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

Corporate Office 
1055 Dunsmuir Street 
Suite 2800, Bentall IV 
Vancouver, BC V7X 1L2 
Phone +1 604 689 7842 
lundinmining.com 
 
NEWS RELEASE 
 
Lundin Mining Reports Third Quarter 2025 Results and Increases Full-Year Copper 
Production Guidance and Lowers Cost Guidance  
 
Vancouver, November 5, 2025 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation  (“Lundin Mining” or 
the “Company”) today reported its third quarter 2025 financial results. Unless otherwise stated, results are presented in 
United States dollars on a 100% basis. 
 
Jack Lundin, President and CEO commented, “We are pleased to report another solid quarter at Lundin Mining, with copper 
production, revenue, EBITDA, and earnings all exceeding results from the first and second quarters. The Company generated 
over $1 billion in revenue and delivered $383 million of adjusted operating cash flow. Consolidated copper cash cost of $1.61 
/lb marks our lowest quarterly cost this year. 
 
“We are updating our full-year guidance to reflect strong operational performance, particularly at Caserones. The midpoint 
of consolidated copper production is increasing by 11,500 tonnes to 328,000 tonnes, with a new range of 319,000 to 337,000 
tonnes. Ad ditionally, improved performance at Caserones and Chapada has resulted in the lowering of our overall 
consolidated copper cash cost guidance to a range of $1.85 to $2.00 /lb. 
 
“Encouraging progress continues to be made with our near -term growth initiatives at our existing operations and with the 
large-scale Vicuña Project. We are thrilled to welcome Ron Hochstein as Chief Executive Officer of Vicuña Corp., joining a 
seasoned team with a proven track record of success. The Vicuña team is advancing parallel studies to support a multi -
phased development plan, with an integrated technical study anticipated in Q1 2026.” 
 
Third Quarter Operational and Financial Highlights  
Continued strong operational performance drove earnings in the third quarter, supported by sustained higher gold prices. 
Consolidated copper guidance for the full -year is increasing to 319,000 – 337,000 tonnes of copper, reflecting stronger 
cathode production at Caserones. The balance sheet strengthened during the period, and the Company expects to continue 
to pay down debt throughout the fourth quarter. Full-year 2025 consolidated copper cash cost 1 guidance is decreasing by 
approximately $0.125 /lb to $1.85 to $2.00 /lb. 
Third Quarter Highlights: 
• Copper Production: 87,353 tonnes of copper production at a consolidated copper cash cost of $1.61 /lb. 
• Other Production: 37,763 ounces of gold and 2,724 tonnes of nickel.  
• Revenue: $1,007.0 million from continuing operations with a realized copper price 1 of $4.61 /lb and a realized gold 
price1 of $3,889 /oz. 
• Net Earnings and Adjusted Earnings 1: Net earnings from continuing operations attributable to shareholders of the 
Company was $143.3 million ($0.17 per share) and adjusted earnings from continuing operations was $152.3 million 
($0.18 per share).  
• Adjusted EBITDA1: $489.7 million generated from continuing operations. 
• Cash Generation: Cash provided by continuing operations was $270.3 million and free cash flow from operations1 was 
$168.9 million. Adjusted operating cash flow from continuing operations1 was $382.9 million.  
• Net debt1: As at September 30, the net debt position of the Company was $107.9 million (excluding lease liabilities). 
• Growth: The Company is continuing to advance its growth initiatives as part of its strategic aspirations to become a 
global top-ten copper producer and achieve copper production of over 500,000 tonnes per year and gold production 
of over 550,000 ounces per year: 
 
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, 2025  and the Reconciliation of Non -GAAP Measures section at the end of this news 
release.

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

◦ Underground contractor insourcing initiatives continued at Candelaria with the initial wave of contractors 
being brought onboard, insourcing will continue into next year. 
◦ Saúva Phase 1 mine plan development advanced and further discussions with authorities regarding 
permitting timelines  continued, an update is expected in January. 
◦ Vicuña Corp. ("Vicuña") announced the appointment Ron Hochstein as Chief Executive Officer of Vicuña. Mr. 
Hochstein has been an integral member of the Lundin Group for more than 30 years, holding a variety of 
leadership roles and building an outstanding track record of creating shareholder value. Vicuña is a 50/50 joint 
arrangement between Lundin Mining and BHP that holds the consolidated deposits of Filo del Sol and 
Josemaria (collectively, the “Vicuña Project”). 
◦ Vicuña continues to advance the Vicuña Project through drilling, tradeoff studies, engineering, cost estimation 
and permitting in preparation for the integrated technical study in the first quarter 2026. 
• Shareholder Returns: A quarterly dividend of C$0.0275 per share has been declared. During the quarter, no common 
shares were purchased under the NCIB. So far during 2025, Lundin Mining has acquired 12,629,000 common shares 
at a cost of approximately $104.0 million. 
• Outlook: The Company is pleased to be increasing and tightening its full-year copper guidance from 303,000 – 330,000 
to 319,000 – 337,000 tonnes of copper. The Company is further improving cash cost guidance at Caserones, Chapada 
and Eagle which lowers full -year consolidated cash cost guidance for the Company to $1.85 – $2.00 /lb cash cost. 
Annual capital expenditure guidance is being reduced by deferrals at Candelaria and Caserones.

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

Summary Financial Results  
         
 
Three months ended  
September 30,  
Nine months ended 
September 30, 
(US$ millions continuing operations except where noted, 
except per share amounts) 2025    2024  2025    2024    
Revenue  1,007.0   873.1    2,908.1   2,563.7  
Gross profit  347.7   266.2    927.9   692.2  
Attributable net earningsa  143.3   84.0    407.4   206.5  
Net earnings  184.6   110.7    525.5   313.0  
Adjusted earningsa,b (all operations)  152.3   72.5    398.4   239.7  
Adjusted earningsa,b — continuing operations  152.3   57.2    344.4   196.9  
Adjusted earningsa,b,c — discontinued operations  —   15.3    54.0   42.8  
Adjusted EBITDAb (all operations)  489.7   457.7    1,336.5   1,281.4  
Adjusted EBITDAb — continuing operations  489.7   385.3    1,272.5   1,093.7  
Adjusted EBITDAb,c — discontinued operations  —   72.4    64.0   187.8  
Basic earnings per share ("EPS")a (all operations)  0.19   0.13    0.60   0.31  
Diluted EPSa (all operations)  0.19   0.13    0.60   0.30  
Basic and diluted EPSa — continuing operations  0.17   0.11    0.48   0.27  
Basic and diluted EPSa,c — discontinued operations  0.02   0.02    0.13   0.04  
Adjusted EPSa,b (all operations)  0.18   0.09    0.47   0.31  
Adjusted EPSa,b — continuing operations  0.18   0.07    0.41   0.25  
Adjusted EPSa,b,c — discontinued operations  —   0.02    0.06   0.06  
Cash provided by operating activities (all operations)  270.3   139.3    781.7   898.6  
Cash provided by operating activities - continuing operations  270.3   81.4    707.2   753.6  
Cash provided by operating activities - discontinued 
operationsc 
 —   57.9  
 
 74.5   145.0  
Adjusted operating cash flowb (all operations)  382.9   305.2    1,054.9   988.7  
Adjusted operating cash flowb — continuing operations  382.9   243.0    997.1   828.2  
Adjusted operating cash flowb,c — discontinued operations  —   62.2    57.8   160.5  
Adjusted operating cash flow per shareb (all operations)  0.45   0.39    1.23   1.28  
Adjusted operating cash flow per shareb — continuing 
operations 
 0.45   0.31  
 
 1.17   1.07  
Adjusted operating cash flow per shareb,c — discontinued 
operations 
 —   0.08  
 
 0.06   0.21  
Free cash flowb (all operations)  110.1   (61.7)   238.3   173.4  
Free cash flowb — continuing operations  110.1   (77.8)   221.9   148.2  
Free cash flowb,c — discontinued operations  —   16.1    16.4   25.2  
Free cash flow from operationsb (all operations)  168.9   1.8    423.3   407.0  
Free cash flow from operationsb — continuing operations  168.9   (17.6)   401.5   373.6  
Free cash flow from operationsb,c— discontinued operations  —   19.4    21.8   33.4  
Cash and cash equivalents  290.3   295.5    290.3   295.5  
Net debt excluding lease liabilitiesb  (107.9)  (1,541.7)   (107.9)  (1,541.7) 
Net debtb 
  
 (341.4)  (1,802.5)   (341.4)  (1,802.5) 
a Attributable to shareholders of Lundin Mining Corporation.  
b These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the three and nine 
months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
c Discontinued operations results include financial results to April 16, 2025 and the revaluation of contingent consideration a t September 30, 2025.

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

Quarterly Financial Results 
• The Company generated revenue from continuing operations of $1,007.0 million (Q3 2024 - $873.1 million) which 
benefitted from higher realized copper and gold prices. 
• Gross profit from continuing operations of $347.7 million was $81.5 million higher than  in the prior year comparable 
period of $266.2 million. The increase was primarily due to higher realized copper and gold prices and lower treatment 
charges, partially offset by lower sales volumes at Candelaria and increased depreciation expense.  
• Net earnings from continuing operations increased to $184.6 million from $110.7 million in the prior year comparable 
period primarily due to higher gross profit combined with lower interest expense from reduced net debt.  
• Adjusted earnings from continuing operations  of $152.3 million  increased from $57.2 million  in the prior year 
comparable period primarily as a result of higher gross profit. 
• Cash provided by operating activities related to continuing operations  of $270.3 million increased from $81.4 million 
in the prior year comparable period primarily due to higher gross profit and a lower working capital build.  
• Sustaining capital expenditures 2 from continuing operations of $109.1 million were consistent with the prior year 
comparable period of $109.3 million. 
• Expansionary capital expenditures 3 of $51.1 million were consistent with the prior year comparable period of $49.9 
million. 
• Free cash flow2 from continuing operations of $110.1 million increased from negative free cash flow of $77.8 million in 
the prior year comparable period due to increased cash provided by operating activities related to continuing 
operations.  
• As at November 5, 2025, the Company had cash of approximately $225 million and net debt excluding lease liabilities 
of approximately $100 million. 
 
Q3 2025 Operational Performance 
Total Production  
(Contained metal)a 
2025 2024 
YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 
          
Continuing Operations          
Copper (t)b  244,200   87,353   80,073   76,774   336,875   94,094   91,772   71,614   79,395  
Gold (oz)b  107,730   37,763   38,118   31,849   158,436   46,456   46,712   32,439   32,829  
Nickel (t)  7,733   2,724   2,713   2,296   7,486   1,617   893   1,721   3,255  
Molybdenum (t)b  1,556   574   380   602   3,183   912   693   714   864  
          
Discontinued OperationsC          
Copper (t)  8,319   —   1,225   7,094   32,192   7,397   8,083   8,094   8,618  
Zinc (t)  58,233   —   9,285   48,948   191,704   51,946   46,610   47,460   45,688  
a - Tonnes (t) and ounces (oz). 
b - Candelaria and Caserones production are on a 100% basis.  
c - Discontinued operations results are to April 16, 2025. 
 
Candelaria (80% owned):  Candelaria produced 37,129 tonnes of copper and  19,899  ounces of gold in concentrate on a 
100% basis. Mining was focused on Phase 11 and production continued to benefit from strong throughput in the mill due 
to softer ore feed, finer ore size and higher ball mill runtime. Cash cost4of $1.87/lb was impacted by lower grades and higher 
mining costs, partially offset by higher metal prices for by-product credits and reduced treatment and refining charges. 
 
2 This is a supplementary financial measure. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the three 
and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
3 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its MD&A for the three and nine 
months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
4 This is a non-GAAP measure. Please refer to the Company's discussion of non -GAAP and other performance measures in its MD&A for the three and nine 
months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

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

Caserones (70% owned): Caserones produced 35,270 tonnes of copper and 574 tonnes of molybdenum on a 100% basis. 
Copper concentrate production was positively impacted by improved grades from Phase 6, while copper cathode production 
benefitted from increased material placed on th e dump leach in previous periods. Cash cost of $1.86 /lb benefitted from 
strong throughput and higher grades, increased by-product credits, decreased treatment and refining charges, and reduced 
contractor expenses. Revenue in the quarter was impacted by a shipment of copper concentrate scheduled for September 
that was delayed into October due to weather related issues. The shipment of approximately 5,100 tonnes of contained 
payable copper, valued at approximately $50 million, will be recognized as revenue in the fourth quarter.  
Chapada (100% owned): Chapada produced 12,600 tonnes of copper and 17,864 ounces of gold in concentrate. Ore from 
the North and South open pits continued to be mined and processed, prioritizing higher-grade material consistent with the 
planned mine sequence. Production also ben efitted from strong throughput, which was the highest since Q3 2022. Cash 
cost of $0.50/lb was the lowest since Q4 2020 and benefitted from higher gold by -product credits as a result of increased 
realized gold prices, combined with higher throughput and grades. 
Eagle (100% owned): Eagle produced 2,724 tonnes of nickel and 2,354 tonnes of copper. Production was positively impacted 
by strong throughput in the mill resulting in nickel cash cost of $2.11/lb. 
Outlook - Annual Guidance Update 
Production Guidance Update 
Lundin Mining remains on track to meet or exceed its original consolidated annual production guidance for all metals, as 
published in the MD&A for the three and six months ended June 30, 2025. 
 
• Copper: The total annual production guidance range is increasing to 319,000 to 337,000 tonnes, with the midpoint 
rising by approximately 11,500 tonnes. 
◦ Candelaria: Narrowing both the lower and upper range for copper and the upper range for gold. Production 
is expected to remain consistent with previous quarters. 
◦ Caserones: Increasing copper guidance due to higher cathode production. Higher copper head grades in the 
third quarter are expected to continue into the fourth quarter, supporting revised production guidance. 
◦ Chapada: No changes to production guidance. Production is weighted to the second half of 2025. Fourth 
quarter copper grades and recoveries are expected to be in line with those of the third quarter. 
 
• Nickel: The lower range of guidance is increasing to reflect expected results aligned with the mine plan. Grades and 
mining rates are expected to remain stable in the fourth quarter. 
 
Cash Cost Guidance Update 
Cash cost guidance ranges are being reduced for Caserones, Chapada, and Eagle, driven by higher than expected sales 
volumes and by-product credits. Full-year consolidated copper cash cost guidance range is being reduced to $1.85 to $2.00 
/lb. 
 
• Candelaria: Cash cost is tracking to the midpoint of guidance. 
• Caserones: Cash cost guidance is decreasing due to higher sales volume, lower labor costs and increased by-product 
credits. 
• Chapada: Cash cost guidance is reducing further due to higher gold prices. 
• Eagle: Cash cost guidance is decreasing due to reduced labor costs and increased by-product credits.

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

2025 Production and Cash Cost Guidancea  
   Guidancea Revised Guidance 
 (contained metal) Production Cash Cost ($/lb)b Production Cash Cost ($/lb)b 
 Copper (t) Candelaria (100%) 140,000 – 150,000 1.80 – 2.00c 143,000 – 149,000 1.80 – 2.00c 
  Caserones (100%) 115,000 – 125,000 2.40 – 2.60 127,000 – 133,000 2.15 – 2.25 
  Chapada 40,000 – 45,000 1.10 – 1.30d 40,000 – 45,000 0.90 – 1.00d 
  Eagle 8,000 – 10,000  9,000 – 10,000  
  Total 303,000 – 330,000 1.95 – 2.15 319,000 – 337,000 1.85 – 2.00 
 Gold (oz) Candelaria (100%) 78,000 – 88,000  78,000 – 84,000  
  Chapada 57,000 – 62,000  57,000 – 62,000  
  Total 135,000 – 150,000  135,000 – 146,000  
 Nickel (t) Eagle 8,000 – 11,000 3.05 – 3.25 9,000 – 11,000 2.30 – 2.40 
a. Guidance as outlined in the Company’s Management Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2025.   
b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodit y prices (Cu: $4.40/lb, Au: 
$3,500/oz, Mo: $20.00/lb, Ag: $40.00/oz), foreign exchange rates (USD/CLP:950, USD/BRL:5.50) and operat ing costs. Cash cost is a non -GAAP measure -  see 
the Reconciliation of Non-GAAP Measures section at the end of this news release.  
c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash cost is calculated based o n receipt of approximately 
$433/oz gold and $4.32/oz silver. 
d. Chapada's cash cost is calculated on a by -product basis and does not include the effects of its copper stream agreements. Effects of the copper stream 
agreements are reflected in copper revenue and will impact realized price per pound.  
 
2025 Capital Expenditure Guidanceb,c 
Annual capital expenditure guidance is being reduced to $750 million from $795 million with deferrals at Candelaria and 
Caserones. 
 
 ($ millions) Guidancea Revisions Revised Guidance 
 Candelaria (100% basis) 205 — 205 
 Caserones (100% basis) 200 (20) 180 
 Chapada 100 — 100 
 Eagle 25 — 25 
 Other — — — 
 Total Sustaining 530 (20) 510 
 Expansionary - Candelaria (100% basis) 50 (25) 25 
 Expansionary - Vicuña Joint Arrangement (50% basis) 215 — 215 
 Total Capital Expenditures 795 (45) 750 
a. Guidance as outlined in the Company’s Management Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2025.   
b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non -GAAP measure – see the 
Reconciliation of Non-GAAP Measures section at the end of this news release.  
c. Capital expenditures are based on various assumptions and estimates, including, but not limited to foreign currency exchan ge rates (USD/CLP: 950, 
USD/BRL: 5.50) 
 
2025 Exploration Investment Guidance 
Total exploration expenditure guidance for 2025 remains at $40 million.

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

Exploration  
During the third quarter, exploration efforts were concentrated on in-mine and near-mine targets across all operating sites. 
A total of 17,390 metres were drilled across the four operations. 
 
Candelaria 
• Total drilling: 930 metres. 
• Focus area: Candelaria Norte. 
• Objective: Continued evaluation of mineral potential in the northern zone. 
 
Caserones 
• Total drilling: 5,152 metres. 
• Rig deployment: 
◦ 1 rig at the Caserones pit targeting deep, high-grade copper breccias. 
◦ 3 rigs at Angelica targeting copper sulphides beneath the oxide deposit. 
 
Chapada 
• Total drilling: 3,847 metres. 
• Rig deployment: 
◦ 1 rig in the Saúva resource area focused on expanding high-grade resources. 
◦ 1 rig testing shallow targets outside Saúva and other near-mine prospects. 
 
Eagle 
• Total drilling: 7,461 metres. 
• Targets: 
◦ 2 rigs at Boulderdash targeting extensions of the known nickel-copper mineralized intrusion. 
◦ 1 rig at Roland Lake exploring new mineralization zones. 
 
Talon Agreement Update 
In September 2025, the exclusivity agreement with Talon, announced March 5, 2025, was terminated. In October 2025, Talon 
issued 18,502,906 common shares to Lundin Mining at a deemed price of C$0.3762, as repayment of $5.0 million previously 
advanced from t he Company. Prior to the agreement termination, a total of 9,424 metres (94%) was drilled of the initial 
10,000 metre drill program. 
 
Vicuña 
During the quarter, Vicuña announced the appointment of Ron Hochstein as Chief Executive Officer (CEO) of Vicuña, effective 
November 7, 2025. Mr. Hochstein is currently CEO and Director of Lundin Gold Inc. guiding the development and successful 
operation of the Fruta del Norte gold mine in Ecuador. 
 
In 2025, work continues to advance parallel studies supporting a multi -phased development concept pertaining to the 
Josemaria and Filo del Sol deposits. An integrated technical report is targeted to be complete by early 2026.  
 
The Josemaria Environmental Impact Assessment ("EIA") advanced through review by the San Juan authorities with a site 
visit scheduled for Q4 2025. Construction of the northern access road commenced during the quarter. 
 
Drilling activities at Filo del Sol advanced with 14,587 metres completed during the quarter, bringing the year -to-date total 
to 48,992 metres across nine drill rigs. 
 
Government relations activities continued with both the national and provincial governments, including discussions on 
provincial agreements. Work also progressed in the quarter on an application for the Argentinean Basis Law - Incentive 
Regime for Large Investments ("RIGI"). RIGI application documents are expected to be submitted in the coming months.   
 
Community investment programs were launched in 2025 with a focus on gender, youth training and cooperative 
development.  
 
The Company spent $51.1  million in capital expenditures during the quarter, in line with $49.9  million in the prior year 
comparable period, and spent $126.0  million on a year -to-date basis compared to $193.0  million in the prior year 
comparable period. Both the quarter and year-to-date periods are impacted by the formation of Vicuña on January 15, 2025. 
From this date, the Company's expansionary capital expenditures include 50% of Vicuña's capital expenditures.

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

About Vicuña 
On January 15, 2025, the Company completed the Filo Acquisition and the Joint Arrangement, resulting in the Company 
indirectly holding a 50% interest in Vicuña, an independently managed joint operation which owns the Josemaria deposit in 
Argentina and the Filo del Sol deposit in Argentina and Chile. BHP indirectly owns the remaining 50% interest in Vicuña. 
 
An initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an updated Mineral Resource estimate for the Filo 
del Sol oxide deposit, and an updated Mineral Resource estimate for the Josemaria deposit highlighted the combined Vicuña 
Project as one of the largest copper, gold and silver resources in the world. Details of the Vicuña Mineral Resource are set 
out in the Vicuña Technical Report. 
 
The Filo del Sol and Josemaria deposits have significant high -grade mineralization that could provide the initial years of 
mining for the Project.  
• Filo del Sol high -grade core at cut -off of 0.75% copper equivalent ("CuEq"): 606 million Mt (M&I) at 1.14% CuEq 5   
(0.74% Cu) for contained metal of 4.5 Mt copper at 0.74%, 9.6 Moz gold at 0.49 g/t and 259 Moz silver at 13.3 g/t.  
• Near surface Josemaria high -grade core at cut -off of 0.60% CuEq: 196 Mt (M&I) at 0.73% CuEq 6 (0.50% Cu) for 
contained metal of 978 kt copper at 0.50%, 2.4 Moz gold at 0.38 g/t and 11 Moz silver at 1.7 g/t. 
 
The Filo del Sol deposit also contains copper oxide mineralization at surface. 
• Lower capital intensity heap leach oxide cap of 434 Mt (M&I) at 0.34% copper (1.5 Mt), 0.28 g/t gold (3.9 Moz) and 
2.5 g/t silver (35 Moz) 
• High-grade oxides at a cut-off of 0.60% CuEq of 181 Mt (M&I) at 1.05% CuEq7 (0.50% Cu) for contained metal of 911 
kt copper at 0.50%, 2.3 Moz gold at 0.39 g/t and 230 Moz silver at 39.6 g/t. 
 
Expansionary Projects 
The Company has a number of brownfield expansionary projects that are expected to contribute to medium -term growth 
in its existing operating asset portfolio. Combined, these opportunities could add 30,000 to 40,000 tonnes of copper 
production growth and 60,000 to 70,000 ounces of annual gold production through low capital intensity growth projects. 
 
Candelaria Underground Expansion 
The Candelaria underground expansion project is expected to increase underground throughput capacity to ~22,000 tonnes 
per day from current levels of 12,000 to 14,000 tonnes per day targeting an increase in annual copper production of 
approximately 14,000 tonnes of copper per year. The opportunity includes insourcing of the Company's underground 
mining contract and an increase in the number of active mining stopes. Internal recruitment has begun as part of the 
underground internalization process at Candelaria, initial crews have been onboarded and additional crews are expected to 
be insourced by the end of the year. It is anticipated that by mid-2026 the internalization of underground mining contractors 
will be completed.  
 
Projects are also ongoing to support the mine life extension under the Environmental Impact Assessment ("2040 EIA"). 
 
Caserones Cathode Plant Utilization 
Caserones cathode plant capacity is approximately 35,000 tonnes of cathode production per year, currently the plant is 
producing 20,000 to 25,000 tonnes of cathode per year representing an opportunity to increase production through higher 
utilization rates of the cathode plant. 
 
Year to date Caserones cathode production has increased, improving utilization rates of the cathode plant. Additional oxide 
material placed on the dumps over the last 18 months and improved leaching practices are expected to lead to higher 
cathode production. Hydrometallurgical leaching models on the dump leach have been updated and will be reflected in 
production guidance going forward. 
 
 
 
5 Filo del Sol CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.43/lb Cu,  $2,185/oz Au 
and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).  
6 Josemaria high -grade core CuEq assumes metallurgical recoveries of 84% for copper, 67% for gold and 63% for silver, and metal prices of $4.4 3/lb Cu, 
$2,185/oz Au and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.58 * Au g/t) + (0.007 * Ag g/t).  
7 Filo del Sol oxide CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.43/lb Cu, $2,185/oz 
Au and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).

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

Chapada - Saúva Deposit 
The Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add 
approximately 15,000 to 20,000 tonnes of copper production per year and 50,000 to 60,000 ounces of gold production per 
year. The project wo uld include the installation of additional grinding capacity and higher grade ore from Saúva to offset 
lower grade material currently being mined at Chapada. 
 
Permitting and technical work is ongoing to further define the project, the Company is expected to provide an update in 
January 2026 on timelines and production profiles. 
 
About Lundin Mining  
Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in Argentina, 
Brazil, Chile and the United States of America, and primarily producing copper, gold and nickel.  
 
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse 
Regulation. The information was submitted for publication, through the agency of the contact persons set out below on 
November 5, 2025 at 15:35 Vancouver Time. 
 
For further information, please contact:  
Stephen Williams, Vice President, Investor Relations +1 604 806 3074 
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40 
  
Technical Information  
The scientific and technical information in this document pertaining to the Vicuña Mineral Resource is based on the Vicuña 
Technical Report. The Vicuña Technical Report was prepared by Luke Evans, M.Sc., P .Eng. of SLR Consulting (Canada) Ltd, 
Paul Daigle, P .Geo. of AGP Mining Consultants Inc., Sean Horan, P .Geo. of Resource Modeling Solutions Ltd., Jeffrey Austin, 
P .Eng. of International Metallurgical and Environmental Inc., and Bruno Borntraeger, P .Eng. of Knight Piésold Ltd, each of 
whom reviewed, verified and approved the scientific and technical information pertaining to the Vicuña Mineral Resource 
that is related to his respective scope of responsibility. Each of the foregoing individuals is a “Qualified Person” as defin ed 
by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and independent of the Company.  
The scientific and technical information in this document other than that pertaining to the Vicuña Mineral Resource has 
been reviewed and approved in accordance with NI 43 -101 by Eduardo Cortés, Registered Member (Comisión Calificadora 
de Competencias en R ecursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at 
Lundin Mining, a "Qualified Person" under NI 43 -101. Mr. Cortés has verified the data disclosed in this document and no 
limitations were imposed on his verification process. 
The Vicuña Mineral Resource estimates are shown on a 100% basis and have an effective date of April 15, 2025. For further 
information related to the Vicuña Mineral Resource, including the key assumptions, parameters, and methods used to 
estimate the Vicuña Mineral Resource, risks and cautionary statements, see the Vicuña Technical Report and the Company’s 
News Release “Lundin Mining Announces Initial Mineral Resource at Filo Del Sol Demonstrating One of the World's Largest 
Copper, Gold, and Silver Resources” dated May 4, 2025.

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

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 n ot 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, 2025 which is available on SEDAR+ at www.sedarplus.com.  
 
Cash Cost per Pound and All-in Sustaining Cost ("AISC") per Pound can be reconciled to Production costs on the Company's 
Condensed Interim Consolidated Statements of Earnings as follows: 
 
Three months ended September 30, 2025 
Continuing operations Candelaria Caserones Chapada Consolidated Eagle Total - 
continuing 
operations1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu)   (Cu) (Ni) 
Sales volumes (contained metal):       
Tonnes       36,041   26,896   13,997   76,934   1,921   
Pounds (000s)  79,457   59,295   30,858   169,610   4,235   
       
Production costs      199.2   158.5   96.4   454.1   35.2   490.5  
Less: Royalties and other  (4.5)   (8.6)   (6.1)   (19.2)   (3.5)   (23.8) 
  194.7   149.9   90.3   434.9   31.7   466.7  
Deduct: By-product credits2  (50.0)   (39.6)   (76.3)   (165.9)   (22.8)   (188.7) 
Add: Treatment and refining  3.5   (0.3)   1.5   4.7   —   4.7  
Cash cost  148.2   110.0   15.5   273.7   8.9   282.7  
Cash cost per pound ($/lb)  1.87   1.86   0.50   1.61   2.11   
       Add: Sustaining capital     46.9   29.4   26.1    6.6   
Royalties  3.9   8.3   4.6    3.6   
Reclamation and other closure 
accretion and depreciation 
 1.9   (0.2)   1.7    1.1   
Leases & other  2.1   15.1   1.0    0.8   
All-in sustaining cost  203.0   162.6   48.9    21.0   
AISC per pound ($/lb)  2.55   2.74   1.58    4.96   
1 Includes immaterial amounts related to other segments.  
2 By-product credits are presented net of the associated treatment and refining charges.

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

Three months ended September 30, 2024 
Continuing operations Candelaria Caserones Chapada Consolidated Eagle Total - 
continuing 
operations1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu)   (Cu) (Ni) 
Sales volumes (contained metal):       
Tonnes       45,430   22,044   12,380   79,854   393   
Pounds (000s)  100,155   48,599   27,293   176,047   866   
       
Production costs      189.1   169.4   84.5   443.0   12.5   455.8  
Less: Royalties and other  (6.8)   (6.4)   (3.8)   (17.0)   (0.3)   (17.6) 
  182.3   163.0   80.7   426.0   12.2   438.2  
Deduct: By-product credits2  (46.2)   (26.0)   (49.8)   (122.0)   (6.0)   (128.0) 
Add: Treatment and refining  18.9   7.0   6.4   32.3   —   32.3  
Cash cost  155.0   144.0   37.3   336.3   6.3   342.5  
Cash cost per pound ($/lb)  1.55   2.96   1.37   1.91   7.24   
       
Add: Sustaining capital     60.1   22.9   20.5    7.9   
Royalties  4.5   6.3   2.7    0.1   
Reclamation and other closure 
accretion and depreciation 
 2.4   1.1   2.4  
 
 1.5  
 
Leases & other  1.6   17.8   1.0    1.5   
All-in sustaining cost  223.6   192.1   63.9    17.3   
AISC per pound ($/lb)  2.23   3.95   2.34    20.02   
1 Includes immaterial amounts related to other segments.  
2 By-product credits are presented net of the associated treatment and refining charges. 
       
       
Three months ended September 30, 2024 
Discontinued operations    Neves-Corvo Zinkgruvan Total - 
discontinued 
operations ($ millions, unless otherwise noted)    (Cu) (Zn) 
Sales volumes (contained metal):       
Tonnes     7,707   15,124   
Pounds (000s)     16,991   33,342   
       
Production costs     95.2   30.1   125.3  
Less: Royalties and other     (1.6)   —   (1.6) 
     93.6   30.1   123.7  
Deduct: By-product credits1     (64.5)   (29.2)   (93.7) 
Add: Treatment and refining charges     7.2   4.3   11.5  
Cash cost     36.3   5.2   41.5  
Cash cost per pound ($/lb)     2.13   0.16   
       
Add: Sustaining capital expenditure     26.3   15.5   
Royalties     1.3   —   
Reclamation and other closure 
accretion and depreciation    
 1.4   1.1  
 
Leases and other     0.1   0.1   
All-in sustaining cost     65.4   21.9   
AISC per pound ($/lb)     3.84   0.66   
1 By-product credits are presented net of the associated treatment and refining charges.

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

Nine months ended September 30, 2025 
Continuing operations Candelaria Caserones Chapada Consolidated Eagle Total - 
continuing 
operations1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu)   (Cu) (Ni) 
Sales volumes (contained metal):       
Tonnes       107,618   93,153   32,627   233,398   5,895   
Pounds (000s)  237,257   205,367   71,930   514,554   12,996   
       
Production costs      557.3   607.2   234.9   1,399.4   112.7   1,514.0  
Less: Royalties and other  (9.5)   (32.0)   (17.4)   (58.9)   (12.7)   (73.4) 
  547.8   575.2   217.5   1,340.5   100.0   1,440.6  
Deduct: By-product credits2  (136.3)   (108.0)   (162.4)   (406.7)   (66.0)   (472.7) 
Add: Treatment and refining  17.3   6.4   4.6   28.3   —   28.3  
Cash cost  428.8   473.6   59.7   962.1   34.0   996.2  
Cash cost per pound ($/lb)  1.81   2.31   0.83   1.87   2.62   
       Add: Sustaining capital     144.9   99.5   75.7    17.4   
Royalties  11.4   26.7   10.2    9.9   
Reclamation and other closure 
accretion and depreciation 
 6.0   2.4   5.1    3.4   
Leases & other  5.2   49.7   3.1    2.6   
All-in sustaining cost  596.3   651.9   153.8    67.3   
AISC per pound ($/lb)  2.51   3.17   2.14    5.18   
1 Includes immaterial amounts related to other segments.  
2 By-product credits are presented net of the associated treatment and refining charges. 
       
Nine months ended September 30, 2025 
Discontinued operations1 
   Neves-Corvo Zinkgruvan 
Total - 
discontinued 
operations 
($ millions, unless otherwise noted)    (Cu) (Zn)  
Sales volumes (contained metal):       
Tonnes          6,745   20,698   
Pounds (000s)     14,870   45,631   
       Production costs         90.2   36.9   127.1  
Less: Royalties and other     (1.3)   —   (1.3) 
     88.9   36.9   125.8  
Deduct: By-product credits2     (67.0)   (23.3)   (90.3) 
Add: Treatment and refining     5.4   7.2   12.6  
Cash cost     27.3   20.8   48.1  
Cash cost per pound ($/lb)     1.84   0.46   
       Add: Sustaining capital        27.7   30.4   
Royalties     1.2   —   
Reclamation and other closure 
accretion and depreciation    
 0.7   0.3  
 
Leases & other     0.9   —   
All-in sustaining cost     57.8   51.5   
AISC per pound ($/lb)     3.89   1.13   
1 Discontinued operations results are to April 16, 2025. 
 
2 By-product credits are presented net of the associated treatment and refining charges.

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

Nine months ended September 30, 2024 
Continuing operations Candelaria Caserones Chapada Consolidated Eagle Total - 
continuing 
operations1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu)   (Cu) (Ni) 
Sales volumes (contained metal):       
Tonnes       108,965   87,117   29,415   225,497   4,574   
Pounds (000s)  240,226   192,060   64,849   497,135   10,084   
       
Production costs      525.7   576.0   218.3   1,320.0   90.8   1,411.8  
Less: Royalties and other  (13.8)   (24.5)   (10.2)   (48.5)   (7.2)   (56.7) 
  511.9   551.5   208.1   1,271.5   83.6   1,355.1  
Deduct: By-product credits2  (116.5)   (98.1)   (108.5)   (323.1)   (44.3)   (367.4) 
Add: Treatment and refining  43.1   28.4   14.0   85.5   0.6   86.1  
Cash cost  438.5   481.8   113.6   1,033.9   39.9   1,073.8  
Cash cost per pound ($/lb)  1.83   2.51   1.75   2.08   3.96   
       
Add: Sustaining capital     220.2   101.0   74.9    16.0   
Royalties  11.0   24.4   5.9    6.7   
Reclamation and other closure   6.4   3.2   7.8    5.0   
Leases & other  7.7   51.8   2.5    4.3   
All-in sustaining cost  683.8   662.3   204.7    71.9   
AISC per pound ($/lb)  2.85   3.45   3.16    7.13   
1 Includes immaterial amounts related to other segments.  
2 By-product credits are presented net of the associated treatment and refining charges. 
       
       
Nine months ended September 30, 2024 
Discontinued operations    Neves-Corvo Zinkgruvan Total - 
discontinued 
operations ($ millions, unless otherwise noted)    (Cu) (Zn) 
Sales volumes (contained metal):       
Tonnes     21,491   49,459   
Pounds (000s)     47,379   109,038   
       
Production costs     250.0   92.9   342.9  
Less: Royalties and other     (4.8)   —   (4.8) 
     245.2   92.9   338.1  
Deduct: By-product credits1     (156.6)   (73.2)   (229.8) 
Add: Treatment and refining charges     19.2   24.1   43.3  
Cash cost     107.8   43.8   151.6  
Cash cost per pound ($/lb)     2.28   0.04   
       
Add: Sustaining capital expenditure     76.6   43.2   
Royalties     3.2   —   
Reclamation and other closure 
accretion and depreciation    
 4.0   3.3  
 
Leases and other     0.4   0.2   
All-in sustaining cost     192.0   90.5   
AISC per pound ($/lb)     4.06   0.83   
1 By-product credits are presented net of the associated treatment and refining charges.

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

Adjusted EBITDA can be reconciled to Net earnings (loss) on the Company's Condensed Interim Consolidated Statements 
of Earnings as follows: 
 
 
 
Three months ended 
September 30,  
Nine months ended 
September 30, 
($ millions) 2025 2024  2025 2024 
Net earnings from continuing operations  184.6   110.7    525.5   313.0  
Add back:      
Depreciation, depletion and amortization  168.8   151.1    466.2   459.7  
Finance costs, net  16.7   36.7    81.0   103.2  
Income taxes expense  98.9   91.2    219.3   195.2  
EBITDA — continuing operations   469.0   389.7    1,292.0   1,071.1  
Unrealized foreign exchange (gain) loss  (8.5)  11.4    (0.6)  (0.2) 
Unrealized losses (gains) on derivative contracts  25.5   (28.0)   (21.2)  (0.8) 
Ojos del Salado sinkhole expenses (recoveries)  11.4   0.9    12.6   0.6  
Revaluation gain on marketable securities  (8.1)  (4.0)   (9.7)  (6.5) 
Gain on partial disposal and contribution to Vicuña  —   —    (3.0)  —  
Partial suspension of underground operations at Eagle   —   14.8    —   24.6  
Revaluation of Caserones purchase option  —   —    —   (11.7) 
Write-down of assets  —   0.8    —   18.0  
Other  0.4   (0.3)   2.4   (1.4) 
Total adjustments — EBITDA  20.7   (4.4)   (19.5)  22.6  
Adjusted EBITDA — continuing operations  489.7   385.3    1,272.5   1,093.7  
Including discontinued operations:      
Net earnings from discontinued operations  19.6   17.2    108.3   30.1  
Add back:      
Depreciation, depletion and amortization  —   49.0    —   122.5  
Finance costs, net  —   2.4    4.7   8.0  
Income taxes expense  —   5.7    5.4   8.5  
EBITDA — discontinued operations  19.6   74.3    118.4   169.1  
Unrealized foreign exchange loss (gain)  —   1.4    1.5   0.8  
Unrealized losses (gains) on derivative contracts  —   (2.6)   (0.1)  19.1  
Asset impairment  —   —    65.7   —  
Gain on disposal of subsidiaries   —   —    (106.4)  —  
Contingent consideration revaluation  (19.6)  —    (16.4)  —  
Other  —   (0.7)   1.3   (1.2) 
Total adjustments — EBITDA discontinued operations   (19.6)  (1.9)   (54.4)  18.7  
Adjusted EBITDA — discontinued operations  —   72.4    64.0   187.8  
Adjusted EBITDA (all operations)  489.7   457.7    1,336.5   1,281.4

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

Adjusted Earnings and Adjusted EPS can be reconciled to Net earnings (loss) attributable to Lundin Mining Shareholders 
on the Company's Condensed Interim Consolidated Statements of Earnings as follows: 
 
 
 
Three months ended 
September 30,  
Nine months ended 
September 30, 
($ millions, except share and per share amounts) 2025 2024  2025 2024 
Net earnings attributable to Lundin Mining shareholders — 
continuing operations 
 143.3   84.0  
 
 407.4   206.5  
Add back:      
Total adjustments - EBITDA  20.7   (4.4)   (19.5)  22.6  
Tax effect on adjustments  1.8   (8.1)   (2.7)  (1.9) 
Deferred tax arising from foreign exchange translation  (11.3)  (12.4)   (46.1)  (32.4) 
Deferred tax arising from partial disposal and contribution to 
Vicuña 
 —   —  
 
 9.0  
 
Non-controlling interest on adjustments  (2.2)  (1.9)   (3.7)  2.2  
Total adjustments  9.0   (26.8)   (63.0)  (9.5) 
Adjusted earnings — continuing operations   152.3   57.2    344.4   196.9  
Including discontinued operations:      
Net earnings attributable to Lundin Mining shareholders - 
discontinued operations1  19.6   17.2    108.3   30.1  
Add back:      
Total adjustments - EBITDA - discontinued operations  (19.6)  (1.9)   (54.4)  18.7  
Tax effect on adjustments  —   —    0.1   (6.0) 
Total adjustments  (19.6)  (1.9)   (54.3)  12.7  
Adjusted earnings — discontinued operations  —   15.3    54.0   42.8  
Adjusted earnings (all operations)  152.3   72.5    398.4   239.7  
      
Basic weighted average number of shares outstanding  856,091,613   776,794,756    855,301,352   774,574,731  
      
Net earnings attributable to Lundin Mining shareholders - 
continuing operations 
 0.17   0.11  
 
 0.48   0.27  
Total adjustments  0.01   (0.03)   (0.07)  (0.01) 
Adjusted EPS — continuing operations  0.18   0.07    0.41   0.25  
      
Net earnings attributable to Lundin Mining shareholders - 
discontinued operations 
 0.02   0.02  
 
 0.13   0.04  
Total adjustments  (0.02)  —    (0.06)  0.02  
Adjusted EPS — discontinued operations  —   0.02    0.06   0.06  
      
Net earnings attributable to Lundin Mining shareholders  0.19   0.13    0.60   0.31  
Total adjustments  (0.01)  (0.04)   (0.14)  —  
Adjusted EPS (all operations)  0.18   0.09    0.47   0.31  
1 Represents Net earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations 
attributable to Lundin Mining Corporation shareholders.

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

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by operating activities on the 
Company's Condensed Interim Consolidated Statements of Cash Flows as follows: 
 
    
 
Three months ended 
September 30,  
Nine months ended 
September 30, 
($ millions) 2025 2024  2025 2024 
Cash provided by operating activities related to continuing 
operations 
 270.3   81.4    707.2   753.6  
Sustaining capital expenditures  (109.1)  (109.3)   (337.6)  (412.4) 
General exploration and business development  7.7   10.3    31.9   32.4  
Free cash flow from operations — continuing operations  168.9   (17.6)   401.5   373.6  
General exploration and business development  (7.7)  (10.3)   (31.9)  (32.4) 
Expansionary capital expenditures  (51.1)  (49.9)   (147.7)  (193.0) 
Free cash flow — continuing operations  110.1   (77.8)   221.9   148.2  
      
Cash provided by operating activities from discontinued 
operations 
 —   57.9    74.5   145.0  
Sustaining capital expenditures  —   (41.8)   (58.1)  (119.8) 
General exploration and business development  —   3.3    5.4   8.2  
Free cash flow from operations — discontinued 
operations 
 —   19.4    21.8   33.4  
General exploration and business development  —   (3.3)   (5.4)  (8.2) 
Free cash flow — discontinued operations  —   16.1    16.4   25.2  
      
Free cash flow from operations (all operations)  168.9   1.8    423.3   407.0  
Free cash flow (all operations)  110.1   (61.7)   238.3   173.4  
 
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash provided by operating 
activities on the Company's Condensed Interim Consolidated Statements of Cash Flows as follows:

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

Three months ended 
September 30,  
Nine months ended 
September 30, 
($ millions, except share and per share amounts) 2025 2024  2025 2024 
Cash provided by operating activities from continuing 
operations 
 270.3   81.4    707.2   753.6  
Changes in non-cash working capital items  112.6   161.6    289.9   74.6  
Adjusted operating cash flow — continuing operations  382.9   243.0    997.1   828.2  
      
Cash provided by operating activities related to discontinued 
operations 
 —   57.9    74.5   145.0  
Changes in non-cash working capital items  —   4.3    (16.7)  15.5  
Adjusted operating cash flow — discontinued operations  —   62.2    57.8   160.5  
      
Adjusted operating cash flow (all operations)  382.9   305.2    1,054.9   988.7  
      
Basic weighted average number of shares outstanding  856,091,613   776,794,756    855,301,352   774,574,731  
      
Adjusted operating cash flow per share — continuing 
operations 
$ 0.45   0.31   $ 1.17   1.07  
Adjusted operating cash flow per share — discontinued 
operations 
 —   0.08   $ 0.06   0.21  
Adjusted operating cash flow per share (all operations) $ 0.45   0.39   $ 1.23   1.28

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

Net debt and Net Debt Excluding Lease Liabilities can be reconciled to Debt and lease liabilities, Current portion of debt and 
lease liabilities and Cash and cash equivalents on the Company's Condensed Interim Consolidated Balance Sheets as 
follows: 
 
    
($ millions), continuing operations September 30, 2025 December 31, 2024 
Debt and lease liabilities  (378.6)  (1,610.9) 
Current portion of debt and lease liabilities  (249.0)  (395.2) 
Less deferred financing fees (netted in above)  (4.1)  (7.7) 
Add debt and lease liabilities related to liabilities classified as held-for-sale  —   (16.3) 
  (631.7)  (2,030.1) 
   
Cash and cash equivalents  290.3   357.5  
Add cash and cash equivalents related to assets classified as held-for-sale  —   74.8  
Net debt  (341.4)  (1,597.8) 
   
Lease liabilities  233.5   249.1  
Lease liabilities related to liabilities classified as held-for-sale  —   16.3  
Net debt excluding lease liabilities  (107.9)  (1,332.4) 
    
 
Cautionary Statement on Forward-Looking Information  
 
Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. 
All statements other than statements of historical facts included in this document constitute forwa rd-looking information, including but not limited to 
statements regarding the Company’s plans, prospects, business strategies and strategic vision and aspirations and their achie vement and timing; the 
Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance, 
including expected earnings, revenue, costs and expenditures and other financial metrics; the Company’s growth and optimization initiatives and expansionary 
projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; permitting requirements and time lines; timing and possible 
outcomes of pending litigation and disputes, including tax disputes; 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; remediation and  reclamation obligations, 
including their anticipated costs and timing;  anticipated market prices of metals, currency exchange rates and interest rates; the Company’s shareholder 
distribution policy, including with respect to share buybacks and the payment and amount of dividends and the timing thereof;  the development and 
implementation of the Company’s Responsible Mining Management System; the Company’s liquidity, contractual obligations, commitments and contingencies, 
and the Company’s capital resources and adequacy thereof; the Company’s tax obligations; the Company’s ability to comply with contractual and permitting or 
other regulatory requirements; anticipated exploration and development activities, including potential outcomes, results, imp acts and timing thereof; the 
Company’s integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and associated costs 
and timing,  and other plans and expectations with respect to the Vicuña Project and the 50/50  joint arrangement with BHP; m ineral resource estimation  for 
the Vicuña Project, including the parameters and assumptions related thereto; the operation of Vicuña with BHP; the realizati on of synergies and economies 
of scale in the Vicuña district; the development and future operation of the Vicuña Project, inc luding expected costs and timing; the timing and expectations 
for future regulatory applications (including the RIGI application), studies and technical reports with respect to the Company’s operations and projects, including 
the Vicuña Project and the Saú va Project; the potential for resource expansion; the terms of the contingent payments in respect of the completion of the sa le 
of the Company’s European assets and expectations related thereto; and expectations for other economic, business, and/or comp etitive factors. Words such 
as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estima te”, “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, gold, zinc, 
nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of 
acquisitions and the realization of synergies and eco nomies of scale in connection therewith; that the political, economic, permitting and legal environment in 
which the Company operates will continue to support the development and operation of mining projects; timing and receipt of g overnmental, regulatory and 
third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource and Mineral 
Reserve estimates and related information, analyses and interpretations; and such other assumpt ions as set out herein as well as those related to the factors 
set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this docume nt in light of management’s 
experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic, political, 
regulatory and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ ma terially from those projected 
in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to : dependence on 
international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, 
including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compens ation, environmental and tailings 
management, labour, t rade relations, and transportation; operating jurisdictions, including but not limited to those related to permitting and app rovals, 
nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations,  and transportation; risks relating 
to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating 
to geotechnical incidents; risks relating to tailings and waste management facilities; risks relating to the Company’s indebtedness; challenges and conflicts that 
may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria;  risks that revenue may  be 
significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and 
inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and 
capital controls, as well as political, social and economic risks as a result of the Company’s operation in emerging markets;  risks relating to stakeholder 
opposition to continued operation, further development, or new development of the Company’s projects and mines; any breach or failure information systems; 
risks relating to reliance on estimates of future production; risks relating to disputes, litigation and administrative proce edings (including tax disputes) which 
the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to c ompetition in the industry; failure

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

to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitati on concessions; the exclusive 
jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that 
are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company’s 
Mineral Reserves and Mineral Reso urces which are estimates only; uncertainties relating to inferred Mineral Resources being converted into Measured or 
Indicated Mineral Resources; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to 
such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment char ges; potential for conflicts of 
interest and public association with other Lundin Group companies or entities; a ctivist shareholders and proxy solicitation firms; risks associated with climate 
change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting 
and oversight sy stems; risks relating to the Company's internal controls; counterparty and customer concentration risk;  risks associated wit h the use of 
derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale  of the Company’s European assets and 
expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risks a nd Uncertainties” section of the 
Company's MD&A for the three and nine months ended September 30, 2025, the “Risks and Uncertainties” section of the Company’s MD&A for the year ended 
December 31, 2024, and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended Dece mber 31, 2024, which are 
available on SEDAR+ at www.sedarplus.ca under the Company’s profile.  
 
All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important 
factors that could cause actual results to differ materially from those contained in forward -looking information, there may be other factors that cause results 
not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhausti ve 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 20 =====

Management’s	Discussion	and	Analysis
For	the	three	and	nine	months	ended	September	30,	2025
This	management’s	discussion	and	analysis	(“MD&A”)	has	been	prepared	as	of	 November	5,	2025	and	should	be	read	in	
conjunction	with	the	Company’s	condensed	interim	consolidated	financial	statements	for	the	three	and	nine	months	ended	
September	30,	2025,	which	were	prepared	in	accordance	with	International	Financial	Reporting	Standards	as	issued	by	the	
International	 Accounting	 Standards	 Board	 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	(“IFRS	
Accounting	Standards”).	The	Company’s	presentation	currency	is	United	States	(“US”)	dollars.	Reference	herein	of	$	or	USD	
is	to	United	States	dollars,	ARS	is	to	Argentine	pesos,	BRL	is	to	Brazilian	reais,	C$	is	to	Canadian	dollars,	CLP	is	to	Chilean	
pesos,	€	refers	to	euros,	SEK	is	to	Swedish	kronor	and	oz	is	to	troy	ounces.	"This	quarter"	or	"The	quarter"	means	the	 third	
quarter	("Q3")	of	 2025.	"Year-to-date"	or	"Year-to-date	period"	means	the	 nine	months	ended	 September	30,	2025 .	
Reference	to	"discontinued	operations"	is	to	Neves-Corvo	and	Zinkgruvan.	Minor	differences	may	exist	between	individual	
figures	and	totals	due	to	rounding.	Rounding	differences	do	not	impact	the	accuracy	of	information.	
About	Lundin	Mining
Lundin	Mining	Corporation	(“Lundin	Mining”	or	the	“Company”)	is	a	diversified	Canadian	base	metals	mining	company	with	
projects	or	operations	focused	in	Argentina,	Brazil,	Chile	and	the	United	States	of	America,	primarily	producing	copper,	gold	
and	nickel.	All	operations	are	shown	on	a	100%	basis	except	for	the	Vicuña	Project,	which	is	an	independently	managed	
joint	operation.	The	Company	has	included	its	50%	share	of	the	respective	assets,	liabilities,	expenses,	and	cash	flows	of	the	
Vicuña	Project	in	the	condensed	interim	consolidated	financial	statements	for	the	three	and	nine	months	ended	September	
30,	2025.
On	April	16,	2025,	the	Company	completed	the	previously	announced	transaction	to	sell	its	interest	in	the	Neves-Corvo	and	
Zinkgruvan	mines	located	in	Portugal	and	Sweden,	respectively.	Prior	to	their	disposal,	these	assets	were	reported	as	assets	
held	for	sale	and	their	associated	liabilities	as	liabilities	held	for	sale	in	the	Company's	consolidated	financial	statements	and	
MD&A	for	the	year	ended	December	31,	2024.	The	results	from	these	operations	are	reported	as	discontinued	operations	
in	the	Company's	condensed	interim	consolidated	financial	statements	for	the	three	and	nine	months	ended	September	30,	
2025.	For	further	information	refer	to	Note	3	"Discontinued	Operations"	of	those	financial	statements.	
Table	of	Contents
Highlights   ............................................................................................................................................................................... 1
Outlook     .................................................................................................................................................................................. 6
Selected	Quarterly	Financial	Information    .............................................................................................................................. 8
Summary	of	Quarterly	Results     ............................................................................................................................................... 10
Revenue	Overview   ................................................................................................................................................................. 12
Financial	Results   ..................................................................................................................................................................... 17
Mining	Operations     ................................................................................................................................................................. 19
Vicuña	Project     ........................................................................................................................................................................ 31
Expansionary	Projects   ............................................................................................................................................................ 32
Exploration	Update ................................................................................................................................................................ 32
Liquidity	and	Capital	Resources      ............................................................................................................................................. 33
Non-GAAP	and	Other	Performance	Measures     ...................................................................................................................... 38
Other	Information	and	Advisories   ......................................................................................................................................... 49
Outstanding	Share	Data    ......................................................................................................................................................... 50

===== SIDA 21 =====

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

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

Highlights
In	the	quarter	ended	September	30,	2025,	the	Company	generated	revenue	from	continuing	operations	of	$1,007.0	million	
(Q3	2024	-	$873.1	million)	which	benefitted	from	higher	realized	copper	and	gold	prices.
Strong	revenues	and	gross	profit	 in	the	quarter	resulted	in	net	earnings	from	continuing	operations	of	 $184.6	million	(Q3	
2024	-	$110.7	million)	and	net	earnings	from	continuing	operations	attributable	to	shareholders	of	 $143.3	million	(Q3	2024	
-	$84.0	million).	Adjusted	EBITDA1	from	continuing	operations	in	the	quarter	was	$489.7	million	(Q3	2024	-	$385.3	million)	
and	adjusted	earnings	per	share1	from	continuing	operations	was	$0.18	per	share	(Q3	2024	-	$0.07	per	share).
Cash	provided	by	operating	activities	related	to	continuing	operations	in	the	quarter	of	 $270.3	million	(Q3	2024	-$81.4	
million)	and	free	cash	flow 1	-	continuing	operations	of	 $110.1	million	(Q3	2024	-	$(77.8)	million)	benefitted	from	higher	
gross	profit	and	lower	working	capital	build.
At	September	30,	2025 ,	the	Company	had	net	debt	excluding	lease	liabilities 1	of	 $107.9	million	(December	31,	2024 	-	
$1,332.4	million).	Net	cash	in	Vicuña	(defined	below)	is	included	on	a	50%	basis,	representing	Lundin	Mining's	attributable	
share.
On	April	16,	2025,	the	Company	completed	the	sale	of	its	Neves-Corvo	operation	in	Portugal	and	Zinkgruvan	operation	in	
Sweden	to	Boliden	AB	("Boliden").	 At	closing,	Lundin	Mining	received	net	cash	proceeds	of	$1,314.6 	million	including	cash	
consideration	of	$1,402.0	million,	net	of	cash	disposed	and	transaction	costs. 	In	connection	with	the	transaction,	the	
Company	may	be	entitled	to	future	contingent	payments	of	up	to	$150.0	million	if	certain	metal	price	thresholds	are	met.	
Upon	completion	of	the	sale,	the	Company	recognized	a	net	gain	on	disposal	of	 $106.4	million.	On	April	23,	2025,	net	cash	
proceeds	from	the	sale	were	used	to	repay	in	full	the	$1,150.0	million	outstanding	balance	of	the	Company's	term	loan	and	
to	repay	$170.0	million	of	amounts	drawn	on	the	Company's	revolving	credit	facility	("RCF").	
On	January	15,	2025,	the	Company	and	BHP	Investments	Canada	Inc.	("BHP")	completed	the	acquisition	of	Filo	Corp.	("Filo")	
through	a	plan	of	arrangement	and	concurrently	formed	a	50/50	joint	arrangement,	Vicuña	Corp.	(the	"Joint	Arrangement"	
or	“Vicuña”),	holding	the	Josemaria	project	in	Argentina	and	the	Filo	del	Sol	project	in	Argentina	and	Chile,	collectively	the	
("Vicuña	Project").	On	completion,	BHP	paid	Lundin	Mining	a	cash	consideration	of	 $689.5	million	for	a	50%	interest	in	the	
Josemaria	project	and	Lundin	Mining	paid	 $610.7	million	(C$877.8	million)	in	cash	and	issued	94.1	million	Lundin	Mining	
shares	to	Filo	shareholders	for	its	50%	interest	in	Filo.	As	a	result	of	these	transactions,	net	cash	provided	to	the	Company	
was	$78.8	million	on	the	formation	of	Vicuña. 	The	Company	accounts	for	 Vicuña	as	a	 joint	operation	and	accordingly	
records	its	50%	share	of	the	assets,	liabilities,	revenue,	expenses	and	cash	flows.
1
1		This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

Operational	Performance
Candelaria	 (80%	 owned):	Candelaria	produced 	37,129	tonnes	of	copper	and 	19,899	ounces	of	gold	in	concentrate	on	a	
100%	 basis	 during	 the	 quarter.	 Mining	 was	 focused	 on	 Phase	 11	 and	 production	 continued	 to	 benefit	 from	 strong	
throughput	in	the	mill	due	to	softer	ore	feed,	finer	ore	size	and	higher	ball	mill	runtime.	Cash	cost1	of	$1.87/lb	in	the	quarter	
was	impacted	by	lower	grades	and	higher	mining	costs,	partially	offset	by	higher	metal	prices	for	by-product	credits	and	
reduced	treatment	and	refining	charges.
Caserones	 (70%	 owned):	Caserones	produced	35,270	tonnes	of	copper	and 	574	tonnes	of	molybdenum	on	a	100%	basis 	
during	the	quarter.	Copper	concentrate	production	was	positively	impacted	by	improved	grades	from	Phase	6,	while	copper	
cathode	production	benefitted	from	increased	material	placed	on	the	dump	leach	in	previous	periods.	Cash	cost	of	$1.86/lb	
in	the	quarter	benefitted	from	strong	throughput	and	higher	grades,	increased	by-product	credits,	decreased	treatment	and	
refining	 charges,	 and	 reduced	 contractor	 expenses.	 Revenue	 in	 the	 quarter	 was	 impacted	 by	 a	 shipment	 of	 copper	
concentrate	scheduled	for	September	that	was	delayed	into	October	due	to	weather	related	issues.	The	shipment	of	
approximately	5,100	tonnes	of	contained	payable	copper,	valued	at	approximately	$50	million,	will	be	recognized	as	
revenue	in	the	fourth	quarter.	
Chapada	(100%	owned):	Chapada	produced	12,600	tonnes	of	copper	and	17,864	ounces	of	gold	in	concentrate	during	the	
quarter.	Ore	from	the	North	and	South	open	pits	continued	to	be	mined	and	processed,	prioritizing	higher-grade	material	
consistent	with	the	planned	mine	sequence.	Production 	in	the	quarter	also	benefitted	from	strong	 throughput,	which	was	
the	highest	since	Q3	2022.	Cash	cost	of	$0.50/lb	was	the	lowest	since	Q4	2020	and	benefitted	from	higher	gold	by-product	
credits	as	a	result	of	increased	realized	gold	prices,	combined	with	higher	throughput	and	grades.
Eagle	 (100%	 owned):	Eagle	produced	2,724	tonnes	of	nickel	and	 2,354	tonnes	of	copper 	in	the	quarter .	Production	was	
positively	impacted	by	strong	throughput	in	the	mill	resulting	in	nickel	cash	cost1	of	$2.11/lb.
Total	Productiona
2025 2024
YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Continuing	Operations
Copper	(t)b 	 244,200	 	 87,353	 	 80,073	 	 76,774	 	 336,875	 	 94,094	 	 91,772	 	 71,614	 	 79,395	
Gold	(oz)b 	 107,730	 	 37,763	 	 38,118	 	 31,849	 	 158,436	 	 46,456	 	 46,712	 	 32,439	 	 32,829	
Nickel	(t) 	 7,733	 	 2,724	 	 2,713	 	 2,296	 	 7,486	 	 1,617	 	 893	 	 1,721	 	 3,255	
Molybdenum	(t)b 	 1,556	 	 574	 	 380	 	 602	 	 3,183	 	 912	 	 693	 	 714	 	 864	
Discontinued	OperationsC
Copper	(t) 	 8,319	 	 —	 	 1,225	 	 7,094	 	 32,192	 	 7,397	 	 8,083	 	 8,094	 	 8,618	
Zinc	(t) 	 58,233	 	 —	 	 9,285	 	 48,948	 	 191,704	 	 51,946	 	 46,610	 	 47,460	 	 45,688	
a	-	Tonnes	(t)	and	ounces	(oz).
b	-	Candelaria	and	Caserones	production	are	on	a	100%	basis.	
c	-	Discontinued	operations	results	are	to	April	16,	2025.
2
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

Corporate	Updates
• On	June	16,	2025,	the	Company	announced	the	filing	of	a	technical	report	entitled	“NI	43-101	Technical	Report	on	the	
Vicuña	Project,	Argentina	and	Chile”,	with	an	effective	date	of	April	15,	2025	(the	"Vicuña	Technical	Report").	On	May	
4,	2025,	the	Company	announced	an	initial	Mineral	Resource	estimate	for	the	Filo	del	Sol	sulphide	deposit,	an	update	
to	the	Mineral	Resource	estimate	for	the	Filo	del	Sol	oxide	deposit	and	an	update	to	the	Mineral	Resource	estimate	for	
the	Josemaria	deposit	(collectively	referred	to	as	the	“Vicuña	Mineral	Resource”),	which	highlighted	the	combined	
Vicuña	Project	as	one	of	the	largest	copper,	gold	and	silver	resources	in	the	world.	Details	of	the	Vicuña	Mineral	
Resource	are	set	out	in	the	Vicuña	Technical	Report.	The	resource	contains:
◦ Contained	copper	of	13	million	tonnes	(“Mt”)	Measured	and	Indicated	(“M&I”)	at	0.35%	copper	and	25	Mt	
Inferred	at	0.32%	copper.
◦ Contained	gold	of	32	million	ounces	(“Moz”)	M&I	at	0.27	g/t	gold	and	49	Moz	Inferred	at	0.19	g/t	gold.
◦ Contained	silver	of	659	Moz	M&I	at	5.6	g/t	silver	and	808	Moz	Inferred	at	3.2	g/t	silver.
• On	May	26,	2025,	the	Company	announced	the	publication	of	its	2024	Sustainability	Report	which	highlights	the	
Company’s	environmental,	health	&	safety,	governance	and	social	performance	during	the	year.	In	2024,	the	Company	
advanced	key	greenhouse	gas	("GHG")	emission	reduction	initiatives,	fully	conformed	to	the	Global	Industry	Standard	
on	Tailings	Management	("GISTM")	at	Caserones'	tailings	facility,	invested	approximately	$6.6	million	in	communities,	
and	had	its	second-best	year	on	record	in	terms	of	Total	Recordable	Injury	Frequency		and	All	Injury	Frequency.
• On	April	16,	2025,	the	Company	announced	the	completion	of	the	sale	of	its	Neves-Corvo	operation	in	Portugal	and	
Zinkgruvan	operation	in	Sweden	to	Boliden.	 At	closing,	Lundin	Mining	received	net	cash	proceeds	of	$1,314.6	million	
including	cash	consideration	of	$1,402.0	million,	net	of	cash	disposed	and	transaction	costs. 	The	Company	may	also	
receive	up	to	$150.0	million	in	contingent	cash	consideration	if	certain	metal	price	thresholds	are	met.	The	Company	
used	a	portion	of	the	cash	proceeds	to	repay	in	full	the	$1,150.0	million	outstanding	balance	of	its	term	loan,	previously	
maturing	in	2027.
• On	March	26,	2025,	the	Company	announced	that	its	Board	of	Directors	amended	the	shareholder	distribution	policy	to	
increase	 the	 level	 of	 share	 buybacks	 while	 adjusting	 the	 dividend	 to	 maintain	 the	 total	 amount	 returned	 to	
shareholders	annually.	As	part	of	this	strategy,	the	Company	adjusted	its	quarterly	dividend	from	C$0.09	per	share	to	
C$0.0275	per	share	while	allocating	up	to	approximately	$150	million	per	annum	in	share	buybacks	through	the	
Company’s	normal	course	issuer	bid	program.	If	the	Company	allocates	less	than	$150	million	in	share	buybacks	in	a	
calendar	year,	the	shortfall	will	be	distributed	as	a	special	dividend.	If	applicable,	the	special	dividend	will	be	paid	
alongside	the	regular	fourth	quarter	dividend.
• On	March	5,	2025,	the	Company	entered	into	an	exclusivity	agreement	with	Talon	Metals	Corp.	("Talon")	to	negotiate	
an	earn-in	agreement	for	the	right	to	acquire	up	to	a	70%	ownership	interest	in	the	Boulderdash	property	that	is	near	
the	Company’s	Eagle	mine,	and	the	Company	advanced	$5.0	million	to	Talon	to	commence	exploration	at	Boulderdash.			
In	September	 2025,	the	exclusivity	agreement	was	terminated,	and	in	October,	Talon	issued	18,502,906	common	
shares	to	the	Company	at	a	deemed	price	of	C$0.3762,	as	settlement	of	the	$5.0	million	advance.
• On	February	19,	2025,	the	Company	announced	the	appointment	of	Ms.	Victoria	McMillan	to	the	Company's	Board	of	
Directors	effective	the	same	date.	The	Company	also	announced	the	retirement	of	Director	Ms.	Juliana	Lam	effective	as	
at	the	2025	annual	general	meeting	of	shareholders	on	May	8,	2025.
• On	January	30,	2025,	the	Company	announced	that	it	received	notice	from	the	Superintendencia	del	Medio	Ambiente	
("SMA")	following	investigative	proceedings	involving	the	sinkhole	that	occurred	at	the	Alcaparrosa	mine	located	in	the	
Candelaria	complex	in	2022.	The	notice	levies	a	fine	of	$3.3	million	and	orders	the	continued	closure	of	the	Alcaparrosa	
mine,	based	on	four	violations	investigated.	On	September	7,	2025,	the	Company	announced	that	it	received	notice	
regarding	 the	 decision	 on	 the	 civil	 claim	 brought	 by	 the	 Chilean	 State	 Defense	 Council	 against	 Lundin	 Mining’s	
subsidiary,	Minera	Ojos	del	Salado	(“Ojos	del	Salado”),	related	to	the	sinkhole.	The	decision	requires	Ojos	del	Salado	to	
implement	remediation	activities	on	the	impacted	area	and	to	implement	water	infrastructure	projects	to	strengthen	
rural	potable	water	and	wastewater	systems	in	communities	surrounding	the	mine.	Mining	operations	at	Alcaparrosa	
have	been	suspended	since	the	incident	occurred	in	2022	while	operations	at	the	Candelaria	mine	continue	unaffected.	
3

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

• On	January	15,	2025,	the	Company	and	BHP	completed	the	joint	acquisition	of	all	of	the	issued	and	outstanding	
common	shares	of	Filo	not	already	owned	by	Lundin	Mining,	BHP	and	their	respective	affiliates	(the	“Filo	Acquisition”).	
Concurrently,	Lundin	Mining	and	BHP	formed	Vicuña.	On	completion,	BHP	paid	Lundin	Mining	a	cash	consideration	of	
$689.5	million	for	a	50%	interest	in	the	Josemaria	project	and	Lundin	Mining	paid	 $610.7	million	(C$877.8	million)	in	
cash	and	94.1	million	Lundin	Mining	shares	to	Filo	shareholders	for	its	50%	interest	in	Filo.
Financial	Performance
• Gross	profit	from	continuing	operations	 in	the	quarter	of	$347.7	million	was	$81.5	million	higher	than	the	prior	year	
comparable	period	of	 $266.2	million.	The	 increase	was	primarily	due	to	higher	 realized	copper	and	gold	prices	and	
lower	treatment	charges,	partially	offset	by	lower	sales	volumes	at	Candelaria	and	increased	depreciation	expense.	 On	
a	year-to-date	basis,	gross	profit	from	continuing	operations	was	$927.9	million,	an	increase	of	$235.7	million	from	the	
prior	year	comparable	period	of	 $692.2	million.	The	increase	in	the	year-to-date	period	also	reflects	higher	realized	
copper	and	gold	prices	and	lower	treatment	charges,	partially	offset	by	increased	mine	and	mill	costs	at	Candelaria.
• Net	earnings	from	continuing	operations	in	the	quarter	increased	to	$184.6	million	from	$110.7	million	in	the	prior	year	
comparable	period	and	on	a	year-to-date	basis	increased	to	 $525.5	million	from	 $313.0	million	in	the	prior	year	
comparable	period.	Increases	in	both	periods	were 	primarily	due	to	higher	gross	profit	combined	with	lower	interest	
expense	from	reduced	net	debt.	
• Adjusted	earnings1	from	continuing	operations 	in	the	 quarter	and	year-to-date	periods	of	 $152.3	million	and	$344.4	
million,	respectively,	increased	from	$57.2	million	and	$196.9	million	in	the	prior	year	comparable	periods	primarily	as	
a	result	of	higher	gross	profit.	
• Cash	provided	by	operating	activities	related	to	continuing	operations 	in	the	quarter	of	$270.3	million	increased	from	
$81.4	million	in	the	prior	year	comparable	period	primarily	due	to	higher	gross	profit	and	a	lower	working	capital	build.	
On	a	year-to-date	basis,	higher	cash	income	taxes	paid	at	Candelaria	contributed	to	a	decrease	in	cash	provided	by	
operating	activities	related	to	continuing	operations	from	$753.6	million	in	the	prior	year	comparable	period	to	$707.2	
million	in	the	year-to-date	period.
• In	the	quarter,	sustaining	capital	expenditures2	from	continuing	operations	of	$109.1	million	were	consistent	with	the	
prior	year	comparable	period	of	$109.3	million.	Sustaining	capital	expenditures	from	continuing	operations	in	the	year-
to-date	period	of	$337.6	million	were	lower	than	in	the	prior	year	comparable	period	of	$412.4	million	primarily	due	to	
decreased	spending	at	Candelaria	as	a	result	of	reduced	deferred	stripping	and	timing	of	spending	on	mine	equipment.
• Expansionary	capital	expenditures 1	 of	$51.1	million	in	the	 quarter	were	consistent	with	the	prior	year	comparable	
period	of	$49.9	million.	Expansionary	capital	expenditures	of	$147.7	million	in	the	year-to-date	period	were	lower	than	
the	prior	year	comparable	period	of	$193.0	million	due	to	the	formation	of	Vicuña	on	January	15,	2025.	From	this	date,	
the	Company's	expansionary	capital	expenditures	include	50%	of	Vicuña's	capital	expenditures.	
• Free	cash	flow1	from	continuing	operations	in	the	quarter	of	$110.1	million	increased	from	negative	free	cash	flow	of	
$77.8	million	in	the	prior	year	comparable	period	 due	to	increased	cash	provided	by	operating	activities	related	to	
continuing	operations.	Free	cash	flow	from	continuing	operations	in	the	year-to-date	period	of	$221.9	million	increased	
from	 $148.2	 million	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 lower	 spending	 on	 sustaining	 and	
expansionary	 capital	 expenditures,	 partially	 offset	 by	 reduced	 cash	 provided	 by	 operating	 activities	 related	 to	
continuing	operations.	
• The	operating	results	of	the	Neves-Corvo	and	Zinkgruvan	reporting	segments	are	reported	as	net	earnings	from	
discontinued	 operations.	 Net	 earnings	 from	 discontinued	 operations	 in	 the	 quarter	 of	 $19.6	 million	 consists	 of	
revaluation	of	contingent	consideration.
4
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
2	This	is	a	supplementary	financial	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

Financial	Position	and	Financing
• Cash	and	cash	equivalents	as	at	 September	30,	2025	were	$290.3	million,	representing	an	increase	of	 $11.0	million	
during	the	quarter.	Cash	provided	by	operating	activities	related	to	continuing	operations	in	the	 quarter	of	 $270.3	
million	was	used	to	fund	investing	activities	of	 $165.6	million,	which	primarily	included	a	 $163.8	million	investment	in	
mineral	properties,	plant	and	equipment.	Cash	used	in	financing	activities	related	to	continuing	operations	in	the	
quarter	amounted	to	 $93.4	million,	primarily	consisting	of	 dividends	and	distributions	to	non-controlling	interests,	
combined	with	net	payments	on	the	Company's	RCF.
• As	at	September	30,	2025,	the	Company	had	net	debt 1	of	$341.4	million	and	net	debt	excluding	lease	liabilities 1	of	
$107.9	million.	As	at	November	5,	2025,	the	Company	had	cash	of	approximately	 $225	million	and	net	debt	excluding	
lease	liabilities	of	approximately	$100	million.	
5
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

2025	Outlook
Annual	guidance	for	2025	is	being	updated	from	that	disclosed	in	the	Company's	MD&A	for	the	three	and	six	months	ended	
June	30,	2025.
The	Company	remains	on	track	to	meet	or	exceed	annual	consolidated	production	guidance	for	all	metals	as	published	in	
the	MD&A	for	the	three	and	six	months	ended	June	30,	2025.	The	total	annual	production	guidance	range	for	copper	is	
increasing	with	the	midpoint	of	guidance	moving	up	by	approximately	11,500	tonnes.	Candelaria	is	tightening	both	the	
lower	and	upper	range	for	copper	and	the	upper	range	for	gold,	while	Caserones	is	increasing	copper	production	guidance	
for	the	year	due	to	higher	cathode	production.	No	changes	in	production	guidance	at	Chapada	are	being	made.	For	nickel,	
the	lower	range	of	guidance	is	increasing	to	reflect	expected	results	according	to	the	latest	mine	plan.	
In	light	of	higher	expected	sales	volumes	and	by-product	credits,	the	cash	cost	guidance	ranges	for	Caserones,	Chapada	and	
Eagle	are	reducing	from	those	disclosed	in	the	MD&A	for	the	three	and	six	months	ended	June	30,	2025.	The	total	copper	
cash	cost	guidance	and	the	total	nickel	cash	cost	guidance	are	decreasing	as	a	result.
At	Candelaria,	production	in	the	remainder	of	the	year	is	expected	to	be	in	line	with	previous	quarters	to	meet	the	
Company's	annual	production	guidance	for	2025.	Cash	cost	at	Candelaria	is	tracking	to	the	mid-point	of	guidance	for	the	
full-year.
At	Caserones,	higher	copper	head	grades	experienced	in	the	third	quarter	are	expected	to	continue	into	the	fourth	quarter	
and	together	with	strong	cathode	production	are	expected	to	sustain	the	Company's	revised	annual	production	guidance	
for	2025.	Annual	cash	cost	guidance	at	Caserones	is	being	reduced	to	reflect	higher	sales	volume,	lower	labour	costs	and	
higher	by-product	credits.
At	Chapada,	production	is	expected	to	be	weighted	to	the	second	half	of	the	year	as	copper	grades	and	recoveries	in	the	
fourth	quarter	are	expected	to	remain	in	line	with	the	third	quarter.	Cash	cost	at	Chapada	is	expected	to	continue	
benefitting	from	higher	gold	prices,	leading	to	a	further	reduction	in	annual	guidance	as	compared	to	that	disclosed	in	the	
MD&A	for	the	three	and	six	months	ended	June	30,	2025.
At	Eagle,	grades	and	mining	rates	are	expected	to	remain	inline	with	the	third	quarter	for	the	remainder	of	the	year,	
supporting	annual	production	guidance.	Cash	cost	guidance	at	Eagle	are	decreasing	due	to	lower	labour	costs	and	higher	
by-product	credits.
2025	Production	and	Cash	Cost	Guidance
	Guidancea 	Revised	Guidance
(contained	metal) Production Cash	Cost	($/lb)b Production Cash	Cost	($/lb)b
Copper	(t) Candelaria	(100%) 140,000	–	150,000 1.80	–	2.00c 143,000	–	149,000 1.80	–	2.00c
Caserones	(100%) 115,000	–	125,000 2.40	–	2.60 127,000	–	133,000 2.15	–	2.25
Chapada 40,000	–	45,000 1.10	–	1.30d 40,000	–	45,000 0.90	–	1.00d
Eagle 8,000	–	10,000 9,000	–	10,000
Total 303,000	–	330,000 1.95	–	2.15 319,000	–	337,000 1.85	–	2.00
Gold	(oz) Candelaria	(100%) 78,000	–	88,000 78,000	–	84,000
Chapada 57,000	–	62,000 57,000	–	62,000
Total 135,000	–	150,000 135,000	–	146,000
Nickel	(t) Eagle 8,000	–	11,000 3.05	–	3.25 9,000	–	11,000 2.30	–	2.40
a.	Guidance	as	outlined	in	the	MD&A	for	the	three	and	six	months	ended	June	30,	2025.
b.	2025	cash	costs	are	based	on	various	assumptions	and	estimates,	including	but	not	limited	to:	production	volumes,	commodity	prices	(Cu:	$4.40/lb,	
Au:	$3,500/oz,	Mo:	$20.00/lb,	Ag:	$40.00/oz),	foreign	exchange	rates	(USD/CLP:950,	USD/BRL:5.50)	and	operating	costs.	Cash	cost	is	a	non-GAAP	
measure	-	see	section	'Non-GAAP	and	Other	Performance	Measures'	of	this	MD&A	for	discussion.
c.	68%	of	Candelaria's	total	gold	and	silver	production	are	subject	to	a	streaming	agreement.	Cash	cost	is	calculated	based	on	receipt	of	approximately	
$433/oz	gold	and	$4.32/oz	silver.
d.	Chapada's	cash	cost	is	calculated	on	a	by-product	basis	and	does	not	include	the	effects	of	its	copper	stream	agreements	which	are	reflected	in	copper	
revenue	and	will	impact	realized	price	per	pound.
6

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

2025	Capital	Expenditure	Guidance1,2
Annual	capital	expenditure	guidance	is	being	reduced	to	$750	million	from	$795	million	with	deferrals	at	Candelaria	and	
Caserones.
($	millions) 	Guidance3 Revisions Revised	Guidance
Candelaria	(100%	basis) 205 — 205
Caserones	(100%	basis) 200 (20) 180
Chapada 100 — 100
Eagle 25 — 25
Other — — —
Total	Sustaining 530 (20) 510
Expansionary	-	Candelaria	(100%	basis) 50 (25) 25
Expansionary	-	Vicuña	(50%	basis) 215 — 215
Total	Capital	Expenditures 795 (45) 750
1	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.
2	Capital	expenditures	are	based	on	various	assumptions	and	estimates,	including,	but	not	limited	to	foreign	currency	exchange	rates	(USD/CLP:	950,	
USD/BRL:	5.50).
3	Guidance	as	outlined	in	the	MD&A	for	the	three	and	six	months	ended	June	30,	2025.
2025	Exploration	Investment	Guidance
Total	exploration	expenditure	guidance	for	2025	remains	at	$40	million.	
7

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

Selected	Quarterly	Financial	Information	
Three	months	ended
September	30,
Nine	months	ended
September	30,
($	millions	continuing	operations	except	where	noted) 2025 2024 2025 2024
Revenue 	 1,007.0	 	 873.1	 	 2,908.1	 	 2,563.7	
Costs	of	goods	sold:
Production	costs 	 (490.5)	 	 (455.8)	 	 (1,514.0)	 	 (1,411.8)	
Depreciation,	depletion	and	amortization 	 (168.8)	 	 (151.1)	 	 (466.2)	 	 (459.7)	
Gross	profit 	 347.7	 	 266.2	 	 927.9	 	 692.2	
Net	earnings	from	continuing	operations	attributable	to:
Lundin	Mining	shareholders 	 143.3	 	 84.0	 	 407.4	 	 206.5	
Non-controlling	interests 	 41.3	 	 26.7	 	 118.1	 	 106.5	
Net	earnings	from	continuing	operations	 	 184.6	 	 110.7	 	 525.5	 	 313.0	
Net	earnings	from	discontinued	operations1 	 19.6	 	 17.2	 	 108.3	 	 30.1	
Net	earnings	attributable	to:
Lundin	Mining	shareholders 	 162.9	 	 101.2	 	 515.7	 	 236.6	
Non-controlling	interests 	 41.3	 	 26.7	 	 118.1	 	 106.5	
Net	earnings 	 204.2	 	 127.9	 	 633.8	 	 343.1	
Adjusted	earnings3	(all	operations) 	 152.3	 	 72.5	 	 398.4	 	 239.7	
Adjusted	earnings3	—	continuing	operations 	 152.3	 	 57.2	 	 344.4	 	 196.9	
Adjusted	earnings1,3	—	discontinued	operations 	 —	 	 15.3	 	 54.0	 	 42.8	
Adjusted	EBITDA3	(all	operations) 	 489.7	 	 457.7	 	 1,336.5	 	 1,281.4	
Adjusted	EBITDA3	—	continuing	operations 	 489.7	 	 385.3	 	 1,272.5	 	 1,093.7	
Adjusted	EBITDA1,3	—	discontinued	operations 	 —	 	 72.4	 	 64.0	 	 187.8	
Cash	provided	by	operating	activities	(all	operations) 	 270.3	 	 139.3	 	 781.7	 	 898.6	
Cash	provided	by	operating	activities	related	to	continuing	
operations 	 270.3	 	 81.4	 	 707.2	 	 753.6	
Cash	provided	by	operating	activities	related	to	discontinued	
operations1 	 —	 	 57.9	 	 74.5	 	 145.0	
Adjusted	operating	cash	flow3	(all	operations) 	 382.9	 	 305.2	 	 1,054.9	 	 988.7	
Adjusted	operating	cash	flow3	—	continuing	operations 	 382.9	 	 243.0	 	 997.1	 	 828.2	
Adjusted	operating	cash	flow1,3	—	discontinued	operations 	 —	 	 62.2	 	 57.8	 	 160.5	
Free	cash	flow	from	operations3	(all	operations) 	 168.9	 	 1.8	 	 423.3	 	 407.0	
Free	cash	flow	from	operations3	—	continuing	operations 	 168.9	 	 (17.6)	 	 401.5	 	 373.6	
Free	cash	flow	from	operations1,3	—	discontinued	operations 	 —	 	 19.4	 	 21.8	 	 33.4	
Free	cash	flow3	(all	operations) 	 110.1	 	 (61.7)	 	 238.3	 	 173.4	
Free	cash	flow3	—	continuing	operations 	 110.1	 	 (77.8)	 	 221.9	 	 148.2	
Free	cash	flow1,3	—	discontinued	operations 	 —	 	 16.1	 	 16.4	 	 25.2	
Capital	expenditures4	—	continuing	operations 	 163.8	 	 163.6	 	 497.3	 	 616.0	
Capital	expenditures2,4	—		discontinued	operations 	 —	 	 41.8	 	 58.1	 	 119.8	
1	Discontinued	operations	results	include	financial	results	to	April	16,	2025	and	the	revaluation	of	contingent	consideration	at	September	30,	2025.
2	Discontinued	operations	results	are	to	April	16,	2025.
3	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
4	Capital	expenditures	are	reported	on	a	cash	basis,	as	presented	in	the	consolidated	statement	of	cash	flows.
8

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

Three	months	ended
September	30,
Nine	months	ended
September	30,
2025 2024 2025 2024
Per	share	amounts:
Basic	earnings	per	share	("EPS")	attributable	to	shareholders 	 0.19	 	 0.13	 	 0.60	 	 0.31	
Diluted	EPS	attributable	to	shareholders 	 0.19	 	 0.13	 	 0.60	 	 0.30	
Basic	and	diluted	EPS	from	continuing	operations	attributable	
to	shareholders 	 0.17	 	 0.11	 	 0.48	 	 0.27	
Basic	and	diluted	EPS	from	discontinued	operations	
attributable	to	shareholders1 0.02 	 0.02	 	 0.13	 	 0.04	
Adjusted	EPS2	(all	operations) 	 0.18	 	 0.09	 	 0.47	 	 0.31	
Adjusted	EPS2	—	continuing 	 0.18	 	 0.07	 	 0.41	 	 0.25	
Adjusted	EPS1,2	—	discontinued 	 —	 	 0.02	 	 0.06	 	 0.06	
Adjusted	operating	cash	flow	per	share2	(all	operations) 	 0.45	 	 0.39	 	 1.23	 	 1.28	
Adjusted	operating	cash	flow	per	share2	—	continuing 	 0.45	 	 0.31	 	 1.17	 	 1.07	
Adjusted	operating	cash	flow	per	share1,2	—	discontinued 	 —	 	 0.08	 	 0.06	 	 0.21	
Dividends	declared	(C$/share) 	 0.0275	 	 0.0900	 	 0.1450	 	 0.2700	
($	millions)
September	30,	
2025
December	31,	
2024
Total	assets 	 10,031.1	 	 10,406.7	
Total	debt	and	lease	liabilities 	 627.6	 	 2,006.1	
Net	debt	excluding	lease	liabilities2 	 (107.9)	 	 (1,332.4)	
1	Discontinued	operations	results	include	financial	results	to	April	16,	2025	and	the	revaluation	of	contingent	consideration	at	September	30,	2025.
2	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
9

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

Summary	of	Quarterly	Results1
($	millions,	except	per	share	data) Q3-25 Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23
Revenue	from	continuing	operations 	1,007.0	 	 937.2	 	 963.9	 	 858.9	 	 873.1	 	 878.3	 	 812.3	 	 893.4	
Gross	profit	from	continuing	operations 	 347.7	 	 271.3	 	 308.9	 	 250.6	 	 266.2	 	 228.6	 	 197.5	 	 177.8	
Net	earnings	(loss)	from	continuing	operations 	 184.6	 	 159.6	 	 181.4	 	 (159.6)	 	 110.7	 	 119.4	 	 83.0	 	 40.4	
-	attributable	to	shareholders 	 143.3	 	 126.1	 	 138.1	 	 (195.3)	 	 84.0	 	 84.3	 	 38.3	 	 12.5	
	Net	earnings	(loss)	from	discontinued	
operations3
	 19.6	 	 102.4	 	 (13.8)	 	 (244.8)	 	 17.2	 	 37.3	 	 (24.4)	 	 26.3	
Adjusted	earnings2	(all	operations) 	 152.3	 	 99.9	 	 146.3	 	 119.3	 	 72.5	 	 122.1	 	 45.3	 	 79.7	
Adjusted	earnings2	from	continuing	operations 	 152.3	 	 98.3	 	 94.0	 	 94.9	 	 57.2	 	 83.4	 	 56.4	 	 72.4	
Adjusted	earnings	(loss)2,3	from	discontinued	
operations
	 —	 	 1.6	 	 52.3	 	 24.4	 	 15.3	 	 38.7	 	 (11.1)	 	 7.3	
Adjusted	EBITDA2	(all	operations) 	 489.7	 	 395.8	 	 450.8	 	 425.6	 	 457.7	 	 460.9	 	 362.9	 	 419.7	
Adjusted	EBITDA2	-	continuing	operations 	 489.7	 	 394.7	 	 387.9	 	 368.3	 	 385.3	 	 370.0	 	 338.7	 	 367.7	
Adjusted	EBITDA2,3	-	discontinued	operations 	 —	 	 1.0	 	 62.7	 	 57.3	 	 72.4	 	 91.0	 	 24.3	 	 52.2	
EPS	-	Basic	and	diluted	(all	operations) 	 0.19	 0.27 	 0.15	 	 (0.57)	 0.13 	 0.16	 	 0.02	 0.05
EPS	-	Basic	and	diluted	from	continuing	
operations
	 0.17	 0.15 	 0.16	 	 (0.25)	 0.11 	 0.11	 	 0.05	 	 0.02	
EPS	-	Basic	and	diluted	from	discontinued	
operations3
	 0.02	 0.12 	 (0.02)	 	 (0.32)	 	 0.02	 	 0.05	 	 (0.03)	 	 0.03	
Adjusted	EPS2	(all	operations) 	 0.18	 	 0.12	 	 0.17	 	 0.15	 	 0.09	 	 0.16	 	 0.06	 	 0.10	
Adjusted	EPS2		-	continuing	operations 	 0.18	 	 0.11	 	 0.11	 	 0.12	 	 0.07	 	 0.11	 	 0.07	 	 0.09	
Adjusted	EPS2,3	-		discontinued	operations 	 —	 	 —	 	 0.06	 	 0.03	 	 0.02	 	 0.05	 	 (0.01)	 	 0.01	
Cash	provided	by	operating	activities	(all	
operations)
	 270.3	 	 334.6	 	 177.0	 	 620.3	 	 139.3	 	 491.8	 	 267.6	 	 306.1	
Cash	provided	by	operating	activities	from	
continuing	operations
	 270.3	 	 314.6	 	 122.3	 	 547.3	 	 81.4	 	 440.1	 	 232.2	 	 249.9	
Cash	provided	by	operating	activities	related	to	
discontinued	operations3
	 —	 	 20.0	 	 54.7	 	 73.0	 	 57.9	 	 51.7	 	 35.4	 	 56.2	
Adjusted	operating	cash	flow	per	share2	(all	
operations)
	 0.45	 	 0.33	 	 0.46	 	 0.40	 	 0.39	 	 0.48	 	 0.41	 	 0.47	
Adjusted	operating	cash	flow	per	share2	—	
continuing	operations
	 0.45	 	 0.32	 	 0.40	 	 0.32	 	 0.31	 	 0.38	 	 0.38	 	 0.39	
Adjusted	operating	cash	flow	per	share2,3	—	
discontinued	operations
	 —	 	 —	 	 0.07	 	 0.08	 	 0.08	 	 0.10	 	 0.03	 	 0.08	
Capital	expenditure5		from	continuing	
operations
	 163.8	 	 157.5	 	 176.0	 	 191.2	 	 163.6	 	 217.2	 	 235.3	 	 205.3	
Capital	expenditure4,5	from	discontinued	
operations
	 —	 	 9.1	 	 49.0	 	 35.2	 	 41.8	 	 41.2	 	 36.7	 	 38.6	
1	The	sum	of	quarterly	amounts	may	differ	from	year-to-date	results	due	to	rounding.
2	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
3	Discontinued	operations	results	include	financial	results	to	April	16,	2025	and	the	revaluation	of	contingent	consideration	at	September	30,	2025.
4	Discontinued	operations	results	are	to	April	16,	2025.
5	Capital	expenditures	are	reported	on	a	cash	basis,	as	presented	in	the	consolidated	statement	of	cash	flows.
10

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

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

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

Revenue	Overview
Sales	Volumes	by	Payable	Metal	-	Continuing	Operations
2025 2024
YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 	 107,618	 	 36,041	 	 36,603	 	 34,974	 	 158,017	 	 49,052	 	 45,430	 	 29,999	 	 33,536	
Caserones	(100%) 	 93,153	 	 26,896	 	 30,076	 	 36,181	 	 113,867	 	 26,750	 	 22,044	 	 29,862	 	 35,211	
Chapada 	 32,627	 	 13,997	 	 10,284	 	 8,346	 	 39,615	 	 10,200	 	 12,380	 	 8,293	 	 8,742	
Eagle 	 5,946	 	 1,908	 	 2,489	 	 1,549	 	 5,457	 	 877	 	 733	 	 1,789	 	 2,058	
	 239,344	 	 78,842	 	 79,452	 	 81,050	 	 316,956	 	 86,879	 	 80,587	 	 69,943	 	 79,547	
Gold	(oz)
Candelaria	(100%) 	 58,837	 	 19,041	 	 20,021	 	 19,775	 	 89,435	 	 27,756	 	 25,971	 	 16,727	 	 18,981	
Chapada 	 44,166	 	 19,735	 	 14,402	 	 10,029	 	 57,777	 	 14,660	 	 18,775	 	 12,368	 	 11,974	
	 103,003	 	 38,776	 	 34,423	 	 29,804	 	 147,212	 	 42,416	 	 44,746	 	 29,095	 	 30,955	
Nickel	(t)
Eagle 	 5,895	 	 1,921	 	 2,226	 	 1,748	 	 5,662	 	 1,088	 	 393	 	 2,018	 	 2,163	
Molybdenum	(t)
Caserones	(100%) 	 1,525	 	 508	 	 389	 	 628	 	 3,056	 	 944	 	 581	 	 695	 	 836	
Silver	(koz)
Candelaria	(100%) 	 1,226	 	 434	 	 395	 	 397	 	 1,799	 	 557	 	 511	 	 331	 	 400	
Chapada 	 103	 	 48	 	 30	 	 25	 	 96	 	 21	 	 24	 	 30	 	 21	
Eagle 	 3	 	 1	 	 —	 	 2	 	 8	 	 1	 	 (1)	 	 7	 	 1	
	 1,332	 	 483	 	 425	 	 424	 	 1,903	 	 579	 	 534	 	 368	 	 422	
12

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

Revenue	Analysis	
Three	months	ended	September	30, Nine	months	ended	September	30,
by	Mine 2025 2024 Change 2025 2024 Change
($	millions) $ % $ % $ $ % $ % $
Candelaria	(100%) 	 426.8	 	43	 	 473.0	 	55	 	 (46.2)	 	 1,250.5	 	43	 	 1,169.8	 	45	 	 80.7	
Caserones	(100%) 	 311.8	 	31	 	 227.9	 	26	 	 83.9	 	 1,020.4	 	35	 	 890.6	 	35	 	 129.8	
Chapada 	 215.3	 	21	 	 160.0	 	18	 	 55.3	 	 480.8	 	17	 	 376.4	 	15	 	 104.4	
Eagle 	 53.1	 	5	 	 12.2	 	1	 	 40.9	 	 156.4	 	5	 	 126.9	 	5	 	 29.5	
Continuing	Operations 	 1,007.0	 	 873.1	 	 133.9	 	 2,908.1	 	 2,563.7	 	 344.4	
Neves-Corvo 	 —	 	—	 	 131.2	 	66	 	 (131.2)	 	 128.3	 	64	 	 340.5	 	64	 	 (212.2)	
Zinkgruvan 	 —	 	—	 	 68.6	 	34	 	 (68.6)	 	 72.4	 	36	 	 189.3	 	36	 	 (116.9)	
Discontinued	Operations1 	 —	 	 199.8	 	 (199.8)	 	 200.7	 	 529.8	 	 (329.1)	
1	Discontinued	operations	results	are	to	April	16,	2025.
Three	months	ended	September	30, Nine	months	ended	September	30,
by	Metal 2025 2024 Change 2025 2024 Change
($	millions) $ % $ % $ $ % $ % $
Copper 	 795.6	 	79	 	 729.3	 	83	 	 66.3	 	 2,368.0	 	81	 	 2,117.6	 	83	 	 250.4	
Gold 	 127.2	 	13	 	 95.0	 	11	 	 32.2	 	 314.0	 	11	 	 211.0	 	8	 	 103.0	
Molybdenum 	 29.9	 	2	 	 23.8	 	3	 	 6.1	 	 70.7	 	2	 	 91.4	 	4	 	 (20.7)	
Nickel 	 30.3	 	3	 	 6.2	 	1	 	 24.1	 	 90.4	 	3	 	 82.6	 	3	 	 7.8	
Silver 	 18.2	 	2	 	 12.9	 	1	 	 5.3	 	 45.4	 	2	 	 34.7	 	1	 	 10.7	
Other 	 5.8	 	1	 	 5.9	 	1	 	 (0.1)	 	 19.6	 	1	 	 26.4	 	1	 	 (6.8)	
Continuing	Operations 	 1,007.0	 	 873.1	 	 133.9	 	 2,908.1	 	 2,563.7	 	 344.4	
Revenue	from	continuing	operations	in	the	quarter	of	 $1,007.0	million	represented	an	increase	of	$133.9	million	over	the	
prior	year	comparable	period	of	 $873.1	million	primarily	due	to	an	increase	in	realized	copper	and	gold	prices,	partially	
offset	by	lower	sales	volumes	at	Candelaria.	At	Caserones,	copper	sales	volumes	in	the	quarter	increased	from	the	prior	
year	comparable	period	in	line	with	higher	production,	but	were	impacted	by	a	timing	difference	between	the	production	
and	shipment	dates	of	approximately	5,100	tonnes	of	contained	payable	copper.	A	shipment	of	copper	concentrate	from	
Caserones	scheduled	for	September	2025	was	delayed	into	October	due	to	weather	related	issues.	On	a	year-to-date	basis,	
revenue	from	continuing	operations	of	 $2,908.1	million	represented	 an	increase	of	 $344.4	million	from	the	prior	year	
comparable	period	of	$2,563.7	million	primarily	due	to	higher	realized	copper	and	gold	prices	and	higher	sales	volume.
Revenue	from	gold	and	silver	in	the	quarter	and	year-to-date	periods	includes	the	partial	recognition	of	an	upfront	
purchase	price	on	the	sale	of	precious	metals	streams	for	Candelaria,	as	well	as	the	cash	proceeds	which	amount	to	
approximately	$433/oz	for	gold	and	 $4.32/oz	for	silver.	Chapada’s	copper	revenue	includes	the	recognition	of	deferred	
revenue	from	copper	streams	acquired	with	the	Chapada	mine,	as	well	as	the	cash	proceeds	of	30%	of	the	market	price	of	
the	copper	sold	under	the	streams,	which	is	limited	to	7.9%	of	Chapada's	total	copper	production.	
Revenue	is	recorded	using	the	metal	price	received	for	sales	that	settle	during	the	reporting	period.	For	sales	that	have	not	
been	settled,	an	estimate	is	used	based	on	the	expected	month	of	settlement	and	the	forward	price	of	the	metal	at	the	end	
of	the	reporting	period.	The	difference	between	the	estimate	and	the	final	price	received	is	recognized	by	adjusting	revenue	
in	the	period	in	which	the	sale	is	settled.	Settlement	dates	can	range	from	one	to	six	months	after	shipment.
13

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

Provisionally	Valued	Revenue	from	Continuing	Operations	as	of	September	30,	2025
Metal Payable	metal Valued	at
Copper 	 78,442		t $4.65	/lb
Gold 	 34,341		oz $3,840	/oz
Nickel 	 675		t $6.85	/lb
Molybdenum 	 604		t $23.48	/lb
14

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

Quarterly	Reconciliation	of	Realized	Prices	-	Continuing	Operations
Three	months	ended	September	30,	2025
($	millions) Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 773.3	 	 134.4	 	 28.8	 	 27.0	 	 32.1	 	 995.6	
Provisional	pricing	adjustments	on	current	
period	concentrate	sales 	 25.6	 	 11.7	 	 0.6	 	 0.4	 	 5.1	 	 43.4	
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales 	 2.5	 	 4.7	 	 0.9	 	 2.5	 	 2.7	 	 13.3	
	 801.4	 	 150.8	 	 30.3	 	 29.9	 	 39.9	 	 1,052.3	
Recognition	of	deferred	revenue 	 17.5	
Copper	stream	cash	effect 	 (6.6)	
Gold	and	silver	stream	cash	effect 	 (51.3)	
Less:	Treatment	and	refining	charges 	 (4.9)	
Total	revenue 	 1,007.0	
Payable	metal 78,842	t 38,776	oz 1,921	t 508	t
Current	period	sales	($/unit)2	 $4.60 $3,768 $6.94 $24.46
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales	($/unit) $0.01 $121 $0.21 $2.24
Realized	prices3,4 $4.61	/lb $3,889	/oz $7.15	/lb $26.70	/lb
Three	months	ended	September	30,	2024
Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 750.7	 	 110.8	 	 6.3	 	 25.5	 	 27.4	 	 920.7	
Provisional	pricing	adjustments	on	current	
period	concentrate	sales 	 17.8	 	 5.0	 	 0.4	 	 —	 	 (3.1)	 	 20.1	
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales 	 (6.2)	 	 3.3	 	 (0.4)	 	 (1.7)	 	 0.6	 	 (4.4)	
	 762.3	 	 119.1	 	 6.3	 	 23.8	 	 24.9	 	 936.4	
Recognition	of	deferred	revenue 	 20.3	
Copper	stream	cash	effect 	 (4.8)	
Gold	and	silver	stream	cash	effect5 	 (45.7)	
Less:	Treatment	&	refining	charges 	 (33.1)	
Total	revenue 	 873.1	
Payable	metal 80,587	t 44,746	oz 393	t 581	t
Current	period	sales	($/unit)2 $4.33 $2,588 $7.63 $19.90
Provisional	pricing	adjustments	on	prior	
period	concentrate	sales	($/unit) $(0.04) $73 $(0.47) $(1.30)
Realized	prices3,4 $4.29	/lb $2,661	/oz $7.16	/lb $18.60	/lb
1.	Revenue	from	contracts	with	customers	before	recognition	of	deferred	revenue,	gold,	silver,	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	in	the	quarter	is	$ 4.57/lb	(Q3	2024:	$4.26/lb).	The	realized	price	for	
gold	inclusive	of	the	impact	of	streaming	agreements	in	the	quarter	is	$2,865/oz	(Q3	2024:	$1,844/oz).
5.	Gold	stream	cash	effect	in	2024	has	been	adjusted	to	conform	with	2025	presentation	by	including	silver	stream	cash	effects	(Q3	2024:	$9.1	
million).
Due	to	volatility	in	commodity	prices	and	the	timing	of	sales	in	the	period,	significant	variances	may	arise	between	average	
market	prices	and	realized	prices.	
15

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

Year-to-Date	Reconciliation	of	Realized	Prices	-	Continuing	Operations
Nine	months	ended	September	30,	2025
($	millions) Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 2,285.7	 	 333.3	 	 90.2	 	 68.8	 	 101.7	 	 2,879.7	
Provisional	pricing	adjustments	on	current	
year	concentrate	sales 	 73.9	 	 29.5	 	 0.8	 	 2.1	 	 9.5	 	 115.8	
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 	 39.6	 	 7.5	 	 (0.6)	 	 (0.3)	 	 1.3	 	 47.5	
	 2,399.2	 	 370.3	 	 90.4	 	 70.6	 	 112.5	 	 3,043.0	
Recognition	of	deferred	revenue 	 52.5	
Copper	stream	cash	effect 	 (19.0)	
Gold	and	silver	stream	cash	effect 	 (139.6)	
Less:	Treatment	and	refining	charges 	 (28.8)	
Total	revenue 	 2,908.1	
Payable	metal	 239,344	t 103,003	oz 5,895	t 1,525	t
Current	period	sales2 $4.47 $3,522 $7.00 $21.09
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales $0.08 $73 $(0.04) $(0.09)
Realized	prices3,4 $4.55	/lb $3,595	/oz $6.96	/lb $21.00	/lb
Nine	months	ended	September	30,	2024
Copper Gold Nickel Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 2,120.8	 	 246.3	 	 80.7	 	 95.8	 	 72.2	 	 2,615.8	
Provisional	pricing	adjustments	on	current	
year	concentrate	sales 	 54.1	 	 13.9	 	 (2.1)	 	 0.2	 	 (1.0)	 	 65.1	
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 	 31.3	 	 0.5	 	 4.6	 	 (4.6)	 	 2.4	 	 34.2	
	 2,206.2	 	 260.7	 	 83.2	 	 91.4	 	 73.6	 	 2,715.1	
Recognition	of	deferred	revenue 	 52.3	
Copper	stream	cash	effect 	 (15.6)	
Gold	and	silver	stream	cash	effect5 	 (99.0)	
Less:	Treatment	&	refining	charges 	 (89.1)	
Total	revenue 	 2,563.7	
Payable	metal 230,077	t 104,796	oz 4,574	t 2,112	t
Current	period	sales2 $4.29 $2,483 $7.79 $20.62
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales $0.06 $4 $0.46 $(0.98)
Realized	prices3,4 $4.35	/lb $2,487	/oz $8.25	/lb $19.64	/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	year-to-date	2025	is	 $4.51/lb	(2024:	$4.32/lb).	The	realized	price	
for	gold	inclusive	of	the	impact	of	streaming	agreements	for	year-to-date	2025	is	$2,511/oz	(2024:	$1,738/oz).
5.	Gold	stream	cash	effect	in	2024	has	been	adjusted	to	conform	with	2025	presentation	by	including	silver	stream	cash	effects	(2024:	$20.4	million).
16

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

Financial	Results
Production	Costs	
Production	costs	for	continuing	operations	in	the	quarter	were	 $490.5	million,	an	increase	from	$455.8	million	in	the	prior	
year	comparable	period.	The	increase	was	primarily	attributable	to	higher	sales	volumes	at	Eagle,	Caserones	and	Chapada,	
and	increased	mine	costs	as	a	result	of	timing	of	deferred	stripping	capitalization	at	Candelaria,	partially	offset	by	reduced	
contractor	expenses	at	Caserones	and	lower	sales	volumes	at	Candelaria.	On	a	year-to-date	basis,	production	costs	were	
$1,514.0	million,	an	increase	from	 $1,411.8	million	in	the	prior	year	comparable	period.	The	increase	primarily	reflects	
higher	 sales	 volumes	 at	 Caserones,	 Eagle	 and	 Chapada,	 and	 increased	 mine	 costs	 at	 Candelaria,	 partially	 offset	 by	
favourable	foreign	exchange.	
Production	Costs Three	months	ended	September	30, Nine	months	ended	September	30,
($	millions) 2025 2024 Change 2025 2024 Change
Candelaria 199.2 	 189.1	 	 10.1	 557.3 	 525.7	 	 31.6	
Caserones 158.5 	 169.4	 	 (10.9)	 607.2 	 576.0	 	 31.2	
Chapada 96.4 	 84.5	 	 11.9	 234.9 	 218.3	 	 16.6	
Eagle 35.2 	 12.5	 	 22.7	 112.7 	 90.8	 	 21.9	
Other 1.2 	 0.3	 	 0.9	 1.9 	 1.0	 	 0.9	
490.5 	 455.8	 	 34.7	 	 1,514.0	 	 1,411.8	 	 102.2	
Depreciation,	Depletion	and	Amortization
Depreciation,	depletion	and	amortization	expense	in	the	quarter	and	year-to-date	periods	increased	by	 $17.7	million	and	
$6.5	million,	respectively,	compared	to	the	prior	year	comparable	periods.	During	the	quarter,	depreciation	at	Caserones	
increased	in	line	with	higher	production	and	sales	 volumes.	On	a	year-to-date	basis,	depreciation	at	Eagle	decreased	
following	impairment	of	mineral	properties	and	property,	plant	and	equipment	in	late	2024,	that	resulted	in	a	lower	asset	
base	for	depreciation.
Depreciation,	depletion	&	amortization Three	months	ended	September	30, Nine	months	ended	September	30,
($	millions) 2025 2024 Change 2025 2024 Change
Candelaria 	 82.9	 	 78.7	 	 4.2	 	 227.0	 	 228.2	 	 (1.2)	
Caserones 	 49.5	 	 39.3	 	 10.2	 	 151.8	 	 145.5	 	 6.3	
Chapada 	 29.7	 	 26.9	 	 2.8	 	 70.0	 	 60.3	 	 9.7	
Eagle 	 6.6	 	 6.2	 	 0.4	 	 17.0	 	 25.3	 	 (8.3)	
Other 	 0.1	 	 —	 	 0.1	 	 0.4	 	 0.4	 	 —	
	 168.8	 	 151.1	 	 17.7	 	 466.2	 	 459.7	 	 6.5	
Finance	Income	and	Costs
Total	finance	costs,	net,	of	$16.7	million	and	$81.0	million	in	the	quarter	and	year-to-date	periods,	respectively,	decreased	
from	$36.7	million	and	$103.2	million	in	the	prior	year	comparable	periods.	The	decreases	were	primarily	due	to	reduced	
interest	expense	following	the	repayment	in	full	of	the	 $1,150.0	million	outstanding	balance	of	the	term	loan	in	April	2025,	
using	a	portion	of	cash	proceeds	from	the	sale	of	the	Neves-Corvo	and	Zinkgruvan	operations.
Period	end	exchange	rates	having	a	meaningful	impact	on	foreign	exchange	recorded	for	continuing	operations	as	at	
September	30,	2025	were:
September	30,	2025	 September	30,	2024	 Change
Brazilian	Real	(USD:BRL) 5.32 5.45 	 (0.13)	
Chilean	Peso	(USD:CLP) 961 896 	 65	
Argentine	Peso	(USD:ARS) 1,367 971 396
17

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

The	average	exchange	rates	impacting	continuing	operations	were:
Three	months	ended	September	30, Nine	months	ended	September	30,
2025 2024 Change 2025 2024 Change
Brazilian	Real	(USD:BRL) 5.45 5.55 	 (0.10)	 5.65 5.24 	 0.41	
Chilean	Peso	(USD:CLP) 959 931 	 28	 957 937 	 19	
Argentine	Peso	(USD:ARS) 1,332 943 389 1,180 888 	 292	
The	average	exchange	rates	impacting	continuing	operations	by	quarter	during	2025	were:
Three	months	ended
September	30,	2025 June	30,	2025 March	31,	2025
Brazilian	Real	(USD:BRL) 5.45 5.67 5.84
Chilean	Peso	(USD:CLP) 959 947 963
Argentine	Peso	(USD:ARS) 1,332 1,150 1,057
Income	Taxes
Income	tax	(expense)/	recovery Three	months	ended	September	30, Nine	months	ended	September	30,
($	millions,	continuing	operations) 2025 2024 Change 2025 2024 Change
Candelaria 	 (67.1)	 	 (86.9)	 	 19.8	 	 (192.9)	 	 (169.5)	 	 (23.4)	
Caserones 	 (10.2)	 	 (1.3)	 	 (8.9)	 	 (20.0)	 	 (41.9)	 	 21.9	
Chapada 	 (17.5)	 	 (5.1)	 	 (12.4)	 	 9.7	 	 (33.7)	 	 43.4	
Eagle 	 (0.6)	 	 3.0	 	 (3.6)	 	 (1.1)	 	 4.9	 	 (6.0)	
Vicuña 	 (1.0)	 	 (2.4)	 	 1.4	 	 (9.8)	 	 48.2	 	 (58.0)	
Other 	 (2.5)	 	 1.5	 	 (4.0)	 	 (5.2)	 	 (3.2)	 	 (2.0)	
	 (98.9)	 	 (91.2)	 	 (7.7)	 	 (219.3)	 	 (195.2)	 	 (24.1)	
Income	taxes	by	classification Three	months	ended	September	30, Nine	months	ended	September	30,
($	millions,	continuing	operations) 2025 2024 Change 2025 2024 Change
Current	income	tax	expense 	 (93.7)	 	 (114.1)	 	 20.4	 	 (228.1)	 	 (210.3)	 	 (17.8)	
Deferred	income	tax	(expense)/	recovery 	 (5.2)	 	 22.9	 	 (28.1)	 	 8.8	 	 15.1	 	 (6.3)	
	 (98.9)	 	 (91.2)	 	 (7.7)	 	 (219.3)	 	 (195.2)	 	 (24.1)	
Current	income	tax	expense	in	the	 quarter	was	lower	than	in	the	prior	comparable	period	primarily	due	to	lower	taxable	
income	at	Candelaria.	In	the	year-to-date	period,	current	income	tax	expense	was	higher	than	in	the	prior	year	comparable	
period	primarily	due	to	foreign	exchange	fluctuations.
Deferred	income	tax	expense	in	the	 quarter	increased	from	the	prior	year	comparable	period,	primarily	due	to	positive	
provisional	pricing	adjustments	at	Candelaria	and	the	recognition	of	deferred	tax	assets	at	Caserones	in	Q3	2024.
Deferred	income	tax	recovery	in	the	year-to-date	period	decreased	from	the	prior	year	comparable	period	primarily	due	to	
higher	deferred	tax	expense	at	Candelaria	from	positive	provisional	pricing	adjustments,	the	recognition	of	a	deferred	tax	
liability	associated	with	outside	basis	differences	on	the	Company’s	investment	in	Vicuña,	and	the	reversal	of	a	deferred	tax	
liability	in	Josemaria	in	the	prior	period	related	to	tax	inflation	adjustments	in	Argentina.	This	decrease	in	deferred	tax	
recovery	was	partially	offset	by	a	deferred	tax	recovery	at	Chapada,	reflecting	the	foreign	exchange	revaluation	of	non-
monetary	assets	driven	by	the	strengthening	of	the	BRL	against	the	USD	as	of	 September	30,	2025,	as	well	as	the	utilization	
of	losses	at	Caserones	in	the	prior	period.
18

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

Mining	Operations
Production	Overview
2025 2024
YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 111,199 37,129 36,999 37,071 162,487 48,772 50,018 31,170 32,527
Caserones	(100%) 93,269 35,270 29,290 28,709 124,761 31,737 29,033 29,775 34,216
Chapada 32,783 12,600 11,274 8,909 43,261 12,323 11,694 9,106 10,138
Eagle 6,949 2,354 2,510 2,085 6,366 1,262 1,027 1,563 2,514
Continuing	Operations 244,200 87,353 80,073 76,774 336,875 94,094 91,772 71,614 79,395
Neves-Corvo1 7,348 — 1,225 6,123 28,228 7,139 6,698 7,347 7,044
Zinkgruvan1 971 — — 971 3,964 258 1,385 747 1,574
Total 252,519 87,353 81,298 83,868 369,067 101,491 99,855 79,708 88,013
Zinc	(t)
Neves-Corvo1 32,356 — 4,665 27,691 109,571 27,879 29,509 25,696 26,487
Zinkgruvan1 25,877 — 4,620 21,257 82,133 24,067 17,101 21,764 19,201
Total 58,233 — 9,285 48,948 191,704 51,946 46,610 47,460 45,688
Gold	(oz)
Candelaria	(100%) 61,473 19,899 20,574 21,000 93,021 27,842 28,835 17,679 18,665
Chapada 46,257 17,864 17,544 10,849 65,415 18,614 17,877 14,760 14,164
Total 107,730 37,763 38,118 31,849 158,436 46,456 46,712 32,439 32,829
Nickel	(t)
Eagle 7,733 2,724 2,713 2,296 7,486 1,617 893 1,721 3,255
Molybdenum	(t)
Caserones	(100%) 1,556 574 380 602 3,183 912 693 714 864
Lead	(t)
Neves-Corvo1 2,361 — 369 1,992 6,395 1,553 1,851 1,387 1,604
Zinkgruvan1 9,291 — 1,705 7,586 30,888 9,481 5,693 8,966 6,748
Total 11,652 — 2,074 9,578 37,283 11,034 7,544 10,353 8,352
Silver	(koz)
Candelaria	(100%) 1,357 477 431 449 1,985 598 605 367 415
Chapada 192 73 69 50 245 69 63 55 58
Eagle 30 15 5 10 35 7 3 17 8
Continuing	Operations 1,579 565 505 509 2,265 674 671 439 481
Neves-Corvo1 534 — 75 459 1,876 494 425 433 524
Zinkgruvan1 737 — 152 585 2,513 637 537 699 640
Total 2,850 565 732 1,553 6,654 1,805 1,633 1,571 1,645
1	Neves-Corvo	and	Zinkgruvan	results	are	to	April	16,	2025.
19

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

Production	Cost	and	Cash	Cost	Overview	($	millions,	$/lb)
Three	months	ended
September	30,
Nine	months	ended
September	30,
($	millions) 2025 2024 2025 2024
Candelaria
Production	costs $199.2 $189.1 $557.3 $525.7
Gross	cost 	 2.49	 	 2.01	 	 2.38	 	 2.31	
By-product1 	 (0.62)	 	 (0.46)	 	 (0.57)	 	 (0.48)	
Cash	Cost	(Cu,	$/lb)2 	 1.87	 	 1.55	 	 1.81	 	 1.83	
All-in	Sustaining	Cost	("AISC")	(Cu,	$/lb)2 	 2.55	 	 2.23	 	 2.51	 	 2.85	
Caserones
Production	costs $158.5 $169.4 $607.2 $576.0
Gross	cost 	 2.52	 	 3.50	 	 2.83	 	 3.02	
By-product1 	 (0.66)	 	 (0.54)	 	 (0.52)	 	 (0.51)	
Cash	Cost	(Cu,	$/lb)2 	 1.86	 	 2.96	 	 2.31	 	 2.51	
AISC	(Cu,	$/lb)2 	 2.74	 	 3.95	 	 3.17	 	 3.45	
Chapada
Production	costs $96.4 $84.5 $234.9 $218.3
Gross	cost 	 2.97	 	 3.19	 	 3.09	 	 3.42	
By-product1 	 (2.47)	 	 (1.82)	 	 (2.26)	 	 (1.67)	
Cash	Cost	(Cu,	$/lb)2 	 0.50	 	 1.37	 	 0.83	 	 1.75	
AISC	(Cu,	$/lb)2 	 1.58	 	 2.34	 	 2.14	 	 3.16	
Consolidated3
Production	costs $454.1 $443.0 $1,399.4 $1,320.0
Gross	cost 	 2.59	 	 2.60	 	 2.66	 	 2.73	
By-product1 	 (0.98)	 	 (0.69)	 	 (0.79)	 	 (0.65)	
Cash	Cost	(Cu,	$/lb)2 	 1.61	 	 1.91	 	 1.87	 	 2.08	
Eagle
Production	costs $35.2 $12.5 $112.7 $90.8
Gross	cost 	 7.50	 	 14.18	 	 7.69	 	 8.35	
By-product1 	 (5.39)	 	 (6.94)	 	 (5.07)	 	 (4.39)	
Cash	Cost	(Ni,	$/lb)2 	 2.11	 	 7.24	 	 2.62	 	 3.96	
AISC	(Ni,	$/lb)2 	 4.96	 	 20.02	 	 5.18	 	 7.13	
1	By-product	is	after	related	treatment	and	refining	charges.
2	Cash	Cost	per	pound	sold	and	AISC	per	pound	sold	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	
MD&A	for	discussion.
3	Consolidated	Cash	Cost	includes	primary	copper	producing	assets	(Candelaria,	Caserones,	and	Chapada)	from	continuing	operations.
																																																																
20

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

Discontinued	operations Nine	months	ended
September	30,
($	millions) 2025 2024
Neves-Corvo1
Production	costs 	 90.2	 $250.0
Gross	cost 	 6.35	 	 5.58	
By-product2 	 (4.51)	 	 (3.30)	
Cash	Cost	(Cu,	$/lb)3 	 1.84	 	 2.28	
AISC	(Cu,	$/lb)3 	 3.89	 	 4.06	
Zinkgruvan1
Production	costs $36.9 $92.9
Gross	cost 	 0.97	 	 1.07	
By-product2 	 (0.51)	 	 (0.67)	
Cash	Cost	(Zn,	$/lb)3 	 0.46	 	 0.40	
AISC	(Zn,	$/lb)3 	 1.13	 	 0.83	
1	Neves-Corvo	and	Zinkgruvan	results	are	to	April	16,	2025.
2	By-product	is	after	related	treatment	and	refining	charges.
3	Cash	Cost	per	pound	sold	and	AISC	per	pound	sold	are	non-GAAP	measures,	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	
MD&A	for	discussion.
21

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

Candelaria	(Chile)
Operating	Statistics
2025 2024
(100%	Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 29,083	 	 9,145	 	 9,721	 	 10,217	 	 36,728	 	 12,673	 	 10,784	 	 8,155	 	 5,116	
Ore	milled	(kt) 	 23,607	 	 8,103	 	 7,752	 	 7,752	 	 29,186	 	 7,600	 	 7,183	 	 7,094	 	 7,309	
Grade
Copper	(%) 	 0.51	 	 0.49	 	 0.52	 	 0.52	 	 0.61	 	 0.69	 	 0.76	 	 0.49	 	 0.48	
Gold	(g/t) 	 0.12	 	 0.11	 	 0.12	 	 0.12	 	 0.15	 	 0.17	 	 0.18	 	 0.12	 	 0.11	
Recovery
Copper	(%) 	 92.1	 	 92.6	 	 92.0	 	 91.6	 	 91.8	 	 93.1	 	 92.1	 	 89.5	 	 91.9	
Gold	(%) 	 67.9	 	 67.2	 	 68.2	 	 68.3	 	 67.7	 	 68.2	 	 69.9	 	 62.1	 	 69.8	
Production	(contained	metal)
Copper	(t) 	 111,199	 	 37,129	 	 36,999	 	 37,071	 	 162,487	 	 48,772	 	 50,018	 	 31,170	 	 32,527	
Gold	(oz) 	 61,473	 	 19,899	 	 20,574	 	 21,000	 	 93,021	 	 27,842	 	 28,835	 	 17,679	 	 18,665	
Silver	(koz) 	 1,357	 	 477	 	 431	 	 449	 	 1,985	 	 598	 	 605	 	 367	 	 415	
Sales	volume	(payable	metal)
Copper	(t) 	 107,618	 	 36,041	 	 36,603	 	 34,974	 	 158,017	 	 49,052	 	 45,430	 	 29,999	 	 33,536	
Gold	(oz) 	 58,837	 	 19,041	 	 20,021	 	 19,775	 	 89,435	 	 27,756	 	 25,971	 	 16,727	 	 18,981	
Revenue	($	millions) 	 1,250.5	 	 426.8	 	 404.6	 	 419.1	 	 1,618.9	 	 449.1	 	 473.0	 	 366.4	 	 330.4	
Production	costs	($	millions) 	 557.3	 	 199.2	 	 186.1	 	 172.1	 	 726.8	 	 201.0	 	 189.1	 	 175.4	 	 161.3	
Gross	profit	($	millions) 	 466.2	 	 144.7	 	 143.6	 	 177.8	 	 579.1	 	 163.2	 	 205.2	 	 115.0	 	 95.7	
Cash	cost	($	per	pound	copper)1 	 1.81	 	 1.87	 	 1.81	 	 1.75	 	 1.73	 	 1.53	 	 1.55	 	 2.18	 	 1.89	
Sustaining	capital	($	millions)1 	 144.9	 	 46.9	 	 50.2	 	 47.7	 	 275.7	 	 55.5	 	 60.1	 	 60.5	 	 99.5	
AISC	($	per	pound	copper)1 	 2.51	 	 2.55	 	 2.53	 	 2.46	 	 2.62	 	 2.12	 	 2.23	 	 3.22	 	 3.34	
1AISC	per	pound	sold	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	measure,	see	the	"Non-
GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
Production
Mining	was	focused	in	Phase	11	during	the	quarter	with	production	continuing	to	benefit	from	strong	throughput	in	the	mill	
due	to	softer	ore	feed,	finer	ore	size	and	higher	ball	mill	runtime.	Throughput	was	the	highest	quarterly	amount	since	Q1	
2016.	Production	in	the	quarter	was	comparable	to	preceding	quarters	in	the	year,	and	within	the	planned	mine	sequence.	
In	the	year-to-date	period,	mining	in	the	open	pit	was	focused	on	Phase	11	with	contribution	from	higher	grade	areas	of	
Phase	12	and	production	is	expected	to	continue	at	similar	levels	through	the	fourth	quarter.
Grades	in	the	quarter	were	lower	than	in	the	prior	year	comparable	period	due	to	contribution	from	higher	grade	benches	
of	Phase	11	during	the	prior	year	and	lower	contribution	from	the	underground	mine.	Production	in	the	year-to-date	period	
was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	lower	grades,	partially	offset	by	higher	throughput	due	
to	ore	softness.	As	planned,	average	grades	in	2025	decreased	from	those	realized	in	the	second	half	of	2024	primarily	due	
to	grades	in	the	prior	year	benefitting	from	access	to	higher	grade	benches	of	Phase	11.	
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	and	year-to-date	periods	were	higher	than	in	the	prior	year	comparable	periods	primarily	
due	to	higher	mine	costs	as	a	result	of	timing	of	deferred	stripping	capitalization	in	Phase	12,	partially	 offset	by	lower	sales	
volumes.	
Cash	cost	per	pound	in	the	 quarter	was	higher	than	in	the	prior	year	comparable	period	due	to 	lower	grades	and	elevated	
mining	costs	as	a	result	of	timing	of	deferred	stripping, 	partially	offset	by	higher	metal	prices	for	by-product	credits	and	
reduced	treatment	and	refining	charges.	Cash	cost	per	pound	in	the	year-to-date	period	was	slightly	lower	than	in	the	prior	
year	comparable	period	primarily	due	to	reduced	treatment	charges	and	higher	metal	prices	for	by-product	credits,	partially	
offset	by	higher	mine	and	mill	costs.	AISC	per	pound	in	the	quarter	was	higher	than	in	the	prior	year	comparable	period	
primarily	due	to	increased	cash	cost.	AISC	per	pound	in	the	year-to-date	period	was	lower	than	in	the	prior	year	comparable	
period	primarily	due	to	reduced	sustaining	capital	expenditures.	Sustaining	capital	expenditures	decreased	in	the	year-to-
date	period	compared	to	the	prior	year	comparable	period	 primarily	due	to	reduced	deferred	stripping	and	 timing	of		
spending	on	new	mine	equipment.
22

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

In	the	quarter,	approximately	13,000	oz	of	gold	and	279,000	oz	of	silver	were	subject	to	terms	of	a	streaming	agreement	
from	 which	 approximately	 $433/oz	 gold	 and	 $4.32/oz	 silver	 were	 received.	 This	 represents	 approximately	 68%	 of	
Candelaria's	total	gold	and	silver	production	during	the	quarter.
Gross	Profit	
Gross	profit	in	the	quarter	decreased	from	the	prior	year	comparable	period	primarily	due	to	lower	sales	volumes,	higher	
mine	costs	and	increased	depreciation,	partially	offset	by	higher	realized	copper	prices	and	reduced	treatment	charges.	
Gross	profit	in	the	year-to-date	period	increased	from	the	prior	year	comparable	period	due	to	higher	realized	copper	
prices	and	reduced	treatment	charges,	partially	offset	by	lower	sales	volume	and	higher	mine	and	mill	costs.	
23

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

Caserones	(Chile)
Operating	Statistics
2025 2024
(100%	Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 28,159	 	 8,479	 	 9,680	 	 10,000	 	 30,820	 	 8,557	 	 7,616	 	 7,840	 	 6,807	
Ore	milled	(kt) 	 25,183	 	 8,530	 	 7,984	 	 8,669	 	 32,141	 	 8,759	 	 8,136	 	 7,556	 	 7,690	
Ore	placed	on	leach 	 13,635	 	 3,910	 	 4,962	 	 4,763	 	 10,230	 	 3,563	 	 1,885	 	 2,868	 	 1,914	
Grade
Copper	(%) 	 0.38	 	 0.43	 	 0.37	 	 0.33	 	 0.40	 	 0.36	 	 0.38	 	 0.42	 	 0.44	
Molybdenum	(%) 	 0.010	 	 0.011	 	 0.008	 	 0.011	 	 0.015	 	 0.015	 	 0.016	 	 0.015	 	 0.016	
Recovery
Copper	(%) 	 79.1	 	 79.2	 	 79.9	 	 78.4	 	 78.6	 	 81.9	 	 76.7	 	 75.9	 	 79.7	
Molybdenum	(%) 	 60.8	 	 61.9	 	 56.6	 	 62.6	 	 64.1	 	 68.9	 	 53.3	 	 64.4	 	 70.0	
Production	(contained	metal)
			Copper	in	concentrate	(t) 	 74,740	 	 29,010	 	 23,490	 	 22,240	 	 100,837	 	 25,717	 	 23,708	 	 24,246	 	 27,166	
			Copper	cathode	(t) 	 18,529	 	 6,260	 	 5,800	 	 6,469	 	 23,924	 	 6,020	 	 5,325	 	 5,529	 	 7,050	
Total	copper	(t) 	 93,269	 	 35,270	 	 29,290	 	 28,709	 	 124,761	 	 31,737	 	 29,033	 	 29,775	 	 34,216	
Molybdenum	(t) 	 1,556	 	 574	 	 380	 	 602	 	 3,183	 	 912	 	 693	 	 714	 	 864	
Sales	volume	(payable	metal)
Copper	(t) 	 93,153	 	 26,896	 	 30,076	 	 36,181	 	 113,867	 	 26,750	 	 22,044	 	 29,862	 	 35,211	
Molybdenum	(t) 	 1,525	 	 508	 	 389	 	 628	 	 3,056	 	 944	 	 581	 	 695	 	 836	
Revenue	($	millions) 	 1,020.4	 	 311.8	 	 322.7	 	 385.9	 	 1,153.6	 	 263.0	 	 227.9	 	 336.5	 	 326.2	
Production	costs	($	millions) 	 607.2	 	 158.5	 	 204.7	 	 243.9	 	 776.3	 	 200.3	 	 169.4	 	 208.9	 	 197.7	
Gross	profit	($	millions) 	 261.4	 	 103.8	 	 61.5	 	 96.1	 	 193.3	 	 24.2	 	 19.2	 	 73.1	 	 76.8	
Cash	cost	($	per	pound	copper)1 	 2.31	 	 1.86	 	 2.45	 	 2.52	 	 2.51	 	 2.51	 	 2.96	 	 2.60	 	 2.14	
Sustaining	capital	($	millions)1 	 99.5	 	 29.4	 	 31.9	 	 38.2	 	 144.0	 	 43.0	 	 22.9	 	 35.3	 	 42.8	
AISC	($	per	pound	copper)1 	 3.17	 	 2.74	 3.34 	 3.36	 	 3.48	 	 3.58	 	 3.95	 	 3.58	 	 3.02	
1AISC	per	pound	sold	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	measure,	see	the	"Non-
GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
Production
During	the	quarter	mining	was	concentrated	in	Phase	6,	and	to	a	lesser	extent	in	Phase	7,	and	copper	production	benefitted	
from	improved	grades	in	Phase	6,	combined	with	strong	throughput	and	cathode	production.	Production	in	the	prior	year	
comparable	quarter	and	year-to-date	periods	was	impacted	by	a	14-day	labour	action	in	August	2024,	which	reduced	
throughput	to	approximately	50%	of	capacity.	Copper	production	in	the	quarter	was	higher	than	the	prior	year	comparable	
period	as	a	result	of	improved	grades	from	Phase	6	and	higher	throughput.	Copper	cathode	production	in	the	quarter	
benefitted	from	increased	material	placed	on	the	dump	leach	in	previous	periods.	
Production	in	the	year-to-date	period	was	consistent	with	the	prior	year	comparable	period.	Molybdenum	production	was	
lower	in	the	quarter	and	year-to-date	periods	than	in	the	prior	year	comparable	periods	primarily	due	to	lower	grades.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	were	lower	than	in	the	prior	year	comparable	period	primarily	due	to	reduced	mining	and	
milling	costs,	partially	offset	by	higher	copper	sales	volumes.	Lower	mining	and	milling	costs	reflected	reduced	contractor	
expenses	during	the	quarter.	Production	costs	in	the	year-to-date	period	were	higher	than	in	the	prior	year	comparable	
period	primarily	due	to	an	increase	in	copper	sales	volumes.		
Cash	cost	per	pound	in	the	quarter	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	 higher	throughput	
and	 copper	 grade,	 increased	 by-product	 credits,	 decreased	 treatment	 and	 refining	 charges,	 and	 reduced	 contractor	
expenses.	Cash	cost	per	pound	in	the	year-to-date	period	was	lower	than	in	the	prior	year	comparable	period	primarily	as	a	
result	of	higher	throughput	and	lower	treatment	and	refining	charges.	AISC	per	pound	in	the	quarter	was	lower	than	in	the	
prior	year	comparable	period	primarily	due	to	reduced	cash	cost	 and	lower	lease	payments.	AISC	per	pound	in	the	year-to-
date	period	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	reduced	cash	cost.
24

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

Gross	Profit
Gross	profit	in	the	quarter	and	year-to-date	periods	were	higher	than	in	the	prior	year	comparable	periods	due	to	higher	
sales	volumes	and	elevated	realized	copper	prices.	Gross	profit	in	the	quarter	also	benefitted	from	reduced	mining	and	
milling	costs,	but	was	impacted	by	a	timing	difference	between	the	production	and	shipment	dates	of	approximately	5,100	
tonnes	of	contained	payable	copper.	A	shipment	of	copper	concentrate	from	Caserones	scheduled	for	September	was	
delayed	into	October	due	to	weather	related	issues.	The	related	revenue	and	cost	of	goods	sold	are	expected	to	be	
recorded	in	the	fourth	quarter	of	2025.
25

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

Chapada	(Brazil)
Operating	Statistics
2025 2024
(100%	Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 13,449	 	 5,444	 	 4,725	 	 3,280	 	 21,949	 	 5,084	 	 5,889	 	 5,851	 	 5,125	
Ore	milled	(kt) 	 17,666	 	 6,171	 	 5,675	 	 5,820	 	 22,883	 	 5,945	 	 6,035	 	 5,407	 	 5,496	
Grade
Copper	(%) 	 0.25	 	 0.26	 	0.27	 	0.22	 	0.25	 	0.28	 	0.25	 	0.23	 	0.23	
Gold	(g/t) 	 0.16	 	 0.16	 	0.18	 	0.13	 	0.17	 	0.18	 	0.18	 	0.18	 	0.14	
Recovery
Copper	(%) 	 74.2	 	 78.0	 	73.6	 	70.0	 	77.3	 	76.2	 	78.1	 	74.2	 	81.1	
Gold	(%) 	 51.2	 	 54.6	 	52.7	 	44.3	 	52.2	 	53.4	 	51.5	 	49.3	 	55.3	
Production	(contained	metal)
Copper	(t) 	 32,783	 	 12,600	 	 11,274	 	 8,909	 	 43,261	 	 12,323	 	 11,694	 	 9,106	 	 10,138	
Gold	(oz) 	 46,257	 	 17,864	 	 17,544	 	 10,849	 	 65,415	 	 18,614	 	 17,877	 	 14,760	 	 14,164	
Silver	(koz) 	 192	 	 73	 	 69	 	 50	 	 245	 	 69	 	 63	 	 55	 	 58	
Sales	volume	(payable	metal)
Copper	(t) 	 32,627	 	 13,997	 	 10,284	 	 8,346	 	 39,615	 	 10,200	 	 12,380	 	 8,293	 	 8,742	
Gold	(oz) 	 44,166	 	 19,735	 	 14,402	 	 10,029	 	 57,777	 	 14,660	 	 18,775	 	 12,368	 	 11,974	
Revenue	($	millions) 	 480.8	 	 215.3	 	 150.9	 	 114.6	 	 497.6	 	 121.2	 	 160.0	 	 118.0	 	 98.4	
Production	costs	($	millions) 	 234.9	 	 96.4	 	 75.0	 	 63.5	 	 282.7	 	 64.4	 	 84.5	 	 69.2	 	 64.6	
Gross	profit	($	millions) 	 175.9	 	 89.2	 	 54.0	 	 32.8	 	 165.0	 	 67.2	 	 48.6	 	 30.4	 	 18.8	
Cash	cost	($	per	pound	copper)1 	 0.83	 	 0.50	 	 0.75	 	 1.47	 	 1.58	 	 1.07	 	 1.37	 	 2.05	 	 2.01	
Sustaining	capital	($	millions)1 	 75.7	 	 26.1	 	 27.4	 	 22.2	 	 107.8	 	 32.9	 	 20.5	 	 25.2	 	 29.2	
AISC	($	per	pound	copper)1 	 2.14	 	 1.58	 	 2.24	 	 2.94	 	 3.07	 	 2.81	 	 2.34	 	 3.72	 	 3.79	
1AISC	per	pound	sold	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	measure,	see	the	"Non-
GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
Production	
Ore	from	the	North	and	South	open	pits	continued	to	be	mined	and	processed	during	the	quarter,	prioritizing	higher-grade	
material	consistent	with	the	planned	mine	sequence.	Throughput	in	the	quarter	was	the	highest	since	Q3	2022,	reflecting	
improved	operational	efficiency,	and	reduced	processing	of	lower-grade	stockpiles	contributed	to	stronger	grades	and	
recoveries	as	compared	to	the	first	half	of	2025.
Copper	production	in	the	quarter	and	year-to-date	periods	increased	from	the	prior	year	comparable	periods	primarily	due	
to	higher	throughput	and	grades.	Gold	production	in	the	quarter	and	year-to-date	periods	was	in	line	with	prior	year	
comparable	periods.	
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	increased	from	the	prior	year	comparable	period,	primarily	driven	by	higher	sales	volumes.	
On	a	year-to-date	basis,	production	costs	were	also	higher	than	in	the	prior	year	comparable	period,	mainly	due	to	
increased	 sales	 volumes	 and	 higher	 royalties,	 partially	 offset	 by	 favourable	 foreign	 exchange.	 Chapada	 continued	 to	
advance	initiatives	under	the	Full	Potential	program	which	focuses	on	capturing	sustainable	operational	efficiencies	and	
financial	savings.	 In	July	2025,	a	new	one-year	collective	bargaining	agreement	was	reached	with	the	labour	union	at	
Chapada,	providing	stability	to	labour	costs.
Cash	cost	per	pound	of	$0.50	in	the	quarter	was	the	lowest	since	Q4	2020.	Cash	costs	for	both	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	gold	prices,	combined	with	higher	throughput	and	grades.	Year-to-date	cash	cost	also	benefitted	from	favourable	
foreign	exchange.	AISC	per	pound	in	the	quarter	and	year-to-date	periods	was	lower	than	in	the	prior	year	comparable	
periods	primarily	due	to	lower	cash	cost	per	pound.	Sustaining	capital	expenditures	in	the	quarter	and	year-to-date	periods	
were	higher	than	in	the	prior	year	comparable	periods	mainly	due	to	increased	deferred	stripping.	
26

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

Gross	Profit
Gross	profit	in	the	quarter	and	year-to-date	periods	were	higher	than	in	the	prior	year	comparable	periods	primarily	due	to	
higher	realized	copper	and	gold	prices,	as	well	as	increased	sales	volumes	of	both	metals.	Gross	profit	in	the	year-to-date	
period	also	benefitted	from	favourable	foreign	exchange.
27

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

Eagle	(USA)
Operating	Statistics
2025 2024
(100%	Basis) YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 513 184 167 162 480 117 91 107 	 165	
Ore	milled	(kt) 513 183 169 161 487 121 90 97 	 179	
Grade
Nickel	(%) 	 1.8	 	 1.8	 	1.9	 	1.7	 	1.9	 	1.7	 	1.4	 	2.1	 	2.1	
Copper	(%) 	 1.4	 	 1.3	 	1.6	 	1.4	 	1.4	 	1.1	 	1.2	 	1.7	 	1.5	
Recovery
Nickel	(%) 	 83.9	 	 84.2	 	84.6	 	82.6	 	82.0	 	78.7	 	72.3	 	85.0	 	85.2	
Copper	(%) 	 95.4	 	 95.7	 	95.5	 	95.0	 	95.1	 	94.1	 	94.3	 	95.9	 	95.3	
Production	(contained	metal)
Nickel	(t) 7,733 2,724 2,713 2,296 7,486 1,617 893 1,721 3,255
Copper	(t) 6,949 2,354 2,510 2,085 6,366 1,262 1,027 1,563 2,514
Sales	volume	(payable	metal)
Nickel	(t) 	 5,895	 	 1,921	 	 2,226	 	 1,748	 5,662 	 1,088	 	 393	 	 2,018	 	 2,163	
Copper	(t) 	 5,946	 	 1,908	 	 2,489	 	 1,549	 	 5,457	 	 877	 	 733	 	 1,789	 	 2,058	
Revenue	($	millions) 	 156.4	 	 53.1	 	 59.1	 	 44.3	 	 152.4	 	 25.6	 	 12.2	 	 57.4	 	 57.2	
Production	costs	($	millions) 	 112.7	 	 35.2	 	 40.4	 	 37.2	 	 111.8	 	 21.1	 	 12.5	 	 37.7	 	 40.5	
Gross	profit	(loss)	($	millions) 	 26.7	 	 11.3	 	 12.8	 	 2.6	 	 7.0	 	 (3.8)	 	 (6.5)	 	 9.7	 	 7.6	
Cash	cost	($	per	pound	nickel)1 	 2.62	 	 2.11	 	 2.02	 	 3.94	 	 4.20	 	 5.22	 	 7.24	 	 3.23	 	 4.04	
Sustaining	capital	($	millions)1 	 17.4	 	 6.6	 	 6.4	 	 4.5	 	 21.2	 	 5.2	 	 7.9	 	 4.0	 	 4.1	
AISC	($	per	pound	nickel)1 	 5.18	 	 4.96	 	 4.58	 	 6.20	 	 7.60	 	 9.53	 	 20.02	 	 5.71	 	 6.12	
1AISC	per	pound	sold	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	measure,	see	the	"Non-
GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
Production
Mining	and	processing	activities	were	at	normal	levels	during	the	quarter	following	the	fall	of	ground	in	the	lower	ramp	in	
Eagle	East	in	Q2	2024	which	limited	access	to	Eagle	East	until	ramp	rehabilitation	was	completed	in	Q1	of	this	year.	Reduced	
mining	rates	in	the	comparative	quarter	and	year-to-date	period	as	a	result	of	the	fall	of	ground	was	the	primary	driver	of	
increased	nickel	and	copper	production	in	the	current	quarter	and	year-to-date	period.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	and	year-to-date	periods	were	higher	than	in	the	prior	year	comparable	periods	due	to	
increased	nickel	and	copper	sales	volumes.	 Production	costs	in	the	prior	year	 quarter	and	year-to-date	periods	excluded	
approximately	$14.8	million	and	$24.6	million,	respectively,	of	overhead	costs	that	were	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	lower	than	in	the	prior	year	comparable	periods,	primarily	
reflecting	higher	nickel	production	and	sales	volumes .	Cash	cost	in	the	year-to-date	period	also	benefitted	from	higher	by-
product	credits.	 AISC	per	pound	 in	the	quarter	and	year-to-date 	periods	was	lower	than	in	the	prior	year	comparable	
periods	in	line	with	reduced	cash	costs	per	pound.
Gross	Profit	
Gross	profit	in	the	quarter	and	year-to-date	periods	was	higher	than	in	the	prior	year	comparable	periods	primarily	
reflecting	increased	nickel	and	copper	sales	volumes	as	production	returned	to	normal	levels	following	the	fall	of	ground	in	
Q2	2024.	Both	periods	also	benefitted	from	reduced	depreciation	expense.	
28

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

Neves-Corvo	(Portugal)	
Operating	Statistics	(Discontinued	Operation)
2025 2024
(100%	Basis)	 YTD2 Q22 Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	copper	(kt) 634 88 546 2,412 643 579 602 588
Ore	mined,	zinc	(kt) 643 100 543 2,127 539 571 499 518
Ore	milled,	copper	(kt) 582 78 504 2,426 643 583 601 599
Ore	milled,	zinc	(kt) 622 85 537 2,127 568 540 507 512
Grade
Copper	(%) 	 1.6	 	1.9	 	1.6	 	1.5	 	1.4	 	1.5	 	1.6	 	1.5	
Zinc	(%) 	 6.7	 	6.9	 	6.7	 	6.5	 	6.3	 	7.0	 	6.3	 	6.5	
Lead	(%) 	 1.3	 	1.4	 	1.3	 	1.2	 	1.1	 	1.4	 	1.3	 	1.2	
Recovery
Copper	(%) 	 78.5	 	81.1	 	78.0	 	76.9	 	78.3	 	74.9	 	77.2	 	77.3	
Zinc	(%) 	 76.3	 	79.0	 	75.8	 	77.3	 	76.0	 	76.9	 	78.2	 	78.4	
Lead	(%) 	 29.5	 	31.6	 	29.2	 	24.6	 	25.4	 	24.8	 	21.7	 	26.5	
Production	(contained	metal)
Copper	(t) 7,348 1,225 6,123 28,228 7,139 6,698 7,347 	 7,044	
Zinc	(t) 32,356 4,665 27,691 109,571 27,879 29,509 25,696 	 26,487	
Lead	(t) 2,361 369 1,992 6,395 1,553 1,851 1,387 	 1,604	
Silver	(koz) 	 534	 	 75	 	 459	 	 1,876	 	 494	 	 425	 	 433	 	 524	
Sales	volume	(payable	metal)
Copper	(t) 	 6,745	 	 1,394	 	 5,351	 	 26,721	 	 5,230	 	 7,707	 	 7,898	 	 5,886	
Zinc	(t) 	 27,673	 	 3,823	 	 23,850	 	 88,731	 	 21,357	 	 25,730	 	 20,440	 	 21,204	
Lead	(t) 	 1,920	 	 440	 	 1,480	 	 5,700	 	 1,323	 	 1,811	 	 1,242	 	 1,324	
Revenue	($	millions) 	 128.3	 	 19.8	 	 108.4	 	 438.0	 	 97.5	 	 131.2	 	 128.7	 	 80.6	
Production	costs	($	millions) 	 90.2	 	 14.3	 	 75.9	 	 323.2	 	 73.2	 	 95.2	 	 83.1	 	 71.7	
Gross	(loss)	profit	($	millions) 	 38.1	 	 5.5	 	 32.5	 	 (3.5)	 	 (2.6)	 	 1.3	 	 15.9	 	 (18.1)	
Cash	cost	($	per	pound	copper)1 	 1.84	 	 2.42	 	 1.69	 	 2.19	 	 1.84	 	 2.13	 	 1.70	 	 3.24	
Sustaining	capital	($	millions)1 	 27.7	 	 —	 	 27.7	 	 89.3	 	 12.7	 	 26.3	 	 27.9	 	 22.4	
AISC	($	per	pound	copper)1 	 3.89	 	 2.51	 	 4.25	 	 3.92	 	 3.37	 	 3.84	 	 3.46	 	 5.13	
1AISC	per	pound	sold	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	measure,	see	the	"Non-
GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
2	Neves-Corvo	2025	results	are	to	April	16,	2025.
Production	
Neves-Corvo	was	sold	on	April	16,	2025.	In	2025	through	to	the	date	of	sale,	copper	production	was	lower	than	in	the	prior	
year	comparable	period	due	to	lower	throughput,	and	zinc	production	increased	due	to	higher	throughput	and	grades.		
Production	Costs	and	Cash	Cost
Production	costs	in	2025	through	to	the	date	of	sale	were	higher	than	in	the	prior	year	comparable	period	primarily	due	to	
higher	 zinc	 sales	 volume	 and	 an	 increase	 in	 electricity	 and	 maintenance	 costs,	 partially	 offset	 by	 favourable	 foreign	
exchange.	Electricity	costs	increased	as	a	result	of	higher	market	energy	prices.	
Cash	cost	per	pound	in	Q1	2025	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	higher	by-product	
credits	driven	by	an	increase	in	zinc	sales	volume	and	higher	realized	zinc	prices	as	well	as	favourable	foreign	exchange,	
partially	offset	by	lower	copper	sales	volume.	AISC	per	pound	in	Q1	2025	was	lower	than	AISC	from	the	prior	year	
comparable	period	due	to	lower	cash	cost	per	pound	offset	partially	by	higher	sustaining	capital	expenditures.	
Gross	(Loss)	Profit
Gross	profit	in	2025	through	to	date	of	sale	was	higher	than	the	prior	year	comparable	period	primarily	due	to	no	
depreciation	being	taken	on	assets	classified	as	held	for	sale,	as	well	as	higher	realized	copper	and	zinc	prices	and	lower	
treatment	and	refining	charges,	partially	offset	by	lower	copper	sales	volume	and	higher	electricity	costs.	Net	earnings	were	
impacted	by	a	non-cash	impairment	charge	of	 $66	million	in	Q1	2025	to	recognize	mining	rights	and	mineral	properties	at	
their	estimated	fair	value,	based	on	the	cash	proceeds	received.
29

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

Zinkgruvan	(Sweden)
	
Operating	Statistics	(Discontinued	Operation)
2025 2024
(100%	Basis) YTD2 Q22 Q1 Total Q4 Q3 Q2 Q1
Ore	mined,	zinc	(kt) 393 64 329 1,246 332 300 308 306
Ore	mined,	copper	(kt) 59 — 59 184 8 84 45 47
Ore	milled,	zinc	(kt) 403 66 337 1,239 311 302 313 313
Ore	milled,	copper	(kt) 51 — 51 207 14 76 42 75
Grade
Zinc	(%) 	 7.0	 	7.5	 	6.9	 	7.3	 	8.4	 	6.3	 	7.7	 	6.7	
Lead	(%) 	 2.8	 	3.2	 	2.8	 	3.1	 	3.7	 	2.4	 	3.7	 	2.7	
Copper	(%) 	 2.1	 	—	 	2.1	 	2.2	 	2.0	 	2.1	 	2.0	 	2.4	
Recovery
Zinc	(%) 	 91.6	 	92.6	 	91.4	 	90.9	 	91.8	 	89.8	 	90.6	 	91.1	
Lead	(%) 	 81.1	 	78.3	 	81.7	 	80.0	 	83.0	 	78.5	 	78.2	 	79.4	
Copper	(%) 	 90.2	 	—	 	90.2	 	88.1	 	86.7	 	87.3	 	88.0	 	89.0	
Production	(contained	metal)
Zinc	(t) 25,877 4,620 21,257 82,133 24,067 17,101 21,764 19,201
Lead	(t) 9,291 1,705 7,586 30,888 9,481 5,693 8,966 6,748
Copper	(t) 971 — 971 3,964 258 1,385 747 1,574
Silver	(koz) 737 152 585 2,513 637 537 699 640
Sales	volume	(payable	metal)
Zinc	(t) 	 20,698	 	 1,548	 	 19,150	 	 68,086	 	 18,627	 	 15,124	 	 18,510	 	 15,825	
Lead	(t) 	 6,948	 (120)3 	 7,068	 	 28,036	 	 7,786	 	 6,346	 	 9,069	 	 4,835	
Copper	(t) 	 982	 	 —	 	 982	 	 3,809	 	 457	 	 1,775	 	 821	 	 756	
Revenue	($	millions) 	 72.4	 	 0.8	 	 71.6	 	 256.8	 	 67.5	 	 68.6	 	 76.6	 	 44.1	
Production	costs	($	millions) 	 36.9	 	 2.7	 	 34.2	 	 122.0	 	 29.1	 	 30.1	 	 32.7	 	 30.1	
Gross	profit	(loss)	($	millions) 	 35.5	 	 (1.9)	 	 37.4	 	 97.7	 	 32.5	 	 24.2	 	 35.0	 	 6.0	
Cash	cost	($	per	pound)1 	 0.46	 	 1.18	 	 0.40	 	 0.41	 	 0.43	 	 0.16	 	 0.39	 	 0.65	
Sustaining	capital	($	millions)1 	 30.4	 	 9.1	 	 21.3	 	 65.7	 	 22.5	 	 15.5	 	 13.3	 	 14.3	
AISC	($	per	pound)1 	 1.13	 	 3.85	 	 0.91	 	 0.87	 	 0.99	 	 0.66	 	 0.74	 	 1.10	
1AISC	per	pound	sold	and	Cash	cost	per	pound	sold	are	non-GAAP	measures	and	Sustaining	Capital	is	a	supplementary	financial	measure,	see	the	"Non-
GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
2	Zinkgruvan	2025	results	are	to	April	16,	2025.
3	Lead	sales	volume	in	Q2	2025	was	impacted	by	volume	adjustments.	
Production	
Zinkgruvan	was	sold	on	April	16,	2025.	In	2025	through	to	the	date	of	sale,	zinc	and	lead	production	were	higher	than	in	the	
prior	year	comparable	period	due	to	higher	throughput,	grades	and	recoveries.	Zinc	production	was	positively	impacted	by	
favourable	mine	sequencing	and	high	grade	stopes.	Copper	production	was	lower	than	in	the	prior	year	comparable	period	
primarily	due	to	lower	throughput	and	remained	in	line	with	the	mine	plan	as	zinc	production	was	prioritized.
Production	Costs	and	Cash	Cost
Production	costs	in	2025	through	to	the	date	of	sale	were	higher	than	in	the	prior	year	comparable	period	primarily	due	to	
higher	zinc	and	lead	sales	volumes.	
Cash	cost	per	pound	in	Q1	2025	was	lower	than	in	the	prior	year	comparable	period	primarily	due	to	increased	zinc	sales	
volume	as	well	as	higher	by-product	credits	as	a	result	of	higher	copper	sales	volume	and	higher	copper	realized	prices.	AISC	
per	pound	in	Q1	2025	was	lower	than	in	the	prior	year	comparable	period	due	to	due	to	lower	cash	cost	per	pound	slightly	
offset	by	higher	sustaining	capital	expenditures.	
Gross	Profit
Gross	profit	in	2025	through	to	the	date	of	sale	was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	no	
depreciation	being	taken	on	assets	classified	as	held	for	sale,	as	well	as	higher	realized	zinc	and	copper	prices,	lower	
treatment	and	refining	charges	and	higher	zinc,	copper	and	lead	sales	volume.	
30

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

Vicuña	Project		(Argentina	and	Chile)	
Project	Development		
During	the	quarter,	Vicuña	announced	the	appointment	of	Ron	Hochstein	as	Chief	Executive	Officer	(CEO)	of	Vicuña,	
effective	November	7,	2025.	Mr.	Hochstein	is	currently	CEO	and	Director	of	Lundin	Gold	Inc.	guiding	the	development	and	
successful	operation	of	the	Fruta	del	Norte	gold	mine	in	Ecuador.
In	2025,	work	continues	to	advance	parallel	studies	supporting	a	multi-phased	development	concept	pertaining	to	the	
Josemaria	and	Filo	del	Sol	deposits.	An	integrated	technical	report	is	targeted	to	be	complete	by	early	2026.	
The	Josemaria	Environmental	Impact	Assessment	("EIA")	advanced	through	review	by	the	San	Juan	authorities	with	a	site	
visit	scheduled	for	Q4	2025.	Construction	of	the	northern	access	road	commenced	during	the	quarter.
Drilling	activities	at	Filo	del	Sol	advanced	with	14,587	metres	completed	during	the	quarter,	bringing	the	year-to-date	total	
to	48,992	metres	across	nine	drill	rigs.
Government	relations	activities	continued	with	both	the	national	and	provincial	governments,	including	discussions	on	
provincial	agreements.	Work	also	progressed	in	the	quarter	on	an	application	for	the	Argentinean	Basis	Law	-	Incentive	
Regime	for	Large	Investments	("RIGI").	RIGI	application	documents	are	expected	to	be	submitted	in	the	coming	months.	
Community	 investment	 programs	 were	 launched	 in	 2025	 with	 a	 focus	 on	 gender,	 youth	 training	 and	 cooperative	
development.	
The	Company	spent	 $51.1	million	in	capital	expenditures	during	the	 quarter,	in	line	with	 $49.9	million	in	the	prior	year	
comparable	 period,	 and	 spent	 $126.0	 million	 on	 a	 year-to-date	 basis	 compared	 to	 $193.0	 million	 in	 the	 prior	 year	
comparable	period.	Both	the	quarter	and	year-to-date	periods	are	impacted	by	the	formation	of	Vicuña	on	January	15,	
2025.	From	this	date,	the	Company's	expansionary	capital	expenditures	include	50%	of	Vicuña's	capital	expenditures.	
About	Vicuña
On	January	15,	2025,	the	Company	completed	the	Filo	Acquisition	and	the	Joint	Arrangement,	resulting	in	the	Company	
indirectly	holding	a	50%	interest	in	Vicuña,	an	independently	managed	joint	operation	which	owns	the	Josemaria	deposit	in	
Argentina	and	the	Filo	del	Sol	deposit	in	Argentina	and	Chile.	BHP	indirectly	owns	the	remaining	50%	interest	in	Vicuña.
An	initial	Mineral	Resource	estimate	for	the	Filo	del	Sol	sulphide	deposit,	an	updated	Mineral	Resource	estimate	for	the	Filo	
del	Sol	oxide	deposit,	and	an	updated	Mineral	Resource	estimate	for	the	Josemaria	deposit	highlighted	the	combined	
Vicuña	Project	as	one	of	the	largest	copper,	gold	and	silver	resources	in	the	world.	Details	of	the	Vicuña	Mineral	Resource	
are	set	out	in	the	Vicuña	Technical	Report.
The	Filo	del	Sol	and	Josemaria	deposits	have	significant	high-grade	mineralization	that	could	provide	the	initial	years	of	
mining	for	the	Project.	
• Filo	del	Sol	high-grade	core	at	cut-off	of	0.75%	copper	equivalent	("CuEq"):	606	million	Mt	(M&I)	at	1.14%	CuEq 1		
(0.74%	Cu)	for	contained	metal	of	4.5	Mt	copper	at	0.74%,	9.6	Moz	gold	at	0.49	g/t	and	259	Moz	silver	at	13.3	g/t.	
• Near	surface	Josemaria	high-grade	core	at	cut-off	of	0.60%	CuEq:	196	Mt	(M&I)	at	0.73%	CuEq 2	(0.50%	Cu)	for	
contained	metal	of	978	kt	copper	at	0.50%,	2.4	Moz	gold	at	0.38	g/t	and	11	Moz	silver	at	1.7	g/t.
The	Filo	del	Sol	deposit	also	contains	copper	oxide	mineralization	at	surface.
• Lower	capital	intensity	heap	leach	oxide	cap	of	434	Mt	(M&I)	at	0.34%	copper	(1.5	Mt),	0.28	g/t	gold	(3.9	Moz)	and	
2.5	g/t	silver	(35	Moz)
• High-grade	oxides	at	a	cut-off	of	0.60%	CuEq	of	181	Mt	(M&I)	at	1.05%	CuEq3(0.50%	Cu)	for	contained	metal	of	911	
kt	copper	at	0.50%,	2.3	Moz	gold	at	0.39	g/t	and	230	Moz	silver	at	39.6	g/t.
31
1	Filo	del	Sol	CuEq	assumes	average	metallurgical	recoveries	of	78%	for	copper,	62%	for	gold	and	62%	for	silver,	and	metal	prices	of	$4.43/lb	Cu,	$2,185/oz	
Au	and	$28.80/oz	Ag.	The	CuEq	formula	is:	CuEq=	Cu%	+	(0.59	*	Au	g/t)	+	(0.008	*	Ag	g/t).
2	Josemaria	high-grade	core	CuEq	assumes	metallurgical	recoveries	of	84%	for	copper,	67%	for	gold	and	63%	for	silver,	and	metal	prices	of	$4.43/lb	Cu,	
$2,185/oz	Au	and	$28.80/oz	Ag.	The	CuEq	formula	is:	CuEq=	Cu%	+	(0.58	*	Au	g/t)	+	(0.007	*	Ag	g/t).
3	Filo	del	Sol	oxide	CuEq	assumes	average	metallurgical	recoveries	of	78%	for	copper,	62%	for	gold	and	62%	for	silver,	and	metal	prices	of	$4.43/lb	Cu,	
$2,185/oz	Au	and	$28.80/oz	Ag.	The	CuEq	formula	is:	CuEq=	Cu%	+	(0.59	*	Au	g/t)	+	(0.008	*	Ag	g/t).

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

Expansionary	Projects
The	Company	has	a	number	of	brownfield	expansionary	projects	that	are	expected	to	contribute	to	medium-term	growth	in	
its	 existing	 operating	 asset	 portfolio.	 Combined,	 these	 opportunities	 could	 add	 30,000	 to	 40,000	 tonnes	 of	 copper	
production	growth	and	60,000	to	70,000	ounces	of	annual	gold	production	through	low	capital	intensity	growth	projects.
Candelaria	Expansion
The	Candelaria	underground	expansion	project	is	expected	to	increase	underground	throughput	capacity	to	~22,000	tonnes	
per	day	from	current	levels	of	12,000	to	14,000	tonnes	per	day	targeting	an	increase	in	annual	copper	production	of	
approximately	14,000	tonnes	of	copper	per	year.	The	opportunity	includes	insourcing	of	the	Company's	underground	
mining	contract	and	an	increase	in	the	number	of	active	mining	stopes.	Internal	recruitment	has	begun	as	part	of	the	
underground	internalization	process	at	Candelaria,	initial	crews	have	been	onboarded	and	additional	crews	are	expected	to	
be	 insourced	 by	 the	 end	 of	 the	 year.	 It	 is	 anticipated	 that	 by	 mid-2026	 the	 internalization	 of	 underground	 mining	
contractors	will	be	completed.		
Projects	are	also	ongoing	to	support	the	mine	life	extension	under	the	Environmental	Impact	Assessment	("2040	EIA").
Caserones	Cathode	Plant	Utilization
Caserones	cathode	plant	capacity	is	approximately	35,000	tonnes	of	cathode	production	per	year,	currently	the	plant	is	
producing	20,000	to	25,000	tonnes	of	cathode	per	year	representing	an	opportunity	to	increase	production	through	higher	
utilization	rates	of	the	cathode	plant.
Year	to	date	Caserones	cathode	production	has	increased,	improving	utilization	rates	of	the	cathode	plant.	Additional	oxide	
material	placed	on	the	dumps	over	the	last	18	months	and	improved	leaching	practices	are	expected	to	lead	to	higher	
cathode	production.	Hydrometallurgical	leaching	models	on	the	dump	leach	have	been	updated	and	will	be	reflected	in	
production	guidance	going	forward.
Chapada	-	Saúva	Deposit
The	Saúva	deposit	is	approximately	15	kilometres	from	the	Chapada	mine	and	represents	a	near	mine	opportunity	to	add	
approximately	15,000	to	20,000	tonnes	of	copper	production	per	year	and	50,000	to	60,000	ounces	of	gold	production	per	
year.	The	project	would	include	the	installation	of	additional	grinding	capacity	and	higher	grade	ore	from	Saúva	to	offset	
lower	grade	material	currently	being	mined	at	Chapada.
Permitting	and	technical	work	is	ongoing	to	further	define	the	project,	the	Company	is	expected	to	provide	an	update	in	
January	2026	on	timelines	and	production	profiles.
Exploration	Update
During	the	quarter,	exploration	activity	focused	on	in-mine	and	near-mine	targets	at	the	Company's	operations.	Exploration	
drilling	at	Candelaria	was	focused	on	Candelaria	Norte	with	a	total	of	930	metres	drilled	in	the	quarter.	
At	Caserones,	drilling	continued	during	the	quarter	with	one	rig	at	the	Caserones	pit	targeting	deep	high-grade	copper	
breccias	and	three	rigs	at	Angelica	targeting	copper	sulphides	beneath	the	Angelica	oxide	deposit,	totaling	5,152	metres.	
At	Chapada,	a	total	of	3,847	metres	was	drilled	using	two	rigs.	The	first	rig	was	in	the	Saúva	resource	area,	focusing	on	
adding	high	grade	resources.	A	second	rig	was	testing	shallow	targets	outside	the	Saúva	resource	area	and	near-mine	
targets.	
At	Eagle,	drilling	continued	at	the	Boulderdash	property	with	two	rigs	targeting	potential	extensions	of	the	known	nickel-
copper	mineralized	intrusion	and	one	rig	drilling	at	the	Roland	Lake	target.	Drilling	in	the	quarter	totaled	7,461	metres.	In	
September	2025,	the	exclusivity	agreement	with	Talon,	announced	March	5,	2025,	was	terminated.	In	October	2025,	Talon	
issued	18,502,906	common	shares	to	Lundin	Mining	at	a	deemed	price	of	C$0.3762,	as	settlement	of	$5.0	million	previously	
advanced	from	the	Company.	Prior	to	the	agreement	termination,	a	total	of	9,424	metres	(94%)	was	drilled	of	the	initial	
10,000	metre	drill	program.
32

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

Liquidity	and	Capital	Resources
Consolidated	Cash	Flow
Three	months	ended	September	30,	
($	millions) 2025 2024 Change
Cash	provided	by	operating	activities	related	to	continuing	operations 	 270.3	 	 81.4	 	 188.9	
Cash	used	in	investing	activities	from	continuing	operations 	 (165.6)	 	 (220.6)	 	 55.0	
Cash	used	in	financing	activities	from	continuing	operations 	 (93.4)	 	 (34.1)	 	 (59.3)	
Effect	of	foreign	exchange	on	cash	balances 	 (0.3)	 	 (0.4)	 	 0.1	
(Decrease)	increase	in	cash	and	cash	equivalents 	 11.0	 	 (157.2)	 	 168.2	
Opening	cash	and	cash	equivalents 	 279.3	 	 452.8	 	 (173.5)	
Closing	cash	and	cash	equivalents 	 290.3	 	 295.6	 	 (5.3)	
Adjusted	operating	cash	flow1		—	continuing	operations 	 382.9	 	 243.0	 	 139.9	
Free	cash	flow	from	operations1	—	continuing	operations 	 168.9	 	 (17.6)	 	 186.5	
Free	cash	flow1		—	continuing	operations 	 110.1	 	 (77.8)	 	 187.9	
Nine	months	ended	September	30,	
($	millions) 2025 2024 Change
Cash	provided	by	operating	activities	from	continuing	operations 	 707.2	 	 753.6	 	 (46.4)	
Cash	provided	by	(used	in)	investing	activities	from	continuing	operations 	 892.8	 	 (667.9)	 	 1,560.7	
Cash	used	in	financing	activities	from	continuing	operations 	 (1,758.9)	 	 (89.0)	 	 (1,669.9)	
Effect	of	foreign	exchange	on	cash	balances 	 2.3	 	 (0.2)	 	 2.5	
(Decrease)	increase	in	cash	and	cash	equivalents 	 (142.0)	 	 26.8	 	 (168.8)	
Opening	cash	and	cash	equivalents 	 432.3	 	 268.8	 	 163.5	
Closing	cash	and	cash	equivalents 	 290.3	 	 295.6	 	 (5.3)	
Adjusted	operating	cash	flow1		—	continuing	operations 	 997.1	 	 828.2	 	 168.9	
Free	cash	flow	from	operations1	—	continuing	operations 	 401.5	 	 373.6	 	 27.9	
Free	cash	flow1		—	continuing	operations 	 221.9	 	 148.2	 	 73.7	
1This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.	
Cash	provided	by	operating	activities	related	to	continuing	operations	during	the	 quarter	was	$188.9	million	higher	than	in	
the	prior	year	comparable	period,	primarily	due	to	higher	gross	profit	from	continuing	operations	and	 working	capital	
outflows	in	the	prior	year	as	a	result	of	the	timing	of	sales	at	Candelaria	and	Chapada. 	In	the	year-to-date	period,	cash	
provided	by	operating	activities	was	 $46.4	million	lower	than	in	the	prior	year	comparable	period	primarily	due	to	higher	
cash	income	taxes	paid	at	Candelaria	in	Q2	2025,	partially	offset	by	higher	gross	 profit.	Adjusted	operating	cash	flow 1	-	
continuing	operations	during	the	quarter	and	on	a	year-to-date	basis	were	higher	than	in	the	prior	year	comparable	periods	
after	adjusting	for	significant	working	capital	outflows.
Cash	used	in	investing	activities	related	to	continuing	operations	decreased	in	the	quarter	from	the	prior	year	comparable	
period	 which	 included	 cash	 outflows	 relating	 to	 the	 purchase	 of	 Filo	 shares	 and	 the	 final	 payment	 of	 contingent	
consideration	for	Chapada.	On	a	year-to-date	basis,	the	sale	of	the	Neves-Corvo	and	Zinkgruvan	operations	in	April	2025	
contributed	$1.3	billion	in	net	proceeds.	In	addition,	cash	used	in	investing	activities	decreased	from	the	prior	year	
comparable	period	due	to	lower	capital	expenditures.	Lower	sustaining	capital	expenditures	were	primarily	due	to	reduced	
deferred	stripping	at	Candelaria	and	lower	expansionary	capital	expenditures	were	primarily	due	to	the	formation	of	Vicuña	
on	January	15,	2025.	From	this	date,	the	Company's	expansionary	capital	expenditures	include	50%	of	Vicuña's	capital	
expenditures.	A	summary	of	capital	expenditures	on	a	cash	basis	is	outlined	below.		
																																						33
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

Summary	of	capital	expendituresa Three	months	ended	September	30, Nine	months	ended	September	30,
($	millions) 2025 2024 2025 2024
Candelaria 	 —	 	 —	 	 21.7	 	 —	
Vicuña 	 51.1	 	 49.9	 	 126.0	 	 193.0	
Expansionary	capital	investment	from	continuing	
operations 	 51.1	 	 49.9	 	 147.7	 	 193.0	
Candelaria 	 46.9	 	 60.1	 	 144.9	 	 220.2	
Caserones 	 29.4	 	 22.9	 	 99.5	 	 101.0	
Chapada 	 26.1	 	 20.5	 	 75.7	 	 74.9	
Eagle 	 6.6	 	 7.9	 	 17.4	 	 16.0	
Other 	 0.1	 	 (2.1)	 	 0.1	 	 0.3	
Sustaining	capital	investment	from	continuing	operations 	 109.1	 	 109.3	 	 337.6	 	 412.4	
Total	capital	expenditures	from	continuing	operations 	 160.2	 	 159.2	 	 485.3	 	 605.4	
Reconciliation	to	Investment	in	mineral	properties,	plant	
and	equipment:
Capitalized	interest 	 3.6	 	 4.4	 	 12.0	 	 10.6	
Total	Investment	in	mineral	properties,	plant	and	
equipment	from	continuing	operations 	 163.8	 	 163.6	 	 497.3	 	 616.0	
Total	Investment	in	mineral	properties,	plant	and	
equipment	from	discontinued	operationsb 	 —	 	 41.8	 	 58.1	 	 119.8	
Total	Investment	in	mineral	properties,	plant	and	
equipment	(all	operations) 	 163.8	 	 205.4	 	 555.4	 	 735.8	
a	 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.
b	Discontinued	operation	results	are	to	April	16,	2025.
Cash	used	in	financing	activities	related	to	continuing	operations	during	the	quarter	and	year-to-date	periods	increased	
from	the	prior	year	comparable	periods	primarily	due	to	higher	net	payments	on	debt,	partially	offset	by	lower	interest	and	
dividends	paid.	The	year-to-date	period	includes	the	repayment	in	full	of	the	 $1,150.0	million	outstanding	balance	of	the	
Company's	term	loan	and	repayment	of	$170.0	million	of	amounts	drawn	on	the	RCF	with	the	net	cash	proceeds	from	the	
sale	of	Neves-Corvo	and	Zinkgruvan.	The	Company	also	repurchased	shares	under	its	normal	course	issuer	bid	("NCIB")	
program	totalling	$107.7	million	in	the	year-to-date	period.	There	were	no	shares	repurchased	in	the	quarter	or	in	the	prior	
year	comparable	periods.	
Free	cash	flow	from	operations 1	-	continuing	operations	and	free	cash	flow	-	continuing	operations	during	the	quarter	and	
year-to-date	periods	were	higher	than	in	the	prior	year	comparable	periods.	In	the	quarter,	increased	cash	was	provided	by	
operating	activities	related	to	continuing	operations	and	in	the	year-to-date	period,	reduced	sustaining	and	expansionary	
capital	expenditures	were	partially	offset	by	slightly	lower	cash	provided	by	operating	activities	related	to	continuing	
operations.
																																						34
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

Liquidity	and	Financial	Position
($	millions) September	30,	2025 December	31,	2024 Change
Cash	and	cash	equivalents 	 290.3	 	 357.5	 	 (67.2)	
Total	assets 	 10,031.1	 	 10,406.7	 	 (375.6)	
Debt1 	 394.1	 	 1,757.0	 	 (1,362.9)	
Lease	liabilities1 	 233.5	 	 249.1	 	 (15.6)	
Net	debt2 	 (341.4)	 	 (1,597.8)	 	 1,256.4	
Net	debt	excluding	lease	liabilities2 	 (107.9)	 	 (1,332.4)	 	 1,224.5	
1Debt	and	lease	liabilities	include	both	current	and	non-current	portions.
2This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
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,	2025	decreased	significantly	from	December	31,	2024	primarily	due	to	
net	cash	proceeds	from	the	sale	of	the	Neves-Corvo	and	Zinkgruvan	operations,	which	were	used	to	repay	in	full	the		
$1,150.0	million	outstanding	balance	of	the	Company's	term	loan	and	to	repay	$170.0	million	of	amounts	drawn	on	the	
RCF.
There	were	no	shares	purchased	in	the	quarter	under	the	Company's	NCIB	(Q3	2024	-	nil	shares).
																																						35

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

Contractual	Obligations,	Commitments	and	Contingencies
The	 Company	 has	 contractual	 obligations	 and	 capital	 commitments	 as	 described	 in	 Note	 19	 “Commitments	 and	
contingencies”	in	the	Company’s	condensed	interim	consolidated	financial	statements	for	the	three	and	nine	months	ended	
September	30,	2025.	From	time	to	time,	the	Company	may	also	be	involved	in	legal	proceedings	that	arise	in	the	ordinary	
course	of	its	business.	
Significant	changes	to	commitments	and	contingencies,	from	those	reported	at	December	31,	2024,	are	described	below:
i. In	 respect	 of	 the	 2017	 taxation	 year,	 the	 Canada	 Revenue	 Agency	 (“CRA”)	 issued	 a	 reassessment	 denying	 the	
Company’s	2007	election	to	increase	the	tax	cost	of	its	investment	in	a	subsidiary.	The	reassessment	proposes	an	
increase	in	taxable	income	of	approximately	$456	million,	which	would	result	in	additional	income	taxes	payable	of	
approximately	$114	million	and	interest	of	approximately	$63	million.	The	Company	intends	to	file	a	Notice	of	
Objection	 and	 vigorously	 and	 expeditiously	 defend	 its	 tax	 filing	 position	 through	 CRA's	 Appeals	 Division	 and,	 if	
required,	court	proceedings.	No	provision	has	been	recognized	as	the	Company	believes	its	filing	position	is	in	
compliance	with	Canadian	tax	law.	
Capital	Resources
As	at	September	30,	2025,	the	Company	has	an	RCF	of	$1,750.0	million	with	$200.0	million	outstanding	(December	31,	2024	
-	$270.0	million).	The	RCF	bears	interest	on	drawn	funds	at	rates	of	Term	Secured	Overnight	Financing	Rate	(“Term	SOFR”)	
plus	Credit	Spread	Adjustment	(“CSA”)	of	0.10%	plus	an	applicable	margin	of	 1.40%	to	2.55%,	depending	on	the	Company’s	
net	leverage	ratio	and	progress	against	sustainability	performance	targets.	 In	March	2025	the	security	previously	held	over	
certain	 assets	 in	 the	 USA	 was	 removed	 from	 the	 revolving	 credit	 facility.	 The	 facility	 remains	 subject	 to	 customary	
covenants.	The	RCF	matures	in	April	2029.		
In	April	2025,	the	Company	repaid	in	full	the	 $1,150.0	million	outstanding	balance	of	the	term	loan	and	 $170.0	million	of	
amounts	drawn	on	the	RCF	using	the	cash	proceeds	from	the	sale	of	the	Neves-Corvo	and	Zinkgruvan	operations.	As	a	result	
of	the	repayment,	the	term	loan	has	been	extinguished	and	cannot	be	redrawn. 	In	April	2025,	the	Company	also	repaid	the	
$102.7	million	(€95.0	million)	outstanding	balance	of	commercial	paper	programs	at	Neves-Corvo	immediately	prior	to	its	
sale.
As	at	September	30,	2025,	the	Company	was	in	compliance	with	its	debt	covenants.
As	at	 September	30,	2025 ,	certain	subsidiaries	of	the	Company	had	outstanding	unsecured	term	loans	totalling	 $198.2	
million	(December	31,	2024	-	$245.9	million)	which	accrue	interest	at	rates	ranging	from	 4.78%	to	5.96%	per	annum	with	
interest	payable	upon	maturity.	The	maturity	dates	range	from	October	to	December	2025.
The	development	of	the	Vicuña	Project	requires	significant	capital	commitments	from	the	Company	and	additional	funding,	
beyond	debt,	may	be	required	to	advance	the	projects	to	completion.	
Financial	Instruments
Revenue,	cost	of	goods	sold	and	capital	expenditures	are	affected	by	certain	external	factors	including	fluctuations	in	metal	
prices,	energy	prices,	and	changes	in	exchange	rates	between	the	CLP,	the	BRL,	the	ARS	and	the	$.
During	 the	 quarter,	 the	 Company	 did	 not	 enter	 into	 any	 new	 derivative	 contracts.	 At	 September	 30,	 2025,	 existing	
derivative	contracts	consist	of	foreign	currency	forward	and	option	contracts	as	well	as	commodity	option	contracts.	The	
option	contracts	consist	of	put	and	call	contracts	in	a	collar	structure	with	all	contracts	maturing	in	2025	or	2026.
The	derivative	contracts	have	not	been	designated	as	hedges	for	purposes	of	hedge	accounting	and	are	measured	at	fair	
value	as	assessed	by	pricing	models	based	on	active	market	prices.	Changes	in	fair	value	are	recognized	in	other	income	and	
expense	in	the	consolidated	statement	of	earnings.
The	Company’s	trade	receivables	also	contain	provisional	pricing	sales	arrangements	that	are	valued	using	quoted	forward	
market	prices.	The	following	table	illustrates	the	sensitivity	of	the	Company’s	risk	on	final	settlement	of	its	provisionally	
priced	revenues	as	at	September	30,	2025.
																																						36

===== SIDA 58 =====

Metal Payable	Metal
Provisional	price	on
	September	30,	2025 Change
Effect	on	Revenue	
($millions)
Copper 78,442	t $4.65/lb 	+/-	10	% +/-	$80.4
Gold 34,341	oz $3,840/oz 	+/-	10	% +/-	$13.2
Nickel 675	t $6.85/lb 	+/-	10	% +/-	$1.0
Molybdenum 604	t $23.48/lb 	+/-	10	% +/-	$3.1
For	a	detailed	discussion	of	the	Company’s	financial	instruments,	refer	to	Note	18	"Financial	Instruments"	in	the	Company’s	
condensed	interim	consolidated	financial	statements	for	the	three	and	nine	months	ended	September	30,	2025.	For	further	
information	 on	 the	 Company's	 management	 of	 financial	 risks,	 including	 those	 associated	 with	 financial	 and	 other	
instruments,	refer	to	Note	30	"Management	of	Financial	Risk"	of	the	Company's	consolidated	financial	statements	for	the	
year	ended	December	31,	2024.
37

===== SIDA 59 =====