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NEWS RELEASE

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

Vancouver, November 5, 2025 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its third quarter 2025 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.

Jack Lundin, President and CEO commented, "We are pleased to report another solid quarter at Lundin Mining, with copper production, revenue, EBITDA, and earnings all exceeding results from the first and second quarters. The Company generated over \$1 billion in revenue and delivered \$383 million of adjusted operating cash flow. Consolidated copper cash cost of \$1.61 /lb marks our lowest quarterly cost this year.

"We are updating our full-year guidance to reflect strong operational performance, particularly at Caserones. The midpoint of consolidated copper production is increasing by 11,500 tonnes to 328,000 tonnes, with a new range of 319,000 to 337,000 tonnes. Additionally, improved performance at Caserones and Chapada has resulted in the lowering of our overall consolidated copper cash cost guidance to a range of \$1.85 to \$2.00 /lb.

"Encouraging progress continues to be made with our near-term growth initiatives at our existing operations and with the large-scale Vicuña Project. We are thrilled to welcome Ron Hochstein as Chief Executive Officer of Vicuña Corp., joining a seasoned team with a proven track record of success. The Vicuña team is advancing parallel studies to support a multiphased development plan, with an integrated technical study anticipated in Q1 2026."

Third Quarter Operational and Financial Highlights

Continued strong operational performance drove earnings in the third quarter, supported by sustained higher gold prices. Consolidated copper guidance for the full-year is increasing to 319,000 – 337,000 tonnes of copper, reflecting stronger cathode production at Caserones. The balance sheet strengthened during the period, and the Company expects to continue to pay down debt throughout the fourth quarter. Full-year 2025 consolidated copper cash cost¹ guidance is decreasing by approximately \$0.125 /lb to \$1.85 to \$2.00 /lb.

Third Quarter Highlights:

• Copper Production: 87,353 tonnes of copper production at a consolidated copper cash cost of \$1.61 /lb.
• Other Production: 37,763 ounces of gold and 2,724 tonnes of nickel.
• Revenue: \$1,007.0 million from continuing operations with a realized copper price¹ of \$4.61 /lb and a realized gold price¹ of \$3,889 /oz.
• Net Earnings and Adjusted Earnings¹ : Net earnings from continuing operations attributable to shareholders of the Company was \$143.3 million (\$0.17 per share) and adjusted earnings from continuing operations was \$152.3 million (\$0.18 per share).
• Adjusted EBITDA¹ : \$489.7 million generated from continuing operations.
• Cash Generation: Cash provided by continuing operations was \$270.3 million and free cash flow from operations¹was \$168.9 million. Adjusted operating cash flow from continuing operations¹ was \$382.9 million.
• Net debt¹ : As at September 30, the net debt position of the Company was \$107.9 million (excluding lease liabilities).
• Growth: The Company is continuing to advance its growth initiatives as part of its strategic aspirations to become a global top-ten copper producer and achieve copper production of over 500,000 tonnes per year and gold production of over 550,000 ounces per year:

¹ These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Underground contractor insourcing initiatives continued at Candelaria with the initial wave of contractors being brought onboard, insourcing will continue into next year.
Saúva Phase 1 mine plan development advanced and further discussions with authorities regarding permitting timelines continued, an update is expected in January.
Vicuña Corp. ("Vicuña") announced the appointment Ron Hochstein as Chief Executive Officer of Vicuña. Mr. Hochstein has been an integral member of the Lundin Group for more than 30 years, holding a variety of leadership roles and building an outstanding track record of creating shareholder value. Vicuña is a 50/50 joint arrangement between Lundin Mining and BHP that holds the consolidated deposits of Filo del Sol and Josemaria (collectively, the "Vicuña Project").
Vicuña continues to advance the Vicuña Project through drilling, tradeoff studies, engineering, cost estimation and permitting in preparation for the integrated technical study in the first quarter 2026.
• Shareholder Returns: A quarterly dividend of C\$0.0275 per share has been declared. During the quarter, no common shares were purchased under the NCIB. So far during 2025, Lundin Mining has acquired 12,629,000 common shares at a cost of approximately \$104.0 million.
• Outlook: The Company is pleased to be increasing and tightening its full-year copper guidance from 303,000 330,000 to 319,000 – 337,000 tonnes of copper. The Company is further improving cash cost guidance at Caserones, Chapada and Eagle which lowers full-year consolidated cash cost guidance for the Company to \$1.85 – \$2.00 /lb cash cost. Annual capital expenditure guidance is being reduced by deferrals at Candelaria and Caserones.

Summary Financial Results

	Three months ended September 30,			Nine months ended September 30,
(US\$ millions continuing operations except where noted, except per share amounts)	2025	2024	2025	2024
Revenue	1,007.0	873.1	2,908.1	2,563.7
Gross profit	347.7	266.2	927.9	692.2
Attributable net earningsa	143.3	84.0	407.4	206.5
Net earnings	184.6	110.7	525.5	313.0
Adjusted earningsa,b (all operations)	152.3	72.5	398.4	239.7
Adjusted earningsa,b — continuing operations	152.3	57.2	344.4	196.9
Adjusted earningsa,b,c — discontinued operations	—	15.3	54.0	42.8
Adjusted EBITDAb (all operations)	489.7	457.7	1,336.5	1,281.4
Adjusted EBITDAb — continuing operations	489.7	385.3	1,272.5	1,093.7
Adjusted EBITDAb,c — discontinued operations	—	72.4	64.0	187.8
Basic earnings per share ("EPS")a (all operations)	0.19	0.13	0.60	0.31
Diluted EPSa (all operations)	0.19	0.13	0.60	0.30
Basic and diluted EPSa — continuing operations	0.17	0.11	0.48	0.27
Basic and diluted EPSa,c — discontinued operations	0.02	0.02	0.13	0.04
Adjusted EPSa,b (all operations)	0.18	0.09	0.47	0.31
Adjusted EPSa,b — continuing operations	0.18	0.07	0.41	0.25
Adjusted EPSa,b,c — discontinued operations	—	0.02	0.06	0.06
Cash provided by operating activities (all operations)	270.3	139.3	781.7	898.6
Cash provided by operating activities - continuing operations	270.3	81.4	707.2	753.6
Cash provided by operating activities - discontinued operationsc	—	57.9	74.5	145.0
Adjusted operating cash flowb (all operations)	382.9	305.2	1,054.9	988.7
Adjusted operating cash flowb — continuing operations	382.9	243.0	997.1	828.2
Adjusted operating cash flowb,c — discontinued operations	—	62.2	57.8	160.5
Adjusted operating cash flow per shareb (all operations)	0.45	0.39	1.23	1.28
Adjusted operating cash flow per shareb — continuing operations	0.45	0.31	1.17	1.07
Adjusted operating cash flow per shareb,c — discontinued operations	—	0.08	0.06	0.21
Free cash flowb (all operations)	110.1	(61.7)	238.3	173.4
Free cash flowb — continuing operations	110.1	(77.8)	221.9	148.2
Free cash flowb,c — discontinued operations	—	16.1	16.4	25.2
Free cash flow from operationsb (all operations)	168.9	1.8	423.3	407.0
Free cash flow from operationsb — continuing operations	168.9	(17.6)	401.5	373.6
Free cash flow from operationsb,c— discontinued operations	—	19.4	21.8	33.4
Cash and cash equivalents	290.3	295.5	290.3	295.5
Net debt excluding lease liabilitiesb	(107.9)	(1,541.7)	(107.9)	(1,541.7)
Net debtb	(341.4)	(1,802.5)	(341.4)	(1,802.5)

^a Attributable to shareholders of Lundin Mining Corporation.

^b These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

^cDiscontinued operations results include financial results to April 16, 2025 and the revaluation of contingent consideration at September 30, 2025.

Quarterly Financial Results

• The Company generated revenue from continuing operations of \$1,007.0 million (Q3 2024 \$873.1 million) which benefitted from higher realized copper and gold prices.
• Gross profit from continuing operations of \$347.7 million was \$81.5 million higher than in the prior year comparable period of \$266.2 million. The increase was primarily due to higher realized copper and gold prices and lower treatment charges, partially offset by lower sales volumes at Candelaria and increased depreciation expense.
• Net earnings from continuing operations increased to \$184.6 million from \$110.7 million in the prior year comparable period primarily due to higher gross profit combined with lower interest expense from reduced net debt.
• Adjusted earnings from continuing operations of \$152.3 million increased from \$57.2 million in the prior year comparable period primarily as a result of higher gross profit.
• Cash provided by operating activities related to continuing operations of \$270.3 million increased from \$81.4 million in the prior year comparable period primarily due to higher gross profit and a lower working capital build.
• Sustaining capital expenditures² from continuing operations of \$109.1 million were consistent with the prior year comparable period of \$109.3 million.
• Expansionary capital expenditures³ of \$51.1 million were consistent with the prior year comparable period of \$49.9 million.
• Free cash flow² from continuing operations of \$110.1 million increased from negative free cash flow of \$77.8 million in the prior year comparable period due to increased cash provided by operating activities related to continuing operations.
• As at November 5, 2025, the Company had cash of approximately \$225 million and net debt excluding lease liabilities of approximately \$100 million.

Q3 2025 Operational Performance

Total Production

	2025			2024
(Contained metal)a	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1

Continuing Operations
Copper (t)b	244,200	87,353	80,073	76,774	336,875	94,094	91,772	71,614	79,395
Gold (oz)b	107,730	37,763	38,118	31,849	158,436	46,456	46,712	32,439	32,829
Nickel (t)	7,733	2,724	2,713	2,296	7,486	1,617	893	1,721	3,255
Molybdenum (t)b	1,556	574	380	602	3,183	912	693	714	864

Discontinued OperationsC
Copper (t)	8,319	—	1,225	7,094	32,192	7,397	8,083	8,094	8,618
Zinc (t)	58,233	—	9,285	48,948	191,704	51,946	46,610	47,460	45,688

a - Tonnes (t) and ounces (oz).

Candelaria (80% owned): Candelaria produced 37,129 tonnes of copper and 19,899 ounces of gold in concentrate on a 100% basis. Mining was focused on Phase 11 and production continued to benefit from strong throughput in the mill due to softer ore feed, finer ore size and higher ball mill runtime. Cash cost⁴of \$1.87/lb was impacted by lower grades and higher mining costs, partially offset by higher metal prices for by-product credits and reduced treatment and refining charges.

b - Candelaria and Caserones production are on a 100% basis.

c - Discontinued operations results are to April 16, 2025.

² This is a supplementary financial measure. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

³ These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

⁴ This is a non-GAAP measure. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Caserones (70% owned): Caserones produced 35,270 tonnes of copper and 574 tonnes of molybdenum on a 100% basis. Copper concentrate production was positively impacted by improved grades from Phase 6, while copper cathode production benefitted from increased material placed on the dump leach in previous periods. Cash cost of \$1.86/lb benefitted from strong throughput and higher grades, increased by-product credits, decreased treatment and refining charges, and reduced contractor expenses. Revenue in the quarter was impacted by a shipment of copper concentrate scheduled for September that was delayed into October due to weather related issues. The shipment of approximately 5,100 tonnes of contained payable copper, valued at approximately \$50 million, will be recognized as revenue in the fourth quarter.

Chapada (100% owned): Chapada produced 12,600 tonnes of copper and 17,864 ounces of gold in concentrate. Ore from the North and South open pits continued to be mined and processed, prioritizing higher-grade material consistent with the planned mine sequence. Production also benefitted from strong throughput, which was the highest since Q3 2022. Cash cost of \$0.50/lb was the lowest since Q4 2020 and benefitted from higher gold by-product credits as a result of increased realized gold prices, combined with higher throughput and grades.

Eagle (100% owned): Eagle produced 2,724 tonnes of nickel and 2,354 tonnes of copper. Production was positively impacted by strong throughput in the mill resulting in nickel cash cost of \$2.11/lb.

Outlook - Annual Guidance Update

Production Guidance Update

Lundin Mining remains on track to meet or exceed its original consolidated annual production guidance for all metals, as published in the MD&A for the three and six months ended June 30, 2025.

Copper: The total annual production guidance range is increasing to 319,000 to 337,000 tonnes, with the midpoint rising by approximately 11,500 tonnes.
Candelaria: Narrowing both the lower and upper range for copper and the upper range for gold. Production is expected to remain consistent with previous quarters.
Caserones: Increasing copper guidance due to higher cathode production. Higher copper head grades in the third quarter are expected to continue into the fourth quarter, supporting revised production guidance.
Chapada: No changes to production guidance. Production is weighted to the second half of 2025. Fourth quarter copper grades and recoveries are expected to be in line with those of the third quarter.
Nickel: The lower range of guidance is increasing to reflect expected results aligned with the mine plan. Grades and mining rates are expected to remain stable in the fourth quarter.

Cash Cost Guidance Update

Cash cost guidance ranges are being reduced for Caserones, Chapada, and Eagle, driven by higher than expected sales volumes and by-product credits. Full-year consolidated copper cash cost guidance range is being reduced to \$1.85 to \$2.00 /lb.

Candelaria: Cash cost is tracking to the midpoint of guidance.
Caserones: Cash cost guidance is decreasing due to higher sales volume, lower labor costs and increased by-product credits.
Chapada: Cash cost guidance is reducing further due to higher gold prices.
Eagle: Cash cost guidance is decreasing due to reduced labor costs and increased by-product credits.

2025 Production and Cash Cost Guidance^a

			Guidancea	Revised Guidance
(contained metal)		Production	Cash Cost (\$/lb)b	Production	Cash Cost (\$/lb)b
Copper (t)	Candelaria (100%)	140,000 – 150,000	1.80 – 2.00c	143,000 – 149,000	1.80 – 2.00c
	Caserones (100%)	115,000 – 125,000	2.40 – 2.60	127,000 – 133,000	2.15 – 2.25
	Chapada	40,000 – 45,000	1.10 – 1.30d	40,000 – 45,000	0.90 – 1.00d
	Eagle	8,000 – 10,000		9,000 – 10,000
	Total	303,000 – 330,000	1.95 – 2.15	319,000 – 337,000	1.85 – 2.00
Gold (oz)	Candelaria (100%)	78,000 – 88,000		78,000 – 84,000
	Chapada	57,000 – 62,000		57,000 – 62,000
	Total	135,000 – 150,000		135,000 – 146,000
Nickel (t)	Eagle	8,000 – 11,000	3.05 – 3.25	9,000 – 11,000	2.30 – 2.40

a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2025.

2025 Capital Expenditure Guidanceb,c

Annual capital expenditure guidance is being reduced to \$750 million from \$795 million with deferrals at Candelaria and Caserones.

(\$ millions)	Guidancea	Revisions	Revised Guidance
Candelaria (100% basis)	205	—	205
Caserones (100% basis)	200	(20)	180
Chapada	100	—	100
Eagle	25	—	25
Other	—	—	—
Total Sustaining	530	(20)	510
Expansionary - Candelaria (100% basis)	50	(25)	25
Expansionary - Vicuña Joint Arrangement (50% basis)	215	—	215
Total Capital Expenditures	795	(45)	750

a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2025. b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure – see the

2025 Exploration Investment Guidance

Total exploration expenditure guidance for 2025 remains at \$40 million.

b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: \$4.40/lb, Au: \$3,500/oz, Mo: \$20.00/lb, Ag: \$40.00/oz), foreign exchange rates (USD/CLP:950, USD/BRL:5.50) and operating costs. Cash cost is a non-GAAP measure - see the Reconciliation of Non-GAAP Measures section at the end of this news release.

c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash cost is calculated based on receipt of approximately \$433/oz gold and \$4.32/oz silver.

d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound.

Reconciliation of Non-GAAP Measures section at the end of this news release. c. Capital expenditures are based on various assumptions and estimates, including, but not limited to foreign currency exchange rates (USD/CLP: 950, USD/BRL: 5.50)

Exploration

During the third quarter, exploration efforts were concentrated on in-mine and near-mine targets across all operating sites. A total of 17,390 metres were drilled across the four operations.

Candelaria

• Total drilling: 930 metres.
• Focus area: Candelaria Norte.
• Objective: Continued evaluation of mineral potential in the northern zone.

Caserones

• Total drilling: 5,152 metres.
• Rig deployment:
1 rig at the Caserones pit targeting deep, high-grade copper breccias.
3 rigs at Angelica targeting copper sulphides beneath the oxide deposit.

Chapada

• Total drilling: 3,847 metres.
• Rig deployment:
1 rig in the Saúva resource area focused on expanding high-grade resources.
1 rig testing shallow targets outside Saúva and other near-mine prospects.

Eagle

• Total drilling: 7,461 metres.
• Targets:
2 rigs at Boulderdash targeting extensions of the known nickel-copper mineralized intrusion.
1 rig at Roland Lake exploring new mineralization zones.

Talon Agreement Update

In September 2025, the exclusivity agreement with Talon, announced March 5, 2025, was terminated. In October 2025, Talon issued 18,502,906 common shares to Lundin Mining at a deemed price of C\$0.3762, as repayment of \$5.0 million previously advanced from the Company. Prior to the agreement termination, a total of 9,424 metres (94%) was drilled of the initial 10,000 metre drill program.

Vicuña

During the quarter, Vicuña announced the appointment of Ron Hochstein as Chief Executive Officer (CEO) of Vicuña, effective November 7, 2025. Mr. Hochstein is currently CEO and Director of Lundin Gold Inc. guiding the development and successful operation of the Fruta del Norte gold mine in Ecuador.

In 2025, work continues to advance parallel studies supporting a multi-phased development concept pertaining to the Josemaria and Filo del Sol deposits. An integrated technical report is targeted to be complete by early 2026.

The Josemaria Environmental Impact Assessment ("EIA") advanced through review by the San Juan authorities with a site visit scheduled for Q4 2025. Construction of the northern access road commenced during the quarter.

Drilling activities at Filo del Sol advanced with 14,587 metres completed during the quarter, bringing the year-to-date total to 48,992 metres across nine drill rigs.

Government relations activities continued with both the national and provincial governments, including discussions on provincial agreements. Work also progressed in the quarter on an application for the Argentinean Basis Law - Incentive Regime for Large Investments ("RIGI"). RIGI application documents are expected to be submitted in the coming months.

Community investment programs were launched in 2025 with a focus on gender, youth training and cooperative development.

The Company spent \$51.1 million in capital expenditures during the quarter, in line with \$49.9 million in the prior year comparable period, and spent \$126.0 million on a year-to-date basis compared to \$193.0 million in the prior year comparable period. Both the quarter and year-to-date periods are impacted by the formation of Vicuña on January 15, 2025. From this date, the Company's expansionary capital expenditures include 50% of Vicuña's capital expenditures.

About Vicuña

On January 15, 2025, the Company completed the Filo Acquisition and the Joint Arrangement, resulting in the Company indirectly holding a 50% interest in Vicuña, an independently managed joint operation which owns the Josemaria deposit in Argentina and the Filo del Sol deposit in Argentina and Chile. BHP indirectly owns the remaining 50% interest in Vicuña.

An initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an updated Mineral Resource estimate for the Filo del Sol oxide deposit, and an updated Mineral Resource estimate for the Josemaria deposit highlighted the combined Vicuña Project as one of the largest copper, gold and silver resources in the world. Details of the Vicuña Mineral Resource are set out in the Vicuña Technical Report.

The Filo del Sol and Josemaria deposits have significant high-grade mineralization that could provide the initial years of mining for the Project.

Filo del Sol high-grade core at cut-off of 0.75% copper equivalent ("CuEq"): 606 million Mt (M&I) at 1.14% CuEq⁵ (0.74% Cu) for contained metal of 4.5 Mt copper at 0.74%, 9.6 Moz gold at 0.49 g/t and 259 Moz silver at 13.3 g/t.
Near surface Josemaria high-grade core at cut-off of 0.60% CuEq: 196 Mt (M&I) at 0.73% CuEq6 (0.50% Cu) for contained metal of 978 kt copper at 0.50%, 2.4 Moz gold at 0.38 g/t and 11 Moz silver at 1.7 g/t.

The Filo del Sol deposit also contains copper oxide mineralization at surface.

Lower capital intensity heap leach oxide cap of 434 Mt (M&I) at 0.34% copper (1.5 Mt), 0.28 g/t gold (3.9 Moz) and 2.5 g/t silver (35 Moz)
High-grade oxides at a cut-off of 0.60% CuEq of 181 Mt (M&I) at 1.05% CuEq⁷ (0.50% Cu) for contained metal of 911 kt copper at 0.50%, 2.3 Moz gold at 0.39 g/t and 230 Moz silver at 39.6 g/t.

Expansionary Projects

The Company has a number of brownfield expansionary projects that are expected to contribute to medium-term growth in its existing operating asset portfolio. Combined, these opportunities could add 30,000 to 40,000 tonnes of copper production growth and 60,000 to 70,000 ounces of annual gold production through low capital intensity growth projects.

Candelaria Underground Expansion

The Candelaria underground expansion project is expected to increase underground throughput capacity to ~22,000 tonnes per day from current levels of 12,000 to 14,000 tonnes per day targeting an increase in annual copper production of approximately 14,000 tonnes of copper per year. The opportunity includes insourcing of the Company's underground mining contract and an increase in the number of active mining stopes. Internal recruitment has begun as part of the underground internalization process at Candelaria, initial crews have been onboarded and additional crews are expected to be insourced by the end of the year. It is anticipated that by mid-2026 the internalization of underground mining contractors will be completed.

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

Caserones Cathode Plant Utilization

Caserones cathode plant capacity is approximately 35,000 tonnes of cathode production per year, currently the plant is producing 20,000 to 25,000 tonnes of cathode per year representing an opportunity to increase production through higher utilization rates of the cathode plant.

Year to date Caserones cathode production has increased, improving utilization rates of the cathode plant. Additional oxide material placed on the dumps over the last 18 months and improved leaching practices are expected to lead to higher cathode production. Hydrometallurgical leaching models on the dump leach have been updated and will be reflected in production guidance going forward.

Filo del Sol CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of \$4.43/lb Cu, \$2,185/oz Au and \$28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).

⁶ Josemaria high-grade core CuEq assumes metallurgical recoveries of 84% for copper, 67% for gold and 63% for silver, and metal prices of \$4.43/lb Cu, \$2,185/oz Au and \$28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.58 * Au g/t) + (0.007 * Ag g/t).

⁷ Filo del Sol oxide CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of \$4.43/lb Cu, \$2,185/oz Au and \$28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).

Chapada - Saúva Deposit

The Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add approximately 15,000 to 20,000 tonnes of copper production per year and 50,000 to 60,000 ounces of gold production per year. The project would include the installation of additional grinding capacity and higher grade ore from Saúva to offset lower grade material currently being mined at Chapada.

Permitting and technical work is ongoing to further define the project, the Company is expected to provide an update in January 2026 on timelines and production profiles.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in Argentina, Brazil, Chile and the United States of America, and primarily producing copper, gold and nickel.

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 5, 2025 at 15:35 Vancouver Time.

For further information, please contact:

Stephen Williams, Vice President, Investor Relations +1 604 806 3074 Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40

Technical Information

The scientific and technical information in this document pertaining to the Vicuña Mineral Resource is based on the Vicuña Technical Report. The Vicuña Technical Report was prepared by Luke Evans, M.Sc., P.Eng. of SLR Consulting (Canada) Ltd, Paul Daigle, P.Geo. of AGP Mining Consultants Inc., Sean Horan, P.Geo. of Resource Modeling Solutions Ltd., Jeffrey Austin, P.Eng. of International Metallurgical and Environmental Inc., and Bruno Borntraeger, P.Eng. of Knight Piésold Ltd, each of whom reviewed, verified and approved the scientific and technical information pertaining to the Vicuña Mineral Resource that is related to his respective scope of responsibility. Each of the foregoing individuals is a "Qualified Person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and independent of the Company.

The scientific and technical information in this document other than that pertaining to the Vicuña Mineral Resource has been reviewed and approved in accordance with NI 43-101 by Eduardo Cortés, Registered Member (Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin Mining, a "Qualified Person" under NI 43-101. Mr. Cortés has verified the data disclosed in this document and no limitations were imposed on his verification process.

The Vicuña Mineral Resource estimates are shown on a 100% basis and have an effective date of April 15, 2025. For further information related to the Vicuña Mineral Resource, including the key assumptions, parameters, and methods used to estimate the Vicuña Mineral Resource, risks and cautionary statements, see the Vicuña Technical Report and the Company's News Release "Lundin Mining Announces Initial Mineral Resource at Filo Del Sol Demonstrating One of the World's Largest Copper, Gold, and Silver Resources" dated May 4, 2025.

Reconciliation of Non-GAAP Measures

The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the three and nine months ended September 30, 2025 which is available on SEDAR+ at www.sedarplus.com.

Cash Cost per Pound and All-in Sustaining Cost ("AISC") per Pound can be reconciled to Production costs on the Company's Condensed Interim Consolidated Statements of Earnings as follows:

		Three months ended September 30, 2025
Continuing operations (\$ millions, unless otherwise noted)	Candelaria (Cu)	Caserones (Cu)	Chapada (Cu)	Consolidated (Cu)	Eagle (Ni)	Total - continuing operations1
Sales volumes (contained metal):
Tonnes	36,041	26,896	13,997	76,934	1,921
Pounds (000s)	79,457	59,295	30,858	169,610	4,235
Production costs	199.2	158.5	96.4	454.1	35.2	490.5
Less: Royalties and other	(4.5)	(8.6)	(6.1)	(19.2)	(3.5)	(23.8)
Deduct: By-product credits2	194.7 (50.0)	149.9 (39.6)	90.3 (76.3)	434.9 (165.9)	31.7 (22.8)	466.7 (188.7)
Add: Treatment and refining	3.5	(0.3)	1.5	4.7	—	4.7
Cash cost Cash cost per pound (\$/lb)	148.2 1.87	110.0 1.86	15.5 0.50	273.7 1.61	8.9 2.11	282.7
Add: Sustaining capital	46.9	29.4	26.1		6.6
Royalties	3.9	8.3	4.6		3.6
Reclamation and other closure accretion and depreciation	1.9	(0.2)	1.7		1.1
Leases & other	2.1	15.1	1.0		0.8
All-in sustaining cost	203.0	162.6	48.9		21.0
AISC per pound (\$/lb)	2.55	2.74	1.58		4.96

Includes immaterial amounts related to other segments.

² By-product credits are presented net of the associated treatment and refining charges.

	Three mo	nths ended Sept	tember 30, 202	24
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Eagle	Total -
(\$ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	(Ni)	continuing operations ¹
Sales volumes (contained metal):						•
Tonnes	45,430	22,044	12,380	79,854	393
Pounds (000s)	100,155	48,599	27,293	176,047	866
Production costs Less: Royalties and other	189.1 (6.8)	169.4 (6.4)	84.5 (3.8)	443.0 (17.0)	12.5 (0.3)	455.8 (17.6)
Deduct: By-product credits ²	182.3 (46.2) 18.9	163.0 (26.0) 7.0	80.7 (49.8) 6.4	` '/	12.2 (6.0)	(,
Add: Treatment and refining Cash cost	155.0	144.0	37.3	32.3 336.3	6.3	32.3 342.5
Cash cost per pound (\$/lb)	1.55	2.96	1.37	1.91	7.24	542.5
Add: Sustaining capital Royalties	60.1 4.5	22.9 6.3	20.5 2.7		7.9 0.1
Reclamation and other closure accretion and depreciation	2.4	1.1	2.4		1.5
Leases & other	1.6	17.8	1.0		1.5
All-in sustaining cost	223.6	192.1	63.9		17.3
AISC per pound (\$/lb)	2.23	3.95	2.34		20.02

^1 Includes immaterial amounts related to other segments.

^2 By-product credits are presented net of the associated treatment and refining charges.

Three months e	nded September 30, 2024
Discontinued operations (\$ millions, unless otherwise noted)	Neves-Corvo (Cu)	Zinkgruvan (Zn)	Total - discontinued operations
Sales volumes (contained metal):
Tonnes	7,707	15,124
Pounds (000s)	16,991	33,342
Production costs	95.2	30.1	125.3
Less: Royalties and other	(1.6)	_	(1.6
	93.6	30.1	123.7
Deduct: By-product credits ¹	(64.5)	(29.2)	(93.7
Add: Treatment and refining charges	7.2	4.3	11.5
Cash cost	36.3	5.2	41.5
Cash cost per pound (\$/lb)	2.13	0.16
Add: Sustaining capital expenditure	26.3	15.5
Royalties	1.3	_
Reclamation and other closure accretion and depreciation	1.4	1.1
Leases and other	0.1	0.1
All-in sustaining cost	65.4	21.9
AISC per pound (\$/lb)	3.84	0.66

^1 By-product credits are presented net of the associated treatment and refining charges.

		Nine months ended September 30, 2025
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Eagle	Total -
(\$ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	(Ni)	continuing operations1
Sales volumes (contained metal):
Tonnes	107,618	93,153	32,627	233,398	5,895
Pounds (000s)	237,257	205,367	71,930	514,554	12,996
Production costs	557.3	607.2	234.9	1,399.4	112.7	1,514.0
Less: Royalties and other	(9.5)	(32.0)	(17.4)	(58.9)	(12.7)	(73.4)
	547.8	575.2	217.5	1,340.5	100.0	1,440.6
Deduct: By-product credits2	(136.3)	(108.0)	(162.4)	(406.7)	(66.0)	(472.7)
Add: Treatment and refining	17.3	6.4	4.6	28.3	—	28.3
Cash cost	428.8	473.6	59.7	962.1	34.0	996.2
Cash cost per pound (\$/lb)	1.81	2.31	0.83	1.87	2.62
Add: Sustaining capital	144.9	99.5	75.7		17.4
Royalties	11.4	26.7	10.2		9.9
Reclamation and other closure accretion and depreciation	6.0	2.4	5.1		3.4
Leases & other	5.2	49.7	3.1		2.6
All-in sustaining cost	596.3	651.9	153.8		67.3
AISC per pound (\$/lb)	2.51	3.17	2.14		5.18

Includes immaterial amounts related to other segments.

² By-product credits are presented net of the associated treatment and refining charges.

	Nine months ended September 30, 2025
Discontinued operations1 (\$ millions, unless otherwise noted)	Neves-Corvo	Zinkgruvan	Total - discontinued operations
Sales volumes (contained metal):	(Cu)	(Zn)

Tonnes	6,745	20,698
Pounds (000s)	14,870	45,631
Production costs	90.2	36.9	127.1
Less: Royalties and other	(1.3)	—	(1.3)
	88.9	36.9	125.8
Deduct: By-product credits2	(67.0)	(23.3)	(90.3)
Add: Treatment and refining	5.4	7.2	12.6
Cash cost	27.3	20.8	48.1
Cash cost per pound (\$/lb)	1.84	0.46
Add: Sustaining capital	27.7	30.4
Royalties	1.2	—
Reclamation and other closure accretion and depreciation	0.7	0.3
Leases & other	0.9	—
All-in sustaining cost	57.8	51.5
AISC per pound (\$/lb)	3.89	1.13

¹ Discontinued operations results are to April 16, 2025.

² By-product credits are presented net of the associated treatment and refining charges.

	Nine mor	ths ended Sept	ember 30, 202	4
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Eagle	Total -
(\$ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	(Ni)	continuing operations ¹
Sales volumes (contained metal):						•
Tonnes	108,965	87,117	29,415	225,497	4,574
Pounds (000s)	240,226	192,060	64,849	497,135	10,084
Production costs Less: Royalties and other	525.7 (13.8)	576.0 (24.5)	218.3 (10.2)	1,320.0 (48.5)	90.8 (7.2)	1,411.8 (56.7)
Deduct: By-product credits ² Add: Treatment and refining	511.9 (116.5) 43.1	551.5 (98.1) 28.4	208.1 (108.5) 14.0	1,271.5 (323.1) 85.5	83.6 (44.3) 0.6	1,355.1 (367.4) 86.1
Cash cost Cash cost per pound (\$/lb)	438.5 1.83	481.8 2.51	113.6 1.75	1,033.9 2.08	39.9 3.96	1,073.8
Add: Sustaining capital Royalties	220.2 11.0	101.0 24.4	74.9 5.9		16.0 6.7
Reclamation and other closure	6.4	3.2	7.8		5.0
Leases & other	7.7	51.8	2.5		4.3
All-in sustaining cost	683.8	662.3	204.7		71.9
AISC per pound (\$/lb)	2.85	3.45	3.16		7.13

^1 Includes immaterial amounts related to other segments.

^2 By-product credits are presented net of the associated treatment and refining charges.

Nine months e	nded September 30, 2024
Discontinued operations (\$ millions, unless otherwise noted)	Neves-Corvo (Cu)	Zinkgruvan (Zn)	Total - discontinued operations
Sales volumes (contained metal):
Tonnes	21,491	49,459
Pounds (000s)	47,379	109,038
Production costs	250.0	92.9	342.9
Less: Royalties and other	(4.8)	_	(4.8
	245.2	92.9	338.1
Deduct: By-product credits ¹	(156.6)	(73.2)	(229.8
Add: Treatment and refining charges	19.2	24.1	43.3
Cash cost	107.8	43.8	151.6
Cash cost per pound (\$/lb)	2.28	0.04
Add: Sustaining capital expenditure	76.6	43.2
Royalties	3.2	_
Reclamation and other closure accretion and depreciation	4.0	3.3
Leases and other	0.4	0.2
All-in sustaining cost	192.0	90.5
AISC per pound (\$/lb)	4.06	0.83

^1 By-product credits are presented net of the associated treatment and refining charges.

Adjusted EBITDA can be reconciled to Net earnings (loss) on the Company's Condensed Interim Consolidated Statements of Earnings as follows:

	Three months ended September 30,		Nine months ended September 30,
(\$ millions)	2025	2024	2025	2024
Net earnings from continuing operations	184.6	110.7	525.5	313.0
Add back:
Depreciation, depletion and amortization	168.8	151.1	466.2	459.7
Finance costs, net	16.7	36.7	81.0	103.2
Income taxes expense	98.9	91.2	219.3	195.2
EBITDA — continuing operations	469.0	389.7	1,292.0	1,071.1
Unrealized foreign exchange (gain) loss	(8.5)	11.4	(0.6)	(0.2)
Unrealized losses (gains) on derivative contracts	25.5	(28.0)	(21.2)	(0.8)
Ojos del Salado sinkhole expenses (recoveries)	11.4	0.9	12.6	0.6
Revaluation gain on marketable securities	(8.1)	(4.0)	(9.7)	(6.5)
Gain on partial disposal and contribution to Vicuña	—	—	(3.0)	—
Partial suspension of underground operations at Eagle	—	14.8	—	24.6
Revaluation of Caserones purchase option	—	—	—	(11.7)
Write-down of assets	—	0.8	—	18.0
Other	0.4	(0.3)	2.4	(1.4)
Total adjustments — EBITDA	20.7	(4.4)	(19.5)	22.6
Adjusted EBITDA — continuing operations	489.7	385.3	1,272.5	1,093.7
Including discontinued operations:
Net earnings from discontinued operations	19.6	17.2	108.3	30.1
Add back:
Depreciation, depletion and amortization	—	49.0	—	122.5
Finance costs, net	—	2.4	4.7	8.0
Income taxes expense	—	5.7	5.4	8.5
EBITDA — discontinued operations	19.6	74.3	118.4	169.1
Unrealized foreign exchange loss (gain)	—	1.4	1.5	0.8
Unrealized losses (gains) on derivative contracts	—	(2.6)	(0.1)	19.1
Asset impairment	—	—	65.7	—
Gain on disposal of subsidiaries	—	—	(106.4)	—
Contingent consideration revaluation	(19.6)	—	(16.4)	—
Other	—	(0.7)	1.3	(1.2)
Total adjustments — EBITDA discontinued operations	(19.6)	(1.9)	(54.4)	18.7
Adjusted EBITDA — discontinued operations	—	72.4	64.0	187.8
Adjusted EBITDA (all operations)	489.7	457.7	1,336.5	1,281.4

Adjusted Earnings and Adjusted EPS can be reconciled to Net earnings (loss) attributable to Lundin Mining Shareholders on the Company's Condensed Interim Consolidated Statements of Earnings as follows:

	Three months ended September 30,		Nine months ended September 30,
(\$ millions, except share and per share amounts)	2025	2024	2025	2024
Net earnings attributable to Lundin Mining shareholders — continuing operations	143.3	84.0	407.4	206.5
Add back:
Total adjustments - EBITDA	20.7	(4.4)	(19.5)	22.6
Tax effect on adjustments	1.8	(8.1)	(2.7)	(1.9)
Deferred tax arising from foreign exchange translation	(11.3)	(12.4)	(46.1)	(32.4)
Deferred tax arising from partial disposal and contribution to Vicuña	—	—	9.0
Non-controlling interest on adjustments	(2.2)	(1.9)	(3.7)	2.2
Total adjustments	9.0	(26.8)	(63.0)	(9.5)
Adjusted earnings — continuing operations	152.3	57.2	344.4	196.9
Including discontinued operations:
Net earnings attributable to Lundin Mining shareholders - discontinued operations1	19.6	17.2	108.3	30.1
Add back:
Total adjustments - EBITDA - discontinued operations	(19.6)	(1.9)	(54.4)	18.7
Tax effect on adjustments	—	—	0.1	(6.0)
Total adjustments	(19.6)	(1.9)	(54.3)	12.7
Adjusted earnings — discontinued operations	—	15.3	54.0	42.8
Adjusted earnings (all operations)	152.3	72.5	398.4	239.7
Basic weighted average number of shares outstanding	856,091,613	776,794,756	855,301,352	774,574,731
Net earnings attributable to Lundin Mining shareholders - continuing operations	0.17	0.11	0.48	0.27
Total adjustments	0.01	(0.03)	(0.07)	(0.01)
Adjusted EPS — continuing operations	0.18	0.07	0.41	0.25
Net earnings attributable to Lundin Mining shareholders - discontinued operations	0.02	0.02	0.13	0.04
Total adjustments	(0.02)	—	(0.06)	0.02
Adjusted EPS — discontinued operations	—	0.02	0.06	0.06
Net earnings attributable to Lundin Mining shareholders	0.19	0.13	0.60	0.31
Total adjustments	(0.01)	(0.04)	(0.14)	—
Adjusted EPS (all operations)	0.18	0.09	0.47	0.31

¹Represents Net earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders.

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by operating activities on the Company's Condensed Interim Consolidated Statements of Cash Flows as follows:

	Three months ended September 30,		Nine months ended September 30,
(\$ millions)	2025	2024	2025	2024
Cash provided by operating activities related to continuing operations	270.3	81.4	707.2	753.6
Sustaining capital expenditures	(109.1)	(109.3)	(337.6)	(412.4)
General exploration and business development	7.7	10.3	31.9	32.4
Free cash flow from operations — continuing operations	168.9	(17.6)	401.5	373.6
General exploration and business development	(7.7)	(10.3)	(31.9)	(32.4)
Expansionary capital expenditures	(51.1)	(49.9)	(147.7)	(193.0)
Free cash flow — continuing operations	110.1	(77.8)	221.9	148.2
Cash provided by operating activities from discontinued operations	—	57.9	74.5	145.0
Sustaining capital expenditures	—	(41.8)	(58.1)	(119.8)
General exploration and business development	—	3.3	5.4	8.2
Free cash flow from operations — discontinued operations	—	19.4	21.8	33.4
General exploration and business development	—	(3.3)	(5.4)	(8.2)
Free cash flow — discontinued operations	—	16.1	16.4	25.2

Free cash flow from operations (all operations)	168.9	1.8	423.3	407.0
Free cash flow (all operations)	110.1	(61.7)	238.3	173.4

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share 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 September 30,		Nine months ended September 30,
(\$ millions, except share and per share amounts)	2025	2024	2025	2024
Cash provided by operating activities from continuing operations	270.3	81.4	707.2	753.6
Changes in non-cash working capital items	112.6	161.6	289.9	74.6
Adjusted operating cash flow — continuing operations	382.9	243.0	997.1	828.2
Cash provided by operating activities related to discontinued operations	—	57.9	74.5	145.0
Changes in non-cash working capital items	—	4.3	(16.7)	15.5
Adjusted operating cash flow — discontinued operations	—	62.2	57.8	160.5

Adjusted operating cash flow (all operations)	382.9	305.2	1,054.9	988.7
Basic weighted average number of shares outstanding	856,091,613	776,794,756	855,301,352	774,574,731
Adjusted operating cash flow per share — continuing operations	\$ 0.45	0.31	\$ 1.17	1.07
Adjusted operating cash flow per share — discontinued operations	—	0.08	\$ 0.06	0.21
Adjusted operating cash flow per share (all operations)	\$ 0.45	0.39	\$ 1.23	1.28

Net debt and Net Debt Excluding Lease Liabilities can be reconciled to Debt and lease liabilities, Current portion of debt and lease liabilities and Cash and cash equivalents on the Company's Condensed Interim Consolidated Balance Sheets as follows:

(\$ millions), continuing operations	September 30, 2025	December 31, 2024
Debt and lease liabilities Current portion of debt and lease liabilities	(378.6) (249.0)	(1,610.9) (395.2)
Less deferred financing fees (netted in above) Add debt and lease liabilities related to liabilities classified as held-for-sale	(4.1) —	(7.7) (16.3)
	(631.7)	(2,030.1)
Cash and cash equivalents	290.3	357.5
Add cash and cash equivalents related to assets classified as held-for-sale	—	74.8
Net debt	(341.4)	(1,597.8)
Lease liabilities Lease liabilities related to liabilities classified as held-for-sale	233.5 —	249.1 16.3
Net debt excluding lease liabilities	(107.9)	(1,332.4)

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects, business strategies and strategic vision and aspirations and their achievement and timing; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance, including expected earnings, revenue, costs and expenditures and other financial metrics; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; permitting requirements and timelines; timing and possible outcomes of pending litigation and disputes, including tax disputes; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; remediation and reclamation obligations, including their anticipated costs and timing; anticipated market prices of metals, currency exchange rates and interest rates; the Company's shareholder distribution policy, including with respect to share buybacks and the payment and amount of dividends and the timing thereof; the development and implementation of the Company's Responsible Mining Management System; the Company's liquidity, contractual obligations, commitments and contingencies, and the Company's capital resources and adequacy thereof; the Company's tax obligations; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities, including potential outcomes, results, impacts and timing thereof; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and associated costs and timing, and other plans and expectations with respect to the Vicuña Project and the 50/50 joint arrangement with BHP; mineral resource estimation for the Vicuña Project, including the parameters and assumptions related thereto; the operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña district; the development and future operation of the Vicuña Project, including expected costs and timing; the timing and expectations for future regulatory applications (including the RIGI application), studies and technical reports with respect to the Company's operations and projects, including the Vicuña Project and the Saúva Project; the potential for resource expansion; the terms of the contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; and such other assumptions as set out herein 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, economic, political, regulatory and competitive uncertainties and contingencies. 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; 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; 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; risks relating to geotechnical incidents; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to disputes, litigation and administrative proceedings (including tax disputes) which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; payment of dividends 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; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including 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, 2025, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024, and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, 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.

Management's Discussion and Analysis For the three and nine months ended September 30, 2025

This management's discussion and analysis ("MD&A") has been prepared as of November 5, 2025 and should be read in conjunction with the Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2025, which were prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - Accounting, including IAS 34 Interim Financial Reporting ("IFRS Accounting Standards"). The Company's presentation currency is United States ("US") dollars. Reference herein of \$ or USD is to United States dollars, ARS is to Argentine pesos, BRL is to Brazilian reais, C\$ is to Canadian dollars, CLP is to Chilean pesos, € refers to euros, SEK is to Swedish kronor and oz is to troy ounces. "This quarter" or "The quarter" means the third quarter ("Q3") of 2025. "Year-to-date" or "Year-to-date period" means the nine months ended September 30, 2025. Reference to "discontinued operations" is to Neves-Corvo and Zinkgruvan. Minor differences may exist between individual figures and totals due to rounding. Rounding differences do not impact the accuracy of information.

About Lundin Mining

Lundin Mining Corporation ("Lundin Mining" or the "Company") is a diversified Canadian base metals mining company with projects or operations focused in Argentina, Brazil, Chile and the United States of America, primarily producing copper, gold and nickel. All operations are shown on a 100% basis except for the Vicuña Project, which is an independently managed joint operation. The Company has included its 50% share of the respective assets, liabilities, expenses, and cash flows of the Vicuña Project in the condensed interim consolidated financial statements for the three and nine months ended September 30, 2025.

On April 16, 2025, the Company completed the previously announced transaction to sell its interest in the Neves-Corvo and Zinkgruvan mines located in Portugal and Sweden, respectively. Prior to their disposal, these assets were reported as assets held for sale and their associated liabilities as liabilities held for sale in the Company's consolidated financial statements and MD&A for the year ended December 31, 2024. The results from these operations are reported as discontinued operations in the Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2025. For further information refer to Note 3 "Discontinued Operations" of those financial statements.

Highlights	1
Outlook	6
Selected Quarterly Financial Information	8
Summary of Quarterly Results	10
Revenue Overview	12
Financial Results	17
Mining Operations	19
Vicuña Project	31
Expansionary Projects	32
Exploration Update	32
Liquidity and Capital Resources	33
Non-GAAP and Other Performance Measures	38
Other Information and Advisories	49
Outstanding Share Data	50

Cautionary Statement on Forward-Looking Information

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; and such other assumptions as set out herein 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, economic, political, regulatory and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forwardlooking 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; 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; 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; risks relating to geotechnical incidents; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to disputes, litigation and administrative proceedings (including tax disputes) which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; payment of dividends 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; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of this document, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024, and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, 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.

Highlights

In the quarter ended September 30, 2025, the Company generated revenue from continuing operations of \$1,007.0 million (Q3 2024 - \$873.1 million) which benefitted from higher realized copper and gold prices.

Strong revenues and gross profit in the quarter resulted in net earnings from continuing operations of \$184.6 million (Q3 2024 - \$110.7 million) and net earnings from continuing operations attributable to shareholders of \$143.3 million (Q3 2024 - \$84.0 million). Adjusted EBITDA¹ from continuing operations in the quarter was \$489.7 million (Q3 2024 - \$385.3 million) and adjusted earnings per share¹ from continuing operations was \$0.18 per share (Q3 2024 - \$0.07 per share).

Cash provided by operating activities related to continuing operations in the quarter of \$270.3 million (Q3 2024 -\$81.4 million) and free cash flow¹ - continuing operations of \$110.1 million (Q3 2024 - \$(77.8) million) benefitted from higher gross profit and lower working capital build.

At September 30, 2025, the Company had net debt excluding lease liabilities¹ of \$107.9 million (December 31, 2024 - \$1,332.4 million). Net cash in Vicuña (defined below) is included on a 50% basis, representing Lundin Mining's attributable share.

On April 16, 2025, the Company completed the sale of its Neves-Corvo operation in Portugal and Zinkgruvan operation in Sweden to Boliden AB ("Boliden"). At closing, Lundin Mining received net cash proceeds of \$1,314.6 million including cash consideration of \$1,402.0 million, net of cash disposed and transaction costs. In connection with the transaction, the Company may be entitled to future contingent payments of up to \$150.0 million if certain metal price thresholds are met. Upon completion of the sale, the Company recognized a net gain on disposal of \$106.4 million. On April 23, 2025, net cash proceeds from the sale were used to repay in full the \$1,150.0 million outstanding balance of the Company's term loan and to repay \$170.0 million of amounts drawn on the Company's revolving credit facility ("RCF").

On January 15, 2025, the Company and BHP Investments Canada Inc. ("BHP") completed the acquisition of Filo Corp. ("Filo") through a plan of arrangement and concurrently formed a 50/50 joint arrangement, Vicuña Corp. (the "Joint Arrangement" or "Vicuña"), holding the Josemaria project in Argentina and the Filo del Sol project in Argentina and Chile, collectively the ("Vicuña Project"). On completion, BHP paid Lundin Mining a cash consideration of \$689.5 million for a 50% interest in the Josemaria project and Lundin Mining paid \$610.7 million (C\$877.8 million) in cash and issued 94.1 million Lundin Mining shares to Filo shareholders for its 50% interest in Filo. As a result of these transactions, net cash provided to the Company was \$78.8 million on the formation of Vicuña. The Company accounts for Vicuña as a joint operation and accordingly records its 50% share of the assets, liabilities, revenue, expenses and cash flows.

¹ This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

Operational Performance

Candelaria (80% owned): Candelaria produced 37,129 tonnes of copper and 19,899 ounces of gold in concentrate on a 100% basis during the quarter. Mining was focused on Phase 11 and production continued to benefit from strong throughput in the mill due to softer ore feed, finer ore size and higher ball mill runtime. Cash cost¹ of \$1.87/lb in the quarter was impacted by lower grades and higher mining costs, partially offset by higher metal prices for by-product credits and reduced treatment and refining charges.

Caserones (70% owned): Caserones produced 35,270 tonnes of copper and 574 tonnes of molybdenum on a 100% basis during the quarter. Copper concentrate production was positively impacted by improved grades from Phase 6, while copper cathode production benefitted from increased material placed on the dump leach in previous periods. Cash cost of \$1.86/lb in the quarter benefitted from strong throughput and higher grades, increased by-product credits, decreased treatment and refining charges, and reduced contractor expenses. Revenue in the quarter was impacted by a shipment of copper concentrate scheduled for September that was delayed into October due to weather related issues. The shipment of approximately 5,100 tonnes of contained payable copper, valued at approximately \$50 million, will be recognized as revenue in the fourth quarter.

Chapada (100% owned): Chapada produced 12,600 tonnes of copper and 17,864 ounces of gold in concentrate during the quarter. Ore from the North and South open pits continued to be mined and processed, prioritizing higher-grade material consistent with the planned mine sequence. Production in the quarter also benefitted from strong throughput, which was the highest since Q3 2022. Cash cost of \$0.50/lb was the lowest since Q4 2020 and benefitted from higher gold by-product credits as a result of increased realized gold prices, combined with higher throughput and grades.

Eagle (100% owned): Eagle produced 2,724 tonnes of nickel and 2,354 tonnes of copper in the quarter. Production was positively impacted by strong throughput in the mill resulting in nickel cash cost¹ of \$2.11/lb.

Total Production^a

		2025					2024
	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1
Continuing Operations
Copper (t)b	244,200	87,353	80,073		76,774 336,875	94,094	91,772	71,614	79,395
Gold (oz)b	107,730	37,763	38,118		31,849 158,436	46,456	46,712	32,439	32,829
Nickel (t)	7,733	2,724	2,713	2,296	7,486	1,617	893	1,721	3,255
Molybdenum (t)b	1,556	574	380	602	3,183	912	693	714	864
Discontinued OperationsC
Copper (t)	8,319	—	1,225	7,094	32,192	7,397	8,083	8,094	8,618
Zinc (t)	58,233	—	9,285		48,948 191,704	51,946	46,610	47,460	45,688

a - Tonnes (t) and ounces (oz).

b - Candelaria and Caserones production are on a 100% basis.

c - Discontinued operations results are to April 16, 2025.

¹ This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

Corporate Updates

On June 16, 2025, the Company announced the filing of a technical report entitled "NI 43-101 Technical Report on the Vicuña Project, Argentina and Chile", with an effective date of April 15, 2025 (the "Vicuña Technical Report"). On May 4, 2025, the Company announced an initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an update to the Mineral Resource estimate for the Filo del Sol oxide deposit and an update to the Mineral Resource estimate for the Josemaria deposit (collectively referred to as the "Vicuña Mineral Resource"), which highlighted the combined Vicuña Project as one of the largest copper, gold and silver resources in the world. Details of the Vicuña Mineral Resource are set out in the Vicuña Technical Report. The resource contains:
Contained copper of 13 million tonnes ("Mt") Measured and Indicated ("M&I") at 0.35% copper and 25 Mt Inferred at 0.32% copper.
Contained gold of 32 million ounces ("Moz") M&I at 0.27 g/t gold and 49 Moz Inferred at 0.19 g/t gold.
Contained silver of 659 Moz M&I at 5.6 g/t silver and 808 Moz Inferred at 3.2 g/t silver.
On May 26, 2025, the Company announced the publication of its 2024 Sustainability Report which highlights the Company's environmental, health & safety, governance and social performance during the year. In 2024, the Company advanced key greenhouse gas ("GHG") emission reduction initiatives, fully conformed to the Global Industry Standard on Tailings Management ("GISTM") at Caserones' tailings facility, invested approximately \$6.6 million in communities, and had its second-best year on record in terms of Total Recordable Injury Frequency and All Injury Frequency.
On April 16, 2025, the Company announced the completion of the sale of its Neves-Corvo operation in Portugal and Zinkgruvan operation in Sweden to Boliden. At closing, Lundin Mining received net cash proceeds of \$1,314.6 million including cash consideration of \$1,402.0 million, net of cash disposed and transaction costs. The Company may also receive up to \$150.0 million in contingent cash consideration if certain metal price thresholds are met. The Company used a portion of the cash proceeds to repay in full the \$1,150.0 million outstanding balance of its term loan, previously maturing in 2027.
On March 26, 2025, the Company announced that its Board of Directors amended the shareholder distribution policy to increase the level of share buybacks while adjusting the dividend to maintain the total amount returned to shareholders annually. As part of this strategy, the Company adjusted its quarterly dividend from C\$0.09 per share to C\$0.0275 per share while allocating up to approximately \$150 million per annum in share buybacks through the Company's normal course issuer bid program. If the Company allocates less than \$150 million in share buybacks in a calendar year, the shortfall will be distributed as a special dividend. If applicable, the special dividend will be paid alongside the regular fourth quarter dividend.
On March 5, 2025, the Company entered into an exclusivity agreement with Talon Metals Corp. ("Talon") to negotiate an earn-in agreement for the right to acquire up to a 70% ownership interest in the Boulderdash property that is near the Company's Eagle mine, and the Company advanced \$5.0 million to Talon to commence exploration at Boulderdash. In September 2025, the exclusivity agreement was terminated, and in October, Talon issued 18,502,906 common shares to the Company at a deemed price of C\$0.3762, as settlement of the \$5.0 million advance.
On February 19, 2025, the Company announced the appointment of Ms. Victoria McMillan to the Company's Board of Directors effective the same date. The Company also announced the retirement of Director Ms. Juliana Lam effective as at the 2025 annual general meeting of shareholders on May 8, 2025.
On January 30, 2025, the Company announced that it received notice from the Superintendencia del Medio Ambiente ("SMA") following investigative proceedings involving the sinkhole that occurred at the Alcaparrosa mine located in the Candelaria complex in 2022. The notice levies a fine of \$3.3 million and orders the continued closure of the Alcaparrosa mine, based on four violations investigated. On September 7, 2025, the Company announced that it received notice regarding the decision on the civil claim brought by the Chilean State Defense Council against Lundin Mining's subsidiary, Minera Ojos del Salado ("Ojos del Salado"), related to the sinkhole. The decision requires Ojos del Salado to implement remediation activities on the impacted area and to implement water infrastructure projects to strengthen rural potable water and wastewater systems in communities surrounding the mine. Mining operations at Alcaparrosa have been suspended since the incident occurred in 2022 while operations at the Candelaria mine continue unaffected.

• On January 15, 2025, the Company and BHP completed the joint acquisition of all of the issued and outstanding common shares of Filo not already owned by Lundin Mining, BHP and their respective affiliates (the "Filo Acquisition"). Concurrently, Lundin Mining and BHP formed Vicuña. On completion, BHP paid Lundin Mining a cash consideration of \$689.5 million for a 50% interest in the Josemaria project and Lundin Mining paid \$610.7 million (C\$877.8 million) in cash and 94.1 million Lundin Mining shares to Filo shareholders for its 50% interest in Filo.

Financial Performance

Gross profit from continuing operations in the quarter of \$347.7 million was \$81.5 million higher than the prior year comparable period of \$266.2 million. The increase was primarily due to higher realized copper and gold prices and lower treatment charges, partially offset by lower sales volumes at Candelaria and increased depreciation expense. On a year-to-date basis, gross profit from continuing operations was \$927.9 million, an increase of \$235.7 million from the prior year comparable period of \$692.2 million. The increase in the year-to-date period also reflects higher realized copper and gold prices and lower treatment charges, partially offset by increased mine and mill costs at Candelaria.
Net earnings from continuing operations in the quarter increased to \$184.6 million from \$110.7 million in the prior year comparable period and on a year-to-date basis increased to \$525.5 million from \$313.0 million in the prior year comparable period. Increases in both periods were primarily due to higher gross profit combined with lower interest expense from reduced net debt.
Adjusted earnings¹ from continuing operations in the quarter and year-to-date periods of \$152.3 million and \$344.4 million, respectively, increased from \$57.2 million and \$196.9 million in the prior year comparable periods primarily as a result of higher gross profit.
Cash provided by operating activities related to continuing operations in the quarter of \$270.3 million increased from \$81.4 million in the prior year comparable period primarily due to higher gross profit and a lower working capital build. On a year-to-date basis, higher cash income taxes paid at Candelaria contributed to a decrease in cash provided by operating activities related to continuing operations from \$753.6 million in the prior year comparable period to \$707.2 million in the year-to-date period.
In the quarter, sustaining capital expenditures² from continuing operations of \$109.1 million were consistent with the prior year comparable period of \$109.3 million. Sustaining capital expenditures from continuing operations in the yearto-date period of \$337.6 million were lower than in the prior year comparable period of \$412.4 million primarily due to decreased spending at Candelaria as a result of reduced deferred stripping and timing of spending on mine equipment.
Expansionary capital expenditures¹ of \$51.1 million in the quarter were consistent with the prior year comparable period of \$49.9 million. Expansionary capital expenditures of \$147.7 million in the year-to-date period were lower than the prior year comparable period of \$193.0 million due to the formation of Vicuña on January 15, 2025. From this date, the Company's expansionary capital expenditures include 50% of Vicuña's capital expenditures.
Free cash flow¹ from continuing operations in the quarter of \$110.1 million increased from negative free cash flow of \$77.8 million in the prior year comparable period due to increased cash provided by operating activities related to continuing operations. Free cash flow from continuing operations in the year-to-date period of \$221.9 million increased from \$148.2 million in the prior year comparable period primarily due to lower spending on sustaining and expansionary capital expenditures, partially offset by reduced cash provided by operating activities related to continuing operations.
• The operating results of the Neves-Corvo and Zinkgruvan reporting segments are reported as net earnings from discontinued operations. Net earnings from discontinued operations in the quarter of \$19.6 million consists of revaluation of contingent consideration.

¹ This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

This is a supplementary financial measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

Financial Position and Financing

Cash and cash equivalents as at September 30, 2025 were \$290.3 million, representing an increase of \$11.0 million during the quarter. Cash provided by operating activities related to continuing operations in the quarter of \$270.3 million was used to fund investing activities of \$165.6 million, which primarily included a \$163.8 million investment in mineral properties, plant and equipment. Cash used in financing activities related to continuing operations in the quarter amounted to \$93.4 million, primarily consisting of dividends and distributions to non-controlling interests, combined with net payments on the Company's RCF.
As at September 30, 2025, the Company had net debt¹ of \$341.4 million and net debt excluding lease liabilities¹ of \$107.9 million. As at November 5, 2025, the Company had cash of approximately \$225 million and net debt excluding lease liabilities of approximately \$100 million.

1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

2025 Outlook

Annual guidance for 2025 is being updated from that disclosed in the Company's MD&A for the three and six months ended June 30, 2025.

The Company remains on track to meet or exceed annual consolidated production guidance for all metals as published in the MD&A for the three and six months ended June 30, 2025. The total annual production guidance range for copper is increasing with the midpoint of guidance moving up by approximately 11,500 tonnes. Candelaria is tightening both the lower and upper range for copper and the upper range for gold, while Caserones is increasing copper production guidance for the year due to higher cathode production. No changes in production guidance at Chapada are being made. For nickel, the lower range of guidance is increasing to reflect expected results according to the latest mine plan.

In light of higher expected sales volumes and by-product credits, the cash cost guidance ranges for Caserones, Chapada and Eagle are reducing from those disclosed in the MD&A for the three and six months ended June 30, 2025. The total copper cash cost guidance and the total nickel cash cost guidance are decreasing as a result.

At Candelaria, production in the remainder of the year is expected to be in line with previous quarters to meet the Company's annual production guidance for 2025. Cash cost at Candelaria is tracking to the mid-point of guidance for the full-year.

At Caserones, higher copper head grades experienced in the third quarter are expected to continue into the fourth quarter and together with strong cathode production are expected to sustain the Company's revised annual production guidance for 2025. Annual cash cost guidance at Caserones is being reduced to reflect higher sales volume, lower labour costs and higher by-product credits.

At Chapada, production is expected to be weighted to the second half of the year as copper grades and recoveries in the fourth quarter are expected to remain in line with the third quarter. Cash cost at Chapada is expected to continue benefitting from higher gold prices, leading to a further reduction in annual guidance as compared to that disclosed in the MD&A for the three and six months ended June 30, 2025.

At Eagle, grades and mining rates are expected to remain inline with the third quarter for the remainder of the year, supporting annual production guidance. Cash cost guidance at Eagle are decreasing due to lower labour costs and higher by-product credits.

2025 Production and Cash Cost Guidance

		Guidancea		Revised Guidance
(contained metal)		Production	Cash Cost (\$/lb)b	Production	Cash Cost (\$/lb)b
Copper (t)	Candelaria (100%)	140,000 – 150,000	1.80 – 2.00c	143,000 – 149,000	1.80 – 2.00c
	Caserones (100%)	115,000 – 125,000	2.40 – 2.60	127,000 – 133,000	2.15 – 2.25
	Chapada	40,000 – 45,000	1.10 – 1.30d	40,000 – 45,000	0.90 – 1.00d
	Eagle	8,000 – 10,000		9,000 – 10,000
	Total	303,000 – 330,000	1.95 – 2.15	319,000 – 337,000	1.85 – 2.00
Gold (oz)	Candelaria (100%)	78,000 – 88,000		78,000 – 84,000
	Chapada	57,000 – 62,000		57,000 – 62,000
	Total	135,000 – 150,000		135,000 – 146,000
Nickel (t)	Eagle	8,000 – 11,000	3.05 – 3.25	9,000 – 11,000	2.30 – 2.40

a. Guidance as outlined in the MD&A for the three and six months ended June 30, 2025.

b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: \$4.40/lb, Au: \$3,500/oz, Mo: \$20.00/lb, Ag: \$40.00/oz), foreign exchange rates (USD/CLP:950, USD/BRL:5.50) and operating costs. Cash cost is a non-GAAP measure - see section 'Non-GAAP and Other Performance Measures' of this MD&A for discussion.

c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash cost is calculated based on receipt of approximately \$433/oz gold and \$4.32/oz silver.

d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements which are reflected in copper revenue and will impact realized price per pound.

2025 Capital Expenditure Guidance1,2

Annual capital expenditure guidance is being reduced to \$750 million from \$795 million with deferrals at Candelaria and Caserones.

(\$ millions)	Guidance3	Revisions	Revised Guidance
Candelaria (100% basis)	205	—	205
Caserones (100% basis)	200	(20)	180
Chapada	100	—	100
Eagle	25	—	25
Other	—	—	—
Total Sustaining	530	(20)	510
Expansionary - Candelaria (100% basis)	50	(25)	25
Expansionary - Vicuña (50% basis)	215	—	215
Total Capital Expenditures	795	(45)	750

¹ Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure - see section 'Non-GAAP and Other Performance Measures' of this MD&A for discussion.

2025 Exploration Investment Guidance

Total exploration expenditure guidance for 2025 remains at \$40 million.

² Capital expenditures are based on various assumptions and estimates, including, but not limited to foreign currency exchange rates (USD/CLP: 950, USD/BRL: 5.50).

³ Guidance as outlined in the MD&A for the three and six months ended June 30, 2025.

Selected Quarterly Financial Information

(\$ millions continuing operations except where noted) 2025 2024 2025 2024 Revenue 1,007.0 873.1 2,908.1 2,563.7 Costs of goods sold: Production costs (490.5) (455.8) (1,514.0) (1,411.8) Depreciation, depletion and amortization (168.8) (151.1) (466.2) (459.7) Gross profit 347.7 266.2 927.9 692.2 Net earnings from continuing operations attributable to: Lundin Mining shareholders 143.3 84.0 407.4 206.5 Non-controlling interests 26.7 106.5 41.3 118.1 Net earnings from continuing operations 184.6 110.7 525.5 313.0 Net earnings from discontinued operations1 19.6 17.2 108.3 30.1 Net earnings attributable to:













Lundin Mining shareholders 162.9 101.2 515.7 236.6
Non-controlling interests 41.3 26.7 118.1 106.5
Net earnings 204.2 127.9 633.8 343.1
Adjusted earnings3 (all operations) 152.3 72.5 398.4 239.7
Adjusted earnings3 — continuing operations 57.2 196.9 152.3 344.4
Adjusted earnings1,3 — discontinued operations — 15.3 54.0 42.8
Adjusted EBITDA3 (all operations) 489.7 457.7 1,336.5 1,281.4
Adjusted EBITDA3 — continuing operations 489.7 385.3 1,272.5 1,093.7
Adjusted EBITDA1,3 — discontinued operations — 72.4 64.0 187.8
Cash provided by operating activities (all operations) 139.3 898.6 270.3 781.7
Cash provided by operating activities related to continuing
operations 270.3 81.4 707.2 753.6
Cash provided by operating activities related to discontinued operations1 57.9 145.0 — 74.5
Adjusted operating cash flow3 (all operations) 382.9 305.2 1,054.9 988.7
Adjusted operating cash flow3 — continuing operations 382.9 243.0 997.1 828.2
Adjusted operating cash flow1,3 — discontinued operations — 62.2 57.8 160.5
Free cash flow from operations3 (all operations) 168.9 1.8 423.3 407.0
Free cash flow from operations3 — continuing operations (17.6) 373.6 168.9 401.5
Free cash flow from operations1,3 — discontinued operations — 19.4 21.8 33.4
Free cash flow3 (all operations) 110.1 (61.7) 238.3 173.4
Free cash flow3 — continuing operations 110.1 (77.8) 221.9 148.2
Free cash flow1,3 — discontinued operations — 16.1 16.4 25.2
Capital expenditures4 — continuing operations 163.6 616.0 163.8 497.3
Capital expenditures2,4 — discontinued operations — 41.8 58.1 119.8

¹ Discontinued operations results include financial results to April 16, 2025 and the revaluation of contingent consideration at September 30, 2025.

² Discontinued operations results are to April 16, 2025.

³ This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

⁴Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows.

	Three months ended September 30,			Nine months ended September 30,
	2025	2024	2025	2024
Per share amounts:
Basic earnings per share ("EPS") attributable to shareholders	0.19	0.13	0.60	0.31
Diluted EPS attributable to shareholders	0.19	0.13	0.60	0.30
Basic and diluted EPS from continuing operations attributable to shareholders	0.17	0.11	0.48	0.27
Basic and diluted EPS from discontinued operations attributable to shareholders1	0.02	0.02	0.13	0.04
Adjusted EPS2 (all operations)	0.18	0.09	0.47	0.31
Adjusted EPS2 — continuing	0.18	0.07	0.41	0.25
Adjusted EPS1,2 — discontinued	—	0.02	0.06	0.06
Adjusted operating cash flow per share2 (all operations)	0.45	0.39	1.23	1.28
Adjusted operating cash flow per share2 — continuing	0.45	0.31	1.17	1.07
Adjusted operating cash flow per share1,2 — discontinued	—	0.08	0.06	0.21
Dividends declared (C\$/share)	0.0275	0.0900	0.1450	0.2700
(\$ millions)			September 30, 2025	December 31, 2024

(\$ millions)	2025	2024
Total assets	10,031.1	10,406.7
Total debt and lease liabilities	627.6	2,006.1
Net debt excluding lease liabilities2	(107.9)	(1,332.4)

¹ Discontinued operations results include financial results to April 16, 2025 and the revaluation of contingent consideration at September 30, 2025.

This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

Summary of Quarterly Results¹

(\$ millions, except per share data)	Q3-25	Q2-25	Q1-25	Q4-24	Q3-24	Q2-24	Q1-24	Q4-23
Revenue from continuing operations	1,007.0	937.2	963.9	858.9	873.1	878.3	812.3	893.4
Gross profit from continuing operations	347.7	271.3	308.9	250.6	266.2	228.6	197.5	177.8
Net earnings (loss) from continuing operations	184.6	159.6	181.4	(159.6)	110.7	119.4	83.0	40.4
- attributable to shareholders	143.3	126.1	138.1	(195.3)	84.0	84.3	38.3	12.5
Net earnings (loss) from discontinued operations3	19.6	102.4	(13.8)	(244.8)	17.2	37.3	(24.4)	26.3
Adjusted earnings2 (all operations)	152.3	99.9	146.3	119.3	72.5	122.1	45.3	79.7
Adjusted earnings2 from continuing operations	152.3	98.3	94.0	94.9	57.2	83.4	56.4	72.4
Adjusted earnings (loss)2,3 from discontinued operations	—	1.6	52.3	24.4	15.3	38.7	(11.1)	7.3
Adjusted EBITDA2 (all operations)	489.7	395.8	450.8	425.6	457.7	460.9	362.9	419.7
Adjusted EBITDA2 - continuing operations	489.7	394.7	387.9	368.3	385.3	370.0	338.7	367.7
Adjusted EBITDA2,3 - discontinued operations	—	1.0	62.7	57.3	72.4	91.0	24.3	52.2
EPS - Basic and diluted (all operations)	0.19	0.27	0.15	(0.57)	0.13	0.16	0.02	0.05
EPS - Basic and diluted from continuing operations	0.17	0.15	0.16	(0.25)	0.11	0.11	0.05	0.02
EPS - Basic and diluted from discontinued operations3	0.02	0.12	(0.02)	(0.32)	0.02	0.05	(0.03)	0.03
Adjusted EPS2 (all operations)	0.18	0.12	0.17	0.15	0.09	0.16	0.06	0.10
Adjusted EPS2 - continuing operations	0.18	0.11	0.11	0.12	0.07	0.11	0.07	0.09
Adjusted EPS2,3 - discontinued operations	—	—	0.06	0.03	0.02	0.05	(0.01)	0.01
Cash provided by operating activities (all operations)	270.3	334.6	177.0	620.3	139.3	491.8	267.6	306.1
Cash provided by operating activities from continuing operations	270.3	314.6	122.3	547.3	81.4	440.1	232.2	249.9
Cash provided by operating activities related to discontinued operations3	—	20.0	54.7	73.0	57.9	51.7	35.4	56.2
Adjusted operating cash flow per share2 (all operations)	0.45	0.33	0.46	0.40	0.39	0.48	0.41	0.47
Adjusted operating cash flow per share2 — continuing operations	0.45	0.32	0.40	0.32	0.31	0.38	0.38	0.39
Adjusted operating cash flow per share2,3 — discontinued operations	—	—	0.07	0.08	0.08	0.10	0.03	0.08
Capital expenditure5 from continuing operations	163.8	157.5	176.0	191.2	163.6	217.2	235.3	205.3
Capital expenditure4,5 from discontinued operations	—	9.1	49.0	35.2	41.8	41.2	36.7	38.6

¹ The sum of quarterly amounts may differ from year-to-date results due to rounding.

²This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

³ Discontinued operations results include financial results to April 16, 2025 and the revaluation of contingent consideration at September 30, 2025.

⁴ Discontinued operations results are to April 16, 2025.

⁵ Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows.

On a quarterly basis, the Company's revenue, gross profit and net earnings can be impacted by metal prices, sales volumes as a result of the timing of concentrate shipments, and provisional pricing adjustments on current and prior period shipments.

In Q2 2025, the Company completed the sale of its Neves-Corvo and Zinkgruvan operations and recognized a gain on disposal of \$106.4 million. Results from these operations are reported as discontinued operations through to April 16, 2025. Net loss from discontinued operations in Q4 2024 was impacted by a \$291.2 million non-cash impairment to align the carrying value of Neves-Corvo with expected cash consideration. As a result of the euro strengthening in Q1 2025, net loss from discontinued operations was impacted by a further \$65.7 million non-cash impairment at Neves-Corvo to re-align its carrying value with subsequent cash consideration.

Following the formation of Vicuña in Q1 2025, its financial results are accounted for at the Company's 50% share. In prior quarters, the Josemaria project (now part of Vicuña) was wholly owned by the Company and reported at 100%.

Following the acquisition of a majority interest in the Caserones mine in July 2023, a fair value adjustment of \$7.8 million impacted production costs in Q4 2023 as in-process and concentrate inventory measured at fair value at the acquisition date was sold.

An \$800.0 million term loan was entered into in conjunction with the acquisition of a 51% interest in Caserones and was subsequently increased by \$350.0 million with funds used to acquire an additional 19% of Caserones in 2024. Higher debt increased the Company's interest expense from acquisition through Q1 2025, reducing net earnings. The term loan was repaid in full after the sale of Neves-Corvo and Zinkgruvan in April 2025, reducing interest expense and benefiting net earnings in Q2 2025 and the subsequent quarters.

In Q2 2024, a fall of ground occurred in the lower ramp at the Eagle mine, resulting in reduced mining rates through the remainder of 2024 while ramp rehabilitation was completed in Q1 of this year. This resulted in lower revenue as well as \$9.8 million, \$14.8 million, and \$11.4 million of overhead costs incurred in Q2 2024, Q3 2024 and Q4 2024, respectively, reducing net earnings.

In Q4 2024, net earnings from continuing operations was reduced by non-cash impairments including \$104.9 million (\$82.8 million net of tax) relating to the Eagle mine due to a decline in nickel prices and prolonged rehabilitation of the Eagle East ramp, \$93.4 million (\$61.7 million net of tax) related to the Suruca gold deposit near Chapada and \$55.9 million (\$41.6 million net of tax) due to the continued closure of the Alcaparrosa mine within the Candelaria mining complex. These amounts were partially offset by a \$28.3 million non-cash partial reversal of a previous long-term ore stockpile inventory write-down at Chapada, as a result of higher market expectations for long-term copper and gold prices.

In Q4 2024, a deferred tax recovery of \$41.5 million was recorded at Caserones following a re-assessment of the estimated future utilization of accumulated tax losses.

In the quarters presented, the Company has entered into derivative contracts for foreign currency, diesel, copper prices and gold prices as part of its risk management strategy. Realized and unrealized gains and losses on derivative contracts and foreign exchange and trading gains on debt and equity investments are recorded in other income and expense and impact the Company's net earnings.

Revenue Overview

Sales Volumes by Payable Metal - Continuing Operations

		2025					2024
	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1
Copper (t)
Candelaria (100%)	107,618	36,041	36,603	34,974	158,017	49,052	45,430	29,999	33,536
Caserones (100%)	93,153	26,896	30,076	36,181	113,867	26,750	22,044	29,862	35,211
Chapada	32,627	13,997	10,284	8,346	39,615	10,200	12,380	8,293	8,742
Eagle	5,946	1,908	2,489	1,549	5,457	877	733	1,789	2,058
	239,344	78,842	79,452	81,050	316,956	86,879	80,587	69,943	79,547
Gold (oz)
Candelaria (100%)	58,837	19,041	20,021	19,775	89,435	27,756	25,971	16,727	18,981
Chapada	44,166	19,735	14,402	10,029	57,777	14,660	18,775	12,368	11,974
	103,003	38,776	34,423	29,804	147,212	42,416	44,746	29,095	30,955
Nickel (t)
Eagle	5,895	1,921	2,226	1,748	5,662	1,088	393	2,018	2,163
Molybdenum (t)
Caserones (100%)	1,525	508	389	628	3,056	944	581	695	836
Silver (koz)
Candelaria (100%)	1,226	434	395	397	1,799	557	511	331	400
Chapada	103	48	30	25	96	21	24	30	21
Eagle	3	1	—	2	8	1	(1)	7	1
	1,332	483	425	424	1,903	579	534	368	422

Revenue Analysis

		Three months ended September 30,		Nine months ended September 30,
by Mine	2025		2024		Change	2025		2024		Change
(\$ millions)	\$	%	\$	%	\$	\$	%	\$	%	\$
Candelaria (100%)	426.8	43	473.0	55	(46.2)	1,250.5	43	1,169.8	45	80.7
Caserones (100%)	311.8	31	227.9	26	83.9	1,020.4	35	890.6	35	129.8
Chapada	215.3	21	160.0	18	55.3	480.8	17	376.4	15	104.4
Eagle	53.1	5	12.2	1	40.9	156.4	5	126.9	5	29.5
Continuing Operations	1,007.0		873.1		133.9	2,908.1		2,563.7		344.4
Neves-Corvo	—	—	131.2	66	(131.2)	128.3	64	340.5	64	(212.2)
Zinkgruvan	—	—	68.6	34	(68.6)	72.4	36	189.3	36	(116.9)
Discontinued Operations1	—		199.8		(199.8)	200.7		529.8		(329.1)

¹Discontinued operations results are to April 16, 2025.

		Three months ended September 30,			Nine months ended September 30,
by Metal	2025		2024		Change	2025		2024		Change
(\$ millions)	\$	%	\$	%	\$	\$	%	\$	%	\$
Copper	795.6	79	729.3	83	66.3	2,368.0	81	2,117.6	83	250.4
Gold	127.2	13	95.0	11	32.2	314.0	11	211.0	8	103.0
Molybdenum	29.9	2	23.8	3	6.1	70.7	2	91.4	4	(20.7)
Nickel	30.3	3	6.2	1	24.1	90.4	3	82.6	3	7.8
Silver	18.2	2	12.9	1	5.3	45.4	2	34.7	1	10.7
Other	5.8	1	5.9	1	(0.1)	19.6	1	26.4	1	(6.8)
Continuing Operations	1,007.0		873.1		133.9	2,908.1		2,563.7		344.4

Revenue from continuing operations in the quarter of \$1,007.0 million represented an increase of \$133.9 million over the prior year comparable period of \$873.1 million primarily due to an increase in realized copper and gold prices, partially offset by lower sales volumes at Candelaria. At Caserones, copper sales volumes in the quarter increased from the prior year comparable period in line with higher production, but were impacted by a timing difference between the production and shipment dates of approximately 5,100 tonnes of contained payable copper. A shipment of copper concentrate from Caserones scheduled for September 2025 was delayed into October due to weather related issues. On a year-to-date basis, revenue from continuing operations of \$2,908.1 million represented an increase of \$344.4 million from the prior year comparable period of \$2,563.7 million primarily due to higher realized copper and gold prices and higher sales volume.

Revenue from gold and silver in the quarter and year-to-date periods includes the partial recognition of an upfront purchase price on the sale of precious metals streams for Candelaria, as well as the cash proceeds which amount to approximately \$433/oz for gold and \$4.32/oz for silver. Chapada's copper revenue includes the recognition of deferred revenue from copper streams acquired with the Chapada mine, as well as the cash proceeds of 30% of the market price of the copper sold under the streams, which is limited to 7.9% of Chapada's total copper production.

Revenue is recorded using the metal price received for sales that settle during the reporting period. For sales that have not been settled, an estimate is used based on the expected month of settlement and the forward price of the metal at the end of the reporting period. The difference between the estimate and the final price received is recognized by adjusting revenue in the period in which the sale is settled. Settlement dates can range from one to six months after shipment.

Provisionally Valued Revenue from Continuing Operations as of September 30, 2025

Metal	Payable metal	Valued at
Copper	78,442 t	\$4.65 /lb
Gold	34,341 oz	\$3,840 /oz
Nickel	675 t	\$6.85 /lb
Molybdenum	604 t	\$23.48 /lb

Quarterly Reconciliation of Realized Prices - Continuing Operations

	Three months ended September 30, 2025
(\$ millions)	Copper	Gold	Nickel	Molybdenum	Other	Total
Revenue from contracts with customers1	773.3	134.4	28.8	27.0	32.1	995.6
Provisional pricing adjustments on current period concentrate sales	25.6	11.7	0.6	0.4	5.1	43.4
Provisional pricing adjustments on prior period concentrate sales	2.5	4.7	0.9	2.5	2.7	13.3
	801.4	150.8	30.3	29.9	39.9	1,052.3
Recognition of deferred revenue						17.5
Copper stream cash effect						(6.6)
Gold and silver stream cash effect						(51.3)
Less: Treatment and refining charges						(4.9)
Total revenue						1,007.0
Payable metal	78,842 t	38,776 oz	1,921 t	508 t
Current period sales (\$/unit)2	\$4.60	\$3,768	\$6.94	\$24.46
Provisional pricing adjustments on prior period concentrate sales (\$/unit)	\$0.01	\$121	\$0.21	\$2.24
Realized prices3,4	\$4.61 /lb	\$3,889 /oz	\$7.15 /lb	\$26.70 /lb

				Three months ended September 30, 2024
	Copper	Gold	Nickel	Molybdenum	Other	Total
Revenue from contracts with customers1	750.7	110.8	6.3	25.5	27.4	920.7
Provisional pricing adjustments on current period concentrate sales	17.8	5.0	0.4	—	(3.1)	20.1
Provisional pricing adjustments on prior period concentrate sales	(6.2)	3.3	(0.4)	(1.7)	0.6	(4.4)
	762.3	119.1	6.3	23.8	24.9	936.4
Recognition of deferred revenue						20.3
Copper stream cash effect						(4.8)
Gold and silver stream cash effect5						(45.7)
Less: Treatment & refining charges						(33.1)
Total revenue						873.1
Payable metal	80,587 t	44,746 oz	393 t	581 t
Current period sales (\$/unit)2	\$4.33	\$2,588	\$7.63	\$19.90
Provisional pricing adjustments on prior period concentrate sales (\$/unit)	\$(0.04)	\$73	\$(0.47)	\$(1.30)
Realized prices3,4	\$4.29 /lb	\$2,661 /oz	\$7.16 /lb	\$18.60 /lb

^1. Revenue from contracts with customers before recognition of deferred revenue, gold, silver, and copper stream cash effects and treatment and refining charges, each of which is presented separately in the table.

Due to volatility in commodity prices and the timing of sales in the period, significant variances may arise between average market prices and realized prices.

^2. Includes revenue from contracts with customers and provisional pricing adjustments on current period concentrate sales.

^3. This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

^4. The realized price for copper inclusive of the impact of streaming agreements in the quarter is \$4.57/lb (Q3 2024: \$4.26/lb). The realized price for gold inclusive of the impact of streaming agreements in the quarter is \$2,865/oz (Q3 2024: \$1,844/oz).

^5. Gold stream cash effect in 2024 has been adjusted to conform with 2025 presentation by including silver stream cash effects (Q3 2024: \$9.1 million).

Year-to-Date Reconciliation of Realized Prices - Continuing Operations

	Nine months ended September 30, 2025
(\$ millions)	Copper	Gold	Nickel	Molybdenum	Other	Total
Revenue from contracts with customers1	2,285.7	333.3	90.2	68.8	101.7	2,879.7
Provisional pricing adjustments on current year concentrate sales	73.9	29.5	0.8	2.1	9.5	115.8
Provisional pricing adjustments on prior year concentrate sales	39.6	7.5	(0.6)	(0.3)	1.3	47.5
	2,399.2	370.3	90.4	70.6	112.5	3,043.0
Recognition of deferred revenue						52.5
Copper stream cash effect						(19.0)
Gold and silver stream cash effect						(139.6)
Less: Treatment and refining charges						(28.8)
Total revenue						2,908.1
Payable metal	239,344 t	103,003 oz	5,895 t	1,525 t
Current period sales2	\$4.47	\$3,522	\$7.00	\$21.09
Provisional pricing adjustments on prior year concentrate sales	\$0.08	\$73	\$(0.04)	\$(0.09)
Realized prices3,4	\$4.55 /lb	\$3,595 /oz	\$6.96 /lb	\$21.00 /lb

				Nine months ended September 30, 2024
	Copper	Gold	Nickel	Molybdenum	Other	Total
Revenue from contracts with customers1	2,120.8	246.3	80.7	95.8	72.2	2,615.8
Provisional pricing adjustments on current year concentrate sales	54.1	13.9	(2.1)	0.2	(1.0)	65.1
Provisional pricing adjustments on prior year concentrate sales	31.3	0.5	4.6	(4.6)	2.4	34.2
	2,206.2	260.7	83.2	91.4	73.6	2,715.1
Recognition of deferred revenue						52.3
Copper stream cash effect						(15.6)
Gold and silver stream cash effect5						(99.0)
Less: Treatment & refining charges						(89.1)
Total revenue						2,563.7
Payable metal	230,077 t	104,796 oz	4,574 t	2,112 t
Current period sales2	\$4.29	\$2,483	\$7.79	\$20.62
Provisional pricing adjustments on prior year concentrate sales	\$0.06	\$4	\$0.46	\$(0.98)
Realized prices3,4	\$4.35 /lb	\$2,487 /oz	\$8.25 /lb	\$19.64 /lb

^1. Revenue from contracts with customers before recognition of deferred revenue, gold and copper stream cash effects and treatment and refining charges, each of which is presented separately in the table.

^2. Includes revenue from contracts with customers and provisional pricing adjustments on current year concentrate sales.

^3. This is a non-GAAP measure - see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

^4. The realized price for copper inclusive of the impact of streaming agreements for year-to-date 2025 is \$4.51/lb (2024: \$4.32/lb). The realized price for gold inclusive of the impact of streaming agreements for year-to-date 2025 is \$2,511/oz (2024: \$1,738/oz).

^5. Gold stream cash effect in 2024 has been adjusted to conform with 2025 presentation by including silver stream cash effects (2024: \$20.4 million).

Financial Results

Production Costs

Production costs for continuing operations in the quarter were \$490.5 million, an increase from \$455.8 million in the prior year comparable period. The increase was primarily attributable to higher sales volumes at Eagle, Caserones and Chapada, and increased mine costs as a result of timing of deferred stripping capitalization at Candelaria, partially offset by reduced contractor expenses at Caserones and lower sales volumes at Candelaria. On a year-to-date basis, production costs were \$1,514.0 million, an increase from \$1,411.8 million in the prior year comparable period. The increase primarily reflects higher sales volumes at Caserones, Eagle and Chapada, and increased mine costs at Candelaria, partially offset by favourable foreign exchange.

Production Costs		Three months ended September 30,		Nine months ended September 30,
(\$ millions)	2025	2024	Change	2025	2024	Change
Candelaria	199.2	189.1	10.1	557.3	525.7	31.6
Caserones	158.5	169.4	(10.9)	607.2	576.0	31.2
Chapada	96.4	84.5	11.9	234.9	218.3	16.6
Eagle	35.2	12.5	22.7	112.7	90.8	21.9
Other	1.2	0.3	0.9	1.9	1.0	0.9
	490.5	455.8	34.7	1,514.0	1,411.8	102.2

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization expense in the quarter and year-to-date periods increased by \$17.7 million and \$6.5 million, respectively, compared to the prior year comparable periods. During the quarter, depreciation at Caserones increased in line with higher production and sales volumes. On a year-to-date basis, depreciation at Eagle decreased following impairment of mineral properties and property, plant and equipment in late 2024, that resulted in a lower asset base for depreciation.

Depreciation, depletion & amortization		Three months ended September 30,		Nine months ended September 30,
(\$ millions)	2025	2024	Change	2025	2024	Change
Candelaria	82.9	78.7	4.2	227.0	228.2	(1.2)
Caserones	49.5	39.3	10.2	151.8	145.5	6.3
Chapada	29.7	26.9	2.8	70.0	60.3	9.7
Eagle	6.6	6.2	0.4	17.0	25.3	(8.3)
Other	0.1	—	0.1	0.4	0.4	—
	168.8	151.1	17.7	466.2	459.7	6.5

Finance Income and Costs

Total finance costs, net, of \$16.7 million and \$81.0 million in the quarter and year-to-date periods, respectively, decreased from \$36.7 million and \$103.2 million in the prior year comparable periods. The decreases were primarily due to reduced interest expense following the repayment in full of the \$1,150.0 million outstanding balance of the term loan in April 2025, using a portion of cash proceeds from the sale of the Neves-Corvo and Zinkgruvan operations.

Period end exchange rates having a meaningful impact on foreign exchange recorded for continuing operations as at September 30, 2025 were:

	September 30, 2025	September 30, 2024	Change
Brazilian Real (USD:BRL)	5.32	5.45	(0.13)
Chilean Peso (USD:CLP)	961	896	65
Argentine Peso (USD:ARS)	1,367	971	396

The average exchange rates impacting continuing operations were:

		Three months ended September 30,			Nine months ended September 30,
	2025	2024	Change	2025	2024	Change
Brazilian Real (USD:BRL)	5.45	5.55	(0.10)	5.65	5.24	0.41
Chilean Peso (USD:CLP)	959	931	28	957	937	19
Argentine Peso (USD:ARS)	1,332	943	389	1,180	888	292

The average exchange rates impacting continuing operations by quarter during 2025 were:

		Three months ended
	September 30, 2025	June 30, 2025	March 31, 2025
Brazilian Real (USD:BRL)	5.45	5.67	5.84
Chilean Peso (USD:CLP)	959	947	963
Argentine Peso (USD:ARS)	1,332	1,150	1,057

Income Taxes

Income tax (expense)/ recovery		Three months ended September 30,		Nine months ended September 30,
(\$ millions, continuing operations)	2025	2024	Change	2025	2024	Change
Candelaria	(67.1)	(86.9)	19.8	(192.9)	(169.5)	(23.4)
Caserones	(10.2)	(1.3)	(8.9)	(20.0)	(41.9)	21.9
Chapada	(17.5)	(5.1)	(12.4)	9.7	(33.7)	43.4
Eagle	(0.6)	3.0	(3.6)	(1.1)	4.9	(6.0)
Vicuña	(1.0)	(2.4)	1.4	(9.8)	48.2	(58.0)
Other	(2.5)	1.5	(4.0)	(5.2)	(3.2)	(2.0)
	(98.9)	(91.2)	(7.7)	(219.3)	(195.2)	(24.1)

Income taxes by classification	Three months ended September 30,			Nine months ended September 30,
(\$ millions, continuing operations)	2025	2024	Change	2025	2024	Change
Current income tax expense	(93.7)	(114.1)	20.4	(228.1)	(210.3)	(17.8)
Deferred income tax (expense)/ recovery	(5.2)	22.9	(28.1)	8.8	15.1	(6.3)
	(98.9)	(91.2)	(7.7)	(219.3)	(195.2)	(24.1)

Current income tax expense in the quarter was lower than in the prior comparable period primarily due to lower taxable income at Candelaria. In the year-to-date period, current income tax expense was higher than in the prior year comparable period primarily due to foreign exchange fluctuations.

Deferred income tax expense in the quarter increased from the prior year comparable period, primarily due to positive provisional pricing adjustments at Candelaria and the recognition of deferred tax assets at Caserones in Q3 2024.

Deferred income tax recovery in the year-to-date period decreased from the prior year comparable period primarily due to higher deferred tax expense at Candelaria from positive provisional pricing adjustments, the recognition of a deferred tax liability associated with outside basis differences on the Company's investment in Vicuña, and the reversal of a deferred tax liability in Josemaria in the prior period related to tax inflation adjustments in Argentina. This decrease in deferred tax recovery was partially offset by a deferred tax recovery at Chapada, reflecting the foreign exchange revaluation of nonmonetary assets driven by the strengthening of the BRL against the USD as of September 30, 2025, as well as the utilization of losses at Caserones in the prior period.

Mining Operations

Production Overview

		2025					2024
	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1
Copper (t)
Candelaria (100%)	111,199	37,129	36,999	37,071	162,487	48,772	50,018	31,170	32,527
Caserones (100%)	93,269	35,270	29,290	28,709	124,761	31,737	29,033	29,775	34,216
Chapada	32,783	12,600	11,274	8,909	43,261	12,323	11,694	9,106	10,138
Eagle	6,949	2,354	2,510	2,085	6,366	1,262	1,027	1,563	2,514
Continuing Operations	244,200	87,353	80,073	76,774	336,875	94,094	91,772	71,614	79,395
Neves-Corvo1	7,348	—	1,225	6,123	28,228	7,139	6,698	7,347	7,044
Zinkgruvan1	971	—	—	971	3,964	258	1,385	747	1,574
Total	252,519	87,353	81,298	83,868	369,067	101,491	99,855	79,708	88,013
Zinc (t)
Neves-Corvo1	32,356	—	4,665	27,691	109,571	27,879	29,509	25,696	26,487
Zinkgruvan1	25,877	—	4,620	21,257	82,133	24,067	17,101	21,764	19,201
Total	58,233	—	9,285	48,948	191,704	51,946	46,610	47,460	45,688
Gold (oz)
Candelaria (100%)	61,473	19,899	20,574	21,000	93,021	27,842	28,835	17,679	18,665
Chapada	46,257	17,864	17,544	10,849	65,415	18,614	17,877	14,760	14,164
Total	107,730	37,763	38,118	31,849	158,436	46,456	46,712	32,439	32,829
Nickel (t)
Eagle	7,733	2,724	2,713	2,296	7,486	1,617	893	1,721	3,255
Molybdenum (t)
Caserones (100%)	1,556	574	380	602	3,183	912	693	714	864
Lead (t)
Neves-Corvo1	2,361	—	369	1,992	6,395	1,553	1,851	1,387	1,604
Zinkgruvan1	9,291	—	1,705	7,586	30,888	9,481	5,693	8,966	6,748
Total	11,652	—	2,074	9,578	37,283	11,034	7,544	10,353	8,352
Silver (koz)
Candelaria (100%)	1,357	477	431	449	1,985	598	605	367	415
Chapada	192	73	69	50	245	69	63	55	58
Eagle	30	15	5	10	35	7	3	17
Continuing Operations	1,579	565	505	509	2,265	674	671	439	481
Neves-Corvo1	534	—	75	459	1,876	494	425	433	524
Zinkgruvan1	737	—	152	585	2,513	637	537	699	640
Total	2,850	565	732	1,553	6,654	1,805	1,633	1,571	1,645

¹Neves-Corvo and Zinkgruvan results are to April 16, 2025.

Production Cost and Cash Cost Overview (\$ millions, \$/lb)

	Three months ended September 30,		Nine months ended September 30,
(\$ millions)	2025	2024	2025	2024
Candelaria
Production costs	\$199.2	\$189.1	\$557.3	\$525.7
Gross cost	2.49	2.01	2.38	2.31
By-product1	(0.62)	(0.46)	(0.57)	(0.48)
Cash Cost (Cu, \$/lb)2	1.87	1.55	1.81	1.83
All-in Sustaining Cost ("AISC") (Cu, \$/lb)2	2.55	2.23	2.51	2.85
Caserones
Production costs	\$158.5	\$169.4	\$607.2	\$576.0
Gross cost	2.52	3.50	2.83	3.02
By-product1	(0.66)	(0.54)	(0.52)	(0.51)
Cash Cost (Cu, \$/lb)2	1.86	2.96	2.31	2.51
AISC (Cu, \$/lb)2	2.74	3.95	3.17	3.45
Chapada
Production costs	\$96.4	\$84.5	\$234.9	\$218.3
Gross cost	2.97	3.19	3.09	3.42
By-product1	(2.47)	(1.82)	(2.26)	(1.67)
Cash Cost (Cu, \$/lb)2	0.50	1.37	0.83	1.75
AISC (Cu, \$/lb)2	1.58	2.34	2.14	3.16
Consolidated3
Production costs	\$454.1	\$443.0	\$1,399.4	\$1,320.0
Gross cost	2.59	2.60	2.66	2.73
By-product1	(0.98)	(0.69)	(0.79)	(0.65)
Cash Cost (Cu, \$/lb)2	1.61	1.91	1.87	2.08
Eagle
Production costs	\$35.2	\$12.5	\$112.7	\$90.8
Gross cost	7.50	14.18	7.69	8.35
By-product1	(5.39)	(6.94)	(5.07)	(4.39)
Cash Cost (Ni, \$/lb)2	2.11	7.24	2.62	3.96
AISC (Ni, \$/lb)2	4.96	20.02	5.18	7.13

¹By-product is after related treatment and refining charges.

² Cash Cost per pound sold and AISC per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

³ Consolidated Cash Cost includes primary copper producing assets (Candelaria, Caserones, and Chapada) from continuing operations.

Discontinued operations	Nine months ended September 30,
(\$ millions)	2025	2024
Neves-Corvo1
Production costs	90.2	\$250.0
Gross cost	6.35	5.58
By-product2	(4.51)	(3.30)
Cash Cost (Cu, \$/lb)3	1.84	2.28
AISC (Cu, \$/lb)3	3.89	4.06
Zinkgruvan1
Production costs	\$36.9	\$92.9
Gross cost	0.97	1.07
By-product2	(0.51)	(0.67)
Cash Cost (Zn, \$/lb)3	0.46	0.40
AISC (Zn, \$/lb)3	1.13	0.83

¹Neves-Corvo and Zinkgruvan results are to April 16, 2025.

²By-product is after related treatment and refining charges.

Cash Cost per pound sold and AISC per pound sold are non-GAAP measures, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

Candelaria (Chile)

Operating Statistics

		2025					2024
(100% Basis)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1

Ore mined (kt)	29,083	9,145	9,721	10,217	36,728	12,673	10,784	8,155	5,116
Ore milled (kt)	23,607	8,103	7,752	7,752	29,186	7,600	7,183	7,094	7,309
Grade
Copper (%)	0.51	0.49	0.52	0.52	0.61	0.69	0.76	0.49	0.48
Gold (g/t)	0.12	0.11	0.12	0.12	0.15	0.17	0.18	0.12	0.11
Recovery
Copper (%)	92.1	92.6	92.0	91.6	91.8	93.1	92.1	89.5	91.9
Gold (%)	67.9	67.2	68.2	68.3	67.7	68.2	69.9	62.1	69.8
Production (contained metal)
Copper (t)	111,199	37,129	36,999		37,071 162,487	48,772	50,018	31,170	32,527
Gold (oz)	61,473	19,899	20,574	21,000	93,021	27,842	28,835	17,679	18,665
Silver (koz)	1,357	477	431	449	1,985	598	605	367	415
Sales volume (payable metal)
Copper (t)	107,618	36,041	36,603		34,974 158,017	49,052	45,430	29,999	33,536
Gold (oz)	58,837	19,041	20,021	19,775	89,435	27,756	25,971	16,727	18,981
Revenue (\$ millions)	1,250.5	426.8	404.6		419.1 1,618.9	449.1	473.0	366.4	330.4
Production costs (\$ millions)	557.3	199.2	186.1	172.1	726.8	201.0	189.1	175.4	161.3
Gross profit (\$ millions)	466.2	144.7	143.6	177.8	579.1	163.2	205.2	115.0	95.7
Cash cost (\$ per pound copper)1	1.81	1.87	1.81	1.75	1.73	1.53	1.55	2.18	1.89
Sustaining capital (\$ millions)1	144.9	46.9	50.2	47.7	275.7	55.5	60.1	60.5	99.5
AISC (\$ per pound copper)1	2.51	2.55	2.53	2.46	2.62	2.12	2.23	3.22	3.34

¹AISC per pound sold and Cash cost per pound sold are non-GAAP measures and Sustaining Capital is a supplementary financial measure, see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

Production

Mining was focused in Phase 11 during the quarter with production continuing to benefit from strong throughput in the mill due to softer ore feed, finer ore size and higher ball mill runtime. Throughput was the highest quarterly amount since Q1 2016. Production in the quarter was comparable to preceding quarters in the year, and within the planned mine sequence. In the year-to-date period, mining in the open pit was focused on Phase 11 with contribution from higher grade areas of Phase 12 and production is expected to continue at similar levels through the fourth quarter.

Grades in the quarter were lower than in the prior year comparable period due to contribution from higher grade benches of Phase 11 during the prior year and lower contribution from the underground mine. Production in the year-to-date period was lower than in the prior year comparable period primarily due to lower grades, partially offset by higher throughput due to ore softness. As planned, average grades in 2025 decreased from those realized in the second half of 2024 primarily due to grades in the prior year benefitting from access to higher grade benches of Phase 11.

Production Costs and Cash Cost

Production costs in the quarter and year-to-date periods were higher than in the prior year comparable periods primarily due to higher mine costs as a result of timing of deferred stripping capitalization in Phase 12, partially offset by lower sales volumes.

Cash cost per pound in the quarter was higher than in the prior year comparable period due to lower grades and elevated mining costs as a result of timing of deferred stripping, partially offset by higher metal prices for by-product credits and reduced treatment and refining charges. Cash cost per pound in the year-to-date period was slightly lower than in the prior year comparable period primarily due to reduced treatment charges and higher metal prices for by-product credits, partially offset by higher mine and mill costs. AISC per pound in the quarter was higher than in the prior year comparable period primarily due to increased cash cost. AISC per pound in the year-to-date period was lower than in the prior year comparable period primarily due to reduced sustaining capital expenditures. Sustaining capital expenditures decreased in the year-todate period compared to the prior year comparable period primarily due to reduced deferred stripping and timing of spending on new mine equipment.

In the quarter, approximately 13,000 oz of gold and 279,000 oz of silver were subject to terms of a streaming agreement from which approximately \$433/oz gold and \$4.32/oz silver were received. This represents approximately 68% of Candelaria's total gold and silver production during the quarter.

Gross Profit

Gross profit in the quarter decreased from the prior year comparable period primarily due to lower sales volumes, higher mine costs and increased depreciation, partially offset by higher realized copper prices and reduced treatment charges. Gross profit in the year-to-date period increased from the prior year comparable period due to higher realized copper prices and reduced treatment charges, partially offset by lower sales volume and higher mine and mill costs.

Caserones (Chile)

Operating Statistics

		2025					2024
(100% Basis)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1
Ore mined (kt)	28,159	8,479	9,680	10,000	30,820	8,557	7,616	7,840	6,807
Ore milled (kt)	25,183	8,530	7,984	8,669	32,141	8,759	8,136	7,556	7,690
Ore placed on leach	13,635	3,910	4,962	4,763	10,230	3,563	1,885	2,868	1,914
Grade
Copper (%)	0.38	0.43	0.37	0.33	0.40	0.36	0.38	0.42	0.44
Molybdenum (%)	0.010	0.011	0.008	0.011	0.015	0.015	0.016	0.015	0.016
Recovery
Copper (%)	79.1	79.2	79.9	78.4	78.6	81.9	76.7	75.9	79.7
Molybdenum (%)	60.8	61.9	56.6	62.6	64.1	68.9	53.3	64.4	70.0
Production (contained metal)
Copper in concentrate (t)	74,740	29,010	23,490		22,240 100,837	25,717	23,708	24,246	27,166
Copper cathode (t)	18,529	6,260	5,800	6,469	23,924	6,020	5,325	5,529	7,050
Total copper (t)	93,269	35,270	29,290		28,709 124,761	31,737	29,033	29,775	34,216
Molybdenum (t)	1,556	574	380	602	3,183	912	693	714	864
Sales volume (payable metal)
Copper (t)	93,153	26,896	30,076		36,181 113,867	26,750	22,044	29,862	35,211
Molybdenum (t)	1,525	508	389	628	3,056	944	581	695	836
Revenue (\$ millions)	1,020.4	311.8	322.7		385.9 1,153.6	263.0	227.9	336.5	326.2
Production costs (\$ millions)	607.2	158.5	204.7	243.9	776.3	200.3	169.4	208.9	197.7
Gross profit (\$ millions)	261.4	103.8	61.5	96.1	193.3	24.2	19.2	73.1	76.8
Cash cost (\$ per pound copper)1	2.31	1.86	2.45	2.52	2.51	2.51	2.96	2.60	2.14
Sustaining capital (\$ millions)1	99.5	29.4	31.9	38.2	144.0	43.0	22.9	35.3	42.8
AISC (\$ per pound copper)1	3.17	2.74	3.34	3.36	3.48	3.58	3.95	3.58	3.02

Production

During the quarter mining was concentrated in Phase 6, and to a lesser extent in Phase 7, and copper production benefitted from improved grades in Phase 6, combined with strong throughput and cathode production. Production in the prior year comparable quarter and year-to-date periods was impacted by a 14-day labour action in August 2024, which reduced throughput to approximately 50% of capacity. Copper production in the quarter was higher than the prior year comparable period as a result of improved grades from Phase 6 and higher throughput. Copper cathode production in the quarter benefitted from increased material placed on the dump leach in previous periods.

Production in the year-to-date period was consistent with the prior year comparable period. Molybdenum production was lower in the quarter and year-to-date periods than in the prior year comparable periods primarily due to lower grades.

Production Costs and Cash Cost

Production costs in the quarter were lower than in the prior year comparable period primarily due to reduced mining and milling costs, partially offset by higher copper sales volumes. Lower mining and milling costs reflected reduced contractor expenses during the quarter. Production costs in the year-to-date period were higher than in the prior year comparable period primarily due to an increase in copper sales volumes.

Cash cost per pound in the quarter was lower than in the prior year comparable period primarily due to higher throughput and copper grade, increased by-product credits, decreased treatment and refining charges, and reduced contractor expenses. Cash cost per pound in the year-to-date period was lower than in the prior year comparable period primarily as a result of higher throughput and lower treatment and refining charges. AISC per pound in the quarter was lower than in the prior year comparable period primarily due to reduced cash cost and lower lease payments. AISC per pound in the year-todate period was lower than in the prior year comparable period primarily due to reduced cash cost.

Gross Profit

Gross profit in the quarter and year-to-date periods were higher than in the prior year comparable periods due to higher sales volumes and elevated realized copper prices. Gross profit in the quarter also benefitted from reduced mining and milling costs, but was impacted by a timing difference between the production and shipment dates of approximately 5,100 tonnes of contained payable copper. A shipment of copper concentrate from Caserones scheduled for September was delayed into October due to weather related issues. The related revenue and cost of goods sold are expected to be recorded in the fourth quarter of 2025.

Chapada (Brazil)

Operating Statistics

		2025					2024
(100% Basis)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1

Ore mined (kt)	13,449	5,444	4,725	3,280	21,949	5,084	5,889	5,851	5,125
Ore milled (kt)	17,666	6,171	5,675	5,820	22,883	5,945	6,035	5,407	5,496
Grade
Copper (%)	0.25	0.26	0.27	0.22	0.25	0.28	0.25	0.23	0.23
Gold (g/t)	0.16	0.16	0.18	0.13	0.17	0.18	0.18	0.18	0.14
Recovery
Copper (%)	74.2	78.0	73.6	70.0	77.3	76.2	78.1	74.2	81.1
Gold (%)	51.2	54.6	52.7	44.3	52.2	53.4	51.5	49.3	55.3
Production (contained metal)
Copper (t)	32,783	12,600	11,274	8,909	43,261	12,323	11,694	9,106	10,138
Gold (oz)	46,257	17,864	17,544	10,849	65,415	18,614	17,877	14,760	14,164
Silver (koz)	192	73	69	50	245	69	63	55	58
Sales volume (payable metal)
Copper (t)	32,627	13,997	10,284	8,346	39,615	10,200	12,380	8,293	8,742
Gold (oz)	44,166	19,735	14,402	10,029	57,777	14,660	18,775	12,368	11,974
Revenue (\$ millions)	480.8	215.3	150.9	114.6	497.6	121.2	160.0	118.0	98.4
Production costs (\$ millions)	234.9	96.4	75.0	63.5	282.7	64.4	84.5	69.2	64.6
Gross profit (\$ millions)	175.9	89.2	54.0	32.8	165.0	67.2	48.6	30.4	18.8
Cash cost (\$ per pound copper)1	0.83	0.50	0.75	1.47	1.58	1.07	1.37	2.05	2.01
Sustaining capital (\$ millions)1	75.7	26.1	27.4	22.2	107.8	32.9	20.5	25.2	29.2
AISC (\$ per pound copper)1	2.14	1.58	2.24	2.94	3.07	2.81	2.34	3.72	3.79

Production

Ore from the North and South open pits continued to be mined and processed during the quarter, prioritizing higher-grade material consistent with the planned mine sequence. Throughput in the quarter was the highest since Q3 2022, reflecting improved operational efficiency, and reduced processing of lower-grade stockpiles contributed to stronger grades and recoveries as compared to the first half of 2025.

Copper production in the quarter and year-to-date periods increased from the prior year comparable periods primarily due to higher throughput and grades. Gold production in the quarter and year-to-date periods was in line with prior year comparable periods.

Production Costs and Cash Cost

Production costs in the quarter increased from the prior year comparable period, primarily driven by higher sales volumes. On a year-to-date basis, production costs were also higher than in the prior year comparable period, mainly due to increased sales volumes and higher royalties, partially offset by favourable foreign exchange. Chapada continued to advance initiatives under the Full Potential program which focuses on capturing sustainable operational efficiencies and financial savings. In July 2025, a new one-year collective bargaining agreement was reached with the labour union at Chapada, providing stability to labour costs.

Cash cost per pound of \$0.50 in the quarter was the lowest since Q4 2020. Cash costs for both the quarter and year-to-date periods improved from the prior year comparable periods primarily due to higher by-product credits as a result of increased realized gold prices, combined with higher throughput and grades. Year-to-date cash cost also benefitted from favourable foreign exchange. AISC per pound in the quarter and year-to-date periods was lower than in the prior year comparable periods primarily due to lower cash cost per pound. Sustaining capital expenditures in the quarter and year-to-date periods were higher than in the prior year comparable periods mainly due to increased deferred stripping.

Gross Profit

Gross profit in the quarter and year-to-date periods were higher than in the prior year comparable periods primarily due to higher realized copper and gold prices, as well as increased sales volumes of both metals. Gross profit in the year-to-date period also benefitted from favourable foreign exchange.

Eagle (USA)

Operating Statistics

		2025			2024
(100% Basis)	YTD	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1

Ore mined (kt)	513	184	167	162	480	117	91	107	165
Ore milled (kt)	513	183	169	161	487	121	90	97	179
Grade
Nickel (%)	1.8	1.8	1.9	1.7	1.9	1.7	1.4	2.1	2.1
Copper (%)	1.4	1.3	1.6	1.4	1.4	1.1	1.2	1.7	1.5
Recovery
Nickel (%)	83.9	84.2	84.6	82.6	82.0	78.7	72.3	85.0	85.2
Copper (%)	95.4	95.7	95.5	95.0	95.1	94.1	94.3	95.9	95.3
Production (contained metal)
Nickel (t)	7,733	2,724	2,713	2,296	7,486	1,617	893	1,721	3,255
Copper (t)	6,949	2,354	2,510	2,085	6,366	1,262	1,027	1,563	2,514
Sales volume (payable metal)
Nickel (t)	5,895	1,921	2,226	1,748	5,662	1,088	393	2,018	2,163
Copper (t)	5,946	1,908	2,489	1,549	5,457	877	733	1,789	2,058
Revenue (\$ millions)	156.4	53.1	59.1	44.3	152.4	25.6	12.2	57.4	57.2
Production costs (\$ millions)	112.7	35.2	40.4	37.2	111.8	21.1	12.5	37.7	40.5
Gross profit (loss) (\$ millions)	26.7	11.3	12.8	2.6	7.0	(3.8)	(6.5)	9.7	7.6
Cash cost (\$ per pound nickel)1	2.62	2.11	2.02	3.94	4.20	5.22	7.24	3.23	4.04
Sustaining capital (\$ millions)1	17.4	6.6	6.4	4.5	21.2	5.2	7.9	4.0	4.1
AISC (\$ per pound nickel)1	5.18	4.96	4.58	6.20	7.60	9.53	20.02	5.71	6.12

Production

Mining and processing activities were at normal levels during the quarter following the fall of ground in the lower ramp in Eagle East in Q2 2024 which limited access to Eagle East until ramp rehabilitation was completed in Q1 of this year. Reduced mining rates in the comparative quarter and year-to-date period as a result of the fall of ground was the primary driver of increased nickel and copper production in the current quarter and year-to-date period.

Production Costs and Cash Cost

Production costs in the quarter and year-to-date periods were higher than in the prior year comparable periods due to increased nickel and copper sales volumes. Production costs in the prior year quarter and year-to-date periods excluded approximately \$14.8 million and \$24.6 million, respectively, of overhead costs that were recorded in Other Income and Expense as a result of the partial suspension of underground mining operations.

Cash cost per pound in the quarter and year-to-date periods was lower than in the prior year comparable periods, primarily reflecting higher nickel production and sales volumes. Cash cost in the year-to-date period also benefitted from higher byproduct credits. AISC per pound in the quarter and year-to-date periods was lower than in the prior year comparable periods in line with reduced cash costs per pound.

Gross Profit

Gross profit in the quarter and year-to-date periods was higher than in the prior year comparable periods primarily reflecting increased nickel and copper sales volumes as production returned to normal levels following the fall of ground in Q2 2024. Both periods also benefitted from reduced depreciation expense.

Neves-Corvo (Portugal)

Operating Statistics (Discontinued Operation)

		2025				2024
(100% Basis)	YTD2	Q22	Q1	Total	Q4	Q3	Q2	Q1
Ore mined, copper (kt)	634	88	546	2,412	643	579	602	588
Ore mined, zinc (kt)	643	100	543	2,127	539	571	499	518
Ore milled, copper (kt)	582	78	504	2,426	643	583	601	599
Ore milled, zinc (kt)	622	85	537	2,127	568	540	507	512
Grade
Copper (%)	1.6	1.9	1.6	1.5	1.4	1.5	1.6	1.5
Zinc (%)	6.7	6.9	6.7	6.5	6.3	7.0	6.3	6.5
Lead (%)	1.3	1.4	1.3	1.2	1.1	1.4	1.3	1.2
Recovery
Copper (%)	78.5	81.1	78.0	76.9	78.3	74.9	77.2	77.3
Zinc (%)	76.3	79.0	75.8	77.3	76.0	76.9	78.2	78.4
Lead (%)	29.5	31.6	29.2	24.6	25.4	24.8	21.7	26.5
Production (contained metal)
Copper (t)	7,348	1,225	6,123	28,228	7,139	6,698	7,347	7,044
Zinc (t)	32,356	4,665	27,691	109,571	27,879	29,509	25,696	26,487
Lead (t)	2,361	369	1,992	6,395	1,553	1,851	1,387	1,604
Silver (koz)	534	75	459	1,876	494	425	433	524
Sales volume (payable metal)
Copper (t)	6,745	1,394	5,351	26,721	5,230	7,707	7,898	5,886
Zinc (t)	27,673	3,823	23,850	88,731	21,357	25,730	20,440	21,204
Lead (t)	1,920	440	1,480	5,700	1,323	1,811	1,242	1,324
Revenue (\$ millions)	128.3	19.8	108.4	438.0	97.5	131.2	128.7	80.6
Production costs (\$ millions)	90.2	14.3	75.9	323.2	73.2	95.2	83.1	71.7
Gross (loss) profit (\$ millions)	38.1	5.5	32.5	(3.5)	(2.6)	1.3	15.9	(18.1)
Cash cost (\$ per pound copper)1	1.84	2.42	1.69	2.19	1.84	2.13	1.70	3.24
Sustaining capital (\$ millions)1	27.7	—	27.7	89.3	12.7	26.3	27.9	22.4
AISC (\$ per pound copper)1	3.89	2.51	4.25	3.92	3.37	3.84	3.46	5.13

Production

Neves-Corvo was sold on April 16, 2025. In 2025 through to the date of sale, copper production was lower than in the prior year comparable period due to lower throughput, and zinc production increased due to higher throughput and grades.

Production Costs and Cash Cost

Production costs in 2025 through to the date of sale were higher than in the prior year comparable period primarily due to higher zinc sales volume and an increase in electricity and maintenance costs, partially offset by favourable foreign exchange. Electricity costs increased as a result of higher market energy prices.

Cash cost per pound in Q1 2025 was lower than in the prior year comparable period primarily due to higher by-product credits driven by an increase in zinc sales volume and higher realized zinc prices as well as favourable foreign exchange, partially offset by lower copper sales volume. AISC per pound in Q1 2025 was lower than AISC from the prior year comparable period due to lower cash cost per pound offset partially by higher sustaining capital expenditures.

Gross (Loss) Profit

Gross profit in 2025 through to date of sale was higher than the prior year comparable period primarily due to no depreciation being taken on assets classified as held for sale, as well as higher realized copper and zinc prices and lower treatment and refining charges, partially offset by lower copper sales volume and higher electricity costs. Net earnings were impacted by a non-cash impairment charge of \$66 million in Q1 2025 to recognize mining rights and mineral properties at their estimated fair value, based on the cash proceeds received.

Neves-Corvo 2025 results are to April 16, 2025.

Zinkgruvan (Sweden)

Operating Statistics (Discontinued Operation)

		2025				2024
(100% Basis)	YTD2	Q22	Q1	Total	Q4	Q3	Q2	Q1
Ore mined, zinc (kt)	393	64	329	1,246	332	300	308	306
Ore mined, copper (kt)	59	—	59	184	8	84	45	47
Ore milled, zinc (kt)	403	66	337	1,239	311	302	313	313
Ore milled, copper (kt)	51	—	51	207	14	76	42	75
Grade
Zinc (%)	7.0	7.5	6.9	7.3	8.4	6.3	7.7	6.7
Lead (%)	2.8	3.2	2.8	3.1	3.7	2.4	3.7	2.7
Copper (%)	2.1	—	2.1	2.2	2.0	2.1	2.0	2.4
Recovery
Zinc (%)	91.6	92.6	91.4	90.9	91.8	89.8	90.6	91.1
Lead (%)	81.1	78.3	81.7	80.0	83.0	78.5	78.2	79.4
Copper (%)	90.2	—	90.2	88.1	86.7	87.3	88.0	89.0
Production (contained metal)
Zinc (t)	25,877	4,620	21,257	82,133	24,067	17,101	21,764	19,201
Lead (t)	9,291	1,705	7,586	30,888	9,481	5,693	8,966	6,748
Copper (t)	971	—	971	3,964	258	1,385	747	1,574
Silver (koz)	737	152	585	2,513	637	537	699	640
Sales volume (payable metal)
Zinc (t)	20,698	1,548	19,150	68,086	18,627	15,124	18,510	15,825
Lead (t)	6,948	(120)3	7,068	28,036	7,786	6,346	9,069	4,835
Copper (t)	982	—	982	3,809	457	1,775	821	756
Revenue (\$ millions)	72.4	0.8	71.6	256.8	67.5	68.6	76.6	44.1
Production costs (\$ millions)	36.9	2.7	34.2	122.0	29.1	30.1	32.7	30.1
Gross profit (loss) (\$ millions)	35.5	(1.9)	37.4	97.7	32.5	24.2	35.0	6.0
Cash cost (\$ per pound)1	0.46	1.18	0.40	0.41	0.43	0.16	0.39	0.65
Sustaining capital (\$ millions)1	30.4	9.1	21.3	65.7	22.5	15.5	13.3	14.3
AISC (\$ per pound)1	1.13	3.85	0.91	0.87	0.99	0.66	0.74	1.10

Production

Zinkgruvan was sold on April 16, 2025. In 2025 through to the date of sale, zinc and lead production were higher than in the prior year comparable period due to higher throughput, grades and recoveries. Zinc production was positively impacted by favourable mine sequencing and high grade stopes. Copper production was lower than in the prior year comparable period primarily due to lower throughput and remained in line with the mine plan as zinc production was prioritized.

Production Costs and Cash Cost

Production costs in 2025 through to the date of sale were higher than in the prior year comparable period primarily due to higher zinc and lead sales volumes.

Cash cost per pound in Q1 2025 was lower than in the prior year comparable period primarily due to increased zinc sales volume as well as higher by-product credits as a result of higher copper sales volume and higher copper realized prices. AISC per pound in Q1 2025 was lower than in the prior year comparable period due to due to lower cash cost per pound slightly offset by higher sustaining capital expenditures.

Gross Profit

Gross profit in 2025 through to the date of sale was higher than in the prior year comparable period primarily due to no depreciation being taken on assets classified as held for sale, as well as higher realized zinc and copper prices, lower treatment and refining charges and higher zinc, copper and lead sales volume.

² Zinkgruvan 2025 results are to April 16, 2025.

³ Lead sales volume in Q2 2025 was impacted by volume adjustments.

Vicuña Project (Argentina and Chile)

Project Development

Drilling activities at Filo del Sol advanced with 14,587 metres completed during the quarter, bringing the year-to-date total to 48,992 metres across nine drill rigs.

Community investment programs were launched in 2025 with a focus on gender, youth training and cooperative development.

About Vicuña

The Filo del Sol and Josemaria deposits have significant high-grade mineralization that could provide the initial years of mining for the Project.

Filo del Sol high-grade core at cut-off of 0.75% copper equivalent ("CuEq"): 606 million Mt (M&I) at 1.14% CuEq¹ (0.74% Cu) for contained metal of 4.5 Mt copper at 0.74%, 9.6 Moz gold at 0.49 g/t and 259 Moz silver at 13.3 g/t.
Near surface Josemaria high-grade core at cut-off of 0.60% CuEq: 196 Mt (M&I) at 0.73% CuEq² (0.50% Cu) for contained metal of 978 kt copper at 0.50%, 2.4 Moz gold at 0.38 g/t and 11 Moz silver at 1.7 g/t.

The Filo del Sol deposit also contains copper oxide mineralization at surface.

Lower capital intensity heap leach oxide cap of 434 Mt (M&I) at 0.34% copper (1.5 Mt), 0.28 g/t gold (3.9 Moz) and 2.5 g/t silver (35 Moz)
High-grade oxides at a cut-off of 0.60% CuEq of 181 Mt (M&I) at 1.05% CuEq³ (0.50% Cu) for contained metal of 911 kt copper at 0.50%, 2.3 Moz gold at 0.39 g/t and 230 Moz silver at 39.6 g/t.

¹ Filo del Sol CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of \$4.43/lb Cu, \$2,185/oz Au and \$28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).

² Josemaria high-grade core CuEq assumes metallurgical recoveries of 84% for copper, 67% for gold and 63% for silver, and metal prices of \$4.43/lb Cu, \$2,185/oz Au and \$28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.58 * Au g/t) + (0.007 * Ag g/t).

³ Filo del Sol oxide CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of \$4.43/lb Cu, \$2,185/oz Au and \$28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).

Expansionary Projects

Candelaria Expansion

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

Caserones Cathode Plant Utilization

Chapada - Saúva Deposit

Permitting and technical work is ongoing to further define the project, the Company is expected to provide an update in January 2026 on timelines and production profiles.

Exploration Update

During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Candelaria was focused on Candelaria Norte with a total of 930 metres drilled in the quarter.

At Caserones, drilling continued during the quarter with one rig at the Caserones pit targeting deep high-grade copper breccias and three rigs at Angelica targeting copper sulphides beneath the Angelica oxide deposit, totaling 5,152 metres.

At Chapada, a total of 3,847 metres was drilled using two rigs. The first rig was in the Saúva resource area, focusing on adding high grade resources. A second rig was testing shallow targets outside the Saúva resource area and near-mine targets.

At Eagle, drilling continued at the Boulderdash property with two rigs targeting potential extensions of the known nickelcopper mineralized intrusion and one rig drilling at the Roland Lake target. Drilling in the quarter totaled 7,461 metres. In September 2025, the exclusivity agreement with Talon, announced March 5, 2025, was terminated. In October 2025, Talon issued 18,502,906 common shares to Lundin Mining at a deemed price of C\$0.3762, as settlement of \$5.0 million previously advanced from the Company. Prior to the agreement termination, a total of 9,424 metres (94%) was drilled of the initial 10,000 metre drill program.

Liquidity and Capital Resources

Consolidated Cash Flow

		Three months ended September 30,
(\$ millions)	2025	2024	Change
Cash provided by operating activities related to continuing operations	270.3	81.4	188.9
Cash used in investing activities from continuing operations	(165.6)	(220.6)	55.0
Cash used in financing activities from continuing operations	(93.4)	(34.1)	(59.3)
Effect of foreign exchange on cash balances	(0.3)	(0.4)	0.1
(Decrease) increase in cash and cash equivalents	11.0	(157.2)	168.2
Opening cash and cash equivalents	279.3	452.8	(173.5)
Closing cash and cash equivalents	290.3	295.6	(5.3)
Adjusted operating cash flow1 — continuing operations	382.9	243.0	139.9
Free cash flow from operations1 — continuing operations	168.9	(17.6)	186.5
Free cash flow1 — continuing operations	110.1	(77.8)	187.9

		Nine months ended September 30,
(\$ millions)	2025	2024	Change
Cash provided by operating activities from continuing operations	707.2	753.6	(46.4)
Cash provided by (used in) investing activities from continuing operations	892.8	(667.9)	1,560.7
Cash used in financing activities from continuing operations	(1,758.9)	(89.0)	(1,669.9)
Effect of foreign exchange on cash balances	2.3	(0.2)	2.5
(Decrease) increase in cash and cash equivalents	(142.0)	26.8	(168.8)
Opening cash and cash equivalents	432.3	268.8	163.5
Closing cash and cash equivalents	290.3	295.6	(5.3)
Adjusted operating cash flow1 — continuing operations	997.1	828.2	168.9
Free cash flow from operations1 — continuing operations	401.5	373.6	27.9
Free cash flow1 — continuing operations	221.9	148.2	73.7

¹This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

Cash provided by operating activities related to continuing operations during the quarter was \$188.9 million higher than in the prior year comparable period, primarily due to higher gross profit from continuing operations and working capital outflows in the prior year as a result of the timing of sales at Candelaria and Chapada. In the year-to-date period, cash provided by operating activities was \$46.4 million lower than in the prior year comparable period primarily due to higher cash income taxes paid at Candelaria in Q2 2025, partially offset by higher gross profit. Adjusted operating cash flow¹ continuing operations during the quarter and on a year-to-date basis were higher than in the prior year comparable periods after adjusting for significant working capital outflows.

Cash used in investing activities related to continuing operations decreased in the quarter from the prior year comparable period which included cash outflows relating to the purchase of Filo shares and the final payment of contingent consideration for Chapada. On a year-to-date basis, the sale of the Neves-Corvo and Zinkgruvan operations in April 2025 contributed \$1.3 billion in net proceeds. In addition, cash used in investing activities decreased from the prior year comparable period due to lower capital expenditures. Lower sustaining capital expenditures were primarily due to reduced deferred stripping at Candelaria and lower expansionary capital expenditures were primarily due to the formation of Vicuña on January 15, 2025. From this date, the Company's expansionary capital expenditures include 50% of Vicuña's capital expenditures. A summary of capital expenditures on a cash basis is outlined below.

¹ This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

Summary of capital expendituresa	Three months ended September 30,		Nine months ended September 30,
(\$ millions)	2025	2024	2025	2024
Candelaria	—	—	21.7	—
Vicuña	51.1	49.9	126.0	193.0
Expansionary capital investment from continuing
operations	51.1	49.9	147.7	193.0
Candelaria	46.9	60.1	144.9	220.2
Caserones	29.4	22.9	99.5	101.0
Chapada	26.1	20.5	75.7	74.9
Eagle	6.6	7.9	17.4	16.0
Other	0.1	(2.1)	0.1	0.3
Sustaining capital investment from continuing operations	109.1	109.3	337.6	412.4
Total capital expenditures from continuing operations	160.2	159.2	485.3	605.4
Reconciliation to Investment in mineral properties, plant and equipment:
Capitalized interest	3.6	4.4	12.0	10.6
Total Investment in mineral properties, plant and
equipment from continuing operations	163.8	163.6	497.3	616.0
Total Investment in mineral properties, plant and equipment from discontinued operationsb	—	41.8	58.1	119.8
Total Investment in mineral properties, plant and equipment (all operations)	163.8	205.4	555.4	735.8

^a Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure – see the "Non-GAAP and Other Performance Measures" section of this MD&A for discussion.

Cash used in financing activities related to continuing operations during the quarter and year-to-date periods increased from the prior year comparable periods primarily due to higher net payments on debt, partially offset by lower interest and dividends paid. The year-to-date period includes the repayment in full of the \$1,150.0 million outstanding balance of the Company's term loan and repayment of \$170.0 million of amounts drawn on the RCF with the net cash proceeds from the sale of Neves-Corvo and Zinkgruvan. The Company also repurchased shares under its normal course issuer bid ("NCIB") program totalling \$107.7 million in the year-to-date period. There were no shares repurchased in the quarter or in the prior year comparable periods.

Free cash flow from operations¹ - continuing operations and free cash flow - continuing operations during the quarter and year-to-date periods were higher than in the prior year comparable periods. In the quarter, increased cash was provided by operating activities related to continuing operations and in the year-to-date period, reduced sustaining and expansionary capital expenditures were partially offset by slightly lower cash provided by operating activities related to continuing operations.

^bDiscontinued operation results are to April 16, 2025.

¹ This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

Liquidity and Financial Position

(\$ millions)	September 30, 2025	December 31, 2024	Change
Cash and cash equivalents	290.3	357.5	(67.2)
Total assets	10,031.1	10,406.7	(375.6)
Debt1	394.1	1,757.0	(1,362.9)
Lease liabilities1	233.5	249.1	(15.6)
Net debt2	(341.4)	(1,597.8)	1,256.4
Net debt excluding lease liabilities2	(107.9)	(1,332.4)	1,224.5

¹Debt and lease liabilities include both current and non-current portions.

The Company continues to expect to be able to fund all its contractual commitments with its operating cash flow, cash on hand and available capital resources.

Net debt excluding lease liabilities at September 30, 2025 decreased significantly from December 31, 2024 primarily due to net cash proceeds from the sale of the Neves-Corvo and Zinkgruvan operations, which were used to repay in full the \$1,150.0 million outstanding balance of the Company's term loan and to repay \$170.0 million of amounts drawn on the RCF.

There were no shares purchased in the quarter under the Company's NCIB (Q3 2024 - nil shares).

²This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

Contractual Obligations, Commitments and Contingencies

The Company has contractual obligations and capital commitments as described in Note 19 "Commitments and contingencies" in the Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2025. From time to time, the Company may also be involved in legal proceedings that arise in the ordinary course of its business.

Significant changes to commitments and contingencies, from those reported at December 31, 2024, are described below:

i. In respect of the 2017 taxation year, the Canada Revenue Agency ("CRA") issued a reassessment denying the Company's 2007 election to increase the tax cost of its investment in a subsidiary. The reassessment proposes an increase in taxable income of approximately \$456 million, which would result in additional income taxes payable of approximately \$114 million and interest of approximately \$63 million. The Company intends to file a Notice of Objection and vigorously and expeditiously defend its tax filing position through CRA's Appeals Division and, if required, court proceedings. No provision has been recognized as the Company believes its filing position is in compliance with Canadian tax law.

Capital Resources

As at September 30, 2025, the Company has an RCF of \$1,750.0 million with \$200.0 million outstanding (December 31, 2024 - \$270.0 million). The RCF bears interest on drawn funds at rates of Term Secured Overnight Financing Rate ("Term SOFR") plus Credit Spread Adjustment ("CSA") of 0.10% plus an applicable margin of 1.40% to 2.55%, depending on the Company's net leverage ratio and progress against sustainability performance targets. In March 2025 the security previously held over certain assets in the USA was removed from the revolving credit facility. The facility remains subject to customary covenants. The RCF matures in April 2029.

In April 2025, the Company repaid in full the \$1,150.0 million outstanding balance of the term loan and \$170.0 million of amounts drawn on the RCF using the cash proceeds from the sale of the Neves-Corvo and Zinkgruvan operations. As a result of the repayment, the term loan has been extinguished and cannot be redrawn. In April 2025, the Company also repaid the \$102.7 million (€95.0 million) outstanding balance of commercial paper programs at Neves-Corvo immediately prior to its sale.

As at September 30, 2025, the Company was in compliance with its debt covenants.

As at September 30, 2025, certain subsidiaries of the Company had outstanding unsecured term loans totalling \$198.2 million (December 31, 2024 - \$245.9 million) which accrue interest at rates ranging from 4.78% to 5.96% per annum with interest payable upon maturity. The maturity dates range from October to December 2025.

The development of the Vicuña Project requires significant capital commitments from the Company and additional funding, beyond debt, may be required to advance the projects to completion.

Financial Instruments

Revenue, cost of goods sold and capital expenditures are affected by certain external factors including fluctuations in metal prices, energy prices, and changes in exchange rates between the CLP, the BRL, the ARS and the \$.

During the quarter, the Company did not enter into any new derivative contracts. At September 30, 2025, existing derivative contracts consist of foreign currency forward and option contracts as well as commodity option contracts. The option contracts consist of put and call contracts in a collar structure with all contracts maturing in 2025 or 2026.

The derivative contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value as assessed by pricing models based on active market prices. Changes in fair value are recognized in other income and expense in the consolidated statement of earnings.

The Company's trade receivables also contain provisional pricing sales arrangements that are valued using quoted forward market prices. The following table illustrates the sensitivity of the Company's risk on final settlement of its provisionally priced revenues as at September 30, 2025.

	Provisional price on
Metal	Payable Metal	September 30, 2025	Change	Effect on Revenue (\$millions)
Copper	78,442 t	\$4.65/lb	+/- 10 %	+/- \$80.4
Gold	34,341 oz	\$3,840/oz	+/- 10 %	+/- \$13.2
Nickel	675 t	\$6.85/lb	+/- 10 %	+/- \$1.0
Molybdenum	604 t	\$23.48/lb	+/- 10 %	+/- \$3.1

For a detailed discussion of the Company's financial instruments, refer to Note 18 "Financial Instruments" in the Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2025. For further information on the Company's management of financial risks, including those associated with financial and other instruments, refer to Note 30 "Management of Financial Risk" of the Company's consolidated financial statements for the year ended December 31, 2024.

Non-GAAP and Other Performance Measures

The Company uses certain performance measures in its analysis and disclosure. These performance measures have no standardized meaning within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following are non-GAAP measures that the Company uses as key performance indicators.

Non-GAAP financial measure or ratio	Definition	Most directly comparable IFRS measure	Why management uses the measure and why it may be useful to investors
Cash cost	Includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges, but excludes royalty expenses, expenses associated with non cash fair value adjustments to inventory, depreciation and amortization and capital expenditures for deferred stripping. Revenue from sales of by-products, inclusive of adjustments for the terms of streaming agreements but excluding the recognition of any deferred revenue from the allocation of upfront streaming proceeds, reduce cash cost.	Production costs from continuing operations and Production costs from discontinued operations	Copper, zinc, nickel and consolidated cash cost per pound sold are useful measures to assess the operating performance of the Company's mines and their ability to generate cash. The inclusion of by-product credits incorporates the benefit of other metals extracted in the production of the primary metal.
Cash cost per pound sold	This ratio is calculated by dividing cash cost by the sales volume of the primary metal (copper, zinc, or nickel).
Consolidated cash cost per pound sold	This ratio is calculated by dividing combined cash cost for primary copper producing assets by combined sales volume for copper producing assets. Primary copper producing assets include Candelaria, Caserones, and Chapada.
All-in sustaining cost ("AISC")	Includes cash cost (as defined above), royalties, sustaining capital expenditure (including deferred stripping and underground mine development), reclamation and other closure cost accretion and amortization and lease payments (cash basis). As this measure seeks to reflect the full cost of production from current operations, expansionary capital and certain exploration costs are excluded as these are costs typically incurred to extend mine life or materially increase the productive capacity of existing assets, or for new operations. Corporate general and administrative expenses have also been excluded as any attribution of these costs to an operating site would not necessarily be reflective of costs directly attributable to the administration of the site. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest) and costs related to business combinations, asset acquisitions and asset disposals are also excluded.	Production costs from continuing operations and Production costs from discontinued operations	Copper, zinc and nickel AISC and AISC per pound sold are useful measures to understand the full cost of producing and selling metal at the Company's mines, and each mine's ability to generate cash while sustaining production at current levels.
AlSC per pound sold	This ratio is calculated by dividing AISC by the sales volume of the primary metal (copper, zinc, or nickel).
Sustaining capital expenditures	This supplementary financial measure is defined as cash basis expenditures which maintain existing operations and sustain production levels.	Investment in mineral properties, plant and	Sustaining capital expenditures provide an understanding of costs required to maintain
Expansionary capital expenditures	This non-GAAP measure is defined as cash-basis expenditures which increase current or future production capacity, cash flow or earnings potential and are reported excluding capitalized interest. Where an expenditure both maintains and expands current operations, classification would be based on the primary decision for which the expenditure is being made.	equipment	existing production levels. Expansionary capital expenditures provide information on costs required for future growth of existing or new assets.

Non-GAAP financial measure or ratio	Definition	Most directly comparable IFRS measure	Why management uses the measure and why it is useful to investors
Realized price per pound and realized price per ounce1	Defined as revenue from metal sales (copper, gold, nickel and molybdenum) adding back treatment and refining charges, cash effects of gold, silver and copper streams, recognition of deferred revenue from the allocation of upfront streaming proceeds, divided by the volume of metal sold in the period.	Revenue from continuing operations	These measures provide an understanding of the price realized in each reporting period for metal sales.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA	EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, and finance costs, net. Adjusted EBITDA removes the effects of items that do not reflect the Company's underlying operating performance and are not necessarily indicative of future operating results. These may include: unrealized foreign exchange, unrealized gains or losses from derivative contracts, revaluation gains or losses on marketable securities, derivative liabilities, contingent consideration and purchase options, expenses for acquisition-related fair value adjustments to inventory, non-cash impairment charges and reversals, non-cash stockpile inventory or fixed asset write-downs or reversals, goodwill impairment, costs relating to the sinkhole near Ojos del Salado operations, costs relating to the partial suspension of underground operations at Eagle, gains or losses on disposals or partial disposals of subsidiaries, income from investments in associates, insurance proceeds and litigation and settlements.	Net earnings (loss) from continuing operations and from discontinued operations	EBITDA and Adjusted EBITDA are used to evaluate the Company's operational performance and its ability to generate cash from core operations.
Adjusted earnings (loss) Adjusted earnings	Defined as net earnings or loss attributable to shareholders of the Company excluding the effects (net of tax) of significant items that do not reflect the Company's underlying operating performance. In addition to the items listed for Adjusted EBITDA, these may also include: deferred tax recovery or expense arising from foreign exchange translation, deferred tax recovery or expense arising from changes in tax rates, and deferred tax recovery or expense relating to disposals or partial disposals of subsidiaries. Adjustments exclude amounts attributable to non-controlling interests. This ratio is calculated by dividing Adjusted earnings (loss)	Net earnings (loss) attributable to Lundin Mining Corporation shareholders and Net earnings (loss) from continuing operations attributable to Lundin Mining Corporation shareholders	In addition to conventional measures prepared in accordance with IFRS, adjusted earnings and adjusted earnings per share measure the underlying operating performance of the Company.
(loss) per share Free cash flow from operations	by the weighted average number of shares outstanding. Defined as cash flow provided by operating activities, excluding general exploration and business development costs and deducting sustaining capital expenditures (as defined above).	Cash provided by operating activities related to continuing operations and Cash provided by operating activities	Free cash flow from operations is indicative of the Company's ability to generate cash from its operations after consideration of required sustaining capital expenditure necessary to maintain existing production
Free cash flow	Defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above).	related to discontinued operations	levels. Free cash flow further considers expansionary capital expenditure.

¹See the 'Revenue Overview' section of this MD&A for reconciliations to revenue, the most directly comparable IFRS measure.

Non-GAAP financial measure or ratio	Definition	Most directly comparable IFRS measure	Why management uses the measure and why it is useful to investors
Adjusted operating cash flow	Defined as cash provided by operating activities, excluding changes in non-cash working capital items.	Cash provided by operating activities related to continuing operations and Cash provided by operating activities	These measures are indicative of the Company's ability to generate cash from its operations and remove the impact of working capital, which can experience volatility from period-to-period.
Adjusted operating cash flow per share	This ratio is calculated by dividing Adjusted operating cash flow by the weighted average number of shares outstanding.	related to discontinued operations
Net debt	Net debt is defined as total debt and lease liabilities excluding deferred financing fees, less cash and cash equivalents. Net debt excluding lease liabilities is defined	Debt and lease liabilities, current portion of debt and	These measures are indicative of the Company's financial position.
Net debt excluding lease liabilities	as total debt excluding lease liabilities, deferred financing fees, less cash and cash equivalents.	lease liabilities, cash and cash equivalents.

Cash Cost per Pound and AISC per Pound

Cash Cost per Pound and AISC per Pound can be reconciled to Production costs on the Company's Condensed Interim Consolidated Statements of Earnings as follows:

Three months ended September 30, 2025
Continuing operations (\$ millions, unless otherwise noted)	Candelaria (Cu)	Caserones (Cu)	Chapada (Cu)	Consolidated (Cu)	Eagle (Ni)	Total - continuing operations1
Sales volumes (contained metal):
Tonnes	36,041	26,896	13,997	76,934	1,921
Pounds (000s)	79,457	59,295	30,858	169,610	4,235
Production costs	199.2	158.5	96.4	454.1	35.2	490.5
Less: Royalties and other	(4.5)	(8.6)	(6.1)	(19.2)	(3.5)	(23.8)
	194.7	149.9	90.3	434.9	31.7	466.7
Deduct: By-product credits2	(50.0)	(39.6)	(76.3)	(165.9)	(22.8)	(188.7)
Add: Treatment and refining charges	3.5	(0.3)	1.5	4.7	—	4.7
Cash cost	148.2	110.0	15.5	273.7	8.9	282.7
Cash cost per pound (\$/lb)	1.87	1.86	0.50	1.61	2.11
Add: Sustaining capital expenditure	46.9	29.4	26.1		6.6
Royalties	3.9	8.3	4.6		3.6
Reclamation and other closure
accretion and depreciation	1.9	(0.2)	1.7		1.1
Leases and other	2.1	15.1	1.0		0.8
All-in sustaining cost	203.0	162.6	48.9		21.0
AISC per pound (\$/lb)	2.55	2.74	1.58		4.96

¹ Includes immaterial amounts related to other segments.

By-product credits are presented net of the associated treatment and refining charges.

Three months ended September 30, 2024
Continuing operations (\$ millions, unless otherwise noted)	Candelaria (Cu)	Caserones (Cu)	Chapada (Cu)	Consolidated (Cu)	Eagle (Ni)	Total - continuing operations1
Sales volumes (contained metal):
Tonnes	45,430	22,044	12,380	79,854	393
Pounds (000s)	100,155	48,599	27,293	176,047	866
Production costs	189.1	169.4	84.5	443.0	12.5	455.8
Less: Royalties and other	(6.8)	(6.4)	(3.8)	(17.0)	(0.3)	(17.6)
	182.3	163.0	80.7	426.0	12.2	438.2
Deduct: By-product credits2	(46.2)	(26.0)	(49.8)	(122.0)	(6.0)	(128.0)
Add: Treatment and refining charges	18.9	7.0	6.4	32.3	—	32.3
Cash cost	155.0	144.0	37.3	336.3	6.2	342.5
Cash cost per pound (\$/lb)	1.55	2.96	1.37	1.91	7.24
Add: Sustaining capital expenditure	60.1	22.9	20.5		7.9
Royalties	4.5	6.3	2.7		0.1
Reclamation and other closure accretion and depreciation	2.4	1.1	2.4		1.5
Leases and other	1.6	17.8	1.0		1.5
All-in sustaining cost	223.6	192.1	63.9		17.3
AISC per pound (\$/lb)	2.23	3.95	2.34		20.02

¹ Includes immaterial amounts related to other segments.

By-product credits are presented net of the associated treatment and refining charges.

Three months ended September 30, 2024
Discontinued operations (\$ millions, unless otherwise noted)	Neves-Corvo (Cu)	Zinkgruvan (Zn)	Total - discontinued operations
Sales volumes (contained metal):
Tonnes	7,707	15,124
Pounds (000s)	16,991	33,342
Production costs	95.2	30.1	125.3
Less: Royalties and other	(1.6)	—	(1.6)
	93.6	30.1	123.7
Deduct: By-product credits1	(64.5)	(29.2)	(93.7)
Add: Treatment and refining charges	7.2	4.3	11.5
Cash cost	36.3	5.2	41.5
Cash cost per pound (\$/lb)	2.13	0.16
Add: Sustaining capital expenditure	26.3	15.5
Royalties	1.3	—
Reclamation and other closure
accretion and depreciation	1.4	1.1
Leases and other	0.1	0.1
All-in sustaining cost	65.4	21.9
AISC per pound (\$/lb)	3.84	0.66

¹By-product credits are presented net of the associated treatment and refining charges.

Nine months ended September 30, 2025
Continuing operations (\$ millions, unless otherwise noted)	Candelaria (Cu)	Caserones (Cu)	Chapada (Cu)	Consolidated (Cu)	Eagle (Ni)	Total - continuing operations1
Sales volumes (contained metal):
Tonnes	107,618	93,153	32,627	233,398	5,895
Pounds (000s)	237,257	205,367	71,930	514,554	12,996
Production costs	557.3	607.2	234.9	1,399.4	112.7	1,514.0
Less: Royalties and other	(9.5)	(32.0)	(17.4)	(58.9)	(12.7)	(73.4)
	547.8	575.2	217.5	1,340.5	100.0	1,440.6
Deduct: By-product credits2	(136.3)	(108.0)	(162.4)	(406.7)	(66.0)	(472.7)
Add: Treatment and refining charges	17.3	6.4	4.6	28.3	—	28.3
Cash cost	428.8	473.6	59.7	962.1	34.0	996.2
Cash cost per pound (\$/lb)	1.81	2.31	0.83	1.87	2.62
Add: Sustaining capital expenditure	144.9	99.5	75.7		17.4
Royalties	11.4	26.7	10.2		9.9
Reclamation and other closure accretion and depreciation	6.0	2.4	5.1		3.4
Leases and other	5.2	49.7	3.1		2.6
All-in sustaining cost	596.3	651.9	153.8		67.3
AISC per pound (\$/lb)	2.51	3.17	2.14		5.18

¹Includes immaterial amounts related to other segments.

By-product credits are presented net of the associated treatment and refining charges.

Discontinued Operations1	Neves-Corvo	Zinkgruvan	Total - discontinued
(\$ millions, unless otherwise noted)	(Cu)	(Zn)	operations
Sales volumes (Contained metal):
Tonnes	6,745	20,698
Pounds (000s)	14,870	45,631
Production costs	90.2	36.9	127.1
Less: Royalties and other	(1.3)	—	(1.3)
	88.9	36.9	125.8
Deduct: By-product credits2	(67.0)	(23.3)	(90.3)
Add: Treatment and refining charges	5.4	7.2	12.6
Cash cost	27.3	20.8	48.1
Cash cost per pound (\$/lb)	1.84	0.46
Add: Sustaining capital expenditure	27.7	30.4
Royalties	1.2	—
Reclamation and other closure accretion and depreciation	0.7	0.3
Leases and other	0.9	—
All-in sustaining cost	57.8	51.5
AISC per pound (\$/lb)	3.89	1.13

By-product credits are presented net of the associated treatment and refining charges.

		Nine months ended September 30, 2024
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Eagle	Total - continuing
(\$ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	(Ni)	operations1
Sales volumes (contained metal):
Tonnes	108,965	87,117	29,415	225,497	4,574
Pounds (000s)	240,226	192,060	64,849	497,135	10,084
Production costs	525.7	576.0	218.3	1,320.0	90.8	1,411.8
Less: Royalties and other	(13.8)	(24.5)	(10.2)	(48.5)	(7.2)	(56.7)
	511.9	551.5	208.1	1,271.5	83.6	1,355.1
Deduct: By-product credits2	(116.5)	(98.1)	(108.5)	(323.1)	(44.3)	(367.4)
Add: Treatment and refining charges	43.1	28.4	14.0	85.5	0.6	86.1
Cash cost	438.5	481.8	113.6	1,033.9	39.9	1,073.8
Cash cost per pound (\$/lb)	1.83	2.51	1.75	2.08	3.96
Add: Sustaining capital expenditure	220.2	101.0	74.9		16.0
Royalties	11.0	24.4	5.9		6.7
Reclamation and other closure accretion and depreciation	6.4	3.2	7.8		5.0
Leases and other	7.7	51.8	2.5		4.3
All-in sustaining cost	683.8	662.3	204.7		71.9
AISC per pound (\$/lb)	2.85	3.45	3.16		7.13

¹Includes immaterial amounts related to other segments.

By-product credits are presented net of the associated treatment and refining charges.

Discontinued operations	Nine months ended September 30, 2024 Neves-Corvo	Zinkgruvan	Total - discontinued
(\$ millions, unless otherwise noted)	(Cu)	(Zn)	operations
Sales volumes (contained metal):
Tonnes	21,491	49,459
Pounds (000s)	47,379	109,038
Production costs	250.0	92.9	342.9
Less: Royalties and other	(4.8)	—	(4.8)
	245.2	92.9	338.1
Deduct: By-product credits1	(156.6)	(73.2)	(229.8)
Add: Treatment and refining charges	19.2	24.1	43.3
Cash cost	107.8	43.8	151.6
Cash cost per pound (\$/lb)	2.28	0.04
Add: Sustaining capital expenditure	76.6	43.2
Royalties	3.2	—
Reclamation and other closure accretion and depreciation	4.0	3.3
Leases and other	0.4	0.2
All-in sustaining cost	192.0	90.5
AISC per pound (\$/lb)	4.06	0.83

¹By-product credits are presented net of the associated treatment and refining charges.

Adjusted EBITDA

Adjusted EBITDA can be reconciled to Net earnings (loss) on the Company's Condensed Interim Consolidated Statements of Earnings as follows:

	Three months ended September 30,		Nine months ended September 30,
(\$ millions)	2025	2024	2025	2024
Net earnings from continuing operations	184.6	110.7	525.5	313.0
Add back:
Depreciation, depletion and amortization	168.8	151.1	466.2	459.7
Finance costs, net	16.7	36.7	81.0	103.2
Income taxes expense	98.9	91.2	219.3	195.2
EBITDA — continuing operations	469.0	389.7	1,292.0	1,071.1
Unrealized foreign exchange (gain) loss	(8.5)	11.4	(0.6)	(0.2)
Unrealized losses (gains) on derivative contracts	25.5	(28.0)	(21.2)	(0.8)
Ojos del Salado sinkhole expenses (recoveries)	11.4	0.9	12.6	0.6
Revaluation gain on marketable securities	(8.1)	(4.0)	(9.7)	(6.5)
Gain on partial disposal and contribution to Vicuña	—	—	(3.0)	—
Partial suspension of underground operations at Eagle	—	14.8	—	24.6
Revaluation of Caserones purchase option	—	—	—	(11.7)
Write-down of assets	—	0.8	—	18.0
Other	0.4	(0.3)	2.4	(1.4)
Total adjustments — EBITDA	20.7	(4.4)	(19.5)	22.6
Adjusted EBITDA — continuing operations	489.7	385.3	1,272.5	1,093.7
Including discontinued operations:
Net earnings from discontinued operations	19.6	17.2	108.3	30.1
Add back:
Depreciation, depletion and amortization	—	49.0	—	122.5
Finance costs, net	—	2.4	4.7	8.0
Income taxes expense	—	5.7	5.4	8.5
EBITDA — discontinued operations	19.6	74.3	118.4	169.1
Unrealized foreign exchange loss (gain)	—	1.4	1.5	0.8
Unrealized losses (gains) on derivative contracts	—	(2.6)	(0.1)	19.1
Asset impairment	—	—	65.7	—
Gain on disposal of subsidiaries	—	—	(106.4)	—
Contingent consideration revaluation	(19.6)	—	(16.4)	—
Other	—	(0.7)	1.3	(1.2)
Total adjustments — EBITDA discontinued operations	(19.6)	(1.9)	(54.4)	18.7
Adjusted EBITDA — discontinued operations	—	72.4	64.0	187.8
Adjusted EBITDA (all operations)	489.7	457.7	1,336.5	1,281.4

Adjusted Earnings and Adjusted EPS

	Three months ended September 30,		Nine months ended September 30,
(\$ millions, except share and per share amounts)	2025	2024	2025	2024
Net earnings attributable to Lundin Mining shareholders — continuing operations	143.3	84.0	407.4	206.5
Add back:
Total adjustments - EBITDA	20.7	(4.4)	(19.5)	22.6
Tax effect on adjustments	1.8	(8.1)	(2.7)	(1.9)
Deferred tax arising from foreign exchange translation	(11.3)	(12.4)	(46.1)	(32.4)
Deferred tax arising from partial disposal and contribution to Vicuña	—	—	9.0
Non-controlling interest on adjustments	(2.2)	(1.9)	(3.7)	2.2
Total adjustments	9.0	(26.8)	(63.0)	(9.5)
Adjusted earnings — continuing operations	152.3	57.2	344.4	196.9
Including discontinued operations:
Net earnings attributable to Lundin Mining shareholders - discontinued operations1	19.6	17.2	108.3	30.1
Add back:
Total adjustments - EBITDA - discontinued operations	(19.6)	(1.9)	(54.4)	18.7
Tax effect on adjustments	—	—	0.1	(6.0)
Total adjustments	(19.6)	(1.9)	(54.3)	12.7
Adjusted earnings — discontinued operations	—	15.3	54.0	42.8
Adjusted earnings (all operations)	152.3	72.5	398.4	239.7
Basic weighted average number of shares outstanding	856,091,613	776,794,756	855,301,352	774,574,731
Net earnings attributable to Lundin Mining shareholders - continuing operations	0.17	0.11	0.48	0.27
Total adjustments	0.01	(0.03)	(0.07)	(0.01)
Adjusted EPS — continuing operations	0.18	0.07	0.41	0.25
Net earnings attributable to Lundin Mining shareholders - discontinued operations	0.02	0.02	0.13	0.04
Total adjustments	(0.02)	—	(0.06)	0.02
Adjusted EPS — discontinued operations	—	0.02	0.06	0.06
Net earnings attributable to Lundin Mining shareholders	0.19	0.13	0.60	0.31
	(0.01)	(0.04)	(0.14)	—
Total adjustments

¹ Represents Net earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders.

Free Cash Flow from Operations and Free Cash Flow

Free Cash Flow from Operations and Free 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 September 30,		Nine months ended September 30,
(\$ millions)	2025	2024	2025	2024
Cash provided by operating activities related to continuing operations	270.3	81.4	707.2	753.6
Sustaining capital expenditures	(109.1)	(109.3)	(337.6)	(412.4)
General exploration and business development	7.7	10.3	31.9	32.4
Free cash flow from operations — continuing operations	168.9	(17.6)	401.5	373.6
General exploration and business development	(7.7)	(10.3)	(31.9)	(32.4)
Expansionary capital expenditures	(51.1)	(49.9)	(147.7)	(193.0)
Free cash flow — continuing operations	110.1	(77.8)	221.9	148.2
Cash provided by operating activities from discontinued operations	—	57.9	74.5	145.0
Sustaining capital expenditures	—	(41.8)	(58.1)	(119.8)
General exploration and business development	—	3.3	5.4	8.2
Free cash flow from operations — discontinued operations	—	19.4	21.8	33.4
General exploration and business development	—	(3.3)	(5.4)	(8.2)
Free cash flow — discontinued operations	—	16.1	16.4	25.2
Free cash flow from operations (all operations)	168.9	1.8	423.3	407.0
Free cash flow (all operations)	110.1	(61.7)	238.3	173.4

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share

	Three months ended September 30,		Nine months ended September 30,
(\$ millions, except share and per share amounts)	2025	2024	2025	2024
Cash provided by operating activities from continuing operations	270.3	81.4	707.2	753.6
Changes in non-cash working capital items	112.6	161.6	289.9	74.6
Adjusted operating cash flow — continuing operations	382.9	243.0	997.1	828.2
Cash provided by operating activities related to discontinued operations	—	57.9	74.5	145.0
Changes in non-cash working capital items	—	4.3	(16.7)	15.5
Adjusted operating cash flow — discontinued operations	—	62.2	57.8	160.5
Adjusted operating cash flow (all operations)	382.9	305.2	1,054.9	988.7
Basic weighted average number of shares outstanding	856,091,613	776,794,756	855,301,352	774,574,731
Adjusted operating cash flow per share — continuing operations	0.45	0.31	1.17	1.07
Adjusted operating cash flow per share — discontinued operations	—	0.08	0.06	0.21
Adjusted operating cash flow per share (all operations)	0.45	0.39	1.23	1.28

Net Debt and Net Debt Excluding Lease Liabilities

Net Debt and Net Debt Excluding Lease Liabilities can be reconciled to Debt and lease liabilities, Current portion of debt and lease liabilities and Cash and cash equivalents on the Company's Condensed Interim Consolidated Balance Sheets as follows:

(\$ millions)	September 30, 2025	December 31, 2024
Debt and lease liabilities	(378.6)	(1,610.9)
Current portion of debt and lease liabilities	(249.0)	(395.2)
Less deferred financing fees (netted in above)	(4.1)	(7.7)
Add debt and lease liabilities related to liabilities classified as held-for-sale	—	(16.3)
	(631.7)	(2,030.1)
Cash and cash equivalents	290.3	357.5
Add cash and cash equivalents related to assets classified as held-for-sale	—	74.8
Net debt	(341.4)	(1,597.8)
Lease liabilities Lease liabilities related to liabilities classified as held-for-sale	233.5 —	249.1 16.3
Net debt excluding lease liabilities	(107.9)	(1,332.4)

Other Information and Advisories

Related Party Transactions

The Company enters into related party transactions that are in the normal course of business and on an arm's length basis. Related party disclosures can be found in Note 21 "Related Party Transactions" of the Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2025.

Changes in Accounting Policies

The accounting policies applied in the Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 are the same as those applied in the Company's consolidated financial statements for the year ended December 31, 2024. For further information on the Company's accounting policies refer to Note 2 "Basis of Presentation and Summary of Material Accounting Policies" of each of the Company's consolidated financial statements for the year ended December 31, 2024 and the Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2025.

Critical Accounting Estimates and Judgements

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

For further information on the Company's significant accounting estimates and judgements, refer to Note 2 "Basis of Presentation and Summary of Material Accounting Policies" of the Company's consolidated financial statements for the year ended December 31, 2024. There have been no subsequent material changes to these significant accounting estimates and judgements.

Disclosure Controls and Procedures

Disclosure controls and procedures have been designed to provide reasonable assurance that all material information related to the Company is identified and communicated on a timely basis. Management of the Company, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, is responsible for the design and operation of disclosure controls and procedures. Management has evaluated the effectiveness of the Company's disclosure controls and procedures and has concluded that they were effective as at December 31, 2024.

There have been no changes in the Company's disclosure controls and procedures during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's financial reporting.

Internal Control over Financial Reporting ("ICFR")

Management of the Company, under the supervision of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer, is responsible for establishing and maintaining adequate ICFR. The Company's ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. However, due to inherent limitations ICFR may not prevent or detect all misstatements and fraud. Management will continue to monitor the effectiveness of its ICFR and may make modifications from time to time as considered necessary.

Management assesses the effectiveness of the Company's ICFR using the Internal Control – Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Management conducted an evaluation of the effectiveness of ICFR and concluded that it was effective as at December 31, 2024.

There have been no changes in the Company's ICFR during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's ICFR.

Risks and Uncertainties

The Company's business activities are subject to a variety and wide range of inherent risks and uncertainties. Any of these risks could have an adverse effect on the Company, its business and prospects, and could cause actual outcomes and results to differ materially from those described in forward-looking statements relating to the Company.

For additional discussion on Lundin Mining's risks, refer to the "Risks and Uncertainties" section of the Company's Annual Information Form ("AIF") for the year ended December 31, 2024, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024, and the "Cautionary Statement on Forward-Looking Information" section of this MD&A.

National Instrument 43-101 Compliance

Other Information

Additional information regarding the Company, including the Company's AIF, can be obtained on SEDAR+ (www.sedarplus.com) and on the Company's website (www.lundinmining.com).

Outstanding Share Data

The table below summarizes the Company's common shares and securities convertible into common shares as at November 5, 2025.

	November 5, 2025
Common shares issued and outstanding	856,555,834
Stock options outstanding (weighted average exercise price of C\$10.71)	4,086,096
Time vesting share units1	1,472,409
Performance vesting share units2	1,342,353

¹ Time vesting share units represent the right to receive one common share (subject to adjustments) issued from treasury.

² Performance vesting share units ("PSU") represent the right to receive a variable number of common shares (subject to adjustments) issued from treasury contingent upon achieving applicable performance vesting conditions. The number of common shares listed above in respect of PSU assumes that 100% of PSU granted (without change) will vest and be paid out in common shares on a one for one basis. However, as noted, the final number of PSU that may be earned and redeemed may be higher or lower than the PSU initially granted.

Condensed Interim Consolidated Financial Statements of

Lundin Mining Corporation

September 30, 2025 (Unaudited)

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS		As at
(Unaudited - in millions of US dollars)	September 30, 2025		December 31, 2024
ASSETS
Cash and cash equivalents	\$ 290.3	\$	357.5
Trade and other receivables (Note 5)	697.2		510.9
Income taxes receivable	23.2		14.4
Inventories (Note 6)	607.8		607.4
Marketable securities	—		50.1
Current portion of derivative assets (Note 18)	0.7		1.0
Other current assets	29.1		5.9
Assets held for sale (Note 3)	—		1,389.7
Total current assets	1,648.3		2,936.9
Restricted funds	13.9		8.6
Long-term inventory (Note 6)	915.8		871.9
Derivative assets (Note 18)	0.1		0.7
Contingent consideration and other non-current assets	76.0		18.4
Mineral properties, plant and equipment (Note 7)	7,056.7		6,244.6
Deferred tax assets	186.0		191.3
Goodwill	134.3		134.3
	8,382.8		7,469.8
Total assets	\$ 10,031.1	\$	10,406.7
LIABILITIES
Trade and other payables (Note 8)	\$ 649.0	\$	674.2
Income taxes payable	88.5		128.3
Current portion of derivative liabilities (Note 18)	17.0		39.4
Current portion of debt and lease liabilities (Note 9)	249.0		395.2
Current portion of deferred revenue (Note 10)	62.2		60.6
Current portion of reclamation and other closure provisions (Note 11)	23.3		20.9
Liabilities held for sale (Note 3)	—		393.1
Total current liabilities	1,089.0		1,711.7
Derivative liabilities (Note 18)	24.9		24.5
Debt and lease liabilities (Note 9)	378.6		1,610.9
Deferred revenue (Note 10)	412.8		447.1
Reclamation and other closure provisions (Note 11)	332.0		323.3
Deferred consideration and other long-term liabilities	123.5		129.6
Deferred tax liabilities	643.3		643.8
	1,915.1		3,179.2

Total liabilities	3,004.1		4,890.9
SHAREHOLDERS' EQUITY
Share capital (Note 12)	5,327.1		4,585.6
Contributed surplus	55.2		51.3
Accumulated other comprehensive loss	(23.5)		(375.8)
Retained earnings	550.4		161.1
Equity attributable to Lundin Mining Corporation shareholders	5,909.2		4,422.2
Non-controlling interests (Note 13)	1,117.8		1,093.6
Total shareholders' equity	7,027.0		5,515.8
Total liabilities and shareholders' equity	\$ 10,031.1	\$	10,406.7

Commitments and contingencies (Note 19)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited - in millions of US dollars, except for shares and per share amounts)

		Three months ended September 30,	Nine months ended September 30,
	2025	2024	2025	2024
Continuing Operations:
Revenue (Note 14)	\$ 1,007.0 \$	873.1	\$ 2,908.1 \$	2,563.7
Cost of goods sold
Production costs (Note 15)	(490.5)	(455.8)	(1,514.0)	(1,411.8)
Depreciation, depletion and amortization	(168.8)	(151.1)	(466.2)	(459.7)
Gross profit	347.7	266.2	927.9	692.2
General and administrative expenses	(14.6)	(14.2)	(51.1)	(44.1)
Exploration and business development	(7.7)	(10.3)	(31.9)	(32.4)
Finance income (Note 16)	3.2	4.2	12.0	13.1
Finance costs (Note 16)	(19.9)	(40.9)	(93.0)	(116.3)
Other expense (Note 17)	(25.2)	(3.1)	(19.1)	(4.3)
Earnings before income taxes from continuing operations	283.5	201.9	744.8	508.2
Current tax expense	(93.7)	(114.1)	(228.1)	(210.3)
Deferred tax (expense) recovery	(5.2)	22.9	8.8	15.1
Net earnings from continuing operations	\$ 184.6 \$	110.7	\$ 525.5 \$	313.0
Net earnings from discontinued operations, net of taxes (Note 3)	19.6	17.2	108.3	30.1
Net earnings	\$ 204.2 \$	127.9	\$ 633.8 \$	343.1
Net earnings from continuing operations attributable to: Lundin Mining Corporation shareholders Non-controlling interests (Note 13)	\$ 143.3 \$ 41.3	84.0 26.7	\$ 407.4 \$ 118.1	206.5 106.5
Net earnings from continuing operations	\$ 184.6 \$	110.7	\$ 525.5 \$	313.0
Net earnings attributable to
Lundin Mining Corporation shareholders	\$ 162.9 \$	101.2	\$ 515.7 \$	236.6
Non-controlling interests (Note 13)	41.3	26.7	118.1	106.5
Net earnings	\$ 204.2 \$	127.9	\$ 633.8 \$	343.1

Basic and diluted earnings per share from continuing operations attributable to Lundin Mining Corporation shareholders:	\$ 0.17 \$	0.11	\$ 0.48 \$	0.27
Basic and diluted earnings per share from discontinued operations attributable to Lundin Mining Corporation shareholders:	\$ 0.02 \$	0.02	\$ 0.13 \$	0.04
Basic earnings per share attributable to Lundin Mining Corporation shareholders:	\$ 0.19 \$	0.13	\$ 0.60 \$	0.31
Diluted earnings per share attributable to Lundin Mining Corporation shareholders:	\$ 0.19 \$	0.13	\$ 0.60 \$	0.30
Weighted average shares outstanding (Note 12) Weighted average diluted shares outstanding (Note 12)		856,091,613 776,794,756 859,023,807 779,185,613	855,301,352 857,680,559	774,574,731 776,954,446

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited - in millions of US dollars)


	2025	2024		2025	2024
Net earnings	\$ 204.2 \$	127.9	\$	633.8 \$	343.1
Other comprehensive income, net of taxes
Item that will not be reclassified to net earnings:
Remeasurements for post-employment benefit plans	0.4	(0.2)		0.6	(0.6)
Item that may be reclassified subsequently to net earnings:
Effects of foreign exchange	—	54.2		79.1	7.9
Item that was reclassified to net earnings:
Reclassification of cumulative foreign currency translation reserve to statement of earnings on disposal of discontinued operations	—	—		269.2	—
Other comprehensive income	0.4	54.0		348.9	7.3
Total comprehensive income	\$ 204.6 \$	181.9	\$	982.7 \$	350.4
Comprehensive income attributable to:
Lundin Mining Corporation shareholders	\$ 163.2 \$	155.2	\$	864.5 \$	243.9
Non-controlling interests	41.4	26.7		118.2	106.5
Total comprehensive income	\$ 204.6 \$	181.9	\$	982.7 \$	350.4
Total comprehensive income (loss) attributable to Lundin Mining Corporation shareholders arising from:
Continuing operations	\$ 143.6 \$	83.8	\$	409.4 \$	205.9
Discontinued operations	19.6	71.4		455.1	38.0
Comprehensive income attributable to Lundin Mining Corporation shareholders	\$ 163.2 \$	155.2	\$	864.5 \$	243.9

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited - in millions of US dollars, except for shares)

	Number of shares	Share capital	Contributed surplus	Accumulated other comprehensive (loss) income	Retained earnings	Non controlling interests	Total
Balance, December 31, 2024	774,102,971	\$ 4,585.6	\$ 51.3	\$ (375.8) \$	161.1 \$	1,093.6 \$	5,515.8
Acquisition of Filo Corp. (Note 4)	94,074,959	799.8	—	—	—	—	799.8
Distributions	—	—	—	—	—	(94.0)	(94.0)
Exercise of share-based awards	1,349,346	11.6	(4.8)	—	—	—	6.8
Share-based compensation	—	—	8.7	—	—	—	8.7
Dividends declared (Note 12(d))	—	—	—	—	(88.8)	—	(88.8)
Shares purchased (Note 12(e))	(13,058,800)	(69.9)	—	—	(34.1)	—	(104.0)
Net earnings	—	—	—	—	515.7	118.1	633.8
Other comprehensive income	—	—	—	348.8	—	0.1	348.9
Reclassification of pension remeasurements to retained earnings on disposal of discontinued operations	—	—	—	3.5	(3.5)	—	—
Total comprehensive income	—	—	—	352.3	512.2	118.2	982.7
Balance, September 30, 2025	856,468,476	\$ 5,327.1	\$ 55.2	\$ (23.5) \$	550.4 \$	1,117.8 \$	7,027.0

Balance, December 31, 2023	773,667,789	\$ 4,574.8	\$ 55.2	\$ (296.6) \$	627.9 \$	1,456.8 \$	6,418.1
Distributions	—	—	—	—	—	(83.0)	(83.0)
Caserones acquisition	—	—	—	—	(52.7)	(353.5)	(406.2)
Exercise of share-based awards	3,194,831	30.9	(9.9)	—	—	—	21.0
Share-based compensation	—	—	5.1	—	—	—	5.1
Dividends declared	—	—	—	—	(153.1)	—	(153.1)
Net earnings	—	—	—	—	236.6	106.5	343.1
Other comprehensive income (loss)	—	—	—	7.3	—	—	7.3
Total comprehensive income	—	—	—	7.3	236.6	106.5	350.4
Balance, September 30, 2024	776,862,620	\$ 4,605.7	\$ 50.4	\$ (289.3) \$	658.7 \$	1,126.8 \$	6,152.3

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in millions of US dollars)

	Three months ended September 30,			Nine months ended September 30,
Cash provided by (used in)		2025	2024	2025	2024
Operating activities
Net earnings from continuing operations	\$	184.6 \$	110.7	\$ 525.5 \$	313.0
Items not involving cash and other adjustments
Depreciation, depletion and amortization		168.8	151.1	466.2	459.7
Share-based compensation		4.6	1.7	9.4	5.1
Unrealized foreign exchange (gain) loss		(8.5)	11.4	(0.6)	(0.2)
Finance costs, net (Note 16)		16.7	36.7	81.0	103.2
Recognition of deferred revenue (Note 10)		(17.5)	(20.3)	(52.5)	(52.3)
Deferred tax expense (recovery)		5.2	(22.9)	(8.8)	(15.1)
Revaluation of foreign currency and commodity derivatives (Note 18)		32.8	(27.4)	(0.4)	2.9
Write-down of assets (Note 17)		—	0.8	—	18.0
Revaluation of Caserones purchase option (Note 17)		—	—	—	(11.7)
Other		(15.2)	11.2	(1.4)	15.7
Reclamation payments (Note 11)		(4.9)	(5.2)	(9.6)	(13.3)
Changes in long-term inventory		16.3	(4.8)	(11.7)	3.2
Changes in non-cash working capital items (Note 22)		(112.6)	(161.6)	(289.9)	(74.6)
Cash provided by operating activities from continuing operations		270.3	81.4	707.2	753.6
Cash provided by operating activities from discontinued operations		—	57.9	74.5	145.0
		270.3	139.3	781.7	898.6
Investing activities
Investment in mineral properties, plant and equipment		(163.8)	(163.6)	(497.3)	(616.0)
Acquisition of Filo Corp. (Note 4)		—	—	(610.7)	—

Proceeds from partial disposal of subsidiary (Note 4)		—	—	689.5	—
Proceeds from disposal of subsidiaries, net of cash disposed (Note 3)		—	—	1,314.6	—
Purchase of marketable securities		—	(41.7)	—	(41.7)
Payment of Chapada derivative liability (Note 18)		—	(25.0)	—	(25.0)
Interest received		3.1	4.1	11.9	12.6
Other		(4.9)	5.6	(15.2)	2.2
Cash (used in) provided by investing activities from continuing operations		(165.6)	(220.6)	892.8	(667.9)
Cash used in investing activities from discontinued operations		—	(43.9)	(57.3)	(118.5)
		(165.6)	(264.5)	835.5	(786.4)
Financing activities
Proceeds from debt (Note 9)		79.5	737.5	1,447.6	1,229.9
Principal repayments of debt (Note 9)		(95.7)	(251.6)	(2,820.6)	(608.7)
Principal payments of lease liabilities (Note 9)		(13.9)	(16.3)	(44.4)	(49.4)
Interest paid		(9.6)	(29.6)	(56.4)	(84.7)
Payment of Caserones deferred consideration (Note 18)		(10.0)	(10.0)	(10.0)	(10.0)
Exercise of Caserones purchase option		—	(350.0)	—	(350.0)
Dividends paid to shareholders		(16.7)	(51.6)	(88.7)	(153.8)
Shares purchased (Note 12)		—	—	(107.7)	—
Proceeds from common shares issued		2.9	0.9	6.8	20.9
Distributions paid to non-controlling interests		(26.0)	(63.0)	(67.0)	(83.0)
Net payment from settlement of foreign currency and commodity
derivatives		(4.5)	(0.1)	(18.5)	(2.4)
Other		0.6	(0.3)	—	2.2
Cash used in financing activities from continuing operations		(93.4)	(34.1)	(1,758.9)	(89.0)
Cash (used in) provided by financing activities from discontinued
operations		—	2.5	(2.6)	3.8
		(93.4)	(31.6)	(1,761.5)	(85.2)
Effect of foreign exchange on cash balances		(0.3)	(0.4)	2.3	(0.2)
Increase (decrease) in cash and cash equivalents during the period		11.0	(157.2)	(142.0)	26.8
Cash and cash equivalents, beginning of period		279.3	452.8	432.3	268.8
Cash and cash equivalents, end of period	\$	290.3 \$	295.6	\$ 290.3 \$	295.6

Supplemental cash flow information (Note 22)

Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2025 and 2024 (Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts)

1. NATURE OF OPERATIONS

Lundin Mining Corporation ("Lundin Mining" or the "Company") is a diversified Canadian base metals mining company primarily producing copper, gold and nickel. The Company owns 80% of the Candelaria and Ojos del Salado mining complex ("Candelaria") and 70% of the Caserones mine, each of which are located in Chile. The Company's whollyowned operating assets include the Chapada mine located in Brazil and the Eagle mine located in the United States of America ("USA"). The Company also has a 50% ownership interest in Vicuña Corp., holding the Josemaria project in Argentina and Filo del Sol project in Argentina and Chile ("Vicuña").

On April 16, 2025, the Company completed the previously announced transaction to sell its 100% interests in Somincor-Sociedade Mineira de Neves-Corvo, S.A. ("Neves-Corvo") in Portugal and its 100% interests in each of Zinkgruvan Mining AB and North Atlantic Natural Resources AB (together "Zinkgruvan") in Sweden. The assets and liabilities of the Neves-Corvo mine and the Zinkgruvan mine were classified as held for sale on December 31, 2024. The operating results of these segments for the three and nine months ended September 30, 2024 have been re-presented as a single line item of net (loss) earnings from discontinued operations, net of taxes on the consolidated statement of earnings (Note 3).

The Company's common shares are listed on the Toronto Stock Exchange ("TSX") in Canada and the Nasdaq Stockholm Exchange in Sweden. The Company is incorporated under the Canada Business Corporations Act and is domiciled in Canada. Its principal place of business is 1055 Dunsmuir Street, Suite 2800, Vancouver, British Columbia, Canada.

2. BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES

(i) Basis of presentation and measurement

The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook - Accounting, including IAS 34 - Interim Financial Reporting. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024.

The Company's presentation currency is United States ("US") dollars. Reference herein to \$ or USD is to US dollars, C\$ or CAD is to Canadian dollars, SEK is to Swedish krona, € refers to the Euro, CLP refers to the Chilean peso, BRL refers to the Brazilian real, and ARS refers to the Argentine peso.

These condensed interim consolidated financial statements were approved by the Board of Directors of the Company for issue on November 5, 2025.

(ii) Material accounting policies

The accounting policies followed in these condensed interim consolidated financial statements are consistent with those disclosed in Note 2 of the Company's consolidated financial statements for the year ended December 31, 2024. Except as described in Note 2(iv), there were no changes or additions to material accounting policies during the three and nine months ended September 30, 2025.

(iii) New standards and interpretations not yet adopted

IFRS 18 - Presentation and Disclosure in Financial Statements

In April 2024, the International Accounting Standards Board issued IFRS 18 - Presentation and Disclosure in Financial Statements, which replaces IAS 1 - Presentation of Financial Statements. IFRS 18 introduces a specified structure for the statement of earnings by requiring income and expenses to be presented into three defined categories (operating, investing, and financing) and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided ("management-defined performance measures"), IFRS 18 requires disclosure of the explanations around those measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and notes. IFRS 18 will not impact the recognition and measurement of items in the financial statements, nor will it impact which items are classified in other comprehensive income and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements, and retrospective application is required.

The Company is currently assessing the effect of this new standard on its financial statements.

(iv) Interests in joint arrangements

A joint arrangement can take the form of a joint venture or a joint operation. All joint arrangements involve a contractual arrangement that establishes joint control which exists when decisions about the activities that significantly affect the returns of the investee require unanimous consent of the parties sharing control. A joint venture is a joint arrangement in which the Company has rights to only the net assets of the arrangement. A joint operation is a joint arrangement in which the Company has the rights to the assets and obligations for the liabilities relating to the arrangement. Joint operations are accounted for by recognizing the Company's share of the assets, liabilities, revenue, expenses and cash flows of the joint operation in the consolidated financial statements.

3. DISCONTINUED OPERATIONS

On December 9, 2024, the Company entered into a definitive agreement to sell its 100% interests in the Neves-Corvo and Zinkgruvan mines to Boliden AB ("Boliden"). The transaction constitutes the sale of all of the Company's European operating assets allowing the Company to focus on its copper-dominant assets in South America. The transaction completed on April 16, 2025 and the Company received cash consideration of \$1.4 billion.

The Company may also receive up to \$150.0 million in contingent cash consideration if certain metal price thresholds are met. These include a percentage of incremental revenue realized at the Neves-Corvo mine in each of the three calendar years between 2025 and 2027 and at the Zinkgruvan mine between 2025 and 2026. The estimated fair value of the contingent consideration on April 16, 2025 was \$44.1 million (Note 18). The contingent consideration is included in other non-current assets on the consolidated balance sheet and the current portion is included in other current assets. Contingent consideration is revalued at each reporting period with changes recorded in net earnings (loss) from discontinued operations. At September 30, 2025, the contingent consideration was \$60.6 million and gains on revaluation of \$19.6 million and \$16.4 million were recorded in discontinued operations for the three and nine months ended September 30, 2025, respectively.

On closing, the Company recognized a gain on disposal of \$106.4 million, net of income tax, calculated as follows:

	Neves-Corvo mine	Zinkgruvan mine	Total
Cash consideration	\$ 773.6 \$	628.5 \$	1,402.1
Fair value of contingent consideration	41.7	2.4	44.1
Transaction costs	(4.7)	(3.8) \$	(8.5)
Net proceeds	\$ 810.6 \$	627.1 \$	1,437.7
Net assets	Neves-Corvo mine	Zinkgruvan mine	Total
Cash and cash equivalents	\$ 20.0 \$	59.0 \$	79.0
Trade and other receivables	77.5	9.7	87.2
Inventories	45.9	22.8	68.7
Restricted funds	52.4	—	52.4
Mineral properties, plant and equipment	840.2	344.9	1,185.1
Trade and other payables	(85.8)	(36.5)	(122.3)
Income taxes receivable (payable)	0.9	(8.2)	(7.3)
Debt and lease liabilities	(16.4)	(0.6)	(17.0)
Deferred revenue	(27.2)	(44.0)	(71.2)
Reclamation and other closure provisions	(98.7)	(50.1)	(148.8)
Other long-term liabilities	(8.4)	(4.4)	(12.8)
Deferred tax liabilities	—	(30.9)	(30.9)
	800.4	261.7	1,062.1
Gain on disposal before reclassification of foreign currency translation reserve	10.2	365.4	375.6
Reclassification of foreign currency translation reserve to earnings	(161.4)	(107.8)	(269.2)
Net gain (loss) on disposal	\$ (151.2) \$	257.6 \$	106.4

The net earnings (loss) from discontinued operations from the Neves-Corvo reporting segment, including revaluation of contingent consideration, for the three and nine months ended September 30, 2025 and 2024, are as follows:

	Three months ended September 30,		Nine months ended September 30,
	2025(1)	2024	2025(2)	2024
Revenues	\$ — \$	131.2	\$ 128.3 \$	340.5
Production costs	—	(95.2)	(90.2)	(250.0)
Depreciation, depletion and amortization	—	(34.7)	—	(91.4)
General exploration and business development	—	(0.9)	(2.0)	(1.3)
Finance income	—	1.2	0.3	3.0
Finance costs	—	(2.5)	(4.2)	(7.5)
Other (expense) income	18.0	1.9	11.5	(2.8)
Asset impairment	—	—	(65.7)	—
Earnings (loss) before income taxes	18.0	1.0	(22.0)	(9.5)
Current tax expense	—	(1.3)	(0.1)	(2.2)
Deferred tax (expense) recovery	—	0.3	0.2	4.0
Net earnings (loss) before disposal	\$ 18.0 \$	—	\$ (21.9) \$	(7.7)
Loss on disposal of Neves-Corvo	—	—	(151.2)	—
Net earnings (loss)	\$ 18.0 \$	—	\$ (173.1) \$	(7.7)

The net earnings from discontinued operations from the Zinkgruvan reporting segment, including revaluation of contingent consideration, for the three and nine months ended September 30, 2025 and 2024, are as follows:

	Three months ended September 30,		Nine months ended September 30,
	2025(1)	2024	2025(2)	2024
Revenues	\$ — \$	68.6	\$ 72.4 \$	189.3
Production costs	—	(30.1)	(36.9)	(92.9)
Depreciation, depletion and amortization	—	(14.3)	—	(31.1)
General exploration and business development	—	(2.4)	(3.4)	(6.9)
Finance income	—	—	0.5	—
Finance costs	—	(1.1)	(1.3)	(3.5)
Other (expense) income	1.6	1.2	(2.0)	(6.8)
Earnings before income taxes	1.6	21.9	29.3	48.1
Current tax recovery (expense)	—	(4.2)	(2.9)	(12.5)
Deferred tax (expense) recovery	—	(0.5)	(2.6)	2.2
Net earnings before disposal	\$ 1.6 \$	17.2	\$ 23.8 \$	37.8
Gain on disposal of Zinkgruvan	—	—	257.6	—
Net earnings	\$ 1.6 \$	17.2 \$ — \$	281.4 \$	37.8

The total net earnings from discontinued operations, which includes the Neves-Corvo and Zinkgruvan reporting segments, for the three and nine months ended September 30, 2025 and 2024, are as follows:

	Three months ended September 30,		Nine months ended September 30,
	2025(1)	2024	2025(2)	2024
Total net earnings from discontinued operations	\$ 19.6 \$	17.2 \$	108.3 \$	30.1

⁽¹⁾ Includes the revaluation of contingent consideration at September 30, 2025.

⁽²⁾ Includes financial results from January 1, 2025 to April 16, 2025 and the revaluation of contingent consideration at September 30, 2025.

The assets and liabilities that are included in the held for sale categories as at December 31, 2024 are summarized below:

As at December 31, 2024

	Neves-Corvo mine	Zinkgruvan mine	Total
Assets classified as held-for-sale
Cash and cash equivalents	\$ 23.9 \$	50.9 \$	74.8
Trade and other receivables	90.2	22.9	113.1
Income taxes receivable	0.8	—	0.8
Inventories	39.7	16.5	56.2
Restricted funds	49.6	—	49.6
Mineral properties, plant and equipment	810.6	284.6	1,095.2
	\$ 1,014.8 \$	374.9 \$	1,389.7
Liabilities classified as held-for-sale
Trade and other payables	\$ 99.8 \$	32.4 \$	132.2
Income taxes payable	—	7.8	7.8
Debt and lease liabilities	15.7	0.6	16.3
Deferred revenue	25.1	39.2	64.3
Reclamation and other closure provisions	89.9	44.2	134.1
Other long-term liabilities	7.7	4.5	12.2
Deferred tax liabilities	—	26.2	26.2
	\$ 238.2 \$	154.9 \$	393.1

4. ACQUISITION OF FILO AND FORMATION OF VICUÑA

On January 15, 2025, the Company, together with BHP Investments Canada Inc. ("BHP"), completed the acquisition of Filo Corp. ("Filo") through a plan of arrangement (the "Arrangement"). The Company's share of the consideration for the Arrangement was \$610.7 million (C\$877.8 million) in cash and 94.1 million of the Company's shares to Filo shareholders, along with its existing 1.7% interest in Filo (prior to completion). BHP's share of the consideration for the Arrangement was \$1.4 billion (C\$2.0 billion) in cash, along with its existing 7.0% interest in Filo (prior to completion). Concurrently, BHP paid the Company cash consideration of \$689.5 million for a 50% interest in the Josemaria project, and the Company and BHP formed the Vicuña 50/50 independently managed joint arrangement holding interests in the Filo del Sol project and the Josemaria project (the "Vicuña Project").

The Company has concluded the Vicuña joint arrangement is a joint operation upon considering other facts and circumstances, such as the right and the obligation to take a share of the output of the arrangement. Accordingly, the Company includes its 50% share of the respective assets, liabilities, expenses, and cash flows of Vicuña in the consolidated financial statements of the Company.

The purchase price of Filo (50% share) is as follows:

Cash consideration	\$ 610.7
Fair value of 94,074,959 common shares issued by the Company (a) (b)	799.8
Transaction costs	10.1
The Company's previously held common shares in Filo (b)	49.9
Total purchase price	\$ 1,470.5

a) The fair value of the common shares issued was determined using the Company's share price of C\$12.22 and foreign exchange rate of USD/CAD: 1.437 at the close of business on January, 15, 2025.
b) Immediately prior to the acquisition of Filo, the Company held 2,264,924 Filo shares with a fair value of \$49.9 million (December 31, 2024 - \$50.2 million).

The Company's initial interest in Vicuña as at January 15, 2025, including transaction costs, is comprised of the following:

	50% interest in Filo	50% interest in Josemaria	50% share of Vicuña on formation
Cash and cash equivalents	\$ 17.3 \$	7.0	24.3
Receivables and other assets	0.5 \$	1.2	1.7
Mineral properties, plant and equipment	1,456.7	701.1	2,157.8
Total assets	1,474.5	709.3	2,183.8
Trade and other payables	(4.0)	(19.8)	(23.8)
Total liabilities	(4.0)	(19.8)	(23.8)
Total net assets	\$ 1,470.5 \$	689.5 \$	2,160.0

5. TRADE AND OTHER RECEIVABLES

Trade and other receivables are comprised of the following:

	September 30, 2025	December 31, 2024
Trade receivables	\$ 573.7	\$ 347.8
Value added tax	54.2	53.0
Prepaid expenses	34.6	42.6
Other receivables	34.7	67.5
	\$ 697.2	\$ 510.9

6. INVENTORIES

Inventories are comprised of the following:

	September 30, 2025			December 31, 2024
Materials and supplies	\$	311.1	\$	279.4
Ore stockpiles and dump leach		206.1		188.8
Finished goods - concentrate stockpiles		80.7		116.6
Finished goods - copper cathode and other		9.9		22.6
	\$	607.8	\$	607.4

Long-term inventories are comprised of the following:

	September 30, 2025	December 31, 2024
Ore stockpiles at Candelaria	\$ 528.6	\$	480.9
Ore stockpiles at Chapada	300.6		299.9
Dump leach at Caserones	86.6		91.1
	\$ 915.8	\$	871.9

7. MINERAL PROPERTIES, PLANT AND EQUIPMENT

Mineral properties, plant and equipment ("MPP&E") are comprised of the following:

	Mineral	Plant and	Assets under	Development	Software intangible
Cost	properties	equipment	construction(1)	project(2)	assets	Total
As at December 31, 2023	\$ 6,014.8	\$ 5,308.0	\$ 330.3	\$ 1,130.1	\$ 63.6	\$ 12,846.8
Additions	198.1	72.2	276.4	213.8	0.1	760.6
Write-down	—	—	—	(18.0)	—	(18.0)
Disposals	—	(42.1)	—	—	—	(42.1)
Transfers Effects of foreign	37.8	173.1	(211.8)	—	0.9	—
exchange	13.0	11.1	0.9	—	—	25.0
As at September 30, 2024	6,263.7	5,522.3	395.8	1,325.9	64.6	13,572.3
Additions	41.1	27.8	91.5	51.7	0.6	212.7
Impairment	(331.2)	(111.7)	(1.1)	—	—	(444.0)
Write-downs	—	—	(4.1)	—	—	(4.1)
Disposals	—	(49.4)	—	—	—	(49.4)
Transfers	30.8	112.5	(144.0)	—	0.7	—
Effects of foreign exchange	(147.4)	(83.9)	(7.2)	—	(0.5)	(239.0)
Reclassification to assets held for sale (Note 3)	(1,720.5)	(1,009.2)	(79.3)	—	(7.2)	(2,816.2)
As at December 31, 2024	4,136.5	4,408.4	251.6	1,377.6	58.2	10,232.3
Formation of Vicuña(3) (Note 4)	—	(16.5)	—	785.6	—	769.1
Additions	130.9	28.8	229.5	141.7	1.7	532.6
Disposals	(1.9)	(5.2)	(0.3)	—	—	(7.4)
Transfers	34.6	84.7	(119.4)	—	0.1	—
As at September 30, 2025	\$ 4,300.1	\$ 4,500.2	\$ 361.4	\$ 2,304.9	\$ 60.0	\$ 11,526.6

⁽¹⁾ Represent assets under construction at the Company's operating mine sites which are currently non-depreciable.

⁽²⁾ Assets relate to the Vicuña Project which are currently non-depreciable.

⁽³⁾ Formation of Vicuña movements in cost of \$769.1 million and accumulated depreciation of \$4.0 million, totaling \$773.1 million, includes the 50% interest in Filo of \$1,456.7 million less the 50% interest in Josemaria sold to BHP of \$683.6 million and are inclusive of capitalized borrowing and transaction costs.

Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2025 and 2024

(Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts)

As at September 30, 2025	\$ 2,519.4	\$ 1,921.4	\$ —	\$ —	\$ 29.1	\$ 4,469.9
Disposals	—	(5.2)	—	—	—	(5.2)
Depreciation	232.9	252.1	—	—	6.4	491.4
Formation of Vicuña(3) (Note 4)	—	(4.0)	—	—	—	(4.0)
As at December 31, 2024	2,286.5	1,678.5	—	—	22.7	3,987.7
Reclassification to assets held for sale (Note 3)	(1,187.6)	(530.0)	—	—	(3.3)	(1,720.9)
Effects of foreign exchange	(96.1)	(42.1)	—	—	(0.3)	(138.5)
Disposals	—	(47.9)	—	—	—	(47.9)
Depreciation	106.0	103.0	—	—	2.1	211.1
As at September 30, 2024	3,464.2	2,195.5	—	—	24.2	5,683.9
Effects of foreign exchange	7.9	5.8	—	—	—	13.7
Disposals	—	(37.3)	—	—	—	(37.3)
Depreciation	262.2	316.6	—	—	7.2	586.0
As at December 31, 2023	\$ 3,194.1	\$ 1,910.4	\$ —	\$ —	\$ 17.0	\$ 5,121.5
Accumulated depreciation, depletion and amortization	Mineral properties	Plant and equipment	Assets under construction(1)	Development project(2)	Software intangible assets	Total

⁽¹⁾ Represent assets under construction at the Company's operating mine sites which are currently non-depreciable.

Net book value	Mineral properties	Plant and equipment	Assets under construction	Development project	Software intangible assets	Total
As at December 31, 2024	\$ 1,850.0	\$ 2,729.9	\$ 251.6	\$ 1,377.6	\$ 35.5	\$ 6,244.6
As at September 30, 2025	\$ 1,780.7	\$ 2,578.8	\$ 361.4	\$ 2,304.9	\$ 30.9	\$ 7,056.7

During the three and nine months ended September 30, 2025, the Company capitalized \$6.6 million and \$18.3 million (September 30, 2024 - \$10.2 million and \$26.6 million), respectively, of finance costs related to the Vicuña Project at a weighted average interest rate of 5.8% (September 30, 2024 - 6.1%).

During the three and nine months ended September 30, 2025, the Company capitalized \$19.4 million and \$113.0 million (September 30, 2024 - \$52.0 million and \$170.0 million), respectively, of deferred stripping costs to mineral properties. The depreciation expense related to deferred stripping for the three and nine months ended September 30, 2025 was \$41.4 million and \$155.9 million (September 30, 2024 - \$57.0 million and \$125.4 million). Included in the mineral properties balance at September 30, 2025 is \$10.1 million related to deferred stripping at Caserones and Chapada (December 31, 2024 - \$436.3 million at Candelaria and Caserones), which is currently non-depreciable.

⁽²⁾ Assets relate to the Vicuña Project which are currently non-depreciable.

8. TRADE AND OTHER PAYABLES

Trade and other payables are comprised of the following:

	September 30, 2025	December 31, 2024
Trade payables	\$ 284.9	\$ 297.7
Unbilled goods and services	189.7	175.2
Employee benefits payable	63.5	68.8
Sinkhole provision (a)	28.0	16.9
Dividends payable to non-controlling interest	27.0	—
Royalties payable	23.2	24.5
Deferred consideration, current portion (b)	10.0	10.0
Pricing provisions on concentrate sales (c)	4.4	15.5
Prepayment from customers	—	45.0
Automatic share purchase plan commitment (d)	—	3.7
Other	18.3	16.9
	\$ 649.0	\$ 674.2

a) Relates to expected remediation costs and fines directly related to the sinkhole near the Company's Ojos del Salado operations. During the three months ended September 30, 2025, the Company increased the provision following the notice received from Chilean State Defense Council (CDE) regarding the civil claim related to the sinkhole (Note 17).
b) Relates to the current portion of the remaining deferred cash consideration arising from the Caserones acquisition, payable in installments in 2026 through 2029.
c) Includes balances owing to customers and provisions arising from forward market price adjustments.
d) As at December 31, 2024, the Company recorded an accrual for the repurchase of shares on the last trading day of the year that were settled during January 2025.

(Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts)

9. DEBT AND LEASE LIABILITIES

Debt and lease liabilities are comprised of the following:

	September 30, 2025	December 31, 2024
Lease liabilities (a)	\$ 233.5	\$ 249.1
Revolving credit facility (b)	195.9	264.7
Candelaria and Chapada term loans (c)	198.2	245.9
Term loan (d)	—	1,147.7
Commercial paper (e)	—	98.7
Debt and lease liabilities	627.6	2,006.1
Less: current portion	249.0	395.2
Long-term portion	\$ 378.6	\$ 1,610.9

The changes in debt and lease liabilities are comprised of the following:

	Leases	Debt	Total
As at December 31, 2023	\$ 277.2	\$ 1,208.6	\$ 1,485.8
Additions	36.6	1,229.9	1,266.5
Payments	(67.7)	(608.8)	(676.5)
Disposals	(2.0)	—	(2.0)
Interest	17.6	—	17.6
Financing fee amortization	—	1.8	1.8
Deferred financing fee	—	(3.6)	(3.6)
Effects of foreign exchange	(0.9)	1.2	0.3
As at September 30, 2024	260.8	1,829.1	2,089.9
Additions	33.3	270.7	304.0
Payments	(25.8)	(335.6)	(361.4)
Interest	6.5	—	6.5
Financing fee amortization	—	0.6	0.6
Reclassified to liabilities held for sale (Note 3)	(16.3)	—	(16.3)
Effects of foreign exchange	(9.3)	(7.8)	(17.1)
As at December 31, 2024	249.2	1,757.0	2,006.2
Contribution to Vicuña (Note 4)	(1.2)	—	(1.2)
Additions	25.4	1,447.6	1,473.0
Payments	(61.5)	(2,820.6)	(2,882.1)
Interest	17.1	—	17.1
Financing fee amortization	—	3.8	3.8
Deferred financing fee	—	(0.2)	(0.2)
Effects of foreign exchange	4.5	6.5	11.0
As at September 30, 2025	233.5	394.1	627.6
Less: current portion	50.8	198.2	249.0
Long-term portion	\$ 182.7	\$ 195.9	\$ 378.6

a) Lease liabilities relate to leases on power line infrastructure, buildings and storage facilities, rail cars, vehicles, machinery and equipment, which have remaining lease terms of one to twelve years and interest rates of 1.0% - 10.0% over the terms of the leases.
b) The Company has a revolving credit facility of \$1,750.0 million maturing April 2029. The credit facility bears interest on drawn funds at rates of Term Secured Overnight Financing Rate ("Term SOFR") plus Credit Spread Adjustment ("CSA") of 0.10% plus an applicable margin of 1.40% to 2.55%, depending on the Company's net leverage ratio and progress against sustainability performance targets. In March 2025 the security previously held over certain assets in the USA was removed from the revolving credit facility. The facility remains subject to customary covenants. During the three and nine months ended September 30, 2025, the Company drew down \$nil and \$925.0 million (September 30, 2024 - \$190.0 million and \$305.0 million), respectively, and repaid \$25.0 million and \$995.0 million (September 30, 2024 - \$130.0 million and \$215.0 million), respectively. As at September 30, 2025, a principal balance of \$200.0 million (December 31, 2024 - \$270.0 million) was outstanding, with unamortized deferred financing fees of \$4.1 million (December 31, 2024 - \$5.3 million) netted against borrowings.
c) Compañia Contractual Minera Candelaria S.A. ("Candelaria mine"), a subsidiary owned 80% by the Company, which owns the Candelaria mine, holds a series of unsecured fixed term loans. During the three and nine months ended September 30, 2025, Candelaria mine drew down \$nil and \$50.0 million, respectively (September 30, 2024 - \$50.0 million and \$165.0 million, respectively) and repaid \$100.0 million (September 30, 2024 - \$65.0 million) of the outstanding loans. As at September 30, 2025, there was one term loan outstanding of \$50.0 million (December 31, 2024 - two term loans totaling \$100.0 million). The outstanding term loan accrues interest at a rate of 4.78% per annum with interest payable upon maturity in October 2025.

Mineração Maracá Indústria e Comércio S.A. ("Chapada"), a subsidiary of the Company, which owns the Chapada mine, holds a series of unsecured fixed term loans. During the three and nine months ended September 30, 2025, Chapada drew down \$79.6 million and \$224.6 million (September 30, 2024 - \$86.8 million and \$219.2 million), respectively, and repaid \$70.7 million and \$222.3 million (September 30, 2024 - \$55.5 million and \$127.2 million), respectively. As at September 30, 2025, there were 38 term loans outstanding at Chapada totalling \$148.2 million (December 31, 2024 - 41 term loans totalling \$145.9 million). These outstanding term loans accrue interest at rates ranging from 4.98% to 5.96% per annum with interest payable upon maturity. The maturity dates range from October to December 2025.

d) In April 2025, the Company repaid in full the \$1,150.0 million outstanding balance of its term loan using the proceeds from sale of the Neves-Corvo and Zinkgruvan mines (Note 3). As a result of the repayment, the term loan has been extinguished and cannot be redrawn. During the three and nine months ended September 30, 2025, the remaining unamortized deferred financing fees of \$nil and \$2.3 million, respectively, were recognized in finance costs.
e) Neves-Corvo was party to three unsecured commercial paper programs with maturities ranging from May 2025 to July 2028. Pursuant to the terms of the transaction with Boliden, the Company repaid the \$102.7 million (€95.0 million) outstanding balance of the commercial papers immediately prior to the sale of Neves-Corvo and this balance was not included in the net assets disposed (Note 3). During April 2025, the program was cancelled and therefore as at September 30, 2025, \$nil principal balance (December 31, 2024 - \$98.7 million (€95.0 million)) was outstanding.

During the three and nine months ended September 30, 2025, Neves-Corvo drew down \$nil and \$248.1 million (€235.0 million) from the commercial paper program (September 30, 2024 - \$60.7 million (€55 million) and \$190.7 million (€175.0 million)), respectively and repaid \$nil and \$353.3 million (€310.0 million) (September 30, 2024 - \$66.1 million (€60 million) and \$201.6 million (€185.0 million)), respectively.

The schedule of undiscounted lease payment and debt obligations is as follows:

	Leases	Debt	Total
Less than one year	\$ 65.3 \$	198.2 \$	263.5
One to five years	137.0	200.0	337.0
More than five years	117.8	—	117.8
Total undiscounted obligations as at September 30, 2025	\$ 320.1 \$	398.2 \$	718.3

10. DEFERRED REVENUE

The following table summarizes the changes in deferred revenue:

Recognition of revenue	(52.5)
As at December 31, 2024	507.7
Reclassified to liabilities held for sale (Note 3) Effects of foreign exchange	(64.3) (5.4)
Finance costs	8.5
Variable consideration adjustment	(1.6)
Recognition of revenue	(20.5)
As at September 30, 2024	591.0
Effects of foreign exchange	(0.2)
Finance costs	25.8
As at December 31, 2023 Recognition of revenue	\$ 623.2 (57.8)

Consideration received under the Company's gold, silver and copper streaming agreements is deemed to be variable and can be subject to cumulative adjustments when the contractual volume to be delivered changes.

11. RECLAMATION AND OTHER CLOSURE PROVISIONS

Reclamation and other closure provisions relating to the Company's mining operations are as follows:

	Reclamation provisions	Other closure provisions	Total
Balance, December 31, 2023	\$ 497.2	\$ 47.0	\$ 544.2
Accretion	19.4	—	19.4
Changes in estimate	(11.6)	7.5	(4.1)
Changes in discount rate	(17.3)	—	(17.3)
Payments	(8.1)	(5.6)	(13.7)
Effects of foreign exchange	0.6	(0.8)	(0.2)
Balance, September 30, 2024	480.2	48.1	528.3
Accretion	6.1	—	6.1
Changes in estimate	(19.7)	(0.8)	(20.5)
Changes in discount rate	(16.8)	—	(16.8)
Payments	(3.6)	(0.4)	(4.0)
Reclassification to liabilities held for sale (Note 3)	(125.5)	(8.6)	(134.1)
Effects of foreign exchange	(10.3)	(4.5)	(14.8)
Balance, December 31, 2024	310.4	33.8	344.2
Accretion	14.8	—	14.8
Changes in estimate	0.3	4.4	4.7
Payments	(6.4)	(3.2)	(9.6)
Effects of foreign exchange	—	1.2	1.2
Balance, September 30, 2025	319.1	36.2	355.3
Less: current portion	18.2	5.1	23.3
Long-term portion	\$ 300.9	\$ 31.1	\$ 332.0

The Company expects these liabilities to be settled between 2025 and 2110. The reclamation provisions are discounted using current market pre-tax discount rates which range from 4.3% to 14.4% (December 31, 2024 - 4.3% to 14.4%)

12. SHARE CAPITAL

a) Basic and diluted weighted average number of shares outstanding

	Three months ended September 30,			Nine months ended September 30,
	2025	2024	2025	2024
Basic weighted average number of shares outstanding	856,091,613	776,794,756	855,301,352	774,574,731
Effect of dilutive securities	2,932,194	2,390,857	2,379,207	2,379,715
Diluted weighted average number of shares outstanding	859,023,807	779,185,613	857,680,559	776,954,446
Antidilutive securities	6,635	455,714	1,704,431	810,307

The effect of dilutive securities relates to in-the-money outstanding stock options and share units.

b) Stock options and share units granted

	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Stock options	61,770	—	1,808,370	1,498,160
Restricted share units and performance share units	28,460	—	887,573	1,041,450

c) Deferred share units

During the three and nine months ended September 30, 2025, the Company granted 11,628 and 33,306 (September 30, 2024 - 7,860 and 32,922) deferred share units ("DSUs"), respectively. As at September 30, 2025, there were 56,927 DSUs outstanding (September 30, 2024 - 23,467).

d) Dividends

During the three and nine months ended September 30, 2025, the Company declared dividends in the amount of \$17.1 million and \$88.8 million (September 30, 2024 - \$50.6 million and \$153.1 million), respectively, or C\$0.0275 per share and C\$0.1450 per share (September 30, 2024 - C\$0.09 and C\$0.27), respectively.

e) Normal course issuer bid

During the nine months ended September 30, 2025, 13,058,800 shares were purchased by the Company's broker under the automatic share purchase plan ("ASPP") or at management's discretion pursuant to its normal course issuer bid ("NCIB") at an average price of C\$11.73 per share for total consideration of \$104.0 million. All common shares purchased were cancelled. During the three months ended September 30, 2025, no common shares were purchased under the NCIB.

No common shares were purchased under the NCIB during the three and nine months ended September 30, 2024.

13. NON-CONTROLLING INTERESTS AND JOINT OPERATIONS

a) Non-controlling interests

Set out below is a continuity schedule of the Company's non-controlling interest ("NCI") that is material to the group. As part of its Candelaria segment, the Company owns 80% of the Candelaria mine and Compañia Contractual Minera Ojos del Salado S.A.'s ("Ojos") copper mining operations and supporting infrastructure in Chile (together the "Candelaria complex").

On July 2, 2024, the Company exercised its option to acquire an additional 19% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile ("Lumina Copper"), bringing the Company's ownership in Caserones from 51% to 70% and reducing the NCI to 30%.

Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2025 and 2024

(Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts)

The continuity of the Company's non-wholly owned subsidiaries with material NCI is as follows:

	Candelaria complex	Caserones mine	Total
NCI in subsidiary at September 30, 2025	20%	30%(1)
As at December 31, 2023	\$ 594.8	\$ 862.0	\$ 1,456.8
Acquisition of additional interest in Caserones	—	(353.5)	(353.5)
Share of net comprehensive income (loss)	56.7	49.8	106.5
Distributions declared	(38.0)	(45.0)	(83.0)
As at September 30, 2024	613.5	513.3	1,126.8
Share of net comprehensive income (loss)	14.8	21.0	35.8
Distributions declared	(48.0)	(21.0)	(69.0)
As at December 31, 2024	580.3	513.3	1,093.6
Share of net comprehensive income (loss)	66.5	51.7	118.2
Distributions declared	(46.0)	(48.0)	(94.0)
As at September 30, 2025	\$ 600.8	\$ 517.0	\$ 1,117.8

⁽¹⁾ Prior to July 2, 2024, NCI in Caserones was 49%.

b) Joint operations

Set out below is summarized financial information for the Vicuña joint operation on a 50% basis:

Summarized balance sheets (50% share)

	September 30, 2025			January 15, 2025
Total current assets	\$	36.0	\$	25.7
Total non-current assets	\$	2,269.0	\$	2,148.2
Total current liabilities	\$	31.0	\$	20.7
Total non-current liabilities	\$	2.5	\$	3.1

Summarized statements of earnings and comprehensive income (50% share)

	Three months ended September 30, 2025	Nine months ended September 30, 2025(1)
Net loss	\$ (1.5)	\$	(2.2)
Net comprehensive loss	\$ (1.5)	\$	(2.2)

Summarized statement of cash flows (50% share)

	Three months ended September 30, 2025	Nine months ended September 30, 2025(1)
Cash used in operating activities	\$ (1.0)	\$ (0.5)
Cash used in investing activities	\$ (50.9)	(123.4)
Cash provided by (used in) financing activities	\$ 0.1	(0.7)
Decrease in cash and cash equivalents during the period	\$ (51.8)	\$ (124.6)

⁽¹⁾ Includes financial results from the date of formation, January 15, 2025, to September 30, 2025.

14. REVENUE

The Company's analysis of revenue from contracts with customers, segmented by product, is as follows:

	Three months ended September 30,		Nine months ended September 30,
	2025		2024		2025		2024
Revenue from contracts with customers:
Copper	\$ 768.5	\$	717.6	\$	2,255.5	\$	2,032.2
Gold	117.8		90.8		291.5		200.4
Nickel	28.8		8.4		90.2		82.8
Molybdenum	27.0		25.5		68.8		95.8
Silver	16.4		12.3		41.8		33.0
Other	4.8		6.4		19.1		26.3
	963.3		861.0		2,766.9		2,470.5
Provisional pricing adjustments on current period concentrate sales	33.1		18.0		97.8		58.8
Provisional pricing adjustments on prior period concentrate sales	10.6		(5.9)		43.4		34.4
Revenue	\$ 1,007.0	\$	873.1	\$	2,908.1	\$	2,563.7

15. PRODUCTION COSTS

The Company's production costs are comprised of the following:

	Three months ended September 30,						Nine months ended September 30,
	2025		2024		2025		2024
Direct mine and mill cost	\$ 442.5	\$	416.3	\$	1,371.6	\$	1,287.3
Transportation	27.8		25.8		84.3		76.4
Royalties	20.2		13.7		58.1		48.1
Total production costs	\$ 490.5	\$	455.8	\$	1,514.0	\$	1,411.8

16. FINANCE INCOME AND COSTS

The Company's finance income and costs are comprised of the following:

	Three months ended September 30,		Nine months ended September 30,
	2025		2024		2025		2024
Interest income	\$ 3.2	\$	4.2	\$	12.0	\$	13.1
Interest expense and bank fees	(4.2)		(26.4)		(42.8)		(71.3)
Accretion expense on reclamation provisions	(4.9)		(5.8)		(14.8)		(16.9)
Lease liability interest	(5.6)		(5.8)		(17.1)		(17.6)
Deferred revenue finance costs	(3.5)		(1.4)		(13.5)		(5.5)
Other	(1.7)		(1.5)		(4.8)		(5.0)
Total finance costs, net	\$ (16.7)	\$	(36.7)	\$	(81.0)	\$	(103.2)

Finance income	\$ 3.2	\$	4.2	\$	12.0	\$	13.1
Finance costs	(19.9)		(40.9)		(93.0)		(116.3)
Total finance costs, net	\$ (16.7)	\$	(36.7)	\$	(81.0)	\$	(103.2)

17. OTHER INCOME AND EXPENSE

The Company's other income and expense are comprised of the following:

	Three months ended September 30,			Nine months ended September 30,
		2025	2024		2025	2024
Unrealized (losses) gains on derivative contracts (Note 18)	\$	(25.5)	\$ 28.0	\$	21.2	\$ 0.8
Realized losses on derivative contracts (Note 18)		(7.3)	(0.6)		(20.8)	(3.7)
Revaluation of marketable securities		8.1	4.0		9.7	6.5
Ojos del Salado sinkhole expenses (a)		(11.4)	(0.9)		(12.6)	(0.6)
Foreign exchange gain (loss) (b)		16.4	(14.1)		(2.6)	6.9
Gain on partial disposal and contribution to Vicuña (Note 4)		—	—		3.0	—
Foreign exchange and trading gains on debt and equity investments (c)		—	7.0		3.2	25.3
Revaluation of Caserones purchase option (d)		—	—		—	11.7
Write-down of assets (e)		—	(0.8)		—	(18.0)
Partial suspension of underground operations (f)		—	(14.8)		—	(24.6)
Other expense		(5.5)	(10.9)		(20.2)	(8.6)
Total other (expense) income, net	\$	(25.2)	\$ (3.1)	\$	(19.1)	\$ (4.3)

a) Ojos del Salado sinkhole (expenses) recovery during the three and nine months ended September 30, 2025 and 2024 include adjustments to expenses previously accrued, as a result of updated information related to the sinkhole near the Company's Ojos del Salado operations.

b) Foreign exchange gain (loss) during the three and nine months ended September 30, 2025 and 2024, primarily relate to the foreign exchange revaluation of trade payables and lease liabilities held in foreign currencies.

c) Foreign exchange and trading gains on debt and equity investments include the changes in fair value of debt and equity instruments supporting capital funding for the Josemaria project prior to the formation of Vicuña.
d) The Caserones purchase option was revalued at each reporting period up to the date of exercise, with changes in fair value recorded in Other Income and Expense. The purchase option was exercised on July 2, 2024.
e) Write-down of assets during the nine months ended September 30, 2024 include a non-cash write-down of capital works in progress at the Josemaria Project that are no longer expected to be required.
f) A fall of ground occurred in the lower ramp at the Eagle mine in 2024 and limited production while rehabilitation was completed. Overhead costs unrelated to production have been recorded in Other Income and Expense.

18. FINANCIAL INSTRUMENTS

Derivative instruments

From time to time, the Company uses derivative contracts as part of its risk management strategy to mitigate exposure to foreign currencies and commodities. The Company maintains foreign currency forward and option contracts on CAD, BRL, and CLP foreign currencies intended to limit the foreign exchange exposure of its forecasted foreign currency denominated after-tax attributable operating and capital expenditures. Additional commodity forward swap and option contracts are maintained to limit exposure to changes in the price of diesel fuel purchases at Candelaria, and limit exposure to changes in the price of gold.

The foreign exchange and commodities contracts have not been designated as hedges for purposes of hedge accounting and are measured at fair value with changes in fair value recognized in the consolidated statements of earnings.

The following tables outline the foreign currency and commodity derivative notional contract positions and their expiry dates:

	Expired in	Expiring throughout:
Foreign currency forward contracts	2025	remainder of 2025	2026
USD/CAD forwards
Average contract price	1.40	1.37	—
Position (USD millions)	490	9	—
USD/SEK forwards
Average contract price	10.83	—	—
Position (SEK millions)	758	—	—

	Expired in	Expiring throughout:
Foreign currency option contracts	2025	remainder of 2025	2026
USD/BRL collars
Average contract price	5.06/6.04	5.06/6.04	5.07/6.04
Position (USD millions)	139	46	114
USD/CLP collars
Average contract price	872/1,032	872/1,031	904/1,060
Position (USD millions)	383	128	342

	Expired in	Expiring throughout:
Commodity hedge contracts	2025	remainder of 2025	2026
Gold collars
Average contract price (\$/oz)	2,500/3,125	2,500/3,125	2,500/3,455
Position (koz)	46	15	43
Diesel collars
Average contract price (\$/L)	0.50/0.65	0.50/0.65	—
Position (millions of litres)	41	14	—

The Company's net unrealized and realized gain/(loss) on foreign currency and commodity derivative contracts are as follows:

	Three months ended September 30,			Nine months ended September 30,
		2025		2024		2025	2024
Unrealized gain/(loss) on derivative financial instruments:
Foreign currency contracts	\$	(4.5)		29.3	\$	60.9	1.1
Commodity hedge contracts		(21.0)		(1.3)		(39.7)	(0.3)
		(25.5)		28.0		21.2	0.8
Realized loss on derivative financial instruments:
Foreign currency contracts		(1.0)		(0.1)		(13.3)	(0.1)
Commodity hedge contracts		(6.3)		(0.5)		(7.5)	(3.6)
		(7.3)		(0.6)		(20.8)	(3.7)
Total unrealized and realized gain (loss) on derivative contracts:	\$	(32.8)	\$	27.4	\$	\$ 0.4	(2.9)

A summary of the fair values of unsettled derivative contracts recorded on the consolidated balance sheet is as follows:

	September 30, 2025	December 31, 2024
Foreign currency contracts:
Current asset position	\$ 0.6	\$ —
Non-current asset position	0.1	—
Current liability position	2.5	39.4
Non-current liability position	1.2	24.5
Commodity contracts:
Current asset position	0.1	1.0
Non-current asset position	—	0.7
Current liability position	14.5	—
Non-current liability position	23.7	—

Fair values of financial instruments

The Company's financial assets and financial liabilities have been classified into categories that determine their basis of measurement. The following table shows the carrying values, fair values and fair value hierarchy of the Company's financial instruments as at September 30, 2025 and December 31, 2024:

		September 30, 2025				December 31, 2024
	Level	Carrying value		Fair value		Carrying value	Fair value
Financial assets
Fair value through profit or loss
Restricted funds	1	\$	13.9 \$	13.9	\$	8.6 \$	8.6
Trade receivables (provisional)	2		517.5	517.5		337.1	337.1
Marketable securities	1		20.2	20.2		60.1	60.1
Foreign currency contracts	2		0.7	0.7		—	—
Contingent consideration (Note 3)	3		60.6	60.6		—	—
Commodity contracts	2		0.1	0.1		1.6	1.6
		\$	613.0 \$	613.0	\$	407.4 \$	407.4
Financial liabilities
Amortized cost
Debt	3	\$	394.1 \$	394.1	\$	1,757.0 \$	1,757.0
Caserones deferred consideration	2		107.7	107.7		112.8	112.8
Fair value through profit or loss
Pricing provisions on concentrate sales	2	\$	2.7 \$	2.7	\$	7.1 \$	7.1
Foreign currency contracts	2		3.7	3.7		63.9	63.9
Commodity contracts	2		38.2	38.2		—	—
		\$	44.6 \$	44.6	\$	71.0 \$	71.0

Fair values of financial instruments are determined by valuation methods depending on hierarchy levels as defined below:

Level 1 – Quoted market price in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted market prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. observed prices) or indirectly (i.e. derived from prices).

Level 3 – Inputs for the assets or liabilities are not based on observable market data.

The Company estimates fair values based on the following methods of valuation and assumptions:

Marketable securities/debt and equity investments/restricted funds – The fair value of investments in shares and bonds is determined based on the quoted market price.

Trade receivables/pricing provisions on concentrate sales – The fair value of trade receivables that contain provisional pricing sales arrangements are valued using quoted forward market prices. The Company recognized positive pricing adjustments of \$43.7 million and \$141.2 million in revenue during the three and nine months ended September 30, 2025, respectively (September 30, 2024 - \$12.1 million and \$93.2 million positive pricing adjustments).

Foreign currency and commodity contracts – The fair value of these derivatives are determined by the counterparties to the contracts and are assessed by Management using pricing models based on active market prices.

Contingent consideration – The fair value of the contingent consideration was estimated by calculating the present value of the future expected cash flows from the contingent copper and zinc payments related to the Neves-Corvo mine and Zinkgruvan mine based on probability-weighted scenarios of future copper and zinc prices.

Caserones deferred consideration – The fair value of the Caserones deferred consideration has been discounted at the estimated credit adjusted risk free rate applicable to future payments.

Debt – The fair values approximate carrying values as the interest rates are comparable to current market rates.

The carrying values of certain financial instruments maturing in the short-term approximate their fair values. These financial instruments include cash and cash equivalents, trade and other receivables other than those provisionally priced, and trade and other payables other than those provisionally priced, which are classified as amortized cost.

19. COMMITMENTS AND CONTINGENCIES

a) The Company has capital commitments of \$249.9 million on various initiatives of which \$80.6 million is expected to be paid during the remainder of 2025.
b) The Company may be involved in legal proceedings arising in the ordinary course of business. The potential amount of the liabilities with respect to such legal proceedings is not expected to materially affect the Company's financial position.
c) Significant changes to commitments and contingencies, from those reported at December 31, 2024, are described below:
i. In respect of the 2017 taxation year, the Canada Revenue Agency ("CRA") issued a reassessment denying the Company's 2007 election to increase the tax cost of its investment in a subsidiary. The reassessment proposes an increase in taxable income of approximately \$456 million, which would result in additional income taxes payable of approximately \$114 million and interest of approximately \$63 million. The Company intends to file a Notice of Objection and vigorously and expeditiously defend its tax filing position through CRA's Appeals Division and, if required, court proceedings. No provision has been recognized as the Company believes its filing position is in compliance with Canadian tax law.

20. SEGMENTED INFORMATION

The Company is engaged in mining, exploration and development of mineral properties at four operating sites located in Chile, Brazil, and the USA, and at Vicuña in Argentina and Chile. Operating segments are reported in a manner consistent with the internal reporting provided to the executive leadership team who act as the operating decisionmakers. The chief operating decision makers consider the business from a site and project-level perspective. Executive management are responsible for allocating resources and assessing performance of the operating segments. The Company has identified five reportable segments which include four operating sites, and the Vicuña Project. The Vicuña segment is an independently managed joint arrangement and includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Josemaria project and Filo del Sol project after that date (Note 4). Discontinued operations include results from the Neves-Corvo and Zinkgruvan segments (Note 3).

Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2025 and 2024

(Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts)

For the three months ended September 30, 2025	Candelaria	Caserones	Chapada	Eagle	Vicuña(1)	Other	Total Continuing	Discontinued Operations	Total
	Chile	Chile	Brazil	USA	Argentina & Chile		Operations
Revenue	\$ 426.8 \$	311.8	\$ 215.3 \$	53.1	\$ — \$	—	\$ 1,007.0	\$ — \$	1,007.0
Direct mine and mill costs	(187.5)	(143.8)	(83.2)	(26.6)	—	(1.2)	(442.3)	—	(442.3)
Transportation	(7.8)	(6.4)	(8.6)	(5.0)	—	—	(27.8)	—	(27.8)
Royalties	(3.9)	(8.3)	(4.6)	(3.6)	—	—	(20.4)	—	(20.4)
Depreciation, depletion and amortization	(82.9)	(49.5)	(29.7)	(6.6)	—	(0.1)	(168.8)	—	(168.8)
Gross profit (loss)	144.7	103.8	89.2	11.3	—	(1.3)	347.7	—	347.7
General and administrative expenses	—	—	—	—	(0.6)	(14.0)	(14.6)	—	(14.6)
Exploration and business development	(1.7)	(4.0)	(2.5)	—	(0.6)	1.1	(7.7)	—	(7.7)
Finance (costs) income	(5.3)	(5.0)	(6.2)	(1.2)	0.2	0.8	(16.7)	—	(16.7)
Other (expense) income	(7.9)	2.9	6.6	—	1.9	(28.7)	(25.2)	19.6	(5.6)
Income tax expense	(67.1)	(10.2)	(17.5)	(0.6)	(1.0)	(2.5)	(98.9)	—	(98.9)
Net earnings (loss)	\$ 62.7 \$	87.5	\$ 69.6 \$	9.5	\$ (0.1) \$	(44.6)	\$ 184.6	\$ 19.6 \$	204.2
Capital expenditures	\$ 47.0 \$	29.4	\$ 26.1 \$	6.6	\$ 54.7 \$	—	\$ 163.8	\$ 0.3 \$	164.1

For the nine months ended September 30, 2025	Candelaria	Caserones	Chapada	Eagle	Vicuña(1)	Other	Total Continuing	Discontinued Operations	Total
	Chile	Chile	Brazil	USA	Argentina & Chile		Operations
Revenue	\$ 1,250.5 \$	1,020.4	\$ 480.8 \$	156.4	\$ — \$	—	\$ 2,908.1	\$ 200.7 \$	3,108.8
Direct mine and mill costs	(523.0)	(554.7)	(203.3)	(88.6)	—	(1.9)	(1,371.5)	(117.1)	(1,488.6)
Transportation	(22.9)	(25.8)	(21.4)	(14.2)	—	—	(84.3)	(8.8)	(93.1)
Royalties	(11.4)	(26.7)	(10.2)	(9.9)	—	—	(58.2)	(1.2)	(59.4)
Depreciation, depletion and amortization	(227.0)	(151.8)	(70.0)	(17.0)	—	(0.4)	(466.2)	—	(466.2)
Gross profit (loss)	466.2	261.4	175.9	26.7	—	(2.3)	927.9	73.6	1,001.5
General and administrative expenses	—	—	—	—	(2.7)	(48.4)	(51.1)	—	(51.1)
Exploration and business development	(6.6)	(11.7)	(5.9)	(1.3)	(2.9)	(3.5)	(31.9)	(5.4)	(37.3)
Finance (costs) income	(15.6)	(15.1)	(18.0)	(3.5)	0.6	(29.4)	(81.0)	(4.7)	(85.7)
Other (expense) income	(20.4)	(10.4)	(14.6)	(0.8)	2.8	24.3	(19.1)	9.5	(9.6)
Gain on disposal of subsidiaries	—	—	—	—	—	—	—	106.4	106.4
Asset impairment	—	—	—	—	—	—	—	(65.7)	(65.7)
Income tax (expense) recovery	(192.9)	(20.0)	9.7	(1.1)	(9.8)	(5.2)	(219.3)	(5.4)	(224.7)
Net earnings (loss)	\$ 230.7 \$	204.2	\$ 147.1 \$	20.0	\$ (12.0) \$	(64.5)	\$ 525.5	\$ 108.3 \$	633.8
Capital expenditures	\$ 166.6 \$	99.5	\$ 75.7 \$	17.4	\$ 138.0 \$	0.1	\$ 497.3	\$ 58.4 \$	555.7
Total non-current assets(2)	\$ 3,042.5 \$	1,315.7	\$ 1,305.5 \$	109.1	\$ 2,325.4 \$	8.6	\$ 8,106.8	\$ — \$	8,106.8

⁽¹⁾ The Vicuña segment includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Vicuña Project after that date (Note 4).

⁽²⁾ Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill.

<-- PDF CHUNK SEPARATOR -->

LUNDIN MINING CORPORATION

Notes to condensed interim consolidated financial statements

For the three and nine months ended September 30, 2025 and 2024

(Unaudited - Tabular amounts in millions of US dollars, except for shares and per share amounts)

For the three months ended September 30, 2024	Candelaria	Caserones Chapada		Eagle	Vicuña(1) Argentina &	Other	Total Continuing	Discontinued Operations	Total
	Chile	Chile	Brazil	USA	Chile		Operations
Revenue	\$ 473.0	\$ 227.9	\$ 160.0 \$	12.2	\$ — \$	—	\$ 873.1	\$ 199.8 \$	1,072.9
Direct mine and mill costs	(175.7)	(156.3)	(73.9)	(10.0)	—	(0.3)	(416.2)	(115.7)	(531.9)
Transportation	(8.9)	(6.8)	(7.9)	(2.4)	—	—	(26.0)	(8.3)	(34.3)
Royalties	(4.5)	(6.3)	(2.7)	(0.1)	—	—	(13.6)	(1.3)	(14.9)
Depreciation, depletion and amortization	(78.7)	(39.3)	(26.9)	(6.2)	—	—	(151.1)	(49.0)	(200.1)
Gross profit	205.2	19.2	48.6	(6.5)	—	(0.3)	266.2	25.5	291.7
General and administrative expenses	—	—	—	—	—	(14.2)	(14.2)	—	(14.2)
General exploration and business development	(2.8)	(3.3)	(2.1)	(1.0)	(0.3)	(0.8)	(10.3)	(3.3)	(13.6)
Finance (costs) income	(7.0)	(4.5)	(6.9)	(0.9)	5.5	(22.9)	(36.7)	(2.4)	(39.1)
Other (expense) income	(7.1)	(9.7)	(13.5)	(15.6)	2.8	40.0	(3.1)	3.1	—
Income tax (expense) recovery	(86.9)	(1.3)	(5.1)	3.0	(2.4)	1.5	(91.2)	(5.7)	(96.9)
Net earnings (loss)	\$ 101.4	\$ 0.4	\$ 21.0 \$	(21.0)	\$ 5.6 \$	3.3	\$ 110.7	\$ 17.2 \$	127.9
Capital expenditures	\$ 60.1	\$ 22.9	\$ 20.5 \$	7.9	\$ 54.2 \$	(2.1)	\$ 163.5	\$ 41.8 \$	205.3

For the nine months ended September 30, 2024	Candelaria	Caserones		Chapada	Eagle		Vicuña(1)	Other	Total Continuing	Discontinued Operations	Total
	Chile	Chile		Brazil	USA		Argentina & Chile		Operations
Revenue	\$ 1,169.8 \$	890.6	\$	376.4 \$	126.9	\$	— \$	—	\$ 2,563.7	\$ 529.8 \$	3,093.5
Direct mine and mill costs	(493.5)	(525.8)		(193.3)	(73.6)		—	(1.0)	(1,287.2)	(315.8)	(1,603.0)
Transportation	(21.2)	(25.8)		(19.1)	(10.5)		—	—	(76.6)	(23.9)	(100.5)
Royalties	(11.0)	(24.4)		(5.9)	(6.7)		—	—	(48.0)	(3.2)	(51.2)
Depreciation, depletion and amortization	(228.2)	(145.5)		(60.3)	(25.3)		—	(0.4)	(459.7)	(122.5)	(582.2)
Gross profit (loss)	415.9	169.1		97.8	10.8		—	(1.4)	692.2	64.4	756.6
General and administrative expenses	—	—		—	—		—	(44.1)	(44.1)	—	(44.1)
Exploration and business development	(7.6)	(10.2)		(4.1)	(1.2)		(6.9)	(2.4)	(32.4)	(8.2)	(40.6)
Finance (costs) income	(22.1)	(12.4)		(18.6)	(2.6)		14.9	(62.4)	(103.2)	(8.0)	(111.2)
Other (expense) income	(1.5)	5.8		(8.2)	(26.4)		4.7	21.3	(4.3)	(9.6)	(13.9)
Income tax (expense) recovery	(169.5)	(41.9)		(33.7)	4.9		48.2	(3.2)	(195.2)	(8.5)	(203.7)
Net earnings (loss)	\$ 215.2 \$	110.4	\$	33.2 \$	(14.5)	\$	60.9 \$	(92.2)	\$ 313.0	\$ 30.1 \$	343.1
Capital expenditures	\$ 220.2 \$	101.0	\$	74.9 \$	16.0	\$	203.6 \$	0.3	\$ 616.0	\$ 119.8 \$	735.8
Total non-current assets(2)	\$ 3,159.6 \$	1,374.5	\$	1,375.0 \$	199.1	\$	1,357.1 \$	6.8	\$ 7,472.1	\$ 1,470.0 \$	8,942.1

⁽¹⁾ The Vicuña segment includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Vicuña Project after that date (Note 4).

⁽²⁾ Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill.

LUNDIN MINING CORPORATION

Notes to condensed interim consolidated financial statements For the three and nine months ended September 30, 2025 and 2024 (Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)

21. RELATED PARTY TRANSACTIONS

a) Key management personnel - The Company has identified its directors and senior officers as its key management personnel. Employee benefits for key management personnel are as follows:

	Three months ended September 30,			Nine months ended September 30,
	2025		2024	2025		2024
Wages, salaries and pension benefits	1.4		1.8	6.3		5.5
Share-based compensation	1.1		0.6	3.1		1.7
	\$ 2.5	\$	2.4	\$ 9.4	\$	7.2

b) Other related parties - For the three and nine months ended September 30, 2025, the Company incurred \$1.4 million and \$5.6 million (September 30, 2024 – \$1.1 million and \$7.0 million), respectively, for services provided by companies owned by members of key management personnel primarily relating to office rental and transportation. For the three and nine months ended September 30, 2025, the Company incurred \$1.1 million and \$2.2 million (September 30, 2024 – \$0.6 million and \$1.9 million), respectively, for services provided by the Lundin Foundation, a not-for-profit organization supporting community economic development programs and related initiatives in the regions in which the Company operates.

22. SUPPLEMENTARY CASH FLOW INFORMATION

	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Changes in non-cash working capital items consist of:
Trade and income taxes receivable,and other current assets	\$ (126.7)	\$ (231.1)	\$ (205.4)	\$ (71.0)
Inventories	(35.0)	(32.9)	(16.7)	(47.0)
Trade and income taxes payable, and other current liabilities	49.1	102.4	(67.8)	43.4
	\$ (112.6)	\$ (161.6)	\$ (289.9)	\$ (74.6)
Operating activities included the following cash payments:
Income taxes paid	\$ 85.7	\$ 37.5	\$ 296.5	\$ 117.5

AI Terminal

Lundin Mining Corporation

10188_10-q_2025-11-06_246b1ed9-6f06-4790-a9e9-ca6a4dfc7248.pdf

NEWS RELEASE

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

Third Quarter Operational and Financial Highlights

Third Quarter Highlights:

Summary Financial Results

Quarterly Financial Results

Q3 2025 Operational Performance

Total Production

Outlook - Annual Guidance Update

Production Guidance Update

Cash Cost Guidance Update

2025 Production and Cash Cost Guidancea

2025 Capital Expenditure Guidanceb,c

2025 Exploration Investment Guidance

Exploration

Candelaria

Caserones

Chapada

Eagle

Talon Agreement Update

Vicuña

About Vicuña

Expansionary Projects

Candelaria Underground Expansion

Caserones Cathode Plant Utilization

Chapada - Saúva Deposit

About Lundin Mining

For further information, please contact:

Technical Information

Reconciliation of Non-GAAP Measures

Cautionary Statement on Forward-Looking Information

Management's Discussion and Analysis For the three and nine months ended September 30, 2025

About Lundin Mining

Table of Contents

Cautionary Statement on Forward-Looking Information

Highlights

Operational Performance

Total Productiona

Corporate Updates

Financial Performance

Financial Position and Financing

2025 Outlook

2025 Production and Cash Cost Guidance

2025 Capital Expenditure Guidance1,2

2025 Exploration Investment Guidance

Selected Quarterly Financial Information

Summary of Quarterly Results1

Revenue Overview

Sales Volumes by Payable Metal - Continuing Operations

Revenue Analysis

Provisionally Valued Revenue from Continuing Operations as of September 30, 2025

Quarterly Reconciliation of Realized Prices - Continuing Operations

Financial Results

Production Costs

Depreciation, Depletion and Amortization

Finance Income and Costs

Income Taxes

Mining Operations

Production Overview

Production Cost and Cash Cost Overview (\$ millions, \$/lb)

Candelaria (Chile)

Operating Statistics

Production

Production Costs and Cash Cost

Gross Profit

Caserones (Chile)

Operating Statistics

Production

Production Costs and Cash Cost

Gross Profit

Chapada (Brazil)

Operating Statistics

Production

Production Costs and Cash Cost

Gross Profit

Eagle (USA)

Operating Statistics

2025 Production and Cash Cost Guidance^a

Total Production^a

Summary of Quarterly Results¹