Kvartalsrapport Q4 2025

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2 · Del 3

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

Corporate Office 
1055 Dunsmuir Street 
Suite 2800, Bentall IV 
Vancouver, BC V7X 1L2 
Phone: +1 604 689 7842     
  lundinmining.com 
NEWS RELEASE 
Lundin Mining Reports Fourth Quarter and Full Year 2025 Results  
Vancouver, February 19, 2026 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation  (“Lundin Mining” or 
the “Company”) today reported its fourth quarter and full year 2025 financial results. Unless otherwise stated, results are 
presented in United States dollars on a 100% basis. 
 
Jack Lundin, President and CEO commented, “In 2025 we delivered our best performance in the history of the Company. 
We generated record revenue from continuing operations of $4.1 billion for the year, including $1.3 billion in the fourth 
quarter, alongside adjusted EBITD A of $1.9 billion  for the year and $686 million  in the quarter. These exceptional 
operational and financial results enabled us to exit the year in a net cash position, while purchasing over 15 million shares 
through our share buyback program. Additionally, we have made significant progress toward upsizing our Revolving Credit 
Facility to $4.5 billion, adding financial strength as we enter the next phase of growth for the Company. 
 
"We continued to advance our growth initiatives including delivering the world's largest greenfield copper -gold-silver 
maiden resource in the last 30 years at Filo del Sol deposit, adding a significant amount of these metals to our Mineral 
Resource inventory. In the near -term, we improved our guidance forecast over the next two years, mainly driven by the 
improvements in cathode production at Caserones. Lastly, we have made good progress and continue to advance the 
development plan of Sauva at our Chapada operation and will look to sanction this project prior to year end. 
 
"Earlier this week we announced the results of the integrated technical report on the Vicuña project, highlighting a project 
capable of producing over 500,000 tonnes of copper, 800,000 ounces of gold and 20 million ounces of silver which would 
position it in the top 5 copper, gold and silver mines in the world. At the end of 2025, Vicuña submitted its application for  
fiscal stability in Argentina under the RIGI scheme to support the development of the project, positioning Lundin Mining 
for long-term value creation. A final investment decision on the Vicuña project is targeted before the end of 2026.” 1 
 
Fourth Quarter and Full Year Operational and Financial Highlights  
The Company completed three major transactions this year, improving its asset portfolio and long -term growth outlook 
while achieving strong operational and financial results. The Company exceeded its original copper guidance and met 
revised guidance across all metals. Record annual and quarterly revenue enabled the Company to exit the year in a net 
cash position. In parallel, the Company continued to advance its growth initiatives, Vicuña Corp. submitted a fiscal stabilit y 
agreement application in Argentina ("RIGI PEELP") in the fourth quarter and announced the results of an integrated 
technical study (the Preliminary Economic Assessment "PEA" or "Study") on February 16, 2026. 
 
Fourth Quarter Highlights 
• Copper Production2: Consolidated copper production of 87,032 tonnes at a consolidated copper cash cost 3 of $1.88 
/lb. 
• Other Production2: During the quarter, 34,129 ounces of gold and 2,174 tonnes of nickel were produced.  
• Revenue: $1,353.7 million  in the fourth quarter, comprised of $1,301.5 million  from continuing operations with a 
realized copper price 3 of $5.89 /lb  and a realized gold price 3 of $4,412 /oz , and $52.2 million  from discontinued 
operations4. 
• Net Earnings and Adjusted Earnings 3: Net earnings attributable to shareholders of the Company was $767.2 
million, comprised of $659.9 million ($0.77 per share) net earnings from continuing operations and $107.3 million net 
earnings from discontinued operations.  Adjusted earnings was $370.4 million, comprised of $363.7 million ($0.42 
per share) from continuing operations and $6.7 million from discontinued operations. 
• Adjusted EBITDA 3: $700.6 million for the quarter, $686.4 million generated from continuing operations and $14.2 
million generated from discontinued operations. 
 
1 Adjusted EBITDA is a non -GAAP measure. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management  
Discussion and Analysis ("MD&A") for the year ended December 31, 2025  and the Reconciliation of Non -GAAP Measures section at the end of this news 
release. 
2 Production includes continuing operations and Eagle to align to 2025 production guidance.  
3 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 year ended December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release. 
4 At December 31, 2025, the Eagle reporting segment met the criteria to be classified as held -for-sale and discontinued operations. Earnings (loss) from 
discontinued operations includes the financial results of Eagle, Neves -Corvo and Zinkgruvan reporting segments.

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

• Cash Generation:  Cash provided by operating activities in the quarter was $560.9 million , comprised of $533.0 
million from continuing operations and $27.9 million from discontinued operations. Free cash flow from operations 3 
was $412.5 million, $388.3 million from continuing operations and $24.2 million from discontinued operations, which 
included a working capital build of $132.1 million from continuing operations. 
• Net cash3: As at December 31, the net cash position of the Company was $77.4 million which includes $22.0 million 
cash from discontinued operations. 
Full Year 2025 Highlights  
• Copper Production 2: Consolidated copper production of 331,232 tonnes of copper at a consolidated cash cost of 
$1.87/lb, including 8,906 tonnes from Eagle, was within the upper half of the most recent annual copper production 
guidance and exceeded the upper end of the original annual copper production guidance.  
 
• Other Production2: During the year, 141,859 ounces of gold and 9,907 tonnes of nickel were produced. Production 
for all metals was within or above all guidance ranges. 
 
• Record Revenue: $4,462.5 million for the full year, comprised of $4,053.2 million from continuing operations with a 
realized copper price 3 of $4.91 /lb  and a realized gold price 3 of $3,662/oz, and $409.3 million  from discontinued 
operations. 
 
• Adjusted EBITDA3:  $2,037.3 million for the full year, $1,917.1 million from continuing operations and $120.2 million 
from discontinued operations. 
 
• Net Earnings and Adjusted Earnings 3: Net earnings attributable to shareholders of the Company was $1,283.0 
million, comprised of net earnings of $1,047.2 million ($1.22 per share) from continuing operations and net earnings 
of $235.8 million  from discontinued operations. Adjusted earnings was $769.0 million , $687.9 million  ($0.80 per 
share) from continuing operations and $81.1 million from discontinued operations. 
 
• Cash Generation:  During the year, cash provided by operating activities was $1,342.6 million  of which $1,207.9 
million from continuing operations and $134.7 million from discontinued operations. Free cash flow from operations3 
was $835.8 million of which $773.6 million was from continuing operations and $62.2 million was from discontinued 
operations, which included a non-cash working capital build of $414.0 million from continuing operations. 
 
• Growth: The Company is continuing to advance its growth initiatives and completed several significant milestones 
during the year to achieve its long term goal of becoming a top ten copper producer: 
◦ On January 15, 2025, the Company completed the joint acquisition of Filo Corp. with BHP and formed the 
50/50 joint arrangement, Vicuña Corp. ("Vicuña"), to hold the Filo del Sol project and the Josemaria project.  
◦ On April 16, 2025, the Company completed the sale of Neves -Corvo and Zinkgruvan to Boliden AB for cash 
proceeds of $1,314.6 million, net of cash disposed and transaction costs. 
◦ On May 4, 2025, the Company announced an initial Mineral Resource estimate for the Filo del Sol sulphide 
deposit, an update to the Mineral Resource estimate for the Filo del Sol oxide deposit and an update to the 
Mineral Resource estimate for the Josemaria deposit, which highlighted the combined project ("Vicuña 
Project") as one of the largest copper, gold and silver discoveries in the last 30 years. 
◦ On December 11, 2025, Vicuña Corp. applied for a fiscal stability agreement in Argentina, RIGI PEELP . 
◦ On December 18, 2025, the Company entered into a definitive agreement to sell its 100% interest in Eagle 
mine to Talon Metals Corp. ("Talon") in return for 18.4% of Talon’s issued and outstanding shares. The 
transaction was completed on January 9, 2026. 
 
• Shareholder Returns: A quarterly dividend of C$0.0275 per share has been declared in the quarter. During the year, 
the Company paid dividends totaling C$0.1725 per share. In addition, the Company purchased 2,029,380 common 
shares during the quarter at an average share price of C $26.08 for total consideration of $46.0 million  under its 
normal course issuer bid. During the year, Lundin Mining acquired 15,088,180 common shares at a cost of $150.0 
million at an average share price of C$14.05.

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

• Outlook: Copper production is forecast to remain stable at approximately 310,000 – 335,000 tonnes annually in 
2026, consistent with 2025 production. Consolidated cash cost in 2026 is forecast to be within $1.90/lb to $2.10/lb of 
copper which is in line with 2025 guidance. As part of the Company’s full potential programs, the focus will continue 
to be on cost reductions and process improvements.

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

Summary Financial Results      
 
Three months ended  
December 31,  
Year ended 
December 31, 
(US$ millions continuing operations except where noted, 
except per share amounts) 2025    2024  2025    2024    
Revenue  1,301.5   833.3    4,053.2   3,270.1  
Gross profit  496.8   254.4    1,398.0   935.8  
Attributable net earnings (loss)a  659.9   (95.5)   1,047.2   125.4  
Net earnings (loss)  912.3   (59.8)   1,417.7   267.6  
Adjusted earningsa,b (all operations)  370.4   119.3    769.0   359.0  
Adjusted earningsa,b — continuing operations  363.7   102.9    687.9   294.9  
Adjusted earningsa,b,c — discontinued operations  6.7   16.4    81.1   64.1  
Adjusted EBITDAb (all operations)  700.6   425.6    2,037.3   1,707.0  
Adjusted EBITDAb — continuing operations  686.4   366.5    1,917.1   1,426.9  
Adjusted EBITDAb,c — discontinued operations  14.2   59.1    120.2   280.1  
Basic earnings per share ("EPS")a (all operations)  0.90   (0.57)   1.50   (0.26) 
Diluted EPSa (all operations)  0.89   (0.57)   1.49   (0.26) 
Basic and diluted EPSa — continuing operations  0.77   (0.12)   1.22   0.16  
Basic EPSa,c — discontinued operations  0.13   (0.44)   0.28   (0.42) 
Diluted EPSa,c — discontinued operations  0.12   (0.44)   0.27   (0.42) 
Adjusted EPSa,b (all operations)  0.43   0.15    0.90   0.46  
Adjusted EPSa,b — continuing operations  0.42   0.13    0.80   0.38  
Adjusted EPSa,b,c — discontinued operations  0.01   0.02    0.09   0.08  
Cash provided by operating activities (all operations)  560.9   620.3    1,342.6   1,518.9  
Cash provided by operating activities - continuing operations  533.0   567.9    1,207.9   1,311.4  
Cash provided by operating activities - discontinued 
operationsc 
 27.9   52.4   
 134.7   207.5  
Adjusted operating cash flowb (all operations)  677.6   313.9    1,732.5   1,302.6  
Adjusted operating cash flowb — continuing operations  665.1   263.5    1,621.9   1,089.9  
Adjusted operating cash flowb,c — discontinued operations  12.5   50.4    110.6   212.7  
Adjusted operating cash flow per shareb (all operations)  0.79   0.40    2.02   1.68  
Adjusted operating cash flow per shareb — continuing 
operations 
 0.78   0.34  
 
 1.90   1.41  
Adjusted operating cash flow per shareb,c — discontinued 
operations 
 0.01   0.06  
 
 0.12   0.27  
Free cash flowb (all operations)  355.9   398.0    594.2   571.2  
Free cash flowb — continuing operations  331.9   386.0    538.9   539.9  
Free cash flowb,c — discontinued operations  24.0   12.0    55.3   31.3  
Free cash flow from operationsb (all operations)  412.5   466.0    835.8   872.9  
Free cash flow from operationsb — continuing operations  388.3   447.4    773.6   825.6  
Free cash flow from operationsb,c— discontinued operations  24.2   18.6    62.2   47.3  
Cash and cash equivalents  296.2   357.5    296.2   357.5  
Net cash (debt)b  77.4   (1,332.4)   77.4   (1,332.4) 
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 year ended 
December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
c Discontinued operations results include Eagle's annual financial results, Neves -Corvo and Zinkgruvan financial results to April 16, 2025 and the revaluation 
of contingent consideration as at December 31, 2025.

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

Quarterly Financial Results 
• The Company generated revenue from continuing operations of $1,301.5 million (Q4 2024 - $833.3 million) which 
benefitted from higher realized copper and gold prices. 
• Gross profit from continuing operations of  $496.8 million was $242.4 million higher than  in the prior year 
comparable period of $254.4 million. The increase was primarily due to higher realized copper and gold prices, lower 
treatment charges, and higher sales volumes at Caserones partially offset by a non -cash long -term ore stockpile 
inventory write-down at Chapada of $99.9 million ($65.9 million net of tax). 
• Net earnings from continuing operations  increased to $912.3 million  from $59.8 million  net loss  in the prior year 
comparable period primarily due to an increase in gross profit and a deferred tax recovery at Caserones of $517.0 
million. Prior year impairments of Suruca and Alcaparrosa further contributed to the increase. 
• Adjusted earnings 2 from continuing operations of $363.7 million  increased from $102.9 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 $533.0 million  decreased from $567.9 
million in the prior year comparable period largely due to a working capital build of $132.1 million in the quarter 
compared to $305.4 million working capital release in the prior year comparable period. 
• Sustaining capital expenditures 5 from continuing operations of $157.6 million increased from $131.4 million in the 
prior year comparable period. 
• Expansionary capital expenditures 6 of $43.5 million  were in line with the prior year comparable period of $50.5 
million. 
• Free cash flow 2 from continuing operations of $331.9 million  decreased from $386.0 million  in the prior year 
comparable period due to working capital build and increased sustaining capital expenditure related to continuing 
operations.  
• As at February 19, 2026, the Company had cash of over $500 million and net cash of over $200 million. 
• At December 31, 2025, the Eagle reporting segment met the criteria to be classified as held-for-sale and discontinued 
operations. Accordingly, all assets and liabilities relating to Eagle have been classified as held for sale at December 
31, 2025. Earnings (loss) from discontinued operations includes the financial results of Eagle, Neves -Corvo and 
Zinkgruvan reporting segments.  
Operational Performance 
Total Production  
(Contained metal)a 
2025 2024 
YTD Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 
           
Continuing 
Operations           
Copper (t)b  322,326   85,075   84,999   77,563   74,689   330,509   92,832   90,745   70,051   76,881  
Gold (oz)b  141,859   34,129   37,763   38,118   31,849   158,436   46,456   46,712   32,439   32,829  
Molybdenum (t)b  2,082   526   574   380   602   3,183   912   693   714   864  
           
Discontinued 
OperationsC           
Copper (t)  17,225   1,957   2,354   3,735   9,179   38,558   8,659   9,110   9,657   11,132  
Nickel (t)  9,907   2,174   2,724   2,713   2,296   7,486   1,617   893   1,721   3,255  
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 include Eagle's annual production, and Neves -Corvo and Zinkgruvan production to April 16, 2025.  
 
5 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 
year ended December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  
6 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 year ended 
December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

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

Candelaria (80% owned): Candelaria produced, on a 100% basis, 145,471 tonnes of copper, 80,528 ounces of gold and 1.8 
million ounces of silver during the year. Annual copper and gold production in 2025 was within the most recent guidance 
ranges. During the year, mining in the open pit was focused on Phase 11 with some contribution from higher grade areas 
of Phase 12. Production continued to benefit from higher throughput at the mill due to softer ore feed and finer ore size. 
Consistent with the mine plan, realized grades during the year were lower than the prior year, which led to lower 
production. Copper cash cost7 of $1.92/lb was within the most recent cash cost guidance range and benefitted from higher 
metal prices for by -product credits and was impacted by the lower average grades during the year. During the fourth 
quarter, early renewals of labour agreements were completed with five unions at Candelaria. The agreements are each for 
three-year terms and expire in 2029, replacing agreements expiring during 2026. The proactive early renewal of these 
agreements will contribute to labour stability and operational efficiency at Candelaria in the medium term. 
 
Caserones (70% owned):  Caserones produced, on a 100% basis,  132,881 tonnes of copper and  2,082 tonnes of 
molybdenum. Annual production for copper was at the top -end of the most recent production guidance range and fourth 
quarter copper production was the highest since the mine was acquired by the Company in mid -2023. Mining during the 
year focused on Phase 6 and copper production benefitted from higher throughput and recoveries. Copper cathode 
production during the year benefitted from increased material placed on the dump leach in previous periods. Copper cash 
cost of $2.17/lb was within the low -end of the most recent production guidance range and benefitted from strong 
production as a result of higher throughput and recoveries, reduced treatment charges, and reduced labour expenses. 
 
Chapada (100% owned): Chapada produced 43,974 tonnes of copper and approximately 61,331 ounces of gold during the 
year. Production for both metals were within the most recent production guidance ranges. Mining in the year primarily 
focused on ore from South and North pits in line with the planned mine sequencing. Annual copper production benefitted 
from higher throughput. Gold production in the year was negatively impacted by reduced grades and recoveries relative to 
2024. Copper cash cost of $0.75/lb was below the low end of the most recent guidance range and benefitted from 
increased by-product credits as a result of higher realized gold prices. 
 
Eagle (100% owned):  Eagle produced 9,907 tonnes of nickel and 8,906 tonnes of copper during the year. The ramp 
rehabilitation in Eagle East was completed in the first quarter of the year, allowing mining and processing activities to 
return to normal levels. Annual nickel production in 2025 was within the most recent production guidance range, while 
annual copper production was just below the low end of the most recent guidance range but was within the original 
guidance range. Nickel cash cost 7 of $2.55/lb benefitted from higher throughput and improved recoveries. Annual cash 
cost per pound 7 for the year exceeded the high end of the most recent production guidance range.  Eagle results are 
reported as discontinued operations in the Company's consolidated financial statements and MD&A. As at December 31, 
2025, the assets and liabilities of Eagle mine are reported as held for sale. 
 
2026 Outlook  
On January 21, 2026, the Company announced its production, cash cost, capital expenditures and exploration investment  
guidance for 2026. 
 
2026 Production and Cash Cost Guidancea  
    Guidance 
 (contained metal) Production Cash Cost ($/lb)b 
 Copper (t) Candelaria (100%) 135,000 – 145,000 2.05 – 2.25c 
  Caserones (100%) 130,000 – 140,000 2.05 – 2.25 
  Chapada 45,000 – 50,000 1.00 – 1.20d 
  Total 310,000 – 335,000 1.90 – 2.10 
 Gold (oz) Candelaria (100%) 77,000 – 87,000  
  Chapada 57,000 – 62,000  
  Total 134,000 – 149,000  
a. Guidance as announced by news release “Lundin Mining Announces 2025 Production Results and 2026 Guidance” dated January 21 , 2026.  
b. 2026 cash cost is based on various assumptions and estimates, including, but not limited to: production volumes, commodity  prices (2026 - Mo: 
$20.00/lb, Au: $4,000/oz: Ag: $80.00/oz) foreign currency exchange rates (2025 - CLP/USD:900, USD/BRL:5.50) and operating costs.  
c. 68% of Candelaria’s total gold and silver production are subject to a streaming agreement and as such cash costs are calcu lated based on receipt of 
$437/oz and $4.36/oz, respectively, on gold and silver sales in the year.  
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.  
 
7 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 year ended 
December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

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

2026 Capital Expenditure Guidancea,b,c 
 ($ millions)  Guidance 
 Candelaria (100% basis) 215 
 Caserones (100% basis) 235 
 Chapada 100 
 Total Sustaining 550 
 Expansionary Capital 50 
 Vicuña (50% basis) 395 
 Total Capital Expenditures 995 
a. Guidance as announced by news release “Lundin Mining Announces 2025 Production Results and 2026 Guidance” dated January 21 , 2026.  
b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non -GAAP measure – see section 
‘Non-GAAP and Other Performance Measures’ of the Company’s MD&A for the year ended December 31, 2025 and 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: 
900, USD/BRL: 5.50). 
 
2026 Exploration Investment Guidance 
Total exploration expenditure guidance for 2026 is $53 million.  
 
Exploration  
In 2025, exploration activity focused on in-mine and near-mine targets at the Company's operations.  
 
At Caserones, seven rigs drilled 10,329 metres during the quarter targeting high -grade copper breccias in the Caserones 
pit and copper sulphides at Angelica. Exploration drilling also commenced at the Centauro target. In total, 18,908 metres 
were drilled at Caserones during the year. 
 
No exploration drilling was undertaken at Candelaria during the quarter. In total, 7,642 metres were drilled at Candelaria 
during the year focusing on Candelaria Norte, Candelaria South (Mariana) and La Portuguesa.  
 
The annual drilling program at Chapada was completed during the quarter with 12,507 metres drilled during the year, 
primarily in the Saúva resource area. 
 
Vicuña 
Integrated Technical Study Results 
The results of an integrated technical study  were published on February 16, 2026 and highlighted the Vicuña Project as a 
development project with the potential to rank among the top five copper, gold, and silver mines globally. Highlights from 
the PEA are outlined below and more information is set out in the news release dated February 16, 2026. 
 
The development of the Vicuña district is envisioned in a staged approach. Stage 1 encompasses a sulphide mill and the 
Josemaria deposit, establishing an initial open pit mine and concentrator designed for future expansion to accelerate first 
production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a 
corresponding SX/EW plant for copper, gold and silver recovery. Stage 3 represents the long -term maturation of the 
district through expansion of the concentrator and development of the Filo del Sol sulphide deposit, enabling peak, 
sustained production, positioning the Vicuña Project as a long -life, globally significant copper operation. Stage 3 also 
integrates key district infrastructure, including a desalination plant and associated pipeline, and return concentrate slurry  
pipeline, to support expansion of the district. 
 
• Potential to be a top five copper, gold, and silver mine:  Average annual production of 400,000 tonnes copper, 
700,000 oz  gold and 22 million oz ("Moz") silver over the first 25 full years of operation. 
• Peak production of +500 ktpa copper:  Average production over a ten -year period of over 500,000 tonnes 
copper, 800,000 oz gold and 20 Moz silver or 800,000 tonnes copper equivalent (“CuEq”)8. 
• Multi-generational asset:  Initial +70 -year life of mine ("LOM"), producing approximately 22.3 million tonnes 
(“Mt”) of copper, 37.2 Moz of gold and 763 Moz of silver. 
 
8 Copper equivalent (CuEq) based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag.

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

• Significant free cash flow:  Average annual free cash flow of $2.2 billion per year (after expansionary capital) 
during the first 25 years. 
• Leveraged to copper and gold: LOM revenue contribution of 60% copper, 32% gold and 8% silver. 
• Capital intensity below $30,000/tonne CuEq:  Stage 1 capital of $7.1 billion with an after -tax payback period of 
8.49 years and an after-tax internal rate of return ("IRR") of 14.8%. 
• Resource growth: The updated Mineral Resource estimate for the Vicuña Project (the "Updated Vicuña Mineral 
Resource") grew significantly compared to the previous estimate10. 
◦ Contained copper 11 of 14 Mt Measured and Indicated (“M&I”) and 32 Mt Inferred. An increase of 12% 
contained M&I copper and 28% Inferred copper. 
◦ Contained gold11 of 36 Moz M&I and 61 Moz Inferred. An increase of 12% contained M&I gold and 26% 
Inferred gold. 
◦ Contained silver 11 of 729 Moz M&I and 1,051 Moz Inferred. An increase of 11% M&I silver and 30% 
Inferred silver. 
• Base-case scenario: Net present value ("NPV 8%") of $9.5 billion after -tax at $4.60/lb copper, $3,300/oz gold and 
$40/oz silver. 
◦ Stage 1 is clearly defined providing a blueprint for initial development, ongoing studies on Stages 2 and 3 
are expected to deliver further optimization. 
• At spot copper, gold and silver prices  ($6.00/lb copper, $5,000/oz gold & $80/oz silver), the NPV 8% increases to 
$28.8 billion and the IRR to 25.5% with a payback of 5.4 years. 
 
The results of the Study, including the Updated Vicuña Mineral Resource, will be detailed in an updated technical report 
that will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. These results supersede the “NI 43 -101 
Technical Report on the Vicuña Project, Argentina and Chile” with an effective date of April 15, 2025, including the Mineral 
Resource estimate set out therein. 
 
RIGI Application 
During the quarter, Vicuña submitted an application to the Incentive Regime for Large Investments (RIGI) in Argentina for 
the inclusion of the Vicuña Project under the Long -Term Strategic Export Projects designation (PEELP). Argentina’s RIGI 
regime is designed to attract and accelerate large -scale investment through long -term fiscal stability and transparent 
regulatory conditions. 
 
RIGI offers regulatory stability, including lower corporate and dividend withholding tax rates, removal of export duties, 
value added tax offsets and repatriation of revenues. The Vicuña Project is the first mining project to apply for the RIGI 
PEELP , which is designed to support large scale, long-term investments into Argentina and provides longer benefit periods 
(40 years vs 30 years) and accelerated timelines to repatriate revenues and export duty exemptions, as compared to the 
regular RIGI regime. 
 
Project Development 
In 2025, parallel studies were advanced supporting a multi -phased development concept pertaining to the Josemaria and 
Filo del Sol deposits resulting in an integrated technical study, the results of which were published on February 16, 2026. 
These results, including the Updated Vicuña Mineral Resource estimate, will be detailed in an updated technical report that 
will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. 
 
The Josemaria Environmental Impact Assessment advanced through review by the San Juan authorities with a site visit 
performed during the quarter. 
 
Drilling activities at Filo del Sol advanced with 16,619 metres completed during the quarter, bringing the year -to-date total 
to 65,611 metres. 
 
During the year, the Company spent $167.2  million in capital expenditures compared to $243.6  million in 2024. Capital 
expenditures included the project development activities noted above and were 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 compared to 100% funded for Josemaria prior to the formation of Vicuña. 
 
9 Initial capital from the start of 2027 and payback period from the start of 2030.  
10 See news release dated May 4, 2025 and previous technical report entitled “NI 43 -101 Technical Report on the Vicuña Project, Argentina and Chile”, with an 
effective date of April 15, 2025 for information with respect to the previous Mineral Resource estimate. The Project is a 50: 50 joint venture between Lundin 
Mining and BHP Canada. Lundin Mining’s attributable interest in the Mineral Resource estimate is 50%.  
11 M&I contained metal is based on estimated tonnes of 4,181Mt and estimated grades of 0.34% Cu, 0.27g/t Au and 5.4g/t Ag. Infer red contained metal is 
based on estimated tonnes of 10,641Mt at estimated grades of 0.30% Cu, 0.18g/t Au and 3.1g/t Ag.

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

The Company intends to continue with to work with its partner, BHP , and Vicuña on a work plan to advance the Vicuña 
Project to production. Key activities and milestones include: 
• Ongoing detailed engineering and design activities for Stage 1. 
• Trade off studies and optimization of Stages 2 & 3. 
• Initiate construction of the North Access Road. 
• Further advancement of project readiness in preparation for early earthworks. 
• Advancement of financing structure within Vicuña to fund construction. 
• Approval of the Incentive Regime for Large Investments under the Long -Term Strategic Export Projects 
designation (RIGI PEELP) application in Argentina. 
• Receipt of the Project permit amendment. 
 
The next phase for the Vicuña Project is detailed design and engineering. The technical team will focus on advancing 
engineering in order to prepare procurement and other activities to support an efficient project start-up and mitigate risks 
of increasing lead times and variable international logistics.  
 
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. 
 
Expansionary Projects 
The Company has a number of brownfield low -capital intensity expansionary projects that are expected to contribute to 
medium-term growth in its existing operating asset portfolio. 
 
Candelaria Underground Expansion 
The Candelaria underground expansion project is expected to increase underground throughput capacity to 
approximately 22,000 tonnes per day from prior levels of approximately 12,000 to 14,000 tonnes per day, targeting a 
medium-term increase in annual copper production of approximately 14,000 tonnes of copper which adds roughly 10% to 
current production levels. The opportunity includes phased insourcing of the Company's underground mining contract 
and an increase in the number of active mining stopes. Candelaria’s 2026 copper and gold production guidance 
incorporates lower underground mining rates in the first half of the year as the Company insources the underground 
mining contract. Internal recruitment commenced in mid -2025 with blasting, loading and hauling activities insourced at 
the end of the year. Insourcing of additional activities are expected to continue through 2026.   
 
Projects are also ongoing to support the mine life extension under the Environmental Impact Assessment ("2040 EIA"). 
 
Caserones Cathode Plant Utilization 
The Caserones cathode plant capacity is approximately 35,000 tonnes of copper cathode production per year, 
representing an opportunity to increase production from prior levels through higher utilization rates.  
 
Additional oxide material placed on the dump leach, together with improved leaching practices, increased copper cathode 
production to 25,817 tonnes in 2025. As a result of these optimization efforts, annual copper cathode production is 
forecast to increase to approximately 26,000 to 28,000 tonnes in 2026 through 2028, an improvement of 6,000 –8,000 
tonnes from prior levels.  
 
Chapada - Saúva Deposit 
The Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add 
approximately 10,000 to 15,000 tonnes of copper production per year and 35,000 to 45,000 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. 
 
An internal prefeasibility study was completed on Saúva phase 1 during the quarter. A sanctioning decision on the 
installation of additional grinding capacity is expected in the second half of 2026, while detailed design and engineering 
work will continue along with Saúva permitting. An updated Chapada technical report, including the Saúva project, is 
expected to be released in the second half of 2026.

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

About Lundin Mining  
Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil 
and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to 
become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing 
one of the world’s largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, 
where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, 
operational excellence, and responsible development. The Company’s shares trade on the Toronto Stock Exchange (LUN) 
and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com. 
 
The Company will file its Annual Report for the year ended December 31, 2025 in Sweden on Börs  information and on its 
website at www.lundinmining.com by the end of April 2026. 
 
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 
February 19, 2026 at 15:30 Vancouver Time. 
 
The Company will file a 2025 Swedish Annual Report to Börsinformation and on its website at www.lundinmining.com by 
the end of April 2026. 
 
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 technical report summarizing the results of the Study, including the Updated Vicuña Mineral Resource, is being 
prepared in accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”) and 
will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca in accordance with applicable securities rules. 
The Qualified Persons named below have reviewed and verified the scientific and technical information in respect of the 
Study in this document and approve the written disclosure of such information.  
 
The Qualified Persons are: 
Mr. Luke Evans, P .Eng., SLR Consulting (Canada) Ltd. 
Mr. Paul Daigle, P .Geo., AGP Mining Consultants Inc. 
Mr. Sean Horan, P .Geo., Resource Modelling Solutions Ltd. 
Mr. Jeffery Austin, P .Eng., International Metallurgical and Environmental Inc. 
Mr. Rod Clary, P .E., Design, Fluor Corp. 
Mr. Kirk Hanson, P .E., KH Mining LLC 
Mr. Dustin Smiley, P .Eng., Vicuña Corp. 
Mr. Daniel Ruane, P .Eng., Knight Piesold Ltd. 
 
Each of the foregoing individuals is a “Qualified Person” as defined by NI 43 -101. The Updated Vicuña Mineral Resource 
estimates are shown on a 100% basis and have an effective date of October 31, 2025. For further information related to 
the Study, including the Updated Vicuña Mineral Resource, and the key assumptions, parameters, and methods used to 
estimate the Updated Vicuña Mineral Resource, risks and cautionary statements, see the Company’s news release  dated 
February 16, 2026. 
 
The scientific and technical information in this document other than that pertaining to the Updated Vicuña Mineral 
Resource has been reviewed and approved in accordance with NI 43 -101 by Eduardo Cortés, Registered Member 
(Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, 
Mining & Resources at Lundin Mining, a "Qualified Person" under NI 43 -101. Mr. Cortés has verified the data disclosed in 
this document and no limitations were imposed on his verification process.

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

Reconciliation of Non-GAAP Measures   
The Company uses certain performance measures in its analysis. These performance measures have no standardized 
meaning within generally accepted accounting principles under International Financial Reporting Standards and, 
therefore, amounts presented may not be comparable to similar data presented by other mining companies. For 
additional details please refer to the Company’s discussion of non -GAAP and other performance measures in its 
Management’s Discussion and Analysis for the year ended December 31, 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 
Consolidated Statements of Earnings as follows: 
 
Three months ended December 31, 2025 
Continuing operations Candelaria Caserones Chapada Consolidated Total - 
continuing 
operations1 ($ millions, unless otherwise noted) (Cu) (Cu) (Cu) (Cu) 
Sales volumes (contained metal):      
Tonnes  32,882   45,134   9,413   87,429   
Pounds (000s)  72,492   99,503   20,752   192,747   
      
Production costs  226.6   247.3   71.9   545.8   546.8  
Less: Royalties and other  (9.1)   (20.4)   (4.9)   (34.4)   (35.5) 
  217.5   226.9   67.0   511.4   511.4  
Deduct: By-product credits2  (56.8)   (41.8)   (58.0)   (156.6)   (156.6) 
Add: Treatment and refining charges  5.6   1.9   0.4   7.9   7.9  
Cash cost  166.3   187.0   9.4   362.7   362.7  
Cash cost per pound ($/lb)  2.29   1.88   0.45   1.88   
      
Add: Sustaining capital expenditure  79.5   56.8   21.1    
Royalties  4.3   15.2   4.3    
Reclamation and other closure accretion 
and depreciation 
 1.9   0.3   1.7    
Leases and other  2.3   13.8   1.0    
All-in sustaining cost  254.3   273.1   37.5    
AISC per pound ($/lb)  3.51   2.74   1.81    
1 Includes immaterial amounts related to other segments. 
2 By-product credits are presented net of the associated treatment and refining charges.

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

Three months ended December 31, 2025 
Discontinued Operations    Eagle Total - 
discontinued 
operations ($ millions, unless otherwise noted)    (Ni) 
Sales volumes (Contained metal):      
Tonnes     1,756   
Pounds (000s)     3,872   
      
Production costs     38.0   38.0  
Less: Royalties and other     (2.8)   (2.8) 
     35.2   35.2  
Deduct: By-product credits1     (26.3)   (26.3) 
Add: Treatment and refining charges     —   —  
Cash cost     8.9   8.9  
Cash cost per pound ($/lb)     2.31   
      
Add: Sustaining capital expenditure     3.9   
Royalties     2.7   
Reclamation and other closure accretion 
and depreciation     0.8   
Leases and other     3.5   
All-in sustaining cost     19.9   
AISC per pound ($/lb)     5.13   
1 By-product credits are presented net of the associated treatment and refining charges.  
 
 
Three months ended December 31, 2024 
Continuing operations   Candelaria Caserones Chapada Consolidated Total - 
continuing 
operations1 ($ millions, unless otherwise noted)   (Cu) (Cu) (Cu) (Cu) 
Sales volumes (contained metal):        
Tonnes    49,052   26,750   10,200   86,002   
Pounds (000s)    108,141   58,973   22,487   189,601   
        
Production costs    201.0   200.2   64.4   465.7   465.9  
Less: Royalties and other    (7.8)   (14.2)   (4.8)   (26.8)   (27.0) 
    193.2   186.0   59.6   438.9   438.9  
Deduct: By-product credits2    (43.3)   (46.6)   (39.4)   (129.3)   (129.3) 
Add: Treatment and refining charges    15.1   8.4   3.9   27.4   27.4  
Cash cost    165.0   147.8   24.1   337.0   337.0  
Cash cost per pound ($/lb)    1.53   2.51   1.07   1.78   
        
Add: Sustaining capital expenditure    55.5   43.0   32.9    
Royalties    4.7   7.7   2.7    
Reclamation and other closure 
accretion and depreciation 
   2.1   (4.5)   2.4    
Leases and other    1.4   17.2   1.1    
All-in sustaining cost    228.7   211.3   63.2    
AISC per pound ($/lb)    2.12   3.58   2.81    
1 Includes immaterial amounts related to other segments.   
2 By-product credits are presented net of the associated treatment and refining charges.

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

Three months ended December 31, 2024 
Discontinued operations    Eagle Neves-Corvo Zinkgruvan Total - 
discontinued 
operations 
($ millions, unless otherwise noted)    
(Ni) (Cu) (Zn) 
Sales volumes (contained metal):        
Tonnes    1,088 5,230 18,627  
Pounds (000s)    2,399 11,531 41,066  
        
Production costs     21.1   73.2   29.1   123.4  
Less: Royalties and other     (0.8)   —   —   (0.8) 
     20.3   73.2   29.1   122.6  
Deduct: By-product credits1     (7.8)   (56.6)   (19.1)   (83.5) 
Add: Treatment and refining charges     —   4.7   7.4   12.1  
Cash cost     12.5  21.2  17.5  51.2  
Cash cost per pound ($/lb)    5.22 1.84 0.43  
        
Add: Sustaining capital expenditure     5.2  12.7  22.5  
Royalties     0.7  0.8  —  
Reclamation and other closure 
accretion and depreciation     1.7  1.2  0.7  
Leases and other     2.7  2.9  0.1  
All-in sustaining cost     22.8  38.9  40.7  
AISC per pound ($/lb)    9.53 3.37 0.99  
1 By-product credits are presented net of the associated treatment and refining charges.

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

Year ended December 31, 2025 
Continuing operations   Candelaria Caserones Chapada Consolidated Total - 
continuing 
operations1 ($ millions, unless otherwise noted)   (Cu) (Cu) (Cu) (Cu) 
Sales volumes (contained metal):        
Tonnes    140,500   138,287   42,040   320,827   
Pounds (000s)    309,749   304,870   92,682   707,301   
        
Production costs    783.9   854.5   306.8   1,945.2   1,948.1  
Less: Royalties and other    (18.6)   (52.4)   (22.3)   (93.3)   (96.2) 
    765.3   802.1   284.5   1,851.9   1,851.9  
Deduct: By-product credits2    (193.1)   (149.8)   (220.4)   (563.3)   (563.3) 
Add: Treatment and refining charges    22.9   8.3   5.0   36.2   36.2  
Cash cost    595.1   660.6   69.1   1,324.8   1,324.9  
Cash cost per pound ($/lb)    1.92   2.17   0.75   1.87   
        
Add: Sustaining capital expenditure    224.4   156.3   96.8    
Royalties    15.7   41.9   14.5    
Reclamation and other closure 
accretion and depreciation    7.9   2.7   6.8    
Leases and other    7.5   63.5   4.1    
All-in sustaining cost    850.6   925.0   191.3    
AISC per pound ($/lb)    2.75   3.03   2.06    
1 Includes immaterial amounts related to other segments.   
2 By-product credits are presented net of the associated treatment and refining charges.  
        
Year ended December 31, 2025 
Discontinued Operations    Eagle Neves-Corvo1 Zinkgruvan1 Total - 
discontinued 
operations ($ millions, unless otherwise noted)    (Ni) (Cu) (Zn) 
Sales volumes (Contained metal):        
Tonnes     7,651   6,745   20,698   
Pounds (000s)     16,868   14,870   45,631   
        
Production costs     150.7   90.2   36.9   277.8  
Less: Royalties and other     (15.5)   (1.3)   —   (16.8) 
     135.2   88.9   36.9   261.0  
Deduct: By-product credits2     (92.2)   (67.0)   (23.3)   (182.5) 
Add: Treatment and refining charges     —   5.4   7.2   12.6  
Cash cost     43.0   27.3   20.8   91.1  
Cash cost per pound ($/lb)     2.55   1.84   0.46   
        
Add: Sustaining capital expenditure     21.3   27.7   30.4   
Royalties     12.6   1.2   —   
Reclamation and other closure 
accretion and depreciation 
    4.3   0.7   0.3   
Leases and other     6.2   0.9   —   
All-in sustaining cost     87.4   57.8   51.5   
AISC per pound ($/lb)     5.18   3.89   1.13   
1 Neves-Corvo and Zinkgruvan results are to April 16, 2025.   
2 By-product credits are presented net of the associated treatment and refining charges.

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

Year ended December 31, 2024 
Continuing operations   Candelaria Caserones Chapada Consolidated Total - 
continuing 
operations1 ($ millions, unless otherwise noted)   (Cu) (Cu) (Cu) (Cu) 
Sales volumes (contained metal):        
Tonnes    158,017   113,867   39,615   311,499   
Pounds (000s)    348,367   251,033   87,336   686,736   
        
Production costs    726.6   776.2   282.7   1,785.5   1,786.7  
Less: Royalties and other    (21.6)   (38.7)   (15.0)   (75.3)   (76.5) 
    705.0   737.5   267.7   1,710.2   1,710.2  
Deduct: By-product credits2    (159.8)   (144.7)   (147.8)   (452.3)   (452.3) 
Add: Treatment and refining charges    58.2   36.8   17.9   112.9   112.9  
Cash cost    603.5   629.6   137.7   1,370.8   1,370.8  
Cash cost per pound ($/lb)    1.73   2.51   1.58   2.00   
        
Add: Sustaining capital expenditure    275.7   144.0   107.8    
Royalties    15.7   32.1   8.6    
Reclamation and other closure     8.6   (1.3)   10.2    
Leases and other    9.1   69.0   3.6    
All-in sustaining cost    912.6   873.4   267.9    
AISC per pound ($/lb)    2.62   3.48   3.07    
1 Includes immaterial amounts related to other segments.   
2 By-product credits are presented net of the associated treatment and refining charges.  
        
        
Year ended December 31, 2024  
Discontinued operations    Eagle Neves-Corvo Zinkgruvan Total - 
discontinued 
operations ($ millions, unless otherwise noted)    (Ni) (Cu) (Zn) 
Sales volumes (contained metal):        
Tonnes     5,662   26,721   68,086   
Pounds (000s)     12,483   58,910   150,104   
        
Production costs     111.9   323.2   122.1   557.2  
Less: Royalties and other     (8.0)   (4.8)   —   (12.8) 
     103.9   318.4   122.1   544.4  
Deduct: By-product credits1     (52.1)   (213.2)   (92.3)   (357.6) 
Add: Treatment and refining charges     0.6   23.9   31.5   56.0  
Cash cost     52.4   129.1   61.2   242.7  
Cash cost per pound ($/lb)     4.20   2.19   0.41   
        
Add: Sustaining capital expenditure     21.2   89.3   65.7   
Royalties     7.4   4.0   —   
Reclamation and other closure 
accretion and depreciation     6.8   5.2   4.0   
Leases and other     6.9   3.3   0.3   
All-in sustaining cost     94.7   230.9   131.2   
AISC per pound ($/lb)     7.60   3.92   0.87   
1 By-product credits are presented net of the associated treatment and refining charges.

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

Adjusted EBITDA can be reconciled to Net earnings (loss) on the Company's Consolidated Statements of Earnings as 
follows: 
 
 
Three months ended 
December 31,  
Year ended 
December 31, 
($ millions) 2025 2024  2025 2024 2023 
Net earnings (loss) from continuing operations  912.3   (59.8)   1,417.7   267.6   183.0  
Add back:       
Depreciation, depletion and amortization  169.7   139.8    618.9   574.2   445.8  
Finance costs, net  13.0   37.2    90.5   137.7   87.1  
Income taxes expense (recovery)  (488.2)  58.7    (270.0)  258.8   211.5  
EBITDA - continuing operations   606.8   175.9    1,857.1   1,238.3   927.4  
Unrealized foreign exchange (gain) loss  5.8   (10.8)   5.2   (10.9)  1.8  
Unrealized losses (gains) on derivative contracts  (7.8)  86.0    (29.0)  85.2   8.5  
Revaluation gain on marketable securities  (5.2)  (0.9)   (14.9)  (7.4)  (1.8) 
Inventory write-down (reversal)  88.2   (26.6)   88.2   (26.6)  —  
Ojos del Salado sinkhole expenses (recoveries)  (1.7)  (10.0)   10.9   (9.5)  16.9  
Gain on partial disposal and contribution to Vicuña  —   —    (3.0)  —   —  
Goodwill and asset impairment  —   149.4    —   149.4   —  
Write-down of assets  —   4.2    —   22.1   —  
Revaluation of Caserones purchase option  —   —    —   (11.7)  2.6  
Caserones inventory fair value adjustment   —   —    —   —   39.9  
Gain on disposal of subsidiary  —   —    —   —   (5.7) 
Other  0.3   (0.7)   2.6   (2.0)  3.0  
Total adjustments - EBITDA  79.6   190.6    60.0   188.6   65.2  
Adjusted EBITDA - continuing operations  686.4   366.5    1,917.1   1,426.9   992.6  
Including discontinued operations:       
Net earnings from discontinued operations  107.3   (344.6)   235.8   (328.9)  132.0  
Add back:       
Depreciation, depletion and amortization  5.3   41.1    22.3   188.9   207.8  
Finance costs, net  0.8   2.9    9.0   13.4   15.6  
Income taxes expense  20.1   (46.1)   26.6   (42.5)  5.1  
EBITDA - discontinued operations  133.5   (346.7)   293.7   (169.1)  360.5  
Asset impairment (reversal)  (88.4)  396.1    (22.7)  396.1   —  
Contingent consideration revaluation  (30.6)  —    (47.0)  —   —  
Gain on disposal of subsidiaries   —   —    (106.3)  —   —  
Partial suspension of underground operations at 
Eagle 
 —   11.4    —   36.1   —  
Unrealized foreign exchange loss (gain)  —   (1.0)   1.5   (0.2)  (0.6) 
Unrealized losses (gains) on derivative contracts  —   (0.5)   (0.1)  18.6   13.5  
Other  (0.3)  (0.2)   1.1   (1.4)  (2.6) 
Total adjustments - EBITDA discontinued operations   (119.3)  405.8    (173.5)  449.2   10.3  
Adjusted EBITDA - discontinued operations  14.2   59.1    120.2   280.1   370.8  
Adjusted EBITDA (all operations)  700.6   425.6    2,037.3   1,707.0   1,363.4

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

Adjusted Earnings and Adjusted EPS can be reconciled to Net earnings (loss) attributable to Lundin Mining Shareholders 
on the Company's Consolidated Statements of Earnings as follows: 
 
 
Three months ended 
December 31,  
Year ended 
December 31, 
($ millions, except share and per share amounts) 2025 2024  2025 2024 2023 
Net earnings (loss) attributable to Lundin Mining 
shareholders - continuing operations 
 659.9   (95.5)  
 1,047.2   125.4   109.30  
Add back:       
Total adjustments - EBITDA  79.6   190.6    60.0   188.6   65.20  
Tax effect on adjustments  (36.3)  (33.2)   (39.0)  (29.9)  (26.90) 
Recognition of Caserones deferred tax asset  (517.0)  —    (517.0)  —   —  
Deferred tax arising from foreign exchange 
translation 
 12.0   45.1   
 (34.1)  12.7   28.80  
Inventory write-down (reversal), included in 
depreciation 
 11.7   —   
 11.7   —   —  
Deferred tax arising from partial disposal and 
contribution to Vicuña 
 —   —   
 9.0   —   —  
Deferred tax expense due to change in tax rate  —   —    —   —   40.20  
Non-controlling interest on adjustments  153.8   (4.1)   150.1   (1.9)  (22.90) 
Total adjustments  (296.2)  198.4    (359.3)  169.5   84.40  
Adjusted earnings - continuing operations   363.7   102.9    687.9   294.9   193.70  
Including discontinued operations:       
Net earnings (loss) attributable to Lundin Mining 
shareholders - discontinued operations1  107.3   (344.6)   235.8   (328.9)  132.00  
Add back:       
Total adjustments - EBITDA - discontinued 
operations  (119.3)  405.8    (173.5)  449.2   10.30  
Tax effect on adjustments  18.7   (44.9)   18.8   (56.1)  —  
Total adjustments  (100.6)  360.9    (154.7)  393.1   10.30  
Adjusted earnings - discontinued operations   6.7   16.3    81.1   64.1   142.30  
Adjusted earnings (all operations)  370.4   119.2    769.0   359.0   336.00  
       
Basic weighted average number of shares 
outstanding 
855,891,254   776,720,828   855,632,088   774,825,230   772,532,260  
       
Basic EPS from continuing operations attributable 
to shareholders 
 0.77   (0.12)   1.22   0.16   0.14  
Total adjustments per share  (0.35)  0.26    (0.42)  0.22   0.11  
Adjusted EPS - continuing operations  0.42   0.13    0.80   0.38   0.25  
       
Basic EPS from discontinued operations attributable 
to shareholders 
 0.13   (0.44)  
 0.28   (0.42)  0.17  
Total adjustments per share  (0.12)  0.46    (0.18)  0.51   0.02  
Adjusted EPS - discontinued operations  0.01   0.02    0.09   0.08   0.19

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

Basic EPS attributable to shareholders  0.90   (0.57)   1.50   (0.26)  0.31  
Total adjustments per share  (0.46)  0.72    (0.60)  0.73   0.13  
Adjusted EPS (all operations)  0.43   0.15    0.90   0.46   0.44  
1 Represents Net earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations 
attributable to Lundin Mining Corporation shareholders. 
 
 
Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by operating activities on the 
Company's Consolidated Statements of Cash Flows as follows: 
 
    
 
Three months ended 
December 31,  
Year ended 
December 31, 
($ millions) 2025 2024  2025 2024 2023 
Cash provided by operating activities related to 
continuing operations 
 533.0   567.9    1,207.9   1,311.4   644.2  
Sustaining capital expenditures  (157.6)  (131.4)   (477.8)  (527.9)  (549.1) 
General exploration and business development  12.9   10.9    43.5   42.1   38.3  
Free cash flow from operations - continuing 
operations 
 388.3   447.4    773.6   825.6   133.4  
General exploration and business development  (12.9)  (10.9)   (43.5)  (42.1)  (38.3) 
Expansionary capital expenditures  (43.5)  (50.5)   (191.2)  (243.6)  (275.9) 
Free cash flow - continuing operations  331.9   386.0    538.9   539.9   (180.8) 
       
Cash provided by operating activities from 
discontinued operations 
 27.9   52.4    134.7   207.5   372.4  
Sustaining capital expenditures  (3.9)  (40.4)   (79.4)  (176.2)  (178.2) 
General exploration and business development  0.2   6.6    6.9   16.0   17.4  
Free cash flow from operations - discontinued 
operations 
 24.2   18.6    62.2   47.3   211.6  
General exploration and business development  (0.2)  (6.6)   (6.9)  (16.0)  (17.4) 
Expansionary capital expenditures  —   —    —   —   —  
Free cash flow - discontinued operations  24.0   12.0    55.3   31.3   194.2  
       
Free cash flow from operations (all operations)  412.5   466.0    835.8   872.9   345.0  
Free cash flow (all operations)  355.9   398.0    594.2   571.2   13.4

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

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash provided by 
operating activities on the Company's Consolidated Statements of Cash Flows as follows: 
 
  
 
Three months ended 
December 31,  
Year ended 
December 31, 
($ millions, except share and per share amounts) 2025 2024  2025 2024 2023 
Cash provided by operating activities from 
continuing operations 
 533.0   567.9    1,207.9   1,311.4   644.2  
Changes in non-cash working capital items  132.1   (304.4)   414.0   (221.5)  65.9  
Adjusted operating cash flow - continuing 
operations 
 665.1   263.5    1,621.9   1,089.9   710.1  
       
Cash provided by operating activities related to 
discontinued operations 
 27.9   52.4    134.7   207.5   372.4  
Changes in non-cash working capital items  (15.4)  (2.0)   (24.1)  5.2   (58.3) 
Adjusted operating cash flow - discontinued 
operations 
 12.5   50.4    110.6   212.7   314.1  
       
Adjusted operating cash flow (all operations)  677.6   313.9    1,732.5   1,302.6   1,024.2  
       
Basic weighted average number of shares 
outstanding 
855,891,254   776,720,828   855,632,088   774,825,230   772,532,260  
       
Adjusted operating cash flow per share - 
continuing operations 
$ 0.78   0.34   $ 1.90   1.41   0.92  
Adjusted operating cash flow per share - 
discontinued operations 
 0.01   0.06   $ 0.12   0.27   0.41  
Adjusted operating cash flow per share (all 
operations) 
$ 0.79   0.40   $ 2.02   1.68   1.33

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

Net cash (debt) can be reconciled to Debt, Current portion of debt and Cash and cash equivalents on the Company's 
Consolidated Balance Sheets as follows: 
   
($ millions) December 31, 2025 December 31, 2024 December 31, 2023 
Debt  (56.3)  (1,412.4)   (1,043.6)  
Current portion of debt  (180.8)  (344.6)   (165.0)  
Less deferred financing fees (netted in above)  (3.7)  (7.7)   (6.4)  
  (240.8)  (1,764.7)  (1,215.0) 
    
Cash and cash equivalents  296.2   357.5   268.8  
Add cash and cash equivalents related to assets 
classified as held for sale 
 22.0   74.8   —  
Net cash (debt)  77.4   (1,332.4)   (946.2)  
    
 
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 achie vement and timing; the results 
of the Study on the Vicuña Project, including but not limited to the Mineral Resource estimate and the parameters and assumpt ions used to estimate the 
Mineral Resources, the life of mine, the life of mine plan, commencement of production, mining methods, production estimates and production profile, 
processing estimates, mining rates, metal grades and production and recovery rates, costs and expenditures (including capital , sustaining and operating 
costs, cash costs and AISC) and the timing thereof, economic metrics and sensitivities, estimated economic results (including  Project economics, economic 
metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estim ate the economic results, 
geological and mineralization interpretations, exploration and development activities, timelines and similar statements relat ing to the economic viability of 
the Vicuña Project, tailings management, infrastructure requirements, development and construction plans (including staged de velopment, Project Stages, 
sequencing, timing, costs and the effects and benefits), permitting (including timelines and expected receipts of approvals, consents and permits, and the 
effects thereof), sanctioning of the Vicuña Project and the timing thereof, community and social engagement and corporate soc ial responsibility matters, 
economic, fiscal and other benefits of the Vicuña Project to local communities, host -countries, shareholders and other stakeholders, and the updated Vicuña 
Project Technical Report and the timing thereof; project studies (including technical, environmental and social studies); the  RIGI application and the timing 
and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to rank among the to p five copper, gold and silver 
mines globally; the Company’s credit facility and the amendments thereto, including upsizing, expected terms thereof, timing of execution of definitive 
documentation, availability of committed amounts, anticipated increases in capacity of the amended credit facility upon satis faction of conditions and project 
milestones, pricing, and the expected maturity date; the use of the credit facility; Vicuña Project funding and the Company’s  expectations regarding its 
funding strategy and its work with BHP;  the Company’s guidance on the timing and amount of future production and its expecta tions 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 resu lts of any Preliminary Economic 
Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine a nd mine closure 
plans; potential for future Mineral Resource expansion; 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 Responsib le 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; expected labour stability and 
operational efficiency resulting from the renewed union agreements at Candelaria; anticipated exploration and development act ivities, including potential 
outcomes, results, impacts and timing thereof; the Company’s integration of acquisitions and expansions and any anticipated b enefits 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; the operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña dis trict; 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 continge nt payments in respect of the 
completion of the sale of the Company’s European and US assets and expectations related thereto; and expectations for other e conomic, business, and/or 
competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend ”, “continue”, “budget”, “estimate”, 
“may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward -looking information. 
 
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of 
management, including with respect to the Company’s business, operations, strategies and growth and expansion plans; that no significant event will occur 
outside of the Company’s normal course of business and operations (other than as set out herein); assumed and future prices o f copper, gold, silver and 
other metals; anticipated costs; commodity prices; 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, p ermitting 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 (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal 
climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, c onstruction, development, 
commissioning and ramp -up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral 
Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life -of-mine plans; geotechnical and 
hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company’ s ability to comply with 
contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; prod uction and processing 
estimates; the results, costs and timing of future exploration activities; economic viability of the Company’s operations and  development projects; the 
Company’s ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company’s financial resour ces, and its ability to raise any 
necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the 
amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Com pany’s ability to meet the 
conditions of the amended credit facility; the ability of the Company to access committed amounts under its credit facility; the successful sanctioning, 
permitting and development of the Company’s Projects (including the Vicuña Project) and commencement of production; successfu l completion of the 
Company’s projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assump tions as set out herein, in the 
Vicuña Project Technical Report when filed, and in other applicable public disclosure documents of the Company, as well as th ose 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 i n light of management’s

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

experience and perception of current conditions and expected developments, such information is inherently subject to signific ant business, social, economic, 
political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or 
achievements to be materially different from those projected in the forward -looking information. The Company cautions that the foregoing list of 
assumptions is not exhaustive. 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: depend ence on international market 
prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating juri sdictions, including but not 
limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environment al and tailings management, 
labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and l egal climate that the Company 
operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in  a timely manner or at all, or if the 
RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and recla mation obligations; health and 
safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks r elating to the development, 
permitting, construction, commissioning and ramp -up of the Company’s projects and operations (including the Vicuña Project); risks relating to tailings and 
waste management facilities; risks relating to the Company’s indebtedness; risks relating to project financing; the Company’s  ability to access capital on 
acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company’s ability to sa tisfy conditions to access 
additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may ari se in partnerships and joint 
operations, including risks relating to the Company’s partnership with BHP and risks associated with joint venture governance , the ability to reach timely 
decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to de velopment projects; risks that 
revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Arg entina; reputational risks 
related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the i mpact of global financial conditions, 
market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interrupt ions caused by critical infrastructure 
failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as pol itical, 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 of information systems; risks relating to reliance on estimates of future production; 
risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); 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 o utbreak 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 Mine ral Resources which are 
estimates only; uncertainties relating to Inferred Mineral Resources being converted into Measured or Indicated Mineral Resou rces; compliance with 
environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significan t shareholders of the Company; 
asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundi n Group companies or entities; 
activist shareholders and proxy solicitation firms; risks associated with climate change; the Company’s common shares being s ubject 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; 
potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees , or the allegation of improper or 
discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associat ed with the use of derivatives; 
exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company’s Europe an assets and expectations 
related thereto; and other risks and uncertainties, including but not limited to those described in the “Risk and Uncertainti es” section of the Company's MD&A 
for the year ended December 31, 2025, and the “Risk and Uncertainties” section of the Company’s latest Annual Information For m, which are available on 
SEDAR+ at www.sedarplus.ca under the Company’s profile.   
 
All of the forward -looking information in this document is qualified by these cautionary statements. Although the Company has attempted to ident ify 
important factors that could cause actual results to differ materially from those contained in forward -looking information, there may be other factors that 
cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list i s 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 a ssumptions 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 =====

Management’s	Discussion	and	Analysis
For	the	year	ended	December	31,	2025
This	 management’s	 discussion	 and	 analysis	 (“MD&A”)	 has	 been	 prepared	 as	 of	 February	 19,	 2026	 and	 should	 be	 read	 in	
conjunction	 with	 the	 Company’s	 audited	 consolidated	 financial	 statements	 for	 the	 year	 ended	 December	 31,	 2025	 (the	
"consolidated	financial	statements"),	which	were	 prepared	in	accordance	with	International	Financial	Reporting	Standards	
as	 issued	 by	 the	 International	 Accounting	 Standards	 Board	 (“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	 fourth	quarter	("Q4")	of	2025.	"This	year"	or	"The	year"	means	
the	 year	 ended	 December	 31,	 2025.	 Reference	 to	 "discontinued	 operations"	 is	 to	 Neves-Corvo,	 Zinkgruvan,	 and	 Eagle.	
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	 Canadian	 mining	 company	 headquartered	 in	
Vancouver,	Canada	with	three	operating	mines	in	Chile	and	Brazil	as	well	as	the	Vicuña	development	asset	in	Argentina.	We	
produce	 copper	 and	 other	 essential	 metals	 that	 support	 the	 global	 megatrends	 of	 urbanization,	 electrification,	
digitalization,	and	advanced	technologies.	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	 consolidated	financial	statements	for	the	 year	ended	 December	31,	
2025.
On	December	18,	2025,	the	Company	announced	that	it	had	entered	into	a	definitive	agreement	with	Talon	 Metals	Corp.	
("Talon")	 to	 sell	 its	 interest	 in	 the	 Eagle	 mine	 and	 Humboldt	 mill,	 both	 located	 in	 the	 United	 States	 of	 America.	 The	
transaction	 was	 completed	 on	 January	 9,	 2026.	 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.	The	
results	 from	 operations	 of	 these	 three	 mines	 are	 reported	 as	 discontinued	 operations	 in	 the	 Company's	 consolidated	
financial	statements	and	MD&A	for	all	periods	presented.	As	at	December	31,	2025,	the	assets	and	liabilities	of	Eagle	mine	
are	reported	as	held	for	sale.	For	further	information	refer	to	Note	3	of	the	consolidated	financial	statements.	
Table	of	Contents
Highlights   ............................................................................................................................................................................... 1
Outlook     .................................................................................................................................................................................. 8
Selected	Fourth	Quarter	and	Annual	Financial	Information    ................................................................................................. 9
Summary	of	Quarterly	Results     ............................................................................................................................................... 11
Revenue	Overview   ................................................................................................................................................................. 13
Financial	Results   ..................................................................................................................................................................... 15
Mining	Operations     ................................................................................................................................................................. 19
Vicuña	Project     ........................................................................................................................................................................ 31
Expansionary	Projects   ............................................................................................................................................................ 33
Exploration	Update ................................................................................................................................................................ 33
Liquidity	and	Capital	Resources      ............................................................................................................................................. 34
Non-GAAP	and	Other	Performance	Measures     ...................................................................................................................... 40
Other	Information	and	Advisories   ......................................................................................................................................... 51
Outstanding	Share	Data    ......................................................................................................................................................... 54

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

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	 results	 of	 the	 Study	 on	 the	 Vicuña	 Project,	 including	 but	 not	
limited	to	the	Mineral	Resource	estimate	and	the	parameters	and	assumptions	used	to	estimate	the	Mineral	Resources,	the	life	of	mine,	the	life	of	mine	plan,	commencement	of	
production,	 mining	 methods,	 production	 estimates	 and	 production	 profile,	 processing	 estimates,	 mining	 rates,	 metal	 grades	 and	 production	 and	 recovery	 rates,	 costs	 and	
expenditures	 (including	 capital,	 sustaining	 and	 operating	 costs,	 cash	 costs	 and	 AISC)	 and	 the	 timing	 thereof,	 economic	 metrics	 and	 sensitivities,	 estimated	 economic	 results	
(including	Project	economics,	economic	metrics,	financial	performance,	revenues,	cash	flows,	earnings,	NPV	and	IRR)	and	the	parameters	and	assumptions	used	to	estimate	the	
economic	results,	geological	and	mineralization	interpretations,	exploration	and	development	activities,	timelines	and	similar	statements	relating	to	the	economic	viability	of	the	
Vicuña	Project,	tailings	management,	infrastructure	requirements,	development	and	construction	plans	(including	staged	development,	Project	Stages,	sequencing,	timing,	costs	
and	 the	 effects	 and	 benefits),	 permitting	 (including	 timelines	 and	 expected	 receipts	 of	 approvals,	 consents	 and	 permits,	 and	 the	 effects	 thereof),	 sanctioning	 of	 the	 Vicuña	
Project	and	the	timing	thereof,	community	and	social	engagement	and	corporate	social	responsibility	matters,	economic,	fiscal	and	other	benefits	of	the	Vicuña	Project	to	local	
communities,	host-countries,	shareholders	and	other	stakeholders,	and	the	updated	Vicuña	Project	Technical	Report	and	the	timing	thereof;	project	studies	(including	technical,	
environmental	and	social	studies);	the	RIGI	application	and	the	timing	and	benefits	thereof;	the	size	and	scale	of	the	Vicuña	Project,	and	the	potential	for	the	Vicuña	Project	to	
rank	among	the	top	five	copper,	gold	and	silver	mines	globally;	the	Company’s	credit	facility	and	the	amendments	thereto,	including	upsizing,	expected	terms	thereof,	timing	of	
execution	of	definitive	documentation,	availability	of	committed	amounts,	anticipated	increases	in	capacity	of	the	amended	credit	facility	upon	satisfaction	of	conditions	and	
project	milestones,	pricing,	and	the	expected	maturity	date;	the	use	of	the	credit	facility;	Vicuña	Project	funding	and	the	Company’s	expectations	regarding	its	funding	strategy	
and	 its	 work	 with	 BHP;	 	 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;	 potential	 for	 future	 Mineral	 Resource	 expansion;	 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;	 expected	 labour	 stability	 and	 operational	
efficiency	resulting	from	the	renewed	union	agreements	at	Candelaria;	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;	 the	 operation	 of	 Vicuña	 with	 BHP;	 the	
realization	of	synergies	and	economies	of	scale	in	the	Vicuña	district;	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	 and	 US	 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	
with	respect	to	the	Company’s	business,	operations,	strategies	and	growth	and	expansion	plans;	that	no	significant	event	will	occur	outside	of	the	Company’s	normal	course	of	
business	 and	 operations	 (other	 than	 as	 set	 out	 herein);	 assumed	 and	 future	 prices	 of	 copper,	 gold,	 silver	 and	 other	 metals;	 anticipated	 costs;	 commodity	 prices;	 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	(including	the	RIGI	application)	and	their	renewals;	the	
geopolitical,	 economic,	 permitting	 and	 legal	 climate	 that	 the	 Company	 operates	 in;	 legal	 and	 regulatory	 requirements;	 positive	 relations	 with	 local	 groups;	 sanctioning,	
construction,	 development,	 commissioning	 and	 ramp-up	 timelines;	 access	 to	 sufficient	 infrastructure	 (including	 water	 and	 power),	 equipment	 and	 labour;	 the	 accuracy	 of	
Mineral	 Resource	 and	 Mineral	 Reserve	 estimates	 and	 related	 information,	 analyses	 and	 interpretations;	 assumptions	 underlying	 life-of-mine	 plans;	 geotechnical	 and	
hydrogeological	 conditions;	 assumptions	 underlying	 economic	 analyses	 (including	 economic	 analysis	 of	 the	 Study);	 the	 Company’s	 ability	 to	 comply	 with	 contractual	 and	
permitting	or	other	regulatory	requirements;	operating	conditions,	capital	and	operating	cost	estimates;	production	and	processing	estimates;	the	results,	costs	and	timing	of	
future	 exploration	 activities;	 economic	 viability	 of	 the	 Company’s	 operations	 and	 development	 projects;	 the	 Company’s	 ability	 to	 satisfy	 the	 terms	 and	 conditions	 of	 its	 debt	
obligations;	the	adequacy	of	the	Company’s	financial	resources,	and	its	ability	to	raise	any	necessary	additional	capital	on	reasonable	terms;	favourable	equity	and	debt	capital	
markets;	stability	in	financial	capital	markets;	the	completion	of	the	amended	credit	facility	on	the	terms	anticipated	or	at	all;	the	timing	of	satisfaction	of	conditions	precedent	
to	 and	 the	 Company’s	 ability	 to	 meet	 the	 conditions	 of	 the	 amended	 credit	 facility;	 the	 ability	 of	 the	 Company	 to	 access	 committed	 amounts	 under	 its	 credit	 facility;	 the	
successful	sanctioning,	permitting	and	development	of	the	Company’s	Projects	(including	the	Vicuña	Project)	and	commencement	of	production;	successful	completion	of	the	
Company’s	 projects	 and	 initiatives	 (including	 the	 Vicuña	 Project)	 within	 budget	 and	 expected	 timelines;	 and	 such	 other	 assumptions	 as	 set	 out	 herein,	 in	 the	 Vicuña	 Project	
Technical	Report	when	filed,	and	in	other	applicable	public	disclosure	documents	of	the	Company,	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,	 social,	 economic,	 political,	 regulatory,	 competitive	 and	 other	 risks,	 uncertainties	 and	
contingencies	that	could	cause	actual	actions,	events,	conditions,	results,	performance	or	achievements	to	be	materially	different	from	those	projected	in	the	forward-looking	
information.	 The	 Company	 cautions	 that	 the	 foregoing	 list	 of	 assumptions	 is	 not	 exhaustive.	 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;	uncertainty	with	respect	to	the	fiscal,	geopolitical,	economic,	permitting	and	legal	climate	that	the	Company	operates	in;	risks	related	to	the	RIGI	
application,	including	if	the	Project	is	not	designated	under	the	RIGI	PEELP	regime	in	a	timely	manner	or	at	all,	or	if	the	RIGI	regime	does	not	function	as	expected	and	risks	
arising	 from	 such	 circumstances;	 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;	geotechnical	incidents;	risks	relating	to	the	development,	permitting,	construction,	commissioning	and	ramp-up	of	the	Company’s	projects	and	operations	
(including	 the	 Vicuña	 Project);	 risks	 relating	 to	 tailings	 and	 waste	 management	 facilities;	 risks	 relating	 to	 the	 Company’s	 indebtedness;	 risks	 relating	 to	 project	 financing;	 the	
Company’s	ability	to	access	capital	on	acceptable	terms	if	at	all;	risks	related	to	the	credit	facility	amendment	commitments,	including	the	Company’s	ability	to	satisfy	conditions	
to	 access	 additional	 tranches;	 risks	 relating	 to	 dividend	 payments	 to	 shareholders	 in	 the	 future;	 challenges	 and	 conflicts	 that	 may	 arise	 in	 partnerships	 and	 joint	 operations,	
including	 risks	 relating	 to	 the	 Company’s	 partnership	 with	 BHP	 and	 risks	 associated	 with	 joint	 venture	 governance,	 the	 ability	 to	 reach	 timely	 decisions	 on	 material	 matters	
affecting	the	Vicuña	Project,	and	the	ability	to	fund	cash	calls	when	due;	risks	relating	to	development	projects;	risks	that	revenue	may	be	significantly	impacted	in	the	event	of	
any	 production	 stoppages	 or	 reputational	 damage	 in	 Chile,	 Brazil	 or	 Argentina;	 reputational	 risks	 related	 to	 negative	 publicity	 with	 respect	 to	 the	 Company,	 its	 joint	 venture	
partner	or	the	mining	industry	in	general;	the	impact	of	global	financial	conditions,	market	volatility	and	inflation;	pricing	and	availability	of	key	supplies,	equipment,	labour	and	
services;	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	 of	 information	 systems;	 risks	 relating	 to	 reliance	 on	 estimates	 of	 future	
production;	 risks	 relating	 to	 litigation	 and	 administrative	 proceedings	 which	 the	 Company	 may	 be	 subject	 to	 from	 time	 to	 time	 (including	 tax	 disputes);	 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;	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;	potential	for	the	
allegation	 of	 fraud	 and	 corruption	 involving	 the	 Company,	 its	 	 respective	 customers,	 suppliers	 or	 employees,	 or	 the	 allegation	 of	 improper	 or	 discriminatory	 employment	
practices,	 or	 human	 rights	 violations;	 counterparty	 and	 customer	 concentration	 risk;	 risks	 associated	 with	 the	 use	 of	 derivatives;	 exchange	 rate	 fluctuations;	 the	 terms	 of	
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

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

but	not	limited	to	those	described	in	the	“Risks	and	Uncertainties”	section	of	this	MD&A,	and	the	“Risks	and	Uncertainties”	section	of	the	Company’s	latest	Annual	Information	
Form,	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 25 =====

Highlights
For	 the	 year	 ended	 December	 31,	 2025,	 the	 Company	 generated	 record	 revenue	 from	 continuing	 operations	 of	 $4,053.2	
million	 (2024	 -	 $3,270.1	 million).	 Revenue	 in	 2025	 benefitted	 from	 increased	 realized	 copper	 and	 gold	 prices,	 combined	
with	 production	 of	 322,326	 tonnes	 of	 copper,	 and	 141,859	 ounces	 of	 gold	 from	 continuing	 operations.	 In	 addition,	 Eagle	
contributed	 8,906	 tonnes	 of	 copper,	 which	 successfully	 contributed	 to	 the	 Company	 meeting	 the	 most	 recent	 annual	
copper	production	guidance	and	exceeding	the	upper	end	of	the	original	annual	copper	production	guidance.	Annual	gold	
production	guidance	was	also	met	during	the	period.
Net	 earnings	 from	 continuing	 operations	 in	 2025	 of	 $1,417.7	 million	 (2024	 -	 $267.6	 million)	 benefitted	 from	 solid	 gross	
profit	 generation	 and	 from	 a	 non-cash	 deferred	 tax	 recovery	 of	 $517.0	 million	 due	 to	 an	 additional	 deferred	 tax	 asset	
recognized	at	Caserones	for	tax	loss	carryforwards.	Net	earnings	were	partially	offset	by	a	$99.9	million	($65.9	million	net	of	
tax)	non-cash	write	down	of	long-term	ore	stockpile	inventory	at	Chapada	as	a	result	of	mine	plan	changes	deprioritizing	
the	timing	of	processing	of	stockpiles.	Excluding	write-downs	and	other	items,	s trong	annual	production	in	2025	resulted	in	
adjusted	 earnings1	 -	 continuing	 operations	 of	 $687.9	 million	 (2024	 -	 $294.9	 million)	 and	 record	 a djusted	 EBITDA1	 -	
continuing	operations	of	$1,917.1	million	(2024	-	$1,426.9	million).	
In	 2025,	 cash	 provided	 by	 operating	 activities	 from	 continuing	 operations	 was	 $1,207.9	 million	 (2024	 -	 $1,311.4	 million).	
Operating	 cash	 flow	 benefitted	 from	 higher	 gross	 profit	 offset	 by	 a	 significant	 negative	 working	 capital	 build	 of	 $414.0	
million	 during	 the	 year	 (2024	 -	 positive	 working	 capital	 release	 of	 $221.7	 million).	 Excluding	 working	 capital	 movements,	
adjusted	 operating	 cash	 flow1	 -	 continuing	 operations	 increased	 to	 $1,621.9	 million,	 compared	 to	 $1,089.9	 million	 in	 the	
prior	year	comparable	period.
The	fourth	quarter	was	the	Company's	best	quarter	for	the	year	aided	by	elevated	metal	prices	and	improved	copper	sales	
volume.	 The	 Company	 generated	 the	 highest	 quarterly	 revenue	 in	 its	 history,	 which	 included	 revenue	 from	 continuing	
operations	 of	 $1,301.5	 million	 (Q4	 2024	 -	 $833.3	 million).	 Net	 earnings	 from	 continuing	 operations	 for	 the	 quarter	 was	
$912.3	million	(Q4	2024	-	net	loss	 $59.8	million)	as	a	result	of	strong	gross	profit	and	was	positively	impacted	by	a	 $517.0	
million	non-cash	deferred	tax	recovery	at	Caserones,	partially	offset	by	 $99.9	million	($65.9	million	net	of	tax)	for	the	write-
down	of	the	long-term	ore	stockpile	inventory 	at	Chapada.	Adjusted	earnings1	-	continuing	operations	for	the	quarter	was	
$363.7	million	(Q4	2024	-	 $102.9	million)	and	a djusted	EBITDA1	-	continuing	operations	for	the	quarter	was	 $686.4	million	
(Q4	2024	-	$366.5	million).	
On	 February	 16,	 2026,	 the	 Company	 announced	 the	 results	 of	 an	 integrated	 technical	 study	 for	 the	 Vicuña	 Project	 (the	
Preliminary	 Economic	 Assessment	 “PEA”	 or	 "Study"),	 including	 an	 updated	 Mineral	 Resource	 estimate	 for	 the	 Vicuña	
Project	 (the	 "Updated	 Vicuña	 Mineral	 Resource").	 The	 Study	 highlights	 a	 development	 project	 with	 the	 potential	 to	 rank	
among	the	top	five	copper,	gold,	and	silver	mines	globally.
On	January	9,	2026,	the	Company	completed	the	sale	of	its	Eagle	operation	to	Talon.	Under	the	terms	of	the	agreement,	the	
Company	received	275.2	million	common	shares	of	Talon	which,	along	with	the	Company's	existing	1.57%	interest	in	Talon,	
resulted	 in	 the	 Company	 owning	 19.86%	 of	 the	 issued	 and	 outstanding	 common	 shares	 of	 Talon	 on	 completion	 of	 the	
transaction.	In	addition,	the	Company	and	Lundin	Mining	US	Ltd.	(“Lundin	Mining	US”;	the	entity	that	indirectly	holds	the	
Eagle	mine	and	Humboldt	mill	and	that	was	sold	to	Talon)	entered	into	a	Production	Payment	Agreement	(the	“Eagle	PPA”)	
pursuant	to	which	Lundin	Mining	US	will	make	ore	delivery	payments	of	$1.00	per	metric	tonne	of	non-Eagle	ore	processed	
through	the	Humboldt	mill	to	the	Company	until	the	aggregate	ore	delivery	payments	equal	$20.0	million.
On	April	16,	2025,	the	Company	completed	the	sale	of	its	European	operations,	Neves-Corvo	and	Zinkgruvan,	to	Boliden	AB	
("Boliden").	At	closing,	Lundin	Mining	received	cash	consideration	of	$1,402.0	million	($1,314.6	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.	Subsequent	to	closing,	t he	Company	recognized	a	revaluation	gain	of	 $47.0	million	on	
the	contingent	consideration,	which	includes	a	realized	and	unrealized	gain	of	 $5.5	million	and	 $41.5	million,	respectively.	
Using	 the	 proceeds	 from	 the	 sale,	 the	 Company	 repaid	 the	 outstanding	 balance	 of	 the	 term	 loan	 ($1,150.0	 million).	 At	
December	31,	2025,	the	Company	had	net	cash1	of	$77.4	million	(December	31,	2024	-	net	debt	of	$1,332.4	million).
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"	
1
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

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.
2

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

Operational	Performance
Candelaria	(80%	owned):	Candelaria	produced,	on	a	100%	basis,	 145,471	tonnes	of	copper, 	80,528	ounces	of	gold	and	 1.8	
million	ounces	of	silver	during	the	year. 	Annual	copper	and	gold	production	in	2025	was	within	the	most	recent	guidance	
ranges.	During	the	year,	mining	in	the	open	pit	was	focused	on	Phase	11	with	some	contribution	from	higher	grade	areas	of	
Phase	 12.	 Production	 continued	 to	 benefit	 from	 higher	 throughput	 at	 the	 mill	 due	 to	 softer	 ore	 feed	 and	 finer	 ore	 size.	
Consistent	 with	 the	 mine	 plan,	 realized	 grades	 during	 the	 year	 were	 lower	 than	 the	 prior	 year,	 which	 led	 to	 lower	
production.	Copper	cash	cost1	of	$1.92/lb	was	within	the	most	recent 	cash	cost	guidance	range	and	benefitted	from	higher	
metal	 prices	 for	 by-product	 credits	 and	 was	 impacted	 by	 the	 lower	 average	 grades	 during	 the	 year.	 During	 the	 fourth	
quarter,	early	renewals	of	labour	agreements	were	completed	with	five	unions	at	Candelaria.	The	agreements	are	each	for	
three-year	 terms	 and	 expire	 in	 2029,	 replacing	 agreements	 expiring	 during	 2026.	 The	 proactive	 early	 renewal	 of	 these	
agreements	will	contribute	to	labour	stability	and	operational	efficiency	at	Candelaria	in	the	medium	term.
Caserones	 (70%	 owned): 	 Caserones	 produced,	 on	 a	 100%	 basis, 	 132,881	 tonnes	 of	 copper	 and 	 2,082	 tonnes	 of	
molybdenum.	Annual	production	for	copper	was	at	the	top-end	of	the	most	recent	production	guidance	range	and	fourth	
quarter	copper	production	was	the	highest	since	the	mine	was	acquired	by	the	Company	in	mid-2023.	Mining	during	the	
year	 focused	 on	 Phase	 6	 and	 copper	 production	 benefitted	 from	 higher	 throughput	 and	 recoveries.	 Copper	 cathode	
production	during	the	year	benefitted	from	increased	material	placed	on	the	dump	leach	in	previous	periods.	Copper	cash	
cost	 of	 $2.17/lb	 was	 within	 the	 low-end	 of	 the	 most	 recent	 production	 guidance	 range	 and	 benefitted	 from	 strong	
production	as	a	result	of	higher	throughput	and	recoveries,	reduced	treatment	charges,	and	reduced	labour	expenses.
Chapada	(100%	owned):	Chapada	produced 	43,974	tonnes	of	copper	and	approximately 	61,331	ounces	of	gold	during	the	
year.	 Production	 for	 both	 metals	 were	 within	 the	 most	 recent	 production	 guidance	 ranges.	 Mining	 in	 the	 year	 primarily	
focused	on	ore	from	South	and	North	pits	in	line	with	the	planned	mine	sequencing.	Annual	copper	production	benefitted	
from	higher	throughput.	Gold	production	in	the	year	was	negatively	impacted	by	reduced	grades	and	recoveries	relative	to	
2024.	 Copper	 cash	 cost	 of	 $0.75/lb	 was	 below	 the	 low	 end	 of	 the	 most	 recent	 guidance	 range	 and	 benefitted	 from	
increased	by-product	credits	as	a	result	of	higher	realized	gold	prices.
Eagle	 (100%	 owned):	 Eagle	 produced	 9,907	 tonnes	 of	 nickel	 and	 8,906	 tonnes	 of	 copper	 during	 the	 year.	 The	 ramp	
rehabilitation	in	Eagle	East	was	completed	in	the	first	quarter	of	the	year,	allowing	mining	and	processing	activities	to	return	
to	 normal	 levels.	 Annual	 nickel	 production	 in	 2025	 was	 within	 the	 most	 recent	 production	 guidance	 range,	 while	 annual	
copper	 production	 was	 just	 below	 the	 low	 end	 of	 the	 most	 recent	 guidance	 range	 but	 was	 within	 the	 original	 guidance	
range.	 Nickel	 cash	 cost1	 of	 $2.55/lb	 benefitted	 from	 higher	 throughput	 and	 improved	 recoveries.	 Annual	 cash	 cost	 per	
pound1	 for	 the	 year	 exceeded	 the	 high	 end	 of	 the	 most	 recent	 production	 guidance	 range.	 Eagle	 results	 are	 reported	 as	
discontinued	 operations	 in	 the	 Company's	 consolidated	 financial	 statements	 and	 MD&A.	 As	 at	 December	 31,	 2025,	 the	
assets	and	liabilities	of	Eagle	mine	are	reported	as	held	for	sale.
3
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

2025	Production,	Cash	Cost	and	Capital	Expenditure	Summary
Total	2025	production,	cash	costs	and	capital	expenditures	are	compared	to	the	most	recent	2025	guidance	as	follows:
Production Cash	Cost	($/lb)1
Actual Guidance2
Original	
Guidance3 Actual Guidance2
Original	
Guidance3
Copper	(t) Candelaria	(100%) 	 145,471	 143,000	-	149,000 140,000	-	150,000 	 1.92	 1.80	–	2.00 1.80	–	2.00
Caserones	(100%) 	 132,881	 127,000	-	133,000 115,000	-	125,000 	 2.17	 2.15	–	2.25 2.40	–	2.60
Chapada 	 43,974	 40,000	-	45,000 40,000	-	45,000 	 0.75	 0.90	–	1.00 1.80	–	2.00
Eagle 	 8,906	 9,000	-	10,000 8,000	-	10,000
Total 	 331,232	 319,000	-	337,000 303,000	-	330,000 	 1.87	 1.85	–	2.00 2.05	–	2.30
Gold	(oz) Candelaria	(100%) 	 80,528	 78,000	-	84,000 78,000	-	88,000
Chapada 	 61,331	 57,000	-	62,000 57,000	-	62,000
Total 	 141,859	 135,000	-	146,000 135,000	-	150,000
Nickel	(t) Eagle 	 9,907	 9,000	-	11,000 8,000	-	11,000 	 2.55	 2.30	–	2.40 3.05	–	3.25
2025	Capital	Expenditure4
($	millions) Actual Guidance2
Original	
Guidance3
Candelaria	(100%) 	 224.4	 	 205.0	 	 205.0	 
Caserones	(100%) 	 156.3	 	 180.0	 	 215.0	 
Chapada 	 96.8	 	 100.0	 	 85.0	 
Eagle 	 21.3	 	 25.0	 	 25.0	 
Other5 	 0.3	 	 —	 	 —	 
Total	Sustaining	Capital 	 499.1	 	 510.0	 	 530.0	 
Expansionary	-	Candelaria	(100%	basis) 	 21.6	 	 25.0	 	 50.0	 
Expansionary	-	Chapada 	 2.4	 	 —	 	 —	 
Expansionary	-	Vicuña	(50%	basis) 	 167.2	 	 215.0	 	 155.0	 
Total	Capital	Expenditures 	 690.3	 	 750.0	 	 735.0	 
1	Cash	cost	is	a	non-GAAP	measure	-	see	Section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
2	Guidance	as	disclosed	in	the	Company's	MD&A	for	the	three	and	nine	months	ended	September	30,	2025.
3	Original	Guidance	as	disclosed	in	the	Company's	MD&A	for	the	year	ended	December	31,	2024.
4	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.
5	Other	represents	capital	expenditures	related	to	corporate	information	technology	systems	and	infrastructure	that	are	not	directly	attributable	to	a	
specific	mining	operation.	
4

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

Corporate	Updates
• On	February	18,	2026,	the	Company	reported	its	Mineral	Resource	and	Mineral	Reserve	estimates	as	of	December	31,	
2025,	or	as	otherwise	specified.	An	updated	Chapada	technical	report,	including	the	Saúva	project,	is	expected	to	be	
released	in	the	second	half	of	2026.		
• On	 February	 16,	 2026,	 the	 Company	 announced	 the	 results	 of	 an	 integrated	 technical	 study	 for	 the	 Vicuña	 Project	
including	the	Updated	Vicuña	Mineral	Resource. 	The	PEA	highlights	a	development	project	with	the	potential	to	rank	
among	the	top	five	copper,	gold,	and	silver	mines	globally.	
• On	February	12,	2026,	the	Company	announced	the	receipt	of	commitments	from	17	lenders	to	upsize	and	amend	its	
existing	revolving	credit	facility	("RCF"),	increasing	the	total	committed	amount	from	$1.75	billion	to	$4.5	billion	with	
the	Company	initially	having	access	to	$2.25	billion.	Upon	satisfaction	of	certain	conditions,	the	RCF	will	expand	to	$3.5	
billion,	and	upon	sanctioning	Stage	1	of	the	Vicuña	Project,	will	increase	to	the	full	$4.5	billion.	In	addition,	the	maturity	
date	has	been	extended	to	2031.	Once	amended,	the	RCF	will	bear	interest	on	a	sliding	scale	of	adjusted	term	SOFR	
plus	a	margin	of	1.45%	to	2.50%.	
• On	 January	 9,	 2026,	 the	 Company	 announced	 the	 completion	 of	 the	 sale	 of	 its	 subsidiary	 Lundin	 Mining	 US	 which	
indirectly	holds	the	Eagle	mine	and	Humboldt	mill	to	Talon	in	exchange	for	275.2	million	Talon	shares	which,	together	
with	shares	previously	held	by	the	Company,	represents	approximately	19.86%	of	the	issued	and	outstanding	shares	of	
Talon.	In	addition,	the	Company	and	Lundin	Mining	US	entered	into	the	Eagle	PPA,	pursuant	to	which	Lundin	Mining	US	
will	make	ore	delivery	payments	of	$1.00	per	metric	tonne	of	non-Eagle	ore	processed	through	the	Humboldt	mill	to	
the	Company	until	the	aggregate	ore	delivery	payments	equal	$20.0	million.	At	closing,	the	Board	of	Directors	of	Talon	
was	reconstituted	to	be	comprised	of	ten	directors	with	two	nominees	from	the	Company.
• On	 December	 11,	 2025,	 the	 Company	 announced	 that	 Vicuña	 has	 submitted	 an	 application	 for	 the	 inclusion	 of	 the	
Josemaria	 and	 Filo	 del	 Sol	 deposits	 to	 the	 Incentive	 Regime	 for	 Large	 Investments	 (“RIGI”)	 under	 the	 Long-Term	
Strategic	 Export	 Projects	 designation	 (“PEELP”)	 in	 Argentina.	 Argentina’s	 RIGI	 regime	 is	 designed	 to	 attract	 and	
accelerate	large-scale	investment	through	long-term	fiscal	stability	and	transparent	regulatory	conditions.
• On	November	28,	2025,	the	Company	announced	that	it	has	received	a	ruling	from	its	appeal	to	the	Supreme	Court	of	
Canada.	The	ruling	upholds	the	2023	Ontario	Court	of	Appeal	decision	allowing	a	proposed	securities	class	action	to	be	
commenced	 relating	 to	 the	 timing	 of	 disclosure	 of	 a	 2017	 pit	 wall	 instability	 and	 rockslide	 at	 the	 Candelaria	 Mine	 in	
Chile.	 The	 certified	 class	 action	 can	 now	 proceed	 before	 the	 Ontario	 Superior	 Court	 of	 Justice.	 There	 has	 been	 no	
decision	on	the	merits	of	the	case,	and	the	Company	intends	to	vigorously	defend	the	case.
• 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.	 The	 Vicuña	 Technical	 Report,	
including	 the	 Mineral	 Resource	 estimate	 set	 out	 therein,	 is	 superseded	 by	 the	 Updated	 Vicuña	 Mineral	 Resource	
announced	 by	 the	 Company	 on	 February	 16,	 2026	 and	 an	 updated	 technical	 report	 that	 will	 be	 filed	 under	 the	
Company’s	profile	on	SEDAR+	at	www.sedarplus.ca.	
• 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	 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	cash	consideration	of	$1,402.0	million	
($1,314.6	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.
5

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

• 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	 ("NCIB").	 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.	During	2025,	the	Company	repurchased	15,088,180	shares	for	
$150.0	million	in	connection	with	the	amended	shareholder	distribution	policy.
• 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	 levied	 a	 fine	 of	 $3.3	 million	 and	 ordered	 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.	
• On	 January	 15,	 2025,	 the	 Company	 and	 BHP	 completed	 the	 joint	 acquisition	 of	 all	 of	 the	 issued	 and	 outstanding	
common	shares	of	Filo	not	already	owned	by	Lundin	Mining,	BHP	and	their	respective	affiliates	(the	“Filo	Acquisition”).	
Concurrently,	Lundin	Mining	and	BHP	formed	Vicuña.	On	completion,	BHP	paid	Lundin	Mining	a	cash	consideration	of	
$689.5	million	for	a	50%	interest	in	the	Josemaria	project	and	Lundin	Mining	paid	 $610.7	million	(C$877.8	million)	in	
cash	and	94.1	million	Lundin	Mining	shares	to	Filo	shareholders	for	its	50%	interest	in	Filo.
Financial	Performance
• Gross	profit	from	continuing	operations	 for	the	 year	of	 $1,398.0	million	was	 $462.2	million	higher	than	the	prior	year	
comparable	period	of	 $935.8	million.	The	 increase	was	primarily	due	to	higher	realized	copper	and	gold	prices,	lower	
treatment	 charges,	 and	 higher	 sales	 volumes	 at	 Caserones	 partially	 offset	 by	 a	 non-cash	 long-term	 ore	 stockpile	
inventory	write-down	at	Chapada	of	$99.9	million	($65.9	million	net	of	tax).
• Net	earnings	from	continuing	operations	in	the	 year	of	 $1,417.7	million	was	 higher	than	in	the	prior	year	comparable	
period	of	$267.6	million	primarily	due	to	an	increase	in	gross	profit	and	a	deferred	tax	recovery	at	Caserones	of	 $517.0	
million.	The	prior	year	period	was	also	negatively	impacted	by	non-cash	impairments	totalling	$149.4	million.
• Adjusted	 earnings1	 -	 continuing	 operations	 in	 the	 year	 of	 $687.9	 million	 increased	 from	 $294.9	 million	 as	 a	 result	 of	
higher	gross	profit.	
• Cash	provided	by	operating	activities	related	to	continuing	operations	in	the	 year	of	 $1,207.9	million	decreased	from	
the	prior	year	comparable	period	of	 $1,311.4	million	primarily	due	to	a	build	of	working	capital	of	 $414.0	million	(2024	
-	working	capital	release	of	$221.7	million)	partially	offset	by	higher	gross	profit.
• Adjusted	operating	cash	flow 1	-	continuing	operations	in	the	 year	of	 $1,621.9	million	was	 higher	than	in	the	prior	year	
comparable	period	of	$1,089.9	million	primarily	due	to	an	increase	in	gross	profit.	
• In	the	year,	sustaining	capital	expenditures 2	from	continuing	operations	of	 $477.8	million	were	lower	than	in	the	prior	
year	comparable	period	of	$527.9	million	primarily	due	to	reduced	deferred	stripping	at	Candelaria.	
6
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
2	 Sustaining	 capital	 expenditures	 is	 a	 supplementary	 financial	 measure.	 See	 section	 "Non-GAAP	 and	 Other	 Performance	 Measures"	 of	 this	 MD&A	 for	
discussion.

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

• Expansionary	capital	expenditures 1	for	the	year	were	 $191.2	million,	a	decrease	from	 $243.6	million	in	the	prior	year.	
This	decrease	reflects	that,	following	the	formation	of	Vicuña	in	January	2025,	the	Company	now	accounts	for	only	50%	
of	Vicuña's	capital	expenditures.	On	a	100%	basis,	total	Vicuña	Project	spending	was	$332.5	million.
• Net	 earnings	 from	 discontinued	 operations	 for	 the	 year	 of	 $235.8	 million	 (2024	 -	 net	 loss	 of	 $328.9	 million)	 was	
impacted	by	a	non-cash	reversal	of	impairment	at	Eagle	and	a	gain	on	disposal	of	Neves-Corvo	and	Zinkgruvan.	
Financial	Position	and	Financing
• Cash	 and	 cash	 equivalents	 at	 continuing	 operations	 as	 at	 December	 31,	 2025	 were	 $296.2	 million,	 representing	 a	
decrease	of	$61.3	million	during	the	year.	Cash	provided	by	operating	activities	related	to	continuing	operations	in	the	
year	of	 $1,207.9	million	was	used	to	fund	 $684.6	million	investment	in	mineral	properties,	plant	and	equipment.	The	
Company	received	net	cash	proceeds	of	 $1,314.6	million	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	 (net	 repayments	 of	 $300.0	 million	 during	 the	 year).	 Other	 significant	
financing	 activities	 comprised	 of	 $105.7	 million	 of	 dividends	 paid	 to	 shareholders,	 $138.0	 million	 of	 distributions	 to	
non-controlling	 interests,	 and	 $153.7	 million	 of	 share	 buybacks,	 of	 which	 $3.7	 million	 were	 executed	 in	 2024	 and	
settled	in	January	2025.
• As	at	December	31,	2025,	the	Company	had	net	cash 1	of	$77.4	million.	As	at	February	19,	2026,	the	Company	had	cash	
of	over	$500	million	and	net	cash	of	over	$200	million.	
7
1	This	is	a	non-GAAP	measure	-	see	section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.

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

2026	Outlook
On	January	21,	2026,	the	Company	announced	its	production,	cash	cost,	capital	expenditures	and	exploration	investment	
guidance	for	2026.
2026	Production	and	Cash	Cost	Guidance
	Guidance1
(contained	metal) Production Cash	Cost	($/lb)2
Copper	(t) Candelaria	(100%) 135,000	–	145,000 2.05	–	2.253
Caserones	(100%) 130,000	–	140,000 2.05	–	2.25
Chapada 45,000	–	50,000 1.00	–	1.204
Total 310,000	–	335,000 1.90	–	2.10
Gold	(oz) Candelaria	(100%) 77,000	–	87,000
Chapada 57,000	–	62,000
Total 134,000	–	149,000
1	Guidance	as	outlined	in	the	news	release	'Lundin	Mining	Announces	2025	Production	Results	and	Provides	2026	Guidance'	dated	January	21,	2026.
2	2026	cash	cost	is	based	on	various	assumptions	and	estimates,	including	but	not	limited	to:	production	volumes,	commodity	prices	(Au:	$4,000/oz,	Mo:	
$20.00/lb,	Ag:	$80.00/oz),	foreign	exchange	rates	(USD/CLP:900,	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.
3	68%	of	Candelaria's	total	gold	and	silver	production	are	subject	to	a	streaming	agreement.	Cash	cost	is	calculated	based	on	receipt	of	approximately	
$437/oz	gold	and	$4.36/oz	silver.
4	Chapada's	cash	cost	is	calculated	on	a	by-product	basis	and	does	not	include	the	effects	of	its	copper	stream	agreements	which	are	reflected	in	copper	
revenue	and	will	impact	realized	price	per	pound.
2026	Capital	Expenditure	Guidance1,2
($	millions) Guidance3
Candelaria	(100%	basis) 215
Caserones	(100%	basis) 235
Chapada 100
Total	Sustaining 550
Expansionary	Capital 50
Vicuña	(50%	basis) 395
Total	Capital	Expenditures 995
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:	 900,	
USD/BRL:	5.50).
3	Guidance	as	outlined	in	the	news	release	'Lundin	Mining	Announces	2025	Production	Results	and	Provides	2026	Guidance'	dated	January	21,	2026.
2026	Exploration	Investment	Guidance
Total	exploration	expenditure	guidance	for	2026	is	$53	million.	
8

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

2025	Selected	Fourth	Quarter	and	Annual	Financial	Information	
Three	months	ended
December	31,
Year	ended
December	31,
($	millions	continuing	operations	except	where	
noted)
2025 2024 2025 2024 2023
Revenue 	 1,301.5	 	 833.3	 	 4,053.2	 	 3,270.1	 	 2,392.5	 
Costs	of	goods	sold:
Production	costs 	 (546.8)	 	 (465.7)	 	 (1,948.1)	 	 (1,786.7)	 	 (1,452.3)	 
Depreciation,	depletion	and	amortization 	 (169.7)	 	 (139.8)	 	 (618.9)	 	 (574.2)	 	 (445.8)	 
Inventory	(write-down)	reversal 	 (88.2)	 	 26.6	 	 (88.2)	 	 26.6	 	 —	
Gross	profit 	 496.8	 	 254.4	 	 1,398.0	 	 935.8	 	 494.4	
Net	earnings	(loss)	from	continuing	operations	
attributable	to:
Lundin	Mining	shareholders 	 659.9	 	 (95.5)	 	 1,047.2	 	 125.4	 	 109.5	 
Non-controlling	interests 	 252.4	 	 35.7	 	 370.5	 	 142.2	 	 73.7	 
Net	earnings	(loss)	from	continuing	operations	 	 912.3	 	 (59.8)	 	 1,417.7	 	 267.6	 	 183.2	 
Net	earnings	(loss)	from	discontinued	
operations1 	 107.3	 	 (344.6)	 	 235.8	 	 (328.9)	 	 132.0	 
Net	earnings	(loss)	attributable	to:
Lundin	Mining	shareholders 	 767.2	 	 (440.1)	 	 1,283.0	 	 (203.5)	 	 241.5	 
Non-controlling	interests 	 252.4	 	 35.7	 	 370.5	 	 142.2	 	 73.7	 
Net	earnings	(loss) 	 1,019.6	 	 (404.4)	 	 1,653.5	 	 (61.3)	 	 315.2	 
Adjusted	earnings2	(all	operations) 	 370.4	 	 119.3	 	 769.0	 	 359.0	 	 336.0	 
Adjusted	earnings2	-	continuing	operations 	 363.7	 	 102.9	 	 687.9	 	 294.9	 	 193.7	 
Adjusted	earnings1,2	-	discontinued	operations 	 6.7	 	 16.4	 	 81.1	 	 64.1	 	 142.3	
Adjusted	EBITDA2	(all	operations) 	 700.6	 	 425.6	 	 2,037.3	 	 1,707.0	 	 1,363.4	 
Adjusted	EBITDA2	-	continuing	operations 	 686.4	 	 366.5	 	 1,917.1	 	 1,426.9	 	 992.6	 
Adjusted	EBITDA1,2	-	discontinued	operations 	 14.2	 	 59.1	 	 120.2	 	 280.1	 	 370.8	
Cash	provided	by	operating	activities	(all	
operations) 	 560.9	 	 620.3	 	 1,342.6	 	 1,518.9	 	 1,016.6	 
Cash	provided	by	operating	activities	related	to	
continuing	operations 	 533.0	 	 567.9	 	 1,207.9	 	 1,311.4	 	 644.2	 
Cash	provided	by	operating	activities	related	to	
discontinued	operations1 	 27.9	 	 52.4	 	 134.7	 	 207.5	 	 372.4	
Adjusted	operating	cash	flow2	(all	operations) 	 677.6	 	 313.9	 	 1,732.5	 	 1,302.6	 	 1,024.2	 
Adjusted	operating	cash	flow2	-	continuing	
operations 	 665.1	 	 263.5	 	 1,621.9	 	 1,089.9	 	 710.1	 
Adjusted	operating	cash	flow1,2	-	discontinued	
operations 	 12.5	 	 50.4	 	 110.6	 	 212.7	 	 314.1	
Free	cash	flow	from	operations2	(all	operations) 	 412.5	 	 466.0	 	 835.8	 	 872.9	 	 345.0	 
Free	cash	flow	from	operations2	-	continuing	
operations 	 388.3	 	 447.4	 	 773.6	 	 825.6	 	 133.4	 
Free	cash	flow	from	operations1,2	-	discontinued	
operations 	 24.2	 	 18.6	 	 62.2	 	 47.3	 	 211.6	
Free	cash	flow2	(all	operations) 	 355.9	 	 398.0	 	 594.2	 	 571.2	 	 13.4	 
Free	cash	flow2	-	continuing	operations 	 331.9	 	 386.0	 	 538.9	 	 539.9	 	 (180.8)	 
Free	cash	flow1,2	-	discontinued	operations 	 24.0	 	 12.0	 	 55.3	 	 31.3	 	 194.2	
Capital	expenditures2,3	-	continuing	operations 	 204.7	 	 186.0	 	 684.6	 	 786.1	 	 835.0	 
Capital	expenditures1,2,3	-		discontinued	
operations 	 3.9	 	 40.4	 	 79.2	 	 176.2	 	 178.2	 
1	Discontinued	operations	results	include	Eagle's	annual	financial	results,	Neves-Corvo	and	Zinkgruvan	financial	results	to	April	16,	2025	and	the	
revaluation	of	contingent	consideration	at	December	31,	2025.
2	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
3	Capital	expenditures	are	reported	on	a	cash	basis,	as	presented	in	the	consolidated	statement	of	cash	flows.
9

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

Three	months	ended
December	31,
Year	ended
December	31,
2025 2024 2025 2024 2023
Per	share	amounts:
Basic	earnings	(loss)	per	share	("EPS")	
attributable	to	shareholders 	 0.90	 	 (0.57)	 	 1.50	 	 (0.26)	 	 0.31	
Diluted	EPS	attributable	to	shareholders 	 0.89	 	 (0.57)	 	 1.49	 	 (0.26)	 	 0.31	
Basic	and	diluted	EPS	from	continuing	
operations	attributable	to	shareholders 	 0.77	 	 (0.12)	 	 1.22	 	 0.16	 	 0.14	
Basic	EPS	from	discontinued	operations	
attributable	to	shareholders1 0.13 	 (0.44)	 	 0.28	 	 (0.42)	 	 0.17	
Diluted	EPS	from	discontinued	operations	
attributable	to	shareholders1 0.12 	 (0.44)	 	 0.27	 	 (0.42)	 	 0.17	
Adjusted	EPS2	(all	operations) 	 0.43	 	 0.15	 	 0.90	 	 0.46	 	 0.44	
Adjusted	EPS2	-	continuing 	 0.42	 	 0.13	 	 0.80	 	 0.38	 	 0.25	
Adjusted	EPS1,2	-	discontinued 	 0.01	 	 0.02	 	 0.09	 	 0.08	 	 0.19	
Adjusted	operating	cash	flow	per	share2	(all	
operations) 	 0.79	 	 0.40	 	 2.02	 	 1.68	 	 1.33	
Adjusted	operating	cash	flow	per	share2	-	
continuing 	 0.78	 	 0.34	 	 1.90	 	 1.41	 	 0.92	
Adjusted	operating	cash	flow	per	share1,2	-	
discontinued 	 0.01	 	 0.06	 	 0.12	 	 0.27	 	 0.41	
Dividends	declared	(C$/share) 	 0.0275	 	 0.0900	 	 0.1725	 	 0.3600	 	 0.3600	
($	millions)
December	31,	
2025
December	31,	
2024
December	31,	
2023
Total	assets 	 10,820.6	 	 10,406.8	 	 10,861.2	
Total	debt 	 237.1	 	 1,757.0	 	 1,208.6	
Net	cash	(debt)2 	 77.4	 	 (1,332.4)	 	 (946.2)	 
1	 Discontinued	 operations	 results	 include	 Eagle's	 annual	 financial	 results,	 Neves-Corvo	 and	 Zinkgruvan	 financial	 results	 to	 April	 16,	 2025	 and	 the	
revaluation	of	contingent	consideration	at	December	31,	2025.
2	This	is	a	non-GAAP	measure	-	see	the	"Non-GAAP	and	Other	Performance	Measures"	section	of	this	MD&A	for	discussion.
The	Company's	annual	results	from	continuing	operations	have	been	impacted	by	the	acquisition	of	the	Caserones	mine	in	
July	2023,	which	contributed	to	an	increase	in	metal	production,	net	earnings	and	capital	expenditures	in	2024	as	compared	
to	2023.	In	July	2024,	the	Company	exercised	its	option	to	acquire	an	additional	19%	interest	in	Caserones	from	51%	to	70%	
and	reducing	the	non-controlling	interest	to	30%,	contributing	to	an	increase	in	net	earnings	attributable	to	the	Company.	
The	 year	 ended	 December	 31,	 2024	 was	 impacted	 by	 non-cash	 impairments	 totalling	 $149.4	 million	 relating	 to	 Suruca	
deposit	 (Chapada)	 and	 Alcaparrosa	 mine	 (Ojos	 complex	 at	 Candelaria)	 and	 a	 $28.3	 million	 non-cash	 partial	 reversal	 of	 a	
previous	long-term	ore	stockpile	inventory	write-down	at	Chapada.	
During	the	year	ended	December	31,	202 5	revenues	benefitted	by	higher	realized	copper	and	gold	prices.	Gross	profit	was	
also	 impacted	 by	 a	 $99.9	 million	 ($65.9	 million	 net	 of	 tax)	 non-cash	 write-down	 of	 long-term	 ore	 stockpile	 inventory	 at	
Chapada.	 Net	 earnings	 benefitted	 from	 a	 deferred	 tax	 recovery	 of	 $517.0	 million	 due	 to	 the	 recognition	 of	 an	 additional	
deferred	tax	asset	at	Caserones	for	tax	loss	carryforwards	which	can	be	applied	to	future	taxable	income	over	the	mine	life.	
Net	 earnings	 from	 discontinued	 operations	 during	 the	 year	 included	 the	 annual	 financial	 results	 of	 Eagle	 and	 financial	
results	of	Neves-Corvo	and	Zinkgruvan	up	to	April	15,	2025.	Net	earnings	from	discontinued	operations	benefitted	from	a	
non-cash	reversal	of	impairment	at	Eagle	of	 $88.4	million	and	a	gain	on	disposal	of	Neves-Corvo	and	Zinkgruvan	of	 $106.3	
million,	 partially	 offset	 by	 a	 non-cash	 impairment	 of	 Neves-Corvo	 of	 $65.7	 million.	 During	 the	 year	 ended	 December	 31,	
2024,	net	earnings	from	discontinued	operations	included	the	annual	financial	results	of	Neves-Corvo,	Zinkgruvan	and	Eagle	
and	the	financial	results	were	impacted	by	non-cash	impairments	at	Neves-Corvo	and	Eagle	totalling	$396.1	million.
10

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

Summary	of	Quarterly	Results1
($	millions,	except	per	share	data) Q4-25 Q3-25 Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24
Revenue	from	continuing	operations 	 1,301.5	 	 953.9	 	 878.1	 	 919.6	 	 833.3	 	 860.9	 	 820.9	 	 755.1	 
Gross	profit	from	continuing	operations 	 496.8	 	 336.4	 	 258.4	 	 306.3	 	 254.4	 	 272.8	 	 218.8	 	 190.0	 
Net	earnings	(loss)	from	continuing	operations 	 912.3	 	 175.1	 	 149.2	 	 181.2	 	 (59.8)	 	 131.9	 	 120.3	 	 75.4	 
-	attributable	to	shareholders 	 659.9	 	 133.6	 	 115.9	 	 137.9	 	 (95.5)	 	 105.2	 	 85.2	 	 30.7	 
	Net	earnings	(loss)	from	discontinued	
operations3
	 107.3	 	 29.3	 	 112.8	 	 (13.6)	 	 (344.6)	 	 (3.8)	 	 36.4	 	 (16.9)	 
Adjusted	earnings2	(all	operations) 	 370.4	 	 152.4	 	 99.9	 	 146.3	 	 119.3	 	 72.5	 	 122.1	 	 45.3	 
Adjusted	earnings2	from	continuing	operations 	 363.7	 	 143.2	 	 87.7	 	 93.8	 	 102.9	 	 68.7	 	 74.6	 	 48.9	 
Adjusted	earnings	(loss)2,3	from	discontinued	
operations
	 6.7	 	 9.2	 	 12.2	 	 52.5	 	 16.4	 	 3.8	 	 47.5	 	 (3.6)	 
Adjusted	EBITDA2	(all	operations) 	 700.6	 	 489.8	 	 395.8	 	 450.9	 	 425.6	 	 457.7	 	 460.9	 	 362.9	 
Adjusted	EBITDA2	-	continuing	operations 	 686.4	 	 472.2	 	 376.5	 	 382.2	 	 366.5	 	 387.5	 	 351.0	 	 322.3	 
Adjusted	EBITDA2,3	-	discontinued	operations 	 14.2	 	 17.6	 	 19.3	 	 68.7	 	 59.1	 	 70.2	 	 109.9	 	 40.6	 
EPS	-	Basic	(all	operations) 	 0.90	 0.19 	 0.27	 0.15 	 (0.57)	 	 0.13	 	 0.16	 0.02
EPS	-	Diluted	(all	operations) 	 0.89	 0.19 	 0.27	 0.15 	 (0.57)	 	 0.13	 	 0.16	 0.02
EPS	-	Basic	from	continuing	operations 	 0.77	 0.16 	 0.13	 0.16 	 (0.12)	 	 0.14	 	 0.11	 0.04
EPS	-	Diluted	from	continuing	operations 	 0.77	 0.16 	 0.13	 0.16 	 (0.12)	 	 0.14	 	 0.11	 0.04
EPS	-	Basic	from	discontinued	operations3 	 0.13	 0.03 	 0.13	 	 (0.02)	 	 (0.44)	 	 —	 	 0.05	 	 (0.02)	 
EPS	-	Diluted	from	discontinued	operations3 	 0.12	 0.03 	 0.13	 	 (0.02)	 	 (0.44)	 	 —	 	 0.05	 	 (0.02)	 
Adjusted	EPS2	(all	operations) 	 0.43	 	 0.18	 	 0.12	 	 0.17	 	 0.15	 	 0.09	 	 0.16	 	 0.06	 
Adjusted	EPS2		-	continuing	operations 	 0.42	 	 0.17	 	 0.10	 	 0.11	 	 0.13	 	 0.09	 	 0.10	 	 0.06	 
Adjusted	EPS2,3	-		discontinued	operations 	 0.01	 	 0.01	 	 0.01	 	 0.06	 	 0.02	 	 —	 	 0.06	 	 —	 
Cash	provided	by	operating	activities	(all	
operations)
	 560.9	 	 270.3	 	 334.6	 	 177.0	 	 620.3	 	 139.3	 	 491.8	 	 267.5	 
Cash	provided	by	operating	activities	from	
continuing	operations
	 533.0	 	 254.9	 	 292.7	 	 127.8	 	 567.9	 	 106.8	 	 404.0	 	 232.7	 
Cash	provided	by	operating	activities	related	to	
discontinued	operations3
	 27.9	 	 15.4	 	 41.9	 	 49.2	 	 52.4	 	 32.5	 	 87.8	 	 34.9	 
Adjusted	operating	cash	flow	per	share2	(all	
operations)
	 0.79	 	 0.45	 	 0.33	 	 0.46	 	 0.40	 	 0.39	 	 0.48	 	 0.41	 
Adjusted	operating	cash	flow	per	share2	-	
continuing	operations
	 0.78	 	 0.43	 	 0.30	 	 0.39	 	 0.34	 	 0.34	 	 0.37	 	 0.36	 
Adjusted	operating	cash	flow	per	share2,3	-	
discontinued	operations
	 0.01	 	 0.02	 	 0.02	 	 0.07	 	 0.06	 	 0.06	 	 0.11	 	 0.04	 
Capital	expenditure5		from	continuing	
operations
	 204.7	 	 157.2	 	 151.1	 	 171.5	 	 186.0	 	 155.7	 	 213.1	 	 231.1	 
Capital	expenditure4,5	from	discontinued	
operations
	 3.9	 	 6.6	 	 15.5	 	 53.5	 	 40.4	 	 49.7	 	 45.2	 	 40.8	 
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	Eagle's	financial	results,	Neves-Corvo	and	Zinkgruvan	financial	results	to	April	16,	2025	and	the	revaluation	of	
contingent	consideration	at	December	31,	2025.
4	Discontinued	operations	results	include	Eagle's	financial	results,	Neves-Corvo	and	Zinkgruvan	financial	results	to	April	16,	2025.
5	Capital	expenditures	are	reported	on	a	cash	basis,	as	presented	in	the	consolidated	statement	of	cash	flows.
											11

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

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	 Q4	 2025,	 results	 from	 continuing	 operations	 were	 impacted	 by	 the	 recognition	 of	 an	 additional	 deferred	 tax	 asset	 at	
Caserones	 and	 the	 non-cash	 write-down	 of	 long-term	 ore	 stockpile	 inventory	 at	 Chapada.	 Q4	 2025	 results	 from	
discontinued	operations	were	impacted	by	an	impairment	reversal	at	Eagle	mine.	
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	through	to	April	16,	2025	are	reported	as	discontinued	operations.	
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%.
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	 benefitting	 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	 until	 ramp	 rehabilitation	 was	 completed	 in	 Q1	 2025,	 impacting	 net	 earnings	 from	 discontinued	
operations	throughout	this	period.
In	Q4	2024,	net	earnings	from	continuing	operations	was	reduced	by	non-cash	impairments	including	$93.4	million	related	
to	the	Suruca	gold	deposit	near	Chapada	and	$55.9	million	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.
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.	
12

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

Revenue	Overview
Sales	Volumes	by	Payable	Metal	-	Continuing	Operations
2025 2024
YTD Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 	140,500	 	 32,882	 	 36,041	 	 36,603	 	 34,974	 	 158,017	 	 49,052	 	 45,430	 	 29,999	 	 33,536	
Caserones	(100%) 	138,287	 	 45,134	 	 26,896	 	 30,076	 	 36,181	 	 113,867	 	 26,750	 	 22,044	 	 29,862	 	 35,211	
Chapada 	 42,040	 	 9,413	 	 13,997	 	 10,284	 	 8,346	 	 39,615	 	 10,200	 	 12,380	 	 8,293	 	 8,742	
	320,827	 	 87,429	 	 76,934	 	 76,963	 	 79,501	 	 311,499	 	 86,002	 	 79,854	 	 68,154	 	 77,489	
Gold	(oz)
Candelaria	(100%) 	 76,537	 	 17,700	 	 19,041	 	 20,021	 	 19,775	 	 89,435	 	 27,756	 	 25,971	 	 16,727	 	 18,981	
Chapada 	 56,569	 	 12,403	 	 19,735	 	 14,402	 	 10,029	 	 57,777	 	 14,660	 	 18,775	 	 12,368	 	 11,974	
	133,106	 	 30,103	 	 38,776	 	 34,423	 	 29,804	 	 147,212	 	 42,416	 	 44,746	 	 29,095	 	 30,955	
Molybdenum	(t)
Caserones	(100%) 	 1,976	 	 451	 	 508	 	 389	 	 628	 	 3,056	 	 944	 	 581	 	 695	 	 836	
Silver	(koz)
Candelaria	(100%) 	 1,598	 	 372	 	 434	 	 395	 	 397	 	 1,799	 	 557	 	 511	 	 331	 	 400	
Chapada 	 129	 	 26	 	 48	 	 30	 	 25	 	 96	 	 21	 	 24	 	 30	 	 21	
	 1,727	 	 398	 	 482	 	 425	 	 422	 	 1,895	 	 578	 	 535	 	 361	 	 421	
Revenue	Analysis	
Three	months	ended	December	31, Year	ended	December	31,
by	Mine 2025 2024 Change 2025 2024 Change
($	millions) $ % $ % $ $ % $ % $
Candelaria	(100%) 	 518.5	 	 40	 	 449.1	 	 53	 	 69.4	 	 1,769.0	 	 44	 	 1,618.9	 	 50	 	 150.1	 
Caserones	(100%) 	 598.4	 	 46	 	 263.0	 	 32	 	 335.4	 	 1,618.8	 	 40	 	 1,153.6	 	 35	 	 465.2	 
Chapada 	 184.6	 	 14	 	 121.2	 	 15	 	 63.4	 	 665.4	 	 16	 	 497.6	 	 15	 	 167.8	 
Continuing	Operations 	 1,301.5	 	 833.3	 	 468.2	 	 4,053.2	 	 3,270.1	 	 783.1	 
Eagle 	 52.2	 	 100	 	 25.6	 	 14	 	 26.6	 	 208.6	 	 51	 	 152.5	 	 18	 	 56.1	 
Neves-Corvo 	 —	 	 —	 	 97.5	 	 51	 	 (97.5)	 	 128.3	 	 31	 	 438.1	 	 52	 	 (309.8)	 
Zinkgruvan 	 —	 	 —	 	 67.5	 	 35	 	 (67.5)	 	 72.4	 	 18	 	 256.7	 	 30	 	 (184.3)	 
Discontinued	Operations1 	 52.2	 	 190.6	 	 (138.4)	 	 409.3	 	 847.3	 	 (438.0)	 
1	Discontinued	operations	results	include	Eagle's	financial	results,	Neves-Corvo	and	Zinkgruvan	financial	results	to	April	16,	2025.
Three	months	ended	December	31, Year	ended	December	31,
by	Metal 2025 2024 Change 2025 2024 Change
($	millions) $ % $ % $ $ % $ % $
Copper 	 1,128.1	 	 87	 	 682.3	 	 82	 	 445.8	 	 3,436.2	 	 85	 	 2,758.1	 	 85	 	 678.1	 
Gold 	 124.2	 	 10	 	 93.5	 	 11	 	 30.7	 	 437.8	 	 11	 	 303.9	 	 9	 	 133.9	 
Molybdenum 	 16.5	 	 1	 	 39.6	 	 5	 	 (23.1)	 	 87.2	 	 2	 	 131.0	 	 4	 	 (43.8)	 
Silver 	 28.9	 	 2	 	 14.1	 	 2	 	 14.8	 	 74.1	 	 2	 	 48.6	 	 1	 	 25.5	 
Other 	 3.8	 	 —	 	 3.8	 	 —	 	 —	 	 17.9	 	 —	 	 28.5	 	 1	 	 (10.6)	 
Continuing	Operations 	 1,301.5	 	 833.3	 	 468.2	 	 4,053.2	 	 3,270.1	 	 783.1	 
Revenue	from	continuing	operations	for	the	year	of	 $4,053.2	million	was	an	 increase	of	 $783.1	million	over	the	prior	year	
comparable	period	of	 $3,270.1	million.	The	revenue	 increase	was	primarily	due	to	an	increase	in	realized	copper	and	gold	
prices	and	higher	sales	volumes	at	Caserones,	partially	offset	by	lower	sales	volumes	at	Candelaria.	
13

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

Revenue	from	gold	and	silver	for	the	quarter	and	year	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.	
Provisionally	Valued	Revenue	from	Continuing	Operations	as	of	December	31,	2025
Metal Payable	metal Valued	at
Copper 	 80,435	 	t $5.64	/lb
Gold 	 31,760	 	oz $4,343	/oz
Molybdenum 	 619	 	t $23.30	/lb
Full-Year	Reconciliation	of	Realized	Prices	-	Continuing	Operations
Year	ended	December	31,	2025
($	millions) Copper Gold Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 3,199.4	 	 459.4	 	 90.2	 	 144.1	 	 3,893.1	
Provisional	pricing	adjustments	on	current	year	
concentrate	sales 	 230.0	 	 25.7	 	 2.0	 	 11.1	 	 268.8	
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 	 44.6	 	 2.3	 	 (5.0)	 	 1.1	 	 43.0	
	 3,474.0	 	 487.4	 	 87.2	 	 156.3	 	 4,204.9	
Recognition	of	deferred	revenue 	 18.5	 	 39.9	 	 —	 	 13.7	 	 72.1	
Stream	provisional	pricing	and	cash	effect 	 (20.2)	 	 (134.6)	 	 —	 	 (31.5)	 	 (186.3)	 
Less:	Treatment	and	refining	charges 	 (37.5)	 
Total	revenue 	 3,472.3	 	 392.7	 	 87.2	 	 138.5	 	 4,053.2	
Payable	metal	 320,827	t 133	koz 1,976	t
Current	period	sales2 $4.85 $3,644 $21.17
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales $0.06 $18 $(1.15)
Realized	prices3,4 $4.91	/lb $3,662	/oz $20.02	/lb
14

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

Year	ended	December	31,	2024
($	millions) Copper Gold Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 2,868.9	 	 358.5	 	 136.8	 	 95.7	 	 3,459.9	
Provisional	pricing	adjustments	on	current	year	
concentrate	sales 	 (20.3)	 	 6.3	 	 4.1	 	 0.8	 	 (9.1)	 
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales 	 24.1	 	 1.7	 	 (9.9)	 	 1.0	 	 16.9	
	 2,872.7	 	 366.5	 	 131.0	 	 97.5	 	 3,467.7	
Recognition	of	deferred	revenue5 	 16.1	 	 44.5	 	 —	 	 15.2	 	 75.8	
Stream	provisional	pricing	and	cash	effect5 	 (17.8)	 	 (112.4)	 	 (28.9)	 	 (159.1)	 
Less:	Treatment	&	refining	charges 	 (114.3)	 
Total	revenue 	 2,871.0	 	 298.6	 	 131.0	 	 83.8	 	 3,270.1	
Payable	metal 311,499	t 147	koz 3,056	t
Current	period	sales2 $4.15 $2,478 $20.92
Provisional	pricing	adjustments	on	prior	year	
concentrate	sales $0.03 $12 $(1.47)
Realized	prices3,4 $4.18	/lb $2,490	/oz $19.45	/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	 $4.88/lb	(2024:	$4.16/lb).	The	realized	price	
for	gold	inclusive	of	the	impact	of	streaming	agreements	for	2025	is	$2,651/oz	(2024:	$1,726/oz).
5	Comparative	amounts	in	2024	have	been	adjusted	to	conform	with	2025	presentation	by	including	recognition	of	deferred	revenue	from	the	silver	
stream	and	provisional	price	adjustments	subject	to	streaming	(2024:	$15.2	million	and	$22.3	million,	respectively).
Annual	Financial	Results
Production	Costs	
Production	costs	for	continuing	operations	in	the	year	were	 $1,948.1	million,	an	increase	from	 $1,786.7	million	in	the	prior	
year	 comparable	 period.	 The	 increase	 was	 primarily	 attributable	 to	 higher	 sales	 volumes	 at	 Caserones	 and	 Chapada,	 and	
increased	mine	costs	at	Candelaria	resulting	from	higher	labour	costs	following	the	successful	acceleration	of	negotiations	
with	 the	 labour	 agreement	 unions,	 culminating	 in	 new	 three-year	 agreements	 with	 all	 five	 unions.	 The	 terms	 of	 the	
agreements	expire	between	January	and	September	202 9,	replacing	agreements	expiring	during	2026.	As	a	result	of	these	
renewals,	 production	 costs	 increased	 during	 the	 fourth	 quarter	 partially	 offset	 by	 reduced	 labour	 expenses	 at	 Caserones	
and	lower	sales	volumes	at	Candelaria.	Production	costs	for	discontinued	operations	in	the	year	were	$277.8	million.
Production	Costs Year	ended	December	31,
($	millions,	continuing	operations) 2025 2024 Change
Candelaria 783.9 	 726.6	 	 57.3	
Caserones 854.5 	 776.2	 	 78.3	
Chapada 306.8 	 282.7	 	 24.1	
Other 2.9 	 1.2	 	 1.7	
	 1,948.1	 	 1,786.7	 	 161.4	
15

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

Depreciation,	Depletion	and	Amortization
Depreciation,	depletion	and	amortization	expense	in	the	year	increased	by	 $44.7	million,	compared	to	the	prior	year,	and	
includes	$11.7	million	related	to	the	long-term	ore	stockpile	write-down	at	Chapada,	and	was	impacted	by	the	decrease	in	
mineral	reserves	balance	at	Caserones.
Depreciation,	depletion	&	amortization Year	ended	December	31,
($	millions,	continuing	operations) 2025 2024 Change
Candelaria 	 300.0	 	 313.1	 	 (13.1)	 
Caserones 	 212.2	 	 184.1	 	 28.1	
Chapada 	 106.2	 	 76.5	 	 29.7	
Other 	 0.5	 	 0.5	 	 —	
	 618.9	 	 574.2	 	 44.7	
Finance	Costs
Total	 finance	 costs,	 net,	 from	 continuing	 operations	 amounted	 to	 $90.5	 million	 for	 the	 year	 and	 decreased	 from	 $137.7	
million	in	the	prior	year	primarily	due	to	lower	interest	expense	following	the	full	repayment	of	the	term	loan	in	April	2025.
Income	Taxes
Income	tax	recovery	(expense) Year	ended	December	31,
($	millions,	continuing	operations) 2025 2024 Change
Candelaria 	 (235.1)	 	 (237.9)	 	 2.8	
Caserones 	 497.8	 	 (0.9)	 	 498.7	
Chapada 	 0.0	 	 (62.2)	 	 62.2	
Vicuña 	 (12.2)	 	 50.1	 	 (62.3)	 
Other 	 19.5	 	 (7.9)	 	 27.4	
	 270.0	 	 (258.8)	 	 528.8	
Income	taxes	by	classification Year	ended	December	31,
($	millions,	continuing	operations) 2025 2024 Change
Current	income	tax	expense 	 (299.7)	 	 (294.9)	 	 (4.8)	 
	Deferred	income	tax	recovery 	 569.7	 	 36.1	 	 533.6	
	 270.0	 	 (258.8)	 	 528.8	
Current	income	tax	expense	in	the	 year	was	higher	than	2024,	primarily	due	to	higher	taxable	income	during	the	year.	This	
increase	was	partially	offset	by	lower	mining	royalty	at	Candelaria	due	to	the	application	of	Chilean	mining	royalty	tax	limits.
Deferred	 income	 tax	 recovery	 in	 the	 year	 increased	 compared	 to	 2024,	 primarily	 due	 to	 the	 recognition	 of	 additional	
deferred	tax	assets	at	Caserones	for	tax	loss	carryforwards	which	can	be	applied	to	future	taxable	income	and	an	increase	in	
deferred	 tax	 assets	 at	 Chapada	 for	 foreign	 exchange	 revaluation	 of	 non-monetary	 assets,	 which	 reduced	 income	 tax	
expense	at	Chapada	to	a	nominal	amount.	The	deferred	tax	recovery	was	partially	offset	by	the	recognition	of	a	deferred	
tax	 liability	 related	 to	 outside	 basis	 differences	 on	 the	 Company’s	 investment	 in	 Vicuña	 and	 a	 prior	 year	 deferred	 tax	
recovery	related	to	tax	inflation	adjustments	in	Argentina	that	reversed	a	2023	deferred	tax	liability.
16

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

Fourth	Quarter	Financial	Results	
Gross	Profit
Gross	profit	from	continuing	operations	for	the	quarter	was	$496.8	million,	an	increase	from	$254.4	million	in	the	prior	year	
comparable	period.	The	increase	was	primarily	attributable	to	higher	realized	copper	and	gold	prices	and	higher	sold	copper	
volumes.	Positive	provisional	pricing	adjustments	were	recognized	on	sales	from	current	and	prior	periods	of	 $90.2	million	
and	$82.5	million,	respectively.	Gross	profit	was	also	impacted	by	a	non-cash	write-down	at	Chapada	on	the	long-term	ore	
stockpile	 of	 $99.9	 million	 ($65.9	 million	 net	 of	 tax).	 Gross	 profit	 from	 discontinued	 operations	 for	 the	 quarter	 was	 $9.0	
million	(2024	-	$26.1	million).
Net	Earnings	
Net	earnings	from	continuing	operations	for	the	quarter	was	 $912.3	million,	compared	to	a	 net	loss	of	$59.8	million	in	the	
prior	year	comparable	period.	The	increase	was	primarily	attributable	to	higher	gross	profit	and	a	deferred	tax	recovery	of	
$517.0	million	at	Caserones	due	to	the	recognition	of	additional	deferred	tax	assets	for	tax	loss	carryforwards	which	can	be	
applied	to	future	taxable	income.	Prior	year	impairments	of	Suruca	and	Alcaparrosa	further	contributed	to	the	increase.	Net	
earnings	from	discontinued	operations	for	the	quarter	was	 $107.3	million,	compared	to	a	net	loss	of	 $344.6	million	in	the	
prior	year	comparable	period,	and	was	impacted	by	the	impairment	reversal	at	Eagle.	
Cash	Flow	from	Operations	
Cash	provided	by	operating	activities	for	the	quarter	was	 $533.0	million,	compared	to	the	prior	year	comparable	quarter	of	
$567.9	million.	The	decrease	was	largely	due	to	a	working	capital	build	of	 $132.1	million	in	the	quarter	compared	to	 $305.4	
million	working	capital	release	in	the	prior	year	comparable	period.
Fourth	Quarter	Reconciliation	of	Realized	Prices	-	Continuing	Operations
Three	months	ended	December	31,	2025
($	millions) Copper Gold Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 969.6	 	 125.5	 	 21.4	 	 50.6	 	 1,167.1	
Provisional	pricing	adjustments	on	current	period	
concentrate	sales 	 85.9	 	 2.9	 	 (0.2)	 	 1.6	 	 90.2	
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales 	 79.9	 	 4.4	 	 (4.7)	 	 2.9	 	 82.5	
	 1,135.4	 	 132.8	 	 16.5	 	 55.1	 	 1,339.8	
Recognition	of	deferred	revenue 	 2.9	 	 13.0	 	 —	 	 3.7	 	 19.6	
Stream	provisional	pricing	and	cash	effect 	 (2.2)	 	 (38.5)	 	 —	 	 (8.8)	 	 (49.5)	 
Less:	Treatment	and	refining	charges 	 (8.4)	 
Total	revenue 	 1,136.1	 	 107.3	 	 16.5	 	 50.0	 	 1,301.5	
Payable	metal	 87,429	t 30	koz 451	t
Current	Period	Sales2 $5.48 $4,265 $21.33
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales 0.41 147 (4.73)
Realized	prices	3,4 $5.89	/lb $4,412	/oz $16.60	/lb
17

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

Three	months	ended	December	31,	2024
($	millions) Copper Gold Molybdenum Other Total
Revenue	from	contracts	with	customers1 	 799.4	 	 113.9	 	 41.0	 	 28.8	 	 983.1	
Provisional	pricing	adjustments	on	current	period	
concentrate	sales 	 (32.2)	 	 (1.1)	 	 —	 	 (0.3)	 	 (33.6)	 
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales 	 (56.0)	 	 —	 	 (1.4)	 	 0.1	 	 (57.3)	 
	 711.2	 	 112.8	 	 39.6	 	 28.6	 	 892.2	
Recognition	of	deferred	revenue5 	 1.7	 	 16.7	 	 5.1	 	 23.5	
Stream	provisional	pricing	and	cash	effect5 	 (3.1)	 	 (40.8)	 	 (10.4)	 	 (54.3)	 
Less:	Treatment	&	refining	charges 	 (28.1)	 
Total	revenue 	 709.8	 	 88.7	 	 39.6	 	 23.3	 	 833.3	
Payable	Metal 86,002	t 42	koz 944	t
Current	period	sales2 $4.05 $2,643 $19.71
Provisional	pricing	adjustments	on	prior	period	
concentrate	sales (0.30) 	 —	 (0.69)
Realized	prices3,4 $3.75	/lb $2,643	/oz $19.02	/lb
1	Revenue	from	contracts	with	customers	before	recognition	of	deferred	revenue,	gold	and	copper	stream	cash	effects	and	treatment	and	refining	
charges,	each	of	which	is	presented	separately	in	the	table.
2	Includes	revenue	from	contracts	with	customers	and	provisional	pricing	adjustments	on	current	period	concentrate	sales.
3	This	is	a	non-GAAP	measure	-	see	Section	"Non-GAAP	and	Other	Performance	Measures"	of	this	MD&A	for	discussion.
4	The	realized	price	for	copper	inclusive	of	the	impact	of	streaming	agreements	for	Q4	2025	is	$5.88/lb	(Q4	2024:	$3.73/lb).	The	realized	price	for	gold	
inclusive	of	the	impact	of	streaming	agreements	for	Q4	2025	is	$3,133/oz	(Q4	2024:	$1,714/oz).
5	Comparative	amounts	in	2024	have	been	adjusted	to	conform	with	2025	presentation	by	including	recognition	of	deferred	revenue	from	the	silver	
stream	and	provisional	price	adjustments	subject	to	streaming	(2024:	$5.1	million	and	$11.6	million,	respectively).
18

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

Mining	Operations
Production	Overview
2025 2024
Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Copper	(t)
Candelaria	(100%) 145,471 34,272 37,129 36,999 37,071 162,487 48,772 50,018 31,170 32,527
Caserones	(100%) 132,881 39,612 35,270 29,290 28,709 124,761 31,737 29,033 29,775 34,216
Chapada 43,974 11,191 12,600 11,274 8,909 43,261 12,323 11,694 9,106 10,138
Continuing	Operations 322,326 85,075 84,999 77,563 74,689 330,509 92,832 90,745 70,051 76,881
Eagle 8,906 1,957 2,354 2,510 2,085 6,366 1,262 1,027 1,563 2,514
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 339,551 87,032 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%) 80,528 19,055 19,899 20,574 21,000 93,021 27,842 28,835 17,679 18,665
Chapada 61,331 15,074 17,864 17,544 10,849 65,415 18,614 17,877 14,760 14,164
Total 141,859 34,129 37,763 38,118 31,849 158,436 46,456 46,712 32,439 32,829
Nickel	(t)
Eagle 9,907 2,174 2,724 2,713 2,296 7,486 1,617 893 1,721 3,255
Molybdenum	(t)
Caserones	(100%) 2,082 526 574 380 602 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%) 1,798 441 477 431 449 1,985 598 605 367 415
Chapada 258 66 73 69 50 245 69 63 55 58
Continuing	Operations 2,056 507 550 500 499 2,230 667 668 422 473
Eagle 40 10 15 5 10 35 7 3 17 8
Neves-Corvo1 534 — — 75 459 1,876 494 425 433 524
Zinkgruvan1 737 — — 152 585 2,513 637 537 699 640
Total 3,367 517 565 732 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 44 =====

Production	Cost	and	Cash	Cost	Overview	($	millions,	$/lb)
Three	months	ended
December	31,
Year	ended
December	31,
($	millions) 2025 2024 2025 2024
Candelaria
Production	costs $226.6 $201.0 $783.9 $726.6
Gross	cost 	 3.08	 	 1.93	 	 2.54	 	 2.19	
By-product1 	 (0.79)	 	 (0.40)	 	 (0.62)	 	 (0.46)	 
Cash	Cost	(Cu,	$/lb)2 	 2.29	 	 1.53	 	 1.92	 	 1.73	
All-in	Sustaining	Cost	("AISC")	(Cu,	$/lb)2 	 3.51	 	 2.12	 	 2.75	 	 2.62	
Caserones
Production	costs $247.3 $200.2 $854.5 $776.2
Gross	cost 	 2.30	 	 3.30	 	 2.66	 	 3.08	
By-product1 	 (0.42)	 	 (0.79)	 	 (0.49)	 	 (0.57)	 
Cash	Cost	(Cu,	$/lb)2 	 1.88	 	 2.51	 	 2.17	 	 2.51	
AISC	(Cu,	$/lb)2 	 2.74	 	 3.58	 	 3.03	 	 3.48	
Chapada
Production	costs $71.9 $64.4 $306.8 $282.7
Gross	cost 	 3.25	 	 2.82	 	 3.12	 	 3.27	
By-product1 	 (2.80)	 	 (1.75)	 	 (2.37)	 	 (1.69)	 
Cash	Cost	(Cu,	$/lb)2 	 0.45	 	 1.07	 	 0.75	 	 1.58	
AISC	(Cu,	$/lb)2 	 1.81	 	 2.81	 	 2.06	 	 3.07	
Consolidated3
Production	costs $545.8 $465.7 $1,945.2 $1,785.5
Gross	cost 	 2.69	 	 2.46	 	 2.67	 	 2.65	
By-product1 	 (0.81)	 	 (0.68)	 	 (0.80)	 	 (0.65)	 
Cash	Cost	(Cu,	$/lb)2 	 1.88	 	 1.78	 	 1.87	 	 2.00	
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	Candelaria,	Caserones,	and	Chapada.
20

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

Candelaria	(Chile)
The	 Candelaria	 operations	 consist	 of	 an	 open	 pit	 and	 underground	 mines	 providing	 copper	 ore	 to	 two	 on-site	 processing	
plants	 located	 near	 Copiapó	 in	 the	 Atacama	 region	 of	 Chile,	 as	 well	 as	 a	 port	 facility	 and	 desalination	 plant	 located	
approximately	100km	from	the	mine	facilities	in	the	town	of	Caldera.	The	Company	holds	an	indirect	80%	ownership	interest	
in	 Candelaria	 with	 the	 remaining	 20%	 interest	 indirectly	 held	 by	 Sumitomo	 Metal	 Mining	 Co.,	 Ltd	 and	 Sumitomo	
Corporation.	The	plants	have	a	combined	processing	capacity	of	30.7 	million	tonnes	per	annum	(“mtpa”),	producing	copper	
in	concentrate.	The	primary	metal	is	copper,	with	gold	and	silver	as	by-product	metals.
Operating	Statistics
2025 2024
(100%	Basis) Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 37,018	 	 7,935	 	 9,145	 	 9,721	 	 10,217	 	 36,728	 	 12,673	 	 10,784	 	 8,155	 	 5,116	
Ore	milled	(kt) 	 31,579	 	 7,972	 	 8,103	 	 7,752	 	 7,752	 	 29,186	 	 7,600	 	 7,183	 	 7,094	 	 7,309	
Grade
Copper	(%) 	 0.50	 	 0.47	 	 0.49	 	 0.52	 	 0.52	 	 0.61	 	 0.69	 	 0.76	 	 0.49	 	 0.48	
Gold	(g/t) 	 0.12	 	 0.11	 	 0.11	 	 0.12	 	 0.12	 	 0.15	 	 0.17	 	 0.18	 	 0.12	 	 0.11	
Recovery
Copper	(%) 	 91.9	 	 91.5	 	 92.6	 	 92.0	 	 91.6	 	 91.8	 	 93.1	 	 92.1	 	 89.5	 	 91.9	
Gold	(%) 	 68.6	 	 71.0	 	 67.2	 	 68.2	 	 68.3	 	 67.7	 	 68.2	 	 69.9	 	 62.1	 	 69.8	
Production	(contained	metal)
Copper	(t) 	 145,471		 34,272	 	 37,129	 	 36,999	 	 37,071	 	 162,487		 48,772	 	 50,018	 	 31,170	 	 32,527	
Gold	(oz) 	 80,528	 	 19,055	 	 19,899	 	 20,574	 	 21,000	 	 93,021	 	 27,842	 	 28,835	 	 17,679	 	 18,665	
Silver	(koz) 	 1,798	 	 441	 	 477	 	 431	 	 449	 	 1,985	 	 598	 	 605	 	 367	 	 415	
Sales	volume	(payable	metal)
Copper	(t) 	 140,500		 32,882	 	 36,041	 	 36,603	 	 34,974	 	 158,017		 49,052	 	 45,430	 	 29,999	 	 33,536	
Gold	(oz) 	 76,537	 	 17,700	 	 19,041	 	 20,021	 	 19,775	 	 89,435	 	 27,756	 	 25,971	 	 16,727	 	 18,981	
Revenue	($	millions) 	1,769.0	 	 518.5	 	 426.8	 	 404.6	 	 419.1	 	1,618.9	 	 449.1	 	 473.0	 	 366.4	 	 330.4	
Production	costs	($	millions) 	 783.9	 	 226.6	 	 199.2	 	 186.1	 	 172.1	 	 726.6	 	 201.0	 	 189.0	 	 175.4	 	 161.2	
Gross	profit	($	millions) 	 685.1	 	 218.9	 	 144.7	 	 143.6	 	 177.8	 	 579.2	 	 163.2	 	 205.3	 	 115.0	 	 95.7	
Cash	cost	($	per	pound	copper)1 	 1.92	 	 2.29	 	 1.87	 	 1.81	 	 1.75	 	 1.73	 	 1.53	 	 1.55	 	 2.18	 	 1.89	
Sustaining	capital	($	millions)1 	 224.4	 	 79.5	 	 46.9	 	 50.2	 	 47.7	 	 275.7	 	 55.5	 	 60.1	 	 60.5	 	 99.5	
AISC	($	per	pound	copper)1 	 2.75	 	 3.51	 	 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,	primarily	due	to	softer	ore	feed.	Production	in	the	quarter	was	lower	than	in	the	preceding	quarters	in	the	year	as	a	
result	 of	 maintenance	 work	 on	 the	 main	 ramp,	 which	 shifted	 mining	 to	 lower	 grade	 areas	 of	 Phase	 11.	 During	 the	 year,	
mining	in	the	open	pit	was	focused	on	Phase	11	with	some	contribution	from	higher	grade	areas	of	Phase	12.
Copper	production	in	the	quarter	and	year	were	lower	than	in	the	prior	year	comparable	periods	primarily	due	to	planned	
lower	grades	partially	offset	by	higher	throughput	due	to	ore	softness.	 Grades	in	the	quarter	and	year	 were	lower	than	in	
the	 prior	 year	 comparable	 periods	 primarily	 due	 to	 contribution	 from	 higher	 grade	 benches	 of	 Phase	 11	 during	 the	 prior	
year,	 consistent	 with	 the	 mine	 plan.	 Grades	 in	 the	 quarter	 and	 year	 were	 also	 impacted	 by	 lower	 contribution	 from	 the	
underground	mine.
Production	Costs	and	Cash	Cost	
During	 the	 fourth	 quarter,	 early	 renewals	 of	 labour	 agreements	 were	 completed	 with	 five	 unions	 at	 Candelaria.	 The	
agreements	 are	 each	 for	 three-year	 terms	 and	 expire	 in	 2029,	 replacing	 agreements	 expiring	 during	 2026.	 The	 proactive	
early	renewal	of	these	agreements	will	contribute	to	labour	stability	and	operational	efficiency	at	Candelaria	in	the	medium	
term.	As	a	result	of	these	renewals	and	increased	contractor	costs	for	scheduled	plant	maintenance,	production	costs	were	
higher	 than	 in	 the	 prior	 year	 comparable	 quarter.	 T hese	 increases	 in	 production	 costs	 compared	 to	 the	 prior	 year	
comparable	period	were	partially	offset	by	lower	sales	volumes	and	reduced	maintenance	expenses.	Maintenance	expenses	
in	the	prior	year	comparable	period	included	a	$14.0	million	write-down	of	inventory	items	used	in	repair	and	maintenance	
of	mineral	property,	plant	and	equipment.	During	the	year,	production	costs	increased	compared	to	the	prior	year	primarily	
21

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

as	a	result	of	increased	waste	movement	in	the	open	pit	that	was	expensed	during	the	year,	combined	with	the	incremental	
expense	related	to	labour	agreement	renewals.
Annual	cash	cost	per	pound	was	within	the	most	recent	guidance	range	and	was	higher	than	in	the	prior	year	comparable	
period	 primarily	 due	 to	 planned 	 lower	 grades	 resulting	 in	 reduced	 production,	 combined	 with	 increased	 labour	 and	
contractor	expenses.	Cash	cost	per	pound	in	the	quarter	was	also	impacted	by	the	incremental	expense	recognized	in	the	
quarter	for	early	labour	agreement	renewals.	Increases	in	cash	cost	per	pound	in	both	the	quarter	and	year	as	compared	to	
the	prior	year	comparable	periods	were	partially	offset	by	increased	by-product	credits	as	a	result	of	higher	metal	prices.	
AISC	per	pound	in	the	quarter	was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	increased	cash	cost	per	
pound	and	higher	sustaining	capital	expenditures.	Sustaining	capital	expenditures	increased	in	the	quarter	compared	to	the	
prior	 year	 comparable	 period	 primarily	 due	 to	 increased	 underground	 mine	 development	 and	 purchases	 of	 new	 mine	
equipment.	AISC	per	pound	in	the	year	was	higher	than	in	the	prior	year	comparable	period	primarily	due	to	increased	cash	
cost,	partially	offset	by	reduced	sustaining	capital	expenditure.
In	 the	 year,	 approximately	 51,000	 oz	 of	 gold	 and	 1,100,000	 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	year.
Gross	Profit	and	Net	Earnings
Gross	 profit	 in	 the	 quarter	 and	 year	 increased	 from	 the	 prior	 year	 comparable	 periods	 primarily	 due	 to	 higher	 realized	
copper	prices.	This	was	partially	offset	by	reduced	production	and	sales	volumes	as	a	result	of	planned	lower	grades	and	
increased	production	costs.
Net	 earnings	 in	 the	 quarter	 and	 year	 increased	 from	 the	 prior	 year	 comparable	 periods	 primarily	 due	 to	 improved	 gross	
profit.	Net	earnings	in	the	prior	year	were	also	impacted	by	a	non-cash	impairment	of	$55.9	million	($41.6	million	net	of	
tax)	due	to	the	closure	of	the	Alcaparrosa	mine	within	the	Candelaria	complex.	
22

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

Caserones	(Chile)
Caserones	 is	 an	 open	 pit	 copper-molybdenum	 mine	 which	 produces	 high-quality	 copper	 concentrate,	 copper	 cathode	 and	
molybdenum	 concentrate.	 Lundin	 Mining	 is	 the	 operator	 after	 acquiring	 a	 70%	 interest	 in	 Minera	 Lumina	 Copper	 Chile	
through	two	separate	transactions,	with	JX	Metals	Corporation	holding	the	remaining	30%	interest.	On	July	13,	2023,	Lundin	
Mining	 acquired	 an	 initial	 51%	 interest	 in	 Minera	 Lumina	 Copper	 Chile	 and	 in	 July	 2024,	 Lundin	 Mining	 increased	 its	
ownership	 to	 70%.	 In	 2025,	 the	 copper	 concentrator	 treated	 on	 approximately	 33.4	 mtpa.	 The	 solvent	 extraction-
electrowinning	("SX/EW")	plant	has	a	nominal	capacity	of	34.5	kilotonnes	per	annum	("ktpa").
Operating	Statistics
2025 2024
(100%	Basis) Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 36,712	 	 8,553	 	 8,479	 	 9,680	 	 10,000	 	 30,820	 	 8,557	 	 7,616	 	 7,840	 	 6,807	
Ore	milled	(kt) 	 33,383	 	 8,200	 	 8,530	 	 7,984	 	 8,669	 	 32,141	 	 8,759	 	 8,136	 	 7,556	 	 7,690	
Ore	placed	on	leach 	 16,777	 	 3,142	 	 3,910	 	 4,962	 	 4,763	 	 10,230	 	 3,563	 	 1,885	 	 2,868	 	 1,914	
Grade
Copper	(%) 	 0.40	 	 0.47	 	 0.43	 	 0.37	 	 0.33	 	 0.40	 	 0.36	 	 0.38	 	 0.42	 	 0.44	
Molybdenum	(%) 	 0.011	 	 0.013	 	 0.011	 	 0.008	 	 0.011	 	 0.015	 	 0.015	 	 0.016	 	 0.015	 	 0.016	
Recovery
Copper	(%) 	 80.4	 	 83.6	 	 79.2	 	 79.9	 	 78.4	 	 78.6	 	 81.9	 	 76.7	 	 75.9	 	 79.7	
Molybdenum	(%) 	 57.7	 	 50.0	 	 61.9	 	 56.6	 	 62.6	 	 64.1	 	 68.9	 	 53.3	 	 64.4	 	 70.0	
Production	(contained	metal)
Copper	in	concentrate	(t) 	 107,064		 32,324	 	 29,010	 	 23,490	 	 22,240	 	 100,837		 25,717	 	 23,708	 	 24,246	 	 27,166	
Copper	cathode	(t) 	 25,817	 	 7,288	 	 6,260	 	 5,800	 	 6,469	 	 23,924	 	 6,020	 	 5,325	 	 5,529	 	 7,050	
Total	copper	(t) 	 132,881		 39,612	 	 35,270	 	 29,290	 	 28,709	 	 124,761		 31,737	 	 29,033	 	 29,775	 	 34,216	
Molybdenum	(t) 	 2,082	 	 526	 	 574	 	 380	 	 602	 	 3,183	 	 912	 	 693	 	 714	 	 864	
Sales	volume	(payable	metal)
Copper	(t) 	 138,287		 45,134	 	 26,896	 	 30,076	 	 36,181	 	 113,867		 26,750	 	 22,044	 	 29,862	 	 35,211	
Molybdenum	(t) 	 1,976	 	 451	 	 508	 	 389	 	 628	 	 3,056	 	 944	 	 581	 	 695	 	 836	
Revenue	($	millions) 	1,618.9	 	 598.5	 	 311.8	 	 322.7	 	 385.9	 	1,153.6	 	 263.0	 	 227.9	 	 336.5	 	 326.2	
Production	costs	($	millions) 	 854.5	 	 247.3	 	 158.5	 	 204.7	 	 243.9	 	 776.2	 	 200.2	 	 169.4	 	 208.9	 	 197.7	
Gross	profit	($	millions) 	 552.2	 	 290.8	 	 103.8	 	 61.5	 	 96.1	 	 193.3	 	 24.2	 	 19.2	 	 73.1	 	 76.8	
Cash	cost	($	per	pound	copper)1 	 2.17	 	 1.88	 	 1.86	 	 2.45	 	 2.52	 	 2.51	 	 2.51	 	 2.96	 	 2.60	 	 2.14	
Sustaining	capital	($	millions)1 	 156.3	 	 56.8	 	 29.4	 	 31.9	 	 38.2	 	 144.0	 	 43.0	 	 22.9	 	 35.3	 	 42.8	
AISC	($	per	pound	copper)1 	 3.03	 	 2.74	 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
Caserones	copper	production	in	the	quarter	was	the	highest	since	its	acquisition	by	the	Company	in	mid-2023.	 During	the	
quarter,	 mining	 was	 concentrated	 in	 Phase	 6	 with	 some	 contribution	 from	 Phase	 7.	 Copper	 concentrate	 production	
benefitted	from	higher	grades	in	 Phases	6	and	7	in	the	second	half	of	2025,	combined	with	higher	recoveries	in	the	quarter	
as	 a	 result	 of	 Phase	 6	 ore	 quality.	 Copper	 production	 in	 the	 quarter	 was	 higher	 than	 the	 prior	 year	 comparable	 period	
primarily	due	to	higher	grades	and	recoveries,	and	higher	copper	cathode	production.	These	increases	were	partially	offset	
by	 lower	 throughput	 as	 a	 result	 of	 a	 scheduled	 maintenance	 shutdown	 in	 the	 quarter.	 Copper	 cathode	 production	
benefitted	from	increased	material	placed	on	the	dump	leach	in	previous	periods	and	molybdenum	production	was	lower	in	
the	quarter	primarily	due	to	reduced	recoveries	and	grades.
Annual	production	for	copper	was	at	the	top-end	of	the	most	recent	production	guidance	range.	Production	in	the	year	was	
higher	than	the	prior	 year	comparable	period	due	to	higher	throughput	and	recoveries,	combined	with	increased	cathode	
production.	 Annual	 production	 for	 molybdenum	 was	 lower	 than	 in	 the	 prior	 year	 primarily	 due	 to	 lower	 grades	 and	
recoveries.	
23

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

Production	Costs	and	Cash	Cost
Production	 costs	 in	 the	 quarter	 were	 higher	 than	 in	 the	 prior	 year	 comparable	 period	 primarily	 due	 to	 increased	 copper	
sales	volumes,	including	a	shipment	of	approximately	5,100	tonnes	of	contained	payable	copper	scheduled	for	September	
that	was	completed	in	October	due	to	weather-related	delays.	Production	costs	in	the	year	were	higher	than	in	the	prior	
year	primarily	due	to	increased	sales	volumes	during	the	year.	These	volumes	were	impacted	by	two	shipments	totalling	
approximately	20,000	tonnes	of	copper	concentrate	that	were	delayed	from	December	2024,	and	were	instead	completed	
in	 Q1	 2025.	 These	 were	 partially	 offset	 by	 reduced	 labour	 expenses	 following	 the	 insourcing	 of	 key	 maintenance	 and	
operational	support	functions.	
Annual	cash	cost	per	pound	for	the	year	was	within	the	low-end	of	the	most	recent	guidance	range.	Cash	cost	per	pound	 in	
the	 quarter	 and	 year	 were	 lower	 than	 in	 the	 prior	 year	 comparable	 periods	 primarily	 due	 to	 higher	 production,	 lower	
treatment	charges,	and	reduced	labour	expenses,	partially	offset	by	lower	by-product	credits.	AISC	per	pound	in	the	quarter	
and	year	were	lower	than	in	the	prior	year	comparable	periods	primarily	due	to	reduced	cash	cost.
Gross	Profit	and	Net	Earnings
Gross	profit	in	the	quarter	and	year	increased	from	the	prior	year	comparable	periods	due	to	higher	realized	copper	prices	
and	reduced	labour	costs.	Gross	profit	in	the	quarter	also	benefitted	from	increased	sales	volumes.
Net	earnings	in	the	quarter	and	year	include	a	deferred	tax	recovery	of	$517.0	million	(Q4	2024	-	$41.5	million)	to	recognize	
deferred	tax	assets	for	tax	loss	carryforwards	which	can	be	applied	to	future	taxable	income.
24

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

Chapada	(Brazil)
The	Chapada	mine	consists	of	four	open	pit	mines	and	on-site	processing	facilities	located	in	the	northern	part	of	Goiás	State	
of	 Brazil,	 approximately	 270	 km	 northwest	 of	 the	 national	 capital	 of	 Brasilia.	 The	 processing	 plant	 has	 a	 capacity	 of	 24.0	
mtpa,	producing	high-quality	gold-rich	copper	concentrate.	The	primary	metal	is	copper,	with	gold	and	silver	as	by-product	
metals.
Operating	Statistics
2025 2024
(100%	Basis) Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Ore	mined	(kt) 	 19,934	 	 6,485	 	 5,444	 	 4,725	 	 3,280	 	 21,949	 	 5,084	 	 5,889	 	 5,851	 	 5,125	
Ore	milled	(kt) 	 23,687	 	 6,021	 	 6,171	 	 5,675	 	 5,820	 	 22,883	 	 5,945	 	 6,035	 	 5,407	 	 5,496	
Grade
Copper	(%) 	 0.25	 	 0.24	 	 0.26	 	 0.27	 	 0.22	 	 0.25	 	 0.28	 	 0.25	 	 0.23	 	 0.23	
Gold	(g/t) 	 0.16	 	 0.16	 	 0.16	 	 0.18	 	 0.13	 	 0.17	 	 0.18	 	 0.18	 	 0.18	 	 0.14	
Recovery
Copper	(%) 	 74.9	 	 77.0	 	 78.0	 	 73.6	 	 70.0	 	 77.3	 	 76.2	 	 78.1	 	 74.2	 	 81.1	
Gold	(%) 	 50.8	 	 49.9	 	 54.6	 	 52.7	 	 44.3	 	 52.2	 	 53.4	 	 51.5	 	 49.3	 	 55.3	
Production	(contained	metal)
Copper	(t) 	 43,974	 	 11,191	 	 12,600	 	 11,274	 	 8,909	 	 43,261	 	 12,323	 	 11,694	 	 9,106	 	 10,138	
Gold	(oz) 	 61,331	 	 15,074	 	 17,864	 	 17,544	 	 10,849	 	 65,415	 	 18,614	 	 17,877	 	 14,760	 	 14,164	
Silver	(koz) 	 258	 	 66	 	 73	 	 69	 	 50	 	 245	 	 69	 	 63	 	 55	 	 58	
Sales	volume	(payable	metal)
Copper	(t) 	 42,040	 	 9,413	 	 13,997	 	 10,284	 	 8,346	 	 39,615	 	 10,200	 	 12,380	 	 8,293	 	 8,742	
Gold	(oz) 	 56,569	 	 12,403	 	 19,735	 	 14,402	 	 10,029	 	 57,777	 	 14,660	 	 18,775	 	 12,368	 	 11,974	
Revenue	($	millions) 	 665.3	 	 184.5	 	 215.3	 	 150.9	 	 114.6	 	 497.6	 	 121.2	 	 160.0	 	 118.0	 	 98.4	
Production	costs	($	millions) 	 306.8	 	 71.9	 	 96.4	 	 75.0	 	 63.5	 	 282.7	 	 64.4	 	 84.5	 	 69.2	 	 64.6	
Gross	profit	(loss)	($	millions) 	 164.1	 	 (11.8)	 	 89.2	 	 54.0	 	 32.8	 	 165.0	 	 67.2	 	 48.6	 	 30.4	 	 18.8	
Cash	cost	($	per	pound	copper)1 	 0.75	 	 0.45	 	 0.50	 	 0.75	 	 1.47	 	 1.58	 	 1.07	 	 1.37	 	 2.05	 	 2.01	
Sustaining	capital	($	millions)1 	 96.8	 	 21.1	 	 26.1	 	 27.4	 	 22.2	 	 107.8	 	 32.9	 	 20.5	 	 25.2	 	 29.2	
AISC	($	per	pound	copper)1 	 2.06	 	 1.81	 	 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	
Mining	during	the	quarter	was	primarily	focused	on	ore	from	the	South	and	North	open	pits,	in	line	with	the	planned	mine	
sequence.	 Ore	 milled	 benefitted	 from	 improved	 operational	 efficiency	 in	 the	 crusher	 and	 processing	 plant,	 driven	 by	 the	
Full	 Potential	 program	 which	 focuses	 on	 achieving	 sustainable	 operational	 efficiencies	 and	 financial	 savings.	 Copper	
production	 in	 the	 quarter	 decreased	 compared	 to	 the	 prior	 year	 comparable	 period	 due	 to	 lower	 grades.	 Head	 grade	
variances	reflected	changes	in	the	pushback	sequencing,	with	higher	ore	contribution	from	the	South	and	North	pits	and	
lower	contribution	from	the	higher-grade	Southwest	pit.	
Annual	 copper	 and	 gold	 production	 were	 within	 the	 most	 recent	 production	 guidance	 ranges.	 Copper	 production	 in	 the	
year	 increased	 slightly	 compared	 to	 the	 prior	 year,	 primarily	 driven	 by	 higher	 throughput	 and	 partially	 offset	 by	 lower	
recoveries.	Gold	production	for	the	quarter	and	year	was	lower	than	in	the	prior	year	comparable	periods,	 primarily	due	to	
reduced	grades	and	recoveries.
Production	Costs	and	Cash	Cost
Production	costs	in	the	quarter	increased	from	the	prior	year	comparable	period,	primarily	driven	by	higher	costs	related	to	
efforts	 on	 water	 management	 and	 unfavorable	 foreign	 exchange.	 These	 increases	 were	 partially	 offset	 by	 lower	 sales	
volume.	 Production	 costs	 in	 the	 year	 were	 also	 higher	 than	 in	 the	 prior	 year,	 mainly	 due	 to	 increased	 sales	 volumes	 and	
higher	royalties,	partially	offset	by	favourable	foreign	exchange.
Cash	 cost	 per	 pound	 of	 $0.45	 in	 the	 quarter	 was	 the	 lowest	 since	 Q4	 2020.	 Cash	 costs	 for	 both	 the	 quarter	 and	 year	
improved	 from	 the	 prior	 year	 comparable	 periods	 primarily	 due	 to	 higher	 by-product	 credits	 as	 a	 result	 of	 increased	
realized	 gold	 prices.	 Annual	 cash	 cost	 was	 below	 the	 low	 end	 of	 the	 most	 recent	 guidance	 range.	 AISC	 per	 pound	 in	 the	
25

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

quarter	and	year	periods	was	lower	than	in	the	prior	year	comparable	periods	primarily	due	to	lower	cash	cost	per	pound	
and	reduced	sustaining	capital	expenditures	as	a	result	of	lower	expenditure	on	spares	and	equipment	acquisition.	
Gross	Profit	(Loss)	and	Net	Earnings	(Loss)
In	 the	 quarter,	 gross	 loss	 was	 $11.8	 million,	 compared	 to	 a	 gross	 profit	 of	 $67.2	 million	 from	 the	 prior	 year	 comparable	
period.	The	decrease	was	due	to	a	net	realizable	value	write-down	of	 $99.9	million	($65.9	million	net	of	tax)	of	the	long-
term	ore	stockpile	inventory	as	a	result	of	mine	plan	changes	deprioritizing	the	timing	of	processing	of	stockpiles.	This	was	
partially	offset	by	higher	realized	copper	and	gold	prices	and	r educed	treatment	and	refining	charges .	Gross	profit	for	the	
year	 was	 in	 line	 with	 the	 prior	 year	 comparable	 period	 and	 the	 negative	 impact	 of	 the	 long-term	 ore	 stockpile	 inventory	
write-down	 was	 offset	 primarily	 by	 increased	 realized	 copper	 and	 gold	 prices,	 lower	 treatment	 and	 refining	 charges	 and	
higher	sales	volumes.	In	addition,	gross	profit	for	the	quarter	and	year	from	the	prior	year	comparable	periods	benefitted	
from	a	$28.3	million	non-cash	partial	reversal	of	a	previously	recorded	long-term	ore	stockpile	inventory	write-down
Net	loss	for	the	quarter	and	net	earnings	for	the	year	from	prior	year	comparable	periods	were	also	impacted	by	a	non-cash	
impairment	of	$93.4	million	($61.7	million	net	of	tax)	of	mineral	properties	relating	to	the	Suruca	gold	deposit.
26

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