile
Product
Copper
 By-product: Gold/
Silver
Copper
 By-product: 
Molybdenum
Copper
 By-product: Gold/
Silver
Nickel
 By-product: 
Copper / Cobalt / 
Gold / Platinum 
Copper
 By-product: 
Zinc / Lead / 
Silver
Zinc
 By-product: Copper / 
Lead / Silver
Copper
 By-product: Gold / Silver
Mine Type Open Pit and 
Underground Open Pit Open Pit Underground Underground Underground N/A
Reference Characteristics of the undertaking’s employees and non-employees section for information on number of employees. 
Breakdown of total revenue for the reporting period
Continuing 
Operations
Discontinued 
Operations Total
Revenue ($ Million ) 4,053.2 409.3 4,462.5
Revenue is as presented in the Consolidated Financial Statements. Lundin Mining does not operate and does not earn revenues from fossil fuel, chemicals production, controversial weapons, or 
cultivation and production of tobacco.
Our exploration activities 
Our exploration activities support near-term production growth, life-of-mine extensions and economic assessments to ensure the sustainability of our business through the discovery of additional 
Mineral Reserves and Mineral Resources at existing assets. 
Our supply chain 
Our supply chain relies on national and international networks of business partners for the provision of products and services required to support business activities at our mines. Our partners vary 
across our operations but reflect a focus on prioritizing a local and national supplier base.  
66
2 The Candelaria Copper Mining Complex comprises two adjacent copper mining operations, Candelaria and Ojos del Salado.
3 Eagle comprises the Eagle Mine and the Humboldt Mill.

===== SIDA 67 =====

Categories of suppliers across our operations  
Cement Explosives
Chemicals Fuel
Construction Maintenance
Electrical Energy Mechanical
Engineering Mining Contractors
Equipment And Parts Transportation
Exploration Drilling
Our customers and markets 
Our products are transported in bulk by covered trucks or rail cars directly to smelter facilities for further processing or to outbound ports for shipping, where additional concentrate management control 
procedures include covered storage, truck washes and sweeper trucks to reduce the potential for the offsite emission of dust. Concentrates are sold under multi-year sales contracts as well as on the 
spot markets to a variety of smelter customers in Europe, Asia and the Americas. The end-users of our commodities are global and support the development of modern infrastructure and electrification. 
Responsible and sustainable mining 
Lundin Mining’s Responsible Mining Policy ("RMP") shapes its approach to responsible and sustainable mining. The Company is committed to mining practices that promote a more sustainable world, 
guided by the Company’s values: Respect, Courage, Excellence, and Momentum. These values guide our decisions, shape our relationships, and reflect our commitment to doing what is right for our 
people, communities and future generations. This approach ensures that health, safety, environmental concerns, workforce, and community issues are considered at every stage of the mining life cycle. 
Additionally, it covers important areas like human rights, indigenous rights, climate change and greenhouse gas ("GHG") emissions, water, air quality, biodiversity, tailings management, crisis 
management, and emergency preparedness.
Current and expected benefits for customers, investors and other stakeholders 
Lundin Mining’s mission is to responsibly mine base metals vital to society, creating meaningful value for its stakeholders.  Lundin Mining aims to achieve this mission through executing its strategy of 
operating, upgrading and growing a base metals portfolio with a focus on copper that provides leading returns for stakeholders through the mining cycle. For more information on stakeholder benefits, 
please refer to the Affected Communities section.
Interests and views of stakeholders 
Lundin Mining applies a structured and consistent approach to stakeholder engagement grounded in transparency, accountability and ongoing dialogue. The objective of this approach is to 
systematically identify, understand and respond to the interests and concerns of stakeholders, including emerging sustainability-related IROs associated with the Company’s operations. Engagement 
activities are governed by the Responsible Mining Policy, the Responsible Mining Management System (“RMMS”) and the Social Performance Standard, which together define minimum requirements, 
roles and processes for stakeholder engagement across the organization.
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The effectiveness of engagement is monitored through both qualitative and quantitative mechanisms. These include the Social License to Operate (“SLO”) Index (“Local Voices”), which provides site-
level insights into community trust, acceptance and priority concerns, as well as reviews of grievance management processes and engagement outcomes. Information derived from these mechanisms 
is used to assess the quality of engagement and inform operational and management responses.
Operating sites apply a formal and dynamic stakeholder mapping process at least annually to identify and prioritize stakeholders within their direct and indirect areas of influence, as well as 
stakeholders who may be affected by, or have an interest in, Lundin Mining’s activities. Engagement occurs on a recurring basis—monthly, quarterly, bi-annually or annually—depending on stakeholder 
group, context and risk profile, and on an ad-hoc basis when circumstances require. Insights from stakeholder engagement activities are consolidated and communicated to management, the Safety, 
Sustainability and Technical Committee of the Board, and the Board itself, to inform decision-making related to sustainability-related IROs. Information on engagement processes and stakeholder 
perspectives is used as an input to the identification of material sustainability topics and the ongoing refinement of the Company’s management approach. Additional detail on site-specific engagement 
activities is provided in the Own Workforce (ESRS S1) and Affected Communities (ESRS S3) sections of this Sustainability Statement. 
Stakeholders can access the Sustainability Statement, Consolidated Financial Statements, MD&A, MIC, regulatory filings and news releases on our website. 
The following table provides an overview of the stakeholder groups we engaged with in 2025 and the types and frequency of engagement. Through continuous engagement with key stakeholders, LMC 
incorporates information on their interests and views to identify material sustainability topics and shape the approach to managing them.  
How we engage with key stakeholders
 
Stakeholder Group Type of engagement Topics raised How topics raised are taken into account  Related material topics  
Local Communities 
and Civil Society 
Occasional virtual/in-person webinars, training and forums 
Community Roundtables
Scheduled virtual/in-person meetings 
Guided site tours and visits to community offices
Door-to-door visits 
Community perception surveys - Local Voices  
Real-time, two-way dialogue through messaging channels
Newsletters and social media  
Dust and water impacts 
Access to economic opportunities
Community investments
Education and vocational opportunities 
School partnerships 
Topics raised are incorporated into various programs at 
sites, including community investment programs, local 
hiring and entrepreneurship programs
Operational concerns around dust and water are 
integrated into day- to-day site management activities
Affected communities
Climate change
Own workforce
Pollution
Resource use and circular 
economy
Water and marine resources
Indigenous Peoples   Meetings with local Indigenous community members regarding 
identified concerns and opportunities for collaboration
Implementation of agreements (ongoing)
Meetings regarding consultation processes  
Dust and water impacts 
Access to economic opportunities
Strategic investments in local communities 
and Indigenous people 
Affected communities
Climate change
Pollution
Water and marine resources
Government and 
Regulators
Meetings or consultations  
Implementation of agreements (ongoing) 
Partnerships (ongoing) 
Permitting processes 
Resource efficiency 
Safety performance 
Community investments
Topics raised inform Company commitments, 
governance and reporting practices as performance 
management of permit requirements
Affected communities  
Biodiversity and ecosystems 
Own workforce
Pollution 
Resource use and circular 
economy
Water and marine resources
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Employees and 
Contractors 
Site-specific Joint Health and Safety Committee (JHSC) 
Training 
Townhalls
Safety culture perception surveys
Social media 
Regular newsletters, internal communications and email updates 
Employee engagement surveys
Family site visits
Safety, health and wellbeing at work 
Diversity and inclusion 
Inclusive talent acquisition 
Leadership development 
Internal collaboration 
Company values and culture 
Logistic and supply chain
Topics raised incorporated in the Company’s overall 
strategy for health and safety management, workforce 
management, and contractor management
Business conduct  
Own workforce 
Pollution 
Labour Unions  Collective bargaining (where applicable)
One-on-one and group meetings 
Safety, health and wellbeing at work 
Working conditions 
Own workforce 
Pollution
Suppliers  Meetings with suppliers   Occupational Health and Safety 
Anti-Corruption
Topics raised inform Company supply chain 
management activities as well as third party due 
diligence processes
Business conduct  
Own workforce
Customers  Meetings
Environmental, social and governance-related information 
requests and surveys
Engagement on Scope 3 emissions and 
climate-related initiatives 
Code of conduct 
Health and safety 
Business conduct  
Climate change
Own workforce
Pollution
Investors/ Banks/
Shareholders
Investor/Industry events and presentations
Annual General Meeting of shareholders, Quarterly and Annual 
Corporate Filings 
Meetings and email correspondence with analysts, investors and 
lenders
Third-party environmental, social, governance ("ESG") rating 
databases (Bloomberg, S&P, etc.)
Quarterly analyst conference calls
LMC strategy 
Growth opportunities 
Financial and sustainability performance 
Shareholder returns
Climate change-related initiatives
Topics raised are incorporated into overall Company 
strategy and commitments, including sustainability 
commitments and disclosure.
Affected communities  
Biodiversity and ecosystems 
Climate change
Own workforce
Pollution
Resource use and circular 
economy
Water and marine resources
Material impacts, risks and opportunities and their interaction with strategy and business model  
LMC’s Sustainability Statement is based on the DMA methodology as defined by the CSRD. A summary IRO table is presented in this section  which lists the material topics of that were identified based 
on their impact, risks, and/or opportunities.  
Each material topic is also presented in the relevant section of the Sustainability Statement with additional information. Also, detailed information on how the identified IROs are addressed is provided in 
their respective sections. For information about applicable ESRS Disclosure Requirements, based on LMC’s material IROs, refer to Appendix A - ESRS Content Index. 
Description of the processes to identify and assess material impacts, risks and opportunities 
In preparation for compliance with the ESRS, the Company conducted a DMA which was subsequently refined in 2025 following restructuring of the Company’s portfolio of assets. The refinement was 
led by a dedicated internal sustainability reporting team, which started by updating the Company’s business context, countries of operations, value chain analysis and integrated inputs from stakeholder 
engagement to ensure completeness.  
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===== SIDA 70 =====

Topic specific considerations in identifying and assessing IROs 
As part of the DMA and expert interviews, Lundin Mining applied topic-specific screening to identify and assess IROs, informed by the Enterprise Risk Management (“ERM”), Environmental Impact 
Assessments (“EIA”), RMMS, and engagement with our key stakeholders. Details on stakeholder engagement are provided in the "Interests and views of stakeholders" section. With the exception of the 
Climate Change and Own Workforce - Health and Safety related sections, the screening focused on the Company’s own operations rather than the downstream and upstream value chains. 
For Climate Change, the Company undertook a climate scenario analysis to assess physical and transition risks and opportunities; see the Climate Change – Physical and transitional climate risk 
section for disclosure of our climate scenario analysis and results. For Pollution and Water and Marine Resources, screening covers the LMC mine sites, where environmental permits and RMMS govern 
our regulatory requirements. For Biodiversity, EIAs established baselines aligned with country-specific regulations, informing our management and monitoring plans that apply the mitigation hierarchy. 
For Resource Use and Circular Economy, screening of mining waste—particularly tailings and waste rock—was based on the EIA, RMMS and Global Industry Standard on Tailings Management 
(“GISTM”). For Business Conduct, the assessment reflected the Company's operating context in the countries of our operations, our Canadian and Swedish listings, and our value chain structure, 
addressing risks including political engagement and anti-corruption. Compliance is overseen through our governance framework, ERM, and legal counsel with direct oversight. 
The assessment considered not only how sustainability issues affect LMC’s financial performance (financial materiality) but also how the Company’s operations impact the environment and society 
(impact materiality). By integrating these two perspectives, LMC ensured a more complete understanding of its sustainability impacts, risks and opportunities, leading to more informed decision-making 
and transparent reporting.  Key aspects of the initial assessment were a high-level analysis of LMC’s value chain as well as the mapping of stakeholders with diverse viewpoints and identifying key 
contacts for engagement. Engagement activities covered both internal and external stakeholders – including employees, community members, investors, analysts and banks – to initially identify and 
rank Lundin Mining’s material sustainability matters. 
The assessment update was performed during workshops with subject matter experts in the environment, legal, human resources, and ERM departments of the Company. These workshops facilitated 
an open dialogue, allowing subject matter experts to share insights and perspectives, ensuring accurate assessment of IROs. During the workshops, the significance of each sustainability-related IRO 
based on LMC’s value chain and business relationships was validated; and short, medium and long-term perspectives were considered. All IROs were evaluated for their likelihood of occurrence and 
potential financial effects using LMC’s risk matrix. The overall rating of each IRO was then calculated and presented to the subject matter experts for validation. 
In accordance with ESRS, a topic is deemed material for the purposes of sustainability reporting if it reaches the threshold for impact materiality, financial materiality, or both. Following this 
methodology, LMC identified and included specific disclosure requirements and datapoints based on their relevance to identified IROs. LMC evaluated impact materiality for each topic using 
predetermined criteria to measure the parameters “scale”, “scope”, and “irremediability” on an increasing importance scale of 1 to 5.  LMC evaluated financial materiality based on the ERM process 
with the parameters of “magnitude” and “likelihood” on an increasing importance scale of 1 to 5. To determine the sustainability material topics, the scores for negative and positive impacts, risks and 
opportunities were calculated; and LMC also considered human rights implications in relevant topics, recognizing their importance in the broader assessment.
Double materiality assessment output  
The DMA identified that the ESRS topics with material IROs are climate change, pollution, water and marine resources, biodiversity and ecosystems, resource use and circular economy, own workforce, 
affected communities, and business conduct. The IROs that were defined have been included in the Sustainability Statement disclosures. The Board was informed of the DMA results following the 
completion of the assessment.
LMC does not categorize consumers and end-users as material sustainability topic. As a mine operator, our influence on consumer behaviour and end-user safety is minimal. This aligns with industry 
specific regulatory frameworks for metals and mining companies. 
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===== SIDA 71 =====

As part of our internal controls to calibrate our material topics, we monitor and evaluate identified IROs through internal and external processes. Examples of this include quarterly risk assessments, 
human rights risk impact assessments, implementation of the RMMS, the SLO Index, and our various grievance mechanisms present at sites. 
In the future, the Company will update the DMA every three years, unless circumstances indicate an earlier update is needed. For 2026, the DMA will be revisited and verified during the year to prepare 
for the Sustainability Statement in accordance with anticipated changes to the ESRS.  
For each material topic, the Sustainability Statement includes a qualitative description of the associated IROs. This list of IROs will serve as the basis for any future refinements. including further 
integration of the assessment with Lundin Mining’s ERM process and evaluation of thresholds. 
Climate-related impacts were further assessed with additional analysis to identify material impacts, risks and opportunities linked to climate change risk scenarios across the value chain. LMC’s 
climate-related impacts are also assessed as part of the Company’s ERM process. We track progress and analyze GHG emissions from Scope 1-2 on an annual basis following the GHG Protocol 
Standard. 
At present, there are no measurable financial effects results from material IROs on Lundin Mining's financial position, results of operations, or cashflows. However, we consider internal estimations of 
potential financial impacts through our ERM process. Likewise, there is no significant risk of material adjustments to carrying amounts in the next reporting period.
IRO  Summary
 
ESRS 
Topic ESRS subtopic and applicable IROs Materiality and scope Related topics and 
dependencies
E1 Climate 
Change
Climate Change Adaptation
GHG emissions contribute to climate change, which may increase the frequency and severity of extreme weather events. 
These changes heighten physical climate risks to our operations and surrounding environments, including flooding, erosion, 
and infrastructure stress, which may adversely affect the safety of our workforce and neighbouring communities and disrupt 
operational continuity.
Impact materiality (Potential /Negative)  
Own operations, value chain
Affected communities 
Resources and circular 
economy
Water and marine resources 
Climate Change Mitigation 
Continued reliance on diesel powered equipment results in ongoing Scope 1 GHG emissions.
Impact materiality (Actual/Negative)
Own operations
Affected communities 
Pollution 
E2 
Pollution
Pollution 
Activities from mining operations generate air pollutants, which may contribute to degraded local air quality and pose 
respiratory risks to local communities. 
Impact materiality (Potential/Negative) 
Own operations
Affected communities
Climate change 
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===== SIDA 72 =====

E3 Water and Marine Resources
Water Withdrawals
Water withdrawals may reduce the flow of water downstream, potentially limiting access to natural ecosystems which 
depend on continuous water availability.
Impact materiality (Potential/Negative)  
Own operations
Resource use and circular 
economy
In water-scarce regions, withdrawals, including dewatering from mining operations, can reduce freshwater availability for 
human use.  
Impact materiality (Potential/Negative) 
Own operations  
Affected communities
Climate change 
Discharges and Water Pollution 
Activities in operations and throughout the value chain may lead to spills and discharges potentially harming surface water, 
groundwater, and surrounding ecosystems and people. 
Impact materiality (Potential/Negative)  
Own operations and upstream
Affected communities
Biodiversity and ecosystems
Own workforce
Pollution
Extraction and Use of Marine Resources
Dependence on marine water extraction presents the potential for significant upfront capital expenditure associated with 
desalination plants, pipelines, and intake/discharge systems, along with extended payback periods that may impact project 
economics and financial planning.
Financial materiality  
(Risk)
Own operations
Climate change 
E4 
Biodiversity 
and 
Ecosystems
Land Use Change 
LMC may experience increased costs related to mine closure and reclamation. In addition, preventative measures for 
ecosystem protection and rehabilitation may result in substantial remediation costs.
Financial materiality 
(Risk)
Own operations
Resource use and circular 
economy  
Water and marine resources
E5 Resource Use and  Circular Economy
Resource Inflows
Mining is resource-intensive industry, relying heavily on raw materials for extraction and processing. This contributes to 
resource depletion and environmental footprint, especially when resources are  not used efficiently
Impact materiality (Potential/Negative) 
Own operations
Climate change
Pollution
Water and marine resources 
Waste and Tailings
Catastrophic structural failure would have environmental, health and safety and social consequences, including water 
contamination, ecosystem destruction, and health and safety exposure of workers and nearby communities.
Impact materiality (Potential/Negative) 
Own operations
Affected communities
Own workforce
Water and marine resources 
Improperly managed tailings can pose a danger to the health of workers and nearby communities, increasing the risk of 
exposure to toxic substances and heavy metals.
Impact materiality (Potential/Negative) 
Own operations
Own workforce
Water and marine resources
If tailings storage facilities or ore stockpiles are not adequately managed, wind can carry dust containing heavy metals or other 
pollutants, potentially impacting air quality and exposing nearby populations and ecosystems to contamination
Impact materiality (Potential/Negative) 
Own operations
Affected communities
Own workforce
Pollution
Long-term waste and tailings management obligations require financial provisions for closure and post-closure monitoring. 
Inadequate planning, unforeseen technical challenges, or regulatory amendments can significantly increase remediation 
costs and extend LMC’s liability
Financial materiality  
(Risk)
Own operations
Water and marine resources  
72

===== SIDA 73 =====

S1 Own Workforce
Health and Safety
By nature, exploration and mining activities may present a variety of hazards and associated health and safety risks, including,  
single or multiple fatalities or injuries among employees and contractors.
Impact materiality (Potential/Negative) 
Own operations, value chain
Affected communities
Mining activities could lead to reversible and irreversible health issues. These may affect employees’ and contractors’ short-
term well-being and could require medical attention, task modifications, or preventive measures. 
Impact materiality (Potential/Negative)
Own operations
Working Conditions
Work environment with occurrences of violence or harassment can impact employees’ health and wellbeing, potentially 
leading to anxiety, depression, or stress
Impact materiality (Potential/Negative) 
Own operations
Strikes and production delays may halt operations, leading to revenue shortfalls, contractual penalties, and increased 
expenses related to temporary labor, legal support, and site security. Long-term strikes can also impact commodity output 
and LMC’s financial performance in global markets.
Financial Materiality  
(Risk)
Own operationsCompetitive wages and benefits provided by LMC contribute to employees’ financial security, enabling them to meet essential 
needs, plan for the future, and improve their overall quality of life
Impact materiality (Potential/Positive)
Own Operations
Creation of  a wide range of job opportunities across various skill levels, contributing to income generation and reduced 
unemployment. Stable employment supports the local economy, enhances individual livelihoods, and promotes long-term 
regional growth.
Impact materiality (Potential/Positive)
Own Operations
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===== SIDA 74 =====

S3 Affected Communities
Access to Natural Resources 
In the context of climate change, changes in precipitation patterns, increased variability in rainfall, and rising water demand 
m a y  p l a c e  a d d i t i o n a l  p r e s s u r e  o n  w a t e r  r e s o u r c e s  i n  c e r t a i n  a r e a s  w h e r e  w e  o p e r a t e .  O p e r a t i o n s  i n  w a t e r - s t r e s s e d  r e g i o n s  
may contribute to localized competition for water, with potential implications for availability for local users and ecosystems. 
Impact materiality (Potential/Negative) Climate change
Water and marine resources 
Dust, heavy equipment traffic, and other mining-related activities could impact and reduce the productivity of farmland and 
grazing lands near LMC operations. 
Impact materiality (Actual/Negative) Pollution 
Land acquisition for mining infrastructure may lead to resettlement. If not carefully managed, this can cause social and long-
term livelihood disruption.
Impact materiality (Potential/Negative) None
Future land development could lead to deforestation or the loss of vegetation that supports important community needs such 
as agriculture, livestock and protection against erosion and floods.
Impact materiality (Potential/Negative) Biodiversity and ecosystems 
Climate change
Free, prior and informed consent ("FPIC") (Consultation and free, prior and informed consent), Self determination and 
Cultural Rights
Indigenous communities could lose access to traditional lands and resources, which could undermine their ability to sustain 
themselves through traditional practices. 
Impact materiality
(Actual/Negative)
Pollution (air)
Water and marine resources  
Rapid economic changes or influx of external workers could strain community resources and infrastructure, leading to social 
tensions or cultural disruptions.
Impact materiality 
(Potential/Negative) 
Own workforce
Poor relationship management, including grievances mismanagement and inadequate consultation mechanisms, with 
Indigenous communities can lead to formal complaints, regulatory non-compliance, and social unrest, triggering reputational 
harm, loss of stakeholder trust, and potentially resulting in increased project costs or operation interruptions
Financial materiality 
(Risk)
Own operations
None
Community Development and Economic Contributions
The Company supports local economic development by creating demand for goods and services from local businesses, 
which in turn fosters entrepreneurship and encourages economic diversification. In parallel, the Company contributes to 
public finances through the payment of taxes, royalties, and fees, helping to fund government services such as education, 
healthcare, and infrastructure. Together, these economic contributions strengthen local institutions and support the 
development of more resilient communities.
Impact materiality (Actual/Positive) None
Strengthen local training and capacity building to expand employment opportunities and support community integration into a 
diverse, skilled workforce
Impact materiality (Actual/Positive) Own workforce
G1 Business 
Conduct
Political Engagement Activities
By engaging in dialogue with municipal governments, LMC may influence development priorities—such as road 
improvements, school upgrades, or vocational training programs—enhancing quality of life and employment pathways for 
affected communities.
Impact  materiality
(Actual/Negative)
Affected communities 
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===== SIDA 75 =====

Governance
Board of directors and executive management  
Composition of the board and executive management 
During the Company’s annual general meeting of shareholders (“AGM”) held on May 8, 2025, eight individuals were elected as members of the Company’s Board. The Company’s President and Chief 
Executive Officer (“CEO”) is one of the eight  Board members. At the Company’s next AGM scheduled for May 7, 2026, nine individuals are nominated for Board membership for the ensuing year. Further 
details about the individual profiles of existing Board members and nominees and can be found in the 2026 Management Information Circular. Information about the Company’s officers, including 
members of the Company’s ET can be found on the Company’s website. 
Roles and responsibilities 
The Board has the responsibility for overseeing the business and affairs of LMC and the activities of management. Management is responsible for the day-to-day conduct of the business. In acting in the 
Company’s best interests, the Board’s objectives include enhancing and preserving long-term shareholder value, and ensuring the Company meets its obligations on an ongoing basis and that the 
Company operates in a reliable and safe manner. In performing its functions, the Board must also consider the applicable legitimate interests that its other stakeholders, such as employees, customers 
and communities, may have in the Company. In overseeing the business and affairs of the Company, the Board, through the CEO, shall set the standards of conduct for the Company. 
The Board has the responsibility to identify and understand the principal risks of the business in which LMC is engaged (including, but not limited to climate change risk), with a view to achieving an 
appropriate balance between the risks incurred and potential returns and the long-term sustainability of the Company, and to oversee that there are systems in place which effectively monitor and 
manage those risks. To manage ESG-related impacts, risks, and opportunities, the Board is supported by management who are in turn supported by subject matter leads in each function in the 
organization. 
The Board, supported by four standing committees – Audit Committee (“AC”), Corporate Governance and Nominating Committee (“CGNC”), Safety, Sustainability and Technical Committee (“SSTC”) 
and the Human Resources/Compensation Committee (“HRCC”) – ensures that established governance mechanisms are in place to monitor Company developments. Their responsibilities for 
overseeing Company’s sustainability-related IROs are, to the extent applicable, reflected in each committee’s mandate, disclosed in our website. The Board also oversees management in ensuring that 
relevant information and reporting are provided, including updates on ethical business practices, human rights, safety, sustainability, financial statements, taxation, disclosure of material facts and 
economic performance. 
Metrics about our Board and Executive Team4
Board of Directors**
Number of executive members Number of non- executive members
1 7
** Supervisory body.
75 
4 LMC does not have an administrative body that meets the ESRS definition.

===== SIDA 76 =====

Executive Team* Board of Directors** 
Female Male Total Female Male Total Non-independent*** Independent
0 4 4 3 37.5% 5 62.5% 8 2 25.0% 6 75.0%
*Management body
** Supervisory body. 
***Jack Lundin is the CEO of the Company and therefore is a non-independent director. Adam Lundin is a non-independent director as a result of his brother, Jack Lundin, being the CEO.
The Board provides strategic guidance to the business, leveraging the expertise that individual directors bring on specific topics and their respective professional experiences and track records in guiding 
and growing and successful organizations. The Company’s director nominees bring a depth of knowledge, a mix of skills and experiences and the necessary strategic mindset to drive the Company’s 
business forward in a disciplined and well-governed manner. The specific skills and expertise of our nominees for election as directors are set forth below:
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===== SIDA 77 =====

The Board, through the CGNC, undertakes formal evaluations of the Board, its committees and of each individual director’s effectiveness and contribution on an annual basis. Each Board member 
brings a depth of knowledge, a mix of skills and experiences, and the necessary strategic mindset to drive the business forward in a disciplined and well-governed manner. The Board emphasizes 
ongoing learning in corporate governance, talent development, and the mining industry, among other topics. Directors have full access to records, receive monthly management reports, and attend 
regular presentations on market and industry trends. They also typically visit at least one operation annually to stay informed about the Corporation’s business. Additionally, the Board receives 
specialized presentations from time to time and is encouraged to attend seminars and conferences. For more information, see the Company’s MIC. 
Sustainability governance at Lundin Mining 
Our approach to risk management
Lundin Mining applies an enterprise wide risk management approach to identify, assess, and manage risks and opportunities across its operations. The Company’s risk management processes define 
the governance structure, roles and responsibilities, and processes for risk identification, assessment, mitigation, and monitoring, including sustainability-related IROs’. The ERM process helps us 
identify, manage and mitigate risk and integrates risk considerations into our key decision-making processes. This process is based on the ISO 31000:2018 Risk Management Standard and supports 
conformance to United Nations Global Compact (“UNGC”) Principle 7: Environment, which states that businesses should support a precautionary approach to environmental challenges.
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===== SIDA 78 =====

Risk assessments are conducted at site and corporate levels to evaluate operational, health and safety, environmental, human rights, social, financial, business, and reputational risks and 
opportunities. These assessments are reviewed quarterly by functional risk owners, site-based risk champions, project teams, and senior leadership. 
The outcomes of these assessments are consolidated into a quarterly corporate risk report. This report documents identified impacts, risks, opportunities, and corresponding controls and mitigation 
measures. The report is reviewed by relevant members of the Executive Risk Committee (“ERC”), comprised of members of senior leadership, and subsequently submitted to the Board’s SSTC and AC, 
with follow-on discussion by the full Board as necessary or appropriate. 
The list of material impacts, risks and opportunities that were addressed by the Board and their relevant committees during the reporting period are described in a table at the beginning of every topical 
chapter under the disclosure requirement and in the summary table on page 12. 
Safety, Sustainability and Technical Committee 
Consisting of four Board members (three of whom are independent), the SSTC meets a minimum of four times a year  to review matters within its mandate, including its principal purpose to assist the 
Board in overseeing the Company’s compliance with applicable material legal and regulatory requirements related to health, safety, environmental, community, sustainability, technical and climate 
change-related matters, tailings facility management and emergency response planning, safety and sustainability-related risks, performance in relation to safety, sustainability and technical matters, 
the performance and leadership of safety, sustainability and technical-related functions in the Company, and external reporting  in relation to safety, sustainability and technical matters. 
The SSTC provides reports to the Board with respect to its reviews and recommendations. The Board oversees the implementation of the Company’s approach to sustainability and related policies. 
Additionally, it  has an oversight role with respect to risk assessment and management policies and procedures, including those concerning health, safety, environmental, community, human rights, 
sustainability, technical and climate change-related matters. Furthermore, the Board and/or its committees assess the Company’s performance against key safety, sustainability and technical 
performance objectives, all as described in the Board and committee mandates. 
At the management level, senior leadership provides guidance and oversight of site-level sustainability management, ensuring the health and safety, environmental, community, risk management and 
other operational programs align with the strategic directives and risk management framework of the Company as a whole. 
The day-to-day ownership and management of operational sustainability matters and risks occurs at the operational level at each of our mine sites, with reporting to and under the guidance of corporate 
leadership. Each site is responsible for identifying programs, targets and metrics that measure progress and deliver meaningful impact for the business and its stakeholders, including host countries and 
local communities. Site-level leadership teams identify and assess key sustainability opportunities and risk exposures facing the sites, including climate change-related exposures, provide direction on 
mitigation controls and measures to manage such risks, and monitor progress and issues. 
Our guiding sustainability policies 
The policies and management system described below underpin Lundin Mining’s approach to identifying, preventing, mitigating and managing the material impacts, risks and opportunities identified 
through the Company’s DMA. These policies establish the governance framework for sustainability related topics and are supported by a management system, standards and site-level processes that 
operationalize policy commitments across the Company’s own operations and business relationships, as applicable. The effectiveness of these policies is monitored through established governance, 
risk management and control processes, as described in the related topical ESRS disclosures. The information presented in this section relates to policies and management approaches in place during 
the reporting period.
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===== SIDA 79 =====

Policy  Responsible Mining Policy (RMP)
Key content Our RMP outlines our commitment to sustainable practices and principles that guide the Company, integrates health, safety, environment and community considerations 
into our decision-making, and aligns our approach to sustainability with our business objectives. It also complements our other governance policies including our Human 
Rights Policy, Diversity and Inclusion Policy, and our Code of Conduct, Ethical Values and Anti-Corruption Policy (the “Code of Conduct”) among others.
Monitoring process RMP is regularly evaluated, as part of the RMMS compliance. This is supplemented by additional monitoring actions across departments – for example Independent 
Tailings Review Board (“ITRB”) assessments to manage tailings. 
Scope LMC expects all employees, suppliers, customers, contractors and business partners to adhere to these principles when operating on our sites or on our behalf, and 
confirm their understanding of the policy. 
Accountable for the 
implementation 
The RMP was reviewed and approved by the CEO and is available in all our operational languages.
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===== SIDA 80 =====

Policy Human Rights Policy 
Key content The Human Rights Policy identifies the respect for human rights as a core value of Lundin Mining. While the Company believes its operations generally improve livelihoods 
and rights of individuals and communities, it acknowledges the potential for negative impacts and commits to a framework of prevention, mitigation, and remediation. This 
policy serves as a specialized extension of the Company’s broader Code of Conduct and Responsible Mining Policy, specifically targeting the identification and 
management of human rights risks across all operations and projects. The policy also upholds and recognizes, among other rights, the right to collective bargaining, 
freedom of association, and the protection of the cultural traditions of Indigenous Peoples and other vulnerable groups.
To ensure these principles are put into practice, the Company integrates human rights due diligence into its standard business decision-making, due diligence and risk 
assessment processes. Furthermore, the Company has incorporated the Voluntary Principles on Security and Human Rights into its security-related policies and 
procedures.
Accountability is maintained through continuous stakeholder engagement and the provision of effective, anonymous grievance mechanisms that allow for the reporting 
and resolution of abuses without fear of retaliation. To remain transparent, the Company provides regular training for employees and partners and conducts periodic 
audits of its performance. Finally, Lundin Mining commits to public transparency by reporting its progress through its annual Sustainability Statement and the United 
Nations Global Compact Communication on Progress.
Monitoring process The Company uses Human Rights Risk Assessments (“HRRAs”) with the objective of engaging with stakeholders, with particular attention paid to consulting with affected 
rights-holders.  Our stakeholder consultations typically also include workers and trade unions (as their representatives), potentially impacted community members, 
company representatives, contractors, government officials, human rights defenders, civil society organizations and experts. LMC continuously incorporates stakeholder 
views regarding our positive and negative impacts into our general business. 
Additional details on our approach to preventing and mitigating human rights impacts can be found in the Fighting Against Forced Labour and Child Labour in the Supply 
Chains Report for the year ended December 31, 2025, available on our website.
Scope The policy applies to all Lundin Mining employees, whether permanent, temporary or on contract, and includes senior management, the Board, as well as our contractors 
and suppliers. 
LMC expects all employees, suppliers, customers, contractors and business partners to adhere to these principles when operating on our sites or on our behalf and 
confirm their understanding of the policy.
Accountable for the 
implementation 
The Human Rights Policy was reviewed and approved by the CEO and is available in all our operational languages on the Company’s website.
The SSTC is responsible for overseeing our approach to human rights, while the Vice President of Sustainability is responsible for overseeing its implementation. 
80

===== SIDA 81 =====

Policy Code of Conduct 
Key content The Code of Conduct outlines the ethical, legal, and professional standards expected of all the directors, officers, employees, consultants, and contractors or Lundin 
Mining and its subsidiaries. It emphasizes compliance with laws, integrity in business practices, and individual accountability for ethical behaviour.
Key commitments include maintaining a safe, respectful, and discrimination-free workplace; upholding human rights; protecting the environment and communities; and 
ensuring accurate financial reporting and proper use of company resources. The policy enforces zero tolerance for corruption, bribery, illegal payments, conflicts of 
interest, insider trading, substance abuse at work, and retaliation against whistleblowers.
The Code of Conduct addresses key identified material topics, including business conduct, environmental responsibility and working conditions.
Monitoring process The Code of Conduct outlines the ethical, legal, and professional standards expected of all the directors, officers, employees, consultants, and contractors or Lundin 
Mining and its subsidiaries. It emphasizes compliance with laws, integrity in business practices, and individual accountability for ethical behaviour. Key commitments 
include maintaining a safe, respectful, and discrimination-free workplace; upholding human rights; protecting the environment and communities; and ensuring accurate 
financial reporting and proper use of company resources. The policy enforces zero tolerance for corruption, bribery, illegal payments, conflicts of interest, insider trading, 
substance abuse at work, and retaliation against whistleblowers.
The Code of Conduct addresses key identified material topics including, business conduct, environmental responsibility and working conditions. 
Scope The policy applies to the directors, officers, employees, consultants and contractors of Lundin Mining and its subsidiaries. LMC expects all directors, officers, employees, 
consultants and contractors to adhere to these principles when operating on our sites or on our behalf and confirm their understanding of the Code of Conduct. 
Accountable for the 
implementation 
Responsibility for implementation and compliance is shared across the organization. All representatives are individually accountable for complying with the Code, while 
executives, managers, and supervisors are specifically responsible for ensuring implementation and enforcement within their areas of authority. Human Resources and 
the legal function provide guidance, training support, and advice on interpretation, while the Chief Legal Officer or the Corporate Secretary of the Company plays a central 
role in oversight of ethical and legal compliance matters. Lundin Mining’s business conduct is governed by the Board, with specific oversight delegated to the AC and the 
CGNC. These committees are responsible for the review of the policy and the investigation of all reported violations. The Code of Conduct was reviewed in 2024 and is 
available in all operational languages on the Company’s website.
81

===== SIDA 82 =====

Policy Whistleblower Policy 
Key content Lundin Mining’s Whistleblower Policy provides individuals with the opportunity to voice any concerns they may have regarding unethical or unlawful behaviour – including 
any known or suspected accounting, financial or auditing irregularities or any other known or suspected violations of the law, including human rights and environmental 
legislation, the Code of Conduct and/or other Company policies.
The Whistleblower Policy establishes a protocol for the receipt, retention and treatment by Lundin Mining and its subsidiaries of concerns reported from directors, 
officers, employees, consultants and contractors in this regard.
Monitoring process The AC and CGNC summarize all whistleblower reports to the Board quarterly and annually, including all outstanding unresolved reports, how such reports are being 
handled, the results of any investigations, and any corrective actions implemented. 
Individuals can report improper conduct on a confidential and, if preferred, anonymous basis through an independently hosted online and telephone reporting service or 
by sending a letter to the applicable committee chairperson. 
Scope The policy applies to Lundin Mining’s directors, officers, employees, consultants and contractors (and their employees), shareholders, any other parties with a business 
relationship with the Company, and external stakeholders.
Accountable for the 
implementation 
Revised and approved by the Board 
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===== SIDA 83 =====

Standard  Responsible Mining Management System (“RMMS”) 
Key content The RMMS sets out our expectations for sustainability performance. It provides a structured management approach for each of our operations. It establishes a formal 
process to identify and assess sustainability hazards and any other aspects that may create a risk exposure. A series of technical sustainability standards formalizes these 
requirements and forms the basis of our site-specific sustainability management programs.
Each operation is required to establish formal processes to:
- Manage risk, operational changes and legal requirements
- Establish goals and objectives to improve performance related to our responsible mining principles 
- Determine responsibilities and accountabilities 
- Provide awareness, competency and training 
- Enhance communications and stakeholder engagement
- Ensure operational controls to effectively manage environment, health and safety, and social performance 
- Establish crisis and emergency response
- Ensure effective incident and action management 
- Manage contractors and suppliers 
- Determine document control and recordkeeping 
- Assure management system effectiveness through assessing performance and regular audits
Technical standards formalize the RMMS requirements and form the basis for site management programs to address key operational activities such as tailings 
management, social performance, air quality, GHG management, safety and fatal risk management, greenhouse gas management and water management.  
In 2025 we initiated a complete review of the RMMS to identify opportunities to improve both the content and the assessment process. 
Monitoring process Our RMMS includes regular internal verification. 
Scope The RMMS specifies Company-wide requirements, applicable to all sites and is available in all our operational languages. 
Accountable for the 
implementation 
Each operation must establish formal processes that conform to the requirements of the RMMS and supporting sustainability performance standard and procedures. 
Third-party standards 
The Company aligns its policies and procedures with international best practices and guidance on sustainability matters to meet our business objectives. The RMMS is aligned with the ISO 14001:2015 
Environmental Management System Standard, Occupational Health and Safety Assessment Series ("OHSAS") 18001, and the GISTM. 
83

===== SIDA 84 =====

Additionally, Candelaria, Ojos del Salado (which forms part of the Candelaria mining complex), Caserones and Chapada’s environmental and health and safety 
management systems are separately certified under the ISO 14001:2015 and ISO 45001, both of which cover employee and contractor activities.
The Copper MarkTM is a voluntary program that recognizes copper producers for their demonstrated commitment to responsible operating practices across the entire value chain. This allows us to share 
the results in a standardized and transparent way with our shareholders, employees, communities, customers and other stakeholders.  Both Candelaria and Caserones have been independently 
assessed against The Copper MarkTM assurance framework. In addition, Caserones has been independently assessed against The Molybdenum MarkTM assurance framework. The Copper Mark has a 3-
year certification cycle focused on monitoring and reassessment and re-certification activities are underway at both sites.   
84

===== SIDA 85 =====

Lundin Mining is a member of the UNGC, the world’s largest corporate sustainability initiative working to address priority economic, social, environmental and governance challenges. Through this 
initiative, we have made a commitment to sustainable business practices, aligning our strategies with the UNGC’s Ten Principles on human rights, labour, the environment and anti-corruption, the 
UNGC Sustainable Development Goals (“SDGs”) and related 2030 SDG objectives. Our Mission, Values, RMP and approach to sustainability align with the UNGC Principles and SDGs, and we have 
undertaken programs at the site and corporate levels to advance positive change in these priority areas. Our Communication on Progress (COP) is available online.
Integration of sustainability-related performance in incentive schemes 
Performance-based Compensation Underscoring the importance of sustainability, we directly link a variety of measures including health and safety, environment and social performance measures to 
compensation outcomes for the Company’s ET. It is crucial to note that these sustainability key performance indicators ("KPI’s") are tied to overall corporate performance measures, impacting 
compensation for not only executives but also the broader workforce. 
In fiscal year 2025, the application of the Company’s compensation guidelines reflected its overall corporate and sustainability performance. The annual cash incentive for the CEO and other members 
of the ET  is determined under a short-term incentive (“STI”) plan based on performance criteria that is set on an annual basis. Corporate performance accounts for 75% of the STI outcome for the ET and 
is weighted across financial and operational performance (60%), sustainability performance covering safety, environment and social license (20%), and strategic execution (20%), with the remaining 
25% based on individual executive performance. Climate-related considerations are addressed as part of strategic execution.   
Sustainability performance is assessed against defined objectives, including total recordable injury frequency, implementation of the Fatal Risk Management program, and performance related to 
environmental incident management, water stewardship (advancement of site-specific management plans) and social outcomes (advancement of SLO index). Performance of the objectives is assessed 
annually by the HRCC and as appropriate by the SSTC and the Board. For fiscal year 2025, the Company met or exceeded the majority of its corporate performance objectives, resulting in a corporate 
sustainability performance score of 31% (out of a target of 20%) and an overall corporate performance score of 138%. The performance of climate-related considerations was assessed based on 
progress against internal criteria related to carbon reduction planning activities across the Company’s operations. The HRCC reviewed the outcomes and exercised discretion in accordance with the 
compensation guidelines to ensure fair and appropriate results.  Final incentive outcomes for the CEO were approved by the Board and final incentive outcomes for other ET members were approved by 
the HRCC.
 
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===== SIDA 86 =====

Statement on due diligence 
Statement on due diligence
Lundin Mining has integrated core elements of due diligence to address its material sustainability-related IROs and the table below provides an overview the due diligence processed as disclosed in this 
sustainability statement.
Core elements of due diligence Location in the Sustainability Statement
Embedding due diligence in governance, strategy and business model BP-2, GOV-2, GOV-3, SBM-3
Engaging with affected stakeholders in all key steps of the due diligence GOV-1, SBM-2, IRO-1, MDR-P in topical ESRS, E2-2, E4-3, S1-2, S2-2, S3-2
Identifying and assessing adverse impacts SBM-3, IRO-1
Taking actions to address those adverse impacts MDR-A in each ESRS topic, E1-1, E4-1
Tracking the effectiveness of these efforts and communicating MDR-M and MDR-T in topical ESR
Risk management and internal controls over sustainability reporting 
The Company has established, implemented and operates a system of internal controls and processes to support the completeness, integrity, accuracy and timeliness of information disclosed in the 
Sustainability Statement. Key risks relate to the completeness of reported information, the consistency and accuracy of data, the availability of information within reporting timelines and reliance on 
assumption and estimates for certain quantitative metrics.
Controls to mitigate these risks include processes for data collection and validation, segregation of responsibilities between data preparation and review, and information technology controls designed 
to safeguard data integrity. These controls are embedded within RMMS, which provides structured oversight of material sustainability topics, including defined accountability, documentation 
requirements and internal control expectations.
The sustainability reporting process operates through standardized reporting templates applied consistently across quarterly and annual reporting cycles. Key quantitative sustainability data are 
collected on a quarterly basis, enabling the timely application of detective controls and the identification, escalation and resolution of issues prior to year-end reporting.
Sustainability information is generated through a structured process whereby designated data owners prepare and submit information, which is subject to review and approval by accountable 
management representatives. On an annual basis, we document the process used to develop the Sustainability Statement and share it with management and the Board.  
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===== SIDA 87 =====

Environmental Information
Climate Change (ESRS E1)
Material impacts, risks and opportunities and their interaction with strategy and business model 
Climate change and GHG emissions are material to Lundin Mining because of the energy-intensive nature of the extractive industries, associated carbon footprint, and adaptation and mitigation 
planning considerations. Extensive global interest is spurring corporate action to reduce GHG emissions, commit to low-carbon alternatives and promote climate resilience. We acknowledge climate 
change as an international concern.
Planning for climate change mitigation 
The Company has not adopted a formal climate transition plan as defined under the ESRS. Given the Company’s operating profile as a mining operator, the current availability and maturity of low-carbon 
technologies applicable to large-scale mining equipment, constraints related to fuel supply and the long-lived nature of existing operational infrastructure, the Company does not currently plan to adopt 
a standalone climate transition plan aligned to externally defined decarbonisation pathways. The Company manages climate-related mitigation through a combination of governance processes, a 
consolidated medium-term GHG emissions reduction target, and the implementation of site-level mitigation actions. Key mitigation actions include:
- Implementation of energy efficiency initiatives across operations;
- Increased use of low-carbon and renewable energy sources, where feasible; and
- Integration of climate considerations into capital allocation and investment decision-making.
The appropriateness of developing a formal climate transition plan will be reassessed if regulatory expectations change materially, sector-specific transition pathways for mining are further established, 
or technological developments materially improve the feasibility of additional emissions reductions.
In 2025, LMC focused on understanding the impact that the changes to its assets base will have on its climate target.  To continue to make progress toward  our climate target and mitigate risks 
associated with GHG emissions, LMC has identified several emission reduction actions such as use of electric vehicles to transport personnel. As technology advances and we deepen our 
understanding of our full emissions profile, we remain open to additional actions that can further our decarbonisation efforts.
Considerations relevant to climate mitigation planning  
The Company’s approach to addressing climate mitigation considers the following factors:
- Locked in emissions: LMC mine sites are considered sources of locked-in GHG emissions as the presence of long-lived infrastructure such as buildings and heavy equipment, and established 
processing methods make it technically difficult or costly to switch to low-carbon alternatives. 
- Categorization of planned actions: when planning for the initial target, initiatives were identified in various categories such as electrification, renewable energy, electricity efficiency, and fuel 
efficiency. Together, these categories make up LMC’s road map to reach its climate target. To date, LMC has been successful in implementing actions in the renewable category (primarily impacting 
Scope 2 market-based emissions) and in 2025 focused on identifying initiatives to address Scope 1 emissions. 
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- Integration into financial and operational planning: the climate target is integrated into LMC’s long-term mine planning and budget cycle which are reviewed by the ET and the Board annually. Large 
investment projects are evaluated based upon their priority level. As our investments in new technologies and projects serve multiple purposes, it is difficult to establish the allocation of funds 
exclusively to decarbonisation efforts. 
Physical and transitional climate risks 
As noted above, the Company has not undertaken a formal climate transition plan as defined under the ESRS, nor has the Company undertaken a formal resilience analysis in accordance with ESRS. 
However, Lundin Mining has assessed the resilience of its business model and strategy to climate change through a climate scenario and financial impact analysis,  covering both physical and transition 
risks across major operating assets. The scenario analysis, completed in 2024 by a third party, explored how risks associated with carbon pricing, water scarcity and flooding could further develop over 
different plausible futures, and what the possible financial implications for the Company could be. These risk drivers were selected due to their potential to affect the availability of critical inputs 
(particularly water), the operability of mining assets and associated infrastructure, and the continuity and cost structure of operations, and therefore their relevance to assessing the resilience of the 
Company’s business model and strategy under changing climate conditions.
For the purposes of the assessment, the magnitude of physical risks were considered in order to assess potential exposure at the outset of the assessment. Physical climate risks were classified as 
either acute, arising from event-driven hazards such as flooding or extreme weather events, or chronic, arising from longer-term changes in climate patterns, including shifts in precipitation and water 
availability. The assessment did not cover the value chain but rather, focused on flood and water scarcity risks at selected operations where exposure was assessed to be higher, including the 
Candelaria and Caserones operations in Chile (water scarcity) and the Chapada operation in Brazil (flooding).
The analysis included standard timelines comprising the baseline year (2024), the medium term (2030), and the long term (2050). The climate scenario analysis and financial quantification are based on 
a  n u m b e r  o f  k e y  a s s u m p t i o n s .  P h y s i c a l  r i s k s  w e r e  e v a l u a t e d  u s i n g  r e c o g n i z e d  g l o b a l  c l i m a t e  s c e n a r i o s  r e p r e s e n t i n g  l o w e r -  a n d  h i g h e r - e m i s s i o n s  p a t h w a y s  a n d  w e r e  a p p l i e d  a t  a n  a s s e t  l e v e l  u s i n g  
l o c a t i o n - s p e c i f i c  c l i m a t e  i n d i c a t o r s  a s  p r o x i e s  f o r  f l o o d i n g  a n d  w a t e r  s c a r c i t y  r i s k .  T r a n s i t i o n  r i s k s  w e r e  a s s e s s e d  p r i m a r i l y  t h r o u g h  c a r b o n  p r i c i n g  s c e n a r i o s  d e r i v e d  f r o m  p u b l i c l y  a v a i l a b l e  e n e r g y  
t r a n s i t i o n  p a t h w a y s ,  w i t h  j u r i s d i c t i o n - s p e c i f i c  a s s u m p t i o n s  a p p l i e d  b a s e d  o n  c u r r e n t  a n d  a n n o u n c e d  p o l i c y  f r a m e w o r k s .  F i n a n c i a l  i m p a c t s  w e r e  e s t i m a t e d  u s i n g  l i f e - o f - m i n e  o p e r a t i n g  a n d  p r o d u c t i o n  
a s s u m p t i o n s ,  a s s u m i n g  m i n e s  o p e r a t e  a t  p l a n n e d  c a p a c i t y  a n d  t h a t  c l i m a t e - r e l a t e d  d i s r u p t i o n s  r e s u l t e d  i n  t e m p o r a r y  b u s i n e s s  i n t e r r u p t i o n  r a t h e r  t h a n  p e r m a n e n t  a s s e t  i m p a i r m e n t  o r  c l o s u r e .  T h e  
analysis considered gross impacts before mitigation actions and in the case of transition risks, focused on Scope 1 carbon pricing exposure, excluding potential future carbon offsets, concessions or 
changes in regulations beyond those reflected in the selected scenarios. As noted above, the analysis covered various time horizons and incorporated inherent uncertainty related to future climate 
conditions, policy developments, market responses and technology deployment.
The results of the scenario analysis and associated financial impact assessment are directly linked to the assumptions applied in each scenario. The specific scenarios considered are detailed in the 
table below.
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===== SIDA 89 =====

Physical risks scenarios Transition risks scenarios
The Intergovernmental Panel on Climate Change ("IPCC") AR6 report uses Shared 
Socioeconomic Pathway ("SSP") scenarios to assess the state of the physical climate under 
a range of plausible futures. They combine qualitative storylines of societal features and 
quantified measures of development alongside climate data to create plausible scenarios 
for how quickly humans can curb emissions. The scenarios utilized in this assessment are:
- SSP1-2.6, which implies an increase in mean global temperatures of 2°C or less by 
2100, in line with goals of the Paris Agreement
- SSP3-7.0, which implies ~4°C increase in mean global temperature by 2100
- SSP5-8.5, which implies ~5°C increase in mean global temperature by 2100
(Note: this analysis uses SSP3-7.0 indicators for the high emissions scenario, except for 
water scarcity which uses SSP5-8.5 due to the use of WRI Aqueduct.)
Transition risk assessment uses the International Energy Agency’s ("IEA") World Energy Outlook ("WEO") 
2023 scenarios. In line with industry peers and the TCFD's recommendations, two scenarios are used:
- Stated Policies Scenario ("STEPS") – 2.4°C - reflects current policy settings based on a sector-by-
sector and country by country assessment of the specific policies that are in place, as well as those 
that have been announced by governments around the world
- Net Zero Emissions by 2050 Scenario ("NZE") – 1.5°C - a pathway for the global energy sector to 
achieve net zero CO2 emissions by 2050
Assessment of physical risks 
- Each mine included in the assessment was screened for exposure to the acute hazard 
of flooding and the chronic hazard of water scarcity
- Climate indicator data specific to each site and these climate hazards were generated  
based upon the above-noted scenarios, representing varying assumptions about the 
level of warming in the coming decades
- Trends and potential risks were identified, which formed the basis of quantification for 
relevant risks
- The financial impacts of the risks were quantified 
Assessment of transition risks 
- Key drivers of carbon pricing risk were analyzed to assess the likelihood of the IEA’s carbon price 
being implemented on all LMC’s Scope 1 and Scope 2 emissions under each jurisdiction of 
operation
- The likelihood of the IEA’s carbon price was assessed under the STEPS and NZE scenario being 
implemented by 2030 and 2050
- The financial impacts of the carbon pricing risk were quantified 
The analysis indicated that LMC’s assets are exposed to existing climate conditions which are not expected to change significantly under future scenarios within the timeframe studied. The analysis also 
notes that under worst case scenarios for physical risks,  water scarcity at Caserones (Chile) and flooding at Chapada (Brazil) represent the most significant  physical risks affecting LMC's assets.
C a r b o n  p r i c i n g  w a s  i d e n t i f i e d  a s  t h e  m o s t  s i g n i f i c a n t  t r a n s i t i o n  r i s k  u n d e r  m o r e  a m b i t i o u s  g l o b a l  d e c a r b o n i s a t i o n  p a t h w a y s ,  w i t h  p o t e n t i a l  i m p a c t s  d r i v e n  p r i m a r i l y  b y  S c o p e   1  e m i s s i o n s  d u e  t o  
p r e d i c t e d  r e d u c t i o n s  i n  S c o p e   2  f r o m  g r i d  d e c a r b o n i s a t i o n  a n d  L M C ’ s  r e n e w a b l e  e l e c t r i c i t y  p r o c u r e m e n t .  U n d e r  S T E P S ,  e x p o s u r e  t o  c a r b o n  p r i c i n g  i s  a s s e s s e d  a s  l i m i t e d .  
89

===== SIDA 90 =====

In addition to risks, the assessment identified existing climate-related opportunities, including improved resource efficiency through energy efficiency initiatives and the role of copper products in 
supporting global electrification. The assessment also identified longer-term uncertainties, including constraints related to electricity grid capacity and the pace of grid decarbonisation in certain 
jurisdictions.
T h e  c l i m a t e - r e l a t e d  s c e n a r i o  a n a l y s i s  a n d  a s s o c i a t e d  f i n a n c i a l  e s t i m a t e s  a r e  b a s e d  o n  s e l e c t e d  p h y s i c a l  a n d  t r a n s i t i o n  c l i m a t e  s c e n a r i o s  a n d  a  d e f i n e d  s e t  o f  a s s u m p t i o n s ,  including those regarding 
future climate conditions, policy implementation, carbon pricing mechanisms, technology availability and electricity grid decarbonisation. These scenarios and assumptions represent plausible 
pathways used for analytical purposes and do not constitute predictions; actual outcomes may differ due to changes in assumptions, external conditions or management decisions. Physical risk 
a s s e s s m e n t s  r e l y  o n  t h e  u s e  o f  l o c a t i o n - s p e c i f i c  c l i m a t e  i n d i c a t o r s  a s  p r o x i e s  f o r  f l o o d i n g  a n d  w a t e r  s c a r c i t y  a n d  t h e r e f o r e  d o  n o t  s e e k  t o  p r e d i c t  t h e  p r e c i s e  t i m i n g ,  f r e q u e n c y  o r  s e v e r i t y  o f  i n d i v i d u a l  
c l i m a t e  e v e n t s .  F i n a n c i a l  i m p a c t  e s t i m a t e s  a r e  d e r i v e d  u s i n g  c u r r e n t  l i f e - o f - m i n e  p l a n s ,  o p e r a t i n g  a s s u m p t i o n s  a n d  c o s t  s t r u c t u r e s  a n d  a s s u m e  t e m p o r a r y  o p e r a t i o n a l  d i s r u p t i o n  r a t h e r  t h a n  p e r m a n e n t  
a s s e t  i m p a i r m e n t ,  c u r t a i l m e n t  o r  e a r l y  c l o s u r e .  T r a n s i t i o n  r i s k  q u a n t i f i c a t i o n  f o c u s e s  o n  S c o p e   1  c a r b o n  p r i c i n g  e x p o s u r e  u n d e r  d e f i n e d  s c e n a r i o s  a n d  e x c l u d e s  t h e  p o t e n t i a l  e f f e c t s  o f  f u t u r e  p o l i c y  
e x e m p t i o n s ,  c h a n g e s  i n  c o v e r a g e  t h r e s h o l d s  o r  c a r b o n  o f f s e t s .  S c o p e   3  G H G  e m i s s i o n s  w e r e  n o t  q u a n t i t a t i v e l y  m o d e l l e d  i n  t h i s  s c e n a r i o  a n a l y s i s ,  a n d  u n c e r t a i n t i e s  r e l a t e d  t o  f u t u r e  c h a n g e s  i n  s u p p l i e r  
practices, logistics configurations, customer behaviour or product demand were not assessed beyond those implicit in the selected scenarios. As a result, the analysis should be interpreted as an 
indicative assessment of exposure under specified conditions rather than a forecast of future financial performance.
Description and assessment of material climate-related impacts, risks and opportunities 
The material IROs related to climate change have been identified in a DMA. The materiality assessment is discussed under General Information. Refer to the Material  impacts, risks and opportunities 
section for details about our process to identify material IROs. The table below includes the description of the material IROs related to climate change for Lundin Mining. 
Description IRO Timeline 
(ST, MT, LT) Value Chain
Climate Change Adaptation
GHG  emissions contribute to climate change, which may increase the frequency and severity of extreme weather 
events. These changes heighten physical climate risks to our operations and surrounding environments, including 
flooding, erosion, and infrastructure stress, which may adversely affect the safety of our workforce and neighbouring 
communities and disrupt operational continuity.
Impact materiality  
(Potential /
Negative)  
Medium term Own operations  
Climate Change Mitigation 
 Continued reliance on diesel powered equipment results in ongoing Scope 1 GHG emissions. Impact materiality  
(Actual/Negative)  Medium term Own operations
Our policies and approach
The Company adopted policies to manage climate-related impacts, risks, and opportunities. These policies address both climate change mitigation and climate change adaptation, and are designed to 
support regulatory compliance, operational resilience, and long-term value creation. The policies:
- Commit the undertaking to reducing its GHG emissions footprint
90

===== SIDA 91 =====

- Define responsibilities for climate-related risk management
- Support compliance with applicable climate-related laws and regulations
- Encourage continuous improvement in climate performance and transparency
- Encourage collaboration with host communities to monitor and address related impacts
Oversight of climate-related policies rests with senior management, with regular reporting on progress and emerging risks to the Board.
Governance 
policies Relation to the sustainability topic Approach
RMP, RMMS The policies and management systems described below are designed to prevent, 
mitigate and manage the material impacts, risks and opportunities related to climate 
change, including impacts associated with greenhouse gas (GHG) emissions and 
exposure to physical climate hazards. The scope of these policies and related 
management measures aligns with the value-chain boundary of the identified 
impacts and risks, which primarily relate to Lundin Mining’s own operations.
The Company’s RMP and RMMS establish the governance framework for managing 
climate-related impacts, risks and opportunities. Together, these instruments 
address climate change mitigation and adaptation, energy efficiency and the use of 
renewable energy across the Company’s operations. The RMP publicly commits the 
Company to reducing GHG emissions and to preparing its operations and host 
communities to respond to climate-related risks. The policy applies across  
operating sites and is available to stakeholders.
The RMMS governs corporate- and site-level risk management processes, including 
the identification, assessment and management of climate-related risks, as well as 
related community engagement and air quality management practices.
The RMMS guides our operations’ approach to the responsible use of energy 
and the development of GHG emissions reduction initiatives. 
- Our largest energy consumer, Candelaria, has certified its energy 
management system under the ISO 50001 Energy Management System 
Standard to further this approach, guided by its Energy Management 
Committee. Caserones has also certified its energy management system 
under the ISO 50001.
- Caserones, Candelaria and Chapada maximize their  use of renewable 
energy for their purchased electricity consumption.    
- Candelaria, Caserones and Chapada revised evaluation of carbon 
abatement initiatives. 
Tracking of 
implementation and 
effectiveness 
The effectiveness of the policies and management systems in managing the identified climate-related impacts and risks is monitored through a combination of 
operational performance tracking, internal management review and, where applicable, third-party audits. Information related to energy use, emissions performance 
and climate-related risks is reviewed through established governance processes, with oversight by management and reporting to relevant Board committees. These 
monitoring activities support the identification of trends, assessment of control effectiveness and implementation of corrective actions where required.
91

===== SIDA 92 =====

Climate-related considerations factored into remuneration 
Climate-related considerations are integrated into the variable cash remuneration of senior executives. For the 2025 reporting period, performance was assessed based on progress against internal 
criteria related to carbon reduction planning activities across the Company’s operations, within a broader Strategic Execution category. The Strategic Execution category accounted for 20% of the 
variable remuneration recognized in the period and reflects the integration of climate-related considerations alongside other strategic priorities.
The compensation of the Company’s Board is fixed and not performance-based. Additional information on executive remuneration is disclosed in the Management Information Circular for the 
Company's annual meeting on May 7, 2026.
Actions and resources related to climate change during the year 
In 2025, we undertook an analysis of potential site-based emission reduction projects at Candelaria and Chapada using the same methodology used in Caserones in 2024 to support our decarbonisation 
goal, identify emissions abatement opportunities and prioritize key actions. Progress on all sustainability goals, including climate action, is reported to the Board quarterly.    
100% of the electricity use of our operations in Chile comes from renewable sources.  In addition, Chapada partnered with Serena, a global leader in renewable energy investments, to supply 100% of 
Chapada's electricity needs from renewable energy. This agreement, which began in 2024, has an initial duration of 10 years. The renewable energy will be sourced from the Chuí Wind Complex, a 
Serena asset in Rio Grande do Sul, which has an installed capacity of 582 MW and 302 wind turbines. The actual reduction achieved will depend on electricity consumption and changes to the Brazilian 
electricity grid emission factor over that period. 
Supporting carbon research and resilience 
Several of our sites are actively contributing to carbon sequestration research, helping to remove carbon from the atmosphere. 
At Chapada, we are funding a three-year initiative to develop and verify a tree inventory in the nearby forest through the Chapada Education Center (CEA). This project enables the Federal University of 
Goiás Forestry Inventory Laboratory to assess carbon stocks in trees, supporting sustainable land management. This study was updated in 2025.
At Candelaria, we are collaborating with the Blue Carbon Initiative to study coastal ecosystems’ role in carbon sequestration. Research in the waters off the Punta Padrones port focuses on seaweed 
meadows’ ability to capture and store carbon. Following necessary applications, the project has installed an artificial reef near the pier to host seaweed and evaluate its carbon sequestration potential.
These ongoing research initiatives are exploratory in nature and do not constitute GHG emissions removal credits, nor are they included in the Company’s GHG emissions reduction targets or 
inventories.
GHG emission reduction initiatives 
As a result of Chapada sourcing 100% of its electricity from renewable energy sources in 2025, it achieved 24,942 t CO₂eq of GHG emissions reductions in Scope 2 (market-based). These reductions 
represent the achieved emissions reductions of our climate mitigation actions during the reporting period. The Company has not estimated additional expected GHG emissions reductions associated 
with this action but considers that maintaining renewable energy contracts is a key aspect of continuing to meet its climate change target. 
Notwithstanding the achievement of having all our operations located in Chile and Brazil sourcing electricity from renewable energy, we have completed studies at Candelaria, Caserones and Chapada 
to identify Scope 1 emissions reduction opportunities. The studies provide a foundation for investment decisions towards reducing direct emissions from our operations in the future. 
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===== SIDA 93 =====

Resources
The Company allocates financial, human and operational resources through its annual budgeting and operational planning processes to manage and mitigate adverse environmental impacts identified 
through the DMA. Human resources included are dedicated personnel at site and corporate levels, supported by specialist functions where required. Actions implemented during the reporting period 
included purchase of renewable energy and mitigation measures, with associated expenditures monitored as part of routine operational controls. During the reporting year, the Company has spent $207 
million on renewable energy contracts. In 2026, the Company intends on spending approximately $205 million on renewable energy.
 
Targets related to climate change mitigation and adaptation 
Company wide strategic targets are set by management team and are approved by the Board. Tracking of targets is undertaken on a quarterly basis. The Corporate GHG emissions target was first 
announced in 2022, with a commitment to reduce our absolute Scope 1 and Scope 2 (market-based) emissions by 35% by 2030 across our end-of-2019 portfolio of operations, compared to a target base 
year of adjusted 2019 emissions5. Since then, progress toward our target has been assessed based on the GHG emissions of our 2019 portfolio of operations. In 2024, we recalculated our target base 
year to include Caserones, enabling us to assess progress toward our target based on our current portfolio of operating mines. The target is not static and will be updated as Lundin Mining identifies and 
implements new GHG emissions reduction opportunities. 
The Company’s GHG emissions reduction target has not been assessed as science-based and is not represented as being aligned with limiting global warming to 1.5°C in line with the Paris Agreement. 
The Company’s reported GHG emissions data are subject to external limited assurance. However, the GHG emissions reduction target itself has not been externally assured or validated.
The Company will continue to monitor developments in climate regulation, industry guidance, and decarbonisation methodologies and may revisit the design and ambition of its target as additional data, 
technologies become available.
93 
5 Includes Candelaria, Caserones, Chapada as well as Eagle (divested in January 2026), Neves-Corvo (divested in April 2025) and Zinkgruvan (divested in April 2025) mines.

===== SIDA 94 =====

Nature Absolute – defined as reducing our absolute Scope 1 and Scope 2 (market-based) emissions (t CO2eq) by 35% by 2030
Scope Lundin Mining Corporate Scope 1 and Scope 2 (market-based) GHG emissions
Base year 2019
Baseline value 1,458,345 t CO2eq
Period To 2030
Methodology and assumptions 
Refer to Metrics methodologies and assumptions of this section for detailed information about our Corporate GHG Inventory methodologies. Specifically in relation to 
our target, LMC  adjusted the  2019 baseline GHG emissions to annualize Chapada’s emissions, and in 2024, the  baseline was recalculated to include Caserones 
emissions. The recalculation was based on fuel and electricity consumption data provided by Caserones for the year 2019. The baseline was recalculated in 2025 to 
account for divestment of Neves-Corvo and Zinkgruvan using the pro rata approach. The baseline will be recalculated in 2026 to incorporate further changes to LMC’s 
portfolio of assets.
The target was developed using the Company’s internal assessment of emissions reduction potential based on historical emissions data, expected operational 
efficiencies, renewable electricity sourcing, and evaluation of site-specific mitigation opportunities. The target is based on absolute emissions reductions rather than 
emissions intensity metrics. The target has not been derived using a sectoral decarbonisation pathway, scenario modelling aligned to specific climate policy 
outcomes, or a science-based target methodology.
Progress 
Although the emissions target was achieved in 2024, based  on our recalculated baseline, the emissions target was also achieved in 2025. This was primarily due to Candelaria extending its contractual 
agreement to source 100% of its electricity from renewable sources with zero-carbon emissions in 2024 and the inclusion of Caserones, whose 2019 GHG emissions profile did not benefit from the use 
of renewable energy, but which subsequently transitioned to 100% renewable energy use. As a result, Caserones’ Scope 2 market-based emissions dropped to zero in 2024, compared to a calculated 
378,450 t CO2eq in 2019.6 In 2025, Chapada started sourcing 100% of their electricity from renewable energy sources.  Refer to GHG emission reductions for additional information about 
decarbonisation levers and their overall quantitative contributions to GHG emission reductions. 
94 
6 Lundin Mining’s 2019 GHG emissions inventory included six months of data for Chapada, representing the operation's emissions post-acquisition. The 2019 adjusted target base year represented our 2019 portfolio (excluding 
Caserones and Josemaria) of global emissions, after adjustments to annualize Chapada's data.

===== SIDA 95 =====

Metrics related to climate change 
Energy consumption and mix 
Metrics (MWh)
Operated Assets
Joint Operation
Total 2025Continuing Operations Discontinued Operations
Candelaria Caserones Chapada Eagle Neves- 
Corvo Zinkgruvan Vicuña Project
Total energy consumption 4,506,886
Total energy consumption from fossil sources 998,347 556,096 348,009 142,182 90,347 11,406 43,516 2,189,903
Fuel consumption from crude oil and petroleum products 998,347 556,096 348,009 89,062 19,605 11,406 43,237 2,065,762
Fuel consumption from natural gas — — — 46 — — — 46
Fuel consumption from other fossil sources — — — 0 — — — —
Consumption of purchased electricity from fossil sources — — — 53,074 70,742 — 279 124,095
Total energy consumption from nuclear sources — — — — 20,012 — 38 20,050
Total energy consumption from renewable sources 838,108 996,932 405,739 11,103 6,837 37,895 321 2,296,934
Consumption of fuel from renewable sources7 — — 58,533 0 2,927 1,093 122 62,675
Consumption of purchased electricity from renewable sources 838,108 996,932 347,206 11,103 3,910 36,802 199 2,234,259
Consumption of self-generated non-fuel renewable energy — — — — — — — —
95 
7 Includes biomass (also comprising industrial and municipal waste of biologic origin), biofuels, biogas, hydrogen from renewable sources.

===== SIDA 96 =====

Contractual instruments type  and share of total electricity consumption
Operated Assets
Joint Operation
Total 2025
Continuing Operations Discontinued Operations
Candelaria Caserones Chapada Eagle Neves-Corvo Zinkgruvan Vicuña Project
Contractual instrument type8 PPA I-REC No contractual instrument used GO 
No contractual 
instrument 
used
Share of total electricity consumption (%) 35 42 14 3 4 2 — 100
Metrics methodologies and assumptions 
- Energy within Lundin Mining includes fuel and electricity consumed by the Company and contractors for core business activities
- Fuel data sources include Lundin Mining’s internal fuel consumption and purchase records, and fuel-consumption records reported to the Company by contractors 
- For mobile sources fuel consumption, it is assumed that vehicle type is accurately allocated
- Factors to convert quantities of fuel consumed to energy units are sourced in-country from product data sheets and national publications
- Electricity consumption data are obtained from supplier invoices based on meter consumption
- Fuel and electricity renewable contents are based on data from power supply contracts, suppliers and national publications
- There were no changes in the corresponding metrics or underlying measurement methodologies, significant assumptions, limitations, sources and processes to collect data adopted during 2025
- The metrics are not validated by any external body other than the assurance provider
Key factors result in variations in energy consumption between sites and within sites from year-to-year, including:
- Relative scale of each operation
- Quantity of ore mined and milled
- Electrical power requirements underground for ventilation, lighting, hoisting, conveyors, pumps and other equipment
- Fuel requirements at our open pit mines for haulage of waste rock and ore 
- Changing operating conditions over time such as ore characteristics, expansion projects, construction projects and haulage distances
 
Our total energy consumption is primarily influenced by open pit operations at Candelaria, Caserones and Chapada due to the ore and waste haulage distances at these sites, as well as their production 
levels. 
96 
8 The types of contractual instruments included are defined as (1) Power Purchase Agreements ("PPAs") - contracts between buyers and a seller of electricity defining terms like price and delivery 
logistics; (2) International Renewable Energy Certificates ("I-RECs") - instruments that convey the environmental attributes of renewable production; and (3) Guarantees of Origin ("GOs") - certificated 
that indicate the origin of the electricity.

===== SIDA 97 =====

We believe that focusing on decarbonisation of our energy sources where feasible is an important aspect of achieving significant GHG emissions reductions. In 2025, 100% of the purchased electrical 
energy consumed at Candelaria, Caserones and Chapada was from renewable sources, demonstrating the benefit of a sustainable sourcing approach at these sites. 
Energy intensity per net revenue 
Company activities belong to the Mining and Quarrying sector, which is considered a high climate impact sector. 
Energy intensity per net revenue (MWh/million USD)  2025
Total energy consumption per net revenue associated with the Mining and Quarrying sector 1,0009
Metrics methodologies and assumptions 
- Energy intensity per net revenue is calculated as the Total Energy consumption divided by the net revenue. Reference revenue in Notes 3 and 19 of the Consolidated Financial Statements.
- Net revenue is revenue as presented in the Consolidated Financial Statements and prepared in accordance with IFRS 15.
- Intensity ratios allow the analysis of energy consumption in the context of an organization-specific metric. Metrics can be impacted by factors that do not necessarily relate to operational 
efficiencies, such as type of mine, haulage distances and ore grade or hardness; consequently, interpretation of intensity data requires careful consideration.
- There were no changes in the corresponding metrics or underlying measurement methodologies, significant assumptions, limitations, sources and processes to collect data adopted during 2025.
- The metrics are not validated by any external body other than the assurance provider.
97 
9 Energy intensity per net revenue  includes Continuing Operations and Discontinued Operations only and excludes the Joint Operation.The intensity of Discontinued Operations is 781.

===== SIDA 98 =====

Gross Scopes 1, 2, 3 and Total GHG emissions 
Gross Scopes 1 and 2 and Total GHG emissions 
Scope 1 and 2 GHG emissions disaggregated
GHG Emissions (t CO2eq)
Operated Assets Joint Operation
Total
2025
Continuing
Operations
Discontinued
Operations
Vicuña Project
Candelaria Caserones Chapada Eagle Neves-
Corvo Zinkgruvan
Scope 1 GHG emissions
Gross Scope 1 GHG emissions 299,892 168,448 100,318 24,045 6,353 3,229 12,418 614,703
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions 209,527 249,233 16,076 40,912 10,129 431 114 526,421
Gross market-based Scope 2 GHG emissions 10 — — — 40,912 47,498 — 114 88,524
Total Scope 1 & 2 (Location-based) GHG emissions 509,419 417,681 116,394 64,957 16,482 3,660 12,532 1,141,124
Total Scope 1 & 2 (Market-based) GHG emissions 299,892 168,448 100,318 64,957 53,851 3,229 12,532 703,227
98 
10 The market-based scope 2 definition refers to the method used to calculate indirect GHG emissions from the generation of purchased electricity, heat, steam, and cooling. This method considers the 
specific electricity products or contracts a company has chosen for its energy consumption, such as renewable energy certificates or power purchase agreements (PPAs).

===== SIDA 99 =====

Total  Scope 1, 2 and 3 GHG emissions
GHG emissions (t CO2eq) - all operations Total
2025
Scope 1 GHG emissions 614,703
Scope 2 (Location-based) GHG emissions 526,421
Scope 2 (Market-based) GHG emissions 88,524
Scope 3 GHG emissions 1,443,101
Total Scope 1, 2 (Location-based) and Scope 3 GHG 
emissions 2,584,225
Total Scope 1, 2  (Market-based) and Scope 3 GHG 
emissions 2,146,328
Scope 3 GHG emissions by category
When developing the Scope 3 inventory for the reporting year, LMC applied the results of a screening assessment completed in 2022, using 2021 information to determine which Scope 3 categories are 
most significant to the total Scope 3 footprint. To account for the addition of Caserones, which was not owned by Lundin Mining in 2021, the broad sector ratios from Candelaria were applied as it is the 
most similar operation and the two sites have geographical proximity. Notwithstanding the assumption noted previously, no additional material changes in operational structure or procurement patterns 
are assumed across the sites during this period. 
The Scope 3 inventory is intended to reflect LMC’s upstream and downstream value chain emissions for the reporting period, within the reporting boundary used for the Company’s GHG inventory. 
Quantification approaches were selected by category, based on data availability and materiality, applying a hierarchy that prioritizes supplier- or activity-specific information where available, 
supplemented by spend-based estimates where primary data are not yet available. Key data inputs include site activity data (where available), financial expenditure data mapped to relevant commodity/
industry categories, and externally sourced emission factors. General approach is summarized in the table below and detailed in the Metrics methodologies and assumptions section.
99

===== SIDA 100 =====

GHG Emissions (t CO2eq) Total 2025 Calculation 
methodology Approach to calculation and  assumptions 
1 Purchased goods and 
services 443,584 Spend based  
method
Category 1 emissions were quantified using a spend based method, supported by detailed data mapping for all operations 
(excluding general and administrative costs for corporate and regional offices). For sites where complete financial information 
was available for 2025, a structured mapping exercise was conducted to determine the appropriate inclusion and exclusion of 
cost items within Category 1. For sites lacking detailed allocation data for 2025, previous year financial information was utilised 
where available, or for some sites proxy allocations were used on comparable operations considering similarities in mining 
method (open-pit), product type, and geographic context. 
2 Capital goods 142,229 Spend based 
method 
Category 2 emissions were quantified using the spend based method. A detailed review of major capital suppliers (covering 
approximately 60% of suppliers, including infrastructure, machinery and equipment) was completed in 2022 during the 
screening assessment. This spend based allocation was then applied to 2025 site data both for the sites owned in 2021, and 
used as a proxy allocation for sites acquired since.
3
Fuel and energy related 
activities (not included in 
Scope 1 and Scope 2)
261,543 Activity based  
method
Category 3 emissions were estimated using activity data from all operations. The calculation covers upstream emissions from 
purchased fuels, electricity production, and transmission and distribution losses. 
4 Upstream transportation 
and distribution 95,715
Activity based 
method  
Spend based 
method
For the sites where activity data was available, vendor reported emissions were used as the primary source of data. In cases 
where partial year data was available, activity was treated as consistent throughout the year and therefore extrapolation was 
used to calculate the emissions for the full reporting period. 
Spend based analysis was used to calculate the emissions when activity data was not available removing the proportion of 
activity-based amounts to avoid double counting. For spending assigned to transportation (air, land and marine), it was 
assumed that the relative distribution of the spend within this category in 2025 is consistent with the 2022 screening 
assessment.
5 Waste generated in 
operations Not material
6 Business travel Not material
100

===== SIDA 101 =====

7 Employee commuting Not material
8 Upstream leased assets Not material
9 Downstream transportation Not material
10 Processing of sold products 500,030 Average data 
method
Category 10 emissions were calculated by applying appropriate industry-based emission factors to the total quantities of 
metals sold, including copper, nickel, zinc, and by-product metals such as gold, silver, molybdenum, and lead. Where detailed 
information on the composition of the resulting end products was not available, the emission factor corresponding to the 
dominant metal was applied as a proxy. 
11 Use of sold products Not material
12 End-of-life treatment of 
sold products Not material
13 Downstream leased assets Not material
14 Franchises Not material
15 Investments Not material
Total Scope 3 GHG emissions 1,443,101
For the current reporting period, 1% of our total Scope 3 GHG emissions are calculated using primary data obtained directly from our value chain partners. Primary data is currently limited to specific 
distance based records provided by our primary logistics partners (Scope 3, Category 4). 44% of our total Scope 3 GHG emissions are estimated using a spend based methodology and the remaining 
56% of our total Scope 3 GHG emissions are calculated  based on activity data.
Key assumptions and estimation techniques include: (i) the continued applicability of the screening-level category ranking developed in 2022; (ii) no material changes in procurement, logistics and 
operating structures across sites where proxy allocations were applied; (iii) the use of proxies based on comparable operations when detailed allocations were not available; and (iv) the use of spend-
based analysis, including industry-average emission factors, for selected categories where granular supplier- or activity-level data are limited. Principal limitations relate to reliance on spend-based 
methodologies, partial-year and incomplete datasets in certain categories, the need to extrapolate or apply allocation assumptions to achieve full-period coverage, and the use of sector-average 
emission factors that may not fully reflect supplier-specific performance or recent changes in the asset portfolio. Where spend is used as a proxy, financial expenditure is assumed to correlate with the 
physical quantity of goods and services consumed.
101

===== SIDA 102 =====

Emission factors including  US Environmentally Extended Input-Output ("EEIO") based factors derived from national or regional economic and GHG databases inherently reflect sector-wide averages and 
therefore introduce estimation uncertainty. Accordingly, the Scope 3 results should be interpreted as estimates that provide a high-level view of value chain emissions and are expected to be refined 
over time as data quality improves. 
LMC’s improvement plan includes incrementally increasing the percentage of primary data used in future years by increasing supplier-specific data coverage for high-impact categories, reducing 
reliance on spend-based and average-data methods, and improving the transparency and auditability of calculations, assumptions and data mapping. 
Biogenic emissions disaggregated
Biogenic emissions (t CO2)11
Operated Assets Joint Operation Total
2025Continuing 
Operations
Discontinued
Operations Vicuña Project
Direct CO2 emissions from combustion of biogenic fuel 
sources 13,926 1,249 49 15,224
Metrics methodologies and assumptions
- Quantification methodology for Scope 1, Scope 2 (location and market-based), Scope 3 and biogenic emissions is aligned with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting 
Standard.
- Consolidation approach based on financial control and consistent to consolidation defined. Refer to Consolidation section for details. 
- Emissions are stated on a CO2eq basis, which is inclusive of carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O) and hydrofluorocarbons (HFCs). Other gases are not considered to be material.
- Carbon dioxide equivalent values calculated using the Intergovernmental Panel on Climate Change’s Sixth Assessment Report (AR6) Global Warming Potential (GWP) factors.
- Emission factors for location-based emissions calculations were regional or national grid average data obtained in-country, where available, and otherwise were sourced from the International 
Energy Agency (IEA (2025), Emission Factors). Grid average emission factors do not note the percentage of biomass in the emission factor and do not separately report the biogenic CO2, effectively 
treating it as “zero” emissions. Biomass CO2 reporting is not feasible at this time when using grid average emission factors for Scope 2 emissions.
- Emission factors for Scope 2 market-based emissions were sourced annually from a PPA contractual arrangement (Candelaria); I-REC certified zero-emission supplies (Caserones, Chapada); 
Guarantee of Origin certificate (Zinkgruvan); European Residual Mixes 2024 (AIB, 2025) (Neves-Corvo); and, since residual mix data are not currently available for Argentina and the USA , regional or 
national grid average data are applied for Vicuña Project and Eagle. 
- Direct CO2 emissions from combustion of biogenic fuel sources are excluded from Scope 1.
- There were no changes in the corresponding metrics or underlying measurement methodologies, significant assumptions, limitations, sources and processes to collect data adopted during 2025.
- The metrics are not validated by any external body other than the assurance provider.
- Scope 3 - categories 1, 2 and 4 emission factors are based on the US Environmental Protection Agency ("EPA") modeling of supply chain emissions, covering the North American Industry 
Classification System (" NAICS") - defined commodities, specifically the US EEIO. These are now supported by the Cornerstone Sustainability Initiative. 
- Scope 3 - category 3 emissions from purchased fuels were calculated by applying well-to-tank emission factors to each site’s fuel consumption. Emissions from purchased fuels were calculated by 
applying energy-source–specific emission factors to grid electricity consumption. Emissions from transmission and distribution losses were calculated by applying location-based grid emission 
factors and transmission and distribution loss factors to total electricity consumption at each site. 
- Scope 3- category 10  emission factors were selected to reflect the geographic regions in which the majority of downstream processing is expected to occur. Emission factors were sourced from life 
cycle assessment studies and recognized metals industry advisory bodies (for example, International Copper Association). 
102 
11 Biomass CO2 emissions related to electricity use is not feasible because grid average emission factors used do not include information on the percentage of biomass.

===== SIDA 103 =====

Candelaria is the largest source of our GHG emissions, due to the scale of its operations. Candelaria, Caserones and Chapada together contributed 93% of our Scope 1 emissions, reflecting the open pit 
nature of these operations and their current reliance on diesel for ore and waste rock haulage. Candelaria, Caserones and Chapada’s Scope 2 market-based emissions benefit from their guaranteed 
100% renewable energy sources. 
GHG intensity per net revenue
GHG intensity per net revenue (tCO2eq/million USD) 2025
Total Scope 1, 2 (location-based) and 3 GHG emissions per net revenue 57612
Total Scope 1,2 (market-based) and 3 GHG emissions per net revenue 47813
Metrics methodologies and assumptions 
- GHG intensity per net revenue is calculated as the Total Scope 1, 2 and 3 GHG emissions divided by revenue from continuing and discontinued operations as presented  in the Consolidated 
Financial Statements. 
- Reference revenue in Notes 3 and 19 of the Consolidated Financial Statements. 
- Net revenue is revenue as presented in the Consolidated Financial Statements and prepared in accordance with IFRS 15.
- Intensity ratios allow the analysis of energy consumption and GHG emissions data in the context of an organization-specific metric. Metrics can be impacted by factors that do not necessarily relate 
to operational efficiencies, such as type of mine, haulage distances and ore grade or hardness; consequently, interpretation of intensity data requires careful consideration.
- There were no changes in the corresponding metrics or underlying measurement methodologies, significant assumptions, limitations, sources and processes to collect data adopted during 2025.
- The metrics are not validated by any external body other than the assurance provider.
GHG removals and GHG mitigation projects financed through carbon credits 
There are no GHG emissions removals and GHG emissions mitigation projects financed through carbon credits in Lundin Mining. 
Internal carbon price 
Lundin Mining does not have an internal carbon price.
103 
12 Total Scope 1,2 (location-based) and 3 GHG emissions per net revenue includes Continuing and Discontinued Operations. The Joint Operation is excluded.
13 Total Scope 1,2 (market-based) and 3 GHG emissions per net revenue includes Continuing and Discontinued Operations. The Joint Operation is excluded.

===== SIDA 104 =====

Pollution (ESRS E2)
Material impacts, risks and opportunities and their interaction with strategy and business model 
Pollution prevention is a material consideration across the company’s operations due to the potential for emissions to air arising from mining activities impacting the environment and health and well-
being of local communities. The Company operates within an extensive regulatory framework, including site-specific environmental permits and applicable national pollution regulations, which 
influence operational design, controls and investment decisions.
Air emissions, particularly particulate matter (dust), may occur throughout the mining life cycle from activities such as blasting, material handling, vehicle movements and mine waste management. If 
not effectively managed, such emissions may result in adverse environmental and social impacts, regulatory non-compliance, reputational harm, and operational disruptions. Accordingly, the 
management of air-related pollution risks is integrated into the Company’s operational planning, environmental management systems and community engagement processes.
Each operated site implements site-specific programs and controls designed to monitor, prevent and mitigate air-related pollution impacts, reflecting the Company’s strategy to operate in compliance 
with regulatory requirements and to reduce adverse environmental and social impacts associated with its business model.
This section addresses pollution to air. IROs related to water pollution are addressed in the Water and Marine Resources section of this Sustainability Statement.
Description and assessment of material pollution impacts, risks and opportunities 
The material IROs related to pollution have been identified through the DMA. The materiality assessment is discussed under General Information. Refer to the Material  impacts, risks and opportunities 
section for details about our process to identify material IROs. The table below includes the description of the material IROs related to air quality for Lundin Mining. 
Description IRO Timeline 
(ST, MT, LT) Value Chain
Pollution of Air
Activities from mining operations generate air pollutants, which may contribute to degraded local air quality and pose respiratory 
risks to local communities.
Impact materiality 
(Potential/Negative) Short term Own operations
Our policies and approach

===== SIDA 105 =====

Governance policies Relation to the sustainability topic and IROs Approach
RMP, RMMS, 
LMC’s policies related to 
pollution cover the 
pollution of air.   
The policies and management systems described below are designed to 
prevent and mitigate the material air-quality impact identified above, 
namely the potential for mining-related particulate emissions to adversely 
affect environmental quality and community health.
Our RMP states our commitment to promote environmental stewardship 
throughout the mining life cycle, emphasizing responsible management of 
our natural resources including air.
Lundin Mining seeks to minimize the disturbance to neighbouring 
communities and the surrounding environment from emissions of air 
pollutants. Guided by the principles of our RMP, addressing impacts to air 
quality contributes to the health and well-being of local communities and 
workers, and results in a more sustainable environment. 
The policy does not list specific pollutants but emphasizes promotion of 
environmental stewardship throughout the mining life cycle and 
responsible management of our natural resources, including land, air, 
water, biodiversity, and energy.  
Our RMMS supports this approach and seeks to manage environmental 
and social impacts from air emissions via site-specific management 
planning, ongoing performance evaluation, and implementation of 
appropriate controls throughout the mining life cycle. The RMMS covers 
both our active operations, as well as managing and limiting impacts on 
people and the environment in the event of incidents and emergencies. 
Our Code of Conduct outline expectations on LMC operations and our 
business partners to prevent, mitigate, and remediate impacts and risks 
related to sustainability. 
To cover the impacts in our value chain we encourage our business 
partners to acknowledge receipt of LMC’s RMP. 
Each of our operations implements programs to monitor and manage impacts of dust 
emissions from mining and blasting activities, vehicle movements, material handling and 
mine waste facilities. Examples include the following: 
- Dust suppression and associated management measures that are widely used across 
the mining sector are routinely employed. 
- Controls include the application of water and binding agents, sprinkler systems, wheel 
washes and sweepers, speed limits and road maintenance, covering of ore storage 
areas and conveyors, covering of concentrate and other materials for transport, and 
dust capture systems and air filters in indoor areas. 
- Mitigating procedures and workforce training facilitate the effectiveness of these 
measures.
- Our management approach takes air quality impacts into account both within our site 
boundaries and on land adjacent to operations. 
- Depending on their specific circumstances and regulatory requirements, our operations 
monitor oxides of nitrogen and sulphur (NOx and SOx), volatile organic compounds 
(VOCs), carbon monoxide (CO), hazardous air pollutants (HAPs) and particulate 
emissions. 
- The policy does not specifically address substituting and minimizing the use of 
substances of concern or phasing out substances of very high concern.
Tracking of 
implementation and 
effectiveness 
The effectiveness of the policies and management systems in managing the identified air-quality impact is monitored through a combination of operational performance 
tracking, internal reviews and, where applicable, regulatory inspections. Site-level performance data and incidents related to air quality are reviewed through established 
governance processes, including management oversight and reporting to relevant Board committees as appropriate. These monitoring activities support the identification 
of non-conformances and the implementation of corrective actions where required.
105

===== SIDA 106 =====

Other supporting systems:
Our Sustainability Incident Management Standard sets minimum requirements for the classification, reporting, investigation and resolution of incidents. The Standard has a five-tier classification 
system, and the scope of incident investigation is dependent on the incident classification. The investigations are then used to implement and track corrective and preventative measures. In 2025, the 
Incident Management Standard was reviewed, updated and included in the RMMS.  
Actions and resources related to pollution during the year 
During 2025, the Company continued to implement a range of actions across its operations to prevent, mitigate and manage air pollution, with a particular focus on particulate matter (dust). These 
actions included dust suppression measures for unpaved areas, roads and traffic management, as well as controls designed to mitigate dust emissions from mineral waste facilities. Unless otherwise 
stated, these actions are ongoing in nature and the scope and design of actions vary by site and operational context, but address impacts arising from the Company’s own operations, including impacts 
experienced by surrounding affected communities. Actions are supported by site-level operational resources, dedicated personnel and monitoring systems, and are implemented in accordance with 
applicable regulatory requirements and site-specific environmental management programs. The effectiveness of dust mitigation measures is assessed through continuous air-quality monitoring, 
comparison of results against regulatory thresholds and historical baselines, and periodic review of monitoring outcomes by site management teams.
Site specific implementation
At Candelaria, dust emissions are managed through the implementation of a site-specific emissions reduction plan, with a particular focus on open pit operations aimed at reducing its particulate 
matter (PM10) footprint. Digital monitoring systems are used to measure dust levels in near real time through sensors installed on haul trucks and water trucks operating in the open pit, enabling 
targeted dust suppression when threshold levels are exceeded. In addition, a dust dispersion forecasting process has been implemented to identify optimal blasting times and minimise community 
impacts. 
At Caserones, dust emissions are managed through a combination of engineering and administrative controls. Measures include dust suppression systems on conveyors and crushing equipment, belt 
sealing and enclosures, road watering programs, industrial cleaning activities, preventative maintenance of dust control systems and emission control testing.
At Chapada, air quality monitoring equipment and climate data software are used to identify and monitor zones most exposed to dust impacts. Primary mitigation measures include the use of water 
trucks and the analysis of data from air quality monitoring stations to inform operational controls. To support effective management, the site has established a multidisciplinary dust committee 
comprising representatives from the operations, infrastructure, environment and social performance functions. The committee meets monthly, increasing to biweekly during the dry season, to review 
monitoring results, assess the effectiveness of mitigation measures and identify opportunities for improvement. During 2025, Chapada also completed an atmospheric dispersion study that identified 
unpaved roads and crushing and loading areas as the main sources of dust emissions and informed the selection of additional mitigation controls.
Resources
The Company allocates financial, human and operational resources through its annual budgeting and operational planning processes to manage and mitigate material dust-related impacts identified 
through the DMA. Human resources included are dedicated social performance and personnel at site and corporate levels, supported by specialist functions where required. Actions implemented 
during the reporting period included site-level dust monitoring and mitigation measures, with associated expenditures monitored as part of routine operational controls. While expenditures related to 
dust-mitigation actions are tracked at the site level, these costs are integrated within broader operational budgets and are therefore not separately disclosed on a quantitative basis in this Sustainability 
Statement. 
106

===== SIDA 107 =====

Targets related to pollution of air
LMC has not developed consolidated long-term targets  related to air-pollution, as it is in the process of establishing a standardized methodology to consolidate information on air pollution. LMC 
manages this topic by tracking effectiveness of policies and actions, in addition to site objectives and company-wide annual performance objectives. All operations have individual objectives for air 
quality, on the basis of their regulatory requirements all of which vary for each mine site. Compliance is verified by local or regional authorities. In addition, stakeholders and affected communities can 
use the sites’ grievance management system as a tool to report environmental and social issues concerning LMC’s operations.
Company-wide performance objectives are approved by the HRCC (with input from the SSTC as appropriate) and, insofar as they apply to the CEO, by the Board. The performance objective  related to 
pollution of air is embedded in our commitment to improve incident management at sites. In 2025, LMC’s performance objective was zero level 3 or above sustainability incidents14. This objective, 
specific to pollution of air, was achieved as there were no level 3 or above sustainability incidents related to air quality or dust management reported.
Metrics related to pollution of air 15
Ambient air quality is monitored at Candelaria, Caserones and Chapada as part of their regulatory requirements.  Only Candelaria and Caserones have mandatory air quality monitoring stations in key 
community locations as determined by their environmental impact assessments. Chapada is required to conduct air quality monitoring at locations surrounding the mine complex. In Chile and Brazil, 
ambient air quality thresholds are set in national authorities with the objective of preventing harmful ecological impacts due to air emissions in surrounding environment and health impacts in local 
communities. Authorities recognize the local context of ambient air quality for each mine site and meeting thresholds are the responsibility of each mine site. 
For example, Copiapó has been declared a “saturated zone for PM10” and this is considered in Candelaria’s specific environmental permits, emission thresholds values and monitoring requirements. 
Data from community monitoring stations represent the cumulative emissions of a range of sources of PM10 in addition to our operations, including from other mining and industrial operations, vehicle 
movements, fires and natural emissions where land has sparse vegetation cover.  
Annual average PM₁₀ concentration at regulated monitoring stations nearest to population centers 
Candelaria Caserones Chapada
Monitoring Station Name TAMA  Caldera CarrizaliIlo Grande  PQAr 02 PQAr 04 
Nearest Population Center Tierra Amarilla Caldera Tierra Amarilla Alto Horizonte Nova Iguaçu
Air Quality Parameter Annual Average (μg/m3)
PM10  59 21 22 15 11
107 
14 Lundin Mining identifies and assesses the impact of incidents through its Sustainability Incident Management Standard. Sustainability incidents are classified based on a five-tier scale, from level 1 
incidents that are common in the normal course of operations and present minimal social or environmental impacts, to level 5 incidents that present immediate, wide-spread, and significant social or 
environmental impacts. 
15  The air pollution metric excludes Discontinued Operations (Eagle, Neves-Corvo and Zinkgruvan) because these are underground mines.  The Vicuña Project is a developing asset with limited impacts 
to air pollution, therefore excluded.

===== SIDA 108 =====

Metrics methodologies and assumptions 
- PM10 measurements and monitoring frequency were based on the applicable local permits/regulations of each Operation. Each Operation uses a third-party to conduct the air quality monitoring 
program in compliance with local regulation.
- Monitoring stations comply with the technical requirements established for the installation, operation, and maintenance of air quality and meteorological measurement equipment.
- T h e  m o n i t o r i n g  s t a t i o n s  w e r e  s e l e c t e d  b a s e d  o n  t h e i r  p r o x i m i t y  ( n e a r e s t )  t o  p o p u l a t i o n  c e n t e r s  w h e r e  t h e  o p e r a t i o n  i s  r e q u i r e d  t o  c o n d u c t  a i r - q u a l i t y  m o n i t o r i n g  u n d e r  a p p l i c a b l e  e n v i r o n m e n t a l  
regulations and permits. These monitoring stations represent the relevant locations for the material impact associated with this metric.
- Candelaria measurements were direct and discrete (every three days) throughout the year, employing gravimetry as the measurement methodology and using a discrete particulate matter sampler 
as the monitoring instrument. Concentration values were normalized (μg/m3N). Reporting frequency to local regulator is quarterly. 
- Caserones measurements are direct and continuous (every hour) throughout the year, employing a particulate analyzer as the measurement methodology and using an analyzer sampler as the 
monitoring instrument. Concentration values were normalized (μg/m3N). Reporting frequency to local regulator is quarterly.
- Chapada measurements are direct and continuous (every hour) throughout the year, employing a particulate analyzer that uses laser detection. Reporting frequency to local regulator is annual.
- There were no changes in the corresponding metrics or underlying measurement methodologies, significant assumptions, limitations, sources and processes to collect data adopted during 2025.
- The metrics are not validated by any external body other than the assurance provider.
108

===== SIDA 109 =====

Water and Marine Resources (ESRS E3)
Material impacts, risks and opportunities and their interaction with strategy and business model
Water is a material topic for Lundin Mining due to the Company’s operational reliance on water for mining and mineral processing activities and the potential impacts of its operations on water resources 
within surrounding environments. The Company operates in regions where water is a shared and, in some cases, scarce resource, requiring careful management to avoid adverse effects on water 
availability, water quality, and ecosystems used by other stakeholders.
Mining activities may alter natural hydrological conditions through infrastructure such as dams, reservoirs, and water diversion systems, which can result in short- and long-term changes to local water 
flows and ecosystems if not effectively managed. Discharges from operations also have the potential to affect localized water quality where controls are insufficient. These impacts are managed through 
site-specific water management systems and regulatory permitting requirements, which establish conditions for water use, discharge, and environmental protection throughout the life of mine.
In parallel, the Company is exposed to external water-related risks beyond its direct control, including competition for shared water resources within watersheds and variability in water availability and 
quality driven by climatic conditions and the activities of other users. Prolonged periods of drought in water-stressed regions, such as the Atacama region, may constrain water availability and require 
operational adaptations to maintain production and compliance. Conversely, increasingly intense precipitation events may elevate flooding risks and place additional demands on water management 
infrastructure. These physical risks may be exacerbated by climate change.
Description and assessment of water and marine resources impacts, risks and opportunities 
The material IROs related to water and marine resources have been identified through the DMA. The materiality assessment is discussed under General Information. Refer to the Material impacts, risks 
and opportunities section for details about our process to identify material IROs. The table below includes the description of the material IROs related to water and marine resources for Lundin Mining.
We also conduct systematic assessments of water-related risks, including through routine stakeholder engagement and formal grievance mechanisms. This enables our operations to track current and 
emerging risks, prioritize controls required to reduce those risks to an acceptable level, and elevate the key issues as appropriate to the ERC and the Board. 
109

===== SIDA 110 =====

Description IRO Timeline 
(ST, MT, LT) Value Chain
Water Withdrawals
Water withdrawals may reduce the flow of water downstream, potentially limiting access to natural 
ecosystems such as wetlands, which depend on continuous water availability. 
Impact 
materiality  
(Actual /Negative)
Short term Own operations
In water-scarce regions, withdrawals, including dewatering from mining operations, can reduce freshwater 
availability for  human use. 
Impact 
materiality  
(Actual/Negative)
Short term Own operations
Discharges and Water Pollution 
Activities in operations and throughout the  value chain may lead to spills and discharges potentially 
harming  surface water, groundwater, and surrounding ecosystems and people. 
Impact 
materiality  
(Actual /Negative)
Short term Own operations 
Extraction and Use of Marine Resources 
Dependence on marine water extraction presents the potential for significant upfront capital expenditure 
associated with desalination plants, pipelines, and intake/discharge systems, along with extended 
payback periods that may impact project economics and financial planning.
Financial 
materiality
(Risk) 
Mid term Own operations
110

===== SIDA 111 =====

Our policies and approach 
Governance policies Relation to the sustainability topic Approach 
RMP, RMMS The policies and management systems described below are designed 
to prevent and mitigate the material impacts and financial risks related to 
water and marine resources identified, including potential pressures on 
freshwater availability, risks of water pollution, and financial risks 
associated with the extraction and use of marine water resources. The 
scope of these policies and related management measures aligns with the 
value-chain boundary of the identified impacts and risks, which primarily 
relate to Lundin Mining’s own operations, including sites located in water-
stressed regions.
The Company’s RMP and RMMS establish the governance framework for 
managing material IROs related to water and marine resources. Together, 
these instruments set expectations for water stewardship, including 
responsible water sourcing, efficient water use, water treatment and 
discharge management, and engagement with stakeholders in water-
stressed or sensitive areas.
The RMP publicly commits the Company to protecting water resources and 
to managing water-related risks across its operated assets throughout the 
mining life cycle. The RMMS governs corporate- and site-level processes 
for identifying, assessing and managing water-related risks, including 
compliance with site-specific water permits, monitoring obligations and 
environmental performance requirements.
The Company’s approach to water management includes actions designed to reduce 
reliance on freshwater resources, enhance water recycling and reuse, and mitigate 
potential impacts on surrounding water bodies and ecosystems. Key elements of the 
approach include: 
- Minimizing consumption of freshwater and maximizing reuse
- Sourcing all operational make-up water at Candelaria (including Ojos del Salado) 
from the desalination facility
- Maintaining updated site-wide water balance models to track water and as a 
decision-making tool
- Monitoring to ensure protection of the resource and early detection of potential 
impacts
- Establishing dedicated water steering committees at relevant sites to address water 
impacts
- Undertaking aquatic life and ecosystem assessments at key sites to ensure 
ecosystem health
- Undertaking extensive water monitoring programs 
- Complying with water abstraction and discharge licence conditions, as well as 
applicable standards, regulations and permitting processes
In addition, mines collaborate with stakeholders on water management issues including:
- Participating in relevant stakeholder forums and identifying opportunities for 
dialogue and collaboration
- Engaging key stakeholders to discuss watershed issues and opportunities 
- Integrating routine engagement and formal grievance mechanisms into our 
assessment of risk
Tracking of 
implementation and 
effectiveness 
The effectiveness of the policies and management system in managing the identified water and marine resource impacts and risks is monitored through a combination 
of operational performance tracking, internal reviews and, where applicable, regulatory inspections. Site level water performance data, including withdrawals, 
consumption, discharges and related incidents, are reviewed through established governance processes, with oversight by management and reporting to relevant Board 
committees. These monitoring activities support the identification of non-conformances and the implementation of corrective actions where required.
111

===== SIDA 112 =====

Other supporting systems:
Corporate Water Management Standard: Our Water Management Standard, requires all sites to develop water management plans consistent with their development stage, comply with regulatory 
requirements, address site-specific IROs, implement industry current best practices and foster continuous improvement. The water management plan’s objectives are to: 
- meet all relevant legal and other requirements 
- assess cumulative effects on water quality and water resources and disclose results, as appropriate, with local stakeholders 
- evaluate and manage adverse environmental and social impacts associated with surface water and groundwater use 
- reduce the potential for undesirable water-related incidents using a risk-management approach 
- identify processes to effectively respond to water-related incidents, non-compliances, emergencies and stakeholder grievances and concerns 
- assess water use efficiency and implement measurable improvements to prevent unnecessary pressure on water resources 
- monitor, interpret and report on water-related data under GRI 303, 2018. 
Refining our Water Data: Ongoing refinement of our site water balances and hydrogeological models, coupled with detailed evaluation of onsite and environmental water quality and key aquatic health 
data, is an important aspect of our water management strategy. These data contribute to our understanding of the status of the aquatic ecosystems downstream of our operations and inform the 
development of water management alternatives.
Actions and resources related to water and marine resource during the year 
During 2025, the Company advanced water-management initiatives to improve its understanding of water-related challenges associated with its operations and to assess its overall water-risk profile. 
Actions undertaken during the reporting period were primarily focused on (i) reducing freshwater withdrawals, (ii) minimizing impacts on water resources, and (iii) engaging stakeholders in shared 
watersheds. Unless otherwise stated, these actions are ongoing, the scope and design of actions vary by site and reflect local hydrological conditions, regulatory requirements and the nature of site-
specific water-related impacts on the environment and surrounding communities. The effectiveness of water-management actions is assessed through site-level water balances, continuous monitoring 
of withdrawals, discharges and groundwater levels, comparison against regulatory thresholds and permit conditions, and periodic review of monitoring outcomes by site management and regulators 
where applicable. 
The Company operates in regions subject to varying levels of water risk, including locations classified as having high-water stress, as defined by the Water Resources Institute ("WRI") Aqueduct Water 
Risk Atlas. Operations located in such regions maintain site-specific water management approaches to address risks related to water availability, quality and dependence on shared water resources. 
LMC’s operations in areas with water stress, including areas of high-water stress, are described below:   
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===== SIDA 113 =====

Location Withdrawal sources Mitigations Discharge/Returns
Chile: Candelaria Mine, 
Ojos del Salado Mine
Mine infiltration, groundwater entrained in 
ore, third-party potable supply, precipitation
- Operational water sourced from desalination facility
- Operational water recirculation/reuse
- Agreement to cease abstraction from site-owned groundwater well to mitigate for 
removal of groundwater that infiltrates into mines
- Zero untreated discharge to 
surface water
Chile: Candelaria 
Desalination Plant 
Facility, Punta Padrones 
Port
Seawater, third-party potable supply - Reuse / recycling of operational water to reduce seawater withdrawal
- Regulated discharge of brine to 
sea
- Provision of desalinated water 
to community for agricultural 
use
Chile: Caserones Mine
Groundwater wells (potable & operational), 
groundwater entrained in ore, precipitation, 
mine infiltration, third party desalinated 
water
- Maintain freshwater consumption within permitted limits
- Operational water recirculation/reuse to reduce withdrawals
- Groundwater level monitoring in the valley to inform site water management plan 
- Comprehensive borehole network to intercept seepages and maintain groundwater 
quality
- Zero untreated discharge to 
surface water
- Provision of third-party 
desalinated water and 
groundwater to community for 
potable and agricultural use
Neves-Corvo is located in a region with drought risk. Neves-Corvo was sold in April 2025 and is reported as a discontinued operation. Water-related impacts and risks associated with Neves-Corvo are 
disclosed only in respect of the period during which the asset was owned and operated by the Company during the reporting year. References to Neves-Corvo reflect historical conditions and site 
characteristics during the period of ownership and are not indicative of current operations or ongoing management by the Company. No actions, objectives or resources are attributed to Neves-Corvo 
following the completion of the transaction. 
LMC seeks to manage water at operational sites effectively by maintaining a water balance and understanding how it relates to the cumulative impact of other users and setting contextual water  
objectives for sites with material water-related risks. By managing, treating, and recycling water responsibly, we can mitigate risks to surrounding water areas. Ensuring that water, like our other assets, 
is utilized in an efficient manner is also a business-critical issue. Our operations maintain focus on water management, particularly at sites located in regions with higher water risk. These locations 
require site-specific strategies that emphasize water recycling, advanced treatment, and reuse to reduce freshwater withdrawals. Our actions follow the mitigation hierarchy, aiming to avoid and reduce 
the use of marine resources, reclaim and reuse water, and restore and regenerate aquatic ecosystems and water bodies. 
Reducing freshwater intake 
Areas at water risk including areas of high-water stress: Given that water-related risks contribute to the risk profile of our operations and our business, each operation profiles the overall water risk 
and baseline water stress of their withdrawal source and discharge catchments with reference to the WRI Aqueduct Water Risk Atlas. The total consumption in areas with water risk, including areas of 
high-water stress, for 2025 was 23,949,695 m3.
At Candelaria, where water resources are limited, the operation addresses water use through the operation of a desalination facility, ongoing groundwater monitoring within the Copiapó aquifer and high 
levels of water recycling and reuse. Candelaria also supports communities with water infrastructure initiatives.
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At Caserones, a hydrogeological monitoring program is in place to ensure that groundwater extraction remains within forecast ranges defined by the site’s numerical groundwater model.  This action 
aims to minimize the use of water resources in the Copiapó River Valley, an area of elevated water risk. The site also maintains an action plan to increase water recovery from its tailings storage facilities, 
including initiatives to improve the sand-to-slimes ratio with the objective of reducing freshwater demand. 
Minimizing impacts 
Chapada maintains a positive water balance driven by rainfall and groundwater inflows. An acid rock drainage (ARD) management strategy has been implemented based on a site-wide water-balance 
model, geochemical characterisation and monitoring programs. An environmental and water-monitoring centre operates on a 24-hour / seven days per week basis to support the management of runoff 
and seepage. During 2025, construction of a water treatment plant for water collected from tailings-seepage systems was completed. The site continues to evaluate measures to manage excess water 
and reduce water accumulation in open pits. 
The environmental and water monitoring centre enhances the site’s monitoring practices. In addition, a Water Resources Management Plan was submitted to the environmental agency (SEMAD) as part 
of the unified Chapada license process. The plan was approved and implemented for monitoring surface water, groundwater, effluents and sediments. The location of the measurement points, as well 
as the monitoring frequency and parameters, were established. Chapada continuously evaluates activities to manage excess water and reduce the volume of water accumulated in the pits, including 
expanding the treatment and discharge capacity.  
Candelaria assesses the potential for impacts associated with the seawater intake and discharge at its desalination facility, undertaking routine marine monitoring programs to enable early detection of 
any changes to aquatic populations and regularly engaging with communities, universities and industry groups. Impacts on the marine populations have not been identified to date.
At Ojos del Salado (part of the Candelaria complex), in July 2022, the formation of a sinkhole near the underground Alcaparrosa Mine was associated with groundwater from the Copiapó aquifer entering 
the mine. The mine ceased operations immediately. Candelaria has continued to work with regulators and local authorities, ensuring that the water ingress area, which was sealed with concrete walls in 
2022, continues to be effective in isolating the sector inside the mine. The water level in the aquifer has returned to pre-July 2022 trend levels. Ojos del Salado continues to develop water infrastructure 
projects in the impacted area to strengthen access to rural potable water and wastewater systems in communities surrounding the mine.
Engaging with stakeholders in shared watersheds 
Our operations regularly collaborate and develop partnerships to further the research and scientific understanding of their local aquatic habitats. Candelaria works with the National Oceanographic 
Committee ("CONA") and commissions universities to conduct marine monitoring. Opportunities for meaningful engagement with communities on water-related matters are also valued by our 
operations, with examples including the community monitoring program at Eagle and Candelaria’s engagement with fishing communities in the Caldera region. 
In accordance with permitting requirements, Candelaria provides water from its desalination facility for agricultural use in Copiapó Valley. The operation is currently working with the authorities to set up 
permanent networks to supply these communities. Similarly, Caserones is required to arrange for third-party desalinated water to be provided to local communities.
The Company recognizes that contact water runoff may affect local watercourses. Metal concentrations above surface water quality standards have been detected on occasion during routine 
monitoring in the Rio dos Bois, down-gradient of the Chapada operation. Some members of the local community have continued to express concern regarding water quality in local water courses and 
potential impacts on public health, livestock and fish. Chapada is addressing these concerns through routine monitoring supplemented with focused technical studies, implementation of water 
management initiatives, along with engagement with local communities and authorities.
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