===== 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 ===== Contractual Obligations, Commitments and Contingencies The Company has contractual obligations and capital commitments as described in Note 19 “Commitments and Contingencies” in the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2025. From time to time, the Company may also be involved in legal proceedings that arise in the ordinary course of its business. Capital Resources As at June 30, 2025, the Company has an RCF of $1,750.0 million with $225.0 million outstanding (December 31, 2024 - $270.0 million). The RCF bears interest on drawn funds at rates of Term Secured Overnight Financing Rate (“Term SOFR”) plus Credit Spread Adjustment (“CSA”) of 0.10% plus an applicable margin of 1.40% to 2.55%, depending on the Company’s net leverage ratio and progress against sustainability performance targets. In March 2025 the security previously held over certain assets in the USA was removed from the revolving credit facility. The RCF matures in April 2029. In April 2025, the Company repaid in full the $1,150.0 million outstanding balance of the term loan and $170.0 million of amounts drawn on the RCF using the cash proceeds from the sale of the Neves-Corvo and Zinkgruvan operations. As a result of the repayment, the term loan has been extinguished and cannot be redrawn. In April 2025, the Company also repaid the $102.7 million (€95.0 million) outstanding balance of commercial paper programs at Neves-Corvo immediately prior to its sale. As at June 30, 2025, the Company was in compliance with its debt covenants. As at June 30, 2025, certain subsidiaries of the Company had outstanding unsecured term loans totalling $189.4 million (December 31, 2024 - $245.9 million) and which accrue interest at rates ranging from 4.78% to 5.99% per annum with interest payable upon maturity. The maturity dates range from July to November 2025. The development of the Vicuña Project requires significant capital commitments from the Company and additional funding, beyond debt, may be required to advance the projects to completion. Financial Instruments Revenue, cost of goods sold and capital expenditures are affected by certain external factors including fluctuations in metal prices, energy prices, and changes in exchange rates between the CLP, the BRL, the ARS and the $. During the quarter, the Company did not enter into any new derivative contracts. At June 30, 2025 , existing derivative contracts consist of foreign currency forward and option contracts as well as commodity option contracts. The option contracts consist of put and call contracts in a collar structure with all contracts maturing in 2025 or 2026. The derivative contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value as assessed by pricing models based on active market prices. Changes in fair value are recognized in other income and expense in the consolidated statement of earnings. The Company’s trade receivables also contain provisional pricing sales arrangements that are valued using quoted forward market prices. The following table illustrates the sensitivity of the Company’s risk on final settlement of its provisionally priced revenues as at June 30, 2025. Metal Payable Metal Provisional price on June 30, 2025 Change Effect on Revenue ($millions) Copper 112,897 t $4.49/lb +/- 10 % +/- $111.8 Gold 26,930 oz $3,309/oz +/- 10 % +/- $8.9 Nickel 763 t $6.84/lb +/- 10 % +/- $1.2 Molybdenum 665 t $21.82/lb +/- 10 % +/- $3.2 For a detailed discussion of the Company’s financial instruments, refer to Note 18 "Financial Instruments" in the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2025 . For further information on the Company's management of financial risks, including those associated with financial and other instruments, refer to Note 30 of the Company's consolidated financial statements for the year ended December 31, 2024. 35 ===== SIDA 58 ===== Non-GAAP and Other Performance Measures The Company uses certain performance measures in its analysis and disclosure. These performance measures have no standardized meaning within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following are non-GAAP measures that the Company uses as key performance indicators. Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it may be useful to investors Cash cost Includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges, but excludes royalty expenses, expenses associated with non- cash fair value adjustments to inventory, depreciation and amortization and capital expenditures for deferred stripping. Revenue from sales of by-products, inclusive of adjustments for the terms of streaming agreements but excluding the recognition of any deferred revenue from the allocation of upfront streaming proceeds, reduce cash cost. Production costs from continuing operations and Production costs from discontinued operations Copper, zinc, nickel and consolidated cash cost per pound sold are useful measures to assess the operating performance of the Company's mines and their ability to generate cash. The inclusion of by-product credits incorporates the benefit of other metals extracted in the production of the primary metal. Cash cost per pound sold This ratio is calculated by dividing cash cost by the sales volume of the primary metal (copper, zinc, or nickel). Consolidated cash cost per pound sold This ratio is calculated by dividing combined cash cost for primary copper producing assets by combined sales volume for copper producing assets. Primary copper producing assets include Candelaria, Caserones, and Chapada. All-in sustaining cost ("AISC") Includes cash cost (as defined above), royalties, sustaining capital expenditure (including deferred stripping and underground mine development), reclamation and other closure cost accretion and amortization and lease payments (cash basis). As this measure seeks to reflect the full cost of production from current operations, expansionary capital and certain exploration costs are excluded as these are costs typically incurred to extend mine life or materially increase the productive capacity of existing assets, or for new operations. Corporate general and administrative expenses have also been excluded as any attribution of these costs to an operating site would not necessarily be reflective of costs directly attributable to the administration of the site. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest) and costs related to business combinations, asset acquisitions and asset disposals are also excluded. Production costs from continuing operations and Production costs from discontinued operations Copper, zinc and nickel AISC and AISC per pound sold are useful measures to understand the full cost of producing and selling metal at the Company's mines, and each mine's ability to generate cash while sustaining production at current levels. AlSC per pound sold This ratio is calculated by dividing AISC by the sales volume of the primary metal (copper, zinc, or nickel). Sustaining capital expenditures This supplementary financial measure is defined as cash- basis expenditures which maintain existing operations and sustain production levels. Investment in mineral properties, plant and equipment Sustaining capital expenditures provide an understanding of costs required to maintain existing production levels. Expansionary capital expenditures provide information on costs required for future growth of existing or new assets. Expansionary capital expenditures This non-GAAP measure is defined as cash-basis expenditures which increase current or future production capacity, cash flow or earnings potential and are reported excluding capitalized interest. Where an expenditure both maintains and expands current operations, classification would be based on the primary decision for which the expenditure is being made. 36 ===== SIDA 59 ===== Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it is useful to investors Realized price per pound and realized price per ounce1 Defined as revenue from metal sales (copper, gold, nickel and molybdenum) adding back treatment and refining charges, cash effects of gold and copper streams, recognition of deferred revenue from the allocation of upfront streaming proceeds and sales of silver and other metals, divided by the volume of metal sold in the period. Revenue from continuing operations These measures provide an understanding of the price realized in each reporting period for metal sales. Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, and finance costs, net. Adjusted EBITDA removes the effects of items that do not reflect the Company's underlying operating performance and are not necessarily indicative of future operating results. These may include: unrealized foreign exchange, unrealized gains or losses from derivative contracts, revaluation gains or losses on marketable securities, derivative liabilities, contingent consideration and purchase options, expenses for acquisition-related fair value adjustments to inventory, non-cash impairment charges and reversals, non-cash stockpile inventory or fixed asset write-downs or reversals, goodwill impairment, costs relating to the sinkhole near Ojos del Salado operations, costs relating to the partial suspension of underground operations at Eagle, gains or losses on disposals or partial disposals of subsidiaries, income from investments in associates, insurance proceeds and litigation and settlements. Net earnings (loss) from continuing operations and from discontinued operations EBITDA and Adjusted EBITDA are used to evaluate the Company's operational performance and its ability to generate cash from core operations. Adjusted earnings (loss) Defined as net earnings or loss attributable to shareholders of the Company excluding the effects (net of tax) of significant items that do not reflect the Company's underlying operating performance. In addition to the items listed for Adjusted EBITDA, these may also include: deferred tax recovery or expense arising from foreign exchange translation, deferred tax recovery or expense arising from changes in tax rates, and deferred tax recovery or expense relating to disposals or partial disposals of subsidiaries. Adjustments exclude amounts attributable to non-controlling interests. Net earnings (loss) attributable to Lundin Mining Corporation shareholders and Net earnings (loss) from continuing operations attributable to Lundin Mining Corporation shareholders In addition to conventional measures prepared in accordance with IFRS, adjusted earnings and adjusted earnings per share measure the underlying operating performance of the Company. Adjusted earnings (loss) per share This ratio is calculated by dividing adjusted net earnings or loss by the weighted average number of shares outstanding. Free cash flow from operations Defined as cash flow provided by operating activities, excluding general exploration and business development costs and deducting sustaining capital expenditures (as defined above). Cash provided by operating activities related to continuing operations and Cash provided by operating activities related to discontinued operations Free cash flow from operations is indicative of the Company's ability to generate cash from its operations after consideration of required sustaining capital expenditure necessary to maintain existing production levels. Free cash flow further considers expansionary capital expenditure. Free cash flow Defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above). 37 ===== SIDA 60 ===== Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it is useful to investors Adjusted operating cash flow Defined as cash provided by operating activities, excluding changes in non-cash working capital items. Cash provided by operating activities related to continuing operations and Cash provided by operating activities related to discontinued operations These measures are indicative of the Company's ability to generate cash from its operations and remove the impact of working capital, which can experience volatility from period-to-period. Adjusted operating cash flow per share This ratio is calculated by dividing adjusted operating cash flow by the weighted average number of shares outstanding. Net debt Net debt is defined as total debt and lease liabilities excluding deferred financing fees, less cash and cash equivalents. Net debt excluding lease liabilities is defined as total debt excluding lease liabilities, deferred financing fees, less cash and cash equivalents. Debt and lease liabilities, current portion of debt and lease liabilities, cash and cash equivalents. These measures are indicative of the Company's financial position. Net debt excluding lease liabilities 1See the 'Revenue Overview' section of this MD&A for reconciliations to revenue, the most directly comparable IFRS measure. 38 ===== SIDA 61 ===== Cash Cost per Pound and All-in Sustaining Cost (“AISC”) per Pound Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs 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 charges 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 ($/lb) 1.81 2.45 0.75 1.92 2.02 Add: Sustaining capital expenditure 50.2 31.9 27.4 6.4 Royalties 4.0 8.5 3.6 4.1 Reclamation and other closure accretion and depreciation 2.0 1.3 1.7 1.2 Leases and other 1.6 17.1 1.0 0.9 All-in sustaining cost 203.9 221.4 50.8 22.5 AISC per pound ($/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 charges 0.8 0.6 1.4 Cash cost 7.4 4.0 11.5 Cash cost per pound ($/lb) 2.42 1.18 Add: Sustaining capital expenditure — 9.1 Royalties 0.2 — Reclamation and other closure accretion and depreciation 0.1 — All-in sustaining cost 7.7 13.1 AISC per pound ($/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. 39 ===== SIDA 62 ===== 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 charges 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 ($/lb) 2.18 2.60 2.05 2.35 3.23 Add: Sustaining capital expenditure 60.5 35.3 25.2 4.0 Royalties 3.6 9.3 1.6 3.9 Reclamation and other closure accretion and depreciation 1.9 1.1 2.7 1.6 Leases and other 3.0 18.6 0.8 1.5 All-in sustaining cost 212.9 235.6 67.9 25.4 AISC per pound ($/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. 40 ===== SIDA 63 ===== 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 charges 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 ($/lb) 1.78 2.49 1.08 2.00 2.86 Add: Sustaining capital expenditure 98.0 70.1 49.6 10.8 Royalties 7.5 18.4 5.6 6.3 Reclamation and other closure accretion and depreciation 4.1 2.6 3.4 2.4 Leases and other 3.1 34.6 2.1 1.8 All-in sustaining cost 393.4 489.2 104.9 46.4 AISC per pound ($/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 charges 5.4 7.2 12.6 Cash cost 27.4 20.8 48.1 Cash cost per pound ($/lb) 1.84 0.46 Add: Sustaining capital expenditure 27.7 30.4 Royalties 1.2 — Reclamation and other closure accretion and depreciation 0.7 0.3 Leases and other 0.9 — All-in sustaining cost 57.9 51.5 AISC per pound ($/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. 41 ===== SIDA 64 ===== 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 charges 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 ($/lb) 2.02 2.35 2.03 2.17 3.65 Add: Sustaining capital expenditure 160.1 78.1 54.4 8.1 Royalties 6.5 18.1 3.2 6.6 Reclamation and other closure accretion and depreciation 4.0 2.1 5.4 3.6 Leases and other 6.1 34.0 1.5 2.8 All-in sustaining cost 460.1 470.0 140.9 54.6 AISC per pound ($/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. 42 ===== SIDA 65 ===== Adjusted EBITDA 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 43 ===== SIDA 66 ===== Adjusted Earnings and Adjusted EPS 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 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. 44 ===== SIDA 67 ===== Free Cash Flow from Operations and Free Cash Flow Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Condensed Interim Consolidated Statements of Cash Flows as follows: Three months ended 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 45 ===== SIDA 68 ===== Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Condensed Interim Consolidated 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 Net Debt and Net Debt Excluding Lease Liabilities Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's Condensed Interim Consolidated Balance Sheets as follows: ($ millions) 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) 46 ===== SIDA 69 ===== Other Information and Advisories Related Party Transactions The Company enters into related party transactions that are in the normal course of business and on an arm’s length basis. Related party disclosures can be found in Note 21 of the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2025. Changes in Accounting Policies The accounting policies applied in the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2025 are the same as those applied in the Company’s consolidated financial statements for the year ended December 31, 2024. For further information on the Company’s accounting policies refer to Note 2 of each of the Company’s consolidated financial statements for the year ended December 31, 2024 and the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2025. Critical Accounting Estimates and Judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. For further information on the Company’s significant accounting estimates and judgements, refer to Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2024 . There have been no subsequent material changes to these significant accounting estimates and judgements. Disclosure Controls and Procedures Disclosure controls and procedures have been designed to provide reasonable assurance that all material information related to the Company is identified and communicated on a timely basis. Management of the Company, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, is responsible for the design and operation of disclosure controls and procedures. Management has evaluated the effectiveness of the Company’s disclosure controls and procedures and has concluded that they were effective as at December 31, 2024. There have been no changes in the Company's disclosure controls and procedures during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's financial reporting. Internal Control over Financial Reporting (“ICFR”) Management of the Company, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, is responsible for establishing and maintaining adequate ICFR. The Company’s ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. However, due to inherent limitations ICFR may not prevent or detect all misstatements and fraud. Management will continue to monitor the effectiveness of its ICFR and may make modifications from time to time as considered necessary. Management assesses the effectiveness of the Company’s ICFR using the Internal Control – Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Management conducted an evaluation of the effectiveness of ICFR and concluded that it was effective as at December 31, 2024. There have been no changes in the Company’s ICFR during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s ICFR. 47 ===== SIDA 70 ===== Risks and Uncertainties The Company’s business activities are subject to a variety and wide range of inherent risks and uncertainties. Any of these risks could have an adverse effect on the Company, its business and prospects, and could cause actual outcomes and results to differ materially from those described in forward-looking statements relating to the Company. For additional discussion on Lundin Mining’s risks, refer to the “Risks and Uncertainties” section of the Company’s Annual Information Form (“AIF”) for the year ended December 31, 2024, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024, and the “Cautionary Statement on Forward-Looking Information” section of this MD&A. National Instrument 43-101 Compliance 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 defined 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. Other Information Additional information regarding the Company, including the Company’s AIF, can be obtained on SEDAR+ (www.sedarplus.com) and on the Company’s website (www.lundinmining.com). Outstanding Share Data The table below summarizes the Company’s common shares and securities convertible into common shares as at August 6, 2025. August 6, 2025 Common shares issued and outstanding 856,000,994 Stock options outstanding (weighted average exercise price of C$10.69) 4,565,567 Time vesting share units1 1,480,151 Performance vesting share units2 1,358,888 1 Time vesting share units represent the right to receive one common share (subject to adjustments) issued from treasury. 2 Performance vesting share units (“PSU”) represent the right to receive a variable number of common shares (subject to adjustments) issued from treasury contingent upon achieving applicable performance vesting conditions. The number of common shares listed above in respect of PSU assumes that 100% of PSU granted (without change) will vest and be paid out in common shares on a one for one basis. However, as noted, the final number of PSU that may be earned and redeemed may be higher or lower than the PSU initially granted. 48 ===== SIDA 71 ===== Condensed Interim Consolidated Financial Statements of Lundin Mining Corporation June 30, 2025 (Unaudited) ===== SIDA 72 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS As at (Unaudited - in millions of US dollars) June 30, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 279.3 $ 357.5 Trade and other receivables (Note 5) 591.0 510.9 Income taxes receivable 12.4 14.4 Inventories (Note 6) 554.9 590.7 Marketable securities — 50.1 Current portion of derivative assets (Note 18) 5.3 1.0 Other current assets 38.1 22.6 Assets held for sale (Note 3) — 1,389.7 Total current assets 1,481.0 2,936.9 Restricted funds 10.5 8.6 Long-term inventory (Note 6) 922.7 871.9 Derivative assets (Note 18) 3.3 0.7 Other non-current assets 52.2 18.4 Mineral properties, plant and equipment (Note 7) 7,079.6 6,244.6 Deferred tax assets 187.6 191.3 Goodwill 134.3 134.3 8,390.2 7,469.8 Total assets $ 9,871.2 $ 10,406.7 LIABILITIES Trade and other payables (Note 8) $ 620.9 $ 674.2 Income taxes payable 68.0 128.3 Current portion of derivative liabilities (Note 18) 12.2 39.4 Current portion of debt and lease liabilities (Note 9) 239.9 395.2 Current portion of deferred revenue (Note 10) 58.9 60.6 Current portion of reclamation and other closure provisions (Note 11) 24.1 20.9 Liabilities held for sale (Note 3) — 393.1 Total current liabilities 1,024.0 1,711.7 Derivative liabilities (Note 18) 11.9 24.5 Debt and lease liabilities (Note 9) 415.1 1,610.9 Deferred revenue (Note 10) 427.0 447.1 Reclamation and other closure provisions (Note 11) 330.8 323.3 Deferred consideration and other long-term liabilities 139.2 129.6 Deferred tax liabilities 637.8 643.8 1,961.8 3,179.2 Total liabilities 2,985.8 4,890.9 SHAREHOLDERS' EQUITY Share capital (Note 12) 5,323.0 4,585.6 Contributed surplus 52.2 51.3 Accumulated other comprehensive loss (23.8) (375.8) Retained earnings 404.6 161.1 Equity attributable to Lundin Mining Corporation shareholders 5,756.0 4,422.2 Non-controlling interests (Note 13) 1,129.4 1,093.6 Total shareholders' equity 6,885.4 5,515.8 Total liabilities and shareholders' equity $ 9,871.2 $ 10,406.7 Commitments and contingencies (Note 19) The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 1 - ===== SIDA 73 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited - in millions of US dollars, except for shares and per share amounts) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Continuing Operations: Revenue (Note 14) $ 937.2 $ 878.3 $ 1,901.1 $ 1,690.6 Cost of goods sold Production costs (Note 15) (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 General and administrative expenses (18.2) (13.1) (36.5) (29.9) Exploration and business development (12.4) (11.3) (24.2) (22.1) Finance income (Note 16) 4.9 5.3 8.8 9.0 Finance costs (Note 16) (25.3) (38.4) (73.1) (75.4) Other income (expense) (Note 17) 8.9 (4.3) 6.1 (1.2) Earnings before income taxes from continuing operations 229.2 166.7 461.3 306.5 Current tax expense (86.3) (50.4) (134.4) (96.2) Deferred tax recovery (expense) 16.7 3.1 14.0 (7.8) Net earnings from continuing operations $ 159.6 $ 119.4 $ 340.9 $ 202.5 Net earnings from discontinued operations, net of taxes (Note 3) 102.4 37.3 88.7 12.8 Net earnings $ 262.0 $ 156.7 $ 429.6 $ 215.3 Net earnings from continuing operations attributable to: Lundin Mining Corporation 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 $ 202.5 Net earnings attributable to Lundin Mining Corporation 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 Basic and diluted earnings per share from continuing operations attributable to Lundin Mining Corporation shareholders: $ 0.15 $ 0.11 $ 0.31 $ 0.16 Basic and diluted earnings per share from discontinued operations attributable to Lundin Mining Corporation shareholders: $ 0.12 $ 0.05 $ 0.10 $ 0.02 Basic earnings per share attributable to Lundin Mining Corporation shareholders: $ 0.27 $ 0.16 $ 0.41 $ 0.18 Diluted earnings per share attributable to Lundin Mining Corporation shareholders: $ 0.27 $ 0.16 $ 0.41 $ 0.17 Weighted average shares outstanding (Note 12) 856,788,215 776,173,888 854,532,557 774,033,611 Weighted average diluted shares outstanding (Note 12) 858,849,973 779,088,142 856,597,766 776,430,838 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 2 - ===== SIDA 74 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited - in millions of US dollars) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net earnings $ 262.0 $ 156.7 $ 429.6 $ 215.3 Other comprehensive income (loss), net of taxes Item that will not be reclassified to net earnings: Remeasurements for post-employment benefit plans — (0.1) 0.2 (0.4) Item that may be reclassified subsequently to net earnings: Effects of foreign exchange 27.2 (6.9) 79.1 (46.3) Item that was reclassified to net earnings: Reclassification of cumulative foreign currency translation reserve to statement of earnings on disposal of discontinued operations 269.2 — 269.2 — Other comprehensive income (loss) 296.4 (7.0) 348.5 (46.7) Total comprehensive income $ 558.4 $ 149.7 $ 778.1 $ 168.6 Comprehensive income attributable to: Lundin Mining Corporation shareholders $ 524.9 $ 114.5 $ 701.3 $ 88.8 Non-controlling interests 33.5 35.2 76.8 79.8 Total comprehensive income $ 558.4 $ 149.7 $ 778.1 $ 168.6 Total comprehensive income (loss) attributable to Lundin Mining Corporation shareholders arising from: Continuing operations $ 123.6 $ 77.8 $ 265.8 $ 122.2 Discontinued operations 401.3 36.7 435.5 (33.4) Comprehensive income attributable to Lundin Mining Corporation shareholders $ 524.9 $ 114.5 $ 701.3 $ 88.8 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 3 - ===== SIDA 75 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited - in millions of US dollars, except for shares) Number of shares Share capital Contributed surplus Accumulated other comprehensive loss Retained earnings Non- controlling interests Total Balance, December 31, 2024 774,102,971 $ 4,585.6 $ 51.3 $ (375.8) $ 161.1 $ 1,093.6 $ 5,515.8 Acquisition of Filo Corp. (Note 4) 94,074,959 799.8 — — — — 799.8 Distributions — — — — — (41.0) (41.0) Exercise of share-based awards 878,533 7.5 (3.6) — — — 3.9 Share-based compensation — — 4.5 — — — 4.5 Dividends declared (Note 12(d)) — — — — (71.7) — (71.7) Shares purchased (Note 12(e)) (13,058,800) (69.9) — — (34.1) — (104.0) Net earnings — — — — 352.8 76.8 429.6 Other comprehensive income — — — 348.5 — — 348.5 Reclassification of pension remeasurements to retained earnings on disposal of discontinued operations — — — 3.5 (3.5) — — Total comprehensive income — — — 352.0 349.3 76.8 778.1 Balance, June 30, 2025 855,997,663 $ 5,323.0 $ 52.2 $ (23.8) $ 404.6 $ 1,129.4 $ 6,885.4 Balance, December 31, 2023 773,667,789 $ 4,574.8 $ 55.2 $ (296.6) $ 627.9 $ 1,456.8 $ 6,418.1 Distributions — — — — — (20.0) (20.0) Exercise of share-based awards 3,057,740 29.8 (9.8) — — — 20.0 Share-based compensation — — 3.3 — — — 3.3 Dividends declared — — — — (102.4) — (102.4) Net earnings — — — — 135.5 79.8 215.3 Other comprehensive (loss) income — — — (46.7) — — (46.7) Total comprehensive (loss) income — — — (46.7) 135.5 79.8 168.6 Balance, June 30, 2024 776,725,529 $ 4,604.6 $ 48.7 $ (343.3) $ 661.0 $ 1,516.6 $ 6,487.6 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 4 - ===== SIDA 76 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in millions of US dollars) Three months ended June 30, Six months ended June 30, Cash provided by (used in) 2025 2024 2025 2024 Operating activities Net earnings from continuing operations $ 159.6 $ 119.4 $ 340.9 $ 202.3 Items not involving cash and other adjustments Depreciation, depletion and amortization 159.3 159.2 297.4 308.6 Share-based compensation 3.4 1.7 4.8 3.4 Unrealized foreign exchange (gain) loss (1.4) 3.2 7.9 (11.6) Finance costs, net (Note 16) 20.4 33.1 64.3 66.4 Recognition of deferred revenue (Note 10) (15.4) (14.7) (35.0) (32.0) Deferred tax (recovery) expense (16.7) (3.1) (14.0) 7.8 Write-down of assets (Note 17) — 17.2 — 17.2 Revaluation of foreign currency and commodity derivatives (Note 18) (8.8) (3.0) (33.1) 30.3 Gain on partial disposal of subsidiary (Note 4) — — (3.0) — Other 0.2 (4.8) 18.3 (5.7) Reclamation payments (Note 11) (2.6) (3.2) (4.7) (8.1) Pension payments (0.8) (0.6) (1.6) (1.3) Changes in long-term inventory (20.0) (13.2) (28.0) 8.0 Changes in non-cash working capital items (Note 22) 37.4 148.8 (177.3) 87.0 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 operations 20.0 51.8 74.5 87.0 334.6 491.8 511.4 759.3 Investing activities Investment in mineral properties, plant and equipment (157.5) (217.2) (333.5) (452.4) Acquisition of Filo Corp. (Note 4) — — (610.7) — Proceeds from partial disposal of subsidiary (Note 4) — — 689.5 — Proceeds from disposal of subsidiaries, net of cash disposed and transaction costs (Note 3) 1,314.6 — 1,314.6 — Interest received 4.9 6.6 8.8 8.4 Other (2.6) (2.4) (10.3) (3.3) Cash provided by (used in) investing activities related to continuing operations 1,159.4 (213.0) 1,058.4 (447.3) Cash used in investing activities related to discontinued operations (8.9) (39.2) (57.3) (74.6) 1,150.5 (252.2) 1,001.1 (521.9) Financing activities Proceeds from debt (Note 9) 213.6 224.5 1,368.1 492.3 Principal repayments of debt (Note 9) (1,668.9) (223.8) (2,724.9) (357.1) Principal payments of lease liabilities (Note 9) (15.3) (18.4) (30.5) (33.1) Interest paid (12.9) (28.7) (46.8) (55.2) Dividends paid to shareholders (72.0) (102.2) (72.0) (102.2) Shares purchased (Note 12) (36.2) — (107.7) — Proceeds from common shares issued 3.2 12.4 3.9 20.0 Distributions paid to non-controlling interests (41.0) (20.0) (41.0) (20.0) Net payment from settlement of foreign currency and commodity derivatives (0.4) (3.1) (14.0) (2.3) Other (0.7) 2.6 (0.6) 2.7 Cash used in financing activities related to continuing operations (1,630.6) (156.7) (1,665.5) (54.9) Cash (used in) provided by financing activities related to discontinued operations (0.1) 0.8 (2.6) 1.2 (1,630.7) (155.9) (1,668.1) (53.7) Effect of foreign exchange on cash balances (0.6) 3.7 2.6 0.2 (Decrease) increase in cash and cash equivalents during the period (146.2) 87.4 (153.0) 184.0 Cash and cash equivalents, beginning of period 425.5 365.5 432.3 268.8 Cash and cash equivalents, end of period $ 279.3 $ 452.8 $ 279.3 $ 452.8 Supplemental cash flow information (Note 22) The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 5 - ===== SIDA 77 ===== 1. NATURE OF OPERATIONS Lundin Mining Corporation ("Lundin Mining" or the "Company") is a diversified Canadian base metals mining company primarily producing copper, gold and nickel. The Company owns 80% of the Candelaria and Ojos del Salado mining complex (“Candelaria”) and 70% of the Caserones mine, each of which are located in Chile. The Company’s wholly- owned operating assets include the Chapada mine located in Brazil and the Eagle mine located in the United States of America (“USA”). The Company also has a 50% ownership interest in Vicuña Corp., holding the Josemaria project in Argentina and Filo del Sol project in Argentina and Chile ("Vicuña"). On April 16, 2025, the Company completed the previously announced transaction to sell its 100% interests in Somincor-Sociedade Mineira de Neves-Corvo, S.A. ("Neves-Corvo") in Portugal and its 100% interests in each of Zinkgruvan Mining AB and North Atlantic Natural Resources AB (together "Zinkgruvan") in Sweden. The assets and liabilities of the Neves-Corvo mine and the Zinkgruvan mine were classified as held for sale on December 31, 2024. The operating results of these segments for the three and six months ended June 30, 2024 have been re-presented as a single line item of net (loss) earnings from discontinued operations, net of taxes on the consolidated statement of earnings (Note 3). The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm Exchange in Sweden. The Company is incorporated under the Canada Business Corporations Act. The Company is domiciled in Canada and its principal place of business is 1055 Dunsmuir Street, Suite 2800, Vancouver, British Columbia, Canada. 2. BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (i) Basis of presentation and measurement The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - Accounting, including IAS 34 Interim Financial Reporting. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024. The Company's presentation currency is United States (“US”) dollars. Reference herein to $ or USD is to US dollars, C$ or CAD is to Canadian dollars, SEK is to Swedish krona, € refers to the Euro , CLP refers to the Chilean peso, BRL refers to the Brazilian real, and ARS refers to the Argentine peso. These condensed interim consolidated financial statements were approved by the Board of Directors of the Company for issue on August 6, 2025. (ii) Material accounting policies The accounting policies followed in these condensed interim consolidated financial statements are consistent with those disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2024. Except as described in Note 2(iv), there were no changes or additions to material accounting policies during the three and six months ended June 30, 2025. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 6 - ===== SIDA 78 ===== (iii) New standards and interpretations not yet adopted IFRS 18 - Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, which replaces IAS 1 - Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into three defined categories (operating, investing, and financing) and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided ("management-defined performance measures"), IFRS 18 requires disclosure of the explanations around those measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and notes. IFRS 18 will not impact the recognition and measurement of items in the financial statements, nor will it impact which items are classified in other comprehensive income and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements, and retrospective application is required. The Company is currently assessing the effect of this new standard on its financial statements. (iv) Interests in joint arrangements A joint arrangement can take the form of a joint venture or a joint operation. All joint arrangements involve a contractual arrangement that establishes joint control which exists when decisions about the activities that significantly affect the returns of the investee require unanimous consent of the parties sharing control. A joint venture is a joint arrangement in which the Company has rights to only the net assets of the arrangement. A joint operation is a joint arrangement in which the Company has the rights to the assets and obligations for the liabilities relating to the arrangement. Joint operations are accounted for by recognizing the Company's share of the assets, liabilities, revenue, expenses and cash flows of the joint operation in the consolidated financial statements. 3. DISCONTINUED OPERATIONS On December 9, 2024, the Company entered into a definitive agreement to sell its 100% interests in the Neves-Corvo and Zinkgruvan mines to Boliden AB ("Boliden"). The transaction constitutes the sale of all of the Company's European operating assets allowing the Company to focus on its copper-dominant assets in South America. The transaction completed on April 16, 2025 and the Company received cash consideration of $1.4 billion. The Company may also receive up to $150.0 million in contingent cash consideration if certain metal price thresholds are met. These include a percentage of incremental revenue realized at the Neves-Corvo mine in each of the three calendar years between 2025 and 2027 and at the Zinkgruvan mine between 2025 and 2026. The estimated fair value of the contingent consideration on April 16, 2025 was $44.1 million (Note 18). The contingent consideration was revalued as at June 30, 2025 to $41.0 million and the loss on revaluation of $3.1 million was recorded in the net earnings (loss) from discontinued operations. The contingent consideration is included in other non-current assets and the current portion is included in other current assets of the consolidated balance sheet. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 7 - ===== SIDA 79 ===== On closing, the Company recognized a gain on disposal of $106.4 million, net of income tax, calculated as follows: Neves-Corvo mine Zinkgruvan mine Total Cash consideration $ 773.6 $ 628.5 $ 1,402.1 Fair value of contingent consideration 41.7 2.4 44.1 Transaction costs (4.7) (3.8) $ (8.5) Net proceeds $ 810.6 $ 627.1 $ 1,437.7 Net assets Neves-Corvo mine Zinkgruvan mine Total Cash and cash equivalents $ 20.0 $ 59.0 $ 79.0 Trade and other receivables 77.5 9.7 87.2 Inventories 45.9 22.8 68.7 Restricted funds 52.4 — 52.4 Mineral properties, plant and equipment 840.2 344.9 1,185.1 Trade and other payables (85.8) (36.5) (122.3) Income taxes receivable (payable) 0.9 (8.2) (7.3) Debt and lease liabilities (16.4) (0.6) (17.0) Deferred revenue (27.2) (44.0) (71.2) Reclamation and other closure provisions (98.7) (50.1) (148.8) Other long-term liabilities (8.4) (4.4) (12.8) Deferred tax liabilities — (30.9) (30.9) 800.4 261.7 1,062.1 Gain on disposal before reclassification of foreign currency translation reserve 10.2 365.4 375.6 Reclassification of foreign currency translation reserve to earnings (161.4) (107.8) (269.2) Net gain (loss) on disposal $ (151.2) $ 257.6 $ 106.4 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 8 - ===== SIDA 80 ===== The net (loss)/earnings from discontinued operations from the Neves-Corvo reporting segment, which include the results of operating activities for the three and six months ended June 30, 2025 and 2024, are as follows: Three months ended June 30, Six months ended June 30, 2025(a) 2024 2025(b) 2024 Revenues $ 19.9 $ 128.7 $ 128.3 $ 209.3 Production costs (14.3) (83.1) (90.2) (154.8) Depreciation, depletion and amortization — (29.7) — (56.7) General exploration and business development (0.3) (0.2) (2.0) (0.4) Finance income — — 0.3 0.1 Finance costs (0.4) (2.1) (4.2) (3.4) Other (expense) income (5.6) (0.5) (6.5) (4.7) Asset impairment — — (65.7) — Earnings (loss) before income taxes (0.7) 13.1 (40.0) (10.6) Current tax expense — (0.7) (0.1) (0.8) Deferred tax (expense) recovery — (1.2) 0.2 3.7 Net (loss) earnings before disposal $ (0.7) $ 11.2 $ (39.9) $ (7.7) Loss on disposal of Neves-Corvo (151.2) — (151.2) — Net (loss) earnings $ (151.9) $ 11.2 $ (191.1) $ (7.7) The net earnings (loss) from discontinued operations from the Zinkgruvan reporting segment, which include the results of operating activities for the three and six months ended June 30, 2025 and 2024, are as follows: Three months ended June 30, Six months ended June 30, 2025(a) 2024 2025(b) 2024 Revenues $ 0.8 $ 76.6 $ 72.4 $ 120.7 Production costs (2.7) (32.7) (36.9) (62.8) Depreciation, depletion and amortization — (8.8) — (16.8) General exploration and business development (0.3) (2.1) (3.4) (4.5) Finance income 0.1 — 0.5 — Finance costs (0.1) (1.1) (1.3) (2.3) Other (expense) income (2.3) 1.2 (3.6) (8.0) Earnings (loss) before income taxes (4.5) 33.1 27.7 26.3 Current tax recovery (expense) 1.3 (7.0) (2.9) (8.4) Deferred tax (expense) recovery (0.1) — (2.6) 2.6 Net earnings (loss) before disposal $ (3.3) $ 26.1 $ 22.2 $ 20.5 Gain on disposal of Zinkgruvan 257.6 — 257.6 — Net earnings $ 254.3 $ 26.1 $ — $ 279.8 $ 20.5 The total net earnings from discontinued operations, which includes the Neves-Corvo and Zinkgruvan reporting segments, for the three and six months ended June 30, 2025 and 2024, are as follows: Three months ended June 30, Six months ended June 30, 2025(a) 2024 2025(b) 2024 Total net earnings from discontinued operations $ 102.4 $ 37.3 $ 88.7 $ 12.8 (a) Includes financial results from April 1, 2025 to April 16, 2025. (b) Includes financial results from January 1, 2025 to April 16, 2025. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 9 - ===== SIDA 81 ===== The assets and liabilities that are included in the held for sale categories as at December 31, 2024 are summarized below: As at December 31, 2024 Neves-Corvo mine Zinkgruvan mine Total Assets classified as held-for-sale Cash and cash equivalents $ 23.9 $ 50.9 $ 74.8 Trade and other receivables 90.2 22.9 113.1 Income taxes receivable 0.8 — 0.8 Inventories 39.7 16.5 56.2 Restricted funds 49.6 — 49.6 Mineral properties, plant and equipment 810.6 284.6 1,095.2 $ 1,014.8 $ 374.9 $ 1,389.7 Liabilities classified as held-for-sale Trade and other payables $ 99.8 $ 32.4 $ 132.2 Income taxes payable — 7.8 7.8 Debt and lease liabilities 15.7 0.6 16.3 Deferred revenue 25.1 39.2 64.3 Reclamation and other closure provisions 89.9 44.2 134.1 Other long-term liabilities 7.7 4.5 12.2 Deferred tax liabilities — 26.2 26.2 $ 238.2 $ 154.9 $ 393.1 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 10 - ===== SIDA 82 ===== 4. ACQUISITION OF FILO AND FORMATION OF VICUÑA On January 15, 2025, the Company, together with BHP Investments Canada Inc. ("BHP"), completed the acquisition of Filo Corp. ("Filo") through a plan of arrangement (the “Arrangement”). The Company’s share of the consideration for the Arrangement was $610.7 million (C$877.8 million) in cash and 94.1 million of the Company’s shares to Filo shareholders, along with its existing 1.7% interest in Filo (prior to completion). BHP's share of the consideration for the Arrangement was $1.4 billion (C$2.0 billion) in cash, along with its existing 7.0% interest in Filo (prior to completion). Concurrently, BHP paid the Company cash consideration of $689.5 million for a 50% interest in the Josemaria project, and the Company and BHP formed the Vicuña 50/50 independently managed joint arrangement holding interests in the Filo del Sol project and the Josemaria project (the "Vicuña Project"). The Company has concluded the Vicuña joint arrangement is a joint operation upon considering other facts and circumstances, such as the right and the obligation to take a share of the output of the arrangement. Accordingly, the Company includes its 50% share of the respective assets, liabilities, expenses, and cash flows of Vicuña in the consolidated financial statements of the Company. The purchase price of Filo (50% share) is as follows: Cash consideration $ 610.7 Fair value of 94,074,959 common shares issued by the Company (a) (b) 799.8 Transaction costs 10.1 The Company's previously held common shares in Filo (b) 49.9 Total purchase price $ 1,470.5 a) The fair value of the common shares issued was determined using the Company’s share price of C$12.22 and foreign exchange rate of USD/CAD: 1.437 at the close of business on January, 15, 2025. b) Immediately prior to the acquisition of Filo, the Company held 2,264,924 Filo shares with a fair value of $49.9 million (December 31, 2024 - $50.1 million). The Company's initial interest in Vicuña, including transaction costs, is comprised of the following: 50% interest in Filo 50% interest in Josemaria 50% share of Vicuña on formation Cash and cash equivalents $ 17.3 $ 7.0 24.3 Receivables and other assets 0.5 $ 1.2 1.7 Mineral properties, plant and equipment 1,456.7 701.1 2,157.8 Total assets 1,474.5 709.3 2,183.8 Trade and other payables (4.0) (19.8) (23.8) Total liabilities (4.0) (19.8) (23.8) Total net assets $ 1,470.5 $ 689.5 $ 2,160.0 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 11 - ===== SIDA 83 ===== 5. TRADE AND OTHER RECEIVABLES Trade and other receivables are comprised of the following: June 30, 2025 December 31, 2024 Trade receivables $ 466.6 $ 347.8 Value added tax 50.8 53.0 Prepaid expenses 24.2 42.6 Other receivables 49.4 67.5 $ 591.0 $ 510.9 6. INVENTORIES Inventories are comprised of the following: June 30, 2025 December 31, 2024 Materials and supplies $ 299.8 $ 279.4 Ore stockpiles and dump leach 196.1 188.8 Finished goods - concentrate stockpiles 50.8 116.6 Finished goods - copper cathode 8.2 5.9 $ 554.9 $ 590.7 Long-term inventories are comprised of the following: June 30, 2025 December 31, 2024 Ore stockpiles at Candelaria $ 530.5 $ 480.9 Ore stockpiles at Chapada 302.8 299.9 Dump leach at Caserones 89.4 91.1 $ 922.7 $ 871.9 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 12 - ===== SIDA 84 ===== 7. MINERAL PROPERTIES, PLANT AND EQUIPMENT Mineral properties, plant and equipment ("MPP&E") are comprised of the following: Cost Mineral properties Plant and equipment Assets under construction(a) Development project(b) Software intangible assets Total As at December 31, 2023 $ 6,014.8 $ 5,308.0 $ 330.3 $ 1,130.1 $ 63.6 $ 12,846.8 Additions 127.1 33.3 202.6 159.1 0.1 522.2 Write-down — — — (17.2) — (17.2) Disposals — (6.7) — — — (6.7) Transfers 33.1 137.1 (170.3) — 0.1 — Effects of foreign exchange (77.6) (39.8) (3.6) — (0.3) (121.3) As at June 30, 2024 6,097.4 5,431.9 359.0 1,272.0 63.5 13,223.8 Additions 112.1 66.7 165.3 106.4 0.6 451.1 Impairment (331.2) (111.7) (1.1) — — (444.0) Write-downs — — (4.1) (0.8) — (4.9) Disposals — (84.8) — — — (84.8) Transfers 35.5 148.5 (185.5) — 1.5 — Effects of foreign exchange (56.8) (33.0) (2.7) — (0.2) (92.7) Reclassification to assets held for sale (Note 3) (1,720.5) (1,009.2) (79.3) — (7.2) (2,816.2) As at December 31, 2024 4,136.5 4,408.4 251.6 1,377.6 58.2 10,232.3 Formation of Vicuña(c) (Note 4) — (16.5) — 785.6 — 769.1 Additions 109.2 29.6 145.2 93.3 1.7 379.0 Disposals (1.9) (3.7) — — — (5.6) Transfers 9.5 41.2 (50.8) — 0.1 — As at June 30, 2025 $ 4,253.3 $ 4,459.0 $ 346.0 $ 2,256.5 $ 60.0 $ 11,374.8 (a) Represent assets under construction at the Company's operating mine sites which are currently non-depreciable. (b) Assets relate to the Vicuña Project which are currently non-depreciable. (c) Formation of Vicuña movements in cost of $769.1 million and accumulated depreciation of $4.0 million, totaling $773.1 million, includes the 50% interest in Filo of $1,456.7 million less the 50% interest in Josemaria sold to BHP of $683.6 million and are inclusive of capitalized borrowings and transaction costs. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 13 - ===== SIDA 85 ===== Accumulated depreciation, depletion and amortization Mineral properties Plant and equipment Assets under construction(a) Development project(b) Software intangible assets Total As at December 31, 2023 $ 3,194.1 $ 1,910.4 $ — $ — $ 17.0 $ 5,121.5 Depreciation 156.0 211.0 — — 4.8 371.8 Disposals — (5.8) — — — (5.8) Effects of foreign exchange (50.4) (19.3) — — (0.2) (69.9) As at June 30, 2024 3,299.7 2,096.3 — — 21.6 5,417.6 Depreciation 212.2 208.6 — — 4.5 425.3 Disposals — (79.4) — — — (79.4) Effects of foreign exchange (37.8) (17.0) — — (0.1) (54.9) Reclassification to assets held for sale (Note 3) (1,187.6) (530.0) — — (3.3) (1,720.9) As at December 31, 2024 2,286.5 1,678.5 — — 22.7 3,987.7 Formation of Vicuña(c) (Note 4) — (4.0) — — — (4.0) Depreciation 142.6 168.3 — — 4.3 315.2 Disposals — (3.7) — — — (3.7) As at June 30, 2025 $ 2,429.1 $ 1,839.1 $ — $ — $ 27.0 $ 4,295.2 (a) Represent assets under construction at the Company's operating mine sites which are currently non-depreciable. (b) Assets relate to the Vicuña Project which are currently non-depreciable. (c) Formation of Vicuña movements in cost of $769.1 million and accumulated depreciation of $4.0 million, totaling $773.1 million, includes the 50% interest in Filo of $1,456.7 million less the 50% interest in Josemaria sold to BHP of $683.6 million and are inclusive of capitalized borrowings and transaction costs. Net book value Mineral properties Plant and equipment Assets under construction Development project Software intangible assets Total As at December 31, 2024 $ 1,850.1 $ 2,730.0 $ 251.6 $ 1,377.5 $ 35.4 $ 6,244.6 As at June 30, 2025 $ 1,824.2 $ 2,619.9 $ 346.0 $ 2,256.5 $ 33.0 $ 7,079.6 During the three and six months ended June 30, 2025 , the Company capitalized $10.4 million and $11.7 million (June 30, 2024 - $8.9 million and $16.5 million), respectively, of finance costs related to the Vicuña Project at a weighted average interest rate of 5.9% (June 30, 2024 - 6.0%). During the three and six months ended June 30, 2025 , the Company capitalized $37.5 million and $93.6 million (June 30, 2024 - $39.3 million and $118.0 million), respectively, of deferred stripping costs to mineral properties. The depreciation expense related to deferred stripping for the three and six months ended June 30, 2025 was $56.6 million and $114.5 million (June 30, 2024 - $45.8 million and $68.4 million). Included in the mineral properties balance at June 30, 2025 is $2.2 million related to deferred stripping at Caserones ( December 31, 2024 - $436.3 million at Candelaria and Caserones), which is currently non-depreciable. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 14 - ===== SIDA 86 ===== 8. TRADE AND OTHER PAYABLES Trade and other payables are comprised of the following: June 30, 2025 December 31, 2024 Trade payables $ 310.1 $ 297.7 Unbilled goods and services 179.3 175.2 Employee benefits payable 59.0 68.8 Prepayment from customers — 45.0 Royalties payable 19.6 24.5 Sinkhole provision(a) 17.0 16.9 Automatic share purchase plan commitment(b) — 3.7 Pricing provisions on concentrate sales(c) 8.9 15.5 Deferred consideration, current portion(d) 10.0 10.0 Other 17.0 16.9 $ 620.9 $ 674.2 (a) Relates to expected remediation costs and potential fines directly related to the sinkhole near the Company's Ojos del Salado operations. (b) As at December 31, 2024, the Company recorded an accrual for the repurchase of shares on the last trading day of the year that were settled during January 2025. (c) Includes balances owing to customers and provisions arising from forward market price adjustments. (d) Relates to the current portion of the remaining deferred cash consideration arising from the Caserones acquisition, payable in installments in 2025 through 2029. 9. DEBT AND LEASE LIABILITIES Debt and lease liabilities are comprised of the following: June 30, 2025 December 31, 2024 Revolving credit facility (a) $ 220.5 $ 264.7 Term loan (b) — 1,147.7 Candelaria and Chapada term loans (c) 189.4 245.9 Lease liabilities (d) 245.1 249.1 Commercial paper (e) — 98.7 Debt and lease liabilities 655.0 2,006.1 Less: current portion 239.9 395.2 Long-term portion $ 415.1 $ 1,610.9 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 15 - ===== SIDA 87 ===== The changes in debt and lease liabilities are comprised of the following: Leases Debt Total As at December 31, 2023 $ 277.2 $ 1,208.6 $ 1,485.8 Additions 23.5 492.3 515.8 Payments (45.3) (357.2) (402.5) Disposals (1.5) — (1.5) Interest 11.8 — 11.8 Financing fee amortization — 1.2 1.2 Deferred financing fee — (2.3) (2.3) Effects of foreign exchange (6.5) (3.5) (10.0) As at June 30, 2024 259.2 1,339.1 1,598.3 Additions 46.4 1,008.3 1,054.7 Payments (48.2) (587.2) (635.4) Disposals (0.5) — (0.5) Interest 12.3 — 12.3 Financing fee amortization — 1.2 1.2 Deferred financing fee — (1.3) (1.3) Reclassified to liabilities held for sale (Note 3) (16.3) — (16.3) Effects of foreign exchange (3.7) (3.0) (6.7) As at December 31, 2024 249.2 1,757.1 2,006.3 Contribution to Vicuña (Note 4) (1.2) — (1.2) Additions 21.1 1,368.1 1,389.2 Payments (42.0) (2,724.9) (2,766.9) Interest 11.5 — 11.5 Financing fee amortization — 3.3 3.3 Deferred financing fee — (0.2) (0.2) Effects of foreign exchange 6.5 6.5 13.0 As at June 30, 2025 245.1 409.9 655.0 Less: current portion 50.6 189.3 239.9 Long-term portion $ 194.5 $ 220.6 $ 415.1 a) The Company has a revolving credit facility of $1,750.0 million maturing April 2029. The credit facility bears interest on drawn funds at rates of Term Secured Overnight Financing Rate (“Term SOFR”) plus Credit Spread Adjustment (“CSA”) of 0.10% plus an applicable margin of 1.40% to 2.55%, depending on the Company’s net leverage ratio and progress against sustainability performance targets. In March 2025 the security previously held over certain assets in the USA was removed from the revolving credit facility . The facility remains subject to customary covenants. During the three and six months ended June 30, 2025, the Company drew down $105.0 million and $925.0 million (June 30, 2024 - $50.0 million and $115.0 million), respectively, and repaid $300.0 million and $970.0 million (June 30, 2024 - $70.0 million and $85.0 million), respectively. As at June 30, 2025, a principal balance of $225.0 million (December 31, 2024 - $270.0 million) was outstanding, with unamortized deferred financing fees of $4.5 million (December 31, 2024 - $5.3 million) netted against borrowings. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 16 - ===== SIDA 88 ===== b) In April 2025, the Company repaid in full the $1,150.0 million outstanding balance of the term loan using the proceeds from sale of the Neves-Corvo and Zinkgruvan mines (Note 3). As a result of the repayment, the term loan has been extinguished and cannot be redrawn. During the three and six months ended June 30, 2025, the remaining unamortized deferred financing fees of $2.3 million were recognized in finance costs. c) Compañia Contractual Minera Candelaria S.A. ("Candelaria mine"), a subsidiary owned 80% by the Company which owns the Candelaria mine, holds a series of unsecured fixed term loans. During the three and six months ended June 30, 2025, Candelaria mine drew down $50.0 million (June 30, 2024 - $50.0 million and $115.0 million, respectively) and repaid $100.0 million (June 30, 2024 - $65.0 million) of the outstanding loans . As at June 30, 2025, there was one term loan outstanding of $50.0 million (December 31, 2024 - two term loans totaling $100.0 million). The outstanding term loan accrues interest at a rate of 4.78% per annum with interest payable upon maturity in November 2025. Mineração Maracá Indústria e Comércio S.A. (“Chapada”), a subsidiary of the Company which owns the Chapada mine, holds a series of unsecured fixed term loans. During the three and six months ended June 30, 2025, Chapada drew down $58.6 million and $145.0 million (June 30, 2024 - $87.0 million and $132.3 million), respectively, and repaid $63.7 million and $151.6 million (June 30, 2024 - $51.2 million and $71.7 million), respectively. As at June 30, 2025, there were 42 term loans outstanding at Chapada totalling $139.3 million (December 31, 2024 - 41 term loans totalling $145.9 million). These outstanding term loans accrue interest at rates ranging fro m 5.46% to 5.99% per annum with interest payable upon maturity. The maturity dates range from July to November 2025. d) Lease liabilities relate to leases on power line infrastructure, buildings and storage facilities, rail cars, vehicles, machinery and equipment which have remaining lease terms of one to twelve years and interest rates of 1.0% - 10.0% over the terms of the leases. e) Neves-Corvo was party to three unsecured commercial paper programs with maturities ranging from May 2025 to July 2028. Pursuant to the terms of the transaction with Boliden, the Company repaid the $102.7 million (€95.0 million) outstanding balance of the commercial papers immediately prior to the sale of Neves-Corvo and this balance was not included in the net assets disposed (Note 3). During April 2025, the program was cancelled and therefore as at June 30, 2025, $nil principal balance (December 31, 2024 - $98.7 million (€95.0 million)) was outstanding. During the three and six months ended June 30, 2025, Neves-Corvo drew down $nil and $248.1 million (€235.0 million) from the commercial paper program (June 30, 2024 - $37.5 million (€35 million) and $130.0 million (€120.0 million)), respectively and repaid $105.2 million (€95.0 million) and $353.3 million (€33.0 million) ( June 30, 2024 - $37.6 million (€35 million) and $135.4 million (€125.0 million)), respectively. The schedule of undiscounted lease payment and debt obligations is as follows: Leases Debt Total Less than one year $ 66.4 $ 189.3 $ 255.8 One to five years 146.7 225.0 371.7 More than five years 122.2 — 122.2 Total undiscounted obligations as at June 30, 2025 $ 335.3 $ 414.3 $ 749.7 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 17 - ===== SIDA 89 ===== 10. DEFERRED REVENUE The following table summarizes the changes in deferred revenue: As at December 31, 2023 $ 623.2 Recognition of revenue (35.6) Finance costs 17.2 Effects of foreign exchange (3.4) As at June 30, 2024 601.4 Recognition of revenue (42.7) Variable consideration adjustment (1.6) Finance costs 17.1 Reclassified to liabilities held for sale (Note 3) (64.3) Effects of foreign exchange (2.2) As at December 31, 2024 507.7 Recognition of revenue (35.0) Finance costs 13.2 As at June 30, 2025 485.9 Less: current portion 58.9 Long-term portion $ 427.0 Consideration received under the Company’s gold, silver and copper streaming agreements is deemed to be variable and can be subject to cumulative adjustments when the contractual volume to be delivered changes. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 18 - ===== SIDA 90 ===== 11. RECLAMATION AND OTHER CLOSURE PROVISIONS Reclamation and other closure provisions relating to the Company's mining operations are as follows: Reclamation provisions Other closure provisions Total Balance, December 31, 2023 $ 497.1 $ 47.0 $ 544.1 Accretion 12.8 — 12.8 Changes in estimate (11.5) 2.2 (9.3) Changes in discount rate (17.3) — (17.3) Payments (6.0) (2.4) (8.4) Effects of foreign exchange (5.8) (3.3) (9.1) Balance, June 30, 2024 469.3 43.5 512.8 Accretion 12.7 — 12.7 Changes in estimate (19.9) 4.5 (15.4) Changes in discount rate (16.8) — (16.8) Payments (5.7) (3.6) (9.3) Reclassification to liabilities held for sale (Note 3) (125.5) (8.6) (134.1) Effects of foreign exchange (3.9) (2.0) (5.9) Balance, December 31, 2024 310.2 33.8 344.0 Accretion 10.0 — 10.0 Changes in estimate 0.3 2.9 3.2 Payments (2.3) (2.4) (4.7) Effects of foreign exchange — 2.4 2.4 Balance, June 30, 2025 318.2 36.7 354.9 Less: current portion 18.9 5.2 24.1 Long-term portion $ 299.3 $ 31.5 $ 330.8 The Company expects these liabilities to be settled between 2025 and 2110. The reclamation provisions are discounted using current market pre-tax discount rates which range fro m 4.3% to 14.4% (December 31, 2024 - 4.3% to 14.4%) 12. SHARE CAPITAL a) Basic and diluted weighted average number of shares outstanding Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Basic weighted average number of shares outstanding 856,788,215 776,173,888 854,532,557 774,033,611 Effect of dilutive securities 2,061,758 2,914,254 2,065,209 2,397,227 Diluted weighted average number of shares outstanding 858,849,973 779,088,142 856,597,766 776,430,838 Antidilutive securities 2,032,543 96,300 1,587,651 1,001,595 The effect of dilutive securities relates to in-the-money outstanding stock options and share units ("SUs"). LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 19 - ===== SIDA 91 ===== b) Stock options and share units granted Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Stock options — — 1,746,600 1,498,160 Restricted share units and performance share units 39,353 — 859,113 1,041,450 c) Deferred share units During the three and six months ended June 30, 2025, the Company granted 12,829 and 21,678 (June 30, 2024 - 16,858 and 25,062) deferred share units ("DSUs"), respectively. As at June 30, 2025, there were 45,299 DSUs outstanding (June 30, 2024 - 13,457). d) Dividends During the three and six months ended June 30, 2025 , the Company declared dividends in the amount of $17.1 million and $71.7 million (June 30, 2024 - $51.1 million and $102.4 million), respectively, or C$0.0275 per share and C$0.1175 per share (June 30, 2024 - C$0.09 and C$0.18), respectively. e) Normal course issuer bid During the three and six months ended June 30, 2025 , 4,629,000 and 13,058,800 shares were purchased by the Company's broker under the automatic share purchase plan ("ASPP") or at management's discretion pursuant to its normal course issuer bid ("NCIB") at an average price of C$ 10.91 and C$11.73 per share for total consideration of $36.2 million and $104.0 million, respectively. All common shares purchased were cancelled. No common shares were purchased under the NCIB during three and six months ended June 30, 2024. 13. NON-CONTROLLING INTERESTS AND JOINT OPERATIONS a) Non-controlling interests Set out below is a continuity schedule of the Company's non-controlling interest ("NCI") that is material to the group. As part of its Candelaria segment, the Company owns 80% of the Candelaria mine and Compañia Contractual Minera Ojos del Salado S.A.’s ("Ojos") copper mining operations and supporting infrastructure in Chile (together the "Candelaria complex"). On July 2, 2024, the Company exercised its option to acquire an additional 19% interest in the issued and outstanding equity of Lumina Copper, bringing the Company's ownership in Caserones from 51% to 70% and reducing the NCI to 30%. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 20 - ===== SIDA 92 ===== The continuity of the Company's non-wholly owned subsidiaries with material NCI is as follows: Candelaria complex Caserones mine Total NCI in subsidiary at June 30, 2025 20% 30%(a) As at December 31, 2023 $ 594.8 $ 862.0 $ 1,456.8 Share of net comprehensive income (loss) 30.1 49.7 79.8 Distributions (20.0) — (20.0) As at June 30, 2024 604.9 911.7 1,516.6 Share of net comprehensive income (loss) 41.3 21.2 62.5 Distributions (66.0) (66.0) (132.0) Acquisition of additional interest in Caserones(a) — (353.5) (353.5) As at December 31, 2024 580.2 513.4 1,093.6 Share of net comprehensive income (loss) 46.9 29.9 76.8 Distributions (20.0) (21.0) (41.0) As at June 30, 2025 $ 607.1 $ 522.3 $ 1,129.4 (a) Prior to July 2, 2024, NCI in Caserones was 49%. b) Joint operations Set out below is summarized financial information for the Vicuña joint operation on a 50% basis: Summarized balance sheets (50% share) June 30, 2025 January 15, 2025 Total current assets $ 26.4 $ 25.7 Total non-current assets $ 2,230.7 $ 2,148.2 Total current liabilities $ 35.1 $ 20.7 Total non-current liabilities $ 1.5 $ 3.1 Summarized statements of earnings and comprehensive income (50% share) Three months ended June 30, 2025 Six months ended June 30, 2025(a) Net loss $ (3.2) $ (0.7) Net comprehensive loss $ (3.2) $ (0.7) Summarized statement of cash flows (50% share) Three months ended June 30, 2025 Six months ended June 30, 2025(a) Cash (used in) provided by operating activities $ (5.9) $ 0.5 Cash used in investing activities (31.8) (72.5) Cash used in financing activities (0.7) (0.8) Decrease in cash and cash equivalents during the period $ (38.4) $ (72.8) (a) Includes financial results between the date of formation, January 15, 2025, and June 30, 2025. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 21 - ===== SIDA 93 ===== 14. REVENUE The Company's analysis of revenue from contracts with customers, segmented by product, is as follows: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenue from contracts with customers: Copper $ 743.8 $ 666.5 $ 1,487.0 $ 1,314.6 Gold 93.9 54.9 173.7 109.6 Nickel 34.0 39.3 61.4 74.4 Molybdenum 16.7 31.5 41.8 70.3 Silver 11.9 10.6 25.4 20.7 Other 9.2 10.8 14.3 20.1 909.5 813.6 1,803.6 1,609.7 Provisional pricing adjustments on current period concentrate sales 33.4 (18.8) 54.6 33.2 Provisional pricing adjustments on prior period concentrate sales (5.7) 83.5 42.9 47.7 Revenue $ 937.2 $ 878.3 $ 1,901.1 $ 1,690.6 15. PRODUCTION COSTS The Company's production costs are comprised of the following: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Direct mine and mill cost $ 458.0 $ 447.0 $ 929.1 $ 879.1 Transportation 28.4 25.2 56.5 42.4 Royalties 20.2 18.4 37.9 34.4 Total production costs $ 506.6 $ 490.6 $ 1,023.5 $ 955.9 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 22 - ===== SIDA 94 ===== 16. FINANCE INCOME AND COSTS The Company's finance income and costs are comprised of the following: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Interest income $ 4.9 $ 5.3 $ 8.8 $ 9.0 Interest expense and bank fees (9.1) (23.4) (38.6) (44.9) Accretion expense on reclamation provisions (4.9) (5.6) (9.9) (11.1) Lease liability interest (5.7) (5.9) (11.5) (11.7) Deferred revenue finance costs (4.1) (1.8) (10.0) (4.2) Other (1.5) (1.7) (3.1) (3.5) Total finance costs, net $ (20.4) $ (33.1) $ (64.3) $ (66.4) Finance income $ 4.9 $ 5.3 $ 8.8 $ 9.0 Finance costs (25.3) (38.4) (73.1) (75.4) Total finance costs, net $ (20.4) $ (33.1) $ (64.3) $ (66.4) 17. OTHER INCOME AND EXPENSE The Company's other income and expense are comprised of the following: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Foreign exchange gain (loss) (a) $ 0.6 $ (3.5) $ (18.9) $ 21.0 Foreign exchange and trading gains on debt and equity investments (b) — 10.1 3.2 18.3 Revaluation of Caserones purchase option (c) — 12.4 — 11.7 Revaluation of marketable securities 2.1 0.1 1.6 2.5 Realized losses on derivative contracts (Note 18) (1.8) (3.7) (13.5) (3.1) Ojos del Salado sinkhole (expenses) recovery (d) (0.1) (0.7) (1.2) 0.3 Unrealized gains (losses) on derivative contracts (Note 18) 10.7 6.7 46.7 (27.2) Write-down of assets (e) — (17.2) — (17.2) Gain on partial disposal and contribution to Vicuña (Note 4) — — 3.0 — Partial suspension of underground operations (f) — (9.8) — (9.8) Other (expense) income (2.6) 1.3 (14.8) 2.3 Total other income (expense), net $ 8.9 $ (4.3) $ 6.1 $ (1.2) a) Foreign exchange gain (loss) during the three and six months ended June 30, 2025 and 2024, relate to the foreign exchange revaluation of trade payables and lease liabilities held in foreign currencies. b) Foreign exchange and trading gains on debt and equity investments include the changes in fair value of debt and equity instruments supporting capital funding for the Josemaria Project prior to the formation of Vicuña. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 23 - ===== SIDA 95 ===== c) The Caserones purchase option was revalued at each reporting period up to the date of exercise, with changes in fair value recorded in Other Income and Expense. The purchase option was exercised on July 2, 2024. d) Ojos del Salado sinkhole (expenses) recovery during the three and six months ended June 30, 2025 and 2024 include adjustments to expenses previously accrued, as a result of updated information related to the sinkhole near the Company's Ojos del Salado operations. e) Write-down of assets during the three and six months ended June 30, 2024 include a non-cash write-down of capital works in progress at the Josemaria Project that are no longer expected to be required. f) A fall of ground in the lower ramp at the Eagle mine limited production while rehabilitation was completed. Overhead costs unrelated to production have been recorded in Other Income and Expense. 18. FINANCIAL INSTRUMENTS Derivative instruments From time to time, the Company uses derivative contracts as part of its risk management strategy to mitigate exposure to foreign currencies and commodities. The Company maintains foreign currency forward and option contracts on CAD, BRL, and CLP foreign currencies intended to limit the foreign exchange exposure of its forecasted foreign currency denominated after-tax attributable operating and capital expenditures. Additional commodity forward swap and option contracts are maintained to limit exposure to changes in the price of diesel fuel purchases at Candelaria, and limit exposure to changes in the price of gold. The foreign exchange and commodities contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value with changes in fair value recognized in the consolidated statements of earnings. The following tables outline the foreign currency and commodity derivative notional contract positions and their expiry dates: Expired in Expiring throughout: Foreign currency forward contracts 2025 remainder of 2025 2026 USD/CAD forwards Average contract price 1.40 1.37 — Position (USD millions) 481 18 — USD/SEK forwards Average contract price 10.83 — — Position (SEK millions) 758 — — LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 24 - ===== SIDA 96 ===== Expired in Expiring throughout: Foreign currency option contracts 2025 remainder of 2025 2026 USD/BRL collars Average contract price 5.06/6.04 5.06/6.04 5.07/6.04 Position (USD millions) 92 92 114 USD/CLP collars Average contract price 872/1,032 872/1,031 904/1,060 Position (USD millions) 255 255 342 Expired in Expiring throughout: Commodity hedge contracts 2025 remainder of 2025 2026 Gold collars Average contract price ($/oz) 2,500/3,125 2,500/3,125 2,500/3,455 Position (oz) 31 31 43 Diesel collars Average contract price ($/L) 0.50/0.65 0.50/0.65 — Position (millions litres) 27 27 — The Company’s net unrealized and realized gain/(loss) on foreign currency and commodity derivative contracts are as follows: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Unrealized gain/(loss) on derivative financial instruments: Foreign currency contracts $ 16.0 7.5 $ 65.4 (28.2) Commodity hedge contracts (5.3) (0.7) (18.8) 1.0 10.7 6.7 46.6 (27.2) Realized loss on derivative financial instruments: Foreign currency contracts (0.7) (0.3) (12.3) — Commodity hedge contracts (1.2) (3.4) (1.2) (3.1) (1.9) (3.7) (13.5) (3.1) Total unrealized and realized gain (loss) on derivative contracts: $ 8.8 $ 3.0 $ 33.1 $ (30.3) LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 25 - ===== SIDA 97 ===== A summary of the fair values of unsettled derivative contracts recorded on the consolidated balance sheet is as follows: June 30, 2025 December 31, 2024 Foreign currency contracts: Current asset position $ 5.1 $ — Non-current asset position 3.3 — Current liability position 3.6 39.4 Non-current liability position 3.3 24.5 Commodity contracts: Current asset position 0.2 1.0 Non-current asset position — 0.7 Current liability position 8.6 — Non-current liability position 8.6 — Fair values of financial instruments The Company’s financial assets and financial liabilities have been classified into categories that determine their basis of measurement. The following table shows the carrying values, fair values and fair value hierarchy of the Company’s financial instruments as at June 30, 2025 and December 31, 2024: June 30, 2025 December 31, 2024 Level Carrying value Fair value Carrying value Fair value Financial assets Fair value through profit or loss Restricted funds 1 $ 10.5 $ 10.5 $ 8.6 $ 8.6 Trade receivables (provisional) 2 447.8 447.8 337.1 337.1 Marketable securities 1 12.4 12.4 60.1 60.1 Foreign currency contracts 2 8.4 8.4 — — Contingent consideration (Note 3) 3 41.0 41.0 — — Commodity contracts 2 0.2 0.2 1.6 1.6 $ 520.4 $ 520.4 $ 407.5 $ 407.5 Financial liabilities Amortized cost Debt 3 $ 409.9 $ 409.9 $ 1,757.0 $ 1,757.0 Caserones deferred consideration 2 116.2 116.2 112.8 112.8 Fair value through profit or loss Pricing provisions on concentrate sales 2 $ 6.0 $ 6.0 $ 7.1 $ 7.1 Foreign currency contracts 2 6.9 6.9 63.9 63.9 Commodity contracts 2 17.2 17.2 — — $ 30.2 $ 30.2 $ 71.0 $ 71.0 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 26 - ===== SIDA 98 ===== Fair values of financial instruments are determined by valuation methods depending on hierarchy levels as defined below: Level 1 – Quoted market price in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted market prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. observed prices) or indirectly (i.e. derived from prices). Level 3 – Inputs for the assets or liabilities are not based on observable market data. The Company estimates fair values based on the following methods of valuation and assumptions: Marketable securities/debt and equity investments/restricted funds – The fair value of investments in shares and bonds is determined based on the quoted market price. Trade receivables/pricing provisions on concentrate sales – The fair value of trade receivables that contain provisional pricing sales arrangements are valued using quoted forward market prices. The Company recognized positive pricing adjustments of $27.7 million and $97.5 million in revenue during the three and six months ended June 30, 2025, respectively (June 30, 2024 - $64.7 million and $80.9 million positive pricing adjustments). Foreign currency and commodity contracts – The fair value of these derivatives are determined by the counterparties to the contracts and are assessed by Management using pricing models based on active market prices. Contingent consideration - The fair value of the contingent consideration was estimated by calculating the present value of the future expected cash flows from the contingent copper and zinc payments related to the Neves-Corvo mine and Zinkgruvan mine based on probability-weighted scenarios of future copper and zinc prices. Caserones deferred consideration – The fair value of the Caserones deferred consideration has been discounted at the estimated credit adjusted risk free rate applicable to future payments. Debt – The fair values approximate carrying values as the interest rates are comparable to current market rates. The carrying values of certain financial instruments maturing in the short-term approximate their fair values. These financial instruments include cash and cash equivalents, trade and other receivables other than those provisionally priced, and trade and other payables other than those provisionally priced, which are classified as amortized cost. 19. COMMITMENTS AND CONTINGENCIES a) The Company has capital commitments of $195.6 million on various initiatives of which $67.8 million is expected to be paid during 2025. b) The Company may be involved in legal proce edings arising in the ordinary course of business. The potential amount of the liabilities with respect to such legal proceedings is not expected to materially affect the Company's financial position. c) There were no significant changes to commitments and contingencies from those reported at December 31, 2024. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 27 - ===== SIDA 99 ===== 20. SEGMENTED INFORMATION The Company is engaged in mining, exploration and development of mineral properties at four operating sites located in Chile, Brazil, and the USA, and at Vicuña in Argentina and Chile. Operating segments are reported in a manner consistent with the internal reporting provided to the executive leadership team who act as the operating decision- makers. The chief operating decision makers consider the business from a site and project-level perspective. Executive management are responsible for allocating resources and assessing performance of the operating segments. The Company has identified five reportable segments which include four operating sites, and the Vicuña Project. The Vicuña segment is an independently managed joint arrangement and includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Josemaria project and Filo del Sol project after that date (Note 4). Discontinued operations include results from the Neves-Corvo and Zinkgruvan segments (Note 3). LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 28 - ===== SIDA 100 ===== For the three months ended June 30, 2025 Candelaria Caserones Chapada Eagle Vicuña(b) Other Total Continuing Operations Discontinued Operations Total Chile Chile Brazil USA Argentina & Chile Revenue $ 404.6 $ 322.7 $ 150.9 $ 59.1 $ — $ — $ 937.2 $ 20.6 $ 957.8 Direct mine and mill costs (174.4) (187.9) (64.0) (31.2) — (0.5) (458.0) (15.3) (473.3) Transportation (7.7) (8.3) (7.4) (5.1) — — (28.5) (1.5) (30.0) Royalties (4.0) (8.5) (3.6) (4.1) — — (20.2) (0.2) (20.4) Depreciation, depletion and amortization (74.9) (56.5) (21.9) (5.9) — (0.1) (159.3) — (159.3) Gross profit (loss) 143.6 61.6 54.0 12.8 — (0.6) 271.3 3.6 274.9 General and administrative expenses — — — — (2.1) (16.1) (18.2) — (18.2) Exploration and business development (2.5) (4.6) (2.2) (0.2) (1.0) (1.8) (12.4) (0.6) (13.0) Finance (costs) income (4.3) (4.8) (5.7) (1.1) 0.4 (4.7) (20.4) (0.3) (20.7) Other income (expense) 1.1 (3.8) (8.6) (0.4) (1.4) 22.1 8.9 (7.8) 1.1 Gain on disposal of subsidiaries — — — — — — — 106.4 106.4 Income tax (expense) recovery (59.8) (4.7) 4.5 (0.6) 0.8 (9.8) (69.6) 1.1 (68.5) Net earnings (loss) $ 78.1 $ 43.6 $ 41.9 $ 10.4 $ (3.3) $ (11.1) $ 159.6 $ 102.4 $ 262.0 Capital expenditures $ 51.7 $ 31.9 $ 27.4 $ 6.4 $ 40.1 $ 0.1 $ 157.5 $ 9.1 $ 166.6 For the six months ended June 30, 2025 Candelaria Caserones Chapada Eagle Vicuña(b) Other Total Continuing Operations Discontinued Operations Total Chile Chile Brazil USA Argentina & Chile Revenue $ 823.7 $ 708.6 $ 265.5 $ 103.3 $ — $ — $ 1,901.1 $ 200.7 $ 2,101.8 Direct mine and mill costs (335.5) (410.9) (120.1) (62.0) — (0.7) (929.2) (117.1) (1,046.2) Transportation (15.1) (19.4) (12.8) (9.2) — — (56.5) (8.8) (65.3) Royalties (7.5) (18.4) (5.6) (6.3) — — (37.9) (1.2) (39.1) Depreciation, depletion and amortization (144.1) (102.3) (40.3) (10.4) — (0.3) (297.4) — (297.4) Gross profit (loss) 321.4 157.6 86.7 15.4 — (0.9) 580.2 73.5 653.7 General and administrative expenses — — — — (2.1) (34.4) (36.5) — (36.5) Exploration and business development (4.9) (7.7) (3.4) (1.3) (2.3) (4.7) (24.2) (5.4) (29.6) Finance (costs) income (10.3) (10.1) (11.8) (2.3) 0.4 (30.1) (64.3) (4.7) (69.0) Other (expense) income (12.5) (13.3) (21.2) (0.8) 0.9 53.0 6.1 (10.1) (4.0) Gain on disposal of subsidiaries — — — — — — — 106.4 106.4 Asset impairment — — — — — — — (65.7) (65.7) Income tax (expense) recovery (125.8) (9.8) 27.2 (0.5) (8.8) (2.7) (120.4) (5.4) (125.8) Net earnings (loss) $ 167.9 $ 116.7 $ 77.4 $ 10.5 $ (11.9) $ (19.8) $ 340.9 $ 88.7 $ 429.6 Capital expenditures $ 119.6 $ 70.1 $ 49.6 $ 10.8 $ 83.3 $ 0.1 $ 333.5 $ 58.1 $ 391.6 Total non-current assets(a) $ 3,077.3 $ 1,351.4 $ 1,308.6 $ 110.6 $ 2,282.4 $ 6.4 $ 8,136.6 $ — $ 8,136.6 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 29 - ===== SIDA 101 ===== For the three months ended June 30, 2024 Candelaria Caserones Chapada Eagle Vicuña(b) Other Total Continuing Operations Discontinued Operations Total Chile Chile Brazil USA Argentina & Chile Revenue $ 366.4 $ 336.5 $ 118.0 $ 57.4 $ — $ — $ 878.3 $ 205.3 $ 1,083.6 Direct mine and mill costs (165.6) (189.9) (61.8) (30.3) — — (447.6) (106.5) (554.1) Transportation (6.3) (9.7) (5.8) (3.4) — — (25.2) (8.1) (33.3) Royalties (3.6) (9.3) (1.6) (3.9) — 0.6 (17.8) (1.2) (19.0) Depreciation, depletion and amortization (76.1) (54.5) (18.4) (10.0) — (0.3) (159.2) (38.5) (197.7) Gross profit 114.9 73.1 30.4 9.8 — 0.3 228.5 50.9 279.5 General and administrative expenses — — — — — (13.1) (13.1) — (13.1) General exploration and business development (2.9) (3.3) (1.4) (0.1) (2.7) (0.9) (11.3) (2.3) (13.5) Finance (costs) income (7.6) (3.6) (6.2) (0.8) 2.3 (17.2) (33.2) (3.2) (36.3) Other (expense) income (1.3) (3.2) 2.9 (10.5) (6.9) 14.6 (4.3) 0.7 (3.6) Income tax (expense) recovery (43.2) (18.4) (30.9) 0.6 50.6 (6.1) (47.3) (8.8) (56.2) Net earnings (loss) $ 60.0 $ 44.7 $ (5.2) $ (1.0) $ 43.2 $ (22.4) $ 119.4 $ 37.3 $ 156.7 Capital expenditures $ 60.5 $ 35.3 $ 25.2 $ 4.0 $ 90.7 $ 1.5 $ 217.2 $ 41.2 $ 258.5 For the six months ended June 30, 2024 Candelaria Caserones Chapada Eagle Vicuña(b) Other Total Continuing Operations Discontinued Operations Total Chile Chile Brazil USA Argentina & Chile Revenue $ 696.7 $ 662.8 $ 216.4 $ 114.7 $ — $ — $ 1,690.6 $ 330.0 $ 2,020.6 Direct mine and mill costs (317.8) (369.5) (119.4) (63.6) — (0.7) (871.0) (200.1) (1,071.1) Transportation (12.3) (19.0) (11.2) (8.0) — — (50.5) (15.6) (66.1) Royalties (6.5) (18.1) (3.2) (6.6) — — (34.4) (1.9) (36.3) Depreciation, depletion and amortization (149.6) (106.2) (33.4) (19.1) — (0.3) (308.6) (73.5) (382.1) Gross profit (loss) 210.5 150.0 49.2 17.4 — (1.0) 426.1 38.9 465.0 General and administrative expenses — — — — — (29.9) (29.9) — (29.9) Exploration and business development (4.8) (6.9) (2.1) (0.2) (6.5) (1.6) (22.1) (4.9) (27.0) Finance costs (15.1) (7.9) (11.8) (1.7) 9.4 (39.3) (66.4) (5.6) (72.0) Other (expense) income 5.6 15.5 5.3 (10.8) 1.9 (18.7) (1.2) (12.8) (14.0) Income tax (expense) recovery (82.7) (40.6) (28.6) 1.9 50.6 (4.6) (104.0) (2.8) (106.8) Net earnings (loss) $ 113.5 $ 110.1 $ 12.0 $ 6.6 $ 55.4 $ (95.1) $ 202.5 $ 12.8 $ 215.3 Capital expenditures $ 160.1 $ 78.1 $ 54.4 $ 8.1 $ 149.3 $ 2.4 $ 452.4 $ 78.0 $ 530.4 Total non-current assets $ 3,157.5 $ 1,393.9 $ 1,369.6 $ 197.8 $ 1,303.0 $ 8.9 $ 7,430.6 $ 1,408.6 $ 8,839.3 (a) Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. (b) The Vicuña segment includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of Josemaria and Filo del Sol projects after that date (Note 4) LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts) - 30 - ===== SIDA 102 ===== 21. RELATED PARTY TRANSACTIONS a) Key management personnel - The Company has identified its directors and senior officers as its key management personnel. Employee benefits for key management personnel are as follows: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Wages, salaries and pension benefits 2.2 1.8 4.9 3.7 Share-based compensation 1.4 0.6 2.0 1.1 $ 3.6 $ 2.4 $ 6.9 $ 4.8 b) Other related parties - For the three and six months ended June 30, 2025, the Company incurred $2.2 million and $4.2 million (June 30, 2024 – $1.2 million and $5.8 million), respectively, for services provided by companies owned by members of key management personnel primarily relating to office rental and related services. For the three and six months ended June 30, 2025, the Company incurred $0.4 million and $1.1 million (June 30, 2024 – $0.6 million and $1.3 million), respectively, for services provided by the Lundin Foundation, a not-for-profit organization supporting community economic development programs and related initiatives in the regions in which the Company operates. 22. SUPPLEMENTARY CASH FLOW INFORMATION Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Changes in non-cash working capital items consist of: Trade and income taxes receivable, inventories, and other current assets $ 103.4 $ 140.1 $ (60.3) $ 146.0 Trade and income taxes payable, and other current liabilities (66.0) 8.7 (117.0) (59.0) $ 37.4 $ 148.8 $ (177.3) $ 87.0 Operating activities included the following cash payments: Income taxes paid $ 168.0 $ 47.1 $ 210.8 $ 31.0 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and six months ended June 30, 2025 and 2024 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 31 -