===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 9 ===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 10 ===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 11 ===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 12 ===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 13 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 14 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 15 ===== 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 $24.3 million). Current and deferred tax expense Current income tax expense increased due to higher taxable income. This increase was partially offset by lower mining royalties at Candelaria due to the application of Chilean mining royalty tax limits. Deferred income tax recovery increased primarily due to revaluation of provisional price adjustment in Candelaria, which reduced the overall deferred tax liability. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 16 ===== SIDA 36 ===== Revenue Overview Revenue Analysis The revenue increase during the quarter was primarily due to an increase in realized copper and gold prices and higher sales volumes at Chapada, partially offset by lower sales volumes at Candelaria. Sales volumes at Caserones were consistent with the comparable period. Three months ended March 31, Revenue by mine 2026 2025 Change ($ 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 $15.81 /lb Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 17 ===== SIDA 37 ===== LIQUIDITY & CAPITAL RESOURCES Consolidated Cash Flow Analysis Three months ended March 31, ($ 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 18 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 19 ===== 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 % +/- $5.6 For further detail refer to Note 19 "Financial Instruments" in the Interim Financial Statements. For further information on the Company's management of financial risks, including those associated with financial and other instruments, refer to Note 30 "Management of Financial Risk" of the Company’s consolidated financial statements for the year ended December 31, 2025 ("Annual Financial Statements"). Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 20 ===== SIDA 40 ===== ADDITIONAL SUMMARIES Production Cost and Cash Cost Overview Three months ended March 31, ($ 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, $/lb)2 1.66 2.07 1 By-product credits are after related treatment and refining charges. 2 Cash cost per pound sold and AISC per pound sold are non-GAAP measures, see the "Non-GAAP & Other Performance Measures" section of this MD&A for discussion. Gross cost and by-product credit are components of cash cost per pound sold. 3 Consolidated Cash Cost includes Candelaria, Caserones, and Chapada. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 21 ===== SIDA 41 ===== Summary of Quarterly Results1 ($ 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 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 Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 25 ===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 27 ===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 28 ===== 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 Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 29 ===== 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 $0.8 million, respectively). Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 30 ===== SIDA 50 ===== Adjusted EBITDA Adjusted EBITDA can be reconciled to Net earnings (loss) on the Company's condensed interim consolidated Statements of Earnings as follows: Three months ended March 31, ($ 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 Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 31 ===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 32 ===== 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 Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 33 ===== 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 Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 34 ===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 35 ===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 36 ===== 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. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 37 ===== 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 Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 38 ===== 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 ===== SIDA 59 ===== shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company’s internal controls; counterparty 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 related thereto; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties” section of this document, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the “Risks and Uncertainties” section of the Company’s most recent AIF, 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 f o r w a r d - l o o k i n g i n f o r m a t i o n o r t o e x p l a i n a n y m a t e r i a l d i f f e r e n c e b e t w e e n s u c h a n d s u b s e q u e n t a c t u a l e v e n t s , e x c e p t a s required by applicable law. Overview Our Assets Financial Results Review Liquidity & Capital Resources Additional Summaries Non-GAAP & Other Performance Measures Other Information & Advisories 40 ===== SIDA 60 ===== Condensed Interim Consolidated Financial Statements of Lundin Mining Corporation March 31, 2026 (Unaudited) ===== SIDA 61 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS As at (Unaudited - in millions of US dollars) March 31, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 565.4 $ 296.2 Trade and other receivables (Note 4) 811.0 824.6 Income taxes receivable 28.1 27.3 Inventories (Note 5) 586.4 587.6 Current portion of derivative assets (Note 19) 4.0 9.8 Contingent consideration and other current assets (Note 3) 65.7 61.7 Assets held for sale (Note 3) — 229.1 Total current assets 2,060.6 2,036.3 Restricted funds 19.4 16.4 Long-term inventory (Note 5) 824.0 802.1 Contingent consideration and other non-current assets (Note 3) 70.2 75.5 Mineral properties, plant and equipment (Note 6) 7,050.5 7,036.4 Investment in associate (Note 7) 108.3 — Deferred tax assets 710.2 719.6 Goodwill 134.3 134.3 8,916.9 8,784.3 Total assets $ 10,977.5 $ 10,820.6 LIABILITIES Trade and other payables (Note 8) $ 702.4 $ 700.2 Income taxes payable 133.3 75.7 Current portion of derivative liabilities (Note 19) 47.1 43.0 Current portion of debt (Note 9) 130.9 180.8 Current portion of lease liabilities (Note 10) 50.9 45.6 Current portion of deferred revenue (Note 11) 67.8 56.3 Current portion of reclamation and other closure provisions (Note 12) 9.0 12.1 Liabilities held for sale (Note 3) — 126.8 Total current liabilities 1,141.4 1,240.5 Debt (Note 9) 171.1 56.3 Lease liabilities (Note 10) 158.3 166.9 Deferred revenue (Note 11) 382.1 404.2 Reclamation and other closure provisions (Note 12) 236.8 276.1 Deferred consideration and other long-term liabilities 123.5 118.9 Deferred tax liabilities 539.9 611.6 1,611.7 1,634.0 Total liabilities 2,753.1 2,874.5 SHAREHOLDERS' EQUITY Share capital (Note 13) 5,320.9 5,316.5 Contributed surplus 50.5 56.3 Accumulated other comprehensive loss (23.1) (23.2) Retained earnings 1,503.2 1,270.2 Equity attributable to Lundin Mining Corporation shareholders 6,851.5 6,619.8 Non-controlling interests (Note 14) 1,372.9 1,326.3 Total shareholders' equity 8,224.4 7,946.1 Total liabilities and shareholders' equity $ 10,977.5 $ 10,820.6 Commitments and contingencies (Note 20) Subsequent event (Note 24) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 1 ===== SIDA 62 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited - in millions of US dollars, except for shares and per share amounts) Three months ended March 31, 2026 2025 Continuing Operations: Revenue (Note 15) $ 1,158.8 $ 919.6 Cost of goods sold Production costs (Note 16) (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 income 2.9 3.9 Finance costs (Note 17) (14.5) (46.6) Share of net earnings of associate (Note 7) 2.9 — Other expense (Note 18) (25.5) (2.5) Earnings before income taxes from continuing operations 474.2 232.1 Current tax expense (153.3) (48.5) Deferred tax recovery (expense) 66.1 (2.4) Net earnings from continuing operations $ 387.0 $ 181.2 Net earnings (loss) from discontinued operations, net of taxes (Note 3) 0.9 (13.6) Net earnings $ 387.9 $ 167.6 Net earnings from continuing operations attributable to: Lundin Mining Corporation shareholders $ 280.5 $ 137.9 Non-controlling interests (Note 14) 106.5 43.3 Net earnings from continuing operations $ 387.0 $ 181.2 Net earnings attributable to: Lundin Mining Corporation shareholders $ 281.4 $ 124.3 Non-controlling interests (Note 14) 106.5 43.3 Net earnings $ 387.9 $ 167.6 Basic and diluted earnings per share from continuing operations attributable to Lundin Mining Corporation shareholders: $ 0.33 $ 0.16 Basic and diluted earnings (loss) per share from discontinued operations attributable to Lundin Mining Corporation shareholders: $ 0.00 $ (0.02) Basic and diluted earnings per share attributable to Lundin Mining Corporation shareholders: $ 0.33 $ 0.15 Weighted average shares outstanding (Note 13) 855,930,125 851,561,392 Weighted average diluted shares outstanding (Note 13) 860,831,237 854,279,519 The accompanying notes are an integral part of these condensed interim consolidated financial statements. 2 ===== SIDA 63 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited - in millions of US dollars) Three months ended March 31, 2026 2025 Net earnings $ 387.9 $ 167.6 Other comprehensive income, net of taxes: Item that will not be reclassified to net earnings: Remeasurements for post-employment benefit plans 0.2 0.2 Item that may be reclassified subsequently to net earnings: Effects of foreign exchange — 51.9 Other comprehensive income 0.2 52.1 Total comprehensive income $ 388.1 $ 219.7 Comprehensive income attributable to: Lundin Mining Corporation shareholders $ 281.5 $ 176.4 Non-controlling interests 106.6 43.3 Total comprehensive income $ 388.1 $ 219.7 Total comprehensive income attributable to Lundin Mining Corporation shareholders arising from: Continuing operations $ 280.6 $ 142.0 Discontinued operations 0.9 34.4 Comprehensive income attributable to Lundin Mining Corporation shareholders $ 281.5 $ 176.4 The accompanying notes are an integral part of these condensed interim consolidated financial statements. 3 ===== SIDA 64 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited - in millions of US dollars, except for shares) Number of shares Share capital Contributed surplus Accumulated other comprehensive loss Retained earnings Non- controlling interests Total Balance, December 31, 2025 854,347,591 $ 5,316.5 $ 56.3 $ (23.2) $ 1,270.2 $ 1,326.3 $ 7,946.1 Distributions to non-controlling interests — — — — — (60.0) (60.0) Exercise of share-based awards 2,459,442 13.4 (8.6) — — — 4.8 Share-based compensation — — 2.8 — — — 2.8 Dividends declared (Note 13(d)) — — — — (17.2) — (17.2) Shares purchased (Note 13(e)) (1,447,194) (9.0) — — (31.2) — (40.2) Net earnings — — — — 281.4 106.5 387.9 Other comprehensive income — — — 0.1 — 0.1 0.2 Total comprehensive income — — — 0.1 281.4 106.6 388.1 Balance, March 31, 2026 855,359,839 $ 5,320.9 $ 50.5 $ (23.1) $ 1,503.2 $ 1,372.9 $ 8,224.4 Balance, December 31, 2024 774,102,971 $ 4,585.6 $ 51.3 $ (375.8) $ 161.1 $ 1,093.6 $ 5,515.8 Acquisition of Filo Corp. 94,074,959 799.8 — — — — 799.8 Exercise of share-based awards 399,347 2.8 (2.1) — — — 0.7 Share-based compensation — — 1.3 — — — 1.3 Dividends declared (Note 13(d)) — — — — (54.6) — (54.6) Shares purchased (Note 13(e)) (8,429,800) (41.1) — — (26.7) — (67.8) Net earnings — — — — 124.3 43.3 167.6 Other comprehensive income — — — 52.0 — 0.1 52.1 Total comprehensive income — — — 52.0 124.3 43.3 219.7 Balance, March 31, 2025 860,147,477 $ 5,347.1 $ 50.5 $ (323.8) $ 204.1 $ 1,137.0 $ 6,414.9 The accompanying notes are an integral part of these condensed interim consolidated financial statements. 4 ===== SIDA 65 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in millions of US dollars) Three months ended March 31, Cash provided by (used in) 2026 2025 Operating activities Net earnings from continuing operations $ 387.0 $ 181.2 Items not involving cash and other adjustments Depreciation, depletion and amortization 134.3 133.5 Share-based compensation 3.2 1.4 Unrealized foreign exchange (gain) loss (3.1) 9.3 Finance costs, net (Note 17) 11.6 42.7 Recognition of deferred revenue (Note 11) (16.6) (19.6) Deferred tax (recovery) expense (66.1) 2.4 Revaluation of foreign currency and commodity derivatives (Note 19) 23.1 (24.3) Share of net earnings of associate (Note 7) (2.9) — Other (0.6) 12.2 Reclamation payments (Note 12) (4.1) (1.3) Changes in long-term inventory (15.7) (8.0) Changes in non-cash working capital items (Note 23) 43.6 (201.9) Cash provided by operating activities from continuing operations 493.7 127.6 Cash (used in) provided by operating activities from discontinued operations (1.8) 49.4 491.9 177.0 Investing activities Investment in mineral properties, plant and equipment (182.6) (171.6) Acquisition of Filo Corp. — (610.7) Proceeds from partial disposal of subsidiary — 689.5 Proceeds related to disposals of subsidiaries (Note 3) 2.3 — Interest received 2.9 3.9 Other (2.5) (7.6) Cash used in investing activities from continuing operations (179.9) (96.5) Cash used in investing activities from discontinued operations — (52.8) (179.9) (149.3) Financing activities Proceeds from debt (Note 9) 219.5 1,154.5 Principal repayments of debt (Note 9) (144.4) (1,056.0) Principal payments of lease liabilities (Note 10) (13.2) (15.0) Interest paid (6.9) (33.3) Financing fee paid (Note 9b) (10.8) — Shares purchased (Note 13) (40.2) (71.5) Proceeds from option exercises 4.8 0.7 Distributions paid to non-controlling interests (60.0) — Net payment from settlement of foreign currency and commodity derivatives (14.2) (13.6) Other 0.5 0.1 Cash used in financing activities from continuing operations (64.9) (34.1) Cash used in financing activities from discontinued operations — (3.3) (64.9) (37.4) Effect of foreign exchange on cash balances 0.1 3.0 Increase (decrease) in cash and cash equivalents during the period 247.2 (6.7) Cash and cash equivalents, beginning of period 318.2 432.3 Less: Cash and cash equivalents included in assets held for sale, end of period (Note 3) — (83.9) Cash and cash equivalents, end of period $ 565.4 $ 341.7 Supplemental cash flow information (Note 23) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 5 ===== SIDA 66 ===== 1. NATURE OF OPERATIONS 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 primarily producing copper and gold. As at the reporting date, the Company owns 80% of the Candelaria and Ojos del Salado mining complex (“Candelaria”) and 70% of the Caserones mine, each of which are located in Chile. The Company's operating assets also include the wholly- owned Chapada mine located in Brazil. The Company also has a 50% ownership interest in Vicuña Corp., holding the Josemaria deposit in Argentina and Filo del Sol deposit in Argentina and Chile ("Vicuña"). Subsequent to March 31, 2026, the Company completed the acquisition of an additional 5% interest the Caserones mine, along with a 30.9% interest in the Los Helados Project in Chile (Note 24). On January 9, 2026, the Company completed the previously announced transaction to sell its 100% interest in Lundin Mining US Ltd. and its subsidiaries (together "Eagle mine") to Talon Metals Corp. ("Talon"). The assets and liabilities of Eagle mine were classified as held for sale as at December 31, 2025. Following the completion of the transaction, the Company held approximately 19.86% of the issued and outstanding shares of Talon. The interest in Talon is accounted for as an associate using the equity method. On April 16, 2025, the Company completed the previously announced transaction to sell its 100% interests in Somincor- Sociedade Mineira de Neves-Corvo, S.A. ("Neves-Corvo") in Portugal and its 100% interests in each of Zinkgruvan Mining AB and North Atlantic Natural Resources AB (together "Zinkgruvan") in Sweden. The operating results of the Neves-Corvo, Zinkgruvan, and Eagle mine segments for the three months ended March 31, 2025 have been re-presented as a single line item of earnings (loss) from discontinued operations, net of taxes, on the consolidated statements of earnings (Note 3). The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm Exchange in Sweden. The Company is incorporated under the Canada Business Corporations Act and is domiciled in Canada. Its principal place of business is 1055 Dunsmuir Street, Suite 2800, Vancouver, British Columbia, Canada. 2. BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (i) Basis of presentation and measurement The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - Accounting, including IAS 34 - Interim Financial Reporting. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2025. The Company's presentation currency is United States (“US”) dollars. Reference herein to $ or USD is to US dollars, C$ or CAD is to Canadian dollars, CLP refers to the Chilean peso, and BRL refers to the Brazilian real. These condensed interim consolidated financial statements were approved by the Board of Directors of the Company for issue on May 6, 2026. (ii) Material accounting policies The accounting policies followed in these condensed interim consolidated financial statements are consistent with those disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2025. Except as described in Note 2 (iv) and Note 2(v), there were no changes or additions to material accounting policies during the three months ended March 31, 2026. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 6 ===== SIDA 67 ===== (iii) New standards and interpretations not yet adopted IFRS 18 - Presentation and Disclosure in Financial Statements In April 2024, the International Accounting Standards Board issued IFRS 18 - Presentation and Disclosure in Financial Statements, which replaces IAS 1 - Presentation of Financial Statements. IFRS 18 introduces a specified structure for the statement of earnings by requiring income and expenses to be presented into three defined categories (operating, investing, and financing) and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided ("management-defined performance measures"), IFRS 18 requires disclosure of the explanations around those measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and notes. IFRS 18 will not impact the recognition and measurement of items in the financial statements, nor will it impact which items are classified in other comprehensive income and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements, and retrospective application is required. The Company has completed a preliminary evaluation of the impact of IFRS 18 on the presentation of the statements of financial position, earnings (loss), and cash flows, and commenced system and process changes to allow tracking of certain items for presentation in comparative period financial statements. The Company continues to assess other matters related to the implementation of this new standard on its financial statements. (iv) New accounting standards or amendments adopted IFRS 9 - Financial Instruments and IFRS 7 - Financial Instruments: Disclosures In May 2024, the IASB issued amendments to the classification and measurement of financial instruments. These amendments updated classification and measurement requirements in IFRS 9 - Financial Instruments and related disclosure requirements in IFRS 7 - Financial Instruments : Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. Moreover, the amendments clarify the assessment of the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest (SPPI) criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income. Additionally in December 2024, the IASB published amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity. The amendments clarify the application of the ‘own-use’ requirements for in-scope contracts, amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts, and add new disclosure requirements. These amendments apply retrospectively to periods beginning on or after January 1, 2026 and have been adopted with no material impact to the Company in the current reporting period. (v) Investment in associate An associate is an entity over which the Company has significant influence, but not control, and is neither a subsidiary nor an interest in a joint venture. Associates are accounted for using the equity method. Under this method, the investment is initially recorded at cost and is subsequently adjusted to recognize the Company's share of net earnings or losses and other comprehensive income or losses of the associate. Dividends received from an associate are accounted for as a reduction in the carrying amount of the Company's investment. The Company determined that its ability to appoint representatives to Talon’s Board of Directors results in significant influence. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 7 ===== SIDA 68 ===== 3. DISCONTINUED OPERATIONS Disposal of Eagle mine On December 18, 2025, the Company entered into a definitive agreement to sell its 100% interest in the Eagle mine to Talon. The transaction was completed on January 9, 2026. Under the terms of the agreement, the Company received common shares of Talon (the "Talon Shares") 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 Talon Shares are subject to a lock-up period and therefore a discount was applied to the market price of the shares in determining the fair value of the share consideration. The Company will also receive ore delivery payments of $1.00 per tonne for any non-Eagle ore processed through the Humboldt mill, to a maximum of $20.0 million (the "Production Payment Royalty"). The transaction was also subject to a customary working capital adjustment in favour of Talon of $14.3 million, of which $2.7 million was paid in March 2026 and $11.6 million was paid in April 2026. On completion of the disposal of the Eagle mine, the Company recognized a gain on disposal of $4.0 million , net of income tax, calculated as follows: Eagle mine Share consideration $ 96.4 Production Payment Royalty receivable 3.2 Working capital adjustment (14.3) Transaction costs (1.3) Net proceeds $ 84.0 Net assets Trade and other receivables 9.5 Inventories 23.2 Mineral properties, plant and equipment 178.3 Trade and other payables (21.5) Lease liabilities (11.1) Reclamation and other closure provisions (73.9) Other long-term liabilities (1.0) Deferred tax liabilities (23.5) Net gain on disposal $ 4.0 Disposal of European operations On April 16, 2025, the Company completed the sale of Neves-Corvo and Zinkgruvan mines to Boliden AB. Pursuant to the terms of the transaction, t he Company may receive up to $150.0 million in contingent cash consideration if certain metal price thresholds are met. These include a percentage of incremental revenue realized at the Neves-Corvo mine in each of the three calendar years between 2025 and 2027 and at the Zinkgruvan mine between 2025 and 2026. Contingent consideration is revalued at each reporting period with changes recorded in net earnings (loss) from discontinued operations. During the three months ended March 31, 2026 , the Company received payment of $5.1 million related to contingent consideration previously recognized in the fourth quarter of 2025 . The fair value of the remaining unrealized contingent consideration was $85.2 million (December 31, 2025 - $85.7 million), of which $52.8 million (December 31, 2025 - $42.9 million) is included in contingent consideration and other current asset s and $32.4 million (December 31, 2025 - $42.8 million) is included in contingent consideration and other non-current assets on the consolidated balance sheet. For the three months ended March 31, 2026 , a loss on revaluation of $1.0 million (March 31, 2025 - $nil) was recorded in net earnings (loss) from discontinued operations. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 8 ===== SIDA 69 ===== The net earnings (loss) from discontinued operations for the three months ended March 31, 2026 and 2025, are as follows: For the three months ended March 31, 2026 Total(1) Revenue $ 0.9 Production costs (1.9) Finance costs (0.1) Loss on revaluation of contingent consideration (1.0) Other expense (0.8) Loss before income taxes (2.9) Income tax expense (0.2) Net loss before gain on disposal $ (3.1) Gain on disposal of subsidiaries 4.0 Net earnings from discontinued operations $ 0.9 (1) Includes financial results of Eagle from January 1, 2026 to January 9, 2026 and revaluation of contingent consideration as at March 31, 2026 For the three months ended March 31, 2025 Neves-Corvo Zinkgruvan Eagle Total Revenue $ 108.4 $ 71.6 $ 44.4 $ 224.4 Production costs (75.9) (34.2) (37.3) (147.4) Depreciation, depletion and amortization — — (4.5) (4.5) Exploration and business development (1.7) (3.1) (1.1) (5.9) Finance costs (3.5) (0.8) (1.2) (5.5) Other expense (1.0) (1.3) (0.3) (2.6) Goodwill and asset impairment (65.7) — — (65.7) (Loss) earnings before income taxes (39.4) 32.2 — (7.2) Income tax (expense) recovery (0.1) (4.2) 0.6 (3.7) Deferred tax (expense) recovery 0.2 (2.5) (0.4) (2.7) Net (loss) earnings from discontinued operations $ (39.3) $ 25.5 $ 0.2 $ (13.6) LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 9 ===== SIDA 70 ===== The assets and liabilities that are included in the held for sale categories as at December 31, 2025 are summarized below: Eagle mine Assets classified as held for sale Cash and cash equivalents $ 22.0 Trade and other receivables 10.4 Inventories 20.9 Mineral properties, plant and equipment 175.8 $ 229.1 Liabilities classified as held for sale Trade and other payables $ 19.5 Lease liabilities 9.0 Reclamation and other closure provisions 73.8 Other long-term liabilities 1.0 Deferred tax liabilities 23.5 $ 126.8 4. TRADE AND OTHER RECEIVABLES Trade and other receivables are comprised of the following: March 31, 2026 December 31, 2025 Trade receivables $ 664.6 $ 673.6 Value added tax 55.9 68.7 Prepaid expenses 26.0 22.3 Other receivables 64.5 60.0 $ 811.0 $ 824.6 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 10 ===== SIDA 71 ===== 5. INVENTORIES Inventories are comprised of the following: March 31, 2026 December 31, 2025 Materials and supplies $ 316.8 $ 297.1 Ore stockpiles and dump leach 210.8 222.8 Finished goods - concentrate stockpiles 48.8 48.7 Finished goods - copper cathode and other 10.0 19.0 $ 586.4 $ 587.6 Long-term inventories are comprised of the following: March 31, 2026 December 31, 2025 Ore stockpiles at Candelaria $ 527.6 $ 502.8 Ore stockpiles at Chapada 219.0 217.6 Dump leach at Caserones 77.4 81.7 $ 824.0 $ 802.1 6. MINERAL PROPERTIES, PLANT AND EQUIPMENT Mineral properties, plant and equipment are comprised of the following: Cost Mineral properties Plant and equipment Assets under construction(1) Development project(2) Software intangible assets Total As at December 31, 2024 $ 4,136.5 $ 4,408.4 $ 251.6 $ 1,377.6 $ 58.2 $ 10,232.3 Formation of Vicuña3 — (16.5) — 785.7 — 769.2 Additions 71.7 4.5 60.3 47.0 — 183.5 Disposals (1.9) (0.4) — — — (2.3) Transfers 4.6 19.2 (23.8) — — — As at March 31, 2025 4,210.9 4,415.2 288.1 2,210.3 58.2 11,182.7 Additions 105.0 29.2 295.9 157.0 1.7 588.8 Impairment reversal 80.4 8.0 — — — 88.4 Disposals (5.0) (251.4) (0.3) — — (256.7) Transfers 41.5 109.8 (151.4) — 0.1 — Reclassification to assets held for sale (Note 3) (470.4) (535.1) (3.8) — (4.3) (1,013.6) As at December 31, 2025 3,962.4 3,775.7 428.5 2,367.3 55.7 10,589.6 Additions 34.6 11.9 80.5 70.7 — 197.7 Change in estimate of reclamation provision (42.9) — — — — (42.9) Transfers 0.3 18.7 (19.0) — — — As at March 31, 2026 $ 3,954.4 $ 3,806.3 $ 490.0 $ 2,438.0 $ 55.7 $ 10,744.4 (1) Represent assets under construction at the Company's operating mine sites which are currently non-depreciable. (2) Assets relate to the Vicuña Project which are currently non-depreciable. (3) Formation of Vicuña movements in cost of $769.2 million and accumulated depreciation of $4.0 million, totaling $773.1 million, includes the 50% interest in Filo of $1,456.7 million less the 50% interest in Josemaria sold to BHP of $683.6 million and are inclusive of capitalized borrowing and transaction costs. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 11 ===== SIDA 72 ===== Accumulated depreciation, depletion and amortization Mineral properties Plant and equipment Assets under construction(1) Development project(2) Software intangible assets Total As at December 31, 2024 $ 2,286.5 $ 1,678.5 $ — $ — $ 22.7 $ 3,987.7 Formation of Vicuña(3) — (4.0) — — — (4.0) Depreciation 70.1 85.5 — — 2.1 157.7 Disposals — (0.4) — — — (0.4) Effects of foreign exchange — — — — 0.1 0.1 As at March 31, 2025 2,356.6 1,759.6 — — 24.9 4,141.1 Depreciation 234.4 246.5 — — 6.2 487.1 Disposals (2.8) (234.3) — — — (237.1) Effects of foreign exchange — — — — (0.1) (0.1) Reclassification to assets held for sale (Note 3) (376.3) (459.1) — — (2.4) (837.8) As at December 31, 2025 2,211.9 1,312.7 — — 28.6 3,553.2 Depreciation 66.7 72.3 — — 1.7 140.7 As at March 31, 2026 $ 2,278.6 $ 1,385.0 $ — $ — $ 30.3 $ 3,693.9 (1) Represent assets under construction at the Company's operating mine sites which are currently non-depreciable. (2) Assets relate to the Vicuña Project which are currently non-depreciable. (3) Formation of Vicuña movements in cost of $769.2 million and accumulated depreciation of $4.0 million, totaling $773.1 million, includes the 50% interest in Filo of $1,456.7 million less the 50% interest in Josemaria sold to BHP of $683.6 million and are inclusive of capitalized borrowing and transaction costs. Net book value Mineral properties Plant and equipment Assets under construction Development project Software intangible assets Total As at December 31, 2025 $ 1,750.5 $ 2,463.0 $ 428.5 $ 2,367.3 $ 27.1 $ 7,036.4 As at March 31, 2026 $ 1,675.8 $ 2,421.3 $ 490.0 $ 2,438.0 $ 25.4 $ 7,050.5 During the three months ended March 31, 2026, the Company capitalized $7.4 million (March 31, 2025 - $1.3 million) of finance costs related to the Vicuña Project at a weighted average interest rate of 5.2% (March 31, 2025 - 5.6%). During the three months ended March 31, 2026, the Company capitalized $34.6 million (March 31, 2025 - $56.2 million) of deferred stripping costs to mineral properties. The depreciation expense related to deferred stripping for the quarter ended March 31, 2026 was $50.1 million (March 31, 2025 - $57.9 million). Included in the mineral properties balance at March 31, 2026 is $39.1 million related to deferred stripping at Caserones ( December 31, 2025 - $0.8 million at Chapada), which is currently non-depreciable. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 12 ===== SIDA 73 ===== 7. INVESTMENT IN ASSOCIATE The following table summarizes the changes in investment in associate: As at December 31, 2025 $ — Investment in Talon 105.4 Share of net earnings of associate 2.9 As at March 31, 2026 $ 108.3 The Company received shares in Talon as consideration for the sale of Eagle to Talon (Note 3). As at March 31, 2026, the Company's investment in Talon represents a 19.60% ownership interest. Talon is a base metals mining company which operates the Eagle mine and Humboldt mill in Michigan and is advancing the Tamarack nickel-copper-cobalt project in central Minnesota, USA. The initial recognition of the investment in Talon was determined using the fair value of Talon Shares received in consideration for the sale of the Eagle mine (Note 3) and includes the fair value of the Company's previously owned 1.57% interest in Talon. 8. TRADE AND OTHER PAYABLES Trade and other payables are comprised of the following: March 31, 2026 December 31, 2025 Trade payables $ 367.2 $ 363.0 Unbilled goods and services 173.0 193.8 Employee benefits payable 56.6 72.9 Sinkhole provision (a) 29.2 23.2 Royalties payable 20.4 15.7 Dividend payable 17.2 — Pricing provisions on concentrate sales (b) 13.9 4.5 Deferred consideration, current portion (c) 10.0 10.0 Other 14.9 17.1 $ 702.4 $ 700.2 a) Relates to expected remediation costs and fines directly related to the sinkhole near the Company's Ojos del Salado operations. b) Includes balances owing to customers and provisions arising from forward market price adjustments. c) Relates to the current portion of the remaining deferred cash consideration arising from the Caserones acquisition. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 13 ===== SIDA 74 ===== 9. DEBT Debt facilities are comprised of the following: March 31, 2026 December 31, 2025 Revolving credit facility $ 171.1 $ 56.3 Candelaria and Chapada term loans 130.9 180.8 Debt 302.0 237.1 Less: current portion 130.9 180.8 Long-term portion $ 171.1 $ 56.3 The changes in the Company's debt facilities are comprised of the following: Candelaria and Chapada term loans (a) Revolving credit facility (b) Term loan Commercial paper Total As at December 31, 2024 $ 245.9 $ 264.8 $ 1,147.7 $ 98.7 $ 1,757.1 Additions 86.5 820.0 — 248.1 1,154.6 Payments (138.0) (670.0) — (248.1) (1,056.1) Financing fee amortization — 0.4 0.2 — 0.6 Deferred financing fee — (0.1) — — (0.1) Effects of foreign exchange — — — 4.0 4.0 As at March 31, 2025 194.4 415.1 1,147.9 102.7 1,860.1 Additions 330.3 230.0 — — 560.3 Payments (343.9) (590.0) (1,150.0) (105.2) (2,189.1) Deferred financing fee — (0.1) — — (0.1) Financing fee amortization — 1.3 2.1 — 3.4 Effects of foreign exchange — — — 2.5 2.5 As at December 31, 2025 180.8 56.3 — — 237.1 Additions 74.5 145.0 — — 219.5 Payments (124.4) (20.0) — — (144.4) Deferred financing fee — (10.8) — — (10.8) Financing fee amortization — 0.6 — 0.6 As at March 31, 2026 130.9 171.1 — — 302.0 Less: current portion 130.9 — — — 130.9 Long-term portion $ — $ 171.1 $ — $ — $ 171.1 a) Compañia Contractual Minera Candelaria S.A. ("Candelaria mine") , a subsidiary owned 80% by the Company, which owns the Candelaria mine, holds a series of unsecured fixed term loans. As at March 31, 2026, there was one term loan outstanding at Candelaria totaling $50.0 million (December 31, 2025 - one term loan totaling $50.0 million), which accrues interest at a rate of 4.30% per annum with interest payable upon maturity in May 2026. Mineração Maracá Indústria e Comércio S.A. (“Chapada”), a subsidiary of the Company, which owns the Chapada mine, holds a series of export-linked unsecured fixed term loans. As at March 31, 2026, there were 14 term loans outstanding at Chapada totaling $80.9 million (December 31, 2025 - 24 term loans totaling $130.8 million). These outstanding term loans 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. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 14 ===== SIDA 75 ===== b) During the three months ended March 31, 2026, the Company amended its existing revolving credit facility, which increased the facility to $2,250.0 million (previously $1,750.0 million) and extended the maturity to February 2031 (previously April 2029). Upon satisfaction of certain conditions, the Company will have access to $3,500.0 million and upon sanctioning Stage 1 of the Vicuña Project, the revolving credit facility will increase to $4,500.0 million. The credit facility 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% (previously 1.40% to 2.55%). The facility is subject to customary covenants. As at March 31, 2026, a principal balance of $185.0 million (December 31, 2025 - $60.0 million) was outstanding, with unamortized deferred financing fees of $13.9 million (December 31, 2025 - $3.7 million ) netted against borrowings. The schedule of undiscounted debt obligations is as follows: Less than one year $ 130.9 One to five years 185.0 More than five years — Total undiscounted obligations as at March 31, 2026 $ 315.9 10. LEASE LIABILITIES The following table summarizes the changes in the Company's lease liabilities: As at December 31, 2024 $ 249.2 Contribution to Vicuña (1.1) Additions 4.4 Payments (21.0) Interest 5.8 Effects of foreign exchange 4.2 As at March 31, 2025 241.5 Additions 20.3 Payments (61.4) Interest 16.8 Reclassified to liabilities held for sale (Note 3) (9.0) Effects of foreign exchange 4.3 As at December 31, 2025 212.5 Additions 10.9 Payments (18.8) Interest 5.5 Effects of foreign exchange (0.9) As at March 31, 2026 209.2 Less: current portion 50.9 Long-term portion $ 158.3 Lease liabilities relate to leases on power line infrastructure, buildings and storage facilities, vehicles, machinery and equipment, which have remaining lease terms of one to eleven years and interest rates of 1.0% - 10.0% over the terms of the leases. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 15 ===== SIDA 76 ===== The schedule of undiscounted lease obligations is as follows: Less than one year $ 63.9 One to five years 113.3 More than five years 109.2 Total undiscounted obligations as at March 31, 2026 $ 286.4 11. DEFERRED REVENUE The following table summarizes the changes in deferred revenue: As at December 31, 2024 $ 507.7 Recognition of revenue (19.7) Finance costs 6.7 As at March 31, 2025 494.7 Recognition of revenue (47.5) Variable consideration adjustment (6.5) Finance costs 19.8 As at December 31, 2025 460.5 Recognition of revenue (16.6) Finance costs 6.0 As at March 31, 2026 449.9 Less: current portion 67.8 Long-term portion $ 382.1 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 16 ===== SIDA 77 ===== 12. RECLAMATION AND OTHER CLOSURE PROVISIONS Reclamation and other closure provisions relating to the Company's mining operations are as follows: Reclamation provisions Other closure provisions Total Balance, December 31, 2024 $ 310.4 $ 33.8 $ 344.2 Accretion 5.0 — 5.0 Changes in estimate 0.3 1.1 1.4 Payments (0.8) (1.3) (2.1) Effects of foreign exchange — 1.5 1.5 Balance, March 31, 2025 314.9 35.1 350.0 Accretion 14.4 — 14.4 Changes in estimate (5.9) 4.8 (1.1) Changes in discount rate 4.9 — 4.9 Payments (6.3) (2.0) (8.3) Reclassification to liabilities held for sale (Note 3) (73.8) — (73.8) Effects of foreign exchange — 2.1 2.1 Balance, December 31, 2025 248.2 40.0 288.2 Accretion 4.6 — 4.6 Changes in estimate (42.9) 1.0 (41.9) Payments (1.4) (2.7) (4.1) Effects of foreign exchange — (1.0) (1.0) Balance, March 31, 2026 208.5 37.3 245.8 Less: current portion 3.6 5.4 9.0 Long-term portion $ 204.9 $ 31.9 $ 236.8 The Company expects these liabilities to be settled between 2026 and 2110. The reclamation provisions are discounted using current market pre-tax discount rates which range from 3.5% to 14.5% (December 31, 2025 - 3.5% to 14.5%). 13. SHARE CAPITAL a) Basic and diluted weighted average number of shares outstanding Three months ended March 31, 2026 2025 Basic weighted average number of shares outstanding 855,930,125 851,561,392 Effect of dilutive securities 4,901,112 2,718,127 Diluted weighted average number of shares outstanding 860,831,237 854,279,519 Antidilutive securities 597,543 424,056 The effect of dilutive securities relates to in-the-money outstanding stock options and share units. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 17 ===== SIDA 78 ===== b) Stock options and share units granted Three months ended March 31, 2026 2025 Stock options 1,191,300 1,746,600 Restricted share units and performance share units 349,050 819,760 c) Deferred share units During the three months ended March 31, 2026 , the Company granted 5,649 (March 31, 2025 - 8,849) deferred share units ("DSUs"). As at March 31, 2026, there were 65,424 DSUs outstanding (December 31, 2025 - 59,775). d) Dividends During the three months ended March 31, 2026 , the Company declared dividends in the amount of $17.2 million (March 31, 2025 - $54.6 million) or C$0.0275 per share ( March 31, 2025 - C$0.09 per share), which were paid on April 8, 2026. e) Normal course issuer bid During the three months ended March 31, 2026, 1,447,194 (March 31, 2025 - 8,429,800) shares were purchased by the Company's broker under the automatic share purchase plan ("ASPP") or at management's discretion pursuant to its normal course issuer bid ("NCIB") at an average price of C$ 38.01 per share ( March 31, 2025 - C $12.18 per share) for total consideration of $ 40.2 million (March 31, 2025 - $67.8 million). All common shares purchased were cancelled. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 18 ===== SIDA 79 ===== 14. NON-CONTROLLING INTERESTS AND JOINT OPERATIONS a) Non-controlling interests Set out below is a continuity schedule of the Company's non-controlling interest ("NCI") that is material to the group. As part of its Candelaria segment, the Company owns 80% of the Candelaria mine and Compañia Contractual Minera Ojos del Salado S.A.’s ("Ojos") copper mining operations and supporting infrastructure in Chile (together the "Candelaria complex"). On April 7, 2026, the Company completed the acquisition of an additional 5% interest in the Caserones mine, reducing the non-controlling interest from 30% to 25%. The continuity of the Company's non-wholly owned subsidiaries with material NCI is as follows: Candelaria complex Caserones mine Total NCI in subsidiary at March 31, 2026 20% 30% As at December 31, 2024 $ 580.3 $ 513.3 $ 1,093.6 Share of net comprehensive income (loss) 24.1 19.2 43.3 As at March 31, 2025 604.4 532.6 1,137.0 Share of net comprehensive income (loss) 72.1 255.3 327.4 Distributions declared (60.0) (78.0) (138.0) As at December 31, 2025 616.5 709.8 1,326.3 Share of net comprehensive income (loss) 28.4 78.2 106.6 Distributions declared — (60.0) (60.0) As at March 31, 2026 $ 644.9 $ 728.0 $ 1,372.9 b) Joint operations Set out below is summarized financial information for the Vicuña joint operation on a 50% basis: Summarized balance sheets (50% share) March 31, 2026 December 31, 2025 Total current assets $ 64.1 $ 30.6 Total non-current assets $ 2,390.7 $ 2,327.0 Total current liabilities $ 55.7 $ 43.5 Total non-current liabilities $ 6.3 $ 7.6 Summarized statements of earnings and comprehensive income (50% share) Three months ended March 31, 2026 Three months ended March 31, 2025(1) Net (loss) earnings $ (0.7) $ 2.5 Net comprehensive (loss) earnings $ (0.7) $ 2.5 Summarized statement of cash flows (50% share) Three months ended March 31, 2026 Three months ended March 31, 2025(1) Cash (used in) generated from operating activities $ (2.1) $ 6.4 Cash used in investing activities (54.4) (40.7) Cash used in financing activities (0.4) (0.1) Decrease in cash and cash equivalents during the period $ (56.9) $ (34.4) (1) Includes financial results from the date of formation, January 15, 2025, to March 31, 2025. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 19 ===== SIDA 80 ===== 15. REVENUE The Company's analysis of revenue from contracts with customers, segmented by product, is as follows: Three months ended March 31, 2026 2025 Revenue from contracts with customers: Copper $ 995.6 $ 729.1 Gold 119.6 79.0 Molybdenum 33.5 25.1 Silver 18.0 13.4 Other 6.8 3.6 1,173.5 850.2 Provisional pricing adjustments on current period concentrate sales (37.0) 24.8 Provisional pricing adjustments on prior period concentrate sales 22.3 44.6 Revenue $ 1,158.8 $ 919.6 Concentrate and cathodes produced at the Company’s mines is sold to a number of strategic customers with whom the Company has established long-term relationships. The failure of any of the Company’s strategic customers could have a material adverse effect on the Company’s financial position. The Company has four customers that individually account for 10% or more of the Company’s total sales. The Company's largest customers represent approximately 51%, 13%, 11%, and 10% of total sales (March 31, 2025 - three customers representing 23%, 20%, and 11% of total sales). 16. PRODUCTION COSTS The Company's production costs are comprised of the following: Three months ended March 31, 2026 2025 Direct mine and mill cost $ 432.5 $ 440.4 Transportation 29.0 24.0 Royalties 25.5 15.4 Total production costs $ 487.0 $ 479.8 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 20 ===== SIDA 81 ===== 17. FINANCE COSTS The Company's finance costs are comprised of the following: Three months ended March 31, 2026 2025 Interest expense and bank fees $ (1.7) $ (29.4) Accretion expense on reclamation provisions (4.6) (4.0) Lease liability interest (5.5) (5.5) Deferred revenue finance costs (1.1) (5.9) Other (1.6) (1.8) Total finance costs $ (14.5) $ (46.6) 18. OTHER INCOME AND EXPENSE The Company's other income and expense are comprised of the following: Three months ended March 31, 2026 2025 Realized losses on derivative contracts (Note 19) $ (13.2) $ (11.7) Unrealized (losses) gains on derivative contracts (Note 19) (9.9) 36.0 Ojos del Salado sinkhole expense (a) (6.3) (1.1) Revaluation of marketable securities 3.8 (0.5) Foreign exchange loss (b) — (19.5) Loss on disposal of assets — (1.9) Other income (expense) 0.1 (3.8) Total other expense, net $ (25.5) $ (2.5) a) Ojos del Salado sinkhole expenses are adjustments to a provision as a result of updated information related to the sinkhole near the Company's Ojos del Salado operations. b) Foreign exchange loss primarily relates to the foreign exchange revaluation of trade payables and lease liabilities held in foreign currencies. 19. FINANCIAL INSTRUMENTS Derivative instruments From time to time, the Company uses derivative contracts as part of its risk management strategy to mitigate exposure to foreign currencies and commodities. The Company acquires foreign currency forward and option contracts on CAD, BRL, and CLP foreign currencies intended to limit the foreign exchange exposure of a portion of the Company's forecasted foreign currency denominated expenditures. Additional commodity forward swap and option contracts are used from time to time. The foreign exchange and commodities contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value with changes in fair value recognized in the consolidated statements of earnings. The following tables outline the foreign currency and commodity derivative notional contract positions and their expiry dates: LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 21 ===== SIDA 82 ===== Expired in Expiring throughout: Foreign currency option contracts Q1 2026 remainder of 2026 USD/BRL collars Average contract price 5.07/6.04 5.07/6.04 Position (USD millions) 29 86 USD/CLP collars Average contract price 904/1,060 904/1,060 Position (USD millions) 86 257 Expired in Expiring throughout: Commodity hedge contracts Q1 2026 remainder of 2026 Gold collars Average contract price ($/oz) 2,500/3,455 2,500/3,455 Position (koz) 11 32 The Company’s net unrealized and realized gain/(loss) on foreign currency and commodity derivative contracts are as follows: Three months ended March 31, 2026 2025 Unrealized gain/(loss) on derivative financial instruments: Foreign currency contracts $ (3.7) $ 49.4 Commodity hedge contracts (6.2) (13.4) (9.9) 36.0 Realized gain/(loss) on derivative financial instruments: Foreign currency contracts 2.1 (11.7) Commodity hedge contracts (15.3) — (13.2) (11.7) Total unrealized and realized gain (loss) on derivative contracts: $ (23.1) $ 24.3 A summary of the fair values of unsettled derivative contracts recorded on the consolidated balance sheet is as follows: March 31, 2026 December 31, 2025 Foreign currency contracts: Current asset position $ 4.0 $ 9.8 Current liability position 0.1 2.3 Commodity contracts: Current liability position $ 47.0 $ 40.7 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 22 ===== SIDA 83 ===== Fair values of financial instruments The Company’s financial assets and financial liabilities have been classified into categories that determine their basis of measurement. The following table shows the carrying values, fair values and fair value hierarchy of the Company’s financial instruments as at March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 Level Carrying value Fair value Carrying value Fair value Financial assets Fair value through profit or loss Restricted funds 1 $ 19.4 $ 19.4 $ 16.4 $ 16.4 Trade receivables (provisional) 2 615.6 615.6 624.2 624.2 Marketable securities 1 25.2 25.2 30.9 30.9 Foreign currency contracts 2 4.0 4.0 9.8 9.8 Contingent consideration & Production Payment Royalty 3 88.4 88.4 85.7 85.7 $ 752.6 $ 752.6 $ 767.0 $ 767.0 Financial liabilities Amortized cost Debt 3 $ 302.0 $ 302.0 $ 237.1 $ 237.1 Caserones deferred consideration 2 110.9 110.9 109.3 109.3 Fair value through profit or loss Pricing provisions on concentrate sales 2 $ 13.1 $ 13.1 $ 2.4 $ 2.4 Foreign currency contracts 2 0.1 0.1 2.3 2.3 Commodity contracts 2 47.0 47.0 40.7 40.7 $ 60.2 $ 60.2 $ 45.4 $ 45.4 Fair values of financial instruments are determined by valuation methods depending on hierarchy levels as defined below: Level 1 – Quoted market price in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted market prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. observed prices) or indirectly (i.e. derived from prices). Level 3 – Inputs for the assets or liabilities are not based on observable market data. The Company estimates fair values based on the following methods of valuation and assumptions: Marketable securities/debt and equity investments/restricted funds – The fair value of investments in shares and bonds is determined based on the quoted market price. Trade receivables/pricing provisions on concentrate sales – The fair value of trade receivables that contain provisional pricing sales arrangements are valued using quoted forward market prices. The Company recognized negative pricing adjustments of $14.7 million in revenue during the three months ended March 31, 2026 (March 31, 2025 - $69.4 million positive pricing adjustments). Foreign currency and commodity contracts – The fair value of these derivatives are determined by the counterparties to the contracts and are assessed by Management using pricing models based on active market prices. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 23 ===== SIDA 84 ===== Contingent consideration – The fair value of the contingent consideration related to Neves-Corvo mine and Zinkgruvan mine was estimated by calculating the present value of the future expected cash flows from the contingent copper and zinc payments related to the Neves-Corvo mine and Zinkgruvan mine based on probability- weighted scenarios of future copper and zinc prices. Production Payment Royalty – The fair value of the Production Payment Royalty was estimated by calculating the present value of the expected royalties receivable. Caserones deferred consideration – The fair value of the Caserones deferred consideration has been discounted at the estimated credit adjusted risk free rate applicable to future payments. Debt – The fair values approximate carrying values as the interest rates are comparable to current market rates. The carrying values of certain financial instruments maturing in the short-term approximate their fair values. These financial instruments include cash and cash equivalents, trade and other receivables other than those provisionally priced, and trade and other payables other than those provisionally priced, which are classified as amortized cost. 20. COMMITMENTS AND CONTINGENCIES a) The Company has capital commitments of $372.8 million on various initiatives of which $265.0 million is expected to be paid within one year from the reporting date. b) The Company may be involved in legal proce edings arising in the ordinary course of business. The potential amount of the liabilities with respect to such legal proceedings is not expected to materially affect the Company's financial position. c) There were no significant changes to commitments and contingencies from those reported at December 31, 2025. 21. SEGMENTED INFORMATION The Company is engaged in mining, exploration and development of mineral properties at three operating sites located in Chile and Brazil, and at Vicuña in Argentina and Chile. Operating segments are reported in a manner consistent with the internal reporting provided to the executive leadership team who act as the operating decision-makers. The chief operating decision-makers consider the business from a site and project-level perspective. Executive management are responsible for allocating resources and assessing performance of the operating segments. The Company has identified four reportable segments which include three operating sites, and the Vicuña Project. The Vicuña segment is an independently managed joint arrangement and includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Vicuña Project, comprised of the Josemaria and Filo del Sol deposits, after that date. Discontinued operations include results from the Eagle, Neves-Corvo and Zinkgruvan segments (Note 3). LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 24 ===== SIDA 85 ===== For the three months ended March 31, 2026 Candelaria Caserones Chapada Vicuña Other Total Continuing Operations Discontinued Operations2 Total Chile Chile Brazil Argentina & Chile Revenue $ 453.4 $ 506.3 $ 199.1 $ — $ — $ 1,158.8 $ 0.9 $ 1,159.7 Cost of goods sold Direct mine and mill costs (188.0) (172.5) (71.6) — (0.4) (432.5) (1.9) (434.4) Transportation (9.2) (11.7) (8.1) — — (29.0) — (29.0) Royalties (4.8) (15.1) (5.6) — — (25.5) — (25.5) Depreciation, depletion and amortization (70.2) (42.4) (21.5) — (0.2) (134.3) — (134.3) Gross profit (loss) 181.2 264.6 92.3 — (0.6) 537.5 (1.0) 536.5 General and administrative expenses — — — — (17.3) (17.3) — (17.3) Exploration and business development (2.1) (7.3) (1.1) (0.5) (0.8) (11.8) — (11.8) Finance (costs) income (6.0) (4.9) (5.6) 0.1 4.8 (11.6) (0.1) (11.7) Share of net earnings of associate — — — — 2.9 2.9 — 2.9 Loss on revaluation of contingent consideration — — — — — — (1.0) (1.0) Other expense (5.1) 2.8 (6.6) (1.4) (15.2) (25.5) (0.8) (26.3) Gain on disposal of subsidiaries — — — — — — 4.0 4.0 Income tax (expense) recovery (87.0) (16.9) 16.0 1.2 (0.5) (87.2) (0.2) (87.4) Net earnings (loss) $ 81.0 $ 238.3 $ 95.0 $ (0.6) $ (26.7) $ 387.0 $ 0.9 $ 387.9 Capital expenditures $ 48.5 $ 54.9 $ 24.5 $ 54.7 $ — $ 182.6 $ — $ 182.6 Total non-current assets(1) $ 2,961.6 $ 1,333.5 $ 1,244.4 $ 2,463.7 $ 5.6 $ 8,008.8 $ — $ 8,008.8 1 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. 2 Includes the financial results of Eagle mine from January 1, 2026 to January 9, 2026 and revaluation of contingent consideration associated with the disposal of the European operations. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 25 ===== SIDA 86 ===== For the three months ended March 31, 2025 Candelaria Caserones Chapada Vicuña2 Other Total Continuing Operations Discontinued Operations3 Total Chile Chile Brazil Argentina & Chile Revenue $ 419.1 $ 385.9 $ 114.6 $ — $ — $ 919.6 $ 224.4 $ 1,144.0 Cost of goods sold Direct mine and mill costs (161.2) (222.9) (56.0) — (0.2) (440.3) (132.6) (572.9) Transportation (7.4) (11.1) (5.5) — — (24.0) (11.5) (35.5) Royalties (3.5) (9.9) (2.1) — — (15.5) (3.3) (18.8) Depreciation, depletion and amortization (69.2) (45.9) (18.3) — (0.1) (133.5) (4.5) (138.0) Gross profit (loss) 177.8 96.1 32.7 — (0.3) 306.3 72.5 378.8 General and administrative expenses — — — — (18.3) (18.3) — (18.3) Exploration and business development (2.4) (3.1) (1.2) (1.3) (2.7) (10.7) (5.9) (16.6) Finance (costs) income (6.0) (5.2) (6.1) — (25.4) (42.7) (5.5) (48.2) Other (expense) income (13.5) (9.5) (12.6) 2.3 30.8 (2.5) (2.6) (5.1) Asset impairment — — — — — — (65.7) (65.7) Income tax (expense) recovery (66.0) (5.1) 22.7 (9.6) 7.1 (50.9) (6.4) (57.3) Net earnings (loss) $ 89.9 $ 73.2 $ 35.5 $ (8.6) $ (8.8) $ 181.2 $ (13.6) $ 167.6 Capital expenditures $ 67.9 $ 38.2 $ 22.2 $ 43.2 $ — $ 171.5 $ 53.6 $ 225.1 Total non-current assets(1) $ 3,076.8 $ 1,357.7 $ 1,295.5 $ 2,228.0 $ 6.5 $ 7,964.5 $ — $ 7,964.5 1 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. 2 The Vicuña segment includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Vicuña Project after that date. 3 Includes the financial results of Eagle, Neves-Corvo and Zinkgruvan. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 26 ===== SIDA 87 ===== 22. RELATED PARTY TRANSACTIONS a) Key management personnel - The Company has identified its directors and senior officers as its key management personnel. Employee benefits for key management personnel are as follows: Three months ended March 31, 2026 2025 Wages, salaries and pension and other benefits $ 2.9 $ 2.7 Share-based compensation 1.4 0.5 $ 4.3 $ 3.2 b) Other related parties - For the three months ended March 31, 2026, the Company incurred $1.2 million (March 31, 2025 – $2.0 million ) for services provided by companies owned by members of key management personnel primarily relating to office rental and transportation. For the three months ended March 31, 2026 , the Company incurred $0.7 million (March 31, 2025 – $0.7 million) for services provided by the Lundin Foundation, a not-for-profit organization supporting community economic development programs and related initiatives in the regions in which the Company operates. c) Transactions with associates - The Company may enter into transactions related to its investment in associate. These transactions are entered into in the normal course of business and on an arm's length basis. As at March 31, 2026, the Company had an amount payable to Talon of $11.6 million for a working capital adjustment in relation to the sale of Eagle mine (Note 3). 23. SUPPLEMENTARY CASH FLOW INFORMATION Three months ended March 31, 2026 2025 Changes in non-cash working capital items consist of: Trade and income taxes receivable, and other current assets $ 3.6 $ (168.4) Inventories (1.4) 14.0 Trade and income taxes payable, and other current liabilities 41.4 (47.5) $ 43.6 $ (201.9) Operating activities included the following cash payments: Income taxes paid $ 94.9 $ 42.8 24. SUBSEQUENT EVENT On April 7, 2026, the Company completed the acquisition of an additional 5% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile, which owns the Caserones mine, along with a 30.9% interest in the Los Helados Project, located in Chile, and a 0.62% smelter return royalty on Los Helados from JX Advanced Metals Corporation and affiliates. The total consideration of the transaction was $215.0 million, funded from cash and cash equivalents. The remaining 69.1% interest in the Los Helados Project is held by NGEx Minerals Ltd. who is also the operator of the project. Upon closing of the transaction, the Company's ownership interest in Caserones mine increased to 75%. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three months ended March 31, 2026 and 2025 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) 27