===== 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 ($61.7 million net of tax) of mineral properties relating to the Suruca gold deposit. 26 ===== SIDA 51 ===== Eagle (USA) The Eagle mine consists of the Eagle underground mine, located approximately 53 km northwest of Marquette, Michigan, U.S.A. and the Humboldt mill, located 61 km west of Marquette. The plant has a processing capacity of 0.7 mtpa, producing nickel and copper in concentrates. The primary metal is nickel with copper, and minor amounts of cobalt, gold, and platinum-group metals as by-product metals. In December 2025, the Company announced the sale of Eagle to Talon; the transaction closed on January 9, 2026. Operating Statistics (Discontinued Operation) 2025 2024 (100% Basis) Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Ore mined (kt) 695 182 184 167 162 480 117 91 107 165 Ore milled (kt) 686 173 183 169 161 487 121 90 97 179 Grade Nickel (%) 1.7 1.5 1.8 1.9 1.7 1.9 1.7 1.4 2.1 2.1 Copper (%) 1.4 1.2 1.3 1.6 1.4 1.4 1.1 1.2 1.7 1.5 Recovery Nickel (%) 83.7 82.9 84.2 84.6 82.6 82.0 78.7 72.3 85.0 85.2 Copper (%) 95.4 95.3 95.7 95.5 95.0 95.1 94.1 94.3 95.9 95.3 Production (contained metal) Nickel (t) 9,907 2,174 2,724 2,713 2,296 7,486 1,617 893 1,721 3,255 Copper (t) 8,906 1,957 2,354 2,510 2,085 6,366 1,262 1,027 1,563 2,514 Sales volume (payable metal) Nickel (t) 7,651 1,756 1,921 2,226 1,748 5,662 1,088 393 2,018 2,163 Copper (t) 7,583 1,637 1,908 2,489 1,549 5,457 877 733 1,789 2,058 Revenue ($ millions) 208.6 52.2 53.1 59.1 44.3 152.5 25.6 12.2 57.4 57.2 Production costs ($ millions) 150.7 38.0 35.2 40.4 37.2 111.9 21.1 12.5 37.7 40.5 Gross profit (loss) ($ millions) 35.6 8.9 11.3 12.8 2.6 7.0 (3.8) (6.5) 9.7 7.6 Cash cost ($ per pound nickel)1 2.55 2.31 2.11 2.02 3.94 4.20 5.22 7.24 3.23 4.04 Sustaining capital ($ millions)1 21.3 3.9 6.6 6.4 4.5 21.2 5.2 7.9 4.0 4.1 AISC ($ per pound nickel)1 5.18 5.13 4.96 4.58 6.20 7.60 9.53 20.02 5.71 6.12 1AISC per pound sold and Cash cost per pound sold are non-GAAP measures and Sustaining Capital is a supplementary financial measure, see the "Non- GAAP and Other Performance Measures" section of this MD&A for discussion. Production Mining and processing activities continued at normal levels during the quarter following the completion of ramp rehabilitation in Eagle East in the first quarter of the year. The lower production levels in the comparative quarter and year, which resulted from the fall of ground in the lower ramp in Eagle East in Q2 2024, remained the primary driver of higher nickel and copper production in the current quarter and year. Annual nickel production in 2025 was within the most recent production guidance ranges, while annual copper production was below the low end of the most recent guidance range but within the original guidance range. Production Costs and Cash Cost Production costs in the quarter and year were higher than in the prior year comparable periods due to increased nickel and copper sales volumes. Production costs in the prior quarter and year excluded approximately $11.4 million and $36.1 million, respectively, of overhead costs that were recorded in Other Income and Expense as a result of the partial suspension of underground mining operations. Cash cost per pound in the quarter and year was lower than in the prior year comparable periods, primarily reflecting higher throughput and improved recoveries, resulting in higher nickel production, as well as increased by-product credits driven by higher copper sales volume and elevated realized copper price. Annual cash cost per pound for the year exceeded the high end of the most recent production guidance range. AISC per pound in the quarter and year were lower than in the prior year comparable periods in line with reduced cash cost per pound. 27 ===== SIDA 52 ===== Gross Profit and Net Earnings Gross profit in the quarter was higher than in the prior year comparable period primarily due to increased realized copper prices and reduced depreciation expense. Gross profit in the year was higher than in the prior year primarily due to increased nickel and copper sales volumes, lower depreciation expense and increased realized copper price, partially offset by lower realized nickel price. Net earnings were impacted by an impairment reversal of $88.4 million ($69.8 million net of tax) after assessing the fair value of Eagle prior to reclassification as held for sale. The fair value was based on the consideration established in the definitive agreement with Talon. An impairment charge of $104.9 million ($82.8 million net of tax) was previously recorded for the Eagle mine at December 31, 2024 due to a decline in nickel prices and prolonged rehabilitation of the Eagle East ramp. 28 ===== SIDA 53 ===== Neves-Corvo (Portugal) Neves-Corvo is located 200 km southeast of Lisbon, Portugal and consists of an underground mine and on-site processing facilities. In April 2025, the Company sold Neves-Corvo to Boliden. Operating Statistics (Discontinued Operation) 2025 2024 (100% Basis) Total2 Q22 Q1 Total Q4 Q3 Q2 Q1 Ore mined, copper (kt) 634 88 546 2,412 643 579 602 588 Ore mined, zinc (kt) 643 100 543 2,127 539 571 499 518 Ore milled, copper (kt) 582 78 504 2,426 643 583 601 599 Ore milled, zinc (kt) 622 85 537 2,127 568 540 507 512 Grade Copper (%) 1.6 1.9 1.6 1.5 1.4 1.5 1.6 1.5 Zinc (%) 6.7 6.9 6.7 6.5 6.3 7.0 6.3 6.5 Lead (%) 1.3 1.4 1.3 1.2 1.1 1.4 1.3 1.2 Recovery Copper (%) 78.5 81.1 78.0 76.9 78.3 74.9 77.2 77.3 Zinc (%) 76.3 79.0 75.8 77.3 76.0 76.9 78.2 78.4 Lead (%) 29.5 31.6 29.2 24.6 25.4 24.8 21.7 26.5 Production (contained metal) Copper (t) 7,348 1,225 6,123 28,228 7,139 6,698 7,347 7,044 Zinc (t) 32,356 4,665 27,691 109,571 27,879 29,509 25,696 26,487 Lead (t) 2,361 369 1,992 6,395 1,553 1,851 1,387 1,604 Silver (koz) 534 75 459 1,876 494 425 433 524 Sales volume (payable metal) Copper (t) 6,745 1,394 5,351 26,721 5,230 7,707 7,898 5,886 Zinc (t) 27,673 3,823 23,850 88,731 21,357 25,730 20,440 21,204 Lead (t) 1,920 440 1,480 5,700 1,323 1,811 1,242 1,324 Revenue ($ millions) 128.3 19.8 108.4 438.0 97.5 131.2 128.7 80.6 Production costs ($ millions) 90.2 14.3 75.9 323.2 73.2 95.2 83.1 71.7 Gross profit (loss) ($ millions) 38.1 5.5 32.5 (3.5) (2.6) 1.3 15.9 (18.1) Cash cost ($ per pound copper)1 1.84 2.42 1.69 2.19 1.84 2.13 1.70 3.24 Sustaining capital ($ millions)1 27.7 — 27.7 89.3 12.7 26.3 27.9 22.4 AISC ($ per pound copper)1 3.89 2.51 4.25 3.92 3.37 3.84 3.46 5.13 1AISC per pound sold and Cash cost per pound sold are non-GAAP measures and Sustaining Capital is a supplementary financial measure, see the "Non- GAAP and Other Performance Measures" section of this MD&A for discussion. 2 Neves-Corvo 2025 results are to April 16, 2025. Production Neves-Corvo was sold on April 16, 2025. In 2025 through to the date of sale, copper production was lower than in the prior year comparable period due to lower throughput, and zinc production increased due to higher throughput and grades. Production Costs and Cash Cost Production costs in 2025 through to the date of sale were higher than in the prior year comparable period primarily due to higher zinc sales volume and an increase in electricity and maintenance costs, partially offset by favourable foreign exchange. Electricity costs increased as a result of higher market energy prices. Cash cost per pound in Q1 2025 was lower than in the prior year comparable period primarily due to higher by-product credits driven by an increase in zinc sales volume and higher realized zinc prices as well as favourable foreign exchange, partially offset by lower copper sales volume. AISC per pound in Q1 2025 was lower than AISC from the prior year comparable period due to lower cash cost per pound offset partially by higher sustaining capital expenditures. Gross Profit (Loss) Gross profit in 2025 through to date of sale was higher than the prior year comparable period primarily due to no depreciation being taken on assets classified as held for sale, as well as higher realized copper and zinc prices and lower treatment and refining charges, partially offset by lower copper sales volume and higher electricity costs. Net earnings were impacted by a non-cash impairment charge of $ 66 million in Q1 2025 to recognize mining rights and mineral properties at their estimated fair value, based on the cash proceeds received. 29 ===== SIDA 54 ===== Zinkgruvan (Sweden) The Zinkgruvan mine consists of an underground mine and on-site processing facilities, located approximately 200 km southwest of Stockholm, Sweden. In April 2025, the Company sold Zinkgruvan to Boliden. Operating Statistics (Discontinued Operation) 2025 2024 (100% Basis) Total2 Q22 Q1 Total Q4 Q3 Q2 Q1 Ore mined, zinc (kt) 393 64 329 1,246 332 300 308 306 Ore mined, copper (kt) 59 — 59 184 8 84 45 47 Ore milled, zinc (kt) 403 66 337 1,239 311 302 313 313 Ore milled, copper (kt) 51 — 51 207 14 76 42 75 Grade Zinc (%) 7.0 7.5 6.9 7.3 8.4 6.3 7.7 6.7 Lead (%) 2.8 3.2 2.8 3.1 3.7 2.4 3.7 2.7 Copper (%) 2.1 — 2.1 2.2 2.0 2.1 2.0 2.4 Recovery Zinc (%) 91.6 92.6 91.4 90.9 91.8 89.8 90.6 91.1 Lead (%) 81.1 78.3 81.7 80.0 83.0 78.5 78.2 79.4 Copper (%) 90.2 — 90.2 88.1 86.7 87.3 88.0 89.0 Production (contained metal) Zinc (t) 25,877 4,620 21,257 82,133 24,067 17,101 21,764 19,201 Lead (t) 9,291 1,705 7,586 30,888 9,481 5,693 8,966 6,748 Copper (t) 971 — 971 3,964 258 1,385 747 1,574 Silver (koz) 737 152 585 2,513 637 537 699 640 Sales volume (payable metal) Zinc (t) 20,698 1,548 19,150 68,086 18,627 15,124 18,510 15,825 Lead (t)3 6,948 (120) 7,068 28,036 7,786 6,346 9,069 4,835 Copper (t) 982 — 982 3,809 457 1,775 821 756 Revenue ($ millions) 72.4 0.8 71.6 256.8 67.5 68.6 76.6 44.1 Production costs ($ millions) 36.9 2.7 34.2 122.0 29.1 30.1 32.7 30.1 Gross profit (loss) ($ millions) 35.5 (1.9) 37.4 97.7 32.5 24.2 35.0 6.0 Cash cost ($ per pound)1 0.46 1.18 0.40 0.41 0.43 0.16 0.39 0.65 Sustaining capital ($ millions)1 30.4 9.1 21.3 65.7 22.5 15.5 13.3 14.3 AISC ($ per pound)1 1.13 3.85 0.91 0.87 0.99 0.66 0.74 1.10 1AISC per pound sold and Cash cost per pound sold are non-GAAP measures and Sustaining Capital is a supplementary financial measure, see the "Non- GAAP and Other Performance Measures" section of this MD&A for discussion. 2 Zinkgruvan 2025 results are to April 16, 2025. 3 Lead sales volume in Q2 2025 was impacted by volume adjustments. Production Zinkgruvan was sold on April 16, 2025. In 2025 through to the date of sale, zinc and lead production were higher than in the prior year comparable period due to higher throughput, grades and recoveries. Zinc production was positively impacted by favourable mine sequencing and high grade stopes. Copper production was lower than in the prior year comparable period primarily due to lower throughput and remained in line with the mine plan as zinc production was prioritized. Production Costs and Cash Cost Production costs in 2025 through to the date of sale were higher than in the prior year comparable period primarily due to higher zinc and lead sales volumes. Cash cost per pound in Q1 2025 was lower than in the prior year comparable period primarily due to increased zinc sales volume as well as higher by-product credits as a result of higher copper sales volume and higher copper realized prices. AISC per pound in Q1 2025 was lower than in the prior year comparable period due to due to lower cash cost per pound slightly offset by higher sustaining capital expenditures. Gross Profit Gross profit in 2025 through to the date of sale was higher than in the prior year comparable period primarily due to no depreciation being taken on assets classified as held for sale, as well as higher realized zinc and copper prices, lower treatment and refining charges and higher zinc, copper and lead sales volume. 30 ===== SIDA 55 ===== Vicuña Project (Argentina and Chile) 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”)1. • 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. • 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 8.42 years and an after-tax internal rate of return ("IRR") of 14.8%. • Resource growth: The Updated Vicuña Mineral Resource grew significantly compared to the previous estimate3. ◦ Contained copper4 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 gold 4 of 36 Moz M&I and 61 Moz Inferred. An increase of 12% contained M&I gold and 26% Inferred gold. ◦ Contained silver4 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 ("NPV8%") 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 NPV8% 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. 31 1 Copper equivalent (CuEq) based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. 2 Initial capital from the start of 2027 and payback period from the start of 2030. 3 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%. 4 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. Inferred 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 56 ===== 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. 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. 32 ===== SIDA 57 ===== 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. Exploration Update 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. 33 ===== SIDA 58 ===== Liquidity and Capital Resources Consolidated Cash Flow Year ended December 31, ($ millions) 2025 2024 Change Cash provided by operating activities from continuing operations 1,207.9 1,311.4 (103.5) Cash provided by (used in) investing activities from continuing operations 707.2 (834.9) 1,542.1 Cash used in financing activities from continuing operations (2,080.3) (342.9) (1,737.4) Effect of foreign exchange on cash balances 1.5 (4.2) 5.7 (Decrease) increase in cash and cash equivalents (114.1) 163.5 (277.6) Opening cash and cash equivalents 432.3 268.8 163.5 Closing cash and cash equivalents 296.2 357.5 (61.3) Adjusted operating cash flow1 - continuing operations 1,621.9 1,089.9 532.0 Free cash flow from operations1 - continuing operations 773.6 825.6 (52.0) Free cash flow1 - continuing operations 538.9 539.9 (1.0) 1This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. Cash provided by operating activities related to continuing operations during the year was $103.5 million lower than in the prior year. The decrease was primarily due to working capital movements including increased trade receivables at Candelaria and Caserones, partially offset by higher gross profit. Adjusted operating cash flow1 - continuing operations during the year was higher than in the prior year after adjusting for the significant build of working capital. The sale of the Neves-Corvo and Zinkgruvan operations in April 2025 contributed $1.3 billion in net proceeds to cash provided by investing activities related to continuing operations. In addition, capital expenditures at continuing operations were $101.5 million lower than in the prior year. Lower sustaining capital expenditures were primarily due to reduced deferred stripping at Candelaria and lower expansionary capital expenditures were primarily due to the formation of Vicuña on January 15, 2025. From this date, the Company's expansionary capital expenditures include 50% of Vicuña's capital expenditures. A summary of capital expenditures on a cash basis is outlined below. 34 1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. ===== SIDA 59 ===== Summary of Capital Expendituresa Year ended December 31, ($ millions) 2025 2024 Candelaria 21.6 — Chapada 2.4 — Vicuña 167.2 243.6 Expansionary capital investment from continuing operations 191.2 243.6 Candelaria 224.4 275.7 Caserones 156.3 144.0 Chapada 96.8 107.8 Other 0.3 0.4 Sustaining capital investment from continuing operations 477.8 527.9 Total capital expenditures from continuing operations 669.0 771.5 Reconciliation to Investment in mineral properties, plant and equipment: Capitalized interest 15.6 14.6 Total Investment in mineral properties, plant and equipment from continuing operations 684.6 786.1 Total Investment in mineral properties, plant and equipment from discontinued operationsb 79.2 176.2 Total Investment in mineral properties, plant and equipment (all operations) 763.8 962.3 a Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure – see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion. b Discontinued operations include Eagle, and Neves-Corvo and Zinkgruvan financial results to April 16, 2025. Cash used in financing activities related to continuing operations increased from the prior year primarily due to the repayment in full of the $1,150.0 million outstanding balance of the Company's term loan and repayment of $170.0 million of amounts drawn on the RCF with the net cash proceeds from the sale of Neves-Corvo and Zinkgruvan. These increases were partially offset by lower interest and dividends paid. The Company repurchased shares under its NCIB totalling $153.7 million in the year compared to $24.4 million during 2024. Free cash flow from operations 1 - continuing operations decreased from the prior year primarily due to a working capital build, partially offset by reduced sustaining capital expenditures. Free cash flow1 - continuing operations was consistent with the prior year due to lower expansionary capital expenditures at Vicuña offset by the same factors impacting free cash flow from operations - continuing operations. 35 1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. ===== SIDA 60 ===== Liquidity and Financial Position ($ millions) December 31, 2025 December 31, 2024 Change Cash and cash equivalents 296.2 357.5 (61.3) Total assets1 10,820.6 10,406.8 413.8 Debt2 237.1 1,757.0 (1,519.9) Lease liabilities2 212.5 249.2 (36.7) Net cash (debt)1, 3 77.4 (1,332.4) 1,409.8 1 Total assets and Net cash (debt) include assets and liabilities classified as held for sale. 2 Debt and lease liabilities include both current and non-current portions. 3 This is a non-GAAP measure and includes balances classified as held for sale - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. The Company continues to expect to be able to fund all its contractual commitments with its operating cash flow, cash on hand and available capital resources. The Company was in a net cash position as at December 31, 2025 of $77.4 million compared to a net debt position of $1,332.4 million at the prior year end primarily due to net cash proceeds from the sale of the Neves-Corvo and Zinkgruvan operations, which were used to repay in full the $1,150.0 million outstanding balance of the Company's term loan and to repay $170.0 million of amounts drawn on the RCF. During the year, 15,088,180 shares were purchased under the Company's NCIB program for $150.0 million (2024 - 2,815,200 for $24.4 million). Commodity prices, primarily copper and gold, are key performance drivers and fluctuations in the prices of these commodities can have a dramatic effect on the results of operations. Prices can fluctuate widely and are affected by numerous factors beyond the Company’s control. The prices of metals are influenced by supply and demand, exchange rates, interest rates and interest rate expectations, inflation or deflation and expectations with respect to inflation or deflation, speculative activities, changes in global economies, and geopolitical, social and other factors. The supply of metals consists of a combination of new mine production, recycling and existing stocks held by governments, producers and consumers. The Company economically hedges certain of its operating currencies as well as metal prices and certain input commodities (refer to "Financial Instruments" section below). Contractual Obligations, Commitments and Contingencies The Company has contractual obligations and capital commitments as described in Note 27 “Commitments and contingencies” in the Company’s consolidated financial statements for the year ended December 31, 2025 . From time to time, the Company may also be involved in legal proceedings that arise in the ordinary course of its business. Significant changes to commitments and contingencies, from those reported at December 31, 2024, are described below: In respect of the 2017 taxation year, the Canada Revenue Agency ("CRA") issued a reassessment denying the Company’s 2007 election to increase the tax cost of its investment in a subsidiary. The reassessment proposes an increase in taxable income of approximately $456 million, which would result in additional income taxes payable of approximately $114.1 million and interest of approximately $46.2 million. The Company filed a Notice of Objection on January 28, 2026 and will vigorously and expeditiously defend its tax filing position through CRA's Appeals Division and, if required, court proceedings. No provision has been recognized as the Company believes its filing position is in compliance with Canadian tax law. 36 ===== SIDA 61 ===== The Company has the following contractual obligations and capital commitments as at December 31, 2025: Payments due by period1 ($ millions) <1 year 1-5 years Thereafter Total Continuing operations Reclamation and closure provisions 12.1 70.6 632.4 715.1 Debt 180.8 60.0 — 240.8 Lease liabilities 61.6 129.8 113.4 304.7 Capital commitments 193.7 130.0 — 323.7 Defined pension obligations — — 3.3 3.3 Deferred consideration 10.0 120.0 — 130.0 458.2 510.4 749.1 1,717.7 Discontinued operations Reclamation and closure provisions 3.6 30.1 45.7 79.4 Lease liabilities 2.3 8.5 — 10.8 Capital commitments 3.3 — — 3.3 9.2 38.6 45.7 93.5 Total 467.4 549.0 794.8 1,811.2 1Reported on an undiscounted basis, before inflation. Capital Resources On February 16, 2026, the Company announced the results of an integrated technical study on the Vicuña Project, including estimated capital and operating costs. For Stage 1 of the Vicuña Project, the Study contemplates a 40-month capital development and construction timeline that includes a 6-month commissioning period. Total initial capital cost for Stage 1 is estimated at $7.1 billion and $18.1 billion for stages 1-3. LOM sustaining capital is estimated at $30.3 billion over 70 years for all stages, including closure costs. The Study outlines a comprehensive development plan for Stage 1, encompassing construction of the concentrator and development of the Josemaria mine. The capital estimates and operating cost estimates are established from first principles. For Stage 1, estimates were completed to a class 3, contingency has been applied to the estimate on an area and discipline basis, variances ranged from -15% to +20% depending on the area and level of quotation. The Stages 2 and 3 estimate are completed to a class 5 and variances range from -35% to +50%. On February 12, 2026, the Company announced the receipt of commitments from 17 lenders to upsize and amend its 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%. As at December 31, 2025, the Company has an RCF of $1,750.0 million with $60.0 million outstanding (December 31, 2024 - $270.0 million). The RCF matures in April 2029 and bears interest on drawn funds at rates of Term Secured Overnight Financing Rate (“Term SOFR”) plus Credit Spread Adjustment (“CSA”) of 0.10% plus an applicable margin of 1.40% to 2.55%, depending on the Company’s net leverage ratio and progress against sustainability performance targets. In March 2025, the security previously held over certain assets in the USA was removed from the RCF. The facility is subject to customary covenants. In April 2025, the Company repaid in full the $1,150.0 million outstanding balance of the term loan and $170.0 million of amounts drawn on the RCF using the cash proceeds from the sale of the Neves-Corvo and Zinkgruvan operations. As a result of the repayment, the term loan has been extinguished and cannot be redrawn. In April 2025, the Company also repaid the $102.7 million (€95.0 million) outstanding balance of commercial paper programs at Neves-Corvo immediately prior to its sale. As at December 31, 2025, the Company was in compliance with its debt covenants. 37 ===== SIDA 62 ===== As at December 31, 2025, certain subsidiaries of the Company had outstanding unsecured term loans totalling $180.8 million (December 31, 2024 - $245.9 million) which accrue interest at rates ranging from 4.30% to 5.19% per annum with interest payable upon their maturities, ranging from January to March 2026. The development of the Vicuña Project requires significant capital commitments from the Company and additional funding, beyond debt from the Company's upsized RCF, may be required to advance the projects to completion. 38 ===== SIDA 63 ===== Financial Instruments Revenue, cost of goods sold and capital expenditures are affected by certain external factors including fluctuations in metal prices, energy prices, and changes in exchange rates between the CLP, the BRL, the ARS and the $. During the year, the Company did not enter into any new derivative contracts. At December 31, 2025 , existing derivative contracts consist of foreign currency option contracts as well as commodity option contracts. The option contracts consist of put and call contracts in a collar structure with all contracts maturing in 2026. The derivative contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value as assessed by pricing models based on active market prices. Changes in fair value are recognized in other income and expense in the consolidated statement of earnings. For a detailed discussion of the Company’s financial instruments, refer to Note 26 "Financial Instruments" in the Company’s consolidated financial statements for the year ended December 31, 2025. The Company’s trade receivables also contain provisional pricing sales arrangements that are valued using quoted forward market prices. The following table illustrates the sensitivity of the Company’s risk on final settlement of its provisionally priced revenues as at December 31, 2025. Metal Payable Metal Provisional price on December 31, 2025 Change Effect on Revenue ($millions) Copper 80,435 t $5.64/lb +/- 10 % +/- $100.0 Gold 31,760 oz $4,343/oz +/- 10 % +/- $13.8 Molybdenum 619 t $23.30/lb +/- 10 % +/- $3.2 For further information on the Company's management of financial risks, including those associated with financial and other instruments, refer to Note 30 "Management of Financial Risk" of the Company’s consolidated financial statements for the year ended December 31, 2025. Foreign Currency Denominated Production Costs For the year ended December 31, 2025, Candelaria and Caserones production costs are approximately 55% CLP denominated and Chapada production costs are approximately 75% BRL denominated. Period end exchange rates having a meaningful impact on foreign exchange recorded for continuing operations as at December 31, 2025 were: December 31, 2025 December 31, 2024 Change Brazilian Real (USD:BRL) 5.50 6.19 (0.69) Chilean Peso (USD:CLP) 911 992 (81) Argentine Peso (USD:ARS) 1,455 1,033 422 The average exchange rates impacting continuing operations were: Three months ended December 31, Year ended December 31, 2025 2024 Change 2025 2024 Change Brazilian Real (USD:BRL) 5.39 5.84 (0.45) 5.59 5.39 0.20 Chilean Peso (USD:CLP) 935 963 (28) 951 944 7 Argentine Peso (USD:ARS) 1,436 1,002 434 1,244 916 327 39 ===== SIDA 64 ===== Non-GAAP and Other Performance Measures The Company uses certain performance measures in its analysis and disclosure. These performance measures have no standardized meaning within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following are non-GAAP measures that the Company uses as key performance indicators. Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it may be useful to investors Cash cost Includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges, but excludes royalty expenses, expenses associated with non- cash fair value adjustments to inventory, depreciation and amortization and capital expenditures for deferred stripping. Revenue from sales of by-products, inclusive of adjustments for the terms of streaming agreements but excluding the recognition of any deferred revenue from the allocation of upfront streaming proceeds, reduce cash cost. Production costs from continuing operations and Production costs from discontinued operations Copper, zinc, nickel and consolidated cash cost per pound sold are useful measures to assess the operating performance of the Company's mines and their ability to generate cash. The inclusion of by-product credits incorporates the benefit of other metals extracted in the production of the primary metal. Cash cost per pound sold This ratio is calculated by dividing cash cost by the sales volume of the primary metal (copper, zinc, or nickel). Consolidated cash cost per pound sold This ratio is calculated by dividing combined cash cost for primary copper producing assets by combined sales volume for copper producing assets. Primary copper producing assets include Candelaria, Caserones, and Chapada. All-in sustaining cost ("AISC") Includes cash cost (as defined above), royalties, sustaining capital expenditure (including deferred stripping and underground mine development), reclamation and other closure cost accretion and amortization and lease payments (cash basis). As this measure seeks to reflect the full cost of production from current operations, expansionary capital and certain exploration costs are excluded as these are costs typically incurred to extend mine life or materially increase the productive capacity of existing assets, or for new operations. Corporate general and administrative expenses have also been excluded as any attribution of these costs to an operating site would not necessarily be reflective of costs directly attributable to the administration of the site. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest) and costs related to business combinations, asset acquisitions and asset disposals are also excluded. Production costs from continuing operations and Production costs from discontinued operations Copper, zinc and nickel AISC and AISC per pound sold are useful measures to understand the full cost of producing and selling metal at the Company's mines, and each mine's ability to generate cash while sustaining production at current levels. AlSC per pound sold This ratio is calculated by dividing AISC by the sales volume of the primary metal (copper, zinc, or nickel). Sustaining capital expenditures This supplementary financial measure is defined as cash- basis expenditures which maintain existing operations and sustain production levels. Investment in mineral properties, plant and equipment Sustaining capital expenditures provide an understanding of costs required to maintain existing production levels. Expansionary capital expenditures provide information on costs required for future growth of existing or new assets. Expansionary capital expenditures This non-GAAP measure is defined as cash-basis expenditures which increase current or future production capacity, cash flow or earnings potential and are reported excluding capitalized interest. Where an expenditure both maintains and expands current operations, classification would be based on the primary decision for which the expenditure is being made. 40 ===== SIDA 65 ===== Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it is useful to investors Realized price per pound and realized price per ounce1 Defined as revenue from metal sales (copper, gold, and molybdenum) adding back treatment and refining charges, cash effects of gold, silver and copper streams, recognition of deferred revenue from the allocation of upfront streaming proceeds, divided by the volume of metal sold in the period. Revenue from continuing operations These measures provide an understanding of the price realized in each reporting period for metal sales. Earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, and finance costs, net. Adjusted EBITDA removes the effects of items that do not reflect the Company's underlying operating performance and are not necessarily indicative of future operating results. These may include: unrealized foreign exchange, unrealized gains or losses from derivative contracts, revaluation gains or losses on marketable securities, derivative liabilities, contingent consideration and purchase options, expenses for acquisition-related fair value adjustments to inventory, non-cash impairment charges and reversals, non-cash stockpile inventory or fixed asset write-downs or reversals, goodwill impairment, costs relating to the sinkhole near Ojos del Salado operations, costs relating to the partial suspension of underground operations at Eagle, gains or losses on disposals or partial disposals of subsidiaries, income from investments in associates, insurance proceeds and litigation and settlements. Net earnings (loss) from continuing operations and from discontinued operations EBITDA and Adjusted EBITDA are used to evaluate the Company's operational performance and its ability to generate cash from core operations. Adjusted earnings (loss) Defined as net earnings or loss attributable to shareholders of the Company excluding the effects (net of tax) of significant items that do not reflect the Company's underlying operating performance. In addition to the items listed for Adjusted EBITDA, these may also include: deferred tax recovery or expense arising from foreign exchange translation, deferred tax recovery or expense arising from changes in tax rates, and deferred tax recovery or expense relating to disposals or partial disposals of subsidiaries. Adjustments exclude amounts attributable to non-controlling interests. Net earnings (loss) attributable to Lundin Mining Corporation shareholders and Net earnings (loss) from continuing operations attributable to Lundin Mining Corporation shareholders In addition to conventional measures prepared in accordance with IFRS, adjusted earnings and adjusted earnings per share measure the underlying operating performance of the Company. Adjusted earnings (loss) per share This ratio is calculated by dividing Adjusted earnings (loss) by the weighted average number of shares outstanding. Free cash flow from operations Defined as cash flow provided by operating activities, excluding general exploration and business development costs and deducting sustaining capital expenditures (as defined above). Cash provided by operating activities related to continuing operations and Cash provided by operating activities related to discontinued operations Free cash flow from operations is indicative of the Company's ability to generate cash from its operations after consideration of required sustaining capital expenditure necessary to maintain existing production levels. Free cash flow further considers expansionary capital expenditure. Free cash flow Defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above). 1See the 'Revenue Overview' section of this MD&A for reconciliations to revenue, the most directly comparable IFRS measure. 41 ===== SIDA 66 ===== Non-GAAP financial measure or ratio Definition Most directly comparable IFRS measure Why management uses the measure and why it is useful to investors Adjusted operating cash flow Defined as cash provided by operating activities, excluding changes in non-cash working capital items. Cash provided by operating activities related to continuing operations and Cash provided by operating activities related to discontinued operations These measures are indicative of the Company's ability to generate cash from its operations and remove the impact of working capital, which can experience volatility from period-to-period. Adjusted operating cash flow per share This ratio is calculated by dividing Adjusted operating cash flow by the weighted average number of shares outstanding. Net cash (debt) Net cash (debt) is defined as total debt excluding deferred financing fees, less cash and cash equivalents. During the fourth quarter of 2025, management updated the calculation of net cash (debt) to exclude lease liabilities. Management believes this revised definition provides a more meaningful measure of the Company's leverage and better reflects how management evaluates its capital structure and liquidity. Prior-period amounts have been conformed to the current definition to ensure comparability across periods. Debt, current portion of debt, cash and cash equivalents. Additionally, the above items as included in assets held for sale, and liabilities held for sale. These measures are indicative of the Company's financial position. 42 ===== SIDA 67 ===== Cash Cost per Pound and AISC per Pound Cash Cost per Pound and 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. 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. 43 ===== SIDA 68 ===== 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. 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. 44 ===== SIDA 69 ===== 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. 45 ===== SIDA 70 ===== 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 ($/lb) 1.73 2.51 1.58 2.00 Add: Sustaining capital expenditure 275.7 144.0 107.8 Royalties 15.7 32.1 8.6 Reclamation and other closure accretion and depreciation 8.6 (1.3) 10.2 Leases and other 9.1 69.0 3.6 All-in sustaining cost 912.6 873.4 267.9 AISC per pound ($/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. 46 ===== SIDA 71 ===== Adjusted EBITDA 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 47 ===== SIDA 72 ===== Adjusted Earnings and Adjusted EPS Adjusted Earnings and Adjusted EPS can be reconciled to Net earnings (loss) attributable to Lundin Mining Shareholders on the Company's 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) 1,047.2 125.4 109.3 Add back: Total adjustments - EBITDA 79.6 190.6 60.0 188.6 65.2 Tax effect on adjustments (36.3) (33.2) (39.0) (29.9) (26.9) 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 28.8 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 — — — — 40.2 Non-controlling interest on adjustments 153.8 (4.1) 150.1 (1.9) (22.9) Total adjustments (296.2) 198.4 (359.3) 169.5 84.4 Adjusted earnings - continuing operations 363.7 102.9 687.9 294.9 193.7 Including discontinued operations: Net earnings (loss) attributable to Lundin Mining shareholders - discontinued operations1 107.3 (344.6) 235.8 (328.9) 132.0 Add back: Total adjustments - EBITDA - discontinued operations (119.3) 405.8 (173.5) 449.2 10.3 Tax effect on adjustments 18.7 (44.9) 18.8 (56.1) — Total adjustments (100.6) 360.9 (154.7) 393.1 10.3 Adjusted earnings - discontinued operations 6.7 16.3 81.1 64.1 142.3 Adjusted earnings (all operations) 370.4 119.2 769.0 359.0 336.0 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 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. 48 ===== SIDA 73 ===== Free Cash Flow from Operations and Free Cash Flow Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by operating activities on the Company's 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 49 ===== SIDA 74 ===== Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash provided by operating activities on the Company's 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 Net Cash (Debt) 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) 50 ===== SIDA 75 ===== Other Information and Advisories Related Party Transactions The Company enters into related party transactions that are in the normal course of business and on an arm’s length basis. Related party disclosures can be found in Note 29 “Related Party Transactions” of the Company’s consolidated financial statements for the year ended December 31, 2025. Changes in Accounting Policies The Company’s consolidated financial statements, including comparatives, have been prepared in compliance with IFRS. The Company’s material accounting policies, including any changes in accounting policies, are described in Note 2 ‘Basis of Presentation and Summary of Material Accounting Policies’ of the Company's consolidated financial statements for the year ended December 31, 2025. Critical Accounting Estimates and Judgements The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. For further information on the Company’s significant accounting estimates and judgements, refer to Note 2 “Basis of Presentation and Summary of Material Accounting Policies” of the Company’s consolidated financial statements for the year ended December 31, 2025. Disclosure Controls and Procedures Disclosure controls and procedures have been designed to provide reasonable assurance that all material information related to the Company is identified and communicated on a timely basis. Management of the Company, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, is responsible for the design and operation of disclosure controls and procedures. Management has, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures and has concluded that they were effective as at December 31, 2025. Internal Control over Financial Reporting (“ICFR”) Management of the Company, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, is responsible for establishing and maintaining adequate ICFR. The Company’s ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. However, due to inherent limitations ICFR may not prevent or detect all misstatements and fraud. Management will continue to monitor the effectiveness of its ICFR and may make modifications from time to time as considered necessary. Management assesses the effectiveness of the Company’s ICFR using the Internal Control – Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Management, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, conducted an evaluation of the effectiveness of ICFR and concluded that it was effective as at December 31, 2025. There have been no changes in the Company’s ICFR during the three months ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s ICFR. 51 ===== SIDA 76 ===== Risks and Uncertainties The Company’s business activities are subject to a variety and wide range of inherent risks and uncertainties. Any of these risks could have an adverse effect on the Company, its business and prospects, and could cause actual outcomes and results to differ materially from those described in forward-looking statements relating to the Company. The development of the Vicuña Project requires significant capital commitments from the Company, and additional funding, beyond debt, may be required to advance the project to completion. Such additional funding may take the form of a partnership, joint arrangement, royalty, stream or other arrangement (or a combination thereof) for the Vicuña Project, any of which would dilute the Company’s existing interest in the Vicuña Project. The Company may also be required or elect to pursue equity financing, which could have a dilutive effect on existing security holders if shares, options, warrants or other convertible securities are issued. The Company’s ability to obtain additional financing for the Vicuña Project in the future will depend, in part, on prevailing capital market conditions and the Company’s financial performance. Failure to secure adequate financing on a timely basis may cause the Company to postpone, abandon, reduce or terminate its development activities in respect of the Vicuña Project and could have a material adverse effect on the Company’s business, results of operations, financial condition and price of common shares. In June 2024, under President Javier Milei, the Argentine Congress passed the “Bases Law” and the Tax Measures Law effecting a series of blanket reforms, and the RIGI incentive regime for large investments, bringing significant implications across industries. If the Vicuña Project is accepted into the RIGI framework, significant economic benefits are expected to be provided. If, however, the Vicuña Project is not accepted into the RIGI framework in a timely manner or at all, or if the RIGI framework does not work as intended or anticipated, it may have a material adverse impact on the Company’s operations and financial conditions, strategic vision, growth opportunities, and accuracy of cost estimates and economic analysis of the Vicuña Project, as well as material adverse tax effects. In addition, the Company’s exploration, acquisition, development and operational activities generally require significant investment of resources and capital. The Company allocates such resources and capital to support business objectives, and the availability of required resources and capital is subject to market conditions and the Company’s financial position. The Company has limited financial resources and there is no assurance that sufficient additional funding or financing will be available to the Company or its direct and indirect subsidiaries on acceptable terms, or at all, for further exploration or development of its properties, including the development of the Vicuña Project, or to fulfill its obligations under any applicable agreements. The Company may incur substantial debt from time to time to finance working capital, capital expenditures, investments or acquisitions or for other purposes. If the Company does so, the risks related to the Company’s indebtedness could intensify, including, among other things: substantial interest and capital payments; increased difficulty in satisfying existing debt obligations; limitations on the ability to obtain additional financing, or imposed requirements to make non-strategic divestitures; imposed hedging requirements; explicit or implicit restrictions on the Company’s cash flows for capital investment, dividends or distributions, opportunistic acquisitions and other business needs; increased vulnerability to general adverse economic and industry conditions; interest rate risk exposure as borrowings may be at variable rates of interest; decreased flexibility in planning for and reacting to changes in the industry in which it competes; reduced competitiveness as compared to less leveraged competitors; and increased cost of additional borrowing. The terms of the revolving credit facility require the Company to satisfy various affirmative and negative covenants and to meet certain financial ratios and tests. These covenants limit, among other things, the Company’s ability to incur further indebtedness if doing so would cause it to fail to meet certain financial covenants, create certain liens on assets or engage in certain types of transactions. A failure to comply with these covenants, including a failure to meet the financial tests or ratios, would likely result in an event of default under the revolving credit facility and would allow the lenders to restrict future loans or accelerate the debt, which could materially and adversely affect the Company’s business, financial condition and results of operations, its ability to meet payment obligations under its debt and the price of its common shares. As at December 31, 2025, the Company is in compliance with its debt covenants. The Company may issue additional securities to raise funds, to pay for acquisitions or for other reasons. The Company cannot predict the size of future issuances of securities or the effect, if any, that future issuances and sales of securities will 52 ===== SIDA 77 ===== have on the market price of common shares. Sales or issuances of substantial numbers of common shares, or the expectation that such sales could occur, may adversely affect prevailing market prices of the Company’s common shares. In connection with any issuance of common shares, investors will suffer dilution to their voting power and the Company may experience dilution in its earnings per share. The Company is exposed to various counterparty risks including, among others: financial institutions that hold the Company’s cash; companies that have payables to the Company, including concentrate customers; the Company’s insurance providers; counterparties to the Company's derivative contracts; the Company’s lenders and other banking counterparties; companies that have received deposits from the Company for the future delivery of equipment; and third parties that have agreed to indemnify the Company upon the occurrence of certain events. The Company is also subject to customer counterparty and credit risks and concentration risk associated with trade receivables. The Company maintains relationships with various banking partners for its operating activities in the jurisdictions in which the Company operates. The Company’s access to funds under its credit facilities or other debt arrangements is dependent on the ability of the financial institutions that are counterparties to the facilities to meet their funding commitments. Default by financial institutions could require the Company to take measures to conserve cash until the markets stabilize or until alternative credit or other funding arrangements for the Company’s business needs can be obtained. If market prices for metals fall below the Company’s full production costs and remain at such levels for any sustained period of time, the Company may experience losses and may decide to discontinue mining operations or development of a project at one or more of its properties. If the prices drop significantly, the economic prospects of the mines and projects in which the Company has an interest could be significantly reduced or rendered uneconomic, in which case the Company may need to restate its Mineral Resource and Mineral Reserve estimates. Low metal prices will affect the Company’s liquidity, and if they persist for an extended period of time, the Company may have to look for other sources of cash flow to maintain liquidity until metal prices recover. A sustained and material impact on the Company’s liquidity may also impact the Company’s ability to comply with financial covenants under its credit facilities. In Brazil, regulatory requirements for tailings facility management and reporting have steadily increased in the past several years and have required the Chapada Mine to continue to adapt its practices and procedures to ensure legal and regulatory compliance. On October 17, 2025 the National Mining Agency in Brazil (“ANM”) published Resolution No. 220/2025 (“ANM-220”), establishing new rules applicable to mining dams within the scope of ANM which come into effect in 2027. Such rules include restrictions on the activities in tailings dam self-rescue zones (“ZAS”) and restrictions on the workers allowed in the ZAS to those that are strictly necessary for the performance of select activities related to tailings dams. The Company is currently evaluating the potential impacts of ANM-220 on its Chapada operations, including studies on potential initiatives for compliance with ANM-220. State and federal laws and regulations, including ANM-220 could significantly increase the costs associated with the Company’s operations. Non-compliance with applicable laws, regulations and permitting requirements (including allegations of such) may result in civil litigation, administrative or criminal sanctions or regulatory enforcement actions, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed or causing the withdrawal of mining licenses, and the imposition of fines, corrective measures requiring material capital expenditure or remedial action resulting in materially increased costs of compliance, reputational damage and potentially impaired ability to secure future approvals and permits. In certain jurisdictions in which the Company operates, there are certain restrictions on the ownership of land by foreign beneficial owners. For example, in Brazil, there are limitations on the amount of rural land that can be held by foreign beneficial owners and these restrictions apply at both the individual and aggregate level across all foreign beneficial owners on a municipality-by-municipality basis. Any challenges, disputes, or termination of any one or more of the Company’s mining, exploration or other concessions, property holdings or titles could have a material adverse effect on the Company’s financial condition or results of operations. In respect of the 2017 taxation year, the CRA issued a reassessment denying the Company’s 2007 election to increase the tax cost of its investment in a subsidiary. The reassessment proposes an increase in taxable income of approximately $456 million, which would result in additional income taxes payable of approximately $114.1 million and interest of approximately $46.2 million. The Company filed a Notice of Objection on January 28, 2026 and will vigorously and expeditiously defend its tax filing position through CRA's Appeals Division and, if required, court proceedings. The foregoing is not an exhaustive description of the risks and uncertainties to which the Company’s business activities are subject. For additional discussion on Lundin Mining’s risks and uncertainties, refer to the “Risks and Uncertainties” section 53 ===== SIDA 78 ===== of the Company’s most recent Annual Information Form (“AIF”) and the “Cautionary Statement on Forward-Looking Information” section of this MD&A. National Instrument 43-101 Compliance 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 results of the Vicuña PEA (including 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. Other Information Additional information regarding the Company, including the Company’s AIF, can be obtained on SEDAR+ (www.sedarplus.com) and on the Company’s website (www.lundinmining.com). 54 ===== SIDA 79 ===== Outstanding Share Data The table below summarizes the Company’s common shares and securities convertible into common shares as at February 19, 2026. February 19, 2026 Common shares issued and outstanding 854,533,639 Stock options outstanding (weighted average exercise price of C$10.82) 3,609,917 Time vesting share units1 1,444,818 Performance vesting share units2 1,343,604 1 Time vesting share units represent the right to receive one common share (subject to adjustments) issued from treasury. 2 Performance vesting share units (“PSU”) represent the right to receive a variable number of common shares (subject to adjustments) issued from treasury contingent upon achieving applicable performance vesting conditions. The number of common shares listed above in respect of PSU assumes that 100% of PSU granted (without change) will vest and be paid out in common shares on a one for one basis. However, as noted, the final number of PSU that may be earned and redeemed may be higher or lower than the PSU initially granted. 55 ===== SIDA 80 ===== Consolidated Financial Statements of Lundin Mining Corporation December 31, 2025 ===== SIDA 81 ===== Management’s Report The accompanying consolidated financial statements of Lundin Mining Corporation ("Lundin Mining" or the “Company”) and other information contained in the management’s discussion and analysis are the responsibility of management and have been approved by the Board of Directors. The consolidated financial statements have been prepared by management in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) as outlined in Part 1 of the Handbook of the Chartered Professional Accountants (“CPA”) of Canada, and include some amounts that are based on management’s estimates and judgment. The Board of Directors carries out its responsibility for the consolidated financial statements principally through its Audit Committee, which is comprised solely of independent directors. The Audit Committee reviews the Company’s annual consolidated financial statements and recommends its approval to the Board of Directors. The Company’s auditors have full access to the Audit Committee, with and without management being present. These consolidated financial statements have been audited by PricewaterhouseCoopers LLP, Chartered Professional Accountants. (Signed) Jack Lundin (Signed) Teitur Poulsen President and Chief Executive Officer Executive Vice President and Chief Financial Officer Vancouver, British Columbia, Canada February 19, 2026 ===== SIDA 82 ===== PricewaterhouseCoopers LLP PwC Place, 250 Howe Street, Suite 1400 Vancouver, British Columbia, Canada V6C 3S7 T.: +1 604 806 7000, F.: +1 604 806 7806 Fax to mail: ca_vancouver_main_fax@pwc.com “PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. Independent auditor’s report To the Shareholders of Lundin Mining Corporation Our opinion In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Lundin Mining Corporation and its subsidiaries (together, the Company) as at December 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards). What we have audited The Company’s consolidated financial statements comprise: •the consolidated balance sheets as at December 31, 2025 and 2024; •the consolidated statements of earnings (loss) for the years then ended; •the consolidated statements of comprehensive income (loss) for the years then ended; •the consolidated statements of changes in equity for the years then ended; •the consolidated statements of cash flows for the years then ended; and •the notes to the consolidated financial statements, comprising material accounting policy information and other explanatory information. ===== SIDA 83 ===== Basis for opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Chapada cash-generating unit (CGU) goodwill impairment assessment Refer to note 2 – Basis of presentation and summary of material accounting policies and note 10 – Goodwill and asset impairment to the consolidated financial statements. The Company’s total carrying amount of goodwill as at December 31, 2025 was $134 million, which related to the Chapada CGU. The Company’s goodwill is required to be tested annually for impairment or when events or changes in circumstances indicate that the related carrying amount may not be recoverable. When the recoverable amount of the Our approach to addressing the matter included the following procedures, among others:  Tested how management estimated the recoverable amount of the Chapada CGU, which included the following: ‒ Tested the underlying data used by management in the discounted cash flow model and market- based valuation. ‒ Evaluated the reasonableness of significant assumptions such as future metal prices, foreign exchange rate and production and capital expenditures by (i) comparing future metal prices ===== SIDA 84 ===== Key audit matter How our audit addressed the key audit matter CGU is less than the carrying amount of that CGU, an impairment loss is recognized. The recoverable amount of the Chapada CGU was based on a fair value less cost of disposal method using a discounted cash flow model and market-based approach. Management applied significant judgment in estimating the recoverable amount of the Chapada CGU. Significant assumptions used by management to determine the recoverable amounts include future metal prices, production based on estimated quantities of mineral reserves and mineral resources, production and capital expenditures, foreign exchange rate, in-situ multiplies and discount rate. The recoverable amount of the Chapada CGU determined by management exceeded its carrying value, and as a result, no impairment loss was recorded. Management’s estimates of production based on estimated quantities of mineral reserves and mineral resources are based on information compiled by qualified persons (management’s experts). We considered this a key audit matter due to the significant auditor effort, subjectivity and significant judgment in performing procedures to test significant assumptions used by management in determining the fair value of the Chapada CGU. Professionals with specialized skill and knowledge in the field of valuation assisted us in performing our procedures. and foreign exchange rate with external market and industry data; (ii) comparing future production and capital expenditures against current and past performance; and (iii) assessing whether these assumptions were consistent with evidence obtained in other areas of the audit. ‒ The work of management's experts was used in performing the procedures to evaluate the reasonableness of the estimates associated with the production based on estimated quantities of mineral reserves and mineral resources. As a basis for using this work, the competence, capabilities and objectivity of management’s experts were evaluated, the work performed was understood and the appropriateness of the work as audit evidence was evaluated. The procedures performed also included evaluation of the methods and assumptions used by management’s experts, tests of the data used by management’s experts and an evaluation of their findings. ‒ Professionals with specialized skill and knowledge in the field of valuation assisted in assessing the following: (i) appropriateness of the discounted cash flow model and market-based approach to determine the recoverable amount of the Chapada CGU; and (ii) the reasonableness of the discount rate and in-situ multiples. Recoverability of the Caserones deferred tax asset Refer to note 2 – Basis of presentation and summary of material accounting policies and note 25 – Current and deferred income taxes to the consolidated financial statements. The Company’s total deferred tax asset as at December 31, 2025 was $720 million, of which $665 million related to the Caserones mine (“Caserones”). Deferred tax assets are Our approach to addressing the matter included the following procedures, among others:  Tested how management estimated the recoverability of the Caserones deferred tax asset, which included the following: ‒ Tested the underlying data used by management in determining the future taxable income. ===== SIDA 85 ===== Key audit matter How our audit addressed the key audit matter recognized to the extent that it is probable that future taxable income will be available against which deductible temporary differences or tax loss carry-forwards can be utilized. The determination of the ability of the Company to utilize tax loss carry-forwards and deductible temporary differences to recognize deferred tax assets requires management to exercise judgment and make certain assumptions about the future performance of the Company. Management is required to assess whether it is “probable” that the Company will benefit from these prior losses and other deductible temporary differences. Caserones has approximately $3.9 billion in net operating losses arising prior to the acquisition by the Company which can be applied to future taxable income over the mine life to reduce taxes payable in future years. In determining the amount of the net operating losses and deductible temporary differences which are probable to be utilized, management has evaluated future taxable income and assessed the probability of achieving the taxable income projections over different planning horizons. Significant assumptions used by management to determine the future taxable income include future metal prices, production based on estimated quantities of mineral reserves and mineral resources (R&R), foreign exchange rates and production costs. Management’s estimates of production based on estimated quantities of R&R are based on information compiled by qualified persons (management’s experts). As estimation uncertainty increases with the length of the forecast period, progressively less reliance is placed on longer-dated forecasts when assessing the recoverability of deferred tax assets and therefore management has used significant judgment in assessing the probability of achieving various levels of future taxable income. We considered this a key audit matter due to the significant auditor effort, subjectivity and judgment in performing procedures to test significant assumptions used to determine ‒ Assessed the appropriateness of management’s methodology to estimate future taxable income. ‒ Evaluated the reasonableness of significant assumptions used in the determination of future taxable income such as future metal prices, foreign exchange rates and production costs by (i) comparing future metal prices and foreign exchange rates with external market and industry data; (ii) comparing future production costs to current and past performance of Caserones; and (iii) assessing whether these assumptions were consistent with evidence obtained in other areas of the audit. ‒ The work of management's experts was used in performing the procedures to evaluate the reasonableness of the production based on estimated of quantities of R&R. As a basis for using this work, the competence, capabilities and objectivity of management's experts were evaluated, the work performed was understood and the appropriateness of the work as audit evidence was evaluated. The procedures performed also included evaluation of the methods and assumptions used by management’s experts, tests of the data used by management’s experts and an evaluation of their findings. ‒ Assessed the reasonableness of management’s judgment regarding the probability of achieving various levels of future taxable income based on consideration of different planning horizons and current and past operating performance. ===== SIDA 86 ===== Key audit matter How our audit addressed the key audit matter the future taxable income, and due to the significant judgment used by management in assessing the probability of achieving the various levels of future taxable income. Other information Management is responsible for the other information. The other information comprises the Management’s Discussion and Analysis, which we obtained prior to the date of this auditor’s report, and the information, other than the consolidated financial statements and our auditor’s report thereon, included in the annual report that will be filed with the Swedish regulatory authority, which is expected to be made available to us after that date. Our opinion on the consolidated financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. When we read the information, other than the consolidated financial statements and our auditor’s report thereon, included in the annual report that will be filed with the Swedish regulatory authority, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance. ===== SIDA 87 ===== Responsibilities of management and those charged with governance for the consolidated financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s financial reporting process. Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: •Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ===== SIDA 88 ===== •Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. •Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. •Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. •Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. •Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Company as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. ===== SIDA 89 ===== From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. The engagement partner on the audit resulting in this independent auditor’s report is Mark Patterson. Chartered Professional Accountants Vancouver, British Columbia February 19, 2026 /s/PricewaterhouseCoopers LLP ===== SIDA 90 ===== LUNDIN MINING CORPORATION CONSOLIDATED BALANCE SHEETS As at (in millions of US dollars) December 31, 2025 December 31, 2024 ASSETS Cash and cash equivalents (Note 5) $ 296.2 $ 357.5 Trade and other receivables (Note 6) 824.6 510.9 Income taxes receivable 27.3 14.4 Inventories (Note 7) 587.6 607.4 Marketable securities 8.1 50.1 Current portion of derivative assets (Note 26) 9.8 1.0 Other current assets (Note 3) 53.6 5.9 Assets held for sale (Note 3) 229.1 1,389.7 Total current assets 2,036.3 2,936.9 Restricted funds 16.4 8.7 Long-term inventory (Note 7) 802.1 871.9 Contingent consideration and other non-current assets (Note 8) 75.5 19.1 Mineral properties, plant and equipment (Note 9) 7,036.4 6,244.6 Deferred tax assets (Note 25) 719.6 191.3 Goodwill (Note 10) 134.3 134.3 8,784.3 7,469.9 Total assets $ 10,820.6 $ 10,406.8 LIABILITIES Trade and other payables (Note 11) $ 700.2 $ 674.2 Income taxes payable 75.7 128.3 Current portion of derivative liabilities (Note 26) 43.0 39.4 Current portion of debt (Note 12) 180.8 344.6 Current portion of lease liabilities (Note 13) 45.6 50.6 Current portion of deferred revenue (Note 14) 56.3 60.6 Current portion of reclamation and other closure provisions (Note 15) 12.1 20.9 Liabilities held for sale (Note 3) 126.8 393.1 Total current liabilities 1,240.5 1,711.7 Derivative liabilities (Note 26) — 24.5 Debt (Note 12) 56.3 1,412.4 Lease liabilities (Note 13) 166.9 198.6 Deferred revenue (Note 14) 404.2 447.1 Reclamation and other closure provisions (Note 15) 276.1 323.3 Deferred consideration and other long-term liabilities (Note 16) 118.9 129.6 Deferred tax liabilities (Note 25) 611.6 643.8 1,634.0 3,179.3 Total liabilities 2,874.5 4,891.0 SHAREHOLDERS' EQUITY Share capital (Note 17) 5,316.5 4,585.6 Contributed surplus 56.3 51.3 Accumulated other comprehensive loss (23.2) (375.8) Retained earnings 1,270.2 161.1 Equity attributable to Lundin Mining Corporation shareholders 6,619.8 4,422.2 Non-controlling interests (Note 18) 1,326.3 1,093.6 Total shareholders' equity 7,946.1 5,515.8 Total liabilities and shareholders' equity $ 10,820.6 $ 10,406.8 Commitments and contingencies (Note 27) Subsequent events (Note 33) The accompanying notes are an integral part of these consolidated financial statements. APPROVED BY THE BOARD OF DIRECTORS (Signed) Adam I. Lundin - Director (Signed) Dale C. Peniuk - Director - 1 - ===== SIDA 91 ===== LUNDIN MINING CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) For the years ended December 31, 2025 and 2024 (in millions of US dollars, except for shares and per share amounts) 2025 2024 Continuing Operations: Revenue (Note 19) $ 4,053.2 $ 3,270.1 Cost of goods sold Production costs (Note 20) (1,948.1) (1,786.7) Depreciation, depletion and amortization (618.9) (574.2) Inventory (write-down) reversal (Note 7) (88.2) 26.6 Gross profit 1,398.0 935.8 General and administrative expenses (Note 21) (63.9) (58.3) Exploration and business development (Note 22) (43.5) (42.1) Finance income (Note 23) 14.6 16.1 Finance costs (Note 23) (105.1) (153.8) Other expense (Note 24) (52.4) (21.9) Goodwill and asset impairment (Note 10) — (149.4) Earnings before income taxes from continuing operations 1,147.7 526.4 Current tax expense (Note 25) (299.7) (294.9) Deferred tax recovery (Note 25) 569.7 36.1 Net earnings from continuing operations $ 1,417.7 $ 267.6 Net earnings (loss) from discontinued operations, net of taxes (Note 3) 235.8 (328.9) Net earnings (loss) $ 1,653.5 $ (61.3) Net earnings from continuing operations attributable to: Lundin Mining Corporation shareholders $ 1,047.2 $ 125.4 Non-controlling interests (Note 18) 370.5 142.2 Net earnings from continuing operations $ 1,417.7 $ 267.6 Net earnings (loss) attributable to: Lundin Mining Corporation shareholders $ 1,283.0 $ (203.5) Non-controlling interests (Note 18) 370.5 142.2 Net earnings (loss) $ 1,653.5 $ (61.3) Basic and diluted earnings per share from continuing operations attributable to Lundin Mining Corporation shareholders: $ 1.22 $ 0.16 Basic earnings (loss) per share from discontinued operations attributable to Lundin Mining Corporation shareholders: $ 0.28 $ (0.42) Diluted earnings (loss) per share from discontinued operations attributable to Lundin Mining Corporation shareholders: $ 0.27 $ (0.42) Basic earnings (loss) per share attributable to Lundin Mining Corporation shareholders: $ 1.50 $ (0.26) Diluted earnings (loss) per share attributable to Lundin Mining Corporation shareholders: $ 1.49 $ (0.26) Weighted average shares outstanding (Note 17) 855,632,088 774,825,230 Weighted average diluted shares outstanding (Note 17) 858,736,530 777,569,041 The accompanying notes are an integral part of these consolidated financial statements. - 2 - ===== SIDA 92 ===== LUNDIN MINING CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) For the years ended December 31, 2025 and 2024 (in millions of US dollars) 2025 2024 Net earnings (loss) $ 1,653.5 $ (61.3) Other comprehensive income (loss), net of taxes Item that will not be reclassified to net earnings: Remeasurements for post-employment benefit plans 1.0 0.6 Item that may be reclassified subsequently to net earnings: Effects of foreign exchange 79.1 (79.7) Item that was reclassified to net earnings: Reclassification of cumulative foreign currency translation reserve to statement of earnings on disposal of discontinued operations 269.2 — Other comprehensive income (loss) 349.3 (79.1) Total comprehensive income (loss) $ 2,002.8 $ (140.4) Comprehensive income (loss) attributable to: Lundin Mining Corporation shareholders $ 1,632.1 $ (282.7) Non-controlling interests 370.7 142.3 Total comprehensive income (loss) $ 2,002.8 $ (140.4) Total comprehensive income (loss) attributable to Lundin Mining Corporation shareholders arising from: Continuing operations $ 1,048.0 $ 125.7 Discontinued operations 584.1 (408.4) Comprehensive income (loss) attributable to Lundin Mining Corporation shareholders $ 1,632.1 $ (282.7) The accompanying notes are an integral part of these consolidated financial statements. - 3 - ===== SIDA 93 ===== LUNDIN MINING CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the years ended December 31, 2025 and 2024 (in millions of US dollars, except for shares) Number of shares Share capital Contributed surplus Accumulated other comprehensive loss Retained earnings Non- controlling interests Total Balance, December 31, 2024 774,102,971 $ 4,585.6 $ 51.3 $ (375.8) $ 161.1 $ 1,093.6 $ 5,515.8 Acquisition of Filo Corp. (Note 4) 94,074,959 799.8 — — — — 799.8 Distributions — — — — — (138.0) (138.0) Exercise of share-based awards 1,687,641 16.3 (6.1) — — — 10.2 Share-based compensation — — 11.1 — — — 11.1 Dividends declared (Note 17(f)) — — — — (105.6) — (105.6) Shares purchased (Note 17(g)) (15,517,980) (85.2) — — (64.8) — (150.0) Net earnings — — — — 1,283.0 370.5 1,653.5 Other comprehensive income — — — 349.1 — 0.2 349.3 Reclassification of pension remeasurements to retained earnings on disposal of discontinued operations — — — 3.5 (3.5) — — Total comprehensive income — — — 352.6 1,279.5 370.7 2,002.8 Balance, December 31, 2025 854,347,591 $ 5,316.5 $ 56.3 $ (23.2) $ 1,270.2 $ 1,326.3 $ 7,946.1 Balance, December 31, 2023 773,667,789 $ 4,574.8 $ 55.2 $ (296.6) $ 627.9 $ 1,456.8 $ 6,418.1 Distributions — — — — — (152.0) (152.0) Caserones acquisition — — — — (52.6) (353.5) (406.1) Exercise of share-based awards 3,250,382 31.2 (10.2) — — — 21.0 Share-based compensation — — 6.3 — — — 6.3 Dividends declared — — — — (203.0) — (203.0) Shares purchased (2,815,200) (16.7) — — (7.7) — (24.4) Accrued liability for automatic share purchase plan commitment — (3.7) — — — — (3.7) Net (loss) earnings — — — — (203.5) 142.2 (61.3) Other comprehensive (loss) income — — — (79.2) — 0.1 (79.1) Total comprehensive (loss) income — — — (79.2) (203.5) 142.3 (140.4) Balance, December 31, 2024 774,102,971 $ 4,585.6 $ 51.3 $ (375.8) $ 161.1 $ 1,093.6 $ 5,515.8 The accompanying notes are an integral part of these consolidated financial statements. - 4 - ===== SIDA 94 ===== LUNDIN MINING CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2025 and 2024 (in millions of US dollars) Cash provided by (used in) 2025 2024 Operating activities Net earnings from continuing operations $ 1,417.7 $ 267.6 Items not involving cash and other adjustments Depreciation, depletion and amortization 618.9 574.2 Share-based compensation 12.4 6.4 Unrealized foreign exchange loss (gain) 5.2 (10.9) Finance costs, net (Note 23) 90.5 137.7 Recognition of deferred revenue (Note 14) (72.1) (78.1) Deferred tax recovery (569.7) (36.1) Goodwill and asset impairment (Note 10) — 149.4 Revaluation of foreign currency and commodity derivatives (Note 26) 8.2 87.2 Long-term inventory write-down (reversal) (Note 7) 88.2 (26.6) Write-down of assets and loss on disposal (Note 24) 20.9 30.4 Revaluation of Caserones purchase option (Note 24) — (11.7) Other 3.8 17.3 Reclamation payments (Note 15) (7.9) (9.9) Changes in long-term inventory 5.8 (7.2) Changes in non-cash working capital items (Note 32) (414.0) 221.7 Cash provided by operating activities from continuing operations 1,207.9 1,311.4 Cash provided by operating activities from discontinued operations 134.7 207.5 1,342.6 1,518.9 Investing activities Investment in mineral properties, plant and equipment (684.6) (786.1) Acquisition of Filo Corp. (Note 4) (610.7) — Proceeds from partial disposal of subsidiary (Note 4) 689.5 — Proceeds from disposal of subsidiaries, net of cash disposed (Note 3) 1,314.6 — Purchase of marketable securities (5.0) (41.7) Payment of Chapada derivative liability (Note 16) — (25.0) Interest received 14.6 15.5 Other (11.2) 2.4 Cash provided by (used in) investing activities from continuing operations 707.2 (834.9) Cash used in investing activities from discontinued operations (76.2) (172.0) 631.0 (1,006.9) Financing activities Proceeds from debt (Note 12) 1,714.9 1,500.6 Principal repayments of debt (Note 12) (3,245.2) (944.3) Principal payments of lease liabilities (Note 13) (54.6) (60.1) Interest paid (66.9) (118.5) Payment of Caserones deferred consideration (Note 26) (10.0) (10.0) Exercise of Caserones purchase option — (350.0) Dividends paid to shareholders (105.7) (202.5) Shares purchased (Note 17) (153.7) (24.4) Proceeds from common shares issued 10.2 21.0 Distributions paid to non-controlling interests (138.0) (152.0) Net payment from settlement of foreign currency and commodity derivatives (31.8) (0.5) Other 0.5 (2.2) Cash used in financing activities from continuing operations (2,080.3) (342.9) Cash used in financing activities from discontinued operations (8.9) (1.4) (2,089.2) (344.3) Effect of foreign exchange on cash balances 1.5 (4.2) (Decrease) increase in cash and cash equivalents during the year (114.1) 163.5 Cash and cash equivalents, beginning of year 432.3 268.8 Less: Cash and cash equivalents included in assets held for sale, end of year (Note 3) (22.0) (74.8) Cash and cash equivalents, end of year $ 296.2 $ 357.5 Supplemental cash flow information (Note 32) The accompanying notes are an integral part of these consolidated financial statements. - 5 - ===== SIDA 95 ===== 1. NATURE OF OPERATIONS Lundin Mining Corporation ("Lundin Mining" or the "Company") is a diversified Canadian base metals mining company primarily producing copper and gold. The Company owns 80% of the Candelaria and Ojos del Salado mining complex (“Candelaria”) and 70% of the Caserones mine, each of which are located in Chile. As at December 31, 2025, the Company’s wholly-owned operating assets included the Chapada mine located in Brazil and the Eagle mine located in the United States of America (“USA”). The Company also has a 50% ownership interest in Vicuña Corp., holding the Josemaria project in Argentina and Filo del Sol project in Argentina and Chile ("Vicuña"). In December 2025, the Company entered into a definitive agreement to sell its 100% interest in Lundin Mining US Ltd. and its subsidiaries (together "Eagle mine") to Talon Metals Corp. ("Talon"). The transaction was completed on January 9, 2026. As a result, the Company determined that the Eagle reporting segment met the criteria to be classified as held for sale on December 31, 2025. The assets of Eagle mine have been classified as current assets held for sale and the liabilities of Eagle mine have been classified as current liabilities associated with assets held for sale, and the operating results of the Eagle reporting segment have been re-presented and included in the single line item of earnings (loss) from discontinued operations, net of taxes, on the consolidated statement of earnings (loss) (Note 3). On April 16, 2025, the Company completed the previously announced transaction to sell its 100% interests in Somincor-Sociedade Mineira de Neves-Corvo, S.A. ("Neves-Corvo") in Portugal and its 100% interests in each of Zinkgruvan Mining AB and North Atlantic Natural Resources AB (together "Zinkgruvan") in Sweden. The assets and liabilities of the Neves-Corvo mine and the Zinkgruvan mine were classified as held for sale on December 31, 2024. The operating results of these segments for the year ended December 31, 2024 have been re-presented as a single line item of earnings (loss) from discontinued operations, net of taxes, on the consolidated statement of earnings (loss) (Note 3). The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm Exchange in Sweden. The Company is incorporated under the Canada Business Corporations Act and is domiciled in Canada. Its principal place of business is 1055 Dunsmuir Street, Suite 2800, Vancouver, British Columbia, Canada. 2. BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES (i) Basis of presentation and measurement The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook – Accounting. No new accounting standards or interpretations were adopted January 1, 2025. The consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments which have been measured at fair value. The Company's presentation currency is United States (“US”) dollars. Reference herein of $ or USD is to US dollars, C$ or CAD is to Canadian dollars, SEK is to Swedish krona, € refers to the Euro, CLP refers to the Chilean peso, BRL refers to the Brazilian real, and ARS refers to the Argentine peso. These consolidated financial statements were approved by the Board of Directors of the Company for issue on February 19, 2026. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 6 - ===== SIDA 96 ===== (ii) Material accounting policies The Company has consistently applied the accounting policies to all the years presented. The material accounting policies applied in these consolidated financial statements are set out below. (a) Basis of consolidation The financial statements consist of the consolidation of the financial statements of the Company and its subsidiaries. Subsidiaries are entities over which the Company has control, including the power to govern the financial and operating policies in order to obtain benefits from their activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is obtained by the Company and are de-consolidated from the date that control ceases. Where necessary, adjustments are made to the results of the subsidiaries and associates to bring their accounting policies in line with those used by the Company. Intra-group transactions, balances, income and expenses are eliminated on consolidation. For non wholly-owned subsidiaries, the net assets attributable to outside equity shareholders are presented as non-controlling interests in the equity section of the consolidated balance sheet. Net earnings for the period that are attributable to non-controlling interests are calculated based on the ownership of the minority shareholders in the subsidiary. (b) Interests in joint arrangements A joint arrangement can take the form of a joint venture or a joint operation. All joint arrangements involve a contractual arrangement that establishes joint control which exists when decisions about the activities that significantly affect the returns of the investee require unanimous consent of the parties sharing control. A joint venture is a joint arrangement in which the Company has rights to only the net assets of the arrangement. A joint operation is a joint arrangement in which the Company has the rights to the assets and obligations for the liabilities relating to the arrangement. Joint operations are accounted for by recognizing the Company's share of the assets, liabilities, revenue, expenses and cash flows of the joint operation in the consolidated financial statements. (c) Translation of foreign currencies The functional currency of each entity within the Company is the currency of the primary economic environment in which it operates. The Company’s presentation currency is US dollars. Transactions denominated in currencies other than the functional currency are recorded using the exchange rates prevailing on the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary items measured at fair value in a foreign currency are translated at the rates prevailing on the date when the fair value was determined. Foreign currency translation differences on deferred foreign tax liabilities and assets are reported in deferred tax expense/recovery in the consolidated statement of earnings (loss). Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are recognized in the consolidated statement of earnings (loss) in the period in which they arise. Exchange differences arising on the translation of non-monetary items carried at fair value are included in the consolidated statement of earnings (loss). LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 7 - ===== SIDA 97 ===== For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Company’s foreign operations are translated into US dollars, which is the presentation currency of the group, at the rate of exchange prevailing at the end of the reporting period. Income and expenses are translated at the average exchange rates for the period where these approximate the rates on the dates of transactions. On disposal of a foreign operation, the historical, cumulative amount of exchange differences recognized as a separate component of equity is reclassified and recognized in the consolidated statement of earnings (loss). (d) Cash and cash equivalents Cash and cash equivalents comprise cash on deposit with banks and highly liquid short-term interest- bearing investments with a term to maturity at the date of purchase of 90 days or less which are subject to an insignificant risk of change in value. (e) Restricted funds Restricted funds include reclamation funds and cash on deposit that have been pledged for reclamation and closure activities which are not available for immediate disbursement. (f) Inventories Ore and concentrate stockpiles and cathode inventory are valued at the lower of production cost and net realizable value (“NRV”). Production costs include costs of materials and labour related directly to mining and processing activities, including production phase stripping costs, depreciation and amortization of mineral property, plant and equipment directly involved in the related mining and production process, amortization of any stripping costs previously capitalized and directly attributable overhead costs. Dump leach pad inventory represents ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the copper and by-products. The resulting solution is further processed in a plant to recover the copper. The cost of dump leach inventory is derived from current mining and leaching costs and is removed at the weighted average cost per recoverable pound ("lb") of copper on the leach pads as lbs of copper are recovered. Estimates of recoverable copper on the dump leach are calculated based on the quantities of ore placed on the leach pads (measured in tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data), and an estimated recovery percentage (based on estimated recovery assumptions from the block model). The nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, estimates are refined based on actual results and engineering studies over time. The final recovery of copper from the dump leach will not be known until the leaching process is concluded at the end of the mine life. Ore on the dump leach that is not expected to be recovered within the next twelve months is classified as non-current. Materials and supplies inventories are valued at the lower of average cost less allowances for obsolescence and NRV. If the carrying value of inventories exceeds NRV, a write-down is recognized. The write-down may be reversed in a subsequent period if the circumstances which caused the write-down no longer exist. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 8 - ===== SIDA 98 ===== (g) Mineral properties Mineral properties are carried at cost, less accumulated depletion and any accumulated impairment charges. Expenditures on mineral properties include: i. Acquisition costs which consist of payments for property rights and leases, including the estimated fair value of exploration properties acquired as part of a business combination or the acquisition of a group of assets. ii. Exploration, evaluation and project investigation costs incurred on an area of interest once a determination has been made that a property has economically recoverable Mineral Resources and Mineral Reserves (“R&R”) and there is a reasonable expectation that costs can be recovered by future exploitation or sale of the property. Exploration, evaluation and project investigation expenditures made prior to a determination that a property has economically recoverable R&R are expensed as incurred. iii. Deferred stripping costs which represent the costs incurred to remove overburden and other waste materials to access ore in an open pit mine. Stripping costs incurred prior to the production phase of the mine are capitalized and included as part of the carrying value of the mineral property. During the production phase, stripping costs which provide probable future economic benefits, identifiable improved access to the ore body and which can be measured reliably are capitalized to mineral properties. Capitalized stripping costs are amortized using a unit-of-production basis over the Proven and Probable Mineral Reserve to which they relate. iv. Development costs incurred in an area of interest, once management has determined the technical feasibility and commercial viability of a project, the project presents an appropriate rate of return on investment, and the Board of Directors has demonstrated commitment to advance the project. When additional development expenditures are made on a property after commencement of production, the expenditure is capitalized as mineral property when it is probable that additional economic benefit will be derived from future operations. Development costs are amortized using a unit-of-production basis over the Proven and Probable Mineral Reserve to which they relate. v. Interest and financing costs on debt or other liabilities that are directly attributed to the acquisition, construction and development of a qualifying asset. All other borrowing costs are expensed as incurred. (h) Plant and equipment Plant and equipment are carried at cost, less accumulated depreciation and any accumulated impairment charges. For production plant and equipment, depreciation is recorded on a units-of-production basis. Depreciation on all other plant and equipment is recorded on a straight-line basis over the estimated useful life of the asset or over the estimated remaining life of the mine, if shorter. Residual values and useful lives are reviewed annually. Gains and losses on disposals are calculated as proceeds received less the carrying amount and are recognized in the consolidated statement of earnings (loss). Useful lives are as follows: Number of years Buildings 8-20 Plant and machinery 3-20 Equipment 3-8 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 9 - ===== SIDA 99 ===== (i) Intangible assets Separately acquired intangible assets are initially measured at cost which is comprised of its purchase price and any directly attributable costs of preparing the asset for its intended use. The Company depreciates intangible assets with finite useful lives on a straight-line basis over the estimated useful life of the asset. For intangibles with an indefinite useful life, no amortization is calculated. (j) Impairment and impairment reversals At the end of each reporting period, the Company assesses whether there is an indication that an asset or group of assets within a cash generating unit (“CGU”) may be impaired. When impairment indicators exist, the Company estimates the recoverable amount of the asset or CGU and compares it against the asset or CGU’s carrying amount. The recoverable amount is the higher of the fair value less cost of disposal (“FVLCD”) and the asset or CGU’s value in use (“VIU”). If the carrying value exceeds the recoverable amount, an impairment loss is recorded in the consolidated statement of earnings (loss) during the period. If either FVLCD or VIU exceeds the asset or CGU’s carrying amount, the asset or CGU is not impaired, and the Company does not estimate the other amount. In assessing VIU, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGU for which the estimates of future cash flows have not been adjusted. The cash flows are based on best estimates of expected future cash flows from the continued use of the asset or the CGU and its eventual disposal. FVLCD is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, which is best evidenced if obtained from an active market or binding sale agreement. Where neither exists, the fair value is based partly on a discounted cash flow projections model. Costs of disposal, other than those that have been recognized as liabilities, are deducted in measuring FVLCD. Reversals of impairment are assessed at each reporting period where there is an indication that an impairment loss recognized previously may no longer exist or has decreased. If an impairment reversal indicator exists, the recoverable amount is calculated. If the recoverable amount exceeds the carrying amount, the carrying value of the CGU is increased to the recoverable amount net of depreciation. The increased carrying amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognized for the CGU in prior years. A reversal of an impairment loss is recognized as a gain in the consolidated statement of earnings (loss) in the period it is determined. (k) Business combinations and goodwill Acquisitions of businesses are accounted for using the purchase method of accounting whereby all identifiable assets and liabilities are recorded at their fair values as at the date of acquisition. Any excess purchase price over the aggregate fair value of net assets is recorded as goodwill. Goodwill is identified and allocated to CGUs, or groups of CGUs, that are expected to benefit from the synergies of the acquisition. Goodwill is not amortized. Any excess of the aggregate fair value of net assets over the purchase price is recognized in the consolidated statement of earnings (loss). A CGU to which goodwill has been allocated is tested for impairment at least annually or when events or changes in circumstances indicate that the related carrying amount may not be recoverable. For goodwill arising on an acquisition in a financial year, the CGU to which the goodwill has been allocated is tested for impairment before the end of that financial year. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 10 - ===== SIDA 100 ===== When the recoverable amount of the CGU is less than the carrying amount of that CGU, the impairment loss is allocated to reduce the carrying amount of any goodwill allocated to that CGU first, and then to the other assets of that CGU on a pro-rata basis of the carrying amount of each asset in the CGU. Any impairment loss for goodwill is recognized directly in the consolidated statement of earnings (loss). An impairment loss for goodwill is not reversed in subsequent periods. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal. (l) Leases At inception of a contract, the Company assesses whether the contract is, or contains a lease. A contract is, or contains a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less, and leases of low-value assets. For these leases, the Company recognizes the lease payments as an expense in the consolidated statement of earnings (loss) on a straight- line basis over the term of the lease. The Company recognizes a lease liability and a right-of-use asset at the lease commencement date. The lease liability is initially measured as the present value of future lease payments discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, each operation’s applicable incremental borrowing rate. The incremental borrowing rate is the rate which the operation would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed payments, less any lease incentives receivable; - variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; - amounts expected to be payable by the Company under residual value guarantees; - the exercise price of a purchase option if the Company is reasonably certain to exercise that option; and - payments of penalties for terminating the lease, if the Company expects to exercise an option to terminate the lease. The lease liability is subsequently measured by: - increasing the carrying amount to reflect interest on the lease liability; - reducing the carrying amount to reflect lease payments made; and - remeasuring the carrying amount to reflect any reassessment or lease modifications. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. Each lease payment is allocated between the lease liability and finance cost. The finance cost is recorded as an expense in the consolidated statement of earnings (loss) over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 11 - ===== SIDA 101 ===== The right-of-use asset is initially measured at cost, which comprises the following: - the amount of the initial measurement of the lease liability; - any lease payments made at or before the commencement date, less any lease incentives received; - any initial direct costs incurred by the Company; and - an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The right-of-use asset is subsequently measured at cost, less any accumulated depreciation and any accumulated impairment losses, and adjusted for any remeasurement of the lease liability. It is depreciated in accordance with the Company’s accounting policy for plant and equipment, from the commencement date to the earlier of the end of its useful life or the end of the lease term. On the consolidated balance sheet, right-of-use assets and lease liabilities are reported in mineral properties, plant and equipment and lease liabilities, respectively. (m) Non-current assets held for sale and discontinued operations Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. Assets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell ("FVLCS"). Immediately prior to reclassification to assets held for sale, the Company is required to assess for impairment of assets of CGU's under its normal impairment policies. If the carrying value related to a specific asset or business classified as held for sale exceeds its FVLCS an impairment loss is recognized in the consolidated statement of (loss) earnings. No depreciation is charged on assets and businesses classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheet. A discontinued operation is a component of the Company’s business that represents a separate major line of business or geographical area of operations that has been disposed of, has been abandoned, or meets the criteria to be classified as held for sale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of earnings (loss). (n) Reclamation and other closure provisions The Company incurs reclamation and other closure costs related to its mining properties such as facility decommissioning and dismantling, end of mine life severance, site restoration and ongoing environmental monitoring. These costs are a normal consequence of mining and are dependent on the requirements of the Company’s legal and constructive obligations, as well as any other commitments made to stakeholders. The majority of these expenditures will be incurred at the end of the life of mine and are dependent upon a number of factors such as the life and nature of the asset, the operating license conditions and the environment in which the mine operates. The future obligations for mine closure activities are estimated by the Company using mine closure plans or other similar studies which outline the activities to be undertaken to meet regulatory and internal requirements. Since the obligations are dependent on the laws and regulations of the countries in which the mines operate, they are regularly evaluated by management and external experts. Costs included in the obligations encompass all reclamation and other closure activities expected to occur progressively over the life of the operation, at the time of closure and post-closure in connection with disturbances as at the reporting date. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 12 - ===== SIDA 102 ===== Obligations may change as a result of amendments in laws and regulations relating to environmental protection and/or other legislation affecting resource companies. Included in the estimated obligations are a number of significant assumptions made by management in determining closure provisions. Accordingly, closure provisions are more uncertain the further into the future mine closure activities are expected to be carried out. The Company records the present value of its reclamation and other closure provisions as a liability with a corresponding increase in the carrying value of the related asset. The provision is discounted to its net present value using a country specific, current market, pre-tax discount rate. The unwinding of the discount, referred to as an accretion expense, is included in finance costs in the consolidated statement of earnings (loss) and results in an increase in the carrying amount of the liability. Reclamation obligations settled in the year are offset against the corresponding liability. Unplanned reclamation costs are reported as either part of the cost of inventory or recognized as a cost in the consolidated statement of earnings (loss), if they relate to either production activities or a closed site. The capitalized cost of the reclamation and other closure activities is recognized in the mineral property and plant & equipment and depreciated on a unit-of-production basis over the expected mine life of the operation or asset to which it relates. Depreciation costs are included in the consolidated statement of earnings (loss) as part of cost of goods sold. Changes in obligations resulting from revisions to the timing or amount of expenditures, discount rate or foreign exchange rate are recognized as an increase or decrease in the reclamation and other closure provision liability, and a corresponding change in the carrying amount of the related assets. (o) Revenue recognition Revenue from contracts with customers is recognized when a customer obtains control of the promised asset and the Company satisfies its performance obligation. Revenue is allocated to each performance obligation. The Company considers the terms of the contract in determining the transaction price. The transaction price is based upon the amount the entity expects to be entitled to in exchange for the transferring of promised goods. The Company earns revenue from contracts with customers related to its concentrate and copper cathode sales, and its copper, gold and silver streaming arrangements. The Company satisfies its performance obligations for its concentrate and copper cathode sales per specified contract terms which are generally upon shipment or delivery of an individual parcel. Revenue from concentrate and copper cathode sales is recorded based upon forward market prices of the expected final sales price date. The Company typically recognizes revenue when concentrate or copper cathodes have been placed on board a vessel for shipment or delivered to a location specified by the customer. Deferred revenue arises from up-front payments received by the Company or obligations acquired in consideration for future commitments as specified in its various streaming arrangements. The accounting for streaming arrangements is dependent on the facts and terms of each of the arrangements. Revenue from streaming arrangements is recognized when the customer obtains control of the copper, gold and/or silver metal and the Company has satisfied its performance obligations. The Company identified significant financing components related to its streaming arrangements resulting from a difference in the timing of the up-front consideration received and delivery of the promised goods. Interest expense on deferred revenue is recognized in finance costs, or in mineral properties, plant and equipment if directly attributable to the acquisition, construction and development of a qualifying asset. The interest rate is determined based on the rate implicit in each streaming agreement at the date of inception or acquisition. The initial consideration received from the streaming arrangements is considered variable, subject to changes in the total copper, gold and silver volumes to be delivered. Changes to variable consideration are reflected in revenue in the consolidated statement of earnings (loss). LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 13 - ===== SIDA 103 ===== (p) Share-based compensation The Company grants share-based awards in the form of share options and share units to certain employees in exchange for the provision of services. The share options and share units are equity-settled awards. The Company determines the fair value of the awards on the date of grant. This fair value is charged to the consolidated statement of earnings (loss) using a graded vesting attribution method over the vesting period of the awards, with a corresponding credit to contributed surplus. When the share options or share units are exercised, the applicable amounts of contributed surplus are transferred to share capital. At the end of the reporting period, the Company updates its estimate of the number of awards that are expected to vest and adjusts the total expense to be recognized over the vesting period. The Company also grants share- based awards to non-employee Directors in the form of deferred share units (“DSUs”) in exchange for the provision of services. DSUs are liability awards settled in cash and measured at the quoted market price at the grant date. The corresponding liability is adjusted for changes in fair value at each subsequent reporting date until the awards are settled. The fair value of the DSUs are expensed at the grant date and subsequent changes to fair value are charged to the consolidated statement of earnings (loss). (q) Current and deferred income taxes Income tax expense represents the sum of current and deferred tax. Current taxes payable is based on taxable earnings for the year. Taxable earnings may differ from earnings before income tax as reported in the consolidated statement of earnings (loss) because it may exclude items of income or expense that are taxable or deductible in other years and it may further exclude items of income or expense that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Income tax assets and liabilities are offset when there is a legally enforceable right to offset the assets and liabilities and when they relate to income taxes levied by the same tax authority on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis. Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable earnings. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which deductible temporary differences or tax loss carryforwards can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable earnings nor the accounting earnings. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries and investments in associates, except where the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to earnings, except when it relates to items charged or credited directly to equity, in which case the deferred tax is reflected in equity. (r) Earnings per share Basic earnings per share is calculated using the weighted average number of common shares outstanding during each reporting period. Diluted earnings per share is calculated assuming the proceeds from the exercise of “in-the-money” share-based arrangements are used to purchase common shares at the average market price during the period. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 14 - ===== SIDA 104 ===== (s) Financial instruments Financial instruments are recognized on the consolidated balance sheet on the trade date, the date on which the Company becomes a party to the contractual provisions of the financial instrument. The Company classifies its financial instruments in the following categories: Financial Assets at Amortized Cost Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. The Company intends to hold these receivables until cash flows are collected. Receivables are recognized initially at fair value, net of any transaction costs incurred and subsequently measured at amortized cost using the effective interest method. The Company recognizes a loss allowance for expected credit losses on a financial asset that is measured at amortized cost. Financial Assets at Fair Value through Profit or Loss (“FVTPL”) Financial assets measured at FVTPL are assets which do not qualify as financial assets at amortized cost or those not designated in hedge relationships. Provisionally priced trade receivables are measured at FVTPL as some or all of the cash flows are dependent on commodity prices. These receivables are initially measured at their transaction price. Subsequent changes to provisionally priced trade receivables are recorded in the consolidated statement of earnings (loss) as revenue from other sources. Marketable securities, equity investments, and derivative assets not designated in hedge relationships are classified as FVTPL. These financial assets are initially recognized at their fair value with changes to fair values recognized in the consolidated statement of earnings (loss). Financial Liabilities at Amortized Cost Financial liabilities are measured at amortized cost using the effective interest method, unless they are required to be measured at FVTPL, or the Company has opted to measure them at FVTPL. Long-term debt is recognized initially at fair value, net of any transaction costs incurred, and subsequently at amortized cost using the effective interest method. Financial Liabilities at FVTPL Financial liabilities at FVTPL are liabilities that cannot be classified as amortized cost which include embedded derivatives and derivative liabilities not designated in hedge relationships. Financial liabilities at FVTPL are initially recognized at fair value with changes to fair values recognized in the consolidated statement of earnings (loss). The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership. Gains and losses on derecognition are generally recognized in the consolidated statement of earnings (loss). The Company derecognizes financial liabilities only when its obligations under the financial liabilities are discharged, cancelled or expelled. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in the consolidated statement of earnings (loss). LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 15 - ===== SIDA 105 ===== The Company may enter into derivative instruments to mitigate exposures to commodity price and currency exchange rate fluctuations, among other exposures. Unless the derivative instruments qualify for hedge accounting, and management undertakes appropriate steps to designate them as such, they are classified as financial assets or liabilities at FVTPL and recorded at their fair value with realized and unrealized gains or losses arising from changes in the fair value recorded in the consolidated statement of earnings (loss) in the period they occur. Fair values for derivative instruments are determined using valuation techniques. The valuations use assumptions based on prevailing market conditions on the reporting date. (iii) New standards and interpretations not yet adopted IFRS 18 - Presentation and Disclosure in Financial Statements In April 2024, the International Accounting Standards Board ("IASB") issued IFRS 18 - Presentation and Disclosure in Financial Statements, which replaces IAS 1 - Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into three defined categories (operating, investing, and financing) and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided ("management-defined performance measures"), IFRS 18 requires disclosure of the explanations around those measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and notes. IFRS 18 will not impact the recognition and measurement of items in the financial statements, nor will it impact which items are classified in other comprehensive income and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted. The Company has completed a preliminary evaluation of the impact of IFRS 18 on the presentation of the statements of financial position, earnings (loss) and cash flows. The Company has commenced system and process changes to allow tracking of certain items for presentation in accordance with IFRS 18 in comparative period financial statements. The Company continues to assess other matters related to the implementation of this new standard on its financial statements. IFRS 9 - Financial Instruments and IFRS 7 – Financial Instruments: Disclosures In May 2024, the IASB issued amendments to the classification and measurement of financial instruments. These amendments updated classification and measurement requirements in IFRS 9 Financial Instruments and related disclosure requirements in IFRS 7 Financial Instruments: disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. Moreover, the amendments clarify the assessment of the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest (SPPI) criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income. Additionally in December 2024, the IASB published amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature dependent Electricity. The amendments clarify the application of the ‘own-use’ requirements for in-scope contracts, amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts, and add new disclosure requirements. These amendments apply retrospectively for annual reporting periods beginning on or after 1 January 2026, with early application permitted. The Company does not expect the adoption of the amendments to have a material impact on the Company’s consolidated financial statements or require a restatement of the comparative period. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 16 - ===== SIDA 106 ===== (iv) Estimation uncertainty and judgements in applying the entity’s accounting policies The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires the use of certain critical accounting estimates and judgements. These estimates and judgements are based on management’s best knowledge of the relevant facts and circumstances taking into account previous experience, but actual results may differ materially from the amounts included in the financial statements. Areas of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: Depreciation, depletion and amortization of mineral properties, plant and equipment - Mineral properties, plant and equipment comprise a large component of the Company’s assets and as such, the depreciation, depletion and amortization of these assets have a significant effect on the Company’s financial statements. Upon commencement of commercial production, the Company depletes mineral property over the life of the mine based on the depletion of the mine’s Proven and Probable Mineral Reserves. In the case of mining equipment or other assets, if the useful life of the asset is shorter than the life of the mine, the asset is amortized over its expected useful life. Proven and Probable Mineral Reserves are determined based on a professional evaluation using accepted international standards for the estimation of Mineral Reserves. The assessment involves geological and geophysical studies, economic data and the reliance on a number of assumptions. The estimates of the Mineral Reserves may change based on additional knowledge gained subsequent to the initial assessment. This may include additional data available from continuing exploration, results from the reconciliation of actual mining production data against the original Mineral Reserve estimates, or the impact of economic factors such as changes in the price of commodities or the cost of components of production. A change in the original estimate of Mineral Reserves would result in a change in the rate of depreciation, depletion and amortization of the related mineral assets. Valuation of long-term inventory - The Company carries its long-term inventory at the lower of production cost and NRV. If the carrying value exceeds the net realizable amount, a write-down is required. The write-down may be reversed in a subsequent period if the circumstances which caused it no longer exist. The Company reviews NRV at least annually. In particular, for the NRV of long-term inventory, the Company makes significant estimates in its use of a discounted NRV model related to future production plans, forecasted commodity prices, foreign exchange rates, inventory quantities, future capital and production costs to complete, estimates of recoverable copper in leach pads, and the discount rate. These estimates are subject to various risks and uncertainties and may have an effect on the NRV estimate and the carrying value of the long-term inventory. Valuation of mineral properties - The Company carries its mineral properties at cost, less accumulated depletion and any accumulated provision for impairment. The Company undertakes a review of the carrying values of mineral properties and related expenditures whenever events or changes in circumstances indicate that their carrying values may exceed their estimated net recoverable amounts determined by reference to estimated future operating results and discounted net cash flows. An impairment loss is recognized when the carrying value of those assets is not recoverable. Where a previous impairment has been recorded, the Company analyzes any reverse impairment indicators. Impairment reversals are recognized in subsequent periods when there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. In undertaking this review, management of the Company is required to make significant estimates of, amongst other things, future production and sale volumes, metal prices, foreign exchange rates, R&R quantities, future capital and production costs and reclamation costs to the end of the mine’s life. These estimates are subject to various risks and uncertainties which may ultimately have an effect on the expected recoverability of the carrying values of the mineral properties and related expenditures. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 17 - ===== SIDA 107 ===== Goodwill - The amount by which the purchase price of a business acquisition exceeds the fair value of identifiable assets and liabilities acquired is recorded as goodwill. Estimates of recoverable value may be impacted by changes in future metal prices, foreign exchange rates, production based on estimated quantities of R&R, production and capital expenditures, pricing of in-situ mineral resources implied by the market value of selected comparable transactions involving the sale of similar companies and mineral properties, and discount rates. Changes in estimates could have a material impact on the carrying value of the goodwill. Management's estimates of production based on quantities of R&R are based on information compiled by qualified persons (management's experts). Reclamation and other closure provisions - The Company incurs reclamation and other closure costs related to its mining properties. The future obligations for mine closure activities are estimated by the Company using mine closure plans or other similar studies which outline the activities to be undertaken to meet regulatory and internal requirements. Since the obligations are dependent on the laws and regulations of the countries in which the mines operate, they are regularly reviewed by management and external experts, and could change as a result of amendments to the laws and regulations. Included in the estimated obligations are a number of significant assumptions made by management, including nominal discount rates, inflation rates and foreign exchange rates. Accordingly, closure provisions are more uncertain the further into the future the mine closure activities are to be carried out. Valuation of deferred tax assets - The valuation of deferred tax assets is sensitive to significant assumptions used in forecasting future taxable income including future metal prices, production based on estimated quantities of R&R, foreign exchange rates, and production costs. These estimates are subject to various risks and uncertainties which may ultimately have an effect on the future taxable income which support the valuation of deferred tax assets. Management’s estimates of production based on estimated quantities of R&R are based on information compiled by qualified persons (management’s experts). Significant judgements in applying accounting policies The following are the judgements, apart from those involving estimations, that management has made in applying the Company’s accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements. Deferred tax assets - The determination of the ability of the Company to utilize tax loss carry-forwards and deductible temporary differences to recognize deferred tax assets requires management to exercise judgment and make certain assumptions about the future performance of the Company. Management is required to assess whether it is “probable” that the Company will benefit from these prior losses and other deductible temporary differences. Caserones has approximately $3.9 billion in net operating losses arising prior to the acquisition by the Company which can be applied to future taxable income over the mine life to reduce taxes payable in future years. In determining the amount of the net operating losses and deductible temporary differences which are probable to be utilized, management has evaluated forecast taxable income and assessed the probability of achieving the taxable income projections over different planning horizons. Management has also considered the level of uncertainty associated with future events outside of the Company’s control, including future commodity prices, foreign exchange rates, labour disruptions, political and regulatory stability, climate-related events, and geotechnical conditions. As estimation uncertainty increases with the length of the forecast period, progressively less reliance is placed on longer-dated forecasts when assessing the recoverability of deferred tax assets and therefore management has used significant judgment in assessing the probability of achieving various levels of future taxable income. Assessment of impairment and reverse impairment indicators - Management applies significant judgement in assessing whether indicators of impairment or reversal of impairment exist for a CGU which would necessitate impairment testing. Internal and external factors used by management to determine whether indicators exist include, but are not limited to, significant changes in the use of the asset, commodity prices, foreign exchange rates, the Company's market capitalization, capital and production forecasts, R&R quantities, and discount rates. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 18 - ===== SIDA 108 ===== Contingent liabilities - Contingent liabilities are possible obligations that arise from past events which will be confirmed by the occurrence or non-occurrence of future events. These contingencies are not recognized in the consolidated financial statements when the obligation is not probable or if the obligation cannot be measured reliably. The Company exercises significant judgment when determining the probability of the future outcome and with regard to any required disclosure of contingencies, and measuring the liability is a significant estimate. Joint arrangements - The Company is party to Vicuña, an arrangement over which it does not have control. Significant judgment is required in determining whether joint control over the arrangement exists and, if so, which parties have joint control, and whether the arrangement is a joint venture or a joint operation. In assessing whether the Company has joint control, management analyzes the activities of an arrangement to determine which activities most significantly affect the returns of the arrangement over its life. If joint control over the arrangement exists, an assessment of whether the arrangement is a joint venture or a joint operation is required. This assessment is based on whether the Company retains rights to the assets, and obligations for the liabilities, relating to the arrangement or the Company only has the rights to the net assets of the arrangement is more applicable. In making this determination, management reviews the legal form of the arrangement, the terms of the contractual arrangement, and other facts and circumstances. In a situation where the legal form and the terms of the contractual arrangement do not give the Company rights to the assets and obligations for the liabilities, an assessment of other facts and circumstances is required, including whether the activities of the arrangement are primarily designed for the provision of output to the parties and whether the parties are substantially the only source of cash flows contributing to the arrangement. These assessments require judgment and are specific to each arrangement. 3. ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS Disposal of Eagle mine On December 18, 2025, the Company entered into a definitive agreement to sell its 100% interest in the Eagle mine to Talon (the "Definitive Agreement"). The transaction completed on January 9, 2026. 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. The Company will also receive ore delivery payments of $1.00 per tonne for any non- Eagle ore processed through the Humboldt mill, to a maximum of $20.0 million. The transaction consideration is subject to customary working capital adjustments. As at December 31, 2025, the Eagle mine reporting segment met the criteria to be classified as held for sale and discontinued operations. The results of this operation have been re-presented for the current and comparative years to reclassify the earnings (loss) as earnings (loss) from discontinued operations. All assets and liabilities relating to the Eagle mine reporting segment have been classified as current assets and current liabilities held for sale at December 31, 2025. The Company is required to assess the Eagle mine CGU for impairment or impairment reversal immediately prior to its reclassification as held for sale. On December 31, 2025 , the recoverable amount of the Eagle mine CGU exceeded its carrying value and a partial impairment reversal of $88.4 million ($69.8 million net of tax) was recorded in net earnings (loss) from discontinued operations. The recoverable amount was based on consideration as established by the Definitive Agreement. An impairment charge of $104.9 million ($82.8 million net of tax) was previously recorded for the Eagle mine at December 31, 2024 due to a decline in nickel prices and prolonged rehabilitation of the Eagle East ramp. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 19 - ===== SIDA 109 ===== Disposal of European operations On December 9, 2024, the Company entered into a definitive agreement to sell its 100% interests in the Neves-Corvo and Zinkgruvan mines to Boliden AB ("Boliden"). The transaction constitutes the sale of all of the Company's European operating assets allowing the Company to focus on its copper-dominant assets in South America. The transaction completed on April 16, 2025 and the Company received cash consideration of $1.4 billion. The Company may also receive up to $150.0 million in contingent cash consideration if certain metal price thresholds are met. These include a percentage of incremental revenue realized at the Neves-Corvo mine in each of the three calendar years between 2025 and 2027 and at the Zinkgruvan mine between 2025 and 2026. The estimated fair value of the contingent consideration on April 16, 2025 was $44.1 million (Note 26). Contingent consideration is revalued at each reporting period with changes recorded in net earnings (loss) from discontinued operations. At December 31, 2025, the fair value of the contingent consideration was $85.7 million, of which $42.9 million is included in other current assets and $42.8 million is included in contingent consideration and other non-current assets (Note 8) in the consolidated balance sheet. For the year ended December 31, 2025, a realized and unrealized gain on the revaluation of the contingent consideration of $5.5 million and $41.5 million, respectively were recorded in net earnings (loss) from discontinued operations. On completion of the disposal of the European operations, the Company recognized a gain on disposal of $106.4 million, net of income tax, calculated as follows: Neves-Corvo mine Zinkgruvan mine Total Cash consideration $ 773.6 $ 628.5 $ 1,402.1 Fair value of contingent consideration 41.7 2.4 44.1 Transaction costs (4.7) (3.8) $ (8.5) Net proceeds $ 810.6 $ 627.1 $ 1,437.7 Net assets Neves-Corvo mine Zinkgruvan mine Total Cash and cash equivalents $ 20.0 $ 59.0 $ 79.0 Trade and other receivables 77.5 9.7 87.2 Inventories 45.9 22.8 68.7 Restricted funds 52.4 — 52.4 Mineral properties, plant and equipment 840.2 344.9 1,185.1 Trade and other payables (85.8) (36.5) (122.3) Income taxes receivable (payable) 0.9 (8.2) (7.3) Lease liabilities (16.4) (0.6) (17.0) Deferred revenue (27.2) (44.0) (71.2) Reclamation and other closure provisions (98.7) (50.1) (148.8) Other long-term liabilities (8.4) (4.4) (12.8) Deferred tax liabilities — (30.9) (30.9) 800.4 261.7 1,062.1 Gain on disposal before reclassification of foreign currency translation reserve 10.2 365.4 375.6 Reclassification of foreign currency translation reserve to earnings (161.4) (107.8) (269.2) Net gain (loss) on disposal $ (151.2) $ 257.6 $ 106.4 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 20 - ===== SIDA 110 ===== The net earnings (loss) from discontinued operations for the years ended December 31, 2025 and 2024, are as follows: For the year ended December 31, 2025 Neves-Corvo 1 Zinkgruvan 1 Eagle Total Revenue $ 128.3 $ 72.4 $ 208.6 $ 409.3 Production costs (90.2) (36.9) (150.7) (277.8) Depreciation, depletion and amortization — — (22.3) (22.3) Exploration and business development (2.0) (3.4) (1.5) (6.9) Finance (costs) income (3.9) (0.8) (4.3) (9.0) Other income (expense) 41.3 (1.2) — 40.1 Asset (impairment) reversal (65.7) — 88.4 22.7 Earnings before income taxes 7.8 30.1 118.2 156.1 Income tax (expense) recovery (0.1) (2.9) (0.3) (3.3) Deferred tax (expense) recovery 0.2 (2.6) (20.9) (23.3) Net earnings before gain (loss) on disposal $ 7.9 $ 24.6 $ 97.0 $ 129.5 Gain (loss) on disposal of subsidiaries (151.2) 257.5 — 106.3 Net earnings (loss) from discontinued operations $ (143.3) $ 282.1 $ 97.0 $ 235.8 1 Includes financial results from January 1, 2025 to April 16, 2025 and the revaluation of contingent consideration at December 31, 2025. For the year ended December 31, 2024 Neves-Corvo Zinkgruvan Eagle Total Revenue $ 438.1 $ 256.7 $ 152.5 $ 847.3 Production costs (323.2) (122.1) (111.9) (557.2) Depreciation, depletion and amortization (118.3) (37.0) (33.6) (188.9) Exploration and business development (2.8) (10.0) (3.2) (16.0) Finance (costs) income (4.8) (4.9) (3.6) (13.4) Other (expense) income (4.8) (4.0) (2.2) (11.0) Goodwill and asset impairment (291.2) — (104.9) (396.1) Partial suspension of underground mining operations — — (36.1) (36.1) (Loss) earnings before income taxes (307.0) 78.7 (143.0) (371.4) Income tax (expense) recovery 0.8 (15.5) — (14.7) Deferred tax recovery 27.7 0.7 28.8 57.2 Net (loss) earnings from discontinued operations $ (278.5) $ 63.9 $ (114.2) $ (328.9) LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 21 - ===== SIDA 111 ===== The assets and liabilities that are included in the held for sale categories as at December 31, 2025 are summarized below: Eagle mine Assets classified as held for sale Cash and cash equivalents $ 22.0 Trade and other receivables 10.4 Inventories 20.9 Mineral properties, plant and equipment 175.8 $ 229.1 Liabilities classified as held for sale Trade and other payables $ 19.5 Lease liabilities 9.0 Reclamation and other closure provisions 73.8 Other long-term liabilities 1.0 Deferred tax liabilities 23.5 $ 126.8 The assets and liabilities that are included in the held for sale categories as at December 31, 2024 are summarized below: Neves-Corvo mine Zinkgruvan mine Total Assets classified as held for sale Cash and cash equivalents $ 23.9 $ 50.9 $ 74.8 Trade and other receivables 90.2 22.9 113.1 Income taxes receivable 0.8 — 0.8 Inventories 39.7 16.5 56.2 Restricted funds 49.6 — 49.6 Mineral properties, plant and equipment 810.6 284.6 1,095.2 $ 1,014.8 $ 374.9 $ 1,389.7 Liabilities classified as held for sale Trade and other payables $ 99.8 $ 32.4 $ 132.2 Income taxes payable — 7.8 7.8 Lease liabilities 15.7 0.6 16.3 Deferred revenue 25.1 39.2 64.3 Reclamation and other closure provisions 89.9 44.2 134.1 Other long-term liabilities 7.7 4.5 12.2 Deferred tax liabilities — 26.2 26.2 $ 238.2 $ 154.9 $ 393.1 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 22 - ===== SIDA 112 ===== 4. ACQUISITION OF FILO AND FORMATION OF VICUÑA On January 15, 2025, the Company, together with BHP Investments Canada Inc. ("BHP"), completed the acquisition of Filo Corp. ("Filo") through a plan of arrangement (the “Arrangement”). The Company’s share of the consideration for the Arrangement was $610.7 million (C$877.8 million) in cash and 94.1 million of the Company’s shares to Filo shareholders, along with its existing 1.7% interest in Filo (prior to completion). BHP's share of the consideration for the Arrangement was $1.4 billion (C$2.0 billion) in cash, along with its existing 7.0% interest in Filo (prior to completion). Concurrently, BHP paid the Company cash consideration of $689.5 million for a 50% interest in the Josemaria project, and the Company and BHP formed the Vicuña 50/50 independently managed joint arrangement holding interests in the Filo del Sol project and the Josemaria project (the "Vicuña Project"). The Company has concluded the Vicuña joint arrangement is a joint operation upon considering other facts and circumstances, such as the right and the obligation to take a share of the output of the arrangement. Accordingly, the Company includes its 50% share of the respective assets, liabilities, expenses, and cash flows of Vicuña in the consolidated financial statements of the Company. The purchase price of Filo (50% share) is as follows: Cash consideration $ 610.7 Fair value of 94,074,959 common shares issued by the Company (a) (b) 799.8 Transaction costs 10.1 The Company's previously held common shares in Filo (b) 49.9 Total purchase price $ 1,470.5 a) The fair value of the common shares issued was determined using the Company’s share price of C$12.22 and foreign exchange rate of USD/CAD: 1.437 at the close of business on January, 15, 2025. b) Immediately prior to the acquisition of Filo, the Company held 2,264,924 Filo shares with a fair value of $49.9 million (December 31, 2024 - $50.2 million). The Company's initial interest in Vicuña as at January 15, 2025, including transaction costs, is comprised of the following: 50% interest in Filo 50% interest in Josemaria 50% share of Vicuña on formation Cash and cash equivalents $ 17.3 $ 7.0 24.3 Receivables and other assets 0.5 $ 1.2 1.7 Mineral properties, plant and equipment 1,456.7 701.1 2,157.8 Total assets 1,474.5 709.3 2,183.8 Trade and other payables (4.0) (19.8) (23.8) Total liabilities (4.0) (19.8) (23.8) Total net assets $ 1,470.5 $ 689.5 $ 2,160.0 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 23 - ===== SIDA 113 ===== 5. CASH AND CASH EQUIVALENTS Cash and cash equivalents are comprised of the following: December 31, 2025 December 31, 2024 Cash $ 274.4 $ 197.2 Short-term deposits 21.8 160.3 $ 296.2 $ 357.5 6. TRADE AND OTHER RECEIVABLES Trade and other receivables are comprised of the following: December 31, 2025 December 31, 2024 Trade receivables $ 673.6 $ 347.8 Value added tax 68.7 53.0 Prepaid expenses 22.3 42.6 Other receivables 60.0 67.5 $ 824.6 $ 510.9 The Company does not have any significant balances that are past due nor any significant expected credit losses. The Company's credit risk is discussed in Note 30. The carrying amounts of trade and other receivables are denominated as follows: Currency December 31, 2025 December 31, 2024 USD 683.3 365.0 CLP 95,661.1 93,826.7 CAD 19.4 37.8 SEK — 100.0 BRL 121.4 94.6 ARS 97.5 621.6 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 24 - ===== SIDA 114 ===== 7. INVENTORIES Inventories are comprised of the following: December 31, 2025 December 31, 2024 Materials and supplies $ 297.1 $ 279.4 Ore stockpiles and dump leach 222.8 188.8 Finished goods - concentrate stockpiles 48.7 116.6 Finished goods - copper cathode and other 19.0 22.6 $ 587.6 $ 607.4 Long-term inventories are comprised of the following: December 31, 2025 December 31, 2024 Ore stockpiles at Candelaria $ 502.8 $ 480.9 Ore stockpiles at Chapada 217.6 299.9 Dump leach at Caserones 81.7 91.1 $ 802.1 $ 871.9 As at December 31, 2025, primarily as a result of mine plan changes deprioritizing the timing of processing of stockpiles, the Company recognized a net realizable value write-down of $99.9 million of the long-term ore stockpile at Chapada (December 31, 2024 - partial reversal of previous write-down of $28.3 million). Included in the write-down was $11.7 million of depreciation, depletion and amortization ( December 31, 2024 - $1.7 million reversal of depreciation, depletion and amortization). 8. CONTINGENT CONSIDERATION AND OTHER NON-CURRENT ASSETS Other non-current assets are comprised of the following: December 31, 2025 December 31, 2024 Contingent consideration (Note 3) $ 42.8 $ — Marketable securities, non-current portion 22.8 10.0 Other 9.9 9.1 $ 75.5 $ 19.1 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 25 - ===== SIDA 115 ===== 9. MINERAL PROPERTIES, PLANT AND EQUIPMENT Mineral properties, plant and equipment ("MPP&E") are comprised of the following: Cost Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2023 $ 6,014.8 $ 5,308.0 $ 330.3 $ 1,130.1 $ 63.6 $ 12,846.8 Additions 239.2 100.0 367.9 265.5 0.7 973.3 Impairment (Note 10) (331.2) (111.7) (1.1) — — (444.0) Write-downs — — (4.1) (18.0) — (22.1) Disposals — (91.5) — — — (91.5) Transfers 68.6 285.6 (355.8) — 1.6 — Reclassification to assets held for sale (Note 3) (1,720.5) (1,009.2) (79.3) — (7.2) (2,816.2) Effects of foreign exchange (134.4) (72.8) (6.3) — (0.5) (214.0) As at December 31, 2024 4,136.5 4,408.4 251.6 1,377.6 58.2 10,232.3 Formation of Vicuña3 (Note 4) — (16.5) — 785.7 — 769.2 Additions 176.7 33.7 356.2 204.0 1.7 772.3 Impairment reversal (Note 3) 80.4 8.0 — — — 88.4 Disposals (6.9) (251.8) (0.3) — — (259.0) Transfers 46.1 129.0 (175.2) — 0.1 — Reclassification to assets held for sale (Note 3) (470.4) (535.1) (3.8) — (4.3) (1,013.6) As at December 31, 2025 $ 3,962.4 $ 3,775.7 $ 428.5 $ 2,367.3 $ 55.7 $ 10,589.6 Accumulated depreciation, depletion and amortization Mineral properties Plant and equipment Assets under construction1 Development project2 Software intangible assets Total As at December 31, 2023 $ 3,194.1 $ 1,910.4 $ — $ — $ 17.0 $ 5,121.5 Depreciation 368.2 419.6 — — 9.3 797.1 Disposals — (85.2) — — — (85.2) Reclassification to assets held for sale (Note 3) (1,187.6) (530.0) — — (3.3) (1,720.9) Effects of foreign exchange (88.2) (36.3) — — (0.3) (124.8) As at December 31, 2024 2,286.5 1,678.5 — — 22.7 3,987.7 Formation of Vicuña3 (Note 4) — (4.0) — — — (4.0) Depreciation 304.5 332.0 — — 8.3 644.8 Disposals (2.8) (234.7) — — — (237.5) Reclassification to assets held for sale (Note 3) (376.3) (459.1) — — (2.4) (837.8) As at December 31, 2025 $ 2,211.9 $ 1,312.7 $ — $ — $ 28.6 $ 3,553.2 1 Represent assets under construction at the Company's operating mine sites which are currently non-depreciable. 2 Assets relate to the Company's share of the Vicuña Project assets which are currently non-depreciable. 3 Formation of Vicuña movements in cost of $769.1 million and accumulated depreciation of $4.0 million, totaling $773.1 million, includes the 50% interest in Filo of $1,456.7 million less the 50% interest in Josemaria sold to BHP of $683.6 million and are inclusive of capitalized borrowing and transaction costs. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 26 - ===== SIDA 116 ===== Net book value Mineral properties Plant and equipment Assets under construction Development project Software intangible assets Total As at December 31, 2024 $ 1,850.0 $ 2,729.9 $ 251.6 $ 1,377.6 $ 35.5 $ 6,244.6 As at December 31, 2025 $ 1,750.5 $ 2,463.0 $ 428.5 $ 2,367.3 $ 27.1 $ 7,036.4 During the year ended December 31, 2025, the Company capitalized $25.8 million (December 31, 2024 - $37.4 million), of finance costs related to the Vicuña Project at a weighted average interest rate of 5.8% (December 31, 2024 - 6.0%). During the year ended December 31, 2025, the Company capitalized $166.4 million (December 31, 2024 - $226.2 million), of deferred stripping costs to mineral properties. The depreciation expense related to deferred stripping for the year ended December 31, 2025 was $197.4 million (December 31, 2024 - $187.0 million). Included in the mineral properties balance at December 31, 2025 is $0.8 million related to deferred stripping at Chapada (December 31, 2024 - $436.3 million at Candelaria and Caserones), which is currently non-depreciable. The Company leases various assets including power line infrastructure, buildings and storage facilities , vehicles, machinery and equipment. The following table summarizes the changes in right-of-use assets within plant and equipment: Net book value As at December 31, 2023 $ 284.0 Additions 70.8 Depreciation (76.4) Disposals (2.7) Effects of foreign exchange (0.3) Reclassification to assets held for sale (Note 3) (16.1) As at December 31, 2024 259.3 Additions 25.3 Depreciation (65.3) Contribution to Vicuña (Note 4) (1.6) Reclassification to assets held for sale (Note 3) (8.9) As at December 31, 2025 $ 208.8 10. GOODWILL AND ASSET IMPAIRMENT a) Goodwill The Company recognized goodwill on the acquisition of Chapada, Neves-Corvo and Ojos del Salado (“Ojos”). Goodwill is allocated to the following CGUs: Chapada Neves-Corvo Ojos1 Total Balance at December 31, 2023 $ 134.3 $ 95.6 $ 10.7 $ 240.6 Impairment charges — (90.7) (10.7) (101.4) Effects of foreign exchange — (4.9) — (4.9) Balance at December 31, 2024 134.3 — — 134.3 Balance at December 31, 2025 $ 134.3 $ — $ — $ 134.3 1 Ojos is included in the Candelaria reporting segment. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 27 - ===== SIDA 117 ===== The Company performs an impairment assessment annually, or more frequently if there are impairment indicators, for the carrying amount of its CGUs where goodwill is allocated. The recoverable value of a CGU is determined using the FVLCD method applied by using a discounted cash flow model based on life-of-mine financial plans, and a market-based approach. Significant assumptions used by management to determine the recoverable amount include future metal prices, production based on estimated quantities of R&R, production and capital expenditures, foreign exchange rates, pricing of in-situ mineral resources implied by the market value of selected comparable transactions involving the sale of similar companies and mineral properties, and discount rates. For the 2025 assessment, future metal prices and foreign exchange rates used in the discounted cash flow models are determined with reference to market consensus estimates observed during the fourth quarter of 2025. The valuation of recoverable amount is most sensitive to changes in metal prices, exchange rates, discount rates and pricing of in- situ mineral resources. Production costs and capital expenditures included in the discounted cash flow models are based on operating plans which consider past and estimated future performance. Inputs utilized in the discounted cash flow models were based on level 3 fair value measurements (Note 26), which were not based on observable market data. The R&R were based on the Company’s last published estimate dated December 31, 2025. Incorporated in the FVLCD are fair value estimates developed by the Company for mineral resources not captured in the cash flow projections model. These estimates are valued using third-party market information, which includes pricing of in-situ mineral resources implied by the market value of selected comparable transactions involving the sale of similar companies and mineral properties. Chapada For the Chapada CGU impairment review, the Company used a FVLCD model (level 3 measurement). For the years ended December 31, 2025 and 2024, the Company determined that the recoverable amount of the Chapada CGU was higher than its carrying value, and therefore no impairment was recognized. Management applied significant judgement in estimating the recoverable amount of the Chapada CGU. Sensitivity analysis was performed on the cash flow model for Chapada. At December 31, 2025, changes in key inputs such as metal prices (+/-5%), foreign exchange rates (+/-5%) and the discount rate (+/-1%) did not have a material impact on the result of the Company’s goodwill impairment assessment. Key assumptions for Chapada 2025 2024 Copper price $/lb 4.50 - 4.95 4.30 - 4.70 Gold price $/oz 3,200 - 3,800 2,150 - 2,575 After-tax discount rate 8.0% 7.5% BRL/$ exchange rate 5.50 5.50 Life of mine 27 years 26 years Neves-Corvo An impairment charge of $291.2 million ($270.3 million net of tax) was recorded in December 2024 relating to the Neves-Corvo reporting segment to recognize goodwill, mining rights and mineral properties at their estimated fair value, based on the expected sales price as established by the sale to Boliden (level 2 measurement). The impairment charge includes $90.7 million allocated to the Neves-Corvo goodwill. Ojos In January 2025 the Company received a notice from the Superintendencia del Medio Ambiente (“SMA”), following its investigative proceedings involving the sinkhole that occurred at the Alcaparrosa mine in 2022. The Alcaparrosa mine LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 28 - ===== SIDA 118 ===== is included in the Ojos CGU. The notice levied a fine of $3.3 million and ordered the continued closure of the Alcaparrosa mine, at which mining operations have been suspended since the incident occurred in 2022. As a result, an impairment charge of $55.9 million ($41.6 million net of tax) was recorded in December 2024 relating to the Ojos CGU to write off goodwill and the remaining carrying values of underground development and mine infrastructure. The impairment charge includes $10.7 million allocated to the Ojos goodwill. b) Other Asset Impairment At every reporting period, the Company assesses whether there is an indication that an asset or group of assets may be impaired. When impairment indicators exist, the Company estimates the recoverable amount of the asset and compares it against the asset's carrying amount. Suruca In February 2025, the Company removed the Suruca gold deposit from Mineral Reserves as development is not contemplated in the current life-of-mine plan. The Suruca gold deposit is included in the Chapada segment. This was considered an indicator of impairment for the Suruca mineral property asset. An impairment of $ 93.4 million ($ 61.7 million net of tax) was recorded in earnings in December 2024 to reduce the carrying value of the mineral property asset to nil. 11. TRADE AND OTHER PAYABLES Trade and other payables are comprised of the following: December 31, 2025 December 31, 2024 Trade payables $ 363.0 $ 297.7 Unbilled goods and services 193.8 175.2 Employee benefits payable 72.9 68.8 Sinkhole provision (a) 23.2 16.9 Royalties payable 15.7 24.5 Deferred consideration, current portion (b) 10.0 10.0 Pricing provisions on concentrate sales (c) 4.5 15.5 Prepayment from customers — 45.0 Automatic share purchase plan commitment (d) — 3.7 Other 17.1 16.9 $ 700.2 $ 674.2 a) Relates to expected remediation costs and fines directly related to the sinkhole near the Company's Ojos del Salado operations. During the year ended December 31, 2025 , the Company increased the provision following the notice received from Chilean State Defense Council (CDE) regarding the civil claim related to the sinkhole (Note 24). b) Relates to the current portion of the remaining deferred cash consideration arising from the Caserones acquisition, payable in installments in 2026 through 2029. c) Includes balances owing to customers and provisions arising from forward market price adjustments. d) As at December 31, 2024, the Company recorded an accrual for the repurchase of shares on the last trading day of the year that were settled during January 2025. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 29 - ===== SIDA 119 ===== 12. DEBT Debt facilities are comprised of the following: December 31, 2025 December 31, 2024 Candelaria and Chapada term loans (a) $ 180.8 $ 245.9 Revolving credit facility (b) 56.3 264.7 Term loan (c) — 1,147.7 Commercial paper (d) — 98.7 Debt 237.1 1,757.0 Less: current portion 180.8 344.6 Long-term portion $ 56.3 $ 1,412.4 The changes in the Company's debt facilities are comprised of the following: As at December 31, 2023 $ 1,208.6 Additions 1,500.6 Payments (944.4) Deferred financing fee (3.6) Financing fee amortization 2.4 Effects of foreign exchange (6.6) As at December 31, 2024 1,757.0 Additions 1,714.9 Payments (3,245.2) Deferred financing fee (0.2) Financing fee amortization 4.1 Effects of foreign exchange 6.5 As at December 31, 2025 237.1 Less: current portion 180.8 Long-term portion $ 56.3 a) Compañia Contractual Minera Candelaria S.A. ("Candelaria mine"), a subsidiary owned 80% by the Company, which owns the Candelaria mine, holds a series of unsecured fixed term loans. During the year ended December 31, 2025, Candelaria mine obtained loans totaling $100.0 million (December 31, 2024 - $215.0 million) and repaid $150.0 million (December 31, 2024 - $115.0 million) of the outstanding loans. As at December 31, 2025, there was one term loan outstanding of $50.0 million (December 31, 2024 - two term loans totaling $100.0 million). The outstanding term loan accrues interest at a rate of 4.30% per annum with interest payable upon maturity in May 2026. Mineração Maracá Indústria e Comércio S.A. (“Chapada”), a subsidiary of the Company, which owns the Chapada mine, holds a series of export-linked unsecured fixed term loans. During the year ended December 31, 2025, Chapada obtained loans totaling $316.8 million (December 31, 2024 - $324.2 million), and repaid $331.9 million (December 31, 2024 - $227.1 million) of the outstanding loans. As at December 31, 2025, there were 24 term loans outstanding at Chapada totalling $130.8 million (December 31, 2024 - 41 term loans totalling $145.9 million). These outstanding term loans accrue interest at rates ranging from 4.63% to 5.19% per annum with interest payable upon their maturities, ranging from January to March 2026. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 30 - ===== SIDA 120 ===== b) The Company has a revolving credit facility of $1,750.0 million, maturing in April 2029. The credit facility bears interest on drawn funds at rates of Term Secured Overnight Financing Rate (“Term SOFR”) plus Credit Spread Adjustment (“CSA”) of 0.10% plus an applicable margin of 1.40% to 2.55%, depending on the Company’s net leverage ratio and progress against sustainability performance targets. The facility is subject to customary covenants. During the year ended December 31, 2025, the Company drew down $1,050.0 million (December 31, 2024 - $340.0 million), and repaid $ 1,260.0 million (December 31, 2024 - $320.0 million). As at December 31, 2025, a principal balance of $60.0 million (December 31, 2024 - $270.0 million) was outstanding, with unamortized deferred financing fees of $3.7 million (December 31, 2024 - $5.3 million) netted against borrowings. c) In April 2025, the Company repaid in full the $1,150.0 million outstanding balance of its term loan using the proceeds from sale of the Neves-Corvo and Zinkgruvan mines (Note 3). As a result of the repayment, the term loan has been extinguished and cannot be redrawn. During the year ended December 31, 2025, the remaining unamortized deferred financing fees of $2.3 million, were recognized in finance costs. d) Neves-Corvo was party to three unsecured commercial paper programs with maturities ranging from May 2025 to July 2028. Pursuant to the terms of the transaction with Boliden, the Company repaid the $102.7 million (€95.0 million) outstanding balance of the commercial papers immediately prior to the sale of Neves-Corvo and this balance was not included in the net assets disposed (Note 3). During April 2025, the program was cancelled and therefore as at December 31, 2025 , $nil principal balance (December 31, 2024 - $ 98.7 million (€95.0 million)) was outstanding. During the year ended December 31, 2025 , Neves-Corvo drew down $248.1 million (€235.0 million) from the commercial paper program (December 31, 2024 - $271.3 million (€250.0 million)), and repaid $353.3 million (€310.0 million) (December 31, 2024 - $282.3 million (€260.0 million)). The schedule of undiscounted debt obligations is as follows: Less than one year $ 180.8 One to five years 60.0 More than five years — Total undiscounted obligations as at December 31, 2025 $ 240.8 Related to continuing operations $ 240.8 Related to discontinued operations $ — LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 31 - ===== SIDA 121 ===== 13. LEASE LIABILITIES The following table summarizes the changes in the Company's lease liabilities: As at December 31, 2023 $ 277.2 Additions 69.9 Payments (93.5) Disposals (2.0) Interest 24.1 Reclassified to liabilities held for sale (Note 3) (16.3) Effects of foreign exchange (10.2) As at December 31, 2024 249.2 Contribution to Vicuña (Note 4) (1.1) Additions 24.7 Payments (82.4) Interest 22.6 Reclassified to liabilities held for sale (Note 3) (9.0) Effects of foreign exchange 8.5 As at December 31, 2025 212.5 Less: current portion 45.6 Long-term portion $ 166.9 Lease liabilities relate to leases on power line infrastructure, buildings and storage facilities, vehicles, machinery and equipment, which have remaining lease terms of one to twelve years and interest rates of 1.0% - 10.0% over the terms of the leases. Certain leases relating to mine development, exploration, production and transportation equipment contain variable lease expenses based on tonnage or drilling metres. Variable lease expense for the year ended December 31, 2025 was $87.4 million (December 31, 2024 - $111.7 million). The Company has short-term leases related to mining equipment and office space. Short-term lease expense for the year ended December 31, 2025 was $24.5 million (December 31, 2024 - $27.0 million). The schedule of undiscounted lease obligations is as follows: Less than one year $ 61.6 One to five years 129.8 More than five years 113.4 Total undiscounted obligations as at December 31, 2025 $ 304.8 Related to continuing operations $ 294.0 Related to discontinued operations $ 10.8 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 32 - ===== SIDA 122 ===== 14. DEFERRED REVENUE The following table summarizes the changes in deferred revenue: As at December 31, 2023 $ 623.2 Recognition of revenue (78.3) Variable consideration adjustment (1.6) Finance costs 34.3 Reclassified to liabilities held for sale (Note 3) (64.3) Effects of foreign exchange (5.6) As at December 31, 2024 507.7 Recognition of revenue (67.1) Variable consideration adjustment (6.5) Finance costs 26.4 As at December 31, 2025 460.5 Less: current portion 56.3 Long-term portion $ 404.2 Consideration received under the Company’s gold, silver and copper streaming agreements is deemed to be variable and can be subject to cumulative adjustments when the contractual volume to be delivered changes. As a result of changes to the Company’s R&R, adjustments have been made to the deferred revenue liability for 2024 and 2025 which were recognized through revenue and finance costs. For the year ended December 31, 2025, the Company recognized finance costs at a weighted average rate of 5.2% (2024 - 5.5%) on the deferred revenue balances. a) Candelaria The Company entered into a stream agreement with Franco-Nevada Corporation (“FN”), whereby the Company has agreed to sell 68% of all the gold and silver contained in production from Candelaria until 720,000 ounces ("oz") of gold and 12 million oz of silver have been delivered. Thereafter, FN will be entitled to purchase 40% of the gold and silver production from Candelaria. The Company received an up-front payment of $648 million which is being recognized as gold and silver are delivered to FN under the contract. For each ounce of gold and silver delivered, FN makes payments equal to the lesser of the prevailing market prices and approximately $433/oz of gold and $4.32/oz of silver (2024 - $429/oz of gold and $4.28/oz of silver), subject to a 1% annual inflationary adjustment. In 2025, approximately 51,000 oz of gold and 1,101,000 oz of silver ( 2024 - approximately 59,000 oz of gold and 1,225,000 oz of silver) were subject to the terms of the streaming agreement. As at December 31, 2025, approximately 654,000 oz of gold and 11,092,000 oz of silver have cumulatively been subject to the terms of the streaming agreement (2024 - 603,000 oz of gold and 9,991,000 oz of silver). The deferred revenue balance as at December 31, 2025 at Candelaria is $330.2 million (December 31, 2024 - $368.0 million). LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 33 - ===== SIDA 123 ===== b) Chapada mine The Company assumed the following streaming agreements with Sandstorm Gold Ltd., now International Royalty Corporation ("IRC"), a subsidiary of Royal Gold, Inc., and Altius Minerals Corporation (“Altius”) when the Chapada mine was acquired. IRC is entitled to purchase the lesser of 3.9 million pounds (“Mlbs”) or 4.2% of the payable copper produced annually from Chapada at 30% of the market price. The percentage of payable copper is subject to two reduction thresholds. Once an aggregate of 39 Mlbs has been delivered, the percentage of payable copper reduces to 3.0%. Upon delivery of 50 Mlbs of copper in aggregate, the percentage of payable copper reduces to 1.5% for the remaining life of mine. In 2025, approximately 4.2 Mlbs (2024 - 3.6 Mlbs) were delivered under this agreement. As at December 31, 2025, approximately 37.4 Mlbs (2024 - 33.2 Mlbs) have cumulatively been delivered under this agreement. Altius is entitled to purchase 3.7% of the payable copper produced from Chapada at 30% of the market price. The percentage of payable copper is subject to two reduction thresholds. In the event of a specified expansion at Chapada, the percentage of payable copper reduces to 2.65%. Also, upon delivery of 75 Mlbs of copper in aggregate, the percentage of payable copper reduces to 1.5% for the remaining life of mine. In 2025, approximately 3.5 Mlbs (2024 - 3.3 Mlbs) were delivered under this agreement. As at December 31, 2025, approximately 36.8 Mlbs (2024 - 33.3 Mlbs) have cumulatively been delivered under this agreement. The deferred revenue balance as at December 31, 2025 at Chapada is $130.4 million (December 31, 2024 - $139.7 million). 15. RECLAMATION AND OTHER CLOSURE PROVISIONS Reclamation and other closure provisions relating to the Company's mining operations are as follows: Reclamation provisions Other closure provisions Total Balance, December 31, 2023 $ 497.2 $ 47.0 $ 544.2 Accretion 25.5 — 25.5 Changes in estimate (31.3) 6.7 (24.6) Changes in discount rate (34.1) — (34.1) Payments (11.7) (6.0) (17.7) Reclassification to liabilities held for sale (Note 3) (125.5) (8.6) (134.1) Effects of foreign exchange (9.7) (5.3) (15.0) Balance, December 31, 2024 310.4 33.8 344.2 Accretion 19.4 — 19.4 Changes in estimate (5.6) 5.9 0.3 Changes in discount rate 4.9 — 4.9 Payments (7.1) (3.3) (10.4) Reclassification to liabilities held for sale (Note 3) (73.8) — (73.8) Effects of foreign exchange — 3.6 3.6 Balance, December 31, 2025 248.2 40.0 288.2 Less: current portion 6.4 5.7 12.1 Long-term portion $ 241.8 $ 34.3 $ 276.1 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 34 - ===== SIDA 124 ===== The Company expects these liabilities to be settled between 2026 and 2111. The reclamation provisions are discounted using current market pre-tax discount rates which range fro m 3.5% to 14.5% (December 31, 2025 - 4.3% to 14.4%). The schedule of undiscounted reclamation and other closure payments is as follows: Less than one year $ 15.7 One to five years 100.7 More than five years 678.1 Total undiscounted obligations as at December 31, 2025 $ 794.5 Related to continuing operations $ 715.1 Related to discontinued operations $ 79.4 16. DEFERRED CONSIDERATION AND OTHER LONG-TERM LIABILITIES Deferred consideration and other long-term liabilities are comprised of the following: December 31, 2025 December 31, 2024 Deferred consideration, non-current portion $ 99.3 $ 102.8 Other 19.6 26.8 $ 118.9 $ 129.6 Deferred consideration represents the non-current portion of the remaining cash consideration for the acquisition of the Caserones mine. The remaining deferred consideration is to be paid in three annual installments of $10.0 million and $100 million to be paid in July 2029. 17. SHARE CAPITAL (a) Authorized and issued shares Authorized share capital consists of an unlimited number of voting common shares with no par value. As at December 31, 2025, there were 854,347,591 fully paid voting common shares issued (2024 - 774,102,971 shares). (b) Share units The Company has a share unit (“SU”) plan which provides for share unit awards to be granted by the Board of Directors to certain employees of the Company. The maximum number of SUs that are issuable under the SU plan is 14,000,000. A SU is a unit representing the right to receive one common share (subject to adjustments) issued from treasury. The number and terms of SUs awarded will be determined by the Board of Directors based on the closing market price on the TSX of the Company’s common shares on the date of the grant. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 35 - ===== SIDA 125 ===== i) Time-vesting SUs During 2025, the Company granted 456,015 time-vesting SUs to employees and officers that expire in 2028. These SUs vest three years from the grant date with the number of SUs being fixed, and with no vesting conditions other than service. The fair value of the time-vesting SUs are based on the market value of the shares on the date of the grant and an estimated forfeiture rate of approximately 11% (2024 - 11%). The weighted average fair value per time-vesting SU granted during 2025 was C$12.03 (2024 - C$10.71). The Company incurred share-based compensation related expenditures of $3.0 million for 2025 (2024 - $2.9 million) with a corresponding credit to contributed surplus related to time-vesting SUs. As at December 31, 2025, there was $3.2 million (2024 - $4.3 million) of unamortized stock-based compensation expense related to time-vesting SUs. ii) Performance-vesting SUs During 2025, the Company granted 434,167 performance-vesting SUs to officers that expire in 2028. These SUs vest three years from the grant date with the number of SUs being variable, which can range from zero to 868,334 contingent upon achieving predetermined performance criteria related to the Company's share price over the three-year period. The fair value of the performance-vesting SUs are based on a Monte Carlo model and an estimated forfeiture rate of approximately 11% (2024 - 11%). The weighted average fair value per performance-vesting SU granted during 2025 was C$11.74 (2024 - C$10.71). The Company incurred share-based compensation related expenditures of $2.6 million for 2025 (2024 - $2.0 million) with a corresponding credit to contributed surplus related to performance-vesting SUs. As at December 31, 2025, there was $2.8 million (2024 - $3.2 million) of unamortized stock-based compensation expense related to performance-vesting SUs. During 2025, 327,364 common shares (2024 - 318,679) were issued as a result of SUs being vested. (c) Stock options The Company’s Stock Option Plan provides for stock option awards to be granted by the Board of Directors to certain employees of the Company. The term of any stock options granted under the Stock Option Plan may not exceed seven years from the date of grant. The maximum number of stock options that are issuable under the Stock Option Plan is 42,000,000. The vesting requirements are established by the Board of Directors. The Company uses the fair value method of accounting for the recording of stock options. Under this method, the Company incurred share-based compensation related expenditures of $5.5 million for 2025 (2024 - $1.4 million) with a corresponding credit to contributed surplus. During 2025, the Company granted 1,808,370 stock options to employees and officers that expire in 2032. The stock options vest over three years from the grant date. The Black-Scholes option pricing model used to determine the fair value of the stock options at the date of the grant assumed a dividend yield of 3%, risk-free interest rate of 2.29% to 3.70% (2024 - 2.29% to 3.70%), expected life of 3.3 years (2024 - 4.7 years) and expected price volatility of 45% (2024 - 46% to 48%). Volatility is determined using the historical daily volatility over the expected life of the options. A forfeiture rate of approximately 11% was applied (2024 - 11%). The weighted average fair value per stock option granted during 2025 was C$3.39 (2024 - C$2.24). As at December 31, 2025, there was $2.3 million of unamortized stock-based compensation expense ( 2024 - $0.5 million) related to stock options. During 2025, 1,257,659 and 102,617 common shares were issued as a result of stock options and replacement options, respectively, being exercised (2024 - 2,822,650 and 109,077). LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 36 - ===== SIDA 126 ===== The continuity of share-based payments outstanding is as follows: Number of SUs Number of Replacement options1 Weighted average exercise price (C$) Number of options Weighted average exercise price (C$) Outstanding, December 31, 2023 1,820,941 280,854 4.91 5,508,802 10.29 Granted 1,041,450 — — 1,498,160 10.71 Forfeited (97,683) (10,189) 5.86 (422,539) 12.51 Exercised (318,679) (109,077) 4.84 (2,822,650) 9.95 Outstanding, December 31, 2024 2,446,029 161,588 4.90 3,761,773 10.46 Granted 890,182 — — 1,808,370 12.91 Forfeited (208,191) (3,631) 6.46 (570,638) 13.23 Exercised (327,364) (102,617) 4.84 (1,257,659) 11.51 Outstanding, December 31, 2025 2,800,656 55,340 4.91 3,741,846 10.87 1 During 2022, the Company issued 2,513,866 replacement options upon completion of the Josemaria Resources Inc. acquisition. The following table summarizes options outstanding as at December 31, 2025: Outstanding Options Exercisable Options Range of exercise prices (C$) Number of Options Outstanding1 Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price (C$) Number of Options Exercisable1 Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price (C$) 4 to 6.99 55,340 0.2 5.05 55,340 0.2 5.05 7 to 9.99 748,201 3.8 7.99 318,803 3.9 7.99 10 to 12.99 2,864,375 5.5 11.37 417,179 4.1 11.11 13 to 16.99 129,270 4.3 15.78 67,500 2.1 14.90 3,797,186 5.0 10.76 858,822 3.6 9.86 1 Includes Replacement options (d) Deferred share units The Company has a DSU plan under which DSUs are granted by the Board of Directors quarterly to eligible non- employee Directors. During 2025, 41,772 (2024 - 33,076) DSUs were granted and 5,618 (2024 - nil) were exercised under the plan. As at December 31, 2025, there were 59,775 DSUs outstanding (2024 - 23,621). (e) Basic and diluted weighted average number of shares outstanding December 31, 2025 December 31, 2024 Basic weighted average number of shares outstanding 855,632,088 774,825,230 Effect of dilutive securities 3,104,442 2,743,811 Diluted weighted average number of shares outstanding 858,736,530 777,569,041 Antidilutive securities 35,319 705,931 The effect of dilutive securities relates to in-the-money outstanding stock options and SUs. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 37 - ===== SIDA 127 ===== (f) Dividends The Company declared dividends in the amount of $105.6 million (2024 - $203.0 million), or C$0.17 per share, for the year ended December 31, 2025 (2024 - C$0.36 per share). (g) Normal course issuer bid In December 2024, the Company obtained approval from the TSX for the renewal of its normal course issuer bid ("NCIB") to purchase up to 57,597,388 common shares between December 16, 2024 and December 15, 2025. Daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 560,989 common shares. In connection with the NCIB renewal, the Company entered into an automatic share purchase plan ("ASPP") with its broker to allow for the purchase of common shares at times when the Company ordinarily would not be active in the market due to trading blackout periods, insider trading rules or otherwise. In December 202 5, the Company obtained approval from the TSX for the renewal of its NCIB to purchase up to 67,723,868 common shares between December 16, 2025 and December 15, 2026. Daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 624,337 common shares. In connection with the NCIB renewal, the Company entered into an ASPP with its broker under the same terms as the ASPP entered in December 2024. During the year ended December 31, 2025 , 15,088,180 shares ( 2024 - 2,815,200 shares) were purchased under the NCIB at an average price of C$14.05 per share ( 2024 - C$12.33 per share) for total consideration of $ 150.0 million (2024 - $24.4 million). All of the common shares purchased were cancelled in 2025 and 2024. As at December 31, 2024, the Company recorded an accrual of $3.7 million in trade and other payables due to the timing of settlement of the repurchase of 429,800 shares on the last trading day of the year which were settled during January 2025. 18. NON-CONTROLLING INTERESTS AND JOINT OPERATIONS a) Non-controlling interests Set out below is summarized financial information for each subsidiary with non-controlling interest ("NCI") that is material to the group. As part of its Candelaria segment, the Company owns 80% of the Candelaria mine and Compañia Contractual Minera Ojos del Salado S.A.’s ("Ojos") copper mining operations and supporting infrastructure in Chile (together the "Candelaria complex"). On July 2, 2024, the Company exercised its option to acquire an additional 19% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile ("Lumina Copper"), bringing the Company's ownership in Caserones from 51% to 70% and reducing the NCI to 30%. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 38 - ===== SIDA 128 ===== The continuity of the Company's non-wholly owned subsidiaries with material NCI is as follows: Candelaria complex Caserones mine Total NCI in subsidiary at December 31, 2025 20% 30%1 As at December 31, 2023 $ 594.8 $ 862.0 $ 1,456.8 Acquisition of additional interest in Caserones — (353.5) (353.5) Share of net comprehensive income 71.4 70.9 142.3 Distributions (86.0) (66.0) (152.0) As at December 31, 2024 580.2 513.4 1,093.6 Share of net comprehensive income 96.2 274.5 370.7 Distributions (60.0) (78.0) (138.0) As at December 31, 2025 $ 616.4 $ 709.9 $ 1,326.3 1 Prior to July 2, 2024, NCI in Caserones was 49%. Summarized financial information for the Company's non-wholly owned subsidiaries on a 100% basis, before inter- company eliminations is as follows: Summarized Balance Sheets Candelaria complex Caserones mine As at Dec. 31, 2025 As at Dec. 31, 2024 As at Dec. 31, 2025 As at Dec. 31, 2024 Total current assets $ 824.4 $ 627.0 $ 760.7 $ 600.3 Total non-current assets $ 3,002.0 $ 3,070.3 $ 2,043.8 $ 1,563.1 Total current liabilities $ 406.2 $ 452.6 $ 326.4 $ 298.4 Total non-current liabilities $ 643.0 $ 611.1 $ 218.0 $ 231.9 Summarized Statements of Earnings and Comprehensive Income Candelaria complex Caserones mine For the year ended December 31, 2025 2024 2025 2024 Total revenue $ 2,081.4 $ 1,858.9 $ 1,533.3 $ 1,147.7 Net earnings $ 479.2 $ 355.2 $ 915.2 $ 171.9 Net comprehensive income $ 479.4 $ 355.3 $ 915.2 $ 171.9 Summarized Statement of Cash Flows Candelaria complex Caserones mine For the year ended December 31, 2025 2024 2025 2024 Cash provided by operating activities $ 360.5 $ 745.2 $ 643.8 $ 438.1 Cash used in investing activities (239.8) (269.0) (152.8) (136.7) Cash used in financing activities (120.6) (377.0) (141.8) (313.5) Increase (decrease) in cash and cash equivalents during the period $ 0.1 $ 99.2 $ 349.2 $ (12.1) LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 39 - ===== SIDA 129 ===== b) Joint operations Set out below is summarized financial information for the Vicuña joint operation on a 50% basis: Summarized Balance Sheets (50% share) December 31, 2025 January 15, 2025 Total current assets $ 30.6 $ 25.7 Total non-current assets $ 2,327.0 $ 2,148.2 Total current liabilities $ 43.5 $ 20.7 Total non-current liabilities $ 7.6 $ 3.1 Summarized Statements of Loss and Comprehensive Loss (50% share) 20251 Net loss $ (3.9) Net comprehensive loss $ (3.9) Summarized Statement of Cash Flows (50% share) 20251 Cash provided by operating activities $ 0.3 Cash used in investing activities (164.2) Cash used in financing activities (1.2) Decrease in cash and cash equivalents during the period $ (165.1) 1 Includes financial results between the date of formation, January 15, 2025 and December 31, 2025. 19. REVENUE The Company's analysis of revenue from contracts with customers, segmented by product, is as follows: 2025 2024 Revenue from contracts with customers: Copper $ 3,161.7 $ 2,754.3 Gold 407.1 295.3 Molybdenum 90.2 136.8 Silver 64.4 47.4 Other 18.0 28.5 3,741.4 3,262.3 Provisional pricing adjustments on current year concentrate sales 268.8 (9.1) Provisional pricing adjustments on prior year concentrate sales 43.0 16.9 Revenue $ 4,053.2 $ 3,270.1 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 40 - ===== SIDA 130 ===== The Company's geographical analysis of revenue from contracts with customers, segmented based on the destination of product, is as follows: 2025 2024 Revenue from contracts with customers: Japan $ 1,222.0 $ 1,122.7 China 1,143.4 1,066.2 Spain 679.7 557.0 USA 265.5 — Germany 184.7 129.8 Finland 125.2 100.0 Chile — 169.4 Other 120.9 117.2 3,741.4 3,262.3 Provisional pricing adjustments on current year concentrate sales 268.8 (9.1) Provisional pricing adjustments on prior year concentrate sales 43.0 16.9 Revenue $ 4,053.2 $ 3,270.1 Revenue from contracts with customers related to continuing operations for the year ended December 31, 2025 includes an increase of $5.0 million (2024 - increase of $4.2 million) due to variable consideration adjustments. Provisional pricing adjustments on prior year concentrate sales include adjustments on pricing from sales during 2024. During the three months ended December 31, 2025, provisional pricing adjustments on current and prior period concentrate sales were $90.2 million positive and $82.5 million positive, respectively. 20. PRODUCTION COSTS The Company's production costs are comprised of the following: 2025 2024 Direct mine and mill cost $ 1,780.7 $ 1,639.0 Transportation 95.3 91.3 Royalties 72.1 56.4 Total production costs $ 1,948.1 $ 1,786.7 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 41 - ===== SIDA 131 ===== 21. GENERAL AND ADMINISTRATIVE EXPENSES The Company's general and administrative expenses are comprised of the following: 2025 2024 Salaries and benefits $ 26.7 $ 23.9 Office related expenses 11.5 14.0 Consulting 11.0 10.6 Stock-based compensation 12.4 6.6 Insurance 0.9 1.3 Other 1.4 1.9 Total general and administrative expenses $ 63.9 $ 58.3 22. EXPLORATION AND BUSINESS DEVELOPMENT The Company's exploration and business development costs are comprised of the following: 2025 2024 General exploration $ 38.1 $ 35.5 Project development 4.6 5.3 Corporate development 0.8 1.3 Total exploration and business development $ 43.5 $ 42.1 23. FINANCE INCOME AND COSTS The Company's finance income and costs are comprised of the following: 2025 2024 Interest income $ 14.6 $ 16.1 Interest expense and bank fees (47.0) (100.9) Accretion expense on reclamation provisions (15.5) (18.7) Lease liability interest (21.7) (22.7) Deferred revenue finance costs (14.8) (4.9) Other (6.1) (6.6) Total finance costs, net $ (90.5) $ (137.7) Finance income $ 14.6 $ 16.1 Finance costs (105.1) (153.8) Total finance costs, net $ (90.5) $ (137.7) LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 42 - ===== SIDA 132 ===== 24. OTHER INCOME AND EXPENSE The Company's other income and expense are comprised of the following: 2025 2024 Realized losses on derivative contracts (Note 26) $ (37.2) $ (2.1) Unrealized gains (losses) on derivative contracts (Note 26) 29.0 (85.2) Loss on disposal of assets (20.9) (8.3) Foreign exchange (loss) gain (a) (15.5) 32.8 Revaluation of marketable securities 14.9 7.4 Ojos del Salado sinkhole (expenses) recovery (b) (10.9) 9.5 Foreign exchange and trading gains on debt and equity investments (c) 3.4 28.3 Gain on partial disposal and contribution to Vicuña 3.0 — Revaluation of Caserones purchase option (d) — 11.7 Write-down of assets — (22.1) Other (expense) income (18.2) 6.1 Total other expense, net $ (52.4) $ (21.9) a) Foreign exchange (loss) gain during the year ended December 31, 2025 and 2024, primarily relate to the foreign exchange revaluation of trade payables and lease liabilities held in foreign currencies. b) Ojos del Salado sinkhole (expenses) recovery during the year ended December 31, 2025 and 2024 include adjustments to expenses previously accrued, as a result of updated information related to the sinkhole near the Company's Ojos del Salado operations. c) Foreign exchange and trading gains on debt and equity investments include the changes in fair value of debt and equity instruments supporting capital funding for the Josemaria project prior to the formation of Vicuña. d) The Caserones purchase option was revalued at each reporting period up to the date of exercise, with changes in fair value recorded in Other Income and Expense. The purchase option was exercised on July 2, 2024. 25. CURRENT AND DEFERRED INCOME TAXES 2025 2024 Current Tax Expense: Current tax on net taxable earnings $ 304.4 $ 290.4 Adjustments in respect of prior years (4.7) 4.5 Current tax expense 299.7 294.9 Deferred tax recovery (569.7) (36.1) Total tax (recovery) expense $ (270.0) $ 258.8 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 43 - ===== SIDA 133 ===== The tax on the Company's earnings before income tax differs from the amount that would arise using the weighted average rate applicable to earnings of the consolidated entities as follows: 2025 2024 Earnings excluding income taxes $ 1,147.7 $ 526.5 Combined basic federal and provincial rates 27.0 % 27.0 % Income taxes based on Canadian statutory income tax rates $ 309.9 $ 142.2 Effect of different tax rates in foreign jurisdictions 2.9 26.9 Tax calculated at domestic tax rates applicable to earnings in the respective countries 312.8 169.1 Tax effects of: Mining Royalty Tax 71.7 72.3 Non-deductible and non-taxable items (a) 1.9 17.0 Changes in estimates on Chilean royalty tax rate (b) (37.8) 15.0 Adjustments in respect of prior years 5.2 (2.4) Unrecognized deferred tax assets (c) 42.4 44.8 Foreign exchange impact on temporary differences and other translation amounts (d) (34.2) 12.7 Recognition of previously unrecognized temporary differences (e) (650.9) (71.7) Outside basis difference on investment in subsidiaries 10.9 — Net withholding tax on accrued interest and dividends received 6.5 5.5 Other 1.5 (3.5) Total tax (recovery) expense $ (270.0) $ 258.8 The Company operates in tax jurisdictions that have tax rates (including mining royalty tax) ranging from 15.0% to 37.7%. a) Includes non-deductible environmental expenses incurred at Caserones of $51.6 million (2024 - $47.6 million), partially offset by tax deductible interest on equity payments in Chapada of $30.9 million (2024 - $6.4 million) that are not reflected in the Company's earnings. b) The mining royalty law in Chile, which includes a 1% ad-valorem tax on sales applies to Candelaria and will become applicable for Caserones in 2028 when its tax stability agreement expires. In addition to the ad-valorem tax, both operations in Chile are expected to pay mining tax of approximately 8% - 15% on net mining income. The maximum effective tax rate for the combined mining royalty, corporate income tax and final taxes in Chile is set at 46.5%. Due to changes in future production and mining operating margin estimates, the Company recognized $31.2 million of deferred tax recovery at Candelaria (2024 - $23.3 million deferred tax expense) and $6.6 million of deferred tax recovery at Caserones (2024 - $8.3 million). c) Deferred tax expense associated with temporary differences for which no deferred tax assets were recognized includes $10.6 million at Candelaria (2024 - $29.7 million), $3.5 million in Canada (2024 - $14.1 million), $11.5 million in Bermuda (2024 - $nil) and $7.8 million in Switzerland (2024 - $nil). d) The revaluation of non-monetary assets in Brazil from the local currency BRL to USD resulted in a deferred tax recovery of $34.2 million at Chapada (2024 - $51.3 million deferred tax expense). e) Includes the recognition of $665.0 million of previously unrecognized deferred tax assets at Caserones (2024 - $64.8 million), primarily related to tax losses and property plant & equipment. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 44 - ===== SIDA 134 ===== Global Minimum Top-up Tax - Pillar Two The Company is within the scope of OECD Pillar Two model rules. Among the jurisdictions where the Company operates, Pillar Two legislation has been enacted in Sweden, Canada, Brazil and the Netherlands. The Company applies the exception to recognizing and disclosing information about deferred tax assets and liabilities as provided by the amendments to IAS 12 in May 2023. The Company also accounts for any top up taxes as a current tax when it is incurred. The Company has performed an analysis of the Global Minimum Tax rules including country-by- country reporting (CbCR) safe harbour test, and concluded that no top-up tax was required in 2025. Deferred tax assets (liabilities) December 31, 2025 December 31, 2024 Deferred tax assets $ 719.6 $ 191.3 Deferred tax liabilities (611.6) (643.8) Deferred tax assets (liabilities) $ 108.0 $ (452.5) The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same jurisdiction, is as follows: As at December 31, 2024 (Expensed)/ recovered Discontinued Operations Effects of foreign exchange As at December 31, 2025 Deferred tax assets: Loss carryforwards $ 153.3 $ 516.5 $ (6.2) $ — $ 663.6 Reclamation & other closure provisions 48.8 (7.3) — 2.3 43.8 Leases 25.6 1.2 (2.8) — 24.0 Sinkhole provision 6.6 1.9 — — 8.5 Provisional pricing provision & other fair value gain/losses 18.4 (67.9) — (0.1) (49.6) Deferred tax liabilities: Mineral properties, plant & equipment (444.8) 39.5 9.0 (12.1) (408.4) Right-of-use assets (32.5) 5.6 3.1 (0.1) (23.9) Provisions (65.9) 19.0 — 1.1 (45.8) Mining royalty taxes (33.2) 8.0 — — (25.2) Long-term inventory (119.8) 46.0 (0.6) (4.0) (78.4) Foreign currency contracts (7.6) 4.4 — — (3.2) Other (1.4) 2.8 — 1.2 2.6 $ (452.5) $ 569.7 $ 2.5 $ (11.7) $ 108.0 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 45 - ===== SIDA 135 ===== As at December 31, 2023 (Expensed)/ recovered Discontinued Operations Balance Sheet/ Equity adjustment Effects of foreign exchange As at December 31, 2024 Deferred tax assets: Loss carryforwards $ 58.1 $ 96.2 $ — $ — $ (1.0) $ 153.3 Reclamation & other closure provisions 62.0 5.7 (15.3) — (3.6) 48.8 Deferred revenue 12.8 — (12.8) — — — Future tax credits 4.3 — (4.3) — — — Leases 5.9 20.0 (0.3) — — 25.6 Sinkhole provision 6.6 — — — — 6.6 Other 4.9 22.0 7.6 — 1.6 36.1 Deferred tax liabilities: Mineral properties, plant & equipment (496.1) (10.4) 44.6 — 17.1 (444.8) Right-of-use assets (31.3) (1.5) 0.4 — (0.1) (32.5) Provisions (88.3) (5.5) 30.7 — (2.2) (65.3) Mining royalty taxes (9.6) (23.6) — — — (33.2) Long-term inventory (88.2) (34.5) 9.5 — (6.6) (119.8) Fair value gains (12.8) 1.6 — — — (11.2) Foreign currency contracts (9.2) — — — (9.2) Pension provision (0.6) (4.8) (1.7) 0.3 (0.1) (6.9) $ (581.5) $ 65.2 $ 58.4 $ 0.3 $ 5.1 $ (452.5) Deferred tax assets are recognized for tax loss carry-forwards and other temporary differences to the extent that the realization of the related tax benefit through future taxable profits is probable. The Company determined that it is probable that sufficient future taxable profits will be available to allow the benefit of the deferred tax assets to be utilized. The Company did not recognize deferred tax assets of $486.0 million (2024 - $1,058.7 million) in respect of losses amounting to $1,815.6 million (2024 - $3,924.3 million) that can be applied against future taxable income. Caserones has approximately $3.9 billion in tax losses which can be applied to future taxable income over the mine life. A deferred tax asset of $665.4 million has been recognized at Caserones in respect of these losses and deductible temporary differences. Sensitivity analysis was performed on the underlying forecast taxable profits model for Caserones. A 5% reduction to forecast metal prices would decrease the deferred tax asset by approximately $134.4 million and a 5% weakening of USD:CLP foreign exchange rate would increase the deferred tax asset by $40.1 million. Deferred tax liabilities have not been recognized on $1.2 billion of taxable temporary differences from unremitted earnings of foreign subsidiaries and joint arrangements, because the Company controls when these differences reverse and does not expect them to reverse in the foreseeable future. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 46 - ===== SIDA 136 ===== 26. FINANCIAL INSTRUMENTS Derivative instruments From time to time, the Company uses derivative contracts as part of its risk management strategy to mitigate exposure to foreign currencies and commodities. The Company maintains foreign currency forward and option contracts on CAD, BRL, and CLP foreign currencies intended to limit the foreign exchange exposure of its forecasted foreign currency denominated after-tax attributable operating and capital expenditures. Additional commodity forward swap and option contracts are used from time to time to limit exposure to changes in the price of diesel fuel purchases at Candelaria, and to limit exposure to changes in the price of gold. The foreign exchange and commodities contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value with changes in fair value recognized in the consolidated statements of earnings. The following tables outline the foreign currency and commodity derivative notional contract positions and their expiry dates: Expired in Expiring throughout: Foreign currency forward contracts 2025 2026 USD/CAD forwards Average contract price 1.40 — Position (USD millions) 499 — USD/SEK forwards Average contract price 10.83 — Position (SEK millions) 758 — Expired in Expiring throughout: Foreign currency option contracts 2025 2026 USD/BRL collars Average contract price 5.06/6.04 5.07/6.04 Position (USD millions) 185 114 USD/CLP collars Average contract price 872/1,032 904/1,060 Position (USD millions) 511 342 Expired in Expiring throughout: Commodity hedge contracts 2025 2026 Gold collars Average contract price ($/oz) 2,500/3,125 2,500/3,455 Position (koz) 62 43 Diesel collars Average contract price ($/L) 0.50/0.65 — Position (millions of litres) 54 — LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 47 - ===== SIDA 137 ===== The Company’s net unrealized and realized gain/(loss) on foreign currency and commodity derivative contracts are as follows: 2025 2024 Unrealized gain (loss) on derivative financial instruments: Foreign currency contracts $ 71.4 (87.7) Commodity hedge contracts (42.4) 2.5 29.0 (85.2) Realized (loss) gain on derivative financial instruments: Foreign currency contracts (13.7) 2.6 Commodity hedge contracts (23.5) (4.6) (37.2) (2.0) Total unrealized and realized loss on derivative contracts: $ (8.2) $ (87.2) A summary of the fair values of unsettled derivative contracts recorded on the consolidated balance sheet is as follows: December 31, 2025 December 31, 2024 Foreign currency contracts: Current asset position $ 9.8 $ — Current liability position 2.3 39.4 Non-current liability position — 24.5 Commodity contracts: Current asset position $ — $ 1.0 Non-current asset position — 0.7 Current liability position 40.7 — LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 48 - ===== SIDA 138 ===== Fair values of financial instruments The Company’s financial assets and financial liabilities have been classified into categories that determine their basis of measurement. The following table shows the carrying values, fair values and fair value hierarchy of the Company’s financial instruments as at December 31, 2025 and December 31, 2024: December 31, 2025 December 31, 2024 Level Carrying value Fair value Carrying value Fair value Financial assets Fair value through profit or loss Restricted funds 1 $ 16.4 $ 16.4 $ 8.6 $ 8.6 Trade receivables (provisional) 2 624.2 624.2 337.1 337.1 Marketable securities 1 30.9 30.9 60.1 60.1 Foreign currency contracts 2 9.8 9.8 — — Contingent consideration (Note 3) 3 85.7 85.7 — — Commodity contracts 2 — — 1.6 1.6 $ 767.0 $ 767.0 $ 407.4 $ 407.4 Financial liabilities Amortized cost Debt 3 $ 237.1 $ 237.1 $ 1,757.0 $ 1,757.0 Caserones deferred consideration 2 109.3 109.3 112.8 112.8 Fair value through profit or loss Pricing provisions on concentrate sales 2 $ 2.4 $ 2.4 $ 7.1 $ 7.1 Foreign currency contracts 2 2.3 2.3 63.9 63.9 Commodity contracts 2 40.7 40.7 — — $ 45.4 $ 45.4 $ 71.0 $ 71.0 Fair values of financial instruments are determined by valuation methods depending on hierarchy levels as defined below: Level 1 – Quoted market price in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted market prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. observed prices) or indirectly (i.e. derived from prices). Level 3 – Inputs for the assets or liabilities are not based on observable market data. The Company estimates fair values based on the following methods of valuation and assumptions: Marketable securities/debt and equity investments/restricted funds – The fair value of investments in shares and bonds is determined based on the quoted market price. Trade receivables/pricing provisions on concentrate sales – The fair value of trade receivables that contain provisional pricing sales arrangements are valued using quoted forward market prices. The Company recognized positive pricing adjustments of $311.8 million in revenue during the year ended December 31, 2025 (December 31, 2024 - $7.8 million positive pricing adjustments). LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 49 - ===== SIDA 139 ===== Foreign currency and commodity contracts – The fair value of these derivatives are determined by the counterparties to the contracts and are assessed by Management using pricing models based on active market prices. Contingent consideration – The fair value of the contingent consideration was estimated by calculating the present value of the future expected cash flows from the contingent copper and zinc payments related to the Neves-Corvo mine and Zinkgruvan mine based on probability-weighted scenarios of future copper and zinc prices. Caserones deferred consideration – The fair value of the Caserones deferred consideration has been discounted at the estimated credit adjusted risk free rate applicable to future payments. Debt – The fair values approximate carrying values as the interest rates are comparable to current market rates. The carrying values of certain financial instruments maturing in the short-term approximate their fair values. These financial instruments include cash and cash equivalents, trade and other receivables other than those provisionally priced, and trade and other payables other than those provisionally priced, which are classified as amortized cost. 27. COMMITMENTS AND CONTINGENCIES a) The Company has capital commitments of $327.0 million on various initiatives of which $323.7 million and $3.3 million relate to continuing and discontinued operations, respectively. Capital commitments of $197.0 million are expected to be paid during 2026 of which $193.7 million is related to continuing operations. b) T he Company has been provided with an indemnity for any tax liabilities that may arise for periods prior to the date of the Chapada acquisition in July 2019. For identified tax claims existing at the date of acquisition, the Company has agreed to be liable for up to the first $21.0 million (BRL 101.5 million). While the outcome of these tax claims is uncertain, no material liabilities have been accrued as the Company believes material payment is not likely due to the nature of the tax claims. c) In respect of the 2017 taxation year, the Canada Revenue Agency ("CRA") issued a reassessment denying the Company’s 2007 election to increase the tax cost of its investment in a subsidiary. The reassessment proposes an increase in taxable income of approximately $456 million, which would result in additional income taxes payable of approximately $114.1 million and interest of approximately $46.2 million. The Company filed a Notice of Objection on January 28, 2026 and will vigorously and expeditiously defend its tax filing position through CRA's Appeals Division and, if required, court proceedings. No provision has been recognized as the Company believes its filing position is in compliance with Canadian tax law. d) The following summarizes total tax exposure under two contradictory assessments received from the Chilean Internal Revenue Service ("IRS"). Given that the assessments relate to the same issue, the Company’s potential exposure is expected to be limited to one of the below scenarios: i) For taxation years 2014 through 2019, the IRS issued tax assessments denying tax deductions related to interest expenses arising from an intercompany debt. The total of all assessments amounts to $145.6 million in taxes plus estimated interest and penalties of $131.7 million. All tax refunds arising from the tax deductions related to the intercompany debt have been received up to December 2025. ii) On the same intercompany debt for taxation years 2016 through 2019, the Company has also received assessments from the IRS seeking additional withholding taxes, including interest and penalties, on interest payments made. The total of all assessments amounts to $114.2 million in taxes plus estimated interest and penalties of $142.2 million. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 50 - ===== SIDA 140 ===== In November 2025, the Company received final rulings from the Second Tax and Customs Court of the Metropolitan Region of Santiago in respect of the assessments summarized above. The rulings were all in favour of the Company. Subsequently, in December 2025, the Chilean IRS filed an appeal. The Company maintains its position that the assessments are inconsistent with Chilean tax law and, therefore, without merit. The Company does not expect further assessments to be issued related to this tax matter, as the intercompany loan was amended in 2020 with an interest rate accepted by the IRS. e) The Company may be involved in legal proceedings arising in the ordinary course of business, including the actions described below. The potential amount of the liability with respect to such legal proceedings is not expected to materially affect the Company’s financial position. The Company believes the claims to be without merit and the loss, if any, cannot be determined at this time for all contingencies. The Company has accordingly not accrued any amounts related to the litigations below (unless otherwise noted). The Company intends to vigorously defend these claims. Two proposed class actions were filed against the Company and certain officers and directors. The first, in the province of Ontario, on December 7, 2017 (Markowich v. Lundin Mining Corporation et al) and a second overlapping action in the province of Québec on January 18, 2018 (Prévreau v. Lundin Mining Corporation et al). Both proposed class actions seek damages of $132.3 million (C$175.0 million) and punitive damages of $7.6 million (C$10.0 million) and assert various statutory and other claims related to, among other things, alleged misrepresentations and/or failure to make timely disclosure of material information about the Company’s business and operations and, in particular, the operations of the Candelaria mine and a rock slide at the Candelaria mine on October 31, 2017. The proposed Ontario class action asserts claims on behalf of a putative class comprising persons who acquired securities of the Company between October 25, 2017, and November 29, 2017, whereas the proposed Québec class action asserts claims on behalf of only such persons who are resident or domiciled in Québec. In June 2018, counsel to the plaintiffs in the Québec action agreed to a stay (i.e., indefinite cessation) of that proceeding in light of the Ontario action. On August 30, 2018, the Québec Superior Court, on consent of the parties, stayed the Québec action indefinitely. On September 2, 2020, the plaintiff in the Ontario action served motion materials for leave and certification with the Ontario Superior Court of Justice. On January 6, 2022, the Ontario Superior Court of Justice denied the leave application and declined the motion for certification. On May 24, 2023, the Ontario Court of Appeal granted the plaintiff’s appeal of this decision. In August 2023, the defendants filed an application for leave to appeal the Ontario Court of Appeal decision to the Supreme Court of Canada, which leave to appeal was granted on March 25, 2024. On November 28, 2025, the Supreme Court of Canada upheld the 2023 Ontario Court of Appeal decision allowing the certified class action to 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 action. f) Pursuant to the Definitive Agreement (Note 3), the Company provides financial assurances for the reclamation and closure of Eagle mine. 28. SEGMENTED INFORMATION The Company is engaged in mining, exploration and development of mineral properties at three operating sites located in Chile and Brazil, and at Vicuña in Argentina and Chile. Operating segments are reported in a manner consistent with the internal reporting provided to the executive leadership team who act as the operating decision- makers. The chief operating decision makers consider the business from a site and project-level perspective. Executive management are responsible for allocating resources and assessing performance of the operating segments. The Company has identified four reportable segments which include three operating sites, and the Vicuña Project. The Vicuña segment is an independently managed joint arrangement and includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Josemaria project and Filo del Sol project after that date (Note 4). Discontinued operations include results from the Eagle, Neves-Corvo and Zinkgruvan segments (Note 3). LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 51 - ===== SIDA 141 ===== For the year ended December 31, 2025 Candelaria Caserones Chapada Vicuña1 Other Total Continuing Operations Discontinued Operations Total Chile Chile Brazil Argentina & Chile Revenue $ 1,769.0 $ 1,618.9 $ 665.3 $ — $ — $ 4,053.2 $ 409.3 $ 4,462.5 Cost of goods sold Direct mine and mill costs (738.0) (777.1) (262.7) — (2.9) (1,780.7) (236.8) (2,017.5) Transportation (30.2) (35.5) (29.6) — — (95.3) (27.2) (122.5) Royalties (15.7) (41.9) (14.5) — — (72.1) (13.8) (85.9) Depreciation, depletion and amortization (300.0) (212.2) (106.2) — (0.5) (618.9) (22.3) (641.2) Inventory write-down — — (88.2) — — (88.2) — (88.2) Gross profit (loss) 685.1 552.2 164.1 — (3.4) 1,398.0 109.2 1,507.2 General and administrative expenses — — — — (63.9) (63.9) — (63.9) Exploration and business development (8.4) (21.9) (4.7) (4.2) (4.3) (43.5) (6.9) (50.4) Finance (costs) income (19.4) (20.1) (23.3) 1.0 (28.7) (90.5) (9.0) (99.5) Other (expense) income (55.0) (19.0) (9.0) — 30.6 (52.4) 40.1 (12.3) Gain on disposal of subsidiaries — — — — — — 106.3 106.3 Asset impairment — — — — — — 22.7 22.7 Income tax (expense) recovery (235.1) 497.8 — (12.2) 19.5 270.0 (26.6) 243.4 Net earnings (loss) $ 367.2 $ 989.0 $ 127.1 $ (15.4) $ (50.2) $ 1,417.7 $ 235.8 $ 1,653.5 Capital expenditures $ 246.0 $ 156.3 $ 99.2 $ 182.8 $ 0.3 $ 684.6 $ 79.2 $ 763.8 Total non-current assets(2) $ 2,997.8 $ 1,336.2 $ 1,240.2 $ 2,392.6 $ 6.0 $ 7,972.8 $ — $ 7,972.8 1 The Vicuña segment includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Vicuña Project after that date (Note 4). 2 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 52 - ===== SIDA 142 ===== For the year ended December 31, 2024 Candelaria Caserones Chapada Vicuña1 Other Total Continuing Operations Discontinued Operations Total Chile Chile Brazil Argentina & Chile Revenue $ 1,618.9 $ 1,153.6 $ 497.6 $ — $ — $ 3,270.1 $ 847.3 $ 4,117.4 Cost of goods sold Direct mine and mill costs (679.9) (709.4) (248.5) — (1.2) (1,639.0) (501.1) (2,140.1) Transportation (31.0) (34.7) (25.6) — — (91.3) (44.7) (136.0) Royalties (15.7) (32.1) (8.6) — — (56.4) (11.4) (67.8) Depreciation, depletion and amortization (313.1) (184.1) (76.5) — (0.5) (574.2) (188.9) (763.1) Reversal of inventory write-down — — 26.6 — — 26.6 — 26.6 Gross profit (loss) 579.2 193.3 165.0 — (1.7) 935.8 101.2 1,037.0 General and administrative expenses — — — — (58.3) (58.3) — (58.3) Exploration and business development (10.2) (14.8) (5.6) (8.3) (3.2) (42.1) (16.0) (58.1) Finance (costs) income (26.9) (17.3) (25.7) 21.5 (89.3) (137.7) (13.4) (151.1) Other (expense) income 14.9 37.6 3.8 7.3 (85.5) (21.9) (11.0) (32.9) Goodwill and asset impairment (55.9) — (93.5) — — (149.4) (396.1) (545.5) Partial suspension of underground operations cost — — — — — — (36.1) (36.1) Income tax (expense) recovery (237.9) (0.9) (62.2) 50.1 (7.9) (258.8) 42.5 (216.3) Net earnings (loss) $ 263.2 $ 197.9 $ (18.2) $ 70.6 $ (245.9) $ 267.6 $ (328.9) $ (61.3) Capital expenditures $ 275.7 $ 144.0 $ 107.8 $ 258.2 $ 0.4 $ 786.1 $ 176.2 $ 962.3 Total non-current assets(2) $ 3,063.8 $ 1,374.7 $ 1,290.0 $ 1,408.2 $ 6.6 $ 7,143.3 $ 107.5 $ 7,250.8 1 The Vicuña segment includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Vicuña Project after that date (Note 4). 2 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 53 - ===== SIDA 143 ===== 29. RELATED PARTY TRANSACTIONS a) Key management personnel - The Company has identified its directors and senior officers as its key management personnel. Employee benefits for key management personnel are as follows: 2025 2024 Wages, salaries and pension benefits $ 7.8 $ 7.4 Share-based compensation 4.2 2.2 $ 12.0 $ 9.6 b) Other related parties - For the year ended December 31, 2025, the Company incurred $7.3 million (December 31, 2024 – $8.4 million), and no receipt of refunds (December 31, 2024 – $2.1 million) for services provided by companies owned by members of key management personnel primarily relating to office rental and transportation. For the year ended December 31, 2025, the Company incurred $2.2 million (December 31, 2024 – $2.6 million), for services provided by the Lundin Foundation, a not-for-profit organization supporting community economic development programs and related initiatives in the regions in which the Company operates. 30. MANAGEMENT OF FINANCIAL RISK The Company’s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, foreign exchange risk, commodity price risk and interest rate risk. (a) Credit risk The exposure to credit risk arises through the failure of a customer or another third party to meet its contractual obligations to the Company. The Company believes that its maximum exposure to credit risk as at December 31, 2025 is the carrying value of its trade and other receivables. Concentrate and cathodes produced at the Company’s mines is sold to a number of strategic customers with whom the Company has established long-term relationships. Limited amounts of concentrate are occasionally sold to commodity traders, under prevailing market conditions. Payment terms vary and provisional payments are normally received when concentrate or copper cathodes have been placed on board a vessel for shipment or delivered to a location specified by the customer, in accordance with industry practice, with final settlement up to six months following the date of shipment. Sales to commodity traders are made against secure payment terms such as a letter of credit, pre-payment or payment against shipping documents. Credit worthiness of customers is reviewed by the Company on an annual basis or more frequently, if warranted, and those not meeting certain credit criteria may be asked to make 100% provisional payment up-front or provide an acceptable payment instrument such as a letter of credit. The failure of any of the Company’s strategic customers could have a material adverse effect on the Company’s financial position. For the year ended December 31, 2025, the Company has four customers that individually account for 10% or more of the Company’s total sales. The Company's largest customers represent approximately 16%, 16%, 14%, and 10% of total sales (2024 - four customers representing 20%, 14%, 13%, and 11% of total sales). With respect to credit risk arising from the other financial assets of the Company, which comprise cash and cash equivalents, restricted funds, marketable securities and equity investments, and foreign currency contracts, the Company’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Company limits material counterparty credit risk on these assets by dealing with financial institutions with long-term credit ratings with Standard & Poor’s of at least A, or the equivalent thereof with Moody’s, or those which have been otherwise approved. LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 54 - ===== SIDA 144 ===== (b) Liquidity risk The Company has in place a planning and forecasting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company ensures that there is sufficient available capital to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. The Company has a revolving credit facility in place to assist with meeting its cash flow needs as required (Note 12). The maturities of the Company’s non-current liabilities are disclosed in Note 12 and Note 27. All current liabilities are due to be settled within one year. (c) Foreign exchange risk The Company operates internationally and is exposed to foreign exchange risk arising from various currencies, primarily with respect to CLP, BRL, and ARS. The Company’s risk management strategy is to manage cash flow risk related to foreign denominated cash flows. The Company is exposed to currency risk related to changes in rates of exchange between foreign denominated balances and the functional currencies of the Company’s principal operating subsidiaries. The Company’s revenues are denominated in US dollars, while most of the Company’s operating and capital expenditures are denominated in the local currencies. The Company may, at its discretion, use forward or derivative contracts to manage its exposure to foreign currencies, the use of which is subject to appropriate approval procedures. A significant change in the currency exchange rates between the US dollar and foreign currencies could have a material effect on the Company’s net earnings and other comprehensive income. The following table illustrates the estimated impact a 10% US dollar change against the CLP and BRL would have on pre-tax earnings as a result of translating the Company's foreign denominated financial instruments as at December 31, 2025 before the impact of derivative contracts: Currency Change Effect on Pre-Tax Earnings Change Effect on Pre-Tax Earnings CLP +10% $(23.9) -10% $23.9 BRL +10% $(2.4) -10% $2.4 (d) Commodity price risk The Company is subject to price risk associated with fluctuations in the market prices for metals. A significant change in metal prices could have a material effect on the Company’s revenues. The Company may, at its discretion, use forward or derivative contracts to manage its exposure to changes in commodity prices, the use of which is subject to appropriate approval procedures. The Company is also subject to price risk on the final settlement of its provisionally priced trade receivables. The following table illustrates the sensitivity of the Company’s risk on final settlement of its provisionally priced trade receivables: Metal Payable metal Provisional price on December 31, 2025 Change Effect on Revenue ($millions) Copper 80,435 t $5.64/lb +/-10% +/-100.0 Gold 32 koz $4,343/oz +/-10% +/-13.8 Molybdenum 619 t $23.30/lb +/-10% +/-3.2 LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 55 - ===== SIDA 145 ===== (e) Interest rate risk The Company’s exposure to interest rate risk arises from the interest rate impact on its cash and cash equivalents, restricted funds, and debt facilities. Certain of the Company's debt facilities include a variable rate component such as references to Term SOFR on the revolving credit facility, as well as applicable credit spreads depending on the Company's net leverage ratio. As at December 31, 2025, holding all other variables constant, a 1% change in the interest rate would result in an approximate $2.4 million change in interest expense on an annualized basis (2024 - $12.5 million). 31. MANAGEMENT OF CAPITAL RISK The Company’s objectives when managing its capital include ensuring a sufficient combination of positive operating cash flows and debt and equity financing in order to meet its ongoing capital development and exploration programs in a way that maximizes the shareholder return given the assumed risks of its operations while, at the same time, safeguarding the Company’s ability to continue as a going concern. The Company considers the following items as capital: excess cash balances, debt, lease liabilities, and share capital. Through the ongoing management of its capital, the Company will modify the structure of its capital based on changing economic conditions in the jurisdictions in which it operates. In doing so, the Company may issue new shares or debt, buy back issued shares, or pay off any outstanding debt. The Company continuously monitors its capital structure to determine the appropriateness of paying dividends. Planning, including life-of-mine plans, annual budgeting and controls over major investment decisions are the primary tools used to manage the Company’s capital. Updates are made as necessary to both capital expenditure and operational budgets in order to adapt to changes in risk factors of proposed expenditure programs and market conditions within the mining industry. 32. SUPPLEMENTARY CASH FLOW INFORMATION 2025 2024 Changes in non-cash working capital items consist of: Trade and income taxes receivable, and other current assets $ (348.9) $ 160.0 Inventories (39.1) (72.0) Trade and income taxes payable, and other current liabilities (26.0) 133.7 $ (414.0) $ 221.7 Operating activities included the following cash payments: Income taxes paid $ 396.4 $ 184.4 33. SUBSEQUENT EVENT On January 9, 2026, the Company completed the sale of Eagle mine to Talon (Note 3). LUNDIN MINING CORPORATION Notes to consolidated financial statements For the years ended December 31, 2025 and 2024 (Tabular amounts in millions of US dollars, except for shares and per share amounts) - 56 -