Lundin Mining Corporation: Lundin Mining Reports Third Quarter 2026 Results, Delivering Strong Financial Performance Amidst Record Copper Prices

LUMIRegulatoriskt pressmeddelande2026-11-04 23:30

VANCOUVER, BC, November 4, 2026 /CNW/ - (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its third quarter 2026 financial results. Unless otherwise stated, results are from continuing operations and presented in US dollars on a 100% basis.

Jack Lundin, President and CEO commented, "In the third quarter of 2026, Lundin Mining generated its fourth consecutive quarter of revenue exceeding $1 billion. Supported by record realized copper prices, year to date, our adjusted EBITDA of $1.9 billion and free cash flow from operations of $1.2 billion have both already surpassed their full-year 2025 totals, positioning the Company for what we expect to be another record beating financial year.

"Candelaria and Chapada delivered solid operational performance during the quarter, with Candelaria's copper production increasing 13% from the second quarter and Chapada achieving its highest quarterly copper and gold production of 2026. At Caserones, severe winter weather and the ongoing impacts of the Super El Niño season have continued to constrain open-pit mining activities, requiring us to further revise our 2026 copper production guidance from 120-130 thousand tonnes to 105-115 thousand tonnes. Importantly, these are deferred tonnes rather than lost production, and we expect to see a recovery in operational performance through 2027.

"We also continued to advance our organic growth strategy. At Chapada, earthworks and concrete pouring have commenced on the additional ball mill, with construction approximately 15% complete. We remain on schedule for commissioning in late 2027.

"At Vicuña, we secured a long-term Provincial Agreement with the Province of San Juan and received approval to construct the high-voltage powerline connecting the project to the national grid. These are important milestones as we continue to advance the project toward a sanction decision before year-end.

"Despite the operational challenges encountered at Caserones, Lundin Mining remains well positioned, with a strong balance sheet and an exceptional pipeline of organic growth opportunities. We remain focused on executing our strategy and achieving our ambition of becoming a top ten global copper producer."

Third Quarter Operational and Financial Highlights

Record realized copper prices drove another quarter of revenue above $1.1 billion with $418 million of free cash flow from operations¹, putting the Company in a net cash¹ position of $237 million at quarter-end. This strong financial performance was achieved despite the challenging weather conditions faced at Caserones, with heavy snowfall and strong winds resulting in two extended production stoppages during the third quarter.

Copper Production: 62,610 tonnes at a consolidated cash cost¹of $2.01/lb.
Gold Production: 36,763 ounces of gold was produced.
Revenue: $1,109.2 million with a record realized copper price¹ of $6.85/lb and a realized gold price¹ of $4,321/oz.
Net Earnings and Adjusted Earnings¹: Net earnings attributable to shareholders of the Company was $228.9 million ($0.27 per share) and adjusted earnings was $276.5 million ($0.32 per share).
Adjusted EBITDA¹: $647.7 million for the quarter.
Capital Expenditures¹: Sustaining capital expenditures² were $122.8 million and expansionary capital expenditures¹ were $97.0 million.
Cash Generation: Cash provided by operating activities in the quarter was $531.6 million, adjusted free cash flow from operations¹was $317.0 million.

Shareholder Returns: Under its normal course issuer bid, the Company repurchased 2,448,400 common shares for aggregate purchases of approximately $62.4 million and declared dividends of $16.6 million or C$0.0275 per share during the quarter. Year-to-date, the Company has repurchased 6,098,494 common shares for aggregate purchases of approximately $158.8 million and has declared dividends of $50.9 million or C$0.0825 per share. As part of its shareholder distribution policy, the Company is committed to allocating up to $150 million annually to share buybacks. In August, the Board also approved up to an additional $100 million of share repurchases, beyond the shareholder distribution policy commitment, for the remainder of 2026.

Growth: The Company delivered several major growth milestones this quarter, positioning it to be able to sanction the Vicuña project and advance its growth strategy:
- During the quarter, Vicuña announced that it has secured a long-term royalty agreement and infrastructure trust (the "Provincial Agreement") with the Government of San Juan Province, Argentina (the "Province"), which will provide further economic stability for the project. An infrastructure trust commitment of $250 million (Lundin Mining's attributable share: $125 million) with trust contributions to be made upon execution of eligible infrastructure works by the Province. This commitment grants Vicuña a five-year payment holiday from required infrastructure trust contributions which would otherwise commence on first production, while providing upfront funds to the Province for infrastructure and community initiatives.
- Vicuña also received approval from the National Gas and Electricity Regulatory Entity ("ENRGE") to build the high-voltage powerline and electrical infrastructure for the project, and secure the capacity needed to meet the operation's power demands.

- As part of its near-term growth strategy, the Company approved construction of an additional ball mill at Chapada to achieve higher recoveries as part of the Saúva growth project. Earthworks and concrete pouring have started and fabrication of the ball mill has commenced with commissioning targeted for late 2027.

Net Cash¹: As at September 30, 2026, the net cash position of the Company was $237.0 million. As at November 4, 2026, net cash was approximately $200 million.

Outlook: Following a series of severe winter storms during the quarter, full-year copper production guidance at Caserones was revised on August 18, 2026 to 120,000 - 130,000 tonnes from 130,000 - 140,000 tonnes and annual cash cost per pound sold guidance was revised to $2.15/lb - $2.35/lb from $2.05/lb - $2.25/lb. The impact of the storms has continued into the fourth quarter, as snowmelt has reduced haulage rates and limited the volume of ore delivered to the mill. As a result, Caserones full-year copper production guidance has been further revised to 105,000 - 115,000 tonnes from 120,000 - 130,000 tonnes. The consolidated copper production guidance for the Company is now 285,000 - 310,000 tonnes, with cash cost guidance of $1.95/lb - $2.15/lb of copper.

______________________________

¹ These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

²Sustaining capital expenditures is a supplementary financial measure, see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Summary Financial Results

	2026				2025
($ millions continuing operations)	YTD¹	Q3	Q2	Q1	Total¹	Q4	Q3	Q2	Q1
Revenue and profit
Revenue	3,480.7	1,109.2	1,212.7	1,158.8	4,053.2	1,301.5	953.9	878.2	919.6
Production costs	(1,441.2)	(441.2)	(513.0)	(487.0)	(1,948.1)	(546.8)	(455.3)	(466.3)	(479.8)
Depreciation, depletion and amortization	(405.4)	(136.6)	(134.5)	(134.3)	(618.9)	(169.7)	(162.2)	(153.4)	(133.5)
Gross profit	1,634.1	531.4	565.2	537.5	1,398.0	496.8	336.4	258.5	306.3
Net earnings	1,029.5	271.8	370.7	387.0	1,417.7	912.3	175.1	149.2	181.2
- attributable to shareholders	787.8	228.9	278.4	280.5	1,047.2	659.9	133.8	115.7	137.9
Adjusted earnings²	797.8	276.5	256.7	264.6	687.9	363.7	143.2	87.8	93.8
Adjusted EBITDA²	1,932.4	647.7	658.0	626.7	1,917.1	686.4	472.2	376.5	382.2

Cash flow
Cash provided by operating activities	1,484.1	531.6	458.8	493.7	1,207.9	533.0	254.9	292.7	127.6
Adjusted operating cash flow²	1,375.0	430.4	494.5	450.1	1,621.9	665.1	366.4	261.1	329.5
Free cash flow from operations²	1,158.1	418.2	360.2	379.7	773.6	388.3	160.1	195.2	30.2
Free cash flow²	890.4	311.8	265.0	313.6	538.9	331.9	101.3	149.4	(43.4)

Capital expenditures
Sustaining capital expenditure³	359.3	122.8	110.7	125.8	477.8	157.6	102.5	109.6	108.1
Expansionary capital expenditure³	234.4	97.0	83.1	54.3	191.2	43.5	51.1	33.7	62.9

Per share amounts
EPS - Basic ($/share)	0.92	0.27	0.33	0.33	1.22	0.77	0.16	0.14	0.16
EPS - Diluted ($/share)	0.92	0.27	0.32	0.33	1.22	0.77	0.16	0.13	0.16
Adjusted EPS²($/share)	0.93	0.32	0.30	0.31	0.80	0.42	0.17	0.10	0.11
Dividends declared (C$/share)	0.0825	0.0275	0.0275	0.0275	0.1725	0.0275	0.0275	0.0275	0.09
¹ The sum of quarterly amounts may differ from year-to-date and total results due to rounding.
²These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.
³Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows and excluding capitalized interest. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure - please refer to the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Production Overview

	2026				2025
(contained metal)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1
Copper (t)
Caserones (100%)	87,531	15,015	33,964	38,552	132,881	39,612	35,270	29,290	28,709
Candelaria (100%)	96,690	34,954	30,928	30,808	145,471	34,272	37,129	36,999	37,071
Chapada	35,200	12,641	11,985	10,574	43,974	11,191	12,600	11,274	8,909
Total	219,421	62,610	76,877	79,934	322,326	85,075	84,999	77,563	74,689
Gold (oz)
Candelaria (100%)	55,424	19,842	17,843	17,739	80,528	19,055	19,899	20,574	21,000
Chapada	46,303	16,921	15,584	13,798	61,331	15,074	17,864	17,544	10,849
Total	101,727	36,763	33,427	31,537	141,859	34,129	37,763	38,118	31,849
Molybdenum (t)
Caserones (100%)	1,097	130	378	589	2,082	526	574	380	602
Silver (koz)
Candelaria (100%)	937	355	291	291	1,798	441	477	431	449
Chapada	206	73	66	67	258	66	73	69	50
Total	1,143	428	357	358	2,056	507	550	500	499

Sales Volumes

	2026				2025
(payable metal)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1
Copper (t)
Caserones (100%)	85,722	15,782	33,479	36,461	138,287	45,134	26,896	30,076	36,181
Candelaria (100%)	95,236	34,901	29,512	30,823	140,500	32,882	36,041	36,603	34,974
Chapada	34,680	13,226	11,083	10,371	42,040	9,413	13,997	10,284	8,346
Total	215,638	63,909	74,074	77,655	320,827	87,429	76,934	76,963	79,501
Gold (oz)
Candelaria (100%)	53,751	19,473	17,025	17,253	76,537	17,700	19,041	20,021	19,775
Chapada	43,293	16,905	13,737	12,651	56,569	12,403	19,735	14,402	10,029
Total	97,044	36,378	30,762	29,904	133,106	30,103	38,776	34,423	29,804
Molybdenum (t)
Caserones (100%)	1,023	39	354	630	1,976	451	508	389	628
Silver (koz)
Candelaria (100%)	762	299	219	244	1,598	372	434	395	397
Chapada	106	44	33	29	129	26	48	30	25
Total	868	343	252	273	1,727	398	482	425	422

Caserones (Chile)

Operating Statistics

		2026				2025
	(100% Basis)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1

	Ore mined (kt)	21,038	3,615	9,101	8,322	36,712	8,553	8,479	9,680	10,000
	Ore milled (kt)	21,046	4,451	8,379	8,216	33,383	8,200	8,530	7,984	8,669
	Ore placed on leach (kt)	8,859	1,463	3,868	3,528	16,777	3,142	3,910	4,962	4,763
	Grade
	Copper (%)	0.42	0.33	0.41	0.47	0.40	0.47	0.43	0.37	0.33
	Molybdenum (%)	0.016	0.017	0.017	0.015	0.011	0.013	0.011	0.008	0.011
	Production (contained metal)
	Copper in concentrate (t)	68,539	10,289	27,629	30,621	107,064	32,324	29,010	23,490	22,240
	Copper cathode (t)	18,992	4,726	6,335	7,931	25,817	7,288	6,260	5,800	6,469
	Total copper (t)	87,531	15,015	33,964	38,552	132,881	39,612	35,270	29,290	28,709
	Molybdenum (t)	1,097	130	378	589	2,082	526	574	380	602
	Revenue ($ millions)	1,279.4	255.2	517.9	506.3	1,618.9	598.5	311.8	322.7	385.9
	Production costs ($ millions)	534.1	122.4	212.4	199.3	854.5	247.3	158.5	204.7	243.9
	Gross profit ($ millions)	626.2	100.4	261.2	264.6	552.2	290.8	103.8	61.5	96.1
	Cash cost ($/lb copper)¹	2.08	3.09	2.14	1.58	2.17	1.88	1.86	2.45	2.52
	Sustaining capital ($ millions)¹	134.1	37.0	42.2	54.9	156.3	56.8	29.4	31.9	38.2
	All-in sustaining cost ("AISC") ($/lb copper)¹	3.21	4.75	3.10	2.63	3.03	2.74	2.74	3.34	3.36
¹AISC per pound sold and cash cost per pound sold are non-GAAP measures and sustaining capital is a supplementary financial measure, see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Q3 2026 Performance

During the quarter, production at Caserones was impacted by a series of severe winter storms. Prolonged power outages in July and August resulted in the temporary suspension of operations for approximately 30 days including the time required to thaw flotation banks and turn over mills. Each restart was followed by a progressive ramp-up period. Limited mining activities during the quarter were primarily focused on Phase 6, with some contribution from Phase 7.

YTD 2026 Compared to 2026 Guidance

Following the weather events, annual copper production guidance was revised on August 18, 2026 to 120,000 - 130,000 tonnes from 130,000 - 140,000 tonnes and annual cash cost per pound sold guidance was revised to $2.15/lb - $2.35/lb from $2.05/lb - $2.25/lb. The impact of the storms has continued into the fourth quarter, as snowmelt has reduced haulage rates and limited the volume of ore delivered to the mill. As a result, Caserones full-year copper production guidance has been further revised to 105,000 - 115,000 tonnes from 120,000 - 130,000 tonnes.

Growth Projects

The Caserones cathode plant capacity is approximately 35,000 tonnes of copper cathode production per year, representing an opportunity to increase production from current levels through higher utilization rates. Additional oxide material placed on the dump leach and improved leaching practices led to stronger cathode production in 2025 and year-to-date. An additional project to further increase cathode production is being executed in two phases. Phase 1 is focused on operational and leaching improvements, including increasing tonnage placed on the dump leach, expanding irrigation areas, and increasing irrigation acidity, which are expected to support production reaching the plant's current capacity of 35,000 tonnes per year. Phase 2 is expected to further increase cathode production capacity to 40,000 tonnes per year through the repowering of the existing rectifiers.

Exploration Update

At Caserones, drilling designed to target high-grade copper breccias at Angélica was severely impacted by winter storms and is expected to commence again by the end of Q4. The 16 km road enabling access to the Cordillera exploration target was completed before the winter storm events. Drilling at Cordillera is scheduled to commence in the first half of 2027.

Candelaria (Chile)

Operating Statistics

		2026				2025
	(100% Basis)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1

	Ore mined (kt)	22,157	7,890	6,546	7,721	37,018	7,935	9,145	9,721	10,217
	Ore milled (kt)	22,861	7,407	7,587	7,867	31,579	7,972	8,103	7,752	7,752
	Grade
	Copper (%)	0.46	0.52	0.45	0.43	0.50	0.47	0.49	0.52	0.52
	Gold (g/t)	0.11	0.12	0.10	0.10	0.12	0.11	0.11	0.12	0.12
	Production (contained metal)
	Copper (t)	96,690	34,954	30,928	30,808	145,471	34,272	37,129	36,999	37,071
	Gold (oz)	55,424	19,842	17,843	17,739	80,528	19,055	19,899	20,574	21,000
	Revenue ($ millions)	1,515.4	585.8	476.2	453.4	1,769.0	518.5	426.8	404.6	419.1
	Production costs ($ millions)	636.4	218.2	216.2	202.0	783.9	226.6	199.2	186.1	172.1
	Gross profit ($ millions)	656.3	286.8	188.3	181.2	685.1	218.9	144.7	143.6	177.8
	Cash cost ($/lb copper)¹	2.27	2.06	2.63	2.15	1.92	2.29	1.87	1.81	1.75
	Sustaining capital ($ millions)¹	155.4	62.6	45.5	47.3	224.4	79.5	46.9	50.2	47.7
	AISC ($/lb copper)¹	3.14	3.01	3.48	2.98	2.75	3.51	2.55	2.53	2.46
¹AISC per pound sold and cash cost per pound sold are non-GAAP measures and sustaining capital is a supplementary financial measure, see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Q3 2026 Performance

Open pit mining during the quarter remained focused on Phase 11, with increased ore contribution from Phase 12 improving average grade and reducing cash cost per pound sold. Throughput decreased due to increased ore hardness combined with reduced plant availability for planned maintenance activities.

YTD 2026 Compared to 2026 Guidance

Production remains in line with annual guidance of 135,000 - 145,000 tonnes. Candelaria's production profile is weighted towards the second half of the year due to increased availability of higher-grade Phase 12 ore, combined with increased underground mining rates as the underground insourcing initiative was substantially completed in the quarter.

Cash cost per pound sold continued to benefit from strong gold and silver prices. Higher average grades are anticipated to continue through the remainder of 2026, which is expected to contribute to higher sales volumes in Q4 and reduce full year cash cost per pound sold to within the annual guidance range of $2.05/lb - $2.25/lb.

Growth Projects

The Candelaria underground expansion project is expected to increase underground throughput capacity to approximately 22,000 tonnes per day from previous production levels, targeting a medium-term increase in annual copper production of 10% or approximately 12,000 - 14,000 tonnes of copper. The opportunity includes phased insourcing of the Company's underground mining contract and an increase in the number of active mining stopes. This opportunity is not included in Candelaria's three-year guidance figures. Candelaria's H1 2026 results reflected lower underground mining rates as the Company was in the process of insourcing the underground mining contract. Insourcing was substantially completed in the quarter with underground mining rates reaching planned levels and are expected to stabilize at 14,000 tonnes per day by the end of 2027. Planning is underway to support a gradual increase in underground mining rates, reaching approximately 22,000 tonnes per day by 2030.

Projects are also ongoing to support the mine life extension under the 2040 Environmental Impact Assessment ("EIA").

Exploration Update

At Candelaria, a total of 3,196 metres were drilled: underground in the Mariana sector of Candelaria Sur (one hole completed) and at Candelaria Norte UG (one hole completed, one in-progress) testing the extension of known vein and breccia mineralization, and on surface at Española, testing extensions to the known system (two holes completed, one in-progress).

Chapada (Brazil)

Operating Statistics

		2026				2025
	(100% Basis)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1

	Ore mined (kt)	17,507	6,278	5,258	5,971	19,934	6,485	5,444	4,725	3,280
	Ore milled (kt)	18,415	6,149	6,001	6,265	23,687	6,021	6,171	5,675	5,820
	Grade
	Copper (%)	0.24	0.25	0.26	0.22	0.25	0.24	0.26	0.27	0.22
	Gold (g/t)	0.15	0.15	0.16	0.15	0.16	0.16	0.16	0.18	0.13
	Production (contained metal)
	Copper (t)	35,200	12,641	11,985	10,574	43,974	11,191	12,600	11,274	8,909
	Gold (oz)	46,303	16,921	15,584	13,798	61,331	15,074	17,864	17,544	10,849
	Silver (koz)	206	73	66	67	258	66	73	69	50
	Revenue ($ millions)	685.9	268.2	218.6	199.1	665.3	184.5	215.3	150.9	114.6
	Production costs ($ millions)	269.7	100.3	84.1	85.3	306.8	71.9	96.4	75.0	63.5
	Gross profit (loss) ($ millions)	353.2	144.7	116.2	92.3	164.1	(11.8)	89.2	54.0	32.8
	Cash cost ($/lb copper)¹	0.57	0.61	0.62	0.45	0.75	0.45	0.50	0.75	1.47
	Sustaining capital ($ millions)¹	68.5	22.8	22.1	23.6	96.8	21.1	26.1	27.4	22.2
	AISC ($/lb copper)¹	1.82	1.72	1.89	1.87	2.06	1.81	1.58	2.24	2.94
¹AISC per pound sold and Cash cost per pound sold are non-GAAP measures and Sustaining capital is a supplementary financial measure, see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Q3 2026 Performance

Mining during the quarter remained focused on the South pit. Mill throughput continued to benefit from high operational availability from efficiencies achieved through the Full Potential program, which focuses on achieving sustainable operational efficiencies and financial savings. Throughput also benefitted from optimized drill-and-blast fragmentation and a softer ore blend during the period. Recoveries for copper and gold benefitted from mill feed blend and improved flotation circuit performance.

YTD 2026 Compared to 2026 Guidance

Production remains in line with annual guidance of 45,000 - 50,000 tonnes. Average copper grades in the quarter are expected to remain consistent through the end of the year and throughput is expected to continue to benefit from operational efficiencies.

Growth Projects

The Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add approximately 15,000 tonnes of annual copper production and approximately 45,000 ounces of annual gold production. As part of this project, the construction of an additional ball mill has been approved and is expected to increase copper and gold recoveries by up to approximately 5 percentage points. The additional ball mill at Chapada is also expected to process higher grade ore from Saúva, replacing lower grade material currently being mined at the Chapada open pit. Earthworks began in July 2026 and construction of mill foundations and procurement of equipment are currently in progress. Fabrication of the ball mill has commenced and commissioning is expected in late 2027.

Further design and engineering work on this project will continue along with Saúva permitting. An updated technical report for the Chapada mine and Saúva Project is in progress and the results are expected to be announced in Q4 2026.

Exploration Update

At Chapada, two exploration drill rigs operated during the quarter, completing a total of 3,114 metres. One hole was completed at Saúva down-dip, testing the continuation of the >1% CuEq high-grade trend, in addition to three other exploration targets along the Saúva trend at Formiga, Saúva North and Bom Jesus (four completed, one in-progress). At the end of September 2026, a third rig began testing the Santa Cruz target, west of Chapada mine.

Vicuña Project (Argentina and Chile)

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 solvent extraction and electrowinning (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, concentrate slurry pipeline and concentrate treatment facility, to support expansion of the district.

Provincial Agreements

During the quarter, Vicuña secured a Provincial Agreement with the Government of the San Juan Province to provide further economic stability for the Vicuña Project. Vicuña and the Province have agreed to:

Consolidate all financial contributions for social infrastructure required under the Vicuña Project's Declaration of Environmental Impact (mining permit) into a single contribution of 1.5% of gross revenue, which is to be paid into an infrastructure trust for the life of mine which simplifies the funding of the infrastructure contributions for the two deposits;

An infrastructure trust commitment of $250 million (Lundin Mining's attributable share: $125 million) with trust contributions to be made upon execution of eligible infrastructure works by the Province. This commitment grants Vicuña a five-year payment holiday from required infrastructure trust contributions which would otherwise commence on first production, while providing upfront funds to the Province for infrastructure and community initiatives; and

A cap to the provincial mining royalty of 3% gross revenue for the life of mine.

RIGI Approval

In June 2026, Vicuña received approval for the inclusion of the Vicuña Project to the Incentive Regime for Large Investments ("RIGI") under the Long-Term Strategic Export Projects ("PEELP") designation. Argentina's RIGI regime is designed to attract and accelerate large-scale investment through long-term fiscal stability and transparent regulatory conditions. Vicuña is the first copper mining project in Argentina to be granted the more favourable RIGI PEELP status. RIGI offers regulatory stability, including lower corporate and dividend withholding tax rates, removal of export duties, value added tax offsets and repatriation of revenues. RIGI PEELP 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

During the quarter, the Company spent $81.0 million in capital expenditures compared to $51.1 million in Q3 2025, reflecting increased project readiness activities as the project advances towards a sanction decision. During the quarter, activities were focused on detailed design and engineering, and execution planning. During July and August, exploration drilling and early earthworks were impacted by severe winter storms.

On a year-to-date basis, the Company spent $207.6 million in capital expenditures compared to $126.0 million in year-to-date 2025. Capital expenditures increased due to expanded engineering and execution planning activities as the project advances towards a sanction decision.

During the quarter, Vicuña received approval from ENRGE to build the high voltage powerline and electrical infrastructure for the Vicuña Project along with securing capacity to meet the power demands of the operation.

Upcoming Project Development Milestones

The Company intends to continue to work with its partner, BHP, and the Vicuña Project team to advance the Vicuña Project to a sanctioning decision. Key upcoming activities and milestones include:

Engineering and mine design optimization activities for Stage 1.

Advancement of financing structure to fund construction.

Completion of a bottom-up Stage 1 capital cost estimate and construction schedule.

Trade off studies and optimization of Stages 2 & 3.

Detailed design and engineering on the Vicuña Project is ongoing. The technical team is focused on advancing all aspects of the project to target a sanctioning decision as early as the end of 2026.

Technical Report Results

The results of the Vicuña Project integrated study, including an updated Mineral Resource estimate for the Vicuña Project (the "Updated Vicuña Mineral Resource"), were published on February 16, 2026 and highlighted a development project with the potential to rank among the top five copper, gold, and silver mines globally. Aspects of the integrated study, including engineering and mine design optimization activities for Stage 1 and a bottom-up Stage 1 capital cost estimate and construction schedule are being updated in support of a sanctioning decision as early as the end of 2026.

Highlights¹:

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 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 CuEq².
Multi-generational asset: Initial +70-year LOM, producing approximately 22.3 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 8.4³ years and an after-tax IRR of 14.8%.
Resource growth: The Updated Vicuña Mineral Resource grew significantly compared to the previous estimate⁴.
Base-case scenario: NPV_8% of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver.
Value accretion at higher metal prices: $6.00/lb copper, $5,000/oz gold & $80/oz silver increases the NPV_8% to $28.8 billion and the IRR to 25.5% with a payback of 5.4 years.

The results of the integrated study were subsequently filed in a technical report ("Vicuña Technical Report") entitled "Vicuña Project, Argentina and Chile NI 43-101 Technical Report on Preliminary Economic Assessment", available under the Company's profile on SEDAR+ at www.sedarplus.ca. The Vicuña Project integrated study is preliminary in nature and provides only an initial, high-level review of the Vicuña Project's potential and design options; there is no certainty that the results of the Vicuña Project integrated study will be realized. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

About Vicuña

On January 15, 2025, the Company and BHP completed the acquisition of Filo Corp. through a plan of arrangement and concurrently formed a 50/50 independently managed joint arrangement, Vicuña, holding the Josemaria deposit in Argentina and the Filo del Sol deposit in Argentina and Chile. The Company accounts for Vicuña as a joint operation and accordingly records its 50% share of the assets, liabilities, revenue, expenses and cash flows.

Los Helados Project (Chile)

On April 7, 2026, the Company acquired from JX a 30.9% interest in the Los Helados Project, a large copper-gold deposit, located in Chile's Atacama Region, approximately 17 kilometres to the south of Caserones and approximately 10 kilometres to the north of the Vicuña Project. Los Helados strengthens the Company's Mineral Resource base, increasing measured and indicated copper Mineral Resources by 15% and gold Mineral Resources by 11%, on an attributable basis⁵. NGEx Minerals Ltd. holds the remaining 69.1% interest in the Los Helados Project and is the operator.

Los Helados provides compelling long-term growth optionality including potential synergies with the Caserones operation. Potential scenarios include throughput expansion, a standalone operation, or transportation of mineralization from Los Helados to Caserones, accelerating higher grade material.

A total of 96,448 metres of drilling has been completed on the Los Helados Project in 110 holes with a Mineral Resource estimate updated in 2023 which highlighted a significant inventory of contained copper, gold and silver.

______________________________
¹Vicuña Project integrated study results and highlights, including the Updated Vicuña Mineral Resource, are presented on a 100% basis. The Company's attributable share is 50%.
² CuEq based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed within the Vicuña Technical Report.
³ Initial capital from the start of 2027 and payback period from the start of 2030.
⁴ 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. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%.
⁵ Refer to the Lundin Mining news release entitled "Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral Reserves" dated February 18, 2026 and the NGEX Minerals Ltd. news release entitled "NGEx Announces Updated Mineral Resource Estimate at Los Helados Including High-Grade Fenix and Alicanto Zones; Indicated Mineral Resources Exceed 2.0 Billion at 0.51% Copper Equivalent" dated December 5, 2023.

Revenue Analysis

The revenue increase during the quarter was primarily due to an increase in realized copper prices. This was partially offset by lower sales volumes, primarily at Caserones due to weather related disruptions during the quarter.

	Three months ended September 30,					Nine months ended September 30,
Revenue by mine	2026		2025		Change	2026		2025		Change
($ millions)	$	%	$	%	$	$	%	$	%	$
Caserones (100%)	255.2	23	311.8	33	(56.6)	1,279.4	37	1,020.4	37	259.0
Candelaria (100%)	585.8	53	426.8	44	159.0	1,515.4	44	1,250.5	46	264.9
Chapada	268.2	24	215.3	23	52.9	685.9	19	480.8	17	205.1
Total	1,109.2		953.9		155.3	3,480.7		2,751.7		729.0

	Three months ended September 30,					Nine months ended September 30,
Revenue by metal	2026		2025		Change	2026		2025		Change
($ millions)	$	%	$	%	$	$	%	$	%	$
Copper	964.5	87	775.8	82	188.7	2,998.9	86	2,308.1	84	690.8
Gold	118.8	11	126.9	13	(8.1)	341.7	10	313.6	11	28.1
Molybdenum	4.6	-	29.9	3	(25.3)	74.5	2	70.6	3	3.9
Silver	13.2	1	18.1	2	(4.9)	42.6	1	45.2	2	(2.6)
Other	8.1	1	3.2	-	4.9	23.0	1	14.2	-	8.8
Total	1,109.2		953.9		155.3	3,480.7		2,751.7		729.0

	Three months ended September 30,		Nine months ended September 30,
Realized prices	2026	2025	2026	2025
Copper	$6.85/lb	$4.61/lb	$6.32/lb	$4.55/lb
Gold	$4,321/oz	$3,698/oz	$4,590/oz	$3,442/oz
Molybdenum	$53.49/lb	$26.70/lb	$32.99/lb	$21.00/lb

Capital Expenditures¹

Sustaining capital expenditures during both periods were primarily related to open pit waste stripping, underground mine development, tailings storage facility upgrades, and investments in new mining equipment.

	Three months ended September 30,		Nine months ended September 30,
($ millions)	2026	2025	2026	2025
Caserones	37.0	29.4	134.1	99.5
Candelaria	62.6	46.9	155.4	144.9
Chapada	22.8	26.1	68.5	75.7
Other	0.4	0.1	1.3	0.1
Sustaining capital expenditures	122.8	102.5	359.3	320.2
Caserones	0.6	-	3.0	-
Candelaria	8.8	-	11.8	21.7
Chapada	6.3	-	11.7	-
Vicuña	81.0	51.1	207.6	126.0
Other	0.3	-	0.3	-
Expansionary capital expenditures	97.0	51.1	234.4	147.7
Total capital expenditures	219.8	153.6	593.7	467.9
¹Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows and excluding capitalized interest. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure - please refer to the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

2026 Outlook

During the quarter, production at Caserones was impacted by a series of severe winter storms. Two prolonged power outages resulted in temporary suspensions of operations totalling approximately 30 days and were each followed by progressive ramp-up periods. The impact of the storms has continued into the fourth quarter, as snowmelt has reduced haulage rates and limited the volume of ore delivered to the mill. As a result, Caserones full-year copper production guidance has been further revised to 105,000 - 115,000 tonnes from 120,000 - 130,000 tonnes.

See below for current 2026 Guidance:

2026 Production and Consolidated Cash Cost¹ Guidance

	Guidance²	Revised Guidance
Copper (kt) - contained metal	300 - 325	285 - 310
Gold (koz) - contained metal	134 - 149	134 - 149
Consolidated cash cost ($/lb)	1.95 - 2.15	1.95 - 2.15
¹ Consolidatedcash cost is a non-GAAP measure - see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.
²Guidance as outlined in the news release "Lundin Mining's Chile Operations Impacted by Second Severe Winter Storm" dated August 18, 2026.

2026 Production and Cash Cost¹ Guidance by Operation

		Guidance²	Revised Guidance
Copper (kt)	Caserones (100%)	120 - 130	105 - 115
(contained metal)	Candelaria (100%)	135 - 145	135 - 145
	Chapada	45 - 50	45 - 50
	Total copper	300 - 325	285 - 310
Gold (koz)	Candelaria (100%)	77 - 87	77 - 87
(contained metal)	Chapada	57 - 62	57 - 62
	Total gold	134 - 149	134 - 149
Cash Cost ($/lb)	Caserones (100%)	2.15 - 2.35	2.15 - 2.35
	Candelaria (100%)	2.05 - 2.25	2.05 - 2.25
	Chapada	0.75 - 0.95	0.75 - 0.95
	Consolidated cash cost¹	1.95 - 2.15	1.95 - 2.15
¹Cash cost and consolidated cash cost per pound are non-GAAP measure - see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.
²Guidance as outlined in the news release "Lundin Mining's Chile Operations Impacted by Second Severe Winter Storm" dated August 18, 2026.

The Company continues to assess the impact of the current macroeconomic environment and its subsequent effect on key input costs including diesel, sulphuric acid, and ocean freight. While these input costs have increased, the increases are not expected to have a material impact on the overall cost base of the Company at this time. We continue to actively monitor the situation for changes that could impact the Company's financial results and consider actions to reduce the risks associated with cost pressures.

Based on commodity prices realized year-to-date and expected to be realized for the remainder of the year, it is anticipated that the actual financial results will be more favourable than the Company's previously projected financial outlook for 2026¹.

______________________________

¹2026 financial outlook as outlined in the news release "Lundin Mining Capital Markets Day Highlights Strategic Vision for Leading Growth and Shareholder Returns" dated June 17, 2026.

2026 Capital Expenditure Guidance¹

The Company is reducing 2026 capital expenditure guidance including sustaining capital for Caserones and expansionary capital for Candelaria and Chapada. Reduction in expansionary capital guidance at Chapada is due to the timing of payments for the additional ball mill with no impact to the project schedule.

	($ millions)	Guidance²	Revisions	Revised Guidance
	Caserones (100% basis)	235	(20)	215
	Candelaria (100% basis)	215	-	215
	Chapada	100	-	100
	Total Sustaining	550	(20)	530
	Expansionary Capital	85	(30)	55
	Vicuña (50% basis)	395	-	395
	Total Capital Expenditures	1,030	(50)	980
¹ Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure - see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.
² Guidance as outlined in the news release "Lundin Mining Capital Markets Day Highlights Strategic Vision for Leading Growth and Shareholder Returns" dated June 17, 2026.

2026 Exploration Investment Guidance

Total exploration expenditure guidance for 2026 is $53 million.

Current 2026 Guidance Key Assumptions

Current 2026 cash cost guidance is based on various assumptions and estimates for the remainder of the year, including but not limited to: production volumes, commodity prices (Au: $4,000/oz, Ag: $70.00/oz), foreign exchange rates (USD/CLP: 925, USD/BRL: 5.25) and operating costs.

Candelaria is subject to a streaming agreement which currently streams 68% of the total gold and silver production. Candelaria's cash cost is calculated based on receipt of approximately $437/oz gold and $4.36/oz silver on streamed ounces. 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.

Revised capital expenditure guidance is based on various assumptions and estimates for the remainder of the year, including, but not limited to foreign currency exchange rates (USD/CLP: 925, USD/BRL: 5.25).

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on November 4, 2026 at 15:30 Vancouver Time.

Technical Information

The Vicuña Technical Report summarizing the results of the integrated study, including the Updated Vicuña Mineral Resource was prepared in accordance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101") and may be found under the Company's profile on SEDAR+ at www.sedarplus.ca in accordance with applicable securities rules. The Qualified Persons (as defined by NI 43-101) named below have reviewed and verified the scientific and technical information in respect of the Vicuña Technical Report and approve the written disclosure of such information. Each of the Qualified Persons named below, other than Dustin Smiley, is independent of Lundin Mining.

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 Enterprises Inc.

Mr. Kirk Hanson, P.E., KH Mining LLC

Mr. Dustin Smiley, P.Eng., Vicuña Corp.

Mr. Daniel Ruane, P.Eng., Knight Piesold Ltd.

For further information related to the Vicuña Technical Report, see the Company's news release dated March 30, 2026.

The reader is advised that the Vicuña integrated study summarized herein is only a conceptual study of the potential viability of the Vicuña Project, and the economic and technical viability of the Vicuña Project and its estimated Mineral Resources has not been demonstrated. The Vicuña integrated study is preliminary in nature and provides only an initial, high-level review of the Vicuña Project's potential and design options; there is no certainty that the results of the Vicuña integrated study will be realized. The Vicuña integrated study conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Vicuña Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described herein and in the Vicuña Technical Report.

The scientific and technical information in this document other than that pertaining to the Vicuña Technical Report 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 scientific and technical information pertaining to the Los Helados Project by reviewing public disclosure of NGEx Minerals Ltd. pertaining to the project; however, he has not had access to any underlying data or other information beyond what is publicly disclosed by NGEx Minerals Ltd. Mr. Cortés has verified all scientific and technical information disclosed in this document other than with respect to the Vicuña Technical Report and no limitations were imposed on his verification process, other than as described for the Los Helados Project.

Abbreviations

AISC	All-in sustaining cost	g/t	Grams per tonne
ARS	Argentine pesos	IRR	Internal rate of return
BRL	Brazilian reais	LOM	Life of mine
C$	Canadian dollars	NPV	Net present value
CLP	Chilean pesos	lb	Pound
Cu	Copper	oz, koz, Moz	Troy ounces, thousand ounces, million ounces
CuEq	Copper equivalent	t, kt, Mt	Tonnes, thousand tonnes, million tonnes
EPS	Earnings per share	$ or USD	US dollars

Reconciliation of Non-GAAP Measures

The Company uses certain financial measures in its analysis. These financial 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 & other financial measures in its Management's Discussion and Analysis for the three and nine months ended September 30, 2026 which is available on SEDAR+ at www.sedarplus.ca.

Cash Cost per Pound and AISC per Pound

Cash cost per pound sold, consolidated cash cost per pound sold, and AISC per pound sold can be reconciled to production costs on the Company's condensed interim consolidated Statements of Earnings as follows:

Three months ended September 30, 2026
Continuing operations	Caserones	Candelaria	Chapada	Consolidated	Total¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total¹
Sales volumes (payable metal):
Tonnes	15,782	34,901	13,226	63,909
Pounds (000s)	34,793	76,943	29,158	140,894

Production costs	122.4	218.2	100.3	440.9	441.2
Less: Royalties and other	(7.4)	(9.0)	(6.2)	(22.6)	(22.8)
Add: Treatment and refining charges	(0.5)	(0.9)	-	(1.4)	(1.4)
Gross cost	114.5	208.3	94.1	416.9	417.0
Deduct: By-product²	(7.1)	(49.7)	(76.2)	(133.0)	(133.0)
Cash cost	107.4	158.6	17.9	283.9	284.0

Gross cost per pound sold ($/lb)	3.29	2.71	3.23	2.96
By-product per pound sold ($/lb)	(0.20)	(0.65)	(2.62)	(0.95)
Cash cost per pound sold ($/lb)	3.09	2.06	0.61	2.01

Cash cost	107.4	158.6	17.9
Add: Sustaining capital expenditure	37.0	62.6	22.8
Royalties	6.8	5.3	5.7
Reclamation and other closure accretion and depreciation	0.7	1.0	2.1
Leases and other	13.4	3.8	1.8
All-in sustaining cost	165.3	231.3	50.3
AISC per pound sold ($/lb)	4.75	3.01	1.72
¹ Includes immaterial amounts related to other segments.
² The impact of by-product is presented net of the associated treatment and refining charges.

Three months ended September 30, 2025
Continuing operations	Caserones	Candelaria	Chapada	Consolidated	Total¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total¹
Sales volumes (payable metal):
Tonnes	26,896	36,041	13,997	76,934
Pounds (000s)	59,295	79,457	30,858	169,610

Production costs	158.5	199.2	96.4	454.1	455.3
Less: Royalties and other	(8.6)	(4.5)	(6.1)	(19.2)	(20.3)
Add: Treatment and refining charges	(0.3)	3.5	1.5	4.7	4.7
Gross cost	149.6	198.2	91.8	439.6	439.7
Deduct: By-product²	(39.6)	(50.0)	(76.3)	(165.9)	(165.9)
Cash cost	110.0	148.2	15.5	273.7	273.8

Gross cost per pound sold ($/lb)	2.52	2.49	2.97	2.59
By-product per pound sold ($/lb)	(0.66)	(0.62)	(2.47)	(0.98)
Cash cost per pound sold ($/lb)	1.86	1.87	0.50	1.61

Cash cost	110.0	148.2	15.5
Add: Sustaining capital expenditure	29.4	46.9	26.1
Royalties	8.3	3.9	4.6
Reclamation and other closure accretion and depreciation	(0.2)	1.9	1.7
Leases and other	15.1	2.1	1.0
All-in sustaining cost	162.6	203.0	48.9
AISC per pound sold ($/lb)	2.74	2.55	1.58
¹Includes immaterial amounts related to other segments.
² The impact of by-product is presented net of the associated treatment and refining charges.

Nine months ended September 30, 2026
Continuing operations	Caserones	Candelaria	Chapada	Consolidated	Total¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total¹
Sales volumes (payable metal):
Tonnes	85,722	95,236	34,680	215,638
Pounds (000s)	188,984	209,959	76,456	475,399

Production costs	534.1	636.4	269.7	1,440.2	1,441.2
Less: Royalties and other	(37.8)	(21.3)	(19.8)	(78.9)	(79.8)
Add: Treatment and refining charges	(0.2)	(0.2)	0.3	(0.1)	(0.1)
Gross cost	496.1	614.9	250.2	1,361.2	1,361.3
Deduct: By-product²	(103.7)	(139.3)	(206.9)	(449.9)	(449.9)
Cash cost	392.4	475.6	43.3	911.3	911.5

Gross cost per pound sold ($/lb)	2.63	2.93	3.27	2.86
By-product per pound sold ($/lb)	(0.55)	(0.66)	(2.70)	(0.94)
Cash cost per pound sold ($/lb)	2.08	2.27	0.57	1.92

Cash cost	392.4	475.6	43.3
Add: Sustaining capital expenditure	134.1	155.4	68.5
Royalties	36.6	14.9	16.8
Reclamation and other closure accretion and depreciation	1.3	3.7	6.2
Leases and other	41.6	10.1	4.5
All-in sustaining cost	606.0	659.7	139.3
AISC per pound sold ($/lb)	3.21	3.14	1.82
¹ Includes immaterial amounts related to other segments.
² The impact of by-product is presented net of the associated treatment and refining charges.

Nine months ended September 30, 2025
Continuing operations	Caserones	Candelaria	Chapada	Consolidated	Total¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total¹
Sales volumes (payable metal):
Tonnes	93,153	107,618	32,627	233,398
Pounds (000s)	205,367	237,257	71,930	514,554

Production costs	607.2	557.3	234.9	1,399.4	1,401.3
Less: Royalties and other	(32.0)	(9.5)	(17.4)	(58.9)	(60.7)
Add: Treatment and refining charges	6.4	17.3	4.6	28.3	28.3
Gross cost	581.6	565.1	222.1	1,368.8	1,368.9
Deduct: By-product²	(108.0)	(136.3)	(162.4)	(406.7)	(406.7)
Cash cost	473.6	428.8	59.7	962.1	962.2

Gross cost per pound ($/lb)	2.83	2.38	3.09	2.66
By-product credit per pound ($/lb)	(0.52)	(0.57)	(2.26)	(0.79)
Cash cost per pound sold ($/lb)	2.31	1.81	0.83	1.87

Cash cost	473.6	428.8	59.7
Add: Sustaining capital expenditure	99.5	144.9	75.7
Royalties	26.7	11.4	10.2
Reclamation and other closure accretion and depreciation	2.4	6.0	5.1
Leases and other	49.7	5.2	3.1
All-in sustaining cost	651.9	596.3	153.8
AISC per pound sold ($/lb)	3.17	2.51	2.14
¹ Includes immaterial amounts related to other segments.
² The impact of by-product is presented net of the associated treatment and refining charges.

Adjusted EBITDA

Adjusted EBITDA can be reconciled to net earnings from continuing operations on the Company's condensed interim consolidated Statements of Earnings as follows:

	Three months endedSeptember 30,		Nine months endedSeptember 30,
($ millions continuing operations)	2026	2025	2026	2025
Net earnings from continuing operations	271.8	175.1	1,029.5	505.5
Add (deduct):
Depreciation, depletion and amortization¹	144.9	162.2	413.7	449.2
Finance costs, net	19.6	15.5	47.6	77.5
Income tax expense	154.8	98.3	401.0	218.2
EBITDA	591.1	451.1	1,891.8	1,250.4
Mine standby costs¹	57.6	-	57.6	-
Unrealized foreign exchange (gain) loss	(8.1)	(8.5)	(9.7)	(0.6)
Unrealized gains on derivative contracts	(2.8)	25.5	(22.1)	(21.2)
Revaluation (gain) loss on marketable securities	0.1	(8.1)	(1.5)	(9.7)
Ojos del Salado sinkhole expenses	-	11.4	8.4	12.6
Share of net earnings of associate & dilution loss	6.3	-	3.4	-
Other	3.5	0.8	4.5	(0.6)
Total adjustments - EBITDA	56.6	21.1	40.6	(19.5)
Adjusted EBITDA	647.7	472.2	1,932.4	1,230.9
¹Depreciation, depletion and amortization for the three and nine months ended September 30, 2026 includes $8.3 million presented as mine standby costs in the Company's condensed interim consolidated Statements of Earnings.

Adjusted Earnings and Adjusted EPS

Adjusted earnings and adjusted EPS can be reconciled to net earnings from continuing operations attributable to Lundin Mining Shareholders on the Company's condensed interim consolidated Statements of Earnings as follows:

	Three months endedSeptember 30,		Nine months endedSeptember 30,
($ millions continuing operations, except share and per share amounts)	2026	2025	2026	2025
Net earnings from continuing operations attributable to Lundin Mining shareholders	228.9	133.8	787.8	387.3
Add (deduct):
Total adjustments - EBITDA	56.6	21.1	40.6	(19.5)
Mine standby costs - Depreciation, depletion and amortization portion¹	8.3	-	8.3	-
Tax effect on adjustments	(2.4)	1.8	(5.0)	(2.7)
Deferred tax arising from foreign exchange translation	0.4	(11.3)	(18.7)	(46.1)
Deferred tax arising from partial disposal and contribution to Vicuña	-	-	-	9.0
Non-controlling interest on adjustments	(15.3)	(2.2)	(15.2)	(3.7)
Total adjustments	47.6	9.4	10.0	(63.0)
Adjusted earnings	276.5	143.2	797.8	324.7
¹Depreciation, depletion and amortization for the three and nine months ended September 30, 2026 of $8.3 million presented as mine standby costs in the Company's condensed interim consolidated Statements of Earnings.

Basic weighted average number of shares outstanding	851,714,518	856,091,613	855,175,149	855,301,352

Basic EPS attributable to shareholders	0.27	0.16	0.92	0.45
Total adjustments per share	0.05	0.01	0.01	(0.07)
Adjusted EPS	0.32	0.17	0.93	0.38

Free Cash Flow from Operations and Adjusted Free Cash Flow from Operations

Free cash flow from operations and adjusted free cash flow from operations can be reconciled to cash provided by operating activities on the Company's condensed interim consolidated Statements of Cash Flows as follows:

	Three months endedSeptember 30,		Nine months endedSeptember 30,
($ millions continuing operations)	2026	2025	2026	2025
Cash provided by operating activities from continuing operations	531.6	254.9	1,484.1	675.2
Sustaining capital expenditures	(122.8)	(102.5)	(359.3)	(320.2)
General exploration and business development	9.4	7.7	33.3	30.6
Free cash flow from operations	418.2	160.1	1,158.1	385.6
Changes in non-cash working capital items	(60.7)	119.4	14.1	213.3
Changes in net income taxes payable	(40.5)	(7.9)	(123.2)	68.6
Adjusted free cash flow from operations	317.0	271.6	1,049.0	667.5

Free Cash Flow and Adjusted Free Cash Flow

Free cash flow and adjusted free cash flow can be reconciled to cash provided by operating activities from continuing operations on the Company's condensed interim consolidated Statements of Cash Flows as follows:

	Three months endedSeptember 30,		Nine months endedSeptember 30,
($ millions continuing operations)	2026	2025	2026	2025
Cash provided by operating activities from continuing operations	531.6	254.9	1,484.1	675.2
Sustaining capital expenditures	(122.8)	(102.5)	(359.3)	(320.2)
Expansionary capital expenditures	(97.0)	(51.1)	(234.4)	(147.7)
Free cash flow	311.8	101.3	890.4	207.3
Changes in non-cash working capital items	(60.7)	119.4	14.1	213.3
Changes in net income taxes payable	(40.5)	(7.9)	(123.2)	68.6
Adjusted free cash flow	210.6	212.8	781.3	489.2

Adjusted Operating Cash Flow

Adjusted operating cash flow can be reconciled to cash provided by operating activities on the Company's condensed interim consolidated Statements of Cash Flows as follows:

	Three months endedSeptember 30,		Nine months endedSeptember 30,
($ millions continuing operations)	2026	2025	2026	2025
Cash provided by operating activities from continuing operations	531.6	254.9	1,484.1	675.2
Changes in non-cash working capital items	(60.7)	119.4	14.1	213.3
Changes in net income taxes payable	(40.5)	(7.9)	(123.2)	68.6
Adjusted operating cash flow	430.4	366.4	1,375.0	957.1

Net Cash

Net cash can be reconciled to debt, current portion of debt and cash and cash equivalents on the Company's condensed interim consolidated Balance Sheets as follows:

($ millions continuing operations)	September 30, 2026	December 31, 2025
Debt	-	(56.3)
Current portion of debt	(107.3)	(180.8)
Less deferred financing fees (netted in above)¹	-	(3.7)
	(107.3)	(240.8)
Cash and cash equivalents	344.3	296.2
Add cash and cash equivalents related to assets classified as held for sale	-	22.0
Net cash	237.0	77.4
¹Unamortized deferred financing fees of $12.0 million as at September 30, 2026 associated with the revolving credit facility have been reclassified from debt to other non-current assets on the Company's condensed interim consolidated balance sheets.

Sustaining and Expansionary Capital Expenditures

Capital expenditures can be reconciled to investment in mineral properties, plant and equipment, a component of cash used in investing activities, on the Company's condensed interim consolidated Statements of Cash Flows as follows:

	Three months ended September 30,		Nine months endedSeptember 30,
($ millions)	2026	2025	2026	2025
Investment in mineral properties, plant and equipment	221.6	157.2	600.9	479.9
Less: Capitalized interest	(1.8)	(3.6)	(7.2)	(12.0)
Total capital expenditures	219.8	153.6	593.7	467.9
Sustaining capital expenditures	122.8	102.5	359.3	320.2
Expansionary capital expenditures	97.0	51.1	234.4	147.7

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision, targets and aspirations and their achievement and timing; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; the Company's financial guidance and expected financial performance, including expected earnings, revenue, cash flow, EBITDA, costs and expenditures and other financial metrics; the results of the Vicuña integrated study, including but not limited to the Vicuña Mineral Resource estimate and the parameters and assumptions used to estimate the Mineral Resources, future expansion of the Mineral Resource estimates and the Vicuña Project, the life of mine, the life of mine plan, commencement of production, mining methods, estimated workforce, supply, materials and equipment requirements, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, process flowsheet, 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, Vicuña Project infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting facilities, pipelines, transportation systems and desalination plant and pipeline), Vicuña Project development and construction plans (including staged development, project stages, sequencing, timing, costs and the effects and benefits), Vicuña Project 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 Technical Report and the contents thereof; project studies (including technical, environmental and social studies); the RIGI regime and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to be a world-class project ranking among the top five copper, gold and silver mines globally; the development and future operation of the Vicuña Project; the Provincial Agreement and anticipated approval and benefits; the approval from ENRGE in relation to the Vicuña Project and benefits thereof; the Company's RCF and the anticipated increases in capacity of the RCF upon satisfaction of conditions and project milestones; the use of the credit facility; Vicuña Project funding and the Company's expectations regarding its funding capacity and strategy and its work with BHP; the production profile of Caserones and economics resulting from the Company's acquisition of additional interest in SCM Minera Lumina Copper Chile and the Los Helados project (including cash costs), the Mineral Resource estimate for Los Helados and the parameters and assumptions used to estimate the Mineral Resources; the potential synergies between Caserones and Los Helados; the Company's growth and optimization initiatives and opportunities, and expansionary projects, and the potential costs, outcomes, results, impacts and timing thereof; permitting requirements and timelines; the Company's ability to comply with contractual and permitting or other regulatory requirements; timing and possible outcomes of pending litigation and disputes, including tax disputes; the timing and expectations of future studies; the results of any Preliminary Economic Assessment (including the Vicuña integrated study set out in the Vicuña Technical Report), 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 liquidity, contractual obligations, commitments and contingencies, and the Company's capital resources and adequacy thereof; the Company's tax obligations and expected tax rates; anticipated exploration and development activities at the Company's projects and assets, 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 realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the operation of Vicuña with BHP; expected processing capacities and infrastructure development; the timing and expectations for future regulatory applications, studies and technical reports with respect to the Company's operations and projects, including the Vicuña Project and the Saúva Project; the anticipated economic and fiscal benefits to Argentina and Chile, including expected tax, royalty, employment and infrastructure impacts; 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; the Company's shareholder distribution policy, including with respect to share buybacks and the payment and amount of dividends and the timing thereof; the step down of the Company's streaming agreement at Candelaria and the resulting impacts; the Company's goals to become a top-ten global copper producer, and to reach annual production of over 500,000 tonnes of copper and 550,000 ounces of gold; the impacts from a series of severe winter storms and inclement weather affecting northern and central Chile, including impacts on the Company's operations and supporting infrastructure and their anticipated severity and duration; the progressive ramp-up periods and expected timing for the Company to resume operations at Caserones; update to the Company's production and financial guidance and results and potential impacts thereto from the inclement weather events, including the relevant mine standby costs; 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); the seamless integration of Los Helados into the Company's operations; assumed and future prices of copper, gold, silver, zinc and other metals; anticipated costs; commodity prices; currency exchange rates and interest rates; ability to achieve goals; the impacts of the winter storm in Chile and subsequent winter storms and inclement weather events; the expectations and beliefs of management, including those related to the severity, duration and impacts of winter storms and any subsequent inclement weather events; that the Company can access financing, appropriate equipment and sufficient labour (including for example (and without limitation) those required for necessary infrastructure repairs, and those necessary to restart operations at Caserones); the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; 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; the accuracy of cost and expenditure estimates (including capital, sustaining and operating costs, cash costs and AISC), economic metrics and sensitivities, and of 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 foregoing; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Vicuña Technical Report); 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 ability of the Company to access committed amounts of the upsized credit facility, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; 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 Technical Report, 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 regime, including 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 rock and leach management facilities as well as other 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; 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, including risks associated with deadlock, differing strategic priorities, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; risks relating to development projects, including (without limitation) capital cost escalation, labour shortages, contractor performance, equipment delivery delays and supply chain disruptions; risks related to water availability, water rights, desalination infrastructure, groundwater permitting and changing water-use regulations; risks relating to community relations, indigenous consultation and participation processes, social license to operate and the ability to obtain and maintain community support; 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 or damage; 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; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; 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 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; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; 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 as well as uncertainties regarding the conversion of Mineral Resources into Mineral Reserves and the ability to realize estimated Mineral Resources or Mineral Reserves; risks that metallurgical testing, recoveries or process assumptions may differ from expectations; risks associated with climate change and inclement weather events; physical climate risks, including drought, flooding, extreme weather and water scarcity, and transition risks associated with evolving climate-related laws, regulations, emissions standards and stakeholder expectations; risks relating to acquisitions or business arrangements; the exclusive jurisdiction of foreign courts; changes in the relationship with its employees and contractors; risks relating to dividend payments to shareholders in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; 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; 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; the outbreak of infectious diseases or viruses; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; minor elements contained in concentrate products; 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; risks associated with military conflicts, including those associated with the conflict in the Middle East, which has contributed to heightened volatility in global energy markets, commodity supply chains and maritime shipping uncertainty; risks around the severity and extent of the impacts on the Company's operations and supporting infrastructure as a result of the winter storm in Chile, and uncertainty around the timing of repairs and for the Company to resume operations at Caserones; risks associated with additional winter storms and inclement weather events; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the three and nine months ended September 30, 2026, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025 and the "Risks and Uncertainties" section of the Company's most recent 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.

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Lundin Mining Corporation: Lundin Mining Reports Third Quarter 2026 Results, Delivering Strong Financial Performance Amidst Record Copper Prices

LUMIRegulatoriskt pressmeddelande2026-11-04 23:30

Ladda ner börsmeddelandet

Third Quarter Operational and Financial Highlights

Copper Production: 62,610 tonnes at a consolidated cash cost¹of $2.01/lb.
Gold Production: 36,763 ounces of gold was produced.
Revenue: $1,109.2 million with a record realized copper price¹ of $6.85/lb and a realized gold price¹ of $4,321/oz.
Net Earnings and Adjusted Earnings¹: Net earnings attributable to shareholders of the Company was $228.9 million ($0.27 per share) and adjusted earnings was $276.5 million ($0.32 per share).
Adjusted EBITDA¹: $647.7 million for the quarter.
Capital Expenditures¹: Sustaining capital expenditures² were $122.8 million and expansionary capital expenditures¹ were $97.0 million.
Cash Generation: Cash provided by operating activities in the quarter was $531.6 million, adjusted free cash flow from operations¹was $317.0 million.

Shareholder Returns: Under its normal course issuer bid, the Company repurchased 2,448,400 common shares for aggregate purchases of approximately $62.4 million and declared dividends of $16.6 million or C$0.0275 per share during the quarter. Year-to-date, the Company has repurchased 6,098,494 common shares for aggregate purchases of approximately $158.8 million and has declared dividends of $50.9 million or C$0.0825 per share. As part of its shareholder distribution policy, the Company is committed to allocating up to $150 million annually to share buybacks. In August, the Board also approved up to an additional $100 million of share repurchases, beyond the shareholder distribution policy commitment, for the remainder of 2026.

Growth: The Company delivered several major growth milestones this quarter, positioning it to be able to sanction the Vicuña project and advance its growth strategy:
- During the quarter, Vicuña announced that it has secured a long-term royalty agreement and infrastructure trust (the "Provincial Agreement") with the Government of San Juan Province, Argentina (the "Province"), which will provide further economic stability for the project. An infrastructure trust commitment of $250 million (Lundin Mining's attributable share: $125 million) with trust contributions to be made upon execution of eligible infrastructure works by the Province. This commitment grants Vicuña a five-year payment holiday from required infrastructure trust contributions which would otherwise commence on first production, while providing upfront funds to the Province for infrastructure and community initiatives.
- Vicuña also received approval from the National Gas and Electricity Regulatory Entity ("ENRGE") to build the high-voltage powerline and electrical infrastructure for the project, and secure the capacity needed to meet the operation's power demands.

- As part of its near-term growth strategy, the Company approved construction of an additional ball mill at Chapada to achieve higher recoveries as part of the Saúva growth project. Earthworks and concrete pouring have started and fabrication of the ball mill has commenced with commissioning targeted for late 2027.

Net Cash¹: As at September 30, 2026, the net cash position of the Company was $237.0 million. As at November 4, 2026, net cash was approximately $200 million.

Outlook: Following a series of severe winter storms during the quarter, full-year copper production guidance at Caserones was revised on August 18, 2026 to 120,000 - 130,000 tonnes from 130,000 - 140,000 tonnes and annual cash cost per pound sold guidance was revised to $2.15/lb - $2.35/lb from $2.05/lb - $2.25/lb. The impact of the storms has continued into the fourth quarter, as snowmelt has reduced haulage rates and limited the volume of ore delivered to the mill. As a result, Caserones full-year copper production guidance has been further revised to 105,000 - 115,000 tonnes from 120,000 - 130,000 tonnes. The consolidated copper production guidance for the Company is now 285,000 - 310,000 tonnes, with cash cost guidance of $1.95/lb - $2.15/lb of copper.

______________________________

Summary Financial Results

	2026				2025
($ millions continuing operations)	YTD¹	Q3	Q2	Q1	Total¹	Q4	Q3	Q2	Q1
Revenue and profit
Revenue	3,480.7	1,109.2	1,212.7	1,158.8	4,053.2	1,301.5	953.9	878.2	919.6
Production costs	(1,441.2)	(441.2)	(513.0)	(487.0)	(1,948.1)	(546.8)	(455.3)	(466.3)	(479.8)
Depreciation, depletion and amortization	(405.4)	(136.6)	(134.5)	(134.3)	(618.9)	(169.7)	(162.2)	(153.4)	(133.5)
Gross profit	1,634.1	531.4	565.2	537.5	1,398.0	496.8	336.4	258.5	306.3
Net earnings	1,029.5	271.8	370.7	387.0	1,417.7	912.3	175.1	149.2	181.2
- attributable to shareholders	787.8	228.9	278.4	280.5	1,047.2	659.9	133.8	115.7	137.9
Adjusted earnings²	797.8	276.5	256.7	264.6	687.9	363.7	143.2	87.8	93.8
Adjusted EBITDA²	1,932.4	647.7	658.0	626.7	1,917.1	686.4	472.2	376.5	382.2

Cash flow
Cash provided by operating activities	1,484.1	531.6	458.8	493.7	1,207.9	533.0	254.9	292.7	127.6
Adjusted operating cash flow²	1,375.0	430.4	494.5	450.1	1,621.9	665.1	366.4	261.1	329.5
Free cash flow from operations²	1,158.1	418.2	360.2	379.7	773.6	388.3	160.1	195.2	30.2
Free cash flow²	890.4	311.8	265.0	313.6	538.9	331.9	101.3	149.4	(43.4)

Capital expenditures
Sustaining capital expenditure³	359.3	122.8	110.7	125.8	477.8	157.6	102.5	109.6	108.1
Expansionary capital expenditure³	234.4	97.0	83.1	54.3	191.2	43.5	51.1	33.7	62.9

Per share amounts
EPS - Basic ($/share)	0.92	0.27	0.33	0.33	1.22	0.77	0.16	0.14	0.16
EPS - Diluted ($/share)	0.92	0.27	0.32	0.33	1.22	0.77	0.16	0.13	0.16
Adjusted EPS²($/share)	0.93	0.32	0.30	0.31	0.80	0.42	0.17	0.10	0.11
Dividends declared (C$/share)	0.0825	0.0275	0.0275	0.0275	0.1725	0.0275	0.0275	0.0275	0.09
¹ The sum of quarterly amounts may differ from year-to-date and total results due to rounding.
²These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.
³Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows and excluding capitalized interest. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure - please refer to the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Production Overview

	2026				2025
(contained metal)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1
Copper (t)
Caserones (100%)	87,531	15,015	33,964	38,552	132,881	39,612	35,270	29,290	28,709
Candelaria (100%)	96,690	34,954	30,928	30,808	145,471	34,272	37,129	36,999	37,071
Chapada	35,200	12,641	11,985	10,574	43,974	11,191	12,600	11,274	8,909
Total	219,421	62,610	76,877	79,934	322,326	85,075	84,999	77,563	74,689
Gold (oz)
Candelaria (100%)	55,424	19,842	17,843	17,739	80,528	19,055	19,899	20,574	21,000
Chapada	46,303	16,921	15,584	13,798	61,331	15,074	17,864	17,544	10,849
Total	101,727	36,763	33,427	31,537	141,859	34,129	37,763	38,118	31,849
Molybdenum (t)
Caserones (100%)	1,097	130	378	589	2,082	526	574	380	602
Silver (koz)
Candelaria (100%)	937	355	291	291	1,798	441	477	431	449
Chapada	206	73	66	67	258	66	73	69	50
Total	1,143	428	357	358	2,056	507	550	500	499

Sales Volumes

	2026				2025
(payable metal)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1
Copper (t)
Caserones (100%)	85,722	15,782	33,479	36,461	138,287	45,134	26,896	30,076	36,181
Candelaria (100%)	95,236	34,901	29,512	30,823	140,500	32,882	36,041	36,603	34,974
Chapada	34,680	13,226	11,083	10,371	42,040	9,413	13,997	10,284	8,346
Total	215,638	63,909	74,074	77,655	320,827	87,429	76,934	76,963	79,501
Gold (oz)
Candelaria (100%)	53,751	19,473	17,025	17,253	76,537	17,700	19,041	20,021	19,775
Chapada	43,293	16,905	13,737	12,651	56,569	12,403	19,735	14,402	10,029
Total	97,044	36,378	30,762	29,904	133,106	30,103	38,776	34,423	29,804
Molybdenum (t)
Caserones (100%)	1,023	39	354	630	1,976	451	508	389	628
Silver (koz)
Candelaria (100%)	762	299	219	244	1,598	372	434	395	397
Chapada	106	44	33	29	129	26	48	30	25
Total	868	343	252	273	1,727	398	482	425	422

Caserones (Chile)

Operating Statistics

		2026				2025
	(100% Basis)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1

	Ore mined (kt)	21,038	3,615	9,101	8,322	36,712	8,553	8,479	9,680	10,000
	Ore milled (kt)	21,046	4,451	8,379	8,216	33,383	8,200	8,530	7,984	8,669
	Ore placed on leach (kt)	8,859	1,463	3,868	3,528	16,777	3,142	3,910	4,962	4,763
	Grade
	Copper (%)	0.42	0.33	0.41	0.47	0.40	0.47	0.43	0.37	0.33
	Molybdenum (%)	0.016	0.017	0.017	0.015	0.011	0.013	0.011	0.008	0.011
	Production (contained metal)
	Copper in concentrate (t)	68,539	10,289	27,629	30,621	107,064	32,324	29,010	23,490	22,240
	Copper cathode (t)	18,992	4,726	6,335	7,931	25,817	7,288	6,260	5,800	6,469
	Total copper (t)	87,531	15,015	33,964	38,552	132,881	39,612	35,270	29,290	28,709
	Molybdenum (t)	1,097	130	378	589	2,082	526	574	380	602
	Revenue ($ millions)	1,279.4	255.2	517.9	506.3	1,618.9	598.5	311.8	322.7	385.9
	Production costs ($ millions)	534.1	122.4	212.4	199.3	854.5	247.3	158.5	204.7	243.9
	Gross profit ($ millions)	626.2	100.4	261.2	264.6	552.2	290.8	103.8	61.5	96.1
	Cash cost ($/lb copper)¹	2.08	3.09	2.14	1.58	2.17	1.88	1.86	2.45	2.52
	Sustaining capital ($ millions)¹	134.1	37.0	42.2	54.9	156.3	56.8	29.4	31.9	38.2
	All-in sustaining cost ("AISC") ($/lb copper)¹	3.21	4.75	3.10	2.63	3.03	2.74	2.74	3.34	3.36
¹AISC per pound sold and cash cost per pound sold are non-GAAP measures and sustaining capital is a supplementary financial measure, see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Q3 2026 Performance

YTD 2026 Compared to 2026 Guidance

Growth Projects

Exploration Update

Candelaria (Chile)

Operating Statistics

		2026				2025
	(100% Basis)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1

	Ore mined (kt)	22,157	7,890	6,546	7,721	37,018	7,935	9,145	9,721	10,217
	Ore milled (kt)	22,861	7,407	7,587	7,867	31,579	7,972	8,103	7,752	7,752
	Grade
	Copper (%)	0.46	0.52	0.45	0.43	0.50	0.47	0.49	0.52	0.52
	Gold (g/t)	0.11	0.12	0.10	0.10	0.12	0.11	0.11	0.12	0.12
	Production (contained metal)
	Copper (t)	96,690	34,954	30,928	30,808	145,471	34,272	37,129	36,999	37,071
	Gold (oz)	55,424	19,842	17,843	17,739	80,528	19,055	19,899	20,574	21,000
	Revenue ($ millions)	1,515.4	585.8	476.2	453.4	1,769.0	518.5	426.8	404.6	419.1
	Production costs ($ millions)	636.4	218.2	216.2	202.0	783.9	226.6	199.2	186.1	172.1
	Gross profit ($ millions)	656.3	286.8	188.3	181.2	685.1	218.9	144.7	143.6	177.8
	Cash cost ($/lb copper)¹	2.27	2.06	2.63	2.15	1.92	2.29	1.87	1.81	1.75
	Sustaining capital ($ millions)¹	155.4	62.6	45.5	47.3	224.4	79.5	46.9	50.2	47.7
	AISC ($/lb copper)¹	3.14	3.01	3.48	2.98	2.75	3.51	2.55	2.53	2.46
¹AISC per pound sold and cash cost per pound sold are non-GAAP measures and sustaining capital is a supplementary financial measure, see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Q3 2026 Performance

YTD 2026 Compared to 2026 Guidance

Growth Projects

Projects are also ongoing to support the mine life extension under the 2040 Environmental Impact Assessment ("EIA").

Exploration Update

Chapada (Brazil)

Operating Statistics

		2026				2025
	(100% Basis)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1

	Ore mined (kt)	17,507	6,278	5,258	5,971	19,934	6,485	5,444	4,725	3,280
	Ore milled (kt)	18,415	6,149	6,001	6,265	23,687	6,021	6,171	5,675	5,820
	Grade
	Copper (%)	0.24	0.25	0.26	0.22	0.25	0.24	0.26	0.27	0.22
	Gold (g/t)	0.15	0.15	0.16	0.15	0.16	0.16	0.16	0.18	0.13
	Production (contained metal)
	Copper (t)	35,200	12,641	11,985	10,574	43,974	11,191	12,600	11,274	8,909
	Gold (oz)	46,303	16,921	15,584	13,798	61,331	15,074	17,864	17,544	10,849
	Silver (koz)	206	73	66	67	258	66	73	69	50
	Revenue ($ millions)	685.9	268.2	218.6	199.1	665.3	184.5	215.3	150.9	114.6
	Production costs ($ millions)	269.7	100.3	84.1	85.3	306.8	71.9	96.4	75.0	63.5
	Gross profit (loss) ($ millions)	353.2	144.7	116.2	92.3	164.1	(11.8)	89.2	54.0	32.8
	Cash cost ($/lb copper)¹	0.57	0.61	0.62	0.45	0.75	0.45	0.50	0.75	1.47
	Sustaining capital ($ millions)¹	68.5	22.8	22.1	23.6	96.8	21.1	26.1	27.4	22.2
	AISC ($/lb copper)¹	1.82	1.72	1.89	1.87	2.06	1.81	1.58	2.24	2.94
¹AISC per pound sold and Cash cost per pound sold are non-GAAP measures and Sustaining capital is a supplementary financial measure, see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Q3 2026 Performance

YTD 2026 Compared to 2026 Guidance

Growth Projects

Exploration Update

Vicuña Project (Argentina and Chile)

Provincial Agreements

Consolidate all financial contributions for social infrastructure required under the Vicuña Project's Declaration of Environmental Impact (mining permit) into a single contribution of 1.5% of gross revenue, which is to be paid into an infrastructure trust for the life of mine which simplifies the funding of the infrastructure contributions for the two deposits;

An infrastructure trust commitment of $250 million (Lundin Mining's attributable share: $125 million) with trust contributions to be made upon execution of eligible infrastructure works by the Province. This commitment grants Vicuña a five-year payment holiday from required infrastructure trust contributions which would otherwise commence on first production, while providing upfront funds to the Province for infrastructure and community initiatives; and

A cap to the provincial mining royalty of 3% gross revenue for the life of mine.

RIGI Approval

Project Development

Upcoming Project Development Milestones

The Company intends to continue to work with its partner, BHP, and the Vicuña Project team to advance the Vicuña Project to a sanctioning decision. Key upcoming activities and milestones include:

Engineering and mine design optimization activities for Stage 1.

Advancement of financing structure to fund construction.

Completion of a bottom-up Stage 1 capital cost estimate and construction schedule.

Trade off studies and optimization of Stages 2 & 3.

Detailed design and engineering on the Vicuña Project is ongoing. The technical team is focused on advancing all aspects of the project to target a sanctioning decision as early as the end of 2026.

Technical Report Results

Highlights¹:

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 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 CuEq².
Multi-generational asset: Initial +70-year LOM, producing approximately 22.3 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 8.4³ years and an after-tax IRR of 14.8%.
Resource growth: The Updated Vicuña Mineral Resource grew significantly compared to the previous estimate⁴.
Base-case scenario: NPV_8% of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver.
Value accretion at higher metal prices: $6.00/lb copper, $5,000/oz gold & $80/oz silver increases the NPV_8% to $28.8 billion and the IRR to 25.5% with a payback of 5.4 years.

About Vicuña

Los Helados Project (Chile)

Revenue Analysis

	Three months ended September 30,					Nine months ended September 30,
Revenue by mine	2026		2025		Change	2026		2025		Change
($ millions)	$	%	$	%	$	$	%	$	%	$
Caserones (100%)	255.2	23	311.8	33	(56.6)	1,279.4	37	1,020.4	37	259.0
Candelaria (100%)	585.8	53	426.8	44	159.0	1,515.4	44	1,250.5	46	264.9
Chapada	268.2	24	215.3	23	52.9	685.9	19	480.8	17	205.1
Total	1,109.2		953.9		155.3	3,480.7		2,751.7		729.0

	Three months ended September 30,					Nine months ended September 30,
Revenue by metal	2026		2025		Change	2026		2025		Change
($ millions)	$	%	$	%	$	$	%	$	%	$
Copper	964.5	87	775.8	82	188.7	2,998.9	86	2,308.1	84	690.8
Gold	118.8	11	126.9	13	(8.1)	341.7	10	313.6	11	28.1
Molybdenum	4.6	-	29.9	3	(25.3)	74.5	2	70.6	3	3.9
Silver	13.2	1	18.1	2	(4.9)	42.6	1	45.2	2	(2.6)
Other	8.1	1	3.2	-	4.9	23.0	1	14.2	-	8.8
Total	1,109.2		953.9		155.3	3,480.7		2,751.7		729.0

	Three months ended September 30,		Nine months ended September 30,
Realized prices	2026	2025	2026	2025
Copper	$6.85/lb	$4.61/lb	$6.32/lb	$4.55/lb
Gold	$4,321/oz	$3,698/oz	$4,590/oz	$3,442/oz
Molybdenum	$53.49/lb	$26.70/lb	$32.99/lb	$21.00/lb

Capital Expenditures¹

	Three months ended September 30,		Nine months ended September 30,
($ millions)	2026	2025	2026	2025
Caserones	37.0	29.4	134.1	99.5
Candelaria	62.6	46.9	155.4	144.9
Chapada	22.8	26.1	68.5	75.7
Other	0.4	0.1	1.3	0.1
Sustaining capital expenditures	122.8	102.5	359.3	320.2
Caserones	0.6	-	3.0	-
Candelaria	8.8	-	11.8	21.7
Chapada	6.3	-	11.7	-
Vicuña	81.0	51.1	207.6	126.0
Other	0.3	-	0.3	-
Expansionary capital expenditures	97.0	51.1	234.4	147.7
Total capital expenditures	219.8	153.6	593.7	467.9
¹Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows and excluding capitalized interest. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure - please refer to the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

2026 Outlook

See below for current 2026 Guidance:

2026 Production and Consolidated Cash Cost¹ Guidance

	Guidance²	Revised Guidance
Copper (kt) - contained metal	300 - 325	285 - 310
Gold (koz) - contained metal	134 - 149	134 - 149
Consolidated cash cost ($/lb)	1.95 - 2.15	1.95 - 2.15
¹ Consolidatedcash cost is a non-GAAP measure - see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.
²Guidance as outlined in the news release "Lundin Mining's Chile Operations Impacted by Second Severe Winter Storm" dated August 18, 2026.

2026 Production and Cash Cost¹ Guidance by Operation

		Guidance²	Revised Guidance
Copper (kt)	Caserones (100%)	120 - 130	105 - 115
(contained metal)	Candelaria (100%)	135 - 145	135 - 145
	Chapada	45 - 50	45 - 50
	Total copper	300 - 325	285 - 310
Gold (koz)	Candelaria (100%)	77 - 87	77 - 87
(contained metal)	Chapada	57 - 62	57 - 62
	Total gold	134 - 149	134 - 149
Cash Cost ($/lb)	Caserones (100%)	2.15 - 2.35	2.15 - 2.35
	Candelaria (100%)	2.05 - 2.25	2.05 - 2.25
	Chapada	0.75 - 0.95	0.75 - 0.95
	Consolidated cash cost¹	1.95 - 2.15	1.95 - 2.15
¹Cash cost and consolidated cash cost per pound are non-GAAP measure - see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.
²Guidance as outlined in the news release "Lundin Mining's Chile Operations Impacted by Second Severe Winter Storm" dated August 18, 2026.

______________________________

¹2026 financial outlook as outlined in the news release "Lundin Mining Capital Markets Day Highlights Strategic Vision for Leading Growth and Shareholder Returns" dated June 17, 2026.

2026 Capital Expenditure Guidance¹

	($ millions)	Guidance²	Revisions	Revised Guidance
	Caserones (100% basis)	235	(20)	215
	Candelaria (100% basis)	215	-	215
	Chapada	100	-	100
	Total Sustaining	550	(20)	530
	Expansionary Capital	85	(30)	55
	Vicuña (50% basis)	395	-	395
	Total Capital Expenditures	1,030	(50)	980
¹ Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure - see the Company's discussion of non-GAAP & other financial measures in its MD&A for the three and nine months ended September 30, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.
² Guidance as outlined in the news release "Lundin Mining Capital Markets Day Highlights Strategic Vision for Leading Growth and Shareholder Returns" dated June 17, 2026.

2026 Exploration Investment Guidance

Total exploration expenditure guidance for 2026 is $53 million.

Current 2026 Guidance Key Assumptions

Technical 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 Enterprises Inc.

Mr. Kirk Hanson, P.E., KH Mining LLC

Mr. Dustin Smiley, P.Eng., Vicuña Corp.

Mr. Daniel Ruane, P.Eng., Knight Piesold Ltd.

For further information related to the Vicuña Technical Report, see the Company's news release dated March 30, 2026.

Abbreviations

AISC	All-in sustaining cost	g/t	Grams per tonne
ARS	Argentine pesos	IRR	Internal rate of return
BRL	Brazilian reais	LOM	Life of mine
C$	Canadian dollars	NPV	Net present value
CLP	Chilean pesos	lb	Pound
Cu	Copper	oz, koz, Moz	Troy ounces, thousand ounces, million ounces
CuEq	Copper equivalent	t, kt, Mt	Tonnes, thousand tonnes, million tonnes
EPS	Earnings per share	$ or USD	US dollars

Reconciliation of Non-GAAP Measures

Cash Cost per Pound and AISC per Pound

Three months ended September 30, 2026
Continuing operations	Caserones	Candelaria	Chapada	Consolidated	Total¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total¹
Sales volumes (payable metal):
Tonnes	15,782	34,901	13,226	63,909
Pounds (000s)	34,793	76,943	29,158	140,894

Production costs	122.4	218.2	100.3	440.9	441.2
Less: Royalties and other	(7.4)	(9.0)	(6.2)	(22.6)	(22.8)
Add: Treatment and refining charges	(0.5)	(0.9)	-	(1.4)	(1.4)
Gross cost	114.5	208.3	94.1	416.9	417.0
Deduct: By-product²	(7.1)	(49.7)	(76.2)	(133.0)	(133.0)
Cash cost	107.4	158.6	17.9	283.9	284.0

Gross cost per pound sold ($/lb)	3.29	2.71	3.23	2.96
By-product per pound sold ($/lb)	(0.20)	(0.65)	(2.62)	(0.95)
Cash cost per pound sold ($/lb)	3.09	2.06	0.61	2.01

Cash cost	107.4	158.6	17.9
Add: Sustaining capital expenditure	37.0	62.6	22.8
Royalties	6.8	5.3	5.7
Reclamation and other closure accretion and depreciation	0.7	1.0	2.1
Leases and other	13.4	3.8	1.8
All-in sustaining cost	165.3	231.3	50.3
AISC per pound sold ($/lb)	4.75	3.01	1.72
¹ Includes immaterial amounts related to other segments.
² The impact of by-product is presented net of the associated treatment and refining charges.

Three months ended September 30, 2025
Continuing operations	Caserones	Candelaria	Chapada	Consolidated	Total¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total¹
Sales volumes (payable metal):
Tonnes	26,896	36,041	13,997	76,934
Pounds (000s)	59,295	79,457	30,858	169,610

Production costs	158.5	199.2	96.4	454.1	455.3
Less: Royalties and other	(8.6)	(4.5)	(6.1)	(19.2)	(20.3)
Add: Treatment and refining charges	(0.3)	3.5	1.5	4.7	4.7
Gross cost	149.6	198.2	91.8	439.6	439.7
Deduct: By-product²	(39.6)	(50.0)	(76.3)	(165.9)	(165.9)
Cash cost	110.0	148.2	15.5	273.7	273.8

Gross cost per pound sold ($/lb)	2.52	2.49	2.97	2.59
By-product per pound sold ($/lb)	(0.66)	(0.62)	(2.47)	(0.98)
Cash cost per pound sold ($/lb)	1.86	1.87	0.50	1.61

Cash cost	110.0	148.2	15.5
Add: Sustaining capital expenditure	29.4	46.9	26.1
Royalties	8.3	3.9	4.6
Reclamation and other closure accretion and depreciation	(0.2)	1.9	1.7
Leases and other	15.1	2.1	1.0
All-in sustaining cost	162.6	203.0	48.9
AISC per pound sold ($/lb)	2.74	2.55	1.58
¹Includes immaterial amounts related to other segments.
² The impact of by-product is presented net of the associated treatment and refining charges.

Nine months ended September 30, 2026
Continuing operations	Caserones	Candelaria	Chapada	Consolidated	Total¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total¹
Sales volumes (payable metal):
Tonnes	85,722	95,236	34,680	215,638
Pounds (000s)	188,984	209,959	76,456	475,399

Production costs	534.1	636.4	269.7	1,440.2	1,441.2
Less: Royalties and other	(37.8)	(21.3)	(19.8)	(78.9)	(79.8)
Add: Treatment and refining charges	(0.2)	(0.2)	0.3	(0.1)	(0.1)
Gross cost	496.1	614.9	250.2	1,361.2	1,361.3
Deduct: By-product²	(103.7)	(139.3)	(206.9)	(449.9)	(449.9)
Cash cost	392.4	475.6	43.3	911.3	911.5

Gross cost per pound sold ($/lb)	2.63	2.93	3.27	2.86
By-product per pound sold ($/lb)	(0.55)	(0.66)	(2.70)	(0.94)
Cash cost per pound sold ($/lb)	2.08	2.27	0.57	1.92

Cash cost	392.4	475.6	43.3
Add: Sustaining capital expenditure	134.1	155.4	68.5
Royalties	36.6	14.9	16.8
Reclamation and other closure accretion and depreciation	1.3	3.7	6.2
Leases and other	41.6	10.1	4.5
All-in sustaining cost	606.0	659.7	139.3
AISC per pound sold ($/lb)	3.21	3.14	1.82
¹ Includes immaterial amounts related to other segments.
² The impact of by-product is presented net of the associated treatment and refining charges.

Nine months ended September 30, 2025
Continuing operations	Caserones	Candelaria	Chapada	Consolidated	Total¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total¹
Sales volumes (payable metal):
Tonnes	93,153	107,618	32,627	233,398
Pounds (000s)	205,367	237,257	71,930	514,554

Production costs	607.2	557.3	234.9	1,399.4	1,401.3
Less: Royalties and other	(32.0)	(9.5)	(17.4)	(58.9)	(60.7)
Add: Treatment and refining charges	6.4	17.3	4.6	28.3	28.3
Gross cost	581.6	565.1	222.1	1,368.8	1,368.9
Deduct: By-product²	(108.0)	(136.3)	(162.4)	(406.7)	(406.7)
Cash cost	473.6	428.8	59.7	962.1	962.2

Gross cost per pound ($/lb)	2.83	2.38	3.09	2.66
By-product credit per pound ($/lb)	(0.52)	(0.57)	(2.26)	(0.79)
Cash cost per pound sold ($/lb)	2.31	1.81	0.83	1.87

Cash cost	473.6	428.8	59.7
Add: Sustaining capital expenditure	99.5	144.9	75.7
Royalties	26.7	11.4	10.2
Reclamation and other closure accretion and depreciation	2.4	6.0	5.1
Leases and other	49.7	5.2	3.1
All-in sustaining cost	651.9	596.3	153.8
AISC per pound sold ($/lb)	3.17	2.51	2.14
¹ Includes immaterial amounts related to other segments.
² The impact of by-product is presented net of the associated treatment and refining charges.

Adjusted EBITDA

Adjusted EBITDA can be reconciled to net earnings from continuing operations on the Company's condensed interim consolidated Statements of Earnings as follows:

	Three months endedSeptember 30,		Nine months endedSeptember 30,
($ millions continuing operations)	2026	2025	2026	2025
Net earnings from continuing operations	271.8	175.1	1,029.5	505.5
Add (deduct):
Depreciation, depletion and amortization¹	144.9	162.2	413.7	449.2
Finance costs, net	19.6	15.5	47.6	77.5
Income tax expense	154.8	98.3	401.0	218.2
EBITDA	591.1	451.1	1,891.8	1,250.4
Mine standby costs¹	57.6	-	57.6	-
Unrealized foreign exchange (gain) loss	(8.1)	(8.5)	(9.7)	(0.6)
Unrealized gains on derivative contracts	(2.8)	25.5	(22.1)	(21.2)
Revaluation (gain) loss on marketable securities	0.1	(8.1)	(1.5)	(9.7)
Ojos del Salado sinkhole expenses	-	11.4	8.4	12.6
Share of net earnings of associate & dilution loss	6.3	-	3.4	-
Other	3.5	0.8	4.5	(0.6)
Total adjustments - EBITDA	56.6	21.1	40.6	(19.5)
Adjusted EBITDA	647.7	472.2	1,932.4	1,230.9
¹Depreciation, depletion and amortization for the three and nine months ended September 30, 2026 includes $8.3 million presented as mine standby costs in the Company's condensed interim consolidated Statements of Earnings.

Adjusted Earnings and Adjusted EPS

	Three months endedSeptember 30,		Nine months endedSeptember 30,
($ millions continuing operations, except share and per share amounts)	2026	2025	2026	2025
Net earnings from continuing operations attributable to Lundin Mining shareholders	228.9	133.8	787.8	387.3
Add (deduct):
Total adjustments - EBITDA	56.6	21.1	40.6	(19.5)
Mine standby costs - Depreciation, depletion and amortization portion¹	8.3	-	8.3	-
Tax effect on adjustments	(2.4)	1.8	(5.0)	(2.7)
Deferred tax arising from foreign exchange translation	0.4	(11.3)	(18.7)	(46.1)
Deferred tax arising from partial disposal and contribution to Vicuña	-	-	-	9.0
Non-controlling interest on adjustments	(15.3)	(2.2)	(15.2)	(3.7)
Total adjustments	47.6	9.4	10.0	(63.0)
Adjusted earnings	276.5	143.2	797.8	324.7
¹Depreciation, depletion and amortization for the three and nine months ended September 30, 2026 of $8.3 million presented as mine standby costs in the Company's condensed interim consolidated Statements of Earnings.

Basic weighted average number of shares outstanding	851,714,518	856,091,613	855,175,149	855,301,352

Basic EPS attributable to shareholders	0.27	0.16	0.92	0.45
Total adjustments per share	0.05	0.01	0.01	(0.07)
Adjusted EPS	0.32	0.17	0.93	0.38

Free Cash Flow from Operations and Adjusted Free Cash Flow from Operations

	Three months endedSeptember 30,		Nine months endedSeptember 30,
($ millions continuing operations)	2026	2025	2026	2025
Cash provided by operating activities from continuing operations	531.6	254.9	1,484.1	675.2
Sustaining capital expenditures	(122.8)	(102.5)	(359.3)	(320.2)
General exploration and business development	9.4	7.7	33.3	30.6
Free cash flow from operations	418.2	160.1	1,158.1	385.6
Changes in non-cash working capital items	(60.7)	119.4	14.1	213.3
Changes in net income taxes payable	(40.5)	(7.9)	(123.2)	68.6
Adjusted free cash flow from operations	317.0	271.6	1,049.0	667.5

Free Cash Flow and Adjusted Free Cash Flow

	Three months endedSeptember 30,		Nine months endedSeptember 30,
($ millions continuing operations)	2026	2025	2026	2025
Cash provided by operating activities from continuing operations	531.6	254.9	1,484.1	675.2
Sustaining capital expenditures	(122.8)	(102.5)	(359.3)	(320.2)
Expansionary capital expenditures	(97.0)	(51.1)	(234.4)	(147.7)
Free cash flow	311.8	101.3	890.4	207.3
Changes in non-cash working capital items	(60.7)	119.4	14.1	213.3
Changes in net income taxes payable	(40.5)	(7.9)	(123.2)	68.6
Adjusted free cash flow	210.6	212.8	781.3	489.2

Adjusted Operating Cash Flow

Adjusted operating cash flow can be reconciled to cash provided by operating activities on the Company's condensed interim consolidated Statements of Cash Flows as follows:

	Three months endedSeptember 30,		Nine months endedSeptember 30,
($ millions continuing operations)	2026	2025	2026	2025
Cash provided by operating activities from continuing operations	531.6	254.9	1,484.1	675.2
Changes in non-cash working capital items	(60.7)	119.4	14.1	213.3
Changes in net income taxes payable	(40.5)	(7.9)	(123.2)	68.6
Adjusted operating cash flow	430.4	366.4	1,375.0	957.1

Net Cash

Net cash can be reconciled to debt, current portion of debt and cash and cash equivalents on the Company's condensed interim consolidated Balance Sheets as follows:

($ millions continuing operations)	September 30, 2026	December 31, 2025
Debt	-	(56.3)
Current portion of debt	(107.3)	(180.8)
Less deferred financing fees (netted in above)¹	-	(3.7)
	(107.3)	(240.8)
Cash and cash equivalents	344.3	296.2
Add cash and cash equivalents related to assets classified as held for sale	-	22.0
Net cash	237.0	77.4
¹Unamortized deferred financing fees of $12.0 million as at September 30, 2026 associated with the revolving credit facility have been reclassified from debt to other non-current assets on the Company's condensed interim consolidated balance sheets.

Sustaining and Expansionary Capital Expenditures

	Three months ended September 30,		Nine months endedSeptember 30,
($ millions)	2026	2025	2026	2025
Investment in mineral properties, plant and equipment	221.6	157.2	600.9	479.9
Less: Capitalized interest	(1.8)	(3.6)	(7.2)	(12.0)
Total capital expenditures	219.8	153.6	593.7	467.9
Sustaining capital expenditures	122.8	102.5	359.3	320.2
Expansionary capital expenditures	97.0	51.1	234.4	147.7

Cautionary Statement on Forward-Looking Information

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