Lundin Mining (LUN) Investor Update summary

Resource Estimate Highlights

• Vicuña ranks among the world's top 10 largest copper, gold, and silver resources, with 13 Mt copper (M&I) and 25 Mt inferred, 32 Moz gold (M&I) and 49 Moz inferred, and 659 Moz silver (M&I) and 808 Moz inferred, with high-grade cores at Filo del Sol (606 Mt at 1.14% CuEq) and Josemaria (196 Mt at 0.73% CuEq) in M&I.

• The district's resource base has grown substantially, with Filo del Sol's oxide resource increasing contained copper by 43% (M&I) versus January 2023 and Josemaria's resource growing contained copper by 38% (M&I) versus July 2020.

• Both deposits remain open at depth and along strike, with ongoing drilling expanding resources and indicating further growth potential.

• The Vicuña resource estimate supersedes previous technical studies for Josemaria and Filo del Sol, declassifying prior mineral reserves.

• Josemaria and Filo del Sol are located approximately 10 km apart, enabling shared infrastructure and economies of scale for a globally ranked mining complex.

Technical and Geological Details

• The Vicuña resource estimate is based on over 200,000 m of drilling at Filo del Sol and over 100,000 m at Josemaria, with rigorous QA/QC and geostatistical modeling.

• Metallurgical testing confirms heap leach amenability for Filo del Sol oxides and conventional milling/flotation for sulphides at both deposits.

• Recovery estimates: Filo del Sol concentrator (78% Cu, 62% Au, 62% Ag), heap leach (67% Cu, 63% Au, 78% Ag); Josemaria flotation (82% Cu, 60% Au, 56% Ag).

• Resource estimates use metal prices of $4.43/lb Cu, $2,185/oz Au, and $28.80/oz Ag, with pit optimization for economic extraction.

• Qualified Persons have verified and approved the resource estimates and metallurgical assumptions, with no material risks identified.

Project Development and Outlook

• Development will proceed in multiple phases, starting with high-grade cores at Josemaria and Filo oxides, followed by full-scale Filo sulfide mining.

• The joint arrangement between Lundin Mining and BHP enables shared infrastructure, economies of scale, and staged expansion options.

• Integrated technical studies are underway, with a report expected in Q1 2026 to support a sanction decision.

• Early mine life will focus on maximizing cash flow by prioritizing high-grade, near-surface material.

• Forward-looking statements highlight potential for further resource growth, operational synergies, and long-term value creation, while noting standard mining and jurisdictional risks.