FULLTEXT DEL 1 AV 2
Kvartalsrapport Q3 2025
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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.
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◦ 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 – $2.00 /lb cash cost.
Annual capital expenditure guidance is being reduced by deferrals at Candelaria and Caserones.
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Summary Financial Results
Three months ended
September 30,
Nine months ended
September 30,
(US$ 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.
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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.
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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 $2.00
/lb.
• Candelaria: Cash cost is tracking to the midpoint of guidance.
• Caserones: Cash cost guidance is decreasing due to higher sales volume, lower labor costs and increased by-product
credits.
• Chapada: Cash cost guidance is reducing further due to higher gold prices.
• Eagle: Cash cost guidance is decreasing due to reduced labor costs and increased by-product credits.
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2025 Production and Cash Cost Guidancea
Guidancea Revised Guidance
(contained metal) Production Cash Cost ($/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.
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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.
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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).
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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.
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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 =====