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===== 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 2025 Results   
 
Vancouver, May 7, 2025  (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation  (“Lundin Mining” or the 
“Company”) today reported its first quarter 2025 financial results. Unless otherwise stated, results are presented in United 
States dollars on a 100% basis. 
 
Jack Lundin, President and CEO commented, “In the quarter we produced 76,774 tonnes of copper and 31,849 ounces of 
gold, keeping us firmly on track to achieve our annual guidance. Higher realized gold prices and solid operating 
performance drove nearly $1 billion in revenue, alongside $388 million in adjusted EBITDA from continuing operations and 
$337 million in adjusted operating cash flow from continuing  operations. Our consolidated copper cash costs came in at 
$2.07 per pound, within the lower end of our guidance range, demonstrating our continued focus on cost discipline.  
 
"Beyond operations, we completed several key strategic initiatives, including the $1.4 billion sale of our European assets 
on April 16th, which has meaningfully strengthened our balance sheet. We also introduced a new shareholder distribution 
policy that targets $220 million in annual shareholder returns.  
 
"In January we finalized the joint acquisition of Filo Corp. with our partner BHP to form Vicuña Corp., and earlier this week 
we announced the combined Mineral Resource estimate for the Filo del Sol and Josemaria deposits collectively, the Vicuña 
project, demonstrating a significant future growth opportunity for the Company. This quarter reflects the strength of our 
strategy and positions us well for the year ahead.” 
 
First Quarter Operational and Financial Highlights  
On April 16, 2025, the Company closed the sale of its European assets, Zinkgruvan and Neves -Corvo, to Boliden for cash 
consideration of $1,402 million. The financial results from these assets are reported as “discontinued operations” in the 
Company’s financial statements. 
 
• Copper Production: Production of 76,774 tonnes of copper in the first quarter from continuing operations. 
• Other Production: During the quarter, 32,000 ounces of gold and 2,296 tonnes of nickel were produced.  
• Revenue: $963.9 million in the first quarter from continuing operations with a realized copper price 1 of $4.63 /lb and 
a realized gold price1 of $3,349 /oz. 
• Net Earnings and Adjusted Earnings 1: During the quarter, net earnings from continuing operations attributable to 
shareholders of the Company was $138.1 million ($0.16 per share) and adjusted earnings from continuing operations 
was $93.9 million ($0.11 per share).  
• Adjusted EBITDA1: $387.9 million was generated from continuing operations for the quarter. 
• Cash Generation: Cash provided by continuing operations was $122.3 million and free cash flow from operations - 
continuing operations 1 was $21.6 million, which was impacted by lower operating cash flow as a result of a $214.7 
million negative change in working capital during the quarter. 
• Growth: The Company completed several significant initiatives that redefined its asset portfolio and positioned the 
Company for long-term growth: 
◦ During the quarter the Company completed the joint acquisition of Filo Corp. with BHP and formed the 
50/50 joint arrangement, Vicuña Corp. ("Vicuña"), to hold the Filo del Sol project and the Josemaria project. 
◦ The Company entered into an exclusivity agreement with Talon Metals Corp. on March 5, 2025 to acquire a 
highly prospective exploration project ("Boulderdash") adjacent to the Company's Eagle Mine. 
◦ During the quarter Lundin Mining announced a new shareholder distribution policy that provides an annual 
return of approximately $220 million per year to shareholders through a combination of dividends and 
share buybacks. 
 
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 quarter ended March 31, 2025 and the Reconciliation of Non-GAAP measures section at the end of this news release.

===== SIDA 2 =====

◦ On April 16, 2025 Lundin Mining completed the sale of Neves -Corvo and Zinkgruvan to Boliden for cash 
proceeds of $1,402 million and subsequently paid off its term loan of $1,150 million. 
◦ On May 4, 2025 the Company announced an initial Mineral Resource estimate for the Filo del Sol sulphide 
deposit, an update to the Mineral Resource estimate for the Filo del Sol oxide deposit and an update to the 
Mineral Resource estimate for the Josemaria deposit, which highlighted the combined Vicuña project as one 
of the largest copper, gold and silver resources in the world. 
• Outlook: The Company reaffirms it is tracking to full year guidance for production, cash costs and capital 
expenditures. The Company continues to benefit from stronger throughput at Candelaria and Caserones, while 
higher gold prices have improved cash costs which are expected to continue into the second quarter.  
• Assets and liabilities held for sale and discontinued operations: All assets and liabilities relating to the Neves -
Corvo and Zinkgruvan reporting segments have been classified as current assets and current liabilities held for sale 
as at March 31, 2025. The operating results of these segments have been classified as earnings (loss) from 
discontinued operations. 
Total assets of $1,442.2 million and liabilities of $407.2 million have been classified as held for sale for this purpose. 
Net loss from discontinued operations of $13.8 million represents the net loss of $39.3 million and the net earnings 
of $25.5 million from Neves-Corvo and Zinkgruvan, respectively, for the quarter ended March 31, 2025.

===== SIDA 3 =====

Summary Financial Results  
             
 
Three months ended  
March 31, 
(US$ millions continuing operations except where noted, except per share amounts) 2025    2024 
Revenue  963.9   812.3  
Gross profit  308.9   197.5  
Attributable net earningsa  138.1   38.3  
Net earnings  181.4   83.0  
Adjusted earningsa,b (all operations)  146.2   45.2  
Adjusted earningsa,b — continuing operations  93.9   56.4  
Adjusted earnings (loss)a,b — discontinued operations  52.2   (11.1) 
Adjusted EBITDAb (all operations)  450.8   362.9  
Adjusted EBITDAb — continuing operations  387.9   338.5  
Adjusted EBITDAb — discontinued operations  62.8   24.4  
Basic and diluted earnings per share ("EPS")a (all operations)  0.15   0.02  
Basic and diluted earnings per share ("EPS")a — continuing operations  0.16   0.05  
Basic and diluted loss per share ("EPS")a — discontinued operations  (0.02)  (0.03) 
Adjusted EPSa,b (all operations)  0.17   0.06  
Adjusted EPSa,b — continuing operations  0.11   0.07  
Adjusted EPSa,b — discontinued operations  0.06   (0.01) 
Cash provided by operating activities (all operations)  177.0   267.5  
Cash provided by operating activities - continuing operations  122.3   232.2  
Cash provided by operating activities - discontinued operations  54.7   35.4  
Adjusted operating cash flowb (all operations)  392.8   313.7  
Adjusted operating cash flowb — continuing operations  337.0   294.0  
Adjusted operating cash flowb — discontinued operations  55.8   19.7  
Adjusted operating cash flow per shareb (all operations)  0.46   0.41  
Adjusted operating cash flow per shareb — continuing operations  0.40   0.38  
Adjusted operating cash flow per shareb — discontinued operations  0.07   0.03  
Free cash flowb (all operations)  (47.5)  (1.7) 
Free cash flowb — continuing operations  (53.1)  (0.3) 
Free cash flowb — discontinued operations  5.6   (1.4) 
Free cash flow from operationsb (all operations)  32.0   67.7  
Free cash flow from operationsb — continuing operations  21.6   66.5  
Free cash flow from operationsb— discontinued operations  10.4   1.2  
Cash and cash equivalents  341.6   365.5  
Net debt excluding lease liabilitiesb  (1,441.7)  (981.4) 
Net debtb 
  
 (1,699.3)  (1,241.9) 
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 quarter ended March 31, 2025 and the Reconciliation of Non -GAAP Measures section at the end of this news release.  
• For the quarter ended March 31, 2025, the Company generated revenue from continuing operations of $963.9 
million (Q1 2024 - $812.3 million) and from discontinued operations of $180.1 million (Q1 2024 - $124.7 million). 
• Gross profit from continuing operations for the quarter of $308.9 million was $111.5 million higher than in the prior 
year comparable period of $197.5 million. The increase was primarily due to higher realized copper and gold prices, 
lower treatment charges, and favourable foreign exchange. Gross profit from discontinued operations for the 
quarter of $69.9 million increased from a gross loss of $12.1 million in the prior year comparable period primarily 
due to no depreciation being taken on assets classified as held for sale.

===== SIDA 4 =====

• Net earnings from continuing operations for the quarter of $181.4 million increased from the prior year comparable 
period of $83.0 million primarily due to an increase in gross profit. Net loss from discontinued operations for the 
quarter of $13.8 million  (Q1 2024 - net loss of $24.4 million) primarily resulted from the Euro strengthening in the 
quarter, resulting in a non-cash impairment of  $65.7 million net of tax (Q1 2024 - nil) to reduce the carrying value of 
Neves-Corvo to the cash proceeds subsequently received for this asset. This loss was partially offset by increased 
gross profit from discontinued operations. 
• Adjusted earnings from continuing operations  for the quarter  of $93.9 million, increased from the prior year 
comparable period of $56.4 million as a result of higher gross profit. 
• Cash provided by operating activities related to continuing operations for the quarter  of $122.3 million represented 
a decrease of  $109.8 million from the prior year comparable period of $232.2 million . The decrease was primarily 
due to negative working capital outflows of $214.7 million  (Q1 2024 - $61.8 million ) including a buildup of trade 
receivables from shipments toward the end of the quarter and the recognition of $45.0 million of revenue at 
Caserones for shipments in early January for which payment had been received in December 2024. The shipments 
of copper concentrate were delayed due to certain operational and weather -related issues. Cash provided by 
operating activities related to discontinued operations for the quarter was $54.7 million (Q1 2024 - $35.4 million). 
• For the quarter, sustaining capital expenditures 1 from continuing operations of $112.6 million were lower than in 
the prior year comparable period of $176.5 million. The net reduction was primarily due to lower spending at 
Candelaria from reduced deferred stripping and reduced spending on the Los Diques tailing storage facility. 
Sustaining capital expenditures, from discontinued operations, related to Neves -Corvo and Zinkgruvan were $27.7 
million and $21.3 million , respectively, for the quarter.  
• Expansionary capital expenditures1 of $62.9 million for the quarter were higher than $56.0 million in the prior year 
comparable period as a result of initiatives at Candelaria related to the mine life extension to 2040 under the 
Environmental Impact Assessment ("2040 EIA"), partially offset by lower allocated spending at the Josemaria Project 
due to the formation of Vicuña, which completed on January 15, 2025. As of the formation date, 50% of Vicuña's 
capital expenditures are included in the Company's capital expenditures. 
• Free cash flow 1 (all operations) for the quarter  of negative $(47.5) million was lower than in the prior year 
comparable period of negative $(1.7) million primarily due to less cash provided by operating activities due to 
negative changes in working capital, partially offset by lower sustaining capital expenditures. Free cash flow from 
discontinued operations for the quarter was $5.6 million. 
• As at May 7, 2025, the Company had cash of approximately $252.6 million and net debt excluding lease liabilities1 of 
approximately $279.6 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 quarter ended March 31, 2025 and the Reconciliation of Non-GAAP measures section at the end of this news release.

===== SIDA 5 =====

Operational Performance 
 
Total Production  
(Contained metal)a 
2025 2024 
Q1 Total Q4 Q3 Q2 Q1 
       
Continuing Operations       
Copper (t)b  76,774   336,875   94,094   91,772   71,614   79,395  
Nickel (t)  2,296   7,486   1,617   893   1,721   3,255  
Gold (koz)b  32   158   46   47   32   33  
Molybdenum (t)b  602   3,183   912   693   714   864  
       
Discontinued Operations       
Copper (t)  7,094   32,192   7,397   8,083   8,094   8,618  
Zinc (t)  48,948   191,704   51,946   46,610   47,460   45,688  
a -  Tonnes (t) and thousands of ounces (koz). 
b - Candelaria and Caserones production are on a 100% basis.  
 
Candelaria (80% owned):  Candelaria produced  37,071 tonnes  of copper and approximately 21,000  ounces of gold in 
concentrate on a 100% basis during the quarter. Production in the quarter was positively impacted by increased 
throughput as a result of higher than anticipated ore softness in sections of Phase 11 in the open pit. The majority of the 
material processed was from Phase 11, together with material from Phase 12 and long -term stockpiles. Cash cost 3of 
$1.75/lb was positively impacted by favorable by-product credits driven primarily by higher metal prices.  
 
Caserones (70% owned): Caserones produced 28,709 tonnes of total copper and 602 tonnes of molybdenum on a 100% 
basis during the quarter. Production was positively impacted by higher throughput in the mill as a result of operational 
efficiencies that mitigated lower than anticipated grades due to sequencing. Revenue and production costs increased as a 
result of higher sales volumes as two shipments delayed from December 2024 were completed in the quarter. Cash cost 
of $2.52/lb in the quarter was impacted by  higher contractor and maintenance costs.  
 
Chapada (100% owned): Chapada produced 8,909 tonnes of copper and approximately 11,000 ounces of gold in 
concentrate during the quarter. Both metals were impacted by lower recoveries as a result of increased processing of ore 
from the older low -grade stockpile. Production costs were reduced by lower sales volumes and favourable foreign 
exchange. Cash cost of $1.47 /lb also benefitted from favourable foreign exchange, combined with higher gold by -product 
credits. 
 
Eagle (100% owned):  Eagle produced 2,296 tonnes of nickel and 2,085 tonnes  of copper in the quarter. Production was 
impacted by lower grades than anticipated at the beginning of the quarter and winter weather which affected ore haulage. 
Ramp rehabilitation was completed during the quarter, and normal levels of production are expected for the remainder of 
the year. Production costs were reduced primarily by lower sales volumes. Nickel cash cost of $3.94/lb was positively 
impacted by lower mining costs. During the quarter, the Company entered into an exclusivity agreement with Talon Metals 
Corp. ("Talon") to negotiate an earn -in agreement for the right to acquire up to a 70% ownership interest in the 
Boulderdash property that is near Eagle. 
 
Neves-Corvo (100% owned): Neves-Corvo produced 6,123 tonnes of copper and 27,691 tonnes of zinc during the quarter.  
Cash cost during the quarter was $1.69/lb. 
  
Zinkgruvan (100% owned): Zinkgruvan produced 21,257 tonnes of zinc and 7,586 tonnes of lead in the quarter. Zinc cash 
cost during the quarter was $0.40/lb. 
 
 
 
 
 
3 This is a non-GAAP measure. 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 quarter ended March 31, 2025 and the Reconciliation of Non-GAAP measures section at the end of this news release.

===== SIDA 6 =====

Outlook 
The Company reaffirms its guidance for production, cash costs, capital expenditures, and exploration that was released on 
January 16, 2025. In regard to operations, the Company expects that all of its sites will meet their respective guidance 
ranges as published. 
 
At Candelaria, softer ore is expected to continue into the second quarter which will benefit throughput in the mill as seen 
in this quarter. The Company expects cash costs in the second quarter to be in line with the first quarter, benefiting from a 
higher gold price.  
 
At Caserones, the performance of the mill, together with expected grade increases and strong cathode production are 
expected to sustain the Company's annual production guidance for 2025. 
 
At Chapada, production is second half of the year weighted, copper grades and recoveries are expected to increase during 
this period. Sequencing of the mine plan forecasts processing less lower-grade stockpile and more fresh ore. 
 
At Eagle, it is expected that mine sequencing and grades will normalize during Q2 which supports maintaining the 
Company's annual production guidance. Additionally, mining at the Eagle deposit is expected to be completed towards the 
end of the year and higher grade ore from Eagle East will be sourced. 
 
See below for the 2025 Guidance as released on January 16, 2025:  
 
2025 Production and Cash Cost Guidancea  
   Guidance 
 (contained metal) Production Cash Cost ($/lb)b 
 Copper (t) Candelaria (100%) 140,000 – 150,000 1.80 – 2.00c 
  Caserones (100%) 115,000 – 125,000 2.40 – 2.60 
  Chapada 40,000 – 45,000 1.80 – 2.00d 
  Eagle 8,000 – 10,000  
  Total 303,000 – 330,000 2.05 – 2.30 
 Gold (koz) Candelaria (100%) 78 – 88  
  Chapada 57 – 62  
  Total 135 – 150  
 Nickel (t) Eagle 8,000 – 11,000 3.05 – 3.25 
a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Gui dance' dated January 16, 
2025. 
b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $4.40/lb, Au: 
$2,500/oz, Mo: $17.00/lb, Ag: $30.00/oz), foreign exchange rates (USD/CLP:900, USD/BRL:5.50) and operating costs. Cash cost i s a non-GAAP measure - see 
section 'Non-GAAP and Other Performance Measures' of this MD&A for discussion.  
c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash costs are calculated based  on receipt of approximately 
$433/oz gold and $4.32/oz silver. 
d. Chapada's cash cost is calculated on a by -product basis and does not include the effects of its copper stream agreements. Effects of the copper stream 
agreements are reflected in copper revenue and will impact realized price per pound.

===== SIDA 7 =====

2025 Capital Expenditure Guidanceb 
 ($ millions) Guidancea 
 Candelaria (100% basis) 205 
 Caserones (100% basis) 215 
 Chapada 85 
 Eagle 25 
 Total Sustaining 530 
 Expansionary - Candelaria (100% basis) 50 
 Expansionary - Vicuña Joint Arrangement (50% basis) 155 
 Total Capital Expenditures 735 
a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Gui dance' dated January 16, 
2025 
b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non -GAAP measure – see Section "Non -
GAAP and Other Performance Measures" of this MD&A for discussion.  
 
2025 Exploration Investment Guidance 
Total exploration expenditure guidance for 2025 is $40 million.
Vicuña 
 
On January 15, 2025, the Company completed the Filo Acquisition and the Joint Arrangement, resulting in the Company 
indirectly holding a 50% interest in Vicuña Corp., which owns the Josemaria Project in Argentina and the Filo del Sol Project 
in Argentina and Chile. BHP indirectly owns the remaining 50% interest in Vicuña. 
 
Vicuña will be led by Dave Dicaire, General Manager, Vicuña, former Executive Vice President of the Josemaria Project at 
Lundin Mining. During the quarter, integration efforts were prioritized, with employees from the Josemaria and Filo del Sol 
project teams transitioning to Vicuña to ensure continuity and preserve project knowledge. Recruitment for key leadership 
positions also commenced. 
 
In 2025, work will focus on advancing studies related to the synergies between the Filo del Sol and Josemaria projects, 
continuing the drilling program, and progressing the development of the Josemaria Project. 
 
Activities at Josemaria during the quarter centered on the ongoing update of the Environmental Impact Assessment ("EIA") 
and continued advancement of the water program. Fieldwork progressed on the water program, geotechnical studies, and 
the wetlands biodiversity offset initiatives. In addition, the contract for the construction of the Northern Access Road was 
awarded, with construction scheduled to begin in mid-2025. Work also continued on a multi-phased development concept 
pertaining to the Josemaria and Filo del Sol ore bodies. An integrated technical report is targeted to be complete by early 
2026.  
 
Government relations activities continued with both the national and provincial governments. In conjunction, discussions 
on provincial agreements continued to be advanced. A plan for preparation and submission of the Basis Law - Incentive 
Regime for Large Investments ("RIGI") application was advanced.  
 
Community investment programs were launched with a focus on gender, youth training, cooperative development, and 
rural livelihoods.  
 
Drilling during the quarter of 16,650  m primarily focused on step -out holes to both the east and west designed to expand 
the Filo del Sol Mineral Resource. Additionally, an exploration hole in the exploration sector of Cumbre Verde further north 
was finished at 1,400 m, of which 436 m were drilled in Q1.

===== SIDA 8 =====

On May 4, 2025 the Company announced an initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an 
update to the Mineral Resource estimate for the Filo del Sol oxide deposit and an update to the Mineral Resource estimate 
for the Josemaria deposit, which highlighted the combined Vicuña Project as one of the largest copper, gold and silver 
resources in the world. 
 
During the quarter, the Company spent $42.7  million in capital expenditures compared to $56.0 million in the prior year 
comparable period.  Reduced spending was primarily due to capital expenditures for the Josemaria Project being recorded 
in Vicuña at the Company's 50% attributable share compared to 100% in the prior year comparable period. 
 
Senior Leadership Appointment 
The Company would also like to announce the executive appointment of Vlada Cvijetinovic as Vice President, Legal & 
Corporate Secretary.  
 
Vlada Cvijetinovic 
 
Mr. Cvijetinovic is Vice President, Legal & Corporate Secretary and is responsible for advising on legal and regulatory 
matters and leading Board operations and the Company's corporate governance framework. He is an experienced legal 
executive with over 10 years of experience in corporate and securities laws, corporate governance and strategic 
transactions. 
 
Prior to joining Lundin Mining, Mr. Cvijetinovic was General Counsel at Hyperion Resource Partners, and previously held 
senior leadership roles with Lithium Argentina, Newcrest Mining Limited and Pretium Resources Inc.  
 
Mr. Cvijetinovic holds a Bachelor’s degree in Commerce and a Juris Doctor, both from the University of British Columbia. 
 
About Lundin Mining  
 
Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused i n Argentina, 
Brazil, Chile and the United States of America, and primarily producing copper, gold and nickel.  
 
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 7, 2025 at 15:35 Vancouver 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 Cole Mooney, Director, Resource Geology 
at Lundin Mining, a "Qualified Person" under NI 43 -101. Mr. Mooney 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 , 2025  which is available on SEDAR+ at 
www.sedarplus.com.

===== SIDA 9 =====

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, 2025 
Continuing Operations Candelaria Caserones Chapada Consolidated Eagle Total - 
continuing 
operations1 ($000s, unless otherwise noted) (Cu) (Cu) (Cu)   (Cu) (Ni) 
Sales volumes (Contained metal):       
Tonnes       34,974   36,181   8,346   79,501   1,748      
    Pounds (000s)  77,104   79,765   18,400   175,269   3,854      
       
Production costs      172,100   243,943   63,501   479,544   37,120   516,881  
Less: Royalties and other  (1,068)   (13,642)   (5,035)   (19,745)   (5,146)   (25,108) 
  171,032   230,301   58,466   459,799   31,974   491,773  
Deduct: By-product credits  (43,584)   (36,640)   (34,343)   (114,567)   (16,812)   (131,379) 
Add: Treatment and refining  7,210   7,250   2,959   17,419   5   17,424  
Cash cost  134,658   200,911   27,082   362,651   15,167   377,818  
Cash cost per pound ($/lb)  1.75   2.52   1.47   2.07   3.94      
       Add: Sustaining capital     47,713   38,196   22,182    4,450      
    Royalties  3,489   9,892   2,059    2,255      
Reclamation and other closure 
accretion and depreciation 
 2,158   1,264   1,689    1,170      
Leases & other  1,455   17,586   1,050    846      
All-in sustaining cost  189,473   267,849   54,062    23,888      
AISC per pound ($/lb)  2.46   3.36   2.94    6.20      
1 Includes immaterial amounts related to other segments.  
 
       
Three months ended March 31, 2025 
Discontinued Operations    
Neves-Corvo Zinkgruvan 
Total - 
discontinued 
operations 
($000s, unless otherwise noted)    (Cu) (Zn)  
Sales volumes (Contained metal):       
Tonnes          5,351   19,150   
Pounds (000s)     11,797   42,218   
       
Production costs         75,910   34,249   110,159  
Less: Royalties and other     (1,082)   —   (1,082) 
     74,828   34,249   109,077  
Deduct: By-product credits     (59,511)   (24,100)   (83,611) 
Add: Treatment and refining     4,604   6,606   11,210  
Cash cost     19,921   16,755   36,676  
Cash cost per pound ($/lb)     1.69   0.40   
       Add: Sustaining capital        27,739   21,318   
Royalties     1,019   —   
Reclamation and other closure 
accretion and depreciation     584   259   
Leases & other     870   35   
All-in sustaining cost     50,133   38,367   
AISC per pound ($/lb)     4.25   0.91

===== SIDA 10 =====

Three months ended March 31, 2024 
Continuing Operations Candelaria Caserones Chapada Consolidated Eagle Total - 
continuing 
operations1 ($000s, unless otherwise noted) (Cu) (Cu) (Cu)   (Cu) (Ni) 
Sales volumes (Contained metal):       
Tonnes       33,536   35,211   8,742   77,489   2,163   
Pounds (000s)  73,934   77,627   19,273   170,834   4,769   
       
Production costs      161,250   197,655   64,585   423,490   40,536   465,347  
Less: Royalties and other  (2,486)   (8,803)   (3,187)   (14,476)   (2,838)   (18,635) 
  158,764   188,852   61,398   409,014   37,698   446,712  
Deduct: By-product credits  (34,594)   (34,854)   (27,383)   (96,831)   (18,430)   (115,261) 
Add: Treatment and refining  15,320   12,441   4,720   32,481   (19)   32,462  
Cash cost  139,490   166,439   38,735   344,664   19,249   363,913  
Cash cost per pound ($/lb)  1.89   2.14   2.01   2.02   4.04   
       
Add: Sustaining capital     99,532   42,754   29,199    4,078   
Royalties  2,968   8,814   1,617    2,678   
Reclamation and other closure   2,167   1,040   2,679    1,968   
Leases & other  3,033   15,381   765    1,236   
All-in sustaining cost  247,190   234,428   72,995    29,209   
AISC per pound ($/lb)  3.34   3.02   3.79    6.12   
1 Includes immaterial amounts related to other segments.  
 
       
Three months ended March 31, 2024 
Discontinued Operations    Neves-Corvo Zinkgruvan Total - 
discontinued 
operations ($000s, unless otherwise noted)    (Cu) (Zn) 
Sales volumes (Contained metal):       
Tonnes     5,886   15,825   
Pounds (000s)     12,976   34,888   
       
Production costs     71,712   30,075   101,787  
Less: Royalties and other     (1,335)   —   (1,335) 
     70,377   30,075   100,452  
Deduct: By-product credits     (33,899)   (16,148)   (50,047) 
Add: Treatment and refining charges     5,579   8,910   14,489  
Cash cost     42,057   22,837   64,894  
Cash cost per pound ($/lb)     3.24   0.65   
       
Add: Sustaining capital expenditure     22,413   14,341   
Royalties     735   —   
Reclamation and other closure 
accretion and depreciation     1,335   1,186   
Leases and other     64   78   
All-in sustaining cost     66,604   38,442   
AISC per pound ($/lb)     5.13   1.10

===== SIDA 11 =====

Adjusted EBITDA can be reconciled to Net Earnings (Loss) as follows: 
 
 
Three months ended 
March 31, 
($thousands) 2025 2024 
Net earnings (loss) — continuing operations  181,365   82,950  
Add back:   
Depreciation, depletion and amortization  138,059   149,463  
Finance costs, net  43,942   33,285  
Income taxes expense  50,745   56,681  
EBITDA — continuing operations   414,111   322,379  
Unrealized foreign exchange loss (gain)  9,314   (14,842) 
Unrealized losses (gains) on derivative contracts  (35,954)  33,902  
Ojos del Salado sinkhole expenses (recoveries)  1,071   (1,031) 
Revaluation loss (gain) on marketable securities  462   (2,430) 
Gain on partial disposal and contribution to Vicuña  (3,024)  —  
Other  1,930   482  
Total adjustments — EBITDA  (26,201)  16,081  
Adjusted EBITDA — continuing operations  387,910   338,460  
Including discontinued operations:   
Net earnings (loss) — discontinued operations  (13,769)  (24,395) 
Add back:   
Depreciation, depletion and amortization  —   35,029  
Finance costs, net  4,341   2,409  
Income taxes expense  6,524   (6,115) 
EBITDA — discontinued operations  (2,904)  6,928  
Unrealized foreign exchange loss (gain)  (925)  (658) 
Unrealized losses (gains) on derivative contracts  (66)  18,930  
Asset Impairment  65,688   —  
Other  1,054   (804) 
Total adjustments — EBITDA discontinued operations   65,751   17,468  
Adjusted EBITDA — discontinued operations  62,847   24,396  
Adjusted EBITDA (all operations)  450,757   362,856

===== SIDA 12 =====

Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders 
as follows: 
 
 
Three months ended 
March 31, 
($thousands, except share and per share amounts) 2025 2024 
Net (loss) earnings attributable to Lundin Mining shareholders — continuing operations  138,106   38,278  
Add back:   
Total adjustments - EBITDA  (26,201)  16,081  
Tax effect on adjustments  (4,681)  2,439  
Deferred tax arising from foreign exchange translation  (21,217)  (6,300) 
Deferred tax arising from partial disposal and contribution to Vicuña  8,965   —  
Non-controlling interest on adjustments  (1,046)  5,852  
Total adjustments  (44,180)  18,072  
Adjusted earnings — continuing operations   93,926   56,350  
Including discontinued operations:   
Net earnings attributable to Lundin Mining shareholders - discontinued operations1  (13,769)  (24,395) 
Add back:   
Total adjustments - EBITDA - discontinued operations  65,751   17,468  
Tax effect on adjustments  266   (4,206) 
Total adjustments  66,017   13,262  
Adjusted earnings — discontinued operations  52,248   (11,133) 
Adjusted earnings (all operations)  146,174   45,218  
   
Basic weighted average number of shares outstanding  851,561,392   773,048,710  
   
Net (loss) earnings attributable to Lundin Mining shareholders - continuing operations  0.16   0.05  
Total adjustments  (0.05)  0.02  
Adjusted EPS — continuing operations  0.11   0.07  
   
Net (loss) earnings attributable to Lundin Mining shareholders - discontinued operations  (0.02)  (0.03) 
Total adjustments  0.08   0.02  
Adjusted EPS — discontinued operations  0.06   (0.01) 
   
Net (loss) earnings attributable to Lundin Mining shareholders  0.15   0.02  
Total adjustments  0.03   0.04  
Adjusted EPS (all operations)  0.17   0.06  
1 Represents Net (loss) earnings attributable to Lundin Mining Corporation shareholders less Net earnings from 
continuing operations attributable to Lundin Mining Corporation shareholders.

===== SIDA 13 =====

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the 
Company's Consolidated Statement of Cash Flows as follows: 
 
    
 
Three months ended 
March 31, 
($thousands) 2025 2024 
Cash provided by operating activities related to continuing operations  122,335   232,176  
Sustaining capital expenditures  (112,568)  (176,506) 
General exploration and business development  11,831   10,864  
Free cash flow from operations — continuing operations  21,598   66,534  
General exploration and business development  (11,831)  (10,864) 
Expansionary capital expenditures  (62,883)  (55,981) 
Free cash flow — continuing operations  (53,116)  (311) 
   
Cash provided by operating activities related to discontinued operations  54,651   35,355  
Sustaining capital expenditures  (49,057)  (36,754) 
General exploration and business development  4,794   2,587  
Free cash flow from operations — discontinued operations  10,388   1,188  
General exploration and business development  (4,794)  (2,587) 
Expansionary capital expenditures  —   —  
Free cash flow — discontinued operations  5,594   (1,399) 
   
Free cash flow from operations (all operations)  31,986   67,722  
Free cash flow (all operations)  (47,522)  (1,710) 
 
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by 
Operating Activities on the Company's Consolidated Statement of Cash Flows as follows: 
 
   
 
Three months ended 
March 31, 
($thousands, except share and per share amounts) 2025 2024 
Cash provided by operating activities related to continuing operations  122,335   232,176  
Changes in non-cash working capital items  214,658   (61,820) 
Adjusted operating cash flow — continuing operations  336,993   293,996  
   
Cash provided by operating activities related to discontinued operations  54,651   35,355  
Changes in non-cash working capital items  1,119   (15,685) 
Adjusted operating cash flow — discontinued operations  55,770   19,670  
   
Adjusted operating cash flow (all operations)  392,763   313,666  
   
Basic weighted average number of shares outstanding  851,561,392   773,048,710  
   
Adjusted operating cash flow per share — continuing operations $ 0.40   0.38  
Adjusted operating cash flow per share — discontinued operations $ 0.07   0.03  
Adjusted operating cash flow per share (all operations) $ 0.46   0.41

===== SIDA 14 =====

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 Consolidated Balance Sheets as follows: 
 
    
($ thousands), continuing operations March 31, 2025 December 31, 2024 
Debt and lease liabilities  (1,757,011)  (1,610,925) 
Current portion of debt and lease liabilities  (344,440)  (395,232) 
Less deferred financing fees (netted in above)  (7,091)  (7,656) 
Add debt and lease liabilities related to liabilities classified as held-for-sale  (16,231)  (16,266) 
  (2,124,773)  (2,030,079) 
   
Cash and cash equivalents  341,628   357,478  
Add cash and cash equivalents related to assets classified as held-for-sale  83,892   74,801  
Net debt  (1,699,253)  (1,597,800) 
   
Lease liabilities  241,348   249,185  
Lease liabilities related to liabilities classified as held-for-sale  16,231   16,266  
Net debt excluding lease liabilities  (1,441,674)  (1,332,349) 
    
 
Cautionary Statement on Forward-Looking Information  
 
Certain of the statements made and information contained herein are “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, Pre -Feasibility Study, 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 int erest rates; the Company’s 
shareholder distribution policy, including with respect to share buybacks and the payment and amount of di vidends and the timing thereof; the development 
and implementation of the Company’s Responsible Mining Management System; the Company’s ability to comply with contractual an d permitting or other 
regulatory requirements; anticipated exploration and development activities at the Company’s projects; the Company’s integrat ion of acquisitions and 
expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectatio ns with respect to the 50/50  
joint arrangement with BHP; mineral resource estimation for the Vicuña Project, including the parameters and assumptions related thereto; the Company’s 
plans, prospects and business strategies; the operation of Vicuña with BHP; the realization of synergies and economies of sca le in the Vicuña district; the 
development and future operation of the Vicuña Project; the timing and expectations for the Vicuña technical report and other  future studies; the potential 
for resource expansion; the terms of the contingent payments in respect of the completion of the sale of the Company’s European assets and expectations 
related thereto; the earn -in arrangement in respect of the Boulderdash property, including the entering into of an option agreement in respect thereof and 
the terms of such option agreement; future actions taken by Talon Metals Corp. and Lundin Mining in relation to the Boulderda sh property and the 
outcomes and anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Wor ds 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 information. 
 
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 copper, gold, zinc, 
nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of 
acquisitions and the realization of synergies and eco nomies of scale in connection therewith; that the political, economic, permitting and legal environment in 
which the Company operates will continue to support the development and operation of mining projects; timing and receipt of g overnmental, regulatory and 
third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource estimates and 
related information, analyses and interpretations; 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, such information is inherently subject to significant business, economic, political, regulatory and co mpetitive uncertainties and 
contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward -looking information and undue 
reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international ma rket prices and demand for 
the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including b ut not limited to those related to 
permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and 
transportation; operating jurisdictions, inclu ding 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; risks relating to mine clos ure and reclamation 
obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks r elating to tailings and waste 
management facilities; risks relating to the Company’s indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks 
relating to development projects, including Filo del Sol and Josemaria; risks that revenue may be significantly impacted in t he event of any production 
stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; busine ss interruptions caused by critical 
infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls,  as well as politica l, social and 
economic risks as a result of the Company’s operation in emerging markets; risks relating to stakeholder opposition to contin ued operation, further

===== SIDA 15 =====

development, or new development of the Company’s projects and mines; any breach or failure information systems; risks relatin g to reliance on estimates of 
future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to 
acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges 
or defects in title or termination of mining  or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or 
viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in 
concentrate products; changes in the relationship with its employees and contractors; the Company’s Mineral Reserves and Mine ral Resources which are 
estimates only; uncertainties relating to inferred Mineral Resources being converted into Measu red or Indicated Mineral Resources; payment of dividends in 
the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulati ons; interests of significant 
shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public  association with other Lundin 
Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Co mpany's common s hares being 
subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and over sight systems; reliance on key 
personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer c oncentration risk;  risks 
associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the co mpletion of the sale of the 
Company’s European assets and expectatio ns related thereto; the earn-in arrangement in respect of the Boulderdash property, including the entering into of 
an option agreement in respect thereof and the terms of such option agreement; future actions taken by Talon Metals Corp. and  Lundin Mining in relation to 
the Boulderdash property and the outcomes and anticipated benefits thereof; and other risks and uncertainties, including but not limited to those described 
in the "Risks and Uncertainties” section of the Company’s MD&A for the three months en ded March 31, 2024, the “Risks and Uncertainties” section of the 
Company’s MD&A for the year ended December 31, 2024, and the “Risks and Uncertainties” section of the Company’s Annual Inform ation Form for the year 
ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company’s profile.  
 
All of the forward -looking information in this document is qualified by these cautionary statements. Although the Company has attempted to ident ify 
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, forecasted or intended and readers are cautioned that the foregoing list i s not exhaustive of all factors and 
assumptions which may have been used. Should on e 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 16 =====

Management’s	Discussion	and	Analysis
For	the	three	months	ended	March	31,	2025
This	 management’s	 discussion	 and	 analysis	 (“MD&A”)	 has	 been	 prepared	 as	 of	 May	 7,	 2025	 and	 should	 be	 read	 in	
conjunction	with	the	Company’s	condensed	interim	consolidated	financial	statements	for	the	 three	months	ended	 March	
31,	2025	("the	Consolidated	Financial	Statements").	The	Consolidated	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	2025.	Reference	to	"discontinued	operations"	is	to	Neves-Corvo	
and	Zinkgruvan.
About	Lundin	Mining
Lundin	Mining	Corporation	(“Lundin	Mining”	or	the	“Company”)	is	a	diversified	Canadian	base	metals	mining	company	with	
projects	or	operations	focused	in	Argentina,	Brazil,	Chile	and	the	United	States	of	America,	primarily	producing	copper,	gold	
and	nickel.	
On	December	9,	2024,	the	Company	announced	that	it	had	entered	into	a	definitive	agreement	with	Boliden	AB	("Boliden")	
to	sell	its	interest	in	the	Neves-Corvo	and	Zinkgruvan	mines	located	in	Portugal	and	Sweden,	respectively.	The	transaction	
was	 completed	 on	 April	 16,	 2025.	 These	 assets	 are	 reported	 as	 assets	 held	 for	 sale	 and	 their	 associated	 liabilities	 as	
liabilities	 held	 for	 sale	 in	 the	 Company's	 Consolidated	 Financial	 Statements	 and	 MD&A,	 and	 the	 results	 from	 their	
operations	are	reported	as	discontinued	operations.	For	further	information	refer	to	Note	3	of	the	Consolidated	Financial	
Statements.	
Table	of	Contents
Highlights   ............................................................................................................................................................................... 1
Outlook     .................................................................................................................................................................................. 5
Summary	of	Quarterly	Results     ............................................................................................................................................... 7
Selected	Quarterly	Financial	Information    .............................................................................................................................. 8
Revenue	Overview   ................................................................................................................................................................. 11
Financial	Results   ..................................................................................................................................................................... 14
Mining	Operations     ................................................................................................................................................................. 16
Vicuña	Corp.     ........................................................................................................................................................................... 26
Exploration	Update ................................................................................................................................................................ 26
Liquidity	and	Capital	Resources      ............................................................................................................................................. 27
Non-GAAP	and	Other	Performance	Measures     ...................................................................................................................... 31
Other	Information	and	Advisories   ......................................................................................................................................... 40
Outstanding	Share	Data    ......................................................................................................................................................... 41

===== SIDA 17 =====

Cautionary	Statement	on	Forward-Looking	Information
Certain	of	the	statements	made	and	information	contained	herein	are	“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,	Pre-Feasibility	
Study,	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	Company’s	shareholder	distribution	policy,	including	with	respect	to	share	buybacks	and	the	payment	and	amount	of	dividends	
and	the	timing	thereof;	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	
expansions	and	any	anticipated	benefits	thereof,	including	the	anticipated	project	development	and	other	plans	and	expectations	with	respect	to	the	50/50		joint	arrangement	
with	 BHP;	 mineral	 resource	 estimation	 for	 the	 Vicuña	 Project,	 including	 the	 parameters	 and	 assumptions	 related	 thereto;	 the	 Company’s	 plans,	 prospects	 and	 business	
strategies;	 the	 operation	 of	 Vicuña	 with	 BHP;	 the	 realization	 of	 synergies	 and	 economies	 of	 scale	 in	 the	 Vicuña	 district;	 the	 development	 and	 future	 operation	 of	 the	 Vicuña	
Project;	the	timing	and	expectations	for	the	Vicuña	technical	report	and	other	future	studies;	the	potential	for	resource	expansion;	the	terms	of	the	contingent	payments	in	
respect	 of	 the	 completion	 of	 the	 sale	 of	 the	 Company’s	 European	 assets	 and	 expectations	 related	 thereto;	 the	 earn-in	 arrangement	 in	 respect	 of	 the	 Boulderdash	 property,	
including	the	entering	into	of	an	option	agreement	in	respect	thereof	and	the	terms	of	such	option	agreement;	future	actions	taken	by	Talon	Metals	Corp.	and	Lundin	Mining	in	
relation	to	the	Boulderdash	property	and	the	outcomes	and	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	information.
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,	gold,	zinc,	nickel	and	other	metals;	anticipated	costs;	
currency	exchange	rates	and	interest	rates;	ability	to	achieve	goals;	the	prompt	and	effective	integration	of	acquisitions	and	the	realization	of	synergies	and	economies	of	scale	
in	connection	therewith;	that	the	political,	economic,	permitting	and	legal	environment	in	which	the	Company	operates	will	continue	to	support	the	development	and	operation	
of	 mining	 projects;	 timing	 and	 receipt	 of	 governmental,	 regulatory	 and	 third	 party	 approvals,	 consents,	 licenses	 and	 permits	 and	 their	 renewals;	 positive	 relations	 with	 local	
groups;	the	accuracy	of	Mineral	Resource	estimates	and	related	information,	analyses	and	interpretations;	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,	 such	 information	 is	 inherently	 subject	 to	 significant	 business,	 economic,	 political,	 regulatory	 and	 competitive	 uncertainties	 and	 contingencies.	
Known	and	unknown	factors	could	cause	actual	results	to	differ	materially	from	those	projected	in	the	forward-looking	information	and	undue	reliance	should	not	be	placed	on	
such	 information.	 Such	 factors	 include,	 but	 are	 not	 limited	 to:	 dependence	 on	 international	 market	 prices	 and	 demand	 for	 the	 metals	 that	 the	 Company	 produces;	 political,	
economic,	and	regulatory	uncertainty	in	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;	 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;	risks	
relating	to	mine	closure	and	reclamation	obligations;	health	and	safety	hazards;	inherent	risks	of	mining,	not	all	of	which	related	risk	events	are	insurable;	risks	relating	to	tailings	
and	 waste	 management	 facilities;	 risks	 relating	 to	 the	 Company’s	 indebtedness;	 challenges	 and	 conflicts	 that	 may	 arise	 in	 partnerships	 and	 joint	 operations;	 risks	 relating	 to	
development	projects,	including	Filo	del	Sol	and	Josemaria;	risks	that	revenue	may	be	significantly	impacted	in	the	event	of	any	production	stoppages	or	reputational	damage	in	
Chile;	 the	 impact	 of	 global	 financial	 conditions,	 market	 volatility	 and	 inflation;	 business	 interruptions	 caused	 by	 critical	 infrastructure	 failures;	 challenges	 of	 effective	 water	
management;	 exposure	 to	 greater	 foreign	 exchange	 and	 capital	 controls,	 as	 well	 as	 political,	 social	 and	 economic	 risks	 as	 a	 result	 of	 the	 Company’s	 operation	 in	 emerging	
markets;	risks	relating	to	stakeholder	opposition	to	continued	operation,	further	development,	or	new	development	of	the	Company’s	projects	and	mines;	any	breach	or	failure	
information	systems;	risks	relating	to	reliance	on	estimates	of	future	production;	risks	relating	to	litigation	and	administrative	proceedings	which	the	Company	may	be	subject	to	
from	time	to	time;	risks	relating	to	acquisitions	or	business	arrangements;	risks	relating	to	competition	in	the	industry;	failure	to	comply	with	existing	or	new	laws	or	changes	in	
laws;	challenges	or	defects	in	title	or	termination	of	mining	or	exploitation	concessions;	the	exclusive	jurisdiction	of	foreign	courts;	the	outbreak	of	infectious	diseases	or	viruses;	
risks	relating	to	taxation	changes;	receipt	of	and	ability	to	maintain	all	permits	that	are	required	for	operation;	minor	elements	contained	in	concentrate	products;	changes	in	the	
relationship	with	its	employees	and	contractors;	the	Company’s	Mineral	Reserves	and	Mineral	Resources	which	are	estimates	only;	uncertainties	relating	to	inferred	Mineral	
Resources	 being	 converted	 into	 Measured	 or	 Indicated	 Mineral	 Resources;	 payment	 of	 dividends	 in	 the	 future;	 compliance	 with	 environmental,	 health	 and	 safety	 laws	 and	
regulations,	including	changes	to	such	laws	or	regulations;	interests	of	significant	shareholders	of	the	Company;	asset	values	being	subject	to	impairment	charges;	potential	for	
conflicts	of	interest	and	public	association	with	other	Lundin	Group	companies	or	entities;	activist	shareholders	and	proxy	solicitation	firms;	risks	associated	with	climate	change;	
the	Company's	common	shares	being	subject	to	dilution;	ability	to	attract	and	retain	highly	skilled	employees;	reliance	on	key	personnel	and	reporting	and	oversight	systems;	
reliance	on	key	personnel	and	reporting	and	oversight	systems;	risks	relating	to	the	Company's	internal	controls;	counterparty	and	customer	concentration	risk;		risks	associated	
with	the	use	of	derivatives;	exchange	rate	fluctuations;	the	terms	of	the	contingent	payments	in	respect	of	the	completion	of	the	sale	of	the	Company’s	European	assets	and	
expectations	related	thereto;	the	earn-in	arrangement	in	respect	of	the	Boulderdash	property,	including	the	entering	into	of	an	option	agreement	in	respect	thereof	and	the	
terms	 of	 such	 option	 agreement;	 future	 actions	 taken	 by	 Talon	 Metals	 Corp.	 and	 Lundin	 Mining	 in	 relation	 to	 the	 Boulderdash	 property	 and	 the	 outcomes	 and	 anticipated	
benefits	 thereof;	 and	 other	 risks	 and	 uncertainties,	 including	 but	 not	 limited	 to	 those	 described	 in	 the	 "Risks	 and	 Uncertainties”	 section	 of	 this	 document,	 the	 “Risks	 and	
Uncertainties”	section	of	the	Company’s	MD&A	for	the	year	ended	December	31,	2024,	and	the	“Risks	and	Uncertainties”	section	of	the	Company’s	Annual	Information	Form	for	
the	year	ended	December	31,	2024,	which	are	available	on	SEDAR+	at	www.sedarplus.ca	under	the	Company’s	profile.	
All	of	the	forward-looking	information	in	this	document	is	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,	
forecasted	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 18 =====

Highlights
	
For	the	quarter	ended	 March	31,	2025,	the	Company	generated	revenue	from	continuing	operations	of	 $963.9	million	(Q1	
2024	 -	 $812.3	 million)	 and	 from	 discontinued	 operations	 of	 $180.1	 million	 (Q1	 2024	 -	 $124.7	 million).	 Net	 income	 in	 the	
quarter	 from	 continuing	 operations	 was	 $181.4	 million	 (Q1	 2024	 -	 net	 income	 of	 $83.0	 million)	 and	 net	 loss	 from	
discontinued	operations	was	$13.8	million	(Q1	2024	-	net	loss	of	$24.4	million).
For	 the	 quarter	 ended	 March	 31,	 2025,	 cash	 provided	 by	 operating	 activities	 related	 to	 continuing	 operations	 of	 $122.3	
million	 (Q1	 2024	 -$232.2	 million)	 and	 free	 cash	 flow	 -	 continuing	 operations1	 of	 $(53.1)	 million	 (Q1	 2024	 -	 $(0.3)	 million)	
decreased	 due	 to	 negative	 changes	 in	 working	 capital.	 Adjusted	 operating	 cash	 flow1	 from	 continuing	 operations	 was	
$337.0	 million	 (Q1	 2024	 -	 $294.0	 million)	 after	 adjusting	 for	 changes	 in	 working	 capital,	 and	 benefited	 from	 increased	
revenue	and	gross	profit	in	the	quarter.
At	March	31,	2025,	the	Company	had	net	debt	excluding	lease	liabilities 1	of	$1,441.7	million	(December	31,	2024	-	$1,332.3	
million).		
On	January	15,	2025,	the	Company	and	BHP	Investments	Canada	Inc.	("BHP")	completed	the	acquisition	of	Filo	Corp.	("Filo")	
through	a	plan	of	arrangement	and	concurrently	formed	a	50/50	joint	arrangement,	Vicuña	Corp.	(the	"Joint	Arrangement"	
or	“Vicuña”),	holding	the	Josemaria	Project	in	Argentina	and	the	Filo	del	Sol	Project	in	Argentina	and	Chile,	collectively	the	
("Vicuña	Project").	On	completion,	 BHP	paid	Lundin	Mining	a	 cash	consideration	of	 $689.5	million	for	a	50%	interest	in	the	
Josemaria	 project	 and	 Lundin	 Mining	 paid	 $610.7	 million	 (C$877.8	 million)	 in	 cash	 and	 issued	 94.1	 million	 Lundin	 Mining	
shares	to	Filo	shareholders	for	its	50%	interest	in	Filo.	Following	these	transactions,	net	cash	provided	to	the	Company	was	
$78.8	million.	The	Company	accounts	for	 Vicuña	as	a	 joint	operation	and	accordingly	records	its	50%	share	of	the	assets,	
liabilities,	revenue,	expenses	and	cash	flows.
Subsequent	to	the	end	of	the	quarter,	on	April	16,	2025,	the	Company	announced	the	completion	of	the	sale	of	its	Neves-
Corvo	 operation	 in	 Portugal	 and	 Zinkgruvan	 operation	 in	 Sweden	 to	 Boliden	 AB.	 At	 closing,	 Lundin	 Mining	 received	 cash	
proceeds	of	 $1,402	million	which	includes	accrued	interest	from	the	lock-box	date	of	August	31,	2024.	In	connection	with	
the	 transaction,	 the	 Company	 may	 be	 entitled	 to	 future	 contingent	 payments	 of	 up	 to	 $150	 million,	 which	 are	 tied	 to	
commodity	 prices	 and	 satisfaction	 of	 certain	 conditions.	 As	 a	 result	 of	 the	 Euro	 strengthening	 in	 the	 quarter,	 a	 non-cash	
impairment	 of	 $65.7	 million	 ($65.7	 million	 net	 of	 tax)	 was	 recorded	 at	 March	 31,	 2025	 to	 reduce	 the	 carrying	 value	 of	
Neves-Corvo	to	the	cash	proceeds	subsequently	received	for	this	asset.	On	April	23,	2025,	the	cash	proceeds	from	the	sale	
were	used	to	repay	the	Company's	$1,150	million	term	loan	("The	Term	Loan")	in	its	entirety	as	well	as	$170.0	million	on	
the	Company's	revolving	credit	facility	("RCF").	 As	at	 May	7,	2025 ,	the	Company	had	cash	of	approximately	$ 252.6	million	
and	 net	 debt	 excluding	 lease	 liabilities	 of	 approximately	 $279.6	 million.	 Net	 cash	 in	 Vicuña	 is	 included	 on	 a	 50%	 basis	 to	
represent	Lundin	Mining's	attributable	share.	
1
1		This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

===== SIDA 19 =====

Operational	Performance
Candelaria	 (80%	 owned):	 Candelaria	 produced	 37,071	 tonnes	 of	 copper	 and	 approximately	 21,000	 ounces	 of	 gold	 in	
concentrate	on	a	100%	basis	during	the	quarter.	Production	in	the	quarter	was	positively	impacted	by	increased	throughput	
as	 a	 result	 of	 higher	 than	 anticipated	 ore	 softness	 in	 sections	 of	 Phase	 11	 in	 the	 open	 pit.	 The	 majority	 of	 the	 material	
processed	was	from	Phase	11,	together	with	material	from	Phase	12	and	long-term	stockpiles .	Cash	cost 1	of	 $1.75/lb	was	
positively	impacted	by	favorable	by-product	credits	driven	primarily	by	higher	metal	prices.
Caserones	 (70%	 owned):	 Caserones	 produced	 28,709	 tonnes	 of	 total	 copper	 and	 602	 tonnes	 of	 molybdenum	 on	 a	 100%	
basis	 during	 the	 quarter.	 Production	 was	 positively	 impacted	 by	 higher	 throughput	 in	 the	 mill	 as	 a	 result	 of	 operational	
efficiencies	that	mitigated	lower	than	anticipated	grades	due	to	sequencing.	Revenue	and	production	costs	increased	as	a	
result	of	higher	sales	volumes	as	two	shipments	delayed	from	December	2024	were	completed	in	the	quarter.	 Cash	cost	of	
$2.52/lb	in	the	quarter	was	impacted	by		higher	contractor	and	maintenance	costs.	
Chapada	 (100%	 owned):	 Chapada	 produced 	 8,909	 tonnes	 of	 copper	 and	 approximately	 11,000	 ounces	 of	 gold	 in	
concentrate	during	the	quarter. 	Both	metals	were	impacted	by	lower	recoveries	 as	a	result	of	increased	processing	of	ore	
from	 the	 older	 low-grade	 stockpile. 	 Production	 costs	 were	 reduced	 by	 lower	 sales	 volumes	 and	 favourable	 foreign	
exchange.	Cash	cost	of	 $1.47/lb	also	benefitted	from	favourable	foreign	exchange,	combined	with	higher	gold	by-product	
credits.
Eagle	 (100%	 owned):	 Eagle	 produced	 2,296	 tonnes	 of	 nickel	 and	 2,085	 tonnes	 of	 copper	 in	 the	 quarter.	 Production	 was	
impacted	by	lower	grades	than	anticipated	at	the	beginning	of	the	quarter	and	winter	weather	which	affected	ore	haulage.	
Ramp	rehabilitation	was	completed	during	the	quarter,	and	normal	levels	of	production	are	expected	for	the	remainder	of	
the	 year.	 Production	 costs	 were	 reduced	 primarily	 by	 lower	 sales	 volumes.	 Nickel	 cash	 cost1	 of	 $3.94/lb	 was	 positively	
impacted	by	lower	mining	costs.	During	the	quarter,	the	Company	entered	into	an	exclusivity	agreement	with	Talon	Metals	
Corp.	 ("Talon")	 to	 negotiate	 an	 earn-in	 agreement	 for	 the	 right	 to	 acquire	 up	 to	 a	 70%	 ownership	 interest	 in	 the	
Boulderdash	property	that	is	near	Eagle.	
Neves-Corvo	(100%	owned): 	Neves-Corvo	produced	 6,123	tonnes	of	copper	and	 27,691	tonnes	of	zinc	during	the	quarter.	 	
Cash	cost	during	the	quarter	was	$1.69/lb	.
Zinkgruvan	(100%	owned):	 Zinkgruvan	produced	21,257	tonnes	of	zinc	and 	7,586	tonnes	of	lead	in	the	quarter .	Zinc	cash	
cost1	during	the	quarter	was	$0.40/lb	.
Total	Productiona
2025 2024
Q1 Total Q4 Q3 Q2 Q1
Continuing	Operations
Copper	(t)b 	 76,774	 	 336,875	 	 94,094	 	 91,772	 	 71,614	 	 79,395	
Nickel	(t) 	 2,296	 	 7,486	 	 1,617	 	 893	 	 1,721	 	 3,255	
Gold	(koz)b 	 32	 	 158	 	 46	 	 47	 	 32	 	 33	
Molybdenum	(t)b 	 602	 	 3,183	 	 912	 	 693	 	 714	 	 864	
Discontinued	Operations
Copper	(t) 	 7,094	 	 32,192	 	 7,397	 	 8,083	 	 8,094	 	 8,618	
Zinc	(t) 	 48,948	 	 191,704	 	 51,946	 	 46,610	 	 47,460	 	 45,688	
a	-		Tonnes	(t)	and	thousands	of	ounces	(koz).
b	-	Candelaria	and	Caserones	production	are	on	a	100%	basis.	
2
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

===== SIDA 20 =====

Corporate	Updates
• On	May	4,	2025	the	Company	announced	an	initial	Mineral	Resource	estimate	for	the	Filo	del	Sol	sulphide	deposit,	an	
update	 to	 the	 Mineral	 Resource	 estimate	 for	 the	 Filo	 del	 Sol	 oxide	 deposit	 and	 an	 update	 to	 the	 Mineral	 Resource	
estimate	for	the	Josemaria	deposit,	which	highlighted	the	combined	Vicuña	Project	as	one	of	the	largest	copper,	gold	
and	silver	resources	in	the	world.
• On	 April	 16,	 2025,	 the	 Company	 announced	 the	 completion	 of	 the	 sale	 of	 its	 Neves-Corvo	 operation	 in	 Portugal	 and	
Zinkgruvan	 operation	 in	 Sweden	 to	 Boliden	 AB.	 At	 closing,	 Lundin	 Mining	 received	 cash	 proceeds	 of	 $1,402	 million	
which	includes	accrued	interest	from	the	lock-box	date	of	August	31,	2024.	Future	contingent	payments	of	up	to	$150	
million	are	tied	to	commodity	prices	and	satisfaction	of	certain	conditions.
• On	March	26,	2025,	the	Company	announced	that	its	Board	of	Directors	amended	the	shareholder	distribution	policy	to	
increase	 the	 level	 of	 share	 buybacks	 while	 adjusting	 the	 dividend	 to	 maintain	 the	 total	 amount	 returned	 to	
shareholders	annually.	As	part	of	this	strategy,	the	Company	is	adjusting	its	quarterly	dividend	from	C$0.09	per	share	to	
C$0.0275	 per	 share	 while	 allocating	 up	 to	 approximately	 $150	 million	 per	 annum	 in	 share	 buybacks	 through	 the	
Company’s	normal	course	issuer	bid	program.	If	the	Company	allocates	less	than	$150	million	in	share	buybacks	in	a	
calendar	 year,	 the	 shortfall	 will	 be	 distributed	 as	 a	 special	 dividend.	 If	 applicable,	 the	 special	 dividend	 will	 be	 paid	
alongside	the	regular	fourth	quarter	dividend.
• On	March	5,	2025,	the	Company	entered	into	an	exclusivity	agreement	with	Talon	to	negotiate	an	earn-in	agreement	
for	the	right	to	acquire	up	to	a	70%	ownership	interest	in	the	Boulderdash	property	that	is	near	the	Company’s	Eagle	
mine,	and	the	Company	advanced	$5.0	million	to	Talon	to	commence	exploration	at	Boulderdash.		
• On	February	19,	2025,	the	Company	announced	the	appointment	of	Ms.	Victoria	McMillan	to	the	Company's	Board	of	
Directors	effective	the	same	date.	The	Company	also	announced	the	retirement	of	Director	Ms.	Juliana	Lam	effective	as	
at	the	2025	Annual	Meeting.
• On	February	12,	2025,	the	Company	reported	its	Mineral	Resource	and	Mineral	Reserve	estimates	as	at	December	31,	
2024	(or	as	otherwise	specified).	
• On	January	30,	2025,	the	Company	announced	that	it	received	notice	from	the	Superintendencia	del	Medio	Ambiente	
("SMA")	following	investigative	proceedings	involving	the	sinkhole	that	occurred	at	the	Alcaparrosa	mine	located	in	the	
Candelaria	complex	in	2022.	The	notice	levies	a	fine	of	$3.3	million	and	orders	the	continued	closure	of	the	Alcaparrosa	
mine,	based	on	four	violations	investigated.	Mining	operations	at	Alcaparrosa	have	been	suspended	since	the	incident	
occurred	in	2022	while	operations	at	the	Candelaria	mine	continue	unaffected.	
• On	 January	 15,	 2025,	 the	 Company	 and	 BHP	 completed	 the	 joint	 acquisition	 of	 all	 of	 the	 issued	 and	 outstanding	
common	shares	(the	"Filo	Shares")	of	Filo	not	already	owned	by	Lundin	Mining,	BHP	and	their	respective	affiliates	(the	
“Filo	 Acquisition”).	 Concurrently,	 Lundin	 Mining	 and	 BHP	 formed	 Vicuña.	 On	 completion,	 BHP	 paid	 Lundin	 Mining	 a	
cash	consideration	of	 $689.5	million	for	a	50%	interest	in	the	Josemaria	project	and	Lundin	Mining	paid	 $610.7	million	
(C$877.8	million)	in	cash	and	94.1	million	Lundin	Mining	shares	to	Filo	shareholders	for	its	50%	interest	in	Filo.
Financial	Performance
• Gross	profit	from	continuing	operations	for	the	 quarter	of	 $308.9	million	was	 $111.5	million	higher	than	in	the	prior	
year	 comparable	 period	 of	 $197.5	 million.	 The	 increase	 was	 primarily	 due	 to	 higher	 realized	 copper	 and	 gold	 prices,	
lower	treatment	charges,	and	favourable	foreign	exchange.	Gross	profit	from	discontinued	operations	for	the	quarter	
of	$69.9	million	increased	from	a	gross	loss	of	 $12.1	million	in	the	prior	year	comparable	period	primarily	due	to	no	
depreciation	being	taken	on	assets	classified	as	held	for	sale.		
• Net	 earnings	 from	 continuing	 operations	 for	 the	 quarter	 of	 $181.4	 million	 increased	 from	 the	 prior	 year	 comparable	
period	 of	 $83.0	 million	 primarily	 due	 to	 an	 increase	 in	 gross	 profit.	 Net	 loss	 from	 discontinued	 operations	 for	 the	
quarter	 of	 $13.8	 million	 (Q1	 2024	 	 -	 net	 loss	 of	 $24.4	 million)	 primarily	 resulted	 from	 the	 Euro	 strengthening	 in	 the	
quarter,	resulting	in	a	non-cash	impairment	of	 $65.7	million	net	of	tax	 (Q1	2024	-	nil) 	to	reduce	the	carrying	value	of	
Neves-Corvo	to	the	cash	proceeds	subsequently	received	for	this	asset.	This	loss	was	partially	offset	by	increased	gross	
profit	from	discontinued	operations.
3

===== SIDA 21 =====

• Adjusted	 earnings 1	 from	 continuing	 operations 	 for	 the	 quarter	 of	 $93.9	 million,	 increased	 from	 the	 prior	 year	
comparable	period	of	$56.4	million	as	a	result	of	higher	gross	profit.
• Cash	provided	by	operating	activities	related	to	continuing	operations	for	the	 quarter	of	 $122.3	million	represented	a 	
decrease	of	$109.8	million	from	the	prior	year	comparable	period	of	 $232.2	million.	The	decrease	was	primarily	due	to	
negative	working	capital	outflows	of	 $214.7	million	(Q1	2024	-	 $61.8	million)	including	 a	buildup	of	trade	receivables	
from	 shipments	 toward	 the	 end	 of	 the	 quarter	 and	 the	 recognition	 of	 $45.0	 million	 of	 revenue	 at	 Caserones	 for	
shipments	 in	 early	 January	 for	 which	 payment	 had	 been	 received	 in	 December	 2024.	 The	 shipments	 of	 copper	
concentrate	were	delayed	due	to	certain	operational	and	weather-related	issues.	Cash	provided	by	operating	activities	
related	to	discontinued	operations	for	the	quarter	was	$54.7	million	(Q1	2024	-	$35.4	million).
• For	the	 quarter,	sustaining	capital	expenditures 1	from	continuing	operations	of	 $112.6	million	were	lower	than	in	the	
prior	year	comparable	period	of	 $176.5	million.	The	net	reduction	was 	primarily	due	to	lower	spending	at	Candelaria	
from	 reduced	 deferred	 stripping	 and	 reduced	 spending	 on	 the	 Los	 Diques	 tailing	 storage	 facility.	 Sustaining	 capital	
expenditures,	 from	 discontinued	 operations,	 related	 to	 Neves-Corvo	 and	 Zinkgruvan	 were	 $27.7	 million	 and	 $21.3	
million,	respectively,	for	the	quarter.	
• Expansionary	 capital	 expenditures1	 of	 $62.9	 million	 for	 the	 quarter	 were	 higher	 than	 $56.0	 million	 in	 the	 prior	 year	
comparable	 period	 as	 a	 result	 of	 initiatives	 at	 Candelaria	 related	 to	 the	 mine	 life	 extension	 to	 2040	 under	 the	
Environmental	 Impact	 Assessment	 ("2040	 EIA"),	 partially	 offset	 by	 lower	 allocated	 spending	 at	 the	 Josemaria	 Project	
due	to	the	formation	of	Vicuña,	which	completed	on	January	15,	2025.	As	of	the	formation	date,	50%	of	Vicuña's	capital	
expenditures	are	included	in	the	Company's	capital	expenditures.
• Free	cash	flow1	(all	operations)	for	the	 quarter	of	negative	$(47.5)	million	was	lower	than	in	the	prior	year	comparable	
period	of	negative	 $(1.7)	million	primarily	 due	to	less	cash	 provided	by	operating	activities	due	to	negative	changes	in	
working	capital,	partially	offset	by	lower	sustaining	capital	 expenditures.	Free	cash	flow	from	discontinued	operations	
for	the	quarter	was	$5.6	million.
Financial	Position	and	Financing
• Cash	and	cash	equivalents	related	to	continuing	operations	as	at	March	31,	2025	were	$341.6	million.	Cash	provided	by	
operating	 activities	 related	 to	 continuing	 operations	 of	 $122.3	 million	 in	 the	 quarter	 was	 used	 to	 fund	 investing	
activities	 related	 to	 continuing	 operations	 of	 $101.0	 million,	 which	 primarily	 included	 $176.0	 million	 investment	 in	
mineral	properties,	plant	and	equipment,	partially	offset	by	the	net	cash	inflow	of	 $78.8	million	upon	the	formation	of	
Vicuña.	
• As	at	March	31,	2025,	the	Company	had	net	debt1	of	$1,699.3	million	and	net	debt	excluding	lease	liabilities	of	$1,441.7	
million.	 On	 April	 23,	 2025,	 the	 cash	 proceeds	 from	 the	 sale	 of	 Neves-Corvo	 and	 Zinkgruvan	 to	 Boliden	 were	 used	 to	
repay	the	Company's	existing	$1,150.0	million	Term	Loan	in	its	entirety	as	well	as	$170.0	million	on	the	Company's	RCF.	
As	at	 May	7,	2025 ,	the	Company	had	cash	of	approximately	$252.6	million	and	net	debt	excluding	lease	liabilities 	of	
approximately	$279.6	million.
4
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

===== SIDA 22 =====

2025	Outlook
The	Company	reaffirms	its	guidance	for	production,	cash	costs,	capital	expenditures,	and	exploration	that	was	released	on	
January	 16,	 2025.	 In	 regard	 to	 operations,	 the	 Company	 expects	 that	 all	 of	 its	 sites	 will	 meet	 their	 respective	 guidance	
ranges	as	published.
At	Candelaria,	softer	ore	is	expected	to	continue	into	the	second	quarter	which	will	benefit	throughput	in	the	mill	as	seen	in	
this	quarter.	The	Company	expects	cash	costs	in	the	second	quarter	to	be	in	line	with	the	first	quarter,	benefiting	from	a	
higher	gold	price.	
At	 Caserones,	 the	 performance	 of	 the	 mill,	 together	 with	 expected	 grade	 increases	 and	 strong	 cathode	 production	 are	
expected	to	sustain	the	Company's	annual	production	guidance	for	2025.
At	Chapada,	production	is	second	half	of	the	year	weighted,	copper	grades	and	recoveries	are	expected	to	increase	during	
this	period.	Sequencing	of	the	mine	plan	forecasts	processing	less	lower-grade	stockpile	and	more	fresh	ore.
At	 Eagle,	 it	 is	 expected	 that	 mine	 sequencing	 and	 grades	 will	 normalize	 during	 Q2	 which	 supports	 maintaining	 the	
Company's	annual	production	guidance.	Additionally,	mining	at	the	Eagle	deposit	is	expected	to	be	completed	towards	the	
end	of	the	year	and	higher	grade	ore	from	Eagle	East	will	be	sourced.
See	below	for	the	2025	Guidance	as	released	on	January	16,2025:	
2025	Production	and	Cash	Cost	Guidance
	Guidancea
(contained	metal) Production Cash	Cost	($/lb)b
Copper	(t) Candelaria	(100%) 140,000	–	150,000 1.80	–	2.00c
Caserones	(100%) 115,000	–	125,000 2.40	–	2.60
Chapada 40,000	–	45,000 1.80	–	2.00d
Eagle 8,000	–	10,000
Total 303,000	–	330,000 2.05	–	2.30
Gold	(koz) Candelaria	(100%) 78	–	88
Chapada 57	–	62
Total 135	–	150
Nickel	(t) Eagle 8,000	–	11,000 3.05	–	3.25
a.	Guidance	as	outlined	in	the	news	release	'Lundin	Mining	Announces	Record	Production	Results	for	2024	and	Provides	2025	Guidance'	dated	January	
16,	2025.
b.	2025	cash	costs	are	based	on	various	assumptions	and	estimates,	including	but	not	limited	to:	production	volumes,	commodity	prices	(Cu:	$4.40/lb,	
Au:	 $2,500/oz,	 Mo:	 $17.00/lb,	 Ag:	 $30.00/oz),	 foreign	 exchange	 rates	 (USD/CLP:900,	 USD/BRL:5.50)	 and	 operating	 costs.	 Cash	 cost	 is	 a	 non-GAAP	
measure	-	see	section	'Non-GAAP	and	Other	Performance	Measures'	of	this	MD&A	for	discussion.
c.	68%	of	Candelaria's	total	gold	and	silver	production	are	subject	to	a	streaming	agreement.	Cash	costs	are	calculated	based	on	receipt	of	approximately	
$433/oz	gold	and	$4.32/oz	silver.
d.	Chapada's	cash	cost	is	calculated	on	a	by-product	basis	and	does	not	include	the	effects	of	its	copper	stream	agreements.	Effects	of	the	copper	stream	
agreements	are	reflected	in	copper	revenue	and	will	impact	realized	price	per	pound.
5

===== SIDA 23 =====

2025	Capital	Expenditure	Guidanceb
($	millions) 	Guidancea
Candelaria	(100%	basis) 205
Caserones	(100%	basis) 215
Chapada 85
Eagle 25
Total	Sustaining 530
Expansionary	-	Candelaria	(100%	basis) 50
Expansionary	-	Vicuña	Joint	Arrangement	(50%	basis) 155
Total	Capital	Expenditures 735
a. Guidance	as	outlined	in	the	news	release	'Lundin	Mining	Announces	Record	Production	Results	for	2024	and	Provides	2025	Guidance'	dated	January	
16,	2025.
b. Sustaining	capital	expenditure	is	a	supplementary	financial	measure,	and	expansionary	capital	expenditure	is	a	non-GAAP	measure	–	see	Section	"Non-
GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
2025	Exploration	Investment	Guidance
Total	exploration	expenditure	guidance	for	2025	is	$40	million.
6

===== SIDA 24 =====

Summary	of	Quarterly	Results1
($	millions,	except	per	share	data) Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23
Revenue	from	continuing	operations 	 963.9	 	 858.9	 	 873.1	 	 878.3	 	 812.3	 	 893.4	 	 798.7	 	 490.4	 
Gross	profit	from	continuing	operations 	 308.9	 	 250.6	 	 266.2	 	 228.6	 	 197.5	 	 177.8	 	 166.9	 	 81.2	 
Net	earnings	(loss)	from	continuing	operations 	 181.4	 	 (159.6)	 	 110.6	 	 119.4	 	 83.0	 	 40.4	 	 10.4	 	 90.9	 
-	attributable	to	shareholders 	 138.1	 	 (195.3)	 	 84.0	 	 84.3	 	 38.3	 	 12.5	 	 (14.4)	 	 88.7	 
	Net	earnings	(loss)	from	discontinued	
operations
	 (13.8)	 	 (244.8)	 	 17.2	 	 37.3	 	 (24.4)	 	 26.3	 	 11.5	 	 (29.6)	 
Adjusted	earnings2	(all	operations) 	 146.2	 	 119.2	 	 72.5	 	 122.1	 	 45.2	 	 79.7	 	 85.3	 	 45.6	 
Adjusted	earnings2	from	continuing	operations 	 93.9	 	 94.8	 	 57.2	 	 83.4	 	 56.4	 	 72.4	 	 57.8	 	 64.9	 
Adjusted	earnings	(loss)2	from	discontinued	
operations
	 52.2	 	 24.4	 	 15.3	 	 38.7	 	 (11.1)	 	 7.3	 	 27.5	 	 (19.3)	 
Adjusted	EBITDA2	(all	operations) 	 450.8	 	 425.6	 	 457.7	 	 460.9	 	 362.9	 	 419.7	 	 415.1	 	 191.8	 
Adjusted	EBITDA2	-	continuing	operations 	 387.9	 	 368.2	 	 385.2	 	 369.9	 	 338.5	 	 367.6	 	 334.9	 	 184.5	 
Adjusted	EBITDA2	-	discontinued	operations 	 62.8	 	 57.4	 	 72.5	 	 91.0	 	 24.4	 	 52.1	 	 80.2	 	 7.3	 
EPS	-	Basic	and	Diluted	(all	operations) 	 0.15	 	 (0.57)	 	 0.13	 	 0.16	 0.02 	 0.05	 	 —	 	 0.08	 
EPS	-	Basic	and	Diluted	from	continuing	
operations
	 0.16	 	 (0.25)	 	 0.11	 	 0.11	 0.05 	 0.02	 	 (0.02)	 	 0.12	 
EPS	-	Basic	and	Diluted	from	discontinued	
operations
	 (0.02)	 	 (0.32)	 	 0.02	 	 0.05	 	 (0.03)	 	 0.03	 	 0.02	 	 (0.04)	 
Adjusted	EPS2	(all	operations) 	 0.17	 	 0.15	 	 0.09	 	 0.16	 	 0.06	 	 0.10	 	 0.11	 	 0.06	 
Adjusted	EPS2		-	continuing	operations 	 0.11	 	 0.12	 	 0.07	 	 0.11	 	 0.07	 	 0.09	 	 0.07	 	 0.08	 
Adjusted	EPS2	-		discontinued	operations 	 0.06	 	 0.03	 	 0.02	 	 0.05	 	 (0.01)	 	 0.01	 	 0.04	 	 (0.02)	 
Cash	provided	by	operating	activities	(all	
operations)
	 177.0	 	 620.3	 	 139.3	 	 491.8	 	 267.5	 	 306.1	 	 303.8	 	 194.8	 
Cash	provided	by	operating	activities	related	to	
continuing	operations
	 122.3	 	 547.3	 	 81.4	 	 440.1	 	 232.2	 	 249.9	 	 260.4	 	 170.0	 
Cash	provided	by	operating	activities	related	to	
discontinued	operations
	 54.7	 	 73.0	 	 57.9	 	 51.7	 	 35.4	 	 56.2	 	 43.4	 	 24.8	 
Adjusted	operating	cash	flow	per	share2	(all	
operations)
	 0.46	 	 0.40	 	 0.39	 	 0.48	 	 0.41	 	 0.47	 	 0.41	 	 0.14	 
Adjusted	operating	cash	flow	per	share2	—	
continuing	operations
	 0.40	 	 0.32	 	 0.31	 	 0.38	 	 0.38	 	 0.39	 	 0.25	 	 0.07	 
Adjusted	operating	cash	flow	per	share2	—	
discontinued	operations
	 0.07	 	 0.08	 	 0.08	 	 0.10	 	 0.03	 	 0.07	 	 0.16	 	 0.07	 
Capital	expenditure3		from	continuing	
operations
	 176.0	 	 191.3	 	 163.6	 	 217.2	 	 235.2	 	 205.3	 	 203.5	 	 241.8	 
Capital	expenditure3	from	discontinued	
operations
	 49.1	 	 35.2	 	 41.8	 	 41.2	 	 36.8	 	 38.6	 	 39.7	 	 38.1	 
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.
7

===== SIDA 25 =====

Selected	Quarterly	Financial	Information	
Three	months	ended
March	31,
($	millions	continuing	operations	except	where	noted) 2025 2024
Revenue 	 963.9	 	 812.3	
Costs	of	goods	sold:
Production	costs 	 (516.9)	 	 (465.3)	 
Depreciation,	depletion	and	amortization 	 (138.1)	 	 (149.5)	 
Gross	profit 	 308.9	 	 197.5	
Net	earnings	from	continuing	operations	attributable	to:
Lundin	Mining	shareholders 	 138.1	 	 38.3	
Non-controlling	interests 	 43.3	 	 44.7	
Net	earnings	(loss)	from	continuing	operations	 	 181.4	 	 83.0	
Net	earnings	(loss)	from	discontinued	operations 	 (13.8)	 	 (24.4)	 
Net	earnings	attributable	to:
Lundin	Mining	shareholders 	 124.3	 	 13.9	
Non-controlling	interests 	 43.3	 	 44.7	
Net	earnings 	 167.6	 	 58.6	
Adjusted	earnings1	(all	operations) 	 146.2	 	 45.2	
Adjusted	earnings1	—	continuing	operations 	 93.9	 	 56.4	
Adjusted	earnings	(loss)1	—	discontinued	operations 	 52.2	 	 (11.1)	 
Adjusted	EBITDA1	(all	operations) 	 450.8	 	 362.9	
Adjusted	EBITDA1	—	continuing	operations 	 387.9	 	 338.5	
Adjusted	EBITDA1	—	discontinued	operations 	 62.8	 	 24.4	
Cash	provided	by	operating	activities	(all	operations) 	 177.0	 	 267.5	
Cash	provided	by	operating	activities	related	to	continuing	operations 	 122.3	 	 232.2	
Cash	provided	by	operating	activities	related	to	discontinued	operations 	 54.7	 	 35.4	
Adjusted	operating	cash	flow1	(all	operations) 	 392.8	 	 313.7	
Adjusted	operating	cash	flow1	—	continuing	operations 	 337.0	 	 294.0	
Adjusted	operating	cash	flow1	—	discontinued	operations 	 55.8	 	 19.7	
Free	cash	flow	from	operations1	(all	operations) 	 32.0	 	 67.7	
Free	cash	flow	from	operations1	—	continuing	operations 	 21.6	 	 66.5	
Free	cash	flow	from	operations1	—	discontinued	operations 	 10.4	 	 1.2	
Free	cash	flow1	(all	operations) 	 (47.5)	 	 (1.7)	 
Free	cash	flow1	—	continuing	operations 	 (53.1)	 	 (0.3)	 
Free	cash	flow1	—	discontinued	operations 	 5.6	 	 (1.4)	 
Capital	expenditures2	—	continuing	operations 	 176.0	 	 235.2	
Capital	expenditures2	—		discontinued	operations 	 49.1	 	 36.8	
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.
8

===== SIDA 26 =====

Three	months	ended
March	31,
2025 2024
Per	share	amounts:
Basic	and	diluted	earnings	from	continuing	operations	per	share	("EPS")	attributable	to	
shareholders 	 0.16	 	 0.05	
Basic	and	diluted	loss	from	discontinued	operations	per	share	("EPS")	attributable	to	shareholders 	 (0.02)	 	 (0.03)	 
Basic	and	diluted	total	earnings	per	share	("EPS")	attributable	to	shareholders 	 0.15	 	 0.02	
Adjusted	EPS1	(all	operations) 	 0.17	 	 0.06	
Adjusted	EPS1	—	continuing 	 0.11	 	 0.07	
Adjusted	EPS1	—	discontinued 	 0.06	 	 (0.01)	 
Adjusted	operating	cash	flow	per	share1	(all	operations) 	 0.46	 	 0.41	
Adjusted	operating	cash	flow	per	share1	—	continuing 	 0.40	 	 0.38	
Adjusted	operating	cash	flow	per	share1	—	discontinued 	 0.07	 	 0.03	
Dividends	declared	(C$/share) 	 0.09	 	 0.09	
($	millions)
March	31,	
2025
December	31,	
2024
Total	assets 	 11,379.1	 	 10,406.7	
Total	debt	and	lease	liabilities 	 2,101.5	 	 2,006.2	
Net	debt	excluding	lease	liabilities1 	 (1,441.7)	 	 (1,332.3)	 
1	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
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	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	 impacted	
production	costs	in	Q3	2023	and	Q4	2023,	respectively,	as	in-process	and	concentrate	inventory	measured	at	fair	value	at	
the	acquisition	date	was	sold.	An	$800.0	million	Term	Loan	was	entered	into	in	conjunction	with	the	acquisition	and	was	
subsequently	 increased	 by	 $350.0	 million	 with	 funds	 used	 to	 acquire	 an	 additional	 19%	 of	 Caserones	 in	 2024.	 Increased	
debt	has	increased	the	Company's	interest	expense	from	Q3	2023	through	Q1	2025,	reducing	net	earnings.
In	 Q2	 2024,	 a	 fall	 of	 ground	 in	 the	 lower	 ramp	 at	 the	 Eagle	 mine	 reduced	 mining	 rates	 while	 ramp	 rehabilitation	 was	
completed.	 This	 resulted	 in	 lower	 revenue	 as	 well	 as	 $9.8	 million,	 $14.8	 million,	 and	 $11.4	 million	 of	 overhead	 costs	
incurred	in	Q2	2024,	Q3	2024	and	Q4	2024,	respectively,	reducing	net	earnings.
In	Q4	2024,	net	earnings	from	continuing	operations	were	reduced	by	non-cash	impairments	including	$104.9	million	($82.8	
million	net	of	tax)	relating	to	the	Eagle	mine	due	to	a	decline	in	nickel	prices	and	prolonged	rehabilitation	of	the	Eagle	East	
ramp,	 $93.4	 million	 ($61.7	 million	 net	 of	 tax)	 related	 to	 the	 Suruca	 gold	 deposit	 near	 Chapada	 following	 the	 removal	 of	
reserves	 and	 $55.9	 million	 ($41.6	 million	 net	 of	 tax)	 due	 to	 the	 continued	 closure	 of	 the	 Alcaparrosa	 mine	 within	 the	
Candelaria	mining	complex.	This	amount	was	partially	offset	by	a	$28.3	million	non-cash	partial	reversal	of	a	previous	long-
term	ore	stockpile	inventory	write-down	at	Chapada,	as	a	result	of	higher	market	expectations	for	long-term	copper	and	
gold	prices.
In	the	quarters	presented,	the	Company	has	entered	into	derivative	contracts	for	foreign	currency,	diesel,	copper	prices	and	
gold	 prices	 as	 part	 of	 its	 risk	 management	 strategy.	 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	expense	and	impact	
the	Company's	net	earnings.	
As	reported	above,	following	the	Company's	announcement	of	a	definitive	agreement	to	sell	its	interest	in	the	Neves-Corvo	
and	Zinkgruvan	mines,	results	from	these	operations	are	reported	as	discontinued	operations.	Net	loss	from	discontinued	
operations	in	Q4	2024	 was	impacted	by	a	 $291.2	million	non-cash	impairment	to	align	the	carrying	value	of	Neves-Corvo	
with	expected	cash	consideration.	As	a	result	of	the	Euro	strengthening	in	Q1	2025	n et	loss	from	discontinued	operations 	
9

===== SIDA 27 =====

was	impacted	by	a	further	 $65.7	million	non-cash	impairment	at	Neves-Corvo	to	re-align	its	carrying	value	with	subsequent	
cash	consideration.
In	Q4	2024,	a	deferred	tax	recovery	of	$41.5	million	was	recorded	at	Caserones	following	a	re-assessment	of	the	estimated	
future	utilization	of	accumulated	tax	losses.	
In	Q1	2025,	after	the	formation	of	Vicuña	Corp.,	financial	results	are	accounted	for	at	the	Company's	50%	share.	In	prior	
quarters	the	Josemaria	Project	(now	part	of	Vicuña)	was	wholly	owned	by	the	Company	and	reported	at	100%.
10

===== SIDA 28 =====

Revenue	Overview
Sales	Volumes	by	Payable	Metal	-	Continuing	Operations
2025 2024
Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 	 34,974	 	 158,017	 	 49,052	 	 45,430	 	 29,999	 	 33,536	
Caserones	(100%) 	 36,181	 	 113,867	 	 26,750	 	 22,044	 	 29,862	 	 35,211	
Chapada 	 8,346	 	 39,615	 	 10,200	 	 12,380	 	 8,293	 	 8,742	
Eagle 	 1,549	 	 5,457	 	 877	 	 733	 	 1,789	 	 2,058	
	 81,050	 	 316,956	 	 86,879	 	 80,587	 	 69,943	 	 79,547	
Gold	(koz)
Candelaria	(100%) 	 20	 	 89	 	 27	 	 26	 	 17	 	 19	
Chapada 	 10	 	 58	 	 15	 	 19	 	 12	 	 12	
	 30	 	 147	 	 42	 	 45	 	 29	 	 31	
Nickel	(t)
Eagle 	 1,748	 	 5,662	 	 1,088	 	 393	 	 2,018	 	 2,163	
Molybdenum	(t)
Caserones	(100%) 	 628	 	 3,056	 	 944	 	 581	 	 695	 	 836	
Silver	(koz)
Candelaria	(100%) 	 397	 	 1,799	 	 557	 	 511	 	 331	 	 400	
Chapada 	 25	 	 96	 	 21	 	 24	 	 30	 	 21	
Eagle 	 2	 	 8	 	 1	 	 (1)	 	 7	 	 1	
	 424	 	 1,903	 	 579	 	 534	 	 368	 	 422	
Revenue	Analysis	
Three	months	ended	March	31,
by	Mine 2025 2024 Change
($	thousands) $ % $ % $
Candelaria	(100%) 	 419,112	 	 43	 	 330,409	 	 41	 	 88,703	 
Caserones	(100%) 	 385,927	 	 40	 	 326,211	 	 40	 	 59,716	 
Chapada 	 114,578	 	 12	 	 98,435	 	 12	 	 16,143	 
Eagle 	 44,257	 	 5	 	 57,223	 	 7	 	 (12,966)	 
Continuing	Operations 	 963,874	 	 812,278	 	 151,596	 
Neves-Corvo 	 108,436	 	 60	 	 80,630	 	 65	 	 27,806	 
Zinkgruvan 	 71,645	 	 40	 	 44,073	 	 35	 	 27,572	 
Discontinued	Operations 	 180,081	 	 124,703	 	 55,378	 
11

===== SIDA 29 =====

Three	months	ended	March	31,
by	Metal 2025 2024 Change
($	thousands,	continuing	operations) $ % $ % $
Copper 	 808,291	 	 84	 	 663,571	 	 82	 	 144,720	 
Gold 	 87,177	 	 9	 	 57,708	 	 7	 	 29,469	 
Molybdenum 	 21,886	 	 2	 	 32,138	 	 4	 	 (10,252)	 
Nickel 	 27,445	 	 3	 	 38,793	 	 5	 	 (11,348)	 
Silver 	 14,252	 	 1	 	 10,160	 	 1	 	 4,092	 
Other 	 4,823	 	 1	 	 9,908	 	 1	 	 (5,085)	 
	 963,874	 	 812,278	 	 151,596	 
Revenue	from	continuing	operations	for	the	quarter	of	 $963.9	million	was	an	increase	of	$151.6	million	over	the	prior	year	
comparable	period.	The	revenue	increase	was	primarily	due	to	an	increase	in	realized	copper	and	gold	prices.
Revenue	from	gold	and	silver	for	the	quarter	and	year	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	$433/oz	for	gold	at	Candelaria	and	 $4.32/oz	for	silver	at	Candelaria	and	between	 $4.50/oz	and	$4.75/oz	for	
silver	at	Neves-Corvo	and	Zinkgruvan,	respectively.	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,	which	is	limited	to	7.9%	of	Chapada's	total	copper	production.
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	from	Continuing	Operations	as	of	March	31,	2025
Metal Payable	metal Valued	at
Copper 	 80,632	 	t $4.43	/lb
Gold 	 33		koz $3,137	/oz
Nickel 	 887	 	t $7.37	/lb
Molybdenum 	 1,040	 	t $19.95	/lb
12

===== SIDA 30 =====

Quarterly	Reconciliation	of	Realized	Prices
Three	months	ended	March	31,	2025
($	thousands) Copper Nickel Gold Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 760,396	 	 27,451	 	 85,244	 	 25,117	 	 38,474	 	 936,682	
Provisional	pricing	adjustments	on	current	period	
concentrate	sales 	 24,657	 	 155	 	 8,100	 	 (878)	 	 (6,668)	 	 25,366	
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales 	 42,055	 	 (155)	 	 6,458	 	 (2,353)	 	 (982)	 	 45,023	
	 827,108	 	 27,451	 	 99,802	 	 21,886	 	 30,824	 	 1,007,071	
Recognition	of	deferred	revenue 	 16,347	
Copper	stream	cash	effect 	 (8,583)	 
Gold	stream	cash	effect 	 (32,951)	 
Less:	Treatment	and	refining	charges 	 (18,010)	 
Total	Revenue 	 963,874	
Payable	Metal 81,050	t 1,748	t 30	koz 628	t
Current	period	sales	($/unit)2	 $4.39 $7.16 $3,132 $17.51
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales	($/unit) $0.24 $(0.04) $217 $(1.70)
Realized	prices3,4 $4.63	/lb $7.12	/lb $3,349	/oz $15.81	/lb
Three	months	ended	March	31,	2024
Copper Nickel Gold Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 681,961	 	 35,125	 	 65,235	 	 38,827	 	 21,523	 	 842,671	
Provisional	pricing	adjustments	on	current	period	
concentrate	sales 	 5,907	 	 24	 	 3,412	 	 (816)	 	 36	 	 8,563	
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales 	 9,613	 	 3,624	 	 901	 	 (5,873)	 	 (632)	 	 7,634	
	 697,481	 	 38,774	 	 69,547	 	 32,138	 	 20,928	 	 858,868	
Recognition	of	deferred	revenue 	 14,095	
Copper	stream	cash	effect 	 (6,098)	 
Gold	stream	cash	effect 	 (20,938)	 
Less:	Treatment	&	refining	charges 	 (33,649)	 
Total	Revenue 	 812,278	
Payable	Metal 79,547	t 2,163	t 31	koz 836	t
Current	period	sales	($/unit)2 $3.93 $7.37 $2,218 $20.62
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales	($/unit) $0.05 $0.76 $29 $(3.18)
Realized	prices3,4 $3.98	/lb $8.13	/lb $2,247	/oz $17.44	/lb
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,	2025	is	$4.58/lb	(2024:	$3.95/
lb).	 The	 realized	 price	 for	 gold	 inclusive	 of	 the	 impact	 of	 streaming	 agreements	 for	 the	 three	 months	 ended	 March	 31,	 2025	 is	 $2,243/oz	 (2024:	
$1,570/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.	
13

===== SIDA 31 =====

Financial	Results
Production	Costs	
Production	 costs	 from	 continuing	 operations	 for	 the	 quarter	 were	 $516.9	 million,	 an	 increase	 from	 $465.3	 million	 in	 the	
prior	year	comparable	period.	The	increase	was	attributable	to	higher	production	costs	at	Caserones	and	Candelaria,	driven	
by	higher	contractor	and	labour	costs	resulting	from	an	increased	volume	of	material	moved	during	the	period,	as	well	as	
higher	maintenance	costs	at	Caserones	related	to	planned	maintenance	activities.	These	increases	were	partially	offset	by	
favourable	 foreign	 exchange.	 Production	 costs	 from	 discontinued	 operations	 were	 $110.2	 million	 (Q1	 2024	 -	 $101.8	
million).	
Depreciation,	Depletion	and	Amortization
Depreciation,	 depletion	 and	 amortization	 expense	 for	 continuing	 operations	 for	 the	 quarter	 decreased	 compared	 to	 the	
prior	 year	 comparable	 period.	 The	 decrease	 was	 primarily	 attributable	 to	 slightly	 lower	 depreciation	 at	 Candelaria	 and	
Caserones,	partly	due	to	reduced	amortization	of	deferred	stripping .	In	addition,	depreciation	decreased	at	Eagle	following	
impairment	in	late	2024	of	mineral	properties	and	property,	plant	and	equipment	that	resulted	in	a	lower	asset	base	for	
depreciation.
Depreciation,	depletion	&	amortization Three	months	ended	March	31,
	($	thousands) 2025 2024 Change
Candelaria 	 69,194	 	 73,426	 	 (4,232)	 
Caserones 	 45,867	 	 51,729	 	 (5,862)	 
Chapada 	 18,330	 	 15,080	 	 3,250	
Eagle 	 4,529	 	 9,151	 	 (4,622)	 
Other 	 139	 	 77	 	 62	
	 138,059	 	 149,463	 	 (11,404)	 
Finance	Costs
Total	finance	costs,	net,	from	continuing	operations	amounted	to	 $43.9	million	for	the	 quarter	and	increased	from	 $33.3	
million	in	the	prior	year	comparable	period	primarily	due	to	higher	interest	expense	in	line	with	increased	debt	and	lease	
liabilities.
Other	Income	and	Expense	
Net	other	expense	from	continuing	operations	for	the	 quarter	amounted	to	 $2.8	million,	compared	to	net	other	income	of	
$3.1	million	in	the	prior	year	comparable	period.	The	net	expense	is	primarily	related	to	increased	foreign	exchange	losses	
of	 $19.5	 million	 resulting	 from	 foreign	 exchange	 revaluation	 of	 working	 capital	 and	 liabilities	 denominated	 in	 foreign	
currencies.	 Additionally,	 $11.7	 million	 in	 realized	 losses	 on	 foreign	 exchange	 derivative	 contracts	 were	 mainly	 due	 to	
devaluation	of	CAD	against	the	USD	relating	to	foreign	currency	forward	contracts	settled	upon	the	Filo	Acquisition.	These	
losses	 were	 partially	 offset	 by	 higher	 unrealized	 gains	 on	 mark-to-market	 valuation	 of	 unexpired	 foreign	 exchange	 and	
commodity	 derivative	 contracts	 amounting	 to	 $36.0	 million	 primarily	 from	 the	 strengthening	 of	 CLP	 and	 BRL	 against	 the	
USD.
Period	end	exchange	rates	having	a	meaningful	impact	on	foreign	exchange	recorded	as	at	March	31,	2025	were:
Three	months	ended	March	31,
2025 2024 Change
Brazilian	Real	(USD:BRL) 5.74 5.00 	 0.74	
Chilean	Peso	(USD:CLP) 946 982 	 (36)	 
Euro	(USD:€) 0.92 0.93 	 (0.01)	 
Swedish	Kronor	(USD:SEK) 10.00 10.69 	 (0.69)	 
Argentine	Peso	(USD:ARS) 1,074 857 217
14

===== SIDA 32 =====

The	average	exchange	rates	for	each	quarter	were:
Three	months	ended	March	31,
2025 2024 Change
Brazilian	Real	(USD:BRL) 5.84 4.95 	 0.89	
Chilean	Peso	(USD:CLP) 963 946 	 17	
Euro	(USD:€) 0.95 0.92 	 0.03	
Swedish	Kronor	(USD:SEK) 10.68 10.39 	 0.30	
Argentine	Peso	(USD:ARS) 1,057 835 222
Income	Taxes	
Income	tax	(expense)/	recovery Three	months	ended	March	31,
($	thousands,	continuing	operations) 2025 2024 Change
Candelaria 	 (65,957)	 	 (39,393)	 	 (26,564)	 
Caserones 	 (5,142)	 	 (22,236)	 	 17,094	
Chapada 	 22,654	 	 2,260	 	 20,394	
Eagle 	 161	 	 1,278	 	 (1,117)	 
Vicuña 	 (9,590)	 	 —	 	 (9,590)	 
Other 	 7,129	 	 1,410	 	 5,719	
	 (50,745)	 	 (56,681)	 	 5,936	
Income	taxes	by	classification Three	months	ended	March	31,
($	thousands,	continuing	operations) 2025 2024 Change
Current	income	tax	(expense)/recovery 	 (48,065)	 	 (45,820)	 	 (2,245)	 
Deferred	income	tax	(expense)/	recovery 	 (2,680)	 	 (10,861)	 	 8,181	
	 (50,745)	 	 (56,681)	 	 5,936	
Current	 income	 tax	 expense	 in	 the	 quarter	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 foreign	
exchange	fluctuations	during	the	quarter.
Deferred	income	tax	expense	decreased	compared	to	the	prior	period,	primarily	due	to	the	utilization	of	losses	in	the	prior	
period	 at	 Caserones,	 and	 a	 deferred	 tax	 recovery	 at	 Chapada	 resulting	 from	 the	 foreign	 exchange	 revaluation	 of	 non-
monetary	assets	driven	by	the	strengthening	of	the	BRL	against	the	USD	as	of	March	31,	2025.	This	decrease	was	partially	
offset	 by	 an	 increase	 in	 deferred	 tax	 expense	 at	 Candelaria	 due	 to	 positive	 provisional	 metal	 price	 adjustments	 in	 the	
quarter	 and	 the	 recognition	 of	 deferred	 tax	 liability	 associated	 with	 outside	 basis	 differences	 related	 to	 the	 Company's	
investment	in	Vicuña.
15

===== SIDA 33 =====

Mining	Operations
Production	Overview
2025 2024
Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 37,071 162,487 48,772 50,018 31,170 32,527
Caserones	(100%) 28,709 124,761 31,737 29,033 29,775 34,216
Chapada 8,909 43,261 12,323 11,694 9,106 10,138
Eagle 2,085 6,366 1,262 1,027 1,563 2,514
Continuing	Operations 76,774 336,875 94,094 91,772 71,614 79,395
Neves-Corvo 6,123 28,228 7,139 6,698 7,347 7,044
Zinkgruvan 971 3,964 258 1,385 747 1,574
Total 83,868 369,067 101,491 99,855 79,708 88,013
Zinc	(t)
Neves-Corvo 27,691 109,571 27,879 29,509 25,696 26,487
Zinkgruvan 21,257 82,133 24,067 17,101 21,764 19,201
Total 48,948 191,704 51,946 46,610 47,460 45,688
Gold	(koz)
Candelaria	(100%) 21 93 28 29 17 19
Chapada 11 65 18 18 15 14
Total 32 158 46 47 32 33
Nickel	(t)
Eagle 2,296 7,486 1,617 893 1,721 3,255
Molybdenum	(t)
Caserones	(100%) 602 3,183 912 693 714 864
Lead	(t)
Neves-Corvo 1,992 6,395 1,553 1,851 1,387 1,604
Zinkgruvan 7,586 30,888 9,481 5,693 8,966 6,748
Total 9,578 37,283 11,034 7,544 10,353 8,352
Silver	(koz)
Candelaria	(100%) 449 1,985 598 605 367 415
Chapada 50 245 69 63 55 58
Eagle 10 35 7 3 17 8
Continuing	Operations 509 2,265 674 671 439 481
Neves-Corvo 459 1,876 494 425 433 524
Zinkgruvan 585 2,513 637 537 699 640
Total 1,553 6,654 1,805 1,633 1,571 1,645
16

===== SIDA 34 =====

Production	Cost	and	Cash	Cost	Overview	($	thousand,	$/lb)
Three	months	ended
March	31,
($	thousands) 2025 2024
Candelaria
Production	costs $172,100 $161,250
Gross	cost 	 2.31	 	 2.35	
By-product1 	 (0.56)	 	 (0.46)	 
Cash	Cost	(Cu,	$/lb)2 	 1.75	 	 1.89	
AISC	(Cu,	$/lb)2 	 2.46	 	 3.34	
Caserones
Production	costs $243,943 $197,655
Gross	cost 	 2.98	 	 2.59	
By-product1 	 (0.46)	 	 (0.45)	 
Cash	Cost	(Cu,	$/lb)2 	 2.52	 	 2.14	
AISC	(Cu,	$/lb)2 	 3.36	 	 3.02	
Chapada
Production	costs $63,501 $64,585
Gross	cost 	 3.34	 	 3.43	
By-product1 	 (1.87)	 	 (1.42)	 
Cash	Cost	(Cu,	$/lb)2 	 1.47	 	 2.01	
AISC	(Cu,	$/lb)2 	 2.94	 	 3.79	
Consolidated3
Production	costs $479,544 $423,490
Gross	cost 	 2.72	 	 2.58	
By-product1 	 (0.65)	 	 (0.56)	 
Cash	Cost	(Cu,	$/lb)2 	 2.07	 	 2.02	
Eagle
Production	cost $37,120 $40,536
Gross	cost 	 8.30	 	 7.90	
By-product1 	 (4.36)	 	 (3.86)	 
Cash	Cost	(Ni,	$/lb)2 	 3.94	 	 4.04	
AISC	(Ni,	$/lb)2 	 6.20	 	 6.12	
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	Consolidated	Cash	Cost	includes	primary	copper	producing	assets	from	continuing	operations.
17

===== SIDA 35 =====

Discontinued	Operations Three	months	ended
March	31,
($	thousands) 2025 2024
Neves-Corvo
Production	costs $75,910 $71,712
Gross	cost 	 6.73	 	 5.85	
By-product1 	 (5.04)	 	 (2.61)	 
Cash	Cost	(Cu,	$/lb)2 	 1.69	 	 3.24	
AISC	(Cu,	$/lb)2 	 4.25	 	 5.13	
Zinkgruvan
Production	costs $34,249 $30,075
Gross	cost 	 0.97	 	 1.12	
By-product1 	 (0.57)	 	 (0.47)	 
Cash	Cost	(Zn,	$/lb)2 	 0.40	 	 0.65	
AISC	(Zn,	$/lb)2 	 0.91	 	 1.10	
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.
18

===== SIDA 36 =====

Candelaria	(Chile)
Operating	Statistics
2025 2024
(100%	Basis) Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 10,217	 	 36,728	 	 12,673	 	 10,784	 	 8,155	 	 5,116	
Ore	milled	(kt) 	 7,752	 	 29,186	 	 7,600	 	 7,183	 	 7,094	 	 7,309	
Grade
Copper	(%) 	 0.52	 	 0.61	 	 0.69	 	 0.76	 	 0.49	 	 0.48	
Gold	(g/t) 	 0.12	 	 0.15	 	 0.17	 	 0.18	 	 0.12	 	 0.11	
Recovery
Copper	(%) 	 91.6	 	 91.8	 	 93.1	 	 92.1	 	 89.5	 	 91.9	
Gold	(%) 	 68.3	 	 67.7	 	 68.2	 	 69.9	 	 62.1	 	 69.8	
Production	(contained	metal)
Copper	(t) 	 37,071	 	 162,487	 	 48,772	 	 50,018	 	 31,170	 	 32,527	
Gold	(koz) 	 21	 	 93	 	 28	 	 29	 	 17	 	 19	
Silver	(koz) 	 449	 	 1,985	 	 598	 	 605	 	 367	 	 415	
Sales	volume	(payable	metal)
Copper	(t) 	 34,974	 	 158,017	 	 49,052	 	 45,430	 	 29,999	 	 33,536	
Gold	(koz) 	 20	 	 89	 	 27	 	 26	 	 17	 	 19	
Revenue	($000s) 	 419,112	 	 1,618,936	 	 449,115	 	 473,049	 	 366,363	 	 330,409	
Production	costs	($000s) 	 172,100	 	 726,685	 	 200,970	 	 189,106	 	 175,359	 	 161,250	
Gross	profit	($000s) 	 177,818	 	 579,193	 	 163,238	 	 205,276	 	 114,946	 	 95,733	
Cash	cost	($	per	pound	copper)1 	 1.75	 	 1.73	 	 1.53	 	 1.55	 	 2.18	 	 1.89	
Sustaining	Capex	($000s) 	 47,713	 	 275,720	 	 55,526	 	 60,118	 	 60,544	 	 99,532	
AISC	($	per	pound	copper)1 	 2.46	 	 2.62	 	 2.12	 	 2.23	 	 3.22	 	 3.34	
Expansionary	Capex	($000s) 	 20,232	 	 —	 	 —	 	 —	 	 —	 	 —	
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
Candelaria	 had	 strong	 production	 during	 the	 quarter	 due	 to	 high	 throughput	 levels	 at	 the	 mill.	 During	 the	 quarter,	 there	
was	an	increase	in	ore	milled	due	to	higher	than	anticipated	ore	softness	found	in	a	specific	area	of	Phase	11,	which	allowed	
for	 higher	 throughput.	 Mining	 in	 the	 open	 pit	 during	 the	 quarter	 was	 focused	 on	 Phase	 11	 with	 some	 contribution	 from	
higher	grade	areas	of	Phase	12.	Additionally,	the	mill	also	processed	ore	from	stockpiles	during	the	quarter.
Production	 during	 the	 quarter	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 higher	 grades	 and	
throughput.	As	planned,	average	grades	decreased	from	those	realized	in	the	second	half	of	2024	but	were	higher	than	in	
the	 prior	 year	 comparable	 period	 primarily	 due	 to	 Q1	 2024	 grades	 being	 impacted	 negatively	 by	 mine	 sequencing	
challenges	in	the	open	pit.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	were	higher	than	in	the	prior	year	quarter	due	to	higher	copper	sales 	volumes	and	higher	
contractor	 and	 labour	 costs.	 Contractor	 and	 labour	 costs	 are	 higher	 due	 to	 a	 higher	 level	 of	 material	 moved	 during	 the	
period.
Cash	cost	per	pound	in	the	 quarter	was	lower	than	the	prior	year	comparable	period	due	to	higher	by-product	credits	due	
to	favourable	gold	prices,	higher	 sales	volumes,	and	lower	treatment	charges.	Cash	cost	per	pound	was	partially	offset	by	
higher	mine	and	mill	costs	due	to	increased	labour	and	contractor	costs	as	a	result	of	increased	throughput	and	production	
during	 the	 period.	 All-in	 sustaining	 cost	 per	 pound	 ("AISC")	 in	 the	 quarter	 was	 lower	 than	 in	 the	 prior	 year	 comparable	
period	primarily	due	to	lower	cash	cost	per	pound,	combined	with	 lower	sustaining	capital	expenditure.	Sustaining	capital	
expenditures	were	lower	in	the	quarter	 due	to	reduced	deferred	stripping	and	higher	spending	on	the	Los	Diques	tailings	
storage	facility	in	the	prior	year	comparable	period.	
19

===== SIDA 37 =====

In	the	quarter,	approximately	13,000	oz	of	gold	and	280,000	oz	of	silver	were	subject	to	terms	of	a	streaming	agreement	
from	 which	 approximately	 $ 433/oz	 gold	 and	 $ 4.32/oz	 silver	 were	 received.	 This	 represents	 approximately	 68%	 of	
Candelaria's	total	gold	and	silver	production	during	the	quarter.
Gross	Profit	
Gross	 profit	 in	 the	 quarter	 increased	 from	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 higher	 realized	 copper	 and	
gold	prices	and	positive	price	adjustments,	lower	treatment	charges,	and	lower	depreciation	expense.
Expansionary	Capital	Expenditures
During	the	quarter,	Candelaria	spent	 $20.2	million	on	initiatives	related	to	the	mine	life	extension	under	the	2040	EIA .	This	
included	key	equipment	deliveries	as	well	as	mining	rights	for	properties.
20

===== SIDA 38 =====

Caserones	(Chile)
Operating	Statistics
2025 2024
(100%	Basis) Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 10,000	 	 30,820	 	 8,557	 	 7,616	 	 7,840	 	 6,807	
Ore	milled	(kt) 	 8,669	 	 32,141	 	 8,759	 	 8,136	 	 7,556	 	 7,690	
Ore	placed	on	leach 	 4,763	 	 10,230	 	 3,563	 	 1,885	 	 2,868	 	 1,914	
Grade
Copper	(%) 	 0.33	 	 0.40	 	 0.36	 	 0.38	 	 0.42	 	 0.44	
Molybdenum	(%) 	 0.011	 	 0.015	 	 0.015	 	 0.016	 	 0.015	 	 0.016	
Recovery
Copper	(%) 	 78.4	 	 78.6	 	 81.9	 	 76.7	 	 75.9	 	 79.7	
Molybdenum	(%) 	 62.6	 	 64.1	 	 68.9	 	 53.3	 	 64.4	 	 70.0	
Production	(contained	metal)
			Copper	in	concentrate	(t) 	 22,240	 	 100,837	 	 25,717	 	 23,708	 	 24,246	 	 27,166	
			Copper	cathode	(t) 	 6,469	 	 23,924	 	 6,020	 	 5,325	 	 5,529	 	 7,050	
Total	copper	(t) 	 28,709	 	 124,761	 	 31,737	 	 29,033	 	 29,775	 	 34,216	
Molybdenum	(t) 	 602	 	 3,183	 	 912	 	 693	 	 714	 	 864	
Sales	volume	(payable	metal)
Copper	(t) 	 36,181	 	 113,867	 	 26,750	 	 22,044	 	 29,862	 	 35,211	
Molybdenum	(t) 	 628	 	 3,056	 	 944	 	 581	 	 695	 	 836	
Revenue	($000s) 	 385,927	 	 1,153,625	 	 262,971	 	 227,896	 	 336,547	 	 326,211	
Production	costs	($000s) 	 243,943	 	 776,192	 	 200,229	 	 169,411	 	 208,897	 	 197,655	
Gross	profit	($000s) 	 96,117	 	 193,379	 	 24,234	 	 19,169	 	 73,149	 	 76,827	
Cash	cost	($	per	pound	copper)1 	 2.52	 	 2.51	 	 2.51	 	 2.96	 	 2.60	 	 2.14	
Sustaining	Capex	($000s) 	 38,196	 	 143,965	 	 42,988	 	 22,895	 	 35,328	 	 42,754	
AISC	($	per	pound	copper)1 	 3.36	 	 3.48	 	 3.58	 	 3.95	 	 3.58	 	 3.02	
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.
Production
Caserones	 had	 a	 solid	 quarter,	 with	 production	 being	 positively	 impacted	 by	 higher	 throughput	 in	 the	 mill	 due	 to	
operational	 efficiencies	 that	 helped	 mitigate	 lower	 than	 anticipated	 grades	 due	 to	 mine	 sequencing.	 In	 addition,	 copper	
cathode	production	continued	to	remain	strong	during	the	quarter	as	a	result	of	increased	irrigation	rates.
Caserones	 had	 lower	 copper	 production	 than	 the	 prior	 year	 comparable	 period	 due	 to	 lower	 grades	 as	 a	 result	 of	 mine	
sequencing	 partially	 offset	 by	 higher	 throughput.	 Copper	 cathode	 production	 was	 lower	 than	 the	 prior	 year	 comparable	
period	due	to	lower	amounts	of	ore	placed	on	the	leach	pad	in	previous	quarters.	Molybdenum	production	was	also	lower	
in	the	quarter	than	in	the	prior	year	comparable	period	due	to	lower	grades.
Production	Costs	and	Cash	Cost
Production	 costs	 in	 the	 quarter	 were	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 due	 to	 increased	 sales	 volumes,	
increased	contractor	costs	due	to	greater	mine	movement,	and	increased	costs	associated	with	planned	maintenance.	Sales	
volumes	 increased	 as	 two	 shipments	 that	 were	 delayed	 from	 December	 2024	 due	 to	 certain	 operational	 and	 weather	
related	issues	were	completed	in	the	quarter.
Cash	cost	per	pound	in	the	quarter	was	higher	than	in	the	prior	year	comparable	period	due	to	higher	mine	and	mill	costs	as	
a	 result	 of	 maintenance	 and	 contractors	 partially	 offset	 by	 higher	 sales	 volume	 and	 lower	 treatment	 charges.	 AISC	 per	
pound	in	the	quarter	was	higher	than	in	prior	period	primarily	due	to	higher	cash	 costs	partially	offset	by	lower	sustaining	
capital	expenditures	as	a	result	of	lower	stripping	capitalization.
Gross	Profit
Gross	profit	in	the	quarter	was	higher	than	in	the	prior	year	comparable	period	due	to	higher	realized	copper	prices,	lower	
depreciation	and	higher	sales	volumes,	which	was	partially	offset	by	higher	maintenance	and	contractor	costs.
21

===== SIDA 39 =====

Chapada	(Brazil)
Operating	Statistics
2025 2024
(100%	Basis) Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 3,280	 	 21,949	 	 5,084	 	 5,889	 	 5,851	 	 5,125	
Ore	milled	(kt) 	 5,820	 	 22,883	 	 5,945	 	 6,035	 	 5,407	 	 5,496	
Grade
Copper	(%) 	 0.22	 	 0.25	 	 0.28	 	 0.25	 	 0.23	 	 0.23	
Gold	(g/t) 	 0.13	 	 0.17	 	 0.18	 	 0.18	 	 0.18	 	 0.14	
Recovery
Copper	(%) 	 70.0	 	 77.3	 	 76.2	 	 78.1	 	 74.2	 	 81.1	
Gold	(%) 	 44.3	 	 52.2	 	 53.4	 	 51.5	 	 49.3	 	 55.3	
Production	(contained	metal)
Copper	(t) 	 8,909	 	 43,261	 	 12,323	 	 11,694	 	 9,106	 	 10,138	
Gold	(koz) 	 11	 	 65	 	 18	 	 18	 	 15	 	 14	
Silver	(koz) 	 50	 	 245	 	 69	 	 63	 	 55	 	 58	
Sales	volume	(payable	metal)
Copper	(t) 	 8,346	 	 39,615	 	 10,200	 	 12,380	 	 8,293	 	 8,742	
Gold	(koz) 	 10	 	 58	 	 15	 	 19	 	 12	 	 12	
Revenue	($000s) 	 114,578	 	 497,576	 	 121,206	 	 159,966	 	 117,969	 	 98,435	
Production	costs	($000s) 	 63,501	 	 282,633	 	 64,352	 	 84,450	 	 69,246	 	 64,585	
Gross	profit	(loss)	($000s) 	 32,747	 	 165,045	 	 67,262	 	 48,658	 	 30,355	 	 18,770	
Cash	cost	($	per	pound	copper)1 	 1.47	 	 1.58	 	 1.07	 	 1.37	 	 2.05	 	 2.01	
Sustaining	Capex	($000s) 	 22,182	 	 107,843	 	 32,916	 	 20,487	 	 25,241	 	 29,199	
AISC	($	per	pound	copper)1 	 2.94	 	 3.07	 	 2.81	 	 2.34	 	 3.72	 	 3.79	
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	
During	 the	 quarter,	 operations	 at	 the	 mill	 were	 focused	 on	 processing	 ore	 from	 the	 older	 low-grade	 stockpile	 while	
emphasizing	higher	throughput.	The	increased	processing	of	this	stockpile	during	the	quarter	led	to	lower	recoveries,	which	
was	the	primary	driver	of	the	copper	and	gold	production	during	the	quarter	being	lower	than	the	prior	year	comparable	
period.	
Production	Costs	and	Cash	Cost
Production	 costs	 in	 the	 quarter	 were	 slightly	 lower	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 favourable	
foreign	exchange	and	lower	sales	volumes, 	combined	with	lower	 electricity	costs	following	the	implementation	of	the	long-
term	strategic	agreement	to	purchase	renewable	electricity	at	favourable	pricing	in	2025.	Additionally,	lower	contractor	and	
mining	 costs	 were	 supported	 by	 a	 planned	 reduction	 in	 mine	 movement	 as	 part	 of	 the	 Chapada	 Full	 Potential	 program,	
which	started	in	2022,	and	focuses	on	various	site	optimization	activities.	
Cash	cost	per	pound	in	the	quarter	improved	significantly	from	the	prior	year	comparable	period	primarily	due	to	higher	by-
product	credits	as	a	result	of	increased	realized	prices	for	gold,	favourable	foreign	exchange,	as	well	as	lower	mining	costs	
following	the	initiatives	implemented	by	the	Full	Potential	program.	AISC	per	pound	in	the	quarter	was	lower	than	in	the	
prior	year	comparable	period	due	to	lower	cash	cost	per	pound	and	 lower	sustaining	capital	expenditure.	Sustaining	capital	
expenditures	were	lower	due	to	lower	stripping	capitalization.	
Gross	Profit
Gross	profit	in	the	quarter		was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	higher	realized	copper	and	
gold	prices	and	favourable	foreign	exchange.	
22

===== SIDA 40 =====

Eagle	(USA)
Operating	Statistics
2025 2024
(100%	Basis) Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 162 480 117 91 107 	 165	
Ore	milled	(kt) 161 487 121 90 97 	 179	
Grade
Nickel	(%) 	 1.7	 	 1.9	 	 1.7	 	 1.4	 	 2.1	 	 2.1	
Copper	(%) 	 1.4	 	 1.4	 	 1.1	 	 1.2	 	 1.7	 	 1.5	
Recovery
Nickel	(%) 	 82.6	 	 82.0	 	 78.7	 	 72.3	 	 85.0	 	 85.2	
Copper	(%) 	 95.0	 	 95.1	 	 94.1	 	 94.3	 	 95.9	 	 95.3	
Production	(contained	metal)
Nickel	(t) 2,296 7,486 1,617 893 1,721 3,255
Copper	(t) 2,085 6,366 1,262 1,027 1,563 2,514
Sales	volume	(payable	metal)
Nickel	(t) 	 1,748	 5,662 	 1,088	 	 393	 	 2,018	 	 2,163	
Copper	(t) 	 1,549	 	 5,457	 	 877	 	 733	 	 1,789	 	 2,058	
Revenue	($000s) 	 44,257	 	 152,467	 	 25,583	 	 12,217	 	 57,444	 	 57,223	
Production	costs	($000s) 	 37,120	 	 111,919	 	 21,131	 	 12,595	 	 37,657	 	 40,536	
Gross	profit	(loss)	($000s) 	 2,608	 	 6,979	 	 (3,804)	 	 (6,547)	 	 9,794	 	 7,536	
Cash	cost	($	per	pound	nickel)1 	 3.94	 	 4.20	 	 5.22	 	 7.24	 	 3.23	 	 4.04	
Sustaining	Capex	($000s) 	 4,450	 	 21,222	 	 5,224	 	 7,940	 	 3,980	 	 4,078	
AISC	($	per	pound	nickel)1 	 6.20	 	 7.60	 	 9.53	 	 20.02	 	 5.71	 	 6.12	
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	during	the	quarter	was	impacted	by	lower	grades	at	the	beginning	of	the	quarter	and	winter	
weather	 which	 affected	 ore	 haulage	 and	 throughput.	 After	 the	 fall	 of	 ground	 in	 the	 lower	 ramp	 in	 Eagle	 East	 during	 Q2	
2024,	the	primary	main	access	ramp	rehabilitation	was	completed	in	Q1	2025	and	normal	levels	of	production	are	expected	
for	the	remainder	of	2025.	These	factors	were	the	primary	driver	of	the	nickel	and	copper	production	being	lower	than	the	
comparable	prior	year	period.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	were	lower	than	in	the	prior	year	comparable	period	primarily	due	to	 lower	production	and	
sales	volumes.
Cash	cost	per	pound	in	the	quarter	was	lower	than	in	the	prior	year	comparable	period	due	to	lower	mine	costs,	as	a	result	
of	savings	from	an	initiative	to	use	fewer	contractors	and	in	source	underground	mine	operations,	and	higher	by-product	
credits.	 Cash	 cost	 per	 pound	 was	 partially	 offset	 by	 lower	 sales	 volume	 due	 to	 lower	 production	 as	 a	 result	 of	 ramp	
rehabilitation.		AISC	per	pound	in	the	quarter	was	higher	than	in	the	prior	year	comparable	period	due	to	higher	sustaining	
capital	expenditures	including	the	purchase	of	two	underground	haul	trucks.	
Gross	Profit	
Gross	 profit	 in	 the	 quarter	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 period	 due	 to	 negative	 provisional	 pricing	
adjustments,	lower	sales	volume,	and	higher	mill	and	administration	costs	due	to	maintenance.
23

===== SIDA 41 =====

Neves-Corvo	(Portugal)	
Operating	Statistics	(Discontinued	Operation)
2025 2024
(100%	Basis)	 Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	copper	(kt) 546 2,412 643 579 602 588
Ore	mined,	zinc	(kt) 543 2,127 539 571 499 518
Ore	milled,	copper	(kt) 504 2,426 643 583 601 599
Ore	milled,	zinc	(kt) 537 2,127 568 540 507 512
Grade
Copper	(%) 	 1.6	 	 1.5	 	 1.4	 	 1.5	 	 1.6	 	 1.5	
Zinc	(%) 	 6.7	 	 6.5	 	 6.3	 	 7.0	 	 6.3	 	 6.5	
Lead	(%) 	 1.3	 	 1.2	 	 1.1	 	 1.4	 	 1.3	 	 1.2	
Recovery
Copper	(%) 	 78.0	 	 76.9	 	 78.3	 	 74.9	 	 77.2	 	 77.3	
Zinc	(%) 	 75.8	 	 77.3	 	 76.0	 	 76.9	 	 78.2	 	 78.4	
Lead	(%) 	 29.2	 	 24.6	 	 25.4	 	 24.8	 	 21.7	 	 26.5	
Production	(contained	metal)
Copper	(t) 6,123 28,228 7,139 6,698 7,347 	 7,044	
Zinc	(t) 27,691 109,571 27,879 29,509 25,696 	 26,487	
Lead	(t) 1,992 6,395 1,553 1,851 1,387 	 1,604	
Silver	(koz) 	 459	 	 1,876	 	 494	 	 425	 	 433	 	 524	
Sales	volume	(payable	metal)
Copper	(t) 	 5,351	 	 26,721	 	 5,230	 	 7,707	 	 7,898	 	 5,886	
Zinc	(t) 	 23,850	 	 88,731	 	 21,357	 	 25,730	 	 20,440	 	 21,204	
Lead	(t) 	 1,480	 	 5,700	 	 1,323	 	 1,811	 	 1,242	 	 1,324	
Revenue	($000s) 	 108,436	 	 438,053	 	 97,511	 	 131,237	 	 128,675	 	 80,630	
Production	costs	($000s) 	 75,910	 	 323,163	 	 73,154	 	 95,168	 	 83,129	 	 71,712	
Gross	(loss)	profit	($000s) 	 32,526	 	 (3,434)	 	 (2,524)	 	 1,344	 	 15,874	 	 (18,128)	 
Cash	cost	($	per	pound	copper)1 	 1.69	 	 2.19	 	 1.84	 	 2.13	 	 1.70	 	 3.24	
Sustaining	Capex	($000s) 	 27,739	 	 89,302	 	 12,680	 	 26,288	 	 27,921	 	 22,413	
AISC	($	per	pound	copper)1 	 4.25	 	 3.92	 	 3.37	 	 3.84	 	 3.46	 	 5.13	
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	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 period	 due	 to	 lower	 throughput.	 Zinc	
production	in	the	quarter	was	higher	than	in	the	prior	year	comparable	period	mainly	due	to	higher	throughput	and	grades,	
partially	offset	by	lower	recoveries.			
Production	Costs	and	Cash	Cost
Production	 costs	 in	 the	 quarter	 were	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 higher	 zinc	 sales	
volume	 and	 an	 increase	 in	 electricity	 and	 maintenance	 costs,	 partially	 offset	 by	 favourable	 foreign	 exchange.	 Electricity	
costs	increased	as	a	result	of	higher	market	energy	prices.
Cash	cost	per	pound	in	the	 quarter	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	higher	by-product	
credits	 driven	 by	 an	 increase	 in	 zinc	 sales	 volume	 and	 higher	 realized	 zinc	 prices	 as	 well	 as	 favourable	 foreign	 exchange,	
partially	 offset	 by	 lower	 copper	 sales	 volume.	 AISC	 per	 pound	 in	 the	 quarter	 was	 lower	 than	 AISC	 from	 the	 prior	 year	
comparable	period	due	to	lower	cash	cost	per	pound	offset	partially	by	higher	sustaining	capital	expenditures.	
Gross	(Loss)	Profit	and	Net	Earnings
Gross	 profit	 was	 higher	 than	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 no	 depreciation	 being	 taken	 on	 assets	
classified	 as	 held	 for	 sale,	 as	 well	 as	 higher	 realized	 copper	 and	 zinc	 prices	 and	 lower	 treatment	 and	 refining	 charges,	
partially	 offset	 by	 lower	 copper	 sales	 volume	 and	 higher	 electricity	 costs.	 Net	 earnings	 in	 the	 quarter	 was	 impacted	 by	 a	
non-cash	impairment	charge	of	 $66	million	to	recognize	mining	rights	and	mineral	properties	at	their	estimated	fair	value,	
based	on	the	cash	proceeds	received.
24

===== SIDA 42 =====

Zinkgruvan	(Sweden)
	
Operating	Statistics	(Discontinued	Operation)
2025 2024
(100%	Basis) Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	zinc	(kt) 329 1,246 332 300 308 306
Ore	mined,	copper	(kt) 59 184 8 84 45 47
Ore	milled,	zinc	(kt) 337 1,239 311 302 313 313
Ore	milled,	copper	(kt) 51 207 14 76 42 75
Grade
Zinc	(%) 	 6.9	 	 7.3	 	 8.4	 	 6.3	 	 7.7	 	 6.7	
Lead	(%) 	 2.8	 	 3.1	 	 3.7	 	 2.4	 	 3.7	 	 2.7	
Copper	(%) 	 2.1	 	 2.2	 	 2.0	 	 2.1	 	 2.0	 	 2.4	
Recovery
Zinc	(%) 	 91.4	 	 90.9	 	 91.8	 	 89.8	 	 90.6	 	 91.1	
Lead	(%) 	 81.7	 	 80.0	 	 83.0	 	 78.5	 	 78.2	 	 79.4	
Copper	(%) 	 90.2	 	 88.1	 	 86.7	 	 87.3	 	 88.0	 	 89.0	
Production	(contained	metal)
Zinc	(t) 21,257 82,133 24,067 17,101 21,764 19,201
Lead	(t) 7,586 30,888 9,481 5,693 8,966 6,748
Copper	(t) 971 3,964 258 1,385 747 1,574
Silver	(koz) 585 2,513 637 537 699 640
Sales	volume	(payable	metal)
Zinc	(t) 	 19,150	 	 68,086	 	 18,627	 	 15,124	 	 18,510	 	 15,825	
Lead	(t) 	 7,068	 	 28,036	 	 7,786	 	 6,346	 	 9,069	 	 4,835	
Copper	(t) 	 982	 	 3,809	 	 457	 	 1,775	 	 821	 	 756	
Revenue	($000s) 	 71,645	 	 256,748	 	 67,455	 	 68,633	 	 76,587	 	 44,073	
Production	costs	($000s) 	 34,249	 	 122,064	 	 29,146	 	 30,109	 	 32,734	 	 30,075	
Gross	profit	($000s) 	 37,396	 	 97,664	 	 32,359	 	 24,250	 	 35,040	 	 6,015	
Cash	cost	($	per	pound)1 	 0.40	 	 0.41	 	 0.43	 	 0.16	 	 0.39	 	 0.65	
Sustaining	Capex	($000s) 	 21,318	 	 65,658	 	 22,470	 	 15,546	 	 13,301	 	 14,341	
AISC	($	per	pound)1 	 0.91	 	 0.87	 	 0.99	 	 0.66	 	 0.74	 	 1.10	
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	
Zinc	and	lead	production	for	the	quarter	were	higher	than	in	the	prior	year	comparable	period	due	to	higher	throughput,	
grades	 and	 recoveries.	 Zinc	 production	 in	 the	 quarter	 was	 positively	 impacted	 by	 favourable	 mine	 sequencing	 and	 high	
grade	stopes.	Copper	production	for	the	quarter	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	lower	
throughput.	Copper	production	in	the	quarter	is	in	line	with	the	current	mine	plan	as	Zinc	production	has	been	prioritized.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	were	higher	than	in	the	prior	year	comparable	period	primarily	due	to	higher	zinc	and	lead	
sales	volumes.	
Cash	 cost	 per	 pound	 for	 the	 quarter	 was	 lower	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 increased	 zinc	
sales	 volume	 as	 well	 as	 higher	 by-product	 credits	 as	 a	 result	 of	 higher	 copper	 sales	 volume	 and	 higher	 copper	 realized	
prices.	AISC	per	pound	in	the	quarter	was	lower	than	in	the	prior	 year	comparable	period	due	to	due	to	lower	cash	cost	per	
pound	slightly	offset	by	higher	sustaining	capital	expenditures.
Gross	Profit
Gross	 profit	 was	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 no	 depreciation	 being	 taken	 on	 assets	
classified	as	held	for	sale,	as	well	as	higher	realized	zinc	and	copper	prices,	lower	treatment	and	refining	charges	and	higher	
zinc,	copper	and	lead	sales	volume.
25

===== SIDA 43 =====

Vicuña	Project		(Argentina	and	Chile)	
Project	Development		
On	 January	 15,	 2025,	 the	 Company	 completed	 the	 Filo	 Acquisition	 and	 the	 Joint	 Arrangement,	 resulting	 in	 the	 Company	
indirectly	holding	a	50%	interest	in	Vicuña	Corp.,	which	owns	the	Josemaria	Project	in	Argentina	and	the	Filo	del	Sol	Project	
in	Argentina	and	Chile.	BHP	indirectly	owns	the	remaining	50%	interest	in	Vicuña.
Vicuña	will	be	led	by	Dave	Dicaire,	General	Manager,	Vicuña,	former	Executive	Vice	President	of	the	Josemaria	Project	at	
Lundin	Mining.	During	the	quarter,	integration	efforts	were	prioritized,	with	employees	from	the	Josemaria	and	Filo	del	Sol	
project	teams	transitioning	to	Vicuña	to	ensure	continuity	and	preserve	project	knowledge.	Recruitment	for	key	leadership	
positions	also	commenced.
In	 2025,	 work	 will	 focus	 on	 advancing	 studies	 related	 to	 the	 synergies	 between	 the	 Filo	 del	 Sol	 and	 Josemaria	 projects,	
continuing	the	drilling	program,	and	progressing	the	development	of	the	Josemaria	Project.
Activities	at	Josemaria	during	the	quarter	centered	on	the	ongoing	update	of	the	Environmental	Impact	Assessment	("EIA")	
and	continued	advancement	of	the	water	program.	Fieldwork	progressed	on	the	water	program,	geotechnical	studies,	and	
the	wetlands	biodiversity	offset	initiatives.	In	addition,	the	contract	for	the	construction	of	the	Northern	Access	Road	was	
awarded,	with	construction	scheduled	to	begin	in	mid-2025.	Work	also	continued	on	a	multi-phased	development	concept	
pertaining	to	the	Josemaria	and	Filo	del	Sol	ore	bodies.	An	integrated	technical	report	is	targeted	to	be	complete	by	early	
2026.	
Government	relations	activities	continued	with	both	the	national	and	provincial	governments.	In	conjunction,	discussions	
on	 provincial	 agreements	 continued	 to	 be	 advanced.	 A	 plan	 for	 preparation	 and	 submission	 of	 the	 Basis	 Law	 -	 Incentive	
Regime	for	Large	Investments	("RIGI")	application	was	advanced.	
Community	 investment	 programs	 were	 launched	 with	 a	 focus	 on	 gender,	 youth	 training,	 cooperative	 development,	 and	
rural	livelihoods.	
Drilling	during	the	quarter	of	16,650m	primarily	focused	on	step-out	holes	to	both	the	east	and	west	designed	to	expand	
the	Filo	del	Sol	Mineral	Resource.	Additionally,	an	exploration	hole	in	the	exploration	sector	of	Cumbre	Verde	further	north	
was	finished	at	1,400m,	of	which	436m	were	drilled	in	Q1.	
On	 May	 4,	 2025	 the	 Company	 announced	 an	 initial	 Mineral	 Resource	 estimate	 for	 the	 Filo	 del	 Sol	 sulphide	 deposit,	 an	
update	to	the	Mineral	Resource	estimate	for	the	Filo	del	Sol	oxide	deposit	and	an	update	to	the	Mineral	Resource	estimate	
for	 the	 Josemaria	 deposit,	 which	 highlighted	 the	 combined	 Vicuña	 Project	 as	 one	 of	 the	 largest	 copper,	 gold	 and	 silver	
resources	in	the	world.
During	 the	 quarter,	 the	 Company	 spent	 $42.7	 million	 in	 capital	 expenditures	 compared	 to	 $56.0	 million	 in	 the	 prior	 year	
comparable	period.	Reduced	spending	was	primarily	due	to	capital	expenditures	for	the	Josemaria	Project	being	recorded	in	
Vicuña	at	the	Company's	50%	attributable	share	compared	to	100%	in	the	prior	year	comparable	period.
Exploration	Update
During	the	quarter,	exploration	activity	focused	on	in-mine	and	near-mine	targets	at	the	Company's	operations.	Exploration 			
drilling	 at	 Candelaria	 was	 focused	 on	 Candelaria	 South	 and	 La	 Portuguesa	 with	 a	 total	 of	 5,180m	 completed	 during	 the	
quarter.
At	 Caserones,	 there	 was	 no	 exploration	 drilling.	 Exploration	 efforts	 were	 focused	 on	 mapping,	 sampling	 and	 ground	
geophysics	 on	 key	 targets.	 Drilling	 is	 due	 to	 commence	 for	 2025	 in	 early	 Q2.	 The	 drilling	 program	 will	 be	 focused	 at	
Angelica,	in	search	of	copper	sulphides,	and	at	Caserones	in	search	of	higher-grade	copper	breccias.
A	total	of	3,408m	was	drilled	using	two	rigs	at	Chapada.	Both	rigs	were	in	the	Sauva	area,	one	concentrated	on	adding	high	
grade	resources	and	the	other	was	testing	shallow	targets.
Drilling	was	completed	at	Eagle	during	the	quarter	with	one	surface	hole	targeting	a	geophysical	anomaly	east	of	Eagle	East.	
On	March	5,	2025,	the	Company	entered	into	an	exclusivity	agreement	with	Talon	to	negotiate	an	earn-in	agreement	for	
the	right	to	acquire	up	to	a	70%	ownership	interest		in	the	Boulderdash	property	that	is	near	the	Company's	Eagle	mine.	The	
Company	advanced	$5.0	million	to	Talon	to	commence	exploration	at	Boulderdash.
26

===== SIDA 44 =====

Liquidity	and	Capital	Resources
Consolidated	Cash	Flow
Three	months	ended	March	31,	
($	thousands) 2025 2024 Change
Cash	provided	by	operating	activities	related	to	continuing	operations 	 122,335	 	 232,176	 	 (109,841)	 
Cash	used	in	investing	activities	related	to	continuing	operations 	 (100,955)	 	 (234,207)	 	 133,252	
Cash	(used	in)	provided	by	financing	activities	related	to	continuing	
operations 	 (34,844)	 	 101,651	 	 (136,495)	 
Effect	of	foreign	exchange	on	cash	balances 	 2,956	 	 (3,467)	 	 6,423	
(Decrease)	increase	in	cash	and	cash	equivalents 	 (6,759)	 	 96,658	 	 (103,417)	 
Opening	cash	and	cash	equivalents 	 432,279	 	 268,793	 	 163,486	
Less:	Cash	and	cash	equivalents	included	in	assets	held	for	sale 	 (83,892)	 	 —	 	 (83,892)	 
Closing	cash	and	cash	equivalents 	 341,628	 	 365,451	 	 (23,823)	 
Adjusted	operating	cash	flow1		—	continuing	operations 	 336,993	 	 293,996	 	 42,997	
Free	cash	flow	from	operations1	—	continuing	operations 	 21,598	 	 66,534	 	 (44,936)	 
Free	cash	flow1		—	continuing	operations 	 (53,116)	 	 (311)	 	 (52,805)	 
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	related	to	continuing	operations	during	the	quarter	was	 $109.8	million	lower	than	in	
the	 prior	 year	 comparable	 period	 primarily	 due	 to	 negative	 working	 capital	 movements,	 including	 a	 buildup	 of	 trade	
receivables	from	shipments	toward	the	end	of	the	quarter	and	the	recognition	of	revenue	at	Caserones	for	shipments	in	
early	January	for	which	$45	million	payment	had	been	received	in	December	2024.	The	shipments	of	copper	concentrate	
were	delayed	due	to	certain	operational	and	weather-related	issues.
Adjusted	 operating	 cash	 flow	 related	 to	 continuing	 operations	 generated	 $43.0	 million	 more	 in	 proceeds	 from	 the	 prior	
year	comparable	period,	primarily	due	to	higher	sales	volumes	at	Candelaria	and	Caserones	combined	with	higher	realized	
copper	and	gold	prices.	The	favourable	movement	in	metal	prices	contributed	to	positive	provisional	pricing	adjustments	on	
prior	period	sales	of	$45.0	million	compared	to	$7.6	million	from	2024.	
Cash	used	in	investing	activities	related	to	continuing	operations 	during	the	quarter	was	 $133.3	million	lower	than	in	the	
prior	year	comparable	period,	primarily	due	to	a	net	cash	inflow	upon	the	formation	of	Vicuña.	On	January	15,	2025,	 BHP	
paid	 Lundin	 Mining	 a	 cash	 consideration	 of	 $689.5	 million	 for	 a	 50%	 interest	 in	 the	 Josemaria	 project	 and	 Lundin	 Mining	
paid	$610.7	million	(C$877.8	million)	in	cash	and	issued	94.1	million	Lundin	Mining	shares	to	Filo	shareholders	for	its	50%	
interest	in	Filo.	Following	these	transactions,	net	cash	provided	to	the	Company	was	$78.8	million.
Lower	 planned	 capital	 expenditures	 also	 contributed	 to	 reduced	 cash	 used	 in	 investing	 activities	 including	 a	 reduction	 in	
stripping	 at	 Candelaria	 and	 the	 Company's	 attributable	 share	 of	 the	 Josemaria	 Project	 reducing	 to	 50%.	 A	 summary	 of	
capital	expenditures	on	a	cash	basis	is	outlined	below.		
																																						27

===== SIDA 45 =====

Summary	of	Capital	Expenditures1 Three	months	ended	March	31,
($	thousands) 2025 2024
Candelaria 	 20,232	 	 —	
Vicuña 	 42,651	 	 55,981	
Expansionary	capital	investment	from	continuing	operations 	 62,883	 	 55,981	
Candelaria 	 47,713	 	 99,532	
Caserones 	 38,196	 	 42,754	
Chapada 	 22,182	 	 29,199	
Eagle 	 4,450	 	 4,078	
Other 	 27	 	 943	
Sustaining	capital	investment	from	continuing	operations 	 112,568	 	 176,506	
Total	capital	expenditures	from	continuing	operations 	 175,451	 	 232,487	
Reconciliation	to	Investment	in	mineral	properties,	plant	and	equipment:
Capitalized	interest 	 532	 	 2,665	
Total	Investment	in	mineral	properties,	plant	and	equipment	from	continuing	operations 	 175,983	 	 235,152	
Total		Investment	in	mineral	properties,	plant	and	equipment	from	discontinued	operations 	 49,057	 	 36,754	
Total	Investment	in	mineral	properties,	plant	and	equipment	(all	operations) 	 225,040	 	 271,906	
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.
Cash	used	in	financing	activities	related	to	continuing	operations	during	the	quarter	included	net	proceeds	of	$98.5	million	
from	 debt,	 part	 of	 which	 was	 used	 to	 fund	 the	 acquisition	 of	 Filo,	 as	 well	 as	 $71.5	 million	 to	 purchase	 common	 shares	
through	 an	 automatic	 share	 purchase	 plan,	 pursuant	 to	 the	 Company's	 Normal	 Course	 Issuer	 Bid	 (“NCIB”),	 which	 was	
reintroduced	at	the	end	of	2024.
Free	cash	flow	from	operations	-	continuing	operations	and	free	cash	flow	-	continuing	operations	during	the	quarter	were	
lower	than	in	the	prior	year	comparable	period	primarily	due	to	negative	working	capital	movements,	partially	offset	by	the	
decrease	in	capital	expenditures.
At	discontinued	operations,	cash	provided	by	operating	activities	during	the	quarter	increased	to	 $54.7	million	from	 $35.4	
million	in	the	prior	year	comparable	period.	The	increase	was	primarily	due	to	higher	sales	volumes.	Cash	used	in	investing	
activities	related	to	discontinued	operations	was	 $48.4	million	during	the	quarter	and	primarily	related	to	sustaining	capital	
expenditure.
Liquidity	and	Financial	Position
($	thousands,	continuing	operations	unless	otherwise	noted) March	31,	2025 December	31,	2024 Change
Cash	and	cash	equivalents 	 341,628	 	 357,478	 	 (15,850)	 
Total	assets 	 11,379,147	 	 10,406,712	 	 972,435	
Debt1 	 1,860,103	 	 1,756,972	 	 103,131	
Lease	liabilities2 	 241,348	 	 249,185	 	 (7,837)	 
Net	debt3 	 (1,699,253)	 	 (1,597,800)	 	 (101,453)	 
Net	debt	excluding	lease	liabilities3 	 (1,441,674)	 	 (1,332,349)	 	 (109,325)	 
1Debt	includes	both	current	and	non-current	portions	related	to	continuing	operations.
2	Lease	liabilities	includes	both	current	and	non-current	portions.	
3This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.	This	includes	discontinued	
operations.
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.
																																						28

===== SIDA 46 =====

Net	debt	excluding	lease	liabilities	at	 March	31,	2025 	increased	from	 December	31,	2024 	primarily	due	to	changes	in	non-
cash	working	capital,	investment	in	mineral	properties,	plant	and	equipment,	and	shares	purchased	under	the	Company's	
NCIB.
During	the	quarter,	8,429,800	shares	were	purchased	under	the	Company's	NCIB	(Q1	2024	-	nil	shares).
Contractual	Obligations,	Commitments	and	Contingencies
The	 Company	 has	 contractual	 obligations	 and	 capital	 commitments	 as	 described	 in	 Note	 25	 “Commitments	 and	
Contingencies”	in	the	Company’s	condensed	interim	consolidated	financial	statements	for	the	three	months	ended	 March	
31,	2025.	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,	 2025 ,	 the	 Company	 has	 a	 Revolving	 Credit	 Facility	 ("RCF")	 of	 $1,750.0	 million	 with	 $420.0	 million	
outstanding	 (December	 31,	 2024	 -	 $270.0	 million).	 The	 RCF	 bears	 interest	 on	 drawn	 funds	 at	 rates	 of	 Term	 Secured	
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.	 Previous	 security	 on	 the	 RCF	 over	 certain	 assets	 in	 the	
United	 States	 of	 America	 was	 removed	 during	 the	 quarter.	 The	 facility	 remains	 subject	 to	 customary	 covenants	 and	 the	
removal	 does	 not	 have	 a	 material	 impact	 on	 the	 financial	 position	 or	 performance	 of	 the	 Company.	 The	 RCF	 matures	 in	
April	2029.		On	April	23,	2025,	the	Company	repaid	$170.0	million	of	the	RCF	with	a	portion	of	the	cash	proceeds	from	the	
sale	of	the	Neves-Corvo	and	Zinkgruvan	operations.
As	at	March	31,	2025,	the	Company's	Term	Loan	has	a	principal	amount	of	 $1,150.0	million.	The	Team	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	 in	 July	 2027.	 On	 April	 23,	 2025	 the	 Company	 used	 a	 portion	 of	 the	 cash	
proceeds	 from	 the	 sale	 of	 the	 Neves-Corvo	 and	 Zinkgruvan	 operations	 to	 repay	 the	 entire	 principal	 amount	 of	 $1,150.0	
million,	and	discharged	the	loan	obligation.
The	RCF	contains,	and	the	Term	Loan	contained	terms	to	establish	sustainability	performance	targets	whereby	the	interest	
rate	margin	in	the	facilities	will	be	adjusted	based	on	the	Company's	performance	relative	to	the	targets.
As	at	March	31,	2025,	the	Company	was	in	compliance	with	its	debt	covenants.
As	at	 March	31,	2025 ,	certain	subsidiaries	of	the	Company	had	outstanding	unsecured	term	loans	totalling	 $194.5	million	
(December	 31,	 2024	 -	 $245.9	 million)	 and	 which	 accrue	 interest	 at	 rates	 ranging	 from	 5.07%	 to	 6.05%	 per	 annum	 with	
interest	payable	upon	maturity.	The	maturity	dates	range	from	April	to	September	2025.
As	 at	 March	 31,	 2025,	 the	 Company	 also	 had	 unsecured	 commercial	 paper	 programs	 at	 Neves-Corvo	 of	 which	 $102.7	
million	 (€95.0	 million)	 was	 drawn.	 In	 April	 2025,	 the	 Company	 repaid	 the	 entire	 outstanding	 balance	 of	 the	 commercial	
papers.		
The	development	of	the	Vicuña	Project	requires	significant	capital	commitments	from	the	Company,	and	additional	funding,	
beyond	debt,	may	be	required	to	advance	the	projects	to	completion.	
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	CLP,	the	BRL,	the	ARS	and	the	$.
During	the	quarter	ended	March	31,	2025,	the	Company	did	not	enter	into	any	new	derivative	contracts.	At	 March	31,	2025	
existing	derivative	contracts	consist	of	foreign	currency	forward	and	option	contracts	as	well	as	commodity	swap	forward	
and	 option	 contracts.	 The	 option	 contracts	 consist	 of	 put	 and	 call	 contracts	 in	 a	 collar	 structure	 and	 all	 contracts	 have	
maturities	in	2025	or	2026.
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,	2025.
																																						29

===== SIDA 47 =====

Metal Payable	Metal
Provisional	price	on
	March	31,	2025 Change
Effect	on	Revenue	
($millions)
Copper 80,632	t $4.43/lb 	 +/-	10	 % +/-	$78.7
Gold 33	koz $3,137/oz 	 +/-	10	 % +/-	$10.4
Nickel 887	t $7.37/lb 	 +/-	10	 % +/-	$1.4
Molybdenum 1,040	t $19.95/lb 	 +/-	10	 % +/-	$4.6
For	a	detailed	discussion	of	the	Company’s	financial	instruments,	refer	to	Note	 24	"Financial	Instruments"	in	the	Company’s	
condensed	interim	consolidated	financial	statements	for	the	three	months	ended	March	31,	2025.
30

===== SIDA 48 =====

Non-GAAP	and	Other	Performance	Measures	
The	 Company	 uses	 certain	 performance	 measures	 in	 its	 analysis	 and	 disclosure.	 These	 performance	 measures	 have	 no	
standardized	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	cost.	
Production	costs	
from	continuing	
operations	and	
Production	costs	
from	discontinued	
operations
Copper,	zinc,	nickel	and	
consolidated	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).
Consolidated	cash	
cost	per	pound	sold
This	ratio	is	calculated	by	dividing	combined	cash	cost	for	
primary	copper	producing	assets	by	combined	sales	
volume	for	copper	producing	assets.	Primary	copper	
producing	assets	include	Candelaria,	Caserones,	and	
Chapada.		
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	
from	continuing	
operations	and	
Production	costs	
from	discontinued	
operations
Copper,	zinc	and	nickel	AISC	
and	AISC	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.
31

===== SIDA 49 =====

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,	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	from	
continuing	
operations
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,	and	finance	costs,	net.	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	or	reversals,	goodwill	impairment,	
costs	relating	to	the	sinkhole	near	Ojos	del	Salado	
operations,	costs	relating	to	the	suspension	of	
underground	operations	at	Eagle,	gains	or	losses	on	
disposals	or	partial	disposals	of	subsidiaries,	income	from	
investments	in	associates,		insurance	proceeds	and	
litigation	and	settlements.	
Net	earnings	(loss)	
from	continuing	
operations	and	
from	discontinued	
operations
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,	deferred	tax	recovery	or	expense	
arising	from	changes	in	tax	rates,	and	deferred	tax	recovery	
or	expense	relating	to	disposals	or	partial	disposals	of	
subsidiaries.	Adjustments	exclude	amounts	attributable	to	
non-controlling	interests.	
Net	earnings	(loss)	
attributable	to	
Lundin	Mining	
Corporation		
shareholders	and	
Net	earnings	(loss)	
from	continuing	
operations	
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	
related	to	
continuing	
operations	and	
Cash	provided	by	
operating	activities	
related	to	
discontinued	
operations
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	further	
considers	expansionary	capital	
expenditure.
Free	cash	flow Defined	as	cash	flow	provided	by	operating	activities,	
deducting	sustaining	capital	expenditures	and	
expansionary	capital	expenditures	(both	as	defined	above).
32

===== SIDA 50 =====

Adjusted	operating	
cash	flow
Defined	as	cash	provided	by	operating	activities,	excluding	
changes	in	non-cash	working	capital	items.	
Cash	provided	by	
operating	activities	
related	to	
continuing	
operations	and	
Cash	provided	by	
operating	activities	
related	to	
discontinued	
operations
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.	
Additionally,	the	
above	items	as	
included	in	assets	
held	for	sale,	and	
liabilities	held	for	
sale
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.	
33

===== SIDA 51 =====

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	as	follows:
Three	months	ended	March	31,	2025
Continuing	Operations Candelaria Caserones Chapada Consolidated Eagle
Total	-	
continuing	
operations1($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Cu) (Ni)
Sales	volumes:
Tonnes 34,974 36,181 8,346 79,501 1,748
Pounds	(000s) 77,104 79,765 18,400 175,269 3,854
Production	costs 	 172,100	 	 243,943	 	 63,501	 	 479,544	 	 37,120	 	 516,881	
Less:	Royalties	and	other 	 (1,068)	 	 (13,642)	 	 (5,035)	 	 (19,745)	 	 (5,146)	 	 (25,108)	 
	 171,032	 	 230,301	 	 58,466	 	 459,799	 	 31,974	 	 491,773	
Deduct:	By-product	credits 	 (43,584)	 	 (36,640)	 	 (34,343)	 	 (114,567)	 	 (16,812)	 	 (131,379)	 
Add:	Treatment	and	refining	charges 	 7,210	 	 7,250	 	 2,959	 	 17,419	 	 5	 	 17,424	
Cash	cost 	 134,658	 	 200,911	 	 27,082	 	 362,651	 	 15,167	 	 377,818	
Cash	cost	per	pound	($/lb) 1.75 2.52 1.47 2.07 3.94
Add:	Sustaining	capital	expenditure 	 47,713	 	 38,196	 	 22,182	 	 4,450	 
Royalties 	 3,489	 	 9,892	 	 2,059	 	 2,255	 
Reclamation	and	other	closure	
accretion	and	depreciation 	 2,158	 	 1,264	 	 1,689	 	 1,170	 
Leases	and	other 	 1,455	 	 17,586	 	 1,050	 	 846	 
All-in	sustaining	cost 	 189,473	 	 267,849	 	 54,062	 	 23,888	 
AISC	per	pound	($/lb) 2.46 3.36 2.94 6.20
1	Includes	immaterial	amounts	related	to	other	segments.	
Three	months	ended	March	31,	2025
Discontinued	Operations Neves-Corvo Zinkgruvan
Total	-	
discontinued	
operations($000s,	unless	otherwise	noted) (Cu) (Zn)
Sales	volumes:
Tonnes 5,351 19,150
Pounds	(000s) 11,797 42,218
Production	costs 	 75,910	 	 34,249	 	 110,159	
Less:	Royalties	and	other 	 (1,082)	 	 —	 	 (1,082)	 
	 74,828	 	 34,249	 	 109,077	
Deduct:	By-product	credits 	 (59,511)	 	 (24,100)	 	 (83,611)	 
Add:	Treatment	and	refining	charges 	 4,604	 	 6,606	 	 11,210	
Cash	cost 	 19,921	 	 16,755	 	 36,676	
Cash	cost	per	pound	($/lb) 1.69 0.40
Add:	Sustaining	capital	expenditure 	 27,739	 	 21,318	 
Royalties 	 1,019	 	 —	 
Reclamation	and	other	closure	
accretion	and	depreciation 	 584	 	 259	 
Leases	and	other 	 870	 	 35	 
All-in	sustaining	cost 	 50,133	 	 38,367	 
AISC	per	pound	($/lb) 4.25 0.91
34

===== SIDA 52 =====

Three	months	ended	March	31,	2024
Continuing	Operations Candelaria Caserones Chapada Consolidated Eagle
Total	-	
continuing	
operations1($000s,	unless	otherwise	noted) (Cu) (Cu) (Cu) (Cu) (Ni)
Sales	volumes:
Tonnes 33,536 35,211 8,742 77,489 2,163
Pounds	(000s) 73,934 77,627 19,273 170,834 4,769
Production	costs 	 161,250	 	 197,655	 	 64,585	 	 423,490	 	 40,536	 	 465,347	
Less:	Royalties	and	other 	 (2,486)	 	 (8,803)	 	 (3,187)	 	 (14,476)	 	 (2,838)	 	 (18,635)	 
	 158,764	 	 188,852	 	 61,398	 	 409,014	 	 37,698	 	 446,712	
Deduct:	By-product	credits 	 (34,594)	 	 (34,854)	 	 (27,383)	 	 (96,831)	 	 (18,430)	 	 (115,261)	 
Add:	Treatment	and	refining	charges 	 15,320	 	 12,441	 	 4,720	 	 32,481	 	 (19)	 	 32,462	
Cash	cost 	 139,490	 	 166,439	 	 38,735	 	 344,664	 	 19,249	 	 363,913	
Cash	cost	per	pound	($/lb) 1.89 2.14 2.01 2.02 4.04
Add:	Sustaining	capital	expenditure 	 99,532	 	 42,754	 	 29,199	 	 4,078	 
Royalties 	 2,968	 	 8,814	 	 1,617	 	 2,678	 
Reclamation	and	other	closure	
accretion	and	depreciation 	 2,167	 	 1,040	 	 2,679	 	 1,968	 
Leases	and	other 	 3,033	 	 15,381	 	 765	 	 1,236	 
All-in	sustaining	cost 	 247,190	 	 234,428	 	 72,995	 	 29,209	 
AISC	per	pound	($/lb) 3.34 3.02 3.79 6.12
1	Includes	immaterial	amounts	related	to	other	segments.	
Three	months	ended	March	31,	2024
Discontinued	Operations Neves-Corvo Zinkgruvan
Total	-	
discontinued	
operations($000s,	unless	otherwise	noted) (Cu) (Zn)
Sales	volumes:
Tonnes 5,886 15,825
Pounds	(000s) 12,976 34,888
Production	costs 	 71,712	 	 30,075	 	 101,787	
Less:	Royalties	and	other 	 (1,335)	 	 —	 	 (1,335)	 
	 70,377	 	 30,075	 	 100,452	
Deduct:	By-product	credits 	 (33,899)	 	 (16,148)	 	 (50,047)	 
Add:	Treatment	and	refining	charges 	 5,579	 	 8,910	 	 14,489	
Cash	cost 	 42,057	 	 22,837	 	 64,894	
Cash	cost	per	pound	($/lb) 3.24 0.65
Add:	Sustaining	capital	expenditure 	 22,413	 	 14,341	 
Royalties 	 735	 	 —	 
Reclamation	and	other	closure	
accretion	and	depreciation 	 1,335	 	 1,186	 
Leases	and	other 	 64	 	 78	 
All-in	sustaining	cost 	 66,604	 	 38,442	 
AISC	per	pound	($/lb) 5.13 1.10
35

===== SIDA 53 =====

Adjusted	EBITDA	
Adjusted	EBITDA	can	be	reconciled	to	Net	Earnings	(Loss)	as	follows:
Three	months	ended
March	31,
($thousands) 2025 2024
Net	earnings	(loss)	—	continuing	operations 	 181,365	 	 82,950	
Add	back:
Depreciation,	depletion	and	amortization 	 138,059	 	 149,463	
Finance	costs,	net 	 43,942	 	 33,285	
Income	taxes	expense 	 50,745	 	 56,681	
EBITDA	—	continuing	operations	 	 414,111	 	 322,379	
Unrealized	foreign	exchange	loss	(gain) 	 9,314	 	 (14,842)	 
Unrealized	losses	(gains)	on	derivative	contracts 	 (35,954)	 	 33,902	
Ojos	del	Salado	sinkhole	expenses	(recoveries) 	 1,071	 	 (1,031)	 
Revaluation	loss	(gain)	on	marketable	securities 	 462	 	 (2,430)	 
Gain	on	partial	disposal	and	contribution	to	Vicuña 	 (3,024)	 	 —	
Other 	 1,930	 	 482	
Total	adjustments	—	EBITDA 	 (26,201)	 	 16,081	
Adjusted	EBITDA	—	continuing	operations 	 387,910	 	 338,460	
Including	discontinued	operations:
Net	earnings	(loss)	—	discontinued	operations 	 (13,769)	 	 (24,395)	 
Add	back:
Depreciation,	depletion	and	amortization 	 —	 	 35,029	
Finance	costs,	net 	 4,341	 	 2,409	
Income	taxes	expense 	 6,524	 	 (6,115)	 
EBITDA	—	discontinued	operations 	 (2,904)	 	 6,928	
Unrealized	foreign	exchange	loss	(gain) 	 (925)	 	 (658)	 
Unrealized	losses	(gains)	on	derivative	contracts 	 (66)	 	 18,930	
Asset	Impairment 	 65,688	 	 —	
Other 	 1,054	 	 (804)	 
Total	adjustments	—	EBITDA	discontinued	operations	 	 65,751	 	 17,468	
Adjusted	EBITDA	—	discontinued	operations 	 62,847	 	 24,396	
Adjusted	EBITDA	(all	operations) 	 450,757	 	 362,856	
36

===== SIDA 54 =====

Adjusted	Earnings	and	Adjusted	EPS	
Adjusted	Earnings	and	Adjusted	EPS	can	be	reconciled	to	Net	Earnings	(Loss)	Attributable	to	Lundin	Mining	Shareholders	as	
follows:
Three	months	ended
March	31,
($thousands,	except	share	and	per	share	amounts) 2025 2024
Net	(loss)	earnings	attributable	to	Lundin	Mining	shareholders	—	continuing	operations 	 138,106	 	 38,278	
Add	back:
Total	adjustments	-	EBITDA 	 (26,201)	 	 16,081	
Tax	effect	on	adjustments 	 (4,681)	 	 2,439	
Deferred	tax	arising	from	foreign	exchange	translation 	 (21,217)	 	 (6,300)	 
Deferred	tax	arising	from	partial	disposal	and	contribution	to	Vicuña 	 8,965	 	 —	
Non-controlling	interest	on	adjustments 	 (1,046)	 	 5,852	
Total	adjustments 	 (44,180)	 	 18,072	
Adjusted	earnings	—	continuing	operations	 	 93,926	 	 56,350	
Including	discontinued	operations:
Net	earnings	attributable	to	Lundin	Mining	shareholders	-	discontinued	operations1 	 (13,769)	 	 (24,395)	 
Add	back:
Total	adjustments	-	EBITDA	-	discontinued	operations 	 65,751	 	 17,468	
Tax	effect	on	adjustments 	 266	 	 (4,206)	 
Total	adjustments 	 66,017	 	 13,262	
Adjusted	earnings	—	discontinued	operations	 	 52,248	 	 (11,133)	 
Adjusted	earnings	(all	operations) 	 146,174	 	 45,217	
Basic	weighted	average	number	of	shares	outstanding 851,561,392 773,048,710
Net	(loss)	earnings	attributable	to	Lundin	Mining	shareholders	-	continuing	operations 	 0.16	 	 0.05	
Total	adjustments 	 (0.05)	 	 0.02	
Adjusted	EPS	—	continuing	operations 	 0.11	 	 0.07	
Net	(loss)	earnings	attributable	to	Lundin	Mining	shareholders	-	discontinued	operations 	 (0.02)	 	 (0.03)	 
Total	adjustments 	 0.08	 	 0.02	
Adjusted	EPS	—	discontinued	operations 	 0.06	 	 (0.01)	 
Net	(loss)	earnings	attributable	to	Lundin	Mining	shareholders 	 0.15	 	 0.02	
Total	adjustments 	 0.03	 	 0.04	
Adjusted	EPS	(all	operations) 	 0.17	 	 0.06	
1	 Represents	 Net	 (loss)	 earnings	 attributable	 to	 Lundin	 Mining	 Corporation	 shareholders	 less	 Net	 earnings	 from	 continuing	
operations	attributable	to	Lundin	Mining	Corporation	shareholders.
37

===== SIDA 55 =====

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	Consolidated	Statement	of	Cash	Flows	as	follows:
Three	months	ended
March	31,
($thousands) 2025 2024
Cash	provided	by	operating	activities	related	to	continuing	operations 	 122,335	 	 232,176	
Sustaining	capital	expenditures 	 (112,568)	 	 (176,506)	 
General	exploration	and	business	development 	 11,831	 	 10,864	
Free	cash	flow	from	operations	—	continuing	operations 	 21,598	 	 66,534	
General	exploration	and	business	development 	 (11,831)	 	 (10,864)	 
Expansionary	capital	expenditures 	 (62,883)	 	 (55,981)	 
Free	cash	flow	—	continuing	operations 	 (53,116)	 	 (311)	 
Cash	provided	by	operating	activities	related	to	discontinued	operations 	 54,651	 	 35,355	
Sustaining	capital	expenditures 	 (49,057)	 	 (36,754)	 
General	exploration	and	business	development 	 4,794	 	 2,587	
Free	cash	flow	from	operations	—	discontinued	operations 	 10,388	 	 1,188	
General	exploration	and	business	development 	 (4,794)	 	 (2,587)	 
Expansionary	capital	expenditures 	 —	 	 —	
Free	cash	flow	—	discontinued	operations 	 5,594	 	 (1,399)	 
Free	cash	flow	from	operations	(all	operations) 	 31,986	 	 67,722	
Free	cash	flow	(all	operations) 	 (47,522)	 	 (1,710)	 
Adjusted	Operating	Cash	Flow	and	Adjusted	Operating	Cash	Flow	per	Share
Adjusted	 Operating	 Cash	 Flow	 and	 Adjusted	 Operating	 Cash	 Flow	 per	 Share	 can	 be	 reconciled	 to	 Cash	 Provided	 by	
Operating	Activities	on	the	Company's	Consolidated	Statement	of	Cash	Flows	as	follows:
Three	months	ended
March	31,
($thousands,	except	share	and	per	share	amounts) 2025 2024
Cash	provided	by	operating	activities	related	to	continuing	operations 	 122,335	 	 232,176	
Changes	in	non-cash	working	capital	items 	 214,658	 	 61,820	
Adjusted	operating	cash	flow	—	continuing	operations 	 336,993	 	 293,996	
Cash	provided	by	operating	activities	related	to	discontinued	operations 	 54,651	 	 35,355	
Changes	in	non-cash	working	capital	items 	 1,119	 	 (15,685)	 
Adjusted	operating	cash	flow	—	discontinued	operations 	 55,770	 	 19,670	
Adjusted	operating	cash	flow	(all	operations) 	 392,763	 	 313,666	
Basic	weighted	average	number	of	shares	outstanding 851,561,392 773,048,710
Adjusted	operating	cash	flow	per	share	—	continuing	operations 0.40 0.38
Adjusted	operating	cash	flow	per	share	—	discontinued	operations 0.07 0.03
Adjusted	operating	cash	flow	per	share	(all	operations) 0.46 0.41
38

===== SIDA 56 =====

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	Consolidated	Balance	Sheets	as	follows:
($	thousands),	continuing	operations March	31,	2025
December	31,	
2024
Debt	and	lease	liabilities 	 (1,757,011)	 	 (1,610,925)	 
Current	portion	of	debt	and	lease	liabilities 	 (344,440)	 	 (395,232)	 
Less	deferred	financing	fees	(netted	in	above) 	 (7,091)	 	 (7,656)	 
Add	debt	and	lease	liabilities	related	to	liabilities	classified	as	held-for-sale 	 (16,231)	 	 (16,266)	 
	 (2,124,773)	 	 (2,030,079)	 
Cash	and	cash	equivalents 	 341,628	 	 357,478	
Add	cash	and	cash	equivalents	related	to	assets	classified	as	held-for-sale 	 83,892	 	 74,801	
Net	debt 	 (1,699,253)	 	 (1,597,800)	 
Lease	liabilities 	 241,348	 	 249,185	 
Lease	liabilities	related	to	liabilities	classified	as	held-for-sale 	 16,231	 	 16,266	
Net	debt	excluding	lease	liabilities 	 (1,441,674)	 	 (1,332,349)	 
39

===== SIDA 57 =====

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	27	of	the	Company’s	Consolidated	Financial	Statements.
Changes	in	Accounting	Policies
The	accounting	policies	applied	in	the	Company’s	Consolidated	Financial	Statements	for	the	three	months	ended	March	31,	
2025	are	the	same	as	those	applied	in	the	Company’s	Consolidated	Financial	Statements	for	the	year	ended	 December	31,	
2024.	
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,	 2024.	 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,	2024.
There	have	been	no	changes	in	the	Company's	disclosure	controls	and	procedures	during	the	 three	months	ended	 March	
31,	2025	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	 the	 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,	2024.	
There	have	been	no	changes	in	the	Company’s	ICFR	during	the	 three	months	ended	 March	31,	2025 	that	have	materially	
affected,	or	are	reasonably	likely	to	materially	affect,	the	Company’s	financial	reporting.
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,	2024 ,	the	"Risks	and	Uncertainties"	section	of	the	Company's	
40

===== SIDA 58 =====

Annual	 MD&A	 for	 the	 year	 ended	 December	 31,	 2024,	 and	 the	 “Cautionary	 Statement	 on	 Forward-Looking	 Information”	
section	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	 National	
Instrument	43-101	("NI	43-101")	by	 Cole	Mooney,	Director,	Resource	Geology	at	Lundin	Mining, 	a	"Qualified	Person"	under	
NI	43-101.	Mr.	Mooney	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	7,	
2025.
May	7,	2025
Common	shares	issued	and	outstanding 	 856,642,093	
Stock	options	outstanding	
(weighted	average	exercise	price	of	C$10.73) 	 5,120,187	
Time	vesting	share	units1 	 1,517,256	
Performance	vesting	share	units2 	 1,337,656	
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.
41

===== SIDA 59 =====

Condensed Interim Consolidated Financial Statements of  
 
Lundin Mining Corporation 
 
March 31, 2025  
(Unaudited)

===== SIDA 60 =====

- 1 - 
LUNDIN MINING CORPORATION    
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS As at 
(Unaudited - in thousands of US dollars) March 31, 
2025 
 December 31, 
2024   
ASSETS    
Cash and cash equivalents (Note 5) $ 341,628   $ 357,478  
Trade and other receivables (Note 6)  692,654    510,854  
Income taxes receivable  12,818    14,520  
Inventories (Note 7)  574,749    590,685  
Marketable securities (Note 8)  —    50,105  
Current portion of derivative assets (Note 24)  2,444    964  
Other current assets  16,794    22,667  
Assets held for sale (Note 3)  1,442,247    1,389,670  
Total current assets  3,083,334    2,936,943  
Restricted funds  8,048    8,665  
Long-term inventory (Note 7)  897,000    871,885  
Derivative assets (Note 24)  1,347    665  
Other non-current assets (Note 9)  22,471    18,382  
Mineral properties, plant and equipment (Note 10)  7,041,567    6,244,634  
Deferred tax assets  191,096    191,254  
Goodwill  134,284    134,284  
  8,295,813    7,469,769  
Total assets $ 11,379,147   $ 10,406,712  
LIABILITIES    
Trade and other payables (Note 11) $ 658,550   $ 674,204  
Income taxes payable  134,809    128,251  
Current portion of derivative liabilities (Note 24)  15,892    39,416  
Current portion of debt and lease liabilities (Note 12)  344,440    395,232  
Current portion of deferred revenue (Note 13)  56,500    60,604  
Current portion of reclamation and other closure provisions (Note 14)  23,139    20,876  
Liabilities held for sale (Note 3)  407,158    393,109  
Total current liabilities  1,640,488    1,711,692  
Derivative liabilities (Note 24)  14,220    24,487  
Debt and lease liabilities (Note 12)  1,757,011    1,610,925  
Deferred revenue (Note 13)  438,251    447,133  
Reclamation and other closure provisions (Note 14)  326,889    323,310  
Deferred consideration and other long-term liabilities (Note 15)  131,636    128,783  
Provision for pension obligations  846    768  
Deferred tax liabilities  654,835    643,850  
  3,323,688    3,179,256  
Total liabilities  4,964,176    4,890,948  
SHAREHOLDERS' EQUITY    
Share capital (Note 16)  5,347,146    4,585,607  
Contributed surplus  50,538    51,308  
Accumulated other comprehensive loss  (323,816)   (375,837) 
Retained earnings  204,141    161,063  
Equity attributable to Lundin Mining Corporation shareholders  5,278,009    4,422,141  
Non-controlling interests (Note 17)  1,136,962    1,093,623  
Total shareholders' equity  6,414,971    5,515,764  
Total liabilities and shareholders' equity $ 11,379,147   $ 10,406,712  
Commitments and contingencies (Note 25)    
Subsequent events (Note 3, 12)    
    
The accompanying notes are an integral part of these condensed interim consolidated financial statements.

===== SIDA 61 =====

- 2 - 
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, 
 2025   2024 
Continuing Operations:     
Revenue (Note 18) $ 963,874    $ 812,278  
Cost of goods sold     
Production costs (Note 19)  (516,881)    (465,347) 
Depreciation, depletion and amortization  (138,059)    (149,463) 
Gross profit  308,934     197,468  
General and administrative expenses (Note 20)  (18,251)    (16,760) 
Exploration and business development (Note 21)  (11,831)    (10,864) 
Finance income (Note 22)  3,852     3,729  
Finance costs (Note 22)  (47,794)    (37,014) 
Other (expense) income (Note 23)  (2,800)    3,072  
Earnings before income taxes from continuing operations  232,110     139,631  
Current tax expense  (48,065)    (45,820) 
Deferred tax expense   (2,680)    (10,861) 
Net earnings from continuing operations  181,365     82,950  
Net loss from discontinued operations, net of taxes (Note 3)  (13,769)    (24,395) 
Net earnings $ 167,596    $ 58,555  
     
Net earnings from continuing operations attributable to:     
Lundin Mining Corporation shareholders $ 138,106    $ 38,278  
Non-controlling interests  43,259     44,672  
Net earnings from continuing operations  $ 181,365    $ 82,950  
     
Net earnings attributable to     
Lundin Mining Corporation shareholders $ 124,337    $ 13,883  
Non-controlling interests  43,259     44,672  
Net earnings $ 167,596    $ 58,555  
     Basic and diluted earnings per share from continuing operations attributable to Lundin Mining 
Corporation shareholders: $ 0.16    $ 0.05  
     
Basic and diluted loss per share from discontinued operations attributable to Lundin Mining 
Corporation shareholders: $ (0.02)   $ (0.03) 
     
Basic and diluted earnings per share attributable to Lundin Mining Corporation shareholders: $ 0.15    $ 0.02  
     
Weighted average number of shares outstanding (Note 16)     
Basic  851,561,392     773,048,710  
Diluted  854,279,519     775,002,730  
     
The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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