===== 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 Third Quarter 2024 Results Vancouver, November 6, 2024 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today reported its third quarter 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis. Jack Lundin, President and CEO commented, “Our overall performance has contributed to another near record quarter for revenue and copper production for the Company and we are on track to meeting full -year consolidated copper guidance. Operationally, Candelaria had an excellent third quarter producing 50,000 tonnes of copper driven by planned higher copper head grades. This was one of Candelaria's strongest quarters and materially contributed to our success. "During the quarter the Company realized two significant growth opportunities. We increased our ownership at our Caserones copper-molybdenum mine from 51% to 70%, which immediately added attributable copper production to the Company. Caserones, located within the Vicuña District, is a long -life mine that yields strong cash flow generation. It is within this District where we also announced a transformational transaction with BHP to jointly acquire Filo Corp. and form a new joint arrangement incorporating the world-class Filo del Sol Project and the Josemaria Project in Argentina to create a top -tier multi -generational mining complex. Filo shareholders have overwhelmingly voted in favour of the transaction which is expected to close in the first quarter of 2025. Around the time of closing, we will also provide an update to the market on the key milestones and next steps to advance these projects. "On exploration we are ramping up for another drill season in the Vicuña District. We will continue the near-mine campaign at Caserones and follow up on our Cumbre Verde target near Josemaria. During the quarter we continued to drill near - mine targets at our other operations with the objective to replace resources, add mine life and seek out future expansion opportunities, such as the Saúva resource located near our Chapada operation. “As we enter the final quarter of 2024, we have tightened the production guidance ranges at our sites and are re-affirming our full-year consolidated production guidance for copper and gold. For our other metals, we have marginally reduced our full year guidance for zinc and are maintaining our revised nickel guidance.” Third Quarter Operational and Financial Highlights • Copper Production: Consolidated production of 99,855 tonnes of copper in the third quarter. • Other Production: During the quarter, a total of 46,610 tonnes of zinc, 893 tonnes of nickel and approximately 47,000 ounces of gold were produced. • Revenue: $1,073.0 million in the third quarter with a realized copper price1 of $4.29 /lb and a realized zinc price1 of $1.29 /lb. • Net Earnings and Adjusted Earnings 1: Net earnings attributable to shareholders of the Company were $101.2 million or $0.13 per share in the third quarter with adjusted earnings of $72.5 million or $0.09 per share. • Adjusted EBITDA1: $457.7 million generated during the quarter. • Cash Generation: Cash provided by operating activities was $139.3 million and adjusted operating cash flow 1 was $305.2 million, excluding the impact of a working capital build of $165.9 million. • Growth: During the quarter the Company announced two significant transactions: ◦ On July 2, 2024, the Company closed the option to increase ownership in Caserones to 70%, which adds approximately 23,000 tonnes of additional attributable copper production to the Company’s production profile2. The consideration of $350 million was fully funded through an increase to the Company’s term loan from $800 million to $1.15 billion. 1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2024 and the Reconciliation of Non -GAAP measures section at the end of this news release. 2 Based on Caserones 2024 revised production guidance as outlined in the outlook section of the MD&A for the three and nine months ended September 30, 2024. ===== SIDA 2 ===== ◦ On July 29, 2024, Lundin Mining and BHP announced the joint acquisition of Filo Corp. Lundin Mining and BHP will form a 50/50 joint arrangement to hold the Filo del Sol Project and Lundin Mining’s Josemaria Project. The partnership will create a multi-generational mining district with world-class potential that could support a globally ranked mining complex. • Outlook: The Company's full year production and cash cost guidance update is as follows: ◦ Copper: Annual copper production guidance ranges have been tightened for several of the assets and the new consolidated copper guidance for the year is now 366,000 to 389,000 tonnes compared to the previous range of 366,000 to 400,000 tonnes. The Company is on tr ack to meet full year consolidated copper guidance. ◦ Zinc: Annual production guidance for Zinkgruvan has been increased which was offset by adjustments to zinc guidance at Neves-Corvo. New consolidated zinc guidance for the year has been adjusted to 190,000 to 199,000 tonnes from 195,000 tonnes to 215,000 tonnes. ◦ Gold: Annual gold guidance has remained unchanged incorporating an increase in guidance at Chapada offset by a reduction at Candelaria. ◦ Cash Costs: Forecast annual cash cost guidance at Chapada and Zinkgruvan has improved while cash cost guidance at Eagle has been adjusted upwards. All other sites remain unchanged. ◦ Sustaining Capital Expenditures1: Sustaining capital will be reduced by $75 million and is expected to total $720 million (previously $795 million ) for the year, primarily due to reductions in planned spending at Candelaria and Caserones. The Josemaria Project guidance has increased by $5 million to $230 million and exploration guidance increased by $ 7 million to $55.0 million for 2024. The increase in exploration expenditure is primarily due to accelerating exploration efforts at Caserones where drilling is targeting higher-grade copper breccia bodies to improve grades in the resource, as well as follow -up drilling at Cumbre Verde after positive results in the first half of 2024. Summary Financial Results Three months ended September 30, Nine months ended September 30, US$ Millions (except per share amounts) 2024 2023 2024 2023 Revenue 1,073.0 992.2 3,093.6 2,332.1 Gross profit 291.8 197.3 756.7 463.5 Attributable net earningsa 101.2 (3.0) 236.6 202.8 Net earnings 127.8 21.9 343.1 248.5 Adjusted earningsa,b 72.5 85.3 239.8 256.5 Adjusted EBITDAb 457.7 415.1 1,281.4 943.8 Basic earnings per share ("EPS")a 0.13 0.00 0.31 0.26 Diluted EPSa 0.13 0.00 0.30 0.26 Adjusted EPSa,b 0.09 0.11 0.31 0.33 Cash provided by operating activities 139.3 303.8 898.6 710.5 Adjusted operating cash flowb 305.2 316.5 988.7 662.2 Adjusted operating cash flow per shareb 0.39 0.41 1.28 0.86 Free cash flow from operationsb 1.7 136.5 406.9 228.3 Free cash flowb (61.8) 71.1 173.3 (47.7) Cash and cash equivalents 295.5 357.3 295.5 357.3 Net debt excluding lease liabilitiesb 1,541.7 880.9 1,541.7 880.9 Net debtb 1,802.5 1,158.9 1,802.5 1,158.9 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 Management's Discussion and Analysis for the three and nine months ended September 30, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release. 1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2024 and the Reconciliation of Non -GAAP measures section at the end of this news release. ===== SIDA 3 ===== • The Company generated revenue of $1,073.0 million during the quarter, driven by 90,069 tonnes of copper sold at a realized price of $4.29 /lb. Revenue benefited from higher realized copper, gold, and zinc prices, partially offset by $5.3 million negative provisional pricing adjustments on prior period concentrate sales. • Gross profit of $291.8 million and Adjusted EBITDA of $457.7 million in the quarter reflect higher realized copper, zinc and gold prices partially offset by decreases in zinc and nickel sales volumes. • Net earnings attributable to shareholders of the Company were $101.2 million or $0.13 per share in the quarter. • Adjusted earnings attributable to shareholders of the Company for the quarter were $72.5 million or $0.09 per share after removing $30.6 million unrealized gains on derivative contracts and adding $14.8 million in expenses relating to the partial suspension of underground operations at Eagle, among other things. • Cash and cash equivalents as at September 30, 2024 were $295.5 million. Cash provided by operating activities amounted to $139.3 million and cash used to fund investing activities amounted to $264.5 million. The Company had a net debt excluding lease liabi lities1 balance of $1,541.7 million as at September 30, 2024 (December 31, 2023 - $946.2 million). • Free cash flow1 for the quarter of $(61.8) million was impacted by $165.9 million of working capital outflows as a result of timing of sales at Candelaria and Chapada. • As at November 6, 2024, the Company had a cash balance of approximately $ 466.1 million and a net debt excluding lease liabilities balance of approximately $1,362.6 million. Operational Performance Total Production (Contained metal)a 2024 2023 YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Copper (t)b 267,576 99,855 79,708 88,013 314,798 103,337 89,942 60,057 61,462 Zinc (t) 139,758 46,610 47,460 45,688 185,161 50,719 49,774 36,115 48,553 Nickel (t) 5,869 893 1,721 3,255 16,429 3,729 4,290 4,686 3,724 Gold (koz)b 112 47 32 33 149 44 35 34 36 Molybdenum (t)b 2,271 693 714 864 2,024 928 1,096 — — a. Tonnes (t) and thousands of ounces (koz) b. Candelaria and Caserones production is on a 100% basis. Candelaria (80% owned): Candelaria produced 50,018 tonnes of copper and approximately 29,000 ounces of gold in concentrate on a 100% basis during the quarter. Production in the quarter was positively impacted by higher copper head grades from Phase 11. Access to higher grade Phase 11 ore is anticipated to continue through most of the fourth quarter of 2024 as per the planned mine sequence. Production costs in the quarter were higher than in the prior year quarter due to higher copper sales, but also partially offset by favourable foreign exchange. Cash cost of $1.55/lb was positively impacted by higher sales volumes, favourable foreign exchange and favourable by-product credits. Caserones (70% owned): Caserones produced 29,033 tonnes of total copper and 693 tonnes of molybdenum on a 100% basis during the quarter. Copper and molybdenum production in the quarter was impacted by labour action in August lasting 14 days which reduced throughput during that period to approximately 50% of capacity. Lower head grades were realized during the quarter as a result of a higher proportion of ore from Phase 6 due to hydrogeologic conditions in Phase 5. Production costs in the quarter were lower than in the prior year comparable period due to lower copper concentrate and molybdenum volumes and favourable foreign exchange. Cash cost of $2.96/lb was negatively impacted by lower sales volumes as a result of the labour action. Chapada (100% owned): Chapada produced 11,694 tonnes of copper and approximately 18,000 ounces of gold in concentrate during the quarter. Copper production was positively impacted by higher throughput that was offset by lower grades and recoveries as a result of processing of stockpiled ore as part of an optimized mine plan that significantly reduces waste movement. Gold production reflected higher grades as a result of increased ore mined from the South and Central pits replacing older low -grade stockpiles . Production costs increased due to higher sales volumes, partially offset by favourable foreign exchange. Cash cost of $1.37/lb benefited from higher gold by -product credits and favourable foreign exchange combined with mining cost decreases due to operational improvements. Eagle (100% owned): Eagle produced 893 tonnes of nickel and 1,027 tonnes of copper in the quarter. Production has been impacted by the fall of ground in the lower ramp in Eagle East during the second quarter of 2024 which restricted access to 1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2024 and the Reconciliation of Non -GAAP measures section at the end of this news release. ===== SIDA 4 ===== Eagle East, and reduced mining rates until ramp rehabilitation is completed. Normal throughput rates are expected to resume in late 2024. Production costs were reduced by lower sales and production volumes leading to reduced spend in milling, transportation and lower royalty expense. Production costs in the quarter excluded approximately $14.8 million of overhead costs that have been recorded in Other Income and Expense as a result of the partial suspension of underground mining operations. Nickel cash cost1 of $7.24/lb was impacted by lower sales volumes, partially offset by higher by-product credits as a result of higher realized copper prices. Neves-Corvo (100% owned): Neves-Corvo produced 6,698 tonnes of copper and 29,509 tonnes of zinc during the quarter. Copper production was impacted by lower throughput and grades. The decrease in throughput and grades is attributed to changes in mine sequencing as a result of adjustments made to the mining method and cable bolting requirements. Additional development wor k in Lombador North and rehabilitation work also limited ore availability. Zinc production benefitted from higher throughput and recoveries as a result of the zinc e xpansion project. During the month of August, there was a record in shaft hoisting of 440,000 tonnes over the month, in addition to record zinc production of 10,527 tonnes. During the month of September, the daily shaft hoisting of 19,000 tonnes set a new record for the min e. Production costs increased due to an increase in zinc and lead sales volumes and cash cost of $2.13/lb benefitted from higher by-product credits. Zinkgruvan (100% owned): Zinkgruvan produced 17,101 tonnes of zinc and 5,693 tonnes of lead in the quarter reflecting lower grades and throughput which were driven by changes in mine sequencing from operational and maintenance interruptions. Copper production of 1,385 tonnes in the quarter reflected higher throughput. Production costs decreased due to lower sales volumes and zinc cash cost of $0.16/lb benefitted from higher copper by -product credits as a result of higher realized copper prices. Outlook Annual guidance for 2024 has been updated from that disclosed in the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2024. The Company remains on track to meet annual consolidated copper production guidance. The total production guidance range for copper has been tightened with the top end of the range at Candelaria increased as a result of continued access to higher grade ore in the second half of the year. Copper production guidance ranges at Caserones and Neves-Corvo have been tightened and lowered slightly. At Caserones, this reflects the impact of the labour action during the quarter that reduced operations for 14 days. At Neves-Corvo, changes in mine sequencing due to rehabilitation and development efforts led to the change in guidance. Total production guidance for zinc has been revised, guidance range for Zinkgruvan increased slightly and the guidance range for Neves-Corvo reduced as a result of rehabilitation and development work impacting mine sequencing. Annual gold guidance has remained unchanged, incorporating an increase in guidance at Chapada offset by a reduction at Candelaria. For molybdenum, the guidance range has increased to reflect expected results according to the mine plan. Cash cost guidance at Chapada and Zinkgruvan was lowered with cash costs continuing to benefit from increased realized prices on by-product sales and weaker local currencies. Cash cost guidance at Eagle has increased due to reduced mining rates following a fall of ground that continues to limit production. Annual sustaining capital expenditure guidance has been lowered to $720 million from $795 million with reductions primarily at Caserones and Candelaria. Expenditure guidance related to the Josemaria Project of $230 million and exploration guidance of $55.0 million have been revised for 2024. The increase in exploration expenditure is primarily due to accelerating exploration efforts at Caserones where drilling is targeting the higher-grade copper breccia bodies to improve grades in the resource, as well as follow-up drilling at Cumbre Verde after positive results in the first half of 2024. ===== SIDA 5 ===== 2024 Production and Cash Cost Guidance Previous Guidancea Revised Guidance (contained metal) Production Cash Cost ($/lb)b Production Cash Cost ($/lb)b Copper (t) Candelaria (100%) 160,000 – 170,000 1.60 – 1.80c 165,000 – 173,000 1.60 – 1.80c Caserones (100%) 124,000 – 135,000 2.60 – 2.80 121,000 – 125,000 2.60 – 2.80 Chapada 43,000 – 48,000 1.95 – 2.15d 43,000 – 48,000 1.55 – 1.65d Eagle 5,000 – 7,000 6,000 – 8,000 Neves-Corvo 30,000 – 35,000 1.95 – 2.15c 27,000 – 30,000 1.95 – 2.15c Zinkgruvan 4,000 – 5,000 4,000 – 5,000 Total 366,000 – 400,000 366,000 – 389,000 Zinc (t) Neves-Corvo 120,000 – 130,000 111,000 – 116,000 Zinkgruvan 75,000 – 85,000 0.45 – 0.50c 79,000 – 83,000 0.40 – 0.45c Total 195,000 – 215,000 190,000 – 199,000 Nickel (t) Eagle 7,000 – 9,000 3.20 – 3.40 7,000 – 9,000 3.70 – 3.90 Gold (koz) Candelaria (100%) 100 – 110 92 – 102 Chapada 55 – 60 63 – 68 Total 155 – 170 155 – 170 Molybdenum (t) Caserones (100%) 2,500 - 3,000 2,800 – 3,300 a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2024. b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $3.75/lb, Zn: $1.10/lb, Pb: $0.90/lb, Au: $1,800/oz, Mo: $20.00/lb, Ag: $23.00/oz), foreign exchange rates (€/USD:1.05, USD/SEK:10.50, USD/ CLP:850, USD/BRL:5.00) and production costs. Cash cost is a non-GAAP measure - see the Company's Management Discussion and Analysis for the three and nine months ended September 30, 2024 and the Reconciliation of Non-GAAP Measures at the end of this news release. c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement, and silver production at Zinkgr uvan and Neves-Corvo are also subject to streaming agreements. Cash costs are calculated based on receipt of approximately $ 429/oz gold and $4.28/oz to $4.68/oz silver. d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound. 2024 Capital Expenditure Guidanceb ($ millions) Previous Guidancea Revisions Revised Guidance Candelaria (100% basis) 300 (25) 275 Caserones (100% basis) 175 (40) 135 Chapada 110 — 110 Eagle 25 — 25 Neves-Corvo 115 (5) 110 Zinkgruvan 70 (5) 65 Other — — — Total Sustaining 795 (75) 720 Josemaria (Expansionary) 225 5 230 Total Capital Expenditures 1,020 (70) 950 a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2024. b. Sustaining capital expenditure is a supplementary financial measure and expansionary capital expenditure is a non -GAAP measure - see the Company's Management Discussion and Analysis for the three and nine months ended September 30, 2024 and the Reconcil iation of Non-GAAP Measures at the end of this news release. Exploration During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Zinkgruvan was focused on resource expansion and drilling at Candelaria was focused on Soplona, La Portuguesa and La Española . Drilling at Chapada concentrated on adding high grade resources to Saúva and testing near -mine geochemical and geophysical anomalies in Cava Norte, Santa Cruz, Castanhal and Jatoba. At Caserones, exploration activity remains lower during the winter season. Exploration drilling continues in the lower portion of the mineral resource in search of higher -grade copper breccia bodies that could improve the average grade of the ===== SIDA 6 ===== resource, and potentially expand it. Preparations to restart near -mine drilling at Angelica were made at the end of the quarter. At Josemaria, preparations are underway to recommence the drilling campaign at Cumbre Verde. Drilling started at Eagle during the quarter with two surface holes targeting a geophysical anomaly east of Eagle East. Drilling also commenced during the quarter at Neves -Corvo and focused on extending inferred resources at Lombador North and near-mine drilling at Neves Southwest. About Lundin Mining Lundin Mining is a diversified Canadian base metals mining company with projects or operations in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, nickel and gold. The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on November 6, 2024 at 14:30 Vancouver Time. For further information, please contact: Stephen Williams, Vice President, Investor Relations +1 604 806 3074 Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40 Technical Information The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43 -101 (“NI 43 -101”) and has been reviewed by Patrick Merrin, P .Eng., Executive Vice President, Technical Services, a "Qualified Person" under NI 43 -101. Mr. Merrin has verified the data disclosed in this release and no limitations were imposed on his verification process. Reconciliation of Non-GAAP Measures The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company’s discussion of non-GAAP and other performance measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 which is available on SEDAR+ at www.sedarplus.com. ===== SIDA 7 ===== Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended September 30, 2024 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes (Contained metal): Tonnes 45,430 22,044 12,380 393 7,707 15,124 Pounds (000s) 100,155 48,599 27,293 866 16,991 33,342 Production costs 581,117 Less: Royalties and other (19,133) 561,984 Deduct: By-product credits (221,753) Add: Treatment and refining 43,833 Cash cost 155,069 144,062 37,302 6,273 36,159 5,199 384,064 Cash cost per pound ($/lb) 1.55 2.96 1.37 7.24 2.13 0.16 Add: Sustaining capital 60,118 22,895 20,487 7,940 26,288 15,546 Royalties 4,519 6,354 2,643 162 1,226 — Reclamation and other closure accretion and depreciation 2,416 1,061 2,374 1,473 1,381 1,149 Leases & other 1,625 17,773 956 1,489 147 79 All-in sustaining cost 223,747 192,145 63,762 17,337 65,201 21,973 AISC per pound ($/lb) 2.23 3.95 2.34 20.02 3.84 0.66 Three months ended September 30, 2023 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes (Contained metal): Tonnes 33,668 30,385 11,445 3,640 8,799 22,042 Pounds (000s) 74,225 66,987 25,232 8,025 19,398 48,594 Production costs 615,109 Less: Royalties and other (21,662) Inventory fair value adjustment (32,185) 561,262 Deduct: By-product credits (216,150) Add: Treatment and refining 56,261 Cash cost 162,672 106,866 57,501 16,598 44,043 13,693 401,373 Cash cost per pound ($/lb) 2.19 1.60 2.28 2.07 2.27 0.28 Add: Sustaining capital 86,693 28,849 16,716 4,989 27,357 12,350 Royalties — 7,550 2,142 7,385 1,055 — Reclamation and other closure accretion and depreciation 2,349 1,133 2,141 2,742 1,462 1,011 Leases & other 2,841 22,229 865 797 131 86 All-in sustaining cost 254,555 166,627 79,365 32,511 74,048 27,140 AISC per pound ($/lb) 3.43 2.49 3.15 4.05 3.82 0.56 ===== SIDA 8 ===== Nine months ended September 30, 2024 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes (Contained metal): Tonnes 108,965 87,117 29,415 4,574 21,491 49,459 Pounds (000s) 240,226 192,060 64,849 10,084 47,379 109,038 Production costs 1,754,677 Less: Royalties and other (61,427) 1,693,250 Deduct: By-product credits (597,173) Add: Treatment and refining 129,361 Cash cost 438,494 481,756 113,607 39,903 107,898 43,780 1,225,438 Cash cost per pound ($/lb) 1.83 2.51 1.75 3.96 2.28 0.40 Add: Sustaining capital 220,194 100,977 74,927 15,998 76,622 43,188 Royalties 11,038 24,443 5,891 6,746 3,168 — Reclamation and other closure accretion and depreciation 6,441 3,195 7,780 5,033 4,036 3,286 Leases & other 7,684 51,773 2,496 4,258 405 235 All-in sustaining cost 683,851 662,144 204,701 71,938 192,129 90,489 AISC per pound ($/lb) 2.85 3.45 3.16 7.13 4.06 0.83 Nine months ended September 30, 2023 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes (Contained metal): Tonnes 105,585 30,385 30,681 10,234 23,000 48,028 Pounds (000s) 232,775 66,987 67,640 22,562 50,706 105,883 Production costs 1,438,071 Less: Royalties and other (41,717) Inventory fair value adjustment (32,185) 1,364,169 Deduct: By-product credits (495,751) Add: Treatment and refining 125,390 Cash cost 507,884 106,866 165,170 47,228 128,206 38,454 993,808 Cash cost per pound ($/lb) 2.18 1.60 2.44 2.09 2.53 0.36 Add: Sustaining capital 300,796 28,849 52,433 15,653 74,551 42,812 Royalties — 7,550 6,394 17,991 2,868 — Reclamation and other closure accretion and depreciation 7,100 1,133 5,789 8,711 4,082 2,811 Leases & other 9,638 22,229 3,002 2,441 437 288 All-in sustaining cost 825,418 166,627 232,788 92,024 210,144 84,365 AISC per pound ($/lb) 3.55 2.49 3.44 4.08 4.14 0.80 ===== SIDA 9 ===== Adjusted EBITDA can be reconciled to Net Earnings (Loss) on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended September 30, Nine months ended September 30, ($thousands) 2024 2023 2024 2023 Net earnings 127,829 21,883 343,117 248,496 Add back: Depreciation, depletion and amortization 200,074 179,788 582,224 430,540 Finance income and costs 39,152 36,212 111,153 67,808 Income taxes 96,940 84,891 203,668 113,983 463,995 322,774 1,240,162 860,827 Unrealized foreign exchange loss (gain) 12,901 9,096 574 (1,545) Unrealized losses (gains) on derivative contracts (30,613) 47,504 18,245 41,241 Ojos del Salado sinkhole (recoveries) expenses 871 (1,247) 550 15,235 Revaluation loss (gain) on marketable securities (3,957) 3,449 (6,472) (453) Caserones inventory fair value adjustment — 32,185 — 32,185 Partial suspension of underground operations at Eagle 14,813 — 24,637 — Revaluation of Chapada derivative liability — 370 307 2,166 Revaluation of Caserones purchase option — — (11,728) — Write-down of capital works in progress 781 — 17,969 — Gain on disposal of subsidiary — — — (5,718) Other (1,108) 990 (2,847) (120) Total adjustments - EBITDA (6,312) 92,347 41,235 82,991 Adjusted EBITDA 457,683 415,121 1,281,397 943,818 Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended September 30, Nine months ended September 30, ($thousands, except share and per share amounts) 2024 2023 2024 2023 Net earnings attributable to Lundin Mining shareholders 101,160 (2,964) 236,632 202,765 Add back: Total adjustments - EBITDA (6,312) 92,347 41,235 82,991 Tax effect on adjustments (8,135) (20,758) (7,921) (23,938) Deferred tax expense due to change in tax rate — 25,700 — 25,700 Deferred tax arising from foreign exchange translation (12,387) 12,317 (32,353) (15,972) Non-controlling interest on adjustments (1,867) (18,734) 2,164 (18,665) Other (1) (2,648) — 3,645 Total adjustments (28,702) 88,224 3,125 53,761 Adjusted earnings 72,458 85,260 239,757 256,526 Basic weighted average number of shares outstanding 776,794,756 773,147,920 774,574,731 772,214,160 Net earnings (loss) attributable to shareholders 0.13 — 0.31 0.26 Total adjustments (0.04) 0.11 — 0.07 Adjusted earnings per share 0.09 0.11 0.31 0.33 ===== SIDA 10 ===== Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended September 30, Nine months ended September 30, ($thousands) 2024 2023 2024 2023 Cash provided by operating activities 139,275 303,812 898,576 710,531 Sustaining capital expenditures (151,173) (180,013) (532,236) (523,397) General exploration and business development 13,620 12,734 40,607 41,192 Free cash flow from operations 1,722 136,533 406,947 228,326 General exploration and business development (13,620) (12,734) (40,607) (41,192) Expansionary capital expenditures (49,926) (52,662) (193,027) (234,831) Free cash flow (61,824) 71,137 173,313 (47,697) Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended September 30, Nine months ended September 30, ($thousands, except share and per share amounts) 2024 2023 2024 2023 Cash provided by operating activities 139,275 303,812 898,576 710,531 Changes in non-cash working capital items 165,901 12,655 90,140 (48,360) Adjusted operating cash flow 305,176 316,467 988,716 662,171 Basic weighted average number of shares outstanding 776,794,756 773,147,920 774,574,731 772,214,160 Adjusted operating cash flow per share $ 0.39 0.41 1.28 0.86 Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's condensed interim consolidated balance sheet as follows: ($thousands) September 30, 2024 December 31, 2023 Debt and lease liabilities (1,692,718) (1,273,162) Current portion of total debt and lease liabilities (397,141) (212,646) Less deferred financing fees (netted in above) (8,230) (6,374) (2,098,089) (1,492,182) Cash and cash equivalents 295,540 268,793 Net debt (1,802,549) (1,223,389) Lease liabilities 260,895 277,208 Net debt excluding lease liabilities (1,541,654) (946,181) ===== SIDA 11 ===== Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein are “forward -looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre -Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, li fe of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company’s Responsible Mining Management System; the Company’s ability to compl y with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company’s projects; expansion projects and the realization of additional value; expectations regarding, including the ability and timing to complete, the acquisition of Filo Corp. and the establishment and operation of a 50/50 joint arrangement with BHP and the anticipated project development and other plans and expectations with respect to such acquisition and joint arrangement; the Company’s integration of acquisitions and expansions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward -looking information. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, zinc, gold, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions, including the completion of the acquisition of Filo Corp., the establishment of the 50/50 joint arrangement with BHP and the realization of synergies and economies of scale in connection therewith; that the po litical environment in which the Company operates will continue to support the development and operation of mining projects; and a ssumptions 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 e xperience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward -looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: global financial conditions, market volatility and inflati on, including pricing and availability of key supplies and services; risks inherent in m ining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual o r unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation ris ks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company’s operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings manage ment, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable o r inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; c hanging taxation regimes; the inability to effectively compete in the industry; the inability to currently control Filo Corp. and the ability to satisfy the relevant conditions and complete the acquisition of Filo Corp. and establish the 50/50 j oint arrangement with BHP on the proposed terms and schedule; risks associated with acquisitions, expansions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore process ing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliabl e; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures, joint arrangements and operations; environmental and regulatory risks associated with the structural stabilit y of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption in volving the Company, its customers, suppliers or employees, or the allegation of improper or discriminat ory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying valu es; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or s hortages of labour or interruptions in production; conflicts of interest; existence of significant sharehold ers; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; mining rates and rehabilitatio n projects; mill shut downs; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties” section of the Company’s MD& A for the three and nine months ended September 30, 2024 and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.com under the Company’s profile. All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward -looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all 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, actual results may vary materially from those described in forward -looking information. Accordingly, there can be no assurance that forward -looking i nformation 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 12 ===== Management’s Discussion and Analysis For the three and nine months ended September 30, 2024 This management’s discussion and analysis (“MD&A”) has been prepared as of November 6, 2024 and should be read in conjunction with the Company’s condensed interim consolidated financial statements for the three and nine months ended September 30, 2024. Those financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - Accounting, including IAS 34 Interim Financial Reporting. The Company’s presentation currency is United States (“US”) dollars. Reference herein of $ or USD is to United States dollars, ARS is to Argentine pesos, BRL is to Brazilian reais, C$ is to Canadian dollars, CLP is to Chilean pesos, € refers to euros, and SEK is to Swedish kronor. "This quarter" or "The quarter" means the third quarter ("Q3") of 2024. "Year-to-date" or "Year-to-date period" means the nine months ended September 30, 2024. About Lundin Mining Lundin Mining Corporation (“Lundin Mining” or the “Company”) is a diversified Canadian base metals mining company with projects and operations in Argentina, Brazil, Chile, Portugal, Sweden, and the United States of America, primarily producing copper, zinc, nickel and gold. Table of Contents Highlights ................................................................................................................................................................................ 1 Outlook ................................................................................................................................................................................... 6 Selected Quarterly Financial Information .............................................................................................................................. 8 Summary of Quarterly Results ............................................................................................................................................... 9 Revenue Overview .................................................................................................................................................................. 10 Financial Results ..................................................................................................................................................................... 14 Mining Operations .................................................................................................................................................................. 17 Production Overview ........................................................................................................................................................ 17 Production Cost and Cash Cost Overview ........................................................................................................................ 18 Capital Expenditures ......................................................................................................................................................... 19 Candelaria ......................................................................................................................................................................... 20 Caserones .......................................................................................................................................................................... 21 Chapada ............................................................................................................................................................................ 22 Eagle .................................................................................................................................................................................. 23 Neves-Corvo ...................................................................................................................................................................... 24 Zinkgruvan ......................................................................................................................................................................... 25 Josemaria Project ................................................................................................................................................................... 26 Exploration Update ................................................................................................................................................................. 26 Liquidity and Capital Resources .............................................................................................................................................. 27 Non-GAAP and Other Performance Measures ....................................................................................................................... 30 Other Information and Advisories .......................................................................................................................................... 37 Outstanding Share Data ......................................................................................................................................................... 38 ===== SIDA 13 ===== Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company’s Responsible Mining Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company’s projects; expansion projects and the realization of additional value; expectations regarding, including the ability and timing to complete, the acquisition of Filo Corp. and the establishment and operation of a 50/50 joint arrangement with BHP and the anticipated project development and other plans and expectations with respect to such acquisition and joint arrangement; the Company’s integration of acquisitions and expansions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking information. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, zinc, gold, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions, including the completion of the acquisition of Filo Corp., the establishment of the 50/50 joint arrangement with BHP and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company’s operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; the inability to currently control Filo Corp. and the ability to satisfy the relevant conditions and complete the acquisition of Filo Corp. and establish the 50/50 joint arrangement with BHP on the proposed terms and schedule; risks associated with acquisitions, expansions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures, joint arrangements and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; mining rates and rehabilitation projects; mill shut downs; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties” section of this MD&A and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.com under the Company’s profile. All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law. ===== SIDA 14 ===== Highlights During the quarter, the Company produced 99,855 tonnes of copper, 46,610 tonnes of zinc, and 47 thousand ounces ("koz") of gold. This production coupled with other metals produced and sold during the quarter, generated strong quarterly revenue of $1,073.0 million (Q3 2023 - $992.2 million), gross profit of $291.8 million (Q3 2023 - $197.3 million) and adjusted EBITDA1 of $457.7 million (Q3 2023 - $415.1 million). The Company had a net debt excluding lease liabilities1 balance of $1,541.7 million as at September 30, 2024 (December 31, 2023 - $946.2 million). The Company expects to achieve annual production guidance for copper, nickel, gold, and molybdenum as published in the MD&A for the three and six months ended June 30, 2024 and has tightened guidance ranges for several of the assets. Total production guidance for zinc has been revised with the guidance range for Zinkgruvan increased slightly and the guidance range for Neves-Corvo reduced as a result of rehabilitation and development work impacting mine sequencing. Operational Performance Candelaria (80% owned): Candelaria produced 50,018 tonnes of copper and approximately 29,000 ounces of gold in concentrate on a 100% basis during the quarter. Production in the quarter was positively impacted by planned higher grades from Phase 11. Access to higher grade Phase 11 ore is anticipated to continue through most of the fourth quarter of 2024 as per the planned mine sequence. Production costs in the quarter were higher than in the prior year quarter due to higher copper sales, but also partially offset by favourable foreign exchange. Cash cost1 of $1.55/lb was positively impacted by higher sales volumes, favourable foreign exchange and favourable by-product credits. Caserones (70% owned): Caserones produced 29,033 tonnes of total copper and 693 tonnes of molybdenum on a 100% basis during the quarter. Copper and molybdenum production in the quarter was impacted by labour action in August lasting 14 days which reduced throughput during that period to approximately 50% of capacity. Lower head grades were realized during the quarter as a result of a higher proportion of ore from Phase 6 due to hydrogeologic conditions in Phase 5. Production costs in the quarter were lower than in the prior year comparable period due to lower copper concentrate and molybdenum volumes and favourable foreign exchange. Cash cost of $2.96/lb was negatively impacted by lower sales volumes as a result of the labour action. Chapada (100% owned): Chapada produced 11,694 tonnes of copper and approximately 18,000 ounces of gold in concentrate during the quarter. Copper production was positively impacted by higher throughput that was offset by lower grades and recoveries as a result of processing of stockpiled ore as part of an optimized mine plan that significantly reduces waste movement. Gold production reflected higher grades as a result of increased ore mined from the South and Central pits replacing older low-grade stockpiles. Production costs increased due to higher sales volumes, partially offset by favourable foreign exchange. Cash cost of $1.37/lb benefitted from higher gold by-product credits and favourable foreign exchange combined with mining cost decreases due to operational improvements. Eagle (100% owned): Eagle produced 893 tonnes of nickel and 1,027 tonnes of copper in the quarter. Production has been impacted by the fall of ground in the lower ramp in Eagle East during the second quarter of 2024 which restricted access to Eagle East, and reduced mining rates until ramp rehabilitation is completed. Normal throughput rates are expected to resume in late 2024. Production costs were reduced by lower sales and production volumes leading to reduced spend in milling, transportation and lower royalty expense. Production costs in the quarter excluded approximately $14.8 million of overhead costs that have been recorded in Other Income and Expense as a result of the partial suspension of underground mining operations. Nickel cash cost of $7.24/lb was impacted by lower sales volumes, partially offset by higher by-product credits as a result of higher realized copper prices1. Neves-Corvo (100% owned): Neves-Corvo produced 6,698 tonnes of copper and 29,509 tonnes of zinc during the quarter. Copper production was impacted by lower throughput and grades. The decrease in throughput and grades is attributed to changes in mine sequencing as a result of adjustments made to the mining method and cable bolting requirements. Additional development work in Lombador North and rehabilitation work also limited ore availability. Zinc production benefitted from higher throughput and recoveries as a result of the zinc expansion project. During the month of August, there was a record in shaft hoisting of 440,000 tonnes over the month, in addition to record zinc production of 10,527 tonnes. During the month of September, the daily shaft hoisting of 19,000 tonnes set a new record for the mine. Production 1 1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. ===== SIDA 15 ===== costs increased due to an increase in zinc and lead sales volumes . Cash cost during the quarter of $2.13/lb benefitted from higher by-product credits. Zinkgruvan (100% owned): Zinkgruvan produced 17,101 tonnes of zinc and 5,693 tonnes of lead in the quarter impacted by lower grades and throughput which were driven by changes in mine sequencing from operational and maintenance disruptions. Copper production of 1,385 tonnes in the quarter reflected higher throughput. Production costs decreased due to lower sales volumes. Zinc cash cost of $0.16/lb benefitted from higher copper by-product credits as a result of higher realized copper prices. Total Productiona 2024 2023 YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Copper (t)b 267,576 99,855 79,708 88,013 314,798 103,337 89,942 60,057 61,462 Zinc (t) 139,758 46,610 47,460 45,688 185,161 50,719 49,774 36,115 48,553 Nickel (t) 5,869 893 1,721 3,255 16,429 3,729 4,290 4,686 3,724 Gold (koz)b 112 47 32 33 149 44 35 34 36 Molybdenum (t)b 2,271 693 714 864 2,024 928 1,096 — — a - Tonnes(t) and thousands of ounces (koz). b - Candelaria and Caserones production are on a 100% basis. Caserones results in 2023 are from July 13, 2023. 2 ===== SIDA 16 ===== Corporate Updates • On July 29, 2024, the Company entered into an agreement with BHP and Filo Corp (“Filo”) to jointly acquire all the issued and outstanding shares of Filo (the “Arrangement”) not already owned by Lundin Mining and BHP. Under the terms of the Arrangement, Filo shareholders may choose to receive in exchange for each Filo share C$33.00 in cash, 2.3578 Lundin Mining shares or any combination thereof, subject to aggregate caps. Lundin Mining’s share of the consideration for the Arrangement is approximately C$2,148 million ($1,550 million), consisting of up to C$859 million in cash and C$1,289 million in Lundin Mining shares. The Arrangement was approved by Filo shareholders on September 26, 2024. Closing is expected to occur in the first quarter of 2025 subject to regulatory approvals and other customary closing conditions for transactions of this nature. Concurrently with the completion of the Arrangement, Lundin Mining and BHP will form a 50/50 joint arrangement (the “Joint Arrangement”) to hold the Filo del Sol project and Lundin Mining’s Josemaria project. BHP will pay Lundin Mining cash consideration of $690 million, subject to certain adjustments, as consideration for Lundin Mining contributing the Josemaria project to the Joint Arrangement. • On July 2, 2024, the Company completed the exercise of its option to acquire an additional 19% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile (“Lumina Copper”), bringing the Company's ownership in Caserones from 51% to 70%. The acquisition was initially financed by a $350 million draw from the Company's revolving credit facility ("RCF"). On August 2, 2024 the draw was repaid with proceeds from a $350 million increase in the Company's existing $800 million term loan (the "Term Loan"), currently maturing on July 27, 2027, and increasing the principal amount to $1,150 million. • On May 23, 2024, the Company amended the terms of the RCF and the Term Loan to establish sustainability performance targets whereby the interest rate margin in the facilities will be adjusted based on the Company's performance relative to the targets. In July 2024, the Company published its 2023 Sustainability Report which highlights the Company's material environment, health & safety, governance and social performance during the year. • On February 12, 2024, the Company reported an employee fatality at the Neves-Corvo Mine in Portugal. Operations were voluntarily suspended and restarted on February 15, 2024. • On February 8, 2024, the Company reported its Mineral Resource and Mineral Reserve estimates as at December 31, 2023 (or as otherwise specified) and on January 14, 2024, the Company provided its 2024 production and cost guidance and reaffirmed the three year production outlook. 3 ===== SIDA 17 ===== Financial Performance • Gross profit for the quarter was $291.8 million which was $94.5 million higher than in the prior year comparable period of $197.3 million. The increase in the quarter is due to higher realized copper, gold and zinc prices. On a year-to-date basis, gross profit was $756.7 million, an increase of $293.2 million from the prior year comparable period of $463.5 million. The increases in the year-to-date period were primarily a result of the acquisition of Caserones in July 2023 and higher realized copper, gold and zinc prices. • For the quarter and year-to-date periods, net earnings of $127.8 million and $343.1 million, respectively, were higher than in the prior year comparable periods primarily due to higher gross profit. • Adjusted earnings1 of $72.5 million for the quarter were $12.8 million lower than in the prior year comparable period of $85.3 million as a result of higher income taxes as a result of higher taxable earnings, the introduction of the mining royalty tax for Candelaria, and utilization of tax losses at Caserones. Adjusted earnings for the nine months ended September 30, 2024 amounted to $239.8 million, a decrease of $16.7 million from the prior year comparable period of $256.5 million, also due to higher income taxes as a result of the same factors mentioned for the quarter. • Cash provided by operating activities of $139.3 million for the quarter was $164.5 million lower than in the prior year comparable period of $303.8 million. On a year-to-date basis, cash provided by operating activities of $898.6 million represented an increase of $188.1 million from the prior year comparable period of $710.5 million. The decrease in the quarter compared to the prior period is due to large outflows of working capital as a result of the timing of sales at Candelaria and Chapada during the current period. The increase in the year-to-date compared to the prior period was primarily due to higher realized copper, gold and zinc prices, inclusion of Caserones operating cash flows, partially offset by larger outflows of working capital. • For the quarter, sustaining capital expenditures1 of $151.2 million were $28.8 million lower than in the prior year comparable period of $180.0 million primarily as a result of lower sustaining capital expenditure at Candelaria due to timing and lower deferred stripping. On a year-to-date basis, sustaining capital expenditures of $532.2 million were higher than in the prior year comparable period of $523.4 million primarily due to the addition of Caserones' sustaining capital expenditures which includes prior year expenditures incurred from the acquisition date in July 2023, and higher sustaining capital expenditures at Chapada partially offset by Candelaria's lower sustaining capital expenditures. Expansionary capital expenditures 1 of $49.9 million for the quarter and $193.0 million for the year-to-date were lower than in the prior year comparable periods of $52.7 million and $234.8 million, respectively, as a result of reduced spending on the Josemaria Project. • Free cash flow from operations 1 for this quarter of $1.7 million was lower than in the prior year comparable period of $136.5 million primarily due to $165.9 million of outflows of working capital as a result of the timing of sales at Candelaria and Chapada during the current period. Free cash flow from operations for the year-to-date of $406.9 million was higher than in the prior year comparable period of $228.3 million primarily as a result of higher realized copper, gold and zinc prices and the inclusion of Caserones operating cash flows partially offset by larger working capital outflows. Financial Position and Financing • Cash and cash equivalents as at September 30, 2024 were $295.5 million, a decrease during the quarter of $157.3 million. Cash provided by operating activities amounted to $139.3 million, which was impacted by $165.9 million of negative working capital as a result of the timing of sales at Candelaria and Chapada during the current period. Cash used to fund investing activities amounted to $264.5 million, including the $41.7 million payment for the acquisition of Filo shares and the $25.0 million settlement for the Chapada derivative liability. Cash used in financing activities was comprised primarily of funds used to exercise the Company's option to acquire an additional 19% interest in Caserones for $350.0 million, which was funded from debt proceeds, $63.0 million in distributions paid to non-controlling interests, and the $10.0 million payment of Caserones deferred consideration. 4 1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. ===== SIDA 18 ===== • As at September 30, 2024, the Company had a net debt1 balance of $1,802.5 million and a net debt excluding lease liabilities1 balance of $1,541.7 million. • As at November 6, 2024 , the Company had a cash balance of approximately $ 466.1 million and a net debt excluding lease liabilities balance of approximately $1,362.6 million. 5 ===== SIDA 19 ===== Outlook Annual guidance for 2024 has been updated from that disclosed in the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2024. The Company remains on track to meet annual consolidated copper production guidance as published in the MD&A for the three and six months ended June 30, 2024. Additionally, the total production guidance range for copper has been tightened with the top end of the range at Candelaria increased as a result of continued access to higher grade ore in the second half of the year. Copper production guidance ranges at Caserones and Neves-Corvo have been tightened and lowered slightly. At Caserones, this reflects the impact of the labour action during the quarter that reduced operations for 14 days. At Neves- Corvo, changes in mine sequencing due to rehabilitation and development efforts led to the change in guidance. Total production guidance for zinc has been revised with the guidance range for Zinkgruvan increased slightly and the guidance range for Neves-Corvo reduced as a result of rehabilitation and development work impacting mine sequencing. Annual gold guidance has remained unchanged, incorporating an increase in guidance at Chapada offset by a reduction at Candelaria. For molybdenum, the guidance range has increased to reflect expected results according to the mine plan. Cash cost guidance at Chapada and Zinkgruvan was lowered with cash costs continuing to benefit from increased realized prices on by-product sales and weaker local currencies. Cash cost guidance at Eagle has increased due to reduced mining rates following a fall of ground that continues to limit production. Annual sustaining capital expenditure guidance has been lowered to $720 million from $795 million with reductions primarily at Caserones and Candelaria. Expenditure guidance related to the Josemaria Project of $ 230 million and exploration guidance of $55.0 million have been revised for 2024. The increase in exploration expenditure is primarily due to accelerating exploration efforts at Caserones where drilling is targeting the higher-grade copper breccia bodies to improve grades in the resource, as well as follow-up drilling at Cumbre Verde after positive results in the first half of 2024 at Josemaria. 2024 Production and Cash Cost Guidance Guidancea Revised Guidance (contained metal) Production Cash Cost ($/lb)b Production Cash Cost ($/lb)b Copper (t) Candelaria (100%) 160,000 – 170,000 1.60 – 1.80c 165,000 – 173,000 1.60 – 1.80c Caserones (100%) 124,000 – 135,000 2.60 – 2.80 121,000 – 125,000 2.60 – 2.80 Chapada 43,000 – 48,000 1.95 – 2.15d 43,000 – 48,000 1.55 – 1.65d Eagle 5,000 – 7,000 6,000 – 8,000 Neves-Corvo 30,000 – 35,000 1.95 – 2.15c 27,000 – 30,000 1.95 – 2.15c Zinkgruvan 4,000 – 5,000 4,000 – 5,000 Total 366,000 – 400,000 366,000 – 389,000 Zinc (t) Neves-Corvo 120,000 – 130,000 111,000 – 116,000 Zinkgruvan 75,000 – 85,000 0.45 – 0.50c 79,000 – 83,000 0.40 – 0.45c Total 195,000 – 215,000 190,000 – 199,000 Nickel (t) Eagle 7,000 – 9,000 3.20 – 3.40 7,000 – 9,000 3.70 – 3.90 Gold (koz) Candelaria (100%) 100 – 110 92 – 102 Chapada 55 – 60 63 – 68 Total 155 – 170 155 – 170 Molybdenum (t) Caserones (100%) 2,500 - 3,000 2,800 – 3,300 a. Guidance as outlined in the MD&A for the three and six months ended June 30, 2024. b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $3.75/lb, Zn: $1.10/lb, Pb: $0.90/lb, Au: $1,800/oz, Mo: $20.00/lb, Ag: $23.00/oz), foreign exchange rates (€/USD:1.05, USD/SEK:10.50, USD/CLP:850, USD/BRL:5.00) and production costs. Cash cost is a non-GAAP measure - see section 'Non-GAAP and Other Performance Measures' of this MD&A for discussion. c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement, and silver production at Zinkgruvan and Neves-Corvo are also subject to streaming agreements. Cash costs are calculated based on receipt of approximately $429/oz gold and $4.28/oz to $4.68/oz silver. d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound. 6 ===== SIDA 20 ===== 2024 Capital Expenditure Guidanceb ($ millions) Guidancea Revisions Revised Guidance Candelaria (100% basis) 300 (25) 275 Caserones (100% basis) 175 (40) 135 Chapada 110 — 110 Eagle 25 — 25 Neves-Corvo 115 (5) 110 Zinkgruvan 70 (5) 65 Other — — — Total Sustaining 795 (75) 720 Expansionary - Josemaria 225 5 230 Total Capital Expenditures 1,020 (70) 950 a. Guidance as outlined in the MD&A for the three and six months ended June 30, 2024. b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure – see Section "Non- GAAP and Other Performance Measures" of this MD&A for discussion. 2024 Exploration Investment Guidance Total exploration expenditure guidance for 2024 is $55.0 million, which has been increased from previous guidance of $48.0 million. 7 ===== SIDA 21 ===== Selected Quarterly Financial Information Three months ended September 30, Nine months ended September 30, ($ millions, except share and per share amounts) 2024 2023 2024 2023 Revenue 1,073.0 992.2 3,093.6 2,332.1 Costs of goods sold: Production costs (581.1) (615.1) (1,754.7) (1,438.1) Depreciation, depletion and amortization (200.1) (179.8) (582.2) (430.5) Gross profit 291.8 197.3 756.7 463.5 Net earnings (loss) attributable to: Lundin Mining shareholders 101.2 (3.0) 236.6 202.8 Non-controlling interests 26.7 24.8 106.5 45.7 Net earnings 127.8 21.9 343.1 248.5 Adjusted earnings1,2 72.5 85.3 239.8 256.5 Adjusted EBITDA1 457.7 415.1 1,281.4 943.8 Cash provided by operating activities 139.3 303.8 898.6 710.5 Adjusted operating cash flow1 305.2 316.5 988.7 662.2 Free cash flow from operations1 1.7 136.5 406.9 228.3 Free cash flow1 (61.8) 71.1 173.3 (47.7) Capital expenditures3 205.4 243.2 735.8 769.2 Per share amounts: Basic earnings (loss) per share ("EPS") attributable to shareholders 0.13 0.00 0.31 0.26 Diluted earnings (loss) per share ("EPS") attributable to shareholders 0.13 0.00 0.30 0.26 Adjusted EPS1,2 0.09 0.11 0.31 0.33 Adjusted operating cash flow per share1 0.39 0.41 1.28 0.86 Dividends declared (C$/share) 0.09 0.09 0.27 0.27 September 30, 2024 December 31, 2023 Total assets 11,077.7 10,861.2 Total debt and lease liabilities 2,089.9 1,485.8 Net debt excluding lease liabilities1 1,541.7 946.2 1 This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 2 2023 amounts have been adjusted from those presented in the Company's MD&A for the three and nine months ended September 30, 2023. 3 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. 8 ===== SIDA 22 ===== Summary of Quarterly Results1 ($ millions, except per share data) Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Q4-22 Revenue 1,073.0 1,083.6 937.0 1,060.0 992.2 588.5 751.3 811.4 Gross profit 291.8 279.5 185.4 188.9 197.3 52.8 213.3 155.2 Net earnings profit (loss) 127.8 156.7 58.6 66.8 21.9 61.3 165.3 145.3 - attributable to shareholders 101.2 121.6 13.9 38.8 (3.0) 59.1 146.6 145.6 Adjusted (loss) earnings2 72.5 122.1 45.2 79.7 85.3 45.6 125.7 191.5 Adjusted EBITDA2 457.7 460.9 362.9 419.7 415.1 191.8 336.9 353.7 EPS - Basic and Diluted 0.13 0.16 0.02 0.05 0.00 0.08 0.19 0.19 Adjusted EPS2 0.09 0.16 0.06 0.10 0.11 0.06 0.16 0.25 Cash flow from operations 139.3 491.8 267.5 306.1 303.8 194.8 211.9 156.9 Adjusted operating cash flow per share2 0.39 0.48 0.41 0.47 0.41 0.14 0.30 0.38 Capital expenditure3 205.4 258.5 271.9 243.9 243.2 279.9 246.1 281.2 1 The sum of quarterly amounts may differ from year-to-date results due to rounding. 2 This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 3 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. On a quarterly basis the Company's revenue, gross profit and net earnings can be impacted by metal prices, sales volumes as a result of the timing of concentrate shipments, and provisional pricing adjustments on current and prior period shipments. The acquisition of the Caserones mine in July 2023 contributed to an increase in gross profit and cash flow from operations in Q3 2023 and in subsequent quarters. Additionally, fair value adjustments of $32.2 million and $7.8 million were recorded in production costs in Q3 2023 and Q4 2023, respectively, as in-process and concentrate inventory measured at fair value at the acquisition date was sold. The $800 million three-year Term Loan entered into in conjunction with the acquisition as well as the $350 million accordion as part of the purchase of the remaining 19% has increased the Company's interest expense in Q3 2023 through Q3 2024, reducing net earnings. In May 2024, a fall of ground in the lower ramp at the Eagle mine reduced mining rates while ramp rehabilitation was completed. This resulted in lower revenue as well as $9.8 million and $14.8 million of overhead costs incurred in Q2 2024 and Q3 2024, respectively, reducing net earnings. During 2022, inflationary price increases were experienced for electricity, diesel and consumables. In 2023 and continuing into Q3 2024, input prices stabilized, and in some cases lowered. These trends impacted gross profit and net earnings in the quarters presented above. A non-cash write-down, including depreciation, of long-term ore stockpile inventory at Chapada of $66.8 million was recognized in Q4 2022, reducing net earnings. In the quarters presented, the Company has entered into derivative contracts for foreign currency, diesel, and copper prices as part of its risk management strategy. Realized and unrealized gains and losses on derivative contracts and foreign exchange and trading gains on debt and equity investments are recorded in other income and impact the Company's net earnings. 9 ===== SIDA 23 ===== Revenue Overview Sales Volumes by Payable Metal 2024 2023 YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Copper (t) Candelaria (100%) 108,965 45,430 29,999 33,536 144,473 38,888 33,668 36,347 35,570 Caserones (100%)1 87,117 22,044 29,862 35,211 66,075 35,690 30,385 — — Chapada 29,415 12,380 8,293 8,742 43,761 13,080 11,445 10,164 9,072 Eagle 4,580 733 1,789 2,058 11,968 3,055 3,177 2,951 2,785 Neves-Corvo 21,491 7,707 7,898 5,886 32,054 9,054 8,799 6,170 8,031 Zinkgruvan 3,352 1,775 821 756 4,473 845 1,758 1,001 869 254,920 90,069 78,662 86,189 302,804 100,612 89,232 56,633 56,327 Zinc (t) Neves-Corvo 67,374 25,730 20,440 21,204 91,115 25,491 21,957 20,125 23,542 Zinkgruvan 49,459 15,124 18,510 15,825 65,344 17,316 22,042 9,374 16,612 116,833 40,854 38,950 37,029 156,459 42,807 43,999 29,499 40,154 Nickel (t) Eagle 4,574 393 2,018 2,163 13,339 3,105 3,640 3,859 2,735 Gold (koz) Candelaria (100%) 62 26 17 19 87 23 19 23 22 Chapada 43 19 12 12 53 18 13 11 11 105 45 29 31 140 41 32 34 33 Molybdenum (t) Caserones (100%)1 2,112 581 695 836 2,019 978 1,041 — — Lead (t) Neves-Corvo 4,377 1,811 1,242 1,324 4,970 1,830 1,220 881 1,039 Zinkgruvan 20,250 6,346 9,069 4,835 25,527 5,714 9,391 4,944 5,478 24,627 8,157 10,311 6,159 30,497 7,544 10,611 5,825 6,517 Silver (koz) Candelaria (100%) 1,242 511 331 400 1,322 415 279 333 295 Chapada 75 24 30 21 129 37 32 29 31 Eagle 7 (1) 7 1 24 8 6 4 6 Neves-Corvo 627 188 215 224 821 265 227 158 171 Zinkgruvan 1,386 492 597 297 1,892 449 713 331 399 3,337 1,214 1,180 943 4,188 1,174 1,257 855 902 1 Caserones 2023 results are from July 13, 2023. 10 ===== SIDA 24 ===== Revenue Analysis Three months ended September 30, Nine months ended September 30, by Mine 2024 2023 Change 2024 2023 Change ($ thousands) $ % $ % $ $ % $ % $ Candelaria (100%) 473,049 44 299,745 31 173,304 1,169,821 38 970,576 42 199,245 Caserones (100%)1 227,896 22 284,556 29 (56,660) 890,654 29 284,556 12 606,098 Chapada 159,966 15 111,897 11 48,069 376,370 12 317,736 14 58,634 Eagle 12,217 1 102,505 10 (90,288) 126,884 4 277,175 12 (150,291) Neves-Corvo 131,237 12 111,202 11 20,035 340,542 11 309,219 13 31,323 Zinkgruvan 68,633 6 82,290 8 (13,657) 189,293 6 172,808 7 16,485 1,072,998 992,195 80,803 3,093,564 2,332,070 761,494 1 Caserones 2023 results are from July 13, 2023. Three months ended September 30, Nine months ended September 30, by Metal 2024 2023 Change 2024 2023 Change ($ thousands) $ % $ % $ $ % $ % $ Copper1 810,979 75 682,918 70 128,061 2,328,391 74 1,603,552 70 724,839 Zinc 98,565 9 86,901 9 11,664 257,530 8 220,853 9 36,677 Molybdenum1 23,828 2 48,698 5 (24,870) 91,442 3 48,698 2 42,744 Gold 94,972 9 53,684 5 41,288 211,040 7 161,759 7 49,281 Nickel 6,214 1 73,188 7 (66,974) 82,582 3 195,449 8 (112,867) Lead 15,005 1 22,328 2 (7,323) 47,984 2 44,836 2 3,148 Silver 17,490 2 13,670 1 3,820 48,150 2 32,558 1 15,592 Other 5,945 1 10,808 1 (4,863) 26,445 1 24,365 1 2,080 1,072,998 992,195 80,803 3,093,564 2,332,070 761,494 1 Caserones 2023 results are from July 13, 2023. Revenue for the quarter was $1,073.0 million which was higher than the prior year comparable period due to higher realized copper, gold, and zinc prices, partially offset by $5.3 million in negative provisional pricing adjustments on prior period concentrate sales . On a year-to-date basis, revenue of $3,093.6 million was an increase of $761.5 million over the prior year comparable period. Revenue increases were primarily due to the inclusion of Caserones copper and molybdenum revenues and increases in realized copper, gold and zinc prices, partially offset by lower nickel sales volumes. Revenue from gold and silver for the quarter and year-to-date includes the partial recognition of an upfront purchase price on the sale of precious metals streams for Candelaria, Neves-Corvo, and Zinkgruvan as well as the cash proceeds which amount to approximately $429/oz for gold and between $4.28/oz and $4.68/oz for silver. Chapada’s copper revenue includes the recognition of deferred revenue from copper streams acquired with the Chapada mine, as well as the cash proceeds of 30% of the market price of the copper sold under the streams. Revenue is recorded using the metal price received for sales that settle during the reporting period. For sales that have not been settled, an estimate is used based on the expected month of settlement and the forward price of the metal at the end of the reporting period. The difference between the estimate and the final price received is recognized by adjusting revenue in the period in which the sale is settled. Settlement dates can range from one to six months after shipment. Provisionally Valued Revenue as of September 30, 2024 Metal Payable metal Valued at Copper 90,231 t $4.44 /lb Zinc 16,808 t $1.39 /lb Nickel 414 t $7.86 /lb Gold 34 koz $2,652 /oz Molybdenum 825 t $20.47 /lb 11 ===== SIDA 25 ===== Quarterly Reconciliation of Realized Prices Three months ended September 30, 2024 ($ thousands) Copper Zinc Nickel Gold Molybdenum Other Total Revenue from contracts with customers1 837,730 112,104 6,253 110,832 25,479 48,448 1,140,846 Provisional pricing adjustments on current period concentrate sales 19,222 4,431 360 4,962 16 (6,216) 22,775 Provisional pricing adjustments on prior period concentrate sales (4,925) (686) (406) 3,292 (1,666) (874) (5,265) 852,027 115,849 6,207 119,086 23,829 41,358 1,158,356 Recognition of deferred revenue 16,173 Copper stream cash effect (4,783) Gold stream cash effect (36,557) Less: Treatment and refining charges (60,191) Total Revenue 1,072,998 Payable Metal 90,069 t 40,854 t 393 t 45 koz 581 t Current period sales ($/lb)2 $4.32 $1.29 $7.63 $2,588 $19.90 Provisional pricing adjustments on prior period concentrate sales ($/lb) $(0.03) $0.00 $(0.47) $73.00 $(1.30) Realized prices3,4 $4.29 /lb $1.29 /lb $7.16 /lb $2,661 /oz $18.60 /lb Three months ended September 30, 2023 Copper Zinc Nickel Gold Molybdenum Other Total Revenue from contracts with customers1 731,635 120,356 73,318 61,238 46,971 72,616 1,106,134 Provisional pricing adjustments on current period concentrate sales (13,287) 13,151 (3,150) (1,645) (2,384) (11,154) (18,469) Provisional pricing adjustments on prior period concentrate sales 10,544 (17,672) 4,058 177 4,111 (7,315) (6,098) 728,891 115,835 74,226 59,770 48,698 54,147 1,081,567 Recognition of deferred revenue 11,990 Copper stream cash effect (3,889) Gold stream cash effect (19,336) Less: Treatment & refining charges (78,137) Total Revenue 992,195 Payable Metal 89,232 t 43,999 t 3,640 t 32 koz 1,041 t Current period sales ($/lb)2 $3.72 $1.24 $9.14 $1,907 $ 20.47 Provisional pricing adjustments on prior period concentrate sales ($/lb) $ (0.01) $ (0.05) $ 0.11 $ (45.00) $ 0.75 Realized prices3,4 $3.71 /lb $1.19 /lb $9.25 /lb $1,862 /oz $21.22 /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 September 30, 2024 is $ 4.27/lb (2023: $3.69/lb). The realized price for gold inclusive of the impact of streaming agreements for the three months ended September 30, 2024 is $ 1,844/oz (2023: $1,259/oz). Due to volatility in commodity prices, significant variances may arise between average market prices and realized prices due to the timing of sales in the period. 12 ===== SIDA 26 ===== Year-to-Date Reconciliation of Realized Prices Nine months ended September 30, 2024 ($ thousands) Copper Zinc Nickel Gold Molybdenum Other Total Revenue from contracts with customers1 2,341,249 314,234 80,743 246,294 95,800 143,804 3,222,124 Provisional pricing adjustments on current year concentrate sales 68,190 16,289 (2,140) 13,895 201 (21,952) 74,483 Provisional pricing adjustments on prior year concentrate sales 28,637 (3,696) 4,592 490 (4,559) 7,897 33,361 2,438,076 326,827 83,195 260,679 91,442 129,749 3,329,968 Recognition of deferred revenue 42,249 Copper stream cash effect (15,558) Gold stream cash effect (78,584) Less: Treatment and refining charges (184,511) Total Net Sales 3,093,564 Payable Metal 254,920 t 116,833 t 4,574 t 105 koz 2,112 t Current period sales 2 $4.29 $1.28 $7.79 $2,483 $20.62 Provisional pricing adjustments on prior year concentrate sales $0.05 $(0.01) $0.46 $4 $(0.98) Realized prices 3,4 $4.34 /lb $1.27 /lb $8.25 /lb $2,487 /oz $19.64 /lb Nine months ended September 30, 2023 Copper Zinc Nickel Gold Molybdenum Other Total Revenue from contracts with customers1 1,679,402 292,262 216,648 188,632 46,971 205,468 2,629,383 Provisional pricing adjustments on current year concentrate sales (53,266) 13,151 (3,150) (1,645) (2,384) (44,911) (92,205) Provisional pricing adjustments on prior year concentrate sales 80,843 (12,329) (14,350) 2,888 4,111 (47,294) 13,868 1,706,978 293,085 199,147 189,875 48,698 113,263 2,551,046 Recognition of deferred revenue 40,052 Copper stream cash effect (14,652) Gold stream cash effect (60,855) Less: Treatment & refining charges (183,521) Total Revenue 2,332,070 Payable Metal 202,192 t 113,652 t 10,234 t 98 koz 1,041 t Current period sales2 $3.77 $1.17 $9.60 $1,913 $20.47 Provisional pricing adjustments on prior year concentrate sales $0.06 $0.00 $(0.77) $12 $0.75 Realized prices3,4 $3.83 /lb $1.17 /lb $8.83 /lb $1,925 /oz $21.22 /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 2024 is $4.31/lb (2023: $3.80/lb). The realized price for gold inclusive of the impact of streaming agreements for 2024 is $1,738/oz (2023: $1,308/oz). 13 ===== SIDA 27 ===== Financial Results Production Costs Production costs for the quarter were $581.1 million, a decrease from $615.1 million in the prior year comparable period primarily as a result of the fact that the prior year comparable period had $32.2 million in fair value adjustments recorded to re-value concentrate and in-process inventory on hand at the acquisition date of Caserones. On a year-to-date basis, production costs were $1,754.7 million, an increase from $1,438.1 million in the prior year comparable period. This increase is primarily attributable to the acquisition of Caserones, with the prior year comparable production costs included only from July 13, 2023. Additionally, the increase in year-to-date production costs was partially offset by favourable foreign exchange, which reduced production costs at Candelaria, Caserones and Chapada, and lower nickel production at Eagle. Depreciation, Depletion and Amortization Depreciation, depletion and amortization expense for the quarter and year-to-date periods increased compared to the prior year comparative periods. The year-to-date increase is primarily attributable to the acquisition of Caserones compared to the prior year comparable period. In addition, increased deferred stripping amortization at Candelaria and Chapada contributed to higher amortization expense in both the quarter and year-to-date periods when compared to the prior year comparative periods, partially offset by lower amortization rates at Eagle due to fewer units of production. Depreciation, depletion & amortization Three months ended September 30, Nine months ended September 30, ($ thousands) 2024 2023 Change 2024 2023 Change Candelaria 78,667 70,368 8,299 228,151 198,439 29,712 Caserones1 39,316 38,307 1,009 145,546 38,307 107,239 Chapada 26,858 12,813 14,045 60,306 39,883 20,423 Eagle 6,169 14,326 (8,157) 25,313 38,147 (12,834) Josemaria — — — — 38 (38) Neves-Corvo 34,725 31,353 3,372 91,443 89,152 2,291 Zinkgruvan 14,274 12,380 1,894 31,070 25,380 5,690 Other 65 241 (176) 395 1,194 (799) 200,074 179,788 20,286 582,224 430,540 151,684 1 Caserones 2023 results are from July 13, 2023. Finance Income and Costs Total finance costs, net, of $39.2 million and $111.2 million for the quarter and year-to-date periods respectively, increased from $36.2 million and $67.8 million in the prior year comparable periods primarily due to higher interest expense related to higher outstanding debt through the quarter and year-to date period and increased lease liability interest expense in the year-to-date period as a result of the acquisition of Caserones. 14 ===== SIDA 28 ===== Other Income and Expense Net other expense of nil for the quarter decreased from $22.1 million in other expense in the prior year comparable period primarily related to increased unrealized gains related to the mark-to-market valuation of unexpired foreign exchange, particularly for the CLP, and diesel derivative contracts. Net other income and expense in the quarter also included $14.8 million of overhead costs incurred at the Eagle mine due to a partial suspension of underground operations. Net other expense for the year-to-date period amounted to $14.0 million, a reduction from net other income of $57.5 million in the prior year comparable period. The decrease is primarily due to reduced foreign exchange and trading gains on debt and equity instruments supporting capital funding for the Josemaria Project following the devaluation of the ARS in December 2023. Net other income and expense for year-to-date period also included a $18.0 million non-cash write-down of capital works in progress at the Josemaria Project that are no longer expected to be required and $24.6 million of overhead costs incurred at the Eagle mine due to a partial suspension of underground operations. These losses were partially offset by the year-to-date gain recorded on the Caserones purchase option which amounted to $11.7 million and positively impacted other income and expense. A foreign exchange loss of $17.6 million and a foreign exchange gain of $6.4 million recorded in the quarter and year-to- date periods, respectively, in other income and expense resulted from foreign exchange revaluation of working capital and leases denominated in foreign currencies. Foreign exchange losses in the quarter are primarily due to the strengthening of both the CLP and the BRL against the USD. Foreign exchange gains in the year-to-date period are primarily due to the weakening of the CLP against the USD that occurred in the first quarter. Period end exchange rates having a meaningful impact on foreign exchange recorded at September 30, 2024 were: September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Brazilian Real (USD:BRL) 5.45 5.56 5.00 4.84 Chilean Peso (USD:CLP) 896 951 982 877 Euro (USD:€) 0.89 0.93 0.93 0.91 Swedish Kronor (USD:SEK) 10.10 10.65 10.69 9.98 Argentine Peso (USD:ARS) 971 912 857 808 The average exchange rates for each quarter and year-to-date were: Three months ended September 30, 2024 June 30, 2024 March 31, 2024 Brazilian Real (USD:BRL) 5.55 5.22 4.95 Chilean Peso (USD:CLP) 931 935 946 Euro (USD:€) 0.91 0.93 0.92 Swedish Kronor (USD:SEK) 10.42 10.68 10.39 Argentine Peso (USD:ARS) 943 887 835 Three months ended September 30, Nine months ended September 30, 2024 2023 Change 2024 2023 Change Brazilian Real (USD:BRL) 5.55 4.88 0.66 5.24 5.01 0.23 Chilean Peso (USD:CLP) 931 851 80 937 821 116 Euro (USD:€) 0.91 0.92 (0.01) 0.92 0.92 — Swedish Kronor (USD:SEK) 10.42 10.81 (0.39) 10.50 10.58 (0.09) Argentine Peso (USD:ARS) 943 313 630 888 246 642 15 ===== SIDA 29 ===== Income Taxes Income tax expense (recovery) Three months ended September 30, Nine months ended September 30, ($ thousands) 2024 2023 Change 2024 2023 Change Candelaria 86,933 39,727 47,206 169,514 86,006 83,508 Caserones1 1,298 30,122 (28,824) 41,890 30,122 11,768 Chapada 5,054 11,380 (6,326) 33,668 (9,833) 43,501 Eagle (3,025) 569 (3,594) (4,901) 4,115 (9,016) Josemaria 2,432 — 2,432 (48,156) 678 (48,834) Neves-Corvo 1,020 (2,295) 3,315 (1,898) (11,640) 9,742 Zinkgruvan 4,713 6,850 (2,137) 10,360 13,115 (2,755) Other (1,485) (1,462) (23) 3,191 1,420 1,771 96,940 84,891 12,049 203,668 113,983 89,685 1 Caserones 2023 results are from July 13, 2023. Income taxes by classification Three months ended September 30, Nine months ended September 30, ($ thousands) 2024 2023 Change 2024 2023 Change Current income tax expense 119,575 40,115 79,460 224,955 126,829 98,126 Deferred income tax expense (recovery) (22,635) 44,776 (67,411) (21,287) (12,846) (8,441) 96,940 84,891 12,049 203,668 113,983 89,685 Current income tax expense in the quarter and year-to-date periods was higher than in the prior year comparable periods primarily due to higher taxable earnings, the introduction of the mining royalty tax for Candelaria effective January 1, 2024 and the inclusion of Caserones following its acquisition. Deferred income tax recovery in the quarter improved compared to the deferred income tax expense in the prior year quarter due to the reversal of deferred tax expense in the current quarter resulting from the effect of foreign exchange revaluation of non-monetary assets at Chapada as a result of the strengthening of BRL against USD compared to the prior quarter ending June 30, 2024. Additionally, the prior year quarter included deferred tax expenses associated with the inclusion of Caserones deferred tax liabilities following its acquisition and the recognition of deferred tax liability in Candelaria associated with the newly enacted mining royalty law in Chile. Deferred income tax recovery for the year-to-date period was higher than in the prior comparable period primarily due to the reversal of deferred tax liability in Josemaria due to tax inflation adjustments in Argentina. This increase in year-to-date deferred tax recovery was partially offset by the increase in deferred tax expense due to the utilization of tax losses at Caserones and the effect of foreign exchange revaluation of non-monetary assets at Chapada due to the overall weakening of the BRL against the USD for the year-to- date period. 16 ===== SIDA 30 ===== Mining Operations Production Overview 2024 2023 YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Copper (t) Candelaria (100%) 113,715 50,018 31,170 32,527 152,012 41,618 34,275 36,952 39,167 Caserones (100%)1 93,024 29,033 29,775 34,216 65,210 35,389 29,821 — — Chapada 30,938 11,694 9,106 10,138 45,719 12,872 12,286 10,697 9,864 Eagle 5,104 1,027 1,563 2,514 13,600 3,334 3,245 3,881 3,140 Neves-Corvo 21,089 6,698 7,347 7,044 33,823 9,623 9,016 7,610 7,574 Zinkgruvan 3,706 1,385 747 1,574 4,434 501 1,299 917 1,717 267,576 99,855 79,708 88,013 314,798 103,337 89,942 60,057 61,462 Zinc (t) Neves-Corvo 81,692 29,509 25,696 26,487 108,812 31,035 25,807 24,177 27,793 Zinkgruvan 58,066 17,101 21,764 19,201 76,349 19,684 23,967 11,938 20,760 139,758 46,610 47,460 45,688 185,161 50,719 49,774 36,115 48,553 Nickel (t) Eagle 5,869 893 1,721 3,255 16,429 3,729 4,290 4,686 3,724 Gold (koz) Candelaria (100%) 65 29 17 19 90 25 20 21 24 Chapada 47 18 15 14 59 19 15 13 12 112 47 32 33 149 44 35 34 36 Molybdenum (t) Caserones (100%)1 2,271 693 714 864 2,024 928 1,096 — — Lead (t) Neves-Corvo 4,842 1,851 1,387 1,604 5,600 2,030 1,447 951 1,172 Zinkgruvan 21,407 5,693 8,966 6,748 26,284 6,418 8,643 3,816 7,407 26,249 7,544 10,353 8,352 31,884 8,448 10,090 4,767 8,579 Silver (koz) Candelaria (100%) 1,387 605 367 415 1,487 468 306 366 347 Chapada 176 63 55 58 258 73 67 62 56 Eagle 28 3 17 8 64 17 19 11 17 Neves-Corvo 1,382 425 433 524 1,902 573 486 407 436 Zinkgruvan 1,876 537 699 640 2,300 509 785 374 632 4,849 1,633 1,571 1,645 6,011 1,640 1,663 1,220 1,488 17 1 Caserones 2023 results are from July 13, 2023. ===== SIDA 31 ===== Production Cost and Cash Cost Overview ($ thousand, $/lb) Three months ended September 30, Nine months ended September 30, ($ thousands) 2024 2023 2024 2023 Candelaria Production costs $189,106 $175,468 $525,715 $548,405 Gross cost 2.01 2.54 2.31 2.54 By-product1 (0.46) (0.35) (0.48) (0.36) Cash Cost (Cu, $/lb)2 1.55 2.19 1.83 2.18 AISC (Cu, $/lb)2 2.23 3.43 2.85 3.55 Caserones3 Production costs $169,411 $188,982 $575,963 $188,982 Gross cost 3.50 2.42 3.02 2.42 By-product1 (0.54) (0.82) (0.51) (0.82) Cash Cost (Cu, $/lb)2 2.96 1.60 2.51 1.60 AISC (Cu, $/lb)2 3.95 2.49 3.45 2.49 Chapada Production costs $84,450 $78,854 $218,281 $227,601 Gross cost 3.19 3.25 3.42 3.49 By-product1 (1.82) (0.97) (1.67) (1.05) Cash Cost (Cu, $/lb)2 1.37 2.28 1.75 2.44 AISC (Cu, $/lb)2 2.34 3.15 3.16 3.44 Eagle Production cost $12,595 $52,497 $90,788 $143,681 Gross cost 14.18 5.72 8.35 5.72 By-product1 (6.94) (3.65) (4.39) (3.63) Cash Cost (Ni, $/lb)2 7.24 2.07 3.96 2.09 AISC (Ni, $/lb)2 20.02 4.05 7.13 4.08 Neves-Corvo Production costs $95,168 $82,137 $250,009 $243,943 Gross cost 5.93 4.62 5.58 5.13 By-product1 (3.80) (2.35) (3.30) (2.60) Cash Cost (Cu, $/lb)2 2.13 2.27 2.28 2.53 AISC (Cu, $/lb)2 3.84 3.82 4.06 4.14 Zinkgruvan Production costs $30,109 $37,183 $92,918 $83,874 Gross cost 1.03 1.02 1.07 1.04 By-product1 (0.87) (0.74) (0.67) (0.68) Cash Cost (Zn, $/lb)2 0.16 0.28 0.40 0.36 AISC (Zn, $/lb)2 0.66 0.56 0.83 0.80 1 By-product is after related treatment and refining charges. 2 Cash Cost per pound sold and All-in Sustaining Cost per pound sold ("AISC") are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 3 Caserones 2023 results are from July 13, 2023. 18 ===== SIDA 32 ===== Capital Expenditures1 Three months ended September 30, 2024 2023 ($ thousands) Sustaining Expansionary Capitalized Interest Total Sustaining Expansionary Capitalized Interest Total Candelaria 60,118 — — 60,118 86,693 — — 86,693 Caserones2 22,895 — — 22,895 28,849 — — 28,849 Chapada 20,487 — — 20,487 16,716 — — 16,716 Eagle 7,940 — — 7,940 4,989 — — 4,989 Josemaria — 49,926 4,313 54,239 — 52,662 10,532 63,194 Neves-Corvo 26,288 — — 26,288 27,357 — — 27,357 Zinkgruvan 15,546 — — 15,546 12,350 — — 12,350 Other (2,101) — — (2,101) 3,059 — — 3,059 151,173 49,926 4,313 205,412 180,013 52,662 10,532 243,207 Nine months ended September 30, 2024 2023 ($ thousands) Sustaining Expansionary Capitalized Interest Total Sustaining Expansionary Capitalized Interest Total Candelaria 220,194 — — 220,194 300,796 — — 300,796 Caserones2 100,977 — — 100,977 28,849 — — 28,849 Chapada 74,927 — — 74,927 52,433 — — 52,433 Eagle 15,998 — — 15,998 15,653 — — 15,653 Josemaria — 193,027 10,522 203,549 — 234,831 11,011 245,842 Neves-Corvo 76,622 — — 76,622 74,551 — — 74,551 Zinkgruvan 43,188 — — 43,188 42,812 — — 42,812 Other 330 — — 330 8,303 — — 8,303 532,236 193,027 10,522 735,785 523,397 234,831 11,011 769,239 1 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure – see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 2 Caserones 2023 results are from July 13, 2023. 19 ===== SIDA 33 ===== Candelaria (Chile) Operating Statistics 2024 2023 (100% Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined (000s tonnes) 24,055 10,784 8,155 5,116 25,939 7,793 5,350 6,194 6,602 Ore milled (000s tonnes) 21,586 7,183 7,094 7,309 28,903 7,609 7,168 6,924 7,202 Grade Copper (%) 0.58 0.76 0.49 0.48 0.58 0.60 0.52 0.59 0.59 Gold (g/t) 0.14 0.18 0.12 0.11 0.14 0.15 0.12 0.14 0.15 Recovery Copper (%) 91.3 92.1 89.5 91.9 91.3 90.3 91.0 91.1 92.6 Gold (%) 67.6 69.9 62.1 69.8 69.5 68.6 70.6 68.8 70.3 Production (contained metal) Copper (tonnes) 113,715 50,018 31,170 32,527 152,012 41,618 34,275 36,952 39,167 Gold (000 oz) 65 29 17 19 90 25 20 21 24 Silver (000 oz) 1,387 605 367 415 1,487 468 306 366 347 Revenue ($000s) 1,169,821 473,049 366,363 330,409 1,329,599 359,023 299,745 290,426 380,405 Production costs ($000s) 525,715 189,106 175,359 161,250 726,493 178,088 175,468 184,958 187,979 Gross profit ($000s) 415,955 205,276 114,946 95,733 330,729 106,997 53,909 35,772 134,051 Cash cost ($ per pound copper)1 1.83 1.55 2.18 1.89 2.07 1.78 2.19 2.14 2.21 AISC ($ per pound copper)1 2.85 2.23 3.22 3.34 3.34 2.76 3.43 3.76 3.44 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Copper production in the quarter and year-to-date periods was higher than in the prior year comparable periods primarily due to contribution from the expected higher grade ore from Phase 11 during the quarter . Access to higher grade Phase 11 ore is anticipated to continue through most of the fourth quarter of 2024 as per the planned mine sequence. Gold production in the quarter also benefited from the higher grade ore. Production Costs and Cash Cost Production costs in the quarter were higher than in the prior year quarter due to higher copper sales volumes and a write down of inventory items used in repair and maintenance of mineral property, plant, and equipment amounting to $11.1 million. These increases were partially offset by lower unit costs as a result of lower contractor costs and favourable foreign exchange due to a weaker Chilean peso. Production costs in the year-to-date period were lower than in the prior year comparable period as a result of favourable foreign exchange due to a weaker Chilean peso, and lower maintenance and contractor costs partially offset by higher copper sales volume. Cash cost per pound in the quarter and year-to-date periods was lower than in the prior year comparable periods due to higher sales volumes, favourable foreign exchange, and favourable by-product credits. All-in sustaining cost per pound ("AISC") in the quarter and year-to-date periods was lower than in the prior year comparable periods primarily due to lower sustaining capital expenditure. In the year-to-date period, approximately 41,000 oz of gold and 846,000 oz of silver were subject to terms of a streaming agreement from which approximately $429/oz of gold and $4.28/oz of silver will be received. This represents approximately 68% of Candelaria's total gold and silver production. Gross Profit Gross profit in the quarter and year-to-date periods was higher than in the prior year comparable periods, primarily due to higher realized copper and gold prices, and favourable foreign exchange. Gross profit in the quarter also benefitted from lower unit costs as a result of lower contractor costs. 20 ===== SIDA 34 ===== Caserones (Chile) Operating Statistics 2024 2023 (100% Basis) YTD Q3 Q2 Q1 Total2 Q4 Q32 Ore mined (000s tonnes) 22,263 7,616 7,840 6,807 15,583 7,484 8,099 Ore milled (000s tonnes) 23,382 8,136 7,556 7,690 15,424 8,262 7,162 Ore placed on leach 6,667 1,885 2,868 1,914 5,541 3,234 2,307 Grade Copper (%) 0.41 0.38 0.42 0.44 0.42 0.41 0.44 Molybdenum (%) 0.016 0.016 0.015 0.016 0.020 0.019 0.022 Recovery Copper (%) 77.5 76.7 75.9 79.7 86.1 88.2 83.9 Molybdenum (%) 62.4 53.3 64.4 70.0 72.4 73.9 70.9 Production (tonnes) Copper in concentrate 75,120 23,708 24,246 27,166 55,191 29,496 25,695 Copper cathode 17,904 5,325 5,529 7,050 10,019 5,893 4,126 Total copper 93,024 29,033 29,775 34,216 65,210 35,389 29,821 Molybdenum 2,271 693 714 864 2,024 928 1,096 Revenue ($000s) 890,654 227,896 336,547 326,211 601,775 317,219 284,556 Production costs ($000s) 575,963 169,411 208,897 197,655 404,837 215,855 188,982 Gross profit ($000s) 169,145 19,169 73,149 76,827 88,449 31,182 57,267 Cash cost ($ per pound copper)1 2.51 2.96 2.60 2.14 1.99 2.33 1.60 AISC ($ per pound copper)1 3.45 3.95 3.58 3.02 3.03 3.48 2.49 1 All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. 2 Caserones 2023 results are from July 13, 2023. Production Copper and molybdenum production in the quarter was lower than in the prior year comparable period primarily due to labour action in August lasting 14 days which reduced throughput during that period to approximately 50% of capacity. Additionally, grades were reduced from the prior year comparable period due to a higher proportion of lower grade ore sourced from Phase 6, due to hydrogeologic conditions in Phase 5. Copper cathode production in the quarter continued to benefit from changes to the irrigation pattern on the dump leach pad and higher than planned ore placement due to favourable weather conditions. Production Costs and Cash Cost Production costs in the quarter were lower than in the prior year comparable period due to lower sales volumes and favourable foreign exchange as a result of a weaker Chilean peso. Additionally, the prior year comparable period was negatively impacted by a $32.2 million fair value adjustment related to inventory sold. Production costs in the quarter were partially offset by higher labour and contractor, maintenance and administration costs. Cash cost per pound in the quarter and year-to-date periods was higher than in the prior year comparable periods due to lower sales volume, higher contractor, labour and input costs, and lower by-product credits. AISC per pound in the quarter and year-to-date periods was higher than the prior periods due to higher cash costs. Gross Profit Gross profit in the quarter was lower than in the prior year comparable period due to lower sales volumes, which was partially offset by higher realized copper and molybdenum prices and favourable foreign exchange. Gross profit in the year- to-date period benefitted from higher sales volumes, higher realized copper prices and favourable foreign exchange. 21 ===== SIDA 35 ===== Chapada (Brazil) Operating Statistics 2024 2023 (100% Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined (000s tonnes) 16,865 5,889 5,851 5,125 29,508 7,803 8,062 7,522 6,121 Ore milled (000s tonnes) 16,938 6,035 5,407 5,496 22,233 5,218 5,832 5,207 5,976 Grade Copper (%) 0.23 0.25 0.23 0.23 0.26 0.29 0.26 0.26 0.23 Gold (g/t) 0.17 0.18 0.18 0.14 0.15 0.18 0.15 0.14 0.13 Recovery Copper (%) 77.8 78.1 74.2 81.1 80.2 85.9 80.8 80.3 73.3 Gold (%) 51.8 51.5 49.3 55.3 55.0 61.1 55.3 54.1 48.0 Production (contained metal) Copper (tonnes) 30,938 11,694 9,106 10,138 45,719 12,872 12,286 10,697 9,864 Gold (000 oz) 47 18 15 14 59 19 15 13 12 Silver (000 oz) 176 63 55 58 258 73 67 62 56 Revenue ($000s) 376,370 159,966 117,969 98,435 461,175 143,439 111,897 94,721 111,118 Production costs ($000s) 218,281 84,450 69,246 64,585 317,317 89,716 78,854 80,113 68,634 Gross profit (loss) ($000s) 97,783 48,658 30,355 18,770 80,378 30,126 20,230 (381) 30,403 Cash cost ($ per pound copper)1 1.75 1.37 2.05 2.01 2.27 1.88 2.28 2.69 2.37 AISC ($ per pound copper)1 3.16 2.34 3.72 3.79 3.24 2.75 3.15 3.80 3.42 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Copper production in the quarter and year-to-date periods was lower than in the prior year comparable periods primarily due to lower grades as a result of mine sequencing, and lower recoveries driven by processing ore from the older low-grade stockpile and North pit as part of an optimized mine plan that significantly reduces waste movement. Gold production in the quarter and year-to-date periods was higher than in the prior year comparable periods primarily due to higher grades and throughput, partially offset by lower recoveries. The higher grades were generated from fresh ore from the South and Central pits replacing planned feed from the older low-grade stockpile in order to prioritize gold production in light of elevated gold prices. Production Costs and Cash Cost Production costs in the quarter were higher than in the prior year comparable period primarily as a result of higher copper and gold sales volumes, partially offset by favourable foreign exchange. Production costs in the year-to-date period were lower than in the prior year comparable period due to lower copper sales volumes and favourable foreign exchange. During the quarter a long-term strategic agreement was reached to purchase renewable electricity at favourable pricing. The agreement is effective from 2025 and is expected to reduce future electricity costs. Cash cost per pound in the quarter and year-to date periods improved from the prior year comparable periods primarily due to higher by-product credits as a result of increased realized prices for gold sales as well as favourable foreign exchange. This decrease was combined with lower mining costs as a result of a planned reduction in waste movement, and other cost reduction initiatives as a result of the Full Potential program. Cash cost in the quarter also benefitted from higher copper sales volume. AISC per pound in the quarter and year-to-date periods was lower than in the prior year comparable periods mainly due to lower cash cost per pound, partially offset by higher sustaining capital expenditure. Gross Profit Gross profit in the quarter and year-to date periods was higher than in the prior year comparable periods primarily due to higher realized copper and gold prices and favourable foreign exchange. 22 ===== SIDA 36 ===== Eagle (USA) Operating Statistics 2024 2023 (100% Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined (000s tonnes) 363 91 107 165 725 188 192 189 156 Ore milled (000s tonnes) 366 90 97 179 718 186 190 181 161 Grade Nickel (%) 1.9 1.4 2.1 2.1 2.6 2.3 2.6 2.9 2.6 Copper (%) 1.5 1.2 1.7 1.5 2.0 1.9 1.8 2.2 2.0 Recovery Nickel (%) 82.9 72.3 85.0 85.2 87.4 86.1 86.2 88.8 88.5 Copper (%) 95.3 94.3 95.9 95.3 96.8 96.5 96.4 97.0 97.2 Production (contained metal) Nickel (tonnes) 5,869 893 1,721 3,255 16,429 3,729 4,290 4,686 3,724 Copper (tonnes) 5,104 1,027 1,563 2,514 13,600 3,334 3,245 3,881 3,140 Revenue ($000s) 126,884 12,217 57,444 57,223 350,895 73,720 102,505 105,250 69,420 Production costs ($000s) 90,788 12,595 37,657 40,536 191,704 48,023 52,497 45,735 45,449 Gross profit (loss) ($000s) 10,783 (6,547) 9,794 7,536 107,141 11,794 35,682 46,845 12,820 Cash cost ($ per pound nickel)1 3.96 7.24 3.23 4.04 2.16 2.37 2.07 1.88 2.43 AISC ($ per pound nickel)1 7.13 20.02 5.71 6.12 4.22 4.60 4.05 3.34 5.16 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Nickel and copper production in the quarter and year-to date periods were lower than in the prior year comparable periods due to lower throughput and grades. In May 2024, a fall of ground in the lower ramp restricted access to Eagle East and has subsequently reduced mining rates while ramp rehabilitation is completed. Normal throughput rates are expected to resume in late 2024, with the extraction of ore from Eagle East deferred into future years. Monitoring of the crown pillar continues at Eagle. There were some early indications of localized minor movement recorded, as the pillar settled on the cement rock filled headings in the upper levels of the Eagle deposit. As a precautionary measure, the Company has increased the frequency of readings and the total number of monitoring devices, and reduced the extraction rate from this area of the mine. Concentrate and rail shipments resumed in late July after the mill shutdown to complete planned maintenance. Production Costs and Cash Cost Production costs in the quarter and year-to date periods were lower than in the prior year comparable periods primarily due to lower sales and production volumes leading to reduced spend in milling, transportation and lower royalty expense. Production costs in the quarter exclude d approximately $14.8 million of overhead costs that have been recorded in Other Income and Expense as a result of the partial suspension of underground mining operations. Cash cost per pound in the quarter and year-to date periods was higher than in the prior year comparable periods due to the prioritization of ramp rehabilitation which resulted in lower sales volumes, partially offset by higher by-product credits as a result of higher realized copper prices . AISC per pound in the quarter and year-to date periods was higher than in the prior year comparable periods primarily due to higher cash cost per pound. AISC in the quarter was also impacted by higher sustaining capital expenditures. Gross Profit Gross profit in the quarter and year-to date periods was lower than in the prior year comparable periods primarily due to lower sales volumes. 23 ===== SIDA 37 ===== Neves-Corvo (Portugal) Operating Statistics 2024 2023 (100% Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined, copper (000s tonnes) 1,769 579 602 588 2,591 677 689 622 603 Ore mined, zinc (000s tonnes) 1,588 571 499 518 1,989 549 459 470 511 Ore milled, copper (000s tonnes) 1,783 583 601 599 2,588 682 674 628 604 Ore milled, zinc (000s tonnes) 1,559 540 507 512 1,989 573 441 465 510 Grade Copper (%) 1.5 1.5 1.6 1.5 1.7 1.9 1.8 1.6 1.6 Zinc (%) 6.6 7.0 6.3 6.5 6.8 6.6 7.4 6.6 6.7 Lead (%) 1.3 1.4 1.3 1.2 1.5 1.4 1.5 1.5 1.5 Recovery Copper (%) 76.5 74.9 77.2 77.3 76.5 75.6 76.1 77.0 77.7 Zinc (%) 77.8 76.9 78.2 78.4 78.0 79.9 76.1 76.8 78.7 Lead (%) 24.3 24.8 21.7 26.5 19.2 25.2 21.3 14.0 15.7 Production (contained metal) Copper (tonnes) 21,089 6,698 7,347 7,044 33,823 9,623 9,016 7,610 7,574 Zinc (tonnes) 81,692 29,509 25,696 26,487 108,812 31,035 25,807 24,177 27,793 Lead (tonnes) 4,842 1,851 1,387 1,604 5,600 2,030 1,447 951 1,172 Silver (000 oz) 1,382 425 433 524 1,902 573 486 407 436 Revenue ($000s) 340,542 131,237 128,675 80,630 425,042 115,823 111,202 68,614 129,403 Production costs ($000s) 250,009 95,168 83,129 71,712 326,677 82,734 82,137 76,080 85,726 Gross (loss) profit ($000s) (910) 1,344 15,874 (18,128) (23,234) 642 (2,288) (35,185) 13,597 Cash cost ($ per pound copper)1 2.28 2.13 1.70 3.24 2.37 1.96 2.27 3.99 1.69 AISC ($ per pound copper)1 4.06 3.84 3.46 5.13 3.96 3.50 3.82 5.73 3.29 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Copper production in the quarter and year-to-date periods was lower than in the prior year comparable periods primarily due to lower throughput and grades. Grades were impacted by changes in mine sequencing as a result of adjustments to the mining method and cable bolting requirements. Additional development work in Lombador North also limited ore availability, which impacted throughput. Zinc production in the quarter and year-to-date periods was higher than in the prior year comparable periods due to higher throughput and recoveries as a result of the zinc expansion project, partially offset by lower grades. During the month of August, there was a record in shaft hoisting of 440,000 tonnes over the month, in addition to record zinc production of 10,527 tonnes. During the month of September, the daily shaft hoisting of 19,000 tonnes set a new record for the mine. Production Costs and Cash Cost Production costs in the quarter were higher than in the prior year comparable period primarily due to increases in zinc and lead sales volumes and higher unit production costs mainly driven by higher electricity, labour costs and inflation on main contracts. Production costs in the year-to-date period were higher than in the prior year comparable period primarily due to higher zinc and lead sales volumes. Cash cost per pound in the quarter and year-to-date periods improved from the prior year comparable periods mainly due to higher by-product credits . AISC per pound in the quarter was higher than in the prior year comparable period primarily due to higher sustaining capital expenditures. AISC per pound in the year-to-date period was lower than in the prior year comparable period due to lower cash costs, partially offset by higher sustaining capital expenditure. Gross (Loss) Profit Gross profit in the quarter improved compared to a gross loss in the prior year comparable period, primarily driven by higher realized copper and zinc prices and lower zinc treatment and refining charges, partially offset by higher operating costs. For the year-to-date period, gross loss was $ 0.9 million, a reduction from the prior year comparable period gross loss of $23.9 million. This decrease was mainly due to higher realized copper and zinc prices. 24 ===== SIDA 38 ===== Zinkgruvan (Sweden) Operating Statistics 2024 2023 (100% Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined, zinc (000s tonnes) 914 300 308 306 1,178 313 287 268 310 Ore mined, copper (000s tonnes) 176 84 45 47 207 36 65 51 55 Ore milled, zinc (000s tonnes) 928 302 313 313 1,179 327 326 211 315 Ore milled, copper (000s tonnes) 193 76 42 75 198 28 58 34 78 Grade Zinc (%) 6.9 6.3 7.7 6.7 7.3 6.7 8.2 6.6 7.4 Lead (%) 2.9 2.4 3.7 2.7 2.9 2.5 3.5 2.4 2.9 Copper (%) 2.2 2.1 2.0 2.4 2.5 2.0 2.5 3.1 2.4 Recovery Zinc (%) 90.5 89.8 90.6 91.1 89.0 89.8 90.0 86.3 88.7 Lead (%) 78.7 78.5 78.2 79.4 77.8 77.1 75.7 76.2 82.1 Copper (%) 88.2 87.3 88.0 89.0 88.5 86.3 88.7 86.1 90.5 Production (contained metal) Zinc (tonnes) 58,066 17,101 21,764 19,201 76,349 19,684 23,967 11,938 20,760 Lead (tonnes) 21,407 5,693 8,966 6,748 26,284 6,418 8,643 3,816 7,407 Copper (tonnes) 3,706 1,385 747 1,574 4,434 501 1,299 917 1,717 Silver (000 oz) 1,876 537 699 640 2,300 509 785 374 632 Revenue ($000s) 189,293 68,633 76,587 44,073 223,591 50,783 82,290 29,520 60,998 Production costs ($000s) 92,918 30,109 32,734 30,075 115,394 31,520 37,183 17,786 28,905 Gross profit ($000s) 65,305 24,250 35,040 6,015 74,073 10,519 32,727 6,821 24,006 Cash cost ($ per pound)1 0.40 0.16 0.39 0.65 0.43 0.63 0.28 0.24 0.54 AISC ($ per pound)1 0.83 0.66 0.74 1.10 0.83 0.93 0.56 1.06 0.97 1All-in Sustaining Cost per pound sold ("AISC") and Cash cost per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. Production Zinc and lead production in the quarter were lower than in the prior year comparable periods primarily due to lower grades and throughput. Throughput was primarily impacted by weather related power outages and unplanned maintenance while grades were impacted by changes in mine plan sequencing as a result of challenges with paste delivery and wet ore. Zinc and lead production in the year-to-date periods were higher than in the prior year comparable periods due to higher throughput and recoveries, partially offset by lower grades. Throughput in the year-to-date comparable period in 2023 was affected by the installation of a zinc sequential flotation system, which limited mill availability. Copper production in the quarter was higher than in the prior year comparable period due to higher throughput, partially offset by lower grades and recoveries. Copper production in the year-to-date period was lower than in the prior year comparable period due to lower grades and recoveries, partially offset by higher throughput. Production Costs and Cash Cost Production costs in the quarter were lower than in the prior year comparable period primarily due to lower zinc and lead sales volumes. Production costs in the year-to date period were higher than in the prior year comparable period primarily due to higher contractor costs and higher zinc and lead sales volumes. Cash cost per pound in the quarter was lower than in the prior year comparable period primarily due to higher by-product credits and lower treatment and refining charges. On the year-to-date basis, cash cost was higher than in the prior year comparable period mainly due to due to higher mine and mill costs. AISC per pound in the quarter was higher than in the prior year comparable period due to higher sustaining capital expenditure. AISC per pound in the year-to-date period was higher than in the prior year comparable period due to higher cash costs. Gross Profit Gross profit in the quarter was lower than in the prior year comparable period primarily due to lower zinc and lead sales volumes, higher depreciation and operating costs, partially offset by higher realized zinc and copper prices, and lower treatment and refining charges. Gross profit in the year-to date period was slightly higher than in the prior year comparable period primarily due to higher realized zinc and copper prices and lower treatment and refining charges, partially offset by higher depreciation and operating costs. 25 ===== SIDA 39 ===== Josemaria Project (Argentina) Project Development During the quarter, with minimal winter site activities, efforts were focused on completing the EIA ("Environmental Impact Assessment") update and maintaining progress on the critical water program. Furthermore, management shifted to reviewing and studying activities and programs for the Filo del Sol project as a result of the Joint Arrangement announced during the quarter. In anticipation of the Joint Arrangement, the 2024 program was changed to incorporate new studies relating to the Filo del Sol project, and a joint development concept pertaining to the Josemaria and Filo ore bodies. The Joint Arrangement includes a work plan and budget to continue to advance the Filo del Sol project and commence studies and other activities for the combined project. Until closing, Filo will continue to operate independently and maintain its independent drill and testing program. The Josemaria Project's field activities were associated with the water, road maintenance and exploration programs. Work on the water program continues to advance with the completion of water source pump testing at wellfields A and B and obtaining data to update water supply and usage models. Water exploration drilling and single-well pump testing commenced in the La Majadita area. Additionally, the exploration campaign will restart at the Cumbre Verde target near the Josemaria orebody in November, with activities focused on preparing and mobilizing for the start of drilling including the removal of snow for roads and platforms. The delivery of the Gearless Mill Drive (GMDs) components at the San Juan Warehouse Facility are complete, and 90% of the mill's components have also been received. The remaining mill components are expected at the warehouse before the end of 2024. Work continues on environmental and permitting, the technical review of the tailings dam design, and the offsite power line EIAs, which were submitted in 2023. The Josemaria biennial EIA update was submitted in April. The permits for the most northern sections of the Northern Access Road were received, whilst the EIA for other sections which were also submitted in 2023, continue to be under government evaluation. Government relations continue to be maintained with both the national and provincial governments. At the national level, the Company is closely monitoring the government's implementation of the Basis Law - Incentive Regime for Large Investments ("RIGI") as it was officially published on July 9, 2024. At the provincial level, San Juan adhered to the RIGI on August 15, 2024. This confirms the province's commitment to the foreign investment regime. In conjunction, discussions on provincial royalties, infrastructure offset, and trust fund agreements continue. Work has commenced on analyzing the RIGI regulations and preparing a plan for submission of the application. During the quarter, the Company spent $49.9 million in capital expenditure compared to $52.7 million in the prior year comparable period. On a year-to-date basis, the Company spent $193.0 million compared to $234.8 million in the prior year comparable period. The annual guidance for the spend on the project has increased to $230.0 million from the previous guidance amount of $225.0 million as the project advances. Exploration Update During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Zinkgruvan was focused on resource expansion and drilling at Candelaria was focused on Soplona , La Portuguesa and La Espanola. Drilling at Chapada concentrated on adding high grade resources to Sauva and testing near-mine geochemical and geophysical anomalies in Cava Norte, Santa Cruz, Castanhal and Jatoba. At Caserones, exploration activity remains lower during the winter season. Exploration drilling continues in the lower portion of the mineral resource in search of higher-grade copper breccia bodies that could improve the average grade of the resource, and potentially expand it. Preparations to restart near-mine drilling at Angelica were made at the end of the quarter. At Josemaria, preparations are underway to recommence the drilling campaign at Cumbre Verde. Drilling started at Eagle during the quarter with two surface holes targeting a geophysical anomaly east of Eagle East. Drilling also commenced during the quarter at Neves-Corvo and focused on extending inferred resources at Lombador North and near-mine drilling at Neves Southwest. 26 ===== SIDA 40 ===== Liquidity and Capital Resources Consolidated Cash Flow Three months ended September 30, ($ thousands) 2024 2023 Change Cash provided by operating activities 139,275 303,812 (164,537) Cash used in investing activities (264,539) (908,756) 644,217 Cash (used in) provided by financing activities (31,562) 773,190 (804,752) Effect of foreign exchange on cash balances (443) (1,091) 648 Increase (decrease) in cash and cash equivalents (157,269) 167,155 (324,424) Opening cash and cash equivalents 452,809 190,182 262,627 Closing cash and cash equivalents 295,540 357,337 (61,797) Adjusted operating cash flow1 305,176 316,467 (11,291) Free cash flow from operations1 1,722 136,533 (134,811) Free cash flow1 (61,824) 71,137 (132,961) Nine months ended September 30, ($ thousands) 2024 2023 Change Cash provided by operating activities 898,576 710,531 188,045 Cash used in investing activities (786,409) (1,432,290) 645,881 Cash (used in) provided by financing activities (85,220) 892,618 (977,838) Effect of foreign exchange on cash balances (200) (4,909) 4,709 Increase (decrease) in cash and cash equivalents 26,747 165,950 (139,203) Opening cash and cash equivalents 268,793 191,387 77,406 Closing cash and cash equivalents 295,540 357,337 (61,797) Adjusted operating cash flow1 988,716 662,171 326,545 Free cash flow from operations1 406,947 228,326 178,621 Free cash flow1 173,313 (47,697) 221,010 1This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. Cash provided by operating activities in the quarter ended September 30, 2024 was $164.5 million lower than in the prior year comparable period. This was primarily due to $165.9 million negative working capital changes in the quarter as a result of the timing of sales at Candelaria and Chapada. Cash provided by operating activities was also impacted by lower nickel sales in the quarter due to reduced production at the Eagle mine while ramp rehabilitation is completed. For the year-to- date period ended September 30, 2024, cash provided by operating activities was $188.0 million higher than in the comparable prior year comparable period, primarily due to higher copper and gold prices and the inclusion of Caserones operating activities. Cash used in investing activities in the quarter ended September 30, 2024 was $644.2 million lower than in the prior year comparable period. This was primarily due to the absence of the acquisition of Caserones in July 2023. Excluding the acquisition, cash used in investing activities was $4.4 million higher, due in part to the purchase of Filo shares offset by lower sustaining capital expenditures at Candelaria in the quarter from reduced capitalized stripping. For the year-to-date period ended September 30, 2024 cash used in investing activities was lower than in the prior year comparable period despite Caserones investing cash flows being included. This was primarily due to rescheduling certain capital projects to late 2024 and 2025. Cash used in financing activities in the quarter ended September 30, 2024 was $31.6 million compared to cash provided during the prior year comparable period of $773.2 million. The net change of $804.8 million relates to lower net proceeds from debt by $386.0 million in addition to the exercise of the option to acquire an additional 19% interest in Caserones. For the year-to-date period ended September 30, 2024, the net change in cash from financing activities was $977.8 million year over year as a result of the same factors that impacted the quarter ended September 30, 2024. 27 ===== SIDA 41 ===== Free cash flow from operations and free cash flow in the quarter ended September 30, 2024 were lower than in the prior year comparable period primarily as a result of lower cash provided by operating activities. Free cash flow from operations and free cash flow for the year-to-date period ended September 30, 2024 were higher than in the prior year comparable period primarily due to increased cash provided by operating activities. Liquidity and Financial Position ($ thousands) September 30, 2024 December 31, 2023 Change Cash and cash equivalents 295,540 268,793 26,747 Total assets 11,077,657 10,861,199 216,458 Debt1 1,828,964 1,208,600 620,364 Lease liabilities2 260,895 277,208 (16,313) Net debt3 (1,802,549) (1,223,389) (579,160) Net debt excluding lease liabilities3 (1,541,654) (946,181) (595,473) 1Debt includes both current and non-current portions. 2 Lease liabilities includes both current and non-current portions. 2This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. The Company continues to expect to be able to fund all its contractual commitments with its operating cash flow, cash on hand and available capital resources. Net debt excluding lease liabilities at September 30, 2024 increased from December 31, 2023 due to net proceeds from debt, combined with decreased cash balances resulting from negative working capital adjustments. During the quarter and year-to-date periods ended September 30, 2024 , no shares were purchased under the Company's Normal Course Issuer Bid (“NCIB”) (quarter and year-to-date periods ended September 30, 2023 - nil shares). Contractual Obligations, Commitments and Contingencies The Company has contractual obligations and capital commitments as described in Note 23 “Commitments and Contingencies” in the Company’s condensed interim consolidated financial statements for the three and nine months ended September 30, 2024. From time to time, the Company may also be involved in legal proceedings that arise in the ordinary course of its business. Capital Resources As at September 30, 2024, the Company has a RCF of $1,750.0 million with $340.0 million outstanding (December 31, 2023 - $250.0 million). The RCF bears interest on drawn funds at rates of Term Secured Overnight Financing Rate (“Term SOFR”) plus Credit Spread Adjustment (“CSA”) of 0.10% plus an applicable margin of 1.45% to 2.50%, depending on the Company’s net leverage ratio. The RCF is unsecured, save and except for a charge over certain assets in the United States of America, and is subject to customary covenants. On April 26, 2024, the facility, which originally expired in April 2028, was amended and extended to April 2029. As at September 30, 2024, the Company's Term Loan has a principal amount of $1,150.0 million which includes the exercise of $350.0 million of the accordion option in the quarter. The Team Loan bears interest at an annual rate equal to Term SOFR + CSA + an applicable margin of 1.60% to 2.65%, depending on the Company’s net leverage ratio. Principal is payable at maturity. On April 26, 2024, the Term Loan, originally maturing in July 2026, was extended to July 2027. On May 23, 2024, both the RCF and the Term Loan were amended to establish sustainability performance targets whereby the interest rate margin in the facilities will be adjusted based on the Company's performance relative to the targets. As at September 30, 2024, the Company also has unsecured commercial paper programs maturing in 2025 through 2028 of which $106.4 million (December 31, 2023 - $116.0 million) were drawn. As at September 30, 2024 , certain subsidiaries of the Company had outstanding unsecured term loans totalling $240.8 million (December 31, 2023 - $48.9 million) and accruing interest at rates ranging from 5.30% to 6.65% per annum with interest payable upon maturity. The maturity dates range from October 2024 to February 2025. The development of the Joint Arrangement requires significant capital commitments from the Company, and additional funding, beyond debt, may be required to advance the project to completion. 28 ===== SIDA 42 ===== Financial Instruments Revenue, cost of goods sold and capital expenditures are affected by certain external factors including fluctuations in metal prices, energy prices, and changes in exchange rates between the €, the SEK, the CLP, the BRL, the ARS and the $. During the quarter ended September 30, 2024, the Company entered into additional derivative contracts as part of its risk management strategy to mitigate exposure to foreign currency and commodities. These included diesel collar contracts in the amount of 67.5 million litres ("L") with collar ranges of $0.49/L to $0.65/L expiring through the remainder of 2024 to December 2025. At September 30, 2024 , derivative contracts consist of foreign currency forward and option contracts as well as diesel swap forward and option contracts. The foreign currency and diesel option contracts consist of put and call contracts in a collar structure. The derivative contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value as assessed by pricing models based on active market prices. Changes in fair value are recognized in other income and expense in the consolidated statement of earnings. The Company’s trade receivables also contain provisional pricing sales arrangements that are valued using quoted forward market prices. The following table illustrates the sensitivity of the Company’s risk on final settlement of its provisionally priced revenues as at September 30, 2024. Metal Payable Metal Provisional price on September 30, 2024 Change Effect on Revenue ($millions) Copper 90,231 t $4.44/lb +/- 10 % +/- $88.3 Zinc 16,808 t $1.39/lb +/- 10 % +/- $5.2 Nickel 414 t $7.86/lb +/- 10 % +/- $0.7 Gold 34 koz $2,652/oz +/- 10 % +/- $9.0 Molybdenum 825 t $20.47/lb +/- 10 % +/- $3.7 For a detailed discussion of the Company’s financial instruments, refer to Note 22 "Financial Instruments" in the Company’s condensed interim consolidated financial statements for the three and nine months months ended September 30, 2024. 29 ===== SIDA 43 ===== Non-GAAP and Other Performance Measures The Company uses certain performance measures in its analysis. These performance measures have no meaning within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following are non-GAAP measures that the Company uses as key performance indicators. Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it may be useful to investors Cash cost Includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges, but excludes royalty expenses, expenses associated with non- cash fair value adjustments to inventory, depreciation and amortization and capital expenditures for deferred stripping. Revenue from sales of by-products, inclusive of adjustments for the terms of streaming agreements but excluding the recognition of any deferred revenue from the allocation of upfront streaming proceeds, reduce cash costs. Production costs Copper, zinc and nickel cash cost per pound sold are useful measures to assess the operating performance of the Company's mines, and their ability to generate cash. The inclusion of by-product credits incorporates the benefit of other metals extracted in the production of the primary metal. Cash cost per pound sold This ratio is calculated by dividing cash cost by the sales volume of the primary metal (copper, zinc, or nickel). All-in sustaining cost ("AISC") Includes cash cost (as defined above), royalties, sustaining capital expenditure (including deferred stripping and underground mine development), reclamation and other closure cost accretion and amortization and lease payments (cash basis). As this measure seeks to reflect the full cost of production from current operations, expansionary capital and certain exploration costs are excluded as these are costs typically incurred to extend mine life or materially increase the productive capacity of existing assets, or for new operations. Corporate general and administrative expenses have also been excluded as any attribution of these costs to an operating site would not necessarily be reflective of costs directly attributable to the administration of the site. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest) and costs related to business combinations, asset acquisitions and asset disposals are also excluded. Production costs Copper, zinc and nickel AISC and ASIC per pound sold are useful measures to understand the full cost of producing and selling metal at the Company's mines, and each mine's ability to generate cash while sustaining production at current levels. AlSC per pound sold This ratio is calculated by dividing AISC by the sales volume of the primary metal (copper, zinc, or nickel). Sustaining capital expenditures This supplementary financial measure is defined as cash- basis expenditures which maintain existing operations and sustain production levels. Investment in mineral properties, plant and equipment Sustaining capital expenditures provide an understanding of costs required to maintain existing production levels. Expansionary capital expenditures provide information on costs required for future growth of existing or new assets. Expansionary capital expenditures This non-GAAP measure is defined as cash-basis expenditures which increase current or future production capacity, cash flow or earnings potential and are reported excluding capitalized interest. Where an expenditure both maintains and expands current operations, classification would be based on the primary decision for which the expenditure is being made. 30 ===== SIDA 44 ===== Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it is useful to investors Realized price per pound and realized price per ounce1 Defined as revenue from metal sales (copper, zinc, gold, nickel and molybdenum) adding back treatment and refining charges, cash effects of gold and copper streams, recognition of deferred revenue from the allocation of upfront streaming proceeds and sales of silver and other metals, divided by the volume of metal sold in the period. Revenue These measures provide an understanding of the price realized in each reporting period for metal sales. Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, interest income and finance costs. Adjusted EBITDA removes the effects of items that do not reflect the Company's underlying operating performance and are not necessarily indicative of future operating results. These may include: unrealized foreign exchange, unrealized gains or losses from derivative contracts, revaluation gains or losses on marketable securities, derivative liabilities and purchase options, expenses for acquisition-related fair value adjustments to inventory, non-cash impairment charges and reversals, non-cash stockpile inventory or fixed asset write-downs, costs relating to the sinkhole near Ojos del Salado operations, income from investments in associates, gains or losses on disposals of subsidiaries, insurance proceeds and litigation and settlements. Net earnings (loss) EBITDA and Adjusted EBITDA are used to evaluate the Company's operational performance and its ability to generate cash from core operations. Adjusted earnings (loss) Defined as net earnings or loss attributable to shareholders of the Company excluding the effects (net of tax) of significant items that do not reflect the Company's underlying operating performance. In addition to the items listed for Adjusted EBITDA, these may also include: deferred tax recovery or expense arising from foreign exchange translation and deferred tax recovery or expense arising from changes in tax rates. Adjustments exclude amounts attributable to non-controlling interests. Net earnings (loss) attributable to Lundin Mining Corporation shareholders In addition to conventional measures prepared in accordance with IFRS, adjusted earnings and adjusted earnings per share measure the underlying operating performance of the Company. Adjusted earnings (loss) per share This ratio is calculated by dividing adjusted net earnings or loss by the weighted average number of shares outstanding. Free cash flow from operations Defined as cash flow provided by operating activities, excluding general exploration and business development costs and deducting sustaining capital expenditures (as defined above). Cash provided by operating activities Free cash flow from operations is indicative of the Company's ability to generate cash from its operations after consideration of required sustaining capital expenditure necessary to maintain existing production levels. Free cash flow Defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above). Adjusted operating cash flow Defined as cash provided by operating activities, excluding changes in non-cash working capital items. Cash provided by operating activities These measures are indicative of the Company's ability to generate cash from its operations and remove the impact of working capital, which can experience volatility from period-to-period. Adjusted operating cash flow per share This ratio is calculated by dividing adjusted operating cash flow by the weighted average number of shares outstanding. Net debt Net debt is defined as total debt and lease liabilities excluding deferred financing fees, less cash and cash equivalents. Net debt excluding lease liabilities is defined as total debt excluding lease liabilities, deferred financing fees, less cash and cash equivalents. Debt and lease liabilities, current portion of debt and lease liabilities, cash and cash equivalents These measures are indicative of the Company's financial position. Net debt excluding lease liabilities 1See the 'Revenue Overview' section of this MD&A for reconciliations to revenue, the most directly comparable IFRS measure. 31 ===== SIDA 45 ===== Cash Cost per Pound and All-in Sustaining Cost (“AISC”) per Pound Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended September 30, 2024 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes: Tonnes 45,430 22,044 12,380 393 7,707 15,124 Pounds (000s) 100,155 48,599 27,293 866 16,991 33,342 Production costs 581,117 Less: Royalties and other (19,133) 561,984 Deduct: By-product credits (221,753) Add: Treatment and refining charges 43,833 Cash cost 155,069 144,062 37,302 6,273 36,159 5,199 384,064 Cash cost per pound ($/lb) 1.55 2.96 1.37 7.24 2.13 0.16 Add: Sustaining capital expenditure 60,118 22,895 20,487 7,940 26,288 15,546 Royalties 4,519 6,354 2,643 162 1,226 — Reclamation and other closure accretion and depreciation 2,416 1,061 2,374 1,473 1,381 1,149 Leases and other 1,625 17,773 956 1,489 147 79 All-in sustaining cost 223,747 192,145 63,762 17,337 65,201 21,973 AISC per pound ($/lb) 2.23 3.95 2.34 20.02 3.84 0.66 Three months ended September 30, 2023 Operations Candelaria Caserones1 Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes: Tonnes 33,668 30,385 11,445 3,640 8,799 22,042 Pounds (000s) 74,225 66,987 25,232 8,025 19,398 48,594 Production costs 615,109 Less: Royalties and other (21,662) Inventory fair value adjustment (32,185) 561,262 Deduct: By-product credits (216,150) Add: Treatment and refining charges 56,261 Cash cost 162,672 106,866 57,501 16,598 44,043 13,693 401,373 Cash cost per pound ($/lb) 2.19 1.60 2.28 2.07 2.27 0.28 Add: Sustaining capital expenditure 86,693 28,849 16,716 4,989 27,357 12,350 Royalties — 7,550 2,142 7,385 1,055 — Reclamation and other closure accretion and depreciation 2,349 1,133 2,141 2,742 1,462 1,011 Leases and other2 2,841 22,229 865 797 131 86 All-in sustaining cost 254,555 166,627 79,365 32,511 74,048 27,140 AISC per pound ($/lb) 3.43 2.49 3.15 4.05 3.82 0.56 1 Caserones 2023 results are from July 13, 2023. 2 Q3 2023 amounts have been adjusted from those presented in the Company's MD&A for the three and nine months ended September 30, 2023. 32 ===== SIDA 46 ===== Nine months ended September 30, 2024 Operations Candelaria Caserones Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes: Tonnes 108,965 87,117 29,415 4,574 21,491 49,459 Pounds (000s) 240,226 192,060 64,849 10,084 47,379 109,038 Production costs 1,754,677 Less: Royalties and other (61,427) 1,693,250 Deduct: By-product credits (597,173) Add: Treatment and refining charges 129,361 Cash cost 438,494 481,756 113,607 39,903 107,898 43,780 1,225,438 Cash cost per pound ($/lb) 1.83 2.51 1.75 3.96 2.28 0.40 Add: Sustaining capital expenditure 220,194 100,977 74,927 15,998 76,622 43,188 Royalties 11,038 24,443 5,891 6,746 3,168 — Reclamation and other closure accretion and depreciation 6,441 3,195 7,780 5,033 4,036 3,286 Leases and other 7,684 51,773 2,496 4,258 405 235 All-in sustaining cost 683,851 662,144 204,701 71,938 192,129 90,489 AISC per pound ($/lb) 2.85 3.45 3.16 7.13 4.06 0.83 Nine months ended September 30, 2023 Operations Candelaria Caserones1 Chapada Eagle Neves- Corvo Zinkgruvan ($000s, unless otherwise noted) (Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total Sales volumes: Tonnes 105,585 30,385 30,681 10,234 23,000 48,028 Pounds (000s) 232,775 66,987 67,640 22,562 50,706 105,883 Production costs 1,438,071 Less: Royalties and other (41,717) Inventory fair value adjustment (32,185) 1,364,169 Deduct: By-product credits (495,751) Add: Treatment and refining charges 125,390 Cash cost 507,884 106,866 165,170 47,228 128,206 38,454 993,808 Cash cost per pound ($/lb) 2.18 1.60 2.44 2.09 2.53 0.36 Add: Sustaining capital expenditure 300,796 28,849 52,433 15,653 74,551 42,812 Royalties — 7,550 6,394 17,991 2,868 — Reclamation and other closure accretion and depreciation 7,100 1,133 5,789 8,711 4,082 2,811 Leases and other2 9,638 22,229 3,002 2,441 437 288 All-in sustaining cost 825,418 166,627 232,788 92,024 210,144 84,365 AISC per pound ($/lb) 3.55 2.49 3.44 4.08 4.14 0.80 1 Caserones 2023 results are from July 13, 2023. 2 Q3 2023 amounts have been adjusted from those presented in the Company's MD&A for the three and nine months ended September 30, 2023. 33 ===== SIDA 47 ===== Adjusted EBITDA Adjusted EBITDA can be reconciled to Net Earnings (Loss) on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended September 30, Nine months ended September 30, ($thousands) 2024 2023 2024 2023 Net earnings 127,829 21,883 343,117 248,496 Add back: Depreciation, depletion and amortization 200,074 179,788 582,224 430,540 Finance income and costs 39,152 36,212 111,153 67,808 Income taxes expense (recovery) 96,940 84,891 203,668 113,983 463,995 322,774 1,240,162 860,827 Unrealized foreign exchange loss (gain) 12,901 9,096 574 (1,545) Unrealized losses (gains) on derivative contracts (30,613) 47,504 18,245 41,241 Ojos del Salado sinkhole (recoveries) expenses 871 (1,247) 550 15,235 Revaluation loss (gain) on marketable securities (3,957) 3,449 (6,472) (453) Caserones inventory fair value adjustment — 32,185 — 32,185 Partial suspension of underground operations at Eagle 14,813 — 24,637 — Gain on disposal of subsidiary — — — (5,718) Write-down of capital works in progress 781 — 17,969 — Revaluation of Chapada derivative liability — 370 307 2,166 Revaluation of Caserones purchase option — — (11,728) — Other (1,108) 990 (2,847) (120) Total adjustments - EBITDA (6,312) 92,347 41,235 82,991 Adjusted EBITDA 457,683 415,121 1,281,397 943,818 34 ===== SIDA 48 ===== Adjusted Earnings and Adjusted EPS Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders on the Company's Condensed Interim Consolidated Statement of Earnings as follows: Three months ended September 30, Nine months ended September 30, ($thousands, except share and per share amounts) 2024 20231 2024 20231 Net earnings attributable to Lundin Mining shareholders 101,160 (2,964) 236,632 202,765 Add back: Total adjustments - EBITDA (6,312) 92,347 41,235 82,991 Tax effect on adjustments (8,135) (20,758) (7,921) (23,938) Deferred tax expense due to change in tax rate — 25,700 — 25,700 Deferred tax arising from foreign exchange translation (12,387) 12,317 (32,353) (15,972) Non-controlling interest on adjustments (1,867) (18,734) 2,164 (18,665) Other (1) (2,648) — 3,645 Total adjustments (28,702) 88,224 3,125 53,761 Adjusted earnings 72,458 85,260 239,757 256,526 Basic weighted average number of shares outstanding 776,794,756 773,147,920 774,574,731 772,214,160 Net (loss) earnings attributable to Lundin Mining shareholders 0.13 — 0.31 0.26 Total adjustments (0.04) 0.11 — 0.07 Adjusted EPS 0.09 0.11 0.31 0.33 1 2023 amounts have been adjusted from those presented in the Company's MD&A for the three and nine months ended September 30, 2023. Free Cash Flow from Operations and Free Cash Flow Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended September 30, Nine months ended September 30, ($thousands) 2024 2023 2024 2023 Cash provided by operating activities 139,275 303,812 898,576 710,531 General exploration and business development 13,620 12,734 40,607 41,192 Sustaining capital expenditures (151,173) (180,013) (532,236) (523,397) Free cash flow from operations 1,722 136,533 406,947 228,326 General exploration and business development (13,620) (12,734) (40,607) (41,192) Expansionary capital expenditures (49,926) (52,662) (193,027) (234,831) Free cash flow (61,824) 71,137 173,313 (47,697) 35 ===== SIDA 49 ===== Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Condensed Interim Consolidated Statement of Cash Flows as follows: Three months ended September 30, Nine months ended September 30, ($thousands, except share and per share amounts) 2024 2023 2024 2023 Cash provided by operating activities 139,275 303,812 898,576 710,531 Changes in non-cash working capital items 165,901 12,655 90,140 (48,360) Adjusted operating cash flow 305,176 316,467 988,716 662,171 Basic weighted average number of shares outstanding 776,794,756 773,147,920 774,574,731 772,214,160 Adjusted operating cash flow per share 0.39 0.41 1.28 0.86 Net Debt and Net Debt Excluding Lease Liabilities Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's condensed interim consolidated balance sheet as follows: ($thousands) September 30, 2024 December 31, 2023 Debt and lease liabilities (1,692,718) (1,273,162) Current portion of debt and lease liabilities (397,141) (212,646) Less deferred financing fees (netted in above) (8,230) (6,374) (2,098,089) (1,492,182) Cash and cash equivalents 295,540 268,793 Net debt (1,802,549) (1,223,389) Lease liabilities 260,895 277,208 Net debt excluding lease liabilities (1,541,654) (946,181) 36 ===== SIDA 50 ===== 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 25 of the Company’s condensed interim consolidated financial statements for the three and nine months ended September 30, 2024. Changes in Accounting Policies The accounting policies applied in the Company’s condensed interim consolidated financial statements for the three and nine months ended September 30, 2024 are the same as those applied in the Company’s consolidated financial statements for the year ended December 31, 2023. Certain amendments to standards were effective for annual periods beginning on or after January 1, 2024, including amendments to IAS 1 – Presentation of Financial Statements and IAS 12 – Income Taxes. There was no material impact on the Company’s condensed interim consolidated financial statements from the adoption of these amendments. In April 2024, the IASB issued IFRS 18, Presentation and Disclosure of Financial Statements which replaces IAS 1, Presentation of Financial Statements. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. The Company is currently assessing the effect of this new standard on its financial statements. Critical Accounting Estimates and Judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. For further information on the Company’s significant accounting estimates and judgements, refer to Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2023. There have been no subsequent material changes to these significant accounting estimates and judgements. Disclosure Controls and Procedures Disclosure controls and procedures have been designed to provide reasonable assurance that all material information related to the Company is identified and communicated on a timely basis. Management of the Company, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, is responsible for the design and operation of disclosure controls and procedures. Management has evaluated the effectiveness of the Company’s disclosure controls and procedures and has concluded that they were effective as at December 31, 2023. There have been no changes in the Company’s disclosure controls and procedures during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s financial reporting. Internal Control over Financial Reporting (“ICFR”) Management of the Company, under the supervision of the President and Chief Executive Officer and Executive Vice President and Chief Financial Officer, is responsible for establishing and maintaining adequate ICFR. The Company’s ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. However, due to inherent limitations ICFR may not prevent or detect all misstatements and fraud. Management will continue to monitor the effectiveness of its ICFR and may make modifications from time to time as considered necessary. 37 ===== SIDA 51 ===== Management assesses the effectiveness of the Company’s ICFR using the Internal Control – Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Management conducted an evaluation of the effectiveness of ICFR and concluded that it was effective as at December 31, 2023. There have been no changes in the Company’s ICFR during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s financial reporting. Risks and Uncertainties The Company’s business activities are subject to a variety and wide range of inherent risks and uncertainties. Any of these risks could have an adverse effect on the Company, its business and prospects, and could cause actual outcomes and results to differ materially from those described in forward-looking statements relating to the Company. For additional discussion on Lundin Mining’s risks, refer to the “Risks and Uncertainties” section of the Company’s Annual Information Form (“AIF”) for the year ended December 31, 2023 and the “Cautionary Statement on Forward-Looking Information” of this MD&A. National Instrument 43-101 Compliance The scientific and technical information in this document has been reviewed and approved in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") by Patrick Merrin, Executive Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Merrin has verified the data disclosed in this document and no limitations were imposed on his verification process. Other Information Additional information regarding the Company is included in the Company’s AIF which is filed with the Canadian securities regulators. A copy of the Company’s AIF can be obtained on SEDAR+ ( www.sedarplus.com) or on the Company’s website (www.lundinmining.com). Outstanding Share Data The table below summarizes the Company’s common shares and securities convertible into common shares as at November 6, 2024. November 6, 2024 Common shares issued and outstanding 776,876,973 Stock options outstanding (weighted average exercise price of C$10.11) 3,992,130 Time vesting share units1 1,467,835 Performance vesting share units2 1,035,825 1 Time vesting share units represent the right to receive one common share (subject to adjustments) issued from treasury. 2 Performance vesting share units (“PSU”) represent the right to receive a variable number of common shares (subject to adjustments) issued from treasury contingent upon achieving applicable performance vesting conditions. The number of common shares listed above in respect of PSU assumes that 100% of PSU granted (without change) will vest and be paid out in common shares on a one for one basis. However, as noted, the final number of PSU that may be earned and redeemed may be higher or lower than the PSU initially granted. 38 ===== SIDA 52 ===== Condensed Interim Consolidated Financial Statements of Lundin Mining Corporation September 30, 2024 (Unaudited) ===== SIDA 53 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS As at (Unaudited - in thousands of US dollars) September 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents (Note 3) $ 295,540 $ 268,793 Trade and other receivables (Note 4) 891,278 828,871 Income taxes receivable 21,198 34,542 Inventories (Note 5) 598,803 599,407 Marketable securities (Note 6) 54,077 — Current portion of derivative assets (Note 22) 20,936 38,114 Other current assets 16,991 21,421 Total current assets 1,898,823 1,791,148 Restricted funds 59,893 59,979 Long-term inventory (Note 5) 811,819 797,597 Derivative assets (Note 22) 17,787 9,397 Other non-current assets (Note 7) 16,877 67,090 Mineral properties, plant and equipment (Note 8) 7,888,392 7,725,169 Deferred tax assets 142,187 170,203 Goodwill 241,879 240,616 9,178,834 9,070,051 Total assets $ 11,077,657 $ 10,861,199 LIABILITIES Trade and other payables (Note 9) $ 728,787 $ 805,763 Income taxes payable 128,112 62,926 Current portion of derivative liabilities (Note 22) 5,394 26,389 Current portion of debt and lease liabilities (Note 10) 397,141 212,646 Current portion of deferred revenue (Note 11) 81,635 87,867 Current portion of reclamation and other closure provisions (Note 12) 13,331 14,442 Total current liabilities 1,354,400 1,210,033 Derivative liabilities (Note 22) 10,108 3,148 Debt and lease liabilities (Note 10) 1,692,718 1,273,162 Deferred revenue (Note 11) 509,423 535,363 Reclamation and other closure provisions (Note 12) 514,970 529,734 Deferred consideration and other long-term liabilities (Note 13) 132,298 133,199 Provision for pension obligations 5,912 6,752 Deferred tax liabilities 705,546 751,688 3,570,975 3,233,046 Total liabilities 4,925,375 4,443,079 SHAREHOLDERS' EQUITY Share capital (Note 14) 4,605,688 4,574,830 Contributed surplus 50,312 55,201 Accumulated other comprehensive loss (289,291) (296,617) Retained earnings 658,817 627,903 Equity attributable to Lundin Mining Corporation shareholders 5,025,526 4,961,317 Non-controlling interests (Note 15) 1,126,756 1,456,803 Total shareholders' equity 6,152,282 6,418,120 Total liabilities and shareholders' equity $ 11,077,657 $ 10,861,199 Commitments and contingencies (Note 23) Subsequent events (Note 22) The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 1 - ===== SIDA 54 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited - in thousands of US dollars, except for shares and per share amounts) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenue (Note 16) $ 1,072,998 $ 992,195 $ 3,093,564 $ 2,332,070 Cost of goods sold Production costs (Note 17) (581,117) (615,109) (1,754,677) (1,438,071) Depreciation, depletion and amortization (200,074) (179,788) (582,224) (430,540) Gross profit 291,807 197,298 756,663 463,459 General and administrative expenses (14,233) (19,444) (44,133) (49,452) General exploration and business development (Note 19) (13,620) (12,734) (40,607) (41,192) Finance income (Note 20) 4,233 3,767 13,381 5,939 Finance costs (Note 20) (43,385) (39,979) (124,534) (73,747) Other (expense) income (Note 21) (33) (22,134) (13,985) 57,472 Earnings before income taxes 224,769 106,774 546,785 362,479 Current tax expense (119,575) (40,115) (224,955) (126,829) Deferred tax recovery (expense) 22,635 (44,776) 21,287 12,846 Net earnings $ 127,829 $ 21,883 $ 343,117 $ 248,496 Net earnings (loss) attributable to: Lundin Mining Corporation shareholders $ 101,160 $ (2,964) $ 236,632 $ 202,765 Non-controlling interests 26,669 24,847 106,485 45,731 Net earnings $ 127,829 $ 21,883 $ 343,117 $ 248,496 Basic earnings per share attributable to Lundin Mining Corporation shareholders: $ 0.13 $ 0.00 $ 0.31 $ 0.26 Diluted earnings per share attributable to Lundin Mining Corporation shareholders: $ 0.13 $ 0.00 $ 0.30 $ 0.26 Weighted average number of shares outstanding (Note 14) Basic 776,794,756 773,147,920 774,574,731 772,214,160 Diluted 779,185,613 773,147,920 776,954,446 772,918,648 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 2 - ===== SIDA 55 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited - in thousands of US dollars) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net earnings $ 127,829 $ 21,883 $ 343,117 $ 248,496 Other comprehensive income (loss), net of taxes Item that will not be reclassified to net earnings: Remeasurements for post-employment benefit plans (217) 145 (595) (421) Item that may be reclassified subsequently to net earnings: Effects of foreign exchange 54,214 (4,386) 7,888 (689) Other comprehensive income (loss) 53,997 (4,241) 7,293 (1,110) Total comprehensive income $ 181,826 $ 17,642 $ 350,410 $ 247,386 Comprehensive income (loss) attributable to: Lundin Mining Corporation shareholders $ 155,194 $ (7,236) $ 243,958 $ 201,733 Non-controlling interests 26,632 24,878 106,452 45,653 Total comprehensive income $ 181,826 $ 17,642 $ 350,410 $ 247,386 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 3 - ===== SIDA 56 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited - in thousands of US dollars, except for shares) Number of shares Share capital Contributed surplus Accumulated other comprehensive loss Retained earnings Non- controlling interests Total Balance, December 31, 2023 773,667,789 $ 4,574,830 $ 55,201 $ (296,617) $ 627,903 $ 1,456,803 $ 6,418,120 Distributions — — — — — (83,000) (83,000) Exercise of Caserones purchase option (Note 7) — — — — (52,667) (353,499) (406,166) Exercise of share-based awards 3,194,831 30,858 (9,944) — — — 20,914 Share-based compensation — — 5,055 — — — 5,055 Dividends declared (Note 14(d)) — — — — (153,051) — (153,051) Net earnings — — — — 236,632 106,485 343,117 Other comprehensive income (loss) — — — 7,326 — (33) 7,293 Total comprehensive income — — — 7,326 236,632 106,452 350,410 Balance, September 30, 2024 776,862,620 $ 4,605,688 $ 50,312 $ (289,291) $ 658,817 $ 1,126,756 $ 6,152,282 Balance, December 31, 2022 770,746,531 $ 4,555,125 $ 55,769 $ (342,287) $ 592,425 $ 564,089 $ 5,425,121 Distributions — — — — — (4,000) (4,000) Caserones acquisition — — — — — 873,767 873,767 Exercise of share-based awards 2,653,604 17,829 (7,765) — — — 10,064 Share-based compensation — — 6,319 — — — 6,319 Dividends declared — — — — (154,544) — (154,544) Net earnings — — — — 202,765 45,731 248,496 Other comprehensive loss — — — (1,032) — (78) (1,110) Total comprehensive (loss) income — — — (1,032) 202,765 45,653 247,386 Balance, September 30, 2023 773,400,135 $ 4,572,954 $ 54,323 $ (343,319) $ 640,646 $ 1,479,509 $ 6,404,113 The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 4 - ===== SIDA 57 ===== LUNDIN MINING CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands of US dollars) Three months ended September 30, Nine months ended September 30, Cash provided by (used in) 2024 2023 2024 2023 Operating activities Net earnings $ 127,829 $ 21,883 $ 343,117 $ 248,496 Items not involving cash and other adjustments Depreciation, depletion and amortization 200,074 179,788 582,224 430,540 Share-based compensation 1,736 1,974 5,113 5,995 Unrealized foreign exchange loss (gain) 12,901 9,096 574 (1,545) Finance costs, net (Note 20) 39,152 36,212 111,153 67,808 Recognition of deferred revenue (Note 11) (22,199) (16,671) (57,803) (52,690) Deferred tax (recovery) expense (22,635) 44,776 (21,287) (12,846) Revaluation of Caserones purchase option (Note 21) — — (11,728) — Revaluation of marketable securities (Note 21) (3,957) 3,449 (6,472) (453) Write-down of assets (Note 21) 781 — 17,969 — Revaluation of foreign currency and diesel derivatives (Note 22) (34,144) 34,653 12,364 538 Reversal of fair value adjustment on acquired inventory — 32,185 — 32,185 Non-cash inventory write down 3,548 3,486 7,541 5,175 Other 13,037 5,385 18,884 17,141 Reclamation payments (Note 12) (5,328) (3,052) (13,738) (8,181) Pension payments (782) (5,685) (2,379) (6,674) Changes in long-term inventory (4,837) (31,012) 3,184 (63,318) Changes in non-cash working capital items (Note 26) (165,901) (12,655) (90,140) 48,360 139,275 303,812 898,576 710,531 Investing activities Investment in mineral properties, plant and equipment (205,412) (243,207) (735,785) (769,239) Acquisition of Caserones, net of cash acquired — (648,569) — (648,569) Purchase of marketable securities (Note 6) (41,686) — (41,686) — Cash received from disposal of subsidiary (Note 21) — — — 5,718 Payment of Chapada derivative liability (Note 22) (25,000) (25,000) (25,000) (25,000) Interest received 4,236 3,541 12,831 5,709 Other 3,323 4,479 3,231 (909) (264,539) (908,756) (786,409) (1,432,290) Financing activities Proceeds from debt (Note 10) 737,522 1,772,531 1,229,861 2,203,480 Principal repayments of debt (Note 10) (251,632) (920,677) (608,838) (1,135,179) Principal payments of lease liabilities (16,539) (22,954) (50,046) (34,234) Interest paid (30,893) (14,975) (89,101) (25,642) Payment of Caserones deferred consideration (Note 22) (10,000) — (10,000) — Dividends paid to shareholders (51,590) (51,328) (153,822) (155,349) Exercise of Caserones purchase option (Note 7) (350,000) — (350,000) — Proceeds from common shares issued 924 2,506 20,914 10,064 Distributions paid to non-controlling interests (63,000) (4,000) (83,000) (4,000) Net proceeds from settlement of foreign currency and commodity derivatives 4,087 13,848 7,247 38,248 Other (441) (1,761) 1,565 (4,770) (31,562) 773,190 (85,220) 892,618 Effect of foreign exchange on cash balances (443) (1,091) (200) (4,909) (Decrease) increase in cash and cash equivalents during the period (157,269) 167,155 26,747 165,950 Cash and cash equivalents, beginning of period 452,809 190,182 268,793 191,387 Cash and cash equivalents, end of period $ 295,540 $ 357,337 $ 295,540 $ 357,337 Supplemental cash flow information (Note 26) The accompanying notes are an integral part of these condensed interim consolidated financial statements. - 5 - ===== SIDA 58 ===== 1. NATURE OF OPERATIONS Lundin Mining Corporation ("Lundin Mining" or the "Company") is a diversified Canadian base metals mining company primarily producing copper, zinc, nickel and gold. The Company owns 80% of the Candelaria and Ojos del Salado mining complex ("Candelaria") located in Chile. On July 2, 2024, the Company completed the exercise of its option to acquire an additional 19% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile ("Lumina Copper"), bringing the Company's ownership of the Caserones copper-molybdenum mine (“Caserones”) in Chile from 51% to 70%. The Company’s wholly-owned operating assets include the Chapada mine located in Brazil, the Eagle mine located in the United States of America (“USA”), the Neves-Corvo mine located in Portugal, and the Zinkgruvan mine located in Sweden. In addition, the Company owns the large scale copper-gold Josemaria project ("Josemaria Project"), located in Argentina. On July 29, 2024, the Company entered into an agreement with BHP and Filo Corp (“Filo”) to jointly acquire all the issued and outstanding shares of Filo (the “Arrangement”) not already owned by Lundin Mining and BHP. Under the terms of the Arrangement, Filo shareholders may choose to receive in exchange for each Filo share C$33.00 in cash, 2.3578 Lundin Mining shares or any combination thereof, subject to aggregate caps. Lundin Mining’s share of the consideration for the Arrangement is approximately C$2,148 million ($1,550 million), consisting of up to C$859 million in cash and C$1,289 million in Lundin Mining shares. Closing is expected to occur in the first quarter of 2025. Concurrently with the completion of the Arrangement, Lundin Mining and BHP have agreed to form a 50/50 joint arrangement (the “Joint Arrangement”) to hold the Filo del Sol project and Lundin Mining’s Josemaria project. BHP has agreed to pay Lundin Mining cash consideration of $690 million, subject to certain adjustments, as consideration for Lundin Mining contributing the Josemaria project to the Joint Arrangement. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm Exchange in Sweden. The Company is incorporated under the Canada Business Corporations Act. The Company is domiciled in Canada and its principal place of business is 1055 Dunsmuir Street, Suite 2800, Vancouver, British Columbia, Canada. 2. BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (i) Basis of presentation and measurement The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - Accounting, including IAS 34 Interim Financial Reporting. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023. The consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments which have been measured at fair value. The Company's presentation currency is United States (“US”) dollars. Reference herein to $ or USD is to US dollars, C$ or CAD is to Canadian dollars, SEK is to Swedish krona, € refers to the Euro, CLP refers to the Chilean peso, BRL refers to the Brazilian real, and ARS refers to the Argentine peso. Balance sheet items are classified as current if receipt or payment is due within twelve months. Otherwise, they are presented as non-current. These condensed interim consolidated financial statements were approved by the Board of Directors of the Company for issue on November 6, 2024. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 6 - ===== SIDA 59 ===== (ii) Material accounting policies The accounting policies followed in these condensed interim consolidated financial statements are consistent with those disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2023. Except as described in Note 2(iii), there were no changes in material accounting policies during the three and nine months ended September 30, 2024. (iii) New accounting standards issued Amendments to IAS 1 - Classification of Liabilities as Current or Non-Current In January 2020, the IASB issued Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. Under existing requirements, a liability is current if an unconditional right to defer settlement of the liability for at least twelve months after the reporting period does not exist. With the introduction of the two amendments to IAS 1 in 2024, for a liability to be classified as non-current, a company must have the right to defer settlement of the liability for at least twelve months after the reporting period. The right must have substance and exist at the end of the reporting period, and the classification of the liability must be unaffected by the likelihood that the company will exercise that right. The amendments apply retrospectively for annual reporting periods beginning on or after 1 January 2024, with early application permitted and have been applied with no material impact on the Company in the current reporting period. Amendments to IAS 12 - International Tax Reform - Pillar Two Model Rules In May 2023, the IASB issued amendments to IAS 12 – Income Taxes. The amendments provide an exception to the requirements regarding the recognition of deferred tax assets and liabilities related to the Pillar Two global minimum tax rules and were effective immediately. The Company has applied the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Additionally, the amendments to IAS 12 require disclosure of the Company's current tax expense or income related to Pillar Two income taxes and disclosure of known or reasonably estimable information regarding the Company's exposure to Pillar Two income taxes. Among the jurisdictions where the Company operates, Pillar Two legislation is enacted in Sweden, the Netherlands and Canada, and is expected to be substantively enacted in Portugal in 2024 . On October 3, 2024, Brazil issued a Provisional Measure introducing Qualified Domestic Minimum Top-Up Tax to be effective from 2025 onwards. The Company has performed an analysis of the country-by-country reporting (CbCR) safe harbour test, and it does not expect any top-up tax to be applicable in 2024. 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. Retrospective application is required and early application is permitted. The Company is currently assessing the effect of this new standard on its financial statements. (iv) Critical accounting estimates and judgments in applying the entity’s accounting policies Areas of judgment that have the most significant effect on the amounts recognized in the financial statements are disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2023. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 7 - ===== SIDA 60 ===== 3. CASH AND CASH EQUIVALENTS Cash and cash equivalents are comprised of the following: September 30, 2024 December 31, 2023 Cash $ 149,169 $ 197,537 Short-term deposits 146,371 71,256 $ 295,540 $ 268,793 4. TRADE AND OTHER RECEIVABLES Trade and other receivables are comprised of the following: September 30, 2024 December 31, 2023 Trade receivables $ 721,532 $ 643,722 Value added tax 70,654 80,088 Prepaid expenses 59,268 48,901 Other receivables 39,824 56,160 $ 891,278 $ 828,871 5. INVENTORIES Inventories are comprised of the following: September 30, 2024 December 31, 2023 Materials and supplies $ 318,887 $ 313,966 Ore stockpiles and dump leach 189,524 207,602 Finished goods - concentrate stockpiles 82,729 72,515 Finished goods - copper cathode 7,663 5,324 $ 598,803 $ 599,407 Long-term inventory is comprised of the following: September 30, 2024 December 31, 2023 Ore stockpiles at Candelaria $ 448,789 $ 427,075 Ore stockpiles at Chapada 271,678 270,570 Dump leach at Caserones 91,352 99,952 $ 811,819 $ 797,597 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 8 - ===== SIDA 61 ===== 6. MARKETABLE SECURITIES Pursuant to the terms of the Arrangement, the Company subscribed for 1,742,424 Filo shares at a price of C$33.00 per share on August 7, 2024, increasing the Company's total shares in Filo to 2,264,924. Filo shares held by the Company are recorded at fair value with changes in fair value recorded in Other Income and Expense. As at September 30, 2024, the fair value of the Filo shares was $54.1 million. 7. OTHER NON-CURRENT ASSETS Other non-current assets are comprised of the following: September 30, 2024 December 31, 2023 Marketable securities, non-current portion $ 9,009 $ 14,268 Caserones purchase option (a) — 44,438 Other 7,868 8,384 $ 16,877 $ 67,090 a) Pursuant to the terms of the purchase agreement to acquire 51% of Lumina Copper, the Company acquired the right to purchase an additional 19% interest in the Caserones mine for $350.0 million over a five-year period commencing on July 13, 2024 ("Caserones Purchase Option"). Prior to exercise, the Caserones Purchase Option was recorded at fair value with changes in fair value recorded in Other Income and Expense. The Caserones Purchase Option was exercised on July 2, 2024 and was derecognized with a corresponding reduction of $52.7 million to retained earnings. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 9 - ===== SIDA 62 ===== 8. MINERAL PROPERTIES, PLANT AND EQUIPMENT Mineral properties, plant and equipment are comprised of the following: Cost Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2022 $ 5,546,923 $ 3,752,177 $ 236,056 $ 876,419 $ 32,626 $ 10,444,201 Caserones acquisition3 — 1,105,187 12,485 — — 1,117,672 Additions 178,643 70,718 287,441 214,036 61 750,899 Disposals and transfers 84,818 18,983 (174,413) — 2,798 (67,814) Effects of foreign exchange (28,844) (11,943) (2,086) — (134) (43,007) As at September 30, 2023 5,781,540 4,935,122 359,483 1,090,455 35,351 12,201,951 Caserones acquisition3 — 138,245 81,625 — — 219,870 Additions 101,457 25,563 119,099 39,612 21 285,752 Disposals and transfers 32,644 159,097 (235,514) — 27,789 (15,984) Effects of foreign exchange 99,113 49,970 5,568 — 408 155,059 As at December 31, 2023 6,014,754 5,307,997 330,261 1,130,067 63,569 12,846,648 Additions 198,101 72,210 276,390 213,846 78 760,625 Write-downs — — — (17,969) — (17,969) Disposals and transfers 37,828 130,889 (211,775) — 944 (42,114) Effects of foreign exchange 12,956 11,107 935 — 17 25,015 As at September 30, 2024 $ 6,263,639 $ 5,522,203 $ 395,811 $ 1,325,944 $ 64,608 $ 13,572,205 Accumulated depreciation, depletion and amortization Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2022 $ 2,835,431 $ 1,621,439 $ — $ — $ 11,645 $ 4,468,515 Depreciation 225,325 219,863 — — 3,684 448,872 Disposals and transfers — (58,596) — — — (58,596) Effects of foreign exchange (19,469) (7,196) — — (59) (26,724) As at September 30, 2023 3,041,287 1,775,510 — — 15,270 4,832,067 Depreciation 88,575 126,806 — — 1,586 216,967 Disposals and transfers — (16,194) — — — (16,194) Effects of foreign exchange 64,213 24,259 — — 167 88,639 As at December 31, 2023 3,194,075 1,910,381 — — 17,023 5,121,479 Depreciation 262,153 316,618 — — 7,215 585,986 Disposals and transfers — (37,323) — — — (37,323) Effects of foreign exchange 7,884 5,784 — — 3 13,671 As at September 30, 2024 $ 3,464,112 $ 2,195,460 $ — $ — $ 24,241 $ 5,683,813 Net book value Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2023 $ 2,820,679 $ 3,397,616 $ 330,261 $ 1,130,067 $ 46,546 $ 7,725,169 As at September 30, 2024 $ 2,799,527 $ 3,326,743 $ 395,811 $ 1,325,944 $ 40,367 $ 7,888,392 ¹ Represent assets under construction at the Company's operating mine sites which are currently non-depreciable. 2 Assets relate to the Josemaria Project which are currently non-depreciable. 3 The fair values of mineral properties, plant and equipment recorded upon acquisition of Caserones include preliminary estimates as at September 30, 2023 with final adjustments reflected thereafter as at December 31, 2023. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 10 - ===== SIDA 63 ===== During the three and nine months ended September 30, 2024, the Company capitalized $10.2 million and $26.6 million (September 30, 2023 - $5.8 million and $13.6 million), respectively, of finance costs to the Josemaria Project at a weighted average interest rate of 6.1% (September 30, 2023 - 5.9%). During the three and nine months ended September 30, 2024, the Company capitalized $52.0 million and $170.0 million (September 30, 2023 - $65.0 million and $160.8 million), respectively, of deferred stripping costs to mineral properties. The depreciation expense related to deferred stripping for the three and nine months was $57.0 million and $125.4 million (September 30, 2023 - $23.4 million and $75.8 million), respectively. Included in the mineral properties balance at September 30, 2024 is $388.3 million (December 31, 2023 - $277.5 million) related to deferred stripping at Candelaria and Caserones, which is currently non-depreciable. The Company's software intangible assets relate primarily to a global instance of an Enterprise Resource Planning ("ERP") system, and related configuration and customization costs incurred in preparing the intangible asset for its intended use. These assets have useful lives of 8 years or less, and are amortized on a straight-line basis. The Company leases various assets including power line infrastructure, buildings and storage facilities, rail cars, vehicles, machinery and equipment. The following table summarizes the changes in right-of-use assets within plant and equipment: Net book value As at December 31, 2022 $ 27,923 Caserones acquisition 257,655 Additions 38,284 Depreciation (31,355) Disposals (5,363) Effects of foreign exchange 254 As at September 30, 2023 287,398 Additions 16,525 Depreciation (20,036) Effects of foreign exchange 110 As at December 31, 2023 283,997 Additions 37,084 Depreciation (55,504) Disposals (2,161) Effects of foreign exchange 30 As at September 30, 2024 $ 263,446 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 11 - ===== SIDA 64 ===== 9. TRADE AND OTHER PAYABLES Trade and other payables are comprised of the following: September 30, 2024 December 31, 2023 Trade payables $ 331,453 $ 393,829 Unbilled goods and services 206,157 176,444 Employee benefits payable 90,029 114,514 Royalties payable 28,124 23,773 Sinkhole provision (a) 27,634 29,827 Pricing provisions on concentrate sales (b) 19,427 13,201 Deferred consideration, current portion (c) 10,000 10,000 Prepayment from customers — 21,963 Other 15,963 22,212 $ 728,787 $ 805,763 a) The sinkhole provision relates to expected remediation costs and potential fines directly related to the sinkhole near the Company's Ojos del Salado operations. b) Included in pricing provisions on concentrate sales are balances owing to customers and provisions arising from forward market price adjustments. c) The deferred consideration relates to the current portion of the remaining deferred cash consideration arising from the Caserones acquisition, payable in installments over the next five years. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 12 - ===== SIDA 65 ===== 10. DEBT AND LEASE LIABILITIES Debt and lease liabilities are comprised of the following: September 30, 2024 December 31, 2023 Revolving credit facility (a) $ 334,278 $ 245,084 Term loan (b) 1,147,492 798,542 Candelaria and Chapada term loans (c) 240,832 48,850 Lease liabilities (d) 260,895 277,208 Commercial paper (e) 106,362 116,025 Line of credit — 99 Debt and lease liabilities 2,089,859 1,485,808 Less: current portion 397,141 212,646 Long-term portion $ 1,692,718 $ 1,273,162 The changes in debt and lease liabilities are comprised of the following: Leases Debt Total As at December 31, 2022 $ 27,166 $ 170,162 $ 197,328 Caserones acquisition 257,655 — 257,655 Additions 38,217 2,203,480 2,241,697 Payments (34,234) (1,135,179) (1,169,413) Disposals (6,221) — (6,221) Interest 6,609 — 6,609 Financing fee amortization — 764 764 Deferred financing fee — (2,908) (2,908) Effects of foreign exchange (11,210) (2,902) (14,112) As at September 30, 2023 277,982 1,233,417 1,511,399 Additions 16,175 287,117 303,292 Payments (25,607) (316,625) (342,232) Interest 5,912 — 5,912 Financing fee amortization — 82 82 Deferred financing fee — (42) (42) Effects of foreign exchange 2,746 4,651 7,397 As at December 31, 2023 277,208 1,208,600 1,485,808 Additions 36,630 1,229,861 1,266,491 Payments (67,669) (608,838) (676,507) Disposals (2,028) — (2,028) Interest 17,623 — 17,623 Financing fee amortization — 1,765 1,765 Deferred financing fee — (3,621) (3,621) Effects of foreign exchange (869) 1,197 328 As at September 30, 2024 260,895 1,828,964 2,089,859 Less: current portion 49,947 347,194 397,141 Long-term portion $ 210,948 $ 1,481,770 $ 1,692,718 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 13 - ===== SIDA 66 ===== a) The Company has a revolving credit facility of $1,750.0 million. On April 26, 2024, the credit facility, which originally matured in April 2028, was amended and extended to April 2029. The credit facility bears interest on drawn funds at rates of Term Secured Overnight Financing Rate (“Term SOFR”) plus Credit Spread Adjustment (“CSA”) of 0.10% plus an applicable margin of 1.45% to 2.50%, depending on the Company’s net leverage ratio. The revolving credit facility is unsecured, save and except for a charge over certain assets in the USA, and is subject to customary covenants. During the three and nine months ended September 30, 2024 , the Company drew down $190.0 million and $305.0 million (September 30, 2023 - $873.0 million and $1.04 billion), and repaid $130 million and $ 215.0 million (September 30, 2023 - $885.0 million and $898.0 million), respectively. Of the amounts drawn, $350.0 million was used to fund the exercise of the Caserones Purchase Option and was subsequently refinanced by the term loan (b). As at September 30, 2024 , a principal balance of $340.0 million (December 31, 2023 - $250.0 million) was outstanding, with unamortized deferred financing fees of $5.7 million (December 31, 2023 - $4.9 million) netted against borrowings. b) In July 2023, the Company obtained a term loan of a principal amount of $800.0 million with an additional $400.0 million accordion , maturing July 2026. On April 26, 2024, the Company amended the terms to extend maturity to July 2027. The term loan bears interest at an annual rate equal to Term SOFR + CSA + an applicable margin of 1.60% to 2.65%, depending on the Company’s net leverage ratio. Principal is payable at maturity. The term loan is unsecured, save and except for a charge over certain assets in the USA, and has similar covenants to the Company’s existing $1,750.0 million revolving credit facility. In August 2024 t he Company exercised the accordion option and drew down an additional $350.0 million. As at September 30, 2024, a principal balance of $1,150.0 million (December 31, 2023 - $800.0 million) was outstanding, with unamortized deferred financing fees of $2.5 million (December 31, 2023 - $1.5 million) netted against borrowings. c) Compañia Contractual Minera Candelaria S.A. ("Candelaria Mine"), a subsidiary owned 80% by the Company which owns the Candelaria mine, obtained a series of unsecured fixed term loans during the three and nine months ended September 30, 2024 totalling $50.0 million and $165.0 million (September 30, 2023 - $nil and $nil), respectively. Candelaria Mine repaid $nil and $65.0 million of the outstanding loans during the three and nine months ended September 30, 2024 (September 30, 2023 - $nil and $nil), respectively. As at September 30, 2024, there were two term loans outstanding at Candelaria Mine totalling $ 100.0 million (December 31, 2023 - $nil). The outstanding term loans accrue interest at rates ranging from 5.30% to 5.78% per annum with interest payable upon maturity, for which $50 million matures in November 2024 and the remaining $50 million matures in February 2025. Mineração Maracá Indústria e Comércio S.A. (“Chapada”), a subsidiary of the Company which owns the Chapada mine, obtained a series of unsecured fixed term loans during the three and nine months ended September 30, 2024 totalling $86.8 million and $ 219.2 million ( September 30, 2023 - $55.3 million and $185.8 million), respectively. Chapada repaid $55.5 million and $127.2 million of the outstanding term loans during the three and nine months ended September 30, 2024 (September 30, 2023 - $35.1 million and $143.9 million), respectively. As at September 30, 2024, there were 45 term loans outstanding at Chapada totalling $140.8 million (December 31, 2023 - sixteen term loans totalling $48.9 million). These outstanding term loans accrue interest at rates ranging from 5.52% to 6.65% per annum with interest payable upon maturity. The maturity dates range from October to December 2024. d) Lease liabilities relate to leases on power line infrastructure, buildings and storage facilities, rail cars, vehicles, machinery and equipment which have remaining lease terms of one to thirteen years and interest rates of 0.8% - 10.4% over the terms of the leases. e) Sociedade Mineira de Neves-Corvo, S.A. (“Somincor”), a subsidiary of the Company which owns the Neves- Corvo mine, entered into three unsecured commercial paper programs during 2022 and 2023 ("Commercial Paper Program 1, 2, and 3", respectively). Commercial Paper Program 1, entered into September 2022, has a borrowing capacity of €25.0 million, matures May 2025, and bears interest on drawn funds at EURIBOR+0.50%. Commercial Paper Program 2, entered into in June 2023, has a borrowing capacity of €50.0 million, matures in June 2028, and bears interest on drawn funds at EURIBOR+0.50%. Commercial Program 3, entered into July 2023, has a borrowing capacity of €40.0 million, matures in July 2028, and bears interest on drawn funds at EURIBOR+0.30%. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 14 - ===== SIDA 67 ===== During the three and nine months ended September 30, 2024, Somincor drew down $60.7 million (€55.0 million) and $190.7 million (€175.0 million), respectively from the commercial paper programs ( September 30, 2023 - $44.2 million (€40.0 million) and $173.7 million (€160.0 million)) and repaid $66.1 million (€60.0 million) and $201.6 million (€185.0 million), respectively from the programs (September 30, 2023 - $nil and $91.4 million (€85.0 million)). As at September 30, 2024, a principal balance of $22.4 million (€20.0 million), $50.4 million (€45.0 million), and $33.6 million (€30.0 million) was outstanding on Commercial Paper Program 1, 2, and 3, respectively (December 31, 2023 - $27.6 million (€25.0 million), $55.3 million (€50.0 million), and $33.2 million (€30.0 million)). The schedule of undiscounted lease payment and debt obligations is as follows: Leases Debt Total Less than one year $ 65,659 $ 347,194 $ 412,853 One to five years 153,804 1,490,000 1,643,804 More than five years 136,353 — 136,353 Total undiscounted obligations as at September 30, 2024 $ 355,816 $ 1,837,194 $ 2,193,010 11. DEFERRED REVENUE The following table summarizes the changes in deferred revenue: As at December 31, 2022 $ 654,106 Recognition of revenue (52,690) Finance costs 26,967 Effects of foreign exchange (1,628) As at September 30, 2023 626,755 Recognition of revenue (20,053) Variable consideration adjustment 3,018 Finance costs 9,037 Effects of foreign exchange 4,473 As at December 31, 2023 623,230 Recognition of revenue (57,803) Finance costs 25,798 Effects of foreign exchange (167) As at September 30, 2024 591,058 Less: current portion 81,635 Long-term portion $ 509,423 Consideration received under the Company’s gold, silver and copper streaming agreements is deemed to be variable and can be subject to cumulative adjustments when the contractual volume to be delivered changes. In 2023, as a result of changes to the Company’s Mineral Resources and Mineral Reserves estimates, an adjustment was made to the deferred revenue liability which was recognized through revenue and finance costs. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 15 - ===== SIDA 68 ===== 12. RECLAMATION AND OTHER CLOSURE PROVISIONS Reclamation and other closure provisions relating to the Company's mining operations are as follows: Reclamation provisions Other closure provisions Total Balance, December 31, 2022 $ 401,020 $ 44,828 $ 445,848 Acquisition of Caserones 92,440 — 92,440 Accretion 16,791 — 16,791 Changes in estimate (23,309) 7,639 (15,670) Changes in discount rate (14,314) — (14,314) Payments (6,436) (1,745) (8,181) Effects of foreign exchange (2,183) (2,856) (5,039) Balance, September 30, 2023 464,009 47,866 511,875 Accretion 6,378 — 6,378 Changes in estimate (7,198) (2,067) (9,265) Changes in discount rate 28,898 — 28,898 Payments (2,406) 96 (2,310) Effects of foreign exchange 7,464 1,136 8,600 Balance, December 31, 2023 497,145 47,031 544,176 Accretion 19,357 — 19,357 Changes in estimate (11,526) 7,517 (4,009) Changes in discount rate (17,321) — (17,321) Payments (8,133) (5,605) (13,738) Effects of foreign exchange 630 (794) (164) Balance, September 30, 2024 480,152 48,149 528,301 Less: current portion 8,186 5,145 13,331 Long-term portion $ 471,966 $ 43,004 $ 514,970 The Company expects these liabilities to be settled between 2024 and 2110. The reclamation provisions are discounted using current market pre-tax discount rates which range from 2.0% to 12.0% (December 31, 2023 - 2.0% to 10.4%). 13. DEFERRED CONSIDERATION AND OTHER LONG-TERM LIABILITIES Deferred consideration and other long-term liabilities are comprised of the following: September 30, 2024 December 31, 2023 Deferred consideration, non-current portion $ 101,251 $ 106,210 Other 31,047 26,989 $ 132,298 $ 133,199 Deferred consideration represents the non-current portion of the remaining cash consideration for the acquisition of 51% of Lumina Copper, completed July 13, 2023. The deferred consideration is payable in installments as follows: $50.0 million to be paid in five installments of $10.0 million on the anniversary of the transaction closing date in each of 2024, 2025, 2026, 2027, and 2028; and $100 million to be paid on the anniversary of the closing date in 2029. The Company paid the first $10.0 million installment in July 2024. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 16 - ===== SIDA 69 ===== 14. SHARE CAPITAL a) Basic and diluted weighted average number of shares outstanding Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Basic weighted average number of shares outstanding 776,794,756 773,147,920 774,574,731 772,214,160 Effect of dilutive securities 2,390,857 — 2,379,715 704,488 Diluted weighted average number of shares outstanding 779,185,613 773,147,920 776,954,446 772,918,648 Antidilutive securities 455,714 45,300 810,307 77,475 The effect of dilutive securities relates to in-the-money outstanding stock options and share units ("SUs"). As a result of the Company's net loss position during the three months ended September 30, 2023, 1,013,385 shares that would have been dilutive had the Company been in a net earnings position were excluded from the diluted weighted average number of shares outstanding. b) Stock options and share units granted Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Stock options — 38,100 1,498,160 1,918,763 Restricted Share Units and Performance Share Units — 45,300 1,041,450 1,306,803 c) Deferred share units During the year ended December 31, 2023, the Company adopted a Deferred Share Unit ("DSU") Plan effective January 1, 2024 under which DSUs are granted by the Board of Directors quarterly to eligible non-employee Directors. During the three and nine months ended September 30, 2024, 7,860 and 32,922 DSUs (September 30, 2023 - nil and nil), respectively, were granted under the plan. d) Dividends During the three and nine months ended September 30, 2024, the Company declared dividends in the amount of $50.6 million and $153.1 million (September 30, 2023 - $52.2 million and $154.5 million), respectively, or C$0.09 per share and C$0.27 per share (September 30, 2023 - C$0.09 and C$0.27), respectively. 15. NON-CONTROLLING INTERESTS Set out below is summarized financial information for each subsidiary with non-controlling interest ("NCI") that is material to the group. As part of its Candelaria segment, the Company owns 80% of the Candelaria Mine and Compañia Contractual Minera Ojos del Salado S.A.’s copper mining operations and supporting infrastructure in Chile (together the "Candelaria complex"). 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 nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 17 - ===== SIDA 70 ===== 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 September 30, 2024 20% 30% As at December 31, 2022 $ 564,089 $ — $ 564,089 Caserones acquisition — 873,767 873,767 Share of net comprehensive income (loss) 26,729 18,924 45,653 Distributions (4,000) — (4,000) As at September 30, 2023 586,818 892,691 1,479,509 Share of net comprehensive income (loss) 15,024 13,370 28,394 Distributions (7,000) (44,100) (51,100) As at December 31, 2023 594,842 861,961 1,456,803 Share of net comprehensive income (loss) 56,645 49,807 106,452 Distributions (38,000) (45,000) (83,000) Acquisition of additional interest in Caserones — (353,499) (353,499) As at September 30, 2024 $ 613,487 $ 513,269 $ 1,126,756 Summarized financial information for the Company's non-wholly owned subsidiaries on a 100% basis, before inter-company eliminations is as follows: Summarized Balance Sheets Candelaria complex Caserones mine As at Sept. 30, 2024 As at Dec. 31, 2023 As at Sept. 30, 2024 As at Dec. 31, 2023 Total current assets $ 703,923 $ 512,217 $ 615,837 $ 708,927 Total non-current assets $ 3,162,759 $ 3,140,799 $ 1,521,743 $ 1,629,052 Total current liabilities $ 428,894 $ 266,314 $ 256,633 $ 323,797 Total non-current liabilities $ 637,713 $ 646,189 $ 248,109 $ 267,263 Summarized Statements of Earnings and Comprehensive Income (Loss) Candelaria complex Caserones mine For the nine months ended September 30, 2024 2023 2024 2023 Total revenue $ 1,333,734 $ 1,116,709 $ 882,643 $ 284,556 Net earnings $ 282,359 $ 111,940 $ 101,602 $ 37,801 Net comprehensive income $ 282,326 $ 111,862 $ 101,602 $ 37,801 Summarized Statement of Cash Flows Candelaria complex Caserones mine For the nine months ended September 30, 2024 2023 2024 2023 Cash provided by operating activities $ 355,241 $ 318,893 $ 335,938 $ 110,409 Cash used in investing activities (216,053) (302,018) (95,180) (25,675) Cash used in financing activities (132,555) (46,420) (223,147) (14,654) Increase (decrease) in cash and cash equivalents during the period $ 6,633 $ (29,545) $ 17,611 $ 70,080 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 18 - ===== SIDA 71 ===== 16. REVENUE The Company's analysis of revenue from contracts with customers, segmented by product, is as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenue from contracts with customers: Copper $ 797,478 $ 707,347 $ 2,240,093 $ 1,628,489 Zinc 94,920 85,292 247,395 234,613 Gold 90,799 53,602 200,397 156,953 Molybdenum 25,480 48,142 95,801 48,142 Nickel 8,418 75,701 82,804 236,813 Lead 15,358 21,863 47,888 45,166 Silver 16,566 13,983 44,974 33,084 Other 6,469 10,832 26,368 27,147 1,055,488 1,016,762 2,985,720 2,410,407 Provisional pricing adjustments on current period concentrate sales 22,775 (18,469) 74,483 (92,205) Provisional pricing adjustments on prior period concentrate sales (5,265) (6,098) 33,361 13,868 Revenue $ 1,072,998 $ 992,195 $ 3,093,564 $ 2,332,070 The Company's geographical analysis of revenue from contracts with customers, segmented based on the destination of product, is as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenue from contracts with customers: Japan $ 271,887 $ 100,830 $ 883,734 $ 428,576 China 195,445 315,910 676,771 511,192 Spain 171,134 188,542 404,099 449,259 Canada 43,743 105,759 193,078 321,589 Finland 109,644 81,907 188,209 189,564 Germany 83,992 37,299 179,982 111,013 Sweden 59,565 48,518 145,493 117,510 Chile 32,556 66,412 124,270 89,546 Norway 20,883 30,438 71,538 102,885 South Korea 50,038 (258) 70,341 54,268 Other 16,601 41,405 48,205 35,005 1,055,488 1,016,762 2,985,720 2,410,407 Provisional pricing adjustments on current period concentrate sales 22,775 (18,469) 74,483 (92,205) Provisional pricing adjustments on prior period concentrate sales (5,265) (6,098) 33,361 13,868 Revenue $ 1,072,998 $ 992,195 $ 3,093,564 $ 2,332,070 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 19 - ===== SIDA 72 ===== 17. PRODUCTION COSTS The Company's production costs are comprised of the following: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Direct mine and mill costs $ 532,107 $ 559,989 $ 1,603,160 $ 1,311,151 Transportation 34,106 36,988 100,231 92,117 Royalties 14,904 18,132 51,286 34,803 Total production costs $ 581,117 $ 615,109 $ 1,754,677 $ 1,438,071 During the three and nine months ended September 30, 2024, direct mine and mill costs include a write down totaling $11.1 million related to inventory items used in repair and maintenance of mineral properties, plant and equipment. 18. EMPLOYEE BENEFITS The Company's employee benefits recognized in the consolidated statement of earnings are comprised of the following: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Production costs Wages and benefits $ 92,258 $ 97,307 $ 299,331 $ 255,615 Retirement benefits 460 468 1,370 1,529 Share-based compensation 282 441 1,008 1,421 93,000 98,216 301,709 258,565 General and administrative expenses Wages and benefits 5,572 7,641 18,093 19,208 Retirement benefits 157 192 500 793 Share-based compensation 1,450 1,508 4,096 4,351 Termination benefits — 3,813 — 7,011 7,179 13,154 22,689 31,363 General exploration and business development Wages and benefits 432 1,033 2,492 3,933 Retirement benefits 11 6 34 29 Share-based compensation 4 15 9 213 Termination benefits — — — 313 447 1,054 2,535 4,488 Total employee benefits $ 100,626 $ 112,424 $ 326,933 $ 294,416 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 20 - ===== SIDA 73 ===== 19. GENERAL EXPLORATION AND BUSINESS DEVELOPMENT The Company's general exploration and business development costs are comprised of the following: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 General exploration $ 12,554 $ 11,613 $ 37,588 $ 32,568 Project development 830 1,084 2,328 3,396 Corporate development 236 37 691 5,228 Total general exploration and business development $ 13,620 $ 12,734 $ 40,607 $ 41,192 20. FINANCE INCOME AND COSTS The Company's finance income and costs are comprised of the following: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Interest income $ 4,233 $ 3,767 $ 13,381 $ 5,939 Interest expense and bank fees (27,688) (18,142) (75,630) (31,339) Accretion expense on reclamation provisions (6,599) (6,314) (19,357) (16,791) Lease liability interest (5,838) (5,876) (17,623) (6,609) Deferred revenue finance costs (2,787) (6,983) (9,725) (17,508) Other (473) (2,664) (2,199) (1,500) Total finance costs, net $ (39,152) $ (36,212) $ (111,153) $ (67,808) Finance income $ 4,233 $ 3,767 $ 13,381 $ 5,939 Finance costs (43,385) (39,979) (124,534) (73,747) Total finance costs, net $ (39,152) $ (36,212) $ (111,153) $ (67,808) LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 21 - ===== SIDA 74 ===== 21. OTHER INCOME AND EXPENSE The Company's other income and expense are comprised of the following: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Foreign exchange and trading gains on debt and equity investments (a) $ 6,976 $ 14,963 $ 25,255 $ 67,708 Revaluation of Caserones purchase option (b) — — 11,728 — Revaluation of marketable securities 3,957 (3,449) 6,472 453 Foreign exchange (loss) gain (17,553) 7,943 6,444 10,388 Realized gains on derivative contracts (Note 22) 3,531 12,851 5,881 40,703 Partial suspension of underground operations (c) (14,813) — (24,637) — Unrealized gains (losses) on derivative contracts (Note 22) 30,613 (47,504) (18,245) (41,241) Write-down of assets (d) (781) — (17,969) — Ojos del Salado sinkhole (expenses) recoveries (e) (871) 1,247 (550) (15,235) Revaluation of Chapada derivative liability — (370) (307) (2,166) Gain on disposal of subsidiary — — — 5,718 Other expense (11,092) (7,815) (8,057) (8,856) Total other (expense) income, net $ (33) $ (22,134) $ (13,985) $ 57,472 a) 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. b) The Company exercised the Caserones Purchase Option on July 2, 2024. The revaluation gain reflects the changes in fair value of the option up to the date of exercise. c) A fall of ground in the lower ramp at the Eagle mine has limited production while rehabilitation is completed. Overhead costs unrelated to production have been recorded in Other Income and Expense. d) Write-down of assets relate to a non-cash write-down of capital works in progress at the Josemaria Project that are no longer expected to be required. e) Ojos del Salado sinkhole expenses and recoveries include adjustments of expenses originally accrued for as a result of updated information obtained related to the sinkhole near the Company's Ojos del Salado operations. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 22 - ===== SIDA 75 ===== 22. FINANCIAL INSTRUMENTS Derivative instruments From time to time, the Company uses derivative contracts as part of its risk management strategy to mitigate exposure to foreign currencies and commodities. Beginning in 2022, the Company entered into EUR, BRL, CLP, SEK and CAD foreign currency options and forward contracts intended to limit the foreign exchange exposure of its forecasted foreign currency denominated after-tax attributable operating and capital expenditures. In 2023, the Company entered into commodity forward swap contracts to limit exposure to changes in the price of diesel fuel purchases at Candelaria, and in 2024 entered into short-term commodity collar contracts to limit its exposure to changes in the price of copper. The foreign exchange and commodities contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value with changes in fair value recognized in the consolidated statement of earnings. During 2024, the Company entered into zero cost collar contracts in the total amounts of $246 million (equivalent to BRL 1.3 billion) and $950 million (equivalent to CLP 926 billion) with collar ranges of BRL 5.00 to BRL 6.11 and CLP 900 to CLP 1,085, respectively. Of the foreign currency contracts entered into during the period, CLP collars of $191 million (equivalent to CLP 187 billion) and BRL collars of $12 million (equivalent to BRL 64 million) expired during the period, with the remaining contracts expiring through the remainder of 2024 to 2026. The Company additionally entered into two types of commodity contracts. In April 2024, copper collar contracts in the amount of 21,500 metric tonnes of copper with collar ranges of $4.10/lb to $4.52/lb were entered into and expired in May. In September 2024 diesel collar contracts in the amount of 67.5 million litres ("L") with average collar ranges of $0.50/L to $ 0.65/L were entered into expiring through the remainder of 2024 to December 2025. The following tables outline the foreign currency and commodity derivative notional contract positions and their expiry dates: Expired in Expiring throughout: Foreign currency forward contracts 2024 remainder of 2024 2025 2026 EUR/USD forwards Average contract price 1.02 1.02 — — Position (EUR millions) 116 39 — — USD/SEK forwards Average contract price 10.90 10.89 10.83 — Position (SEK millions) 675 247 758 — Subsequent to September 30, 2024, the Company entered into additional foreign currency forward contracts totaling $350 million with average contract rates of CAD 1.38 expiring in 2025. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 23 - ===== SIDA 76 ===== Expired in Expiring throughout: Foreign currency zero cost collar contracts 2024 remainder of 2024 2025 2026 USD/BRL collars Average contract price 5.01/6.35 5.02/6.28 5.06/6.04 5.07/6.04 Position (USD millions) 154 59 185 114 USD/CLP collars Average contract price 881/1,039 884/1,042 872/1,032 904/1,060 Position (USD millions) 401 151 511 342 USD/CAD collars Average contract price 1.30/1.40 1.30/1.40 — — Position (CAD millions) 14 5 — — USD/SEK collars Average contract price 10.35/11.15 10.35/11.15 — — Position (SEK millions) 297 99 — — Expired in Expiring throughout: Commodity hedge contracts 2024 remainder of 2024 2025 2026 Diesel forward swaps Average contract price ($/L) 0.667 0.667 — — Position (USD millions) 20 7 — — Copper collars Average contract price ($/lb) 4.10/4.52 — — — Position (millions lbs) 47 — — — Diesel collars Average contract price ($/L) — 0.50/0.65 0.50/0.65 — Position (millions litres) — 14 54 — The Company’s net unrealized and realized (loss)/gain on foreign currency and commodity derivative contracts are as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Unrealized gain/(loss) on derivative financial instruments: Foreign currency contracts $ 31,885 $ (55,425) $ (17,965) $ (45,974) Commodity hedge contracts (1,272) 7,921 (280) 4,733 30,613 (47,504) (18,245) (41,241) Realized gain/(loss) on derivative financial instruments: Foreign currency contracts 4,080 11,310 9,527 39,795 Commodity hedge contracts (549) 1,541 (3,646) 908 3,531 12,851 5,881 40,703 Total unrealized and realized gain/(loss) on derivative contracts: $ 34,144 $ (34,653) $ (12,364) $ (538) LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 24 - ===== SIDA 77 ===== A summary of the fair values of unsettled derivative contracts recorded on the consolidated balance sheet is as follows: September 30, 2024 December 31, 2023 Foreign currency contracts: Current asset position $ 20,930 $ 38,114 Non-current asset position 17,621 9,397 Current liability position 4,108 1,124 Non-current liability position 10,044 3,148 Diesel contracts: Current asset position 6 — Non-current asset position 166 — Current liability position 1,286 896 Non-current liability position 64 — Other contracts: Chapada derivative current liability — 24,369 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 25 - ===== SIDA 78 ===== 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 September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Level Carrying value Fair value Carrying value Fair value Financial assets Fair value through profit or loss Restricted funds 1 $ 59,893 $ 59,893 $ 59,979 $ 59,979 Trade receivables (provisional) 2 657,909 657,909 605,644 605,644 Marketable securities 1 63,086 63,086 14,268 14,268 Foreign currency contracts 2 38,551 38,551 47,511 47,511 Diesel contracts 2 172 172 — — Caserones purchase option 3 — — 44,438 44,438 $ 819,611 $ 819,611 $ 771,840 $ 771,840 Financial liabilities Amortized cost Debt 3 $ 1,828,964 $ 1,828,964 $ 1,208,600 $ 1,208,600 Caserones deferred consideration 2 111,251 111,251 116,210 116,210 Fair value through profit or loss Pricing provisions on concentrate sales 2 $ 9,460 $ 9,460 $ 1,840 $ 1,840 Chapada derivative liability 2 — — 24,369 24,369 Foreign currency contracts 2 14,152 14,152 4,272 4,272 Diesel contracts 2 1,350 1,350 896 896 $ 24,962 $ 24,962 $ 31,377 $ 31,377 Fair values of financial instruments are determined by valuation methods depending on hierarchy levels as defined below: Level 1 – Quoted market price in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted market prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. observed prices) or indirectly (i.e. derived from prices). Level 3 – Inputs for the assets or liabilities are not based on observable market data. The Company calculates fair values based on the following methods of valuation and assumptions: Marketable securities/debt and equity investments/restricted funds – The fair value of investments in shares and bonds is determined based on the quoted market price. Trade receivables/pricing provisions on concentrate sales – The fair value of trade receivables that contain provisional pricing sales arrangements are valued using quoted forward market prices. The Company recognized positive pricing adjustments of $17.5 million in revenue during the three months ended September 30, 2024 (September 30, 2023 - $24.6 million negative pricing adjustments). The Company recognized positive pricing LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 26 - ===== SIDA 79 ===== adjustments of $107.8 million in revenue during the nine months ended September 30, 2024 (September 30, 2023 - $78.3 million negative pricing adjustments). Foreign currency and commodity contracts – The fair value of these derivatives are determined by the counterparties to the contracts and are assessed by Management using pricing models based on active market prices. Caserones purchase option – The fair value of the Caserones purchase option was determined using a valuation model that incorporates such factors as the mine's discounted cash flow projections, metal price volatility, expiry date, and risk-free interest rate. The Company exercised the Caserones purchase option in July 2024. Upon exercise, the asset was derecognized into equity of the Company. Chapada derivative liability – The fair value of this derivative was determined using a valuation model that incorporates such factors as metal prices, metal price volatility, expiry date, and risk-free interest rate. The Company paid the final $25.0 million tranche related to the Chapada derivative liability in August 2024. 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. 23. COMMITMENTS AND CONTINGENCIES a) The Company has capital commitments of $326.9 million on various initiatives, of which $123.5 million is expected to be paid during 2024. b) The Company may be involved in legal proce edings arising in the ordinary course of business, including the action described below. The potential amount of the liabilities with respect to such legal proceedings is not expected to materially affect the Company's financial position. c) Significant changes to commitments and contingencies, since those reported at December 31, 2023, are described below: i. With respect to the Ontario class action, the Supreme Court of Canada granted the Company's leave application on March 28, 2024. The appeal will likely be heard in the first half of 2025. 24. SEGMENTED INFORMATION The Company is engaged in mining, exploration and development of mineral properties at six operating sites located in Chile, Brazil, USA, Portugal, and Sweden, and at the Josemaria Project located in Argentina. Operating segments are reported in a manner consistent with the internal reporting provided to executive management who act as the chief operating decision-makers. The chief operating decision makers consider the business from a site and project-level perspective. Executive management are responsible for allocating resources and assessing performance of the operating segments. The Company has identified eight reportable segments which include six operating sites, the Josemaria Project, and other corporate office operations. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 27 - ===== SIDA 80 ===== For the three months ended September 30, 2024 Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total Chile Chile Brazil USA Argentina Portugal Sweden Revenue $ 473,049 $ 227,896 $ 159,966 $ 12,217 $ — $ 131,237 $ 68,633 $ — $ 1,072,998 Cost of goods sold Production costs (189,106) (169,411) (84,450) (12,595) — (95,168) (30,109) (278) (581,117) Depreciation, depletion and amortization (78,667) (39,316) (26,858) (6,169) — (34,725) (14,274) (65) (200,074) Gross profit (loss) 205,276 19,169 48,658 (6,547) — 1,344 24,250 (343) 291,807 General and administrative expenses — — — — — — — (14,233) (14,233) General exploration and business development (2,799) (3,262) (2,075) (1,005) (332) (926) (2,441) (780) (13,620) Finance (costs) income (7,009) (4,473) (6,862) (898) 5,511 (1,286) (1,132) (23,003) (39,152) Other (expense) income (7,086) (9,686) (13,527) (15,580) 2,827 1,905 1,224 39,890 (33) Income tax (expense) recovery (86,933) (1,298) (5,054) 3,025 (2,432) (1,020) (4,713) 1,485 (96,940) Net earnings (loss) $ 101,449 $ 450 $ 21,140 $ (21,005) $ 5,574 $ 17 $ 17,188 $ 3,016 $ 127,829 Capital expenditures $ 60,118 $ 22,895 $ 20,487 $ 7,940 $ 54,239 $ 26,288 $ 15,546 $ (2,101) $ 205,412 For the nine months ended September 30, 2024 Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total Chile Chile Brazil USA Argentina Portugal Sweden Revenue $ 1,169,821 $ 890,654 $ 376,370 $ 126,884 $ — $ 340,542 $ 189,293 $ — $ 3,093,564 Cost of goods sold Production costs (525,715) (575,963) (218,281) (90,788) — (250,009) (92,918) (1,003) (1,754,677) Depreciation, depletion and amortization (228,151) (145,546) (60,306) (25,313) — (91,443) (31,070) (395) (582,224) Gross profit (loss) 415,955 169,145 97,783 10,783 — (910) 65,305 (1,398) 756,663 General and administrative expenses — — — — — — — (44,133) (44,133) General exploration and business development (7,564) (10,175) (4,141) (1,170) (6,854) (1,309) (6,920) (2,474) (40,607) Finance (costs) income (22,067) (12,410) (18,638) (2,616) 14,907 (4,536) (3,444) (62,349) (111,153) Other (expense) income (1,498) 5,764 (8,240) (26,362) 4,710 (2,792) (6,787) 21,220 (13,985) Income tax (expense) recovery (169,514) (41,890) (33,668) 4,901 48,156 1,898 (10,360) (3,191) (203,668) Net earnings (loss) $ 215,312 $ 110,434 $ 33,096 $ (14,464) $ 60,919 $ (7,649) $ 37,794 $ (92,325) $ 343,117 Capital expenditures $ 220,194 $ 100,977 $ 74,927 $ 15,998 $ 203,549 $ 76,622 $ 43,188 $ 330 $ 735,785 Total non-current assets1 $ 3,159,588 $ 1,374,475 $ 1,375,046 $ 199,135 $ 1,357,053 $ 1,177,322 $ 292,702 $ 6,769 $ 8,942,090 1 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 28 - ===== SIDA 81 ===== For the three months ended September 30, 2023 Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total Chile Chile Brazil USA Argentina Portugal Sweden Revenue $ 299,745 $ 284,556 $ 111,897 $ 102,505 $ — $ 111,202 $ 82,290 $ — $ 992,195 Cost of goods sold Production costs (175,468) (188,982) (78,854) (52,497) — (82,137) (37,183) 12 (615,109) Depreciation, depletion and amortization (70,368) (38,307) (12,813) (14,326) — (31,353) (12,380) (241) (179,788) Gross profit (loss) 53,909 57,267 20,230 35,682 — (2,288) 32,727 (229) 197,298 General and administrative expenses — — — — — — — (19,444) (19,444) General exploration and business development (2,341) (237) (3,940) (2,212) (255) (2,387) (550) (812) (12,734) Finance (costs) income (8,842) (4,031) (5,536) (1,080) 5,373 (3,439) (1,063) (17,594) (36,212) Other (expense) income (11,434) 15,110 (10,191) 545 15,788 (8,762) 1,797 (24,987) (22,134) Income tax (expense) recovery (39,727) (30,122) (11,380) (569) — 2,295 (6,850) 1,462 (84,891) Net (loss) earnings $ (8,435) $ 37,987 $ (10,817) $ 32,366 $ 20,906 $ (14,581) $ 26,061 $ (61,604) $ 21,883 Capital expenditures $ 86,693 $ 28,849 $ 16,716 $ 4,989 $ 63,194 $ 27,357 $ 12,350 $ 3,059 $ 243,207 For the nine months ended September 30, 2023 Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total Chile Chile Brazil USA Argentina Portugal Sweden Revenue $ 970,576 $ 284,556 $ 317,736 $ 277,175 $ — $ 309,219 $ 172,808 $ — $ 2,332,070 Cost of goods sold Production costs (548,405) (188,982) (227,601) (143,681) — (243,943) (83,874) (1,585) (1,438,071) Depreciation, depletion and amortization (198,439) (38,307) (39,883) (38,147) (38) (89,152) (25,380) (1,194) (430,540) Gross profit (loss) 223,732 57,267 50,252 95,347 (38) (23,876) 63,554 (2,779) 463,459 General and administrative expenses — — — — — — — (49,452) (49,452) General exploration and business development (11,293) (237) (8,511) (4,241) (255) (5,720) (2,524) (8,411) (41,192) Finance (costs) income (25,138) (4,031) (17,252) (3,250) 12,178 (5,152) (3,250) (21,913) (67,808) Other (expense) income (14,231) 15,110 6,473 (458) 67,320 (5,809) (3,658) (7,275) 57,472 Income tax (expense) recovery (86,006) (30,122) 9,833 (4,115) (678) 11,640 (13,115) (1,420) (113,983) Net earnings (loss) $ 87,064 $ 37,987 $ 40,795 $ 83,283 $ 78,527 $ (28,917) $ 41,007 $ (91,250) $ 248,496 Capital expenditures $ 300,796 $ 28,849 $ 52,433 $ 15,653 $ 245,842 $ 74,551 $ 42,812 $ 8,303 $ 769,239 Total non-current assets1 $ 3,124,467 $ 1,187,661 $ 1,386,502 $ 208,040 $ 1,086,540 $ 1,125,232 $ 248,608 $ 37,703 $ 8,404,753 1 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 29 - ===== SIDA 82 ===== 25. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Wages and salaries $ 1,764 $ 1,947 $ 5,380 $ 5,368 Pension benefits 25 28 83 105 Share-based compensation 626 816 1,697 2,282 Termination benefits — 3,966 — 5,760 $ 2,415 $ 6,757 $ 7,160 $ 13,515 b) Other related parties - For the three and nine months ended September 30, 2024 , the Company incurred $1.1 million and $7.0 million (September 30, 2023 – $0.8 million and $1.5 million), respectively, and received a refund amounting to $2.1 million (September 30, 2023 – $nil) for services provided by companies owned by members of key management personnel primarily relating to office rental, renovation costs, and related services. 26. SUPPLEMENTARY CASH FLOW INFORMATION Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Changes in non-cash working capital items consist of: Trade and income taxes receivable, inventories, and other current assets $ (257,995) $ 67,696 $ (112,624) $ 125,405 Trade and income taxes payable, and other current liabilities 92,094 (80,351) 22,484 (77,045) $ (165,901) $ (12,655) $ (90,140) $ 48,360 Operating activities included the following cash payments: Income taxes paid $ 42,785 $ 21,247 $ 140,917 $ 94,187 LUNDIN MINING CORPORATION Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts) - 30 - ===== SIDA 83 ===== Registered Office 1055 Dunsmuir Street, Suite 2800, Bentall IV, Vancouver, BC V7X 1L2 Tel: +1.604.806.3081 lundinmining.com