===== SIDA 1 ===== Corporate Office 1055 Dunsmuir Street Suite 2800, Bentall IV Vancouver, BC V7X 1L2 Phone +1 604 689 7842 lundinmining.com NEWS RELEASE Lundin Mining First Quarter 2024 Results Vancouver, May 1, 2024 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today reported its first quarter 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis. Jack Lundin, President and CEO commented, "Our strategic acquisition of a majority interest in the Caserones copper mine continues to drive revenue and production growth. First quarter revenue and copper production increased 25% and 43%, respectively, compared to the same quarter last year, and was in line with our expectations. Production at Candelaria will be second half weighted due to higher grades as a result of planned mine sequencing. We remain on track to meet our annual production and cash cost guidance.” First Quarter Operational and Financial Highlights • Copper Production: Consolidated production of 88,013 tonnes of copper in the first quarter. • Other Production: During the quarter, a total of 45,688 tonnes of zinc, 3,255 tonnes of nickel and approximately 33,000 ounces of gold were produced. All metals are tracking to meet full year guidance. • Revenue: $937.0 million in the first quarter with a realized copper price1 of $3.98 /lb. • Adjusted EBITDA1: $362.9 million generated during the quarter. • Adjusted Earnings 1: Net earnings attributable to shareholders of the Company were $13.9 million or $0.02 per share in the first quarter with adjusted earnings1 of $45.2 million or $0.06 per share. • Cash Generation: Cash provided by operating activities was $267.5 million and free cash flow from operations 1 was $67.7 million, which was reduced by a working capital build of $46.1 million. • Resource Growth: Earlier in the quarter the Company updated Mineral Reserve and Mineral Resource estimates and grew overall Proven and Probable copper reserves by 26% on a 100% basis. • Outlook: With first quarter 2024 production and cash costs being in line with expectations, the Company's full year guidance remains unchanged: ◦ Copper production guidance of 366,000 – 400,000 t. ◦ Zinc production guidance of 195,000 – 215,000 t. ◦ Gold production guidance of 155,000 – 170,000 oz. ◦ Nickel production guidance of 10,000 – 13,000 t. 1 These are non -GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2024 and the Reconciliation of Non -GAAP measures section at the end of this news release. ===== SIDA 2 ===== Summary Financial Results Three months ended March 31, US$ Millions (except per share amounts) 2024 2023 Revenue 937.0 751.3 Gross profit 185.4 213.3 Attributable net earningsa 13.9 146.6 Net earnings 58.6 165.3 Adjusted earningsa,b 45.2 125.7 Adjusted EBITDAb 362.9 336.9 Basic and diluted earnings per share ("EPS")a 0.02 0.19 Adjusted EPSa,b 0.06 0.16 Cash provided by operating activities 267.5 211.9 Adjusted operating cash flowb 313.7 235.1 Adjusted operating cash flow per shareb 0.41 0.30 Free cash flow from operationsb 67.7 71.1 Free cash flowb (1.7) (34.2) Cash and cash equivalents 365.5 184.2 Net debt excluding lease liabilitiesb 981.4 9.1 Net debtb 1,241.9 34.6 a Attributable to shareholders of Lundin Mining Corporation. b These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion and Analysis for the three months ended March 31, 2024 and the Reconciliation of Non -GAAP Measures section at the end of this news release. • For the three months ended March 31, 2024, the Company generated revenue of $937.0 million (Q1 2023 - $751.3 million), including 86,189 tonnes of copper sold at a realized price of $3.98 /lb . The increase from the prior year comparable period is primarily due to the inclusion of Caserones revenue and somewhat offset by lower sales volumes at most mines and lower realized copper and zinc prices. • Gross profit of $185.4 million (2023 - $213.3 million ) and Adjusted EBITDA of $362.9 million (Q1 2023 - $336.9 million) benefited from the inclusion of Caserones, favourable foreign exchange, and operational improvements at Chapada. • Net earnings attributable to shareholders of the Company were $13.9 million or $0.02 per share in the three months ended March 31, 2024 , which were lower than in the prior year comparable period primarily due to non- cash unrealized losses related to the mark-to-market valuation of unexpired foreign exchange contracts, lower gross profit, and higher financing costs. • Adjusted earnings attributable to shareholders of the Company for the three months ended March 31, 2024 of $45.2 million or $0.06 per share were $80.5 million lower than in the prior year comparable period primarily due to lower net attributable earnings. • Cash and cash equivalents as at March 31, 2024 were $365.5 million. Cash provided by operating activities amounted to $267.5 million and cash used to fund investing activities amounted to $269.7 million. • Free cash flow1 for the three months ended March 31, 2024 of negative $1.7 million was $32.5 million higher than in the prior year comparable period as a result of reduced spending relating to the Josemaria Project. • For the three months ended March 31, 2024, the Company recognized a non -cash unrealized loss of approximately $53 million on a pre-tax basis related to the mark-to-market valuation of the Company's unexpired foreign exchange and diesel derivative contracts. For the three months ended March 31, 2024, the Company entered into zero cost collar contracts in the total amounts of $24 million (equivalent to BRL 121 million) and $950 million (equivalent to CLP 926 billion) with collar ranges of BRL 5.10 to BRL 6.07 and CLP 900 to CLP 1,085, respectively. • As at May 1, 2024, the Company had a cash balance of approximately $395.0 million and a net debt excluding lease liabilities balance of approximately $1,020.0 million. 1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2024 and the Reconciliation of Non -GAAP measures section at the end of this news release. ===== SIDA 3 ===== Operational Performance Total Production (Contained metal)a 2024 2023 Q1 Total Q4 Q3 Q2 Q1 Copper (t)b 88,013 314,798 103,337 89,942 60,057 61,462 Zinc (t) 45,688 185,161 50,719 49,774 36,115 48,553 Nickel (t) 3,255 16,429 3,729 4,290 4,686 3,724 Gold (koz)b 33 149 44 35 34 36 Molybdenum (t)b 864 2,024 928 1,096 — — a. Tonnes (t) and thousands of ounces (koz) b. Candelaria and Caserones production is on a 100% basis. Candelaria (80% owned): Candelaria produced 32,527 tonnes of copper and approximately 19,000 ounces of gold in concentrate on a 100% basis in the three months ended March 31, 2024 . Copper and gold production was lower than in the prior year comparable period, primarily due to lower grades as a result of planned mine sequencing. Production costs were lower than in the prior year comparable period largely owing to favourable foreign exchange as a result of the Chilean Peso weakening against the US dollar, and lower sales volumes. Copper cash cost of $1.89/lb improved from the prior year comparable period due to favourable foreign exchange and higher by -product credits. Copper and gold production in 2024 are forecast to be weighted to the second half of the year, primarily owing to mine sequencing and the resultant grade profiles. Caserones (51% owned): During the three months ended March 31, 2024 , Caserones produced 34,216 tonnes of copper and 864 tonnes of molybdenum on a 100% basis . Copper and molybdenum production was slightly lower than expected due to reduced throughput caused by unplanned maintenance, combined with lower recoveries due to mine sequencing. Production costs and cash costs per pound in the three months ended March 31, 2024 were lower than planned primarily due to favourable foreign exchange as a result of the Chilean peso weakening against the US dollar. Chapada (100% owned): Chapada produced 10,138 tonnes of copper and approximately 14,000 ounces of gold in concentrate in the three months ended March 31, 2024 . Copper and gold production were higher than in the prior year comparable period primarily due to higher recoveries. Production costs were lower than in the prior year comparable period primarily due to lower sales volumes and lower mining costs as a result of a planned reduction in waste movement. Copper cash cost of $2.01/lb for the three months ended March 31, 2024 improved from the prior year comparable period due to higher by-product credits combined with mining cost decreases due to operational improvements. Eagle (100% owned): During the three months ended March 31, 2024 , Eagle produced 3,255 tonnes of nickel and 2,514 tonnes of copper which were lower than in the prior year comparable period due to lower planned grades and recoveries. Production costs were lower than in the prior year comparable period due to lower sales volumes. Nickel cash cost of $4.04/lb was higher than in the prior year comparable period and was impacted by lower sales volumes and lower by - product credits. Neves-Corvo (100% owned): Neves-Corvo produced 7,044 tonnes of copper and 26,487 tonnes of zinc in the three months ended March 31, 2024. Both copper and zinc production was lower than in the prior year comparable period due to lower grades and recoveries. Throughput was lower than planned in the three months ended March 31, 2024 due to a voluntary three-day shutdown and subsequent ramp -up following the fatality that occurred in February 2024. Production costs during the quarter were lower than in the prior year comparable period due to lower sales volumes and lower unit production costs. Copper cash cost per pound of $3.24/lb was higher than prior year comparable period as a result of lower production volumes, lower by-product credits and unfavorable foreign exchange. Zinkgruvan (100% owned): Zinc production of 19,201 tonnes was lower than in the prior year comparable period primarily due to lower grades. Lead production of 6,748 tonnes and copper production of 1,574 tonnes were lower than in the prior year comparable period primarily due to lower grades as a result of delays in mining high -grade stopes. Production costs were slightly higher than in the prior year comparable period and zinc cash cost per pound of $0.65/lb was higher than in the prior year comparable period primarily due to lower production volumes. ===== SIDA 4 ===== Outlook Overall, operations performed well in the first quarter of 2024 and the Company is expected to meet annual production and cash cost guidance as disclosed in the Company’s MD&A for the year ended December 31, 2023. Metal production continues to be weighted to the second half of the year at Candelaria, Chapada and Neves -Corvo due to mine sequencing and resultant forecasted grade profiles. As a result of production challenges at Neves -Corvo in the first quarter of 2024, copper production at that operation is tracking to the lower end of its annual production guidance range. Production challenges at Neves-Corvo, Eagle and Zinkgruvan in the first quarter of 2024 led to higher -than-expected cash costs per pound, which are expected to improve later in 2024. Capital expenditure guidance also remains consistent as disclosed in the Company’s MD&A for the year ended December 31, 2023 including $840 million sustaining capital expenditure and $225 million of expenditure related to the Josemaria Project. Similarly, exploration expenditure of $48 million remains on target for 2024. Exploration During the quarter ended March 31, 2024, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Zinkgruvan was focused on resource expansion, Candelaria drilling was focused on Candelaria Norte, and Chapada drilling concentrated on delineating the high-grade, near-mine trend at Corpo Sul. At Caserones, exploration remains in the early stages. Geophysical surveys were recently carried out on the land package and the data collected will help to refine our targets and advance our efforts. Exploration drilling was completed in the lower portion of the mineral resource and at the Angelica oxide and sulphide targets, both near -mine targets that would add potential mineral resources and extend the life of the operation. At Josemaria, seasonal exploration drilling is coming to a close at the Cumbre Verde target near the Josemaria ore body. Six holes were drilled targeting the same mineralized system and structures that hosted high grade mineralization on the neighbouring property that run towards Josemaria. Exploration remains in its early stages and initial results highlight copper/gold/silver mineralization. The data obtained will help further refine and target this mineralization. Work will continue throughout the remainder of 2024, although it will be minimized during the winter season. There was no exploration drilling at Neves-Corvo and Eagle in the quarter. About Lundin Mining Lundin Mining is a diversified Canadian base metals mining company with projects and operations in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, nickel and gold. The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on May 1, 2024 at 14:30 Pacific Standard Time. For further information, please contact: . Stephen Williams, Vice President, Investor Relations +1 604 806 3074 Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40 Technical Information The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43 -101 (“NI 43 -101”) and has been reviewed by Arman Barha, P .Eng., Vice President, Technical Services, a "Qualified Person" under NI 43 -101. Mr. Barha has verified the data disclosed in this release and no limitations were imposed on his verification process. Reconciliation of Non-GAAP Measures The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company’s discussion of non -GAAP and other performance measures in its Management’s Discussion and Analysis for the three months ended March 31 , 2024 which is available on SEDAR+ at www.sedarplus.com. ===== SIDA 5 ===== Cash Cost per Pound and All -in Sustaining Costs per pound can be reconciled to Production Costs on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended March 31, 2024 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes (Contained metal): Tonnes 33,536 35,211 8,742 2,163 5,886 15,825 Pounds (000s) 73,934 77,627 19,273 4,769 12,976 34,888 Production costs 567,134 Less: Royalties and other (19,970) 547,164 Deduct: By-product credits (165,308) Add: Treatment and refining 46,951 Cash cost 139,490 166,439 38,735 19,249 42,057 22,837 428,807 Cash cost per pound 1.89 2.14 2.01 4.04 3.24 0.65 Add: Sustaining capital 99,532 42,754 29,199 4,078 22,413 14,341 Royalties 2,968 8,814 1,617 2,678 735 — Reclamation and other closure accretion and depreciation 2,167 1,040 2,679 1,968 1,335 1,186 Leases & other 3,033 15,381 765 1,236 64 78 All-in sustaining cost 247,190 234,428 72,995 29,209 66,604 38,442 AISC per pound ($/lb) 3.34 3.02 3.79 6.12 5.13 1.10 Three months ended March 31, 2023 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes (Contained metal): Tonnes 35,570 — 9,072 2,735 8,031 16,612 Pounds (000s) 78,418 — 20,000 6,030 17,705 36,623 Production costs 417,764 Less: Royalties and other (12,086) 405,678 Deduct: By-product credits (156,965) Add: Treatment and refining 36,615 Cash cost 173,692 — 47,318 14,640 29,892 19,786 285,328 Cash cost per pound 2.21 — 2.37 2.43 1.69 0.54 Add: Sustaining capital 90,686 — 16,027 7,102 25,061 14,468 Royalties — — 2,223 5,686 1,730 — Reclamation and other closure accretion and depreciation 2,307 — 1,801 2,958 1,324 1,061 Leases & other 3,143 — 966 747 158 102 All-in sustaining cost 269,828 — 68,335 31,133 58,165 35,417 AISC per pound ($/lb) 3.44 — 3.42 5.16 3.29 0.97 ===== SIDA 6 ===== Adjusted EBITDA can be reconciled to Net Earnings (Loss) on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended March 31, ($thousands) 2024 2023 Net earnings 58,555 165,311 Add back: Depreciation, depletion and amortization 184,492 120,247 Finance income and costs 35,694 15,699 Income taxes 50,566 48,693 329,307 349,950 Unrealized foreign exchange loss (gain) (15,500) 8,644 Unrealized losses (gains) on derivative contracts 52,832 (20,666) Ojos del Salado sinkhole (recoveries) expenses (1,031) 4,582 Revaluation loss (gain) on marketable securities (2,430) (438) Gain on disposal of subsidiary — (5,718) Other (322) 589 Total adjustments - EBITDA 33,549 (13,007) Adjusted EBITDA 362,856 336,943 Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended March 31, ($thousands, except share and per share amounts) 2024 2023 Net earnings attributable to Lundin Mining shareholders 13,883 146,620 Add back: Total adjustments - EBITDA 33,549 (13,007) Tax effect on adjustments (1,767) (3,126) Deferred tax arising from foreign exchange translation (6,300) (6,007) Non-controlling interest on adjustments 5,852 1,202 Total adjustments 31,335 (20,938) Adjusted earnings 45,218 125,682 Basic weighted average number of shares outstanding 773,048,710 771,216,060 Net earnings attributable to shareholders 0.02 0.19 Total adjustments 0.04 (0.03) Adjusted earnings per share 0.06 0.16 ===== SIDA 7 ===== Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended March 31, ($thousands) 2024 2023 Cash provided by operating activities 267,531 211,875 Sustaining capital expenditures (213,260) (155,564) General exploration and business development 13,451 14,765 Free cash flow from operations 67,722 71,076 General exploration and business development (13,451) (14,765) Expansionary capital expenditures (55,981) (90,519) Free cash flow (1,710) (34,208) Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended March 31, ($thousands, except share and per share amounts) 2024 2023 Cash provided by operating activities 267,531 211,875 Changes in non-cash working capital items 46,135 23,192 Adjusted operating cash flow 313,666 235,067 Basic weighted average number of shares outstanding 773,048,710 771,216,060 Adjusted operating cash flow per share $ 0.41 0.30 Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's condensed interim consolidated balance sheet as follows: ($thousands) March 31, 2024 December 31, 2023 Debt and lease liabilities (1,417,892) (1,273,162) Current portion of total debt and lease liabilities (183,702) (212,646) Less deferred financing fees (netted in above) (5,729) (6,374) (1,607,323) (1,492,182) Cash and cash equivalents 365,451 268,793 Net debt (1,241,872) (1,223,389) Lease liabilities 260,463 277,208 Net debt excluding lease liabilities (981,409) (946,181) ===== SIDA 8 ===== Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein is “forward -looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward -looking information, including but not limited to statements regarding the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future p roduction and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimat es, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the C ompany’s Responsible Mining Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company’s projects; the Company’s integration of acquisitions and any anticipated benefits thereof; and exp ectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward -looking statements. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of cop per, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to suppo rt the development and operation of mining projects; and assumptions related to the factors set forth below. While these fact ors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience an d perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertai nties and contingencies. Known and unknown factors could cause actual results to differ materi ally from those projected in the forward -looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, in dustrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground condi tions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on ass ets in Chile; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain o r comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated w ith climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company’s operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, a nd transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety ri sks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing tax ation regimes; the inability to effectively compete in the industry; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activi ties, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resour ces and Mineral Res erves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial proje ctions, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisd ictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structur al stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corru ption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; ris ks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; es timation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated dif ficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; and other risks a nd uncertainties, including but not limited to those described in the "Managing Risks” section of the Company’s MD&A and the “Risks and Uncertainties” section of the Com pany’s Annual Information Form for the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.com under the Company’s profile. All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward -looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all fa ctors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results ma y vary materially from those described in forward -looking information. Accordingly, there can be no assurance that forward -looking information will prove to be accurate and forward -looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward -looking information. The forward -looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law. ===== SIDA 9 ===== Management’s Discussion and Analysis For the three months ended March 31, 2024 This management’s discussion and analysis (“MD&A”) has been prepared as of May 1, 2024 and should be read in conjunction with the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2024. Those financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - Accounting including IAS 34 Interim Financial Reporting. The Company’s presentation currency is United States (“US”) dollars. Reference herein of $ or USD is to United States dollars, ARS is to Argentine pesos, BRL is to Brazilian reais, C$ is to Canadian dollars, CLP is to Chilean pesos, € refers to euros, and SEK is to Swedish kronor. "This quarter" or "The quarter" means the first quarter ("Q1") of 2024. About Lundin Mining Lundin Mining Corporation (“Lundin Mining” or the “Company”) is a diversified Canadian base metals mining company with projects and operations in Argentina, Brazil, Chile, Portugal, Sweden, and the United States of America, primarily producing copper, zinc, nickel and gold. Table of Contents Highlights ................................................................................................................................................................................ 1 Outlook ................................................................................................................................................................................... 4 Selected Quarterly Financial Information .............................................................................................................................. 5 Summary of Quarterly Results ............................................................................................................................................... 6 Revenue Overview .................................................................................................................................................................. 7 Financial Results ..................................................................................................................................................................... 10 Mining Operations .................................................................................................................................................................. 12 Production Overview ........................................................................................................................................................ 12 Production Cost and Cash Cost Overview ........................................................................................................................ 13 Capital Expenditures ......................................................................................................................................................... 14 Candelaria ......................................................................................................................................................................... 15 Caserones .......................................................................................................................................................................... 16 Chapada ............................................................................................................................................................................ 17 Eagle .................................................................................................................................................................................. 18 Neves-Corvo ...................................................................................................................................................................... 19 Zinkgruvan ......................................................................................................................................................................... 20 Josemaria Project ................................................................................................................................................................... 21 Exploration Update ................................................................................................................................................................. 21 Liquidity and Capital Resources .............................................................................................................................................. 22 Non-GAAP and Other Performance Measures ....................................................................................................................... 25 Other Information and Advisories .......................................................................................................................................... 30 Outstanding Share Data ......................................................................................................................................................... 31 ===== SIDA 10 ===== Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein is “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company’s Responsible Mining Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company’s projects; the Company’s integration of acquisitions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking statements. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company’s operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; and other risks and uncertainties, including but not limited to those described in the "Managing Risks” section of this MD&A and the “Risk and Uncertainties” section of the Company’s Annual Information Form, which is available on SEDAR+ at www.sedarplus.com under the Company’s profile. All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law. ===== SIDA 11 ===== Highlights For the quarter ended March 31, 2024, the Company generated revenue of $937.0 million (Q1 2023 - $751.3 million), gross profit of $185.4 million (Q1 2023 - $213.3 million) and adjusted EBITDA1 of $362.9 million (Q1 2023 - $336.9 million). Financial results benefited from contribution from the Caserones mine, acquired in July 2023. The operations performed well during the first quarter of 2024 with 88,013 tonnes of copper , 45,688 tonnes of zinc , and 33,000 oz of gold produced. The Company remains on track to achieve annual production guidance. Operational Performance Candelaria (80% owned): Candelaria produced 32,527 tonnes of copper and approximately 19,000 ounces of gold in concentrate on a 100% basis in the quarter. Copper and gold production was lower than in the prior year comparable quarter, primarily due to lower grades as a result of planned mine sequencing. Current quarter production costs were lower than in the prior year comparable quarter largely owing to favourable foreign exchange as a result of the Chilean Peso weakening against the US dollar, and lower sales volumes. Copper cash cost1 of $1.89/lb improved from the prior year comparable quarter due to favourable foreign exchange and higher by-product credits. Caserones (51% owned): In the quarter ended March 31, 2024 Caserones produced 34,216 tonnes of copper and 864 tonnes of molybdenum on a 100% basis. Copper and molybdenum production was slightly lower than expected due to reduced throughput caused by unplanned maintenance, combined with lower recoveries due to mine sequencing . Production costs and cash costs per pound in the quarter were lower than planned primarily due to favourable foreign exchange as a result of the Chilean peso weakening against the US dollar. Chapada (100% owned): Chapada produced 10,138 tonnes of copper and approximately 14,000 ounces of gold in concentrate in the quarter. Copper and gold production w ere higher than in the prior year comparable quarter primarily due to higher recoveries. Production costs were lower than in the prior year comparable quarter primarily due to lower sales volumes and lower mining costs as a result of a planned reduction in waste movement. Copper cash cost of $2.01/lb for the quarter improved from the prior year comparable quarter due to higher by-product credits combined with mining cost decreases due to operational improvements. Eagle (100% owned): During the quarter Eagle produced 3,255 tonnes of nickel and 2,514 tonnes of copper which were lower than in the prior year comparable quarter due to lower planned grades and recoveries. Production costs were lower than in the prior year comparable quarter due to lower sales volumes. Nickel cash cost1 in the quarter of $4.04/lb was higher than in the prior year comparable quarter and was impacted by lower sales volumes and lower by-product credits. Neves-Corvo (100% owned): Neves-Corvo produced 7,044 tonnes of copper and 26,487 tonnes of zinc in the quarter. Both copper and zinc production in the quarter was lower than in the prior year comparable quarter due to lower grades and recoveries. Throughput was lower than planned in the quarter due to a voluntary three-day shutdown and subsequent ramp-up following the fatality that occurred in February . Production costs during the quarter were lower than in the prior year comparable quarter due to lower sales volumes and lower unit production costs. Copper cash cost per pound during the quarter of $3.24/lb was higher than prior year comparable period as a result of lower production volumes, lower by- product credits and unfavorable foreign exchange. Zinkgruvan (100% owned): Zinc production of 19,201 tonnes was lower than in the prior year comparable quarter primarily due to lower grades. Lead production of 6,748 tonnes and copper production of 1,574 tonnes were lower than in the prior year comparable quarter primarily due to lower grades as a result of delays in mining high-grade stopes. Production costs were slightly higher than in the prior year comparable quarter and zinc cash cost1 per pound of $0.65/lb during the quarter was higher than in the prior year comparable quarter primarily due to lower production volumes. 1 1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. ===== SIDA 12 ===== Total Productiona 2024 2023 Q1 Total Q4 Q3 Q2 Q1 Copper (t)b 88,013 314,798 103,337 89,942 60,057 61,462 Zinc (t) 45,688 185,161 50,719 49,774 36,115 48,553 Nickel (t) 3,255 16,429 3,729 4,290 4,686 3,724 Gold (koz)b 33 149 44 35 34 36 Molybdenum (t)b 864 2,024 928 1,096 — — a - Tonnes(t) and thousands of ounces (koz). b - Candelaria and Caserones production are on a 100% basis. Caserones results in 2023 are from July 13, 2023. Corporate Updates • On January 14, 2024, the Company provided its 2024 production and cost guidance and reaffirmed the three year production outlook. • On February 8, 2024, the Company reported its Mineral Resource and Mineral Reserve estimates as at December 31, 2023 (or as otherwise specified). • On February 12, 2024, the Company reported an employee fatality at the Neves-Corvo Mine in Portugal. Operations were voluntarily suspended and restarted on February 15, 2024. The appropriate authorities in Portugal were notified and the Company is providing its full cooperation in the investigation. Financial Performance • Gross profit for the quarter ended March 31, 2024 was $185.4 million which was $28.0 million lower than in the prior year comparable period. The decrease was primarily due to lower realized copper and zinc prices 1 and excluding gross profit results from Caserones, the sales volumes were lower. • For the quarter ended March 31, 2024, net earnings of $58.6 million were lower than in the prior year comparable period primarily due to non-cash unrealized losses related to the mark-to-market valuation of unexpired foreign exchange contracts, lower gross profit, and higher financing costs. • Adjusted earnings 1 for the quarter ended March 31, 2024 of $45.2 million were $80.5 million lower than in the prior year comparable period primarily due to lower net attributable earnings. • Cash provided by operating activities for the quarter ended March 31, 2024 of $267.5 million was $55.7 million higher than in the prior year comparable period and benefited from the inclusion of operating cash flows from Caserones, partially offset by reduced cash in the quarter due to working capital changes. • For the quarter ended March 31, 2024, the Company recognized a non-cash unrealized loss of approximately $53 million on a pre-tax basis related to the mark-to-market valuation of the Company's unexpired foreign exchange and diesel derivative contracts. During the quarter ended March 31, 2024, the Company entered into zero cost collar contracts in the total amounts of $24 million (equivalent to BRL 121 million) and $950 million (equivalent to CLP 926 billion) with collar ranges of BRL 5.10 to BRL 6.07 and CLP 900 to CLP 1,085, respectively. • For the quarter ended March 31, 2024, sustaining capital expenditures1 of $213.3 million were $57.7 million higher than the prior year comparable period as a result of the inclusion of Caserones sustaining capital, as well as increases at Chapada in deferred stripping and tailings spend. Expansionary capital expenditures1 of $56.0 million were $34.5 million lower than the prior year comparable period as a result of less spend on the Josemaria Project. 2 ===== SIDA 13 ===== • For the quarter ended March 31, 2024, free cash flow from operations1 of $67.7 million was $3.4 million lower than the prior year comparable period as a result of higher capital expenditures during the quarter. Financial Position and Financing • Cash and cash equivalents as at March 31, 2024 were $365.5 million, an increase during the quarter of $96.7 million. Cash provided by operating activities amounted to $267.5 million and cash used to fund investing activities amounted to $269.7 million. Cash provided by financing activities was comprised primarily of proceeds from debt. • As at March 31, 2024, the Company had a net debt1 balance of $1,241.9 million and a net debt excluding lease liabilities1 balance of $981.4 million. • On April 26, 2024, the Company's revolving credit facility, originally expiring in April 2028, was amended and extended to April 2029. On the same date, the Company's Term Loan (the "Term Loan") was also amended and extended by one year to July 2027. • As at May 1, 2024 , the Company had a cash balance of approximately $395.0 million and a net debt excluding lease liabilities balance of approximately $1,020.0 million. 3 1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. 1 ===== SIDA 14 ===== Outlook Overall, operations performed well in the first quarter of 2024 and the Company is expected to meet annual production and cash cost guidance as disclosed in the Company’s MD&A for the year ended December 31, 2023. Metal production continues to be weighted to the second half of the year at Candelaria, Chapada and Neves-Corvo due to mine sequencing and resultant forecasted grade profiles. As a result of production challenges at Neves-Corvo in the first quarter of 2024, copper production at that operation is tracking to the lower end of its annual production guidance range. Production challenges at Neves-Corvo, Eagle and Zinkgruvan in the first quarter of 2024 led to higher-than-expected cash costs per pound, which are expected to improve later in 2024. Capital expenditure guidance also remains consistent as disclosed in the Company’s MD&A for the year ended December 31, 2023 including $840 million sustaining capital expenditure and $225 million of expenditure related to the Josemaria Project. Similarly, exploration expenditure of $48 million remains on target for 2024. 4 ===== SIDA 15 ===== Selected Quarterly Financial Information Three months ended March 31, ($ millions, except share and per share amounts) 2024 2023 Revenue 937.0 751.3 Costs of goods sold: Production costs (567.1) (417.8) Depreciation, depletion and amortization (184.5) (120.2) Gross profit 185.4 213.3 Net earnings attributable to: Lundin Mining shareholders 13.9 146.6 Non-controlling interests 44.7 18.7 Net earnings 58.6 165.3 Adjusted earnings1 45.2 125.7 Adjusted EBITDA1 362.9 336.9 Cash provided by operating activities 267.5 211.9 Adjusted operating cash flow1 313.7 235.1 Free cash flow from operations1 67.7 71.1 Free cash flow1 (1.7) (34.2) Capital expenditures2 271.9 246.1 Per share amounts: Basic and diluted earnings (loss) per share ("EPS") attributable to shareholders 0.02 0.19 Adjusted EPS1 0.06 0.16 Adjusted operating cash flow per share1 0.41 0.30 Dividends declared (C$/share) 0.09 0.09 March 31, 2024 December 31, 2023 Total assets 10,911.9 10,861.2 Total debt and lease liabilities 1,601.6 1,485.8 Net debt excluding lease liabilities1 981.4 946.2 1 This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 2 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. 5 ===== SIDA 16 ===== Summary of Quarterly Results1 ($ millions, except per share data) Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Q4-22 Q3-22 Q2-22 Revenue 937.0 1,060.0 992.2 588.5 751.3 811.4 648.5 590.2 Gross profit 185.4 188.9 197.3 52.8 213.3 155.2 82.5 46.0 Net earnings (loss) 58.6 66.8 21.9 61.3 165.3 145.3 (11.2) (48.6) - attributable to shareholders 13.9 38.8 (3.0) 59.1 146.6 145.6 (11.2) (52.6) Adjusted earnings (loss)2 45.2 79.7 85.3 45.6 125.7 191.5 30.9 (35.3) Adjusted EBITDA2 362.9 419.7 415.1 191.8 336.9 353.7 202.4 148.6 EPS - Basic and Diluted 0.02 0.05 — 0.08 0.19 0.19 (0.01) (0.07) Adjusted EPS2 0.06 0.10 0.11 0.06 0.16 0.25 0.04 (0.05) Cash flow from operations 267.5 306.1 303.8 194.8 211.9 156.9 36.3 366.4 Adjusted operating cash flow per share2 0.41 0.47 0.41 0.14 0.30 0.38 0.23 0.06 Capital expenditure3 271.9 243.9 243.2 279.9 246.1 281.2 199.5 217.3 1 The sum of quarterly amounts may differ from year-to-date results due to rounding. 2 This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 3 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. On a quarterly basis the Company's revenue, gross profit and net earnings can be impacted by metal prices, sales volumes as a result of the timing of concentrate shipments, and provisional pricing adjustments on current and prior period shipments. The Company's results have also been impacted by the acquisition of the Josemaria Project in April 2022 and the acquisition of the Caserones mine in July 2023. Project development costs for the Josemaria Project were initially included in general exploration expenses following the acquisition of the project in April 2022, but began to be capitalized from the fourth quarter of 2022. This reduced net earnings in Q2 2022 and Q3 2022 and contributed to higher capital expenditure starting in Q4 2022. The acquisition of the Caserones mine in July 2023 contributed to an increase in gross profit and cash flow from operations in Q3 2023 and in subsequent quarters. Additionally, fair value adjustments of $32.2 million and $7.8 million were recorded in production costs in Q3 2023 and Q4 2023, respectively, to re-value in-process and concentrate inventory on hand at the acquisition date. The $800 million three-year term loan entered into in conjunction with the acquisition has increased the Company's interest expense in Q3 2023 through Q1 2024, reducing net earnings. During 2022, inflationary price increases were experienced for electricity, diesel and consumables. In 2023 and continuing into Q1 2024, input prices stabilized, and in some cases lowered. These trends impacted gross profit and net earnings in the quarters presented above. A non-cash write-down, including depreciation, of long-term ore stockpile inventory at Chapada of $66.8 million was recognized in Q4 2022, reducing net earnings. From Q3 2022, the Company has entered into derivative contracts for foreign currency and diesel as part of its risk management strategy. From Q2 2022, the Company has also realized foreign exchange and trading gains on debt and equity investments to support capital funding for the Josemaria Project. Realized and unrealized gains and losses on derivative contracts and foreign exchange and trading gains on debt and equity investments are recorded in other income and impact the Company's net earnings. 6 ===== SIDA 17 ===== Revenue Overview Sales Volumes by Payable Metal 2024 2023 Q1 Total Q4 Q3 Q2 Q1 Copper (t) Candelaria (100%) 33,536 144,473 38,888 33,668 36,347 35,570 Caserones (100%)1 35,211 66,075 35,690 30,385 — — Chapada 8,742 43,761 13,080 11,445 10,164 9,072 Eagle 2,058 11,968 3,055 3,177 2,951 2,785 Neves-Corvo 5,886 32,054 9,054 8,799 6,170 8,031 Zinkgruvan 756 4,473 845 1,758 1,001 869 86,189 302,804 100,612 89,232 56,633 56,327 Zinc (t) Neves-Corvo 21,204 91,115 25,491 21,957 20,125 23,542 Zinkgruvan 15,825 65,344 17,316 22,042 9,374 16,612 37,029 156,459 42,807 43,999 29,499 40,154 Nickel (t) Eagle 2,163 13,339 3,105 3,640 3,859 2,735 Gold (koz) Candelaria (100%) 19 87 23 19 23 22 Chapada 12 53 18 13 11 11 31 140 41 32 34 33 Molybdenum (t) Caserones (100%)1 836 2,019 978 1,041 — — Lead (t) Neves-Corvo 1,324 4,970 1,830 1,220 881 1,039 Zinkgruvan 4,835 25,527 5,714 9,391 4,944 5,478 6,159 30,497 7,544 10,611 5,825 6,517 Silver (koz) Candelaria (100%) 400 1,322 415 279 333 295 Chapada 21 129 37 32 29 31 Eagle 1 24 8 6 4 6 Neves-Corvo 224 821 265 227 158 171 Zinkgruvan 297 1,892 449 713 331 399 943 4,188 1,174 1,257 855 902 1 Caserones 2023 results are from July 13, 2023. 7 ===== SIDA 18 ===== Revenue Analysis Three months ended March 31, by Mine 2024 2023 Change ($ thousands) $ % $ % $ Candelaria (100%) 330,409 34 380,405 51 (49,996) Caserones (100%)1 326,211 35 — — 326,211 Chapada 98,435 11 111,118 15 (12,683) Eagle 57,223 6 69,420 9 (12,197) Neves-Corvo 80,630 9 129,403 17 (48,773) Zinkgruvan 44,073 5 60,998 8 (16,925) 936,981 751,344 185,637 1 Caserones 2023 results are from July 13, 2023. Three months ended March 31, by Metal 2024 2023 Change ($ thousands) $ % $ % $ Copper1 715,549 76 529,681 70 185,868 Gold 57,708 6 57,068 8 640 Zinc 57,367 6 99,151 13 (41,784) Nickel 38,793 4 41,959 6 (3,166) Molybdenum1 32,138 3 — — 32,138 Silver 13,806 2 9,236 1 4,570 Lead 11,712 2 11,459 2 253 Other 9,908 1 2,790 — 7,118 936,981 751,344 185,637 1 Caserones 2023 results are from July 13, 2023. Revenue for the quarter ended March 31, 2024 amounted to $937.0 million which was higher than the prior year comparable period as a result of the inclusion of Caserones copper and molybdenum revenue partially offset by decreases in copper and zinc volumes and prices at the other operations, and nickel volumes at Eagle. Revenue from gold and silver for the quarter ended March 31, 2024 includes the partial recognition of an upfront purchase price on the sale of precious metals streams for Candelaria, Neves-Corvo, and Zinkgruvan as well as the cash proceeds which amount to approximately $429/oz for gold and between $4.28/oz and $4.68/oz for silver. Chapada’s copper revenue includes the recognition of deferred revenue from copper streams acquired with the Chapada mine, as well as the cash proceeds of 30% of the market price of the copper sold under the streams. Revenue is recorded using the metal price received for sales that settle during the reporting period. For sales that have not been settled, an estimate is used based on the expected month of settlement and the forward price of the metal at the end of the reporting period. The difference between the estimate and the final price received is recognized by adjusting revenue in the period in which the sale is settled. Settlement dates can range from one to six months after shipment. Provisionally Valued Revenue as of March 31, 2024 Metal Payable metal Valued at Copper 96,860 t $4.02 /lb Zinc 26,781 t $1.09 /lb Nickel 987 t $7.53 /lb Gold 34 koz $2,230 /oz Molybdenum 802 t $17.57 /lb 8 ===== SIDA 19 ===== Quarterly Reconciliation of Realized Prices Three months ended March 31, 2024 ($ thousands) Copper Zinc Nickel Gold Molybdenum Other Total Revenue from contracts with customers1 738,145 90,689 35,125 65,235 38,827 39,195 1,007,216 Provisional pricing adjustments on current period concentrate sales 7,669 (3,333) 24 3,412 (816) 19 6,974 Provisional pricing adjustments on prior period concentrate sales 9,677 (4,476) 3,624 901 (5,873) (1,714) 2,140 755,491 82,880 38,773 69,548 32,138 37,500 1,016,330 Recognition of deferred revenue 14,095 Copper stream cash effect (6,098) Gold stream cash effect (20,938) Less: Treatment and refining charges (66,408) Total Revenue 936,981 Payable Metal 86,189 t 37,029 t 2,163 t 31 koz 836 t Current period sales ($/lb)2 $3.93 $1.07 $7.37 $2,218 $20.62 Provisional pricing adjustments on prior period concentrate sales ($/lb) $0.05 $(0.05) $0.76 $29.00 $(3.18) Realized prices3,4 $3.98 /lb $1.02 /lb $8.13 /lb $2,247 /oz $17.44 /lb Three months ended March 31, 2023 Copper Zinc Nickel Gold Other Total Revenue from contracts with customers1 512,309 124,929 74,807 63,581 15,225 790,851 Provisional pricing adjustments on current period concentrate sales (7,070) (6,696) (10,150) 925 10,663 (12,328) Provisional pricing adjustments on prior period concentrate sales 52,643 5,139 (20,260) 3,147 — 40,669 557,882 123,372 44,397 67,653 25,888 819,192 Recognition of deferred revenue 15,165 Copper stream cash effect (6,510) Gold stream cash effect (20,596) Less: Treatment & refining charges (55,907) Total Revenue 751,344 Payable Metal 56,327 t 40,154 t 2,735 t 32 koz Current period sales ($/lb)2 $4.07 $1.34 $10.72 $1,978 Provisional pricing adjustments on prior period concentrate sales ($/lb) $ 0.42 $ 0.05 $ (3.36) $ 96.00 Realized prices3,4 $4.49 /lb $1.39 /lb $7.36 /lb $2,074 /oz 1. Revenue from contracts with customers before recognition of deferred revenue, gold and copper stream cash effects and treatment and refining charges, each of which is presented separately in the table. 2. Includes revenue from contracts with customers and provisional pricing adjustments on current period concentrate sales. 3. This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 4. The realized price for copper inclusive of the impact of streaming agreements for the three months ended March 31, 2024 is $3.95/lb (2023: $4.44/ lb). The realized price for gold inclusive of the impact of streaming agreements for the three months ended March 31, 2024 is $1,570/oz (2023: $1,443/oz). Due to volatility in commodity prices, significant variances may arise between average market prices and realized prices due to the timing of sales in the period. 9 ===== SIDA 20 ===== Financial Results Production Costs Production costs for the quarter ended March 31, 2024 were $567.1 million, an increase from $417.8 million in the prior year comparable period. Production cost increases were primarily as a result of the acquisition of Caserones, partially offset by decreased production costs at Candelaria, Neves-Corvo, Eagle and Chapada, each attributed to lower sales volumes. Additionally, production costs at Candelaria benefited from favourable foreign exchange due to a weakened Chilean Peso. Depreciation, Depletion and Amortization Depreciation, depletion and amortization expense for the quarter ended March 31, 2024 increased compared to the prior year comparative period. The increase was primarily attributable to the acquisition of Caserones in addition to increased amortization of mineral properties at Candelaria due to higher stripping costs capitalized in 2023. Depreciation, depletion & amortization Three months ended March 31, ($ thousands) 2024 2023 Change Candelaria 73,426 58,375 15,051 Caserones1 51,729 — 51,729 Chapada 15,080 12,081 2,999 Eagle 9,151 11,151 (2,000) Josemaria — 38 (38) Neves-Corvo 27,046 30,080 (3,034) Zinkgruvan 7,983 8,087 (104) Other 77 435 (358) 184,492 120,247 64,245 1 Caserones 2023 results are from July 13, 2023. Finance Income and Costs Net finance costs of $35.7 million for the quarter ended March 31, 2024 were higher than $15.7 million in the prior year comparable period primarily due to higher interest expense related to higher outstanding debt through the quarter, combined with increased lease liability interest following the acquisition of Caserones. Other Income and Expense Net other expense for the quarter ended March 31, 2024 amounted to $10.3 million and negatively impacted earnings before tax by $56.5 million compared to the prior year comparable period when the Company recorded net other income of $46.2 million. The change in other income and expenses is primarily due to $52.8 million of non-cash unrealized losses related to the mark-to-market valuation of unexpired foreign exchange contracts, particularly for CLP and SEK. Net other expense in the quarter also included reduced realized gains on expired foreign exchange and diesel derivative contracts and reduced foreign exchange and trading gains on debt and equity investments supporting capital funding for the Josemaria Project following the devaluation of the ARS in December 2023. 10 ===== SIDA 21 ===== Foreign exchange gains recorded in other income and expense resulted from foreign exchange revaluation of working capital and leases denominated in foreign currencies, primarily due to the weakening of the CLP against the USD in the quarter. Foreign exchange gains also included changes in fair value of debt and equity instruments supporting capital funding for the Josemaria Project . Period end exchange rates having a meaningful impact on foreign exchange recorded at March 31, 2024 were: March 31, 2024 December 31, 2023 Brazilian Real (USD:BRL) 5.00 4.84 Chilean Peso (USD:CLP) 982 877 Euro (USD:€) 0.93 0.91 Swedish Kronor (USD:SEK) 10.69 9.98 Argentine Peso (USD:ARS) 857 808 Income Taxes Income tax expense (recovery) Three months ended March 31, ($ thousands) 2024 2023 Change Candelaria 39,393 42,547 (3,154) Caserones1 22,236 — 22,236 Chapada (2,260) (5,349) 3,089 Josemaria — — — Eagle (1,278) 7 (1,285) Neves-Corvo (4,837) 1,272 (6,109) Zinkgruvan (1,278) 3,979 (5,257) Other (1,410) 6,237 (7,647) 50,566 48,693 1,873 1 Caserones 2023 results are from July 13, 2023. Income taxes by classification Three months ended March 31, ($ thousands) 2024 2023 Change Current income tax expense 47,263 59,501 (12,238) Deferred income tax expense (recovery) 3,303 (10,808) 14,111 50,566 48,693 1,873 Income tax expense for the quarter ended March 31, 2024 was higher than the prior year primarily due to a $22.2 million increase in income tax expense following the acquisition of Caserones. This was offset by overall lower taxable earnings when compared to the prior period. 11 ===== SIDA 22 ===== Mining Operations Production Overview 2024 2023 Q1 Total Q4 Q3 Q2 Q1 Copper (t) Candelaria (100%) 32,527 152,012 41,618 34,275 36,952 39,167 Caserones (100%)1 34,216 65,210 35,389 29,821 — — Chapada 10,138 45,719 12,872 12,286 10,697 9,864 Eagle 2,514 13,600 3,334 3,245 3,881 3,140 Neves-Corvo 7,044 33,823 9,623 9,016 7,610 7,574 Zinkgruvan 1,574 4,434 501 1,299 917 1,717 88,013 314,798 103,337 89,942 60,057 61,462 Zinc (t) Neves-Corvo 26,487 108,812 31,035 25,807 24,177 27,793 Zinkgruvan 19,201 76,349 19,684 23,967 11,938 20,760 45,688 185,161 50,719 49,774 36,115 48,553 Nickel (t) Eagle 3,255 16,429 3,729 4,290 4,686 3,724 Gold (koz) Candelaria (100%) 19 90 25 20 21 24 Chapada 14 59 19 15 13 12 33 149 44 35 34 36 Molybdenum (t) Caserones (100%)1 864 2,024 928 1,096 — — Lead (t) Neves-Corvo 1,604 5,600 2,030 1,447 951 1,172 Zinkgruvan 6,748 26,284 6,418 8,643 3,816 7,407 8,352 31,884 8,448 10,090 4,767 8,579 Silver (koz) Candelaria (100%) 415 1,487 468 306 366 347 Chapada 58 258 73 67 62 56 Eagle 8 64 17 19 11 17 Neves-Corvo 524 1,902 573 486 407 436 Zinkgruvan 640 2,300 509 785 374 632 1,645 6,011 1,640 1,663 1,220 1,488 12 1 Caserones 2023 results are from July 13, 2023. ===== SIDA 23 ===== Production Cost and Cash Cost Overview ($ thousand, $/lb) Three months ended March 31, ($ thousands) 2024 2023 Candelaria Production costs $161,250 $187,979 Gross cost 2.35 2.58 By-product1 (0.46) (0.37) Cash Cost (Cu, $/lb)2 1.89 2.21 AISC (Cu, $/lb)2 3.34 3.44 Caserones3 Production costs $197,655 — Gross cost 2.59 — By-product1 (0.45) — Cash Cost (Cu, $/lb)2 2.14 — AISC (Cu, $/lb)2 3.02 — Chapada Production costs $64,585 $68,634 Gross cost 3.43 3.54 By-product1 (1.42) (1.17) Cash Cost (Cu, $/lb)2 2.01 2.37 AISC (Cu, $/lb)2 3.79 3.42 Eagle Production cost $40,536 $45,449 Gross cost 7.90 6.98 By-product1 (3.86) (4.55) Cash Cost (Ni, $/lb)2 4.04 2.43 AISC (Ni, $/lb)2 6.12 5.16 Neves-Corvo Production costs $71,712 $85,726 Gross cost 5.85 5.06 By-product1 (2.61) (3.37) Cash Cost (Cu, $/lb)2 3.24 1.69 AISC (Cu, $/lb)2 5.13 3.29 Zinkgruvan Production costs $30,075 $28,905 Gross cost 1.12 1.03 By-product1 (0.47) (0.49) Cash Cost (Zn, $/lb)2 0.65 0.54 AISC (Zn, $/lb)2 1.10 0.97 1 By-product is after related treatment and refining charges. 2 Cash Cost per pound sold and All-in Sustaining Cost per pound sold ("AISC") are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 3 Caserones 2023 results are from July 13, 2023. 13 ===== SIDA 24 ===== Capital Expenditures1 Three months ended March 31, 2024 2023 ($ thousands) Sustaining Expansionary Capitalized Interest Total Sustaining Expansionary Capitalized Interest Total Candelaria 99,532 — — 99,532 90,686 — — 90,686 Caserones 42,754 — — 42,754 — — — — Chapada 29,199 — — 29,199 16,027 — — 16,027 Eagle 4,078 — — 4,078 7,102 — — 7,102 Josemaria — 55,981 2,665 58,646 — 90,519 36 90,555 Neves-Corvo 22,413 — — 22,413 25,061 — — 25,061 Zinkgruvan 14,341 — — 14,341 14,468 — — 14,468 Other 943 — — 943 2,220 — — 2,220 213,260 55,981 2,665 271,906 155,564 90,519 36 246,119 1 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure – see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 14 ===== SIDA 25 ===== Candelaria (Chile) Operating Statistics 2024 2023 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 Ore mined (000s tonnes) 5,116 25,939 7,793 5,350 6,194 6,602 Ore milled (000s tonnes) 7,309 28,903 7,609 7,168 6,924 7,202 Grade Copper (%) 0.48 0.58 0.60 0.52 0.59 0.59 Gold (g/t) 0.11 0.14 0.15 0.12 0.14 0.15 Recovery Copper (%) 91.9 91.3 90.3 91.0 91.1 92.6 Gold (%) 69.8 69.5 68.6 70.6 68.8 70.3 Production (contained metal) Copper (tonnes) 32,527 152,012 41,618 34,275 36,952 39,167 Gold (000 oz) 19 90 25 20 21 24 Silver (000 oz) 415 1,487 468 306 366 347 Revenue ($000s) 330,409 1,329,599 359,023 299,745 290,426 380,405 Production costs ($000s) 161,250 726,493 178,088 175,468 184,958 187,979 Gross profit ($000s) 95,733 330,729 106,997 53,909 35,772 134,051 Cash cost ($ per pound copper)1 1.89 2.07 1.78 2.19 2.14 2.21 AISC ($ per pound copper)1 3.34 3.34 2.76 3.43 3.76 3.44 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Copper and gold production in the quarter ended March 31, 2024 was lower than in the prior year comparable period primarily due to lower grades as a result of mine sequencing, partially offset by higher throughput. Work to backfill stopes from previous underground mining was ongoing in the quarter and will allow access to higher-grade ore in the second half of 2024. Both metals are on track to meet full year annual production guidance. Production Costs and Cash Cost Production costs in the quarter ended March 31, 2024 were lower than in the prior year comparable period, largely as a result of favourable foreign exchange due to a weaker Chilean peso, lower sales volume and reduced maintenance costs due to the stabilization of the maintenance cycles in both mines and plants. Cash cost per pound in the quarter ended March 31, 2024 improved from the prior year comparable period primarily due to favourable foreign exchange and higher by-product credits, combined with cost decrease s. Annual copper cash cost guidance remains unchanged. All-in sustaining cost per pound ("AISC") in the quarter ended March 31, 2024 was lower than in the prior year comparable period due to decreased cash cost per pound. In the quarter ended March 31, 2024, approximately 12,600 oz of gold and 272,300 oz of silver were subject to terms of a streaming agreement from which approximately $429/oz of gold and $4.28/oz of silver will be received. Gross Profit Gross profit in the quarter ended March 31, 2024 was lower than in the prior year comparable period, primarily due to lower realized copper prices, net of price adjustments, higher depreciation expense and lower sales volume, partially offset by favourable foreign exchange and lower operational cost. 15 ===== SIDA 26 ===== Caserones (Chile) Operating Statistics 2024 2023 (100% Basis) Q1 Total2 Q4 Q32 Ore mined (000s tonnes) 6,807 15,583 7,484 8,099 Ore milled (000s tonnes) 7,690 15,424 8,262 7,162 Ore placed on leach 1,914 5,541 3,234 2,307 Grade Copper (%) 0.44 0.42 0.41 0.44 Molybdenum (%) 0.160 0.203 0.191 0.218 Recovery Copper (%) 79.7 86.1 88.2 83.9 Molybdenum (%) 70.0 72.4 73.9 70.9 Production (tonnes) Copper in concentrate 27,166 55,191 29,496 25,695 Copper cathode 7,050 10,019 5,893 4,126 Total copper 34,216 65,210 35,389 29,821 Molybdenum 864 2,024 928 1,096 Revenue ($000s) 326,211 601,775 317,219 284,556 Production costs ($000s) 197,655 404,837 215,855 188,982 Gross profit ($000s) 76,827 88,449 31,182 57,267 Cash cost ($ per pound copper)1 2.14 1.99 2.33 1.60 AISC ($ per pound copper)1 3.02 3.03 3.48 2.49 1 All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 2 Caserones 2023 results are from July 13, 2023. Production In the quarter ended March 31, 2024, an increase in copper grade from Q4 2023 was offset by lower recoveries as a result of mine sequencing. Throughput in the quarter was reduced by unplanned maintenance on a conveyor feeding the grinding circuit, impacting copper and molybdenum concentrate production. This reduction was partially offset by increased copper cathode production which benefited from increased leach irrigation. Both copper and molybdenum remain on track to meet annual production guidance. Production Costs and Cash Cost Production costs and cash costs per pound in the quarter ended March 31, 2024 benefitted from favourable foreign exchange as a result of the Chilean peso weakening against the US dollar. Annual copper cash cost guidance remains unchanged. In April 2024 the Company completed a three-year collective bargaining agreement with one of three employee labour unions at Caserones. Renewal of the remaining two agreements is expected to occur over the next twelve months. Gross Profit Gross profit in the quarter ended March 31, 2024 benefited from higher copper prices, net of price adjustments, lower treatment and refining charges as well as favourable foreign exchange. 16 ===== SIDA 27 ===== Chapada (Brazil) Operating Statistics 2024 2023 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 Ore mined (000s tonnes) 5,125 29,508 7,803 8,062 7,522 6,121 Ore milled (000s tonnes) 5,496 22,233 5,218 5,832 5,207 5,976 Grade Copper (%) 0.23 0.26 0.29 0.26 0.26 0.23 Gold (g/t) 0.14 0.15 0.18 0.15 0.14 0.13 Recovery Copper (%) 81.1 80.2 85.9 80.8 80.3 73.3 Gold (%) 55.3 55.0 61.1 55.3 54.1 48.0 Production (contained metal) Copper (tonnes) 10,138 45,719 12,872 12,286 10,697 9,864 Gold (000 oz) 14 59 19 15 13 12 Silver (000 oz) 58 258 73 67 62 56 Revenue ($000s) 98,435 461,175 143,439 111,897 94,721 111,118 Production costs ($000s) 64,585 317,317 89,716 78,854 80,113 68,634 Gross profit (loss) ($000s) 18,770 80,378 30,126 20,230 (381) 30,403 Cash cost ($ per pound copper)1 2.01 2.27 1.88 2.28 2.69 2.37 AISC ($ per pound copper)1 3.79 3.24 2.75 3.15 3.80 3.42 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Copper and gold production in the quarter ended March 31, 2024 were higher than in the prior year comparable period primarily due to higher recoveries, partially offset by lower throughput. The lower amount of ore mined is a result of a shift to processing increased amounts of stockpiled ore and an optimized mine plan that significantly reduces waste movement. Both metals are on track to meet annual production guidance. Production Costs and Cash Cost Production costs in the quarter ended March 31, 2024 were lower than in the prior year comparable period primarily due to lower sales volumes and lower mining costs as a result of a planned reduction in waste movement. Copper cash cost per pound in the quarter ended March 31, 2024 improved from the prior year comparable period primarily due to mining cost decreases combined with increased realized prices for gold sales, which reduce copper cash cost as by-product credits. Annual copper cash cost guidance remains unchanged. AISC per pound in the quarter ended March 31, 2024 was higher than in the prior year comparable period primarily due to higher sustaining capital expenditure. Gross Profit Gross profit in the quarter ended March 31, 2024 was lower than in the prior year comparable period due to lower realized copper prices, net of price adjustments, and higher depreciation expense. 17 ===== SIDA 28 ===== Eagle (USA) Operating Statistics 2024 2023 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 Ore mined (000s tonnes) 165 725 188 192 189 156 Ore milled (000s tonnes) 179 718 186 190 181 161 Grade Nickel (%) 2.1 2.6 2.3 2.6 2.9 2.6 Copper (%) 1.5 2.0 1.9 1.8 2.2 2.0 Recovery Nickel (%) 85.2 87.4 86.1 86.2 88.8 88.5 Copper (%) 95.3 96.8 96.5 96.4 97.0 97.2 Production (contained metal) Nickel (tonnes) 3,255 16,429 3,729 4,290 4,686 3,724 Copper (tonnes) 2,514 13,600 3,334 3,245 3,881 3,140 Revenue ($000s) 57,223 350,895 73,720 102,505 105,250 69,420 Production costs ($000s) 40,536 191,704 48,023 52,497 45,735 45,449 Gross profit ($000s) 7,536 107,141 11,794 35,682 46,845 12,820 Cash cost ($ per pound nickel)1 4.04 2.16 2.37 2.07 1.88 2.43 AISC ($ per pound nickel)1 6.12 4.22 4.60 4.05 3.34 5.16 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Nickel and copper production in the quarter ended March 31, 2024 was lower than in the prior year comparable period primarily due to expected lower grades and recoveries. Throughput increased from the prior year comparable period but was below plan due to temporary equipment constraints and weather-related haulage interruptions. Both metals are on track to meet annual production guidance. Production Costs and Cash Cost Production costs in the quarter ended March 31, 2024 were lower than in the prior year comparable period primarily due to lower sales volumes which also resulted in lower royalty expenses and severance taxes. In the quarter ended March 31, 2024, cash cost per pound was higher than in the prior year comparable period due to lower grades and production challenges, resulting in lower production and sales volumes and a decrease in by-product credits . Annual nickel cash cost guidance remains unchanged. AISC in the quarter ended March 31, 2024 was higher than in the prior year comparable period due to higher cash cost per pound. Gross Profit Gross profit in the quarter ended March 31, 2024 was lower than in the prior year comparable period primarily due to lower sales volumes. 18 ===== SIDA 29 ===== Neves-Corvo (Portugal) Operating Statistics 2024 2023 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 Ore mined, copper (000s tonnes) 588 2,591 677 689 622 603 Ore mined, zinc (000s tonnes) 518 1,989 549 459 470 511 Ore milled, copper (000s tonnes) 599 2,588 682 674 628 604 Ore milled, zinc (000s tonnes) 512 1,989 573 441 465 510 Grade Copper (%) 1.5 1.7 1.9 1.8 1.6 1.6 Zinc (%) 6.5 6.8 6.6 7.4 6.6 6.7 Lead (%) 1.2 1.5 1.4 1.5 1.5 1.5 Recovery Copper (%) 77.3 76.5 75.6 76.1 77.0 77.7 Zinc (%) 78.4 78.0 79.9 76.1 76.8 78.7 Lead (%) 26.5 19.2 25.2 21.3 14.0 15.7 Production (contained metal) Copper (tonnes) 7,044 33,823 9,623 9,016 7,610 7,574 Zinc (tonnes) 26,487 108,812 31,035 25,807 24,177 27,793 Lead (tonnes) 1,604 5,600 2,030 1,447 951 1,172 Silver (000 oz) 524 1,902 573 486 407 436 Revenue ($000s) 80,630 425,042 115,823 111,202 68,614 129,403 Production costs ($000s) 71,712 326,677 82,734 82,137 76,080 85,726 Gross (loss) profit ($000s) (18,128) (23,234) 642 (2,288) (35,185) 13,597 Cash cost ($ per pound copper)1 3.24 2.37 1.96 2.27 3.99 1.69 AISC ($ per pound copper)1 5.13 3.96 3.50 3.82 5.73 3.29 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Copper production in the quarter ended March 31, 2024 was lower than in the prior year comparable period due to lower grades and recoveries. Zinc production in the quarter ended March 31, 2024 was lower than in the prior year comparable period due to lower grades and recoveries. Throughput was lower than planned in the quarter due to a voluntary three-day shutdown and subsequent ramp-up following the fatality that occurred in February. Both metals are expected to achieve annual production guidance. Production Costs and Cash Cost Production costs in the quarter ended March 31, 2024 were lower than in the prior year comparable period primarily due to decreases in sales volumes. Production costs benefited from lower unit production costs and lower maintenance costs at the mine and mill. Copper cash cost per pound in the quarter ended March 31, 2024 was higher than in the prior year comparable period due to lower production volumes, lower by-product credits and unfavorable foreign exchange. Annual copper cash cost guidance remains unchanged. AISC in the quarter ended March 31, 2024 was higher than in the prior year comparable period due to higher cash cost. Gross (Loss) Profit Gross loss for the quarter ended March 31, 2024 was $18.1 million compared to the prior year gross profit of $ 13.6 million. The decrease was a result of lower copper and zinc sales volumes, lower realized copper and zinc prices and higher treatment and refining charges. 19 ===== SIDA 30 ===== Zinkgruvan (Sweden) Operating Statistics 2024 2023 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 Ore mined, zinc (000s tonnes) 306 1,178 313 287 268 310 Ore mined, copper (000s tonnes) 47 207 36 65 51 55 Ore milled, zinc (000s tonnes) 313 1,179 327 326 211 315 Ore milled, copper (000s tonnes) 75 198 28 58 34 78 Grade Zinc (%) 6.7 7.3 6.7 8.2 6.6 7.4 Lead (%) 2.7 2.9 2.5 3.5 2.4 2.9 Copper (%) 2.4 2.5 2.0 2.5 3.1 2.4 Recovery Zinc (%) 91.1 89.0 89.8 90.0 86.3 88.7 Lead (%) 79.4 77.8 77.1 75.7 76.2 82.1 Copper (%) 89.0 88.5 86.3 88.7 86.1 90.5 Production (contained metal) Zinc (tonnes) 19,201 76,349 19,684 23,967 11,938 20,760 Lead (tonnes) 6,748 26,284 6,418 8,643 3,816 7,407 Copper (tonnes) 1,574 4,434 501 1,299 917 1,717 Silver (000 oz) 640 2,300 509 785 374 632 Revenue ($000s) 44,073 223,591 50,783 82,290 29,520 60,998 Production costs ($000s) 30,075 115,394 31,520 37,183 17,786 28,905 Gross profit ($000s) 6,015 74,073 10,519 32,727 6,821 24,006 Cash cost ($ per pound)1 0.65 0.43 0.63 0.28 0.24 0.54 AISC ($ per pound)1 1.10 0.83 0.93 0.56 1.06 0.97 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Production of zinc in the quarter ended March 31, 2024 was lower than the prior year comparable period primarily due to lower grades, partially offset by higher recoveries. Lead and copper production in the quarter ended March 31, 2024 was lower than the first quarter of 2023 primarily due to lower grades and recoveries. Temporary challenges with equipment availability also led to a slight delay in mining of high-grade stopes, and reduced throughput in the quarter. Annual zinc and copper production is expected to meet annual production guidance. Production Costs and Cash Cost Production costs in the quarter ended March 31, 2024 were slightly higher than in the prior year comparable period and zinc cash cost per pound in quarter ended March 31, 2024 was higher than in the prior year comparable period, primarily due to lower production volumes. Full year cash cost guidance remains unchanged. AISC in quarter ended March 31, 2024 were higher than in the prior year comparable period in line with higher cash cost. Gross Profit Gross profit in the quarter ended March 31, 2024 was lower than in the prior year comparable period primarily due to lower zinc prices, net of price adjustments, higher depreciation expense, and higher production costs. 20 ===== SIDA 31 ===== Josemaria Project (Argentina) Project Development The Company continues to optimize and de-risk activities for mining and production plans, plant throughput, concentrate transportation, infrastructure, and updating the master schedule and plan including updating capital and operational costs to mirror the optimizations. Field activities were mainly associated with supporting the water and exploration programs. Work on the confirmation of the water supply continues advancing with drilling on the water sources, testing, and obtaining the data from well tests to update water supply and usage models. The grinding mills and gearless mill drives ("GMDs") deliveries continue and will be stored at the San Juan warehouse facility for preservation. Work continues on permitting with the technical review of the tailings dam design, the northern corridor access road and offsite power line EIAs which were submitted in 2023. Government relations continue at both the national and provincial levels. At the national level, the Company continues to monitor the new governments' implementation of the RIGI (incentive regime for large investments) and the associated financial impacts. In conjunction, discussions on provincial royalties, infrastructure offset, and trust fund agreements continue. Commercial reviews and capital cost adjustments incorporating the throughput optimization results, infrastructure layout improvement, concentrate shipping recommendations, adjusting major commodities prices to the current markets, and incorporating currency exchange and inflation rates continue. In Q1 2024, the Company spent $56.0 million in capital expenditure compared to $90.6 million in Q1 2023. The project is expected to incur capital spend within the annual guidance amount. Exploration Update During the quarter ended March 31, 2024, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Zinkgruvan was focused on resource expansion, Candelaria drilling was focused on Candelaria Norte, and Chapada drilling concentrated on delineating the high-grade, near-mine trend at Corpo Sul. At Caserones, exploration remains in the early stages. Geophysical surveys were recently carried out on the land package and the data collected will help to refine our targets and advance our efforts. Exploration drilling was completed in the lower portion of the mineral resource and at the Angelica oxide and sulphide targets, both near-mine targets that would add potential mineral resources and extend the life of the operation. At Josemaria, seasonal exploration drilling is coming to a close at the Cumbre Verde target near the Josemaria ore body. Six holes were drilled targeting the same mineralized system and structures that hosted high grade mineralization on the neighbouring property that run towards Josemaria. Exploration remains in its early stages and initial results highlight copper/gold/silver mineralization. The data obtained will help further refine and target this mineralization. Work will continue throughout the remainder of 2024, although it will be minimized during the winter season. There was no exploration drilling at Neves-Corvo and Eagle in the quarter. 21 ===== SIDA 32 ===== Liquidity and Capital Resources Consolidated Cash Flow Three months ended March 31, ($ thousands) 2024 2023 Change Cash provided by operating activities 267,531 211,875 55,656 Cash used in investing activities (269,664) (240,066) (29,598) Cash from financing activities 102,258 19,506 82,752 Effect of foreign exchange on cash balances (3,467) 1,537 (5,004) Increase (decrease) in cash and cash equivalents 96,658 (7,148) 103,806 Opening cash and cash equivalents 268,793 191,387 77,406 Closing cash and cash equivalents 365,451 184,239 181,212 Adjusted operating cash flow1 313,666 235,067 78,599 Free cash flow from operations1 67,722 71,076 (3,354) Free cash flow1 (1,710) (34,208) 32,498 1This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. Cash provided by operating activities in the first quarter was $55.7 million higher than in the prior year comparable period. This was primarily due to the inclusion of operating cash flows from Caserones, partially offset by reduced cash in the quarter due to working capital changes. Cash used in investing activities in the first quarter was $29.6 million higher than in the prior year comparable period. Higher spending in the current year was primarily due to the inclusion of sustaining capital expenditure at Caserones, higher sustaining capital expenditure at Chapada and Candelaria and was partially offset by lower expansionary capital expenditures relating to the Josemaria Project. Cash from financing activities in the first quarter was $82.8 million higher than in the prior year comparable period. The increase was primarily due to $65.0 million proceeds received from subsidiary fixed term loans and a net draw down of $50.0 million from the Company's revolving credit facility during the quarter. Free cash flow from operations in the first quarter was slightly lower than the prior year comparable period as a result of working capital changes and increased sustaining capital expenditure, and was mostly offset by the inclusion of operating cash flows from Caserones. Free cash flow in the first quarter was $32.5 million higher than in the prior year comparable period as a result of reduced spending relating to the Josemaria Project. Liquidity and Financial Position ($ thousands) March 31, 2024 December 31, 2023 Change Cash and cash equivalents 365,451 268,793 96,658 Total assets 10,911,882 10,861,199 50,683 Debt1 1,341,131 1,208,600 132,531 Lease liabilities 260,463 277,208 (16,745) Net debt2 (1,241,872) (1,223,389) (18,483) Net debt excluding lease liabilities2 (981,409) (946,181) (35,228) 1Debt includes both current and non-current portions. 2This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. The Company continues to expect to be able to fund all its contractual commitments with its operating cash flow, cash on hand and available capital resources. Net debt excluding lease liabilities at March 31, 2024 increased slightly from December 31, 2023 due to net proceeds from debt, including new subsidiary fixed term loans as well as amounts drawn down during the quarter from the Company’s revolving credit facility. 22 ===== SIDA 33 ===== During the quarter ended March 31, 2024, no shares were purchased under the Company's Normal Course Issuer Bid (“NCIB”) (quarter ended March 31, 2023 - nil shares). Contractual Obligations, Commitments and Contingencies The Company has contractual obligations and capital commitments as described in Note 21 “Commitments and Contingencies” in the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2024. From time to time, the Company may also be involved in legal proceedings that arise in the ordinary course of its business. Capital Resources As at March 31, 2024, the Company has a revolving credit facility of $1,750.0 million with $300.0 million outstanding (December 31, 2023 - $250.0 million). The credit facility bears interest on drawn funds at rates of Term Secured Overnight Financing Rate ("Term SOFR") + Credit Spread Adjustment ("CSA") of 0.10%+ 1.45% to Term SOFR + 0.10% + 2.50% depending on the Company’s net leverage ratio. The revolving credit facility is unsecured, save and except for a charge over certain assets in the United States of America, and is subject to customary covenants. On April 26, 2024, the credit facility, which originally expired in April 2028, was amended and extended to April 2029. As at March 31, 2024, the Company's Term Loan has a principal amount of $800.0 million with an additional $400.0 million accordion option maturing in July 2026. On April 26, 2024, the term loan was amended and extended to July 2027. As at March 31, 2024, the Company also has unsecured commercial paper programs maturing in 2025 through 2028 of which $108.1 million (December 31, 2023 - $116.0 million) were drawn. As at March 31, 2024 , certain subsidiaries of the Company had outstanding unsecured term loans totalling $138.8 million (December 31, 2023 - $48.9 million) and accruing interest at rates ranging from 5.67% to 7.15% per annum with interest payable upon maturity. The maturity dates range from April to June 2024. The development of the Josemaria Project requires significant capital commitments from the Company, and additional funding, beyond debt, may be required to advance the project to completion. 23 ===== SIDA 34 ===== Financial Instruments Revenue, cost of goods sold and capital expenditures are affected by certain external factors including fluctuations in metal prices, energy prices, and changes in exchange rates between the €, the SEK, the CLP, the BRL, the ARS and the $. During the quarter ended March 31, 2024 , the Company entered into derivative contracts as part of its risk management strategy to mitigate exposure to foreign currency and commodities. At March 31, 2024, derivative contracts consist of foreign currency forward and option contracts as well as diesel swap forward contracts. The foreign currency option contracts consist of put and call contracts in a collar structure. Subsequent to March 31, 2024, the Company entered into commodity collar contracts in the amount of 21,500 metric tonnes of copper with collar ranges of $4.10/lb to $4.52/lb, expiring in May 2024. The derivative contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value as assessed by pricing models based on active market prices. Changes in fair value are recognized in other income and expense in the consolidated statement of earnings. The Company’s trade receivables also contain provisional pricing sales arrangements that are valued using quoted forward market prices. The following table illustrates the sensitivity of the Company’s risk on final settlement of its provisionally priced revenues as at March 31, 2024. Metal Payable Metal Provisional price on March 31, 2024 Change Effect on Revenue ($millions) Copper 96,860 t $4.02/lb +/- 10 % +/- $85.8 Zinc 26,781 t $1.09/lb +/- 10 % +/- $6.4 Nickel 987 t $7.53/lb +/- 10 % +/- $1.6 Gold 34 koz $2,230/oz +/- 10 % +/- $7.6 Molybdenum 802 t $17.57/lb +/- 10 % +/- $3.1 For a detailed discussion of the Company’s financial instruments, refer to Note 20 "Financial Instruments" in the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2024. 24 ===== SIDA 35 ===== Non-GAAP and Other Performance Measures The Company uses certain performance measures in its analysis. These performance measures have no meaning within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following are non-GAAP measures that the Company uses as key performance indicators. Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it may be useful to investors Cash cost Includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges, but excludes royalty expenses, expenses associated with non- cash fair value adjustments to inventory, depreciation and amortization and capital expenditures for deferred stripping. Revenue from sales of by-products, inclusive of adjustments for the terms of streaming agreements but excluding the recognition of any deferred revenue from the allocation of upfront streaming proceeds, reduce cash costs. Production costs Copper, zinc and nickel cash cost per pound sold are useful measures to assess the operating performance of the Company's mines, and their ability to generate cash. The inclusion of by-product credits incorporates the benefit of other metals extracted in the production of the primary metal. Cash cost per pound sold This ratio is calculated by dividing cash cost by the sales volume of the primary metal (copper, zinc, or nickel). All-in sustaining cost ("AISC") Includes cash cost (as defined above), royalties, sustaining capital expenditure (including deferred stripping and underground mine development), reclamation and other closure cost accretion and amortization and lease payments (cash basis). As this measure seeks to reflect the full cost of production from current operations, expansionary capital and certain exploration costs are excluded as these are costs typically incurred to extend mine life or materially increase the productive capacity of existing assets, or for new operations. Corporate general and administrative expenses have also been excluded as any attribution of these costs to an operating site would not necessarily be reflective of costs directly attributable to the administration of the site. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest) and costs related to business combinations, asset acquisitions and asset disposals are also excluded. Production costs Copper, zinc and nickel AISC and ASIC per pound sold are useful measures to understand the full cost of producing and selling metal at the Company's mines, and each mine's ability to generate cash while sustaining production at current levels. AlSC per pound sold This ratio is calculated by dividing AISC by the sales volume of the primary metal (copper, zinc, or nickel). Sustaining capital expenditures This supplementary financial measure is defined as cash- basis expenditures which maintain existing operations and sustain production levels. Investment in mineral properties, plant and equipment Sustaining capital expenditures provide an understanding of costs required to maintain existing production levels. Expansionary capital expenditures provide information on costs required for future growth of existing or new assets. Expansionary capital expenditures This non-GAAP measure is defined as cash-basis expenditures which increase current or future production capacity, cash flow or earnings potential and are reported excluding capitalized interest. Where an expenditure both maintains and expands current operations, classification would be based on the primary decision for which the expenditure is being made. 25 ===== SIDA 36 ===== Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it is useful to investors Realized price per pound and realized price per ounce1 Defined as revenue from metal sales (copper, zinc, gold, nickel and molybdenum) adding back treatment and refining charges, cash effects of gold and copper streams, recognition of deferred revenue from the allocation of upfront streaming proceeds and sales of silver and other metals, divided by the volume of metal sold in the period. Revenue These measures provide an understanding of the price realized in each reporting period for metal sales. Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, interest income and finance costs. Adjusted EBITDA removes the effects of items that do not reflect the Company's underlying operating performance and are not necessarily indicative of future operating results. These may include: unrealized foreign exchange, unrealized gains or losses from derivative contracts, revaluation gains or losses on marketable securities, derivative liabilities and purchase options, expenses for acquisition-related fair value adjustments to inventory, non-cash impairment charges and reversals, non-cash stockpile inventory or fixed asset write-downs, costs relating to the sinkhole near Ojos del Salado operations, income from investments in associates, gains or losses on disposals of subsidiaries, insurance proceeds and litigation and settlements. Net earnings (loss) EBITDA and Adjusted EBITDA are used to evaluate the Company's operational performance and its ability to generate cash from core operations. Adjusted earnings (loss) Defined as net earnings or loss attributable to shareholders of the Company excluding the effects (net of tax) of significant items that do not reflect the Company's underlying operating performance. In addition to the items listed for Adjusted EBITDA, these may also include: deferred tax recovery or expense arising from foreign exchange translation and deferred tax recovery or expense arising from changes in tax rates. Adjustments exclude amounts attributable to non-controlling interests. Net earnings (loss) attributable to Lundin Mining Corporation shareholders In addition to conventional measures prepared in accordance with IFRS, adjusted earnings and adjusted earnings per share measure the underlying operating performance of the Company. Adjusted earnings (loss) per share This ratio is calculated by dividing adjusted net earnings or loss by the weighted average number of shares outstanding. Free cash flow from operations Defined as cash flow provided by operating activities, excluding general exploration and business development costs and deducting sustaining capital expenditures (as defined above). Cash provided by operating activities Free cash flow from operations is indicative of the Company's ability to generate cash from its operations after consideration of required sustaining capital expenditure necessary to maintain existing production levels. Free cash flow Defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above). Adjusted operating cash flow Defined as cash provided by operating activities, excluding changes in non-cash working capital items. Cash provided by operating activities These measures are indicative of the Company's ability to generate cash from its operations and remove the impact of working capital, which can experience volatility from period-to-period. Adjusted operating cash flow per share This ratio is calculated by dividing adjusted operating cash flow by the weighted average number of shares outstanding. Net debt Net debt is defined as total debt and lease liabilities excluding deferred financing fees, less cash and cash equivalents. Net debt excluding lease liabilities is defined as total debt excluding lease liabilities, deferred financing fees, less cash and cash equivalents. Debt and lease liabilities, current portion of debt and lease liabilities, cash and cash equivalents These measures are indicative of the Company's financial position. Net debt excluding lease liabilities 1See the 'Revenue Overview' section of this MD&A for reconciliations to revenue, the most directly comparable IFRS measure. 26 ===== SIDA 37 ===== Cash Cost per Pound and All-in Sustaining Cost (“AISC”) per Pound Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended March 31, 2024 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes: Tonnes 33,536 35,211 8,742 2,163 5,886 15,825 Pounds (000s) 73,934 77,627 19,273 4,769 12,976 34,888 Production costs 567,134 Less: Royalties and other (19,970) 547,164 Deduct: By-product credits (165,308) Add: Treatment and refining charges 46,951 Cash cost 139,490 166,439 38,735 19,249 42,057 22,837 428,807 Cash cost per pound ($/lb) 1.89 2.14 2.01 4.04 3.24 0.65 Add: Sustaining capital expenditure 99,532 42,754 29,199 4,078 22,413 14,341 Royalties 2,968 8,814 1,617 2,678 735 — Reclamation and other closure accretion and depreciation 2,167 1,040 2,679 1,968 1,335 1,186 Leases and other 3,033 15,381 765 1,236 64 78 All-in sustaining cost 247,190 234,428 72,995 29,209 66,604 38,442 AISC per pound ($/lb) 3.34 3.02 3.79 6.12 5.13 1.10 Three months ended March 31, 2023 Operations Candelaria Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes: Tonnes 35,570 9,072 2,735 8,031 16,612 Pounds (000s) 78,418 20,000 6,030 17,705 36,623 Production costs 417,764 Less: Royalties and other (12,086) 405,678 Deduct: By-product credits (156,965) Add: Treatment and refining charges 36,615 Cash cost 173,692 47,318 14,640 29,892 19,786 285,328 Cash cost per pound ($/lb) 2.21 2.37 2.43 1.69 0.54 Add: Sustaining capital expenditure 90,686 16,027 7,102 25,061 14,468 Royalties — 2,223 5,686 1,730 — Reclamation and other closure accretion and depreciation 2,307 1,801 2,958 1,324 1,061 Leases and other 3,143 966 747 158 102 All-in sustaining cost 269,828 68,335 31,133 58,165 35,417 AISC per pound ($/lb) 3.44 3.42 5.16 3.29 0.97 27 ===== SIDA 38 ===== Adjusted EBITDA Adjusted EBITDA can be reconciled to Net Earnings (Loss) on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended March 31, ($thousands) 2024 2023 Net earnings 58,555 165,311 Add back: Depreciation, depletion and amortization 184,492 120,247 Finance income and costs 35,694 15,699 Income taxes expense (recovery) 50,566 48,693 329,307 349,950 Unrealized foreign exchange loss (gain) (15,500) 8,644 Unrealized losses (gains) on derivative contracts 52,832 (20,666) Ojos del Salado sinkhole (recoveries) expenses (1,031) 4,582 Revaluation loss (gain) on marketable securities (2,430) (438) Gain on disposal of subsidiary — (5,718) Other (322) 589 Total adjustments - EBITDA 33,549 (13,007) Adjusted EBITDA 362,856 336,943 Adjusted Earnings and Adjusted EPS Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended March 31, ($thousands, except share and per share amounts) 2024 2023 Net earnings attributable to Lundin Mining shareholders 13,883 146,620 Add back: Total adjustments - EBITDA 33,549 (13,007) Tax effect on adjustments (1,767) (3,126) Deferred tax arising from foreign exchange translation (6,300) (6,007) Non-controlling interest on adjustments 5,852 1,202 Total adjustments 31,335 (20,938) Adjusted earnings 45,218 125,682 Basic weighted average number of shares outstanding 773,048,710 771,216,060 Net (loss) earnings attributable to Lundin Mining shareholders 0.02 0.19 Total adjustments 0.04 (0.03) Adjusted EPS 0.06 0.16 28 ===== SIDA 39 ===== Free Cash Flow from Operations and Free Cash Flow Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended March 31, ($thousands) 2024 2023 Cash provided by operating activities 267,531 211,875 General exploration and business development 13,451 14,765 Sustaining capital expenditures (213,260) (155,564) Free cash flow from operations 67,722 71,076 General exploration and business development (13,451) (14,765) Expansionary capital expenditures (55,981) (90,519) Free cash flow (1,710) (34,208) Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended March 31, ($thousands, except share and per share amounts) 2024 2023 Cash provided by operating activities 267,531 211,875 Changes in non-cash working capital items 46,135 23,192 Adjusted operating cash flow 313,666 235,067 Basic weighted average number of shares outstanding 773,048,710 771,216,060 Adjusted operating cash flow per share 0.41 0.30 Net Debt and Net Debt Excluding Lease Liabilities Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's condensed interim consolidated balance sheet as follows: ($thousands) March 31, 2024 December 31, 2023 Debt and lease liabilities (1,417,892) (1,273,162) Current portion of debt and lease liabilities (183,702) (212,646) Less deferred financing fees (netted in above) (5,729) (6,374) (1,607,323) (1,492,182) Cash and cash equivalents 365,451 268,793 Net debt (1,241,872) (1,223,389) Lease liabilities 260,463 277,208 Net debt excluding lease liabilities (981,409) (946,181) 29 ===== SIDA 40 ===== Other Information and Advisories Related Party Transactions The Company enters into related party transactions that are in the normal course of business and on an arm’s length basis. Related party disclosures can be found in Note 23 of the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2024. Changes in Accounting Policies The accounting policies applied in the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2024 are the same as those applied in the Company’s consolidated financial statements for the year ended December 31, 2023. Certain amendments to standards were effective for annual periods beginning on or after January 1, 2024, including amendments to IAS 1 – Presentation of Financial Statements and IAS 12 – Income Taxes. There was no material impact on the Company’s condensed interim consolidated financial statements from the adoption of these amendments. Critical Accounting Estimates and Judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. For further information on the Company’s significant accounting estimates and judgements, refer to Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2023. There have been no subsequent material changes to these significant accounting estimates and judgements. Disclosure Controls and Procedures Disclosure controls and procedures have been designed to provide reasonable assurance that all material information related to the Company is identified and communicated on a timely basis. Management of the Company, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, is responsible for the design and operation of disclosure controls and procedures. Management has evaluated the effectiveness of the Company’s disclosure controls and procedures and has concluded that they were effective as at December 31, 2023. There have been no changes in the Company’s disclosure controls and procedures during the three months ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s financial reporting. Internal Control over Financial Reporting (“ICFR”) Management of the Company, under the supervision of the President and Chief Executive Officer and Executive Vice President and Chief Financial Officer, is responsible for establishing and maintaining adequate ICFR. The Company’s ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. However, due to inherent limitations ICFR may not prevent or detect all misstatements and fraud. Management will continue to monitor the effectiveness of its ICFR and may make modifications from time to time as considered necessary. Management assesses the effectiveness of the Company’s ICFR using the Internal Control – Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Management conducted an evaluation of the effectiveness of ICFR and concluded that it was effective as at December 31, 2023. There have been no changes in the Company’s ICFR during the three months ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s financial reporting. 30 ===== SIDA 41 ===== 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. For additional discussion on Lundin Mining’s risks, refer to the “Risks and Uncertainties” section of the Company’s Annual Information Form (“AIF”) for the year ended December 31, 2023 and the “Cautionary Statement on Forward-Looking Information” of this MD&A. National Instrument 43-101 Compliance The scientific and technical information in this document has been reviewed and approved in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") by Arman Barha, P.Eng., Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Barha has verified the data disclosed in this document and no limitations were imposed on his verification process. Other Information Additional information regarding the Company is included in the Company’s AIF which is filed with the Canadian securities regulators. A copy of the Company’s AIF can be obtained on SEDAR+ ( www.sedarplus.com) or on the Company’s website (www.lundinmining.com). Outstanding Share Data The table below summarizes the Company’s common shares and securities convertible into common shares as at May 1, 2024. May 1, 2024 Common shares issued and outstanding 776,004,962 Stock options outstanding (weighted average exercise price of C$10.11) 4,870,143 Time vesting share units1 1,523,037 Performance vesting share units2 1,040,377 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. 31 ===== SIDA 42 ===== Condensed Interim Consolidated Financial Statements of Lundin Mining Corporation March 31, 2024 (Unaudited) ===== SIDA 43 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS As at (Unaudited - in thousands of US dollars) March 31, 2024 December 31, 2023 ASSETS Cash and cash equivalents (Note 3) $ 365,451 $ 268,793 Trade and other receivables (Note 4) 759,377 828,871 Income taxes receivable 39,352 34,542 Inventories (Note 5) 617,020 599,407 Current portion of derivative assets (Note 20) 12,646 38,114 Other current assets 21,538 21,421 Total current assets 1,815,384 1,791,148 Restricted funds 60,840 59,979 Long-term inventory (Note 5) 774,772 797,597 Derivative assets (Note 20) 2,582 9,397 Other non-current assets (Note 6) 67,784 67,090 Mineral properties, plant and equipment (Note 7) 7,789,521 7,725,169 Deferred tax assets 162,450 170,203 Goodwill 238,549 240,616 9,096,498 9,070,051 Total assets $ 10,911,882 $ 10,861,199 LIABILITIES Trade and other payables (Note 8) $ 772,966 $ 805,763 Income taxes payable 64,785 62,926 Current portion of derivative liabilities (Note 20) 33,779 26,389 Current portion of debt and lease liabilities (Note 9) 183,702 212,646 Current portion of deferred revenue (Note 10) 86,709 87,867 Current portion of reclamation and other closure provisions (Note 11) 11,627 14,442 Total current liabilities 1,153,568 1,210,033 Derivative liabilities (Note 20) 17,527 3,148 Debt and lease liabilities (Note 9) 1,417,892 1,273,162 Deferred revenue (Note 10) 523,009 535,363 Reclamation and other closure provisions (Note 11) 519,836 529,734 Deferred consideration and other long-term liabilities 134,440 133,199 Provision for pension obligations 5,658 6,752 Deferred tax liabilities 745,075 751,688 3,363,437 3,233,046 Total liabilities 4,517,005 4,443,079 SHAREHOLDERS' EQUITY Share capital (Note 12) 4,587,131 4,574,830 Contributed surplus 52,118 55,201 Accumulated other comprehensive loss (336,267) (296,617) Retained earnings 590,464 627,903 Equity attributable to Lundin Mining Corporation shareholders 4,893,446 4,961,317 Non-controlling interests (Note 13) 1,501,431 1,456,803 Total shareholders' equity 6,394,877 6,418,120 Total liabilities and shareholders' equity $ 10,911,882 $ 10,861,199 Commitments and contingencies (Note 21) The accompanying notes are an integral part of these condensed interim consolidated financial statements. APPROVED BY THE BOARD OF DIRECTORS (Signed) Adam I. Lundin - Director (Signed) Dale C. Peniuk - Director - 1 - ===== SIDA 44 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited - in thousands of US dollars, except for shares and per share amounts) Three months ended March 31, 2024 2023 Revenue (Note 14) $ 936,981 $ 751,344 Cost of goods sold Production costs (Note 15) (567,134) (417,764) Depreciation, depletion and amortization (184,492) (120,247) Gross profit 185,355 213,333 General and administrative expenses (16,760) (15,110) General exploration and business development (Note 17) (13,451) (14,765) Finance income (Note 18) 3,833 1,764 Finance costs (Note 18) (39,527) (17,463) Other (expense) income (Note 19) (10,329) 46,245 Earnings before income taxes 109,121 214,004 Current tax expense (47,263) (59,501) Deferred tax (expense) recovery (3,303) 10,808 Net earnings $ 58,555 $ 165,311 Net earnings attributable to: Lundin Mining Corporation shareholders $ 13,883 $ 146,620 Non-controlling interests 44,672 18,691 Net earnings $ 58,555 $ 165,311 Basic and diluted earnings per share attributable to Lundin Mining Corporation shareholders: $ 0.02 $ 0.19 Weighted average number of shares outstanding (Note 12) Basic 773,048,710 771,216,060 Diluted 775,002,730 771,992,179 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 2 - ===== SIDA 45 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited - in thousands of US dollars) Three months ended March 31, 2024 2023 Net earnings $ 58,555 $ 165,311 Other comprehensive (loss) income, net of taxes Item that will not be reclassified to net earnings: Remeasurements for post-employment benefit plans (241) (258) Item that may be reclassified subsequently to net earnings: Effects of foreign exchange (39,453) 19,453 Other comprehensive (loss) income (39,694) 19,195 Total comprehensive income $ 18,861 $ 184,506 Comprehensive income attributable to: Lundin Mining Corporation shareholders $ (25,767) $ 165,872 Non-controlling interests 44,628 18,634 Total comprehensive income $ 18,861 $ 184,506 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 3 - ===== SIDA 46 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited - in thousands of US dollars, except for shares) Number of shares Share capital Contributed surplus Accumulated other comprehensive (loss) income Retained earnings Non- controlling interests Total Balance, December 31, 2023 773,667,789 $ 4,574,830 $ 55,201 $ (296,617) $ 627,903 $ 1,456,803 $ 6,418,120 Exercise of share-based awards 1,516,779 12,301 (4,748) — — — 7,553 Share-based compensation — — 1,665 — — — 1,665 Dividends declared (Note 12(d)) — — — — (51,322) — (51,322) Net earnings — — — — 13,883 44,672 58,555 Other comprehensive loss — — — (39,650) — (44) (39,694) Total comprehensive (loss) income — — — (39,650) 13,883 44,628 18,861 Balance, March 31, 2024 775,184,568 $ 4,587,131 $ 52,118 $ (336,267) $ 590,464 $ 1,501,431 $ 6,394,877 Balance, December 31, 2022 770,746,531 $ 4,555,125 $ 55,769 $ (342,287) $ 592,425 $ 564,089 $ 5,425,121 Exercise of share-based awards 999,480 6,353 (4,268) — — — 2,085 Share-based compensation — — 2,266 — — — 2,266 Dividends declared — — — — (51,290) — (51,290) Net earnings — — — — 146,620 18,691 165,311 Other comprehensive income (loss) — — — 19,252 — (57) 19,195 Total comprehensive income — — — 19,252 146,620 18,634 184,506 Balance, March 31, 2023 771,746,011 $ 4,561,478 $ 53,767 $ (323,035) $ 687,755 $ 582,723 $ 5,562,688 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 4 - ===== SIDA 47 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands of US dollars) Three months ended March 31, Cash provided by (used in) 2024 2023 Operating activities Net earnings $ 58,555 $ 165,311 Items not involving cash and other adjustments Depreciation, depletion and amortization 184,492 120,247 Share-based compensation 1,641 2,266 Unrealized foreign exchange (gain) loss (15,500) 8,644 Finance costs, net (Note 18) 35,694 15,699 Recognition of deferred revenue (Note 10) (18,838) (19,100) Deferred tax expense (recovery) 3,303 (10,808) Revaluation of marketable securities (Note 19) (2,430) (438) Revaluation of foreign currency and diesel derivatives (Note 20) 49,117 (34,243) Other 2,234 8,063 Reclamation payments (Note 11) (4,984) (2,581) Pension payments (843) (578) Changes in long-term inventory 21,225 (17,415) Changes in non-cash working capital items (Note 24) (46,135) (23,192) 267,531 211,875 Investing activities Investment in mineral properties, plant and equipment (271,906) (246,119) Cash received from disposal of subsidiary (Note 19) — 5,718 Interest received 1,915 878 Other 327 (543) (269,664) (240,066) Financing activities Proceeds from debt (Note 9) 267,802 148,830 Principal repayments of debt (Note 9) (133,397) (130,480) Principal payments of lease liabilities (14,905) (5,218) Interest paid (28,135) (4,695) Proceeds from common shares issued 7,553 2,085 Net proceeds from settlement of foreign currency and diesel derivatives 3,942 11,069 Other (602) (2,085) 102,258 19,506 Effect of foreign exchange on cash balances (3,467) 1,537 Increase (decrease) in cash and cash equivalents during the period 96,658 (7,148) Cash and cash equivalents, beginning of period 268,793 191,387 Cash and cash equivalents, end of period $ 365,451 $ 184,239 Supplemental cash flow information (Note 24) The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 5 - ===== SIDA 48 ===== 1. NATURE OF OPERATIONS Lundin Mining Corporation ("Lundin Mining" or the "Company") is a diversified Canadian base metals mining company primarily producing copper, zinc, nickel and gold. The Company owns 80% of the Candelaria and Ojos del Salado mining complex ("Candelaria") and 51% of the Caserones copper-molybdenum mine (“Caserones”), each of which are located in Chile. The Company’s wholly-owned operating assets include the Chapada mine located in Brazil, the Eagle mine located in the United States of America (“USA”), the Neves-Corvo mine located in Portugal, and the Zinkgruvan mine located in Sweden. In addition, the Company owns the large scale copper-gold Josemaria project ("Josemaria Project"), located in Argentina. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm Exchange in Sweden. The Company is incorporated under the Canada Business Corporations Act. The Company is domiciled in Canada and its principal place of business is 1055 Dunsmuir Street, Suite 2800, Vancouver, British Columbia, Canada. 2. BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (i) Basis of presentation and measurement The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - Accounting including IAS 34 Interim Financial Reporting. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023. The consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments which have been measured at fair value. The Company's presentation currency is United States (“US”) dollars. Reference herein to $ or USD is to US dollars, C$ or CAD is to Canadian dollars, SEK is to Swedish krona, € refers to the Euro, CLP refers to the Chilean peso, BRL refers to the Brazilian real, and ARS refers to the Argentine peso. Balance sheet items are classified as current if receipt or payment is due within twelve months. Otherwise, they are presented as non-current. These condensed interim consolidated financial statements were approved by the Board of Directors of the Company for issue on May 1, 2024. (ii) Material accounting policies The accounting policies followed in these condensed interim consolidated financial statements are consistent with those disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2023. Except as described in Note 2(iii), there were no changes in material accounting policies during the three months ended March 31, 2024. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 6 - ===== SIDA 49 ===== (iii) New accounting standards issued Amendments to IAS 1 - Classification of Liabilities as Current or Non-Current In January, 2020, the IASB issued Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. Under existing requirements, a liability is current if an unconditional right to defer settlement of the liability for at least twelve months after the reporting period does not exist. With the introduction of the two amendments to IAS 1 in 2024, for a liability to be classified as non-current, a company must have the right to defer settlement of the liability for at least twelve months after the reporting period. The right must have substance and exist at the end of the reporting period, and the classification of the liability must be unaffected by the likelihood that the company will exercise that right. The amendments apply retrospectively for annual reporting periods beginning on or after 1 January 2024, with early application permitted and have been applied with no material impact on the Company in the current reporting period. Amendments to IAS 12 - International Tax Reform - Pillar Two Model Rules In May 2023, the IASB issued amendments to IAS 12 – Income Taxes. The amendments provide an exception to the requirements regarding the recognition of deferred tax assets and liabilities related to the Pillar Two global minimum tax rules and were effective immediately . The Company has applied the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes whilst it continues to evaluate the impact of these income taxes on its consolidated financial statements. Additionally, the amendments to IAS 12 require disclosure of the Company's current tax expense or income related to Pillar Two income taxes and disclosure of known or reasonably estimable information regarding the Company's exposure to Pillar Two income taxes. Among the jurisdictions where the Company operates, Pillar Two legislation is enacted in Sweden and Netherlands and is expected to be substantially enacted in Canada and Portugal in 2024. The Company is currently assessing the potential impact of the Pillar Two legislation for when it comes into effect, but the quantitative impact of the enacted or substantively enacted legislation has not yet been determined. (iv) Critical accounting estimates and judgments in applying the entity’s accounting policies Areas of judgment that have the most significant effect on the amounts recognized in the financial statements are disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2023. 3. CASH AND CASH EQUIVALENTS Cash and cash equivalents are comprised of the following: March 31, 2024 December 31, 2023 Cash $ 269,755 $ 197,537 Short-term deposits 95,696 71,256 $ 365,451 $ 268,793 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 7 - ===== SIDA 50 ===== 4. TRADE AND OTHER RECEIVABLES Trade and other receivables are comprised of the following: March 31, 2024 December 31, 2023 Trade receivables $ 578,134 $ 643,722 Prepaid expenses 69,947 48,901 Value added tax 67,150 80,088 Other receivables 44,146 56,160 $ 759,377 $ 828,871 5. INVENTORIES Inventories are comprised of the following: March 31, 2024 December 31, 2023 Materials and supplies $ 335,906 $ 313,966 Ore stockpiles and dump leach 201,472 207,602 Finished goods - concentrate stockpiles 66,852 72,515 Finished goods - copper cathode 12,790 5,324 $ 617,020 $ 599,407 Long-term inventory is comprised of the following: March 31, 2024 December 31, 2023 Ore stockpiles at Candelaria $ 420,416 $ 427,075 Ore stockpiles at Chapada 259,694 270,570 Dump leach at Caserones 94,662 99,952 $ 774,772 $ 797,597 6. OTHER NON-CURRENT ASSETS Other non-current assets are comprised of the following: March 31, 2024 December 31, 2023 Caserones purchase option (a) $ 43,735 $ 44,438 Marketable securities 16,319 14,268 Other 7,730 8,384 $ 67,784 $ 67,090 a) Pursuant to the terms of the purchase agreement to acquire 51% of SCM Minera Lumina Copper Chile ("Caserones mine"), the Company acquired the right to purchase an additional 19% interest in Caserones mine for $350.0 million over a five-year period commencing on July 13, 2024 ("Caserones Purchase Option"). The Caserones Purchase Option is recorded at fair value with changes in fair value recorded in Other income and expense. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 8 - ===== SIDA 51 ===== 7. MINERAL PROPERTIES, PLANT AND EQUIPMENT Mineral properties, plant and equipment are comprised of the following: Cost Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2022 $ 5,546,923 $ 3,752,177 $ 236,056 $ 876,419 $ 32,626 $ 10,444,201 Additions 73,485 8,453 80,020 76,149 22 238,129 Disposals and transfers 4,278 1,188 (12,495) — 99 (6,930) Effects of foreign exchange 28,534 17,374 1,030 — 98 47,036 As at March 31, 2023 5,653,220 3,779,192 304,611 952,568 32,845 10,722,436 Caserones acquisition — 1,243,432 94,110 — — 1,337,542 Additions 206,615 87,828 326,520 177,499 60 798,522 Disposals and transfers 113,184 176,892 (397,432) — 30,488 (76,868) Effects of foreign exchange 41,735 20,653 2,452 — 176 65,016 As at December 31, 2023 6,014,754 5,307,997 330,261 1,130,067 63,569 12,846,648 Additions 82,660 14,326 86,554 97,133 78 280,751 Disposals and transfers 12,434 26,134 (42,771) — 34 (4,169) Effects of foreign exchange (66,658) (31,784) (3,211) — (292) (101,945) As at March 31, 2024 $ 6,043,190 $ 5,316,673 $ 370,833 $ 1,227,200 $ 63,389 $ 13,021,285 Accumulated depreciation, depletion and amortization Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2022 $ 2,835,431 $ 1,621,439 $ — $ — $ 11,645 $ 4,468,515 Depreciation 69,765 58,429 — — 1,056 129,250 Disposals and transfers — (6,870) — — — (6,870) Effects of foreign exchange 17,096 6,968 — — 25 24,089 As at March 31, 2023 2,922,292 1,679,966 — — 12,726 4,614,984 Depreciation 244,135 288,240 — — 4,214 536,589 Disposals and transfers — (67,920) — — — (67,920) Effects of foreign exchange 27,648 10,095 — — 83 37,826 As at December 31, 2023 3,194,075 1,910,381 — — 17,023 5,121,479 Depreciation 68,736 101,733 — — 2,486 172,955 Disposals and transfers — (2,846) — — — (2,846) Effects of foreign exchange (43,999) (15,676) — — (149) (59,824) As at March 31, 2024 $ 3,218,812 $ 1,993,592 $ — $ — $ 19,360 $ 5,231,764 Net book value Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2023 $ 2,820,679 $ 3,397,616 $ 330,261 $ 1,130,067 $ 46,546 $ 7,725,169 As at March 31, 2024 $ 2,824,378 $ 3,323,081 $ 370,833 $ 1,227,200 $ 44,029 $ 7,789,521 ¹ Represent assets under construction at the Company's operating mine sites which are currently non-depreciable. 2 Assets relate to the Josemaria Project which are currently non-depreciable. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 9 - ===== SIDA 52 ===== During the three months ended March 31, 2024, the Company capitalized $7.5 million (March 31, 2023 - $3.3 million) of finance costs to assets under construction and the Josemaria Project at a weighted average interest rate of 6.0% (March 31, 2023 - 5.5%). During the three months ended March 31, 2024, the Company capitalized $78.7 million (March 31, 2023 - $41.3 million) of deferred stripping costs to mineral properties. The depreciation expense related to deferred stripping for the quarter was $22.7 million (March 31, 2023 - $25.6 million). Included in the mineral properties balance at March 31, 2024 is $327.2 million (December 31, 2023 - $277.5 million) related to deferred stripping at Candelaria and Caserones, which is currently non-depreciable. The Company's software intangible assets relate primarily to a global instance of an Enterprise Resource Planning ("ERP") system, and related configuration and customization costs incurred in preparing the intangible asset for its intended use. These assets have useful lives of 8 years or less, and are amortized on a straight-line basis. The Company leases various assets including power line infrastructure, buildings and storage facilities, rail cars, vehicles, machinery and equipment. The following table summarizes the changes in right-of-use assets within plant and equipment: Net book value As at December 31, 2022 $ 27,923 Additions 3,187 Depreciation (5,606) Effects of foreign exchange 333 As at March 31, 2023 25,837 Caserones acquisition 257,655 Additions 51,622 Depreciation (45,785) Disposals (5,363) Effects of foreign exchange 31 As at December 31, 2023 283,997 Additions 9,719 Depreciation (16,867) Disposals (1,534) Effects of foreign exchange (75) As at March 31, 2024 $ 275,240 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 10 - ===== SIDA 53 ===== 8. TRADE AND OTHER PAYABLES Trade and other payables are comprised of the following: March 31, 2024 December 31, 2023 Trade payables $ 391,761 $ 393,829 Unbilled goods and services 167,170 176,444 Employee benefits payable 78,994 114,514 Dividends payable 51,485 — Sinkhole provision 27,200 29,827 Royalties payable 22,460 23,773 Deferred consideration, current portion 10,000 10,000 Pricing provisions on concentrate sales 8,569 13,201 Prepayment from customers 494 21,963 Other 14,833 22,212 $ 772,966 $ 805,763 Included in pricing provisions on concentrate sales are balances owing to customers and provisions arising from forward market price adjustments. The sinkhole provision relates to expected remediation costs and potential fines directly related to the sinkhole near the Company's Ojos del Salado operations. The deferred consideration relates to the current portion of the remaining deferred cash consideration arising from the Caserones acquisition, payable in installments over the next six years. The long-term portion of $ 107.9 million has been reported in Other Long-Term Liabilities. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 11 - ===== SIDA 54 ===== 9. DEBT AND LEASE LIABILITIES Debt and lease liabilities are comprised of the following: March 31, 2024 December 31, 2023 Revolving credit facility (a) $ 295,437 $ 245,084 Term loan (b) 798,834 798,542 Candelaria and Chapada term loans (c) 138,750 48,850 Lease liabilities (d) 260,463 277,208 Commercial paper (e) 108,110 116,025 Line of credit — 99 Debt and lease liabilities 1,601,594 1,485,808 Less: current portion 183,702 212,646 Long-term portion $ 1,417,892 $ 1,273,162 The changes in debt and lease liabilities are comprised of the following: Leases Debt Total As at December 31, 2022 $ 27,166 $ 170,162 $ 197,328 Additions 3,117 148,830 151,947 Payments (5,590) (130,480) (136,070) Interest 372 — 372 Financing fee amortization — 200 200 Effects of foreign exchange 457 508 965 As at March 31, 2023 25,522 189,220 214,742 Caserones acquisition 257,655 — 257,655 Additions 51,275 2,341,767 2,393,042 Payments (54,251) (1,321,324) (1,375,575) Disposals (6,221) — (6,221) Interest 12,149 — 12,149 Financing fee amortization — 646 646 Deferred financing fee — (2,950) (2,950) Effects of foreign exchange (8,921) 1,241 (7,680) As at December 31, 2023 277,208 1,208,600 1,485,808 Additions 9,569 267,802 277,371 Payments (20,794) (133,397) (154,191) Disposals (1,495) — (1,495) Interest 5,889 — 5,889 Financing fee amortization — 645 645 Effects of foreign exchange (9,914) (2,519) (12,433) As at March 31, 2024 260,463 1,341,131 1,601,594 Less: current portion 44,952 138,750 183,702 Long-term portion $ 215,511 $ 1,202,381 $ 1,417,892 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 12 - ===== SIDA 55 ===== a) The Company has a revolving credit facility of $1,750.0 million maturing in April 2028 and bears interest on drawn funds at rates of Term Secu red Overnight Financing Rate (“Term SOFR”) plus Credit Spread Adjustment (“CSA”) of 0.10% plus an applicable margin of 1.45% to 2.50%, depending on the Company’s net leverage ratio. The revolving credit facility is unsecured, save and except for a charge over certain assets in the USA, and is subject to customary covenants. During the three months ended March 31, 2024, the Company drew down $65.0 million (March 31, 2023 - $25.0 million), and repaid $ 15.0 million (March 31, 2023 - $13.0 million). As at March 31, 2024, a principal balance of $300.0 million (December 31, 2023 - $250.0 million) was outstanding, with unamortized deferred financing fees of $4.6 million (December 31, 2023 - $4.9 million) netted against borrowings. Subsequent to March 31, 2024, the revolving credit facility was amended and extended to April 2029. b) In July 2023, the Company obtained a term loan of a principal amount of $800.0 million with an additional $400.0 million accordion option, maturing July 2026. The term loan bears interest at an annual rate equal to Term SOFR + CSA + an applicable margin of 1.60% to 2.65%, depending on the Company’s net leverage ratio. Principal is payable at maturity. The term loan is unsecured, save and except for a charge over certain assets in the USA, and has similar covenants to the Company’s existing $1,750.0 million revolving credit facility. As at March 31, 2024, a principal balance of $800.0 million (December 31, 2023 - $800.0 million) was outstanding, with unamortized deferred financing fees of $1.2 million (December 31, 2023 - $1.5 million) netted against borrowings. Subsequent to March 31, 2024, the term loan was amended and extended to July 2027. c) In February and March 2024, Compañia Contractual Minera Candelaria S.A. ("Candelaria") obtained two unsecured fixed term loans in the amount of $50.0 million and $15.0 million, respectively. The loans accrue interest at rates of 5.67% and 5.79% per annum and mature in May and June 2024, respectively. As at March 31, 2024, a principal balance of $65.0 million (December 31, 2023 - $nil) was outstanding. Mineração Maracá Indústria e Comércio S/A (“Chapada”), a subsidiary of the Company which owns the Chapada mine, obtained a series of unsecured fixed term loans totalling $ 45.4 million during the three months ended March 31, 2024 (March 31, 2023 - $59.5 million). Chapada repaid $ 20.5 million of the outstanding term loans during the three months ended March 31, 2024 (March 31, 2023 - $47.1 million). As at March 31, 2024, there were twenty three term loans outstanding at Chapada totalling $73.8 million (December 31, 2023 - sixteen term loans totalling $48.9 million). These outstanding term loans accrue interest at rates ranging from 6.07% to 7.15% per annum with interest payable upon maturity. The maturity dates range from April to June 2024. d) Lease liabilities relate to leases on power line infrastructure, buildings and storage facilities, rail cars, vehicles, machinery and equipment which have remaining lease terms of one to fourteen years and interest rates of 0.8% - 10.4% over the terms of the leases. e) Sociedade Mineira de Neves-Corvo, S.A. (“Somincor”), a subsidiary of the Company which owns the Neves- Corvo mine, entered into three unsecured commercial paper programs during 2022 and 2023 ("Commercial Paper Program 1, 2, and 3", respectively). Commercial Paper Program 1, entered into September 2022, has a borrowing capacity of €25.0 million, matures May 2025, and bears interest on drawn funds at EURIBOR+0.50%. Commercial Paper Program 2, entered into in June 2023, has a borrowing capacity of €50.0 million, matures in June 2028, and bears interest on drawn funds at EURIBOR+0.50%. Commercial Program 3, entered into July 2023, has a borrowing capacity of €40.0 million, matures in July 2028, and bears interest on drawn funds at EURIBOR+0.30%. During the three months ended March 31, 2024, Somincor had drawn $92.5 million (€85.0 million) from the commercial paper programs (March 31, 2023 - $64.4 million (€60.0 million)) and repaid $97.8 million (€90.0 million) from the respective programs (March 31, 2023 - $69.8 million(€65.0 million)). As at March 31, 2024, a principal balance of $21.6 million (€20.0 million), $54.1 million (€50.0 million), and $32.4 million (€30.0 million) was outstanding on Commercial Paper Program 1, 2, and 3, respectively (December 31, 2023 - $27.6 million (€25.0 million), $55.3 million (€50.0 million), and $33.2 million (€30.0 million)). LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 13 - ===== SIDA 56 ===== The schedule of undiscounted lease payment and debt obligations is as follows: Leases Debt Total Less than one year $ 63,248 $ 138,750 $ 201,998 One to five years 167,624 1,208,110 1,375,734 More than five years 148,127 — 148,127 Total undiscounted obligations as at March 31, 2024 $ 378,999 $ 1,346,860 $ 1,725,859 10. DEFERRED REVENUE The following table summarizes the changes in deferred revenue: As at December 31, 2022 $ 654,106 Recognition of revenue (19,100) Finance costs 9,010 Effects of foreign exchange 809 As at March 31, 2023 644,825 Recognition of revenue (53,643) Variable consideration adjustment 3,018 Finance costs 26,994 Effects of foreign exchange 2,036 As at December 31, 2023 623,230 Recognition of revenue (18,838) Finance costs 8,596 Effects of foreign exchange (3,270) As at March 31, 2024 609,718 Less: current portion 86,709 Long-term portion $ 523,009 Consideration received under the Company’s gold, silver and copper streaming agreements is deemed to be variable and can be subject to cumulative adjustments when the contractual volume to be delivered changes. In 2023, as a result of changes to the Company’s Mineral Resources and Mineral Reserves estimates, an adjustment was made to the deferred revenue liability which was recognized through revenue and finance costs. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 14 - ===== SIDA 57 ===== 11. RECLAMATION AND OTHER CLOSURE PROVISIONS Reclamation and other closure provisions relating to the Company's mining operations are as follows: Reclamation provisions Other closure provisions Total Balance, December 31, 2022 $ 401,020 $ 44,828 $ 445,848 Accretion 5,209 — 5,209 Changes in estimate 10,393 1,113 11,506 Changes in discount rate 2,635 — 2,635 Payments (2,169) (412) (2,581) Effects of foreign exchange 1,864 3,688 5,552 Balance, March 31, 2023 418,952 49,217 468,169 Acquisition of Caserones 92,440 — 92,440 Accretion 17,960 — 17,960 Changes in estimate (40,900) 4,459 (36,441) Changes in discount rate 11,949 — 11,949 Payments (6,673) (1,237) (7,910) Effects of foreign exchange 3,417 (5,408) (1,991) Balance, December 31, 2023 497,145 47,031 544,176 Accretion 6,343 — 6,343 Changes in estimate (5,691) 1,129 (4,562) Payments (4,151) (833) (4,984) Effects of foreign exchange (5,110) (4,400) (9,510) Balance, March 31, 2024 488,536 42,927 531,463 Less: current portion 6,946 4,681 11,627 Long-term portion $ 481,590 $ 38,246 $ 519,836 The Company expects these liabilities to be settled between 2024 and 2110. The reclamation provisions are discounted using current market pre-tax discount rates which range from 2.0% to 10.4% (December 31, 2023 - 2.0% to 10.4%). 12. SHARE CAPITAL a) Basic and diluted weighted average number of shares outstanding Three months ended March 31, 2024 2023 Basic weighted average number of shares outstanding 773,048,710 771,216,060 Effect of dilutive securities 1,954,020 776,119 Diluted weighted average number of shares outstanding 775,002,730 771,992,179 Antidilutive securities 2,492,016 1,257,075 The effect of dilutive securities relates to in-the-money outstanding stock options and share units ("SUs"). LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 15 - ===== SIDA 58 ===== b) Stock options and share units granted Three months ended March 31, 2024 2023 Stock options 1,498,160 1,862,433 Restricted Share Units and Performance Share Units 1,041,450 1,247,573 c) Deferred share units During the year ended December 31, 2023, the Company adopted a Deferred Share Unit ("DSU") Plan effective January 1, 2024 under which DSUs are granted by the Board of Directors quarterly to eligible non-employee Directors. The DSUs will accumulate and will be settled in cash at the time of each eligible Director's departure or at the termination of the DSU Plan. A director will receive a cash payment equal to the market value of such DSUs plus accrued dividend equivalents as of the settlement date. During the three months ended March 31, 2024, 8,204 DSUs were granted under the plan. d) Dividends During the three months ended March 31, 2024, the Company declared dividends in the amount of $51.3 million (March 31, 2023 - $51.3 million) or C$0.09 per share (March 31, 2023 - C$0.09 per share), which were paid on April 10, 2024. 13. NON-CONTROLLING INTERESTS Set out below is summarized financial information for each subsidiary with non-controlling interest ("NCI") that is material to the group. As part of its Candelaria segment, the Company owns 80% of Candelaria mine and Compañia Contractual Minera Ojos del Salado S.A.’s copper mining operations and supporting infrastructure in Chile (together the "Candelaria complex"). In addition, the Company owns 51% of Caserones mine, also located in Chile. The continuity of the Company's non-wholly owned subsidiaries with material NCI is as follows: Candelaria complex Caserones mine Total NCI in subsidiary at March 31, 2024 20% 49% As at December 31, 2022 $ 564,089 $ — $ 564,089 Share of net comprehensive income (loss) 18,634 — 18,634 As at March 31, 2023 582,723 — 582,723 Caserones acquisition — 873,767 873,767 Share of net comprehensive income (loss) 23,119 32,294 55,413 Distributions (11,000) (44,100) (55,100) As at December 31, 2023 594,842 861,961 1,456,803 Share of net comprehensive income (loss) 14,369 30,259 44,628 As at March 31, 2024 $ 609,211 $ 892,220 $ 1,501,431 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 16 - ===== SIDA 59 ===== Summarized financial information for the Company's non-wholly owned subsidiaries on a 100% basis, before inter-company eliminations is as follows: Summarized Balance Sheets Candelaria complex Caserones mine As at Mar. 31, 2024 As at Dec. 31, 2023 As at Mar. 31, 2024 As at Dec. 31, 2023 Total current assets $ 577,424 $ 512,217 $ 719,359 $ 708,927 Total non-current assets $ 3,142,286 $ 3,140,799 $ 1,608,966 $ 1,629,052 Total current liabilities $ 297,573 $ 266,314 $ 285,508 $ 323,797 Total non-current liabilities $ 642,619 $ 646,189 $ 255,849 $ 267,263 Summarized Statements of Earnings and Comprehensive Income (Loss) Candelaria complex Caserones mine For the three months ended March 31, 2024 2023 2024 2023 Total revenue $ 374,322 $ 432,676 $ 322,793 $ — Net earnings (loss) $ 71,851 $ 99,620 $ 61,049 $ — Net comprehensive income (loss) $ 71,807 $ 99,563 $ 61,049 $ — Summarized Statement of Cash Flows Candelaria complex Caserones mine For the three months ended March 31, 2024 2023 2024 2023 Cash provided by operating activities $ 52,725 $ 87,662 $ 106,104 $ — Cash used in investing activities (98,772) (91,928) (40,137) — Cash (used in)/provided by financing activities 29,801 (28,270) (38,930) — Increase (decrease) in cash and cash equivalents during the period $ (16,246) $ (32,536) $ 27,037 $ — LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 17 - ===== SIDA 60 ===== 14. REVENUE The Company's analysis of revenue from contracts with customers, segmented by product, is as follows: Three months ended March 31, 2024 2023 Revenue from contracts with customers: Copper $ 699,255 $ 480,980 Zinc 64,941 98,489 Gold 54,718 53,343 Molybdenum 38,827 — Nickel 35,126 63,630 Silver 13,328 9,266 Lead 12,496 12,840 Other 9,176 4,455 927,867 723,003 Provisional pricing adjustments on current period concentrate sales 6,974 (12,328) Provisional pricing adjustments on prior period concentrate sales 2,140 40,669 Revenue $ 936,981 $ 751,344 The Company's geographical analysis of revenue from contracts with customers, segmented based on the destination of product, is as follows: Three months ended March 31, 2024 2023 Revenue from contracts with customers: Japan $ 381,877 $ 194,338 China 194,457 140,565 Germany 71,144 27,788 Finland 60,449 67,052 Spain 53,912 132,568 Canada 52,216 91,116 Chile 48,594 15,720 Norway 19,938 45,028 Other 45,280 8,828 927,867 723,003 Provisional pricing adjustments on current period concentrate sales 6,974 (12,328) Provisional pricing adjustments on prior period concentrate sales 2,140 40,669 Revenue $ 936,981 $ 751,344 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 18 - ===== SIDA 61 ===== 15. PRODUCTION COSTS The Company's production costs are comprised of the following: Three months ended March 31, 2024 2023 Direct mine and mill costs $ 517,517 $ 377,643 Transportation 32,805 30,482 Royalties 16,812 9,639 Total production costs $ 567,134 $ 417,764 16. EMPLOYEE BENEFITS The Company's employee benefits recognized in the consolidated statement of earnings are comprised of the following: Three months ended March 31, 2024 2023 Production costs Wages and benefits $ 98,295 $ 79,762 Retirement benefits 448 576 Share-based compensation 402 542 99,145 80,880 General and administrative expenses Wages and benefits 7,481 5,573 Retirement benefits 175 402 Share-based compensation 1,238 1,640 Termination benefits — 1,849 8,894 9,464 General exploration and business development Wages and benefits 1,080 1,658 Retirement benefits 11 12 Share-based compensation 1 84 1,092 1,754 Total employee benefits $ 109,131 $ 92,098 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 19 - ===== SIDA 62 ===== 17. GENERAL EXPLORATION AND BUSINESS DEVELOPMENT The Company's general exploration and business development costs are comprised of the following: Three months ended March 31, 2024 2023 General exploration $ 12,618 $ 9,203 Project development 822 536 Corporate development 11 5,026 Total general exploration and business development $ 13,451 $ 14,765 Corporate development expenses for the three months ended March 31, 2023 included $4.8 million in transaction costs related to the acquisition of Caserones. 18. FINANCE INCOME AND COSTS The Company's finance income and costs are comprised of the following: Three months ended March 31, 2024 2023 Interest income $ 3,833 $ 883 Interest expense and bank fees (23,157) (6,209) Accretion expense on reclamation provisions (6,343) (5,209) Lease liability interest (5,889) (372) Deferred revenue finance costs (3,746) (5,673) Other (392) 881 Total finance costs, net $ (35,694) $ (15,699) Finance income $ 3,833 $ 1,764 Finance costs (39,527) (17,463) Total finance costs, net $ (35,694) $ (15,699) LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 20 - ===== SIDA 63 ===== 19. OTHER INCOME AND EXPENSE The Company's other income and expense are comprised of the following: Three months ended March 31, 2024 2023 Unrealized (losses) gains on derivative contracts (Note 20) $ (52,832) $ 20,666 Foreign exchange gain (loss) (a) 26,824 (9,945) Foreign exchange and trading gains on debt and equity investments (b) 8,179 22,078 Realized gains on derivative contracts (Note 20) 3,715 13,577 Revaluation of marketable securities 2,430 438 Ojos del Salado sinkhole recoveries (expenses) (c) 1,031 (4,582) Revaluation of Caserones purchase option (703) — Revaluation of Chapada derivative liability (307) (1,416) Gain on disposal of subsidiary — 5,718 Other income (expense) 1,334 (289) Total other (expense) income, net $ (10,329) $ 46,245 a) Foreign exchange gains during the three months ended March 31, 2024 primarily relate to the foreign exchange revaluation of trade payables and lease liabilities held in CLP. b) Foreign exchange and trading gains on debt and equity investments include the changes in fair value of debt and equity instruments supporting capital funding for the Josemaria Project. c) Ojos del Salado sinkhole recoveries during the three months ended March 31, 2024 include a reversal of expenses originally accrued for as a result of updated information obtained related to the sinkhole near the Company's Ojos del Salado operations. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 21 - ===== SIDA 64 ===== 20. FINANCIAL INSTRUMENTS Derivative instruments From time to time, the Company uses derivative contracts as part of its risk management strategy to mitigate exposure to foreign currencies and commodities. Beginning in 2022, the Company entered into EUR, BRL, CLP, SEK and CAD foreign currency options and forward contracts intended to limit the foreign exchange exposure of its forecasted foreign currency denominated after-tax attributable operating and capital expenditures. In 2023, the Company entered into commodity forward swap contracts to limit exposure to changes in the price of diesel fuel purchases at Candelaria. The foreign exchange and commodities contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value with changes in fair value recognized in the consolidated statement of earnings. During the three months ended March 31, 2024, the Company entered into zero cost collar contracts in the total amounts of $24 million (equivalent to BRL 121 million) and $950 million (equivalent to CLP 926 billion) with collar ranges of BRL 5.10 to BRL 6.07 and CLP 900 to CLP 1,085, respectively. Of the CLP foreign currency contracts entered into during the three months ended March 31, 2024, $29 million (equivalent to CLP 28 billion) expired during the period, with the remaining contracts expiring in the remainder of 2024 through 2026. The following tables outline the foreign currency and diesel derivative contract positions and their expiry dates: Expired in Expiring throughout: Foreign currency forward contracts Q1 2024 remainder of 2024 2025 2026 EUR/USD forwards Average contract price 1.02 1.02 — — Position (EUR millions) 39 116 — — USD/SEK forwards Average contract price 10.90 10.90 10.83 — Position (SEK millions) 225 697 758 — Expired in Expiring throughout: Foreign currency zero cost collar contracts Q1 2024 remainder of 2024 2025 2026 USD/BRL collars Average contract price 5.00/6.40 5.00/6.40 5.05/6.06 5.10/6.07 Position (BRL millions) 243 730 391 121 USD/CLP collars Average contract price 872/1,029 884/1,042 872/1,032 904/1,060 Position (CLP millions) 91,775 427,882 480,476 480,476 USD/CAD collars Average contract price 1.30/1.40 1.30/1.40 — — Position (CAD millions) 5 14 — — USD/SEK collars Average contract price 10.35/11.15 10.35/11.15 — — Position (SEK millions) 99 297 — — Subsequent to March 31, 2024, the Company entered into zero cost collar contracts in the total amount of $174 million (equivalent to BRL 894 million) with average collar ranges of BRL 5.07 to BRL 6.04 expiring in 2025 and 2026. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 22 - ===== SIDA 65 ===== Expired in Expiring throughout: Diesel forward swap contracts Q1 2024 remainder of 2024 2025 2026 Average contract price ($/L) 0.667 0.667 — — Position (USD millions) 7 20 — — Subsequent to March 31, 2024, the Company entered into commodity collar contracts in the amount of 21,500 metric tonnes of copper with collar ranges of $4.10/lb to $4.52/lb, expiring May 2024. The Company’s net unrealized and realized (loss)/gain on foreign currency and diesel derivative contracts are as follows: Three months ended March 31, 2024 2023 Unrealized (loss)/gain on derivative financial instruments: Foreign currency contracts $ (54,539) $ 20,666 Diesel forward swap contracts 1,707 — (52,832) 20,666 Realized gain on derivative financial instruments: Foreign currency contracts 3,364 13,577 Diesel forward swap contracts 351 — 3,715 13,577 Total unrealized and realized gain on derivative contracts: $ (49,117) $ 34,243 A summary of the fair values of unsettled derivative contracts recorded on the consolidated balance sheet is as follows: March 31, 2024 December 31, 2023 Foreign currency contracts: Current asset position $ 11,835 $ 38,114 Non-current asset position 2,582 9,397 Current liability position 9,103 1,124 Non-current liability position 17,527 3,148 Diesel forward swap contracts: Current asset position 811 — Current liability position — 896 Other contracts: Chapada derivative current liability 24,676 24,369 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 23 - ===== SIDA 66 ===== Fair values of financial instruments The Company’s financial assets and financial liabilities have been classified into categories that determine their basis of measurement. The following table shows the carrying values, fair values and fair value hierarchy of the Company’s financial instruments as at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Level Carrying value Fair value Carrying value Fair value Financial assets Fair value through profit or loss Restricted funds 1 $ 60,840 $ 60,840 $ 59,979 $ 59,979 Trade receivables (provisional) 2 534,688 534,688 605,644 605,644 Marketable securities, and debt & equity investments 1 16,319 16,319 14,268 14,268 Foreign currency contracts 2 14,417 14,417 47,511 47,511 Diesel forward swap contracts 2 811 811 — — Caserones purchase option 3 43,735 43,735 44,438 44,438 $ 670,810 $ 670,810 $ 771,840 $ 771,840 Financial liabilities Amortized cost Debt 3 $ 1,341,131 $ 1,341,131 $ 1,208,600 $ 1,208,600 Fair value through profit or loss Pricing provisions on concentrate sales 2 $ 1,401 $ 1,401 $ 1,840 $ 1,840 Chapada derivative liability 2 24,676 24,676 24,369 24,369 Caserones deferred consideration 2 117,940 117,940 116,210 116,210 Foreign currency contracts 2 26,630 26,630 4,272 4,272 Diesel forward swap contracts 2 — — 896 896 $ 170,647 $ 170,647 $ 147,587 $ 147,587 Fair values of financial instruments are determined by valuation methods depending on hierarchy levels as defined below: Level 1 – Quoted market price in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted market prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. observed prices) or indirectly (i.e. derived from prices). Level 3 – Inputs for the assets or liabilities are not based on observable market data. The Company calculates fair values based on the following methods of valuation and assumptions: Marketable securities/debt and equity investments/restricted funds – The fair value of investments in shares and bonds is determined based on the quoted market price. Trade receivables/pricing provisions on concentrate sales – The fair value of trade receivables that contain provisional pricing sales arrangements are valued using quoted forward market prices. The Company recognized positive pricing adjustments of $9.1 million in revenue during the three months ended March 31, 2024 (March 31, 2023 - $28.3 million positive pricing adjustments). LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 24 - ===== SIDA 67 ===== Foreign currency and diesel forward swap contracts – The fair value of these derivatives are determined by the counterparties to the contracts and are assessed by Management using pricing models based on active market prices. Caserones purchase option – The fair value of the Caserones purchase option is determined using a valuation model that incorporates such factors as the mine's discounted cash flow projections, metal price volatility, expiry date, and risk-free interest rate. Chapada derivative liability – The fair value of this derivative is determined using a valuation model that incorporates such factors as metal prices, metal price volatility, expiry date, and risk-free interest rate. Caserones deferred consideration – The fair value of the Caserones deferred consideration has been discounted at the estimated credit adjusted risk free rate applicable to future payments. Debt – The fair values approximate carrying values as the interest rates are comparable to current market rates. The carrying values of certain financial instruments maturing in the short-term approximate their fair values. These financial instruments include cash and cash equivalents, trade and other receivables other than those provisionally priced, and trade and other payables other than those provisionally priced, which are classified as amortized cost. 21. COMMITMENTS AND CONTINGENCIES a) The Company has capital commitments of $436.7 million on various initiatives, of which $249.8 million is expected to be paid during 2024. b) The Company may be involved in legal proce edings arising in the ordinary course of business, including the action described below. The potential amount of the liabilities with respect to such legal proceedings is not expected to materially affect the Company's financial position. c) Significant changes to commitments and contingencies, since those reported at December 31, 2023, are described below: i. With respect to the Ontario class action, the Supreme Court of Canada granted the Company's leave application on March 28, 2024. The appeal will likely be heard in Q4 2024 or the first half of 2025. 22. SEGMENTED INFORMATION The Company is engaged in mining, exploration and development of mineral properties at six operating sites located in Chile, Brazil, USA, Portugal, and Sweden, and at the Josemaria Project located in Argentina. Operating segments are reported in a manner consistent with the internal reporting provided to executive management who act as the chief operating decision-makers. The chief operating decision makers consider the business from a site and project-level perspective. Executive management are responsible for allocating resources and assessing performance of the operating segments. The Company has identified eight reportable segments which include six operating sites, the Josemaria Project, and other corporate office operations. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 25 - ===== SIDA 68 ===== For the three months ended March 31, 2024 Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total Chile Chile Brazil USA Argentina Portugal Sweden Revenue $ 330,409 $ 326,211 $ 98,435 $ 57,223 $ — $ 80,630 $ 44,073 $ — $ 936,981 Cost of goods sold Production costs (161,250) (197,655) (64,585) (40,536) — (71,712) (30,075) (1,321) (567,134) Depreciation, depletion and amortization (73,426) (51,729) (15,080) (9,151) — (27,046) (7,983) (77) (184,492) Gross profit (loss) 95,733 76,827 18,770 7,536 — (18,128) 6,015 (1,398) 185,355 General and administrative expenses — — — — — — — (16,760) (16,760) General exploration and business development (1,880) (3,600) (683) (101) (3,785) (199) (2,388) (815) (13,451) Finance (costs) income (7,466) (4,376) (5,554) (899) 7,145 (1,183) (1,226) (22,135) (35,694) Other income (expense) 6,847 18,663 2,362 (306) 8,789 (4,186) (9,215) (33,283) (10,329) Income tax (expense) recovery (39,393) (22,236) 2,260 1,278 — 4,837 1,278 1,410 (50,566) Net earnings (loss) $ 53,841 $ 65,278 $ 17,155 $ 7,508 $ 12,149 $ (18,859) $ (5,536) $ (72,981) $ 58,555 Capital expenditures $ 99,532 $ 42,754 $ 29,199 $ 4,078 $ 58,646 $ 22,413 $ 14,341 $ 943 $ 271,906 Total non-current assets1 $ 3,137,025 $ 1,404,367 $ 1,386,468 $ 195,220 $ 1,259,110 $ 1,146,910 $ 266,052 $ 7,690 $ 8,802,842 For the three months ended March 31, 2023 Candelaria Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total Chile Brazil USA Argentina Portugal Sweden Revenue $ 380,405 $ 111,118 $ 69,420 $ — $ 129,403 $ 60,998 $ — $ 751,344 Cost of goods sold Production costs (187,979) (68,634) (45,449) — (85,726) (28,905) (1,071) (417,764) Depreciation, depletion and amortization (58,375) (12,081) (11,151) (38) (30,080) (8,087) (435) (120,247) Gross profit (loss) 134,051 30,403 12,820 (38) 13,597 24,006 (1,506) 213,333 General and administrative expenses — — — — — — (15,110) (15,110) General exploration and business development (3,840) (1,504) (586) — (1,136) (1,620) (6,079) (14,765) Finance (costs) income (8,001) (6,034) (1,084) 2,810 (565) (1,103) (1,722) (15,699) Other income (expense) 13,311 6,368 (182) 15,313 2,569 (248) 9,114 46,245 Income tax (expense) recovery (42,547) 5,349 (7) — (1,272) (3,979) (6,237) (48,693) Net earnings (loss) $ 92,974 $ 34,582 $ 10,961 $ 18,085 $ 13,193 $ 17,056 $ (21,540) $ 165,311 Capital expenditures $ 90,686 $ 16,027 $ 7,102 $ 90,555 $ 25,061 $ 14,468 $ 2,220 $ 246,119 Total non-current assets1 $ 3,015,585 $ 1,345,566 $ 236,873 $ 958,687 $ 1,170,597 $ 253,002 $ 30,305 $ 7,010,615 1 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 26 - ===== SIDA 69 ===== 23. RELATED PARTY TRANSACTIONS a) Transactions with associates - The Company may enter into transactions related to its investment in associate. These transactions are entered into in the normal course of business and on an arm’s length basis. b) Key management personnel - The Company has identified its directors and senior officers as its key management personnel. Employee benefits for key management personnel are as follows: Three months ended March 31, 2024 2023 Wages and salaries $ 1,869 $ 1,294 Pension benefits 28 44 Share-based compensation 475 743 Termination benefits — 1,406 $ 2,372 $ 3,487 c) Other related parties - For the three months ended March 31, 2024 , the Company incurred $4.6 million (March 31, 2023 – $0.3 million), for services provided by companies owned by members of key management personnel primarily relating to office rental, renovation costs, and related services. 24. SUPPLEMENTARY CASH FLOW INFORMATION Three months ended March 31, 2024 2023 Changes in non-cash working capital items consist of: Trade and income taxes receivable, inventories, and other current assets $ 45,490 $ (14,169) Trade and income taxes payable, and other current liabilities (91,625) (9,023) $ (46,135) $ (23,192) Operating activities included the following cash payments: Income taxes paid $ 49,001 $ 39,857 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 27 - ===== SIDA 70 ===== Registered Office 40 Temperance Street, Suite 3200, Toronto ON M5H 0B4 Canada Mailing Address 1055 Dunsmuir Street, Suite 2800, Bentall IV, Vancouver, BC V7X 1L2 Tel: +1.604.806.3081 lundinmining.com