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===== SIDA 1 =====

Corporate Office 
2800-1055 Dunsmuir St 
Vancouver, BC, V7X 1L2 
Phone: +1 604.689.7842 
lundinmining.com 
  News Release 
 
 
Lundin Mining Reports First Quarter 2026 Results  
Vancouver, May 6, 2026 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) 
today reported its first quarter 2026 financial results. Unless otherwise stated, results are from continuing operations and 
presented in US dollars on a 100% basis. 
Jack Lundin, President and CEO commented, "We are pleased to be reporting on another solid quarter of safety, and 
operational and financial performance. Copper production of approximately 80,000 tonnes at a consolidated cash cost of 
$1.66/lb, translated into our business generating $1,159 million in revenue and $380 million in free cash flow from operations, 
improving our net cash position to $250 million. The Company remains firmly on track to deliver on our full-year production and 
operational cost guidance. 
"We also advanced key growth initiatives, including increasing our ownership in Caserones by 5%, adding to our attributable 
copper production profile at an attractive acquisition cost. At the same time, we acquired a 31% interest in the Los Helados 
Project, which is adjacent to our operating Caserones mine, further expanding our Mineral Resource base and providing long -
term growth optionality. 
"In addition, the previously announced sale of the Eagle mine to Talon Metals was completed in the period, marking the 
transition to a copper dominant mining company, with approximately 85% of our quarterly revenue now generated from copper. 
"Finally, the Company published the results of the technical study for the Vicuña Project, the largest copper discovery in th e 
last thirty years. The study underscores its potential as a Tier 1 asset and a top five copper, gold, and silver mine globall y, with 
peak annual copper production exceeding 500,000 tonnes and peak gold production exceeding 800,000 ounces per annum. A 
major milestone as we work towards a sanctioning decision this year. 
"At Lundin Mining, disciplined execution across high -margin, stable operations underpins our performance. Supported by an 
unrivaled growth strategy and a strong balance sheet, we are positioned to drive significant value for our stakeholders over the 
years ahead." 
 
First Quarter Operational and Financial Highlights 
Strong operational performance in the first quarter, supported by elevated metal prices, drove robust cash generation. The 
Company is reaffirming its production guidance and cash cost outlook for the year. The balance sheet strengthened over the 
period, ending in a net cash position of approximately $250 million. With the completion of an upsized credit facility and th e 
current net cash position, the Company expects to be fully funded for the initial stage of construction at Vicuña. 
• Copper Production: 79,934 tonnes at a consolidated copper cash cost1 of $1.66 /lb. 
• Gold Production: During the quarter, 31,537 ounces of gold was produced.  
• Revenue: $1,158.8 million in the first quarter, with a realized copper price 1 of $5.70 /lb and a realized gold price 1 of 
$5,123 /oz. 
• Net Earnings and Adjusted Earnings 1: Net earnings attributable to shareholders of the Company was $280.5 million 
($0.33 per share) and adjusted earnings was $264.6 million ($0.31 per share). 
• Adjusted EBITDA1: $626.7 million for the quarter. 
• Capital Expenditures 2: Sustaining capital expenditures 2 were $125.8 million and expansionary capital expenditures 2 
were $54.3 million. 
• Cash Generation:  Cash provided by operating activities in the quarter was $493.7 million, free cash flow from 
operations1 was $379.7 million. 
• Shareholder Returns:  Under its normal course issuer bid, the Company repurchased 1,447,194 common shares for 
aggregate purchases of approximately $40 million and declared a dividend of C$0.0275 per share during the quarter. 
 
1 These are non -GAAP measures. Please refer to the Company's discussion of non -GAAP & other performance measures in its Management's Discussion and 
Analysis ("MD&A") for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release. 
2 Sustaining capital expenditures is a supplementary financial measure, see the Company's discussion of non -GAAP & other performance measures in its MD&A 
for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

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

• Growth: The Company is continuing to advance its growth initiatives  and completed several significant milestones in 2026 
to achieve its long term goal of becoming a top ten copper producer: 
◦ On January 9, 2026, the Company completed the sale of Ea gle mine to Talon Metals Corp. ("Talon"). In 
consideration, the Company received common shares of Talon which, along with the Company's existing 1.57% 
interest in Talon, resulted in the Company owning 19.86% of the issued and outstanding common shares of Talon.  
◦ On February 16, 2026, the Company announced the results of the Vicuña Project technical study, including an 
updated Mineral Resource estimate for the Vicuña Project (the "Updated Vicuña Mineral Resource") which 
highlighted a development project with robust economics and the potential to rank among the top five copper, 
gold, and silver mines globally . The results of the study were subsequently filed in a technical report which was 
released on March 30, 2026 (the "Vicuña Technical Report"). 
◦ On April 7, 2026, the Company completed the acquisition from JX Advanced Metals Corporation and affiliates 
("JX") of an additional 5% interest in the Caserones mine, along with a 30.9% interest in the Los Helados Project 
and a 0.62% smelter return royalty on Los Helados for total consideration of $215 million. Upon closing of the 
transaction, the Company's ownership interest in Caserones mine increased to 75%. 
• Net Cash1: As at March 31, the net cash position of the Company was $249.4 million. As at May 6, 2026, net cash was $51 
million after funding the purchase of an additional 5% interest in Caserones and 30.9% interest in Los Helados for $215 
million. 
• Outlook: The Company reaffirms it is tracking to full year guidance for production, cash costs and capital expenditures. 
Summary Financial Results  
Revenues and net earnings were driven by strong realized prices of  $5.70 /lb and $5,123 /oz for copper and gold, respectively. 
Production costs were impacted by unfavourable foreign exchange at all sites with the impact of higher diesel prices at the e nd 
of March 2026 having a marginal impact on costs during the quarter. Cash generation in the quarter also benefitted from a $43 .6 
million release of working capital. 
 2026 2025 
($ millions continuing operations) Q1 Total2 Q4 Q3 Q2 Q1 
Revenue and profit        
Revenue  1,158.8  4,053.2  1,301.5  953.9  878.1  919.6 
Production costs  (487.0)  (1,948.1)  (546.8)  (455.3)  (466.2)  (479.8) 
Depreciation, depletion and amortization  (134.3)  (618.9)  (169.7)  (162.2)  (153.5)  (133.5) 
Gross profit  537.5  1,398.0  496.8  336.4  258.4  306.3 
Net earnings  387.0  1,417.7  912.3  175.1  149.2  181.2 
- attributable to shareholders  280.5  1,047.2  659.9  133.6  115.9  137.9 
Adjusted earnings1  264.6  687.9  363.7  143.2  87.7  93.8 
Adjusted EBITDA1  626.7  1,917.1  686.4  472.2  376.5  382.2 
       
Cash flow       
Cash provided by operating activities  493.7 1,207.9 533.0  254.9 292.7  127.6 
Adjusted operating cash flow1  450.1 1,621.9 665.1  366.4 261.1  329.5 
Free cash flow from operations1  379.7 773.6 388.3  160.1 195.4  30.2 
Free cash flow1  313.6 538.9 331.9  101.3 149.5  (43.4) 
       
Capital expenditures       
Sustaining capital expenditure3  125.8  477.8  157.6  102.5  109.5  108.1 
Expansionary capital expenditure3  54.3  191.2  43.5  51.1  33.7  62.9 
       
Per share amounts       
EPS - Basic and diluted ($/share)  0.33  1.22  0.77  0.16  0.13  0.16 
Adjusted EPS1 ($/share)  0.31  0.80  0.42  0.17  0.10  0.11 
Dividends declared (C$/share)  0.0275  0.1725  0.0275  0.0275  0.0275  0.09 
1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended 
March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
2 The sum of quarterly amounts may differ from year-to-date results due to rounding. 
3 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows and excluding cap italized interest. Sustaining capital 
expenditures is a supplementary financial measure and expansionary capital expenditures is a non -GAAP measure – please refer to the Company's discussion of 
non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non -GAAP Measures section at the 
end of this news release.

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

Production Overview  
  2026 2025 
  Q1 Total Q4 Q3 Q2 Q1 
 Copper (t)       
 Candelaria (100%) 30,808  145,471  34,272 37,129 36,999 37,071 
 Caserones (100%) 38,552  132,881  39,612 35,270 29,290 28,709 
 Chapada 10,574  43,974  11,191 12,600 11,274 8,909 
 Total  79,934   322,326   85,075   84,999   77,563   74,689  
 Gold (oz)       
 Candelaria (100%) 17,739 80,528 19,055 19,899 20,574 21,000 
 Chapada 13,798 61,331 15,074 17,864 17,544 10,849 
 Total  31,537   141,859   34,129   37,763   38,118   31,849  
 Molybdenum (t)       
 Caserones (100%) 589  2,082  526 574 380 602 
 Silver (koz)       
 Candelaria (100%) 291 1,798 441 477 431 449 
 Chapada 67 258 66 73 69 50 
 Total 358  2,056  507 550 500 499 
 
Sales Volumes 
 
2026 2025 
Q1 Total Q4 Q3 Q2 Q1 
Copper (t)       
Candelaria (100%)  30,823  140,500   32,882   36,041   36,603   34,974  
Caserones (100%)  36,461  138,287   45,134   26,896   30,076   36,181  
Chapada  10,371  42,040   9,413   13,997   10,284   8,346  
  77,655  320,827   87,429   76,934   76,963   79,501  
Gold (oz)       
Candelaria (100%)  17,253  76,537   17,700   19,041   20,021   19,775  
Chapada  12,651  56,569   12,403   19,735   14,402   10,029  
  29,904  133,106   30,103   38,776   34,423   29,804  
Molybdenum (t)       
Caserones (100%)  630  1,976   451   508   389   628  
Silver (koz)       
Candelaria (100%)  244  1,598   372   434   395   397  
Chapada  29  129   26   48   30   25  
       Total  273  1,727   398   482   425   422

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

Candelaria (Chile)  
Operating Statistics  
  2026 2025 
 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 
        
 Ore mined (kt)  7,721   37,018   7,935   9,145   9,721   10,217  
 Ore milled (kt)  7,867   31,579   7,972   8,103   7,752   7,752  
 Grade        Copper (%)  0.43   0.50   0.47   0.49   0.52   0.52  
 Gold (g/t)  0.10   0.12   0.11   0.11   0.12   0.12  
 Production (contained metal)        Copper (t)  30,808   145,471   34,272   37,129   36,999   37,071  
 Gold (oz)  17,739   80,528   19,055   19,899   20,574   21,000  
 Revenue ($ millions)  453.4   1,769.0   518.5   426.8   404.6   419.1  
 Production costs ($ millions)  202.0   783.9   226.6   199.2   186.1   172.1  
 Gross profit ($ millions)  181.2   685.1   218.9   144.7   143.6   177.8  
 Cash cost ($ per pound copper)1  2.15   1.92   2.29   1.87   1.81   1.75  
 Sustaining capital ($ millions)1  47.3   224.4   79.5   46.9   50.2   47.7  
 All-in sustaining cost ("AISC") ($ per pound copper)1  2.98   2.75   3.51   2.55   2.53   2.46  
1AISC per pound sold and Cash cost per pound sold are non -GAAP measures and Sustaining capital is a supplementary financial measure, see the Company's 
discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures 
section at the end of this news release.  
Q1 2026 Performance 
Open pit mining was focused on Phase 11 with some contribution from Phase 12, and throughput was impacted by unplanned 
maintenance on the SAG mill resulting in an unplanned shutdown of approximately three days. Production was slightly lower 
than in recent quarters primarily as a result of planned lower grades. 
Q1 2026 Compared to 2026 Guidance 
Production remains in line with annual guidance. Certain maintenance work scheduled for later in the year was accelerated 
and completed during the unplanned shutdown keeping full year throughput on track to guidance. Candelaria's production 
profile is weighted towards the second half of the year due to higher expected grades from Phase 12. 
Cash cost benefitted from strong gold and silver prices and also remains within the annual cash cost guidance range. 
Growth Projects 
The Candelaria underground expansion project is expected to increase underground throughput capacity to approximately 
22,000 tonnes per day from prior levels of approximately 12,000 to 14,000 tonnes per day, targeting a medium -term increase 
in annual copper production of approximately 14,000 tonnes of copper which adds roughly 10% to current production levels. 
The opportunity includes phased insourcing of the Company's underground mining contract and an increase in the number of 
active mining stopes. This opportunity is not included in Candelaria's three -year guidance figures. Candelaria’s 2026 copper 
and gold production guidance incorporates lower underground mining rates in the first half of the year as the Company 
insources the underground mining contract. Activities commenced in mid-2025 and are continuing through 2026.  
Projects are also ongoing to support the mine life extension under the 2040 Environmental Impact Assessment ("EIA"). 
Exploration Update 
At Candelaria, 2,402 metres were drilled from ten underground drill sites (nine completed, one in -progress) in the Mariana 
sector of Candelaria Sur. Drilling in this sector is focused on extending higher grade copper -gold veins to the south following 
exploration indicators.

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

Caserones (Chile)  
Operating Statistics  
  2026 2025 
 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 
        
 Ore mined (kt)  8,322   36,712   8,553   8,479   9,680   10,000  
 Ore milled (kt)  8,216   33,383   8,200   8,530   7,984   8,669  
 Ore placed on leach  3,528   16,777   3,142   3,910   4,962   4,763  
 Grade        Copper (%)  0.47   0.40   0.47   0.43   0.37   0.33  
 Molybdenum (%)  0.015   0.011   0.013   0.011   0.008   0.011  
 Production (contained metal)        Copper in concentrate (t)  30,621   107,064   32,324   29,010   23,490   22,240  
 Copper cathode (t)  7,931   25,817   7,288   6,260   5,800   6,469  
 Total copper (t)  38,552   132,881   39,612   35,270   29,290   28,709  
 Molybdenum (t)  589   2,082   526   574   380   602  
 Revenue ($ millions)  506.3   1,618.9   598.5   311.8   322.7   385.9  
 Production costs ($ millions)  199.3   854.5   247.3   158.5   204.7   243.9  
 Gross profit ($ millions)  264.6   552.2   290.8   103.8   61.5   96.1  
 Cash cost ($ per pound copper)1  1.58   2.17   1.88   1.86   2.45   2.52  
 Sustaining capital ($ millions)1  54.9   156.3   56.8   29.4   31.9   38.2  
 AISC ($ per pound copper)1  2.63   3.03   2.74   2.74   3.34   3.36  
1AISC per pound sold and Cash cost per pound sold are non -GAAP measures and Sustaining capital is a supplementary financial measure, see the Company's 
discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures 
section at the end of this news release.  
Q1 2026 Performance 
During the quarter, mining was concentrated in Phase 6 with some contribution from Phase 7. Copper concentrate production 
benefitted from higher than expected grades in Phase 6, but was impacted by unplanned maintenance on the ball mill leading 
to a 24 hour mill shutdown. Additional irrigated area in the dump leach continues to benefit copper cathode production. 
Q1 2026 Compared to 2026 Guidance 
Production in the quarter is in line with annual production guidance and is expected to be first half weighted in 2026 with higher 
average grades as planned from Phase 6 during the quarter. Strong copper cathode production and throughput are expected 
to continue for the remainder of the year. Throughput is expected to benefit from initiatives under the Full Potential progra m, 
which focuses on achieving sustainable operational efficiencies and financial savings. 
Growth Projects 
The Caserones cathode plant capacity is approximately 35,000 tonnes of copper cathode production per year, representing an 
opportunity to increase production from prior levels through higher utilization rates. Additional oxide material placed on th e 
dump leach and improved leaching practices led to strong cathode production in 2025.As a result of these optimization efforts , 
annual copper cathode production is forecast to increase to approximately 26,000 to 28,000 tonnes in 2026 through 2028.  
Exploration Update 
At Caserones, four rigs drilled 6,137 metres (six completed holes, four in -progress) during the quarter, targeting high -grade 
copper breccias at Angelica and Centauro. At Cordillera, the next target south of Centauro, road access was achieved during 
the quarter with geological mapping and geophysical surveys advancing with initial drill testing scheduled for the second half of 
2026.

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

Chapada (Brazil)  
Operating Statistics  
  2026 2025 
 (100% Basis) Q1 Total Q4 Q3 Q2 Q1 
        
 Ore mined (kt)  5,971   19,934   6,485   5,444   4,725   3,280  
 Ore milled (kt)  6,265   23,687   6,021   6,171   5,675   5,820  
 Grade        Copper (%) 0.22  0.25  0.24  0.26  0.27  0.22  
 Gold (g/t) 0.15  0.16  0.16  0.16  0.18  0.13  
 Production (contained metal)        Copper (t)  10,574   43,974   11,191   12,600   11,274   8,909  
 Gold (oz)  13,798   61,331   15,074   17,864   17,544   10,849  
 Silver (koz)  67   258   66   73   69   50  
 Revenue ($ millions)  199.1   665.3   184.5   215.3   150.9   114.6  
 Production costs ($ millions)  85.3   306.8   71.9   96.4   75.0   63.5  
 Gross profit (loss) ($ millions)  92.3   164.1   (11.8)  89.2   54.0   32.8  
 Cash cost ($ per pound copper)1  0.45   0.75   0.45   0.50   0.75   1.47  
 Sustaining capital ($ millions)1  23.6   96.8   21.1   26.1   27.4   22.2  
 AISC ($ per pound copper)1  1.87   2.06   1.81   1.58   2.24   2.94  
1AISC per pound sold and Cash cost per pound sold are non -GAAP measures and Sustaining c apital is a supplementary financial measure, see the Company's 
discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures 
section at the end of this news release.  
Q1 2026 Performance 
Mining during the quarter was primarily focused on ore from the South open pit, in line with the planned mine sequence. Ore 
milled increased as compared to recent quarters and benefitted from softer ore blend and higher availability in the processin g 
plant as a result of operational efficiencies achieved under the Full Potential program. 
Q1 2026 Compared to 2026 Guidance 
Production during the quarter was in line with annual production guidance. Average copper grades are expected to increase 
during the second half of the year and throughput is also expected to continue to benefit from operational efficiencies. 
Growth Projects 
The Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add 
approximately 10,000 to 15,000 tonnes of copper production per year and 35,000 to 45,000 ounces of gold production per 
year. The project would include the installation of additional grinding capacity and processing higher grade ore from Saúva t o 
offset lower grade material currently being mined at Chapada. 
Further design and engineering work on this project will continue along with Saúva permitting. An updated technical report fo r 
Chapada including Saúva is on track to be released in the second half of 2026. 
Exploration Update 
At Chapada, one rig completed a total of 2,574 metres targeting deep mineralization in two holes (one completed, one in -
progress) outside the current pit shell at Saúva down-dip, extending the high-grade Saúva deposit further west at depth. A third 
hole was completed at the Siriema exploration target, located along trend two kilometres northwest of Saúva.

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

Vicuña Project (Argentina and Chile)  
The development of the Vicuña district is envisioned in a staged approach. Stage 1 encompasses a sulphide mill and the 
Josemaria deposit, establishing an initial open pit mine and concentrator designed for future expansion to accelerate first 
production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a 
corresponding solvent extraction and electrowinning (SX/EW) plant for copper, gold and silver recovery. Stage 3 represents th e 
long-term maturation of the district through expansion of the concentrator and development of the Filo del Sol sulphide deposit, 
enabling peak, sustained production, positioning the Vicuña Project as a long -life, globally significant copper operation. Stage 3 
also integrates key district infrastructure, including a desalination plant and associated pipeline, and return concentrate s lurry 
pipeline, to support expansion of the district. 
Project Development 
During the quarter, the Company spent $52.2  million in capital expenditures compared to $42.7  million in Q1 2025. During the 
quarter, activities were focused on drilling and the hiring and training of operators in preparation for early earthworks. In  addition, 
high voltage power system planning and permitting progressed, including completion of a regulatory milestone with Argentina's  
National Electricity Regulatory Entity (ENRE).  
Drilling activities, including geotechnical drilling at Josemaria and Filo del Sol and exploration drilling at Filo del Sol, advanced 
with approximately 14,800 metres of exploration drilling completed during the quarter, progressing towards the drill target o f 
50,000 metres for 2026. 
The updated Josemaria EIA was approved in March by the San Juan authorities. Tailings storage detailed design was advanced 
and an independent tailings review board established. 
Upcoming Project Development Milestones 
The Company intends to continue to work with its partner, BHP , and Vicuña on a work plan to advance the Vicuña Project to a 
sanctioning decision. Key upcoming activities and milestones include: 
• Approval of the Incentive Regime for Large Investments ("RIGI") under the Long -Term Strategic Export Projects 
designation ("PEELP") application in Argentina. 
• Further advancement of project readiness in preparation for early earthworks. 
• Continued upgrades to the north access road. 
• Completion of engineering and mine design optimization activities for Stage 1. 
• Trade off studies and optimization of Stages 2 & 3. 
• Advancement of financing structure within Vicuña to fund construction. 
Detailed design and engineering on the Vicuña Project is ongoing. The technical team will focus on advancing engineering in 
order to prepare procurement and other activities to support an efficient project start -up and mitigate risks of increasing lead 
times and variable international logistics.  
Following the quarter, the initial self -perform earthworks (for site road construction and process plant site preparations) fleet 
began to arrive in San Juan. The Company is targeting a sanctioning decision as early as the end of 2026.   
Technical Report Results 
The results of the Vicuña Project integrated study, including the Updated Vicuña Mineral Resource, were published on February  
16, 2026 and highlighted a development project with the potential to rank among the top five copper, gold, and silver mines 
globally.  
Highlights1: 
• Peak production of +500 ktpa copper:  Average production over a ten -year period of over 500,000 tonnes copper, 
800,000 oz gold and 20 Moz silver or 800,000 tonnes CuEq2. 
• Multi-generational asset: Initial +70-year LOM, producing approximately 22.3 Mt of copper, 37.2 Moz of gold and 763 
Moz of silver. 
• Significant free cash flow:  Average annual free cash flow of $2.2 billion per year (after expansionary capital) during 
the first 25 years. 
• Leveraged to copper and gold: LOM revenue contribution of 60% copper, 32% gold and 8% silver. 
• Capital intensity below $30,000/tonne CuEq:  Stage 1 capital of $7.1 billion with an after -tax payback period of 8.4 3 
years and an after-tax IRR of 14.8%. 
 
1 Vicuña Project integrated study results and highlights, including the Updated Vicuña Mineral Resource, are presented on a 100 % basis. The Company's attributable 
share is 50%. 
2 CuEq based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for product ion are disclosed within the Vicuña 
Technical Report.  
3 Initial capital from the start of 2027 and payback period from the start of 2030.

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

• Resource growth: The Updated Vicuña Mineral Resource grew significantly compared to the previous estimate4. 
• Base-case scenario: NPV8% of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver. 
• Stage 1 is clearly defined providing a blueprint for initial development, ongoing studies on Stages 2 and 3 are 
expected to deliver further optimization. 
• Value accretion at higher metal prices: $6.00/lb copper, $5,000/oz gold & $80/oz silver increases the NPV8% to $28.8 
billion and the IRR to 25.5% with a payback of 5.4 years. 
The results of the integrated study were subsequently filed in a technical report entitled "Vicuña Project, Argentina and Chi le NI 
43-101 Technical Report on Preliminary Economic Assessment", available on SEDAR+ at www.sedarplus.ca. 
RIGI Application 
In December 2025, Vicuña submitted an application to the RIGI regime in Argentina for the inclusion of the Vicuña Project und er 
the PEELP designation. Argentina’s RIGI regime is designed to attract and accelerate large -scale investment through long -term 
fiscal stability and transparent regulatory conditions. The Company continues to engage with regulatory authorities regarding  its 
application. 
RIGI offers regulatory stability, including lower corporate and dividend withholding tax rates, removal of export duties, val ue 
added tax offsets and repatriation of revenues. The Vicuña Project is the first hard -rock mining project to apply for the RIGI 
PEELP , which is designed to support large scale, long -term investments into Argentina and provides longer benefit periods (40 
years vs 30 years) and accelerated timelines to repatriate revenues and export duty exemptions, as compared to the regular 
RIGI regime. 
About Vicuña 
On January 15, 2025, the Company and BHP completed the acquisition of Filo Corp. through a plan of arrangement and 
concurrently formed a 50/50 independently managed joint arrangement, Vicuña, holding the Josemaria deposit in Argentina and 
the Filo del Sol deposit in Argentina and Chile. The Company accounts for Vicuña as a joint operation and accordingly records its 
50% share of the assets, liabilities, revenue, expenses and cash flows. 
Los Helados Project 
On April 7, 2026, the Company acquired from JX a 30.9% interest in the Los Helados Project, a large copper -gold deposit, 
located in Chile's Atacama Region, approximately 17 kilometres to the south of Caserones and approximately 10 kilometres to 
the north of the Vicuña Project. Los Helados strengthens the Company's Mineral Resource base, increasing measured and 
indicated copper Mineral Resources by 15% and gold Mineral Resources by 11%, on an attributable basis 5. NGEx Minerals Ltd. 
holds the remaining 69.1% interest in the Los Helados Project and is the operator. 
Los Helados provides compelling long -term growth optionality including potential synergies with the Caserones operation. 
Potential scenarios include throughput expansion, a stand alone operation, or transportation of mineralization from Los Helad os 
to Caserones, accelerating higher grade material.  
A total of 96,448 metres of drilling has been completed on the Los Helados Project in 110 holes with a Mineral Resource 
estimate updated in 2023 which highlighted a significant inventory of contained copper, gold and silver.  
 
4 See news release dated May 4, 2025 and previous technical report entitled “NI 43 -101 Technical Report on the Vicuña Project, Argentina and Chile”, with an 
effective date of April 15, 2025 for information with respect to the previous Mineral Resource estimate. Lundin Mining’s attr ibutable interest in the Mineral Resource 
estimate is 50%. 
5 Refer to the Lundin Mining news release entitled “Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Min eral Reserves” dated February 
18, 2026 and the NGEX Metals Ltd. news release entitled “NGEx Announces Updated Mineral Resource Estimate at Los Helados Incl udng High-Grade Fenix and 
Alicanto Zones; Indicated Mineral Resources Exceed 2.0 Billion at 0.51% Copper Equivalent” dated December 5, 2023.

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

Revenue Analysis  
 
  Three months ended March 31, 
 Revenue by mine 2026  2025  Change 
 ($ millions) $ %  $ %  $ 
 Candelaria (100%)  453.4 39    419.1 46    34.3 
 Caserones (100%)  506.3 44    385.9 42    120.4 
 Chapada  199.1 17    114.6 12    84.5 
 Total  1,158.8    919.6    239.2 
 
  Three months ended March 31, 
 Revenue by metal 2026  2025  Change 
 ($ millions) $ %  $ %  $ 
 Copper  971.4 84    792.9 86    178.5 
 Gold  123.1 11    87.1 9    36.0 
 Molybdenum  40.1 3    21.9 2    18.2 
 Silver  17.4 2    14.2 2    3.2 
 Other  6.8 —    3.5 —    3.3 
 Total  1,158.8    919.6    239.2 
 
  Three months ended March 31, 
 Realized prices 2026  2025 
 Copper  $5.70 /lb  $4.63 /lb 
 Gold  $5,123 /oz  $3,124 /oz 
 Molybdenum  $28.87 /lb  $15.81 /lb 
 
 
Capital Expenditures1  
Sustaining capital expenditures during the quarter were primarily related to open pit waste stripping, underground mine 
development, tailings storage facility upgrades, and investments in new mining equipment. A portion of capital expenditures a t 
Candelaria and Caserones was deferred to the second quarter, with no change to 2026 capital expenditure guidance. 
 Three months ended March 31, 
($ millions) 2026 2025 
Candelaria  47.3   47.7  
Caserones  54.9   38.2  
Chapada  23.6   22.2  
Sustaining capital expenditures  125.8   108.1  
Candelaria  1.2   20.2  
Caserones  0.9   —  
Vicuña  52.2   42.7  
Expansionary capital expenditures  54.3   62.9  
Total capital expenditures  180.1   171.0  
1 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows and excluding cap italized interest. Sustaining capital 
expenditures is a supplementary financial measure and expansionary capital expenditures is a non -GAAP measure – please refer to the Company's discussion of 
non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026  and the Reconciliation of Non -GAAP Measures section at the 
end of this news release.

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

2026 Outlook 
The Company reaffirms its guidance for production, cash costs, capital expenditures, and exploration as announced on January 
21, 2026. See below for the 2026 guidance outlined in the news release "Lundin Mining Announces 2025 Production Results and 
Provides 2026 Guidance" dated January 21, 2026. 
The Company has assessed the impact of the current macroeconomic environment and its subsequent effect on key input costs 
including diesel, sulphuric acid, and ocean freight. While these input costs have increased, the increases are not expected t o 
have a material impact on the overall cost base of the Company at this time. We continue to actively monitor the situation fo r 
changes that could impact the Company. 
As a precautionary measure to proactively mitigate exposure to rising fuel prices, the Company has secured incremental fuel 
supply and storage capacity at Candelaria and Caserones for approximately one month of consumption. 
2026 Production and Consolidated Cash Cost1 Guidance 
  Guidance 
Copper (kt) - contained metal 310 – 335 
Gold (koz) - contained metal 134 – 149 
Consolidated Cash Cost ($/lb) 1.90 – 2.10 
1 Consolidated Cash cost is a non-GAAP measure - see the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months 
ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
2026 Production and Cash Cost1 Guidance by Operation 
   Guidance 
Copper (kt) Candelaria (100%) 135 – 145 
(contained metal) Caserones (100%) 130 – 140 
 Chapada 45 – 50 
 Total copper 310 – 335 
Gold (koz) Candelaria (100%) 77 – 87 
(contained metal) Chapada 57 – 62 
 Total gold 134 – 149 
Cash Cost ($/lb) Candelaria (100%) 2.05 – 2.25 
 Caserones (100%) 2.05 – 2.25 
 Chapada 1.00 – 1.20 
 Consolidated cash cost1 1.90 – 2.10 
1 Cash cost and Consolidated cash cost per pound are non -GAAP measure - see the Company's discussion of non -GAAP & other performance measures in its 
MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
 
2026 Capital Expenditure Guidance1 
 ($ millions)  Guidance 
 Candelaria (100% basis) 215 
 Caserones (100% basis) 235 
 Chapada 100 
 Total Sustaining 550 
 Expansionary Capital 50 
 Vicuña (50% basis) 395 
 Total Capital Expenditures 995 
1 Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non -GAAP measure - see the Company's 
discussion of non -GAAP & other performance measures in its MD&A for the three months ended March 31, 2026  and the Reconciliation of Non -GAAP Measures 
section at the end of this news release.  
 
 
 
2026 Exploration Investment Guidance 
Total exploration expenditure guidance for 2026 is $53 million.  
2026 Guidance Key Assumptions 
Cash cost guidance is based on various assumptions and estimates, including but not limited to: production volumes, commodity  
prices (Au: $4,000 /oz, Mo: $20.00 /lb, Ag: $80.00 /oz), foreign exchange rates (USD/CLP: 900, USD/BRL: 5.50) and operating 
costs. 
Candelaria is subject to a streaming agreement on 68% of its total gold and silver production. Candelaria's cash cost is 
calculated based on receipt of approximately $437 /oz gold and $4.36 /oz silver on streamed ounces. Chapada's cash cost is 
calculated on a by-product basis and does not include the effects of its copper stream agreements which are reflected in copper 
revenue.

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

Capital expenditure guidance is based on various assumptions and estimates, including, but not limited to foreign currency 
exchange rates (USD/CLP: 900, USD/BRL: 5.50). 
About Lundin Mining  
Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and 
Chile. We produce metals that underpin global development, supporting infrastructure, electrification, technological innovation, 
and economic resilience. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a 
clear growth strategy, which includes advancing one of the world’s largest copper, gold, and silver projects in the Vicuña Di strict 
on the border of Argentina and Chile, where we hold a 50% interest. We also hold a 31% interest in the Los Helados project, 
located adjacent to our operating Caserones mine, providing longer term growth optionality. Lundin Mining has a proven track 
record of value creation through resource growth, operational excellence, and responsible development. The Company’s shares 
trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com. 
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 6, 
2026 at 14:30 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 Vicuña Technical Report summarizing the results of the integrated study, including the Updated Vicu ña Mineral Resource 
was prepared in accordance with National Instrument 43 -101 - Standards for Disclosure for Mineral Projects (" NI 43-101") and 
may be found under the Company's profile on SEDAR+ at www.sedarplus.ca in accordance with applicable securities rules. The 
Qualified Persons (as defined by NI 43 -101) named below have reviewed and verified the scientific and technical information in 
respect of the Vicuña Technical Report and approve the written disclosure of such information. Each of the Qualified Persons 
named below, other than Dustin Smiley, is independent of Lundin Mining. 
The Qualified Persons are: 
Mr. Luke Evans, P .Eng., SLR Consulting (Canada) Ltd. 
Mr. Paul Daigle, P .Geo., AGP Mining Consultants Inc. 
Mr. Sean Horan, P .Geo., Resource Modelling Solutions Ltd. 
Mr. Jeffery Austin, P .Eng., International Metallurgical and Environmental Inc. 
Mr. Rod Clary, P .E., Design, Fluor Enterprises Inc. 
Mr. Kirk Hanson, P .E., KH Mining LLC 
Mr. Dustin Smiley, P .Eng., Vicuña Corp. 
Mr. Daniel Ruane, P .Eng., Knight Piesold Ltd. 
 
For further information related to the Vicuña Technical Report, see the Company’s news release dated March 30, 2026. 
 
The scientific and technical information in this document other than that pertaining to the Vicuña Technical Report has been 
reviewed and approved in accordance with NI 43 -101 by Eduardo Cortés, Registered Member (Comisión Calificadora de 
Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin 
Mining, a "Qualified Person" under NI 43-101. Mr. Cortés has verified the data disclosed in this document and no limitations were 
imposed on his verification process. 
Abbreviations 
AISC All-in sustaining cost g/t Grams per tonne 
ARS Argentine pesos IRR Internal rate of return 
BRL  Brazilian reais LOM Life of mine 
C$ Canadian dollars NPV Net present value 
CLP Chilean pesos lb Pound 
Cu Copper oz, koz, Moz Troy ounces, thousand ounces, million ounces 
CuEq Copper equivalent t, kt, Mt Tonnes, thousand tonnes, million tonnes 
EPS Earnings per share $ or USD US dollars 
 
 
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

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

presented may not be comparable to similar data presented by other mining companies. For additional details please refer to t he 
Company’s discussion of non-GAAP and other performance measures in its Management’s Discussion and Analysis for the three 
months ended March 31, 2026 which is available on SEDAR+ at www.sedarplus.ca.  
Cash Cost per Pound, Consolidated Cash Cost per Pound, and AISC per Pound can be reconciled to Production costs on the 
Company's Condensed Interim Consolidated Statements of Earnings as follows: 
 
Three months ended March 31, 2026 
Continuing operations Candelaria Caserones Chapada Consolidated 
Total1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu) (Cu) 
Sales volumes (contained metal):      
Tonnes 30,823 36,461 10,371 77,655  
Pounds (000s) 67,953 80,383 22,864 171,200  
      
Production costs  202.0   199.3   85.3   486.6   487.0  
Less: Royalties and other  (6.2)  (15.2)  (6.7)  (28.1)  (28.5) 
Add: Treatment and refining charges  1.6   (0.2)  0.5   1.9   1.9  
Gross cost  197.4   183.9   79.1   460.4   460.4  
Deduct: By-product credits2  (51.3)  (56.8)  (68.8)  (176.9)  (176.9) 
Cash cost  146.1  127.1  10.2  283.5  283.5  
      
Gross cost per pound ($/lb) 2.90 2.29 3.46 2.69  
By-product credit per pound ($/lb) (0.75) (0.71) (3.01) (1.03)  
Cash cost per pound ($/lb) 2.15 1.58 0.45 1.66  
      
Cash cost  146.1  127.1  10.2   
Add: Sustaining capital expenditure  47.3  54.9  23.6   
Royalties  4.8  15.1  5.6   
Reclamation and other closure accretion and 
depreciation  1.6  0.4  2.1   
Leases and other  2.8  14.3  1.2   
All-in sustaining cost  202.6  211.8  42.7   
AISC per pound ($/lb) 2.98 2.63 1.87   
1 Includes immaterial amounts related to other segments.  
2 By-product credits are presented net of the associated treatment and refining charges.

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

Three months ended March 31, 2025 
Continuing operations Candelaria Caserones Chapada Consolidated 
Total - 
continuing 
operations1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu) (Cu) 
Sales volumes (contained metal):      
Tonnes 34,974 36,181 8,346 79,501  
Pounds (000s) 77,104 79,765 18,400 175,269  
      
Production costs  172.1   243.9   63.5   479.5  479.7  
Less: Royalties and other  (1.1)  (13.6)  (5.0)  (19.7)  (19.9) 
Add: Treatment and refining charges  7.2   7.3   3.0   17.5   17.5  
Gross cost  178.2   237.6   61.5   477.3  477.3  
Deduct: By-product credits2  (43.6)  (36.6)  (34.3)  (114.5)  (114.6) 
Cash cost  134.6  201.0  27.2  362.8  362.7  
      
Gross cost per pound ($/lb) 2.31 2.98 3.34 2.72  
By-product credit per pound ($/lb) (0.56) (0.46) (1.87) (0.65)  
Cash cost per pound ($/lb) 1.75 2.52 1.47 2.07  
      
Cash cost  134.6  201.0  27.2   
Add: Sustaining capital expenditure  47.7  38.2  22.2   
Royalties  3.5  9.9  2.1   
Reclamation and other closure accretion and 
depreciation 
 2.2  1.3  1.7   
Leases and other  1.5  17.4  0.9   
All-in sustaining cost  189.5  267.8  54.1   
AISC per pound ($/lb) 2.46 3.36 2.94   
1 Includes immaterial amounts related to other segments.   
2 By-product credits are presented net of the associated treatment and refining charges.   
 
 
Adjusted EBITDA can be reconciled to Net earnings (loss) on the Company's condensed interim consolidated Statements of 
Earnings as follows: 
Continuing operations 
Three months ended 
March 31, 
($ millions) 2026 2025 
Net earnings from continuing operations  387.0   181.2  
Add back:   
Depreciation, depletion and amortization  134.3   133.5  
Finance costs, net  11.6   42.7  
Income tax expense  87.2   50.9  
EBITDA - continuing operations   620.1   408.3  
Unrealized foreign exchange (gain) loss  (3.1)  9.3  
Unrealized losses (gains) on derivative contracts  9.9   (36.0) 
Revaluation (gain) loss on marketable securities  (3.8)  0.5  
Ojos del Salado sinkhole expenses  6.3   1.1  
Share of net earnings of associate  (2.9)  —  
Other  0.2   (1.0) 
Total adjustments - EBITDA  6.6   (26.1) 
Adjusted EBITDA - continuing operations  626.7   382.2

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

Adjusted Earnings and Adjusted EPS can be reconciled to Net earnings (loss) attributable to Lundin Mining Shareholders on the  
Company's condensed interim consolidated Statements of Earnings as follows: 
Continuing operations 
Three months ended 
March 31, 
($ millions, except share and per share amounts) 2026 2025 
Net earnings attributable to Lundin Mining shareholders - continuing operations  280.5   137.9  
Add back:   
Total adjustments - EBITDA  6.6   (26.1) 
Tax effect on adjustments  (1.5)  (4.7) 
Deferred tax arising from foreign exchange translation  (21.5)  (21.2) 
Deferred tax arising from partial disposal and contribution to Vicuña  —   9.0  
Non-controlling interest on adjustments  0.5   (1.0) 
Other  —   (0.1) 
Total adjustments  (15.9)  (44.1) 
Adjusted earnings - continuing operations   264.6   93.8  
   
Basic weighted average number of shares outstanding  855,930,125   851,561,392  
   
Basic EPS from continuing operations attributable to shareholders  0.33   0.16  
Total adjustments per share  (0.02)  (0.05) 
Adjusted EPS - continuing operations  0.31   0.11  
 
Capital Expenditures can be reconciled to Investment in mineral properties, plant and equipment, a component of Cash used in 
investing activities, on the Company's condensed interim consolidated Statements of Cash Flows as follows: 
Continuing operations 
Three months ended March 
31, 
($ millions) 2026 2025 
Investment in mineral properties, plant and equipment  182.6   171.6  
Less: Capitalized interest  (2.5)  (0.6) 
Total capital expenditures  180.1   171.0  
Sustaining capital expenditures  125.8   108.1  
Expansionary capital expenditures  54.3   62.9  
Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by operating activities on the 
Company's Condensed Interim Consolidated Statements of Cash Flows as follows:     
Continuing operations 
Three months ended 
March 31, 
($ millions) 2026 2025 
Cash provided by operating activities related to continuing operations  493.7   127.6  
Sustaining capital expenditures  (125.8)  (108.1) 
General exploration and business development  11.8   10.7  
Free cash flow from operations - continuing operations  379.7   30.2  
General exploration and business development  (11.8)  (10.7) 
Expansionary capital expenditures  (54.3)  (62.9) 
Free cash flow - continuing operations  313.6   (43.4) 
Adjusted Free Cash Flow can be reconciled to Cash provided by operating activities on the Company's condensed interim 
consolidated Statements of Cash Flows as follows: 
Continuing operations 
Three months ended 
March 31, 
($ millions) 2026 2025 
Free cash flow from operations - continuing operations  379.7   30.2  
Changes in non-cash working capital items  (43.6)  201.9  
Adjusted free cash flow from operations - continuing operations  336.1   232.1  
Free cash flow - continuing operations  313.6   (43.4) 
Changes in non-cash working capital items  (43.6)  201.9  
Adjusted free cash flow - continuing operations  270.0   158.5

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

Adjusted Operating Cash Flow can be reconciled to Cash provided by operating activities on the Company's Condensed Interim 
Consolidated Statements of Cash Flows as follows: 
   
Continuing operations 
Three months ended 
March 31, 
($ millions) 2026 2025 
Cash provided by operating activities from continuing operations  493.7   127.6  
Changes in non-cash working capital items  (43.6)  201.9  
Adjusted operating cash flow - continuing operations 
 
 
 
 
 
 
 
 
  
 450.1   329.5  
 
Net cash  can be reconciled to Debt, Current portion of debt and Cash and cash equivalents  on the Company's Condensed 
Interim Consolidated Balance Sheets as follows: 
($ millions) March 31, 2026 December 31, 2025 
Debt  (171.1)  (56.3) 
Current portion of debt  (130.9)  (180.8) 
Less deferred financing fees (netted in above)  (14.0)  (3.7) 
  (316.0)  (240.8) 
   
Cash and cash equivalents  565.4   296.2  
Add cash and cash equivalents related to assets classified as held for sale  —   22.0  
Net cash  249.4   77.4  
   
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 and strategic vision and aspir ations and their 
achievement and timing; the results of the Vicuña Project technical study, including but not limited to the Updated Vicuña Mi neral Resource 
estimate and the parameters and assumptions used to estimate the Mineral Resources, future expansion of the Mineral Resource estimates and 
the Vicuña Project, the life of mine, the life of mine plan, commencement of production, mining methods, estimated workforce and equipment 
requirements, production estimates and production profile, processing estimates, mining rates, metal grades and production an d recovery rates, 
process flowsheet, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and the ti ming thereof, 
economic metrics and sensitivities, estimated economic results (including project economics, economic metrics, financial performance, revenues, 
cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estimate the economic results, geological and m ineralization 
interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Vicuña Project, 
tailings management, Vicuña Project infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting 
facilities, pipelines, transportation systems and desalination plant and pipeline), Vicuña Project development and constructi on plans (including 
staged development, project stages, sequencing, timing, costs and the effects and benefits), Vicuña Project permitting (inclu ding timelines and 
expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the Vicuña Project and the tim ing thereof, 
community and social engagement and corporate social responsibility matters, economic, fiscal and other benefits of the Vicuñ a Project to local 
communities, host-countries, shareholders and other stakeholders, and the updated Vicuña Technical Report and the contents thereof; project 
studies (including technical, environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the 
Vicuña Project, and the potential for the Vicuña Project to be a world -class project ranking among the top five copper, gold and silver mines 
globally; the Company’s revolving credit facility and the amendments thereto, including upsizing, expected terms thereof, tim ing of execution of 
definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended revolving credi t facility upon 
satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit facility; Vicuña Project funding and 
the Company’s expectations regarding its funding capacity and strategy and its work with BHP; the production profile of Caser ones and 
economics resulting from the Company's acquisition of additional interest in SCM Minera Lumina Copper Chile and the Los Helad os project 
(including cash costs), the Mineral Resource estimate for Los Helados and the parameters and assumptions used to estimate the  Mineral 
Resources; the potential synergies between Caserones and Los Helados; the Company's guidance on the timing and amount of futu re 
production and its expectations regarding the results of operations; expected financial performance; the Company's growth and  optimization 
initiatives; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; 
expected financial performance, including expected earnings, revenue, cash flow, costs and expenditures and other financial m etrics; the 
Company’s growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impac ts thereof and 
timing thereof; permitting requirements and timelines; the Company’s ability to comply with contractual and permitting or oth er regulatory 
requirements; timing and possible outcomes of pending litigation and disputes, including tax disputes; the timing and expecta tions of future 
studies; 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; potential for future Mineral Resource expansion; remedi ation and 
reclamation obligations, including their anticipated costs and timing; anticipated market prices of metals, currency exchange  rates and interest 
rates; the Company’s liquidity, contractual obligations, commitments and contingencies, and the Company’s capital resources a nd adequacy 
thereof; the Company’s tax obligations; anticipated exploration and development activities at the Company’s projects, includi ng potential 
outcomes, results, impacts and timing thereof; the Company’s integration of acquisitions and expansions and any anticipated b enefits thereof, 
including the anticipated project development and associated costs and timing, and other plans and expectations with respect to the Vicuña 
Project and the 50/50 joint arrangement with BHP; the Company’s growth and optimization initiatives and expansionary projects , and the 
potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scal e in the Vicuña

===== SIDA 16 =====

district; the potential for resource expansion; the operation of Vicuña with BHP; expected processing capacities and infrastr ucture development; 
the timing and expectations for future regulatory applications (including the RIGI application), studies and technical report s with respect to the 
Company’s operations and projects, including the Vicuña Project and the Saúva Project; the anticipated economic and fiscal be nefits to 
Argentina and Chile, including expected tax, royalty, employment and infrastructure impacts; the terms of the contingent paym ents in respect of 
the completion of the sale of the Company’s European and US assets and expectations related thereto; and expectations for oth er 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 expectatio ns and 
beliefs of management, including with respect to the Company’s business, operations, strategies and growth and expansion plan s; that no 
significant event will occur outside of the Company’s normal course of business and operations (other than as set out herein) ; the seamless 
integration of Los Helados into the Company's operations; assumed and future prices of copper, gold, silver and other metals;  anticipated costs; 
commodity prices; 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 leg al 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 (including the RIGI application) and their renewals; the  geopolitical, 
economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations wi th local groups; 
sanctioning, construction, development, commissioning and ramp -up timelines; access to sufficient infrastructure (including water and power), 
equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and in terpretations; 
assumptions underlying life -of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including 
economic analysis of the Study); the Company’s ability to comply with contractual and permitting or other regulatory requirem ents; operating 
conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of futur e exploration 
activities; economic viability of the Company’s operations and development projects; the Company’s ability to satisfy the ter ms and conditions of 
its debt obligations; the adequacy of the Company’s financial resources, and its ability to raise any necessary additional ca pital on reasonable 
terms; favourable equity and debt capital markets; stability in financial capital markets; the ability of the Company to acce ss committed amounts 
of the upsized credit facility, including on the anticipated schedule and upon the satisfaction of certain conditions such as  sanctioning Stage 1 of 
the Vicuña Project; the successful sanctioning, permitting and development of the Company’s Projects (including the Vicuña Pr oject) and 
commencement of production; successful completion of the Company’s projects and initiatives (including the Vicuña Project) wi thin budget and 
expected timelines; and such other assumptions as set out herein, in the Vicuña Project Technical Report when filed, and in o ther applicable 
public disclosure documents of the Company, as well as those 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, social, economic, polit ical, regulatory, 
competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, pe rformance or 
achievements to be materially different from those projected in the forward -looking information. The Company cautions that the foregoing list of 
assumptions is not exhaustive. 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 uncertai nty in operating 
jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation witho ut fair compensation, 
environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, g eopolitical, economic, 
permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is  not designated under 
the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising fro m such 
circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of minin g, not all of which 
related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commi ssioning and ramp-up 
of the Company’s projects and operations (including the Vicuña Project); risks relating to tailings and waste rock and leach management 
facilities; risks relating to the Company’s indebtedness; risks relating to project financing; the Company’s ability to acces s capital on acceptable 
terms if at all; risks related to the credit facility amendment commitments, including the Company’s ability to satisfy condi tions to access 
additional tranches; challenges and conflicts that may arise in partnerships and joint operations, including risks relating t o the Company’s 
partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material ma tters affecting the 
Vicuña Project, and the ability to fund cash calls when due; risks that revenue may be significantly impacted in the event of  any production 
stoppages or reputational damage in Chile, Brazil or Argentina; risks relating to development projects; the impact of global financial conditions, 
market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interrupt ions 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 oppositio n to continued 
operation, further development, or new development of the Company’s projects and mines; reputational risks related to negativ e publicity with 
respect to the Company, its joint venture partner or the mining industry in general; any breach or failure of information sys tems; 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 (including tax disputes); 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; risks relating to taxation changes; rece ipt of and ability to 
maintain all permits that are required for operation; the Company’s Mineral Reserves and Mineral Resources which are estimate s only; 
uncertainties relating to Inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; risks associated with climate 
change; risks relating to acquisitions or business arrangements; the exclusive jurisdiction of foreign courts; changes in the  relationship with its 
employees and contractors; risks relating to dividend payments to shareholders 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; po tential for the 
allegation of fraud and corruption involving the Company, its respective customers, suppliers or employees, or the allegation  of improper or 
discriminatory employment practices, or human rights violations; 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 f irms; the outbreak of 
infectious diseases or viruses; the Company’s common shares being subject to dilution; ability to attract and retain highly s killed employees; 
reliance on key personnel and reporting and oversight systems; risks relating to the Company’s internal controls; counterpart y and customer 
concentration risk; minor elements contained in concentrate products; risks associated with the use of derivatives; exchange rate fluctuations; 
the terms of contingent payments in respect of the completion of the sale of the Company’s European assets and expectations r elated thereto;

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

and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties” section of t he Company's MD&A 
for the quarter ended March 31, 2026, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025 and 
the “Risks and Uncertainties” section of the Company’s most recent Annual Information Form, 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 =====



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

TABLE OF CONTENTS
Overview 1
About Lundin Mining 1
Financial Highlights 2
2026 Outlook 4
Our Assets 6
Candelaria 7
Caserones 9
Chapada 11
Vicuña Project 13
Financial Results Review 15
Selected Quarterly Financial Information 15
Quarterly Income Statement Analysis 16
Revenue Overview 17
Liquidity & Capital Resources 18
Consolidated Cash Flow Analysis 18
Liquidity 19
Capital Resources 19
Contractual Obligations, Commitments and Contingencies 19
Financial Instruments 20
Additional Summaries 21
Non-GAAP & Other Performance Measures 24
Other Information & Advisories 35
Cautionary Statement on Forward-Looking Information 38
Introduction
This management’s discussion and analysis (“MD&A”) has been prepared as of May 6, 2026  and should be read in 
conjunction with the Company’s condensed interim consolidated  financial statements for the three months ended March 31, 
2026 (the "Interim Financial Statements"), which were 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. "This quarter" or "The quarter" means the first quarter (" Q1") of 2026 and references to 
"Q1 2025" mean the first quarter of 2025.
The Company’s presentation currency is United States (“US”) dollars. All amounts, including balance sheet items, are related 
to continuing operations only unless stated otherwise. Reference to "discontinued operations" is to Neves-Corvo, Zinkgruvan, 
and Eagle. Minor differences may exist between individual figures and totals due to rounding. Rounding differences do not 
impact the accuracy of information. 
This MD&A contains forward-looking information that is subject to risk factors. See the Cautionary Statement on Forward-
Looking Information section of this MD&A for further discussion. Information on risks associated with investing in the 
Company's securities can be found in the Risks and Uncertainties section of this MD&A. In addition, please refer to the 
disclaimers pertaining to the technical and scientific information under National Instrument 43-101 - Standards for Disclosure 
for Mineral Projects ("NI 43-101") which can be found in the National Instrument 43-101 Compliance section of this MD&A.
Abbreviations
AISC All-in sustaining cost g/t Grams per tonne
ARS Argentine pesos IRR Internal rate of return
BRL Brazilian reais LOM Life of mine
C$ Canadian dollars NPV Net present value
CLP Chilean pesos lb Pound
Cu Copper oz, koz, Moz Troy ounces, thousand ounces, million ounces
CuEq Copper equivalent t, kt, Mt Tonnes, thousand tonnes, million tonnes
EPS Earnings per share $ or USD US dollars
Overview Our Assets Financial Results 
Review
Liquidity & Capital 
Resources
Additional 
Summaries
Non-GAAP & Other 
Performance 
Measures
Other Information & 
Advisories

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

OVERVIEW
About Lundin Mining
Lundin Mining Corporation ("Lundin Mining" or the "Company") is a Canadian mining company headquartered in Vancouver, 
Canada with three operating mines in Brazil and Chile. We produce metals that underpin global development, supporting 
infrastructure, electrification, technological innovation, and economic resilience. Our strategic vision is to become a top ten 
global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world’s 
largest copper, gold, and silver projects in the Vicuña district on the border of Argentina and Chile (the "Vicuña Project"), where 
we hold a 50% interest. We also hold a 31% interest in the Los Helados project, ("Los Helados Project") located adjacent to 
our operating Caserones mine in Chile, providing longer term growth optionality.
All operations are presented on a 100% basis except for the Vicuña Project, which is an independently managed joint 
operation1. The assets, liabilities, expenses, and cash flows of the Vicuña Project are shown at the Company's 50% share.
1 The Company owns 80% of Candelaria with the remaining 20% owned by Sumitomo Metal Mining Co., Ltd and Sumitomo Corporation. On April 7, 2026, the 
Company completed acquisitions from JX Advanced Metals Corporation and affiliates ("JX") of an additional 5% ownership in Caserones and a 30.9% interest in 
the Los Helados Project. As a result of the acquisition, the Company increased its ownership of Caserones from 70% to 75% with the remaining 25% owned by 
JX. The Vicuña Project is 50% owned by BHP Investments Canada Inc. ("BHP").
Overview Our Assets Financial Results 
Review
Liquidity & Capital 
Resources
Additional 
Summaries
Non-GAAP & Other 
Performance 
Measures
Other Information & 
Advisories
1

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

Financial Highlights
           
Copper Production
75kt 78kt 85kt 85kt 80kt
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Gold Production
32koz
38koz 38koz 34koz 32koz
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
           
Revenue
$920M $878M $954M
$1,302M$1,159M
$4.63 $4.40 $4.61
$5.89 $5.70
Revenue Copper Realized Price ($/lb)
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Production Costs and C1 Cash Cost¹ 
$480M $466M $455M
$547M $487M
$2.07 $1.92
$1.61
$1.88
$1.66
Production Costs C1 Cash Costs ($/lb)
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
                      
Adjusted Earnings¹ 
$94M $88M
$143M
$364M
$265M
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Adjusted EBITDA¹ 
$382M $377M
$472M
$686M $627M
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
           
Adjusted Operating Cash Flow¹ 
$330M $261M
$366M
$665M
$450M
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Adjusted Free Cash Flow from 
Operations¹ 
$232M $164M
$272M
$520M
$336M
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
1This is a non-GAAP measure - see section "Non-GAAP & Other Performance Measures" of this MD&A for discussion.
Overview Our Assets Financial Results 
Review
Liquidity & Capital 
Resources
Additional 
Summaries
Non-GAAP & Other 
Performance 
Measures
Other Information & 
Advisories
2

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

Quarterly Performance
Strong operational performance in the first quarter, supported by elevated metal prices, drove robust cash generation. The 
Company is reaffirming its production guidance and cash cost outlook for the year. The balance sheet strengthened over the 
period, ending in a net cash position of approximately $250 million. With the completion of an upsized credit facility and the 
current net cash position, the Company expects to be fully funded for the initial stage of construction at Vicuña.
The Company continued to execute on its growth strategy in April 2026 through the acquisition from JX of an additional 5% 
interest in the Caserones mine, increasing the Company's ownership percentage to 75%, along with a 30.9% interest in the 
Los Helados Project which is located only 17 kilometres to the south of the Caserones mine. The disposal of the Eagle mine to 
Talon Metals Corp. ("Talon") in January 2026 positioned Lundin Mining as a copper-dominant company with meaningful gold 
production.
Q1 2026 Corporate Highlights and Significant Items
Net earnings
Quarterly net earnings of $387.0 million (Q1 2025 - $181.2 million) benefitted from strong gross 
profit due to higher realized prices, and reduced finance costs following the repayment of a 
term loan in 2025. These factors were partially offset by higher current income tax expense as 
a result of higher taxable income.
Cash provided by 
operating activities
Cash provided by operating activities during the quarter ended March 31, 2026 amounted to 
$493.7 million (Q1 2025 - $127.6 million), with the increase driven by higher net earnings and a 
working capital inflow driven by higher collections of receivables.
Acquisition of additional 
5% interest in Caserones 
and a 31% interest in the 
Los Helados Project
On April 7, 2026, the Company completed the acquisition of an additional 5% interest in the 
Caserones mine along with a 30.9% interest in the Los Helados Project and a 0.62% net 
smelter return royalty on Los Helados from JX for consideration of $215.0 million. The 
completion of this transaction increases the Company's interest in the Caserones mine from 
70% to 75%.
Sale of Eagle mine
On January 9, 2026, the Company completed the sale of its Eagle operation to Talon. Under 
the terms of the agreement, the Company received 275.2 million common shares of Talon (now 
27.5 million common shares following Talon's completion of a 10-for-1 share consolidation on 
January 23, 2026) which, along with the Company's existing 1.57% interest in Talon, resulted in 
the Company owning 19.86% of the issued and outstanding common shares of Talon on 
completion of the transaction. The transaction resulted in a gain on disposal of $4.0 million  
which has been recognized in discontinued operations during the quarter.
Vicuña technical report
On February 16, 2026, the Company announced the results of an integrated technical study for 
the Vicuña Project, including an updated Mineral Resource estimate for the Vicuña Project (the 
"Updated Vicuña Mineral Resource") which highlighted a development project with the potential 
to rank among the top five copper, gold, and silver mines globally. The results of the study were 
subsequently filed in a technical report which was released on March 30, 2026 (the "Vicuña 
Technical Report"). 
Upsized revolving credit 
facility
On February 26, 2026, the Company announced that it had amended its existing revolving 
credit facility ("RCF"), extending the maturity and increasing the total committed amount. Under 
the amended terms, the RCF has been increased to $4.5 billion and maturity extended to 
February 26, 2031.
Safety & sustainability 
update
On April 28, 2026, the Company published its inaugural sustainability statement in accordance 
with European Sustainability Reporting Standards. 
The Company had zero high potential incidents during the quarter.
Shareholder returns
Under its normal course issuer bid, the Company repurchased 1,447,194 common shares for 
aggregate purchases of approximately $40 million and declared a dividend of C$0.0275 per 
share during the quarter.
Net cash1 position
At March 31, 2026, the Company was in a net cash position of $249.4 million compared to a 
net cash position of $77.4 million at December 31, 2025. As at May 6, 2026, net cash was $51 
million after funding the purchase of an additional 5% interest in Caserones and 30.9% interest 
in Los Helados for $215 million.
1This is a non-GAAP measure - see section "Non-GAAP & Other Performance Measures" of this MD&A for discussion.
Overview Our Assets Financial Results 
Review
Liquidity & Capital 
Resources
Additional 
Summaries
Non-GAAP & Other 
Performance 
Measures
Other Information & 
Advisories
3

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

2026 Outlook 
The Company reaffirms its guidance for production, cash costs, capital expenditures, and exploration as announced on 
January 21, 2026. See below for the 2026 guidance outlined in the news release "Lundin Mining Announces 2025 Production 
Results and Provides 2026 Guidance" dated January 21, 2026.
The Company has assessed the impact of the current macroeconomic environment and its subsequent effect on key input 
costs including diesel, sulphuric acid, and ocean freight. While these input costs have increased, the increases are not 
expected to have a material impact on the overall cost base of the Company at this time. We continue to actively monitor the 
situation for changes that could impact the Company.
As a precautionary measure to proactively mitigate exposure to rising fuel prices, the Company has secured incremental fuel 
supply and storage capacity at Candelaria and Caserones for approximately one month of consumption.
2026 Production and Consolidated Cash Cost1 Guidance
 Guidance
Copper (kt) - contained metal 310 – 335
Gold (koz) - contained metal 134 – 149
Consolidated Cash Cost ($/lb) 1.90 – 2.10
1 Consolidated cash cost is a non-GAAP measure - see section 'Non-GAAP & Other Performance Measures' of this MD&A for discussion.
2026 Production and Cash Cost1 Guidance by Operation
 Guidance
Copper (kt) Candelaria (100%) 135 – 145
(contained metal) Caserones (100%) 130 – 140
Chapada 45 – 50
Total copper 310 – 335
Gold (koz) Candelaria (100%) 77 – 87
(contained metal) Chapada 57 – 62
Total gold 134 – 149
Cash Cost ($/lb) Candelaria (100%) 2.05 – 2.25
Caserones (100%) 2.05 – 2.25
Chapada 1.00 – 1.20
Consolidated cash cost1 1.90 – 2.10
1 Cash cost and Consolidated cash cost per pound sold are non-GAAP measures - see section 'Non-GAAP & Other Performance Measures' of this MD&A for 
discussion.
Overview Our Assets Financial Results 
Review
Liquidity & Capital 
Resources
Additional 
Summaries
Non-GAAP & Other 
Performance 
Measures
Other Information & 
Advisories
4

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

2026 Capital Expenditure Guidance1
($ millions)  Guidance
Candelaria (100% basis) 215
Caserones (100% basis) 235
Chapada 100
Total sustaining capital expenditures 550
Expansionary capital expenditures 50
Vicuña (50% basis) 395
Total capital expenditures 995
1 Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure - see section 'Non-GAAP & 
Other Performance Measures' of this MD&A for discussion.
2026 Exploration Investment Guidance
Total exploration expenditure guidance for 2026 is $53 million. 
2026 Guidance Key Assumptions
Cash cost guidance is based on various assumptions and estimates, including but not limited to: production volumes, 
commodity prices (Au: $4,000 /oz, Mo: $20.00 /lb, Ag: $80.00 /oz), foreign exchange rates (USD/CLP: 900, USD/BRL: 5.50) 
and operating costs.
Candelaria is subject to a streaming agreement on 68% of its total gold and silver production. Candelaria's cash cost is 
calculated based on receipt of approximately $437 /oz gold and $4.36 /oz silver on streamed ounces. Chapada's cash cost is 
calculated on a by-product basis and does not include the effects of its copper stream agreements which are reflected in 
copper revenue.
Capital expenditure guidance is based on various assumptions and estimates, including, but not limited to foreign currency 
exchange rates (USD/CLP: 900, USD/BRL: 5.50).
Overview Our Assets Financial Results 
Review
Liquidity & Capital 
Resources
Additional 
Summaries
Non-GAAP & Other 
Performance 
Measures
Other Information & 
Advisories
5

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

OUR ASSETS
Production
(contained metal)
2026 2025
Q1 Total Q4 Q3 Q2 Q1
Copper (t)
Candelaria (100%) 30,808 145,471 34,272 37,129 36,999 37,071
Caserones (100%) 38,552 132,881 39,612 35,270 29,290 28,709
Chapada 10,574 43,974 11,191 12,600 11,274 8,909
Total 79,934 322,326 85,075 84,999 77,563 74,689
Gold (oz)
Candelaria (100%) 17,739 80,528 19,055 19,899 20,574 21,000
Chapada 13,798 61,331 15,074 17,864 17,544 10,849
Total 31,537 141,859 34,129 37,763 38,118 31,849
Molybdenum (t)
Caserones (100%) 589 2,082 526 574 380 602
Silver (koz)
Candelaria (100%) 291 1,798 441 477 431 449
Chapada 67 258 66 73 69 50
Total 358 2,056 507 550 500 499
Sales Volumes
(payable metal)
2026 2025
Q1 Total Q4 Q3 Q2 Q1
Copper (t)
Candelaria (100%)  30,823  140,500  32,882  36,041  36,603  34,974 
Caserones (100%)  36,461  138,287  45,134  26,896  30,076  36,181 
Chapada  10,371  42,040  9,413  13,997  10,284  8,346 
Total  77,655  320,827  87,429  76,934  76,963  79,501 
Gold (oz)
Candelaria (100%)  17,253  76,537  17,700  19,041  20,021  19,775 
Chapada  12,651  56,569  12,403  19,735  14,402  10,029 
Total  29,904  133,106  30,103  38,776  34,423  29,804 
Molybdenum (t)
Caserones (100%)  630  1,976  451  508  389  628 
Silver (koz)
Candelaria (100%)  244  1,598  372  434  395  397 
Chapada  29  129  26  48  30  25 
      Total  273  1,727  398  482  425  422 
Overview Our Assets Financial Results 
Review
Liquidity & Capital 
Resources
Additional 
Summaries
Non-GAAP & Other 
Performance 
Measures
Other Information & 
Advisories
6

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

Candelaria (Chile)
Operating Statistics
2026 2025
(100% Basis) Q1 Total Q4 Q3 Q2 Q1
Ore mined (kt)  7,721  37,018  7,935  9,145  9,721  10,217 
Ore milled (kt)  7,867  31,579  7,972  8,103  7,752  7,752 
Grade
Copper (%)  0.43  0.50  0.47  0.49  0.52  0.52 
Gold (g/t)  0.10  0.12  0.11  0.11  0.12  0.12 
Recovery
Copper (%)  91.6  91.9  91.5  92.6  92.0  91.6 
Gold (%)  70.3  68.6  71.0  67.2  68.2  68.3 
Production (contained metal)
Copper (t)  30,808  145,471  34,272  37,129  36,999  37,071 
Gold (oz)  17,739  80,528  19,055  19,899  20,574  21,000 
Silver (koz)  291  1,798  441  477  431  449 
Sales volume (payable metal)
Copper (t)  30,823  140,500  32,882  36,041  36,603  34,974 
Gold (oz)  17,253  76,537  17,700  19,041  20,021  19,775 
Revenue ($ millions)  453.4  1,769.0  518.5  426.8  404.6  419.1 
Production costs ($ millions)  202.0  783.9  226.6  199.2  186.1  172.1 
Gross profit ($ millions)  181.2  685.1  218.9  144.7  143.6  177.8 
Gross cost ($ per pound copper)1  2.90  2.54  3.08  2.49  2.34  2.31 
By-product credit ($ per pound copper)1  (0.75)  (0.62)  (0.79)  (0.62)  (0.53)  (0.56) 
Cash cost ($ per pound copper)1  2.15  1.92  2.29  1.87  1.81  1.75 
Sustaining capital ($ millions)1  47.3  224.4  79.5  46.9  50.2  47.7 
AISC ($ per pound copper)1  2.98  2.75  3.51  2.55  2.53  2.46 
1AISC per pound sold and Cash cost per pound sold are non-GAAP measures, Gross cost and By-product credit are components of Cash cost per pound, and 
Sustaining capital is a supplementary financial measure. See the "Non-GAAP & Other Performance Measures" section of this MD&A for discussion.
Q1 2026 Performance
Open pit mining was focused on Phase 11 with some contribution from Phase 12, and throughput was impacted by unplanned 
maintenance on the SAG mill resulting in an unplanned shutdown of approximately three days. Production was slightly lower 
than in recent quarters primarily as a result of planned lower grades.
Q1 2026 Compared to 2026 Guidance
Production remains in line  with annual guidance. Certain maintenance work scheduled for later in the year was accelerated 
and completed during the unplanned shutdown keeping full year throughput on track to guidance. Candelaria's production 
profile is weighted towards the second half of the year due to higher expected grades from Phase 12.
Cash cost benefitted from strong gold and silver prices and also remains within the annual cash cost guidance range.
Q1 2026 Compared to Q1 2025
Copper production decreased primarily due to planned lower grades, partially offset by higher throughput as a result of softer 
ore blend in the mill.
Production costs increased primarily due to higher waste movement in the open pit and unfavourable foreign exchange. These 
increases were partially offset by lower sales volumes.
Cash cost per pound sold increased mainly due to planned lower grades resulting in lower production in the quarter, combined 
with unfavourable foreign exchange. These increases were partially offset by higher by-product credits as a result of increased 
gold and silver prices. AISC per pound sold increased in line with cash cost per pound sold.
Gross profit increased primarily due to higher realized copper prices, partially offset by increased production  costs  and 
reduced production and sales volumes.
Overview Our Assets Financial Results 
Review
Liquidity & Capital 
Resources
Additional 
Summaries
Non-GAAP & Other 
Performance 
Measures
Other Information & 
Advisories
7

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

Growth Projects
The Candelaria underground expansion project is expected to increase underground throughput capacity to approximately 
22,000 tonnes per day from prior levels of approximately 12,000 to 14,000 tonnes per day, targeting a medium-term increase 
in annual copper production of approximately 14,000 tonnes of copper which adds roughly 10% to current production levels. 
The opportunity includes phased insourcing of the Company's underground mining contract and an increase in the number of 
active mining stopes. This opportunity is not included in Candelaria's three-year guidance figures. Candelaria’s 2026 copper 
and gold production guidance incorporates lower underground mining rates in the first half of the year as the Company 
insources the underground mining contract. Activities commenced in mid-2025 and are continuing through 2026. 
Projects are also ongoing to support the mine life extension under the 2040 Environmental Impact Assessment ("EIA").
Exploration Update
At Candelaria, 2,402 metres were drilled from ten underground drill sites (nine completed, one in-progress) in the Mariana 
sector of Candelaria Sur. Drilling in this sector is focused on extending higher grade copper-gold veins to the south following 
exploration indicators. 
Overview Our Assets Financial Results 
Review
Liquidity & Capital 
Resources
Additional 
Summaries
Non-GAAP & Other 
Performance 
Measures
Other Information & 
Advisories
8

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

Caserones (Chile)
Operating Statistics
2026 2025
(100% Basis) Q1 Total Q4 Q3 Q2 Q1
Ore mined (kt)  8,322  36,712  8,553  8,479  9,680  10,000 
Ore milled (kt)  8,216  33,383  8,200  8,530  7,984  8,669 
Ore placed on leach  3,528  16,777  3,142  3,910  4,962  4,763 
Grade
Copper (%)  0.47  0.40  0.47  0.43  0.37  0.33 
Molybdenum (%)  0.015  0.011  0.013  0.011  0.008  0.011 
Recovery
Copper (%)  79.8  80.4  83.6  79.2  79.9  78.4 
Molybdenum (%)  47.5  57.7  50.0  61.9  56.6  62.6 
Production (contained metal)
Copper in concentrate (t)  30,621  107,064  32,324  29,010  23,490  22,240 
Copper cathode (t)  7,931  25,817  7,288  6,260  5,800  6,469 
Total copper (t)  38,552  132,881  39,612  35,270  29,290  28,709 
Molybdenum (t)  589  2,082  526  574  380  602 
Sales volume (payable metal)
Copper (t)  36,461  138,287  45,134  26,896  30,076  36,181 
Molybdenum (t)  630  1,976  451  508  389  628 
Revenue ($ millions)  506.3  1,618.9  598.5  311.8  322.7  385.9 
Production costs ($ millions)  199.3  854.5  247.3  158.5  204.7  243.9 
Gross profit ($ millions)  264.6  552.2  290.8  103.8  61.5  96.1 
Gross cost ($ per pound copper)1  2.29  2.66  2.30  2.52  2.93  2.98 
By-product credit ($ per pound copper)1  (0.71)  (0.49)  (0.42)  (0.66)  (0.48)  (0.46) 
Cash cost ($ per pound copper)1  1.58  2.17  1.88  1.86  2.45  2.52 
Sustaining capital ($ millions)1  54.9  156.3  56.8  29.4  31.9  38.2 
AISC ($ per pound copper)1  2.63  3.03  2.74  2.74  3.34  3.36 
1AISC per pound sold and Cash cost per pound sold are non-GAAP measures, Gross cost and By-product credit are components of Cash cost per pound, and 
Sustaining capital is a supplementary financial measure. See the "Non-GAAP & Other Performance Measures" section of this MD&A for discussion.
Q1 2026 Performance
During the quarter, mining was concentrated in Phase 6 with some contribution from Phase 7. Copper concentrate production 
benefitted from higher than expected grades in Phase 6, but was impacted by unplanned maintenance on the ball mill leading 
to a 24 hour mill shutdown. Additional irrigated area in the dump leach continues to benefit copper cathode production.
Q1 2026 Compared to 2026 Guidance
Production in the quarter is in line with annual production guidance and is expected to be first half weighted in 2026 with higher 
average grades as planned from Phase 6 during the quarter. Strong copper cathode production and throughput are expected 
to continue for the remainder of the year. Throughput is expected to benefit from initiatives under the Full Potential program, 
which focuses on achieving sustainable operational efficiencies and financial savings.
Q1 2026 Compared to Q1 2025
Copper production increased due to higher grades and increased cathode production due to higher irrigated area in the dump 
leach. These increases were partially offset by lower throughput. Molybdenum production was lower in the quarter primarily 
due to reduced recoveries.
Production costs were lower primarily due to higher average grades combined with reduced maintenance contractor costs, 
partially offset by unfavourable foreign exchange. Additionally, Q1 2025 production costs reflected higher sales volumes as two 
shipments originally scheduled for December 2024 were completed in Q1 2025 following operational and weather-related 
delays.
Cash cost per pound sold improved primarily due to higher average grades leading to higher production and increased by-
product credits. AISC per pound sold was lower primarily due to reduced cash cost per pound sold.
Gross profit increased due to higher realized copper prices, reduced production costs and increased copper cathode sales 
volumes, partially offset by unfavourable foreign exchange.
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===== SIDA 29 =====

Growth Projects
The Caserones cathode plant capacity is approximately 35,000 tonnes of copper cathode production per year, representing an 
opportunity to increase production from prior levels through higher utilization rates. Additional oxide material placed on the 
dump leach and improved leaching practices led to strong cathode production in 2025. As a result of these optimization efforts, 
annual copper cathode production is forecast to increase to approximately 26,000 to 28,000 tonnes in 2026 through 2028. 
Exploration Update
At Caserones, four rigs drilled 6,137 metres (six completed holes, four in-progress) during the quarter, targeting high-grade 
copper breccias at Angelica and Centauro. At Cordillera, the next target south of Centauro, road access was achieved during 
the quarter with geological mapping and geophysical surveys advancing with initial drill testing scheduled for the second half of 
2026. 
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===== SIDA 30 =====

Chapada (Brazil)
Operating Statistics
2026 2025
(100% Basis) Q1 Total Q4 Q3 Q2 Q1
Ore mined (kt)  5,971  19,934  6,485  5,444  4,725  3,280 
Ore milled (kt)  6,265  23,687  6,021  6,171  5,675  5,820 
Grade
Copper (%)  0.22  0.25  0.24  0.26  0.27  0.22 
Gold (g/t)  0.15  0.16  0.16  0.16  0.18  0.13 
Recovery
Copper (%)  76.5  74.9  77.0  78.0  73.6  70.0 
Gold (%)  46.7  50.8  49.9  54.6  52.7  44.3 
Production (contained metal)
Copper (t)  10,574  43,974  11,191  12,600  11,274  8,909 
Gold (oz)  13,798  61,331  15,074  17,864  17,544  10,849 
Silver (koz)  67  258  66  73  69  50 
Sales volume (payable metal)
Copper (t)  10,371  42,040  9,413  13,997  10,284  8,346 
Gold (oz)  12,651  56,569  12,403  19,735  14,402  10,029 
Revenue ($ millions)  199.1  665.3  184.5  215.3  150.9  114.6 
Production costs ($ millions)  85.3  306.8  71.9  96.4  75.0  63.5 
Gross profit (loss) ($ millions)  92.3  164.1  (11.8)  89.2  54.0  32.8 
Gross cost ($ per pound copper)1  3.46  3.12  3.25  2.97  3.04  3.34 
By-product credit ($ per pound copper)1  (3.01)  (2.37)  (2.80)  (2.47)  (2.29)  (1.87) 
Cash cost ($ per pound copper)1  0.45  0.75  0.45  0.50  0.75  1.47 
Sustaining capital ($ millions)1  23.6  96.8  21.1  26.1  27.4  22.2 
AISC ($ per pound copper)1  1.87  2.06  1.81  1.58  2.24  2.94 
1AISC per pound sold and Cash cost per pound sold are non-GAAP measures, Gross cost and By-product credit are components of Cash cost per pound, and 
Sustaining capital is a supplementary financial measure. See the "Non-GAAP & Other Performance Measures" section of this MD&A for discussion.
Q1 2026 Performance
Mining during the quarter was primarily focused on ore from the South open pit, in line with the planned mine sequence. Ore 
milled increased as compared to recent quarters and benefitted from softer ore blend and higher availability in the processing 
plant as a result of operational efficiencies achieved under the Full Potential program. 
Q1 2026 Compared to 2026 Guidance
Production during the quarter was in line with annual production guidance. Average copper grades are expected to increase 
during the second half of the year and throughput is also expected to continue to benefit from operational efficiencies.
Q1 2026 Compared to Q1 2025
Copper production increased primarily due to higher throughput and improved recoveries. Throughput benefitted from softer 
ore as well as higher processing plant availability. Increased recoveries reflect a lower contribution of ore from low-grade 
stockpiles as a result of mine plan changes. Gold production increased due to better grades, higher throughput and improved 
recoveries. 
Production costs increased primarily due to higher copper and gold sales volumes, combined with unfavourable foreign 
exchange.
Cash cost per pound sold improved primarily due to increased production combined with higher by-product credits as a result 
of increased realized gold prices. These factors were partially offset by unfavourable foreign exchange. AISC per pound sold 
also improved in line with lower cash cost per pound sold.  
Gross profit increased due to higher realized copper and gold prices and increased sales volumes, partially offset by 
unfavourable foreign exchange.
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===== SIDA 31 =====

Growth Projects
The Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add 
approximately 10,000 to 15,000 tonnes of copper production per year and 35,000 to 45,000 ounces of gold production per 
year. The project would include the installation of additional grinding capacity  and processing higher grade  ore from Saúva to 
offset lower grade material currently being mined at Chapada.
Further design and engineering work on this project will continue along with Saúva permitting. An updated technical report for 
Chapada including Saúva is on track to be released in the second half of 2026.
Exploration Update
At Chapada, one rig completed a total of 2,574 metres targeting deep mineralization in two holes (one completed, one in-
progress) outside the current pit shell at Saúva down-dip, extending the high-grade Saúva deposit further west at depth. A third 
hole was completed at the Siriema exploration target, located along trend two kilometres northwest of Saúva.
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===== SIDA 32 =====

Vicuña Project (Argentina and Chile) 
The development of the Vicuña district is envisioned in a staged approach. Stage 1 encompasses a sulphide mill and the 
Josemaria deposit, establishing an initial open pit mine and concentrator designed for future expansion to accelerate first 
production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a 
corresponding solvent extraction and electrowinning (SX/EW) plant for copper, gold and silver recovery. Stage 3 represents 
the long-term maturation of the district through expansion of the concentrator and development of the Filo del Sol sulphide 
deposit, enabling peak, sustained production, positioning the Vicuña Project as a long-life, globally significant copper 
operation. Stage 3 also integrates key district infrastructure, including a desalination plant and associated pipeline, and return 
concentrate slurry pipeline, to support expansion of the district.
Project Development
During the quarter, the Company spent $52.2 million in capital expenditures compared to $42.7 million in Q1 2025. During the 
quarter, activities were focused on drilling and the hiring and training of operators in preparation for early earthworks. In 
addition, high voltage power system planning and permitting progressed, including completion of a regulatory milestone with 
Argentina's National Electricity Regulatory Entity (ENRE). 
Drilling activities, including geotechnical drilling at Josemaria and Filo del Sol and exploration drilling at Filo del Sol, advanced 
with approximately 14,800 metres of exploration drilling completed during the quarter, progressing towards the drill target of 
50,000 metres for 2026.
The updated Josemaria EIA was approved in March by the San Juan authorities. Tailings storage detailed design was 
advanced and an independent tailings review board established.
Upcoming Project Development Milestones
The Company intends to continue to work with its partner, BHP, and Vicuña on a work plan to advance the Vicuña Project to a 
sanctioning decision. Key upcoming activities and milestones include:
• Approval of the Incentive Regime for Large Investments ("RIGI") under the Long-Term Strategic Export Projects 
designation ("PEELP") application in Argentina.
• Further advancement of project readiness in preparation for early earthworks.
• Continued upgrades to the north access road.
• Completion of engineering and mine design optimization activities for Stage 1.
• Trade off studies and optimization of Stages 2 & 3.
• Advancement of financing structure within Vicuña to fund construction.
Detailed design and engineering on the Vicuña Project is ongoing. The technical team will focus on advancing engineering in 
order to prepare procurement and other activities to support an efficient project start-up and mitigate risks of increasing lead 
times and variable international logistics. 
Following the quarter, the initial self-perform earthworks (for site road construction and process plant site preparations) fleet 
began to arrive in San Juan. The Company is targeting a sanctioning decision as early as the end of 2026. 
Technical Report Results
The results of the Vicuña Project integrated study, including the Updated Vicuña Mineral Resource, were published on 
February 16, 2026 and highlighted a development project with the potential to rank among the top five copper, gold, and silver 
mines globally. 
Highlights1:
• Potential to be a top five copper, gold, and silver mine:  Average annual production of 400,000 tonnes copper, 
700,000 oz gold and 22 Moz silver over the first 25 full years of operation.
• Peak production of +500 ktpa copper:  Average production over a ten-year period of over 500,000 tonnes copper, 
800,000 oz gold and 20 Moz silver or 800,000 tonnes CuEq2.
• Multi-generational asset: Initial +70-year LOM, producing approximately 22.3 Mt of copper, 37.2 Moz of gold and 
763 Moz of silver.
• Significant free cash flow: Average annual free cash flow of $2.2 billion per year (after expansionary capital) during 
the first 25 years.
• Leveraged to copper and gold: LOM revenue contribution of 60% copper, 32% gold and 8% silver.
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1 Vicuña Project integrated study results and highlights, including the Updated Vicuña Mineral Resource, are presented on a 100% basis. The Company's 
attributable share is 50%.
2 CuEq based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed within the 
Vicuña Technical Report.

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

• Capital intensity below $30,000/tonne CuEq: Stage 1 capital of $7.1 billion with an after-tax payback period of 8.4 1 
years and an after-tax IRR of 14.8%.
• Resource growth: The Updated Vicuña Mineral Resource grew significantly compared to the previous estimate2.
• Base-case scenario: NPV8% of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver.
◦ Stage 1 is clearly defined providing a blueprint for initial development, ongoing studies on Stages 2 and 3 
are expected to deliver further optimization.
• Value accretion at higher metal prices:  $6.00/lb copper, $5,000/oz gold & $80/oz silver increases the NPV 8% to 
$28.8 billion and the IRR to 25.5% with a payback of 5.4 years.
The results of the integrated study were subsequently filed in a technical report entitled "Vicuña Project, Argentina and Chile NI 
43-101 Technical Report on Preliminary Economic Assessment", available on SEDAR+ at www.sedarplus.ca.
RIGI Application
In December 2025, Vicuña submitted an application to the RIGI regime in Argentina for the inclusion of the Vicuña Project 
under the PEELP designation. Argentina’s RIGI regime is designed to attract and accelerate large-scale investment through 
long-term fiscal stability and transparent regulatory conditions. The Company continues to engage with regulatory authorities 
regarding its application.
RIGI offers regulatory stability, including lower corporate and dividend withholding tax rates, removal of export duties, value 
added tax offsets and repatriation of revenues. The Vicuña Project is the first hard-rock mining project to apply for the RIGI 
PEELP, which is designed to support large scale, long-term investments into Argentina and provides longer benefit periods (40 
years vs 30 years) and accelerated timelines to repatriate revenues and export duty exemptions, as compared to the regular 
RIGI regime.
About Vicuña
On January 15, 2025, the Company and BHP completed the acquisition of Filo Corp. through a plan of arrangement and 
concurrently formed a 50/50 independently managed joint arrangement, Vicuña, holding the Josemaria deposit in Argentina 
and the Filo del Sol deposit in Argentina and Chile. The Company accounts for Vicuña as a joint operation and accordingly 
records its 50% share of the assets, liabilities, revenue, expenses and cash flows.
Los Helados Project
On April 7, 2026, the Company acquired from JX a 30.9% interest in the Los Helados Project, a large copper-gold deposit, 
located in Chile's Atacama Region, approximately 17 kilometres to the south of Caserones and approximately 10 kilometres to 
the north of the Vicuña Project. Los Helados strengthens the Company's Mineral Resource base, increasing measured and 
indicated copper Mineral Resources by 15% and gold Mineral Resources by 11%, on an attributable basis 3. NGEx Minerals 
Ltd. holds the remaining 69.1% interest in the Los Helados Project and is the operator.
Los Helados provides compelling long-term growth optionality including potential synergies with the Caserones operation. 
Potential scenarios include throughput expansion, a stand alone operation, or transportation of mineralization from Los 
Helados to Caserones, accelerating higher grade material. 
A total of 96,448 metres of drilling has been completed on the Los Helados Project in 110 holes with a Mineral Resource 
estimate updated in 2023 which highlighted a significant inventory of contained copper, gold and silver. 
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1 Initial capital from the start of 2027 and payback period from the start of 2030.
2 See news release dated May 4, 2025 and previous technical report entitled “NI 43-101 Technical Report on the Vicuña Project, Argentina and Chile”, with an 
effective date of April 15, 2025 for information with respect to the previous Mineral Resource estimate. Lundin Mining’s attributable interest in the Mineral Resource 
estimate is 50%.
3 Refer to the Lundin Mining news release entitled “Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral Reserves” dated 
February 18, 2026 and the NGEX Metals Ltd. news release entitled “NGEx Announces Updated Mineral Resource Estimate at Los Helados Includng High-Grade 
Fenix and Alicanto Zones; Indicated Mineral Resources Exceed 2.0 Billion at 0.51% Copper Equivalent” dated December 5, 2023.

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

FINANCIAL RESULTS REVIEW
Selected Quarterly Financial Information 
Revenues and net earnings were driven by strong realized prices of $5.70 /lb and $5,123 /oz for copper and gold, respectively. 
Production costs were impacted by unfavourable foreign exchange at all sites with the impact of higher diesel prices at the end 
of March 2026 having a marginal impact on costs during the quarter. Cash generation in the quarter also benefitted from a 
$43.6 million release of working capital.
Three months ended
March 31,
($ millions continuing operations except where noted) 2026 2025
Revenue and profit
Revenue  1,158.8  919.6 
Production costs  (487.0)  (479.8) 
Depreciation, depletion and amortization  (134.3)  (133.5) 
Gross profit  537.5  306.3 
General and administrative expenses  (17.3)  (18.3) 
Exploration and business development  (11.8)  (10.7) 
Finance costs, net  (11.6)  (42.7) 
Share of net earnings of associate  2.9  — 
Other expense  (25.5)  (2.5) 
Current tax expense  (153.3)  (48.5) 
Deferred tax recovery (expense)  66.1  (2.4) 
Net earnings  387.0  181.2 
Net earnings attributable to Lundin Mining shareholders  280.5  137.9 
Adjusted earnings1  264.6  93.8 
Adjusted EBITDA1  626.7  382.2 
Cash flow
Cash provided by operating activities  493.7  127.6 
Adjusted operating cash flow1  450.1  329.5 
Free cash flow from operations1  379.7  30.2 
Free cash flow1  313.6  (43.4) 
Adjusted free cash flow from operations1  336.1  232.1 
Adjusted free cash flow1  270.0  158.5 
Capital expenditures
Sustaining capital expenditures2  125.8  108.1 
Expansionary capital expenditures2  54.3  62.9 
Per share amounts 
Basic and diluted EPS attributable to shareholders ($/share)  0.33  0.16 
Adjusted EPS1 ($/share)  0.31  0.11 
Dividends declared (C$/share)  0.0275  0.09 
March 31,
2026
December 31,
2025
Balance Sheet
Total assets3  10,977.5  10,820.6 
Total debt3  302.0  237.1 
Cash and cash equivalents  565.4  296.2 
Net cash (debt)1,3  249.4  77.4 
1 This is a non-GAAP measure - see the "Non-GAAP & 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 and excluding capitalized interest. Sustaining 
capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure - see the "Non-GAAP & Other 
Performance Measures" section of this MD&A for discussion.
3 Total assets, total debt, and net cash (debt) as at December 31, 2025 include discontinued operations.
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===== SIDA 35 =====

Quarterly Income Statement Analysis
Significant Contributors to Change 
in Net Earnings Q1 2026 vs. Q1 2025 - Key Drivers of Change
Revenue
Increased mainly due to higher revenue driven by an increase in realized copper and 
gold prices. During the quarter, realized copper price was $5.70 /lb (Q1 2025 - $4.63 /
lb) and realized gold price was $5,123 /oz (Q1 2025 - $3,124 /oz).
Production costs
Increased primarily due to unfavourable foreign exchange at all operations and 
increased sales volumes at Chapada, partially offset by lower sales volumes at 
Candelaria and reduced costs at Caserones.
Finance costs Decreased primarily due to lower interest expense following the full repayment of the 
$1,150.0 million term loan in April 2025.
Other expense
Increased primarily due to realized and unrealized losses on gold derivative contracts  
and an increase of $6.3 million in the Ojos del Salado sinkhole provision. During the 
quarter, total realized and unrealized losses on derivative contracts were $23.1 million 
(Q1 2025 - gain of $24.3 million).
Current and deferred tax expense
Current income tax expense increased due to higher taxable income. This increase 
was partially offset by lower mining royalties at Candelaria due to the application of 
Chilean mining royalty tax limits. Deferred income tax recovery increased primarily 
due to revaluation of provisional price adjustment in Candelaria, which reduced the 
overall deferred tax liability.
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===== SIDA 36 =====

Revenue Overview
Revenue Analysis
The revenue increase during the quarter was primarily due to an increase in realized copper and gold prices and higher sales 
volumes at Chapada, partially offset by lower sales volumes at Candelaria. Sales volumes at Caserones were consistent with 
the comparable period. 
Three months ended March 31,
Revenue by mine 2026 2025 Change
($ millions) $ % $ % $
Candelaria (100%)  453.4  39  419.1  46  34.3 
Caserones (100%)  506.3  44  385.9  42  120.4 
Chapada  199.1  17  114.6  12  84.5 
Total  1,158.8  919.6  239.2 
Three months ended March 31,
Revenue by metal 2026 2025 Change
($ millions) $ % $ % $
Copper  971.4  84  792.9  86  178.5 
Gold  123.1  11  87.1  9  36.0 
Molybdenum  40.1  3  21.9  2  18.2 
Silver  17.4  2  14.2  2  3.2 
Other  6.8  —  3.5  —  3.3 
Total  1,158.8  919.6  239.2 
Three months ended March 31,
Realized prices 2026 2025
Copper $5.70 /lb $4.63 /lb
Gold $5,123 /oz $3,124 /oz
Molybdenum $28.87 /lb $15.81 /lb
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===== SIDA 37 =====

LIQUIDITY & CAPITAL RESOURCES
Consolidated Cash Flow Analysis
Three months ended March 31, 
($ millions) 2026 2025 Change
Cash provided by operating activities  493.7  127.6  366.1 
Cash used in investing activities  (179.9)  (96.5)  (83.4) 
Cash used in financing activities  (64.9)  (34.1)  (30.8) 
Effect of foreign exchange on cash balances  0.1  3.0  (2.9) 
Increase (decrease) in cash and cash equivalents1  247.2  (6.7)  253.9 
Opening cash and cash equivalents  318.2  432.3  (114.1) 
Less: Cash and cash equivalents in assets held for sale  —  (83.9)  83.9 
Closing cash and cash equivalents  565.4  341.7  223.7 
Adjusted operating cash flow2  450.1  329.5  120.6 
Free cash flow from operations2  379.7  30.2  349.5 
Free cash flow2  313.6  (43.4)  357.0 
Adjusted free cash flow from operations2  336.1  232.1  104.0 
Adjusted free cash flow2  270.0  158.5  111.5 
1Increase (decrease) in cash and cash equivalents during Q1 2026 includes a $1.8 million decrease in cash related to discontinued operations ( Q1 2025 - $6.7 
million decrease in cash).
2This is a non-GAAP measure - see section "Non-GAAP & Other Performance Measures" of this MD&A for discussion. 
Cash Flows Provided by Operating Activities
In the quarter, cash provided by operating activities and adjusted operating cash flow benefitted from higher gross profit. Cash 
provided by operating activities further benefitted from a release of working capital, driven by net collections of receivables at 
Candelaria and increases in income tax payables. 
Cash Flows Used in Investing Activities
Cash used in investing activities increased primarily due to higher sustaining capital expenditures at Caserones relating to 
tailings storage facility projects, and is partially offset by lower expansionary capital expenditures at Candelaria. 
Summary of Capital Expenditures1
Sustaining capital expenditures during the quarter were primarily related to open pit waste stripping, underground mine 
development, tailings storage facility upgrades, and investments in new mining equipment. A portion of capital expenditures at 
Candelaria and Caserones was deferred to the second quarter, with no change to 2026 capital expenditure guidance.
Three months ended March 31,
($ millions) 2026 2025
Candelaria  47.3  47.7 
Caserones  54.9  38.2 
Chapada  23.6  22.2 
Sustaining capital expenditures  125.8  108.1 
Candelaria  1.2  20.2 
Chapada  0.9  — 
Vicuña  52.2  42.7 
Expansionary capital expenditures  54.3  62.9 
Total capital expenditures  180.1  171.0 
1 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows and excluding capitalized interest. Sustaining 
capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure – see the "Non-GAAP & Other 
Performance Measures" section of this MD&A for discussion.
Cash Flows Used in Financing Activities
Cash used in financing activities increased primarily due to distributions paid to non-controlling interests during the quarter that 
did not occur in Q1 2025 and a $10.8 million financing fee related to upsizing of the RCF. These increases were partially offset 
by lower interest paid and lower cash paid for shares repurchased under the Company's normal course issuer bid.
Free Cash Flow
Free cash flow from operations1 and Free cash flow1 increased primarily due to increased cash provided by operating activities, 
partially offset by higher sustaining capital expenditures. The increase in Free cash flow is also driven by lower expansionary 
capital expenditures at Candelaria.
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1 This is a non-GAAP measure - see section "Non-GAAP & Other Performance Measures" of this MD&A for discussion.

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

Liquidity
The Company continues to expect to be able to fund all its contractual commitments and working capital requirements with its 
operating cash flow, cash on hand and available capital resources. 
$ millions
Q1 2026 Change in Net Cash
77.4
493.7
(125.8)
(54.3) (13.2) (14.2)
(40.2)
(60.0) (14.0)
249.4
December 
31, 2025
Cash 
provided 
by 
operating 
activities
Sustaining 
CAPEX
Expansionary 
CAPEX
Principal 
payments 
of lease 
liabilities 
Net 
settlement 
of 
derivatives
Shares 
repurchased
NCI 
distributions
Other March 31, 
2026
As at May 6, 2026, net cash was $51 million after funding the purchase of an additional 5% interest in Caserones and 30.9% 
interest in Los Helados for $215 million.
Capital Resources
On February 26, 2026, the Company amended and upsized its RCF, increasing the total committed amount from $1.75 billion 
to $4.5 billion with the Company initially having access to $2.25 billion. Upon satisfaction of certain conditions, the RCF will 
expand to $3.5 billion, and upon sanctioning Stage 1 of the Vicuña Project, will increase to the full $4.5 billion. In addition, the 
maturity date has been extended to 2031 and bears interest on drawn funds at rates of Term Secured Overnight Financing 
Rate plus Credit Spread Adjustment of 0.10% plus an applicable margin of 1.45% to 2.50%. The facility is subject to customary 
covenants. The Company incurred a $10.8 million financing fee in connection with the amended RCF which is amortized over 
the term of the RCF. 
During the quarter, the Company drew $145.0 million from the RCF and repaid $20.0 million. As at March 31, 2026, a principal 
balance of $185.0 million was outstanding ( December 31, 2025 - $60.0 million) and the Company was in compliance with its 
debt covenants.
As at March 31, 2026 , certain subsidiaries of the Company had outstanding unsecured term loans totaling $130.9 million  
(December 31, 2025  - $180.8 million) which accrue interest at rates ranging from 4.10% to 4.69%  per annum with interest 
payable upon their maturities, ranging from April to June 2026.
Over the medium to long-term, the development of the Vicuña Project requires significant capital commitments from the 
Company. With the completion of an upsized RCF and the current net cash position, the Company expects to be fully funded 
for the initial stage of construction at Vicuña, however, additional funding, beyond debt from the Company's upsized RCF, may 
be required to advance the project to completion. 
Contractual Obligations, Commitments and Contingencies
The Company has contractual obligations and capital commitments as described in Note 20 “Commitments and contingencies” 
in the Interim Financial Statements. From time to time, the Company may also be involved in legal proceedings that arise in 
the ordinary course of its business. 
There have been no significant changes to commitments and contingencies from those reported at December 31, 2025.
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===== SIDA 39 =====

Financial Instruments
During the quarter, the Company did not enter into any new derivative contracts . At March 31, 2026 , existing derivative 
contracts consist of foreign currency option contracts as well as commodity option contracts. The option contracts consist of 
put and call contracts in a collar structure with all contracts maturing in 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 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, 2026.
Metal Payable Metal
Provisional price on
 March 31, 2026 Change
Effect on Revenue 
($ millions)
Copper 67,075 t $5.54 /lb  +/- 10 % +/- $81.9
Gold 27,916 oz $4,542 /oz  +/- 10 % +/- $12.7
Molybdenum 955 t $26.60 /lb  +/- 10 % +/- $5.6
For further detail refer to Note 19 "Financial Instruments" in the Interim Financial Statements. For further information on the 
Company's management of financial risks, including those associated with financial and other instruments, refer to Note 30 
"Management of Financial Risk" of the Company’s consolidated financial statements for the year ended December 31, 2025  
("Annual Financial Statements").
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20

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

ADDITIONAL SUMMARIES 
Production Cost and Cash Cost Overview
Three months ended
March 31,
($ millions unless otherwise stated) 2026 2025
Candelaria
Production costs $202.0 $172.1
Gross cost ($/lb)2  2.90  2.31 
By-product credit ($/lb)1,2  (0.75)  (0.56) 
Cash Cost (Cu, $/lb)2  2.15  1.75 
AISC (Cu, $/lb)2  2.98  2.46 
Caserones
Production costs $199.3 $243.9
Gross cost ($/lb)2  2.29  2.98 
By-product credit($/lb)1,2  (0.71)  (0.46) 
Cash Cost (Cu, $/lb)2  1.58  2.52 
AISC (Cu, $/lb)2  2.63  3.36 
Chapada
Production costs $85.3 $63.5
Gross cost ($/lb)2  3.46  3.34 
By-product credit($/lb)1,2  (3.01)  (1.87) 
Cash Cost (Cu, $/lb)2  0.45  1.47 
AISC (Cu, $/lb)2  1.87  2.94 
Consolidated3
Production costs $486.6 $479.5
Gross cost ($/lb)2  2.69  2.72 
By-product credit($/lb)1,2  (1.03)  (0.65) 
Cash Cost (Cu, $/lb)2  1.66  2.07 
1 By-product credits are after related treatment and refining charges.
2 Cash cost per pound sold and AISC per pound sold are non-GAAP measures, see the "Non-GAAP & Other Performance Measures" section of this MD&A 
for discussion. Gross cost and by-product credit are components of cash cost per pound sold. 
3 Consolidated Cash Cost includes Candelaria, Caserones, and Chapada.
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===== SIDA 41 =====

Summary of Quarterly Results1
($ millions continuing operations except where 
noted)
Q1-26 Q4-25 Q3-25 Q2-25 Q1-25 Q4-24 Q3-24 Q2-24
Revenue and profit 
Revenue  1,158.8  1,301.5  953.9  878.1  919.6  833.3  860.9  820.9 
Production costs  (487.0)  (546.8)  (455.3)  (466.2)  (479.8)  (465.7)  (443.2)  (452.9) 
Depreciation, depletion and amortization  (134.3)  (169.7)  (162.2)  (153.5)  (133.5)  (139.8)  (144.9)  (149.2) 
Gross profit  537.5  496.8  336.4  258.4  306.3  254.4  272.8  218.8 
Net earnings (loss)  387.0  912.3  175.1  149.2  181.2  (59.8)  131.9  120.3 
- attributable to shareholders  280.5  659.9  133.6  115.9  137.9  (95.5)  105.2  85.2 
Net earnings (loss) (all operations)2  387.9  1,019.6  204.4  262.0  167.6  (404.4)  128.1  156.7 
- attributable to shareholders  281.4  767.6  162.9  228.4  124.3  (440.1)  101.4  121.6 
Adjusted earnings3  264.6  363.7  143.2  87.7  93.8  102.9  68.7  74.6 
Adjusted EBITDA3  626.7  686.4  472.2  376.5  382.2  366.5  387.5  351.0 
Cash flow
Cash provided by operating activities  493.7 533.0  254.9 292.7  127.6  567.9  106.8 404.0
Adjusted operating cash flow3  450.1 665.1  366.4 261.1  329.5  263.5  261.7 283.3
Free cash flow from operations3  379.7 388.3  160.1 195.4  30.2  447.4  14.6 292.7
Free cash flow3  313.6 331.9  101.3 149.5  (43.4)  386.0  (44.5) 194.4
Capital expenditures
Sustaining capital expenditure4  125.8 157.6  102.5 109.5  108.1  131.4  101.4 122.5
Expansionary capital expenditure4  54.3 43.5  51.1 33.7  62.9  50.5  49.9 87.1
Per share amounts
EPS - Basic and diluted ($/share)  0.33 0.77  0.16 0.13  0.16  (0.12)  0.14 0.11
EPS - Basic (all operations)2 ($/share)  0.33 0.90  0.19 0.27  0.15  (0.57)  0.13 0.16
EPS - Diluted (all operations)2 ($/share)  0.33 0.89  0.19 0.27  0.15  (0.57)  0.13 0.16
Adjusted EPS3 ($/share)  0.31  0.42 0.17 0.10  0.11  0.13  0.09 0.10
Dividends declared (C$/share)  0.0275 0.0275  0.0275 0.0275  0.09  0.09  0.09 0.09
1 The sum of quarterly amounts may differ from year-to-date results due to rounding.
2 Results from all operations includes results from discontinued operations.
3 This is a non-GAAP measure - see the "Non-GAAP & Other Performance Measures" section of this MD&A for discussion.
4 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows and excluding capitalized interest. Sustaining 
capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure - see the "Non-GAAP & 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. 
Realized and unrealized gains and losses on derivative contracts and foreign exchange are recorded in other income and 
expense and impact the Company's net earnings.
In Q4 2025, results were impacted by the recognition of an additional deferred tax asset at Caserones and the non-cash write-
down of long-term ore stockpile inventory at Chapada. 
Following the formation of Vicuña in Q1 2025, its 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%
In Q4 2024, results were impacted by non-cash impairments to the Suruca gold deposit near Chapada and the Alcaparrosa 
mine within the Candelaria mining complex.
 
Results from all operations include the r esults from discontinued operations, which were impacted by an impairment reversal 
at Eagle mine in Q4 2025, a gain on disposal of Neves-Corvo and Zinkgruvan in Q2 2025 and non-cash impairments of 
Neves-Corvo in Q1 2025 and Q4 2024.
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22

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

Exchange Rates
Period end exchange rates having a meaningful impact on foreign exchange recorded as at March 31, 2026 were: 
As at March 31,
2026 2025 Change
Brazilian Real (USD:BRL) 5.22 5.74  (0.52) 
Chilean Peso (USD:CLP) 932 946  (14) 
Argentine Peso (USD:ARS) 1,383 1,074  309 
The average exchange rates were:
Three months ended March 31,
2026 2025 Change
Brazilian Real (USD:BRL) 5.26 5.84  (0.58) 
Chilean Peso (USD:CLP) 885 963  (78) 
Argentine Peso (USD:ARS) 1,418 1,057  361 
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23

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

NON-GAAP & 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 Accounting Standards 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 Accounting Standards. 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 
Accounting 
Standards 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 as by-product credits.
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.
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24

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

Non-GAAP 
financial measure 
or ratio Definition
Most directly 
comparable IFRS 
Accounting 
Standards 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, and 
molybdenum) adding back treatment and refining charges, 
cash effects of gold, silver and copper streams, recognition of 
deferred revenue from the allocation of upfront streaming 
proceeds, 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, contingent 
consideration 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, 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 
Accounting Standards, 
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 earnings (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. Adjusted free 
cash from operations and 
adjusted free cash flow 
additionally removes the 
impact of working capital, 
which can experience volatility 
from period-to-period.
Free cash flow Defined as cash flow provided by operating activities, 
deducting sustaining capital expenditures and expansionary 
capital expenditures (both as defined above).
Adjusted free cash 
flow from operations
Defined as free cash flow from operations (as defined above) 
excluding changes in non-cash working capital items.
Adjusted free cash 
flow
Defined as free cash flow (as defined above) excluding 
changes in non-cash working capital items.
1See the 'Revenue Overview' section of this MD&A for reconciliations to revenue, the most directly comparable IFRS Accounting Standards 
measure. 
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===== SIDA 45 =====

Non-GAAP 
financial measure 
or ratio Definition
Most directly 
comparable IFRS 
Accounting 
Standards measure
Why management uses the 
measure and why it is useful 
to investors
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
This measure is 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.
Net cash Net cash is defined as total debt excluding deferred financing 
fees, less cash and cash equivalents.
During the fourth quarter of 2025, management updated the 
calculation of net cash (debt) to exclude lease liabilities. 
Management believes this revised definition provides a more 
meaningful measure of the Company's leverage and better 
reflects how management evaluates its capital structure and 
liquidity. Prior-period amounts have been conformed to the 
current definition to ensure comparability across periods.
Debt, current portion 
of debt, cash and 
cash equivalents. 
Additionally, the 
above items as 
included in assets 
held for sale, and 
liabilities held for sale.
This measure are indicative of 
the Company's financial 
position.
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26

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

Cash Cost per Pound and AISC per Pound
Cash Cost per Pound, Consolidated Cash Cost per Pound, and AISC per Pound can be reconciled to Production costs on the 
Company's condensed interim consolidated Statements of Earnings as follows:
Three months ended March 31, 2026
Candelaria Caserones Chapada Consolidated
Total1($ millions, unless otherwise noted) (Cu) (Cu) (Cu) (Cu)
Sales volumes (contained metal):
Tonnes 30,823 36,461 10,371 77,655
Pounds (000s) 67,953 80,383 22,864 171,200
Production costs  202.0  199.3  85.3  486.6  487.0 
Less: Royalties and other  (6.2)  (15.2)  (6.7)  (28.1)  (28.5) 
Add: Treatment and refining charges  1.6  (0.2)  0.5  1.9  1.9 
Gross cost  197.4  183.9  79.1  460.4  460.4 
Deduct: By-product credits2  (51.3)  (56.8)  (68.8)  (176.9)  (176.9) 
Cash cost  146.1  127.1  10.2  283.5  283.5 
Gross cost per pound ($/lb) 2.90 2.29 3.46 2.69
By-product credit per pound ($/lb) (0.75) (0.71) (3.01) (1.03)
Cash cost per pound ($/lb) 2.15 1.58 0.45 1.66
Cash cost  146.1  127.1  10.2 
Add: Sustaining capital expenditure  47.3  54.9  23.6 
Royalties  4.8  15.1  5.6 
Reclamation and other closure accretion 
and depreciation  1.6  0.4  2.1 
Leases and other  2.8  14.3  1.2 
All-in sustaining cost  202.6  211.8  42.7 
AISC per pound ($/lb) 2.98 2.63 1.87
1 Includes immaterial amounts related to other segments.
2 By-product credits are presented net of the associated treatment and refining charges.
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===== SIDA 47 =====

Three months ended March 31, 2025
Continuing operations Candelaria Caserones Chapada Consolidated
Total - 
continuing 
operations1($ millions, unless otherwise noted) (Cu) (Cu) (Cu) (Cu)
Sales volumes (contained metal):
Tonnes 34,974 36,181 8,346 79,501
Pounds (000s) 77,104 79,765 18,400 175,269
Production costs  172.1  243.9  63.5  479.5  479.7 
Less: Royalties and other  (1.1)  (13.6)  (5.0)  (19.7)  (19.9) 
Add: Treatment and refining charges  7.2  7.3  3.0  17.5  17.5 
Gross cost  178.2  237.6  61.5  477.3  477.3 
Deduct: By-product credits2  (43.6)  (36.6)  (34.3)  (114.5)  (114.6) 
Cash cost  134.6  201.0  27.2  362.8  362.7 
Gross cost per pound ($/lb) 2.31 2.98 3.34 2.72
By-product credit per pound ($/lb) (0.56) (0.46) (1.87) (0.65)
Cash cost per pound ($/lb) 1.75 2.52 1.47 2.07
Cash cost  134.6  201.0  27.2 
Add: Sustaining capital expenditure  47.7  38.2  22.2 
Royalties  3.5  9.9  2.1 
Reclamation and other closure accretion 
and depreciation  2.2  1.3  1.7 
Leases and other  1.5  17.4  0.9 
All-in sustaining cost  189.5  267.8  54.1 
AISC per pound ($/lb) 2.46 3.36 2.94
1 Includes immaterial amounts related to other segments.
2 By-product credits are presented net of the associated treatment and refining charges.
Three months ended March 31, 2025
Discontinued operations Eagle Neves-Corvo Zinkgruvan
Total - 
discontinued 
operations($ millions, unless otherwise noted) (Ni) (Cu) (Zn)
Sales volumes (contained metal):
Tonnes 1,748 5,351 19,150
Pounds (000s) 3,854 11,797 42,218
Production costs  37.2  75.9  34.2  147.3 
Less: Royalties and other  (5.2)  (1.1)  —  (6.3) 
Add: Treatment and refining charges  —  4.6  6.6  11.2 
Gross costs  32.0  79.4  40.8  152.2 
Deduct: By-product credits1  (16.8)  (59.5)  (24.1)  (100.4) 
Cash cost  15.2  19.9  16.7  51.8 
Gross cost per pound ($/lb) 8.30 6.73 0.97
By-product credit per pound ($/lb) (4.36) (5.04) (0.57)
Cash cost per pound ($/lb) 3.94 1.69 0.40
Cash cost  15.2  19.9  16.7 
Add: Sustaining capital expenditure  4.5  27.7  21.3 
Royalties  2.3  1.0  — 
Reclamation and other closure accretion 
and depreciation  1.2  0.6  0.3 
Leases and other  0.8  0.9  — 
All-in sustaining cost  24.0  50.1  38.3 
AISC per pound ($/lb) 6.20 4.25 0.91
1 By-product credits are presented net of the associated treatment and refining charges.
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===== SIDA 48 =====

Sustaining and Expansionary Capital Expenditures 
Capital Expenditures can be reconciled to Investment in mineral properties, plant and equipment, a component of Cash used 
in investing activities, on the Company's condensed interim consolidated Statements of Cash Flows as follows:
Three months ended March 31,
($ millions) 2026 2025
Investment in mineral properties, plant and equipment  182.6  171.6 
Less: Capitalized interest  (2.5)  (0.6) 
Total capital expenditures  180.1  171.0 
Sustaining capital expenditures  125.8  108.1 
Expansionary capital expenditures  54.3  62.9 
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===== SIDA 49 =====

Realized Prices
Realized price can be reconciled to Revenue on the Company's condensed interim consolidated  Statements of Earnings as 
follows:
Three months ended March 31, 2026
($ millions) Copper Gold Molybdenum Other Total
Revenue from contracts with customers1  999.4  149.4  33.5  48.4  1,230.7 
Provisional pricing adjustments on current period 
concentrate sales  (28.5)  (5.3)  (0.2)  (3.0)  (37.0) 
Provisional pricing adjustments on prior period 
concentrate sales  4.4  9.1  6.8  2.0  22.3 
 975.3  153.2  40.1  47.4  1,216.0 
Recognition of deferred revenue  6.4  8.0  —  2.2  16.6 
Stream provisional pricing and cash effect  (8.3)  (48.8)  —  (14.4)  (71.5) 
Less: Treatment and refining charges  (2.3) 
Total revenue  973.4  112.4  40.1  35.2  1,158.8 
Payable metal 77,655 t 29,904 oz 630 t
Current period sales ($/unit)2 $5.67 $4,819 $23.97
Provisional pricing adjustments on prior period 
concentrate sales ($/unit) $0.03 $304 $4.90
Realized prices3 $5.70 /lb $5,123 /oz $28.87 /lb
Three months ended March 31, 2025
Copper Gold Molybdenum Other Total
Revenue from contracts with customers1  746.9  85.1  25.1  32.2  889.3 
Provisional pricing adjustments on current period 
concentrate sales  20.2  4.7  (0.9)  0.8  24.8 
Provisional pricing adjustments on prior period 
concentrate sales  44.0  3.4  (2.4)  (0.4)  44.6 
 811.1  93.2  21.8  32.6  958.7 
Recognition of deferred revenue4  7.4  8.9  —  3.2  19.5 
Stream provisional pricing and cash effect4  (8.0)  (26.4)  —  (6.5)  (40.9) 
Less: Treatment & refining charges  (17.7) 
Total revenue  810.5  75.7  21.8  29.3  919.6 
Payable metal 79,501 t 29,804 oz 628 t
Current period sales ($/unit)2 $4.38 $3,010 $17.51
Provisional pricing adjustments on prior period 
concentrate sales ($/unit) $0.25 $114 $(1.70)
Realized prices3 $4.63 /lb $3,124 /oz $15.81 /lb
1 Revenue from contracts with customers before recognition of deferred revenue, gold, silver, 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 The realized price for copper inclusive of the impact of streaming agreements in the quarter is $ 5.65/lb (Q1 2025: $ 4.58/lb). The realized price for gold 
inclusive of the impact of streaming agreements in the quarter is $3,491/oz (Q1 2025: $2,241/oz).
4 Comparative amounts in Q1 2025 have been adjusted to conform with Q1 2026 presentation by including recognition of deferred revenue from the silver 
stream and provisional price adjustments subject to streaming (Q1 2025: $3.2 million and $0.8 million, respectively).
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===== SIDA 50 =====

Adjusted EBITDA 
Adjusted EBITDA can be reconciled to Net earnings (loss) on the Company's  condensed interim consolidated  Statements of 
Earnings as follows:
Three months ended
March 31,
($ millions) 2026 2025
Net earnings from continuing operations  387.0  181.2 
Add back:
Depreciation, depletion and amortization  134.3  133.5 
Finance costs, net  11.6  42.7 
Income tax expense  87.2  50.9 
EBITDA - continuing operations  620.1  408.3 
Unrealized foreign exchange (gain) loss  (3.1)  9.3 
Unrealized losses (gains) on derivative contracts  9.9  (36.0) 
Revaluation (gain) loss on marketable securities  (3.8)  0.5 
Ojos del Salado sinkhole expenses  6.3  1.1 
Share of net earnings of associate  (2.9)  — 
Other  0.2  (1.0) 
Total adjustments - EBITDA  6.6  (26.1) 
Adjusted EBITDA - continuing operations  626.7  382.2 
Including discontinued operations:
Net earnings (loss) from discontinued operations  0.9  (13.6) 
Add back:
Depreciation, depletion and amortization  —  4.5 
Finance costs, net  0.1  5.5 
Income tax expense  0.2  6.4 
EBITDA - discontinued operations  1.2  2.8 
Revaluation loss on contingent consideration  1.0  — 
Gain on disposal of subsidiaries  (4.0)  — 
Asset impairment  —  65.7 
Unrealized foreign exchange gain  —  (0.9) 
Other  —  1.1 
Total adjustments - EBITDA discontinued operations  (3.0)  65.9 
Adjusted EBITDA - discontinued operations  (1.8)  68.7 
Adjusted EBITDA (all operations)  624.9  450.9 
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===== SIDA 51 =====

Adjusted Earnings and Adjusted EPS
Adjusted Earnings and Adjusted EPS can be reconciled to Net earnings (loss) attributable to Lundin Mining Shareholders on 
the Company's condensed interim consolidated Statements of Earnings as follows:
Three months ended
March 31,
($ millions, except share and per share amounts) 2026 2025
Net earnings attributable to Lundin Mining shareholders - continuing operations  280.5  137.9 
Add back:
Total adjustments - EBITDA  6.6  (26.1) 
Tax effect on adjustments  (1.5)  (4.7) 
Deferred tax arising from foreign exchange translation  (21.5)  (21.2) 
Deferred tax arising from partial disposal and contribution to Vicuña  —  9.0 
Non-controlling interest on adjustments  0.5  (1.0) 
Other  —  (0.1) 
Total adjustments  (15.9)  (44.1) 
Adjusted earnings - continuing operations  264.6  93.8 
Including discontinued operations:
Net earnings attributable to Lundin Mining shareholders - discontinued operations1  0.9  (13.6) 
Add back:
Total adjustments - EBITDA - discontinued operations  (3.0)  65.9 
Tax effect on adjustments  (0.1)  0.3 
Total adjustments  (3.1)  66.1 
Adjusted earnings - discontinued operations  (2.2)  52.5 
Adjusted earnings (all operations)  262.4  146.3 
Basic weighted average number of shares outstanding 855,930,125 851,561,392
Basic EPS from continuing operations attributable to shareholders  0.33  0.16 
Total adjustments per share  (0.02)  (0.05) 
Adjusted EPS - continuing operations  0.31  0.11 
Basic EPS from discontinued operations attributable to shareholders  —  (0.02) 
Total adjustments per share  —  0.08 
Adjusted EPS - discontinued operations  —  0.06 
Basic EPS attributable to shareholders  0.33  0.15 
Total adjustments per share  (0.02)  0.03 
Adjusted EPS (all operations)  0.31  0.17 
1 Represents Net earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining 
Corporation shareholders.
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===== SIDA 52 =====

Free Cash Flow from Operations and Free Cash Flow
Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by operating activities on the 
Company's condensed interim consolidated Statements of Cash Flows as follows:
Three months ended
March 31,
($ millions) 2026 2025
Cash provided by operating activities related to continuing operations  493.7  127.6 
Sustaining capital expenditures  (125.8)  (108.1) 
General exploration and business development  11.8  10.7 
Free cash flow from operations - continuing operations  379.7  30.2 
General exploration and business development  (11.8)  (10.7) 
Expansionary capital expenditures  (54.3)  (62.9) 
Free cash flow - continuing operations  313.6  (43.4) 
Cash provided by operating activities from discontinued operations  (1.8)  49.4 
Sustaining capital expenditures  —  (53.5) 
General exploration and business development  —  5.9 
Free cash flow from operations - discontinued operations  (1.8)  1.8 
General exploration and business development  —  (5.9) 
Expansionary capital expenditures  —  — 
Free cash flow - discontinued operations  (1.8)  (4.1) 
Free cash flow from operations (all operations)  377.9  32.0 
Free cash flow (all operations)  311.8  (47.5) 
Adjusted Free Cash Flow from Operations and Adjusted Free Cash Flow
Adjusted Free Cash Flow can be reconciled to Cash provided by operating activities on the Company's condensed interim 
consolidated Statements of Cash Flows as follows:
Three months ended
March 31,
($ millions) 2026 2025
Free cash flow from operations - continuing operations  379.7  30.2 
Changes in non-cash working capital items  (43.6)  201.9 
Adjusted free cash flow from operations - continuing operations  336.1  232.1 
Free cash flow - continuing operations  313.6  (43.4) 
Changes in non-cash working capital items  (43.6)  201.9 
Adjusted free cash flow - continuing operations  270.0  158.5 
Free cash flow from operations - discontinued operations  (1.8)  1.8 
Changes in non-cash working capital items  (0.2)  13.9 
Adjusted free cash flow from operations - discontinued operations  (2.0)  15.7 
Free cash flow - discontinued operations  (1.8)  (4.1) 
Changes in non-cash working capital items  (0.2)  13.9 
Adjusted free cash flow - discontinued operations  (2.0)  9.8 
Adjusted free cash flow from operations (all operations)  334.1  247.8 
Adjusted free cash flow (all operations)  268.0  168.3 
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===== SIDA 53 =====

Adjusted Operating Cash Flow 
Adjusted Operating Cash Flow can be reconciled to Cash provided by operating activities on the Company's condensed 
interim consolidated Statements of Cash Flows as follows:
Three months ended
March 31,
($ millions) 2026 2025
Cash provided by operating activities from continuing operations  493.7  127.6 
Changes in non-cash working capital items  (43.6)  201.9 
Adjusted operating cash flow - continuing operations  450.1  329.5 
Cash provided by operating activities related to discontinued operations  (1.8)  49.4 
Changes in non-cash working capital items  (0.2)  13.9 
Adjusted operating cash flow - discontinued operations  (2.0)  63.3 
Adjusted operating cash flow (all operations)  448.1  392.8 
Net Cash 
Net Cash can be reconciled to Debt, Current portion of debt and Cash and cash equivalents on the Company's condensed 
interim consolidated Balance Sheets as follows:
($ millions) March 31, 2026 December 31, 2025
Debt  (171.1)  (56.3) 
Current portion of debt  (130.9)  (180.8) 
Less deferred financing fees (netted in above)  (14.0)  (3.7) 
 (316.0)  (240.8) 
Cash and cash equivalents  565.4  296.2 
Add cash and cash equivalents related to assets classified as held for sale  —  22.0 
Net cash  249.4  77.4 
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===== SIDA 54 =====

OTHER INFORMATION & ADVISORIES
Discontinued Operations 
On January 9, 2026, the Company completed the sale of its Eagle operation to Talon. On April 16, 2025, the Company sold its 
interest in the Neves-Corvo and Zinkgruvan mines located in Portugal and Sweden, respectively. The results from operations 
of these three mines are reported as discontinued operations in the Interim Financial Statements. At December 31, 2025, the 
assets and liabilities of Eagle mine were reported as held for sale. For further information refer to Note 3 of the Interim 
Financial Statements.
Financial Results Review - Discontinued Operations
($ millions except per share data) Three months ended
March 31,
2026 2025
Revenue1  0.9  224.4 
Net earnings (loss)1  0.9  (13.6) 
Cash provided by operating activities1  (1.8)  49.4 
Basic and diluted EPS attributable to shareholders1 0.00  (0.02) 
1 Discontinued operations results include Eagle's financial results to January 9, 2026 and the revaluation of contingent consideration as at March 31, 2026 
and the prior period includes the financial results of Eagle, Neves-Corvo and Zinkgruvan.
During the quarter, the Company recognized a gain on disposal of Eagle mine of $4.0 million which was partially offset by a  
loss on the revaluation of the contingent consideration of $1.0 million (Q1 2025 - $nil).  Net earnings from the prior year were 
impacted by a non-cash asset impairment of $65.7 million relating to Neves-Corvo.
Production Overview - Discontinued Operations
2026 2025
Q1 Total Q4 Q3 Q2 Q1
Copper (t)
Eagle1 191 8,906 1,957 2,354 2,510 2,085
Neves-Corvo2 — 7,348 — — 1,225 6,123
Zinkgruvan2 — 971 — — — 971
Total 191 17,225 1,957 2,354 3,735 9,179
Zinc (t)
Neves-Corvo2 — 32,356 — — 4,665 27,691
Zinkgruvan2 — 25,877 — — 4,620 21,257
Total — 58,233 — — 9,285 48,948
Nickel (t)
Eagle1 206 9,907 2,174 2,724 2,713 2,296
1 Eagle results are to January 9, 2026.
2 Neves-Corvo and Zinkgruvan results are to April 16, 2025.
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===== SIDA 55 =====

Corporate Updates
Significant corporate updates not highlighted elsewhere in this MD&A included:
• On February 18, 2026, the Company reported its Mineral Resource and Mineral Reserve estimates as at December 31, 
2025 (or as otherwise specified).
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 22 “Related Party Transactions” of the Interim Financial Statements.
Changes in Accounting Policies
The accounting policies applied in the Interim Financial Statements are the same as those applied in the Company’s Annual 
Financial Statements, other than as disclosed in Note 2 “Basis of Presentation and Summary of Material Accounting Policies" 
of the Interim Financial Statements. For further information on the Company’s accounting policies refer to Note 2 of each of the 
Annual Financial Statements and the Interim Financial Statements.
Critical Accounting Estimates and Judgements
The preparation of consolidated financial statements in conformity with IFRS Accounting Standards requires management to 
make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts. 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 “Basis of 
Presentation and Summary of Material Accounting Policies” of the Annual Financial Statements. 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, 2025.
There have been no changes in the Company's disclosure controls and procedures during the three months ended March 31, 
2026 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 Accounting Standards. 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, 2025. 
There have been no changes in the Company’s ICFR during the three months ended March 31, 2026  that have materially 
affected, or are reasonably likely to materially affect, the Company’s ICFR.
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. 
Military conflict in the Middle East has contributed to heightened volatility in global energy markets, commodity supply chains 
and maritime shipping. While the duration and ultimate scope of the conflict remain uncertain, prolonged disruption could 
adversely affect the Company through higher fuel, sulphuric acid and other consumable input costs, delays or increased costs 
in ocean freight and international logistics, and broader macroeconomic impacts on copper demand and commodity pricing.
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===== SIDA 56 =====

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, 2025 and the “Cautionary Statement on Forward-Looking 
Information” section of this MD&A.
National Instrument 43-101 Compliance
The Vicuña Technical Report summarizing the results of the integrated study, including the Updated Vicu ña Mineral Resource 
was prepared in accordance with NI 43-101 and may be found under the Company's profile on SEDAR+ at www.sedarplus.ca 
in accordance with applicable securities rules. The Qualified Persons (as defined by NI 43-101) named below have reviewed 
and verified the scientific and technical information in respect of the Vicuña Technical Report and approve the written 
disclosure of such information. Each of the Qualified Persons named below, other than Dustin Smiley, is independent of Lundin 
Mining.
The Qualified Persons are:
Mr. Luke Evans, P.Eng., SLR Consulting (Canada) Ltd.
Mr. Paul Daigle, P.Geo., AGP Mining Consultants Inc.
Mr. Sean Horan, P.Geo., Resource Modelling Solutions Ltd.
Mr. Jeffery Austin, P.Eng., International Metallurgical and Environmental Inc.
Mr. Rod Clary, P.E., Design, Fluor Enterprises Inc.
Mr. Kirk Hanson, P.E., KH Mining LLC
Mr. Dustin Smiley, P.Eng., Vicuña Corp.
Mr. Daniel Ruane, P.Eng., Knight Piesold Ltd.
For further information related to the Vicuña Technical Report, see the Company’s news release dated March 30, 2026.
The scientific and technical information in this document other than that pertaining to the Vicuña Technical Report has been 
reviewed and approved in accordance with NI 43-101 by Eduardo Cortés, Registered Member (Comisión Calificadora de 
Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin 
Mining, a "Qualified Person" under NI 43-101. Mr. Cortés has verified the data disclosed in this document and no limitations 
were imposed on his verification process.
Other Information
Additional information regarding the Company, including the Company’s AIF, can be obtained on SEDAR+ (www.sedarplus.ca) 
and 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 6, 
2026.
May 6, 2026
Common shares issued and outstanding  855,610,391 
Stock options outstanding (weighted average exercise price of C$19.30)  3,909,530 
Time vesting share units1  912,493 
Performance vesting share units2  888,839 
1 Time vesting share units represent the right to receive one common share (subject to adjustments) issued from treasury.
2 Performance vesting share units (“PSU”) represent the right to receive a variable number of common shares (subject to adjustments) issued from treasury 
contingent upon achieving applicable performance vesting conditions. The number of common shares listed above in respect of PSU assumes that 100% of PSU 
granted (without change) will vest and be paid out in common shares on a one for one basis. However, as noted, the final number of PSU that may be earned 
and redeemed may be higher or lower than the PSU initially granted.
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===== SIDA 57 =====

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 and strategic vision and aspirations and their achievement and timing; the results of the Vicuña integrated 
study, including but not limited to the Updated Vicuña Mineral Resource estimate and the parameters and assumptions used to 
estimate the Mineral Resources, future expansion of the Mineral Resource estimates and the Vicuña Project, the life of mine, 
the life of mine plan, commencement of production, mining methods, estimated workforce and equipment requirements, 
production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery 
rates, process flowsheet, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and 
the timing thereof, economic metrics and sensitivities, estimated economic results (including project economics, economic 
metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to 
estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines 
and similar statements relating to the economic viability of the Vicuña Project, tailings management, Vicuña Project 
infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting facilities, pipelines, 
transportation systems and desalination plant and pipeline), Vicuña Project development and construction plans (including 
staged development, project stages, sequencing, timing, costs and the effects and benefits), Vicuña Project permitting 
(including timelines and expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the 
Vicuña Project and the timing thereof, community and social engagement and corporate social responsibility matters, 
economic, fiscal and other benefits of the Vicuña Project to local communities, host-countries, shareholders and other 
stakeholders, and the updated Vicuña Technical Report and the contents thereof; project studies (including technical, 
environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the Vicuña 
Project, and the potential for the Vicuña Project to be a world-class project ranking among the top five copper, gold and silver 
mines globally; the Company’s RCF and the amendments thereto, including upsizing, expected terms thereof, timing of 
execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended 
RCF upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit 
facility; Vicuña Project funding and the Company’s expectations regarding its funding capacity and strategy and its work with 
BHP; the production profile of Caserones and economics resulting from the Company's acquisition of additional interest in 
SCM Minera Lumina Copper Chile and the Los Helados project (including cash costs), the Mineral Resource estimate for Los 
Helados and the parameters and assumptions used to estimate the Mineral Resources; the potential synergies between 
Caserones and Los Helados; the Company's guidance on the timing and amount of future production and its expectations 
regarding the results of operations; expected financial performance; the Company's growth and optimization initiatives; the 
Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; 
expected financial performance, including expected earnings, revenue, cash flow, costs and expenditures and other financial 
metrics; the Company’s growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, 
results and impacts thereof and timing thereof; permitting requirements and timelines; the Company’s ability to comply with 
contractual and permitting or other regulatory requirements; timing and possible outcomes of pending litigation and disputes, 
including tax disputes; the timing and expectations of future studies; 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; potential for future Mineral Resource expansion; remediation and reclamation obligations, including their 
anticipated costs and timing; anticipated market prices of metals, currency exchange rates and interest rates; the Company’s 
liquidity, contractual obligations, commitments and contingencies, and the Company’s capital resources and adequacy thereof; 
the Company’s tax obligations; anticipated exploration and development activities at the Company’s projects, including 
potential outcomes, results, impacts and timing thereof; the Company’s integration of acquisitions and expansions and any 
anticipated benefits thereof, including the anticipated project development and associated costs and timing, and other plans 
and expectations with respect to the Vicuña Project and the 50/50 joint arrangement with BHP; the Company’s growth and 
optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing 
thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the 
operation of Vicuña with BHP; expected processing capacities and infrastructure development; the timing and expectations for 
future regulatory applications (including the RIGI application), studies and technical reports with respect to the Company’s 
operations and projects, including the Vicuña Project and the Saúva Project; the anticipated economic and fiscal benefits to 
Argentina and Chile, including expected tax, royalty, employment and infrastructure impacts; the terms of the contingent 
payments in respect of the completion of the sale of the Company’s European and US assets and expectations related thereto; 
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 with respect to the Company’s business, operations, strategies and growth 
and expansion plans; that no significant event will occur outside of the Company’s normal course of business and operations 
(other than as set out herein); the seamless integration of Los Helados into the Company's operations; assumed and future 
prices of copper, gold, silver and other metals; anticipated costs; commodity prices; currency exchange rates and interest 
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===== SIDA 58 =====

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 (including the RIGI application) and their 
renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory 
requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up 
timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral 
Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-
mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic 
analysis of the Study); the Company’s ability to comply with contractual and permitting or other regulatory requirements; 
operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing 
of future exploration activities; economic viability of the Company’s operations and development projects; the Company’s 
ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company’s financial resources, and its 
ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in 
financial capital markets; the ability of the Company to access committed amounts of the upsized credit facility, including on 
the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the 
successful sanctioning, permitting and development of the Company’s Projects (including the Vicuña Project) and 
commencement of production; successful completion of the Company’s projects and initiatives (including the Vicuña Project) 
within budget and expected timelines; and such other assumptions as set out herein, in the Vicuña Project Technical Report 
when filed, and in other applicable public disclosure documents of the Company, as well as those 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, social, economic, political, regulatory, competitive and other risks, uncertainties and 
contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially 
different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions 
is not exhaustive. 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; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the 
Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP 
regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such 
circumstances; 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; geotechnical incidents; risks relating to the development, permitting, 
construction, commissioning and ramp-up of the Company’s projects and operations (including the Vicuña Project); risks 
relating to tailings and waste rock and leach management facilities; risks relating to the Company’s indebtedness; risks relating 
to project financing; the Company’s ability to access capital on acceptable terms if at all; risks related to the credit facility 
amendment commitments, including the Company’s ability to satisfy conditions to access additional tranches; challenges and 
conflicts that may arise in partnerships and joint operations, including risks relating to the Company’s partnership with BHP and 
risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña 
Project, and the ability to fund cash calls when due; risks that revenue may be significantly impacted in the event of any 
production stoppages or reputational damage in Chile, Brazil or Argentina; risks relating to development projects; the impact of 
global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and 
services; 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; reputational risks related to negative publicity with respect to the 
Company, its joint venture partner or the mining industry in general; any breach or failure of 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 (including tax disputes); 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; risks 
relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; 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; risks associated with climate change; risks relating to acquisitions or 
business arrangements; the exclusive jurisdiction of foreign courts; changes in the relationship with its employees and 
contractors; risks relating to dividend payments to shareholders 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; 
potential for the allegation of fraud and corruption involving the Company, its respective customers, suppliers or employees, or 
the allegation of improper or discriminatory employment practices, or human rights violations; 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; the outbreak of infectious diseases or viruses; the Company’s common 
Overview Our Assets Financial Results 
Review
Liquidity & Capital 
Resources
Additional 
Summaries
Non-GAAP & Other 
Performance 
Measures
Other Information & 
Advisories
39

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