FULLTEXT DEL 2 AV 2
Kvartalsrapport Q1 2026
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