Kvartalsrapport Q2 2025

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

Corporate Office 
1055 Dunsmuir Street 
Suite 2800, Bentall IV 
Vancouver, BC V7X 1L2 
Phone +1 604 689 7842 
lundinmining.com 
 
NEWS RELEASE 
 
Lundin Mining Reports Second Quarter 2025 Results   
Vancouver, August 6, 2025 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation  (“Lundin Mining” or the 
“Company”) today reported its second quarter 2025 financial results. Unless otherwise stated, results are presented in 
United States dollars on a 100% basis. 
 
Jack Lundin, President and CEO commented, “Our portfolio of high -quality assets continued to generate solid results 
during the quarter keeping us firmly on track to achieve the midpoint of our production guidance. This resulted in over 
$930 million in revenue and $211 million in free cash flow from operations1. Consolidated copper cash costs decreased to 
$1.92/lb, down 7% from last quarter. Importantly, our record safety performance in Q1 continued into Q2, with the 
Company achieving the lowest Total Recordable Injury Frequency Rate recorded in the past ten years. 
 
"With the successful $1.4 billion sale of our European assets, we paid down our term loan and reduced net debt excluding 
lease liabilities 1 to $135 million as at the end of Q2. At our Capital Markets Day ("CMD") event in June, we showcased 
medium-term brownfield expansion opportunities that complement the long -term growth potential of the Vicuña Project. 
The Vicuña Project team continues to progress with parallel studies supporting a multi -phased development plan and an 
integrated technical report remains on track for Q1 2026. Our five -year financial outlook provided at the CMD event 
demonstrates our ability to fund these transformational growth initiatives while maintaining shareholder returns in the 
form of share buybacks and dividends. We look forward to continuing to build off the solid first half performance for the 
remainder of 2025.” 
 
Second Quarter Operational and Financial Highlights  
Strong operational results drove earnings in the second quarter supported by continued higher gold prices. The 
Company's balance sheet was also strengthened from the sale of its European assets. 2025 production guidance was 
reaffirmed in the quarter and cash cost guidance was improved.  
 
• Copper Production: Production of 80,073 tonnes of copper in the second quarter from continuing operations. 
• Other Production: During the quarter, 38,118 ounces of gold and 2,713 tonnes of nickel were produced.  
• Revenue: $937.2 million in the second quarter from continuing operations with a realized copper price 1 of $4.40 /lb 
and a realized gold price1 of $3,478 /oz. 
• Net Earnings and Adjusted Earnings 1: During the quarter, net earnings from continuing operations attributable to 
shareholders of the Company was $126.1 million ($0.15 per share) and adjusted earnings from continuing operations 
was $98.2 million ($0.11 per share).  
• Adjusted EBITDA1: $394.7 million was generated from continuing operations for the quarter. 
• Cash Generation: Cash provided by continuing operations was $314.6 million and free cash flow from operations 1 
was $211.1 million, which was impacted by significant cash income taxes paid at Candelaria in the quarter due to 
timing of payments and increased taxable income. 
• Growth: During the quarter the Company outlined strategic aspirations to become a global top-ten copper producer 
and achieve copper production of over 500,000 tonnes per year and gold production of over 550,000 ounces per 
year: 
◦ On April 16, 2025 Lundin Mining completed the sale of Neves -Corvo and Zinkgruvan to Boliden AB 
("Boliden") for cash proceeds of $1,314.6 million, net of cash disposed and transaction costs, and 
subsequently repaid in full its term loan of $1,150 million and repaid $170.0 million of amounts drawn on its 
revolving credit facility.  
◦ During the quarter the Company announced a Mineral Resource estimate (the "Vicuña Mineral Resource")  
for the Vicuña Project which highlighted one of the world’s largest copper, gold and silver Mineral Resources, 
with the potential to support a globally ranked mining complex. The Company continues to advance the 
integrated study of the Filo del Sol and Josemaria deposits, which is expected to be completed in Q1 2026. 
The resource contains:  
 
1 These are non -GAAP measures. Free cash flow from operations of $211 million is from continuing operations. Please refer to the Company's di scussion 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, 2025  and 
the Reconciliation of Non-GAAP Measures section at the end of this news release.

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

▪ Contained copper of 13 million tonnes (“Mt”) Measured and Indicated at 0.35% copper (“M&I”) and 
25 Mt Inferred at 0.32% copper. 
▪ Contained gold of 32 million ounces (“Moz”) M&I at 0.27 g/t gold and 49 Moz Inferred at 0.19 g/t 
gold. 
▪ Contained silver of 659 Moz M&I at 5.6 g/t silver and 808 Moz Inferred at 3.2 g/t silver. 
 
◦ On June 18, 2025, the Company hosted a Capital Markets Day, which outlined medium -term, low -cost 
brownfield expansion opportunities alongside the Vicuña Project which offers transformational long -term 
growth potential. The Company also provided guidance on financial performance for the next five years that 
outlined its ability to fund future growth plans. 
• 2024 Sustainability Report Published: The Company continues to demonstrate its commitment to sustainability as 
an integral part of the Company's overall strategy for disciplined growth and released its annual 2024 Sustainability 
report on May 26, 2025. 
• Shareholder Returns:  A quarterly dividend of $0.0275 per share has been declared. In addition, the Company 
purchased 4,629,000 common shares during the quarter at an average share price of C$10.91 for total consideration 
of $36.2 million  under its normal course issuer bid. So far during 2025, Lundin Mining has cancelled 13,058,800 
common shares at a cost of approximately $104.0 million. 
• Outlook: The Company reaffirms it is tracking to full year guidance for production of all metals, including 303,000 – 
330,000 tonnes of copper. The Company has further revised cash cost guidance at Chapada which supports its 
previously lowered overall consolidated cash cost guidance for the Company to $1.95 to $2.15 per pound cash cost. 
Annual sustaining capital expenditure guidance has remained unchanged with reductions at Caserones being offset 
by higher capital expenditure at Chapada. Expansionary capital guidan ce has increased, driven by an increase in the 
Vicuña Project budget.  
• Discontinued Operations: On April 16, 2025, the Company completed the sale of its European assets, Neves -Corvo 
and Zinkgruvan, to Boliden. The operating results of the Neves -Corvo and Zinkgruvan reporting segments have been 
classified as net earnings from discontinued operations. Net earnings from discontinued operations for the quarter 
of $102.4 million includes a gain on disposal of $106.4 million, net of income tax.

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

Summary Financial Results  
 
Three months ended  
June 30,  
Six months ended 
June 30, 
(US$ millions continuing operations except where noted, 
except per share amounts) 2025    2024  2025    2024    
Revenue  937.2   878.3    1,901.1   1,690.6  
Gross profit  271.3   228.5    580.2   426.1  
Attributable net earningsa  126.1   84.3    264.1   122.7  
Net earnings  159.6   119.4    340.9   202.3  
Adjusted earningsa,b (all operations)  99.9   122.1    246.1   167.3  
Adjusted earningsa,b — continuing operations  98.2   83.4    192.1   139.7  
Adjusted earningsa,b,c — discontinued operations  1.7   38.7    53.9   27.6  
Adjusted EBITDAb (all operations)  395.8   460.9    846.5   823.7  
Adjusted EBITDAb — continuing operations  394.7   369.9    782.6   708.3  
Adjusted EBITDAb,c — discontinued operations  1.0   91.0    63.9   115.4  
Basic earnings per share ("EPS")a (all operations)  0.27   0.16    0.41   0.18  
Diluted earnings per share ("EPS")a (all operations)  0.27   0.16    0.41   0.17  
Basic and diluted earnings per share ("EPS")a — continuing 
operations 
 0.15   0.11  
 
 0.31   0.16  
Basic and diluted earnings per share ("EPS")a,c — discontinued 
operations 
 0.12   0.05  
 
 0.10   0.02  
Adjusted EPSa,b (all operations)  0.12   0.16    0.29   0.22  
Adjusted EPSa,b — continuing operations  0.11   0.11    0.22   0.18  
Adjusted EPSa,b,c — discontinued operations 0.00  0.05    0.06   0.04  
Cash provided by operating activities (all operations)  334.6   491.8    511.4   759.3  
Cash provided by operating activities - continuing operations  314.6   440.0    436.9   672.3  
Cash provided by operating activities - discontinued 
operationsc 
 20.0   51.8    74.5   87.0  
Adjusted operating cash flowb (all operations)  279.4   369.9    672.0   683.6  
Adjusted operating cash flowb — continuing operations  277.2   291.2    614.2   585.3  
Adjusted operating cash flowb,c — discontinued operations  2.2   78.7    57.8   98.3  
Adjusted operating cash flow per shareb (all operations)  0.33   0.48    0.79   0.89  
Adjusted operating cash flow per shareb — continuing 
operations 
 0.32   0.38    0.72   0.76  
Adjusted operating cash flow per shareb,c — discontinued 
operations 
0.00  0.10    0.06   0.13  
Free cash flowb (all operations)  175.9   236.9    128.2   235.1  
Free cash flowb — continuing operations  165.0   226.3    111.8   226.1  
Free cash flowb,c — discontinued operations  10.9   10.6    16.4   9.0  
Free cash flow from operationsb (all operations)  222.6   337.6    254.4   405.2  
Free cash flow from operationsb — continuing operations  211.1   324.7    232.6   391.3  
Free cash flow from operationsb,c— discontinued operations  11.5   12.9    21.8   13.9  
Cash and cash equivalents  279.3   452.8    279.3   452.8  
Net debt excluding lease liabilitiesb  (135.1)  (893.8)   (135.1)  (893.8) 
Net debtb 
  
 (380.2)  (1,152.9)   (380.2)  (1,152.9) 
a Attributable to shareholders of Lundin Mining Corporation.  
b These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its MD&A for the three and six 
months ended June 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
c Discontinued operations are to April 16, 2025.

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

• For the quarter ended June 30, 2025, the Company generated revenue from continuing operations of $937.2 million 
(Q2 2024 - $878.3 million). 
• Gross profit from continuing operations for the quarter of $271.3 million was $42.8 million higher than in the prior 
year comparable period of $228.5 million. The increase was primarily due to higher sales volume, lower treatment 
charges, and cost savings from operational efficiencies.  
• Net earnings from continuing operations for the quarter of $159.6 million was higher than in the prior year 
comparable period of $119.4 million.  The increase was primarily due to an increase in gross profit combined with 
lower interest expense due to the repayment of debt in the quarter with cash proceeds received from the sale of 
the Neves-Corvo and Zinkgruvan operations.  
• Adjusted earnings 2 from continuing operations  for the quarter  of $98.2 million, increased from $83.4 million 
primarily as a result of higher gross profit. 
• Cash provided by operating activities related to continuing operations for the quarter of $314.6 million represented 
a decrease of $125.4 million from the prior year comparable period of $440.0 million. The decrease was primarily 
due to significant cash income taxes paid in the quarter of $168.0 million (Q2 2024 - $47.1 million ), primarily at 
Candelaria, and a reduction in working capital inflows  of $111.4 million to  $37.4 million from $148.8 million in the 
prior year comparable period. 
• In the quarter, sustaining capital expenditures 3 from continuing operations of $115.9 million were lower than in the 
prior year comparable period of $126.6 million . The reduction was primarily due to lower spending at Candelaria 
from reduced deferred stripping.  
• Expansionary capital expenditures 2 of $33.7 million  in the quarter  were lower than $87.1 million in the prior year 
comparable period due to the formation of Vicuña, a 50/50 joint arrangement with BHP Investments Canada Inc. 
("BHP") (the "Joint Arrangement"), on January 15, 2025. From this date, the Company's expansionary capital 
expenditures include 50% of Vicuña's capital expenditures.  
• Free cash flow 2 from continuing operations for the quarter  of $165.0 million  was lower than in the prior year 
comparable period of  $226.3 million  primarily due to reduced cash provided by operating activities related to 
continuing operations, partially offset by lower sustaining and expansionary capital expenditures. 
• As at August 6, 2025, the Company had cash of approximately $276 million and net debt excluding lease liabilities 2 
of approximately $139 million. 
Operational Performance 
Total Production  
(Contained metal)a 
2025 2024 
YTD Q2 Q1 Total Q4 Q3 Q2 Q1 
Continuing Operations         
Copper (t)b  156,847   80,073   76,774   336,875   94,094   91,772   71,614   79,395  
Gold (oz)b  69,967   38,118   31,849   158,436   46,456   46,712   32,439   32,829  
Nickel (t)  5,009   2,713   2,296   7,486   1,617   893   1,721   3,255  
Molybdenum (t)b  982   380   602   3,183   912   693   714   864  
Discontinued OperationsC         
Copper (t)  8,319   1,225   7,094   32,192   7,397   8,083   8,094   8,618  
Zinc (t)  58,233   9,285   48,948   191,704   51,946   46,610   47,460   45,688  
a -  Tonnes (t) and ounces (oz). 
b - Candelaria and Caserones production are on a 100% basis.  
c - Discontinued operations results are to April 16, 2025.  
 
Candelaria (80% owned):  Candelaria produced 36,999 tonnes of copper and  20,574 ounces of gold in concentrate on a 
100% basis during the quarter. Production in the quarter and year -to-date periods were positively impacted by increased 
throughput as a result of softer ore feed and higher ball mill runtime due to rescheduled maintenance in the quarter. 
Mining and processing in the quarter was focused on Phase 11 with some contribution from higher grade areas of Phase 
 
2 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its MD&A for the three and six 
months ended June 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
3 This is a supplementary financial measure. Please refer to the Company's discussion of non -GAAP and other performance measures in its MD&A for the 
three and six months ended June 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

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

12. Cash cost 4 of $1.81/lb during the quarter was positively impacted by higher production and favourable foreign 
exchange.  
 
Caserones (70% owned): Caserones produced 29,290 tonnes of copper and 380 tonnes of molybdenum on a 100% basis 
during the quarter. Production in the quarter was impacted by lower grades as a result of mine sequencing with mining 
focused on Phases 6 and 7 as mining of Phase 5 nears completion. Throughput was impacted slightly by a temporary 
reduction in primary crusher availability during the quarter and copper cathode production benefitted from increased 
material placed on the leach pad. Cash cost of $2.45 /lb in the quarter benefitted from lower mining and milling costs, as 
well as lower treatment and refining charges and favorable foreign exchange. 
 
Chapada (100% owned): Chapada produced 11,274 tonnes of copper and 17,544 ounces of gold in concentrate during the 
quarter. Ore from the North and South open pits was mined and processed, resulting in higher grades as compared to the 
prior quarter which focused on processing ore from the older low -grade stockpile. Cash cost of $0.75 /lb was the lowest 
amount since 2021, and benefitted from higher gold by-product credits as a result of higher realized gold prices, combined 
with favourable foreign exchange and higher copper sales volume. 
 
Eagle (100% owned):  Eagle produced 2,713 tonnes of nickel and 2,510 tonnes of copper in the quarter. Production was 
impacted by a temporary reduction in equipment availability and reduced throughput as a result of an unplanned four -
day power outage. Production gradually increased to normal levels following the completion of ramp rehabilitation at 
Eagle East in the previous quarter. Nickel cash cost  of $2.02/lb was positively impacted by higher by -product credits and 
higher nickel sales volumes. 
 
Outlook 
The Company remains on track to meet annual production guidance for all metals. In light of higher gold prices, the cash 
cost guidance range for Chapada is further reduced from that announced on June 17, 2025. 
 
At Candelaria, production in the second half of the year is expected to be in line with the first half of the year to meet th e 
Company's annual production guidance for 2025. Cash costs at Candelaria are tracking to the mid -point of guidance for 
the full year. 
 
At Caserones, higher copper head grades anticipated in the second half of the year, together with strong cathode 
production are expected to sustain the Company's annual production guidance for 2025. 
 
At Chapada, production is expected to be weighted to the second half of the year as copper grades and recoveries in the 
second half of the year are expected to remain in line with the second quarter. Mine sequencing is expected to result in 
processing increased fresh ore from the North and South pits and less lower -grade stockpile material. Cash costs are 
expected to continue to benefit from higher gold prices, leading to a further reduction in annual guidance as compared to 
that previously announced by the Company (see News Release dated June 17, 2025).  
 
At Eagle, grades and mining rates are expected to normalize in the second half of the year, supporting annual production 
guidance. Mining at the Eagle deposit is expected to be completed towards the end of the year and higher grade ore from 
Eagle East will be sourced. 
 
 
 
4 This is a non-GAAP measure. Please refer to the Company's discussion of non -GAAP and other performance measures in its MD&A for the three and six 
months ended June 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

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

See below for revised 2025 Guidance:  
 
2025 Production and Cash Cost Guidancea  
   Guidancea Revised Guidance 
 (contained metal) Production Cash Cost ($/lb)b Production Cash Cost ($/lb)b 
 Copper (t) Candelaria (100%) 140,000 – 150,000 1.60 – 1.80c 140,000 – 150,000 1.80 – 2.00c 
  Caserones (100%) 115,000 – 125,000 2.40 – 2.60 115,000 – 125,000 2.40 – 2.60 
  Chapada 40,000 – 45,000 1.30 – 1.50d 40,000 – 45,000 1.10 – 1.30d 
  Eagle 8,000 – 10,000  8,000 – 10,000  
  Total 303,000 – 330,000 1.95 – 2.15 303,000 – 330,000 1.95 – 2.15 
 Gold (oz) Candelaria (100%) 78,000 – 88,000  78,000 – 88,000  
  Chapada 57,000 – 62,000  57,000 – 62,000  
  Total 135,000 – 150,000  135,000 – 150  
 Nickel (t) Eagle 8,000 – 11,000 3.05 – 3.25 8,000 – 11,000 3.05 – 3.25 
a. Guidance as outlined in the news release "Lundin Mining Highlights Strategic Vision and Financial Outlook for Leading Grow th and Shareholder Returns" 
dated June 17, 2025. 
b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes,  commodi ty prices (Cu: $4.40/lb, Au: 
$3,000/oz, Mo: $20.00/lb, Ag: $30.00/oz), foreign exchange rates (USD/CLP:950, USD/BRL:5.75) and operating costs. Cash cost i s a non-GAAP measure -  see 
the Reconciliation of Non-GAAP Measures section at the end of this news release.  
c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash costs are calculated based  on receipt of approximately 
$433/oz gold and $4.32/oz silver. 
d. Chapada's cash cost is calculated on a by -product basis and does not include the effects of its copper stream agreements. Effects of the copper stream 
agreements are reflected in copper revenue and will impact realized price per pound.  
 
2025 Capital Expenditure Guidancea,b,c 
 ($ millions) Guidance 
 Candelaria (100% basis) 205 
 Caserones (100% basis) 200 
 Chapada 100 
 Eagle 25 
 Other — 
 Total Sustaining 530 
 Expansionary - Candelaria (100% basis) 50 
 Expansionary - Vicuña Joint Arrangement (50% basis) 215 
 Total Capital Expenditures 795 
a. Guidance as outlined in the news release "Lundin Mining Highlights Strategic Vision and Financial Outlook for Leading Grow th and Shareholder Returns" 
dated June 17, 2025. 
b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non -GAAP measure – see the 
Reconciliation of Non-GAAP Measures section at the end of this news release. 
c. Capital expenditures are based on various assumptions and estimates, including, but not limited to foreign currency exchan ge rates (USD/CLP: 950, 
USD/BRL: 5.50) 
 
2025 Exploration Investment Guidance 
Total exploration expenditure guidance for 2025 remains at $40 million, which has potential to increase subject to 
successful exploration results at the Boulderdash property. Drilling metres ("m") across the Company have been re -
allocated to account for the anticipated earn-in agreement with Talon Metal Corp. ("Talon") and the Boulderdash property.   
 
Exploration 
During the quarter, exploration activity focused on in -mine and near -mine targets at the Company's operations. 
Exploration drilling at Candelaria was focused on Candelaria South (Mariana) and Candelaria Norte with a total of 1,533m 
completed during the quarter.

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

At Caserones, drilling started for the year early in the quarter with one rig at the Caserones pit targeting deep high -grade 
copper breccias and two rigs at Angelica targeting copper sulphides beneath the Angelica oxide deposit, totaling 3,097m.  
 
A total of 5,077m was drilled using two rigs at Chapada. One rig was in the Saúva resource area, focusing on adding high 
grade resources. A second rig was testing shallow targets outside the Saúva resource area and near-mine targets.  
 
At Eagle, drilling commenced at the Boulderdash property with two rigs targeting potential extensions of the known nickel-
copper mineralized intrusion. This drilling is part of an exclusivity agreement with Talon to negotiate an earn -in agreement 
for the right to acquire up to a 70% ownership interest in the Boulderdash property that is near the Company's Eagle 
mine. Total drilling for the quarter was 1,874m, as part of the proposed 10,000m Phase 1 earn-in drilling program. 
 
Vicuña 
On January 15, 2025, the Company completed the joint acquisition of all of the issued and outstanding common shares of 
Filo Corp. not already owned by Lundin Mining and concurrently formed the Joint Arrangement, resulting in the Company 
indirectly holding a 50% interest in Vicuña Corp., an independently managed joint operation which owns the Josemaria 
project in Argentina and the Filo del Sol project in Argentina and Chile. BHP indirectly owns the remaining 50% interest in 
Vicuña. 
 
In 2025, work continues to focus on advancing studies related to the synergies between the Filo del Sol and Josemaria 
projects, continuing the drilling program, and progressing the development of the Josemaria project. 
 
Activities at Josemaria during the quarter focused on the completion and submission of the Environmental Impact 
Assessment ("EIA"), power infrastructure planning, and continued advancement of the water program. Mobilization and 
preparatory works for the northern access road commenced in the quarter with full construction scheduled to begin later 
in 2025 following the winter season. Work also continued on a multi -phased development concept pertaining to the 
Josemaria and Filo del Sol deposits. An integrated technical report is targeted to be complete by early 2026.  
 
Government relations activities continued with both the national and provincial governments. In conjunction, discussions 
on provincial agreements continued to be advanced. Work also progressed in the quarter on an application for the 
Argentinean Basis Law - Incentive Regime for Large Investments ("RIGI").  
 
Community investment programs were launched in 2025 with a focus on gender, youth training, cooperative 
development, and rural livelihoods.  
 
On May 4, 2025, the Company announced an initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an 
update to the Mineral Resource estimate for the Filo del Sol oxide deposit and an update to the Mineral Resource estimate 
for the Josemaria deposit, which highlighted the combined Vicuña Project as one of the largest copper, gold and silver 
resources in the world. Details of the Vicuña Mineral Resource are set out in the "NI 43-101 Technical Report on the Vicuña 
Project, Argentina and Chile" with an effective date of April 15, 2025 (the "Vicuña Technical Report").

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

The Filo del Sol and Josemaria deposits have significant high -grade mineralization that could provide the initial years of 
mining for the Project.  
• Filo del Sol high -grade core at cut -off of 0.75% copper equivalent ("CuEq"): 606 million Mt (M&I) at 1.14% CuEq 5  
(0.74% Cu) for contained metal of 4.5 Mt copper at 0.74%, 9.6 Moz gold at 0.49 g/t and 259 Moz silver at 13.3 g/t.  
• Near surface Josemaria high -grade core at cut -off of 0.60% CuEq: 196 Mt (M&I) at 0.73% CuEq 6 (0.50% Cu) for 
contained metal of 978 kt copper at 0.50%, 2.4 Moz gold at 0.38 g/t and 11 Moz silver at 1.7 g/t. 
 
The Filo del Sol deposit also contains copper oxide mineralization at surface. 
• Lower capital intensity heap leach oxide cap of 434 Mt (M&I) at 0.34% copper (1.5 Mt), 0.28 g/t gold (3.9 Moz) and 
2.5 g/t silver (35 Moz) 
• High-grade oxides at a cut-off of 0.60% CuEq of 181 Mt (M&I) at 1.05% CuEq7(0.50% Cu) for contained metal of 911 
kt copper at 0.50%, 2.3 Moz gold at 0.39 g/t and 230 Moz silver at 39.6 g/t. 
 
There is clear potential for expansion. Drilling at Filo del Sol bottomed in mineralization and is open at depth, while drill ing 
at the Flamenco zone approximately 2 kilometers to the south has intercepted mineralization beyond the limits of the 
current resource pit shell. 
 
During the quarter, the Company spent $32.2  million in capital expenditures compared to $87.1  million in the prior year 
comparable period. On a year-to-date basis, the Company spent $74.9 million compared to $143.1 million in the prior year 
comparable period. Reduced spending in both the quarter and year -to-date periods is due to the formation of Vicuña on 
January 15, 2025. From this date, the Company's expansionary capital expenditures include 50% of Vicuña's capital 
expenditures.  
 
Expansionary Projects 
The Company has a number of brownfield expansionary projects that are expected to contribute to medium -term growth 
in its existing operating asset portfolio. Combined, these opportunities could add 30,000 to 40,000 tonnes of copper 
production growth and 60,000 to 70,000 ounces of annual gold production through low capital intensity growth projects. 
 
Candelaria 
Projects are ongoing to support the mine life extension under the Environmental Impact Assessment ("2040 EIA"). During 
the quarter, $1.5 million was spent on relocation of electrical transmission lines to allow for expansion of the open pit. 
During the year-to-date period, $21.7 million of spending also included key equipment deliveries as well as the acquisition 
of mining rights.  
 
Additionally, the Company is working on an expansion opportunity which re -envisions the previously disclosed Candelaria 
Underground Expansion Project ("CUGEP") to a lower -capital intensive option with only marginally lower production rates. 
The Company forecasts that this could increase underground throughput capacity by approximately 50% to 60% to 
~22,000 tonnes per day from current levels of 12,000 to 14,000 tonnes per day and increase annual copper production by 
approximately 10% or 14,000 tonnes of copper per year. The opportunity includes insourcing of the Company's 
underground mining contract, which is anticipated to provide incremental copper production gains from higher 
productivity rates through improved mechanical availability and higher development rates. Initial recruitment has begun 
as part of the internalization process, along with training and licensing of blast technicians. It is expected that by mid-2026, 
the initial underground mining crews will have been internalized.   
 
Caserones 
While cathode production at Caserones has remained strong over recent quarters, the Company is anticipating that 
through continued improvements with its leaching practices and additional oxide material, incremental future production 
can be realized in the range of 7,000 to 10,000 tonnes of copper per year. 
 
Chapada 
The development of the Saúva deposit, approximately 15 kilometers from the Chapada mine, represents a near mine 
opportunity to add approximately 15,000 to 20,000 tonnes of copper production per year and 50,000 to 60,000 ounces of 
gold production per year, representing 50% and 100% production increases respectively. This is expected to be achieved 
through the installation of additional grinding capacity and by offsetting lower grade material with higher grade ore from 
 
5 Filo del Sol CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal pric es of $4.43/lb Cu, $2,185/oz Au 
and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).  
6 Josemaria high -grade core CuEq assumes metallurgical recoveries of 84% for copper, 67% for gold and 63% for silver, and metal prices of $4.4 3/lb Cu, 
$2,185/oz Au and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.58 * Au g/t) + (0.007 * Ag g/t).  
7 Filo del Sol oxide CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and meta l prices of $4.43/lb Cu, 
$2,185/oz Au and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).

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

Saúva. Permitting and technical work is ongoing to further define the project and the Company anticipates completing a 
pre-feasibility study by the end of 2025. 
Second Quarter 2025 Results Conference Call and Webcast Details  
The Company will hold a webcast and conference call on Thursday, August 7, 2025 to present the results. Webcast and 
conference call details are provided below.  
Webcast / Conference Call Details: 
Date: Thursday, August 7, 2025 
Time: 7:00 AM PT | 10:00 AM ET 
Listen Only Webcast: WEBCAST LINK 
Dial In for Investor & Analyst Q&A: DIAL IN LINK 
To participate in the call click on the dial in LINK above and complete the online registration form. Once registered you will 
receive the dial-in information and a unique PIN to join the call and ask questions. 
 
A replay of the webcast will be available by clicking on the webcast LINK above and will be archived on the Company’s 
website for a limited period of time. 
 
About Lundin Mining  
Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in Argentina, 
Brazil, Chile and the United States of America, and primarily producing copper, gold and nickel.  
 
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse 
Regulation. The information was submitted for publication, through the agency of the contact persons set out below on 
August 6, 2025 at 17:30 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 document pertaining to the Vicuña Mineral Resource is based on the Vicuña 
Technical Report. The Vicuña Technical Report was prepared by Luke Evans, M.Sc., P .Eng. of SLR Consulting (Canada) Ltd, 
Paul Daigle, P .Geo. of AGP Mining Consultants Inc., Sean Horan, P .Geo. of Resource Modeling Solutions Ltd., Jeffrey Austin, 
P .Eng. of International Metallurgical and Environmental Inc., and Bruno Borntraeger, P .Eng. of Knight Piésold Ltd, each of 
whom reviewed, verified and approved the scientific and technical information pertaining to the Vicuña Mineral Resource 
that is related to his respective scope of responsibility. Each of the foregoing individuals is a “Qualified Person” as defin ed 
by National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”) and independent of the 
Company.  
The scientific and technical information in this document other than that pertaining to the Vicuña Mineral Resource has 
been reviewed and approved in accordance with NI 43 -101 by Eduardo Cortés, Registered Member (Comisión Calificadora 
de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at 
Lundin Mining, a "Qualified Person" under NI 43 -101. Mr. Cortés has verified the data disclosed in this document and no 
limitations were imposed on his verification process. 
The Vicuña Mineral Resource estimates are shown on a 100% basis and have an effective date of April 15, 2025. For 
further information related to the Vicuña Mineral Resource, including the key assumptions, parameters, and methods 
used to estimate the Vicuña Mineral Resource, risks and cautionary statements, see the Vicuña Technical Report and the 
Company’s News Release “Lundin Mining Announces Initial Mineral Resource at Filo Del Sol Demonstrating One of the 
World's Largest Copper, Gold, and Silver Resources” dated May 4, 2025. 
 
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

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

Management’s Discussion and Analysis for the three and six months ended June 30, 2025 which is available on SEDAR+ at 
www.sedarplus.com.

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

Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs as follows: 
 
Three months ended June 30, 2025 
Continuing Operations Candelaria Caserones Chapada Consolidated Eagle Total - 
continuing 
operations1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu)   (Cu) (Ni) 
Sales volumes (Contained metal):       
Tonnes       36,603   30,076   10,284   76,963   2,226   
Pounds (000s)  80,696   66,307   22,672   169,675   4,907   
       
Production costs      186.1   204.7   75.0   465.8   40.4   506.6  
Less: Royalties and other  (3.9)   (9.8)   (6.3)   (20.0)   (4.1)   (24.5) 
  182.2   194.9   68.7   445.8   36.3   482.1  
Deduct: By-product credits2  (42.8)   (31.8)   (51.8)   (126.3)   (26.4)   (152.7) 
Add: Treatment and refining  6.6   (0.5)   0.2   6.3   —   6.3  
Cash cost  146.0   162.6   17.1   325.8   9.9   335.7  
Cash cost per pound ($/lb)  1.81   2.45   0.75   1.92   2.02   
       Add: Sustaining capital     50.2   31.9   27.4    6.4   
Royalties  4.0   8.5   3.6    4.1   
Reclamation and other closure 
accretion and depreciation 
 2.0   1.3   1.7    1.2   
Leases & other  1.6   17.1   1.0    0.9   
All-in sustaining cost  203.9   221.4   50.8    22.5   
AISC per pound ($/lb)  2.53   3.34   2.24    4.58   
1 Includes immaterial amounts related to other segments.  
2 By-product credits are presented net of the associated treatment and refining charges. 
       
       
Three months  ended June 30, 2025 
Discontinued Operations1 
   Neves-Corvo Zinkgruvan 
Total - 
discontinued 
operations 
($ millions, unless otherwise noted)    (Cu) (Zn)  
Sales volumes (Contained metal):       
Tonnes          1,394   1,548   
Pounds (000s)     3,073   3,413   
       Production costs         14.3  2.7  17.0  
Less: Royalties and other     (0.2)   —   (0.2) 
     14.1   2.7   16.8  
Deduct: By-product credits2     (7.5)   0.8   (6.7) 
Add: Treatment and refining     0.8   0.6   1.4  
Cash cost     7.4   4.0   11.5  
Cash cost per pound ($/lb)     2.42   1.18   
       Add: Sustaining capital        —   9.1   
Royalties     0.2   —   
Reclamation and other closure 
accretion and depreciation    
 0.1   —   
All-in sustaining cost     7.7   13.1   
AISC per pound ($/lb)     2.51   3.85   
1 Discontinued operations results are to April 16, 2025.  
2 By-product credits are presented net of the associated treatment and refining charges.

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

Three months ended June 30, 2024 
Continuing Operations Candelaria Caserones Chapada Consolidated Eagle Total - 
continuing 
operations1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu)   (Cu) (Ni) 
Sales volumes (Contained metal):       
Tonnes       29,999   29,862   8,293   68,154   2,018   
Pounds (000s)  66,137   65,834   18,283   150,254   4,449   
       
Production costs      175.4   208.9   69.2   453.5   37.7   490.6  
Less: Royalties and other  (4.6)   (9.3)   (3.2)   (17.1)   (4.0)   (20.5) 
  170.8   199.6   66.0   436.4   33.7   470.1  
Deduct: By-product credits2  (35.8)   (37.3)   (31.2)   (104.3)   (19.9)   (124.2) 
Add: Treatment and refining  8.9   8.9   2.8   20.6   0.6   21.3  
Cash cost  143.9   171.3   37.6   352.8   14.4   367.2  
Cash cost per pound ($/lb)  2.18   2.60   2.05   2.35   3.23   
       
Add: Sustaining capital     60.5   35.3   25.2    4.0   
Royalties  3.6   9.3   1.6    3.9   
Reclamation and other closure 
accretion and depreciation 
 1.9   1.1   2.7    1.6   
Leases & other  3.0   18.6   0.8    1.5   
All-in sustaining cost  212.9   235.6   67.9    25.4   
AISC per pound ($/lb)  3.22   3.58   3.72    5.71   
1 Includes immaterial amounts related to other segments.  
2 By-product credits are presented net of the associated treatment and refining charges. 
       
       
Three months ended June 30, 2024 
Discontinued Operations    Neves-Corvo Zinkgruvan Total - 
discontinued 
operations ($ millions, unless otherwise noted)    (Cu) (Zn) 
Sales volumes (Contained metal):       
Tonnes     7,898   18,510   
Pounds (000s)     17,412   40,808   
       
Production costs     83.1   32.7   115.9  
Less: Royalties and other     (1.8)   —   (1.8) 
     81.3   32.7   114.1  
Deduct: By-product credits1     (58.1)   (27.8)   (85.9) 
Add: Treatment and refining charges     6.5   10.8   17.3  
Cash cost     29.7   15.7   45.5  
Cash cost per pound ($/lb)     1.70   0.39   
       
Add: Sustaining capital expenditure     27.9   13.3   
Royalties     1.2   —   
Reclamation and other closure 
accretion and depreciation    
 1.3   1.0   
Leases and other     0.2   0.1   
All-in sustaining cost     60.3   30.1   
AISC per pound ($/lb)     3.46   0.74   
1 By-product credits are presented net of the associated treatment and refining charges.

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

Six months ended June 30, 2025 
Continuing Operations Candelaria Caserones Chapada Consolidated Eagle Total - 
continuing 
operations1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu)   (Cu) (Ni) 
Sales volumes (Contained metal):       
Tonnes       71,577   66,257   18,630   156,464   3,974   
Pounds (000s)  157,800   146,072   41,072   344,944   8,761   
       
Production costs      358.2   448.7   138.5   945.3   77.5   1,023.5  
Less: Royalties and other  (5.0)   (23.4)   (11.3)   (39.7)   (9.2)   (49.6) 
  353.2   425.3   127.2   905.6   68.3   973.9  
Deduct: By-product credits2  (86.3)   (68.4)   (86.1)   (240.9)   (43.2)   (284.1) 
Add: Treatment and refining  13.8   6.7   3.1   23.7   —   23.7  
Cash cost  280.7   363.5   44.2   688.4   25.1   713.5  
Cash cost per pound ($/lb)  1.78   2.49   1.08   2.00   2.86   
       Add: Sustaining capital     98.0   70.1   49.6    10.8      
    Royalties  7.5   18.4   5.6    6.3      
Reclamation and other closure 
accretion and depreciation 
 4.1   2.6   3.4    2.4      
Leases & other  3.1   34.6   2.1    1.8      
All-in sustaining cost  393.4   489.2   104.9    46.4      
AISC per pound ($/lb)  2.49   3.35   2.55    5.29      
1 Includes immaterial amounts related to other segments.  
2 By-product credits are presented net of the associated treatment and refining charges. 
       
Six months ended June 30, 2025 
Discontinued Operations1 
   Neves-Corvo Zinkgruvan 
Total - 
discontinued 
operations 
($ millions, unless otherwise noted)    (Cu) (Zn)  
Sales volumes (Contained metal):       
Tonnes          6,745   20,698   
Pounds (000s)     14,870   45,631   
       Production costs         90.2   36.9   127.1  
Less: Royalties and other     (1.3)   —   (1.3) 
     88.9   36.9   125.8  
Deduct: By-product credits2     (67.0)   (23.3)   (90.3) 
Add: Treatment and refining     5.4   7.2   12.6  
Cash cost     27.4   20.8   48.1  
Cash cost per pound ($/lb)     1.84   0.46   
       Add: Sustaining capital        27.7   30.4   
Royalties     1.2   —   
Reclamation and other closure 
accretion and depreciation    
 0.7   0.3   
Leases & other     0.9   —   
All-in sustaining cost     57.9   51.5   
AISC per pound ($/lb)     3.89   1.13   
1 Discontinued operations results are to April 16, 2025. 
 
2 By-product credits are presented net of the associated treatment and refining charges.

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

Six months ended June 30, 2024 
Continuing Operations Candelaria Caserones Chapada Consolidated Eagle Total - 
continuing 
operations1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu)   (Cu) (Ni) 
Sales volumes (Contained metal):       
Tonnes       63,535   65,073   17,035   145,643   4,181   
Pounds (000s)  140,071   143,461   37,556   321,088   9,218   
       
Production costs      336.6   406.6   133.8   877.0   78.2   955.9  
Less: Royalties and other  (7.1)   (18.1)   (6.4)   (31.5)   (6.9)   (39.2) 
  329.5   388.5   127.4   845.5   71.3   916.7  
Deduct: By-product credits2  (70.4)   (72.1)   (58.6)   (201.1)   (38.3)   (239.4) 
Add: Treatment and refining  24.2   21.4   7.5   53.1   0.6   53.7  
Cash cost  283.4   337.7   76.3   697.4   33.6   731.1  
Cash cost per pound ($/lb)  2.02   2.35   2.03   2.17   3.65   
       
Add: Sustaining capital     160.1   78.1   54.4    8.1   
Royalties  6.5   18.1   3.2    6.6   
Reclamation and other closure   4.0   2.1   5.4    3.6   
Leases & other  6.1   34.0   1.5    2.8   
All-in sustaining cost  460.1   470.0   140.9    54.6   
AISC per pound ($/lb)  3.28   3.28   3.75    5.92   
1 Includes immaterial amounts related to other segments.  
2 By-product credits are presented net of the associated treatment and refining charges. 
       
       
Six months ended June 30, 2024 
Discontinued Operations    Neves-Corvo Zinkgruvan Total - 
discontinued 
operations ($ millions, unless otherwise noted)    (Cu) (Zn) 
Sales volumes (Contained metal):       
Tonnes     13,784   34,335   
Pounds (000s)     30,388   75,696   
       
Production costs     154.8   62.8   217.7  
Less: Royalties and other     (3.1)   —   (3.1) 
     151.7   62.8   214.6  
Deduct: By-product credits1     (92.0)   (44.0)   (136.0) 
Add: Treatment and refining charges     12.1   19.7   31.8  
Cash cost     71.7   38.6   110.3  
Cash cost per pound ($/lb)     2.36   0.51   
       
Add: Sustaining capital expenditure     50.3   27.6   
Royalties     1.9   —   
Reclamation and other closure 
accretion and depreciation    
 2.7   2.1   
Leases and other     0.3   0.2   
All-in sustaining cost     126.9   68.5   
AISC per pound ($/lb)     4.18   0.91   
1 By-product credits are presented net of the associated treatment and refining charges.

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

Adjusted EBITDA can be reconciled to Net Earnings (Loss) as follows: 
 
 
 
Three months ended 
June 30,  
Six months ended 
June 30, 
($ millions) 2025 2024  2025 2024 
Net earnings — continuing operations  159.6   119.4    340.9   202.5  
Add back:      
Depreciation, depletion and amortization  159.3   159.2    297.4   308.6  
Finance costs, net  20.4   33.2    64.3   66.4  
Income taxes expense  69.6   47.3    120.4   104.0  
EBITDA — continuing operations   408.9   359.0    823.0   681.4  
Unrealized foreign exchange loss (gain)  (1.5)  3.2    7.8   (11.6) 
Unrealized losses (gains) on derivative contracts  (10.7)  (6.7)   (46.7)  27.2  
Ojos del Salado sinkhole expenses (recoveries)  0.1   0.7    1.2   (0.3) 
Revaluation gain on marketable securities  (2.1)  (0.1)   (1.6)  (2.5) 
Gain on partial disposal and contribution to Vicuña  —   —    (3.0)  —  
Partial suspension of underground operations at Eagle   —   9.8    —   9.8  
Revaluation of Caserones purchase option  —   (12.4)   —   (11.7) 
Write-down of assets  —   17.2    —   17.2  
Other  0.1   (0.8)   2.0   (1.0) 
Total adjustments — EBITDA  (14.2)  10.8    (40.4)  26.9  
Adjusted EBITDA — continuing operations  394.7   369.9    782.6   708.3  
Including discontinued operations:      
Net earnings — discontinued operations  102.4   37.3    88.7   12.8  
Add back:      
Depreciation, depletion and amortization  —   38.5    —   73.5  
Finance costs, net  0.4   3.2    4.8   5.6  
Income taxes expense  (1.2)  8.8    5.3   2.7  
EBITDA — discontinued operations  101.6   87.8    98.7   94.7  
Unrealized foreign exchange loss (gain)  2.5   —    1.5   (0.7) 
Unrealized losses (gains) on derivative contracts  —   2.8    (0.1)  21.7  
Asset impairment  —   —    65.7   —  
Gain on disposal of subsidiaries   (106.4)  —    (106.4)  —  
Contingent consideration revaluation  3.1   —    3.1   —  
Other  0.3   0.4    1.3   (0.4) 
Total adjustments — EBITDA discontinued operations   (100.6)  3.2    (34.8)  20.6  
Adjusted EBITDA — discontinued operations  1.0   91.0    63.9   115.4  
Adjusted EBITDA (all operations)  395.8   460.9    846.5   823.7

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

Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders 
as follows: 
 
 
Three months ended 
June 30,  
Six months ended 
June 30, 
($ millions, except share and per share amounts) 2025 2024  2025 2024 
Net earnings attributable to Lundin Mining shareholders — 
continuing operations 
 126.1   84.3   
 264.1   122.7  
Add back:      
Total adjustments - EBITDA  (14.2)  10.8    (40.4)  26.9  
Tax effect on adjustments  0.2   3.8    (4.5)  6.2  
Deferred tax expense due to change in tax rate  —   —    —   —  
Recognition of Caserones Tax Asset  —   —    —   —  
Deferred tax arising from foreign exchange translation  (13.5)  (13.7)   (34.7)  (20.0) 
Deferred tax arising from partial disposal and contribution to 
Vicuña 
 —   —   
 9.0   
Non-controlling interest on adjustments  (0.4)  (1.8)   (1.5)  4.0  
Total adjustments  (27.9)  (0.9)   (72.1)  17.1  
Adjusted earnings — continuing operations   98.2   83.4    192.1   139.7  
Including discontinued operations:      
Net earnings attributable to Lundin Mining shareholders - 
discontinued operations1  102.4   37.3    88.7   12.8  
Add back:      
Total adjustments - EBITDA - discontinued operations  (100.6)  3.2    (34.8)  20.6  
Tax effect on adjustments  (0.2)  (1.8)   0.1   (6.0) 
Total adjustments  (100.7)  1.4    (34.7)  14.7  
Adjusted earnings — discontinued operations  1.7   38.7    53.9   27.6  
Adjusted earnings (all operations)  99.9   122.1    246.1   167.3  
      
Basic weighted average number of shares outstanding  856,788,215   776,173,888    854,532,557   774,033,611  
Net earnings attributable to Lundin Mining shareholders - 
continuing operations 
 0.15   0.11    0.31   0.16  
Total adjustments  (0.03)  —    (0.08)  0.02  
Adjusted EPS — continuing operations  0.11   0.11    0.22   0.18  
Net earnings attributable to Lundin Mining shareholders - 
discontinued operations  0.12   0.05    0.10   0.02  
Total adjustments  (0.12)  —    (0.04)  0.02  
Adjusted EPS — discontinued operations  —   0.05    0.06   0.04  
Net earnings attributable to Lundin Mining shareholders  0.27   0.16    0.41   0.18  
Total adjustments  (0.15)  —    (0.13)  0.04  
Adjusted EPS (all operations)  0.12   0.16    0.29   0.22  
1 Represents Net earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations 
attributable to Lundin Mining Corporation shareholders.

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

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the 
Company's Condensed Interim Consolidated Statements of Cash Flows as follows: 
 
    
 
Three months ended 
June 30,  
Six months ended 
June 30, 
($ millions) 2025 2024  2025 2024 
Cash provided by operating activities related to continuing 
operations 
 314.6   440.0    436.9   672.3  
Sustaining capital expenditures  (115.9)  (126.6)   (228.5)  (303.1) 
General exploration and business development  12.4   11.3    24.2   22.1  
Free cash flow from operations — continuing operations  211.1   324.7    232.6   391.3  
General exploration and business development  (12.4)  (11.3)   (24.2)  (22.1) 
Expansionary capital expenditures  (33.7)  (87.1)   (96.6)  (143.1) 
Free cash flow — continuing operations  165.0   226.3    111.8   226.1  
      
Cash provided by operating activities related to discontinued 
operations 
 20.0   51.8    74.5   87.0  
Sustaining capital expenditures  (9.1)  (41.2)   (58.1)  (78.0) 
General exploration and business development  0.6   2.3    5.4   4.9  
Free cash flow from operations — discontinued 
operations 
 11.5   12.9    21.8   13.9  
General exploration and business development  (0.6)  (2.3)   (5.4)  (4.9) 
Free cash flow — discontinued operations  10.9   10.6    16.4   9.0  
      
Free cash flow from operations (all operations)  222.6   337.6    254.4   405.2  
Free cash flow (all operations)  175.9   236.9    128.2   235.1

===== SIDA 18 =====

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 Statements of Cash Flows as follows: 
 
 
 
Three months ended 
June 30,  
Six months ended 
June 30, 
($ millions, except share and per share amounts) 2025 2024  2025 2024 
Cash provided by operating activities related to continuing 
operations 
 314.6   440.0    436.9   672.3  
Changes in non-cash working capital items  (37.4)  (148.8)   177.3   (87.0) 
Adjusted operating cash flow — continuing operations  277.2   291.2    614.2   585.3  
      
Cash provided by operating activities related to discontinued 
operations 
 20.0   51.8    74.5   87.0  
Changes in non-cash working capital items  (17.8)  26.9    (16.7)  11.3  
Adjusted operating cash flow — discontinued operations  2.2   78.7    57.8   98.3  
      
Adjusted operating cash flow (all operations)  279.4   369.9    672.0   683.6  
      Basic weighted average number of shares outstanding  856,788,215   776,173,888    854,532,557   774,033,611  
      Adjusted operating cash flow per share — continuing 
operations 
$ 0.32   0.38   $ 0.72   0.76  
Adjusted operating cash flow per share — discontinued 
operations 
$ 0.00   0.10   $ 0.06   0.13  
Adjusted operating cash flow per share (all operations) $ 0.33   0.48   $ 0.79   0.89

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

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 Sheets as 
follows: 
 
    
($ millions), continuing operations June 30, 2025 December 31, 2024 
Debt and lease liabilities  (415.1)  (1,610.9) 
Current portion of debt and lease liabilities  (239.9)  (395.2) 
Less deferred financing fees (netted in above)  (4.5)  (7.7) 
Add debt and lease liabilities related to liabilities classified as held-for-sale  —   (16.3) 
  (659.5)  (2,030.1) 
   
Cash and cash equivalents  279.3   357.5  
Add cash and cash equivalents related to assets classified as held-for-sale  —   74.8  
Net debt  (380.2)  (1,597.8) 
   
Lease liabilities  245.1   249.1  
Lease liabilities related to liabilities classified as held-for-sale  —   16.3  
Net debt excluding lease liabilities  (135.1)  (1,332.4) 
  
Cautionary Statement on Forward-Looking Information  
 
Certain of the statements made and information contained herein are “forward -looking information” within the meaning of applicable Canadian securities laws. All 
statements other than statements of historical facts included in this document constitute forward -looking information, including but not limited to statements 
regarding the Company’s plans, prospects, business strategies and strategic vision and aspirations and their achievement and timing; the Company’s guidance on the 
timing and amount of future production and its expectations regarding the results of operations; expected financial performan ce, including expected costs and 
expenditures and other financial metrics; expected metal prices and foreign exchange rates; the Company’s growth and optimiza tion initiatives and expansionary 
projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; permitting requirements and time lines; timing and possible outcome of 
pending litigation; the results of any Preliminary Economic Assessment, Pre -Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, 
life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and int erest rates; the Company’s shareholder 
distribution policy, including with respect to share buybacks and the payment and amount of dividends and the timing thereof;  the development and implementation 
of the Company’s Responsible Mining Management System; the Company’s liquidity, contractual obligations, commitments and cont ingencies, and the Company’s 
capital resources and adequacy thereof; the Company’s ability to comply with contractual and permitting or other regulatory r equirements; anticipated exploration 
and development activities, including potential outcomes, results, impacts and timing thereof; the Company’s integration of a cquisitions and expansions and any 
anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the Vicuña Project and the 50/50  joint 
arrangement with BHP; mineral resource estimation for the Vicuña Project, including the parameters and assumptions related th ereto; the operation of Vicuña with 
BHP; the realization of synergies and economies of scale in the Vicuña district; the development and future operation of the Vicuña Project; the timing and expectations 
for future studies and technical reports with respect to the Company’s operations and projects, including the Vicuña Project and the Saúva Project; the potential for 
resource expansion; the terms of the contingent payments in respect of the completion of the sale of the Company’s European a ssets and expectations related thereto; 
the earn-in arrangement in respect of the Boulderdash properties, including the entering into of an option agreement in respect thereo f and the terms of such option 
agreement; future actions taken by Talon Metals Corp. and Lundin Mining in relation to the Boulderdash properties and the out comes and anticipated benefits 
thereof; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “antic ipate”, “contemplate”, “target”, “plan”, 
“goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar ex pressions identify forward-looking information. 
 
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of management, 
including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of cop per, gold, zinc, nickel and other 
metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective int egration of acquisitions and the realization of 
synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in w hich the Company operates will continue 
to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party a pprovals, consents, licenses and 
permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource and Mineral Reserve estima tes and related information, analyses 
and interpretations; and such other assumptions as set out herein as well as those related to the factors set forth below. Wh ile these factors and assumptions are 
considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected 
developments, such information is inherently subject to significant business, economic, political, regulatory and competitive  uncertainties and contingencies. Known 
and unknown factors could cause actual results to differ materially from those projected in the forward -looking information and undue reliance should not be placed 
on such information. Such factors include, but are not limited to: dependence on international market prices and demand for t he metals that the Company produces; 
political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to per mitting and approvals, nationalization or 
expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; operating jurisdictions, including but 
not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environ mental and tailings management, labour, 
trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; i nherent risks of mining, not all of which 
related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company’ s indebtedness; challenges and conflicts that 
may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria;  risks that revenue may be significantly 
impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions,  market volatility and inflation; business 
interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater forei gn exchange and capital controls, as well as

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

political, social and economic risks as a result of the Company’s operation in emerging markets; risks relating to stakeholde r opposition to continued operation, 
further development, or new development of the Company’s projects and mines; any breach or failure information systems; risks  relating to reliance on estimates of 
future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or 
business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or 
termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious d iseases or viruses; risks relating to taxation 
changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentr ate products; changes in the relationship 
with its employees and contractors; the Company’s Mineral Reserves and Mineral Resources which are estimates only; uncertaint ies relating to inferred Mineral 
Resources being converted into Measured or Indicated Mineral Resources; payment of dividends in the future; compliance with e nvironmental, health and safety laws 
and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset v alues being subject to impairment charges; 
potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholde rs and proxy solicitation firms; risks 
associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly s killed employees; reliance on key 
personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer c oncentration risk;  risks associated with 
the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the Company’s European assets and 
expectations related thereto; the earn -in arrangement in respect of the Boulderdash properties, including the entering into of an option agreement in respect thereo f 
and the terms of such option agreement; future actions taken by Talon Metals Corp. and Lundin Mining in relation to the Bould erdash properties and the outcomes 
and anticipated benefits thereof; and other risks and uncertainties, including but not limited to those described in the "Ris ks and Uncertainties” section of the 
Company's MD&A for the three and six months ended June 30, 2025, the “Risks and Uncertainties” section of the Company’s MD&A for the year ended December 31, 
2024, and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2024 , which are available on SEDAR+ at 
www.sedarplus.ca under the Company’s profile.  
 
All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to ident ify important factors 
that could cause actual results to differ materially from those contained in forward -looking information, there may be other factors that cause results not to be as 
anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all fac tors and assumptions which may have been 
used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actu al 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 t o 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 21 =====

Management’s	Discussion	and	Analysis
For	the	three	and	six	months	ended	June	30,	2025
This	management’s	discussion	and	analysis	(“MD&A”)	has	been	prepared	as	of	 August	6,	2025 	and	should	be	read	in	
conjunction	with	the	Company’s	 condensed	interim	consolidated	financial	statements	for	the	 three	and	six	months	ended	
June	30,	2025 ,	which	were	prepared	in	accordance	with	International	Financial	Reporting	Standards	as	issued	by	the	
International	Accounting	Standards	Board	(“IFRS	Accounting	Standards”)	and	which	the	Canadian	Accounting	Standards	
Board	has	approved	for	incorporation	into	Part	1	of	the	CPA	Canada	Handbook	-	Accounting,	including	IAS	34	Interim	
Financial	Reporting.	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,	SEK	is	to	Swedish	kronor	and	oz	is	to	troy	ounces.	"This	quarter"	or	"The	quarter"	means	the	second	quarter	
("Q2")	 of	 2025.	 "Year-to-date"	 or	 "Year-to-date	 period"	 means	 the	 six	 months	 ended	 June	 30,	 2025.	 Reference	 to	
"discontinued	operations"	is	to	Neves-Corvo	and	 Zinkgruvan.	Minor	differences	may	exist	between	individual	figures	and	
totals	due	to	rounding.	Rounding	differences	do	not	impact	the	accuracy	of	information.	
About	Lundin	Mining
Lundin	Mining	Corporation	(“Lundin	Mining”	or	the	“Company”)	is	a	diversified	Canadian	base	metals	mining	company	with	
projects	or	operations	focused	in	Argentina,	Brazil,	Chile	and	the	United	States	of	America,	primarily	producing	copper,	gold	
and	nickel.	All	operations	are	shown	on	a	100%	basis	except	for	the	Vicuña	Project,	which	is	an	independently	managed	
joint	operation.	The	Company	has	included	its	50%	share	of	the	respective	assets,	liabilities,	expenses,	and	cash	flows	of	the	
Vicuña	Project	in	the	 condensed	interim	consolidated	financial	statements	for	the	 three	and	six	months 	ended	June	30,	
2025.
On	December	9,	2024,	the	Company	announced	that	it	had	entered	into	a	definitive	agreement	with	Boliden	AB	("Boliden")	
to	sell	its	interest	in	the	Neves-Corvo	and	Zinkgruvan	mines	located	in	Portugal	and	Sweden,	respectively.	The	transaction	
was	completed	on	April	16,	2025. 	Prior	to	their	disposal,	these	assets	were	reported	as	assets	held	for	sale	and	their	
associated	liabilities	as	liabilities	held	for	sale	in	the	Company's	consolidated	financial	statements	and	MD&A	for	the	year	
ended	December	31,	2024.	The	results	from	these	operations	are	reported	as	discontinued	operations	in	the	Company's	
condensed	interim	consolidated 	financial	statements	for	the	 three	and	six	months 	ended	 June	30,	2025 .	For	further	
information	refer	to	Note	3	of	those	financial	statements.	
Table	of	Contents
Highlights   ............................................................................................................................................................................... 1
Outlook     .................................................................................................................................................................................. 6
Selected	Quarterly	Financial	Information    .............................................................................................................................. 8
Summary	of	Quarterly	Results     ............................................................................................................................................... 10
Revenue	Overview   ................................................................................................................................................................. 12
Financial	Results   ..................................................................................................................................................................... 16
Mining	Operations     ................................................................................................................................................................. 18
Vicuña	Project     ........................................................................................................................................................................ 30
Growth	Projects     ..................................................................................................................................................................... 31
Exploration	Update ................................................................................................................................................................ 31
Liquidity	and	Capital	Resources      ............................................................................................................................................. 32
Non-GAAP	and	Other	Performance	Measures     ...................................................................................................................... 36
Other	Information	and	Advisories   ......................................................................................................................................... 47
Outstanding	Share	Data    ......................................................................................................................................................... 48

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

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,	business	strategies	and	strategic	vision	and	aspirations	and	their	achievement	and	timing;	the	Company’s	guidance	on	the	timing	and	amount	of	future	
production	and	its	expectations	regarding	the	results	of	operations;	expected	financial	performance,	including	expected	costs	and	expenditures	and	other	financial	metrics;	
expected	metal	prices	and	foreign	exchange	rates;	the	Company’s	growth	and	optimization	initiatives	and	expansionary	projects,	and	the	potential	costs,	outcomes,	results	and	
impacts	thereof	and	timing	thereof;	permitting	requirements	and	timelines;	timing	and	possible	outcome	of	pending	litigation;	the	results	of	any	Preliminary	Economic	
Assessment,	Pre-Feasibility	Study,	Feasibility	Study,	or	Mineral	Resource	and	Mineral	Reserve	estimations,	life	of	mine	estimates,	and	mine	and	mine	closure	plans;	anticipated	
market	prices	of	metals,	currency	exchange	rates	and	interest	rates;	the	Company’s	shareholder	distribution	policy,	including	with	respect	to	share	buybacks	and	the	payment	
and	amount	of	dividends	and	the	timing	thereof;	the	development	and	implementation	of	the	Company’s	Responsible	Mining	Management	System;	the	Company’s	liquidity,	
contractual	obligations,	commitments	and	contingencies,	and	the	Company’s	capital	resources	and	adequacy	thereof;	the	Company’s	ability	to	comply	with	contractual	and	
permitting	or	other	regulatory	requirements;	anticipated	exploration	and	development	activities,	including	potential	outcomes,	results,	impacts	and	timing	thereof;	the	
Company’s	integration	of	acquisitions	and	expansions	and	any	anticipated	benefits	thereof,	including	the	anticipated	project	development	and	other	plans	and	expectations	with	
respect	to	the	Vicuña	Project	and	the	50/50		joint	arrangement	with	BHP;	mineral	resource	estimation	for	the	Vicuña	Project,	including	the	parameters	and	assumptions	related	
thereto;	the	operation	of	Vicuña	with	BHP;	the	realization	of	synergies	and	economies	of	scale	in	the	Vicuña	district;	the	development	and	future	operation	of	the	Vicuña	Project;	
the	timing	and	expectations	for	future	studies	and	technical	reports	with	respect	to	the	Company’s	operations	and	projects,	including	the	Vicuña	Project	and	the	Saúva	Project;	
the	potential	for	resource	expansion;	the	terms	of	the	contingent	payments	in	respect	of	the	completion	of	the	sale	of	the	Company’s	European	assets	and	expectations	related	
thereto;	the	earn-in	arrangement	in	respect	of	the	Boulderdash	properties,	including	the	entering	into	of	an	option	agreement	in	respect	thereof	and	the	terms	of	such	option	
agreement;	future	actions	taken	by	Talon	Metals	Corp.	and	Lundin	Mining	in	relation	to	the	Boulderdash	properties	and	the	outcomes	and	anticipated	benefits	thereof;	and	
expectations	for	other	economic,	business,	and/or	competitive	factors.	Words	such	as	“believe”,	“expect”,	“anticipate”,	“contemplate”,	“target”,	“plan”,	“goal”,	“aim”,	“intend”,	
“continue”,	“budget”,	“estimate”,	“may”,	“will”,	“can”,	“could”,	“should”,	“schedule”	and	similar	expressions	identify	forward-looking	information.
Forward-looking	information	is	necessarily	based	upon	various	estimates	and	assumptions	including,	without	limitation,	the	expectations	and	beliefs	of	management,	including	
that	the	Company	can	access	financing,	appropriate	equipment	and	sufficient	labour;	assumed	and	future	price	of	copper,	gold,	zinc,	nickel	and	other	metals;	anticipated	costs;	
currency	exchange	rates	and	interest	rates;	ability	to	achieve	goals;	the	prompt	and	effective	integration	of	acquisitions	and	the	realization	of	synergies	and	economies	of	scale	
in	connection	therewith;	that	the	political,	economic,	permitting	and	legal	environment	in	which	the	Company	operates	will	continue	to	support	the	development	and	operation	
of	mining	projects;	timing	and	receipt	of	governmental,	regulatory	and	third	party	approvals,	consents,	licenses	and	permits	and	their	renewals;	positive	relations	with	local	
groups;	the	accuracy	of	Mineral	Resource	and	Mineral	Reserve	estimates	and	related	information,	analyses	and	interpretations;	and	such	other	assumptions	as	set	out	herein	as	
well	as	those	related	to	the	factors	set	forth	below.	While	these	factors	and	assumptions	are	considered	reasonable	by	Lundin	Mining	as	at	the	date	of	this	document	in	light	of	
management’s	experience	and	perception	of	current	conditions	and	expected	developments,	such	information	is	inherently	subject	to	significant	business,	economic,	political,	
regulatory	and	competitive	uncertainties	and	contingencies.	Known	and	unknown	factors	could	cause	actual	results	to	differ	materially	from	those	projected	in	the	forward-
looking	information	and	undue	reliance	should	not	be	placed	on	such	information.	Such	factors	include,	but	are	not	limited	to:	dependence	on	international	market	prices	and	
demand	for	the	metals	that	the	Company	produces;	political,	economic,	and	regulatory	uncertainty	in	operating	jurisdictions,	including	but	not	limited	to	those	related	to	
permitting	and	approvals,	nationalization	or	expropriation	without	fair	compensation,	environmental	and	tailings	management,	labour,	trade	relations,	and	transportation;	
operating	jurisdictions,	including	but	not	limited	to	those	related	to	permitting	and	approvals,	nationalization	or	expropriation	without	fair	compensation,	environmental	and	
tailings	management,	labour,	trade	relations,	and	transportation;	risks	relating	to	mine	closure	and	reclamation	obligations;	health	and	safety	hazards;	inherent	risks	of	mining,	
not	all	of	which	related	risk	events	are	insurable;	risks	relating	to	tailings	and	waste	management	facilities;	risks	relating	to	the	Company’s	indebtedness;	challenges	and	conflicts	
that	may	arise	in	partnerships	and	joint	operations;	risks	relating	to	development	projects,	including	Filo	del	Sol	and	Josemaria;	risks	that	revenue	may	be	significantly	impacted	
in	the	event	of	any	production	stoppages	or	reputational	damage	in	Chile;	the	impact	of	global	financial	conditions,	market	volatility	and	inflation;	business	interruptions	caused	
by	critical	infrastructure	failures;	challenges	of	effective	water	management;	exposure	to	greater	foreign	exchange	and	capital	controls,	as	well	as	political,	social	and	economic	
risks	as	a	result	of	the	Company’s	operation	in	emerging	markets;	risks	relating	to	stakeholder	opposition	to	continued	operation,	further	development,	or	new	development	of	
the	Company’s	projects	and	mines;	any	breach	or	failure	information	systems;	risks	relating	to	reliance	on	estimates	of	future	production;	risks	relating	to	litigation	and	
administrative	proceedings	which	the	Company	may	be	subject	to	from	time	to	time;	risks	relating	to	acquisitions	or	business	arrangements;	risks	relating	to	competition	in	the	
industry;	failure	to	comply	with	existing	or	new	laws	or	changes	in	laws;	challenges	or	defects	in	title	or	termination	of	mining	or	exploitation	concessions;	the	exclusive	
jurisdiction	of	foreign	courts;	the	outbreak	of	infectious	diseases	or	viruses;	risks	relating	to	taxation	changes;	receipt	of	and	ability	to	maintain	all	permits	that	are	required	for	
operation;	minor	elements	contained	in	concentrate	products;	changes	in	the	relationship	with	its	employees	and	contractors;	the	Company’s	Mineral	Reserves	and	Mineral	
Resources	which	are	estimates	only;	uncertainties	relating	to	inferred	Mineral	Resources	being	converted	into	Measured	or	Indicated	Mineral	Resources;	payment	of	dividends	
in	the	future;	compliance	with	environmental,	health	and	safety	laws	and	regulations,	including	changes	to	such	laws	or	regulations;	interests	of	significant	shareholders	of	the	
Company;	asset	values	being	subject	to	impairment	charges;	potential	for	conflicts	of	interest	and	public	association	with	other	Lundin	Group	companies	or	entities;	activist	
shareholders	and	proxy	solicitation	firms;	risks	associated	with	climate	change;	the	Company's	common	shares	being	subject	to	dilution;	ability	to	attract	and	retain	highly	skilled	
employees;	reliance	on	key	personnel	and	reporting	and	oversight	systems;	risks	relating	to	the	Company's	internal	controls;	counterparty	and	customer	concentration	risk;		risks	
associated	with	the	use	of	derivatives;	exchange	rate	fluctuations;	the	terms	of	the	contingent	payments	in	respect	of	the	completion	of	the	sale	of	the	Company’s	European	
assets	and	expectations	related	thereto;	the	earn-in	arrangement	in	respect	of	the	Boulderdash	properties,	including	the	entering	into	of	an	option	agreement	in	respect	thereof	
and	the	terms	of	such	option	agreement;	future	actions	taken	by	Talon	Metals	Corp.	and	Lundin	Mining	in	relation	to	the	Boulderdash	properties	and	the	outcomes	and	
anticipated	benefits	thereof;	and	other	risks	and	uncertainties,	including	but	not	limited	to	those	described	in	the	"Risks	and	Uncertainties”	section	of	this	document,	the	“Risks	
and	Uncertainties”	section	of	the	Company’s	MD&A	for	the	year	ended	December	31,	2024,	and	the	“Risks	and	Uncertainties”	section	of	the	Company’s	Annual	Information	
Form	for	the	year	ended	December	31,	2024,	which	are	available	on	SEDAR+	at	www.sedarplus.ca	under	the	Company’s	profile.	
All	of	the	forward-looking	information	in	this	document	is	qualified	by	these	cautionary	statements.	Although	the	Company	has	attempted	to	identify	important	factors	that	
could	cause	actual	results	to	differ	materially	from	those	contained	in	forward-looking	information,	there	may	be	other	factors	that	cause	results	not	to	be	as	anticipated,	
estimated,	forecasted	or	intended	and	readers	are	cautioned	that	the	foregoing	list	is	not	exhaustive	of	all	factors	and	assumptions	which	may	have	been	used.	Should	one	or	
more	of	these	risks	and	uncertainties	materialize,	or	should	underlying	assumptions	prove	incorrect,	actual	results	may	vary	materially	from	those	described	in	forward-looking	
information.	Accordingly,	there	can	be	no	assurance	that	forward-looking	information	will	prove	to	be	accurate	and	forward-looking	information	is	not	a	guarantee	of	future	
performance.	Readers	are	advised	not	to	place	undue	reliance	on	forward-looking	information.	The	forward-looking	information	contained	herein	speaks	only	as	of	the	date	of	
this	document.	The	Company	disclaims	any	intention	or	obligation	to	update	or	revise	forward-looking	information	or	to	explain	any	material	difference	between	such	and	
subsequent	actual	events,	except	as	required	by	applicable	law.

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

Highlights
	
For	the	quarter	ended	June	30,	2025,	the	Company	generated	revenue	from	continuing	operations	of	 $937.2	million	(Q2	
2024	-	$878.3	million).
Net	earnings	from	continuing	operations	for	the	 quarter	of	 $159.6	million	was	 higher	than		the	prior	year	comparable	
period	of	$119.4	million.	Net	earnings	from	continuing	operations	attributable	to	shareholders	for	the	quarter	was	 $126.1	
million	(Q2	2024	-	 $84.3	million).	Strong	revenues	and	gross	profit	in	the	quarter	resulted	in	adjusted	EBITDA 1	from	
continuing	operations	of	$394.7	million	(Q2	2024	-	$369.9	million).	Adjusted	earnings	per	share1	from	continuing	operations	
in	the	quarter	was	$0.11	per	share	(Q2	2024	-	$0.11	per	share).
Cash	provided	by	operating	activities	related	to	continuing	operations	in	the	quarter	of	 $314.6	million	(Q2	2024	-$440.0	
million)	and	free	cash	flow 1	-	continuing	operations	of	 $165.0	million	(Q2	2024	-	 $226.3	million)	benefitted	from	higher	
gross	profit	and	working	capital	inflows,	but	was	also	impacted	by	higher	cash	income	taxes	paid	at	Candelaria	due	to	timing	
of	payments,	combined	with	increased	taxable	income.
At	June	30,	2025,	the	Company	had	net	debt	excluding	lease	liabilities 1	of	$135.1	million	(December	31,	2024	-	$1,332.4	
million).		Net	cash	in	Vicuña	(defined	below)	is	included	on	a	50%	basis,	representing	Lundin	Mining's	attributable	share.
On	January	15,	2025,	the	Company	and	BHP	Investments	Canada	Inc.	("BHP")	completed	the	acquisition	of	Filo	Corp.	("Filo")	
through	a	plan	of	arrangement	and	concurrently	formed	a	50/50	joint	arrangement,	Vicuña	Corp.	(the	"Joint	Arrangement"	
or	“Vicuña”),	holding	the	Josemaria	project	in	Argentina	and	the	Filo	del	Sol	project	in	Argentina	and	Chile,	collectively	the	
("Vicuña	Project").	On	completion,	BHP	paid	Lundin	Mining	a	cash	consideration	of	 $689.5	million	for	a	50%	interest	in	the	
Josemaria	project	and	Lundin	Mining	paid	 $610.7	million	(C$877.8	million)	in	cash	and	issued	94.1	million	Lundin	Mining	
shares	to	Filo	shareholders	for	its	50%	interest	in	Filo.	As	a	result	of	these	transactions,	net	cash	provided	to	the	Company	
was	$78.8	million	on	the	formation	of	Vicuña. 	The	Company	accounts	for	 Vicuña	as	a	 joint	operation	and	accordingly	
records	its	50%	share	of	the	assets,	liabilities,	revenue,	expenses	and	cash	flows.
On	April	16,	2025,	the	Company	completed	the	sale	of	its	Neves-Corvo	operation	in	Portugal	and	Zinkgruvan	operation	in	
Sweden	to	Boliden.	At	closing,	Lundin	Mining	received	net	cash	proceeds	of	$1,314.6	million	including	cash	consideration	of	
$1,402.0	million,	net	of	cash	disposed	and	transaction	costs. 	In	connection	with	the	transaction,	the	Company	may	be	
entitled	to	future	contingent	payments	of	up	to	$150.0	million	if	certain	metal	price	thresholds	are	met.	Upon	completion	
of	the	sale,	the	Company	recognized	a	net	gain	on	disposal	of	$106.4	million.	On	April	23,	2025,	net	cash	proceeds	from	the	
sale	were	used	to	 repay	in	full	the	 $1,150.0	million	outstanding	balance	of	the	Company's	term	loan	and	to	repay	$170.0	
million	of	amounts	drawn	on	the	Company's	revolving	credit	facility	("RCF").	
1
1		This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

Operational	Performance
Candelaria	 (80%	 owned):	Candelaria	produced 	36,999	tonnes	of	copper	and 	20,574	ounces	of	gold	in	concentrate	on	a	
100%	basis	during	the	quarter.	Production	in	the	quarter	 and	year-to-date	periods	were	positively	impacted	by	increased	
throughput	as	a	result	of	softer	ore	feed	and	higher	ball	mill	runtime	due	to	rescheduled	maintenance	in	the	quarter.	
Mining	and	processing	in	the	quarter	was	focused	on	Phase	11	with	some	contribution	from	higher	grade	areas	of	Phase	12.	
Cash	cost1	of	$1.81/lb	during	the	quarter	was	positively	impacted	by	higher	production	and	favourable	foreign	exchange.	
Caserones	 (70%	 owned):	Caserones	produced	29,290	tonnes	of	 copper	and	380	tonnes	of	molybdenum	on	a	100%	basis	
during	the	quarter.	Production	in	the	quarter	was	impacted	by	lower	grades	as	a	result	of	mine	sequencing	with	mining	
focused	on	Phases	6	and	7	as	mining	of	Phase	5	nears	completion.	Throughput	was	impacted	slightly	by	a	temporary	
reduction	in	primary	crusher	availability	during	the	quarter	and	copper	cathode	production	benefitted	from	increased	
material	placed	on	the	leach	pad.	Cash	cost	of	 $2.45/lb	in	the	quarter	benefitted	from	lower	mining	and	milling	costs,	as	
well	as	lower	treatment	and	refining	charges	and	favorable	foreign	exchange.
Chapada	(100%	owned):	Chapada	produced	11,274	tonnes	of	copper	and	17,544	ounces	of	gold	in	concentrate	during	the	
quarter.	Ore	from	the	North	and	South	open	pits	was	mined	and	processed,	resulting	in	higher	grades	as	compared	to	the	
prior	quarter	which	focused	on	processing	ore	from	the	 older	low-grade	stockpile.	Cash	cost	of	 $0.75/lb	was	the	lowest	
amount	since	2021,	and	benefitted	from	higher	gold	by-product	credits	as	a	result	of	higher	realized	gold	prices,	combined	
with	favourable	foreign	exchange	and	higher	copper	sales	volume.
Eagle	 (100%	 owned):	Eagle	produced	2,713	tonnes	of	nickel	and	 2,510	tonnes	of	copper	in	the	quarter .	Production	was	
impacted	by	a	temporary	reduction	in	equipment	availability	and	reduced	throughput	as	a	result	of	an	unplanned	four-day	
power	outage.	Production	gradually	increased	to	normal	levels	following	the	completion	of	ramp	rehabilitation	at	Eagle	East	
in	the	previous	quarter.	Nickel	cash	cost1	of	$2.02/lb	was	positively	impacted	by	higher	by-product	credits	and	higher	nickel	
sales	volumes.	
Total	Productiona
2025 2024
YTD Q2 Q1 Total Q4 Q3 Q2 Q1
Continuing	Operations
Copper	(t)b 	 156,847	 	 80,073	 	 76,774	 	 336,875	 	 94,094	 	 91,772	 	 71,614	 	 79,395	
Gold	(oz)b 	 69,967	 	 38,118	 	 31,849	 	 158,436	 	 46,456	 	 46,712	 	 32,439	 	 32,829	
Nickel	(t) 	 5,009	 	 2,713	 	 2,296	 	 7,486	 	 1,617	 	 893	 	 1,721	 	 3,255	
Molybdenum	(t)b 	 982	 	 380	 	 602	 	 3,183	 	 912	 	 693	 	 714	 	 864	
Discontinued	OperationsC
Copper	(t) 	 8,319	 	 1,225	 	 7,094	 	 32,192	 	 7,397	 	 8,083	 	 8,094	 	 8,618	
Zinc	(t) 	 58,233	 	 9,285	 	 48,948	 	 191,704	 	 51,946	 	 46,610	 	 47,460	 	 45,688	
a	-		Tonnes	(t)	and	ounces	(oz).
b	-	Candelaria	and	Caserones	production	are	on	a	100%	basis.	
c	-	Discontinued	operations	results	are	to	April	16,	2025.
2
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

Corporate	Updates
• On	June	16,	2025,	the	Company	announced	the	filing	of	a	technical	report	entitled	“NI	43-101	Technical	Report	on	the	
Vicuña	Project,	Argentina	and	Chile”,	with	an	effective	date	of	April	15,	2025	(the	Vicuña	Technical	Report")	.	On	May	4,	
2025,	the	Company	announced	an	initial	Mineral	Resource 	estimate	for	the	Filo	del	Sol	sulphide	deposit ,	an	update	to	
the	Mineral	Resource	estimate	for	the	Filo	del	Sol	oxide	deposit	 and	an	update	to	the	Mineral	Resource	estimate	for	
the	Josemaria	deposit	(collectively	referred	to	as	the	“Vicuña	Mineral	Resource”),	which	highlighted	the	combined	
Vicuña	Project	as	one	of	the	largest	copper,	gold	and	silver	resources	in	the	world.	Details	of	the	Vicuña	Mineral	
Resource	are	set	out	in	the	Vicuña	Technical	Report.	The	resource	contains:
◦ Contained	copper	of	13	million	tonnes	(“Mt”)	Measured	and	Indicated	(“M&I”)	at	0.35%	copper	and	25	Mt	
Inferred	at	0.32%	copper.
◦ Contained	gold	of	32	million	ounces	(“Moz”)		M&I	at	0.27	g/t	gold	and	49	Moz	Inferred	at	0.19	g/t	gold.
◦ Contained	silver	of	659	Moz	M&I	at	5.6	g/t	silver	and	808	Moz	Inferred	at	3.2	g/t	silver.
• On	May	26,	2025,	the	Company	announced	the	publication	of	its	2024	Sustainability	Report	which	highlights	the	
Company’s	environmental,	health	&	safety,	governance	and	social	performance	during	the	year.	In	2024,	the	Company	
advanced	key	greenhouse	gas	("GHG")	emission	reduction	initiatives,	fully	conformed	to	the	Global	Industry	Standard	
on	Tailings	Management	("GISTM")	at	Caserones'	tailings	facility,	invested	approximately	$6.6	million	in	communities,	
and	had	its	second-best	year	on	record	in	terms	of	Total	Recordable	Injury	Frequency		and	All	Injury	Frequency.
• On	April	16,	2025,	the	Company	announced	the	completion	of	the	sale	of	its	Neves-Corvo	operation	in	Portugal	and	
Zinkgruvan	operation	in	Sweden	to	Boliden.	 At	closing,	Lundin	Mining	received	net	cash	proceeds	of	 $1,314.6	million	
including	cash	consideration	of	$1,402.0	million,	net	of	cash	disposed	and	transaction	costs. 	The	Company	may	also	
receive	up	to	$150.0	million	in	contingent	cash	consideration	if	certain	metal	price	thresholds	are	met.	The	Company	
used	a	portion	of	the	cash	proceeds	to	repay	in	full	the	$1,150.0	million	outstanding	balance	of	its	term	loan,	previously	
maturing	in	2027.
• On	March	26,	2025,	the	Company	announced	that	its	Board	of	Directors	amended	the	shareholder	distribution	policy	to	
increase	 the	 level	 of	 share	 buybacks	 while	 adjusting	 the	 dividend	 to	 maintain	 the	 total	 amount	 returned	 to	
shareholders	annually.	As	part	of	this	strategy,	the	Company	adjusted	its	quarterly	dividend	from	C$0.09	per	share	to	
C$0.0275	per	share	while	allocating	up	to	approximately	$150	million	per	annum	in	share	buybacks	through	the	
Company’s	normal	course	issuer	bid	program.	If	the	Company	allocates	less	than	$150	million	in	share	buybacks	in	a	
calendar	year,	the	shortfall	will	be	distributed	as	a	special	dividend.	If	applicable,	the	special	dividend	will	be	paid	
alongside	the	regular	fourth	quarter	dividend.
• On	March	5,	2025,	the	Company	entered	into	an	exclusivity	agreement	with	Talon	Metals	Corp.	("Talon")	to 	negotiate	
an	earn-in	agreement	for	the	right	to	acquire	up	to	a	70%	ownership	interest	in	the	 Boulderdash	property	that	is	near	
the	Company’s	Eagle	mine,	and	the	Company	advanced	$5.0	million	to	Talon	to	commence	exploration	at	Boulderdash.		
• On	February	19,	2025,	the	Company	announced	the	appointment	of	Ms.	Victoria	McMillan	to	the	Company's	Board	of	
Directors	effective	the	same	date.	The	Company	also	announced	the	retirement	of	Director	Ms.	Juliana	Lam	effective	as	
at	the	2025	annual	general	meeting	of	shareholders	on	May	8,	2025.
• On	February	12,	2025,	the	Company	reported	its	Mineral	Resource	and	Mineral	Reserve	estimates	as	at	December	31,	
2024	(or	as	otherwise	specified).	On	a	100%	consolidated	basis,	the	estimated	Proven	and	Probable	Mineral	Reserve	of	
contained	copper	is	10,872	kilotonnes	(“kt”)	an	increase	of	242	kt	over	the	previous	year.	Lundin	Mining	also	has	
significant	Proven	and	Probable	Mineral	Reserves	in	other	base	and	precious	metals	including	2,429	kt	of	zinc,	42	kt	of	
nickel,	14.3	Moz	of	gold,	and	282.0	Moz	of	silver.
• On	January	30,	2025,	the	Company	announced	that	it	received	notice	from	the	Superintendencia	del	Medio	Ambiente	
("SMA")	following	investigative	proceedings	involving	the	sinkhole	that	occurred	at	the	Alcaparrosa	mine	located	in	the	
Candelaria	complex	in	2022.	The	notice	levies	a	fine	of	$3.3	million	and	orders	the	continued	closure	of	the	Alcaparrosa	
mine,	based	on	four	violations	investigated.	Mining	operations	at	Alcaparrosa	have	been	suspended	since	the	incident	
occurred	in	2022	while	operations	at	the	Candelaria	mine	continue	unaffected.	
3

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

• On	January	15,	2025,	the	Company	and	BHP	completed	the	joint	acquisition	of	all	of	the	issued	and	outstanding	
common	shares	of	Filo	not	already	owned	by	Lundin	Mining,	BHP	and	their	respective	affiliates	(the	“Filo	Acquisition”).	
Concurrently,	Lundin	Mining	and	BHP	formed	Vicuña.	On	completion,	BHP	paid	Lundin	Mining	a	cash	consideration	of	
$689.5	million	for	a	50%	interest	in	the	Josemaria	project	and	Lundin	Mining	paid	 $610.7	million	(C$877.8	million)	in	
cash	and	94.1	million	Lundin	Mining	shares	to	Filo	shareholders	for	its	50%	interest	in	Filo.
Financial	Performance
• Gross	profit	from	continuing	operations	for	the	quarter	of	$271.3	million	was	$42.8	million	higher	than	in	the	prior	year	
comparable	period	of	$228.5	million.	The	increase	was	primarily	due	to	higher	sales	volume,	lower	treatment	charges,	
and	cost	savings	from	operational	efficiencies.	 On	a	year-to-date	basis,	gross	profit	from	continuing	operations	was	
$580.2	million,	an	increase	of	$154.1	million	from	the	prior	year	comparable	period	of	 $426.1	million.	The	increase	in	
the	year-to-date	period	was	primarily	a	result	of	higher	copper	and	gold	prices,	lower	treatment	charges,	lower	
depreciation,	and	higher	sales	volume.
• Net	earnings	from	continuing	operations	for	the	quarter	of	$159.6	million	was	higher	than	in	the	prior	year	comparable	
period	of	$119.4	million.	The	increase	was	primarily	due	to	an	increase	in	gross	profit	combined	with	lower	interest	
expense	due	to	the	repayment	of	debt	in	the	quarter	with	cash	proceeds	received	from	the	sale	of	the	Neves-Corvo	
and	Zinkgruvan	operations.	Net	earnings	from	continuing	operations	for	the	year-to-date	period	of	 $340.9	million	was	
higher	than	in	the	prior	year	comparable	period	of	$202.5	million	also	primarily	due	to	higher	gross	profit.	
• Adjusted	earnings1	from	continuing	operations 	for	the	quarter	and	year-to-date	periods	of	 $98.2	million	and	$192.1	
million,	respectively,	increased	from	$83.4	million	and	$139.7	million	in	the	prior	year	comparable	periods	primarily	as	
a	result	of	higher	gross	profit.	
• Cash	provided	by	operating	activities	related	to	continuing	operations	for	the	 quarter	of	$314.6	million	represented	a	
decrease	of	$125.4	million	from	the	prior	year	comparable	period	of	$440.0	million.	The	decrease	was	primarily	due	to	
significant	cash	income	taxes	paid	in	the	quarter	of	 $168.0	million	(Q2	2024	-	$47.1	million),	primarily	at	Candelaria,	
and	a	reduction	in	 working	capital	inflows 	of	$111.4	million	to	$37.4	million	from	$148.8	million	in	the	prior	year	
comparable	period.	On	a	year-to-date	basis,	cash	provided	by	operating	activities	related	to	continuing	operations	of	
$436.9	million	was	lower	than	in	the	prior	year	comparable	period	of	 $672.3	million	primarily	due	to	negative	working	
capital	changes	in	the	first	half	of	2025	due	to	a	build	up	of	trade	receivables	and	increases	in	cash	income	taxes	paid	at	
Candelaria.
• In	the	quarter,	sustaining	capital	expenditures2	from	continuing	operations	of	$115.9	million	were	slightly	lower	than	in	
the	prior	year	comparable	period	of	 $126.6	million.	The	reduction	was	primarily	due	to	lower	spending	at	Candelaria	
from	reduced	deferred	stripping.	 Sustaining	capital	expenditures	from	continuing	operations	for	the	year-to-date	
period	of	 $228.5	million	were	 lower	than	in	the	prior	year	comparable	period	of	 $303.1	million	primarily	due	to	
reduced	deferred	stripping	and	lower	spending	on	mine	equipment	at	Candelaria.
• Expansionary	 capital	 expenditures1	 of	 $33.7	 million	 and	 $96.6	 million	 in	 the	 quarter	 and	 year-to-date	 periods,	
respectively,	were	 lower	than	$87.1	million	and	 $143.1	million	in	the	prior	year	comparable	periods	 due	to	the	
formation	of	Vicuña	on	January	15,	2025.	From	this	date,	the	Company's	expansionary	capital	expenditures	include	50%	
of	Vicuña's	capital	expenditures.	
• Free	 cash	 flow1	 from	 continuing	 operations	 for	 the	 quarter	 of	 $165.0	 million	 was	 lower	 than	 in	 the	 prior	 year	
comparable	 period	 of	 $226.3	 million	 primarily	 due	 to	 reduced	 cash	 provided	 by	 operating	 activities	 related	 to	
continuing	operations,	partially	offset	by	lower	sustaining	and	 expansionary	capital	expenditures.	Free	cash	flow	from	
continuing	operations	for	the	year-to-date	period	of	$111.8	million	was	lower	than	in	the	prior	year	comparable	period	
of	$226.1	million	due	to	reduced	cash	provided	by	operating	activities	related	to	continuing	operations,	partially	offset	
by	lower	spending	on	sustaining	and	expansionary	capital	expenditures.	
4
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
2	This	is	a	supplementary	financial	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

• The	operating	results	of	the	Neves-Corvo	and	Zinkgruvan	reporting	segments	are	reported	as	net	earnings	from	
discontinued	operations.	Net	earnings	from	discontinued	operations	for	the	quarter	of	 $102.4	million	includes	a	gain	
on	disposal	of	$106.4	million,	net	of	income	tax.
Financial	Position	and	Financing
• Cash	and	cash	equivalents	related	to	continuing	operations	as	at	 June	30,	2025	were	$279.3	million	and	cash	provided	
by	operating	activities	related	to	continuing	operations	was	 $314.6	million	in	the	quarter.	Cash	provided	by	investing	
activities	related	to	continuing	operations	was	 $1,159.4	million,	which	included	net	cash	proceeds	of	 $1,314.6	million	
from	the	sale	of	the	Neves-Corvo	and	Zinkgruvan	operations,	partially	offset	by	 $157.5	million	investment	in	mineral	
properties,	plant	and	equipment.	These	cash	inflows	were	used	to	fund	financing	activities	related	to	continuing	
operations	of	 $1,630.6	million,	primarily	to	repay	in	full	the	 $1,150.0	million	outstanding	balance	of	the	Company's	
term	loan	and	to	repay	$300.0	million	of	amounts	drawn	on	the	RCF.	
• As	at	June	30,	2025,	the	Company	had	net	debt 1	of	$380.2	million	and	net	debt	excluding	lease	liabilities	of	 $135.1	
million.	As	at	 August	6,	2025 ,	the	Company	had	cash	of	 approximately	$276	million	and	net	debt	excluding	lease	
liabilities1	of	approximately	$139	million.
5
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

2025	Outlook
The	Company	remains	on	track	to	meet	annual	production	guidance	for	all	metals.	In	light	of	higher	gold	prices,	the	cash	
cost	guidance	range	for	Chapada	is	further	reduced	from	that	announced	on	June	17,	2025.
At	Candelaria,	production	in	the	second	half	of	the	year	is	expected	to	be	in	line	with	the	first	half	of	the	year	to	meet	the	
Company's	annual	production	guidance	for	2025.	Cash	costs	at	Candelaria	are	tracking	to	the	mid-point	of	guidance	for	the	
full	year.
At	 Caserones,	 higher	 copper	 head	 grades	 anticipated	 in	 the	 second	 half	 of	 the	 year,	 together	 with	 strong	 cathode	
production	are	expected	to	sustain	the	Company's	annual	production	guidance	for	2025.
At	Chapada,	production	is	expected	to	be	weighted	to	the	second	half	of	the	year	as	copper	grades	and	recoveries	in	the	
second	half	of	the	year	are	expected	to	remain	in	line	with	the	second	quarter.	Mine	sequencing	is	expected	to	result	in	
processing	increased	fresh	ore	from	the	North	and	South	pits	and	less	lower-grade	stockpile	material.	Cash	costs	are	
expected	to	continue	to	benefit	from	higher	gold	prices,	leading	to	a	further	reduction	in	annual	guidance	as	compared	to	
that	previously	announced	by	the	Company	(see	News	Release	dated	June	17,	2025).	
At	Eagle,	grades	and	mining	rates	are	expected	to	normalize	in	the	second	half	of	the	year,	supporting	annual	production	
guidance.	Mining	at	the	Eagle	deposit	is	expected	to	be	completed	towards	the	end	of	the	year	and	higher	grade	ore	from	
Eagle	East	will	be	sourced.
See	below	for	revised	2025	Guidance:	
2025	Production	and	Cash	Cost	Guidance
	Guidancea 	Revised	Guidance
(contained	metal) Production Cash	Cost	($/lb)b Production Cash	Cost	($/lb)b
Copper	(t) Candelaria	(100%) 140,000	–	150,000 1.60	–	1.80c 140,000	–	150,000 1.80	–	2.00c
Caserones	(100%) 115,000	–	125,000 2.40	–	2.60 115,000	–	125,000 2.40	–	2.60
Chapada 40,000	–	45,000 1.30	–	1.50d 40,000	–	45,000 1.10	–	1.30d
Eagle 8,000	–	10,000 8,000	–	10,000
Total 303,000	–	330,000 1.95	–	2.15 303,000	–	330,000 1.95	–	2.15
Gold	(oz) Candelaria	(100%) 78,000	–	88,000 78,000	–	88,000
Chapada 57,000	–	62,000 57,000	–	62,000
Total 135,000	–	150,000 135,000	–	150,000
Nickel	(t) Eagle 8,000	–	11,000 3.05	–	3.25 8,000	–	11,000 3.05	–	3.25
a.	Guidance	as	outlined	in	the	news	release	"Lundin	Mining	Highlights	Strategic	Vision	and	Financial	Outlook	for	Leading	Growth	and	Shareholder	
Returns"	dated	June	17,	2025.
b.	2025	cash	costs	are	based	on	various	assumptions	and	estimates,	including	but	not	limited	to:	production	volumes,	commodity	prices	(Cu:	$4.40/lb,	
Au:	$3,000/oz,	Mo:	$20.00/lb,	Ag:	$30.00/oz),	foreign	exchange	rates	(USD/CLP:950,	USD/BRL:5.75)	and	operating	costs.	Cash	cost	is	a	non-GAAP	
measure	-	see	section	'Non-GAAP	and	Other	Performance	Measures'	of	this	MD&A	for	discussion.
c.	68%	of	Candelaria's	total	gold	and	silver	production	are	subject	to	a	streaming	agreement.	Cash	costs	are	calculated	based	on	receipt	of	approximately	
$433/oz	gold	and	$4.32/oz	silver.
d.	Chapada's	cash	cost	is	calculated	on	a	by-product	basis	and	does	not	include	the	effects	of	its	copper	stream	agreements.	Effects	of	the	copper	stream	
agreements	are	reflected	in	copper	revenue	and	will	impact	realized	price	per	pound.
6

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

2025	Capital	Expenditure	Guidanceb,c
($	millions) 	Guidancea
Candelaria	(100%	basis) 205
Caserones	(100%	basis) 200
Chapada 100
Eagle 25
Other —
Total	Sustaining 530
Expansionary	-	Candelaria	(100%	basis) 50
Expansionary	-	Vicuña	Joint	Arrangement	(50%	basis) 215
Total	Capital	Expenditures 795
a. Guidance	as	outlined	in	the	news	release	"Lundin	Mining	Highlights	Strategic	Vision	and	Financial	Outlook	for	Leading	Growth	and	Shareholder	
Returns"	dated	June	17,	2025.
b. Sustaining	capital	expenditure	is	a	supplementary	financial	measure,	and	expansionary	capital	expenditure	is	a	non-GAAP	measure	–	see	Section	
"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
c. Capital	expenditures	are	based	on	various	assumptions	and	estimates,	including,	but	not	limited	to	foreign	currency	exchange	rates	(USD/CLP:	950,	
USD/BRL:	5.50)
2025	Exploration	Investment	Guidance
Total	 exploration	 expenditure	 guidance	 for	 2025	 remains	 at	 $40	 million,	 which	 has	 potential	 to	 increase	 subject	 to	
successful	 exploration	 results	 at	 the	 Boulderdash	 property.	 Drilling	 metres	 ("m")	 across	 the	 Company	 have	 been	 re-
allocated	to	account	for	the	anticipated	earn-in	agreement	with	Talon	and	the	Boulderdash	property.		
7

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

Selected	Quarterly	Financial	Information	
Three	months	ended
June	30,
Six	months	ended
June	30,
($	millions	continuing	operations	except	where	noted) 2025 2024 2025 2024
Revenue 	 937.2	 	 878.3	 	 1,901.1	 	 1,690.6	
Costs	of	goods	sold:
Production	costs 	 (506.6)	 	 (490.6)	 	 (1,023.5)	 	 (955.9)	
Depreciation,	depletion	and	amortization 	 (159.3)	 	 (159.2)	 	 (297.4)	 	 (308.6)	
Gross	profit 	 271.3	 	 228.5	 	 580.2	 	 426.1	
Net	earnings	from	continuing	operations	attributable	to:
Lundin	Mining	shareholders 	 126.1	 	 84.3	 	 264.1	 	 122.7	
Non-controlling	interests 	 33.5	 	 35.1	 	 76.8	 	 79.8	
Net	earnings	from	continuing	operations	 	 159.6	 	 119.4	 	 340.9	 	 202.3	
Net	earnings	from	discontinued	operations1
	 102.4	 	 37.3	 	 88.7	 	 12.8	
Net	earnings	attributable	to:
Lundin	Mining	shareholders 	 228.5	 	 121.6	 	 352.8	 	 135.5	
Non-controlling	interests 	 33.5	 	 35.1	 	 76.8	 	 79.8	
Net	earnings 	 262.0	 	 156.7	 	 429.6	 	 215.3	
Adjusted	earnings2	(all	operations) 	 99.9	 	 122.1	 	 246.1	 	 167.3	
Adjusted	earnings2	—	continuing	operations 	 98.2	 	 83.4	 	 192.1	 	 139.7	
Adjusted	earnings1,2	—	discontinued	operations 	 1.7	 	 38.7	 	 53.9	 	 27.6	
Adjusted	EBITDA2	(all	operations) 	 395.8	 	 460.9	 	 846.5	 	 823.7	
Adjusted	EBITDA2	—	continuing	operations 	 394.7	 	 369.9	 	 782.6	 	 708.3	
Adjusted	EBITDA1,2	—	discontinued	operations 	 1.0	 	 91.0	 	 63.9	 	 115.4	
Cash	provided	by	operating	activities	(all	operations) 	 334.6	 	 491.8	 	 511.4	 	 759.3	
Cash	provided	by	operating	activities	related	to	continuing	
operations
	 314.6	 	 440.0	 	 436.9	 	 672.3	
Cash	provided	by	operating	activities	related	to	discontinued	
operations1 	 20.0	 	 51.8	 	 74.5	 	 87.0	
Adjusted	operating	cash	flow2	(all	operations) 	 279.4	 	 369.9	 	 672.0	 	 683.6	
Adjusted	operating	cash	flow2	—	continuing	operations 	 277.2	 	 291.2	 	 614.2	 	 585.3	
Adjusted	operating	cash	flow1,2	—	discontinued	operations 	 2.2	 	 78.7	 	 57.8	 	 98.3	
Free	cash	flow	from	operations2	(all	operations) 	 222.6	 	 337.6	 	 254.4	 	 405.2	
Free	cash	flow	from	operations2	—	continuing	operations 	 211.1	 	 324.7	 	 232.6	 	 391.3	
Free	cash	flow	from	operations1,2	—	discontinued	operations 	 11.5	 	 12.9	 	 21.8	 	 13.9	
Free	cash	flow2	(all	operations) 	 175.9	 	 236.9	 	 128.2	 	 235.1	
Free	cash	flow2	—	continuing	operations 	 165.0	 	 226.3	 	 111.8	 	 226.1	
Free	cash	flow1,2	—	discontinued	operations 	 10.9	 	 10.6	 	 16.4	 	 9.0	
Capital	expenditures3	—	continuing	operations 	 157.5	 	 217.2	 	 333.5	 	 452.4	
Capital	expenditures2,3	—		discontinued	operations 	 9.1	 	 41.2	 	 58.1	 	 78.0	
1	Discontinued	operations	results	are	to	April	16,	2025.
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.
8

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

Three	months	ended
June	30,
Year	ended
June	30,
2025 2024 2025 2024
Per	share	amounts:
Basic	and	diluted	earnings	from	continuing	operations	per	
share	("EPS")	attributable	to	shareholders 	 0.15	 	 0.11	 	 0.31	 	 0.16	
Basic	and	diluted	earnings	from	discontinued	operations	per	
share	("EPS")	attributable	to	shareholders1 	 0.12	 	 0.05	 	 0.10	 	 0.02	
Basic	total	earnings	per	share	("EPS")	attributable	to	
shareholders 	 0.27	 	 0.16	 	 0.41	 	 0.18	
Diluted	total	earnings	per	share	("EPS")	attributable	to	
shareholders 	 0.27	 	 0.16	 	 0.41	 	 0.17	
Adjusted	EPS2	(all	operations) 	 0.12	 	 0.16	 	 0.29	 	 0.22	
Adjusted	EPS2	—	continuing 	 0.11	 	 0.11	 	 0.22	 	 0.18	
Adjusted	EPS1,2	—	discontinued 0.00 	 0.05	 	 0.06	 	 0.04	
Adjusted	operating	cash	flow	per	share2	(all	operations) 	 0.33	 	 0.48	 	 0.79	 	 0.89	
Adjusted	operating	cash	flow	per	share2	—	continuing 	 0.32	 	 0.38	 	 0.72	 	 0.76	
Adjusted	operating	cash	flow	per	share1,2	—	discontinued 0.00 	 0.10	 	 0.06	 	 0.13	
Dividends	declared	(C$/share) 	 0.03	 	 0.09	 	 0.12	 	 0.18	
($	millions) June	30,	2025
December	31,	
2024
Total	assets 	 9,871.2	 	 10,406.7	
Total	debt	and	lease	liabilities 	 655.0	 	 2,006.2	
Net	debt	excluding	lease	liabilities2 	 (135.1)	 	 (1,332.4)	
1	Discontinued	operations	results	are	to	April	16,2025.
2	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
9

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

Summary	of	Quarterly	Results1
($	millions,	except	per	share	data) Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23
Revenue	from	continuing	operations 	 937.2	 	 963.9	 	 858.9	 	 873.1	 	 878.3	 	 812.3	 	 893.4	 	 798.7	
Gross	profit	from	continuing	operations 	 271.3	 	 308.9	 	 250.6	 	 266.2	 	 228.5	 	 197.5	 	 177.8	 	 166.9	
Net	earnings	(loss)	from	continuing	operations 	 159.6	 	 181.4	 	 (159.6)	 	 110.6	 	 119.4	 	 83.0	 	 40.4	 	 10.4	
-	attributable	to	shareholders 	 126.1	 	 138.1	 	 (195.3)	 	 84.0	 	 84.3	 	 38.3	 	 12.5	 	 (14.4)	
	Net	earnings	(loss)	from	discontinued	
operations3
	 102.4	 	 (13.8)	 	 (244.8)	 	 17.2	 	 37.3	 	 (24.4)	 	 26.3	 	 11.5	
Adjusted	earnings2	(all	operations) 	 99.9	 	 146.2	 	 119.2	 	 72.5	 	 122.1	 	 45.2	 	 79.7	 	 85.3	
Adjusted	earnings2	from	continuing	operations 	 98.2	 	 93.9	 	 94.8	 	 57.2	 	 83.4	 	 56.4	 	 72.4	 	 57.8	
Adjusted	earnings	(loss)2,3	from	discontinued	
operations
	 1.7	 	 52.2	 	 24.4	 	 15.3	 	 38.7	 	 (11.1)	 	 7.3	 	 27.5	
Adjusted	EBITDA2	(all	operations) 	 395.8	 	 450.8	 	 425.6	 	 457.7	 	 460.9	 	 362.9	 	 419.7	 	 415.1	
Adjusted	EBITDA2	-	continuing	operations 	 394.7	 	 387.9	 	 368.2	 	 385.2	 	 369.9	 	 338.5	 	 367.6	 	 334.9	
Adjusted	EBITDA2,3	-	discontinued	operations 	 1.0	 	 62.8	 	 57.4	 	 72.5	 	 91.0	 	 24.4	 	 52.1	 	 80.2	
EPS	-	Basic	and	Diluted	(all	operations) 	 0.27	 	 0.15	 	 (0.57)	 	 0.13	 0.16 	 0.02	 	 0.05	 0.00
EPS	-	Basic	and	Diluted	from	continuing	
operations
	 0.15	 	 0.16	 	 (0.25)	 	 0.11	 0.11 	 0.05	 	 0.02	 	 (0.02)	
EPS	-	Basic	and	Diluted	from	discontinued	
operations3
	 0.12	 	 (0.02)	 	 (0.32)	 	 0.02	 	 0.05	 	 (0.03)	 	 0.03	 	 0.02	
Adjusted	EPS2	(all	operations) 	 0.12	 	 0.17	 	 0.15	 	 0.09	 	 0.16	 	 0.06	 	 0.10	 	 0.11	
Adjusted	EPS2		-	continuing	operations 	 0.11	 	 0.11	 	 0.12	 	 0.07	 	 0.11	 	 0.07	 	 0.09	 	 0.07	
Adjusted	EPS2,3	-		discontinued	operations 0.00 	 0.06	 	 0.03	 	 0.02	 	 0.05	 	 (0.01)	 	 0.01	 	 0.04	
Cash	provided	by	operating	activities	(all	
operations)
	 334.6	 	 177.0	 	 620.3	 	 139.3	 	 491.8	 	 267.5	 	 306.1	 	 303.8	
Cash	provided	by	operating	activities	related	to	
continuing	operations
	 314.6	 	 122.3	 	 547.3	 	 81.4	 	 440.0	 	 232.2	 	 249.9	 	 260.4	
Cash	provided	by	operating	activities	related	to	
discontinued	operations3
	 20.0	 	 54.7	 	 73.0	 	 57.9	 	 51.8	 	 35.4	 	 56.2	 	 43.4	
Adjusted	operating	cash	flow	per	share2	(all	
operations)
	 0.33	 	 0.46	 	 0.40	 	 0.39	 	 0.48	 	 0.41	 	 0.47	 	 0.41	
Adjusted	operating	cash	flow	per	share2	—	
continuing	operations
	 0.32	 	 0.40	 	 0.32	 	 0.31	 	 0.38	 	 0.38	 	 0.39	 	 0.25	
Adjusted	operating	cash	flow	per	share2,3	—	
discontinued	operations
0.00 	 0.07	 	 0.08	 	 0.08	 	 0.10	 	 0.03	 	 0.08	 	 0.16	
Capital	expenditure4		from	continuing	
operations
	 157.5	 	 176.0	 	 191.3	 	 163.6	 	 217.2	 	 235.2	 	 205.3	 	 203.5	
Capital	expenditure3,4	from	discontinued	
operations
	 9.1	 	 49.1	 	 35.2	 	 41.8	 	 41.2	 	 36.8	 	 38.6	 	 39.7	
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	Discontinued	operation	results	for	Q2	2025	are	to	April	16,	2025.
4	Capital	expenditures	are	reported	on	a	cash	basis,	as	presented	in	the	consolidated	statement	of	cash	flows.
10

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

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.	
In	Q2	2025 	the	Company	completed	the	sale	of	its	Neves-Corvo	and	Zinkgruvan	operations	and	recognized	a	gain	on	
disposal	of	$106.4	million.	Results	from	these	operations	are	reported	as	discontinued	operations	through	to	April	16,	2025.	
Net	loss	from	discontinued	operations	in	Q4	2024	was	impacted	by	a	 $291.2	million	non-cash	impairment	to	align	the	
carrying	value	of	Neves-Corvo	with	expected	cash	consideration.	As	a	result	of	the	Euro	strengthening	in	Q1	2025,	net	loss	
from	discontinued	operations	was	impacted	by	a	further	 $65.7	million	non-cash	impairment	at	Neves-Corvo	to	re-align	its	
carrying	value	with	subsequent	cash	consideration.	
Following	the	formation	of	Vicuña	in	Q1	2025,	its	financial	results	are	accounted	for	at	the	Company's	50%	share.	In	prior	
quarters,	the	Josemaria	project	(now	part	of	Vicuña)	was	wholly	owned	by	the	Company	and	reported	at	100%.
Following	the	acquisition	of	a	majority	interest	in	the	Caserones	mine	in	July	2023,	fair	value	adjustments	of	$32.2	million	
and	$7.8	million	impacted	production	costs	in	Q3	2023	and	Q4	2023,	respectively,	as	in-process	and	concentrate	inventory	
measured	at	fair	value	at	the	acquisition	date	was	sold.	
An	$800.0	million	term	loan	was	entered	into	in	conjunction	with	the	acquisition	of	a	51%	interest	in	Caserones	and	was	
subsequently	increased	by	$350.0	million	with	funds	used	to	acquire	an	additional	19%	of	Caserones	in	2024.	Higher	debt	
increased	the	Company's	interest	expense	from	Q3	2023	through	Q1	2025,	reducing	net	earnings.	The	term	loan	was	repaid	
in	full	after	the	sale	of	Neves-Corvo	and	Zinkgruvan	in	April	2025,	reducing	interest	expense	and	benefiting	net	earnings	in	
Q2	2025.
In	Q2	2024	a	fall	of	ground	occurred	in	the	lower	ramp	at	the	Eagle	mine,	resulting	in	reduced	mining	rates	through	the	
remainder	of	2024	while	ramp	rehabilitation	was	completed.	This	resulted	in	lower	revenue	as	well	as	$9.8	million,	$14.8	
million,	and	$11.4	million	of	overhead	costs	incurred	in	Q2	2024,	Q3	2024	and	Q4	2024,	respectively,	reducing	net	earnings.
In	Q4	2024	net	earnings	from	continuing	operations	were	reduced	by	non-cash	impairments	including	$104.9	million	($82.8	
million	net	of	tax)	relating	to	the	Eagle	mine	due	to	a	decline	in	nickel	prices	and	prolonged	rehabilitation	of	the	Eagle	East	
ramp,	$93.4	million	($61.7	million	net	of	tax)	related	to	the	Suruca	gold	deposit	near	Chapada	following	the	removal	of	
reserves	and	$55.9	million 	($41.6	million	net	of	tax) 	due	to	the	continued	closure	of	the	Alcaparrosa	mine	within	the	
Candelaria	mining	complex.	These	amounts	were	partially	offset	by	a	$28.3	million	non-cash	partial	reversal	of	a	previous	
long-term	ore	stockpile	inventory	write-down	at	Chapada,	as	a	result	of	higher	market	expectations	for	long-term	copper	
and	gold	prices.
In	Q4	2024,	a	deferred	tax	recovery	of	$41.5	million	was	recorded	at	Caserones	following	a	re-assessment	of	the	estimated	
future	utilization	of	accumulated	tax	losses.	
In	the	quarters	presented,	the	Company	has	entered	into	derivative	contracts	for	foreign	currency,	diesel,	copper	prices	and	
gold	prices	as	part	of	its	risk	management	strategy.	Realized	and	unrealized	gains	and	losses	on	derivative	contracts	and	
foreign	exchange	and	trading	gains	on	debt	and	equity	investments	are	recorded	in	other	income	and	expense	and	impact	
the	Company's	net	earnings.	
11

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

Revenue	Overview
Sales	Volumes	by	Payable	Metal	-	Continuing	Operations
2025 2024
YTD Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 	 71,577	 	 36,603	 	 34,974	 	 158,017	 	 49,052	 	 45,430	 	 29,999	 	 33,536	
Caserones	(100%) 	 66,257	 	 30,076	 	 36,181	 	 113,867	 	 26,750	 	 22,044	 	 29,862	 	 35,211	
Chapada 	 18,630	 	 10,284	 	 8,346	 	 39,615	 	 10,200	 	 12,380	 	 8,293	 	 8,742	
Eagle 	 4,038	 	 2,489	 	 1,549	 	 5,457	 	 877	 	 733	 	 1,789	 	 2,058	
	 160,502	 	 79,452	 	 81,050	 	 316,956	 	 86,879	 	 80,587	 	 69,943	 	 79,547	
Gold	(oz)
Candelaria	(100%) 	 39,796	 	 20,021	 	 19,775	 	 89,435	 	 27,756	 	 25,971	 	 16,727	 	 18,981	
Chapada 	 24,431	 	 14,402	 	 10,029	 	 57,777	 	 14,660	 	 18,775	 	 12,368	 	 11,974	
	 64,227	 	 34,423	 	 29,804	 	 147,212	 	 42,416	 	 44,746	 	 29,095	 	 30,955	
Nickel	(t)
Eagle 	 3,974	 	 2,226	 	 1,748	 	 5,662	 	 1,088	 	 393	 	 2,018	 	 2,163	
Molybdenum	(t)
Caserones	(100%) 	 1,017	 	 389	 	 628	 	 3,056	 	 944	 	 581	 	 695	 	 836	
Silver	(koz)
Candelaria	(100%) 	 792	 	 395	 	 397	 	 1,799	 	 557	 	 511	 	 331	 	 400	
Chapada 	 55	 	 30	 	 25	 	 96	 	 21	 	 24	 	 30	 	 21	
Eagle 	 2	 	 —	 	 2	 	 8	 	 1	 	 (1)	 	 7	 	 1	
	 849	 	 425	 	 424	 	 1,903	 	 579	 	 534	 	 368	 	 422	
12

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

Revenue	Analysis	
Three	months	ended	June	30, Six	months	ended	June	30,
by	Mine 2025 2024 Change 2025 2024 Change
$ % $ % $ $ % $ % $
Candelaria	(100%) 	 404.6	 	43	 	 366.4	 	42	 	 38.2	 	 823.7	 	43	 	 696.8	 	41	 	 126.9	
Caserones	(100%) 	 322.7	 	34	 	 336.5	 	38	 	 (13.8)	 	 708.6	 	37	 	 662.8	 	39	 	 45.9	
Chapada 	 150.9	 	16	 	 118.0	 	13	 	 32.9	 	 265.5	 	14	 	 216.4	 	13	 	 49.1	
Eagle 	 59.1	 	6	 	 57.4	 	7	 	 1.6	 	 103.3	 	5	 	 114.7	 	7	 	 (11.3)	
Continuing	Operations 	 937.2	 	 878.3	 	 58.9	 	 1,901.1	 	 1,690.6	 	 210.5	
Neves-Corvo 	 19.9	 	96	 	 128.7	 	63	 	 (108.8)	 	 128.3	 	64	 	 209.3	 	63	 	 (81.0)	
Zinkgruvan 	 0.8	 	4	 	 76.6	 	37	 	 (75.8)	 	 72.4	 	36	 	 120.7	 	37	 	 (48.3)	
Discontinued	Operations1 	 20.7	 	 205.3	 	 (184.6)	 	 200.7	 	 330.0	 	 (129.3)	
1	Discontinued	operations	results	are	to	April	16,	2025.
Three	months	ended	June	30, Six	months	ended	June	30,
by	Metal 2025 2024 Change 2025 2024 Change
($	millions) $ % $ % $ $ % $ % $
Copper 	 764.1	 	82	 	 724.8	 	83	 	 39.3	 	 1,572.4	 	83	 	 1,388.4	 	82	 	 184.0	
Gold 	 99.6	 	11	 	 58.4	 	7	 	 41.2	 	 186.8	 	10	 	 116.0	 	7	 	 70.7	
Molybdenum 	 18.9	 	2	 	 35.5	 	4	 	 (16.6)	 	 40.8	 	2	 	 67.6	 	4	 	 (26.8)	
Nickel 	 32.7	 	3	 	 37.6	 	4	 	 (4.9)	 	 60.1	 	3	 	 76.4	 	5	 	 (16.2)	
Silver 	 12.9	 	1	 	 11.6	 	1	 	 1.3	 	 27.1	 	1	 	 21.7	 	1	 	 5.4	
Other 	 9.1	 	1	 	 10.6	 	1	 	 (1.5)	 	 13.9	 	1	 	 20.5	 	1	 	 (6.6)	
Continuing	Operations 	 937.2	 	 878.3	 	 58.9	 	 1,901.1	 	 1,690.6	 	 210.5	
Revenue	from	continuing	operations	for	the	quarter	of	 $937.2	million	represented	an	 increase	of	$58.9	million	over	the	
prior	year	comparable	period	of	 $878.3	million	primarily	due	to	an	increase	in	sales	volumes	and	a	decrease	in	treatment	
charges,	partially	offset	by	lower	realized	copper	prices.	On	a	year-to-date	basis,	revenue	of	$1,901.1	million	represented	an	
increase	of	$210.5	million	from	the	prior	year	comparable	period	of	 $1,690.6	million	primarily	due	to	an	increase	in	sales	
volumes,	higher	realized	copper	and	gold	prices	and	lower	treatment	and	refining	charges.
Revenue	from	gold	and	silver	for	the	quarter	and	year-to-date	periods	includes	the	partial	recognition	of	an	upfront	
purchase	price	on	the	sale	of	precious	metals	streams	for	Candelaria,	as	well	as	the	cash	proceeds	which	amount	to	
approximately	$433/oz	for	gold	and	 $4.32/oz	for	silver.	In	addition,	revenue	from	silver	for	the	quarter	and	year-to-date	
periods	includes	the	partial	recognition	of	an	upfront	purchase	price	on	the	sale	of	precious	metals	streams	for	Neves-Corvo	
and	Zinkgruvan,	as	well	as	cash	proceeds	which	amount	to	between	 $4.50/oz	for	silver	at	Neves-Corvo	and	 $4.75/oz	for	
silver	at	Zinkgruvan.	Chapada’s	copper	revenue	includes	the	recognition	of	deferred	revenue	from	copper	streams	acquired	
with	the	Chapada	mine,	as	well	as	the	cash	proceeds	of	30%	of	the	market	price	of	the	copper	sold	under	the	streams,	
which	is	limited	to	7.9%	of	Chapada's	total	copper	production.	
Revenue	is	recorded	using	the	metal	price	received	for	sales	that	settle	during	the	reporting	period.	For	sales	that	have	not	
been	settled,	an	estimate	is	used	based	on	the	expected	month	of	settlement	and	the	forward	price	of	the	metal	at	the	end	
of	the	reporting	period.	The	difference	between	the	estimate	and	the	final	price	received	is	recognized	by	adjusting	revenue	
in	the	period	in	which	the	sale	is	settled.	Settlement	dates	can	range	from	one	to	six	months	after	shipment.
Provisionally	Valued	Revenue	from	Continuing	Operations	as	of	June	30,	2025
Metal Payable	metal Valued	at
Copper 	 112,897		t $4.49	/lb
Gold 	 26,930		oz $3,309	/oz
Nickel 	 763		t $6.84	/lb
Molybdenum 	 665		t $21.82	/lb
13

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

Quarterly	Reconciliation	of	Realized	Prices	-	Continuing	Operations
Three	months	ended	June	30,	2025
($	millions) Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 755.9	 	 114.2	 	 33.9	 	 16.7	 	 25.5	 	 946.2	
Provisional	pricing	adjustments	on	current	period	
concentrate	sales 	 22.2	 	 5.1	 	 0.1	 	 0.3	 	 5.7	 	 33.4	
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales 	 (7.4)	 	 0.4	 	 (1.4)	 	 1.9	 	 0.8	 	 (5.7)	
	 770.7	 	 119.7	 	 32.6	 	 18.9	 	 32.0	 	 973.9	
Recognition	of	deferred	revenue 	 12.2	
Copper	stream	cash	effect 	 (3.8)	
Gold	stream	cash	effect 	 (39.0)	
Less:	Treatment	and	refining	charges 	 (6.1)	
Total	Revenue 	 937.2	
Payable	Metal 79,452	t 34,423	oz 2,226	t 389	t
Current	period	sales	($/unit)2	 $4.44 $3,466 $6.93 $19.85
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales	($/unit) $(0.04) $12 $(0.27) $2.18
Realized	prices3,4 $4.40	/lb $3,478	/oz $6.66	/lb $22.03	/lb
Three	months	ended	June	30,	2024
Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 691.2	 	 71.4	 	 39.4	 	 31.4	 	 16.3	 	 849.7	
Provisional	pricing	adjustments	on	current	period	
concentrate	sales 	 (17.9)	 	 (1.6)	 	 (2.5)	 	 1.4	 	 1.8	 	 (18.8)	
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales 	 73.0	 	 2.3	 	 1.4	 	 2.7	 	 4.2	 	 83.5	
	 746.4	 	 72.0	 	 38.2	 	 35.5	 	 22.3	 	 914.4	
Recognition	of	deferred	revenue 	 12.0	
Copper	stream	cash	effect 	 (4.7)	
Gold	stream	cash	effect 	 (21.1)	
Less:	Treatment	&	refining	charges 	 (22.3)	
Total	Revenue 	 878.3	
Payable	Metal 69,943	t 29,095	oz 2,018	t 695	t
Current	period	sales	($/unit)2 $4.37 $2,399 $8.28 $21.41
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales	($/unit) $0.47 $77 $0.31 $1.74
Realized	prices3,4 $4.84	/lb $2,476	/oz $8.59	/lb $23.15	/lb
1.	Revenue	from	contracts	with	customers	before	recognition	of	deferred	revenue,	gold	and	copper	stream	cash	effects	and	treatment	and	refining	
charges,	each	of	which	is	presented	separately	in	the	table.
2.	Includes	revenue	from	contracts	with	customers	and	provisional	pricing	adjustments	on	current	period	concentrate	sales.
3.	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
4.	The	realized	price	for	copper	inclusive	of	the	impact	of	streaming	agreements	for	the	three	months	ended	 June	30,	2025	is	$4.38/lb	(2024:	$4.81/
lb).	The	realized	price	for	gold	inclusive	of	the	impact	of	streaming	agreements	for	the	three	months	ended	June	30,	2025	is	$2,345/oz	(2024:	$1,751/
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.	
14

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

Year-to-Date	Reconciliation	of	Realized	Prices	-	Continuing	Operations
Six	months	ended	June	30,	2025
($	millions) Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 1,515.4	 	 199.5	 	 61.4	 	 41.8	 	 65.5	 	 1,883.6	
Provisional	pricing	adjustments	on	current	year	
concentrate	sales 	 43.7	 	 13.1	 	 0.2	 	 (0.8)	 	 (1.6)	 	 54.6	
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 	 38.7	 	 7.0	 	 (1.5)	 	 (0.3)	 	 (1.1)	 	 42.9	
	 1,597.8	 	 219.5	 	 60.1	 	 40.8	 	 62.8	 	 1,981.1	
Recognition	of	deferred	revenue 	 28.5	
Copper	stream	cash	effect 	 (12.4)	
Gold	stream	cash	effect 	 (72.0)	
Less:	Treatment	and	refining	charges 	 (24.1)	
Total	Net	Sales 	 1,901.1	
Payable	Metal	 160,502	t 64,227	oz 3,974	t 1,017	t
Current	period	sales	2 $4.41 $3,309 $7.03 $18.31
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 0.11 109 (0.17) (0.12)
Realized	prices	3,4 $4.52	/lb $3,418	/oz $6.86	/lb $18.19	/lb
Six	months	ended	June	30,	2024
Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 1,373.2	 	 136.7	 	 74.5	 	 70.3	 	 37.7	 	 1,692.4	
Provisional	pricing	adjustments	on	current	year	
concentrate	sales 	 24.8	 	 4.4	 	 (2.5)	 	 1.5	 	 5.1	 	 33.2	
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 	 45.9	 	 0.5	 	 5.0	 	 (4.2)	 	 0.5	 	 47.7	
	 1,443.8	 	 141.6	 	 77.0	 	 67.6	 	 43.2	 	 1,773.3	
Recognition	of	deferred	revenue 	 26.1	
Copper	stream	cash	effect 	 (10.8)	
Gold	stream	cash	effect 	 (42.0)	
Less:	Treatment	&	refining	charges 	 (55.9)	
Total	Revenue 	 1,690.6	
Payable	Metal 149,490	t 60,050	oz 4,181	t 1,531	t
Current	period	sales2 $4.24 $2,349 $7.81 $21.27
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 0.14 9 0.54 (1.24)
Realized	prices3,4 $4.38	/lb $2,358	/oz $8.35	/lb $20.03	/lb
1.	Revenue	from	contracts	with	customers	before	recognition	of	deferred	revenue,	gold	and	copper	stream	cash	effects	and	treatment	and	refining	
charges,	each	of	which	is	presented	separately	in	the	table.
2.	Includes	revenue	from	contracts	with	customers	and	provisional	pricing	adjustments	on	current	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	 2025	is	$4.48/lb	(2024:	$4.35/lb).	The	realized	price	for	gold	
inclusive	of	the	impact	of	streaming	agreements	for	2025	is	$2,298/oz	(2024:	$1,658/oz).
15

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

Financial	Results
Production	Costs	
Production	costs	for	continuing	operations	in	the	quarter	were	 $506.6	million,	an	increase	from	$490.6	million	in	the	prior	
year	comparable	period.	The	increase	was	primarily	attributable	to	higher	sales	volumes	at	all	operations,	partially	offset	by		
favourable	foreign	 exchange,	which	reduced	production	costs	at	Candelaria,	Caserones	and	Chapada .	On	a	year-to-date	
basis,	production	costs	were	 $1,023.5	million,	an	increase	from	 $955.9	million	in	the	prior	year	comparable	period.	This	
increase	is	primarily	attributable	to	higher	sales	volumes	at	Candelaria,	Caserones	and	Chapada	and	higher	contractor	and	
maintenance	 costs	 at	 Caserones,	 partially	 offset	 by	 favourable	 foreign	 exchange.	 Production	 costs	 for	 discontinued	
operations	in	the	quarter	were	$17.0	million	(Q2	2024	-	$115.9	million)	and	in	the	year-to-date	period	were	 $127.1	million	
(2024	-	$217.7	million)	and	include	results	to	April	16,	2025.
Depreciation,	Depletion	and	Amortization
Depreciation,	depletion	and	amortization	expense	for	continuing	operations	did	not	change	significantly	for	the	quarter	
compared	to	the	prior	year	comparable	period	and	decreased	on	a	year-to-date	basis.	At	Eagle,	depreciation	decreased	in	
2025	following	impairment	in	late	2024	of	mineral	properties	and	property,	plant	and	equipment,	that	resulted	in	a	lower	
asset	base	for	depreciation.			
Depreciation,	depletion	&	amortization Three	months	ended	June	30, Six	months	ended	June	30,
($	millions) 2025 2024 Change 2025 2024 Change
Candelaria 	 74.9	 	 76.1	 	 (1.1)	 	 144.1	 	 149.5	 	 (5.3)	
Caserones 	 56.5	 	 54.5	 	 2.0	 	 102.3	 	 106.2	 	 (3.9)	
Chapada 	 21.9	 	 18.4	 	 3.6	 	 40.3	 	 33.4	 	 6.8	
Eagle 	 5.9	 	 10.0	 	 (4.1)	 	 10.4	 	 19.1	 	 (8.7)	
Other 	 0.1	 	 0.3	 	 (0.1)	 	 0.3	 	 0.3	 	 (0.1)	
	 159.3	 	 159.2	 	 0.2	 	 297.4	 	 308.6	 	 (11.2)	
Finance	Income	and	Costs
Total	finance	costs,	net,	of	$20.4	million	and	$64.3	million	for	the	quarter	and	year-to-date	periods,	respectively,	decreased	
from	$33.1	million	and	 $66.4	million	in	the	prior	year	comparable	periods.	The	decrease	was	primarily	due	to	reduced	
interest	expense	following	the	repayment	in	full	of	the	 $1,150.0	million	outstanding	balance	of	the	term	loan	in	April	2025,	
using	a	portion	of	cash	proceeds	from	the	sale	of	the	Neves-Corvo	and	Zinkgruvan	operations.
Period	end	exchange	rates	having	a	meaningful	impact	on	foreign	exchange	recorded	 for	continuing	operations	as	at	 June	
30,	2025	were:
June	30,	2025	 June	30,	2024	 Change
Brazilian	Real	(USD:BRL) 5.46 5.56 	 (0.10)	
Chilean	Peso	(USD:CLP) 936 951 	 (15)	
Argentine	Peso	(USD:ARS) 1,194 912 282
16

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

The	average	exchange	rates	impacting	continuing	operations	were:
Three	months	ended	June	30, Six	months	ended	June	30,
2025 2024 Change 2025 2024 Change
Brazilian	Real	(USD:BRL) 5.67 5.22 	 0.45	 5.76 5.09 	 0.67	
Chilean	Peso	(USD:CLP) 947 935 	 12	 955 941 	 15	
Argentine	Peso	(USD:ARS) 1,150 887 264 1,104 861 	 243	
Three	months	ended
June	30,	2025 March	31,	2025 December	31,	2024
Brazilian	Real	(USD:BRL) 5.67 5.84 5.84
Chilean	Peso	(USD:CLP) 947 963 963
Argentine	Peso	(USD:ARS) 1,150 1,057 1,002
Income	Taxes
Income	tax	(expense)/	recovery Three	months	ended	June	30, Six	months	ended	June	30,
($	millions,	continuing	operations) 2025 2024 Change 2025 2024 Change
Candelaria 	 (59.8)	 	 (43.2)	 	 (16.6)	 	 (125.8)	 	 (82.7)	 	 (43.1)	
Caserones 	 (4.7)	 	 (18.4)	 	 13.7	 	 (9.8)	 	 (40.6)	 	 30.8	
Chapada 	 4.5	 	 (30.9)	 	 35.4	 	 27.2	 	 (28.6)	 	 55.8	
Eagle 	 (0.6)	 	 0.6	 	 (1.2)	 	 (0.5)	 	 1.9	 	 (2.4)	
Vicuña 	 0.8	 	 50.6	 	 (49.8)	 	 (8.8)	 	 50.6	 	 (59.4)	
Other 	 (9.8)	 	 (6.1)	 	 (3.8)	 	 (2.7)	 	 (4.6)	 	 1.9	
	 (69.6)	 	 (47.3)	 	 (22.3)	 	 (120.4)	 	 (104.0)	 	 (16.4)	
Income	taxes	by	classification Three	months	ended	June	30, Six	months	ended	June	30,
($	millions,	continuing	operations) 2025 2024 Change 2025 2024 Change
Current	income	tax	(expense)/recovery 	 (86.3)	 	 (50.4)	 	 (35.9)	 	 (134.4)	 	 (96.2)	 	 (38.2)	
Deferred	income	tax	(expense)/	recovery 	 16.7	 	 3.1	 	 13.6	 	 14.0	 	 (7.8)	 	 21.8	
	 (69.6)	 	 (47.3)	 	 (22.3)	 	 (120.4)	 	 (104.0)	 	 (16.4)	
Current	income	tax	expense	in	the	quarter	and	year-to-date	was	higher	than	in	the	prior	year	comparable	periods	primarily	
due	to	an	increase	in	taxable	income	at	Candelaria	and	foreign	exchange	fluctuations.
Deferred	income	tax	recovery	for	the	 quarter	and	year-to-date	periods	increased	from	the	prior	year	comparable	periods,	
primarily	due	to	the	utilization	of	losses	at	Caserones	in	the	prior	periods,	and	a	deferred	tax	recovery	at	Chapada	resulting	
from	the	foreign	exchange	revaluation	of	non-monetary	assets	driven	by	the	strengthening	of	the	BRL	against	the	USD	as	of	
June	30,	2025.	This	increase	was	partially	offset	by	an	increase	in	deferred	tax	expense	at	Candelaria	due	to	positive	
provisional	metal	price	adjustments.	In	addition,	the	deferred	income	tax	recovery	for	the	year-to-date	period	was	also	
offset	by	the	recognition	of	a	deferred	tax	liability	associated	with	outside	basis	differences	related	to	the	Company's	
investment	in	Vicuña.
17

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

Mining	Operations
Production	Overview
2025 2024
YTD Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 74,070 36,999 37,071 162,487 48,772 50,018 31,170 32,527
Caserones	(100%) 57,999 29,290 28,709 124,761 31,737 29,033 29,775 34,216
Chapada 20,183 11,274 8,909 43,261 12,323 11,694 9,106 10,138
Eagle 4,595 2,510 2,085 6,366 1,262 1,027 1,563 2,514
Continuing	Operations 156,847 80,073 76,774 336,875 94,094 91,772 71,614 79,395
Neves-Corvo1 7,348 1,225 6,123 28,228 7,139 6,698 7,347 7,044
Zinkgruvan1 971 — 971 3,964 258 1,385 747 1,574
Total 165,166 81,298 83,868 369,067 101,491 99,855 79,708 88,013
Zinc	(t)
Neves-Corvo1 32,356 4,665 27,691 109,571 27,879 29,509 25,696 26,487
Zinkgruvan1 25,877 4,620 21,257 82,133 24,067 17,101 21,764 19,201
Total 58,233 9,285 48,948 191,704 51,946 46,610 47,460 45,688
Gold	(oz)
Candelaria	(100%) 41,574 20,574 21,000 93,021 27,842 28,835 17,679 18,665
Chapada 28,393 17,544 10,849 65,415 18,614 17,877 14,760 14,164
Total 69,967 38,118 31,849 158,436 46,456 46,712 32,439 32,829
Nickel	(t)
Eagle 5,009 2,713 2,296 7,486 1,617 893 1,721 3,255
Molybdenum	(t)
Caserones	(100%) 982 380 602 3,183 912 693 714 864
Lead	(t)
Neves-Corvo1 2,361 369 1,992 6,395 1,553 1,851 1,387 1,604
Zinkgruvan1 9,291 1,705 7,586 30,888 9,481 5,693 8,966 6,748
Total 11,652 2,074 9,578 37,283 11,034 7,544 10,353 8,352
Silver	(koz)
Candelaria	(100%) 880 431 449 1,985 598 605 367 415
Chapada 119 69 50 245 69 63 55 58
Eagle 15 5 10 35 7 3 17 8
Continuing	Operations 1,014 505 509 2,265 674 671 439 481
Neves-Corvo1 534 75 459 1,876 494 425 433 524
Zinkgruvan1 737 152 585 2,513 637 537 699 640
Total 2,285 732 1,553 6,654 1,805 1,633 1,571 1,645
1	Neves-Corvo	and	Zinkgruvan	results	are	to	April	16,	2025.
18

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

Production	Cost	and	Cash	Cost	Overview	($	millions,	$/lb)
Three	months	ended
June	30,
Six	months	ended
June	30,
($	millions) 2025 2024 2025 2024
Candelaria
Production	costs $186.1 $175.4 $358.2 $336.6
Gross	cost 	 2.34	 	 2.72	 	 2.33	 	 2.53	
By-product1 	 (0.53)	 	 (0.54)	 	 (0.55)	 	 (0.51)	
Cash	Cost	(Cu,	$/lb)2 	 1.81	 	 2.18	 	 1.78	 	 2.02	
AISC	(Cu,	$/lb)2 	 2.53	 	 3.22	 	 2.49	 	 3.28	
Caserones
Production	costs $204.7 $208.9 $448.7 $406.6
Gross	cost 	 2.93	 	 3.17	 	 2.96	 	 2.86	
By-product1 	 (0.48)	 	 (0.57)	 	 (0.47)	 	 (0.51)	
Cash	Cost	(Cu,	$/lb)2 	 2.45	 	 2.60	 	 2.49	 	 2.35	
AISC	(Cu,	$/lb)2 	 3.34	 	 3.58	 	 3.35	 	 3.28	
Chapada
Production	costs $75.0 $69.2 $138.5 $133.8
Gross	cost 	 3.04	 	 3.76	 	 3.17	 	 3.59	
By-product1 	 (2.29)	 	 (1.71)	 	 (2.09)	 	 (1.56)	
Cash	Cost	(Cu,	$/lb)2 	 0.75	 	 2.05	 	 1.08	 	 2.03	
AISC	(Cu,	$/lb)2 	 2.24	 	 3.72	 	 2.55	 	 3.75	
Consolidated3
Production	costs $465.8 $453.5 $945.3 $877.0
Gross	cost 	 2.66	 	 3.04	 	 2.69	 	 2.80	
By-product1 	 (0.74)	 	 (0.69)	 	 (0.69)	 	 (0.63)	
Cash	Cost	(Cu,	$/lb)2 	 1.92	 	 2.35	 	 2.00	 	 2.17	
Eagle
Production	costs $40.4 $37.7 $77.5 $78.2
Gross	cost 	 7.40	 	 7.70	 	 7.79	 	 7.80	
By-product1 	 (5.38)	 	 (4.47)	 	 (4.93)	 	 (4.15)	
Cash	Cost	(Ni,	$/lb)2 	 2.02	 	 3.23	 	 2.86	 	 3.65	
AISC	(Ni,	$/lb)2 	 4.58	 	 5.71	 	 5.29	 	 5.92	
1	By-product	is	after	related	treatment	and	refining	charges.
2	Cash	Cost	per	pound	sold	and	All-in	Sustaining	Cost	per	pound	sold	("AISC")	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	
Measures"	section	of	this	MD&A	for	discussion.
3	Consolidated	Cash	Cost	includes	primary	copper	producing	assets	from	continuing	operations.
19

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

Discontinued	Operations Three	months	ended
June	30,
Six	months	ended
June	30,
($	millions) 2025 2024 2025 2024
Neves-Corvo1
Production	costs 14.3 $83.1 90.2 $154.8
Gross	cost 	 4.86	 	 5.04	 	 6.35	 	 5.39	
By-product2 	 (2.44)	 	 (3.34)	 	 (4.51)	 	 (3.03)	
Cash	Cost	(Cu,	$/lb)3 	 2.42	 	 1.70	 	 1.84	 	 2.36	
AISC	(Cu,	$/lb)3 	 2.51	 	 3.46	 	 3.89	 	 4.18	
Zinkgruvan1
Production	costs 2.7 $32.7 $36.9 $62.8
Gross	cost 	 0.95	 	 1.07	 	 0.97	 	 1.09	
By-product2 	 0.23	 	 (0.68)	 	 (0.51)	 	 (0.58)	
Cash	Cost	(Zn,	$/lb)3 	 1.18	 	 0.39	 	 0.46	 	 0.51	
AISC	(Zn,	$/lb)3 	 3.85	 	 0.74	 	 1.13	 	 0.91	
1	Neves-Corvo	and	Zinkgruvan	results	are	to	April	16,	2025.
2	By-product	is	after	related	treatment	and	refining	charges.
3	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.
																																																																
20

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

Candelaria	(Chile)
Operating	Statistics
2025 2024
(100%	Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 19,938	 	 9,721	 	 10,217	 	 36,728	 	 12,673	 	 10,784	 	 8,155	 	 5,116	
Ore	milled	(kt) 	 15,504	 	 7,752	 	 7,752	 	 29,186	 	 7,600	 	 7,183	 	 7,094	 	 7,309	
Grade
Copper	(%) 	 0.52	 	 0.52	 	 0.52	 	 0.61	 	 0.69	 	 0.76	 	 0.49	 	 0.48	
Gold	(g/t) 	 0.12	 	 0.12	 	 0.12	 	 0.15	 	 0.17	 	 0.18	 	 0.12	 	 0.11	
Recovery
Copper	(%) 	 91.8	 	 92.0	 	 91.6	 	 91.8	 	 93.1	 	 92.1	 	 89.5	 	 91.9	
Gold	(%) 	 68.3	 	 68.2	 	 68.3	 	 67.7	 	 68.2	 	 69.9	 	 62.1	 	 69.8	
Production	(contained	metal)
Copper	(t) 	 74,070	 	 36,999	 	 37,071	 	 162,487	 	 48,772	 	 50,018	 	 31,170	 	 32,527	
Gold	(oz) 	 41,574	 	 20,574	 	 21,000	 	 93,021	 	 27,842	 	 28,835	 	 17,679	 	 18,665	
Silver	(koz) 	 880	 	 431	 	 449	 	 1,985	 	 598	 	 605	 	 367	 	 415	
Sales	volume	(payable	metal)
Copper	(t) 	 71,577	 	 36,603	 	 34,974	 	 158,017	 	 49,052	 	 45,430	 	 29,999	 	 33,536	
Gold	(oz) 	 39,796	 	 20,021	 	 19,775	 	 89,435	 	 27,756	 	 25,971	 	 16,727	 	 18,981	
Revenue	($	millions) 	 823.7	 	 404.6	 	 419.1	 	 1,618.9	 	 449.1	 	 473.0	 	 366.4	 	 330.4	
Production	costs	($	millions) 	 358.2	 	 186.1	 	 172.1	 	 726.7	 	 201.0	 	 189.1	 	 175.4	 	 161.3	
Gross	profit	($	millions) 	 321.4	 	 143.6	 	 177.8	 	 579.2	 	 163.2	 	 205.3	 	 114.9	 	 95.7	
Cash	cost	($	per	pound	copper)1 	 1.78	 	 1.81	 	 1.75	 	 1.73	 	 1.53	 	 1.55	 	 2.18	 	 1.89	
Sustaining	capital	($	millions)1 	 98.0	 	 50.2	 	 47.7	 	 275.7	 	 55.5	 	 60.1	 	 60.5	 	 99.5	
AISC	($	per	pound	copper)1 	 2.49	 	 2.53	 	 2.46	 	 2.62	 	 2.12	 	 2.23	 	 3.22	 	 3.34	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	
measure,	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
Production
Candelaria's	production	in	the	quarter	continued	to	benefit	from	strong	throughput	in	the	mill	due	to	softer	ore	feed 	and	
higher	ball	mill	runtime	due	to	rescheduled	maintenance.	Grades	and	recoveries	in	the	quarter	were	also	favourable	to	the	
prior	year	comparable	period.	Mining	in	the	open	pit	during	the	first	half	of	2025	was	focused	on	Phase	11	with	some	
contribution	from	higher	grade	areas	of	 Phase	12,	 and	production	is	expected	to	continue	at	similar	levels	through	the	
second	half	of	the	year.
Production	during	 the	year-to-date	period 	was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	higher	
throughput	and	grades.	As	planned,	average	grades	decreased	from	those	realized	in	the	second	half	of	2024	but	were	
higher	than	in	the	prior	year	comparable	period	primarily	due	to	grades	in	the	prior	year	being	impacted	negatively	by	the	
interface	of	the	open	pit	and	historic	underground	mining	stopes,	requiring	more	low	grade	 stockpiled	ore	to	be	processed	
in	2024.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	 and	year-to-date	period	were	higher	than	in	the	prior	year	comparable	periods	primarily	
due	to	higher	sales	volumes.
Cash	cost	per	pound	in	the	quarter	and	year-to-date	periods	were	lower	than	in	the	prior	year	comparable	periods	primarily	
due	to	higher	throughput	and	grades,	combined	with	favourable	foreign	exchange.	All-in	sustaining	cost	per	pound	("AISC")	
in	the	quarter	and	year-to-date	period	was	lower	than	in	the	prior	year	comparable	periods	due	to	lower	cash	cost	per	
pound,	combined	with	lower	 sustaining	capital	expenditures.	Sustaining	capital	expenditures	decreased	in	the	first	half	of	
2025	primarily	due	to	reduced	deferred	stripping	and	lower	spending	on	new	mine	equipment.
In	the	quarter,	approximately	14,000	oz	of	gold	and	280,000	oz	of	silver	were	subject	to	terms	of	a	streaming	agreement	
from	 which	 approximately	 $433/oz	 gold	 and	 $4.32/oz	 silver	 were	 received.	 This	 represents	 approximately	 68%	 of	
Candelaria's	total	gold	and	silver	production	during	the	quarter.
21

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

Gross	Profit	
Gross	profit	in	the	quarter	increased	from	the	prior	year	comparable	period	primarily	due	to	higher	sales	volumes	and	lower	
depreciation,	partially	offset	by	lower	realized	copper	prices.	Gross	profit	in	the	year-to-date	period	increased	due	to	higher	
realized	copper	prices,	higher	sales	volumes	and	lower	depreciation.
22

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

Caserones	(Chile)
Operating	Statistics
2025 2024
(100%	Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 19,680	 	 9,680	 	 10,000	 	 30,820	 	 8,557	 	 7,616	 	 7,840	 	 6,807	
Ore	milled	(kt) 	 16,653	 	 7,984	 	 8,669	 	 32,141	 	 8,759	 	 8,136	 	 7,556	 	 7,690	
Ore	placed	on	leach 	 9,725	 	 4,962	 	 4,763	 	 10,230	 	 3,563	 	 1,885	 	 2,868	 	 1,914	
Grade
Copper	(%) 	 0.35	 	 0.37	 	 0.33	 	 0.40	 	 0.36	 	 0.38	 	 0.42	 	 0.44	
Molybdenum	(%) 	 0.010	 	 0.008	 	 0.011	 	 0.015	 	 0.015	 	 0.016	 	 0.015	 	 0.016	
Recovery
Copper	(%) 	 79.1	 	 79.9	 	 78.4	 	 78.6	 	 81.9	 	 76.7	 	 75.9	 	 79.7	
Molybdenum	(%) 	 60.2	 	 56.6	 	 62.6	 	 64.1	 	 68.9	 	 53.3	 	 64.4	 	 70.0	
Production	(contained	metal)
			Copper	in	concentrate	(t) 	 45,730	 	 23,490	 	 22,240	 	 100,837	 	 25,717	 	 23,708	 	 24,246	 	 27,166	
			Copper	cathode	(t) 	 12,269	 	 5,800	 	 6,469	 	 23,924	 	 6,020	 	 5,325	 	 5,529	 	 7,050	
Total	copper	(t) 	 57,999	 	 29,290	 	 28,709	 	 124,761	 	 31,737	 	 29,033	 	 29,775	 	 34,216	
Molybdenum	(t) 	 982	 	 380	 	 602	 	 3,183	 	 912	 	 693	 	 714	 	 864	
Sales	volume	(payable	metal)
Copper	(t) 	 66,257	 	 30,076	 	 36,181	 	 113,867	 	 26,750	 	 22,044	 	 29,862	 	 35,211	
Molybdenum	(t) 	 1,017	 	 389	 	 628	 	 3,056	 	 944	 	 581	 	 695	 	 836	
Revenue	($	millions) 	 708.6	 	 322.7	 	 385.9	 	 1,153.6	 	 263.0	 	 227.9	 	 336.5	 	 326.2	
Production	costs	($	millions) 	 448.7	 	 204.7	 	 243.9	 	 776.2	 	 200.2	 	 169.4	 	 208.9	 	 197.7	
Gross	profit	($	millions) 	 157.6	 	 61.5	 	 96.1	 	 193.4	 	 24.2	 	 19.2	 	 73.1	 	 76.8	
Cash	cost	($	per	pound	copper)1 	 2.49	 	 2.45	 	 2.52	 	 2.51	 	 2.51	 	 2.96	 	 2.60	 	 2.14	
Sustaining	capital	($	millions)1 	 70.1	 	 31.9	 	 38.2	 	 144.0	 	 43.0	 	 22.9	 	 35.3	 	 42.8	
AISC	($	per	pound	copper)1 	 3.35	 	 3.34	 3.36 	 3.48	 	 3.58	 	 3.95	 	 3.58	 	 3.02	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	
measure,	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
Production
Caserones'	copper	production	in	the	quarter	benefitted	from	an	increase	in	average	grade,	but	was	also	impacted	by	
reduced	throughput	due	to	temporary	primary	crusher	availability.	Copper	production	in	the	quarter	was	slightly	lower	than	
in	the	prior	year	comparable	period	primarily	due	to	reduced	average	grade	due	to	mine	sequencing.	Mining	was	focused	at	
Phases	6	and	7	in	the	quarter,	as	mining	at	Phase	5	nears	completion.	Copper	cathode	production	in	the	quarter	benefitted	
from	increased	ore	placed	on	the	leach	pad.
Production	in	the	year-to-date	period	was	lower	than	in	the	prior	year	comparable	period	due	to	lower	average	grade	as	a	
result	of	mine	sequencing,	partially	offset	by	higher	throughput	from	operational	efficiencies.	Copper	cathode	production	in	
the	year-to-date	period	was	slightly	lower	than	in	the	prior	year	comparable	period	due	to	lower	irrigation.	Molybdenum	
production	was	lower	in	the	quarter	and	year-to-date	period	than	in	the	prior	year	comparable	periods	due	to	lower	grades.	
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	were	lower	than	in	the	prior	year	comparable	period	 due	to	lower	mining	and	milling	costs,		
partially	offset	by	higher	copper	sales	volumes .	Mining	and	milling	costs	in	the	quarter	benefitted	from	lower	labour	and	
maintenance	costs.	Production	costs	in	the	year-to-date	period	were	higher	than	in	the	prior	year	comparable	period	due	to	
slightly	higher	copper	sales	volumes	and	higher	contractor	and	maintenance	costs.
Cash	cost	per	pound	in	the	quarter	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	lower	treatment	
charges,	and	lower	mining	and	milling	costs.	Cash	cost	per	pound	in	the	year-to-date	period	was	higher	than	in	the	prior	
year	comparable	period	as	a	result	of	higher	contractor	and	maintenance	costs.	AISC	per	pound	in	the	quarter	was	lower	
than	in	the	prior	year	comparable	period	primarily	due	to	lower	cash	cost	and	lower	sustaining	capital	expenditures.	AISC	
per	pound	in	the	year-to-date	period	was	higher	than	in	the	prior	year	comparable	period	in	line	with	higher	cash	costs.
23

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

Gross	Profit
Gross	profit	in	the	quarter	was	lower	than	in	the	prior	year	comparable	period	due	to	lower	realized	copper	prices,	lower	
molybdenum	sales	volumes	and	higher	depreciation,	partially	offset	by	lower	treatment	charges.	Gross	profit	in	the	year-to-
date	period	was	higher	than	in	the	prior	year	comparable	period	due	to	higher	realized	copper	prices,	slightly	higher	copper	
sales	volumes,	and	lower	treatment	charges	partially	offset	by	higher	contractor	and	maintenance	costs.
24

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

Chapada	(Brazil)
Operating	Statistics
2025 2024
(100%	Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 8,005	 	 4,725	 	 3,280	 	 21,949	 	 5,084	 	 5,889	 	 5,851	 	 5,125	
Ore	milled	(kt) 	 11,495	 	 5,675	 	 5,820	 	 22,883	 	 5,945	 	 6,035	 	 5,407	 	 5,496	
Grade
Copper	(%) 	 0.24	 	 0.27	 	0.22	 	0.25	 	0.28	 	0.25	 	0.23	 	0.23	
Gold	(g/t) 	 0.15	 	 0.18	 	0.13	 	0.17	 	0.18	 	0.18	 	0.18	 	0.14	
Recovery
Copper	(%) 	 72.0	 	 73.6	 	70.0	 	77.3	 	76.2	 	78.1	 	74.2	 	81.1	
Gold	(%) 	 49.2	 	 52.7	 	44.3	 	52.2	 	53.4	 	51.5	 	49.3	 	55.3	
Production	(contained	metal)
Copper	(t) 	 20,183	 	 11,274	 	 8,909	 	 43,261	 	 12,323	 	 11,694	 	 9,106	 	 10,138	
Gold	(oz) 	 28,393	 	 17,544	 	 10,849	 	 65,415	 	 18,614	 	 17,877	 	 14,760	 	 14,164	
Silver	(koz) 	 119	 	 69	 	 50	 	 245	 	 69	 	 63	 	 55	 	 58	
Sales	volume	(payable	metal)
Copper	(t) 	 18,630	 	 10,284	 	 8,346	 	 39,615	 	 10,200	 	 12,380	 	 8,293	 	 8,742	
Gold	(oz) 	 24,431	 	 14,402	 	 10,029	 	 57,777	 	 14,660	 	 18,775	 	 12,368	 	 11,974	
Revenue	($	millions) 	 265.5	 	 150.9	 	 114.6	 	 497.6	 	 121.2	 	 160.0	 	 118.0	 	 98.4	
Production	costs	($	millions) 	 138.5	 	 75.0	 	 63.5	 	 282.6	 	 64.4	 	 84.5	 	 69.2	 	 64.6	
Gross	profit	(loss)	($	millions) 	 86.7	 	 54.0	 	 32.7	 	 165.0	 	 67.3	 	 48.7	 	 30.4	 	 18.8	
Cash	cost	($	per	pound	copper)1 	 1.08	 	 0.75	 	 1.47	 	 1.58	 	 1.07	 	 1.37	 	 2.05	 	 2.01	
Sustaining	capital	($	millions)1 	 49.6	 	 27.4	 	 22.2	 	 107.8	 	 32.9	 	 20.5	 	 25.2	 	 29.2	
AISC	($	per	pound	copper)1 	 2.55	 	 2.24	 	 2.94	 	 3.07	 	 2.81	 	 2.34	 	 3.72	 	 3.79	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	
measure,	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
Production	
During	the	quarter,	ore	from	the	North	and	South	open	pits	was	mined	and	processed,	with	an	emphasis	on	higher-grade	
material	in	line	with	the	planned	 mine	sequence.	Production	in	the	quarter	increased	from	the	prior	year	comparable	
period	due	to	increased	throughput,	combined	with	improved	copper	grade	due	to	reduced	processing	of	low-grade	
stockpile	material.	Gold	production	in	the	quarter	benefitted	from	higher	throughput	and	recoveries. 	In	the	second	half	of	
2025,	average	copper	grades	and	recoveries	are	expected	to	remain	in	line	with	the	second	quarter	as	opportunities	to	
accelerate	mining	and	processing	fresh	ore	from	the	open	pit	continues	to	reduce	processing	volumes	of	older	low-grade	
stockpile	material.				
Copper	production	in	the	year-to-date	period	was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	higher	
throughput	and	average	grades,	partially	offset	by	lower	average	recoveries.	Gold	production	in	the	year-to-date	period	
was	slightly	lower	than	in	the	prior	year	comparable	period	due	to	lower	average	recoveries	and	grades,	partially	offset	by	
higher	throughput.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	increased	compared	to	the	prior	year	comparable	period,	primarily	driven	by	higher	sales	
volumes,	partially	offset	by	favourable	foreign	exchange	and	reduced	mining	costs.	The	reduction	in	mining	costs	reflects	
the	results	of	the	Chapada	Full	Potential	program	which	started	in	2022,	and	focuses	on	various	site	optimization	activities.	
Production	costs	in	the	year-to-date	period	increased	compared	to	the	prior	year	comparable	period,	primarily	driven	by	
higher	sales	volumes,	partially	offset	by	favourable	foreign	exchange.	
Cash	cost	per	pound	of	$0.75	in	the	quarter	was	the	lowest	amount	since	the	third	quarter	of	2021.	Cash	cost	per	pound	in	
the	quarter	and	year-to-date	period	improved	from	the	prior	year	comparable	periods	primarily	due	to	 higher	by-product	
credits	as	a	result	of	increased	realized	prices	for	gold,	higher	gold	sales	volume	and	favourable	foreign	exchange.	Cash	cost	
per	pound	for	the	quarter	also	benefitted	from	higher	copper	sales	volume.	AISC	per	pound	in	the	quarter	and	year-to-date	
period	was	lower	than	in	the	prior	year	comparable	periods	primarily	due	to	lower	cash	cost	per	pound.	Sustaining	capital	
25

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

expenditures	in	the	quarter	were	higher	than	in	the	prior	year	comparable	period	mainly	due	to	increased	deferred	
stripping.	
Gross	Profit
Gross	profit	in	the	quarter	was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	increased	copper	and	gold	
sales	volumes,	higher	realized	gold	prices,	favourable	foreign	exchange	and	reduced	 mining	costs.	Gross	profit	in	the	year-
to-date	period	was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	higher	copper	and	gold	realized	prices	
and	favorable	foreign	exchange.	
26

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

Eagle	(USA)
Operating	Statistics
2025 2024
(100%	Basis) YTD Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 329 167 162 480 117 91 107 	 165	
Ore	milled	(kt) 330 169 161 487 121 90 97 	 179	
Grade
Nickel	(%) 	 1.8	 	 1.9	 	1.7	 	1.9	 	1.7	 	1.4	 	2.1	 	2.1	
Copper	(%) 	 1.5	 	 1.6	 	1.4	 	1.4	 	1.1	 	1.2	 	1.7	 	1.5	
Recovery
Nickel	(%) 	 83.7	 	 84.6	 	82.6	 	82.0	 	78.7	 	72.3	 	85.0	 	85.2	
Copper	(%) 	 95.3	 	 95.5	 	95.0	 	95.1	 	94.1	 	94.3	 	95.9	 	95.3	
Production	(contained	metal)
Nickel	(t) 5,009 2,713 2,296 7,486 1,617 893 1,721 3,255
Copper	(t) 4,595 2,510 2,085 6,366 1,262 1,027 1,563 2,514
Sales	volume	(payable	metal)
Nickel	(t) 	 3,974	 	 2,226	 	 1,748	 5,662 	 1,088	 	 393	 	 2,018	 	 2,163	
Copper	(t) 	 4,038	 	 2,489	 	 1,549	 	 5,457	 	 877	 	 733	 	 1,789	 	 2,058	
Revenue	($	millions) 	 103.3	 	 59.1	 	 44.3	 	 152.5	 	 25.6	 	 12.2	 	 57.4	 	 57.2	
Production	costs	($	millions) 	 77.5	 	 40.4	 	 37.1	 	 111.9	 	 21.1	 	 12.6	 	 37.7	 	 40.5	
Gross	profit	(loss)	($	millions) 	 15.4	 	 12.8	 	 2.6	 	 7.0	 	 (3.8)	 	 (6.5)	 	 9.8	 	 7.5	
Cash	cost	($	per	pound	nickel)1 	 2.86	 	 2.02	 	 3.94	 	 4.20	 	 5.22	 	 7.24	 	 3.23	 	 4.04	
Sustaining	capital	($	millions)1 	 10.8	 	 6.4	 	 4.5	 	 21.2	 	 5.2	 	 7.9	 	 4.0	 	 4.1	
AISC	($	per	pound	nickel)1 	 5.29	 	 4.58	 	 6.20	 	 7.60	 	 9.53	 	 20.02	 	 5.71	 	 6.12	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	
measure,	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
Production
Nickel	and	copper	production	during	the	quarter	was	impacted	by	a	temporary	reduction	in	equipment	availability	and	
reduced	throughput	as	a	result	of	an	unplanned	four-day	power	outage	caused	by	an	offsite	transmission	failure.	Following	
the	fall	of	ground	in	the	lower	ramp	in	Eagle	East	during	Q2	2024,	the	primary	main	access	ramp	rehabilitation	was	
completed	in	Q1	2025	and	production	gradually	increased	to	normal	levels	during	the	quarter.	Reduced	mining	rates	in	the	
comparative	quarter	and	year-to-date	period	as	a	result	of	the	fall	of	ground	was	the	primary	driver	of	increased	nickel	and	
copper	production	in	the	current	quarter	and	year-to-date	period.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	were	higher	than	in	the	prior	year	comparable	period	due	to	higher	nickel	and	copper	sales	
volumes,	partially	offset	by	lower	mining	costs	as	a	result	of	 insourcing	of	maintenance	activities.	Production	costs	in	the	
prior	year	comparable	period	excluded	approximately	$9.8	million	of	overhead	costs	that	were	recorded	in	Other	Income	
and	Expense	as	a	result	of	the	partial	suspension	of	underground	mining	operations.	Production	costs	for	the	year-to-date	
period	were	consistent	with	the	prior	year	comparable	period.
Cash	cost	per	pound	in	the	quarter	was	lower	than	in	the	prior	year	comparable	period	due	to	higher	by-product	credits	and	
higher	nickel	production	and	sales	volume.	Cash	cost	per	pound	for	the	year-to-date	period	was	lower	than	in	the	prior	year	
comparable	period	due	to	higher	by-product	credits,	partially	offset	by	lower	nickel	production	and	sales	volume.	AISC	per	
pound	in	the	quarter	and	year-to-date	period	was	lower	than	in	the	prior	year	comparable	period	in	line	with	lower	cash	
costs	per	pound.
Gross	Profit	
Gross	profit	in	the	quarter	was	higher	than	in	the	prior	year	comparable	period	due	to 	lower	depreciation	expense,	higher	
nickel	and	copper	sales	volumes,	and	lower	maintenance	costs,	partially	offset	by	lower	realized	nickel	and	copper	prices.	
Gross	profit	in	the	year-to-date	period	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	lower	realized	
nickel	prices,	partially	offset	by	reduced	depreciation	expense	and	lower	treatment	and	refining	charges.		
27

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

Neves-Corvo	(Portugal)	
Operating	Statistics	(Discontinued	Operation)
2025 2024
(100%	Basis)	 YTD2 Q22 Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	copper	(kt) 634 88 546 2,412 643 579 602 588
Ore	mined,	zinc	(kt) 643 100 543 2,127 539 571 499 518
Ore	milled,	copper	(kt) 582 78 504 2,426 643 583 601 599
Ore	milled,	zinc	(kt) 622 85 537 2,127 568 540 507 512
Grade
Copper	(%) 	 1.6	 	 1.9	 	1.6	 	1.5	 	1.4	 	1.5	 	1.6	 	1.5	
Zinc	(%) 	 6.7	 	 6.9	 	6.7	 	6.5	 	6.3	 	7.0	 	6.3	 	6.5	
Lead	(%) 	 1.3	 	 1.4	 	1.3	 	1.2	 	1.1	 	1.4	 	1.3	 	1.2	
Recovery
Copper	(%) 	 78.5	 	 81.1	 	78.0	 	76.9	 	78.3	 	74.9	 	77.2	 	77.3	
Zinc	(%) 	 76.3	 	 79.0	 	75.8	 	77.3	 	76.0	 	76.9	 	78.2	 	78.4	
Lead	(%) 	 29.5	 	 31.6	 	29.2	 	24.6	 	25.4	 	24.8	 	21.7	 	26.5	
Production	(contained	metal)
Copper	(t) 7,348 1,225 6,123 28,228 7,139 6,698 7,347 	 7,044	
Zinc	(t) 32,356 4,665 27,691 109,571 27,879 29,509 25,696 	 26,487	
Lead	(t) 2,361 369 1,992 6,395 1,553 1,851 1,387 	 1,604	
Silver	(koz) 	 534	 	 75	 	 459	 	 1,876	 	 494	 	 425	 	 433	 	 524	
Sales	volume	(payable	metal)
Copper	(t) 	 6,745	 	 1,394	 	 5,351	 	 26,721	 	 5,230	 	 7,707	 	 7,898	 	 5,886	
Zinc	(t) 	 27,673	 	 3,823	 	 23,850	 	 88,731	 	 21,357	 	 25,730	 	 20,440	 	 21,204	
Lead	(t) 	 1,920	 	 440	 	 1,480	 	 5,700	 	 1,323	 	 1,811	 	 1,242	 	 1,324	
Revenue	($	millions) 	 128.3	 	 19.9	 	 108.4	 	 438.1	 	 97.5	 	 131.2	 	 128.7	 	 80.6	
Production	costs	($	millions) 	 90.2	 	 14.3	 	 75.9	 	 323.2	 	 73.2	 	 95.2	 	 83.1	 	 71.7	
Gross	(loss)	profit	($	millions) 	 38.0	 	 5.5	 	 32.5	 	 (3.4)	 	 (2.5)	 	 1.3	 	 15.9	 	 (18.1)	
Cash	cost	($	per	pound	copper)1 	 1.84	 	 2.42	 	 1.69	 	 2.19	 	 1.84	 	 2.13	 	 1.70	 	 3.24	
Sustaining	capital	($	millions)1 	 27.7	 	 —	 	 27.7	 	 89.3	 	 12.7	 	 26.3	 	 27.9	 	 22.4	
AISC	($	per	pound	copper)1 	 3.89	 	 2.51	 	 4.25	 	 3.92	 	 3.37	 	 3.84	 	 3.46	 	 5.13	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	
measure,	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
2	Neves-Corvo	2025	results	are	to	April	16,	2025.
Production	
Neves-Corvo	was	sold	on	April	16,	2025.	In	2025	through	to	the	date	of	sale,	copper	production	was	lower	than	in	the	prior	
year	comparable	period	due	to	lower	throughput,	and	zinc	production	increased	due	to	higher	throughput	and	grades.		
Production	Costs	and	Cash	Cost
Production	costs	in	2025	through	to	the	date	of	sale	were	higher	than	in	the	prior	year	comparable	period	primarily	due	to	
higher	 zinc	 sales	 volume	 and	 an	 increase	 in	 electricity	 and	 maintenance	 costs,	 partially	 offset	 by	 favourable	 foreign	
exchange.	Electricity	costs	increased	as	a	result	of	higher	market	energy	prices.	
Cash	cost	per	pound	in	Q1	2025	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	higher	by-product	
credits	driven	by	an	increase	in	zinc	sales	volume	and	higher	realized	zinc	prices	as	well	as	favourable	foreign	exchange,	
partially	offset	by	lower	copper	sales	volume.	AISC	per	pound	in	Q1	2025	was	lower	than	AISC	from	the	prior	year	
comparable	period	due	to	lower	cash	cost	per	pound	offset	partially	by	higher	sustaining	capital	expenditures.	
Gross	(Loss)	Profit
Gross	profit	in	2025	through	to	date	of	sale	was	higher	than	the	prior	year	comparable	period	primarily	due	to	no	
depreciation	being	taken	on	assets	classified	as	held	for	sale,	as	well	as	higher	realized	copper	and	zinc	prices	and	lower	
treatment	and	refining	charges,	partially	offset	by	lower	copper	sales	volume	and	higher	electricity	costs.	Net	earnings	were	
impacted	by	a	non-cash	impairment	charge	of	 $66	million	in	Q1	2025	to	recognize	mining	rights	and	mineral	properties	at	
their	estimated	fair	value,	based	on	the	cash	proceeds	received.
28

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

Zinkgruvan	(Sweden)
	
Operating	Statistics	(Discontinued	Operation)
2025 2024
(100%	Basis) YTD2 Q22 Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	zinc	(kt) 393 64 329 1,246 332 300 308 306
Ore	mined,	copper	(kt) 59 — 59 184 8 84 45 47
Ore	milled,	zinc	(kt) 403 66 337 1,239 311 302 313 313
Ore	milled,	copper	(kt) 51 — 51 207 14 76 42 75
Grade
Zinc	(%) 	 7.0	 	 7.5	 	6.9	 	7.3	 	8.4	 	6.3	 	7.7	 	6.7	
Lead	(%) 	 2.8	 	 3.2	 	2.8	 	3.1	 	3.7	 	2.4	 	3.7	 	2.7	
Copper	(%) 	 2.1	 	 —	 	2.1	 	2.2	 	2.0	 	2.1	 	2.0	 	2.4	
Recovery
Zinc	(%) 	 91.6	 	 92.6	 	91.4	 	90.9	 	91.8	 	89.8	 	90.6	 	91.1	
Lead	(%) 	 81.1	 	 78.3	 	81.7	 	80.0	 	83.0	 	78.5	 	78.2	 	79.4	
Copper	(%) 	 90.2	 	 —	 	90.2	 	88.1	 	86.7	 	87.3	 	88.0	 	89.0	
Production	(contained	metal)
Zinc	(t) 25,877 4,620 21,257 82,133 24,067 17,101 21,764 19,201
Lead	(t) 9,291 1,705 7,586 30,888 9,481 5,693 8,966 6,748
Copper	(t) 971 — 971 3,964 258 1,385 747 1,574
Silver	(koz) 737 152 585 2,513 637 537 699 640
Sales	volume	(payable	metal)
Zinc	(t) 	 20,698	 	 1,548	 	 19,150	 	 68,086	 	 18,627	 	 15,124	 	 18,510	 	 15,825	
Lead	(t) 	 6,948	 (120)3 	 7,068	 	 28,036	 	 7,786	 	 6,346	 	 9,069	 	 4,835	
Copper	(t) 	 982	 	 —	 	 982	 	 3,809	 	 457	 	 1,775	 	 821	 	 756	
Revenue	($	millions) 	 72.4	 	 0.8	 	 71.6	 	 256.7	 	 67.5	 	 68.6	 	 76.6	 	 44.1	
Production	costs	($	millions) 	 36.9	 2.7 	 34.2	 	 122.1	 	 29.1	 	 30.1	 	 32.7	 	 30.1	
Gross	profit	(loss)	($	millions) 	 35.5	 	 (1.9)	 	 37.4	 	 97.7	 	 32.4	 	 24.3	 	 35.0	 	 6.0	
Cash	cost	($	per	pound)1 	 0.46	 	 1.18	 	 0.40	 	 0.41	 	 0.43	 	 0.16	 	 0.39	 	 0.65	
Sustaining	capital	($	millions)1 	 30.4	 	 9.1	 	 21.3	 	 65.7	 	 22.5	 	 15.5	 	 13.3	 	 14.3	
AISC	($	per	pound)1 	 1.13	 	 3.85	 	 0.91	 	 0.87	 	 0.99	 	 0.66	 	 0.74	 	 1.10	
1All-in	Sustaining	Cost	per	pound	sold	("AISC")	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	
measure,	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
2	Zinkgruvan	2025	results	are	to	April	16,	2025.
3	Lead	sales	volume	for	the	quarter	was	impacted	by	volume	adjustments.	
Production	
Zinkgruvan	was	sold	on	April	16,	2025.	In	2025	through	to	the	date	of	sale,	zinc	and	lead	production	were	higher	than	in	the	
prior	year	comparable	period	due	to	higher	throughput,	grades	and	recoveries.	Zinc	production	was	positively	impacted	by	
favourable	mine	sequencing	and	high	grade	stopes.	Copper	production	was	lower	than	in	the	prior	year	comparable	period	
primarily	due	to	lower	throughput	and	remained	in	line	with	the	mine	plan	as	zinc	production	was	prioritized.
Production	Costs	and	Cash	Cost
Production	costs	in	2025	through	to	the	date	of	sale	were	higher	than	in	the	prior	year	comparable	period	primarily	due	to	
higher	zinc	and	lead	sales	volumes.	
Cash	cost	per	pound	in	Q1	2025	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	increased	zinc	sales	
volume	as	well	as	higher	by-product	credits	as	a	result	of	higher	copper	sales	volume	and	higher	copper	realized	prices.	AISC	
per	pound	in	Q1	2025	was	lower	than	in	the	prior	year	comparable	period	due	to	due	to	lower	cash	cost	per	pound	slightly	
offset	by	higher	sustaining	capital	expenditures.	
Gross	Profit
Gross	profit	in	2025	through	to	the	date	of	sale	was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	no	
depreciation	being	taken	on	assets	classified	as	held	for	sale,	as	well	as	higher	realized	zinc	and	copper	prices,	lower	
treatment	and	refining	charges	and	higher	zinc,	copper	and	lead	sales	volume.	
29

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

Vicuña	Project		(Argentina	and	Chile)	
Project	Development		
On	January	15,	2025,	the	Company	completed	the	Filo	Acquisition	and	the	Joint	Arrangement,	resulting	in	the	Company	
indirectly	holding	a	50%	interest	in	Vicuña	Corp.,	an	independently	managed	joint	operation	which	owns	the	Josemaria	
project	in	Argentina	and	the	Filo	del	Sol	project	in	Argentina	and	Chile.	BHP	indirectly	owns	the	remaining	50%	interest	in	
Vicuña.
In	2025,	work	continues	to	 focus	on	advancing	studies	related	to	the	synergies	between	the	 Filo	del	Sol	and	Josemaria	
projects,	continuing	the	drilling	program,	and	progressing	the	development	of	the	Josemaria	project.
Activities	 at	 Josemaria	 during	 the	 quarter	 focused	 on	 the	 completion	 and	 submission	 of	 the	 Environmental	 Impact	
Assessment	("EIA"),	power	infrastructure	planning,	and	continued	advancement	of	the	water	program.	Mobilization	and	
preparatory	works	for	the	northern	access	road	commenced	in	the	quarter	with	full	construction	scheduled	to	begin	later	in	
2025	 following	 the	 winter	 season.	 Work	 also	 continued	 on	 a	 multi-phased	 development	 concept	 pertaining	 to	 the	
Josemaria	and	Filo	del	Sol	deposits.	An	integrated	technical	report	is	targeted	to	be	complete	by	early	2026.	
Government	relations	activities	continued	with	both	the	national	and	provincial	governments.	In	conjunction,	discussions	
on	provincial	agreements	continued	to	be	advanced.	Work	also	progressed	in	the	quarter	on	an	application	for	the	
Argentinean	Basis	Law	-	Incentive	Regime	for	Large	Investments	("RIGI").	
Community	investment	programs	were	launched	in	2025	with	a	focus	on	gender,	youth	training,	cooperative	development,	
and	rural	livelihoods.	
On	May	4,	2025,	the	Company	announced	an	initial	Mineral	Resource	estimate	for	the	Filo	del	Sol	sulphide	deposit,	an	
update	to	the	Mineral	Resource	estimate	for	the	Filo	del	Sol	oxide	deposit	and	an	update	to	the	Mineral	Resource	estimate	
for	the	Josemaria	deposit,	which	highlighted	the	combined	Vicuña	Project	as	one	of	the	largest	copper,	gold	and	silver	
resources	in	the	world.	Details	of	the	Vicuña	Mineral	Resource	are	set	out	in	the	Vicuña	Technical	Report.
The	Filo	del	Sol	and	Josemaria	deposits	have	significant	high-grade	mineralization	that	could	provide	the	initial	years	of	
mining	for	the	Project.	
• Filo	del	Sol	high-grade	core	at	cut-off	of	0.75%	copper	equivalent	("CuEq"):	606	million	Mt	(M&I)	at	1.14%	CuEq 1		
(0.74%	Cu)	for	contained	metal	of	4.5	Mt	copper	at	0.74%,	9.6	Moz	gold	at	0.49	g/t	and	259	Moz	silver	at	13.3	g/t.	
• Near	surface	Josemaria	high-grade	core	at	cut-off	of	0.60%	CuEq:	196	Mt	(M&I)	at	0.73%	CuEq 2	(0.50%	Cu)	for	
contained	metal	of	978	kt	copper	at	0.50%,	2.4	Moz	gold	at	0.38	g/t	and	11	Moz	silver	at	1.7	g/t.
The	Filo	del	Sol	deposit	also	contains	copper	oxide	mineralization	at	surface.
• Lower	capital	intensity	heap	leach	oxide	cap	of	434	Mt	(M&I)	at	0.34%	copper	(1.5	Mt),	0.28	g/t	gold	(3.9	Moz)	and	
2.5	g/t	silver	(35	Moz)
• High-grade	oxides	at	a	cut-off	of	0.60%	CuEq	of	181	Mt	(M&I)	at	1.05%	CuEq3(0.50%	Cu)	for	contained	metal	of	911	
kt	copper	at	0.50%,	2.3	Moz	gold	at	0.39	g/t	and	230	Moz	silver	at	39.6	g/t.
There	is	clear	potential	for	expansion.	Drilling	at	Filo	del	Sol	bottomed	in	mineralization	and	is	open	at	depth,	while	drilling	
at	the	Flamenco	zone	approximately	2	kilometers	to	the	south	has	intercepted	mineralization	beyond	the	 limits	of	the	
current	resource	pit	shell.
During	the	quarter,	the	Company	spent	$32.2	million	in	capital	expenditures	compared	to	 $87.1	million	in	the	prior	year	
comparable	period.	On	a	year-to-date	basis,	the	Company	spent	 $74.9	million	compared	to	$143.1	million	in	the	prior	year	
comparable	period.	Reduced	spending	in	both	the	quarter	and	year-to-date	periods	is	due	to	the	formation	of	Vicuña	on	
January	 15,	 2025.	 From	 this	 date,	 the	 Company's	 expansionary	 capital	 expenditures	 include	 50%	 of	 Vicuña's	 capital	
expenditures.	
30
1	Filo	del	Sol	CuEq	assumes	average	metallurgical	recoveries	of	78%	for	copper,	62%	for	gold	and	62%	for	silver,	and	metal	prices	of	$4.43/lb	Cu,	$2,185/oz	
Au	and	$28.80/oz	Ag.	The	CuEq	formula	is:	CuEq=	Cu%	+	(0.59	*	Au	g/t)	+	(0.008	*	Ag	g/t).
2	Josemaria	high-grade	core	CuEq	assumes	metallurgical	recoveries	of	84%	for	copper,	67%	for	gold	and	63%	for	silver,	and	metal	prices	of	$4.43/lb	Cu,	
$2,185/oz	Au	and	$28.80/oz	Ag.	The	CuEq	formula	is:	CuEq=	Cu%	+	(0.58	*	Au	g/t)	+	(0.007	*	Ag	g/t).
3	Filo	del	Sol	oxide	CuEq	assumes	average	metallurgical	recoveries	of	78%	for	copper,	62%	for	gold	and	62%	for	silver,	and	metal	prices	of	$4.43/lb	Cu,	
$2,185/oz	Au	and	$28.80/oz	Ag.	The	CuEq	formula	is:	CuEq=	Cu%	+	(0.59	*	Au	g/t)	+	(0.008	*	Ag	g/t).

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

Expansionary	Projects
The	Company	has	a	number	of	brownfield	expansionary	projects	that	are	expected	to	contribute	to	medium-term	growth	in	
its	 existing	 operating	 asset	 portfolio.	 Combined,	 these	 opportunities	 could	 add	 30,000	 to	 40,000	 tonnes	 of	 copper	
production	growth	and	60,000	to	70,000	ounces	of	annual	gold	production	through	low	capital	intensity	growth	projects.
Candelaria
Projects	are	ongoing	to	support	the	mine	life	extension	under	the	Environmental	Impact	Assessment	("2040	EIA").	During	
the	quarter,	$1.5	million	was	spent	on	relocation	of	electrical	transmission	lines	to	allow	for	expansion	of	the	open	pit.	
During	the	year-to-date	period,	$21.7	million	of	spending	also	included	key	equipment	deliveries	as	well	as	the	acquisition	
of	mining	rights.	
Additionally,	the	Company	is	working	on	an	expansion	opportunity	which	re-envisions	the	previously	disclosed	Candelaria	
Underground	Expansion	Project	("CUGEP")	to	a	lower-capital	intensive	option	with	only	marginally	lower	production	rates.	
The	Company	forecasts	that	this	could	increase	underground	throughput	capacity	by	approximately	50%	to	60%	to	~22,000	
tonnes	 per	 day	 from	 current	 levels	 of	 12,000	 to	 14,000	 tonnes	 per	 day	 and	 increase	 annual	 copper	 production	 by	
approximately	 10%	 or	 14,000	 tonnes	 of	 copper	 per	 year.	 The	 opportunity	 includes	 insourcing	 of	 the	 Company's	
underground	mining	contract,	which	is	anticipated	to	provide	incremental	copper	production	gains	from	higher	productivity	
rates	through	improved	mechanical	availability	and	higher	development	rates.	Initial	recruitment	has	begun	as	part	of	the 	
internalization	process,	along	with	training	and	licensing	of	blast	technicians.	It	is	expected	that	by	mid-2026,	the	initial	
underground	mining	crews	will	have	been	internalized.		
Caserones
While	cathode	production	at	Caserones	has	remained	strong	over	recent	quarters,	the	Company	is	anticipating	that	through	
continued	improvements	with	its	leaching	practices	and	additional	oxide	material,	incremental	future	production	can	be	
realized	in	the	range	of	7,000	to	10,000	tonnes	of	copper	per	year.
Chapada
The	development	of	the	Saúva	deposit,	approximately	15	kilometers	from	the	Chapada	mine,	represents	a	near	mine	
opportunity	to	add	approximately	15,000	to	20,000	tonnes	of	copper	production	per	year	and	50,000	to	60,000	ounces	of	
gold	production	per	year,	representing	50%	and	100%	production	increases	respectively.	This	is	expected	to	be	achieved	
through	the	installation	of	additional	grinding	capacity	and	by	offsetting	lower	grade	material	with	higher	grade	ore	from	
Saúva.	Permitting	and	technical	work	is	ongoing	to	further	define	the	project	and	the	Company	anticipates	completing	a	
pre-feasibility	study	by	the	end	of	2025.
Exploration	Update
During	the	quarter,	exploration	activity	focused	on	in-mine	and	near-mine	targets	at	the	Company's	operations.	Exploration	
drilling	at	Candelaria	was	focused	on	Candelaria	South	(Mariana)	and	Candelaria	Norte	with	a	total	of	1,533m	completed	
during	the	quarter.	
At	Caserones,	drilling	started	for	the	year	early	in	the	quarter	with	one	rig	at	the	Caserones	pit	targeting	deep	high-grade	
copper	breccias	and	two	rigs	at	Angelica	targeting	copper	sulphides	beneath	the	Angelica	oxide	deposit,	totaling	3,097m.	
A	total	of	5,077m	was	drilled	using	two	rigs	at	Chapada.	One	rig	was	in	the	Saúva	resource	area,	focusing	on	adding	high	
grade	resources.	A	second	rig	was	testing	shallow	targets	outside	the	Saúva	resource	area	and	near-mine	targets.	
At	Eagle,	drilling	commenced	at	the	Boulderdash	property	with	two	rigs	targeting	potential	extensions	of	the	known	n ickel-
copper	mineralized	intrusion.	This	drilling	is	part	of	an	exclusivity	agreement	with	Talon	 to	negotiate	an	earn-in	agreement	
for	the	right	to	acquire	up	to	a	70%	ownership	interest	in	the	Boulderdash	property	that	is	near	the	Company's	Eagle	mine.	
Total	drilling	for	the	quarter	was	1,874m,	as	part	of	the	proposed	10,000m	Phase	1	earn-in	drilling	program.
31

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

Liquidity	and	Capital	Resources
Consolidated	Cash	Flow
Three	months	ended	June	30,	
($	millions) 2025 2024 Change
Cash	provided	by	operating	activities	related	to	continuing	operations 	 314.6	 	 440.0	 	 (125.4)	
Cash	provided	by	(used	in)	investing	activities	related	to	continuing	
operations 	 1,159.4	 	 (213.0)	 	 1,372.4	
Cash	used	in	financing	activities	related	to	continuing	operations 	 (1,630.6)	 	 (156.7)	 	 (1,473.9)	
Effect	of	foreign	exchange	on	cash	balances 	 (0.6)	 	 3.7	 	 (4.3)	
(Decrease)	increase	in	cash	and	cash	equivalents 	 (146.2)	 	 87.4	 	 (233.6)	
Opening	cash	and	cash	equivalents 	 425.5	 	 365.5	 	 60.0	
Closing	cash	and	cash	equivalents 	 279.3	 	 452.8	 	 (173.5)	
Adjusted	operating	cash	flow1		—	continuing	operations 	 277.2	 	 291.2	 	 (14.0)	
Free	cash	flow	from	operations1	—	continuing	operations 	 211.1	 	 324.7	 	 (113.6)	
Free	cash	flow1		—	continuing	operations 	 165.0	 	 226.3	 	 (61.3)	
Six	months	ended	June	30,	
($	millions) 2025 2024 Change
Cash	provided	by	operating	activities	related	to	continuing	operations 	 436.9	 	 672.3	 	 (235.4)	
Cash	provided	by	(used	in)	investing	activities	related	to	continuing	
operations 	 1,058.4	 	 (447.3)	 	 1,505.7	
Cash	used	in	financing	activities	related	to	continuing	operations 	 (1,665.5)	 	 (54.9)	 	 (1,610.6)	
Effect	of	foreign	exchange	on	cash	balances 	 2.6	 	 0.2	 	 2.4	
(Decrease)	increase	in	cash	and	cash	equivalents 	 (153.0)	 	 184.0	 	 (337.0)	
Opening	cash	and	cash	equivalents 	 432.3	 	 268.8	 	 163.5	
Closing	cash	and	cash	equivalents 	 279.3	 	 452.8	 	 (173.5)	
Adjusted	operating	cash	flow1		—	continuing	operations 	 614.2	 	 585.3	 	 28.9	
Free	cash	flow	from	operations1	—	continuing	operations 	 232.6	 	 391.3	 	 (158.7)	
Free	cash	flow1		—	continuing	operations 	 111.8	 	 226.1	 	 (114.3)	
1This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.	
Cash	provided	by	operating	activities	related	to	continuing	operations	during	the	 quarter	and	year-to-date	periods	was	
lower	than	in	the	prior	year	comparable	periods	primarily	due	to	higher	cash	income	taxes	paid	at	Candelaria	due	to	timing	
of	payments,	combined	with	increased	taxable	income.	These	payments	were	partially	offset	by	higher	gross	profit	from	
continuing	operations.	Adjusted	operating	cash	flow1		-	continuing	operations	during	the	quarter	was	lower	than	in	the	prior	
year	comparable	period	in	line	with	lower	cash	provided	by	operating	activities	related	to	continuing	operations.	Adjusted	
operating	cash	flow	-	continuing	operations	on	a	year-to-date	basis	was	higher	than	in	the	prior	year	comparable	period	
after	adjusting	for	significant	negative	working	capital	outflows	in	Q1	2025	that	included	a	buildup	of	trade	receivables	from	
shipments	toward	the	end	of	the	quarter.
Cash	provided	by	investing	activities	related	to	continuing	operations	during	the	quarter	and	year-to-date	periods	was		
higher	than	in	the	prior	year	comparable	periods,	primarily	due	to	the	sale	of	the	Neves-Corvo	and	Zinkgruvan	operations	in	
April	2025.	 At	closing,	Lundin	Mining	received	net	cash	proceeds	of	 $1,314.6	million	including	cash	consideration	of	
$1,402.0	million,	net	of	cash	disposed	and	transaction	costs. 	Additionally,	cash	provided	by	investing	activities	related	to	
continuing	operations	benefitted	from	lower	capital	expenditures	in	both	the	quarter	and	year-to-date	periods	as	compared	
to	the	prior	year	comparable	periods.	A	decrease	in	sustaining	capital	expenditures	was	primarily	due	to	reduced	deferred	
stripping	at	Candelaria.	A	decrease	in	expansionary	capital	expenditures	was	primarily	 due	to	the	formation	of	Vicuña	on	
January	 15,	 2025.	 From	 this	 date,	 the	 Company's	 expansionary	 capital	 expenditures	 include	 50%	 of	 Vicuña's	 capital	
expenditures.	A	summary	of	capital	expenditures	on	a	cash	basis	is	outlined	below.		
																																						32
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

Summary	of	Capital	Expenditures1 Three	months	ended	June	30, Six	months	ended	June	30,
($	millions) 2025 2024 2025 2024
Candelaria 	 1.5	 	 —	 	 21.7	 	 —	
Vicuña 	 32.2	 	 87.1	 	 74.9	 	 143.1	
Expansionary	capital	investment	from	continuing	operations 	 33.7	 	 87.1	 	 96.6	 	 143.1	
Candelaria 	 50.2	 	 60.5	 	 98.0	 	 160.1	
Caserones 	 31.9	 	 35.3	 	 70.1	 	 78.1	
Chapada 	 27.4	 	 25.2	 	 49.6	 	 54.4	
Eagle 	 6.4	 	 4.0	 	 10.8	 	 8.1	
Other 	 0.1	 	 1.5	 	 0.1	 	 2.4	
Sustaining	capital	investment	from	continuing	operations 	 115.9	 	 126.6	 	 228.5	 	 303.1	
Total	capital	expenditures	from	continuing	operations 	 149.6	 	 213.7	 	 325.1	 	 446.2	
Reconciliation	to	Investment	in	mineral	properties,	plant	and	
equipment:
Capitalized	interest 	 7.9	 	 3.5	 	 8.4	 	 6.2	
Total	Investment	in	mineral	properties,	plant	and	equipment	
from	continuing	operations 	 157.5	 	 217.2	 	 333.5	 	 452.4	
Total		Investment	in	mineral	properties,	plant	and	equipment	
from	discontinued	operations 	 9.1	 	 41.2	 	 58.1	 	 78.0	
Total	Investment	in	mineral	properties,	plant	and	equipment	
(all	operations) 	 166.6	 	 258.5	 	 391.6	 	 530.4	
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.
Free	cash	flow	from	operations 1	-	continuing	operations	and	free	cash	flow	-	continuing	operations	during	the	quarter	and	
year-to-date	periods	were	lower	than	in	the	prior	year	comparable	periods	primarily	due	to	reductions	in	cash	provided	by	
operating	 activities	 related	 to	 continuing	 operations,	 partially	 offset	 by	 reduced	 sustaining	 and	 expansionary	 capital	
expenditures.	
Cash	used	in	financing	activities	related	to	continuing	operations	during	the	quarter	and	year-to-date	periods	increased	
from	the	prior	year	comparable	periods	primarily	due	to	net	cash	proceeds	received	in	the	quarter	from	the	sale	of	the	
Neves-Corvo	and	Zinkgruvan	operations.	These	were	used	to	 repay	in	full	the	 $1,150.0	million	outstanding	balance	of	the	
Company's	term	loan	and	to	repay	 $300.0	million	of	amounts	drawn	on	the	RCF.	The	Company	also	repurchased	shares	
under	its	normal	course	issuer	bid	("NCIB")	program	totalling	 $36.2	million	and	$107.7	million	in	the	quarter	and	year-to-
date	periods,	respectively.	There	were	no	shares	repurchased	in	the	prior	year	comparable	periods.	
																																						33
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

Liquidity	and	Financial	Position
($	millions) June	30,	2025 December	31,	2024 Change
Cash	and	cash	equivalents 	 279.3	 	 357.5	 	 (78.2)	
Total	assets 	 9,871.2	 	 10,406.7	 	 (535.5)	
Debt1 	 409.9	 	 1,757.0	 	 (1,347.1)	
Lease	liabilities1 	 245.1	 	 249.1	 	 (4.0)	
Net	debt2 	 (380.2)	 	 (1,597.8)	 	 1,217.6	
Net	debt	excluding	lease	liabilities2 	 (135.1)	 	 (1,332.4)	 	 1,197.3	
1Debt	and	lease	liabilities	include	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.	Amounts	presented	at	December	
31,	2024	include	discontinued	operations.
The	Company	continues	to	expect	to	be	able	to	fund	all	its	contractual	commitments	with	its	operating	cash	flow,	cash	on	
hand	and	available	capital	resources.
Net	debt	excluding	lease	liabilities	at	 June	30,	2025	decreased	significantly	from	 December	31,	2024	primarily	due	to	net	
cash	 proceeds	 from	 the	 sale	 of	 the	 Neves-Corvo	 and	 Zinkgruvan	 operations,	 which	 were	 used	 to	 repay	 in	 full	 the		
$1,150.0	million	outstanding	balance	of	the	Company's	term	loan	and	to	repay	 $300.0	million	of	amounts	drawn	on	the	
RCF.
During	the	quarter,	4,629,000	shares	were	purchased	under	the	Company's	NCIB	(Q2	2024	-	nil	shares).
																																						34

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