VANCOUVER, BC, Nov. 4, 2026 /PRNewswire/ -- (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.



 
 2 Sustaining 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


                                                YTD




 ($ millions continuing operations)             (1)      Q3       Q2         Q1     Total(1)          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 earnings(2)                         797.8    276.5     256.7       264.6         687.9        363.7         143.2           87.8            93.8



 Adjusted EBITDA(2)                         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 flow(2)            1,375.0    430.4     494.5       450.1       1,621.9        665.1         366.4          261.1           329.5



 Free cash flow from operations(2)          1,158.1    418.2     360.2       379.7         773.6        388.3         160.1          195.2            30.2



 Free cash flow(2)                            890.4    311.8     265.0       313.6         538.9        331.9         101.3          149.4          (43.4)





 
            Capital expenditures



 Sustaining capital expenditure(3)            359.3    122.8     110.7       125.8         477.8        157.6         102.5          109.6           108.1



 Expansionary capital expenditure(3)          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.



 
 2 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.


    3 Capital 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")        3.21   4.75   3.10        2.63      3.03    2.74     2.74      3.34       3.36

 ($/lb
  copper)(1)

 1 AISC 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

 1 AISC 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

 1 AISC 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.


 ___________



 
           (1) Vicuña 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                 Nine months ended September
                                      30,                                            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                Nine months ended September
                                                          30,                            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

 1 Capital 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

                                Guidance(2) 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) Consolidated cash 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.



 
 2 Guidance 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

                                                         Guidance(2) 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     Caserones (100%)                   2.15 -
             ($/lb)                                             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      1.95 -
                                        cost                    2.15
                                                  (1)                     1.95 - 2.15


 
 1 Cash 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.



 
 2 Guidance 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.


 ___________



 
           (1) 2026 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)  Guidance(2) 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).

About Lundin Mining

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce metals that underpin global development, supporting infrastructure, electrification, technological innovation, and economic resilience. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. We also hold a 31% interest in the Los Helados project, located adjacent to our operating Caserones mine, providing longer term growth optionality. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.

The 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,    Troy ounces, thousand ounces, million
                              Moz         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


                                                                                                                     Total





 
            Continuing operations                                                                           Caserones   Candelaria  Chapada   Consolidated        (1)



 ($ millions, unless otherwise noted)                                                                              (Cu)         (Cu)     (Cu)           (Cu)



 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-product(2)                                                                                            (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


                                                                                                                  Total





 
            Continuing operations                                                                           Caserones Candelaria  Chapada   Consolidated        (1)



 ($ millions, unless otherwise noted)                                                                              (Cu)       (Cu)     (Cu)           (Cu)



 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-product(2)                                                                                           (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





 
            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, 2026


                                                                                                                     Total





 
            Continuing operations                                                                           Caserones   Candelaria  Chapada   Consolidated        (1)



 ($ millions, unless otherwise noted)                                                                              (Cu)         (Cu)     (Cu)           (Cu)



 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-product(2)                                                                                          (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


                                                                                                                     Total





 
            Continuing operations                                                                           Caserones   Candelaria  Chapada   Consolidated        (1)



 ($ millions, unless otherwise noted)                                                                              (Cu)         (Cu)     (Cu)           (Cu)



 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-product(2)                                                                                          (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 ended               Nine months ended

                                                                  September 30,               September 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 amortization(1)        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 costs(1)                               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


 
 1 Depreciation, 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 ended                        Nine months ended

                                                                                                                                                                                                    September 30,                        September 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 portion(1)                                                                                                      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





          
            1 Depreciation, 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 ended               Nine months ended

                                                                                    September 30,               September 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 ended               Nine months ended

                                                                                    September 30,               September 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 ended              Nine months ended

                                                                                 September 30,              September 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, December 31,
                                                                               2026           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


 
 1 Unamortized 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                        Nine months ended
                                                              September 30,
                                                                                                     September 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.

For further information, please contact: Stephen Williams, Vice President, Investor Relations +1 604 806 3074; Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40

View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-reports-third-quarter-2026-results-delivering-strong-financial-performance-amidst-record-copper-prices-302929873.html

Tags

More Like This

Lundin Mining Reports Second Quarter 2026 Results; Strong Operational Performance Generated Near-Record Revenue and Free Cash Flow

Lundin Mining Reports Fourth Quarter and Full Year 2025 Results

Lundin Mining Reports First Quarter 2026 Results

Lundin Mining Reports Second Quarter 2025 Results

Lundin Mining Reports Third Quarter 2025 Results and Increases Full-Year Copper Production Guidance and Lowers Cost Guidance

Lundin Mining Fourth Quarter and Full Year 2024 Results

Lundin Mining Third Quarter 2023 Results

Lundin Mining Fourth Quarter and Full Year 2023 Results