Lundin Mining (LUN) investor relations material

Executive summary

• Achieved record revenue of $4.5 billion and adjusted EBITDA of $1.9 billion for 2025, driven by strong copper and gold production, high commodity prices, and portfolio optimization, including transformative transactions and asset sales.

• Completed major transactions such as the Eagle Mine merger, joint acquisition of Filo Corp. with BHP, and divestiture of European assets, streamlining the portfolio and focusing on South American copper assets.

• Advanced growth initiatives, including the Vicuña Project and Saúva prefeasibility study, positioning for top-tier copper, gold, and silver production.

• Returned $256 million to shareholders through dividends and share buybacks, demonstrating commitment to shareholder returns.

• Launched a new brand identity aligned with a copper-focused growth strategy.

Financial highlights

• Generated $4.5 billion in revenue for 2025, including $409 million from discontinued operations; revenue from continuing operations was $4.1 billion.

• Adjusted EBITDA from continuing operations reached $1.9 billion; adjusted operating cash flow was $1.6 billion.

• Free cash flow from continuing operations was $774 million for the year.

• Adjusted earnings from continuing operations totaled $688 million; net earnings attributable to shareholders were $1,283 million.

• Ended the year with a net cash position of $77 million, reflecting strong cash generation and deleveraging.

Outlook and guidance

• 2026 copper production guidance: 310,000–335,000 tonnes; gold: 134,000–158,000 ounces.

• Cash costs for 2026 projected at $1.90–$2.10 per pound of copper.

• Sustaining capital expenditures forecast at $550 million; expansionary CapEx at $395–$445 million, including Vicuña.

• Exploration budget of $53 million targeting 70,000 meters of drilling across key assets.

• Focus remains on cost reductions, process improvements, and advancing growth projects, including Vicuña and Saúva.