===== SIDA 1 ===== NEWS RELEASE Lundin Mining Second Quarter 2024 Results Vancouver, July  30, 2024 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today reported its second quarter 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis. Jack Lundin, President and CEO commented, "During the quarter we generated record quarterly revenue of $1.1 billion which contributed to a strong financial performance for the Company. Adjusted EBITDA 1 for the quarter was $461 million and free cash flow from operations 1 was $338 million driven by stronger commodity prices and working capital inflows. "At Candelaria, while mill throughput in the first half of the year was strong, we expect to achieve a significant step-up in production in the second half of the year with planned higher grades and higher mining rates from ore in Phase 11. This production step-up has started to materialize during the month of July from the open pit. “Our team remains dedicated to enhancing operational performance, prioritizing safety and cost optimization. Cash costs 1 for the quarter were at the lower end of our guidance range. We are well-positioned for a strong second half of the year and are on track to meet our consolidated production guidance for copper, gold, and zinc. Additionally, we have reduced our guidance for sustaining capital expenditures by $45 million." Second Quarter Operational and Financial Highlights • Copper Production: Consolidated production of 79,708 tonnes of copper in the second quarter. • Other Production: During the quarter, a total of 47,460 tonnes of zinc, 1,721 tonnes of nickel and approximately 32,000 ounces of gold were produced. • Revenue: $1,083.6 million in the second quarter with a realized copper price 1 of $4.79 /lb. • Net Earnings and Adjusted Earnings 1 : Net earnings attributable to shareholders of the Company were $121.6 million or $0.16 per share in the second quarter with adjusted earnings of $122.1 million or $0.16 per share. • Adjusted EBITDA 1 : $460.9 million generated during the quarter. • Cash Generation: Cash provided by operating activities was $491.8 million and free cash flow from operations 1 was $337.5 million, which was increased by a working capital release of $121.9 million. • Growth: On July 2, 2024, the Company exercised its option to increase ownership in Caserones to 70%, which adds an additional 25,000 tonnes of attributable copper production to Lundin Mining's production profile 2 . • Sustainability Report: On July 10, 2024 the Company published its annual 2023 Sustainability Report that highlights the Company's material environmental, health & safety, governance and social performance during the year. • Outlook: Second quarter 2024 production and cash costs were aligned with expectations, the Company's full year guidance remains unchanged with the exception of nickel: ◦ Caserones: Annual copper production guidance range for the Caserones mine for 2024 has been increased to 124,000 - 135,000 tonnes (previously 120,000 - 130,000 tonnes). Cash cost guidance for Caserones remains unchanged. ◦ Eagle Mine: Annual nickel production guidance range for the Eagle mine for 2024 has been reduced to 7,000 - 9,000 tonnes (previously 10,000 - 13,000 tonnes) and the copper production guidance range has been reduced to 5,000 - 7,000 tonnes (previously 9,000 - 12,000 tonnes). Cash cost guidance per pound of nickel for the Eagle mine has increased to $3.20/lb - $3.40/lb (previously $2.80/lb - $3.00/lb) ◦ Sustaining Capital Expenditures: Will be reduced by $45 million and are expected to total $795 million (previously $840 million) due to reductions in planned spending at Caserones, Neves-Corvo and Zinkgruvan. Corporate Office 1055 Dunsmuir Street Suite 2800, Bentall IV Vancouver, BC V7X 1L2 Phone +1 604 689 7842 lundinmining.com 1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release. 2 Based on Caserones 2024 production guidance as outlined in the news release 'Lundin Mining Provides 2024 Guidance & Announces 2023 Production Results' dated January 14, 2024. ===== SIDA 2 ===== Summary Financial Results Three months ended June 30, Six months ended June 30, US$ Millions (except per share amounts) 2024 2023 2024 2023 Revenue 1,083.6 588.5 2,020.6 1,339.9 Gross profit 279.5 52.8 464.9 266.2 Attributable net earnings a 121.6 59.1 135.5 205.7 Net earnings 156.7 61.3 215.3 226.6 Adjusted earnings a,b 122.1 45.6 167.3 171.3 Adjusted EBITDA b 460.9 191.8 823.7 528.7 Basic earnings per share ("EPS") a 0.16 0.08 0.18 0.27 Diluted EPS a 0.16 0.08 0.17 0.27 0.27 Adjusted EPS a,b 0.16 0.06 0.22 0.22 Cash provided by operating activities 491.8 194.8 759.3 406.7 Adjusted operating cash flow b 369.9 110.6 683.5 345.7 Adjusted operating cash flow per share b 0.48 0.14 0.88 0.45 Free cash flow from operations b 337.5 20.7 405.2 91.8 Free cash flow b 236.8 (84.6) 235.1 (118.8) Cash and cash equivalents 452.8 190.2 452.8 190.2 Net debt excluding lease liabilities b 893.8 201.3 893.8 201.3 Net debt b 1,152.9 229.8 1,152.9 229.8 a Attributable to shareholders of Lundin Mining Corporation. b These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the three and six months ended June 30, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release. • For the three months ended June 30, 2024 , the Company generated revenue of $1,083.6 million, driven by 78,662 tonnes of copper sold at a realized price of $4.79 /lb . Revenue benefited from higher realized copper and zinc prices, including $94.5 million positive provisional pricing adjustments on prior period concentrate sales. • Gross profit of $279.5 million and Adjusted EBITDA of $460.9 million in the three months ended June 30, 2024 reflect higher realized copper and zinc prices despite the impacts of planned lower grades and maintenance activities on copper concentrate sales from Candelaria and Caserones, respectively. • Net earnings attributable to shareholders of the Company were $121.6 million or $0.16 per share in the three months ended June 30, 2024, and included higher tax expense due to higher taxable earnings and the utilization of prior period tax losses. • Adjusted earnings attributable to shareholders of the Company for the three months ended June 30, 2024 were $122.1 million or $0.16 per share after removing a loss on foreign exchange due to the translation of deferred tax balances and expenses relating to the partial suspension of underground operations at Eagle, among other things. • Cash and cash equivalents as at June 30, 2024 were $452.8 million. Cash provided by operating activities amounted to $491.8 million and cash used to fund investing activities amounted to $252.2 million. The Company had a net debt excluding lease liabilities 1 balance of $893.8 million as at June 30, 2024 (December 31, 2023 - $946.2 million). • Free cash flow 1 for the three months ended June 30, 2024 of $236.8 million reflected higher copper and zinc realized prices, positive working capital changes and reduced capital expenditure at Candelaria. • During the three months ended June 30, 2024 , the Company entered into zero cost collar contracts in the total amount of $222 million (equivalent to BRL 1.1 billion) with collar ranges of BRL 5.00 to BRL 6.11. • As at July 30, 2024, the Company had a cash balance of approximately $288.0 million and a net debt excluding lease liabilities balance of approximately $1,338.0 million. 1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release. ===== SIDA 3 ===== Operational Performance Total Production (Contained metal) a 2024 2023 YTD Q2 Q1 Total Q4 Q3 Q2 Q1 Copper (t) b 167,721 79,708 88,013 314,798 103,337 89,942 60,057 61,462 Zinc (t) 93,148 47,460 45,688 185,161 50,719 49,774 36,115 48,553 Nickel (t) 4,976 1,721 3,255 16,429 3,729 4,290 4,686 3,724 Gold (koz) b 65 32 33 149 44 35 34 36 Molybdenum (t) b 1,578 714 864 2,024 928 1,096 — — a. Tonnes (t) and thousands of ounces (koz) b. Candelaria and Caserones production is on a 100% basis. Candelaria (80% owned): Candelaria produced 31,170 tonnes of copper and approximately 17,000 ounces of gold in concentrate on a 100% basis in the three months ended June 30, 2024. Production in the quarter was impacted by lower grades and recoveries, partially offset by higher throughput. During the three months ended June 30, 2024 , mining rates were impacted by the interface of the open pit and historic underground mining stopes, requiring more stockpiled ore to be processed which reduced grades and recoveries. Access to higher grade ore is anticipated in the second half of 2024 as per the mine sequence. Three of four stopes have now been filled and blasted, with work on the fourth expected to begin in Q3, and not expected to impact production in the second half of 2024. Production costs were reduced by lower sales volumes and favourable foreign exchange as a result of the CLP weakening against the US dollar; however, cash cost of $2.18/lb was negatively impacted by lower sales volumes. Caserones (51% owned): Caserones produced 29,775 tonnes of total copper and 714 tonnes of molybdenum on a 100% basis in the three months ended June 30, 2024 . Copper and molybdenum concentrate production was impacted in the quarter by extended mill maintenance and weather events which reduced mining activities and limited tailings deposition. Recoveries were also temporarily reduced by changes in the mining sequence and flotation circuit disruptions. Production costs in the quarter were lower than planned primarily due to lower copper concentrate and molybdenum sales volume, as well as favourable foreign exchange. Cash cost also benefitted from favourable foreign exchange. Chapada (100% owned): Chapada produced 9,106 tonnes of copper and approximately 15,000 ounces of gold in concentrate in the three months ended June 30, 2024 and was impacted by lower grades and recoveries combined with lower mill availability due to unplanned conveyor maintenance and vibration screen failure. Lower grades were a result of a shift to processing increased amounts of stockpiled ore and an optimized mine plan that significantly reduces waste movement. Production costs were reduced by lower sales volumes and favourable foreign exchange. Cash cost of $2.05/lb benefited from higher gold by-product credits combined with favourable foreign exchange and mining cost decreases due to operational improvements. Eagle (100% owned): Eagle produced 1,721 tonnes of nickel and 1,563 tonnes of copper in the three months ended June 30, 2024. A fall of ground in the lower ramp restricted access to Eagle East, limiting production. Mining rates are expected to be reduced until late 2024 while ramp rehabilitation is completed, deferring the extraction of ore from Eagle East into future years. Production costs were reduced by lower sales volumes and royalty expense, partially offset by higher maintenance costs . Nickel cash cost 1 of $3.23/lb was impacted by lower sales volumes, partially offset by higher by- product credits. Neves-Corvo (100% owned): Neves-Corvo produced 7,347 tonnes of copper and 25,696 tonnes of zinc in the three months ended June 30, 2024 , both of which were impacted by lower grades due to changes in mine sequencing as a result of Lombador south requiring additional development work. Production costs increased due to an increase in sales volumes and cash cost of $1.70/lb benefited from increased sales volumes and higher by-product credits. Zinkgruvan (100% owned): Zinkgruvan produced 21,764 tonnes of zinc and 8,966 tonnes of lead in the three months ended June 30, 2024 reflecting higher throughput and grades. Copper production of 747 tonnes was impacted by reduced availability of copper ore. Production costs increased due to higher sales volumes and zinc cash cost of $0.39/lb reflected lower copper by-product credits. ===== SIDA 4 ===== Outlook Production and cash cost guidance for 2024 has been updated from that disclosed in the Company's Management's Discussion and Analysis for the year ended December 31, 2023. The Company remains on track to meet annual production and cash cost guidance for all metals with the exception of nickel, and has reduced sustaining capital expenditure guidance from $840 million to $795 million with reductions at Caserones, Neves-Corvo, and Zinkgruvan. Expenditure guidance related to the Josemaria Project of $225 million and exploration of $48 million each remain on target for 2024. Metal production continues to be weighted to the second half of the year at Candelaria, Chapada and Neves-Corvo due to mine sequencing and resultant forecasted grade profiles. Grade is expected to increase significantly at Candelaria in the second half of 2024 once access is opened to higher-grade ore. As a result of production challenges at Neves-Corvo in the first half of 2024, copper production at that operation continues to track to the lower end of its annual production guidance range. In the first half of 2024, cash cost per pound at most operations benefited from increased realized prices on by-product sales. Guidance at Caserones has been increased to reflect production from the first half of the year and expected throughput and grades for the remainder of the year. At the Eagle mine, a fall of ground in the lower ramp restricted access to Eagle East, limiting production. Mining rates are expected to be reduced until late 2024 while ramp rehabilitation is completed, deferring the extraction of ore from Eagle East into future years. As a result, the annual nickel and copper production guidance ranges for the Eagle mine for 2024 have been reduced. 2024 Production and Cash Cost Guidance Guidance a Revised Guidance (contained metal) Production Cash Cost ($/lb) b Production Cash Cost ($/lb) b Copper (t) Candelaria (100%) 160,000 – 170,000 1.60 – 1.80 c 160,000 – 170,000 1.60 – 1.80 c Caserones (100%) 120,000 – 130,000 2.60 – 2.80 124,000 – 135,000 2.60 – 2.80 Chapada 43,000 – 48,000 1.95 – 2.15 d 43,000 – 48,000 1.95 – 2.15 d Eagle 9,000 – 12,000 5,000 – 7,000 Neves-Corvo 30,000 – 35,000 1.95 – 2.15 c 30,000 – 35,000 1.95 – 2.15 c Zinkgruvan 4,000 – 5,000 4,000 – 5,000 Total 366,000 – 400,000 366,000 – 400,000 Zinc (t) Neves-Corvo 120,000 – 130,000 120,000 – 130,000 Zinkgruvan 75,000 – 85,000 0.45 – 0.50 c 75,000 – 85,000 0.45 – 0.50 c Total 195,000 – 215,000 195,000 – 215,000 Nickel (t) Eagle 10,000 – 13,000 2.80 – 3.00 7,000 – 9,000 3.20 – 3.40 Gold (koz) Candelaria (100%) 100 – 110 100 – 110 Chapada 55 – 60 55 – 60 Total 155 – 170 155 – 170 Molybdenum (t) Caserones (100%) 2,500 - 3,000 2,500 – 3,000 a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the year ended December 31, 2023. b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $3.75/lb, Zn: $1.10/ lb, Pb: $0.90/lb, Au: $1,800/oz, Mo: $20.00/lb, Ag: $23.00/oz), foreign exchange rates (€/USD:1.05, USD/SEK:10.50, USD/CLP:850, USD/BRL:5.00) and production costs. Cash cost is a non-GAAP measure - see the Company's Management Discussion and Analysis for the three and six months ended June 30, 2024 and the Reconciliation of Non-GAAP Measures at the end of this news release. c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement, and silver production at Zinkgruvan and Neves-Corvo are also subject to streaming agreements. Cash costs are calculated based on receipt of approximately $429/oz gold and $4.28/oz to $4.68/oz silver. d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound. ===== SIDA 5 ===== 2024 Capital Expenditure Guidanceb ($ millions) Guidance a Revisions Revised Guidance Candelaria (100% basis) 300 — 300 Caserones (100% basis) 205 (30) 175 Chapada 110 — 110 Eagle 25 — 25 Neves-Corvo 125 (10) 115 Zinkgruvan 75 (5) 70 Other — — — Total Sustaining 840 (45) 795 Josemaria 225 — 225 Total Capital Expenditures 1,065 (45) 1,020 a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the year ended December 31, 2023. b. Sustaining capital expenditure is a supplementary financial measure and expansionary capital expenditure is a non-GAAP measure - see the Company's Management Discussion and Analysis for the three and six months ended June 30, 2024 and the Reconciliation of Non-GAAP Measures at the end of this news release. Exploration During the quarter ended June 30, 2024, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Zinkgruvan was focused on resource expansion and drilling at Candelaria was focused on Candelaria Norte and La Espanola. Drilling at Chapada concentrated on delineating the high-grade, near-mine trend at Corpo Sul, adding high grade resources to Sauva and testing geochemical anomalies in the Sauva area Curicaca and Curio. At Caserones, exploration activity remains lower during the winter season. Exploration drilling continues in the lower portion of the mineral resource in search of higher-grade copper breccia bodies that could improve the average grade of the resource, and potentially expand it. Near-mine drilling at Angelica has been paused for winter since April. At Josemaria, seasonal exploration drilling ended in early April at the Cumbre Verde Target, located west of the Josemaria ore body. Six holes were drilled targeting the same mineralized system and structures that hosted high grade mineralization on the neighbouring property that may potentially run towards the Cumbre Verde Target. Initial results highlight favorable levels of copper/gold/silver mineralization in veins and porphyry. The data obtained will help further refine and target this mineralization. Work will continue throughout the remainder of 2024 with drilling to recommence after the winter season. There was no exploration drilling at Neves-Corvo and Eagle in the quarter. About Lundin Mining Lundin Mining is a diversified Canadian base metals mining company with projects and operations in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, nickel and gold. The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on July 30, 2024 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 scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 (“NI 43-101”) and has been reviewed by Arman Barha, P.Eng., Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Barha has verified the data disclosed in this release and no limitations were imposed on his verification process. ===== SIDA 6 ===== Reconciliation of Non-GAAP Measures The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company’s discussion of non-GAAP and other performance measures in its Management’s Discussion and Analysis for the three and six months ended June 30, 2024 which is available on SEDAR+ at www.sedarplus.com. ===== SIDA 7 ===== Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended June 30, 2024 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes (Contained metal): Tonnes 29,999 29,862 8,293 2,018 7,898 18,510 Pounds (000s) 66,137 65,834 18,283 4,449 17,412 40,808 Production costs 606,426 Less: Royalties and other (22,324) 584,102 Deduct: By-product credits (210,112) Add: Treatment and refining 38,577 Cash cost 143,935 171,255 37,570 14,381 29,682 15,744 412,567 Cash cost per pound ($/lb) 2.18 2.60 2.05 3.23 1.70 0.39 Add: Sustaining capital 60,544 35,328 25,241 3,980 27,921 13,301 Royalties 3,551 9,275 1,631 3,906 1,207 — Reclamation and other closure accretion and depreciation 1,858 1,094 2,727 1,592 1,320 951 Leases & other 3,026 18,619 775 1,533 194 78 All-in sustaining cost 212,914 235,571 67,944 25,392 60,324 30,074 AISC per pound ($/lb) 3.22 3.58 3.72 5.71 3.46 0.74 Three months ended June 30, 2023 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes (Contained metal): Tonnes 36,347 — 10,164 3,859 6,170 9,374 Pounds (000s) 80,132 — 22,408 8,507 13,603 20,666 Production costs 405,198 Less: Royalties and other (7,969) 397,229 Deduct: By-product credits (122,636) Add: Treatment and refining 32,514 Cash cost 171,520 — 60,351 15,990 54,271 4,975 307,107 Cash cost per pound ($/lb) 2.14 — 2.69 1.88 3.99 0.24 Add: Sustaining capital 123,417 — 19,690 3,562 22,133 15,994 Royalties — — 2,029 4,920 83 — Reclamation and other closure accretion and depreciation 2,444 — 1,847 3,011 1,296 739 Leases & other 3,654 — 1,171 897 148 100 All-in sustaining cost 301,035 — 85,088 28,380 77,931 21,808 AISC per pound ($/lb) 3.76 — 3.80 3.34 5.73 1.06 ===== SIDA 8 ===== Six months ended June 30, 2024 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes (Contained metal): Tonnes 63,535 65,073 17,035 4,181 13,784 34,335 Pounds (000s) 140,071 143,461 37,556 9,218 30,388 75,696 Production costs 1,173,560 Less: Royalties and other (42,294) 1,131,266 Deduct: By-product credits (375,420) Add: Treatment and refining 85,528 Cash cost 283,425 337,694 76,305 33,630 71,739 38,581 841,374 Cash cost per pound ($/lb) 2.02 2.35 2.03 3.65 2.36 0.51 Add: Sustaining capital 160,076 78,082 54,440 8,058 50,334 27,642 Royalties 6,519 18,089 3,248 6,584 1,942 — Reclamation and other closure accretion and depreciation 4,025 2,134 5,406 3,560 2,655 2,137 Leases & other 6,059 34,000 1,540 2,769 258 156 All-in sustaining cost 460,104 469,999 140,939 54,601 126,928 68,516 AISC per pound ($/lb) 3.28 3.28 3.75 5.92 4.18 0.91 Six months ended June 30, 2023 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes (Contained metal): Tonnes 71,917 — 19,236 6,594 14,201 25,986 Pounds (000s) 158,550 — 42,408 14,537 31,308 57,289 Production costs 822,962 Less: Royalties and other (20,055) 802,907 Deduct: By-product credits (279,601) Add: Treatment and refining 69,129 Cash cost 345,212 — 107,669 30,630 84,163 24,761 592,435 Cash cost per pound ($/lb) 2.18 — 2.54 2.11 2.69 0.43 Add: Sustaining capital 214,103 — 35,717 10,664 47,194 30,462 Royalties — — 4,252 10,606 1,813 — Reclamation and other closure accretion and depreciation 4,751 — 3,648 5,969 2,620 1,800 Leases & other 6,797 — 2,137 1,644 306 202 All-in sustaining cost 570,863 — 153,423 59,513 136,096 57,225 AISC per pound ($/lb) 3.60 — 3.62 4.09 4.35 1.00 ===== SIDA 9 ===== Adjusted EBITDA can be reconciled to Net Earnings (Loss) on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended June 30, Six months ended June 30, ($thousands) 2024 2023 2024 2023 Net earnings 156,733 61,302 215,288 226,613 Add back: Depreciation, depletion and amortization 197,658 130,505 382,150 250,752 Finance income and costs 36,307 15,897 72,001 31,596 Income taxes 56,162 (19,601) 106,728 29,092 446,860 188,103 776,167 538,053 Unrealized foreign exchange loss (gain) 3,173 (19,285) (12,327) (10,641) Unrealized losses (gains) on derivative contracts (3,974) 14,403 48,858 (6,263) Ojos del Salado sinkhole (recoveries) expenses 710 11,900 (321) 16,482 Revaluation loss (gain) on marketable securities (85) (3,464) (2,515) (3,902) Partial suspension of underground operations at Eagle 9,824 — 9,824 — Revaluation gain on Caserones purchase option (12,431) — (11,728) — Write-down of capital works in progress 17,188 — 17,188 — Gain on disposal of subsidiary — — — (5,718) Other (407) 97 (1,432) 686 Total adjustments - EBITDA 13,998 3,651 47,547 (9,356) Adjusted EBITDA 460,858 191,754 823,714 528,697 Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended June 30, Six months ended June 30, ($thousands, except share and per share amounts) 2024 2023 2024 2023 Net earnings attributable to Lundin Mining shareholders 121,589 59,109 135,472 205,729 Add back: Total adjustments - EBITDA 13,998 3,651 47,547 (9,356) Tax effect on adjustments 1,981 (54) 214 (3,180) Deferred tax arising from foreign exchange translation (13,666) (20,175) (19,966) (28,289) Non-controlling interest on adjustments (1,821) (1,134) 4,031 69 Other — 4,186 — 6,293 Total adjustments 492 (13,526) 31,826 (34,463) Adjusted earnings 122,081 45,583 167,298 171,266 Basic weighted average number of shares outstanding 776,173,888 772,255,656 774,033,611 771,739,532 Net earnings attributable to shareholders 0.16 0.08 0.18 0.27 Total adjustments — (0.02) 0.04 (0.05) Adjusted earnings per share 0.16 0.06 0.22 0.22 ===== SIDA 10 ===== Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended June 30, Six months ended June 30, ($thousands) 2024 2023 2024 2023 Cash provided by operating activities 491,770 194,844 759,301 406,719 Sustaining capital expenditures (167,803) (187,820) (381,063) (343,384) General exploration and business development 13,536 13,693 26,987 28,458 Free cash flow from operations 337,503 20,717 405,225 91,793 General exploration and business development (13,536) (13,693) (26,987) (28,458) Expansionary capital expenditures (87,120) (91,650) (143,101) (182,169) Free cash flow 236,847 (84,626) 235,137 (118,834) Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended June 30, Six months ended June 30, ($thousands, except share and per share amounts) 2024 2023 2024 2023 Cash provided by operating activities 491,770 194,844 759,301 406,719 Changes in non-cash working capital items (121,896) (84,207) (75,761) (61,015) Adjusted operating cash flow 369,874 110,637 683,540 345,704 Basic weighted average number of shares outstanding 776,173,888 772,255,656 774,033,611 771,739,532 Adjusted operating cash flow per share $ 0.48 0.14 0.88 0.45 Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's condensed interim consolidated balance sheet as follows: ($thousands) June 30, 2024 December 31, 2023 Debt and lease liabilities (1,282,492) (1,273,162) Current portion of total debt and lease liabilities (315,695) (212,646) Less deferred financing fees (netted in above) (7,547) (6,374) (1,605,734) (1,492,182) Cash and cash equivalents 452,809 268,793 Net debt (1,152,925) (1,223,389) Lease liabilities 259,164 277,208 Net debt excluding lease liabilities (893,761) (946,181) ===== SIDA 11 ===== Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company’s Responsible Mining Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company’s projects; expansion projects and the realization of additional value; expectations regarding, and ability to complete, the acquisition of Filo Corp. and the 50/50 joint venture with BHP; the anticipated development and other plans with respect to the acquisition and joint venture ; the Company’s integration of acquisitions and expansions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking information. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, zinc, gold, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company’s operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; the inability to currently control Filo Corp. and the ability to satisfy the conditions and consummate the acquisition of Filo Corp. and the joint venture transaction with BHP on the proposed terms and expected schedule; risks associated with acquisitions, expansions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; mining rates and rehabilitation projects; mill shut downs; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties” section of the Company’s MD&A for the three and six months ended June 30, 2024 and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.com under the Company’s profile. All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, 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 i n f o r m a t i o n c o n t a i n e d h e r e i n s p e a k s o n l y a s o f t h e d a t e o f t h i s d o c u m e n t . T h e C o m p a n y d i s c l a i m s a n y i n t e n t i o n o r o b l i g a t i o n t o u p d a t e o r r e v i s e f o r w a r d - l o o k i n g information or to explain any material difference between such and subsequent actual events, except as required by applicable law. ===== SIDA 12 ===== Management’s Discussion and Analysis For the three and six months ended June 30, 2024 This management’s discussion and analysis (“MD&A”) has been prepared as of July 30, 2024 and should be read in conjunction with the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2024 . Those financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - Accounting including IAS 34 Interim Financial Reporting. The Company’s presentation currency is United States (“US”) dollars. Reference herein of $ or USD is to United States dollars, ARS is to Argentine pesos, BRL is to Brazilian reais, C$ is to Canadian dollars, CLP is to Chilean pesos, € refers to euros, and SEK is to Swedish kronor. "This quarter" or "The quarter" means the second quarter ("Q2") of 2024. "Year-to-date" or "Year-to-date period" means the six months ended June 30, 2024. About Lundin Mining Lundin Mining Corporation (“Lundin Mining” or the “Company”) is a diversified Canadian base metals mining company with projects and operations in Argentina, Brazil, Chile, Portugal, Sweden, and the United States of America, primarily producing copper, zinc, nickel and gold. Table of Contents Highlights ................................................................................................................................................................................ 1 Outlook ................................................................................................................................................................................... 4 Selected Quarterly Financial Information .............................................................................................................................. 6 Summary of Quarterly Results ............................................................................................................................................... 7 Revenue Overview .................................................................................................................................................................. 8 Financial Results ..................................................................................................................................................................... 12 Mining Operations .................................................................................................................................................................. 15 Production Overview ........................................................................................................................................................ 15 Production Cost and Cash Cost Overview ........................................................................................................................ 16 Capital Expenditures ......................................................................................................................................................... 17 Candelaria ......................................................................................................................................................................... 18 Caserones .......................................................................................................................................................................... 19 Chapada ............................................................................................................................................................................ 20 Eagle .................................................................................................................................................................................. 21 Neves-Corvo ...................................................................................................................................................................... 22 Zinkgruvan ......................................................................................................................................................................... 23 Josemaria Project ................................................................................................................................................................... 24 Exploration Update ................................................................................................................................................................. 24 Liquidity and Capital Resources .............................................................................................................................................. 25 Non-GAAP and Other Performance Measures ....................................................................................................................... 28 Other Information and Advisories .......................................................................................................................................... 35 Outstanding Share Data ......................................................................................................................................................... 36 ===== SIDA 13 ===== Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company’s Responsible Mining Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company’s projects; expansion projects and the realization of additional value; expectations regarding, and ability to complete, the acquisition of Filo Corp. and the 50/50 joint venture with BHP; the anticipated development and other plans with respect to the acquisition and joint venture; the Company’s integration of acquisitions and expansions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking information. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, zinc, gold, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company’s operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; the inability to currently control Filo Corp. and the ability to satisfy the conditions and consummate the acquisition of Filo Corp. and the joint venture transaction with BHP on the proposed terms and expected schedule; risks associated with acquisitions, expansions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; mining rates and rehabilitation projects; mill shut downs; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties” section of this MD&A and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.com under the Company’s profile. All of the forward-looking 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 14 ===== Highlights For the quarter ended June 30, 2024 the Company produced 79,708 tonnes of copper, 47,460 tonnes of zinc, and 32 thousand ounces ("koz") of gold. This production coupled with other metals produced and sold during the quarter, generated record quarterly revenue of $1,083.6 million (Q2 2023 - $588.5 million), gross profit of $279.5 million (Q2 2023 - $52.8 million) and adjusted EBITDA1 of $460.9 million (Q2 2023 - $191.8 million). Metal prices during the quarter remained robust and resulted in the Company realizing a copper price of $4.79 /lb, zinc price of $1.49 /lb, nickel price of $8.59 /lb and a gold price of $2,476 /oz with all of these realized prices 1 being positively impacted from adjustments on provisional pricing from prior period sales. The Company delivered solid cash flow during the quarter, with c ash provided by operating activities amounting to $491.8 million (Q2 2023 - $194.8 million) and free cash flow from operations1 amounting to $337.5 million (Q2 2023 - $20.7 million). The Company had a net debt excluding lease liabilities1 balance of $893.8 million as at June 30, 2024 (December 31, 2023 - $946.2 million). The Company remains on track to achieve annual production guidance for copper, zinc and gold while tightening the annual production guidance for nickel to 7,000 - 9,000 tonnes. Operational Performance Candelaria (80% owned): Candelaria produced 31,170 tonnes of copper and approximately 17,000 ounces of gold in concentrate on a 100% basis in the quarter ended June 30, 2024. Production in the quarter was impacted by lower grades and recoveries, partially offset by higher throughput. During the quarter, mining rates were impacted by the interface of the open pit and historic underground mining stopes, requiring more stockpiled ore to be processed which reduced grades and recoveries. Access to higher grade ore is anticipated in the second half of 2024 as per the mine sequence. Three of four stopes have now been filled and blasted, with work on the fourth expected to begin in Q3, and not expected to impact production in the second half of 2024. Production costs were reduced by lower sales volumes and favourable foreign exchange as a result of the CLP weakening against the US dollar; however, cash cost 1 of $2.18/lb was negatively impacted by lower sales volumes. Caserones (51% owned): Caserones produced 29,775 tonnes of total copper and 714 tonnes of molybdenum on a 100% basis in the quarter ended June 30, 2024. Copper and molybdenum concentrate production was impacted in the quarter by extended mill maintenance and weather events which reduced mining activities and limited tailings deposition. Recoveries were also temporarily reduced by changes in the mining sequence and flotation circuit disruptions. Production costs in the quarter were lower than planned primarily due to lower copper concentrate and molybdenum sales volume, as well as favourable foreign exchange. Cash cost also benefitted from favourable foreign exchange. Chapada (100% owned): Chapada produced 9,106 tonnes of copper and approximately 15,000 ounces of gold in concentrate in the quarter ended June 30, 2024 and was impacted by lower grades and recoveries combined with lower mill availability due to unplanned conveyor maintenance and vibration screen failure. Lower grades were a result of a shift to processing increased amounts of stockpiled ore and an optimized mine plan that significantly reduces waste movement. Production costs were reduced by lower sales volumes and favourable foreign exchange. Cash cost of $2.05/lb benefitted from higher gold by-product credits combined with favourable foreign exchange and mining cost decreases due to operational improvements. Eagle (100% owned): Eagle produced 1,721 tonnes of nickel and 1,563 tonnes of copper in the quarter ended June 30, 2024. During the quarter a fall of ground in the lower ramp restricted access to Eagle East, limiting production. Mining rates are expected to be reduced until late 2024 while ramp rehabilitation is completed, deferring the extraction of ore from Eagle East into future years. Production costs were reduced by lower sales volumes and royalty expense, partially offset by higher maintenance costs. Nickel cash cost1 of $3.23/lb was impacted by lower sales volumes, partially offset by higher by- product credits. 1 1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. ===== SIDA 15 ===== Neves-Corvo (100% owned): Neves-Corvo produced 7,347 tonnes of copper and 25,696 tonnes of zinc in the quarter ended June 30, 2024 , both of which were impacted by lower grades due to changes in mine sequencing as a result of Lombador south requiring additional development work. Production costs increased due to an increase in sales volumes. Cash cost during the quarter of $1.70/lb improved from the prior year comparable period due to increased sales volumes and higher by-product credits. Zinkgruvan (100% owned): Zinkgruvan produced 21,764 tonnes of zinc and 8,966 tonnes of lead in the quarter ended June 30, 2024 reflecting higher throughput and grades. Copper production of 747 tonnes was impacted by reduced availability of copper ore. Production costs increased due to higher sales volumes. Zinc cash cost 1of $0.39/lb reflected lower copper by- product credits. Total Productiona 2024 2023 YTD Q2 Q1 Total Q4 Q3 Q2 Q1 Copper (t)b 167,721 79,708 88,013 314,798 103,337 89,942 60,057 61,462 Zinc (t) 93,148 47,460 45,688 185,161 50,719 49,774 36,115 48,553 Nickel (t) 4,976 1,721 3,255 16,429 3,729 4,290 4,686 3,724 Gold (koz)b 65 32 33 149 44 35 34 36 Molybdenum (t)b 1,578 714 864 2,024 928 1,096 — — a - Tonnes(t) and thousands of ounces (koz). b - Candelaria and Caserones production are on a 100% basis. Caserones results in 2023 are from July 13, 2023. Corporate Updates • On July 29, 2024, the Company entered into an agreement with BHP and Filo Corp (“Filo”) to jointly acquire all the issued and outstanding shares of Filo (the “Arrangement”) not already owned by Lundin Mining and BHP. Under the terms of the Arrangement, Filo shareholders may choose to receive in exchange for each Filo share C$33.00 in cash, 2.3578 Lundin Mining shares or any combination thereof, subject to aggregate caps. Lundin Mining’s share of the consideration for the Arrangement is approximately C$2,148 million ($1,550 million), consisting of up to C$859 million in cash and C$1,289 million in Lundin Mining shares. Closing is expected to occur in the first quarter of 2025. Concurrently with the completion of the Arrangement, Lundin Mining and BHP will form a 50/50 joint venture (the “Joint Venture”) to hold the Filo del Sol project and Lundin Mining’s Josemaria project. BHP will pay Lundin Mining cash consideration of $690 million, subject to certain adjustments, as consideration for Lundin Mining contributing the Josemaria project to the Joint Venture. • On July 2, 2024, the Company completed the exercise of its option to acquire an additional 19% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile ("Lumina Copper"), bringing the Company's ownership in Caserones to 70%. The acquisition was financed by a $350.0 million draw down from the Company's revolving credit facility ("RCF") with the intention to re-finance this amount into a 3-year term loan on the same terms as the Company's existing $800 million term loan (the "Term loan"). • On May 23, 2024, the Company amended the terms of the RCF and $800 million term loan to establish sustainability performance targets whereby the interest rate margin in the facilities will be adjusted based on the Company's performance relative to the targets. In July 2024, the Company published its 2023 Sustainability Report which highlights the Company's material environment, health & safety, governance and social performance during the year. • On February 12, 2024, the Company reported an employee fatality at the Neves-Corvo Mine in Portugal. Operations were voluntarily suspended and restarted on February 15, 2024. • On February 8, 2024, the Company reported its Mineral Resource and Mineral Reserve estimates as at December 31, 2023 (or as otherwise specified) and on January 14, 2024, the Company provided its 2024 production and cost guidance and reaffirmed the three year production outlook. 2 1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. ===== SIDA 16 ===== Financial Performance • Gross profit for the quarter ended June 30, 2024 was $279.5 million which was $226.7 million higher than in the prior year comparable period of $52.8 million. On a year-to-date basis, gross profit was $464.9 million, an increase of $198.7 million from the prior year comparable period of $266.2 million. The increases were primarily a result of the acquisition of Caserones in July 2023 and higher realized copper and zinc prices 1, which benefited from provisional pricing adjustments on prior period concentrate sales. • For the quarter and year-to-date periods ended June 30, 2024, net earnings of $156.7 million and $215.3 million, respectively, were higher than in the prior year comparable periods primarily due to higher gross profit. • Adjusted earnings 1 for the quarter ended June 30, 2024 of $122.1 million were $76.5 million higher than in the prior year comparable period of $45.6 million primarily due to higher net attributable earnings. Adjusted earnings for the six months ended June 30, 2024 amounted to $167.3 million, a decrease of $4.0 million from the prior year comparable period of $171.3 million, due to lower net attributable earnings. • Cash provided by operating activities for the quarter ended June 30, 2024 of $491.8 million was $296.9 million higher than in the prior year comparable period of $194.8 million. On a year-to-date basis, cash provided by operating activities of $759.3 million represented an increase of $352.6 million from the prior year comparable period of $406.7 million. Increases in both periods were primarily due to higher realized copper and zinc prices, inclusion of Caserones operating cash flows, and larger inflows of working capital. • During the quarter ended June 30, 2024 , the Company entered into zero cost collar contracts in the total amount of $222 million (equivalent to BRL 1.1 billion) with collar ranges of BRL 5.00 to BRL 6.11. • For the quarter ended June 30, 2024 , sustaining capital expenditures 1 of $167.8 million were $20.0 million lower than in the prior year comparable period of $187.8 million primarily as a result of lower sustaining capital expenditure at Candelaria due to timing, and only being partially offset by the inclusion of Caserones sustaining capital. On a year-to- date basis, sustaining capital expenditures of $381.1 million were higher than in the prior year comparable period of $343.4 million primarily due to the addition of Caserones sustaining capital expenditures. Expansionary capital expenditures1 of $87.1 million for the quarter and $143.1 million for the six months ended June 30, 2024 were lower than in the prior year comparable periods of $91.7 million and $182.2 million, respectively, as a result of reduced spending on the Josemaria Project. • Free cash flow from operations 1 for this quarter of $337.5 million and year-to-date of $405.2 million were higher than in the prior year comparable periods of $20.7 million and $91.8 million, respectively, primarily as a result of higher realized copper and zinc prices , the inclusion of Caserones operating cash flows, and larger inflows of working capital. Free cash flow from operations for the current quarter also benefitted from lower sustaining capital expenditures. Financial Position and Financing • Cash and cash equivalents as at June 30, 2024 were $452.8 million, an increase during the quarter of $87.4 million. Cash provided by operating activities amounted to $491.8 million and cash used to fund investing activities amounted to $252.2 million. Cash used in financing activities was comprised primarily of repayments of debt and shareholder dividend payments. • As at June 30, 2024, the Company had a net debt 1 balance of $1,152.9 million and a net debt excluding lease liabilities 1 balance of $893.8 million. • On April 26, 2024, the Company's RCF, originally expiring in April 2028, was amended and extended to April 2029. On the same date, the Company's Term Loan was also amended and extended by one year to July 2027. • As at July 30, 2024 , the Company had a cash balance of approximately $288.0 million and a net debt excluding lease liabilities balance of approximately $1,338.0 million. On July 4, 2024, the Company drew down an additional $350.0 million from the RCF to finance the exercise of its option to acquire an additional 19% interest in Caserones. 3 1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. ===== SIDA 17 ===== Outlook Production and cash cost guidance for 2024 has been updated from that disclosed in the Company's Management's Discussion and Analysis for the year ended December 31, 2023. The Company remains on track to meet annual production and cash cost guidance for all metals with the exception of nickel, and has reduced sustaining capital expenditure guidance from $840 million to $795 million with reductions at Caserones, Neves-Corvo, and Zinkgruvan. Expenditure guidance related to the Josemaria Project of $225 million and exploration of $48 million each remain on target for 2024. Metal production continues to be weighted to the second half of the year at Candelaria, Chapada and Neves-Corvo due to mine sequencing and resultant forecasted grade profiles. Grade is expected to increase significantly at Candelaria in the second half of 2024 once access is opened to higher-grade ore. As a result of production challenges at Neves-Corvo in the first half of 2024, copper production at that operation continues to track to the lower end of its annual production guidance range. In the first half of 2024, cash cost per pound at most operations benefited from increased realized prices on by- product sales. Guidance at Caserones has been increased to reflect production from the first half of the year and expected throughput and grades for the remainder of the year. At the Eagle mine, a fall of ground in the lower ramp restricted access to Eagle East, limiting production. Mining rates are expected to be reduced until late 2024 while ramp rehabilitation is completed, deferring the extraction of ore from Eagle East into future years. As a result, the annual nickel and copper production guidance ranges for the Eagle mine for 2024 have been reduced. 2024 Production and Cash Cost Guidance Guidancea Revised Guidance (contained metal) Production Cash Cost ($/lb)b Production Cash Cost ($/lb)b Copper (t) Candelaria (100%) 160,000 – 170,000 1.60 – 1.80c 160,000 – 170,000 1.60 – 1.80c Caserones (100%) 120,000 – 130,000 2.60 – 2.80 124,000 – 135,000 2.60 – 2.80 Chapada 43,000 – 48,000 1.95 – 2.15d 43,000 – 48,000 1.95 – 2.15d Eagle 9,000 – 12,000 5,000 – 7,000 Neves-Corvo 30,000 – 35,000 1.95 – 2.15c 30,000 – 35,000 1.95 – 2.15c Zinkgruvan 4,000 – 5,000 4,000 – 5,000 Total 366,000 – 400,000 366,000 – 400,000 Zinc (t) Neves-Corvo 120,000 – 130,000 120,000 – 130,000 Zinkgruvan 75,000 – 85,000 0.45 – 0.50c 75,000 – 85,000 0.45 – 0.50c Total 195,000 – 215,000 195,000 – 215,000 Nickel (t) Eagle 10,000 – 13,000 2.80 – 3.00 7,000 – 9,000 3.20 – 3.40 Gold (koz) Candelaria (100%) 100 – 110 100 – 110 Chapada 55 – 60 55 – 60 Total 155 – 170 155 – 170 Molybdenum (t) Caserones (100%) 2,500 - 3,000 2,500 – 3,000 a. Guidance as outlined in the MD&A for the year ended December 31, 2023. b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $3.75/lb, Zn: $1.10/lb, Pb: $0.90/lb, Au: $1,800/oz, Mo: $20.00/lb, Ag: $23.00/oz), foreign exchange rates (€/USD:1.05, USD/SEK:10.50, USD/CLP:850, USD/BRL:5.00) and production costs. Cash cost is a non-GAAP measure - see section 'Non-GAAP and Other Performance Measures' of this MD&A for discussion. c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement, and silver production at Zinkgruvan and Neves-Corvo are also subject to streaming agreements. Cash costs are calculated based on receipt of approximately $429/oz gold and $4.28/oz to $4.68/oz silver. d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound. 4 ===== SIDA 18 ===== 2024 Capital Expenditure Guidanceb ($ millions) Guidancea Revisions Revised Guidance Candelaria (100% basis) 300 — 300 Caserones (100% basis) 205 (30) 175 Chapada 110 — 110 Eagle 25 — 25 Neves-Corvo 125 (10) 115 Zinkgruvan 75 (5) 70 Other — — — Total Sustaining 840 (45) 795 Expansionary - Josemaria 225 — 225 Total Capital Expenditures 1,065 (45) 1,020 a. Guidance as outlined in the MD&A for the year ended December 31, 2023. b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure – see Section "Non- GAAP and Other Performance Measures" of this MD&A for discussion. 2024 Exploration Investment Guidance Total exploration expenditure guidance for 2024 is $48.0 million, unchanged from previous guidance. 5 ===== SIDA 19 ===== Selected Quarterly Financial Information Three months ended June 30, Six months ended June 30, ($ millions, except share and per share amounts) 2024 2023 2024 2023 Revenue 1,083.6 588.5 2,020.6 1,339.9 Costs of goods sold: Production costs (606.4) (405.2) (1,173.6) (823.0) Depreciation, depletion and amortization (197.7) (130.5) (382.2) (250.8) Gross profit 279.5 52.8 464.9 266.2 Net earnings attributable to: Lundin Mining shareholders 121.6 59.1 135.5 205.7 Non-controlling interests 35.1 2.2 79.8 20.9 Net earnings 156.7 61.3 215.3 226.6 Adjusted earnings1 122.1 45.6 167.3 171.3 Adjusted EBITDA1 460.9 191.8 823.7 528.7 Cash provided by operating activities 491.8 194.8 759.3 406.7 Adjusted operating cash flow1 369.9 110.6 683.5 345.7 Free cash flow from operations1 337.5 20.7 405.2 91.8 Free cash flow1 236.8 (84.6) 235.1 (118.8) Capital expenditures2 258.5 279.9 530.4 526.0 Per share amounts: Basic earnings (loss) per share ("EPS") attributable to shareholders 0.16 0.08 0.18 0.27 Diluted earnings (loss) per share ("EPS") attributable to shareholders 0.16 0.08 0.17 0.27 Adjusted EPS1 0.16 0.06 0.22 0.22 Adjusted operating cash flow per share1 0.48 0.14 0.88 0.45 Dividends declared (C$/share) 0.09 0.09 0.18 0.18 June 30, 2024 December 31, 2023 Total assets 10,879.8 10,861.2 Total debt and lease liabilities 1,598.2 1,485.8 Net debt excluding lease liabilities1 893.8 946.2 1 This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 2 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. 6 ===== SIDA 20 ===== Summary of Quarterly Results1 ($ millions, except per share data) Q2-24 Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Q4-22 Q3-22 Revenue 1,083.6 937.0 1,060.0 992.2 588.5 751.3 811.4 648.5 Gross profit 279.5 185.4 188.9 197.3 52.8 213.3 155.2 82.5 Net earnings (loss) 156.7 58.6 66.8 21.9 61.3 165.3 145.3 (11.2) - attributable to shareholders 121.6 13.9 38.8 (3.0) 59.1 146.6 145.6 (11.2) Adjusted (loss) earnings2 122.1 45.2 79.7 85.3 45.6 125.7 191.5 30.9 Adjusted EBITDA2 460.9 362.9 419.7 415.1 191.8 336.9 353.7 202.4 EPS - Basic and Diluted 0.16 0.02 0.05 — 0.08 0.19 0.19 (0.01) Adjusted EPS2 0.16 0.06 0.10 0.11 0.06 0.16 0.25 0.04 Cash flow from operations 491.8 267.5 306.1 303.8 194.8 211.9 156.9 36.3 Adjusted operating cash flow per share2 0.48 0.41 0.47 0.41 0.14 0.30 0.38 0.23 Capital expenditure3 258.5 271.9 243.9 243.2 279.9 246.1 281.2 199.5 1 The sum of quarterly amounts may differ from year-to-date results due to rounding. 2 This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 3 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. On a quarterly basis the Company's revenue, gross profit and net earnings can be impacted by metal prices, sales volumes as a result of the timing of concentrate shipments, and provisional pricing adjustments on current and prior period shipments. The Company's results have also been impacted by the acquisition of the Josemaria Project in April 2022 and the acquisition of the Caserones mine in July 2023. Project development costs for the Josemaria Project were initially included in general exploration expenses following the acquisition of the project in April 2022, but began to be capitalized from the fourth quarter of 2022. This reduced net earnings in Q3 2022 and contributed to higher capital expenditure starting in Q4 2022. The acquisition of the Caserones mine in July 2023 contributed to an increase in gross profit and cash flow from operations in Q3 2023 and in subsequent quarters. Additionally, fair value adjustments of $32.2 million and $7.8 million were recorded in production costs in Q3 2023 and Q4 2023, respectively, as in-process and concentrate inventory measured at fair value at the acquisition date was sold. The $800 million three-year term loan entered into in conjunction with the acquisition has increased the Company's interest expense in Q3 2023 through Q2 2024, reducing net earnings. During 2022, inflationary price increases were experienced for electricity, diesel and consumables. In 2023 and continuing into Q2 2024, input prices stabilized, and in some cases lowered. These trends impacted gross profit and net earnings in the quarters presented above. A non-cash write-down, including depreciation, of long-term ore stockpile inventory at Chapada of $66.8 million was recognized in Q4 2022, reducing net earnings. From Q3 2022, the Company has entered into derivative contracts for foreign currency, diesel, and copper prices as part of its risk management strategy. Realized and unrealized gains and losses on derivative contracts and foreign exchange and trading gains on debt and equity investments are recorded in other income and impact the Company's net earnings. 7 ===== SIDA 21 ===== Revenue Overview Sales Volumes by Payable Metal 2024 2023 YTD Q2 Q1 Total Q4 Q3 Q2 Q1 Copper (t) Candelaria (100%) 63,535 29,999 33,536 144,473 38,888 33,668 36,347 35,570 Caserones (100%)1 65,073 29,862 35,211 66,075 35,690 30,385 — — Chapada 17,035 8,293 8,742 43,761 13,080 11,445 10,164 9,072 Eagle 3,847 1,789 2,058 11,968 3,055 3,177 2,951 2,785 Neves-Corvo 13,784 7,898 5,886 32,054 9,054 8,799 6,170 8,031 Zinkgruvan 1,577 821 756 4,473 845 1,758 1,001 869 164,851 78,662 86,189 302,804 100,612 89,232 56,633 56,327 Zinc (t) Neves-Corvo 41,644 20,440 21,204 91,115 25,491 21,957 20,125 23,542 Zinkgruvan 34,335 18,510 15,825 65,344 17,316 22,042 9,374 16,612 75,979 38,950 37,029 156,459 42,807 43,999 29,499 40,154 Nickel (t) Eagle 4,181 2,018 2,163 13,339 3,105 3,640 3,859 2,735 Gold (koz) Candelaria (100%) 36 17 19 87 23 19 23 22 Chapada 24 12 12 53 18 13 11 11 60 29 31 140 41 32 34 33 Molybdenum (t) Caserones (100%)1 1,531 695 836 2,019 978 1,041 — — Lead (t) Neves-Corvo 2,566 1,242 1,324 4,970 1,830 1,220 881 1,039 Zinkgruvan 13,904 9,069 4,835 25,527 5,714 9,391 4,944 5,478 16,470 10,311 6,159 30,497 7,544 10,611 5,825 6,517 Silver (koz) Candelaria (100%) 731 331 400 1,322 415 279 333 295 Chapada 51 30 21 129 37 32 29 31 Eagle 8 7 1 24 8 6 4 6 Neves-Corvo 439 215 224 821 265 227 158 171 Zinkgruvan 894 597 297 1,892 449 713 331 399 2,123 1,180 943 4,188 1,174 1,257 855 902 1 Caserones 2023 results are from July 13, 2023. 8 ===== SIDA 22 ===== Revenue Analysis Three months ended June 30, Six months ended June 30, by Mine 2024 2023 Change 2024 2023 Change ($ thousands) $ % $ % $ $ % $ % $ Candelaria (100%) 366,363 34 290,426 49 75,937 696,772 34 670,831 50 25,941 Caserones (100%)1 336,547 31 — — 336,547 662,758 33 — — 662,758 Chapada 117,969 11 94,721 16 23,248 216,404 11 205,839 15 10,565 Eagle 57,444 5 105,250 18 (47,806) 114,667 6 174,670 13 (60,003) Neves-Corvo 128,675 12 68,614 12 60,061 209,305 10 198,017 15 11,288 Zinkgruvan 76,587 7 29,520 5 47,067 120,660 6 90,518 7 30,142 1,083,585 588,531 495,054 2,020,566 1,339,875 680,691 1 Caserones 2023 results are from July 13, 2023. Three months ended June 30, Six months ended June 30, by Metal 2024 2023 Change 2024 2023 Change ($ thousands) $ % $ % $ $ % $ % $ Copper1 801,863 74 390,953 66 410,910 1,517,412 75 920,634 69 596,778 Zinc 101,598 9 34,801 6 66,797 158,965 8 133,952 10 25,013 Molybdenum1 35,476 3 — — 35,476 67,614 3 — — 67,614 Gold 58,360 5 51,007 9 7,353 116,068 6 108,075 8 7,993 Nickel 37,575 3 80,302 14 (42,727) 76,368 4 122,261 9 (45,893) Lead 21,267 2 11,049 2 10,218 32,979 2 22,508 2 10,471 Silver 16,854 2 9,652 2 7,202 30,660 2 18,888 1 11,772 Other 10,592 1 10,767 2 (175) 20,500 1 13,557 1 6,943 1,083,585 588,531 495,054 2,020,566 1,339,875 680,691 1 Caserones 2023 results are from July 13, 2023. Revenue for the quarter ended June 30, 2024 of $1,083.6 million was higher than the prior year comparable period due to the inclusion of $336.5 million revenue from Caserones and higher realized copper and zinc prices, including $94.5 million positive provisional pricing adjustments on prior period concentrate sales. On a year-to-date basis, revenue of $2,020.6 million was an increase of $680.7 million over the prior year comparable period. Revenue increases were primarily due to the inclusion of Caserones copper and molybdenum revenue and increases in realized copper and zinc prices, partially offset by lower copper, nickel and gold sales volumes. Revenue from gold and silver for the quarter and six months ended June 30, 2024 includes the partial recognition of an upfront purchase price on the sale of precious metals streams for Candelaria, Neves-Corvo, and Zinkgruvan as well as the cash proceeds which amount to approximately $429/oz for gold and between $4.28/oz and $4.68/oz for silver. Chapada’s copper revenue includes the recognition of deferred revenue from copper streams acquired with the Chapada mine, as well as the cash proceeds of 30% of the market price of the copper sold under the streams. Revenue is recorded using the metal price received for sales that settle during the reporting period. For sales that have not been settled, an estimate is used based on the expected month of settlement and the forward price of the metal at the end of the reporting period. The difference between the estimate and the final price received is recognized by adjusting revenue in the period in which the sale is settled. Settlement dates can range from one to six months after shipment. Provisionally Valued Revenue as of June 30, 2024 Metal Payable metal Valued at Copper 78,807 t $4.34 /lb Zinc 17,907 t $1.31 /lb Nickel 255 t $7.75 /lb Gold 21 koz $2,335 /oz Molybdenum 746 t $20.98 /lb 9 ===== SIDA 23 ===== Quarterly Reconciliation of Realized Prices Three months ended June 30, 2024 ($ thousands) Copper Zinc Nickel Gold Molybdenum Other Total Revenue from contracts with customers1 774,435 111,243 39,365 71,426 31,396 46,372 1,074,237 Provisional pricing adjustments on current period concentrate sales (18,683) 7,468 (2,524) (1,637) 1,406 486 (13,484) Provisional pricing adjustments on prior period concentrate sales 74,665 9,387 1,374 2,260 2,674 4,169 94,529 830,417 128,098 38,215 72,049 35,476 51,027 1,155,282 Recognition of deferred revenue 11,981 Copper stream cash effect (4,677) Gold stream cash effect (21,089) Less: Treatment and refining charges (57,912) Total Revenue 1,083,585 Payable Metal 78,662 t 38,950 t 2,018 t 29 koz 695 t Current period sales ($/lb)2 $4.36 $1.38 $8.28 $2,399 $21.41 Provisional pricing adjustments on prior period concentrate sales ($/lb) $0.43 $0.11 $0.31 $77.00 $1.74 Realized prices3,4 $4.79 /lb $1.49 /lb $8.59 /lb $2,476 /oz $23.15 /lb Three months ended June 30, 2023 Copper Zinc Nickel Gold Other Total Revenue from contracts with customers1 487,746 75,322 81,595 65,548 22,187 732,398 Provisional pricing adjustments on current period concentrate sales (14,204) (1,103) (3,109) (148) 11,041 (7,522) Provisional pricing adjustments on prior period concentrate sales (53,338) (20,341) 2,039 (2,949) (1) (74,589) 420,205 53,878 80,525 62,452 33,227 650,287 Recognition of deferred revenue 12,897 Copper stream cash effect (4,253) Gold stream cash effect (20,923) Less: Treatment & refining charges (49,477) Total Revenue 588,531 Payable Metal 56,633 t 29,499 t 3,859 t 34 koz Current period sales ($/lb)2 $3.79 $1.14 $9.23 $1,929.00 Provisional pricing adjustments on prior period concentrate sales ($/lb) $ (0.42) $ (0.31) $ 0.24 $ (87.00) Realized prices3,4 $3.37 /lb $0.83 /lb $9.47 /lb $1,842 /oz 1. Revenue from contracts with customers before recognition of deferred revenue, gold and copper stream cash effects and treatment and refining charges, each of which is presented separately in the table. 2. Includes revenue from contracts with customers and provisional pricing adjustments on current period concentrate sales. 3. This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 4. The realized price for copper inclusive of the impact of streaming agreements for the three months ended June 30, 2024 is $4.76/lb (2023: $3.34/ lb). The realized price for gold inclusive of the impact of streaming agreements for the three months ended June 30, 2024 is $1,751/oz (2023: $1,225/ oz). Due to volatility in commodity prices, significant variances may arise between average market prices and realized prices due to the timing of sales in the period. 10 ===== SIDA 24 ===== Year-to-Date Reconciliation of Realized Prices Six months ended June 30, 2024 ($ thousands) Copper Zinc Nickel Gold Molybdenum Other Total Revenue from contracts with customers1 1,512,806 202,253 74,490 136,659 70,321 84,924 2,081,453 Provisional pricing adjustments on current year concentrate sales 27,034 12,396 (2,500) 4,390 1,457 3,835 46,612 Provisional pricing adjustments on prior year concentrate sales 46,068 (3,670) 4,998 545 (4,164) (230) 43,547 1,585,908 210,979 76,988 141,594 67,614 88,529 2,171,612 Recognition of deferred revenue 26,076 Copper stream cash effect (10,775) Gold stream cash effect (42,027) Less: Treatment and refining charges (124,320) Total Net Sales 2,020,566 Payable Metal 164,851 t 75,979 t 4,181 t 60 koz 1,531 t Current period sales 2 $4.24 $1.28 $7.81 $2,349 $21.27 Provisional pricing adjustments on prior year concentrate sales 0.12 (0.02) 0.54 9 (1.24) Realized prices 3,4 $4.36 /lb $1.26 /lb $8.35 /lb $2,358 /oz $20.03 /lb Six months ended June 30, 2023 Copper Zinc Nickel Gold Other Total Revenue from contracts with customers1 987,746 200,251 156,402 128,322 50,528 1,523,249 Provisional pricing adjustments on current year concentrate sales (37,827) (24,161) (13,158) 638 8,587 (65,921) Provisional pricing adjustments on prior year concentrate sales 28,168 1,160 (18,322) 1,145 — 12,151 978,087 177,250 124,922 130,105 59,115 1,469,479 Recognition of deferred revenue 28,062 Copper stream cash effect (10,763) Gold stream cash effect (41,519) Less: Treatment & refining charges (105,384) Total Revenue 1,339,875 Payable Metal 112,960 t 69,653 t 6,594 t 66 koz Current period sales2 $3.81 $1.15 $9.85 $1,939 Provisional pricing adjustments on prior year concentrate sales 0.12 0.00 (1.26) 17 Realized prices3,4 $3.93 /lb $1.15 /lb $8.59 /lb $1,956 /oz 1. Revenue from contracts with customers before recognition of deferred revenue, gold and copper stream cash effects and treatment and refining charges, each of which is presented separately in the table. 2. Includes revenue from contracts with customers and provisional pricing adjustments on current year concentrate sales. 3. This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 4. The realized price for copper inclusive of the impact of streaming agreements for 2024 is $4.33/lb (2023: $3.89/lb). The realized price for gold inclusive of the impact of streaming agreements for 2024 is $1,658/oz (2023: $1,332/oz). 11 ===== SIDA 25 ===== Financial Results Production Costs Production costs for the quarter ended June 30, 2024 were $606.4 million, an increase from $405.2 million in the prior year comparable period. On a year-to-date basis, production costs were $1,173.6 million, an increase from $823.0 million in the prior year comparable period. Production cost increases in both periods were primarily as a result of the acquisition of Caserones and higher maintenance costs at Eagle. These increases were partially offset by favourable foreign exchange, including a weaker CLP which reduced production costs at Candelaria and Caserones. Depreciation, Depletion and Amortization Depreciation, depletion and amortization expense for the quarter and year-to-date periods ended June 30, 2024 increased compared to the prior year comparative periods. The increases were primarily attributable to the acquisition of Caserones in addition to increased amortization of mineral properties at Candelaria due to higher stripping costs capitalized in 2023. Depreciation, depletion & amortization Three months ended June 30, Six months ended June 30, ($ thousands) 2024 2023 Change 2024 2023 Change Candelaria 76,058 69,696 6,362 149,484 128,071 21,413 Caserones1 54,501 — 54,501 106,230 — 106,230 Chapada 18,368 14,989 3,379 33,448 27,070 6,378 Eagle 9,993 12,670 (2,677) 19,144 23,821 (4,677) Josemaria — — — — 38 (38) Neves-Corvo 29,672 27,719 1,953 56,718 57,799 (1,081) Zinkgruvan 8,813 4,913 3,900 16,796 13,000 3,796 Other 253 518 (265) 330 953 (623) 197,658 130,505 67,153 382,150 250,752 131,398 1 Caserones 2023 results are from July 13, 2023. Finance Income and Costs Total finance costs, net, of $36.3 million and $72.0 million for the quarter and year-to-date periods ended June 30, 2024 , respectively, increased from $15.9 million and $31.6 million in the prior year comparable periods primarily due to higher interest expense related to higher outstanding debt through the quarter, combined with increased lease liability interest following the acquisition of Caserones. Other Income and Expense Net other expense for the quarter ended June 30, 2024 amounted to $3.6 million, a reduction from $33.4 million in other income in the prior year comparable period primarily related to reduced realized gains on expired foreign exchange and diesel derivative contracts and reduced foreign exchange and trading gains on debt and equity instruments supporting capital funding for the Josemaria Project following the devaluation of the ARS in December 2023. Net other income and expense in the quarter also included a $17.2 million non-cash write-down of capital works in progress at the Josemaria Project that are no longer expected to be required and $9.8 million of overhead costs incurred at the Eagle mine due to a partial suspension of underground operations. These losses are partially offset by a $12.4 million quarter-to-date gain recorded on the Caserones purchase option as a result of revised discounted cash flow projections due to higher metal prices. Net other expense for the year-to-date period ended June 30, 2024 amounted to $14.0 million, a reduction from net other income of $79.6 million in the prior year comparable period. The decrease is primarily due to $48.9 million of non-cash unrealized losses related to the mark-to-market valuation of unexpired foreign exchange contracts, particularly for BRL and SEK. Additionally, the year-to-date period ended June 30, 2024 had lower foreign exchange and trading gains on debt and equity instruments. These losses were partially offset by the year-to-date gain recorded on the Caserones purchase option which amounted to $11.7 million and positively impacted other income. 12 ===== SIDA 26 ===== Foreign exchange losses and gains recorded in the quarter and year-to-date periods ended June 30, 2024 , respectively, in other income and expense resulted from foreign exchange revaluation of working capital and leases denominated in foreign currencies. Foreign exchange losses in the quarter ended June 30, 2024 are primarily due to slight strengthening of the CLP against the USD. Foreign exchange gains in the year-to-date period ended June 30, 2024 are primarily due to the weakening of the CLP against the USD. Foreign exchange gains also included changes in fair value of debt and equity instruments supporting capital funding for the Josemaria Project. Period end exchange rates having a meaningful impact on foreign exchange recorded at June 30, 2024 were: June 30, 2024 March 31, 2024 December 31, 2023 Brazilian Real (USD:BRL) 5.56 5.00 4.84 Chilean Peso (USD:CLP) 951 982 877 Euro (USD:€) 0.93 0.93 0.91 Swedish Kronor (USD:SEK) 10.65 10.69 9.98 Argentine Peso (USD:ARS) 912 857 808 The average exchange rates for each quarter were: Three months ended June 30, 2024 March 31, 2024 December 31, 2023 Brazilian Real (USD:BRL) 5.22 4.95 4.95 Chilean Peso (USD:CLP) 935 946 896 Euro (USD:€) 0.93 0.92 0.93 Swedish Kronor (USD:SEK) 10.68 10.39 10.67 Argentine Peso (USD:ARS) 887 835 449 Income Taxes Income tax expense (recovery) Three months ended June 30, Six months ended June 30, ($ thousands) 2024 2023 Change 2024 2023 Change Candelaria 43,188 3,732 39,456 82,581 46,279 36,302 Caserones1 18,356 — 18,356 40,592 — 40,592 Chapada 30,874 (15,864) 46,738 28,614 (21,213) 49,827 Eagle (598) 3,539 (4,137) (1,876) 3,546 (5,422) Josemaria (50,588) 678 (51,266) (50,588) 678 (51,266) Neves-Corvo 1,919 (10,617) 12,536 (2,918) (9,345) 6,427 Zinkgruvan 6,925 2,286 4,639 5,647 6,265 (618) Other 6,086 (3,355) 9,441 4,676 2,882 1,794 56,162 (19,601) 75,763 106,728 29,092 77,636 1 Caserones 2023 results are from July 13, 2023. Income taxes by classification Three months ended June 30, Six months ended June 30, ($ thousands) 2024 2023 Change 2024 2023 Change Current income tax expense 58,117 27,213 30,904 105,380 86,714 18,666 Deferred income tax expense (recovery) (1,955) (46,814) 44,859 1,348 (57,622) 58,970 56,162 (19,601) 75,763 106,728 29,092 77,636 Current income tax expense in the quarter and year-to-date periods ended June 30, 2024 was higher than in the prior year comparable periods primarily due to higher taxable earnings, the introduction of the mining royalty tax for Candelaria effective January 1, 2024 and the inclusion of Caserones following its acquisition. 13 ===== SIDA 27 ===== Deferred income tax expense in the quarter and year-to-date periods ended June 30, 2024 was higher than in the prior comparable periods due to the utilization of tax losses at Caserones and the effect of foreign exchange revaluation of non- monetary assets at Chapada due to weakening of the BRL against the USD. The effect of the increase in deferred income tax expense in the quarter was offset by the reversal of the deferred tax liability in Josemaria due to tax inflation adjustments in Argentina. 14 ===== SIDA 28 ===== Mining Operations Production Overview 2024 2023 YTD Q2 Q1 Total Q4 Q3 Q2 Q1 Copper (t) Candelaria (100%) 63,697 31,170 32,527 152,012 41,618 34,275 36,952 39,167 Caserones (100%)1 63,991 29,775 34,216 65,210 35,389 29,821 — — Chapada 19,244 9,106 10,138 45,719 12,872 12,286 10,697 9,864 Eagle 4,077 1,563 2,514 13,600 3,334 3,245 3,881 3,140 Neves-Corvo 14,391 7,347 7,044 33,823 9,623 9,016 7,610 7,574 Zinkgruvan 2,321 747 1,574 4,434 501 1,299 917 1,717 167,721 79,708 88,013 314,798 103,337 89,942 60,057 61,462 Zinc (t) Neves-Corvo 52,183 25,696 26,487 108,812 31,035 25,807 24,177 27,793 Zinkgruvan 40,965 21,764 19,201 76,349 19,684 23,967 11,938 20,760 93,148 47,460 45,688 185,161 50,719 49,774 36,115 48,553 Nickel (t) Eagle 4,976 1,721 3,255 16,429 3,729 4,290 4,686 3,724 Gold (koz) Candelaria (100%) 36 17 19 90 25 20 21 24 Chapada 29 15 14 59 19 15 13 12 65 32 33 149 44 35 34 36 Molybdenum (t) Caserones (100%)1 1,578 714 864 2,024 928 1,096 — — Lead (t) Neves-Corvo 2,991 1,387 1,604 5,600 2,030 1,447 951 1,172 Zinkgruvan 15,714 8,966 6,748 26,284 6,418 8,643 3,816 7,407 18,705 10,353 8,352 31,884 8,448 10,090 4,767 8,579 Silver (koz) Candelaria (100%) 782 367 415 1,487 468 306 366 347 Chapada 113 55 58 258 73 67 62 56 Eagle 25 17 8 64 17 19 11 17 Neves-Corvo 957 433 524 1,902 573 486 407 436 Zinkgruvan 1,339 699 640 2,300 509 785 374 632 3,216 1,571 1,645 6,011 1,640 1,663 1,220 1,488 15 1 Caserones 2023 results are from July 13, 2023. ===== SIDA 29 ===== Production Cost and Cash Cost Overview ($ thousand, $/lb) Three months ended June 30, Six months ended June 30, ($ thousands) 2024 2023 2024 2023 Candelaria Production costs $175,359 $184,958 $336,609 $372,937 Gross cost 2.72 2.51 2.53 2.54 By-product1 (0.54) (0.37) (0.51) (0.36) Cash Cost (Cu, $/lb)2 2.18 2.14 2.02 2.18 AISC (Cu, $/lb)2 3.22 3.76 3.28 3.60 Caserones3 Production costs $208,897 — $406,552 — Gross cost 3.17 — 2.86 — By-product1 (0.57) — (0.51) — Cash Cost (Cu, $/lb)2 2.60 — 2.35 — AISC (Cu, $/lb)2 3.58 — 3.28 — Chapada Production costs $69,246 $80,113 $133,831 $148,747 Gross cost 3.76 3.72 3.59 3.63 By-product1 (1.71) (1.03) (1.56) (1.09) Cash Cost (Cu, $/lb)2 2.05 2.69 2.03 2.54 AISC (Cu, $/lb)2 3.72 3.80 3.75 3.62 Eagle Production cost $37,657 $45,735 $78,193 $91,184 Gross cost 7.70 4.81 7.80 5.71 By-product1 (4.47) (2.93) (4.15) (3.60) Cash Cost (Ni, $/lb)2 3.23 1.88 3.65 2.11 AISC (Ni, $/lb)2 5.71 3.34 5.92 4.09 Neves-Corvo Production costs $83,129 $76,080 $154,841 $161,806 Gross cost 5.04 5.96 5.39 5.45 By-product1 (3.34) (1.97) (3.03) (2.76) Cash Cost (Cu, $/lb)2 1.70 3.99 2.36 2.69 AISC (Cu, $/lb)2 3.46 5.73 4.18 4.35 Zinkgruvan Production costs $32,734 $17,786 $62,809 $46,691 Gross cost 1.07 1.13 1.09 1.07 By-product1 (0.68) (0.89) (0.58) (0.64) Cash Cost (Zn, $/lb)2 0.39 0.24 0.51 0.43 AISC (Zn, $/lb)2 0.74 1.06 0.91 1.00 1 By-product is after related treatment and refining charges. 2 Cash Cost per pound sold and All-in Sustaining Cost per pound sold ("AISC") are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 3 Caserones 2023 results are from July 13, 2023. 16 ===== SIDA 30 ===== Capital Expenditures1 Three months ended June 30, 2024 2023 ($ thousands) Sustaining Expansionary Capitalized Interest Total Sustaining Expansionary Capitalized Interest Total Candelaria 60,544 — — 60,544 123,417 — — 123,417 Caserones2 35,328 — — 35,328 — — — — Chapada 25,241 — — 25,241 19,690 — — 19,690 Eagle 3,980 — — 3,980 3,562 — — 3,562 Josemaria — 87,120 3,544 90,664 — 91,650 443 92,093 Neves-Corvo 27,921 — — 27,921 22,133 — — 22,133 Zinkgruvan 13,301 — — 13,301 15,994 — — 15,994 Other 1,488 — — 1,488 3,024 — — 3,024 167,803 87,120 3,544 258,467 187,820 91,650 443 279,913 Six months ended June 30, 2024 2023 ($ thousands) Sustaining Expansionary Capitalized Interest Total Sustaining Expansionary Capitalized Interest Total Candelaria 160,076 — — 160,076 214,103 — — 214,103 Caserones2 78,082 — — 78,082 — — — — Chapada 54,440 — — 54,440 35,717 — — 35,717 Eagle 8,058 — — 8,058 10,664 — — 10,664 Josemaria — 143,101 6,209 149,310 — 182,169 479 182,648 Neves-Corvo 50,334 — — 50,334 47,194 — — 47,194 Zinkgruvan 27,642 — — 27,642 30,462 — — 30,462 Other 2,431 — — 2,431 5,244 — — 5,244 381,063 143,101 6,209 530,373 343,384 182,169 479 526,032 1 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure – see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 2 Caserones 2023 results are from July 13, 2023. 17 ===== SIDA 31 ===== Candelaria (Chile) Operating Statistics 2024 2023 (100% Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined (000s tonnes) 13,271 8,155 5,116 25,939 7,793 5,350 6,194 6,602 Ore milled (000s tonnes) 14,403 7,094 7,309 28,903 7,609 7,168 6,924 7,202 Grade Copper (%) 0.49 0.49 0.48 0.58 0.60 0.52 0.59 0.59 Gold (g/t) 0.12 0.12 0.11 0.14 0.15 0.12 0.14 0.15 Recovery Copper (%) 90.7 89.5 91.9 91.3 90.3 91.0 91.1 92.6 Gold (%) 65.8 62.1 69.8 69.5 68.6 70.6 68.8 70.3 Production (contained metal) Copper (tonnes) 63,697 31,170 32,527 152,012 41,618 34,275 36,952 39,167 Gold (000 oz) 36 17 19 90 25 20 21 24 Silver (000 oz) 782 367 415 1,487 468 306 366 347 Revenue ($000s) 696,772 366,363 330,409 1,329,599 359,023 299,745 290,426 380,405 Production costs ($000s) 336,609 175,359 161,250 726,493 178,088 175,468 184,958 187,979 Gross profit ($000s) 210,679 114,946 95,733 330,729 106,997 53,909 35,772 134,051 Cash cost ($ per pound copper)1 2.02 2.18 1.89 2.07 1.78 2.19 2.14 2.21 AISC ($ per pound copper)1 3.28 3.22 3.34 3.34 2.76 3.43 3.76 3.44 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Copper and gold production in the quarter and year-to-date periods ended June 30, 2024 was lower than in the prior year comparable periods primarily due to lower grades and recoveries, partially offset by higher throughput. During the quarter, mining rates were impacted by the interface of the open pit and historic underground mining stopes, requiring more stockpiled ore to be processed which reduced grades and recoveries. Access to higher grade ore is anticipated in the second half of 2024 as per the mine sequence. Three of four stopes have now been filled and blasted, with work on the fourth expected to begin in Q3, and not expected to impact production in the second half of 2024. Production Costs and Cash Cost Production costs in the quarter and year-to-date periods ended June 30, 2024 were lower than in the prior year comparable periods as a result of lower copper and gold sales volumes and favourable foreign exchange due to a weaker Chilean peso. Cash cost per pound in the quarter ended June 30, 2024 was slightly higher than in the prior year comparable period due to lower production and sales volumes, part ially offset by higher by-product credits and favourable foreign exchange. In the year-to-date period ended June 30, 2024 , cash cost per pound improved from the prior year comparable period primarily due to favourable foreign exchange and higher by-product credits . All-in sustaining cost per pound ("AISC") in the quarter and year-to-date periods ended June 30, 2024 was lower than in the prior year comparable periods primarily due to lower sustaining capital expenditure. In the quarter ended June 30, 2024 , approximately 23,700 oz of gold and 496,800 oz of silver were subject to terms of a streaming agreement from which approximately $429/oz of gold and $4.28/oz of silver will be received. Gross Profit Gross profit in the quarter and year-to-date periods ended June 30, 2024 was higher than in the prior year comparable periods, primarily due to favourable foreign exchange and higher realized copper and gold prices, including the impacts of provisional pricing adjustments on prior period concentrate sales. 18 ===== SIDA 32 ===== Caserones (Chile) Operating Statistics 2024 2023 (100% Basis) YTD Q2 Q1 Total2 Q4 Q32 Ore mined (000s tonnes) 14,647 7,840 6,807 15,583 7,484 8,099 Ore milled (000s tonnes) 15,246 7,556 7,690 15,424 8,262 7,162 Ore placed on leach 4,782 2,868 1,914 5,541 3,234 2,307 Grade Copper (%) 0.43 0.42 0.44 0.42 0.41 0.44 Molybdenum (%) 0.015 0.015 0.016 0.020 0.019 0.022 Recovery Copper (%) 77.9 75.9 79.7 86.1 88.2 83.9 Molybdenum (%) 67.4 64.4 70.0 72.4 73.9 70.9 Production (tonnes) Copper in concentrate 51,412 24,246 27,166 55,191 29,496 25,695 Copper cathode 12,579 5,529 7,050 10,019 5,893 4,126 Total copper 63,991 29,775 34,216 65,210 35,389 29,821 Molybdenum 1,578 714 864 2,024 928 1,096 Revenue ($000s) 662,758 336,547 326,211 601,775 317,219 284,556 Production costs ($000s) 406,552 208,897 197,655 404,837 215,855 188,982 Gross profit ($000s) 149,976 73,149 76,827 88,449 31,182 57,267 Cash cost ($ per pound copper)1 2.35 2.60 2.14 1.99 2.33 1.60 AISC ($ per pound copper)1 3.28 3.58 3.02 3.03 3.48 2.49 1 All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 2 Caserones 2023 results are from July 13, 2023. Production Copper and molybdenum concentrate production was impacted in the quarter ended June 30, 2024 by extended mill maintenance and weather events which reduced mining activities and limited tailings deposition. Recoveries were also temporarily reduced by changes in the mining sequence and flotation circuit disruptions. Copper cathode production in the quarter ended June 30, 2024 continued to benefit from changes to the irrigation pattern on the dump leach pad. Production Costs and Cash Cost Production costs in the quarter and year-to-date periods ended June 30, 2024 reflected reduced copper and molybdenum concentrate production volumes, which increased cash cost per pound. This increase was partly offset by favourable foreign exchange as a result of the Chilean peso weakening against the US dollar. Gross Profit Gross profit in the quarter and year-to-date periods ended June 30, 2024 benefited from higher realized copper and molybdenum prices, favourable foreign exchange and higher copper cathode sales volumes. 19 ===== SIDA 33 ===== Chapada (Brazil) Operating Statistics 2024 2023 (100% Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined (000s tonnes) 10,976 5,851 5,125 29,508 7,803 8,062 7,522 6,121 Ore milled (000s tonnes) 10,903 5,407 5,496 22,233 5,218 5,832 5,207 5,976 Grade Copper (%) 0.23 0.23 0.23 0.26 0.29 0.26 0.26 0.23 Gold (g/t) 0.16 0.18 0.14 0.15 0.18 0.15 0.14 0.13 Recovery Copper (%) 77.7 74.2 81.1 80.2 85.9 80.8 80.3 73.3 Gold (%) 52.0 49.3 55.3 55.0 61.1 55.3 54.1 48.0 Production (contained metal) Copper (tonnes) 19,244 9,106 10,138 45,719 12,872 12,286 10,697 9,864 Gold (000 oz) 29 15 14 59 19 15 13 12 Silver (000 oz) 113 55 58 258 73 67 62 56 Revenue ($000s) 216,404 117,969 98,435 461,175 143,439 111,897 94,721 111,118 Production costs ($000s) 133,831 69,246 64,585 317,317 89,716 78,854 80,113 68,634 Gross profit (loss) ($000s) 49,125 30,355 18,770 80,378 30,126 20,230 (381) 30,403 Cash cost ($ per pound copper)1 2.03 2.05 2.01 2.27 1.88 2.28 2.69 2.37 AISC ($ per pound copper)1 3.75 3.72 3.79 3.24 2.75 3.15 3.80 3.42 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Copper production in the quarter and year-to-date periods ended June 30, 2024 was lower than in the prior year comparable periods due to lower grades and recoveries and was impacted by lower mill availability due to unplanned conveyor maintenance and vibration screen failure. The lower grades and lower amount of ore mined is a result of a shift to processing increased amounts of stockpiled ore and an optimized mine plan that significantly reduces waste movement. Gold production in the quarter and year-to-date periods ended June 30, 2024 was higher than in the prior year comparable periods primarily due to higher grades. Production Costs and Cash Cost Production costs in the quarter and year-to date periods ended June 30, 2024 were lower than in the prior year comparable periods as a result of lower sales volume and favourable foreign exchange. Cash cost per pound in the quarter and year-to date periods ended June 30, 2024 improved from the prior year comparable periods primarily due to increased realized prices for gold sales, which reduce cash cost as by-product credits. This reduction was combined with favourable foreign exchange and lower mining costs as a result of a planned reduction in waste movement, and other cost reduction initiatives as a result of the Full Potential program. AISC per pound in the quarter ended June 30, 2024 was lower than in the prior year comparable period due to lower cash cost per pound. AISC per pound in the year-to-date period was higher than in the prior year comparable period due to higher sustaining capital expenditure. Gross Profit Gross profit in the quarter and year-to date period ended June 30, 2024 was higher than in the prior year comparable periods primarily due to higher realized copper and gold prices and favourable foreign exchange. 20 ===== SIDA 34 ===== Eagle (USA) Operating Statistics 2024 2023 (100% Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined (000s tonnes) 272 107 165 725 188 192 189 156 Ore milled (000s tonnes) 276 97 179 718 186 190 181 161 Grade Nickel (%) 2.1 2.1 2.1 2.6 2.3 2.6 2.9 2.6 Copper (%) 1.5 1.7 1.5 2.0 1.9 1.8 2.2 2.0 Recovery Nickel (%) 85.1 85.0 85.2 87.4 86.1 86.2 88.8 88.5 Copper (%) 95.6 95.9 95.3 96.8 96.5 96.4 97.0 97.2 Production (contained metal) Nickel (tonnes) 4,976 1,721 3,255 16,429 3,729 4,290 4,686 3,724 Copper (tonnes) 4,077 1,563 2,514 13,600 3,334 3,245 3,881 3,140 Revenue ($000s) 114,667 57,444 57,223 350,895 73,720 102,505 105,250 69,420 Production costs ($000s) 78,193 37,657 40,536 191,704 48,023 52,497 45,735 45,449 Gross profit ($000s) 17,330 9,794 7,536 107,141 11,794 35,682 46,845 12,820 Cash cost ($ per pound nickel)1 3.65 3.23 4.04 2.16 2.37 2.07 1.88 2.43 AISC ($ per pound nickel)1 5.92 5.71 6.12 4.22 4.60 4.05 3.34 5.16 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Nickel and copper production in the quarter and year-to date periods ended June 30, 2024 was lower than in the prior year comparable periods due to lower throughput, grades and recoveries. During the quarter, a fall of ground in the lower ramp restricted access to Eagle East, limiting production. The event did not affect people's safety or critical infrastructure. Mining rates are expected to be reduced until late 2024 while ramp rehabilitation is completed, deferring the extraction of ore from Eagle East into future years. An extended mill shutdown in June to complete planned maintenance, combined with low ore availability, is expected to impact sales volumes in Q3 2024. Production Costs and Cash Cost Production costs in the quarter and year-to date periods ended June 30, 2024 were lower than in the prior year comparable periods primarily due to lower sales volumes and royalty expense, partially offset by higher maintenance costs . Production costs in the quarter exclude approximately $9.8 million of overhead costs that have been recorded in Other Income and Expense as a result of the partial suspension of underground mining operations. Cash cost per pound in the quarter and year-to date periods ended June 30, 2024 was higher than in the prior year comparable periods due to production challenges and planned lower grades, resulting in lower production and sales volumes, partially offset by higher by-product credits. AISC in the quarter and year-to date periods ended June 30, 2024 was higher than in the prior year comparable periods primarily due to higher cash cost per pound and increased lease payments. AISC in the quarter was also impacted by slightly higher sustaining capital expenditures. Gross Profit Gross profit in the quarter and year-to date periods ended June 30, 2024 was lower than in the prior year comparable periods primarily due to lower sales volumes and higher maintenance costs. 21 ===== SIDA 35 ===== Neves-Corvo (Portugal) Operating Statistics 2024 2023 (100% Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined, copper (000s tonnes) 1,190 602 588 2,591 677 689 622 603 Ore mined, zinc (000s tonnes) 1,017 499 518 1,989 549 459 470 511 Ore milled, copper (000s tonnes) 1,200 601 599 2,588 682 674 628 604 Ore milled, zinc (000s tonnes) 1,019 507 512 1,989 573 441 465 510 Grade Copper (%) 1.6 1.6 1.5 1.7 1.9 1.8 1.6 1.6 Zinc (%) 6.4 6.3 6.5 6.8 6.6 7.4 6.6 6.7 Lead (%) 1.2 1.3 1.2 1.5 1.4 1.5 1.5 1.5 Recovery Copper (%) 77.3 77.2 77.3 76.5 75.6 76.1 77.0 77.7 Zinc (%) 78.3 78.2 78.4 78.0 79.9 76.1 76.8 78.7 Lead (%) 24.0 21.7 26.5 19.2 25.2 21.3 14.0 15.7 Production (contained metal) Copper (tonnes) 14,391 7,347 7,044 33,823 9,623 9,016 7,610 7,574 Zinc (tonnes) 52,183 25,696 26,487 108,812 31,035 25,807 24,177 27,793 Lead (tonnes) 2,991 1,387 1,604 5,600 2,030 1,447 951 1,172 Silver (000 oz) 957 433 524 1,902 573 486 407 436 Revenue ($000s) 209,305 128,675 80,630 425,042 115,823 111,202 68,614 129,403 Production costs ($000s) 154,841 83,129 71,712 326,677 82,734 82,137 76,080 85,726 Gross (loss) profit ($000s) (2,254) 15,874 (18,128) (23,234) 642 (2,288) (35,185) 13,597 Cash cost ($ per pound copper)1 2.36 1.70 3.24 2.37 1.96 2.27 3.99 1.69 AISC ($ per pound copper)1 4.18 3.46 5.13 3.96 3.50 3.82 5.73 3.29 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Copper and zinc production during the quarter were impacted by lower grades due to changes in mine sequencing as a result of Lombador south requiring additional development work. Copper production in the quarter and year-to-date periods ended June 30, 2024 was slightly lower than in the prior year comparable periods primarily due to lower throughput. Lower grades and recoveries also impacted the year-to-date production. Zinc production in the quarter and year-to-date periods ended June 30, 2024 was higher than in the prior year comparable periods due to higher throughput and recoveries as a result of the zinc expansion project, partially offset by lower grades. Production Costs and Cash Cost Production costs in the quarter ended June 30, 2024 were higher than in the prior year comparable period primarily due to increases in sales volumes and planned maintenance costs. Production costs in the year-to-date period ended June 30, 2024 were lower than in the prior year comparable period due to lower sales volumes and lower unit production costs driven by lower electricity, labour, and contractor costs. Cash cost per pound in the quarter ended June 30, 2024 improved from the prior year comparable period due to increased sales volumes and higher by-product credits. Cash cost per pound in the year-to-date period ended June 30, 2024 was lower than in the prior year comparable period due to lower operational costs and higher lead and silver by-product credits. AISC per pound in the quarter and year-to-date periods ended June 30, 2024 was lower than in the prior year comparable periods primarily due to lower cash cost per pound. Gross (Loss) Profit Gross profit in the quarter ended June 30, 2024 improved compared to a gross loss in the prior year comparable period, primarily driven by higher realized copper and zinc prices, and lower operating costs. For the year-to-date period ended June 30, 2024 , gross loss was $ 2.3 million, a reduction from the prior year comparable period gross loss of $ 21.6 million. This decrease was mainly due to higher realized copper and zinc prices, and lower operating costs partially offset by unfavorable foreign exchange. 22 ===== SIDA 36 ===== Zinkgruvan (Sweden) Operating Statistics 2024 2023 (100% Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined, zinc (000s tonnes) 614 308 306 1,178 313 287 268 310 Ore mined, copper (000s tonnes) 92 45 47 207 36 65 51 55 Ore milled, zinc (000s tonnes) 626 313 313 1,179 327 326 211 315 Ore milled, copper (000s tonnes) 117 42 75 198 28 58 34 78 Grade Zinc (%) 7.2 7.7 6.7 7.3 6.7 8.2 6.6 7.4 Lead (%) 3.2 3.7 2.7 2.9 2.5 3.5 2.4 2.9 Copper (%) 2.2 2.0 2.4 2.5 2.0 2.5 3.1 2.4 Recovery Zinc (%) 90.8 90.6 91.1 89.0 89.8 90.0 86.3 88.7 Lead (%) 78.8 78.2 79.4 77.8 77.1 75.7 76.2 82.1 Copper (%) 88.7 88.0 89.0 88.5 86.3 88.7 86.1 90.5 Production (contained metal) Zinc (tonnes) 40,965 21,764 19,201 76,349 19,684 23,967 11,938 20,760 Lead (tonnes) 15,714 8,966 6,748 26,284 6,418 8,643 3,816 7,407 Copper (tonnes) 2,321 747 1,574 4,434 501 1,299 917 1,717 Silver (000 oz) 1,339 699 640 2,300 509 785 374 632 Revenue ($000s) 120,660 76,587 44,073 223,591 50,783 82,290 29,520 60,998 Production costs ($000s) 62,809 32,734 30,075 115,394 31,520 37,183 17,786 28,905 Gross profit ($000s) 41,055 35,040 6,015 74,073 10,519 32,727 6,821 24,006 Cash cost ($ per pound)1 0.51 0.39 0.65 0.43 0.63 0.28 0.24 0.54 AISC ($ per pound)1 0.91 0.74 1.10 0.83 0.93 0.56 1.06 0.97 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Zinc production in the quarter and year-to-date periods ended June 30, 2024 was higher than in the prior year comparable periods due to higher throughput, grades and recoveries. Lead production in the quarter and year-to-date periods ended June 30, 2024 was higher than in the prior year comparable periods primarily due to higher throughput and grades. Throughput was reduced in the prior year comparable periods by a mill shut-down during the implementation of the sequential flotation system. Copper production in the quarter and year-to date periods ended June 30, 2024 was lower than in the prior year comparable periods due to reduced availability of copper ore. Production Costs and Cash Cost Production costs in the quarter and year-to date periods ended June 30, 2024 were higher than in the prior year comparable periods primarily due to higher zinc and lead sales volumes. Cash cost per pound in the quarter and year-to date periods ended June 30, 2024 was higher than in the prior year comparable periods, primarily due to lower by-product credits as a result of lower copper production. AISC per pound in the quarter and year-to date periods ended June 30, 2024 were lower than in the prior year comparable periods due to lower sustaining capital expenditure. Gross Profit Gross profit in the quarter and year-to date periods ended June 30, 2024 was higher than in the prior year comparable periods primarily due to higher realized zinc, copper and lead prices, and higher zinc and lead sales volume. 23 ===== SIDA 37 ===== Josemaria Project (Argentina) Project Development The Company continues to optimize and de-risk the Josemaria Project, with efforts during the quarter focused on the progression of the capital cost estimate report and completion of the drill programs before the onset of the winter season. Field activities were mainly associated with the water, geotechnical and exploration programs. Work on the water program continues advancing with drilling on the water sources, testing, and obtaining data from well tests to update water supply and usage models. Work on the next phase of the geotechnical drill program, mainly concentrated on the tailings dam footprint continues to progress. Exploration continued drilling on the Cumbre Verde target until the shutdown that occurred in the winter. The final major components for the gearless mill drivers ("GMDs") were received in May at the San Juan warehouse facility, and this order is substantially complete with only some minor parts remaining. The final pieces of the grinding mills , apart from the liners, have been shipped. Work continues on environmental and permitting, with the technical review of the tailings dam design, and the offsite power line EIAs which were submitted in 202 3. The Josemaria biennial EIA update was submitted in April. The permits for the most northern sections of the Northern Access Road were received, whilst the EIA for other sections, submitted in 2023, continues to be under government evaluation. Government relations continue to be maintained with both the national and provincial governments. At the national level, the Company is closely monitoring the government's implementation of the Basis Law - RIGI (Incentive Regime for Large Investments) as it was officially published on July 9, 2024 providing a positive impact on the Josemaria project financial and economic analysis. RIGI regulations are expected to be available in August. In conjunction, discussions on provincial royalties, infrastructure offset, and trust fund agreements continue. Capital cost estimates for the project continue to be revised by incorporating throughput optimization results, infrastructure layout improvements, concentrate shipping recommendations, major commodities price adjustments, and currency exchange rate and inflation. In the quarter ended June 30, 2024 , the Company spent $87.1 million in capital expenditure compared to $91.7 million in the prior year comparable period. On a year-to-date basis, the Company spent $143.1 million compared to $182.2 million in the prior year comparable period. The project is expected to incur capital spend within the annual guidance amount. Exploration Update During the quarter ended June 30, 2024 , exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Zinkgruvan was focused on resource expansion and drilling at Candelaria was focused on Candelaria Norte and La Espanola. Drilling at Chapada concentrated on delineating the high-grade, near-mine trend at Corpo Sul, adding high grade resources to Sauva and testing geochemical anomalies in the Sauva area Curicaca and Curio. At Caserones, exploration activity remains lower during the winter season. Exploration drilling continues in the lower portion of the mineral resource in search of higher-grade copper breccia bodies that could improve the average grade of the resource, and potentially expand it. Near-mine drilling at Angelica has been paused for winter since April. At Josemaria, seasonal exploration drilling ended in early April at the Cumbre Verde Target, located west of the Josemaria ore body. Six holes were drilled targeting the same mineralized system and structures that hosted high grade mineralization on the neighbouring property that may potentially run towards the Cumbre Verde Target. Initial results highlight favorable levels of copper/gold/silver mineralization in veins and porphyry. The data obtained will help further refine and target this mineralization. Work will continue throughout the remainder of 2024 with drilling to recommence after the winter season. There was no exploration drilling at Neves-Corvo and Eagle in the quarter. 24 ===== SIDA 38 ===== Liquidity and Capital Resources Consolidated Cash Flow Three months ended June 30, ($ thousands) 2024 2023 Change Cash provided by operating activities 491,770 194,844 296,926 Cash used in investing activities (252,206) (283,468) 31,262 Cash (used in) provided by financing activities (155,916) 99,922 (255,838) Effect of foreign exchange on cash balances 3,710 (5,355) 9,065 Increase (decrease) in cash and cash equivalents 87,358 5,943 81,415 Opening cash and cash equivalents 365,451 184,239 181,212 Closing cash and cash equivalents 452,809 190,182 262,627 Adjusted operating cash flow1 369,874 110,637 259,237 Free cash flow from operations1 337,503 20,717 316,786 Free cash flow1 236,847 (84,626) 321,473 Six months ended June 30, ($ thousands) 2024 2023 Change Cash provided by operating activities 759,301 406,719 352,582 Cash used in investing activities (521,870) (523,534) 1,664 Cash from financing activities (53,658) 119,428 (173,086) Effect of foreign exchange on cash balances 243 (3,818) 4,061 Increase (decrease) in cash and cash equivalents 184,016 (1,205) 185,221 Opening cash and cash equivalents 268,793 191,387 77,406 Closing cash and cash equivalents 452,809 190,182 262,627 Adjusted operating cash flow1 683,540 345,704 337,836 Free cash flow from operations1 405,225 91,793 313,432 Free cash flow1 235,137 (118,834) 353,971 1This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. Cash provided by operating activities in the quarter ended June 30, 2024 was $296.9 million higher than in the prior year comparable period. This was primarily due to higher copper and zinc realized prices contributing to higher operating earnings, including the impacts of favourable provisional pricing adjustments on prior period concentrate sales. Cash provided by operating activities also benefited from the inclusion of Caserones operating cash flows and $121.9 million positive working capital changes in the quarter. For the year-to-date period ended June 30, 2024 the cash provided by operating activities was $352.6 million higher than the comparable prior year period due to the same factors that impacted the quarter ended June 30, 2024 with the added benefit of favourable provisional pricing adjustments on current period concentrate sales, and positive working capital changes of $75.8 million. Cash used in investing activities in the quarter ended June 30, 2024 was $31.3 million lower than in the prior year comparable period. This was primarily due to lower sustaining capital expenditures at Candelaria in the quarter, due to timing of spending and reduced planned capitalized stripping. This decrease was partly offset by the inclusion of sustaining capital expenditures at Caserones. For the year-to-date period ended June 30, 2024 the cash used in investing activities was consistent with the comparable prior year period despite Caserones investing cash flows being included. Cash used in financing activities in the quarter ended June 30, 2024 was $255.8 million higher than in the prior year comparable period. The increase was primarily due to higher interest and lease payments, combined with distributions to non-controlling interests in the quarter. In the prior year comparable quarter, net proceeds from debt were realized through draw downs on the RCF. For the year-to-date period ended June 30, 2024 the cash used in financing activities was $173.1 million higher as a result of the same factors that impacted the quarter ended June 30, 2024. Free cash flow from operations in the quarter and year-to-date period ended June 30, 2024 was higher than in the prior year comparable periods as a result of higher cash provided by operations and decreased sustaining capital expenditure. 25 ===== SIDA 39 ===== Free cash flow in the quarter was $321.5 million higher than in the prior year comparable period as a result of reduced spending relating to the Josemaria Project. For the year-to-date period ended June 30, 2024 free cash flow was $354.0 million higher than prior year driven by the same factors influencing this quarter. Liquidity and Financial Position ($ thousands) June 30, 2024 December 31, 2023 Change Cash and cash equivalents 452,809 268,793 184,016 Total assets 10,879,796 10,861,199 18,597 Debt1 1,339,023 1,208,600 130,423 Lease liabilities 259,164 277,208 (18,044) Net debt2 (1,152,925) (1,223,389) 70,464 Net debt excluding lease liabilities2 (893,761) (946,181) 52,420 1Debt includes both current and non-current portions. 2This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. The Company continues to expect to be able to fund all its contractual commitments with its operating cash flow, cash on hand and available capital resources. Net debt excluding lease liabilities at June 30, 2024 decreased from December 31, 2023 due to increased cash balances resulting from improved free cash flow from operations in the quarter. On July 4, 2024, the Company drew down an additional $350.0 million from the RCF to finance the exercise of its option to acquire an additional 19% interest in Caserones. During the quarter ended June 30, 2024, no shares were purchased under the Company's Normal Course Issuer Bid (“NCIB”) (quarter ended June 30, 2023 - nil shares). Contractual Obligations, Commitments and Contingencies The Company has contractual obligations and capital commitments as described in Note 22 “Commitments and Contingencies” in the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2024. From time to time, the Company may also be involved in legal proceedings that arise in the ordinary course of its business. Capital Resources As at June 30, 2024, the Company has a RCF of $1,750.0 million with $280.0 million outstanding (December 31, 2023 - $250.0 million). The RCF bears interest on drawn funds at rates of Term Secured Overnight Financing Rate ("Term SOFR") + Credit Spread Adjustment ("CSA") of 0.10%+ 1.45% to Term SOFR + 0.10% + 2.50% depending on the Company’s net leverage ratio. The RCF is unsecured, save and except for a charge over certain assets in the United States of America, and is subject to customary covenants. On April 26, 2024, the facility, which originally expired in April 2028, was amended and extended to April 2029. On July 4, 2024, the Company drew down an additional $350.0 million from the RCF to finance the exercise of its option to acquire an additional 19% interest in Caserones. As at June 30, 2024 , the Company's Term Loan has a principal amount of $800.0 million with an additional $400.0 million accordion option maturing in July 2026. The Team Loan bears interest at an annual rate equal to Term SOFR + CSA + an applicable margin of 1.60% to 2.65%, depending on the Company’s net leverage ratio. Principal is payable at maturity. On April 26, 2024, the Term Loan, originally maturing in July 2026, was extended to July 2027. On May 23, 2024, both the RCF and the Term Loan were amended to establish sustainability performance targets whereby the interest rate margin in the facilities will be adjusted based on the Company's performance relative to the targets. As at June 30, 2024, the Company also has unsecured commercial paper programs maturing in 2025 through 2028 of which $107.1 million (December 31, 2023 - $116.0 million) were drawn. As at June 30, 2024, certain subsidiaries of the Company had outstanding unsecured term loans totalling $159.5 million (December 31, 2023 - $48.9 million) and accruing interest at rates ranging from 5.67% to 6.80% per annum with interest payable upon maturity. The maturity dates range from July to November 2024. The development of the Josemaria Project requires significant capital commitments from the Company, and additional funding, beyond debt, may be required to advance the project to completion. 26 ===== SIDA 40 ===== Financial Instruments Revenue, cost of goods sold and capital expenditures are affected by certain external factors including fluctuations in metal prices, energy prices, and changes in exchange rates between the €, the SEK, the CLP, the BRL, the ARS and the $. During the quarter ended June 30, 2024, the Company entered into additional derivative contracts as part of its risk management strategy to mitigate exposure to foreign currency and commodities. These included zero cost collar contracts in the total amount of $222 million (equivalent to BRL 1.1 billion) with collar ranges of BRL 5.00 to BRL 6.11 expiring through the remainder of 2024 to 2026. In April 2024, the Company also entered into commodity collar contracts in the amount of 21,500 metric tonnes of copper with collar ranges of $4.10/lb to $4.52/lb, which expired in May. At June 30, 2024, derivative contracts consist of foreign currency forward and option contracts as well as diesel swap forward contracts. The foreign currency option contracts consist of put and call contracts in a collar structure. The derivative contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value as assessed by pricing models based on active market prices. Changes in fair value are recognized in other income and expense in the consolidated statement of earnings. The Company’s trade receivables also contain provisional pricing sales arrangements that are valued using quoted forward market prices. The following table illustrates the sensitivity of the Company’s risk on final settlement of its provisionally priced revenues as at June 30, 2024. Metal Payable Metal Provisional price on June 30, 2024 Change Effect on Revenue ($millions) Copper 78,807 t $4.34/lb +/- 10 % +/- $75.4 Zinc 17,907 t $1.31/lb +/- 10 % +/- $5.2 Nickel 255 t $7.75/lb +/- 10 % +/- $0.4 Gold 21 koz $2,335/oz +/- 10 % +/- $4.9 Molybdenum 746 t $20.98/lb +/- 10 % +/- $3.5 For a detailed discussion of the Company’s financial instruments, refer to Note 21 "Financial Instruments" in the Company’s condensed interim consolidated financial statements for the three and six months months ended June 30, 2024. 27 ===== SIDA 41 ===== Non-GAAP and Other Performance Measures The Company uses certain performance measures in its analysis. These performance measures have no meaning within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following are non-GAAP measures that the Company uses as key performance indicators. Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it may be useful to investors Cash cost Includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges, but excludes royalty expenses, expenses associated with non- cash fair value adjustments to inventory, depreciation and amortization and capital expenditures for deferred stripping. Revenue from sales of by-products, inclusive of adjustments for the terms of streaming agreements but excluding the recognition of any deferred revenue from the allocation of upfront streaming proceeds, reduce cash costs. Production costs Copper, zinc and nickel cash cost per pound sold are useful measures to assess the operating performance of the Company's mines, and their ability to generate cash. The inclusion of by-product credits incorporates the benefit of other metals extracted in the production of the primary metal. Cash cost per pound sold This ratio is calculated by dividing cash cost by the sales volume of the primary metal (copper, zinc, or nickel). All-in sustaining cost ("AISC") Includes cash cost (as defined above), royalties, sustaining capital expenditure (including deferred stripping and underground mine development), reclamation and other closure cost accretion and amortization and lease payments (cash basis). As this measure seeks to reflect the full cost of production from current operations, expansionary capital and certain exploration costs are excluded as these are costs typically incurred to extend mine life or materially increase the productive capacity of existing assets, or for new operations. Corporate general and administrative expenses have also been excluded as any attribution of these costs to an operating site would not necessarily be reflective of costs directly attributable to the administration of the site. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest) and costs related to business combinations, asset acquisitions and asset disposals are also excluded. Production costs Copper, zinc and nickel AISC and ASIC per pound sold are useful measures to understand the full cost of producing and selling metal at the Company's mines, and each mine's ability to generate cash while sustaining production at current levels. AlSC per pound sold This ratio is calculated by dividing AISC by the sales volume of the primary metal (copper, zinc, or nickel). Sustaining capital expenditures This supplementary financial measure is defined as cash- basis expenditures which maintain existing operations and sustain production levels. Investment in mineral properties, plant and equipment Sustaining capital expenditures provide an understanding of costs required to maintain existing production levels. Expansionary capital expenditures provide information on costs required for future growth of existing or new assets. Expansionary capital expenditures This non-GAAP measure is defined as cash-basis expenditures which increase current or future production capacity, cash flow or earnings potential and are reported excluding capitalized interest. Where an expenditure both maintains and expands current operations, classification would be based on the primary decision for which the expenditure is being made. 28 ===== SIDA 42 ===== Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it is useful to investors Realized price per pound and realized price per ounce1 Defined as revenue from metal sales (copper, zinc, gold, nickel and molybdenum) adding back treatment and refining charges, cash effects of gold and copper streams, recognition of deferred revenue from the allocation of upfront streaming proceeds and sales of silver and other metals, divided by the volume of metal sold in the period. Revenue These measures provide an understanding of the price realized in each reporting period for metal sales. Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, interest income and finance costs. Adjusted EBITDA removes the effects of items that do not reflect the Company's underlying operating performance and are not necessarily indicative of future operating results. These may include: unrealized foreign exchange, unrealized gains or losses from derivative contracts, revaluation gains or losses on marketable securities, derivative liabilities and purchase options, expenses for acquisition-related fair value adjustments to inventory, non-cash impairment charges and reversals, non-cash stockpile inventory or fixed asset write-downs, costs relating to the sinkhole near Ojos del Salado operations, income from investments in associates, gains or losses on disposals of subsidiaries, insurance proceeds and litigation and settlements. Net earnings (loss) EBITDA and Adjusted EBITDA are used to evaluate the Company's operational performance and its ability to generate cash from core operations. Adjusted earnings (loss) Defined as net earnings or loss attributable to shareholders of the Company excluding the effects (net of tax) of significant items that do not reflect the Company's underlying operating performance. In addition to the items listed for Adjusted EBITDA, these may also include: deferred tax recovery or expense arising from foreign exchange translation and deferred tax recovery or expense arising from changes in tax rates. Adjustments exclude amounts attributable to non-controlling interests. Net earnings (loss) attributable to Lundin Mining Corporation shareholders In addition to conventional measures prepared in accordance with IFRS, adjusted earnings and adjusted earnings per share measure the underlying operating performance of the Company. Adjusted earnings (loss) per share This ratio is calculated by dividing adjusted net earnings or loss by the weighted average number of shares outstanding. Free cash flow from operations Defined as cash flow provided by operating activities, excluding general exploration and business development costs and deducting sustaining capital expenditures (as defined above). Cash provided by operating activities Free cash flow from operations is indicative of the Company's ability to generate cash from its operations after consideration of required sustaining capital expenditure necessary to maintain existing production levels. Free cash flow Defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above). Adjusted operating cash flow Defined as cash provided by operating activities, excluding changes in non-cash working capital items. Cash provided by operating activities These measures are indicative of the Company's ability to generate cash from its operations and remove the impact of working capital, which can experience volatility from period-to-period. Adjusted operating cash flow per share This ratio is calculated by dividing adjusted operating cash flow by the weighted average number of shares outstanding. Net debt Net debt is defined as total debt and lease liabilities excluding deferred financing fees, less cash and cash equivalents. Net debt excluding lease liabilities is defined as total debt excluding lease liabilities, deferred financing fees, less cash and cash equivalents. Debt and lease liabilities, current portion of debt and lease liabilities, cash and cash equivalents These measures are indicative of the Company's financial position. Net debt excluding lease liabilities 1See the 'Revenue Overview' section of this MD&A for reconciliations to revenue, the most directly comparable IFRS measure. 29 ===== SIDA 43 ===== Cash Cost per Pound and All-in Sustaining Cost (“AISC”) per Pound Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended June 30, 2024 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes: Tonnes 29,999 29,862 8,293 2,018 7,898 18,510 Pounds (000s) 66,137 65,834 18,283 4,449 17,412 40,808 Production costs 606,426 Less: Royalties and other (22,324) 584,102 Deduct: By-product credits (210,112) Add: Treatment and refining charges 38,577 Cash cost 143,935 171,255 37,570 14,381 29,682 15,744 412,567 Cash cost per pound ($/lb) 2.18 2.60 2.05 3.23 1.70 0.39 Add: Sustaining capital expenditure 60,544 35,328 25,241 3,980 27,921 13,301 Royalties 3,551 9,275 1,631 3,906 1,207 — Reclamation and other closure accretion and depreciation 1,858 1,094 2,727 1,592 1,320 951 Leases and other 3,026 18,619 775 1,533 194 78 All-in sustaining cost 212,914 235,571 67,944 25,392 60,324 30,074 AISC per pound ($/lb) 3.22 3.58 3.72 5.71 3.46 0.74 Three months ended June 30, 2023 Operations Candelaria Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes: Tonnes 36,347 10,164 3,859 6,170 9,374 Pounds (000s) 80,132 22,408 8,507 13,603 20,666 Production costs 405,198 Less: Royalties and other (7,969) 397,229 Deduct: By-product credits (122,636) Add: Treatment and refining charges 32,514 Cash cost 171,520 60,351 15,990 54,271 4,975 307,107 Cash cost per pound ($/lb) 2.14 2.69 1.88 3.99 0.24 Add: Sustaining capital expenditure 123,417 19,690 3,562 22,133 15,994 Royalties — 2,029 4,920 83 — Reclamation and other closure accretion and depreciation 2,444 1,847 3,011 1,296 739 Leases and other 3,654 1,171 897 148 100 All-in sustaining cost 301,035 85,088 28,380 77,931 21,808 AISC per pound ($/lb) 3.76 3.80 3.34 5.73 1.06 30 ===== SIDA 44 ===== Six months ended June 30, 2024 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes: Tonnes 63,535 65,073 17,035 4,181 13,784 34,335 Pounds (000s) 140,071 143,461 37,556 9,218 30,388 75,696 Production costs 1,173,560 Less: Royalties and other (42,294) 1,131,266 Deduct: By-product credits (375,420) Add: Treatment and refining charges 85,528 Cash cost 283,425 337,694 76,305 33,630 71,739 38,581 841,374 Cash cost per pound ($/lb) 2.02 2.35 2.03 3.65 2.36 0.51 Add: Sustaining capital expenditure 160,076 78,082 54,440 8,058 50,334 27,642 Royalties 6,519 18,089 3,248 6,584 1,942 — Reclamation and other closure accretion and depreciation 4,025 2,134 5,406 3,560 2,655 2,137 Leases and other 6,059 34,000 1,540 2,769 258 156 All-in sustaining cost 460,104 469,999 140,939 54,601 126,928 68,516 AISC per pound ($/lb) 3.28 3.28 3.75 5.92 4.18 0.91 Six months ended June 30, 2023 Operations Candelaria Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes: Tonnes 71,917 19,236 6,594 14,201 25,986 Pounds (000s) 158,550 42,408 14,537 31,308 57,289 Production costs 822,962 Less: Royalties and other (20,055) 802,907 Deduct: By-product credits (279,601) Add: Treatment and refining charges 69,129 Cash cost 345,212 107,669 30,630 84,163 24,761 592,435 Cash cost per pound ($/lb) 2.18 2.54 2.11 2.69 0.43 Add: Sustaining capital expenditure 214,103 35,717 10,664 47,194 30,462 Royalties — 4,252 10,606 1,813 — Reclamation and other closure accretion and depreciation 4,751 3,648 5,969 2,620 1,800 Leases and other 6,797 2,137 1,644 306 202 All-in sustaining cost 570,863 153,423 59,513 136,096 57,225 AISC per pound ($/lb) 3.60 3.62 4.09 4.35 1.00 31 ===== SIDA 45 ===== Adjusted EBITDA Adjusted EBITDA can be reconciled to Net Earnings (Loss) on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended June 30, Six months ended June 30, ($thousands) 2024 2023 2024 2023 Net earnings 156,733 61,302 215,288 226,613 Add back: Depreciation, depletion and amortization 197,658 130,505 382,150 250,752 Finance income and costs 36,307 15,897 72,001 31,596 Income taxes expense (recovery) 56,162 (19,601) 106,728 29,092 446,860 188,103 776,167 538,053 Unrealized foreign exchange loss (gain) 3,173 (19,285) (12,327) (10,641) Unrealized losses (gains) on derivative contracts (3,974) 14,403 48,858 (6,263) Ojos del Salado sinkhole (recoveries) expenses 710 11,900 (321) 16,482 Revaluation loss (gain) on marketable securities (85) (3,464) (2,515) (3,902) Partial suspension of underground operations at Eagle 9,824 — 9,824 — Gain on disposal of subsidiary — — — (5,718) Write-down of capital works in progress 17,188 — 17,188 — Revaluation gain on Caserones purchase option (12,431) — (11,728) — Other (407) 97 (1,432) 686 Total adjustments - EBITDA 13,998 3,651 47,547 (9,356) Adjusted EBITDA 460,858 191,754 823,714 528,697 32 ===== SIDA 46 ===== Adjusted Earnings and Adjusted EPS Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended June 30, Six months ended June 30, ($thousands, except share and per share amounts) 2024 2023 2024 2023 Net earnings attributable to Lundin Mining shareholders 121,589 59,109 135,472 205,729 Add back: Total adjustments - EBITDA 13,998 3,651 47,547 (9,356) Tax effect on adjustments 1,981 (54) 214 (3,180) Deferred tax arising from foreign exchange translation (13,666) (20,175) (19,966) (28,289) Non-controlling interest on adjustments (1,821) (1,134) 4,031 69 Other — 4,186 — 6,293 Total adjustments 492 (13,526) 31,826 (34,463) Adjusted earnings 122,081 45,583 167,298 171,266 Basic weighted average number of shares outstanding 776,173,888 772,255,656 774,033,611 771,739,532 Net (loss) earnings attributable to Lundin Mining shareholders 0.16 0.08 0.18 0.27 Total adjustments — (0.02) 0.04 (0.05) Adjusted EPS 0.16 0.06 0.22 0.22 Free Cash Flow from Operations and Free Cash Flow Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended June 30, Six months ended June 30, ($thousands) 2024 2023 2024 2023 Cash provided by operating activities 491,770 194,844 759,301 406,719 General exploration and business development 13,536 13,693 26,987 28,458 Sustaining capital expenditures (167,803) (187,820) (381,063) (343,384) Free cash flow from operations 337,503 20,717 405,225 91,793 General exploration and business development (13,536) (13,693) (26,987) (28,458) Expansionary capital expenditures (87,120) (91,650) (143,101) (182,169) Free cash flow 236,847 (84,626) 235,137 (118,834) 33 ===== SIDA 47 ===== Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended June 30, Six months ended June 30, ($thousands, except share and per share amounts) 2024 2023 2024 2023 Cash provided by operating activities 491,770 194,844 759,301 406,719 Changes in non-cash working capital items (121,896) (84,207) (75,761) (61,015) Adjusted operating cash flow 369,874 110,637 683,540 345,704 Basic weighted average number of shares outstanding 776,173,888 772,255,656 774,033,611 771,739,532 Adjusted operating cash flow per share 0.48 0.14 0.88 0.45 Net Debt and Net Debt Excluding Lease Liabilities Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's condensed interim consolidated balance sheet as follows: ($thousands) June 30, 2024 December 31, 2023 Debt and lease liabilities (1,282,492) (1,273,162) Current portion of debt and lease liabilities (315,695) (212,646) Less deferred financing fees (netted in above) (7,547) (6,374) (1,605,734) (1,492,182) Cash and cash equivalents 452,809 268,793 Net debt (1,152,925) (1,223,389) Lease liabilities 259,164 277,208 Net debt excluding lease liabilities (893,761) (946,181) 34 ===== SIDA 48 ===== Other Information and Advisories Related Party Transactions The Company enters into related party transactions that are in the normal course of business and on an arm’s length basis. Related party disclosures can be found in Note 24 of the Company’s condensed interim consolidated financial statements for the three and six months months ended June 30, 2024. Changes in Accounting Policies The accounting policies applied in the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2024 are the same as those applied in the Company’s consolidated financial statements for the year ended December 31, 2023. Certain amendments to standards were effective for annual periods beginning on or after January 1, 2024, including amendments to IAS 1 – Presentation of Financial Statements and IAS 12 – Income Taxes. There was no material impact on the Company’s condensed interim consolidated financial statements from the adoption of these amendments. Critical Accounting Estimates and Judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. For further information on the Company’s significant accounting estimates and judgements, refer to Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2023. There have been no subsequent material changes to these significant accounting estimates and judgements. Disclosure Controls and Procedures Disclosure controls and procedures have been designed to provide reasonable assurance that all material information related to the Company is identified and communicated on a timely basis. Management of the Company, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, is responsible for the design and operation of disclosure controls and procedures. Management has evaluated the effectiveness of the Company’s disclosure controls and procedures and has concluded that they were effective as at December 31, 2023. There have been no changes in the Company’s disclosure controls and procedures during the three months ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s financial reporting. Internal Control over Financial Reporting (“ICFR”) Management of the Company, under the supervision of the President and Chief Executive Officer and Executive Vice President and Chief Financial Officer, is responsible for establishing and maintaining adequate ICFR. The Company’s ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. However, due to inherent limitations ICFR may not prevent or detect all misstatements and fraud. Management will continue to monitor the effectiveness of its ICFR and may make modifications from time to time as considered necessary. Management assesses the effectiveness of the Company’s ICFR using the Internal Control – Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Management conducted an evaluation of the effectiveness of ICFR and concluded that it was effective as at December 31, 2023. There have been no changes in the Company’s ICFR during the three months ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s financial reporting. 35 ===== SIDA 49 ===== Risks and Uncertainties The Company’s business activities are subject to a variety and wide range of inherent risks and uncertainties. Any of these risks could have an adverse effect on the Company, its business and prospects, and could cause actual outcomes and results to differ materially from those described in forward-looking statements relating to the Company. For additional discussion on Lundin Mining’s risks, refer to the “Risks and Uncertainties” section of the Company’s Annual Information Form (“AIF”) for the year ended December 31, 2023 and the “Cautionary Statement on Forward-Looking Information” of this MD&A. National Instrument 43-101 Compliance The scientific and technical information in this document has been reviewed and approved in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") by Arman Barha, P.Eng., Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Barha has verified the data disclosed in this document and no limitations were imposed on his verification process. Other Information Additional information regarding the Company is included in the Company’s AIF which is filed with the Canadian securities regulators. A copy of the Company’s AIF can be obtained on SEDAR+ ( www.sedarplus.com) or on the Company’s website (www.lundinmining.com). Outstanding Share Data The table below summarizes the Company’s common shares and securities convertible into common shares as at July 30, 2024. July 30, 2024 Common shares issued and outstanding 776,782,118 Stock options outstanding (weighted average exercise price of C$10.11) 4,099,694 Time vesting share units1 1,478,595 Performance vesting share units2 1,035,825 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. 36 ===== SIDA 50 ===== Condensed Interim Consolidated Financial Statements of Lundin Mining Corporation June 30, 2024 (Unaudited) ===== SIDA 51 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS As at (Unaudited - in thousands of US dollars) June 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents (Note 3) $ 452,809 $ 268,793 Trade and other receivables (Note 4) 638,994 828,871 Income taxes receivable 34,596 34,542 Inventories (Note 5) 593,153 599,407 Current portion of derivative assets (Note 21) 10,111 38,114 Other current assets (Note 6) 81,066 21,421 Total current assets 1,810,729 1,791,148 Restricted funds 60,013 59,979 Long-term inventory (Note 5) 795,809 797,597 Derivative assets (Note 21) 5,476 9,397 Other non-current assets (Note 6) 23,803 67,090 Mineral properties, plant and equipment (Note 7) 7,805,853 7,725,169 Deferred tax assets 140,482 170,203 Goodwill 237,631 240,616 9,069,067 9,070,051 Total assets $ 10,879,796 $ 10,861,199 LIABILITIES Trade and other payables (Note 8) $ 699,510 $ 805,763 Income taxes payable 64,162 62,926 Current portion of derivative liabilities (Note 21) 31,829 26,389 Current portion of debt and lease liabilities (Note 9) 315,695 212,646 Current portion of deferred revenue (Note 10) 84,124 87,867 Current portion of reclamation and other closure provisions (Note 11) 18,255 14,442 Total current liabilities 1,213,575 1,210,033 Derivative liabilities (Note 21) 15,676 3,148 Debt and lease liabilities (Note 9) 1,282,492 1,273,162 Deferred revenue (Note 10) 517,307 535,363 Reclamation and other closure provisions (Note 11) 494,573 529,734 Deferred consideration and other long-term liabilities (Note 12) 140,771 133,199 Provision for pension obligations 5,627 6,752 Deferred tax liabilities 722,207 751,688 3,178,653 3,233,046 Total liabilities 4,392,228 4,443,079 SHAREHOLDERS' EQUITY Share capital (Note 13) 4,604,632 4,574,830 Contributed surplus 48,687 55,201 Accumulated other comprehensive loss (343,325) (296,617) Retained earnings 660,951 627,903 Equity attributable to Lundin Mining Corporation shareholders 4,970,945 4,961,317 Non-controlling interests (Note 14) 1,516,623 1,456,803 Total shareholders' equity 6,487,568 6,418,120 Total liabilities and shareholders' equity $ 10,879,796 $ 10,861,199 Commitments and contingencies (Note 22) Subsequent events (Notes 6, 9, 14, and 26) The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 1 - ===== SIDA 52 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited - in thousands of US dollars, except for shares and per share amounts) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Revenue (Note 15) $ 1,083,585 $ 588,531 $ 2,020,566 $ 1,339,875 Cost of goods sold Production costs (Note 16) (606,426) (405,198) (1,173,560) (822,962) Depreciation, depletion and amortization (197,658) (130,505) (382,150) (250,752) Gross profit 279,501 52,828 464,856 266,161 General and administrative expenses (13,140) (14,898) (29,900) (30,008) General exploration and business development (Note 18) (13,536) (13,693) (26,987) (28,458) Finance income (Note 19) 5,315 1,572 9,148 3,336 Finance costs (Note 19) (41,622) (17,469) (81,149) (34,932) Other (expense) income (Note 20) (3,623) 33,361 (13,952) 79,606 Earnings before income taxes 212,895 41,701 322,016 255,705 Current tax expense (58,117) (27,213) (105,380) (86,714) Deferred tax recovery (expense) 1,955 46,814 (1,348) 57,622 Net earnings $ 156,733 $ 61,302 $ 215,288 $ 226,613 Net earnings attributable to: Lundin Mining Corporation shareholders $ 121,589 $ 59,109 $ 135,472 $ 205,729 Non-controlling interests 35,144 2,193 79,816 20,884 Net earnings $ 156,733 $ 61,302 $ 215,288 $ 226,613 Basic earnings per share attributable to Lundin Mining Corporation shareholders: $ 0.16 $ 0.08 $ 0.18 $ 0.27 Diluted earnings per share attributable to Lundin Mining Corporation shareholders: $ 0.16 $ 0.08 $ 0.17 $ 0.27 Weighted average number of shares outstanding (Note 13) Basic 776,173,888 772,255,656 774,033,611 771,739,532 Diluted 779,088,142 773,189,884 776,430,838 772,427,392 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 2 - ===== SIDA 53 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited - in thousands of US dollars) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net earnings $ 156,733 $ 61,302 $ 215,288 $ 226,613 Other comprehensive (loss) income, net of taxes Item that will not be reclassified to net earnings: Remeasurements for post-employment benefit plans (137) (308) (378) (566) Item that may be reclassified subsequently to net earnings: Effects of foreign exchange (6,873) (15,756) (46,326) 3,697 Other comprehensive (loss) income (7,010) (16,064) (46,704) 3,131 Total comprehensive income $ 149,723 $ 45,238 $ 168,584 $ 229,744 Comprehensive income attributable to: Lundin Mining Corporation shareholders $ 114,531 $ 43,097 $ 88,764 $ 208,969 Non-controlling interests 35,192 2,141 79,820 20,775 Total comprehensive income $ 149,723 $ 45,238 $ 168,584 $ 229,744 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 3 - ===== SIDA 54 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited - in thousands of US dollars, except for shares) Number of shares Share capital Contributed surplus Accumulated other comprehensive (loss) income Retained earnings Non- controlling interests Total Balance, December 31, 2023 773,667,789 $ 4,574,830 $ 55,201 $ (296,617) $ 627,903 $ 1,456,803 $ 6,418,120 Distributions — — — — — (20,000) (20,000) Exercise of share-based awards 3,057,740 29,802 (9,812) — — — 19,990 Share-based compensation — — 3,298 — — — 3,298 Dividends declared (Note 13(d)) — — — — (102,424) — (102,424) Net earnings — — — — 135,472 79,816 215,288 Other comprehensive (loss) income — — — (46,708) — 4 (46,704) Total comprehensive (loss) income — — — (46,708) 135,472 79,820 168,584 Balance, June 30, 2024 776,725,529 $ 4,604,632 $ 48,687 $ (343,325) $ 660,951 $ 1,516,623 $ 6,487,568 Balance, December 31, 2022 770,746,531 $ 4,555,125 $ 55,769 $ (342,287) $ 592,425 $ 564,089 $ 5,425,121 Exercise of share-based awards 2,091,707 13,818 (6,260) — — — 7,558 Share-based compensation — — 4,205 — — — 4,205 Dividends declared — — — — (102,351) — (102,351) Net earnings — — — — 205,729 20,884 226,613 Other comprehensive income (loss) — — — 3,240 — (109) 3,131 Total comprehensive income — — — 3,240 205,729 20,775 229,744 Balance, June 30, 2023 772,838,238 $ 4,568,943 $ 53,714 $ (339,047) $ 695,803 $ 584,864 $ 5,564,277 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 4 - ===== SIDA 55 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands of US dollars) Three months ended June 30, Six months ended June 30, Cash provided by (used in) 2024 2023 2024 2023 Operating activities Net earnings $ 156,733 $ 61,302 $ 215,288 $ 226,613 Items not involving cash and other adjustments Depreciation, depletion and amortization 197,658 130,505 382,150 250,752 Share-based compensation 1,736 1,755 3,377 4,021 Unrealized foreign exchange loss (gain) 3,173 (19,285) (12,327) (10,641) Finance costs, net (Note 19) 36,307 15,897 72,001 31,596 Recognition of deferred revenue (Note 10) (16,766) (16,919) (35,604) (36,019) Deferred tax (recovery) expense (1,955) (46,814) 1,348 (57,622) Revaluation of Caserones purchase option (Note 20) (12,431) — (11,728) — Revaluation of marketable securities (Note 20) (85) (3,464) (2,515) (3,902) Write-down of assets (Note 20) 17,188 — 17,188 — Revaluation of foreign currency and diesel derivatives (Note 21) (2,609) 128 46,508 (34,115) Other 8,309 5,382 9,840 13,445 Reclamation payments (Note 11) (3,426) (2,548) (8,410) (5,129) Pension payments (754) (411) (1,597) (989) Changes in long-term inventory (13,204) (14,891) 8,021 (32,306) Changes in non-cash working capital items (Note 25) 121,896 84,207 75,761 61,015 491,770 194,844 759,301 406,719 Investing activities Investment in mineral properties, plant and equipment (258,467) (279,913) (530,373) (526,032) Cash received from disposal of subsidiary (Note 20) — — — 5,718 Interest received 6,680 1,290 8,595 2,168 Other (419) (4,845) (92) (5,388) (252,206) (283,468) (521,870) (523,534) Financing activities Proceeds from debt (Note 9) 224,537 282,119 492,339 430,949 Principal repayments of debt (Note 9) (223,809) (84,022) (357,206) (214,502) Principal payments of lease liabilities (18,602) (6,062) (33,507) (11,280) Interest paid (30,073) (5,972) (58,208) (10,667) Dividends paid to shareholders (102,232) (104,021) (102,232) (104,021) Proceeds from common shares issued 12,437 5,473 19,990 7,558 Distributions paid to non-controlling interests (20,000) — (20,000) — Net (payment) proceeds from settlement of foreign currency and commodity derivatives (782) 13,331 3,160 24,400 Other 2,608 (924) 2,006 (3,009) (155,916) 99,922 (53,658) 119,428 Effect of foreign exchange on cash balances 3,710 (5,355) 243 (3,818) Increase (decrease) in cash and cash equivalents during the period 87,358 5,943 184,016 (1,205) Cash and cash equivalents, beginning of period 365,451 184,239 268,793 191,387 Cash and cash equivalents, end of period $ 452,809 $ 190,182 $ 452,809 $ 190,182 Supplemental cash flow information (Note 25) The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 5 - ===== SIDA 56 ===== 1. NATURE OF OPERATIONS Lundin Mining Corporation ("Lundin Mining" or the "Company") is a diversified Canadian base metals mining company primarily producing copper, zinc, nickel and gold. The Company owns 80% of the Candelaria and Ojos del Salado mining complex ("Candelaria") and 51% of the Caserones copper-molybdenum mine (“Caserones”), each of which are located in Chile. The Company’s wholly-owned operating assets include the Chapada mine located in Brazil, the Eagle mine located in the United States of America (“USA”), the Neves-Corvo mine located in Portugal, and the Zinkgruvan mine located in Sweden. In addition, the Company owns the large scale copper-gold Josemaria project ("Josemaria Project"), located in Argentina. On July 2, 2024, the Company completed the exercise of its option to acquire an additional 19% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile ("Lumina Copper"), bringing the Company's ownership in Caserones to 70%. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm Exchange in Sweden. The Company is incorporated under the Canada Business Corporations Act. The Company is domiciled in Canada and its principal place of business is 1055 Dunsmuir Street, Suite 2800, Vancouver, British Columbia, Canada. 2. BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (i) Basis of presentation and measurement The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - Accounting including IAS 34 Interim Financial Reporting. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023. The consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments which have been measured at fair value. The Company's presentation currency is United States (“US”) dollars. Reference herein to $ or USD is to US dollars, C$ or CAD is to Canadian dollars, SEK is to Swedish krona, € refers to the Euro, CLP refers to the Chilean peso, BRL refers to the Brazilian real, and ARS refers to the Argentine peso. Balance sheet items are classified as current if receipt or payment is due within twelve months. Otherwise, they are presented as non-current. These condensed interim consolidated financial statements were approved by the Board of Directors of the Company for issue on July 30, 2024. (ii) Material accounting policies The accounting policies followed in these condensed interim consolidated financial statements are consistent with those disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2023. Except as described in Note 2(iii), there were no changes in material accounting policies during the three and six months ended June 30, 2024. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 6 - ===== SIDA 57 ===== (iii) New accounting standards issued Amendments to IAS 1 - Classification of Liabilities as Current or Non-Current In January 2020, the IASB issued Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. Under existing requirements, a liability is current if an unconditional right to defer settlement of the liability for at least twelve months after the reporting period does not exist. With the introduction of the two amendments to IAS 1 in 2024, for a liability to be classified as non-current, a company must have the right to defer settlement of the liability for at least twelve months after the reporting period. The right must have substance and exist at the end of the reporting period, and the classification of the liability must be unaffected by the likelihood that the company will exercise that right. The amendments apply retrospectively for annual reporting periods beginning on or after 1 January 2024, with early application permitted and have been applied with no material impact on the Company in the current reporting period. Amendments to IAS 12 - International Tax Reform - Pillar Two Model Rules In May 2023, the IASB issued amendments to IAS 12 – Income Taxes. The amendments provide an exception to the requirements regarding the recognition of deferred tax assets and liabilities related to the Pillar Two global minimum tax rules and were effective immediately. The Company has applied the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes whilst it continues to evaluate the impact of these income taxes on its consolidated financial statements. Additionally, the amendments to IAS 12 require disclosure of the Company's current tax expense or income related to Pillar Two income taxes and disclosure of known or reasonably estimable information regarding the Company's exposure to Pillar Two income taxes. Among the jurisdictions where the Company operates, Pillar Two legislation is enacted in Sweden, the Netherlands and Canada, and is expected to be substantively enacted in Portugal in 2024. The Company is currently assessing the potential impact of the Pillar Two legislation for when it comes into effect, but the quantitative impact of the enacted or substantively enacted legislation has not yet been determined. (iv) Critical accounting estimates and judgments in applying the entity’s accounting policies Areas of judgment that have the most significant effect on the amounts recognized in the financial statements are disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2023. 3. CASH AND CASH EQUIVALENTS Cash and cash equivalents are comprised of the following: June 30, 2024 December 31, 2023 Cash $ 259,166 $ 197,537 Short-term deposits 193,643 71,256 $ 452,809 $ 268,793 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 7 - ===== SIDA 58 ===== 4. TRADE AND OTHER RECEIVABLES Trade and other receivables are comprised of the following: June 30, 2024 December 31, 2023 Trade receivables $ 512,377 $ 643,722 Value added tax 57,210 80,088 Prepaid expenses 38,696 48,901 Other receivables 30,711 56,160 $ 638,994 $ 828,871 5. INVENTORIES Inventories are comprised of the following: June 30, 2024 December 31, 2023 Materials and supplies $ 330,794 $ 313,966 Ore stockpiles and dump leach 195,616 207,602 Finished goods - concentrate stockpiles 61,276 72,515 Finished goods - copper cathode 5,467 5,324 $ 593,153 $ 599,407 Long-term inventory is comprised of the following: June 30, 2024 December 31, 2023 Ore stockpiles at Candelaria $ 435,008 $ 427,075 Ore stockpiles at Chapada 267,192 270,570 Dump leach at Caserones 93,609 99,952 $ 795,809 $ 797,597 6. OTHER CURRENT ASSETS Other current assets are comprised of the following: June 30, 2024 December 31, 2023 Caserones purchase option (a) $ 56,166 $ — Other 24,900 21,421 $ 81,066 $ 21,421 a) Pursuant to the terms of the shareholders' agreement to acquire 51% of Lumina Copper, the Company acquired the right to purchase an additional 19% interest in the Caserones mine for $350.0 million over a five-year period commencing on July 13, 2024 ("Caserones Purchase Option"). The Caserones Purchase Option is recorded at fair value with changes in fair value recorded in Other income and expense. On June 26, 2024, the shareholders' agreement associated with the transaction was amended to waive any restriction relating to the exercise date of the call option and on July 2, 2024, the Company completed the exercise of the Caserones Purchase Option. The fair value of $56.2 million at June 30, 2024 was therefore reclassified from Other non-current assets to Other current assets. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 8 - ===== SIDA 59 ===== 7. MINERAL PROPERTIES, PLANT AND EQUIPMENT Mineral properties, plant and equipment are comprised of the following: Cost Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2022 $ 5,546,923 $ 3,752,177 $ 236,056 $ 876,419 $ 32,626 $ 10,444,201 Additions 153,973 27,214 175,503 147,431 42 504,163 Disposals and transfers 44,937 31,289 (87,431) — 2,464 (8,741) Effects of foreign exchange 3,091 9,037 (343) — (39) 11,746 As at June 30, 2023 5,748,924 3,819,717 323,785 1,023,850 35,093 10,951,369 Caserones acquisition — 1,243,432 94,110 — — 1,337,542 Additions 126,127 69,067 231,037 106,217 40 532,488 Disposals and transfers 72,525 146,791 (322,496) — 28,123 (75,057) Effects of foreign exchange 67,178 28,990 3,825 — 313 100,306 As at December 31, 2023 6,014,754 5,307,997 330,261 1,130,067 63,569 12,846,648 Additions 127,096 33,262 202,618 159,101 78 522,155 Write-down — — — (17,188) — (17,188) Disposals and transfers 33,150 130,340 (170,330) — 89 (6,751) Effects of foreign exchange (77,596) (39,804) (3,585) — (319) (121,304) As at June 30, 2024 $ 6,097,404 $ 5,431,795 $ 358,964 $ 1,271,980 $ 63,417 $ 13,223,560 Accumulated depreciation, depletion and amortization Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2022 $ 2,835,431 $ 1,621,439 $ — $ — $ 11,645 $ 4,468,515 Depreciation 146,614 118,343 — — 2,232 267,189 Disposals and transfers — (8,579) — — — (8,579) Effects of foreign exchange (564) 2,101 — — (33) 1,504 As at June 30, 2023 2,981,481 1,733,304 — — 13,844 4,728,629 Depreciation 167,286 228,326 — — 3,038 398,650 Disposals and transfers — (66,211) — — — (66,211) Effects of foreign exchange 45,308 14,962 — — 141 60,411 As at December 31, 2023 3,194,075 1,910,381 — — 17,023 5,121,479 Depreciation 156,047 210,990 — — 4,843 371,880 Disposals and transfers — (5,780) — — — (5,780) Effects of foreign exchange (50,369) (19,339) — — (164) (69,872) As at June 30, 2024 $ 3,299,753 $ 2,096,252 $ — $ — $ 21,702 $ 5,417,707 Net book value Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2023 $ 2,820,679 $ 3,397,616 $ 330,261 $ 1,130,067 $ 46,546 $ 7,725,169 As at June 30, 2024 $ 2,797,651 $ 3,335,543 $ 358,964 $ 1,271,980 $ 41,715 $ 7,805,853 ¹ Represent assets under construction at the Company's operating mine sites which are currently non-depreciable. 2 Assets relate to the Josemaria Project which are currently non-depreciable. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 9 - ===== SIDA 60 ===== During the three and six months ended June 30, 2024, the Company capitalized $8.9 million and $16.5 million (June 30, 2023 - $4.5 million and $7.8 million), respectively, of finance costs to the Josemaria Project at a weighted average interest rate of 6.0% (June 30, 2023 - 5.5%). During the three and six months ended June 30, 2024, the Company capitalized $39.3 million and $118.0 million (June 30, 2023 - $54.5 million and $95.8 million), respectively, of deferred stripping costs to mineral properties. The depreciation expense related to deferred stripping for the three and six months was $45.8 million and $68.4 million (June 30, 2023 - $26.8 million and $52.4 million), respectively. Included in the mineral properties balance at June 30, 2024 is $353.4 million (December 31, 2023 - $277.5 million) related to deferred stripping at Candelaria and Caserones, which is currently non-depreciable. The Company's software intangible assets relate primarily to a global instance of an Enterprise Resource Planning ("ERP") system, and related configuration and customization costs incurred in preparing the intangible asset for its intended use. These assets have useful lives of 8 years or less, and are amortized on a straight-line basis. The Company leases various assets including power line infrastructure, buildings and storage facilities, rail cars, vehicles, machinery and equipment. The following table summarizes the changes in right-of-use assets within plant and equipment: Net book value As at December 31, 2022 $ 27,923 Additions 11,843 Depreciation (11,755) Effects of foreign exchange 278 As at June 30, 2023 28,289 Caserones acquisition 257,655 Additions 42,966 Depreciation (39,636) Disposals (5,363) Effects of foreign exchange 86 As at December 31, 2023 283,997 Additions 23,817 Depreciation (37,499) Disposals (1,534) Effects of foreign exchange (83) As at June 30, 2024 $ 268,698 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 10 - ===== SIDA 61 ===== 8. TRADE AND OTHER PAYABLES Trade and other payables are comprised of the following: June 30, 2024 December 31, 2023 Trade payables $ 345,560 $ 393,829 Unbilled goods and services 175,794 176,444 Employee benefits payable 81,578 114,514 Sinkhole provision 27,735 29,827 Royalties payable 26,538 23,773 Pricing provisions on concentrate sales 19,451 13,201 Deferred consideration, current portion 10,000 10,000 Prepayment from customers 516 21,963 Other 12,338 22,212 $ 699,510 $ 805,763 Included in pricing provisions on concentrate sales are balances owing to customers and provisions arising from forward market price adjustments. The sinkhole provision relates to expected remediation costs and potential fines directly related to the sinkhole near the Company's Ojos del Salado operations. The deferred consideration relates to the current portion of the remaining deferred cash consideration arising from the Caserones acquisition, payable in installments over the next five years. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 11 - ===== SIDA 62 ===== 9. DEBT AND LEASE LIABILITIES Debt and lease liabilities are comprised of the following: June 30, 2024 December 31, 2023 Revolving credit facility (a) $ 274,273 $ 245,084 Term loan (b) 798,180 798,542 Candelaria and Chapada term loans (c) 159,520 48,850 Lease liabilities (d) 259,164 277,208 Commercial paper (e) 107,050 116,025 Line of credit — 99 Debt and lease liabilities 1,598,187 1,485,808 Less: current portion 315,695 212,646 Long-term portion $ 1,282,492 $ 1,273,162 The changes in debt and lease liabilities are comprised of the following: Leases Debt Total As at December 31, 2022 $ 27,166 $ 170,162 $ 197,328 Additions 11,774 430,949 442,723 Payments (12,013) (214,502) (226,515) Interest 733 — 733 Financing fee amortization — 430 430 Deferred financing fee — (1,158) (1,158) Effects of foreign exchange 878 596 1,474 As at June 30, 2023 28,538 386,477 415,015 Caserones acquisition 257,655 — 257,655 Additions 42,618 2,059,648 2,102,266 Payments (47,828) (1,237,302) (1,285,130) Disposals (6,221) — (6,221) Interest 11,788 — 11,788 Financing fee amortization — 416 416 Deferred financing fee — (1,792) (1,792) Effects of foreign exchange (9,342) 1,153 (8,189) As at December 31, 2023 277,208 1,208,600 1,485,808 Additions 23,471 492,339 515,810 Payments (45,292) (357,206) (402,498) Disposals (1,495) — (1,495) Interest 11,785 — 11,785 Financing fee amortization — 1,174 1,174 Deferred financing fee — (2,347) (2,347) Effects of foreign exchange (6,513) (3,537) (10,050) As at June 30, 2024 259,164 1,339,023 1,598,187 Less: current portion 49,125 266,570 315,695 Long-term portion $ 210,039 $ 1,072,453 $ 1,282,492 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 12 - ===== SIDA 63 ===== a) The Company has a revolving credit facility of $1,750.0 million. On April 26, 2024, the credit facility, which originally matured in April 2028, was amended and extended to April 2029. The credit facility bears interest on drawn funds at rates of Term Secured Overnight Financing Rate (“Term SOFR”) plus Credit Spread Adjustment (“CSA”) of 0.10% plus an applicable margin of 1.45% to 2.50%, depending on the Company’s net leverage ratio. The revolving credit facility is unsecured, save and except for a charge over certain assets in the USA, and is subject to customary covenants. During the three and six months ended June 30, 2024, the Company drew down $50.0 million and $115.0 million (June 30, 2023 - $146.0 million and $171.0 million), and repaid $70 million and $85.0 million (June 30, 2023 - $— million and $13.0 million), respectively. As at June 30, 2024, a principal balance of $280.0 million (December 31, 2023 - $250.0 million) was outstanding, with unamortized deferred financing fees of $5.7 million (December 31, 2023 - $4.9 million) netted against borrowings. On July 2, 2024, the Company drew down $350.0 million from the revolving credit facility to complete the exercise of its option to acquire an additional 19% interest in Caserones. b) In July 2023, the Company obtained a term loan of a principal amount of $800.0 million with an additional $400.0 million accordion option, maturing July 2026. On April 26, 2024, the Company amended the terms to extend maturity to July 2027 . The term loan bears interest at an annual rate equal to Term SOFR + CSA + an applicable margin of 1.60% to 2.65%, depending on the Company’s net leverage ratio. Principal is payable at maturity. The term loan is unsecured, save and except for a charge over certain assets in the USA, and has similar covenants to the Company’s existing $1,750.0 million revolving credit facility. As at June 30, 2024, a principal balance of $800.0 million (December 31, 2023 - $800.0 million) was outstanding, with unamortized deferred financing fees of $1.8 million (December 31, 2023 - $1.5 million) netted against borrowings. c) In February and March 2024, Compañia Contractual Minera Candelaria S.A. ("Candelaria Mine"), a subsidiary owned 80% by the Company, obtained two unsecured fixed term loans in the amount of $50.0 million and $15.0 million, respectively. The loans accrued interest at rates of 5.67% and 5.79% per annum and were fully repaid in May and June 2024, respectively. An additional short-term loan was obtained in May 2024 in the amount of $50.0 million, accruing interest at 5.78% and maturing in November 2024. As at June 30, 2024, a principal balance of $50.0 million (December 31, 2023 - $nil) was outstanding. Mineração Maracá Indústria e Comércio S.A. (“Chapada”), a subsidiary of the Company which owns the Chapada mine, obtained a series of unsecured fixed term loans during the three and six months ended June 30, 2024 totalling $87.0 million and $132.3 million (June 30, 2023 - $71.1 million and $130.5 million), respectively. Chapada repaid $51.2 million and $71.7 million of the outstanding term loans during the three and six months ended June 30, 2024 (June 30, 2023 - $108.9 million and $61.8 million), respectively. As at June 30, 2024 , there were thirty two term loans outstanding at Chapada totalling $109.5 million (December 31, 2023 - sixteen term loans totalling $48.9 million). These outstanding term loans accrue interest at rates ranging from 6.16% to 6.80% per annum with interest payable upon maturity. The maturity dates range from July to September 2024. d) Lease liabilities relate to leases on power line infrastructure, buildings and storage facilities, rail cars, vehicles, machinery and equipment which have remaining lease terms of one to thirteen years and interest rates of 0.8% - 10.4% over the terms of the leases. e) Sociedade Mineira de Neves-Corvo, S.A. (“Somincor”), a subsidiary of the Company which owns the Neves- Corvo mine, entered into three unsecured commercial paper programs during 2022 and 2023 ("Commercial Paper Program 1, 2, and 3", respectively). Commercial Paper Program 1, entered into September 2022, has a borrowing capacity of €25.0 million, matures May 2025, and bears interest on drawn funds at EURIBOR+0.50%. Commercial Paper Program 2, entered into in June 2023, has a borrowing capacity of €50.0 million, matures in June 2028, and bears interest on drawn funds at EURIBOR+0.50%. Commercial Program 3, entered into July 2023, has a borrowing capacity of €40.0 million, matures in July 2028, and bears interest on drawn funds at EURIBOR+0.30%. During the three and six months ended June 30, 2024 , Somincor had drawn $37.5 million (€35.0 million) and $130.0 million (€120.0 million), respectively from the commercial paper programs (June 30, 2023 - $65.0 million LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 13 - ===== SIDA 64 ===== (€60.0 million) and $129.4 million (€120.0 million)) and repaid $37.6 million (€35.0 million) and $135.4 million (€125.0 million), respectively from the programs (June 30, 2023 - $21.7 million (€20.0 million) and $91.1 million (€85.0 million)). As at June 30, 2024, a principal balance of $21.4 million (€20.0 million), $53.5 million (€50.0 million), and $32.1 million (€30.0 million) was outstanding on Commercial Paper Program 1, 2, and 3, respectively (December 31, 2023 - $27.6 million (€25.0 million), $55.3 million (€50.0 million), and $33.2 million (€30.0 million)). The schedule of undiscounted lease payment and debt obligations is as follows: Leases Debt Total Less than one year $ 65,420 $ 266,570 $ 331,990 One to five years 153,243 1,080,000 1,233,243 More than five years 141,624 — 141,624 Total undiscounted obligations as at June 30, 2024 $ 360,287 $ 1,346,570 $ 1,706,857 10. DEFERRED REVENUE The following table summarizes the changes in deferred revenue: As at December 31, 2022 $ 654,106 Recognition of revenue (36,019) Finance costs 18,004 Effects of foreign exchange (1,018) As at June 30, 2023 635,073 Recognition of revenue (36,724) Variable consideration adjustment 3,018 Finance costs 18,000 Effects of foreign exchange 3,863 As at December 31, 2023 623,230 Recognition of revenue (35,604) Finance costs 17,179 Effects of foreign exchange (3,374) As at June 30, 2024 601,431 Less: current portion 84,124 Long-term portion $ 517,307 Consideration received under the Company’s gold, silver and copper streaming agreements is deemed to be variable and can be subject to cumulative adjustments when the contractual volume to be delivered changes. In 2023, as a result of changes to the Company’s Mineral Resources and Mineral Reserves estimates, an adjustment was made to the deferred revenue liability which was recognized through revenue and finance costs. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 14 - ===== SIDA 65 ===== 11. RECLAMATION AND OTHER CLOSURE PROVISIONS Reclamation and other closure provisions relating to the Company's mining operations are as follows: Reclamation provisions Other closure provisions Total Balance, December 31, 2022 $ 401,020 $ 44,828 $ 445,848 Accretion 10,477 — 10,477 Changes in estimate 5,766 8,794 14,560 Changes in discount rate 13,846 — 13,846 Payments (3,649) (1,480) (5,129) Effects of foreign exchange (256) 2,674 2,418 Balance, June 30, 2023 427,204 54,816 482,020 Acquisition of Caserones 92,440 — 92,440 Accretion 12,692 — 12,692 Changes in estimate (36,273) (3,222) (39,495) Changes in discount rate 738 — 738 Payments (5,193) (169) (5,362) Effects of foreign exchange 5,537 (4,394) 1,143 Balance, December 31, 2023 497,145 47,031 544,176 Accretion 12,758 — 12,758 Changes in estimate (11,526) 2,244 (9,282) Changes in discount rate (17,321) — (17,321) Payments (5,986) (2,424) (8,410) Effects of foreign exchange (5,756) (3,337) (9,093) Balance, June 30, 2024 469,314 43,514 512,828 Less: current portion 13,524 4,731 18,255 Long-term portion $ 455,790 $ 38,783 $ 494,573 The Company expects these liabilities to be settled between 2024 and 2110. The reclamation provisions are discounted using current market pre-tax discount rates which range from 2.0% to 12.0% (December 31, 2023 - 2.0% to 10.4%). 12. DEFERRED CONSIDERATION AND OTHER LONG-TERM LIABILITIES Deferred consideration and other long-term liabilities are comprised of the following: June 30, 2024 December 31, 2023 Deferred consideration, non-current portion $ 109,670 $ 106,210 Other 31,101 26,989 $ 140,771 $ 133,199 Deferred consideration represents the non-current portion of the remaining cash consideration for the acquisition of 51% of Lumina Copper, completed July 13, 2023. The deferred consideration is payable in installments as follows: $50.0 million to be paid in five installments of $10.0 million on the anniversary of the transaction closing date in each of 2024, 2025, 2026, 2027, and 2028; and $100 million to be paid on the anniversary of the closing date in 2029. Subsequent to June 30, 2024, the Company paid the first $10.0 million installment related to the Caserones deferred consideration. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 15 - ===== SIDA 66 ===== 13. SHARE CAPITAL a) Basic and diluted weighted average number of shares outstanding Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Basic weighted average number of shares outstanding 776,173,888 772,255,656 774,033,611 771,739,532 Effect of dilutive securities 2,914,254 934,228 2,397,227 687,860 Diluted weighted average number of shares outstanding 779,088,142 773,189,884 776,430,838 772,427,392 Antidilutive securities 96,300 23,175 1,001,595 1,267,078 The effect of dilutive securities relates to in-the-money outstanding stock options and share units ("SUs"). b) Stock options and share units granted Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Stock options — 18,230 1,498,160 1,880,663 Restricted Share Units and Performance Share Units — 13,930 1,041,450 1,261,503 c) Deferred share units During the year ended December 31, 2023, the Company adopted a Deferred Share Unit ("DSU") Plan effective January 1, 2024 under which DSUs are granted by the Board of Directors quarterly to eligible non-employee Directors. During the three and six months ended June 30, 2024, 16,858 and 25,062 DSUs (June 30, 2023 - nil and nil), respectively, were granted under the plan. d) Dividends During the three and six months ended June 30, 2024 , the Company declared dividends in the amount of $51.1 million and $102.4 million (June 30, 2023 - $51.1 million and $102.4 million), respectively, or C$0.09 per share and C$0.18 per share (June 30, 2023 - C$0.09 and C$0.18), respectively. 14. NON-CONTROLLING INTERESTS Set out below is summarized financial information for each subsidiary with non-controlling interest ("NCI") that is material to the group. As part of its Candelaria segment, the Company owns 80% of the Candelaria Mine and Compañia Contractual Minera Ojos del Salado S.A.’s copper mining operations and supporting infrastructure in Chile (together the "Candelaria complex"). In addition, the Company owns 51% of the Caserones mine, also located in Chile. On July 2, 2024, the Company completed the exercise of its option to acquire an additional 19% interest in the issued and outstanding equity of Lumina Copper, bringing the Company's ownership in Caserones to 70% and reducing the NCI to 30%. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 16 - ===== SIDA 67 ===== 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 June 30, 2024 20% 49% As at December 31, 2022 $ 564,089 $ — $ 564,089 Share of net comprehensive income (loss) 20,775 — 20,775 As at June 30, 2023 584,864 — 584,864 Caserones acquisition — 873,767 873,767 Share of net comprehensive income (loss) 20,978 32,294 53,272 Distributions (11,000) (44,100) (55,100) As at December 31, 2023 594,842 861,961 1,456,803 Share of net comprehensive income (loss) 30,125 49,695 79,820 Distributions (20,000) — (20,000) As at June 30, 2024 $ 604,967 $ 911,656 $ 1,516,623 Summarized financial information for the Company's non-wholly owned subsidiaries on a 100% basis, before inter-company eliminations is as follows: Summarized Balance Sheets Candelaria complex Caserones mine As at June 30, 2024 As at Dec. 31, 2023 As at June 30, 2024 As at Dec. 31, 2023 Total current assets $ 549,793 $ 512,217 $ 758,626 $ 708,927 Total non-current assets $ 3,162,797 $ 3,140,799 $ 1,539,408 $ 1,629,052 Total current liabilities $ 317,899 $ 266,314 $ 263,622 $ 323,797 Total non-current liabilities $ 636,844 $ 646,189 $ 251,518 $ 267,263 Summarized Statements of Earnings and Comprehensive Income (Loss) Candelaria complex Caserones mine For the six months ended June 30, 2024 2023 2024 2023 Total revenue $ 787,348 $ 768,726 $ 657,838 $ — Net earnings $ 149,945 $ 107,002 $ 101,421 $ — Net comprehensive income $ 149,949 $ 106,893 $ 101,421 $ — Summarized Statement of Cash Flows Candelaria complex Caserones mine For the six months ended June 30, 2024 2023 2024 2023 Cash provided by operating activities $ 254,155 $ 225,559 $ 242,921 $ — Cash used in investing activities (159,073) (216,255) (76,357) — Cash used in financing activities (89,195) (25,361) (52,888) — Increase (decrease) in cash and cash equivalents during the period $ 5,887 $ (16,057) $ 113,676 $ — LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 17 - ===== SIDA 68 ===== 15. REVENUE The Company's analysis of revenue from contracts with customers, segmented by product, is as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Revenue from contracts with customers: Copper $ 743,360 $ 440,162 $ 1,442,615 $ 921,142 Zinc 87,534 50,832 152,475 149,321 Gold 54,880 50,008 109,598 103,351 Nickel 39,260 97,482 74,386 161,112 Molybdenum 31,494 — 70,321 — Lead 20,034 10,463 32,530 23,303 Silver 15,080 9,835 28,408 19,101 Other 10,898 11,860 20,074 16,315 1,002,540 670,642 1,930,407 1,393,645 Provisional pricing adjustments on current period concentrate sales (13,484) (7,522) 46,612 (65,921) Provisional pricing adjustments on prior period concentrate sales 94,529 (74,589) 43,547 12,151 Revenue $ 1,083,585 $ 588,531 $ 2,020,566 $ 1,339,875 The Company's geographical analysis of revenue from contracts with customers, segmented based on the destination of product, is as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Revenue from contracts with customers: Japan $ 229,970 $ 133,408 $ 611,847 $ 327,746 China 286,869 54,717 481,326 195,282 Spain 179,053 128,149 232,965 260,717 Canada 97,119 124,714 149,335 215,830 Germany 24,846 45,926 95,990 73,714 Chile 43,120 7,414 91,714 23,134 Sweden 67,984 58,490 85,928 68,992 Finland 18,116 40,605 78,565 107,657 Norway 30,717 27,419 50,655 72,447 Other 24,746 49,800 52,082 48,126 1,002,540 670,642 1,930,407 1,393,645 Provisional pricing adjustments on current period concentrate sales (13,484) (7,522) 46,612 (65,921) Provisional pricing adjustments on prior period concentrate sales 94,529 (74,589) 43,547 12,151 Revenue $ 1,083,585 $ 588,531 $ 2,020,566 $ 1,339,875 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 18 - ===== SIDA 69 ===== 16. PRODUCTION COSTS The Company's production costs are comprised of the following: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Direct mine and mill costs $ 553,536 $ 373,519 $ 1,071,053 $ 751,162 Transportation 33,320 24,647 66,125 55,129 Royalties 19,570 7,032 36,382 16,671 Total production costs $ 606,426 $ 405,198 $ 1,173,560 $ 822,962 17. EMPLOYEE BENEFITS The Company's employee benefits recognized in the consolidated statement of earnings are comprised of the following: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Production costs Wages and benefits $ 108,778 $ 78,546 $ 207,073 $ 158,308 Retirement benefits 462 485 910 1,061 Share-based compensation 324 438 726 980 109,564 79,469 208,709 160,349 General and administrative expenses Wages and benefits 5,040 5,994 12,521 11,567 Retirement benefits 168 199 343 601 Share-based compensation 1,408 1,203 2,646 2,843 Termination benefits — 1,349 — 3,198 6,616 8,745 15,510 18,209 General exploration and business development Wages and benefits 980 1,242 2,060 2,900 Retirement benefits 12 11 23 23 Share-based compensation 4 114 5 198 Termination benefits — 313 — 313 996 1,680 2,088 3,434 Total employee benefits $ 117,176 $ 89,894 $ 226,307 $ 181,992 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 19 - ===== SIDA 70 ===== 18. GENERAL EXPLORATION AND BUSINESS DEVELOPMENT The Company's general exploration and business development costs are comprised of the following: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 General exploration $ 12,416 $ 11,752 $ 25,034 $ 20,955 Project development 676 1,776 1,498 2,312 Corporate development 444 165 455 5,191 Total general exploration and business development $ 13,536 $ 13,693 $ 26,987 $ 28,458 Corporate development expenses for the three months and six months ended June 30, 2023 included $0.2 million and $5.0 million, respectively, in transaction costs related to the acquisition of Caserones. 19. FINANCE INCOME AND COSTS The Company's finance income and costs are comprised of the following: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Interest income $ 5,315 $ 1,289 $ 9,148 $ 2,172 Interest expense and bank fees (24,785) (6,988) (47,942) (13,197) Accretion expense on reclamation provisions (6,415) (5,268) (12,758) (10,477) Lease liability interest (5,896) (361) (11,785) (733) Deferred revenue finance costs (3,192) (4,852) (6,938) (10,525) Other (1,334) 283 (1,726) 1,164 Total finance costs, net $ (36,307) $ (15,897) $ (72,001) $ (31,596) Finance income $ 5,315 $ 1,572 $ 9,148 $ 3,336 Finance costs (41,622) (17,469) (81,149) (34,932) Total finance costs, net $ (36,307) $ (15,897) $ (72,001) $ (31,596) LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 20 - ===== SIDA 71 ===== 20. OTHER INCOME AND EXPENSE The Company's other income and expense are comprised of the following: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Foreign exchange (loss) gain (a) $ (2,827) $ 12,390 $ 23,997 $ 2,445 Foreign exchange and trading gains on debt and equity investments (b) 10,100 30,667 18,279 52,745 Revaluation of Caserones purchase option (c) 12,431 — 11,728 — Revaluation of marketable securities 85 3,464 2,515 3,902 Realized (losses) gains on derivative contracts (Note 21) (1,365) 14,275 2,350 27,852 Ojos del Salado sinkhole (expenses) recoveries (d) (710) (11,900) 321 (16,482) Unrealized gains (losses) on derivative contracts (Note 21) 3,974 (14,403) (48,858) 6,263 Write-down of assets (e) (17,188) — (17,188) — Partial suspension of underground operations (f) (9,824) — (9,824) — Revaluation of Chapada derivative liability — (380) (307) (1,796) Gain on disposal of subsidiary — — — 5,718 Other income (expense) 1,701 (752) 3,035 (1,041) Total other (expense) income, net $ (3,623) $ 33,361 $ (13,952) $ 79,606 a) Foreign exchange losses and gains during the three and six months ended June 30, 2024, respectively, relate to the foreign exchange revaluation of trade payables and lease liabilities held in CLP. Foreign exchange losses during the three months ended June 30, 2024 are due to the strengthening of the CLP during the period. Foreign exchange gains during the six months ended June 30, 2024 are due to the year-to-date weakening of the CLP against USD. b) Foreign exchange and trading gains on debt and equity investments include the changes in fair value of debt and equity instruments supporting capital funding for the Josemaria Project. c) The Caserones purchase option is revalued at each reporting period, with changes in fair value recorded in Other Income and Expense. The fair value of the purchase option at June 30, 2024 increased as a result of revised discounted cash flow projections due to higher metal prices. d) Ojos del Salado sinkhole expenses and recoveries during the three and six months ended June 30, 2024, respectively, include adjustments of expenses originally accrued for as a result of updated information obtained related to the sinkhole near the Company's Ojos del Salado operations. e) Write-down of assets during the three and six months ended June 30, 2024 relate to a non-cash write-down of capital works in progress at the Josemaria Project that are no longer expected to be required. f) A fall of ground in the lower ramp at the Eagle mine has limited production while rehabilitation is completed. Overhead costs unrelated to production in the period have been recorded in Other Income and Expense. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 21 - ===== SIDA 72 ===== 21. FINANCIAL INSTRUMENTS Derivative instruments From time to time, the Company uses derivative contracts as part of its risk management strategy to mitigate exposure to foreign currencies and commodities. Beginning in 2022, the Company entered into EUR, BRL, CLP, SEK and CAD foreign currency options and forward contracts intended to limit the foreign exchange exposure of its forecasted foreign currency denominated after-tax attributable operating and capital expenditures. In 2023, the Company entered into commodity forward swap contracts to limit exposure to changes in the price of diesel fuel purchases at Candelaria, and in 2024 entered into short-term commodity collar contracts to limit its exposure to changes in the price of copper. The foreign exchange and commodities contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value with changes in fair value recognized in the consolidated statement of earnings. During 2024, the Company entered into zero cost collar contracts in the total amounts of $ 246 million (equivalent to BRL 1.3 billion) and $950 million (equivalent to CLP 926 billion) with collar ranges of BRL 5.00 to BRL 6.11 and CLP 900 to CLP 1,085, respectively. Of the CLP foreign currency contracts entered into during the period, $110 million (equivalent to CLP 107 billion) expired during the period, with the remaining contracts expiring through the remainder of 2024 to 2026. In April 2024, the Company entered into copper collar contracts in the amount of 21,500 metric tonnes of copper with collar ranges of $4.10/lb to $4.52/lb, which expired in May. The following tables outline the foreign currency and commodity derivative notional contract positions and their expiry dates: Expired in Expiring throughout: Foreign currency forward contracts 2024 remainder of 2024 2025 2026 EUR/USD forwards Average contract price 1.02 1.02 — — Position (EUR millions) 78 78 — — USD/SEK forwards Average contract price 10.90 10.80 10.83 — Position (SEK millions) 450 472 758 — Expired in Expiring throughout: Foreign currency zero cost collar contracts 2024 remainder of 2024 2025 2026 USD/BRL collars Average contract price 5.00/6.40 5.02/6.28 5.06/6.04 5.07/6.04 Position (USD millions) 95 119 185 114 USD/CLP collars Average contract price 879/1,037 884/1,042 872/1,032 904/1,060 Position (USD millions) 250 302 511 342 USD/CAD collars Average contract price 1.30/1.40 1.30/1.40 — — Position (CAD millions) 10 10 — — USD/SEK collars Average contract price 10.35/11.15 10.35/11.15 — — Position (SEK millions) 198 198 — — LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 22 - ===== SIDA 73 ===== Expired in Expiring throughout: Commodity hedge contracts 2024 remainder of 2024 2025 2026 Diesel forward swap contracts Average contract price ($/L) 0.667 0.667 — — Position (USD millions) 13 13 — — Copper collars Average contract price ($/lb) 4.10/4.52 — — — Position (millions lbs) 47 — — — The Company’s net unrealized and realized (loss)/gain on f oreign currency and commodity derivative contracts are as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Unrealized gain/(loss) on derivative financial instruments: Foreign currency contracts $ 4,689 $ (11,215) $ (49,850) $ 9,451 Commodity hedge contracts (715) (3,188) 992 (3,188) 3,974 (14,403) (48,858) 6,263 Realized gain/(loss) on derivative financial instruments: Foreign currency contracts 2,083 14,908 5,447 28,485 Commodity hedge contracts (3,448) (633) (3,097) (633) (1,365) 14,275 2,350 27,852 Total unrealized and realized gain/(loss) on derivative contracts: $ 2,609 $ (128) $ (46,508) $ 34,115 A summary of the fair values of unsettled derivative contracts recorded on the consolidated balance sheet is as follows: June 30, 2024 December 31, 2023 Foreign currency contracts: Current asset position $ 10,016 $ 38,114 Non-current asset position 5,476 9,397 Current liability position 7,153 1,124 Non-current liability position 15,676 3,148 Diesel forward swap contracts: Current asset position 95 — Current liability position — 896 Other contracts: Chapada derivative current liability 24,676 24,369 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 23 - ===== SIDA 74 ===== 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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Level Carrying value Fair value Carrying value Fair value Financial assets Fair value through profit or loss Restricted funds 1 $ 60,013 $ 60,013 $ 59,979 $ 59,979 Trade receivables (provisional) 2 433,455 433,455 605,644 605,644 Marketable securities, and debt & equity investments 1 16,255 16,255 14,268 14,268 Foreign currency contracts 2 15,492 15,492 47,511 47,511 Diesel forward swap contracts 2 95 95 — — Caserones purchase option 3 56,166 56,166 44,438 44,438 $ 581,476 $ 581,476 $ 771,840 $ 771,840 Financial liabilities Amortized cost Debt 3 $ 1,339,023 $ 1,339,023 $ 1,208,600 $ 1,208,600 Fair value through profit or loss Pricing provisions on concentrate sales 2 $ 6,024 $ 6,024 $ 1,840 $ 1,840 Chapada derivative liability 2 24,676 24,676 24,369 24,369 Caserones deferred consideration 2 119,670 119,670 116,210 116,210 Foreign currency contracts 2 22,829 22,829 4,272 4,272 Diesel forward swap contracts 2 — — 896 896 $ 173,199 $ 173,199 $ 147,587 $ 147,587 Fair values of financial instruments are determined by valuation methods depending on hierarchy levels as defined below: Level 1 – Quoted market price in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted market prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. observed prices) or indirectly (i.e. derived from prices). Level 3 – Inputs for the assets or liabilities are not based on observable market data. The Company calculates fair values based on the following methods of valuation and assumptions: Marketable securities/debt and equity investments/restricted funds – The fair value of investments in shares and bonds is determined based on the quoted market price. Trade receivables/pricing provisions on concentrate sales – The fair value of trade receivables that contain provisional pricing sales arrangements are valued using quoted forward market prices. The Company recognized positive pricing adjustments of $81.0 million in revenue during the three months ended June 30, 2024 (June 30, 2023 - $82.1 million negative pricing adjustments). The Company recognized positive pricing adjustments of LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 24 - ===== SIDA 75 ===== $90.2 million in revenue during the six months ended June 30, 2024 (June 30, 2023 - $53.8 million negative 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. Caserones purchase option – The fair value of the Caserones purchase option is determined using a valuation model that incorporates such factors as the mine's discounted cash flow projections, metal price volatility, expiry date, and risk-free interest rate. Chapada derivative liability – The fair value of this derivative is determined using a valuation model that incorporates such factors as metal prices, metal price volatility, expiry date, and risk-free interest rate. Caserones deferred consideration – The fair value of the Caserones deferred consideration has been discounted at the estimated credit adjusted risk free rate applicable to future payments. Debt – The fair values approximate carrying values as the interest rates are comparable to current market rates. The carrying values of certain financial instruments maturing in the short-term approximate their fair values. These financial instruments include cash and cash equivalents, trade and other receivables other than those provisionally priced, and trade and other payables other than those provisionally priced, which are classified as amortized cost. 22. COMMITMENTS AND CONTINGENCIES a) The Company has capital commitments of $349.8 million on various initiatives, of which $143.1 million is expected to be paid during 2024. b) The Company may be involved in legal proce edings arising in the ordinary course of business, including the action described below. The potential amount of the liabilities with respect to such legal proceedings is not expected to materially affect the Company's financial position. c) Significant changes to commitments and contingencies, since those reported at December 31, 2023, are described below: i. With respect to the Ontario class action, the Supreme Court of Canada granted the Company's leave application on March 28, 2024. The appeal will likely be heard in Q4 2024 or the first half of 2025. 23. SEGMENTED INFORMATION The Company is engaged in mining, exploration and development of mineral properties at six operating sites located in Chile, Brazil, USA, Portugal, and Sweden, and at the Josemaria Project located in Argentina. Operating segments are reported in a manner consistent with the internal reporting provided to executive management who act as the chief operating decision-makers. The chief operating decision makers consider the business from a site and project-level perspective. Executive management are responsible for allocating resources and assessing performance of the operating segments. The Company has identified eight reportable segments which include six operating sites, the Josemaria Project, and other corporate office operations. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 25 - ===== SIDA 76 ===== For the three months ended June 30, 2024 Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total Chile Chile Brazil USA Argentina Portugal Sweden Revenue $ 366,363 $ 336,547 $ 117,969 $ 57,444 $ — $ 128,675 $ 76,587 $ — $ 1,083,585 Cost of goods sold Production costs (175,359) (208,897) (69,246) (37,657) — (83,129) (32,734) 596 (606,426) Depreciation, depletion and amortization (76,058) (54,501) (18,368) (9,993) — (29,672) (8,813) (253) (197,658) Gross profit 114,946 73,149 30,355 9,794 — 15,874 35,040 343 279,501 General and administrative expenses — — — — — — — (13,140) (13,140) General exploration and business development (2,885) (3,313) (1,383) (64) (2,737) (184) (2,091) (879) (13,536) Finance (costs) income (7,592) (3,561) (6,222) (819) 2,251 (2,067) (1,086) (17,211) (36,307) Other (expense) income (1,259) (3,213) 2,925 (10,476) (6,906) (511) 1,204 14,613 (3,623) Income tax (expense) recovery (43,188) (18,356) (30,874) 598 50,588 (1,919) (6,925) (6,086) (56,162) Net earnings (loss) $ 60,022 $ 44,706 $ (5,199) $ (967) $ 43,196 $ 11,193 $ 26,142 $ (22,360) $ 156,733 Capital expenditures $ 60,544 $ 35,328 $ 25,241 $ 3,980 $ 90,664 $ 27,921 $ 13,301 $ 1,488 $ 258,467 For the six months ended June 30, 2024 Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total Chile Chile Brazil USA Argentina Portugal Sweden Revenue $ 696,772 $ 662,758 $ 216,404 $ 114,667 $ — $ 209,305 $ 120,660 $ — $ 2,020,566 Cost of goods sold Production costs (336,609) (406,552) (133,831) (78,193) — (154,841) (62,809) (725) (1,173,560) Depreciation, depletion and amortization (149,484) (106,230) (33,448) (19,144) — (56,718) (16,796) (330) (382,150) Gross profit (loss) 210,679 149,976 49,125 17,330 — (2,254) 41,055 (1,055) 464,856 General and administrative expenses — — — — — — — (29,900) (29,900) General exploration and business development (4,765) (6,913) (2,066) (165) (6,522) (383) (4,479) (1,694) (26,987) Finance (costs) income (15,058) (7,937) (11,776) (1,718) 9,396 (3,250) (2,312) (39,346) (72,001) Other income (expense) 5,588 15,450 5,287 (10,782) 1,883 (4,697) (8,011) (18,670) (13,952) Income tax (expense) recovery (82,581) (40,592) (28,614) 1,876 50,588 2,918 (5,647) (4,676) (106,728) Net earnings (loss) $ 113,863 $ 109,984 $ 11,956 $ 6,541 $ 55,345 $ (7,666) $ 20,606 $ (95,341) $ 215,288 Capital expenditures $ 160,076 $ 78,082 $ 54,440 $ 8,058 $ 149,310 $ 50,334 $ 27,642 $ 2,431 $ 530,373 Total non-current assets1 $ 3,157,464 $ 1,393,908 $ 1,369,560 $ 197,767 $ 1,303,026 $ 1,134,477 $ 274,168 $ 8,923 $ 8,839,293 1 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 26 - ===== SIDA 77 ===== For the three months ended June 30, 2023 Candelaria Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total Chile Brazil USA Argentina Portugal Sweden Revenue $ 290,426 $ 94,721 $ 105,250 $ — $ 68,614 $ 29,520 $ — $ 588,531 Cost of goods sold Production costs (184,958) (80,113) (45,735) — (76,080) (17,786) (526) (405,198) Depreciation, depletion and amortization (69,696) (14,989) (12,670) — (27,719) (4,913) (518) (130,505) Gross profit (loss) 35,772 (381) 46,845 — (35,185) 6,821 (1,044) 52,828 General and administrative expenses — — — — — — (14,898) (14,898) General exploration and business development (5,112) (3,067) (1,443) — (2,197) (354) (1,520) (13,693) Finance (costs) income (8,295) (5,682) (1,086) 3,995 (1,148) (1,084) (2,597) (15,897) Other (expense) income (16,108) 10,296 (821) 36,219 384 (5,207) 8,598 33,361 Income tax (expense) recovery (3,732) 15,864 (3,539) (678) 10,617 (2,286) 3,355 19,601 Net earnings (loss) $ 2,525 $ 17,030 $ 39,956 $ 39,536 $ (27,529) $ (2,110) $ (8,106) $ 61,302 Capital expenditures $ 123,417 $ 19,690 $ 3,562 $ 92,093 $ 22,133 $ 15,994 $ 3,024 $ 279,913 For the six months ended June 30, 2023 Candelaria Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total Chile Brazil USA Argentina Portugal Sweden Revenue $ 670,831 $ 205,839 $ 174,670 $ — $ 198,017 $ 90,518 $ — $ 1,339,875 Cost of goods sold Production costs (372,937) (148,747) (91,184) — (161,806) (46,691) (1,597) (822,962) Depreciation, depletion and amortization (128,071) (27,070) (23,821) (38) (57,799) (13,000) (953) (250,752) Gross profit (loss) 169,823 30,022 59,665 (38) (21,588) 30,827 (2,550) 266,161 General and administrative expenses — — — — — — (30,008) (30,008) General exploration and business development (8,952) (4,571) (2,029) — (3,333) (1,974) (7,599) (28,458) Finance (costs) income (16,296) (11,716) (2,170) 6,805 (1,713) (2,187) (4,319) (31,596) Other (expense) income (2,797) 16,664 (1,003) 51,532 2,953 (5,455) 17,712 79,606 Income tax (expense) recovery (46,279) 21,213 (3,546) (678) 9,345 (6,265) (2,882) (29,092) Net earnings (loss) $ 95,499 $ 51,612 $ 50,917 $ 57,621 $ (14,336) $ 14,946 $ (29,646) $ 226,613 Capital expenditures $ 214,103 $ 35,717 $ 10,664 $ 182,648 $ 47,194 $ 30,462 $ 5,244 $ 526,032 Total non-current assets1 $ 3,063,513 $ 1,387,750 $ 219,658 $ 1,050,168 $ 1,163,090 $ 249,599 $ 9,521 $ 7,143,299 1 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 27 - ===== SIDA 78 ===== 24. 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 June 30, Six months ended June 30, 2024 2023 2024 2023 Wages and salaries $ 1,747 $ 2,127 $ 3,616 $ 3,421 Pension benefits 30 33 58 77 Share-based compensation 596 723 1,071 1,466 Termination benefits — 388 — 1,794 $ 2,373 $ 3,271 $ 4,745 $ 6,758 b) Other related parties - For the three and six months ended June 30, 2024, the Company incurred $1.2 million and $5.8 million (June 30, 2023 – $0.4 million and $0.7 million), respectively, for services provided by companies owned by members of key management personnel primarily relating to office rental, renovation costs, and related services. 25. SUPPLEMENTARY CASH FLOW INFORMATION Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Changes in non-cash working capital items consist of: Trade and income taxes receivable, inventories, and other current assets $ 99,881 $ 71,878 $ 145,371 $ 57,709 Trade and income taxes payable, and other current liabilities 22,015 12,329 (69,610) 3,306 $ 121,896 $ 84,207 $ 75,761 $ 61,015 Operating activities included the following cash payments: Income taxes paid $ 49,131 $ 33,083 $ 98,132 $ 72,940 26. SUBSEQUENT EVENT • On July 29, 2024, the Company entered into an agreement with BHP and Filo Corp (“Filo”) to jointly acquire all the issued and outstanding shares of Filo (the “Arrangement”) not already owned by Lundin Mining and BHP. Under the terms of the Arrangement, Filo shareholders may choose to receive in exchange for each Filo share C$33.00 in cash, 2.3578 Lundin Mining shares or any combination thereof, subject to aggregate caps. Lundin Mining’s share of the consideration for the Arrangement is approximately C$2,148 million ($1,550 million), consisting of up to C$859 million in cash and C$1,289 million in Lundin Mining shares. Closing is expected to occur in the first quarter of 2025. • Concurrently with the completion of the Arrangement, Lundin Mining and BHP will form a 50/50 joint venture (the “Joint Venture”) to hold the Filo del Sol project and Lundin Mining’s Josemaria project. BHP will pay Lundin Mining cash consideration of $690 million, subject to certain adjustments, as consideration for Lundin Mining contributing the Josemaria project to the Joint Venture. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 28 - ===== SIDA 79 ===== Registered Office 1055 Dunsmuir Street, Suite 2800, Bentall IV, Vancouver, BC V7X 1L2 Tel: +1.604.806.3081 lundinmining.com