Lundin Mining Corporation (LUN)

Lundin Mining Announces 2026 Capital Markets DayJune 10, 2026 7:00 PM
PR Newswire (US) VANCOUVER, BC, June 11, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the executive management team will be presenting an outlook for the Company on Wednesday, June 17, 2026, from 9:00 am to 12:00 pm ET at Lundin Mining's Capital Markets Day. Webcast / Conference Call detailsDate: Wednesday, June 17, 2026
Time: 9:00 AM ET | 2:00 PM BST
Webcast: WEBCAST LINK or https://lundin-mining.videosync.fi/2026-06-17-cmdAn archive of the webcast will be available at www.lundinmining.com after the event.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce metals that underpin global development, supporting infrastructure, electrification, technological innovation, and economic resilience. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. We also hold a 31% interest in the Los Helados project, located adjacent to our operating Caserones mine, providing longer term growth optionality. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information was submitted for publication, through the agency of the contact persons set out below on June 10, 2026 at 4:00 PM Pacific Time. View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/lundin-mining-announces-2026-capital-markets-day-302797332.html Original: Lundin Mining Announces 2026 Capital Markets Day

Lundin Mining Announces Updated Share Capital, Provides Update on Share Buybacks and Announces Filing of ESTMA ReportMay 29, 2026 7:00 PM
PR Newswire (US) VANCOUVER, BC, May 30, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act.The number of issued and outstanding shares of the Company decreased by 231,484 to 855,378,907 common shares with voting rights as of May 29, 2026. The decrease in the number of issued and outstanding shares from May 1, 2026 to date is the result of share buybacks completed under the normal course issuer bid ("NCIB"), offset by the exercise of employee stock options or the vesting of employee share units.Normal Course Issuer BidUnder the Company's shareholder distribution policy, the Company is committed to allocating up to US$150 million in annual share buybacks through the NCIB program. So far during 2026, Lundin Mining has acquired 1,850,094 common shares at a cost of approximately US$51 million.ESTMA ReportLundin Mining has filed its Extractive Sector Transparency Measures Act (ESTMA) Report for the year ended December 31, 2025, which can be found on the Company's website (lundinmining.com).About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce metals that underpin global development, supporting infrastructure, electrification, technological innovation, and economic resilience. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. We also hold a 31% interest in the Los Helados project, located adjacent to our operating Caserones mine, providing longer term growth optionality. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release pertaining to the updated share capital and voting rights is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information in this release pertaining to the ESTMA Report is subject to the disclosure requirements of Lundin Mining under the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out below on May 29, 2026 at 4:00 Pacific 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 50  View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-announces-updated-share-capital-provides-update-on-share-buybacks-and-announces-filing-of-estma-report-302786161.html Original: Lundin Mining Announces Updated Share Capital, Provides Update on Share Buybacks and Announces Filing of ESTMA Report

Supply-Demand Imbalance Reshapes Copper Exploration Landscape in South AmericaMay 8, 2026 10:19 AM
PR Newswire (US) Issued on behalf of Salazar Resources Ltd.VANCOUVER, BC, May 8, 2026 /PRNewswire/ -- USANewsGroup.com News Commentary — The global copper market just flipped from surplus to deficit, and the numbers are hard to ignore. The International Copper Study Group now forecasts a 150,000 metric ton shortfall for 2026, driven by mine disruptions and surging electrification demand that existing production simply cannot match[1]. Making it worse: the pipeline of new projects that could fill the gap is shrinking, not growing. In Chile, the world's top copper jurisdiction, permitting timelines have stretched to 12 years, effectively locking the next wave of large-scale porphyry developments in regulatory limbo before a single shovel hits the ground[2]. That bottleneck is quietly reshaping where capital flows, concentrating it into the shrinking pool of permitted, development-ready assets still advancing through the pipeline: Salazar Resources (TSXV: SRL) (OTCQB: SRLZF), Solaris Resources (NYSE-A: SLSR) (TSX: SLS), NGEx Minerals (TSX: NGEX) (OTCQX: NGXXF), Lundin Mining (TSX: LUN) (OTCPK: LUNMF), and Foran Mining (TSX: FOM) (OTCQX: FMCXF). Wood Mackenzie's head of copper research warns that limited production growth and fragmented global inventories now leave the market exposed to even minor disruptions, with copper already trading near $13,000 per metric ton[3]. The math is straightforward: average lead times from discovery to first production exceed 17 years, which means permitted porphyry assets with drill-proven scale are not just attractive; they are the only realistic conduit for capital chasing a supply gap that today's mines cannot close on their own[4].Salazar Resources (TSXV: SRL) (OTCQB: SRLZF) has consolidated 100% ownership of its Santiago copper-gold project in southern Ecuador, bringing together a target that three decades of exploration data say could be significant. The 2,350-hectare concession sits in the Western Cordillera of the Ecuadorian Andes, where historical drilling, airborne geophysics, and recent surface sampling have outlined a coincident geochemical and geophysical anomaly measuring roughly 3 km by 2 km. The critical detail: the core of the interpreted porphyry system at depth has never been drill-tested.Previous operators touched only the near-surface lithocap. Newmont drilled three shallow holes in the 1990s and hit broad copper-gold mineralization, including 323 metres grading 0.23% copper and 0.40 g/t gold in one hole, and 268 metres grading 0.24% copper and 0.43 g/t gold in another. Those results are encouraging on their own, but what makes Santiago stand out is that the mineralization was widening and strengthening toward the bottom of the holes, suggesting something larger sits below.A 2019 airborne MobileMT geophysical survey added another layer of confirmation, identifying a large, coherent conductivity anomaly beneath the lithocap consistent with a sulphide-rich porphyry system. A follow-up surface sampling campaign in 2021 and 2022 collected 1,477 rock chip samples across the property. Within the 599-sample anomalous core zone, 47% returned copper values above 250 ppm and 34% returned gold above 0.11 g/t, with individual samples reaching as high as 21.1 g/t gold and 0.9% copper. High-grade epithermal veins on the property added further appeal, with rock chip samples returning up to 28.1 g/t gold and 252 g/t silver.Santiago is one of several advancing projects for the company. Salazar Resources recently completed the acquisition of four copper-gold exploration properties from Silvercorp Metals, and earlier this year identified a high-priority copper-gold porphyry target at its Monja Project, where the best rock chip sample returned 4.77% copper and 1.12 g/t gold. On the development side, Salazar Resources holds a 25% carried interest in the El Domo copper-gold mine, now under construction on a US$284 million budget with production targeted for July 2027.With a pipeline that spans early-stage exploration through near-production development, Salazar Resources is building exposure across multiple stages of the mining value chain in one of South America's most active copper-gold jurisdictions. The company maintains a wholly owned portfolio of projects in Ecuador, backed by a local team with a track record that includes involvement in several of the country's major discoveries.Read this and more news for Salazar Resources at: https://usanewsgroup.com/2026/03/18/a-3-billion-partner-is-building-this-copper-gold-mine-salazar-keeps-25/Other industry developments and happenings in the market include:Solaris Resources (NYSE-A: SLSR) (TSX: SLS) received technical approval of the Environmental Impact Assessment for its Warintza Project in southeastern Ecuador, a major permitting milestone following an extensive multi-year government review. The approval also triggers the second tranche of US$50 million under the company's US$200 million financing agreement with Royal Gold, strengthening the balance sheet as Solaris Resources advances toward a fully permitted project targeted by end-2026."This approval is a critical milestone for the Warintza Project and an important validation of the technical quality, environmental stewardship and responsible development approach undertaken by our team," said Matthew Rowlinson, President and CEO of Solaris Resources. "The EIA review involved rigorous technical evaluation and close collaboration with regulators over an extended period."The next steps include a government-led Free, Prior and Informed Consultation process with formal consultation expected to commence shortly, leading to the granting of Mining Exploitation Agreements. Warintza is one of the most significant undeveloped copper assets globally, and the EIA technical approval positions Solaris Resources as uniquely advanced among copper development projects heading into a potential construction decision.NGEx Minerals (TSX: NGEX) (OTCQX: NGXXF) reported strong drill results from its Phase 4 program at the 100%-owned Lunahuasi copper-gold-silver project in San Juan, Argentina, with drillhole DPDH059 intersecting 335.15 metres at 4.08% CuEq, including 19.50 metres at 18.96% CuEq. Two additional holes returned 294.10 metres at 2.41% CuEq and 109.00 metres at 3.37% CuEq, with multiple high-grade intervals confirming the scale and grade continuity of the Saturn zone."Today's news release includes holes 56 and 59, drilled in different directions through the Saturn zone, and hole 58 which is helping to define a new zone at the northern limit of the current drill pattern that was first intersected by hole 43 last season," said Wojtek Wodzicki, President and CEO of NGEx Minerals. "Together they demonstrate the significant size and grade of Saturn, which is our largest defined zone to date, as well as the continued upside potential we have to discover and delineate new zones."With nearly 23,000 metres drilled across 21 completed holes, NGEx Minerals has expanded its Phase 4 target from 25,000 metres to 30,000 metres, with the program expected to conclude around the first week of May.Lundin Mining (TSX: LUN) (OTCPK: LUNMF) filed a technical report for its Vicuña Project in Argentina and Chile, confirming results from the February 2026 Preliminary Economic Assessment on what could become a top-five global copper, gold, and silver operation. The staged development plan outlines average annual production of 400,000 tonnes copper, 700,000 oz gold, and 22 Moz silver over the first 25 full years, with a 70-plus-year mine life and an after-tax NPV of $9.5 billion at base-case metal prices, rising to $28.8 billion at recent spot prices.Stage 1 capital is estimated at $7.1 billion, with an after-tax IRR of 14.8% across all project stages and average annual free cash flow of $2.2 billion during the first 25 full years. The project's first-quartile cost profile includes a cash cost of negative $0.20 per pound of copper net of by-product credits. Lundin Mining holds a 50% interest in the Vicuña district through a joint arrangement with BHP, with a potential sanctioning decision targeted as early as year-end 2026, supported by ongoing detailed design and engineering work for Stage 1.Foran Mining (TSX: FOM) (OTCQX: FMCXF) reported mill commissioning progress at its 100%-owned McIlvenna Bay copper-zinc-gold-silver project in Saskatchewan, with overall construction reaching approximately 91% completion at the end of February 2026, on schedule and within budget for mid-2026 commercial production. The company has built a surface ore stockpile of approximately 271,000 tonnes, completed cold commissioning activities including the first idle run of the ball mill, and successfully energized an 85 km, 110 kV transmission line connecting the project to renewable hydroelectric power ahead of schedule."February marked a pivotal milestone for Foran, with McIlvenna Bay surpassing 90% completion and entering cold commissioning on schedule," said Dan Myerson, Executive Chairman and CEO of Foran Mining. "We are now in the final stages of operational readiness as we prepare to introduce first ore to the mill, a milestone strategically timed with the recent energization of our renewable hydropower line."Underground development advanced approximately 505 metres in February, with bulk mining blasting of the second stope underway and backfilling processes initiated. The McIlvenna Bay deposit holds an indicated mineral resource of 38.6 Mt grading 2.02% CuEq, positioning Foran Mining as a near-term critical minerals producer supporting the global energy transition.FURTHER READING: MORE IN-DEPTH INFORMATION AVAILABLE HERE  CONTACT:
USA NEWS GROUP
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca media Corp, who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for Salazar Resources Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Baystreet.ca Media Corp. ("BAY") There may also be 3rd parties who may have shares of Salazar Resources Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Salazar Resources Ltd and reserve the right to buy and sell, and will buy and sell shares of Salazar Resources Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Salazar Resources Ltd. Technical information relating to Salazar Resources Ltd. has been reviewed and approved by Kieran Downes, P.Geo., a Qualified Person as defined by National Instrument 43-101 and a consulting geologist to Salazar, has reviewed and approved the scientific and technical information cited from the linked-to news releases.; this is a paid advertisement, we currently own shares of Salazar Resources Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
 SOURCES:https://www.jpmorgan.com/insights/global-research/commodities/copper-outlook https://www.fastmarkets.com/insights/copper-supply-lags-demand-as-permitting-delays-lower-grades-policy/ https://www.bnnbloomberg.ca/investing/market-outlook/2026/04/02/market-outlook-copper-rises-as-tensions-ease-and-supply-stays-tight/ https://mine.nridigital.com/mine_apr26/chile_mine_permitting Logo - https://mma.prnewswire.com/media/2838876/5958291/USA_News_Group_Logo.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/supply-demand-imbalance-reshapes-copper-exploration-landscape-in-south-america-302767022.html Original: Supply-Demand Imbalance Reshapes Copper Exploration Landscape in South America

Lundin Mining Announces Annual Meeting Voting Results and Welcomes Michael Steinmann to the Board of DirectorsMay 7, 2026 9:00 PM
PR Newswire (Canada) VANCOUVER, BC, May 7, 2026 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today announced the voting results from its 2026 Annual Meeting of Shareholders (the "Meeting"). A total of 725,237,597 common shares were voted at the Meeting, representing 84.85% of the votes attached to all outstanding common shares as of the record date of March 9, 2026. Shareholders voted in accordance with the Company's recommendations on all items of business considered at the Meeting, as follows:
% For% AgainstDirector Nominees

Adam I. Lundin77.85 %22.15 %C. Ashley Heppenstall98.78 %1.22 %Donald K. Charter96.99 %3.01 %Jack O. A. Lundin97.11 %2.89 %Victoria J. McMillan99.02 %0.98 %Dale C. Peniuk94.89 %5.11 %Maria Olivia Recart95.77 %4.23 %Natasha N. D. Vaz98.98 %1.02 %Michael Steinmann99.75 %0.25 %
% For% WithholdAppointment of AuditorsPricewaterhouseCoopers LLP, Chartered Professional Accountants97.69 %2.31 %
% For% Against% AbstainAdvisory vote on the Company's approach to executive compensation95.28 %4.57 %0.15 %Shareholder proposal as outlined in Appendix A in the Company's Management Information Circular16.24 %83.76 %-Adam Lundin, Chair of Lundin Mining' Board of Directors commented "On behalf of the Board, we are pleased to welcome Michael Steinmann to the Board of Directors of Lundin Mining. Mr. Steinmann's extensive industry experience, strategic insight, and proven leadership will be a valuable addition as we continue to advance our long-term growth strategy. With a strong portfolio of high-quality assets and a clear path toward significant growth in copper, gold and silver production, we believe Michael's perspective will further strengthen the Board as we position the Company for the next decade of value creation."Mr. Steinmann is the President and CEO, and director, of Pan American Silver Corp. since 2016. Mr. Steinmann has over 30 years of experience in the base and precious metals industry, including throughout South America in mine operations and project development, having participated in numerous mine construction projects from exploration and feasibility studies through start-up and into continuous operation.He is also experienced in corporate M&A and has been involved in many capital market transactions, including placements of equity and debt, as well as numerous other exploration and business development initiatives. Mr. Steinmann is a current board member of the Pacific Salmon Foundation, a current board member and member of the audit committee of the World Gold Council, and a current board member and past President of the Silver Institute, a non-profit international industry association that aims to increase public understanding of the many uses and values of silver. He also served as a director of Lumina Gold Corp. until its acquisition by CMOC Group in 2025.Michael Steinmann holds a Ph.D. in Natural Science (Geology) from the Swiss Federal Institute of Technology (ETHZ), a M.Sc. in Geology from the University of Zurich, and a Degree in Corporate Finance from Escuela Superior de Administración y Negocios, Lima.Chair of the Board, Lead Director, and Board Committee AppointmentsThe Board of Directors (the "Board") is pleased to announce the reappointment of Mr. Adam Lundin as the Chair of the Board and Mr. Ashley Heppenstall as Lead Director.The Board is also pleased to announce the composition of the Board Committees and each Committee Chair as noted in the table below.Audit CommitteeCorporate Governance and Nominating CommitteeHuman Resources / Compensation CommitteeSafety, Sustainability and Technical CommitteeVictoria J. McMillan (Chair)Dale C. Peniuk (Chair)Donald K. Charter (Chair)Natasha N. D. Vaz (Chair)C. Ashley HeppenstallVictoria J. McMillanC. Ashley HeppenstallDonald K. Charter Dale C. PeniukMaria Olivia RecartMichael SteinmannAdam I. Lundin

Natasha N. D. VazMaria Olivia Recart


Michael SteinmannAbout Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce metals that underpin global development, supporting infrastructure, electrification, technological innovation, and economic resilience. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. We also hold a 31% interest in the Los Helados project, located adjacent to our operating Caserones mine, providing longer term growth optionality. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on May 7, 2026 at 6:00 Pacific Time. SOURCE Lundin Mining Corporation Original: Lundin Mining Announces Annual Meeting Voting Results and Welcomes Michael Steinmann to the Board of Directors

Lundin Mining Announces Declaration of Regular DividendMay 6, 2026 5:30 PM
PR Newswire (US) VANCOUVER, BC, May 6, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars ("CAD") $0.0275 per share, payable on June 25, 2026, to shareholders of record at the close of business on June 5, 2026. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. The declaration, timing, amount, and payment of future dividends remain at the discretion of the Board of Directors. Dividends on shares traded on the Toronto Stock Exchange ("TSX") will be paid in CAD on June 25, 2026. Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear principles on June 30, 2026. To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from June 3, 2026, up to and including June 5, 2026, during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce metals that underpin global development, supporting infrastructure, electrification, technological innovation, and economic resilience. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. We also hold a 31% interest in the Los Helados project, located adjacent to our operating Caserones mine, providing longer term growth optionality. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on May 6, 2026 at 14:30 Pacific Time.Cautionary Statement on Forward-Looking InformationCertain 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; payment of dividends and declaration of future dividends, and timing and amount thereof.; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); the seamless integration of Los Helados into the Company's operations; assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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 (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the ability of the Company to access committed amounts of the upsized credit facility, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Company's Projects (including the Vicuña Project) and commencement of production; successful completion of the Company's projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assumptions as set out herein, in the Vicuña Project Technical Report when filed, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste rock and leach management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; risks relating to development projects; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; any breach or failure of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to Inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; risks associated with climate change; risks relating to acquisitions or business arrangements; the exclusive jurisdiction of foreign courts; changes in the relationship with its employees and contractors; risks relating to dividend payments to shareholders in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; potential for the allegation of fraud and corruption involving the Company, its respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; the outbreak of infectious diseases or viruses; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; minor elements contained in concentrate products; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; 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 quarter ended March 31, 2026, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025 and the "Risks and Uncertainties" section of the Company's most recent Annual Information Form, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.For further information, please contact: Stephen Williams, Vice President, Investor Relations: +1 604 806 3074; Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50 View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-announces-declaration-of-regular-dividend-302764618.html Original: Lundin Mining Announces Declaration of Regular Dividend

Lundin Mining Reports First Quarter 2026 ResultsMay 6, 2026 5:30 PM
PR Newswire (US) VANCOUVER, BC, May 6, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its first quarter 2026 financial results. Unless otherwise stated, results are from continuing operations and presented in US dollars on a 100% basis. View PDF versionJack Lundin, President and CEO commented, "We are pleased to be reporting on another solid quarter of safety, and operational and financial performance. Copper production of approximately 80,000 tonnes at a consolidated cash cost of $1.66/lb, translated into our business generating $1,159 million in revenue and $380 million in free cash flow from operations, improving our net cash position to $250 million. The Company remains firmly on track to deliver on our full-year production and operational cost guidance."We also advanced key growth initiatives, including increasing our ownership in Caserones by 5%, adding to our attributable copper production profile at an attractive acquisition cost. At the same time, we acquired a 31% interest in the Los Helados Project, which is adjacent to our operating Caserones mine, further expanding our Mineral Resource base and providing long-term growth optionality."In addition, the previously announced sale of the Eagle mine to Talon Metals was completed in the period, marking the transition to a copper dominant mining company, with approximately 85% of our quarterly revenue now generated from copper."Finally, the Company published the results of the technical study for the Vicuña Project, the largest copper discovery in the last thirty years. The study underscores its potential as a Tier 1 asset and a top five copper, gold, and silver mine globally, with peak annual copper production exceeding 500,000 tonnes and peak gold production exceeding 800,000 ounces per annum. A major milestone as we work towards a sanctioning decision this year."At Lundin Mining, disciplined execution across high-margin, stable operations underpins our performance. Supported by an unrivaled growth strategy and a strong balance sheet, we are positioned to drive significant value for our stakeholders over the years ahead."First Quarter Operational and Financial HighlightsStrong operational performance in the first quarter, supported by elevated metal prices, drove robust cash generation. The Company is reaffirming its production guidance and cash cost outlook for the year. The balance sheet strengthened over the period, ending in a net cash position of approximately $250 million. With the completion of an upsized credit facility and the current net cash position, the Company expects to be fully funded for the initial stage of construction at Vicuña.Copper Production: 79,934 tonnes at a consolidated copper cash cost1 of $1.66 /lb.Gold Production: During the quarter, 31,537 ounces of gold was produced.Revenue: $1,158.8 million in the first quarter, with a realized copper price1 of $5.70 /lb and a realized gold price1 of $5,123 /oz.Net Earnings and Adjusted Earnings1: Net earnings attributable to shareholders of the Company was $280.5 million ($0.33 per share) and adjusted earnings was $264.6 million ($0.31 per share).Adjusted EBITDA1: $626.7 million for the quarter.Capital Expenditures2: Sustaining capital expenditures2 were $125.8 million and expansionary capital expenditures2 were $54.3 million.Cash Generation: Cash provided by operating activities in the quarter was $493.7 million, free cash flow from operations1 was $379.7 million.Shareholder Returns: Under its normal course issuer bid, the Company repurchased 1,447,194 common shares for aggregate purchases of approximately $40 million and declared a dividend of C$0.0275 per share during the quarter.Growth: The Company is continuing to advance its growth initiatives and completed several significant milestones in 2026 to achieve its long term goal of becoming a top ten copper producer:On January 9, 2026, the Company completed the sale of Eagle mine to Talon Metals Corp. ("Talon"). In consideration, the Company received common shares of Talon which, along with the Company's existing 1.57% interest in Talon, resulted in the Company owning 19.86% of the issued and outstanding common shares of Talon.On February 16, 2026, the Company announced the results of the Vicuña Project technical study, including an updated Mineral Resource estimate for the Vicuña Project (the "Updated Vicuña Mineral Resource") which highlighted a development project with robust economics and the potential to rank among the top five copper, gold, and silver mines globally. The results of the study were subsequently filed in a technical report which was released on March 30, 2026 (the "Vicuña Technical Report").On April 7, 2026, the Company completed the acquisition from JX Advanced Metals Corporation and affiliates ("JX") of an additional 5% interest in the Caserones mine, along with a 30.9% interest in the Los Helados Project and a 0.62% smelter return royalty on Los Helados for total consideration of $215 million. Upon closing of the transaction, the Company's ownership interest in Caserones mine increased to 75%.Net Cash1: As at March 31, the net cash position of the Company was $249.4 million. As at May 6, 2026, net cash was $51 million after funding the purchase of an additional 5% interest in Caserones and 30.9% interest in Los Helados for $215 million.Outlook: The Company reaffirms it is tracking to full year guidance for production, cash costs and capital expenditures.________________________________1  These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP & other performance measures in its Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.2  Sustaining capital expenditures is a supplementary financial measure, see the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release. Summary Financial Results Revenues and net earnings were driven by strong realized prices of $5.70 /lb and $5,123 /oz for copper and gold, respectively. Production costs were impacted by unfavourable foreign exchange at all sites with the impact of higher diesel prices at the end of March 2026 having a marginal impact on costs during the quarter. Cash generation in the quarter also benefitted from a $43.6 million release of working capital.
20262025($ millions continuing operations)Q1Total2Q4Q3Q2Q1Revenue and profit





Revenue1,158.84,053.21,301.5953.9878.1919.6Production costs(487.0)(1,948.1)(546.8)(455.3)(466.2)(479.8)Depreciation, depletion and amortization(134.3)(618.9)(169.7)(162.2)(153.5)(133.5)Gross profit537.51,398.0496.8336.4258.4306.3Net earnings387.01,417.7912.3175.1149.2181.2- attributable to shareholders280.51,047.2659.9133.6115.9137.9Adjusted earnings1264.6687.9363.7143.287.793.8Adjusted EBITDA1626.71,917.1686.4472.2376.5382.2






Cash flow





Cash provided by operating activities493.71,207.9533.0254.9292.7127.6Adjusted operating cash flow1450.11,621.9665.1366.4261.1329.5Free cash flow from operations1379.7773.6388.3160.1195.430.2Free cash flow1313.6538.9331.9101.3149.5(43.4)






Capital expenditures





Sustaining capital expenditure3125.8477.8157.6102.5109.5108.1Expansionary capital expenditure354.3191.243.551.133.762.9






Per share amounts





EPS - Basic and diluted ($/share)0.331.220.770.160.130.16Adjusted EPS1 ($/share)0.310.800.420.170.100.11Dividends declared (C$/share)0.02750.17250.02750.02750.02750.091 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release.2 The sum of quarterly amounts may differ from year-to-date results due to rounding.3 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows and excluding capitalized interest. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure – please refer to the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release. Production Overview

20262025

Q1TotalQ4Q3Q2Q1
Copper (t)






Candelaria (100%)30,808145,47134,27237,12936,99937,071
Caserones (100%)38,552132,88139,61235,27029,29028,709
Chapada10,57443,97411,19112,60011,2748,909
Total79,934322,32685,07584,99977,56374,689
Gold (oz)






Candelaria (100%)17,73980,52819,05519,89920,57421,000
Chapada13,79861,33115,07417,86417,54410,849
Total31,537141,85934,12937,76338,11831,849
Molybdenum (t)






Caserones (100%)5892,082526574380602
Silver (koz)






Candelaria (100%)2911,798441477431449
Chapada6725866736950
Total3582,056507550500499Sales Volumes
20262025Q1TotalQ4Q3Q2Q1Copper (t)





Candelaria (100%)30,823140,50032,88236,04136,60334,974Caserones (100%)36,461138,28745,13426,89630,07636,181Chapada10,37142,0409,41313,99710,2848,346
77,655320,82787,42976,93476,96379,501Gold (oz)





Candelaria (100%)17,25376,53717,70019,04120,02119,775Chapada12,65156,56912,40319,73514,40210,029
29,904133,10630,10338,77634,42329,804Molybdenum (t)





Caserones (100%)6301,976451508389628Silver (koz)





Candelaria (100%)2441,598372434395397Chapada2912926483025       Total2731,727398482425422Candelaria (Chile) Operating Statistics

20262025
(100% Basis)Q1TotalQ4Q3Q2Q1








Ore mined (kt)7,72137,0187,9359,1459,72110,217
Ore milled (kt)7,86731,5797,9728,1037,7527,752
Grade






Copper (%)0.430.500.470.490.520.52
Gold (g/t)0.100.120.110.110.120.12
Production (contained metal)






Copper (t)30,808145,47134,27237,12936,99937,071
Gold (oz)17,73980,52819,05519,89920,57421,000
Revenue ($ millions)453.41,769.0518.5426.8404.6419.1
Production costs ($ millions)202.0783.9226.6199.2186.1172.1
Gross profit ($ millions)181.2685.1218.9144.7143.6177.8
Cash cost ($ per pound copper)12.151.922.291.871.811.75
Sustaining capital ($ millions)147.3224.479.546.950.247.7
All-in sustaining cost ("AISC") ($ per pound copper)12.982.753.512.552.532.461AISC per pound sold and Cash cost per pound sold are non-GAAP measures and Sustaining capital is a supplementary financial measure, see the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release. Q1 2026 PerformanceOpen pit mining was focused on Phase 11 with some contribution from Phase 12, and throughput was impacted by unplanned maintenance on the SAG mill resulting in an unplanned shutdown of approximately three days. Production was slightly lower than in recent quarters primarily as a result of planned lower grades.Q1 2026 Compared to 2026 GuidanceProduction remains in line with annual guidance. Certain maintenance work scheduled for later in the year was accelerated and completed during the unplanned shutdown keeping full year throughput on track to guidance. Candelaria's production profile is weighted towards the second half of the year due to higher expected grades from Phase 12.Cash cost benefitted from strong gold and silver prices and also remains within the annual cash cost guidance range.Growth ProjectsThe Candelaria underground expansion project is expected to increase underground throughput capacity to approximately 22,000 tonnes per day from prior levels of approximately 12,000 to 14,000 tonnes per day, targeting a medium-term increase in annual copper production of approximately 14,000 tonnes of copper which adds roughly 10% to current production levels. The opportunity includes phased insourcing of the Company's underground mining contract and an increase in the number of active mining stopes. This opportunity is not included in Candelaria's three-year guidance figures. Candelaria's 2026 copper and gold production guidance incorporates lower underground mining rates in the first half of the year as the Company insources the underground mining contract. Activities commenced in mid-2025 and are continuing through 2026.Projects are also ongoing to support the mine life extension under the 2040 Environmental Impact Assessment ("EIA").Exploration UpdateAt Candelaria, 2,402 metres were drilled from ten underground drill sites (nine completed, one in-progress) in the Mariana sector of Candelaria Sur. Drilling in this sector is focused on extending higher grade copper-gold veins to the south following exploration indicators.Caserones (Chile) Operating Statistics

20262025
(100% Basis)Q1TotalQ4Q3Q2Q1








Ore mined (kt)8,32236,7128,5538,4799,68010,000
Ore milled (kt)8,21633,3838,2008,5307,9848,669
Ore placed on leach3,52816,7773,1423,9104,9624,763
Grade






Copper (%)0.470.400.470.430.370.33
Molybdenum (%)0.0150.0110.0130.0110.0080.011
Production (contained metal)






Copper in concentrate (t)30,621107,06432,32429,01023,49022,240
Copper cathode (t)7,93125,8177,2886,2605,8006,469
Total copper (t)38,552132,88139,61235,27029,29028,709
Molybdenum (t)5892,082526574380602
Revenue ($ millions)506.31,618.9598.5311.8322.7385.9
Production costs ($ millions)199.3854.5247.3158.5204.7243.9
Gross profit ($ millions)264.6552.2290.8103.861.596.1
Cash cost ($ per pound copper)11.582.171.881.862.452.52
Sustaining capital ($ millions)154.9156.356.829.431.938.2
AISC ($ per pound copper)12.633.032.742.743.343.361AISC per pound sold and Cash cost per pound sold are non-GAAP measures and Sustaining capital is a supplementary financial measure, see the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release. Q1 2026 PerformanceDuring the quarter, mining was concentrated in Phase 6 with some contribution from Phase 7. Copper concentrate production benefitted from higher than expected grades in Phase 6, but was impacted by unplanned maintenance on the ball mill leading to a 24 hour mill shutdown. Additional irrigated area in the dump leach continues to benefit copper cathode production.Q1 2026 Compared to 2026 GuidanceProduction in the quarter is in line with annual production guidance and is expected to be first half weighted in 2026 with higher average grades as planned from Phase 6 during the quarter. Strong copper cathode production and throughput are expected to continue for the remainder of the year. Throughput is expected to benefit from initiatives under the Full Potential program, which focuses on achieving sustainable operational efficiencies and financial savings.Growth ProjectsThe Caserones cathode plant capacity is approximately 35,000 tonnes of copper cathode production per year, representing an opportunity to increase production from prior levels through higher utilization rates. Additional oxide material placed on the dump leach and improved leaching practices led to strong cathode production in 2025.As a result of these optimization efforts, annual copper cathode production is forecast to increase to approximately 26,000 to 28,000 tonnes in 2026 through 2028.Exploration UpdateAt Caserones, four rigs drilled 6,137 metres (six completed holes, four in-progress) during the quarter, targeting high-grade copper breccias at Angelica and Centauro. At Cordillera, the next target south of Centauro, road access was achieved during the quarter with geological mapping and geophysical surveys advancing with initial drill testing scheduled for the second half of 2026.Chapada (Brazil) Operating Statistics

20262025
(100% Basis)Q1TotalQ4Q3Q2Q1








Ore mined (kt)5,97119,9346,4855,4444,7253,280
Ore milled (kt)6,26523,6876,0216,1715,6755,820
Grade






Copper (%)0.220.250.240.260.270.22
Gold (g/t)0.150.160.160.160.180.13
Production (contained metal)






Copper (t)10,57443,97411,19112,60011,2748,909
Gold (oz)13,79861,33115,07417,86417,54410,849
Silver (koz)6725866736950
Revenue ($ millions)199.1665.3184.5215.3150.9114.6
Production costs ($ millions)85.3306.871.996.475.063.5
Gross profit (loss) ($ millions)92.3164.1(11.8)89.254.032.8
Cash cost ($ per pound copper)10.450.750.450.500.751.47
Sustaining capital ($ millions)123.696.821.126.127.422.2
AISC ($ per pound copper)11.872.061.811.582.242.941AISC per pound sold and Cash cost per pound sold are non-GAAP measures and Sustaining capital is a supplementary financial measure, see the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release. Q1 2026 PerformanceMining during the quarter was primarily focused on ore from the South open pit, in line with the planned mine sequence. Ore milled increased as compared to recent quarters and benefitted from softer ore blend and higher availability in the processing plant as a result of operational efficiencies achieved under the Full Potential program.Q1 2026 Compared to 2026 GuidanceProduction during the quarter was in line with annual production guidance. Average copper grades are expected to increase during the second half of the year and throughput is also expected to continue to benefit from operational efficiencies.Growth ProjectsThe Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add approximately 10,000 to 15,000 tonnes of copper production per year and 35,000 to 45,000 ounces of gold production per year. The project would include the installation of additional grinding capacity and processing higher grade ore from Saúva to offset lower grade material currently being mined at Chapada.Further design and engineering work on this project will continue along with Saúva permitting. An updated technical report for Chapada including Saúva is on track to be released in the second half of 2026.Exploration UpdateAt Chapada, one rig completed a total of 2,574 metres targeting deep mineralization in two holes (one completed, one in-progress) outside the current pit shell at Saúva down-dip, extending the high-grade Saúva deposit further west at depth. A third hole was completed at the Siriema exploration target, located along trend two kilometres northwest of Saúva.Vicuña Project (Argentina and Chile) The development of the Vicuña district is envisioned in a staged approach. Stage 1 encompasses a sulphide mill and the Josemaria deposit, establishing an initial open pit mine and concentrator designed for future expansion to accelerate first production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a corresponding solvent extraction and electrowinning (SX/EW) plant for copper, gold and silver recovery. Stage 3 represents the long-term maturation of the district through expansion of the concentrator and development of the Filo del Sol sulphide deposit, enabling peak, sustained production, positioning the Vicuña Project as a long-life, globally significant copper operation. Stage 3 also integrates key district infrastructure, including a desalination plant and associated pipeline, and return concentrate slurry pipeline, to support expansion of the district.Project DevelopmentDuring the quarter, the Company spent $52.2 million in capital expenditures compared to $42.7 million in Q1 2025. During the quarter, activities were focused on drilling and the hiring and training of operators in preparation for early earthworks. In addition, high voltage power system planning and permitting progressed, including completion of a regulatory milestone with Argentina's National Electricity Regulatory Entity (ENRE).Drilling activities, including geotechnical drilling at Josemaria and Filo del Sol and exploration drilling at Filo del Sol, advanced with approximately 14,800 metres of exploration drilling completed during the quarter, progressing towards the drill target of 50,000 metres for 2026.The updated Josemaria EIA was approved in March by the San Juan authorities. Tailings storage detailed design was advanced and an independent tailings review board established.Upcoming Project Development MilestonesThe Company intends to continue to work with its partner, BHP, and Vicuña on a work plan to advance the Vicuña Project to a sanctioning decision. Key upcoming activities and milestones include:Approval of the Incentive Regime for Large Investments ("RIGI") under the Long-Term Strategic Export Projects designation ("PEELP") application in Argentina.Further advancement of project readiness in preparation for early earthworks.Continued upgrades to the north access road.Completion of engineering and mine design optimization activities for Stage 1.Trade off studies and optimization of Stages 2 & 3.Advancement of financing structure within Vicuña to fund construction.Detailed design and engineering on the Vicuña Project is ongoing. The technical team will focus on advancing engineering in order to prepare procurement and other activities to support an efficient project start-up and mitigate risks of increasing lead times and variable international logistics.Following the quarter, the initial self-perform earthworks (for site road construction and process plant site preparations) fleet began to arrive in San Juan. The Company is targeting a sanctioning decision as early as the end of 2026. Technical Report ResultsThe results of the Vicuña Project integrated study, including the Updated Vicuña Mineral Resource, were published on February 16, 2026 and highlighted a development project with the potential to rank among the top five copper, gold, and silver mines globally.Highlights1:Peak production of +500 ktpa copper: Average production over a ten-year period of over 500,000 tonnes copper, 800,000 oz gold and 20 Moz silver or 800,000 tonnes CuEq2.Multi-generational asset: Initial +70-year LOM, producing approximately 22.3 Mt of copper, 37.2 Moz of gold and 763 Moz of silver.Significant free cash flow: Average annual free cash flow of $2.2 billion per year (after expansionary capital) during the first 25 years.Leveraged to copper and gold: LOM revenue contribution of 60% copper, 32% gold and 8% silver.Capital intensity below $30,000/tonne CuEq: Stage 1 capital of $7.1 billion with an after-tax payback period of 8.43 years and an after-tax IRR of 14.8%.Resource growth: The Updated Vicuña Mineral Resource grew significantly compared to the previous estimate4.Base-case scenario: NPV8% of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver.Stage 1 is clearly defined providing a blueprint for initial development, ongoing studies on Stages 2 and 3 are expected to deliver further optimization.Value accretion at higher metal prices: $6.00/lb copper, $5,000/oz gold & $80/oz silver increases the NPV8% to $28.8 billion and the IRR to 25.5% with a payback of 5.4 years._____________________1  Vicuña Project integrated study results and highlights, including the Updated Vicuña Mineral Resource, are presented on a 100% basis. The Company's attributable share is 50%.2  CuEq based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed within the Vicuña Technical Report.3  Initial capital from the start of 2027 and payback period from the start of 2030.The results of the integrated study were subsequently filed in a technical report entitled "Vicuña Project, Argentina and Chile NI 43-101 Technical Report on Preliminary Economic Assessment", available on SEDAR+ at www.sedarplus.ca.RIGI ApplicationIn December 2025, Vicuña submitted an application to the RIGI regime in Argentina for the inclusion of the Vicuña Project under the PEELP designation. Argentina's RIGI regime is designed to attract and accelerate large-scale investment through long-term fiscal stability and transparent regulatory conditions. The Company continues to engage with regulatory authorities regarding its application.RIGI offers regulatory stability, including lower corporate and dividend withholding tax rates, removal of export duties, value added tax offsets and repatriation of revenues. The Vicuña Project is the first hard-rock mining project to apply for the RIGI PEELP, which is designed to support large scale, long-term investments into Argentina and provides longer benefit periods (40 years vs 30 years) and accelerated timelines to repatriate revenues and export duty exemptions, as compared to the regular RIGI regime.About VicuñaOn January 15, 2025, the Company and BHP completed the acquisition of Filo Corp. through a plan of arrangement and concurrently formed a 50/50 independently managed joint arrangement, Vicuña, holding the Josemaria deposit in Argentina and the Filo del Sol deposit in Argentina and Chile. The Company accounts for Vicuña as a joint operation and accordingly records its 50% share of the assets, liabilities, revenue, expenses and cash flows.Los Helados ProjectOn April 7, 2026, the Company acquired from JX a 30.9% interest in the Los Helados Project, a large copper-gold deposit, located in Chile's Atacama Region, approximately 17 kilometres to the south of Caserones and approximately 10 kilometres to the north of the Vicuña Project. Los Helados strengthens the Company's Mineral Resource base, increasing measured and indicated copper Mineral Resources by 15% and gold Mineral Resources by 11%, on an attributable basis5. NGEx Minerals Ltd. holds the remaining 69.1% interest in the Los Helados Project and is the operator.Los Helados provides compelling long-term growth optionality including potential synergies with the Caserones operation. Potential scenarios include throughput expansion, a stand alone operation, or transportation of mineralization from Los Helados to Caserones, accelerating higher grade material.A total of 96,448 metres of drilling has been completed on the Los Helados Project in 110 holes with a Mineral Resource estimate updated in 2023 which highlighted a significant inventory of contained copper, gold and silver._______________________4  See news release dated May 4, 2025 and previous technical report entitled "NI 43-101 Technical Report on the Vicuña Project, Argentina and Chile", with an effective date of April 15, 2025 for information with respect to the previous Mineral Resource estimate. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%.5  Refer to the Lundin Mining news release entitled "Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral Reserves" dated February 18, 2026 and the NGEX Metals Ltd. news release entitled "NGEx Announces Updated Mineral Resource Estimate at Los Helados Includng High-Grade Fenix and Alicanto Zones; Indicated Mineral Resources Exceed 2.0 Billion at 0.51% Copper Equivalent" dated December 5, 2023.Revenue Analysis

Three months ended March 31,
Revenue by mine2026
2025
Change
($ millions)$%
$%
$
Candelaria (100%)453.439
419.146
34.3
Caserones (100%)506.344
385.942
120.4
Chapada199.117
114.612
84.5
Total1,158.8

919.6

239.2 

Three months ended March 31,
Revenue by metal2026
2025
Change
($ millions)$%
$%
$
Copper971.484
792.986
178.5
Gold123.111
87.19
36.0
Molybdenum40.13
21.92
18.2
Silver17.42
14.22
3.2
Other6.8—
3.5—
3.3
Total1,158.8

919.6

239.2 

Three months ended March 31,
Realized prices2026
2025
Copper $5.70 /lb
$4.63 /lb
Gold $5,123 /oz
$3,124 /oz
Molybdenum $28.87 /lb
$15.81 /lbCapital Expenditures1Sustaining capital expenditures during the quarter were primarily related to open pit waste stripping, underground mine development, tailings storage facility upgrades, and investments in new mining equipment. A portion of capital expenditures at Candelaria and Caserones was deferred to the second quarter, with no change to 2026 capital expenditure guidance.
Three months ended March 31,($ millions)20262025Candelaria47.347.7Caserones54.938.2Chapada23.622.2Sustaining capital expenditures125.8108.1Candelaria1.220.2Caserones0.9—Vicuña52.242.7Expansionary capital expenditures54.362.9Total capital expenditures180.1171.01 Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows and excluding capitalized interest. Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non-GAAP measure – please refer to the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release. 2026 OutlookThe Company reaffirms its guidance for production, cash costs, capital expenditures, and exploration as announced on January 21, 2026. See below for the 2026 guidance outlined in the news release "Lundin Mining Announces 2025 Production Results and Provides 2026 Guidance" dated January 21, 2026.The Company has assessed the impact of the current macroeconomic environment and its subsequent effect on key input costs including diesel, sulphuric acid, and ocean freight. While these input costs have increased, the increases are not expected to have a material impact on the overall cost base of the Company at this time. We continue to actively monitor the situation for changes that could impact the Company.As a precautionary measure to proactively mitigate exposure to rising fuel prices, the Company has secured incremental fuel supply and storage capacity at Candelaria and Caserones for approximately one month of consumption.2026 Production and Consolidated Cash Cost1 Guidance
 GuidanceCopper (kt) - contained metal310 – 335Gold (koz) - contained metal134 – 149Consolidated Cash Cost ($/lb)1.90 – 2.101 Consolidated Cash cost is a non-GAAP measure - see the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release. 2026 Production and Cash Cost1 Guidance by Operation

 GuidanceCopper (kt)Candelaria (100%)135 – 145(contained metal)Caserones (100%)130 – 140
Chapada45 – 50
Total copper310 – 335Gold (koz)Candelaria (100%)77 – 87(contained metal)Chapada57 – 62
Total gold134 – 149Cash Cost ($/lb)Candelaria (100%)2.05 – 2.25
Caserones (100%)2.05 – 2.25
Chapada1.00 – 1.20
Consolidated cash cost11.90 – 2.101 Cash cost and Consolidated cash cost per pound are non-GAAP measure - see the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release. 2026 Capital Expenditure Guidance1
($ millions) Guidance
Candelaria (100% basis)215
Caserones (100% basis)235
Chapada100
Total Sustaining550
Expansionary Capital50
Vicuña (50% basis)395
Total Capital Expenditures9951 Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure - see the Company's discussion of non-GAAP & other performance measures in its MD&A for the three months ended March 31, 2026 and the Reconciliation of Non-GAAP Measures section at the end of this news release. 2026 Exploration Investment GuidanceTotal exploration expenditure guidance for 2026 is $53 million.2026 Guidance Key AssumptionsCash cost guidance is based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Au: $4,000 /oz, Mo: $20.00 /lb, Ag: $80.00 /oz), foreign exchange rates (USD/CLP: 900, USD/BRL: 5.50) and operating costs.Candelaria is subject to a streaming agreement on 68% of its total gold and silver production. Candelaria's cash cost is calculated based on receipt of approximately $437 /oz gold and $4.36 /oz silver on streamed ounces. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements which are reflected in copper revenue.Capital expenditure guidance is based on various assumptions and estimates, including, but not limited to foreign currency exchange rates (USD/CLP: 900, USD/BRL: 5.50).About Lundin Mining Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce metals that underpin global development, supporting infrastructure, electrification, technological innovation, and economic resilience. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. We also hold a 31% interest in the Los Helados project, located adjacent to our operating Caserones mine, providing longer term growth optionality. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on May 6, 2026 at 14:30 Vancouver Time.Technical Information The Vicuña Technical Report summarizing the results of the integrated study, including the Updated Vicuña Mineral Resource was prepared in accordance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101") and may be found under the Company's profile on SEDAR+ at www.sedarplus.ca in accordance with applicable securities rules. The Qualified Persons (as defined by NI 43-101) named below have reviewed and verified the scientific and technical information in respect of the Vicuña Technical Report and approve the written disclosure of such information. Each of the Qualified Persons named below, other than Dustin Smiley, is independent of Lundin Mining.The Qualified Persons are:
Mr. Luke Evans, P.Eng., SLR Consulting (Canada) Ltd.
Mr. Paul Daigle, P.Geo., AGP Mining Consultants Inc.
Mr. Sean Horan, P.Geo., Resource Modelling Solutions Ltd.
Mr. Jeffery Austin, P.Eng., International Metallurgical and Environmental Inc.
Mr. Rod Clary, P.E., Design, Fluor Enterprises Inc.
Mr. Kirk Hanson, P.E., KH Mining LLC
Mr. Dustin Smiley, P.Eng., Vicuña Corp.
Mr. Daniel Ruane, P.Eng., Knight Piesold Ltd.For further information related to the Vicuña Technical Report, see the Company's news release dated March 30, 2026.The scientific and technical information in this document other than that pertaining to the Vicuña Technical Report has been reviewed and approved in accordance with NI 43-101 by Eduardo Cortés, Registered Member (Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin Mining, a "Qualified Person" under NI 43-101. Mr. Cortés has verified the data disclosed in this document and no limitations were imposed on his verification process.AbbreviationsAISCAll-in sustaining costg/tGrams per tonneARSArgentine pesosIRRInternal rate of returnBRL Brazilian reaisLOMLife of mineC$Canadian dollarsNPVNet present valueCLPChilean pesoslbPoundCuCopperoz, koz, MozTroy ounces, thousand ounces, million ouncesCuEqCopper equivalentt, kt, MtTonnes, thousand tonnes, million tonnesEPSEarnings per share$ or USDUS dollarsReconciliation 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 months ended March 31, 2026 which is available on SEDAR+ at www.sedarplus.ca.Cash Cost per Pound, Consolidated 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 March 31, 2026Continuing operationsCandelariaCaseronesChapadaConsolidatedTotal1($ millions, unless otherwise noted)(Cu)(Cu)(Cu)(Cu)Sales volumes (contained metal):




Tonnes30,82336,46110,37177,655
Pounds (000s)67,95380,38322,864171,200






Production costs202.0199.385.3486.6487.0Less: Royalties and other(6.2)(15.2)(6.7)(28.1)(28.5)Add: Treatment and refining charges1.6(0.2)0.51.91.9Gross cost197.4183.979.1460.4460.4Deduct: By-product credits2(51.3)(56.8)(68.8)(176.9)(176.9)Cash cost146.1127.110.2283.5283.5





Gross cost per pound ($/lb)2.902.293.462.69
By-product credit per pound ($/lb)(0.75)(0.71)(3.01)(1.03)
Cash cost per pound ($/lb)2.151.580.451.66






Cash cost146.1127.110.2

Add: Sustaining capital expenditure47.354.923.6

Royalties4.815.15.6

Reclamation and other closure accretion and depreciation1.60.42.1

Leases and other2.814.31.2

All-in sustaining cost202.6211.842.7

AISC per pound ($/lb)2.982.631.87

1 Includes immaterial amounts related to other segments.2 By-product credits are presented net of the associated treatment and refining charges.Three months ended March 31, 2025Continuing operationsCandelariaCaseronesChapadaConsolidatedTotal - continuing operations1($ millions, unless otherwise noted)(Cu)(Cu)(Cu)(Cu)Sales volumes (contained metal):




Tonnes34,97436,1818,34679,501
Pounds (000s)77,10479,76518,400175,269






Production costs172.1243.963.5479.5479.7Less: Royalties and other(1.1)(13.6)(5.0)(19.7)(19.9)Add: Treatment and refining charges7.27.33.017.517.5Gross cost178.2237.661.5477.3477.3Deduct: By-product credits2(43.6)(36.6)(34.3)(114.5)(114.6)Cash cost134.6201.027.2362.8362.7





Gross cost per pound ($/lb)2.312.983.342.72
By-product credit per pound ($/lb)(0.56)(0.46)(1.87)(0.65)
Cash cost per pound ($/lb)1.752.521.472.07






Cash cost134.6201.027.2

Add: Sustaining capital expenditure47.738.222.2

Royalties3.59.92.1

Reclamation and other closure accretion and depreciation2.21.31.7

Leases and other1.517.40.9

All-in sustaining cost189.5267.854.1

AISC per pound ($/lb)2.463.362.94

1 Includes immaterial amounts related to other segments.
2 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:Continuing operationsThree months endedMarch 31,($ millions)20262025Net earnings from continuing operations387.0181.2Add back:

Depreciation, depletion and amortization134.3133.5Finance costs, net11.642.7Income tax expense87.250.9EBITDA - continuing operations 620.1408.3Unrealized foreign exchange (gain) loss(3.1)9.3Unrealized losses (gains) on derivative contracts9.9(36.0)Revaluation (gain) loss on marketable securities(3.8)0.5Ojos del Salado sinkhole expenses6.31.1Share of net earnings of associate(2.9)—Other0.2(1.0)Total adjustments - EBITDA6.6(26.1)Adjusted EBITDA - continuing operations626.7382.2Adjusted 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:Continuing operationsThree months endedMarch 31,($ millions, except share and per share amounts)20262025Net earnings attributable to Lundin Mining shareholders - continuing operations280.5137.9Add back:

Total adjustments - EBITDA6.6(26.1)Tax effect on adjustments(1.5)(4.7)Deferred tax arising from foreign exchange translation(21.5)(21.2)Deferred tax arising from partial disposal and contribution to Vicuña—9.0Non-controlling interest on adjustments0.5(1.0)Other—(0.1)Total adjustments(15.9)(44.1)Adjusted earnings - continuing operations 264.693.8


Basic weighted average number of shares outstanding855,930,125851,561,392


Basic EPS from continuing operations attributable to shareholders0.330.16Total adjustments per share(0.02)(0.05)Adjusted EPS - continuing operations0.310.11Capital Expenditures can be reconciled to Investment in mineral properties, plant and equipment, a component of Cash used in investing activities, on the Company's condensed interim consolidated Statements of Cash Flows as follows:Continuing operationsThree months ended March 31,($ millions)20262025Investment in mineral properties, plant and equipment182.6171.6Less: Capitalized interest(2.5)(0.6)Total capital expenditures180.1171.0Sustaining capital expenditures125.8108.1Expansionary capital expenditures54.362.9Free 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:                Continuing operationsThree months endedMarch 31,($ millions)20262025Cash provided by operating activities related to continuing operations493.7127.6Sustaining capital expenditures(125.8)(108.1)General exploration and business development11.810.7Free cash flow from operations - continuing operations379.730.2General exploration and business development(11.8)(10.7)Expansionary capital expenditures(54.3)(62.9)Free cash flow - continuing operations313.6(43.4)Adjusted 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:Continuing operationsThree months endedMarch 31,($ millions)20262025Free cash flow from operations - continuing operations379.730.2Changes in non-cash working capital items(43.6)201.9Adjusted free cash flow from operations - continuing operations336.1232.1Free cash flow - continuing operations313.6(43.4)Changes in non-cash working capital items(43.6)201.9Adjusted free cash flow - continuing operations270.0158.5Adjusted Operating Cash Flow can be reconciled to Cash provided by operating activities on the Company's Condensed Interim Consolidated Statements of Cash Flows as follows:


Continuing operationsThree months endedMarch 31,($ millions)20262025Cash provided by operating activities from continuing operations493.7127.6Changes in non-cash working capital items(43.6)201.9Adjusted operating cash flow - continuing operations450.1329.5Net cash can be reconciled to Debt, Current portion of debt and Cash and cash equivalents on the Company's Condensed Interim Consolidated Balance Sheets as follows:($ millions)March 31, 2026December 31, 2025Debt(171.1)(56.3)Current portion of debt(130.9)(180.8)Less deferred financing fees (netted in above)(14.0)(3.7)
(316.0)(240.8)


Cash and cash equivalents565.4296.2Add cash and cash equivalents related to assets classified as held for sale—22.0Net cash249.477.4Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision and aspirations and their achievement and timing; the results of the Vicuña Project technical study, including but not limited to the Updated Vicuña Mineral Resource estimate and the parameters and assumptions used to estimate the Mineral Resources, future expansion of the Mineral Resource estimates and the Vicuña Project, the life of mine, the life of mine plan, commencement of production, mining methods, estimated workforce and equipment requirements, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, process flowsheet, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and the timing thereof, economic metrics and sensitivities, estimated economic results (including project economics, economic metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Vicuña Project, tailings management, Vicuña Project infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting facilities, pipelines, transportation systems and desalination plant and pipeline), Vicuña Project development and construction plans (including staged development, project stages, sequencing, timing, costs and the effects and benefits), Vicuña Project permitting (including timelines and expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the Vicuña Project and the timing thereof, community and social engagement and corporate social responsibility matters, economic, fiscal and other benefits of the Vicuña Project to local communities, host-countries, shareholders and other stakeholders, and the updated Vicuña Technical Report and the contents thereof; project studies (including technical, environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to be a world-class project ranking among the top five copper, gold and silver mines globally; the Company's revolving credit facility and the amendments thereto, including upsizing, expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended revolving credit facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit facility; Vicuña Project funding and the Company's expectations regarding its funding capacity and strategy and its work with BHP; the production profile of Caserones and economics resulting from the Company's acquisition of additional interest in SCM Minera Lumina Copper Chile and the Los Helados project (including cash costs), the Mineral Resource estimate for Los Helados and the parameters and assumptions used to estimate the Mineral Resources; the potential synergies between Caserones and Los Helados; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance; the Company's growth and optimization initiatives; 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, cash flow, 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; the Company's ability to comply with contractual and permitting or other regulatory requirements; timing and possible outcomes of pending litigation and disputes, including tax disputes; the timing and expectations of future studies; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; potential for future Mineral Resource expansion; remediation and reclamation obligations, including their anticipated costs and timing; anticipated market prices of metals, currency exchange rates and interest rates; the Company's liquidity, contractual obligations, commitments and contingencies, and the Company's capital resources and adequacy thereof; the Company's tax obligations; anticipated exploration and development activities at the Company's projects, including potential outcomes, results, impacts and timing thereof; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and associated costs and timing, and other plans and expectations with respect to the Vicuña Project and the 50/50 joint arrangement with BHP; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the operation of Vicuña with BHP; expected processing capacities and infrastructure development; the timing and expectations for future regulatory applications (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 anticipated economic and fiscal benefits to Argentina and Chile, including expected tax, royalty, employment and infrastructure impacts; the terms of the contingent payments in respect of the completion of the sale of the Company's European and US assets and expectations related thereto; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); the seamless integration of Los Helados into the Company's operations; assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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 (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the ability of the Company to access committed amounts of the upsized credit facility, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Company's Projects (including the Vicuña Project) and commencement of production; successful completion of the Company's projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assumptions as set out herein, in the Vicuña Project Technical Report when filed, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste rock and leach management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; risks relating to development projects; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; any breach or failure of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to Inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; risks associated with climate change; risks relating to acquisitions or business arrangements; the exclusive jurisdiction of foreign courts; changes in the relationship with its employees and contractors; risks relating to dividend payments to shareholders in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; potential for the allegation of fraud and corruption involving the Company, its respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; the outbreak of infectious diseases or viruses; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; minor elements contained in concentrate products; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto;  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 quarter ended March 31, 2026, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025 and the "Risks and Uncertainties" section of the Company's most recent Annual Information Form, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law. View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-reports-first-quarter-2026-results-302764591.html Original: Lundin Mining Reports First Quarter 2026 Results

Lundin Mining Announces Updated Share Capital and Provides Update on Share BuybacksMay 1, 2026 5:00 PM
PR Newswire (US)

VANCOUVER, BC, May 1, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act.The number of issued and outstanding shares of the Company increased by 250,552 to 855,610,391 common shares with voting rights as of April 30, 2026. The increase in the number of issued and outstanding shares from April 1, 2026 to date is the result of the exercise of employee stock options or the vesting of employee share units, offset by share buybacks completed under the normal course issuer bid ("NCIB").Normal Course Issuer BidUnder the Company's shareholder distribution policy, the Company is committed to allocating up to US$150 million in annual share buybacks through the NCIB program. So far during 2026, Lundin Mining has acquired 1,500,094 common shares at a cost of approximately US$42 million.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce metals that underpin global development, supporting infrastructure, electrification, technological innovation, and economic resilience. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. We also hold a 31% interest in the Los Helados project, located adjacent to our operating Caserones mine, providing longer term growth optionality. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on May 1, 2026 at 2:00 Pacific Time.



View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-announces-updated-share-capital-and-provides-update-on-share-buybacks-302760466.html

Original: Lundin Mining Announces Updated Share Capital and Provides Update on Share Buybacks

Lundin Mining Publishes 2025 Sustainability Statement and 2025 Annual ReportApril 28, 2026 11:30 PM
PR Newswire (US)

VANCOUVER, BC, April 29, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the publication of its Swedish Annual Report for the year ended December 31, 2025, including the Company's first Sustainability Statement (the "Statement") in accordance with the Swedish Annual Accounts Act and the European Sustainability Reporting Standards ("ESRS") and Article 8 of the EU Regulation 2020/852 (the "EU Taxonomy") under the EU Corporate Sustainability Reporting Directive ("CSRD").Since 2010, Lundin Mining has published a comprehensive report on key environmental, health & safety, governance, and social issues relevant to its communities, employees, investors, and stakeholders. 2025 marks the Company's first CSRD-aligned Sustainability Statement, introducing enhanced disclosure and greater rigour as part of our commitment to responsible mining.Jack Lundin, President and CEO, commented "At Lundin Mining, we are proud to produce the metals the world needs responsibly, through disciplined environmental stewardship, strong partnerships with communities, and an unwavering commitment to safety. Our inaugural Sustainability Statement under CSRD reflects the significant progress we have made, as well as the transparency, accountability, and high standards embedded across our business. As we continue to grow, we are well positioned to deliver lasting value for all stakeholders while supporting a more sustainable future."2025 Highlights Include:Our Total Recordable Injury Frequency Rate (TRIFR) of 0.321 was a record for Lundin Mining, a testament to the effectiveness of our ongoing safety initiatives and commitment of our teams.The Company advanced key greenhouse gas (GHG) emission reduction initiatives, including at Chapada where the operation's electricity needs are now met by renewable energy. With this increased investment in renewables, all the electricity supplied to Lundin Mining's operations now comes from renewable sources. In order to advance Scope 3 action, the company has also updated its Scope 3 emissions inventory and intends to identify key suppliers who have established GHG emissions targets to support engagement activities.All active tailings facilities fully conform to the Global Industry Standard on Tailings Management.Direct community investments from the Company's corporate office and sites totaled approximately $9.3 million in 2025. These investments supported education, health, culture, community development and small business development.Board composition exceeded the Company's female representation target, with 37.5% of female directors._______________________________1Calculated per 200,000 hours worked as per Occupational Safety and Health Administration (OSHA) methodology.Annual ReportThe 2025 Swedish Annual Report is available for download from the Company's website at the following location: https://lundinmining.com/investors/financial-reports/ and has been filed and is available in European Single Electronic Format. The Sustainability Statement is also available as a stand-alone document at: https://lundinmining.com/sustainability/reports/.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce metals that underpin global development, supporting infrastructure, electrification, technological innovation, and economic resilience. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. We also hold a 31% interest in the Los Helados project, located adjacent to our operating Caserones mine, providing longer term growth optionality. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.This is information that Lundin Mining is obliged to make public pursuant to the Swedish Securities Markets Act (Sw. lag (2007:528) om värdepappersmarknaden). The information was submitted for publication, through the agency of the contact persons set out below on April 28, 2026 at 8:30 PM Pacific Time.



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Original: Lundin Mining Publishes 2025 Sustainability Statement and 2025 Annual Report

Lundin Mining Pre-Announces Items Impacting the First Quarter 2026 ResultsApril 16, 2026 6:09 PM
PR Newswire (US)

VANCOUVER, BC, April 16, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pre-announcing certain items impacting the Company's earnings, adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA")1, adjusted earnings1 and adjusted earnings per share1 for the three months ending March 31, 2026. Unless otherwise stated, dollar amounts are presented in United States dollars and are unaudited.Revenue and Provisional Pricing AdjustmentsRevenue in the first quarter 2026 is expected to be positively impacted by unaudited provisional pricing adjustments on prior period concentrate sales of approximately $22 million on a pre-tax basis. These adjustments primarily include upward adjustments in relation to prior period metal sales.Derivatives and Foreign ExchangeItems of significant impact in the first quarter 2026 are expected to include unaudited realized losses on derivative contracts of approximately $13 million, primarily related to gold collar contracts. Unaudited realized foreign exchange losses in the first quarter 2026 are not expected to be significant.In the first quarter 2026 the Company is expected to recognize certain non-cash items that will impact the Company's earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share. These include an unaudited unrealized loss of approximately $10 million on a pre-tax basis related to the mark-to-market valuation of the Company's unexpired derivative contracts, primarily due to the revaluation of gold collar contracts. Unaudited unrealized foreign exchange gains are not expected to be significant.Discontinued OperationsEarnings from discontinued operations in the first quarter 2026 are expected to be positively impacted by an unaudited gain on disposal of Eagle mine, totaling approximately $4 million. This amount will be excluded from adjusted EBITDA, adjusted earnings, and adjusted earnings per share.The Company received a cash payment from discontinued operations of $5 million during the quarter related to contingent consideration associated with the disposal of the European operations. This contingent consideration was recognized as income in the fourth quarter 2025 results.First Quarter 2026 Results Conference Call and Webcast DetailsThe Company will release its first quarter 2026 operations and financial results after market close on Wednesday, May 6, 2026, and will hold a webcast and conference call on Thursday, May 7, 2026 to present the results. Webcast and conference call details are provided below.Webcast / Conference Call Details:Date: Thursday, May 7, 2026
Time: 7:00 AM PT | 10:00 AM ET
Listen Only Webcast: WEBCAST LINK
Dial In for Investor & Analyst Q&A: DIAL IN LINK
__________________________________
1 These are non-GAAP measures. 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 year ended December 31, 2025 which is available on SEDAR+ at www.sedarplus.com.To participate in the call click on the dial in LINK above and complete the online registration form. Once registered you will receive the dial-in information and a unique PIN to join the call and ask questions.A replay of the webcast will be available by clicking on the webcast LINK above and will be archived on the Company's website for a limited period of time.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information was submitted for publication, through the agency of the contact persons set out below on April 16, 2026 at 15:00 Pacific Time.Cautionary Statement on Forward-Looking InformationCertain 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 financial results, impacts thereto and the accounting therefor; expected items of significant impact in the first quarter of 2026 and the anticipated impact on the Company's revenue, earnings, adjusted EBITDA, adjusted earnings and adjusted earnings per share; expected costs; tax matters and utilization of tax recovery; anticipated market rates of metals; currency exchange rates and interest rates; timing of future disclosures; the Company's plans, prospects and business strategies and strategic vision and aspirations and their achievement and timing; 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 prices of copper, gold, zinc, nickel and other metals; anticipated costs; 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 environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions 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 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; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste rock and leach management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; challenges and conflicts that may arise in partnerships and joint operations; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; risks relating to development projects; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; reputational risks related to negative publicity with respect to the Company, its joint venture partners or the mining industry in general; any breach or failure of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to Inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; risks associated with climate change; risks relating to acquisitions or business arrangements; the exclusive jurisdiction of foreign courts; changes in the Company's relationship with its employees and contractors; risks relating to dividend payments to shareholders in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; potential for the allegation of fraud and corruption involving the Company, its respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; the outbreak of infectious diseases or viruses; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; minor elements contained in concentrate products; risks associated with the use of derivatives; exchange rate fluctuations; the terms of 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 year ended December 31, 2025 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2025, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile. All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward–looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law. 



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Original: Lundin Mining Pre-Announces Items Impacting the First Quarter 2026 Results

Lundin Mining Completes Acquisition of an Additional 5% Ownership in Caserones and a 31% Interest in the Los Helados ProjectApril 7, 2026 9:15 PM
PR Newswire (US)

VANCOUVER, BC, April 8, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the completion of its previously announced acquisition of an additional 5% equity interest in SCM Minera Lumina Copper Chile, owner of the Caserones copper-molybdenum mine ("Caserones'"), along with a 30.9% interest in the Los Helados Project and a 0.62% net smelter return royalty on Los Helados, from JX Advanced Metals Corporation and affiliates for total consideration of US$215 million. The total consideration paid at closing was funded from cash on hand.This acquisition increases the Company's ownership in Caserones to 75%, adding annual attributable copper production of approximately 6,500 to 7,000 tonnes based on the full year guidance1, while the 30.9% interest in the Los Helados Project strengthens the Company's copper and gold Mineral Resource base and provides compelling long-term growth optionality, including potential synergies with the nearby Caserones operation.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on April 7, 2026 at 6:00 PM Pacific Time.Scientific and Technical InformationThe Qualified Person responsible for the scientific and technical information contained herein and who has reviewed and approved such information in accordance with National Instrument 43-101 ("NI 43-101") is 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. For further details please refer to the Company's news release announcing the acquisition on March 9, 2026 which is available on its SEDAR+ and its website at www.lundinmining.com._________________________1 Guidance as announced by news release "Lundin Mining Announces 2025 Production Results and 2026 Guidance" dated January 21, 2026.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 production profile of Caserones and economics resulting therefrom; the Mineral Resources for Los Helados and the parameters and assumptions used to estimate the Mineral Resources; the potential synergies between Caserones and Los Helados; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance; the Company's growth and optimization initiatives, and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); the seamless integration of Los Helados into the Company's operations; assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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 their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure, equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the successful sanctioning, permitting and development of the Company's Projects (including the Vicuña Project) and commencement of production; successful completion of the Company's projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assumptions as set out herein, in the technical report for the Los Helados project, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with each of JX and NGEx Minerals Ltd. and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Caserones or Los Helados Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to 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; 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; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the "Risk and Uncertainties" section of the Company's latest Annual Information Form, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile. All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.



View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-completes-acquisition-of-an-additional-5-ownership-in-caserones-and-a-31-interest-in-the-los-helados-project-302736382.html

Original: Lundin Mining Completes Acquisition of an Additional 5% Ownership in Caserones and a 31% Interest in the Los Helados Project

Lundin Mining Completes Acquisition of an Additional 5% Ownership in Caserones and a 31% Interest in the Los Helados ProjectApril 7, 2026 9:00 PM
PR Newswire (Canada)

VANCOUVER, BC, April 7, 2026 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the completion of its previously announced acquisition of an additional 5% equity interest in SCM Minera Lumina Copper Chile, owner of the Caserones copper-molybdenum mine ("Caserones'"), along with a 30.9% interest in the Los Helados Project and a 0.62% net smelter return royalty on Los Helados, from JX Advanced Metals Corporation and affiliates for total consideration of US$215 million. The total consideration paid at closing was funded from cash on hand.This acquisition increases the Company's ownership in Caserones to 75%, adding annual attributable copper production of approximately 6,500 to 7,000 tonnes based on the full year guidance1, while the 30.9% interest in the Los Helados Project strengthens the Company's copper and gold Mineral Resource base and provides compelling long-term growth optionality, including potential synergies with the nearby Caserones operation.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on April 7, 2026 at 6:00 PM Pacific Time.Scientific and Technical InformationThe Qualified Person responsible for the scientific and technical information contained herein and who has reviewed and approved such information in accordance with National Instrument 43-101 ("NI 43-101") is 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. For further details please refer to the Company's news release announcing the acquisition on March 9, 2026 which is available on its SEDAR+ and its website at www.lundinmining.com._________________________1 Guidance as announced by news release "Lundin Mining Announces 2025 Production Results and 2026 Guidance" dated January 21, 2026.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 production profile of Caserones and economics resulting therefrom; the Mineral Resources for Los Helados and the parameters and assumptions used to estimate the Mineral Resources; the potential synergies between Caserones and Los Helados; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance; the Company's growth and optimization initiatives, and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); the seamless integration of Los Helados into the Company's operations; assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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 their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure, equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the successful sanctioning, permitting and development of the Company's Projects (including the Vicuña Project) and commencement of production; successful completion of the Company's projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assumptions as set out herein, in the technical report for the Los Helados project, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with each of JX and NGEx Minerals Ltd. and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Caserones or Los Helados Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to 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; 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; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the "Risk and Uncertainties" section of the Company's latest Annual Information Form, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile. All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.





SOURCE Lundin Mining Corporation

Original: Lundin Mining Completes Acquisition of an Additional 5% Ownership in Caserones and a 31% Interest in the Los Helados Project

Lundin Mining Announces Date of Annual Meeting of Shareholders and Filing of Modern Slavery ReportApril 1, 2026 9:00 PM
PR Newswire (Canada)

VANCOUVER, BC, April 1, 2026 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") ("Lundin Mining" or the "Company") announces that its Annual Meeting will be held on Thursday, May 7, 2026 (the "Meeting") at 1:30 p.m. Vancouver time as a hybrid format. The Meeting will be held in person at 1055 Dunsmuir Street, Suite 2800, Bentall IV Centre, Vancouver, British Columbia, Canada, and online via live audio webcast online at www.virtualshareholdermeeting.com/LUN2026. The Notice of Meeting, the accompanying Management Proxy Circular (the "Circular") and related meeting materials are available under the Company's profile on SEDAR+ at www.sedarplus.com and on the Company's website at www.lundinmining.com/investors/corporate-filings/.To facilitate increased shareholder attendance and participation, the Company has made arrangements to enable shareholders and proxyholders to attend and vote virtually and in-person at this year's Meeting. The record date for the Meeting was March 9, 2026. Eligible shareholders are encouraged to vote online, by telephone or by proxy. Detailed information on how shareholders can participate in the Meeting and vote is available in the Circular. The Circular provides additional information relating to the below items for consideration at the Meeting.The Meeting is being held for the following purposes:To receive the audited consolidated financial statements of the Corporation for the year ended December 31, 2025 and the report of the auditors thereon;To elect the directors for the ensuing year;To appoint PricewaterhouseCoopers LLP, Chartered Professional Accountants, as auditors of the Corporation for the ensuing year, and to authorize the directors to fix the remuneration to be paid to the auditors;To provide shareholders with an advisory vote on the Corporation's approach to executive compensation;To vote on the shareholder proposal contained in the Circular; andTo transact such further and other business as may properly be brought before the Meeting or any adjournment or postponement thereof.Notice and AccessLundin Mining will provide shareholders with electronic access to meeting materials rather than mailing paper copies. Electronic copies of the Circular, other meeting materials and copies of the Company's audited consolidated financial statements for the year ended December 31, 2025, the auditor's report on those statements and the associated management's discussion and analysis are available online at the Company's website at https://www.lundinmining.com/investors/corporate-filings and under the Company's profile on SEDAR+ at www.sedarplus.com. The notice shareholders receive will include information on how to obtain a paper copy of the Circular or associated materials if preferred.How to Vote if Your Securities Trade on the Nasdaq Stockholm ExchangeThe information in this section is of significance to shareholders who hold their securities ("Euroclear Registered Securities") through Euroclear Sweden AB, which securities trade on the Nasdaq Stockholm Exchange. Shareholders who hold Euroclear Registered Securities are not registered holders of voting securities for the purposes of voting at the Meeting. Instead, Euroclear Registered Securities are registered under CDS & Co., the registration name of the Canadian Depositary for Securities. Holders of Euroclear Registered Securities will receive a Form of Proxy (the "Swedish Proxy") by mail directly from Computershare AB ("Computershare Sweden"). The Swedish Proxy cannot be used to vote securities directly at the Meeting. Instead, the Swedish Proxy must be completed and returned to Computershare Sweden, strictly in accordance with the instructions and deadlines that will be described in the instructions provided with the Swedish Proxy.Modern Slavery ReportLundin Mining has filed its Modern Slavery Report for the year ended December 31, 2025, which can be found on the Company's website at https://lundinmining.com/investors/corporate-filings/.First Quarter 2026 Results Conference Call and WebcastThe Company will release its first quarter 2026 operational and financial results after market close on Wednesday, May 6, 2026, and will hold a webcast and conference call on Thursday, May 7, 2026 to present the results. Webcast and conference call details are provided below.Webcast / Conference Call Details:Date: Thursday, May 7, 2026
Time: 7:00 AM PT | 10:00 AM ET
Listen Only Webcast: WEBCAST LINK
Dial In for Investor & Analyst Q&A: DIAL IN LINKTo participate in the call click on the dial in LINK above and complete the online registration form. Once registered you will receive the dial-in information and a unique PIN to join the call and ask questions.A replay of the webcast will be available by clicking on the webcast LINK above and will be archived on the Company's website for a limited period of time.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on April 1, 2026 at 6:00 PM Pacific Time.





SOURCE Lundin Mining Corporation

Original: Lundin Mining Announces Date of Annual Meeting of Shareholders and Filing of Modern Slavery Report

Lundin Mining Announces Updated Share Capital and Provides Update on Share BuybacksMarch 31, 2026 9:00 PM
PR Newswire (US)

VANCOUVER, BC, April 1, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act.The number of issued and outstanding shares of the Company increased by 692,674 to 855,359,839 common shares with voting rights as of March 31, 2026. The increase in the number of issued and outstanding shares from February 27, 2026 to date is the result of the exercise of employee stock options or the vesting of employee share units, offset by share buybacks completed under the normal course issuer bid ("NCIB").Normal Course Issuer BidUnder the Company's shareholder distribution policy, the Company is committed to allocating up to US$150 million in annual share buybacks through the NCIB program. So far during 2026, Lundin Mining has acquired 1,447,194 common shares at a cost of approximately US$40 million.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on March 31, 2026 at 6:00 Pacific 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 50



View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-announces-updated-share-capital-and-provides-update-on-share-buybacks-302730755.html

Original: Lundin Mining Announces Updated Share Capital and Provides Update on Share Buybacks

Lundin Mining Files Vicuña Project Technical ReportMarch 30, 2026 11:45 PM
PR Newswire (Canada)

VANCOUVER, BC, March 30, 2026  /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") announces that, further to its news release dated February 16, 2026, announcing the results of the Vicuña Integrated Technical Study (the "PEA" or "Study"), the Company has filed a technical report entitled "Vicuña Project, Argentina and Chile NI 43-101 Technical Report on Preliminary Economic Assessment" with an effective date of February 16, 2026 (the "Technical Report"). There are no material differences in the results reported in the Technical Report and those contained in the February 16, 2026 news release. A copy of the Technical Report can be found on the Company's website at www.lundinmining.com and on the Company's profile on SEDAR+ at www.sedarplus.ca.The Vicuña project (the "Vicuña Project" or "Project") is comprised of the Filo del Sol deposit and the Josemaria deposit and is held by Vicuña Corp. ("Vicuña"), a 50/50 joint arrangement between Lundin Mining and BHP. Unless otherwise indicated, all dollar amounts are stated in United States dollars ("$") and presented on a 100% basis.Study Highlights:The Vicuña district is planned to be developed in a staged approach, with Stage 1 focused on the construction of a sulphide mill and the development of the Josemaría deposit, establishing an initial open-pit mine and concentrator specifically designed to allow for future expansion and deliver accelerated first production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a corresponding SX/EW plant for copper, gold and silver recovery. Stage 3 represents the long-term maturation of the district through expansion of the concentrator and development of the Filo del Sol sulphide deposit, enabling peak, sustained production, positioning the Vicuña Project as a long-life, high-quality and large scale mining operation. Stage 3 also integrates key district infrastructure, including a desalination plant and associated pipeline, and return concentrate slurry pipeline, to support expansion of the district.Potential to be a top five copper, gold, and silver mine: Average annual production of 400,000 tonnes copper, 700,000 ounces ("oz") gold and 22 million ounces ("Moz") silver over the first 25 full years of operation.Peak production of +500 ktpa copper: Average production over a ten-year period of over 500,000 tonnes copper, 800,000 oz gold and 20 Moz silver or 800,000 tonnes copper equivalent1 ("CuEq").Multi-generational asset: Initial +70-year life of mine ("LOM"), producing approximately 22.3 million tonnes ("Mt") of copper, 37.2 Moz of gold and 763 Moz of silver.First quartile cost profile: Average cash cost2 (net of by-product credits) per pound of copper of negative ($0.20/lb) and an all-in sustaining cost2 ("AISC") per pound of copper of $0.47/lb (net of by-product credits) over the first 25 full years of operation.Staged development: Enables Vicuña to incorporate ongoing optimization for the later stages of the project, manage development risk and fund future development through operating cash flow.Significant free cash flow: Average annual free cash flow2 of $2.2 billion per year (after expansionary capital) during the first 25 full years of operation.Leveraged to copper and gold: LOM revenue contribution of approximately 60% copper, 32% gold and 8% silver.Capital intensity below $30,000/tonne CuEq: Stage 1 capital of $7.1 billion with an after-tax payback period of 8.4 years3.Robust after-tax internal rate of return ("IRR"): IRR of 14.8% which includes all project stages over the life of the mine.Base-case scenario that establishes a globally ranked project: Net present value ("NPV8%") of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver.Stage 1 provides a detailed blueprint for near-term development, while ongoing optimization studies on Stages 2 and 3 are expected to drive additional upside and long-term value creation.At recent spot copper, gold and silver prices ($6.00/lb copper, $5,000/oz gold and $80/oz silver), the NPV8% increases to $28.8 billion and the IRR to 25.5% with a payback of 5.4 years._________________________________1 Copper equivalent (CuEq) based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed within the Technical Report for reference.2 Cash Cost (net of by-product credits), all-in sustaining cost and free cash flow are Non-GAAP measures, please see the section "Cautionary Note Regarding Non-GAAP Measures" below. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures.3 Initial capital from the start of 2027 and payback period from the start of 2030.The Study and filing of the Technical Report marks a significant milestone for the Company and our partner BHP, positioning us to make a potential sanctioning decision as early as year-end. As per the 2026 Vicuña Project budget, next steps include detailed design and engineering for Stage 1, ramp up of project readiness activities and upgrades to the site access road, all of which will advance the Project toward long-life, high-quality copper production while unlocking value across the broader district.The Study is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on March 30, 2026 at 8:45 PM Pacific Time.Qualified Person Statements and Related DisclosureThe Technical Report summarizing the results of the Study was prepared by the Qualified Persons (as defined under NI 43-101) named below, who have reviewed and verified the scientific and technical information and approve the written disclosure of such information. Each of the Qualified Persons named below, other than Dustin Smiley, is independent of Lundin Mining.The Qualified Persons are:Mr. Luke Evans, P.Eng., Global Technical Director, Geology Group Leader, SLR Consulting (Canada) Ltd.
Mr. Paul Daigle, P.Geo., Principal Resource Geologist, AGP Mining Consultants Inc.
Mr. Sean Horan, P.Geo., Director of Resource Modelling, Resource Modelling Solutions Ltd.
Mr. Jeffery Austin, P.Eng., President, International Metallurgical and Environmental Inc.
Mr. Rod Clary, P.Eng., Director – Design Engineering, Fluor Enterprises Inc.
Mr. Kirk Hanson, P.E., Managing Member, KH Mining LLC
Mr. Dustin Smiley, P.Eng., Area Director – Phase II, Vicuña Corp.
Mr. Daniel Ruane, P.Eng., Senior Engineer, Knight Piesold Ltd.The Technical Report has been prepared pursuant to Canadian Securities Administrator's NI 43-101 requirements and may be found on the Company's SEDAR+ profile at www.sedarplus.ca and on the Company's website at www.lundinmining.com.For more information, including with respect to data verification, assumptions, parameters and methods used to estimate Mineral Resources and Mineral Reserves, and associated risks, please refer to the news release dated February 16, 2026 as well as the Technical Report.The reader is advised that the PEA results summarized in this news release is a conceptual study of the potential viability of the Vicuña Project, and the economic and technical viability of the Vicuña Project and its estimated Mineral Resources has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the Vicuña Project's potential and design options; there is no certainty that the PEA will be realized. The PEA conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves.  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Vicuña Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described in the Technical Report. Cautionary Note Regarding Non-GAAP MeasuresThe Company has included herein certain performance measures ("Non-GAAP measures") further described below. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable to similar data presented by other mining companies. While there is no standardized meaning of each Non-GAAP measure across the industry, the Company believes that each such measure is useful to external users in assessing operating performance. These measures are 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 Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures.Cash Cost (Net of By-Product Credits) per pound soldCash cost includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges and royalties. Cash Cost includes offsite infrastructure to be funded by a third party and is included in operating costs. Revenue from sales of by-products reduce cash cost. Cash cost per pound sold is calculated by dividend cash cost by the copper sales volume.All-In Sustaining Cost (Net of By-Product Credits) per pound soldAll-In Sustaining Cost includes cash cost (as defined above), sustaining capital expenditure (including deferred stripping), reclamation costs and lease payments (cash basis). All-In Sustaining Cost per pound sold is calculated by dividing AISC by the copper sales volume.Sustaining capital expenditureSustaining capital expenditure is a supplementary financial measure and defined as cash-basis expenditures which maintain operations and sustain production levels.Expansionary capital expendituresExpansionary capital expenditure is defined as cash-basis expenditures which increase 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.Free cash flowFree cash flow is defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above).Operating costs per tonne milledOperating costs per tonne milled is a supplementary financial measure calculated as operating costs divided by tonnes milled.Cautionary Statement on Forward-Looking InformationCertain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision and aspirations and their achievement and timing; the results of the Vicuña Project PEA, including but not limited to the Mineral Resource estimate and the parameters and assumptions used to estimate the Mineral Resources, future expansion of the Mineral Resource estimate and the Project, the life of mine, the life of mine plan, commencement of production, mining methods, estimated workforce and equipment requirements, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, process flowsheet, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and the timing thereof, economic metrics and sensitivities, estimated economic results (including Project economics, economic metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Project, tailings management, Project infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting facilities, pipelines, transportation systems, and desalination plant and pipeline), Project development and construction plans (including staged development, Project Stages, sequencing, timing, costs and the effects and benefits), Project permitting (including timelines and expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the Project and the timing thereof, community and social engagement and corporate social responsibility matters, economic, fiscal and other benefits of the Project to local communities, host-countries, shareholders and other stakeholders, the Vicuña Project Technical Report and the contents thereof; Project studies (including technical, environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to be a world-class project ranking among the top five copper, gold and silver mines globally; the Company's credit facility and the amendments thereto, including upsizing, expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended credit facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit facility; Project funding and the Company's expectations regarding its funding strategy and its work with BHP; 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, cash flow, costs, expenditures and other financial metrics; permitting requirements and timelines; the Company's ability to comply with contractual and permitting or other regulatory requirements; timing and possible outcome of pending litigation and disputes, including tax disputes; the timing and expectations of future studies; 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; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the operation of the Vicuña Project with BHP; expected processing capacities and infrastructure development; the timing and expectations for future regulatory applications; the anticipated economic and fiscal benefits to Argentina and Chile, including expected tax, royalty, employment and infrastructure impacts and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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 (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Vicuña Project and commencement of production; successful completion of the Company's projects and initiatives (including the Project) within budget and expected timelines; and such other assumptions as set out herein, in the Project Technical Report when filed, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to 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; 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; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the "Risk and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2025, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile. All of the forward-looking information in this document are 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.





SOURCE Lundin Mining Corporation

Original: Lundin Mining Files Vicuña Project Technical Report

Lundin Mining to Acquire Additional 5% Ownership in Caserones and a 31% Interest in the Los Helados ProjectMarch 10, 2026 2:59 AM
PR Newswire (US)

VANCOUVER, BC, March 10, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce that the Company has entered into purchase agreements to acquire an additional 5% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile ("Lumina Copper"), which owns the Caserones copper-molybdenum mine ("Caserones'") located in Chile, as well as  a 30.9% interest in the Los Helados Project and a 0.62% net smelter return royalty ("NSR") on Los Helados from JX Advanced Metals Corporation and affiliates (collectively, "JX") for total consideration of US$215 million (collectively, the "Transaction").Jack Lundin, President and CEO, commented "Securing an additional 5% ownership in Caserones and acquiring 31% of the Los Helados Project marks another significant step in strengthening Lundin Mining's copper-dominant portfolio in the emerging Vicuña District. This investment increases our attributable production profile at an attractive acquisition price and demonstrates our ongoing commitment to disciplined, scalable growth in high-quality assets. Through our consistent strategy, together with our partners in the region, we will continue to enhance operational performance to drive stronger financial returns while advancing growth opportunities to sustain long-term value creation."Highlights:Strengthens Lundin Mining's copper production profile: Increases 2026 attributable copper production by 6,500 to 7,000 tonnes. Caserones' production guidance for 2026 is 130,000 - 140,000 tonnes of copper on a 100% basis and annual cash cost1 is forecast to be $2.05/lb – $2.25/lb of copper, after by-product credits.2The additional Caserones interest will contribute immediate free cash flow: Attractive acquisition price that is accretive to attributable production and financial metrics.Los Helados will add meaningful copper and gold Mineral Resources to Lundin Mining's metal inventory. Los Helados on a 100% basis contains:Indicated Mineral Resources: 8.3 Mt of copper, 10.2 Moz of gold and 97.5 Moz of silver (2.1 billion tonnes at 0.40% copper, 0.15 g/t gold and 1.5 g/t silver).Inferred Mineral Resources: 3.7 Mt copper, 3.6 Moz of gold and 50.2 Moz of silver (1.1 billion tonnes at 0.34% copper, 0.10 g/t gold and 1.4 g/t silver).Provides additional growth optionality: Los Helados is approximately 17 km to the south from Lundin Mining's Caserones mine, located within the emerging Vicuña District. Possible synergies include scenarios to potentially truck or convey mineralization from Los Helados to Caserones, offsetting lower grade material with higher grade mineralization from Los Helados.________________________________1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAPP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2025 and the reconciliation of Non-GAAP measures section at the end of this news release.2 Guidance as announced by news release "Lundin Mining Announces 2025 Production Results and 2026 Guidance" dated January 21, 2026.Caserones MineLundin Mining initially acquired a 51% interest in Caserones in 2023 and subsequently increased its ownership to 70% in 2024. Upon closing of the Transaction, Lundin Mining will increase its ownership interest to 75%. Caserones is in the Atacama Region (Region III) of Chile and is part of the emerging Vicuña copper district. The operation produces copper and molybdenum concentrates from a traditional open pit mine and conventional sulphide flotation plant, as well as copper cathode from a dump leach, solvent extraction and electrowinning plant. In 2025 Caserones produced 132,881 tonnes of copper at a cash cost of $2.17/lb.3Los Helados ProjectLos Helados is a large copper-gold deposit, located in Chile's Atacama Region, approximately 17 kilometres to the south from Lundin Mining's Caserones operation and approximately 10 kilometres to the north of the Vicuña Project. The deposit contains a high-grade breccia core with multiple mineralized zones, including the Condor, Fenix, and Alicanto zones. These zones represent higher-grade structural corridors within the broader mineralized system and provide potential opportunities to optimize mine development. A total of 96,448 metres of drilling has been completed on the project in 110 holes, a Mineral Resource estimate was updated in 2023 and highlighted a significant inventory of contained copper, gold and silver. NGEx Minerals Ltd. holds the remaining 69.1% ownership in the project and is the operator. On an attributable basis Los Helados will increase our measured and indicated copper Mineral Resources by 15% and gold Mineral Resources by 11%.4________________________________3 These are non-GAAP measures. Please refer to the Company's discussion of non-GAPP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2025 and the reconciliation of Non-GAAP measures section at the end of this news release.4 Refer to the Lundin Mining news release entitled "Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral Reserves" dated February 18, 2026 and the NGEX Metals Ltd. news release entitled "NGEx Announces Updated Mineral Resource Estimate at Los Helados Includng High-Grade Fenix and Alicanto Zones; Indicated Mineral Resources Exceed 2.0 Billion at 0.51% Copper Equivalent" dated December 5, 2023. Los Helados Mineral Resource Estimate (100% basis)Grade
Contained MetalSiteCategoryTonnes
MtCu
%Au
g/tAg
g/t
Cu
ktAu
MozAg
MozLos HeladosMeasured----
---Indicated2,0800.400.151.5
8,36010.297.5
M&I2,0800.400.151.5
8,36010.297.5
Inferred1,0800.340.101.5
3,6703.650.2Mineral Resource Notes:1.Mineral Resource estimate prepared in accordance with CIM (2014) definitions.2.The Mineral Resource Estimate is reported with an effective date of October 31, 2023.3.Mineral Resources are estimated at a cut-off grade of 0.33 g/t CuEq based on an underground block cave mining cost of $8.00/t, a processing cost of $12.00/t, and a general & administrative cost of $1.00/t.4.Mineral Resources are estimated using a copper price of $3.90/lb, a gold price of $1,800/oz, and a silver price of $20/oz.5.Metallurgical recoveries used for the CuEq calculation correspond to three geometallurgical zones, defined by depth below surface:
a.Upper: Cu 83.1%, Au 72.8%, Ag 31.0%
b.Intermediate: Cu 90.2%, Au 80.3%, Ag 54.9%
c.Deep: Cu 93.1%, Au 82.5%, Ag 70.5%6.The formulas used for the CuEq calculation are:
a.Upper: CuEq % = Cu % + (0.681008 x Au (g/t)) + (0.002989 x Ag (g/t))
b.Intermediate: CuEq % = Cu % + (0.692039 x Au (g/t)) + (0.004877 x Ag (g/t))
c.Deep: CuEq % = Cu % + (0.688852 x Au (g/t)) + (0.006068 x Ag (g/t))7.Average Bulk density is 2.67 t/m3.8.Mineral Resource Estimates are reported within an optimized underground block cave mining shape to demonstrate reasonable prospects for eventual economic extraction (RPEEE). The block cave considered a column size of 20m x 20m x (≥ 80m).9.There are 40 Mt of unclassified material excluded from inside the base case block cave shape.10.Cut-off grades refer to diluted cut-off grades used to generate the corresponding block cave shapes. For each cut-off grade, the tonnes and grade represent the total Indicated or Inferred material within each of these shapes.11.Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.12.The "Technical Report on the Los Helados and Lunahuasi Projects, Chile and Argentina" dated December 13, 2023 (effective date October 31, 2023), which incorporates the mineral resources statement for Los Helados is available on NGEx Minerals Ltd. website (www.ngexminerals.com) and SEDAR+.13.Numbers may not add due to rounding.Transaction OverviewIn connection with the Transaction, LMC Caserones SpA (the "Buyer"), an indirect wholly owned subsidiary of the Company, has entered into two agreements with JX:Stock purchase agreement ("Stock Purchase Agreement") pursuant to which JX will sell to the Buyer shares of Lumina Copper representing 5% of the issued and outstanding equity interest of Lumina Copper.Rights purchase agreement ("Rights Purchase Agreement" and together with the Stock Purchase Agreement, the "Purchase Agreements") pursuant to which JX will sell, transfer and assign to the Buyer all of its rights, title and interest in and to, among other things, a 30.9% interest in Los Helados and a 0.62% net smelter royalty on Los Helados.The aggregate purchase price attributable to the Purchase Agreements is US$215 million payable upon closing of the Transaction and will be funded through the recently expanded revolving credit facility. Closing of the Transaction is cross conditional upon closing each of the Purchase Agreements and subject to customary conditions, including receipt of requisite regulatory approvals, no prohibitive injunctions and execution of ancillary agreements. The Transaction does not require shareholder approval of any of the parties. The Transaction has been approved by the Board of Directors of both the Company and JX and is expected to close in April 2026.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on March 9, 2026 at 11:30 PM Pacific Time.Technical InformationThe Qualified Person responsible for the scientific and technical information contained herein and who has reviewed and approved such information in accordance with NI 43-101 is Eduardo Cortés, Registered Member (Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin Mining, a "Qualified Person" under NI 43-101. Mr. Cortés has verified the scientific and technical information pertaining to the Los Helados Project by reviewing public disclosure of NGEx Minerals Ltd. pertaining to the project; however, he has not had access to any underlying data or other information beyond what is publicly disclosed by NGEx Minerals Ltd. Mr. Cortés has verified all other scientific and technical information disclosed in this document and no limitations were imposed on his verification process.Reconciliation of Non-GAAP MeasuresThe 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 year ended December 31, 2025 which is available on SEDAR+ at www.sedarplus.com.Cash Cost per Pound can be reconciled to Production costs on the Company's Consolidated Statements of Earnings as follows:Year ended December 31, 2025Continuing operations

Caserones($ millions, unless otherwise noted)

(Cu)Sales volumes (contained metal):


Tonnes

138,287Pounds (000s)

304,870



Production costs

854.5Less: Royalties and other

(52.4)


802.1Deduct: By-product credits1

(149.8)Add: Treatment and refining charges

8.3Cash cost

660.6Cash cost per pound ($/lb)

2.171By-product credits are presented net of the associated treatment and refining charges.Cautionary Statement on Forward-Looking InformationCertain 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 completion of the Transaction and timing thereof, the production profile of Caserones and economics resulting therefrom (including cash costs), the Mineral Resource estimate for Los Helados and the parameters and assumptions used to estimate the Mineral Resources; the potential synergies between Caserones and Los Helados; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance; the Company's growth and optimization initiatives, and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); the satisfaction of all conditions and closing to the Transaction; the seamless integration of Los Helados into the Company's operations; assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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 and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure, equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the successful sanctioning, permitting and development of the Company's Projects (including the Vicuña Project) and commencement of production; successful completion of the Company's projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assumptions as set out herein, in the Los Helados Technical Report, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with each of JX and NGEx and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Caserones or Los Helados Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to 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; 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; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the "Risk and Uncertainties" section of the Company's latest Annual Information Form, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile. All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.For further information, please contact: Stephen Williams, Vice President, Investor Relations: +1 604 806 3074; Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50



View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-to-acquire-additional-5-ownership-in-caserones-and-a-31-interest-in-the-los-helados-project-302708994.html

Original: Lundin Mining to Acquire Additional 5% Ownership in Caserones and a 31% Interest in the Los Helados Project

Lundin Mining Announces Updated Share CapitalFebruary 27, 2026 6:30 PM
PR Newswire (Canada)

VANCOUVER, BC, Feb. 27, 2026 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act.The number of issued and outstanding shares of the Company has increased by 299,188 to 854,667,165 common shares with voting rights as of February 27, 2026. The increase in the number of issued and outstanding shares from January 31, 2026 to date is a result of the exercise of employee stock options or the vesting of employee share units. During this period, the Company did not purchase any shares for cancelation under its Normal Course Issuer Bid program.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 27, 2026 at 3:30 Pacific Time.





SOURCE Lundin Mining Corporation

Original: Lundin Mining Announces Updated Share Capital

Lundin Mining Increases Existing Credit Facility to US$4.5 BillionFebruary 26, 2026 6:00 PM
PR Newswire (Canada)

VANCOUVER, BC, Feb. 26, 2026 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce that it has successfully amended its existing unsecured revolving credit facility ("Credit Facility"), extending the maturity and increasing the total committed amount as previously announced on February 12, 2026. View PDF versionUnder the amended terms, the Company's Credit Facility has been increased from US$1.75 billion to US$4.5 billion and the maturity extended to February 26, 2031. Initially, the Company will have access to US$2.25 billion. Upon satisfaction of certain conditions, the Credit Facility will expand to US$3.5 billion, and upon sanctioning Stage 1 of the Vicuña Project, will increase to the full US$4.5 billion. The amended Credit Facility will bear interest on a sliding scale of adjusted term SOFR plus a margin of 1.45% to 2.50%.The amended Credit Facility includes standard and customary terms and conditions with respect to fees, representations, warranties, and financial covenants. The Bank of Nova Scotia acted as Administrative Agent, Joint Bookrunner, and Joint Lead Arranger. ING Capital LLC acted as Syndication Agent, Joint Bookrunner and Joint Lead Arranger. Bank of Montreal acted as Documentation Agent, Joint Bookrunner and Joint Lead Arranger.  National Bank of Canada and Canadian Imperial Bank of Commerce acted as Joint Book Runner and Joint Lead Arranger.The lenders in the credit facility are: The Bank of Nova Scotia, Bank of Montreal, ING Capital LLC, Canadian Imperial Bank of Commerce, National Bank of Canada, The Toronto-Dominion Bank, Banco de Credito e Inversiones S.A., Miami Branch, Bank of America, N.A., Canada Branch, Royal Bank of Canada, Fédération des Caisses Desjardins du Québec, Bank of China Toronto Branch, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Morgan Stanley Bank AG, Citibank N.A., Canadian Branch, Barclays Bank PLC, JPMorgan Chase Bank, N.A., Toronto Branch and MUFG Bank, Ltd., Canada Branch.A copy of the amended Credit Facility agreement will be made available under the Company's profile on SEDAR+ ( www.sedarplus.ca ).About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com .The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 26, 2026 at 3:00 Pacific Time.Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision and aspirations, and their achievement and timing; statements regarding the Credit Facility and the amendments thereto, including the availability of committed amounts, anticipated increases in the capacity of the amended Credit Facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; statements regarding the use of proceeds from the Credit Facility; the Company's expectations regarding its funding strategy for the Vicuña Project and its work with BHP; the Company's expectations regarding its production capacities, operational performance and the timing and amount of future production; the Company's expectations regarding the results of operations; anticipated exploration and development activities at the Company's projects; the Company's growth and optimization initiatives and expansionary projects, including the Vicuña Project and the potential costs, outcomes, results and impacts thereof; the Company's expectations regarding financial performance, adequacy of capital resources, financial flexibility, and liquidity; the Company's ability to fund its share of the Vicuña Project and other obligations; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; assumptions regarding the Company's ability to comply with the conditions of the amended Credit Facility, including ongoing financial covenants, representations and warranties, and the conditions required to access additional committed amounts, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the  Vicuña Project; the successful sanctioning permitting and development of the Vicuña Project that the political environment in which the Company operates will continue to support the development and operation of mining projects;   that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of technical reports ); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; successful completion of the Company's projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assumptions as set out herein 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; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Vicuña Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to 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; 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; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the sales of the Company's European and US assets and expectations related thereto;  and other risks and uncertainties, including but not limited to those described in the "the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the "Risks and Uncertainties" section of the Company's latest Annual Information Form, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile. All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward - looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.





SOURCE Lundin Mining Corporation

Original: Lundin Mining Increases Existing Credit Facility to US$4.5 Billion

Lundin Mining Reports Fourth Quarter and Full Year 2025 ResultsFebruary 19, 2026 6:30 PM
PR Newswire (US)

VANCOUVER, BC, Feb. 19, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its fourth quarter and full year 2025 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.Jack Lundin, President and CEO commented, "In 2025 we delivered our best performance in the history of the Company. We generated record revenue from continuing operations of $4.1 billion for the year, including $1.3 billion in the fourth quarter, alongside adjusted EBITDA of $1.9 billion for the year and $686 million in the quarter. These exceptional operational and financial results enabled us to exit the year in a net cash position, while purchasing over 15 million shares through our share buyback program. Additionally, we have made significant progress toward upsizing our Revolving Credit Facility to $4.5 billion, adding financial strength as we enter the next phase of growth for the Company."We continued to advance our growth initiatives including delivering the world's largest greenfield copper-gold-silver maiden resource in the last 30 years at Filo del Sol deposit, adding a significant amount of these metals to our Mineral Resource inventory. In the near-term, we improved our guidance forecast over the next two years, mainly driven by the improvements in cathode production at Caserones. Lastly, we have made good progress and continue to advance the development plan of Sauva at our Chapada operation and will look to sanction this project prior to year end."Earlier this week we announced the results of the integrated technical report on the Vicuña project, highlighting a project capable of producing over 500,000 tonnes of copper, 800,000 ounces of gold and 20 million ounces of silver which would position it in the top 5 copper, gold and silver mines in the world. At the end of 2025, Vicuña submitted its application for fiscal stability in Argentina under the RIGI scheme to support the development of the project, positioning Lundin Mining for long-term value creation. A final investment decision on the Vicuña project is targeted before the end of 2026." 1Fourth Quarter and Full Year Operational and Financial Highlights The Company completed three major transactions this year, improving its asset portfolio and long-term growth outlook while achieving strong operational and financial results. The Company exceeded its original copper guidance and met revised guidance across all metals. Record annual and quarterly revenue enabled the Company to exit the year in a net cash position. In parallel, the Company continued to advance its growth initiatives, Vicuña Corp. submitted a fiscal stability agreement application in Argentina ("RIGI PEELP") in the fourth quarter and announced the results of an integrated technical study (the Preliminary Economic Assessment "PEA" or "Study") on February 16, 2026.Fourth Quarter HighlightsCopper Production2: Consolidated copper production of 87,032 tonnes at a consolidated copper cash cost3 of $1.88 /lb.Other Production2: During the quarter, 34,129 ounces of gold and 2,174 tonnes of nickel were produced.Revenue: $1,353.7 million in the fourth quarter, comprised of $1,301.5 million from continuing operations with a realized copper price3 of $5.89 /lb and a realized gold price3 of $4,412 /oz, and $52.2 million from discontinued operations4.Net Earnings and Adjusted Earnings3: Net earnings attributable to shareholders of the Company was $767.2 million, comprised of $659.9 million ($0.77 per share) net earnings from continuing operations and $107.3 million net earnings from discontinued operations. Adjusted earnings was $370.4 million, comprised of $363.7 million ($0.42 per share) from continuing operations and $6.7 million from discontinued operations.Adjusted EBITDA3: $700.6 million for the quarter, $686.4 million generated from continuing operations and $14.2 million generated from discontinued operations.Cash Generation: Cash provided by operating activities in the quarter was $560.9 million, comprised of $533.0 million from continuing operations and $27.9 million from discontinued operations. Free cash flow from operations3 was $412.5 million, $388.3 million from continuing operations and $24.2 million from discontinued operations, which included a working capital build of $132.1 million from continuing operations.Net cash3: As at December 31, the net cash position of the Company was $77.4 million which includes $22.0 million cash from discontinued operations.__________________________________________________1 Adjusted EBITDA is a non-GAAP measure. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management Discussion and Analysis ("MD&A") for the year ended December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.2 Production includes continuing operations and Eagle to align to 2025 production guidance.3 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 year ended December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.4 At December 31, 2025, the Eagle reporting segment met the criteria to be classified as held-for-sale and discontinued operations. Earnings (loss) from discontinued operations includes the financial results of Eagle, Neves-Corvo and Zinkgruvan reporting segments.Full Year 2025 Highlights Copper Production2: Consolidated copper production of 331,232 tonnes of copper at a consolidated cash cost of $1.87/lb, including 8,906 tonnes from Eagle, was within the upper half of the most recent annual copper production guidance and exceeded the upper end of the original annual copper production guidance.Other Production2: During the year, 141,859 ounces of gold and 9,907 tonnes of nickel were produced. Production for all metals was within or above all guidance ranges.Record Revenue: $4,462.5 million for the full year, comprised of $4,053.2 million from continuing operations with a realized copper price3 of $4.91 /lb and a realized gold price3 of $3,662/oz, and $409.3 million from discontinued operations.Adjusted EBITDA3: $2,037.3 million for the full year, $1,917.1 million from continuing operations and $120.2 million from discontinued operations.Net Earnings and Adjusted Earnings3: Net earnings attributable to shareholders of the Company was $1,283.0 million, comprised of net earnings of $1,047.2 million ($1.22 per share) from continuing operations and net earnings of $235.8 million from discontinued operations. Adjusted earnings was $769.0 million, $687.9 million ($0.80 per share) from continuing operations and $81.1 million from discontinued operations.Cash Generation: During the year, cash provided by operating activities was $1,342.6 million of which $1,207.9 million from continuing operations and $134.7 million from discontinued operations. Free cash flow from operations3 was $835.8 million of which $773.6 million was from continuing operations and $62.2 million was from discontinued operations, which included a non-cash working capital build of $414.0 million from continuing operations.Growth: The Company is continuing to advance its growth initiatives and completed several significant milestones during the year to achieve its long term goal of becoming a top ten copper producer:On January 15, 2025, the Company completed the joint acquisition of Filo Corp. with BHP and formed the 50/50 joint arrangement, Vicuña Corp. ("Vicuña"), to hold the Filo del Sol project and the Josemaria project.On April 16, 2025, the Company completed the sale of Neves-Corvo and Zinkgruvan to Boliden AB for cash proceeds of $1,314.6 million, net of cash disposed and transaction costs.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, which highlighted the combined project ("Vicuña Project") as one of the largest copper, gold and silver discoveries in the last 30 years.On December 11, 2025, Vicuña Corp. applied for a fiscal stability agreement in Argentina, RIGI PEELP.On December 18, 2025, the Company entered into a definitive agreement to sell its 100% interest in Eagle mine to Talon Metals Corp. ("Talon") in return for 18.4% of Talon's issued and outstanding shares. The transaction was completed on January 9, 2026.Shareholder Returns: A quarterly dividend of C$0.0275 per share has been declared in the quarter. During the year, the Company paid dividends totaling C$0.1725 per share. In addition, the Company purchased 2,029,380 common shares during the quarter at an average share price of C$26.08 for total consideration of $46.0 million under its normal course issuer bid. During the year, Lundin Mining acquired 15,088,180 common shares at a cost of $150.0 million at an average share price of C$14.05.Outlook: Copper production is forecast to remain stable at approximately 310,000 – 335,000 tonnes annually in 2026, consistent with 2025 production. Consolidated cash cost in 2026 is forecast to be within $1.90/lb to $2.10/lb of copper which is in line with 2025 guidance. As part of the Company's full potential programs, the focus will continue to be on cost reductions and process improvements.Summary Financial Results     
Three months ended December 31,
Year endedDecember 31,(US$ millions continuing operations except where noted, except per share amounts)20252024
20252024Revenue1,301.5833.3
4,053.23,270.1Gross profit496.8254.4
1,398.0935.8Attributable net earnings (loss)a659.9(95.5)
1,047.2125.4Net earnings (loss)912.3(59.8)
1,417.7267.6Adjusted earningsa,b (all operations)370.4119.3
769.0359.0Adjusted earningsa,b — continuing operations363.7102.9
687.9294.9Adjusted earningsa,b,c — discontinued operations6.716.4
81.164.1Adjusted EBITDAb (all operations)700.6425.6
2,037.31,707.0Adjusted EBITDAb — continuing operations686.4366.5
1,917.11,426.9Adjusted EBITDAb,c — discontinued operations14.259.1
120.2280.1Basic earnings per share ("EPS")a (all operations)0.90(0.57)
1.50(0.26)Diluted EPSa (all operations)0.89(0.57)
1.49(0.26)Basic and diluted EPSa — continuing operations0.77(0.12)
1.220.16Basic EPSa,c — discontinued operations0.13(0.44)
0.28(0.42)Diluted EPSa,c — discontinued operations0.12(0.44)
0.27(0.42)Adjusted EPSa,b (all operations)0.430.15
0.900.46Adjusted EPSa,b — continuing operations0.420.13
0.800.38Adjusted EPSa,b,c — discontinued operations0.010.02
0.090.08Cash provided by operating activities (all operations)560.9620.3
1,342.61,518.9Cash provided by operating activities - continuing operations533.0567.9
1,207.91,311.4Cash provided by operating activities - discontinued operationsc27.952.4
134.7207.5Adjusted operating cash flowb (all operations)677.6313.9
1,732.51,302.6Adjusted operating cash flowb — continuing operations665.1263.5
1,621.91,089.9Adjusted operating cash flowb,c — discontinued operations12.550.4
110.6212.7Adjusted operating cash flow per shareb (all operations)0.790.40
2.021.68Adjusted operating cash flow per shareb — continuing operations0.780.34
1.901.41Adjusted operating cash flow per shareb,c — discontinued operations0.010.06
0.120.27Free cash flowb (all operations)355.9398.0
594.2571.2Free cash flowb — continuing operations331.9386.0
538.9539.9Free cash flowb,c — discontinued operations24.012.0
55.331.3Free cash flow from operationsb (all operations)412.5466.0
835.8872.9Free cash flow from operationsb — continuing operations388.3447.4
773.6825.6Free cash flow from operationsb,c— discontinued operations24.218.6
62.247.3Cash and cash equivalents296.2357.5
296.2357.5Net cash (debt)b77.4(1,332.4)
77.4(1,332.4)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 year ended December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release. c Discontinued operations results include Eagle's annual financial results, Neves-Corvo and Zinkgruvan financial results to April 16, 2025 and the revaluation of contingent consideration as at December 31, 2025.Quarterly Financial ResultsThe Company generated revenue from continuing operations of $1,301.5 million (Q4 2024 - $833.3 million) which benefitted from higher realized copper and gold prices.Gross profit from continuing operations of $496.8 million was $242.4 million higher than in the prior year comparable period of $254.4 million. The increase was primarily due to higher realized copper and gold prices, lower treatment charges, and higher sales volumes at Caserones partially offset by a non-cash long-term ore stockpile inventory write-down at Chapada of $99.9 million ($65.9 million net of tax).Net earnings from continuing operations increased to $912.3 million from $59.8 million net loss in the prior year comparable period primarily due to an increase in gross profit and a deferred tax recovery at Caserones of $517.0 million. Prior year impairments of Suruca and Alcaparrosa further contributed to the increase.Adjusted earnings2 from continuing operations of $363.7 million increased from $102.9 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 $533.0 million decreased from $567.9 million in the prior year comparable period largely due to a working capital build of $132.1 million in the quarter compared to $305.4 million working capital release in the prior year comparable period.Sustaining capital expenditures5 from continuing operations of $157.6 million increased from $131.4 million in the prior year comparable period.Expansionary capital expenditures6 of $43.5 million were in line with the prior year comparable period of $50.5 million.Free cash flow2 from continuing operations of $331.9 million decreased from $386.0 million in the prior year comparable period due to working capital build and increased sustaining capital expenditure related to continuing operations.As at February 19, 2026, the Company had cash of over $500 million and net cash of over $200 million.At December 31, 2025, the Eagle reporting segment met the criteria to be classified as held-for-sale and discontinued operations. Accordingly, all assets and liabilities relating to Eagle have been classified as held for sale at December 31, 2025. Earnings (loss) from discontinued operations includes the financial results of Eagle, Neves-Corvo and Zinkgruvan reporting segments.Operational PerformanceTotal Production (Contained metal)a20252024YTDQ4Q3Q2Q1TotalQ4Q3Q2Q1










Continuing Operations









Copper (t)b322,32685,07584,99977,56374,689330,50992,83290,74570,05176,881Gold (oz)b141,85934,12937,76338,11831,849158,43646,45646,71232,43932,829Molybdenum (t)b2,0825265743806023,183912693714864










Discontinued OperationsC









Copper (t)17,2251,9572,3543,7359,17938,5588,6599,1109,65711,132Nickel (t)9,9072,1742,7242,7132,2967,4861,6178931,7213,255Zinc (t)58,233——9,28548,948191,70451,94646,61047,46045,688a - Tonnes (t) and ounces (oz).b - Candelaria and Caserones production are on a 100% basis.c -  Discontinued operations results include Eagle's annual production, and Neves-Corvo and Zinkgruvan production to April 16, 2025.__________________________________________________5 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 year ended December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.6 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 year ended December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.Candelaria (80% owned): Candelaria produced, on a 100% basis, 145,471 tonnes of copper, 80,528 ounces of gold and 1.8 million ounces of silver during the year. Annual copper and gold production in 2025 was within the most recent guidance ranges. During the year, mining in the open pit was focused on Phase 11 with some contribution from higher grade areas of Phase 12. Production continued to benefit from higher throughput at the mill due to softer ore feed and finer ore size. Consistent with the mine plan, realized grades during the year were lower than the prior year, which led to lower production. Copper cash cost7 of $1.92/lb was within the most recent cash cost guidance range and benefitted from higher metal prices for by-product credits and was impacted by the lower average grades during the year. During the fourth quarter, early renewals of labour agreements were completed with five unions at Candelaria. The agreements are each for three-year terms and expire in 2029, replacing agreements expiring during 2026. The proactive early renewal of these agreements will contribute to labour stability and operational efficiency at Candelaria in the medium term.Caserones (70% owned): Caserones produced, on a 100% basis, 132,881 tonnes of copper and 2,082 tonnes of molybdenum. Annual production for copper was at the top-end of the most recent production guidance range and fourth quarter copper production was the highest since the mine was acquired by the Company in mid-2023. Mining during the year focused on Phase 6 and copper production benefitted from higher throughput and recoveries. Copper cathode production during the year benefitted from increased material placed on the dump leach in previous periods. Copper cash cost of $2.17/lb was within the low-end of the most recent production guidance range and benefitted from strong production as a result of higher throughput and recoveries, reduced treatment charges, and reduced labour expenses.Chapada (100% owned): Chapada produced 43,974 tonnes of copper and approximately 61,331 ounces of gold during the year. Production for both metals were within the most recent production guidance ranges. Mining in the year primarily focused on ore from South and North pits in line with the planned mine sequencing. Annual copper production benefitted from higher throughput. Gold production in the year was negatively impacted by reduced grades and recoveries relative to 2024. Copper cash cost of $0.75/lb was below the low end of the most recent guidance range and benefitted from increased by-product credits as a result of higher realized gold prices.Eagle (100% owned): Eagle produced 9,907 tonnes of nickel and 8,906 tonnes of copper during the year. The ramp rehabilitation in Eagle East was completed in the first quarter of the year, allowing mining and processing activities to return to normal levels. Annual nickel production in 2025 was within the most recent production guidance range, while annual copper production was just below the low end of the most recent guidance range but was within the original guidance range. Nickel cash cost7 of $2.55/lb benefitted from higher throughput and improved recoveries. Annual cash cost per pound7 for the year exceeded the high end of the most recent production guidance range. Eagle results are reported as discontinued operations in the Company's consolidated financial statements and MD&A. As at December 31, 2025, the assets and liabilities of Eagle mine are reported as held for sale.2026 Outlook On January 21, 2026, the Company announced its production, cash cost, capital expenditures and exploration investment guidance for 2026.2026 Production and Cash Cost Guidancea


 Guidance
(contained metal)ProductionCash Cost ($/lb)b
Copper (t)Candelaria (100%)135,000 – 145,0002.05 – 2.25c

Caserones (100%)130,000 – 140,0002.05 – 2.25

Chapada45,000 – 50,0001.00 – 1.20d

Total310,000 – 335,0001.90 – 2.10
Gold (oz)Candelaria (100%)77,000 – 87,000


Chapada57,000 – 62,000


Total134,000 – 149,000
a. Guidance as announced by news release "Lundin Mining Announces 2025 Production Results and 2026 Guidance" dated January 21, 2026. b. 2026 cash cost is based on various assumptions and estimates, including, but not limited to: production volumes, commodity prices (2026 - Mo: $20.00/lb, Au: $4,000/oz: Ag: $80.00/oz) foreign currency exchange rates (2025 - CLP/USD:900, USD/BRL:5.50) and operating costs.c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement and as such cash costs are calculated based on receipt of $437/oz and $4.36/oz, respectively, on gold and silver sales in the year.d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound.__________________________________________________7 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the year ended December 31, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.2026 Capital Expenditure Guidancea,b,c
($ millions) Guidance
Candelaria (100% basis)215
Caserones (100% basis)235
Chapada100
Total Sustaining550
Expansionary Capital50
Vicuña (50% basis)395
Total Capital Expenditures995a. Guidance as announced by news release "Lundin Mining Announces 2025 Production Results and 2026 Guidance" dated January 21, 2026. b. 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 the Company's MD&A for the year ended December 31, 2025 and the 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: 900, USD/BRL: 5.50).2026 Exploration Investment GuidanceTotal exploration expenditure guidance for 2026 is $53 million.Exploration In 2025, exploration activity focused on in-mine and near-mine targets at the Company's operations.At Caserones, seven rigs drilled 10,329 metres during the quarter targeting high-grade copper breccias in the Caserones pit and copper sulphides at Angelica. Exploration drilling also commenced at the Centauro target. In total, 18,908 metres were drilled at Caserones during the year.No exploration drilling was undertaken at Candelaria during the quarter. In total, 7,642 metres were drilled at Candelaria during the year focusing on Candelaria Norte, Candelaria South (Mariana) and La Portuguesa.The annual drilling program at Chapada was completed during the quarter with 12,507 metres drilled during the year, primarily in the Saúva resource area.VicuñaIntegrated Technical Study Results
The results of an integrated technical study were published on February 16, 2026 and highlighted the Vicuña Project as a development project with the potential to rank among the top five copper, gold, and silver mines globally. Highlights from the PEA are outlined below and more information is set out in the news release dated February 16, 2026.The development of the Vicuña district is envisioned in a staged approach. Stage 1 encompasses a sulphide mill and the Josemaria deposit, establishing an initial open pit mine and concentrator designed for future expansion to accelerate first production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a corresponding SX/EW plant for copper, gold and silver recovery. Stage 3 represents the long-term maturation of the district through expansion of the concentrator and development of the Filo del Sol sulphide deposit, enabling peak, sustained production, positioning the Vicuña Project as a long-life, globally significant copper operation. Stage 3 also integrates key district infrastructure, including a desalination plant and associated pipeline, and return concentrate slurry pipeline, to support expansion of the district.Potential to be a top five copper, gold, and silver mine: Average annual production of 400,000 tonnes copper, 700,000 oz gold and 22 million oz ("Moz") silver over the first 25 full years of operation.Peak production of +500 ktpa copper: Average production over a ten-year period of over 500,000 tonnes copper, 800,000 oz gold and 20 Moz silver or 800,000 tonnes copper equivalent ("CuEq")8.Multi-generational asset: Initial +70-year life of mine ("LOM"), producing approximately 22.3 million tonnes ("Mt") of copper, 37.2 Moz of gold and 763 Moz of silver.Significant free cash flow: Average annual free cash flow of $2.2 billion per year (after expansionary capital) during the first 25 years.Leveraged to copper and gold: LOM revenue contribution of 60% copper, 32% gold and 8% silver.Capital intensity below $30,000/tonne CuEq: Stage 1 capital of $7.1 billion with an after-tax payback period of 8.49 years and an after-tax internal rate of return ("IRR") of 14.8%.Resource growth: The updated Mineral Resource estimate for the Vicuña Project (the "Updated Vicuña Mineral Resource") grew significantly compared to the previous estimate10.Contained copper11 of 14 Mt Measured and Indicated ("M&I") and 32 Mt Inferred. An increase of 12% contained M&I copper and 28% Inferred copper.Contained gold11 of 36 Moz M&I and 61 Moz Inferred. An increase of 12% contained M&I gold and 26% Inferred gold.Contained silver11 of 729 Moz M&I and 1,051 Moz Inferred. An increase of 11% M&I silver and 30% Inferred silver.Base-case scenario: Net present value ("NPV8%") of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver.Stage 1 is clearly defined providing a blueprint for initial development, ongoing studies on Stages 2 and 3 are expected to deliver further optimization.At spot copper, gold and silver prices ($6.00/lb copper, $5,000/oz gold & $80/oz silver), the NPV8% increases to $28.8 billion and the IRR to 25.5% with a payback of 5.4 years.__________________________________________________8 Copper equivalent (CuEq) based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag.The results of the Study, including the Updated Vicuña Mineral Resource, will be detailed in an updated technical report that will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca. These results supersede the "NI 43-101 Technical Report on the Vicuña Project, Argentina and Chile" with an effective date of April 15, 2025, including the Mineral Resource estimate set out therein.RIGI Application
During the quarter, Vicuña submitted an application to the Incentive Regime for Large Investments (RIGI) in Argentina for the inclusion of the Vicuña Project under the Long-Term Strategic Export Projects designation (PEELP). Argentina's RIGI regime is designed to attract and accelerate large-scale investment through long-term fiscal stability and transparent regulatory conditions.RIGI offers regulatory stability, including lower corporate and dividend withholding tax rates, removal of export duties, value added tax offsets and repatriation of revenues. The Vicuña Project is the first mining project to apply for the RIGI PEELP, which is designed to support large scale, long-term investments into Argentina and provides longer benefit periods (40 years vs 30 years) and accelerated timelines to repatriate revenues and export duty exemptions, as compared to the regular RIGI regime.Project Development
In 2025, parallel studies were advanced supporting a multi-phased development concept pertaining to the Josemaria and Filo del Sol deposits resulting in an integrated technical study, the results of which were published on February 16, 2026. These results, including the Updated Vicuña Mineral Resource estimate, will be detailed in an updated technical report that will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca.The Josemaria Environmental Impact Assessment advanced through review by the San Juan authorities with a site visit performed during the quarter.Drilling activities at Filo del Sol advanced with 16,619 metres completed during the quarter, bringing the year-to-date total to 65,611 metres.During the year, the Company spent $167.2 million in capital expenditures compared to $243.6 million in 2024. Capital expenditures included the project development activities noted above and were 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 compared to 100% funded for Josemaria prior to the formation of Vicuña.__________________________________________________9 Initial capital from the start of 2027 and payback period from the start of 2030.10 See news release dated May 4, 2025 and previous technical report entitled "NI 43-101 Technical Report on the Vicuña Project, Argentina and Chile", with an effective date of April 15, 2025 for information with respect to the previous Mineral Resource estimate. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%.11 M&I contained metal is based on estimated tonnes of 4,181Mt and estimated grades of 0.34% Cu, 0.27g/t Au and 5.4g/t Ag. Inferred contained metal is based on estimated tonnes of 10,641Mt at estimated grades of 0.30% Cu, 0.18g/t Au and 3.1g/t Ag.The Company intends to continue with to work with its partner, BHP, and Vicuña on a work plan to advance the Vicuña Project to production. Key activities and milestones include:Ongoing detailed engineering and design activities for Stage 1.Trade off studies and optimization of Stages 2 & 3.Initiate construction of the North Access Road.Further advancement of project readiness in preparation for early earthworks.Advancement of financing structure within Vicuña to fund construction.Approval of the Incentive Regime for Large Investments under the Long-Term Strategic Export Projects designation (RIGI PEELP) application in Argentina.Receipt of the Project permit amendment.The next phase for the Vicuña Project is detailed design and engineering. The technical team will focus on advancing engineering in order to prepare procurement and other activities to support an efficient project start-up and mitigate risks of increasing lead times and variable international logistics.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.Expansionary ProjectsThe Company has a number of brownfield low-capital intensity expansionary projects that are expected to contribute to medium-term growth in its existing operating asset portfolio.Candelaria Underground Expansion
The Candelaria underground expansion project is expected to increase underground throughput capacity to approximately 22,000 tonnes per day from prior levels of approximately 12,000 to 14,000 tonnes per day, targeting a medium-term increase in annual copper production of approximately 14,000 tonnes of copper which adds roughly 10% to current production levels. The opportunity includes phased insourcing of the Company's underground mining contract and an increase in the number of active mining stopes. Candelaria's 2026 copper and gold production guidance incorporates lower underground mining rates in the first half of the year as the Company insources the underground mining contract. Internal recruitment commenced in mid-2025 with blasting, loading and hauling activities insourced at the end of the year. Insourcing of additional activities are expected to continue through 2026.  Projects are also ongoing to support the mine life extension under the Environmental Impact Assessment ("2040 EIA").Caserones Cathode Plant Utilization
The Caserones cathode plant capacity is approximately 35,000 tonnes of copper cathode production per year, representing an opportunity to increase production from prior levels through higher utilization rates.Additional oxide material placed on the dump leach, together with improved leaching practices, increased copper cathode production to 25,817 tonnes in 2025. As a result of these optimization efforts, annual copper cathode production is forecast to increase to approximately 26,000 to 28,000 tonnes in 2026 through 2028, an improvement of 6,000–8,000 tonnes from prior levels.Chapada - Saúva Deposit
The Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add approximately 10,000 to 15,000 tonnes of copper production per year and 35,000 to 45,000 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.An internal prefeasibility study was completed on Saúva phase 1 during the quarter. A sanctioning decision on the installation of additional grinding capacity is expected in the second half of 2026, while detailed design and engineering work will continue along with Saúva permitting. An updated Chapada technical report, including the Saúva project, is expected to be released in the second half of 2026.About Lundin Mining Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The Company will file its Annual Report for the year ended December 31, 2025 in Sweden on Börs information and on its website at www.lundinmining.com by the end of April 2026.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 February 19, 2026 at 15:30 Vancouver Time.The Company will file a 2025 Swedish Annual Report to Börsinformation and on its website at www.lundinmining.com by the end of April 2026.Technical Information The technical report summarizing the results of the Study, including the Updated Vicuña Mineral Resource, is being prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca in accordance with applicable securities rules. The Qualified Persons named below have reviewed and verified the scientific and technical information in respect of the Study in this document and approve the written disclosure of such information.The Qualified Persons are:
Mr. Luke Evans, P.Eng., SLR Consulting (Canada) Ltd.
Mr. Paul Daigle, P.Geo., AGP Mining Consultants Inc.
Mr. Sean Horan, P.Geo., Resource Modelling Solutions Ltd.
Mr. Jeffery Austin, P.Eng., International Metallurgical and Environmental Inc.
Mr. Rod Clary, P.E., Design, Fluor Corp.
Mr. Kirk Hanson, P.E., KH Mining LLC
Mr. Dustin Smiley, P.Eng., Vicuña Corp.
Mr. Daniel Ruane, P.Eng., Knight Piesold Ltd.Each of the foregoing individuals is a "Qualified Person" as defined by NI 43-101. The Updated Vicuña Mineral Resource estimates are shown on a 100% basis and have an effective date of October 31, 2025. For further information related to the Study, including the Updated Vicuña Mineral Resource, and the key assumptions, parameters, and methods used to estimate the Updated Vicuña Mineral Resource, risks and cautionary statements, see the Company's news release dated February 16, 2026.The scientific and technical information in this document other than that pertaining to the Updated 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.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 year ended December 31, 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 Consolidated Statements of Earnings as follows:Three months ended December 31, 2025Continuing operationsCandelariaCaseronesChapadaConsolidatedTotal - continuing operations1($ millions, unless otherwise noted)(Cu)(Cu)(Cu)(Cu)Sales volumes (contained metal):




Tonnes32,88245,1349,41387,429
Pounds (000s)72,49299,50320,752192,747






Production costs226.6247.371.9545.8546.8Less: Royalties and other(9.1)(20.4)(4.9)(34.4)(35.5)
217.5226.967.0511.4511.4Deduct: By-product credits2(56.8)(41.8)(58.0)(156.6)(156.6)Add: Treatment and refining charges5.61.90.47.97.9Cash cost166.3187.09.4362.7362.7Cash cost per pound ($/lb)2.291.880.451.88






Add: Sustaining capital expenditure79.556.821.1

Royalties4.315.24.3

Reclamation and other closure accretion and depreciation1.90.31.7

Leases and other2.313.81.0

All-in sustaining cost254.3273.137.5

AISC per pound ($/lb)3.512.741.81

1 Includes immaterial amounts related to other segments.2 By-product credits are presented net of the associated treatment and refining charges.





Three months ended December 31, 2025Discontinued Operations


EagleTotal - discontinued operations($ millions, unless otherwise noted)


(Ni)Sales volumes (Contained metal):




Tonnes


1,756
Pounds (000s)


3,872






Production costs


38.038.0Less: Royalties and other


(2.8)(2.8)



35.235.2Deduct: By-product credits1


(26.3)(26.3)Add: Treatment and refining charges


——Cash cost


8.98.9Cash cost per pound ($/lb)


2.31






Add: Sustaining capital expenditure


3.9
Royalties


2.7
Reclamation and other closure accretion and depreciation


0.8
Leases and other


3.5
All-in sustaining cost


19.9
AISC per pound ($/lb)


5.13
1 By-product credits are presented net of the associated treatment and refining charges.
Three months ended December 31, 2024Continuing operations

CandelariaCaseronesChapadaConsolidatedTotal - continuing operations1($ millions, unless otherwise noted)

(Cu)(Cu)(Cu)(Cu)Sales volumes (contained metal):






Tonnes

49,05226,75010,20086,002
Pounds (000s)

108,14158,97322,487189,601








Production costs

201.0200.264.4465.7465.9Less: Royalties and other

(7.8)(14.2)(4.8)(26.8)(27.0)


193.2186.059.6438.9438.9Deduct: By-product credits2

(43.3)(46.6)(39.4)(129.3)(129.3)Add: Treatment and refining charges

15.18.43.927.427.4Cash cost

165.0147.824.1337.0337.0Cash cost per pound ($/lb)

1.532.511.071.78








Add: Sustaining capital expenditure

55.543.032.9

Royalties

4.77.72.7

Reclamation and other closure accretion and depreciation

2.1(4.5)2.4

Leases and other

1.417.21.1

All-in sustaining cost

228.7211.363.2

AISC per pound ($/lb)

2.123.582.81

1 Includes immaterial amounts related to other segments.
2 By-product credits are presented net of the associated treatment and refining charges.








Three months ended December 31, 2024Discontinued operations


EagleNeves-CorvoZinkgruvanTotal - discontinued operations($ millions, unless otherwise noted)


(Ni)(Cu)(Zn)Sales volumes (contained metal):






Tonnes


1,0885,23018,627
Pounds (000s)


2,39911,53141,066








Production costs


21.173.229.1123.4Less: Royalties and other


(0.8)——(0.8)



20.373.229.1122.6Deduct: By-product credits1


(7.8)(56.6)(19.1)(83.5)Add: Treatment and refining charges


—4.77.412.1Cash cost


12.521.217.551.2Cash cost per pound ($/lb)


5.221.840.43








Add: Sustaining capital expenditure


5.212.722.5
Royalties


0.70.8—
Reclamation and other closure accretion and depreciation


1.71.20.7
Leases and other


2.72.90.1
All-in sustaining cost


22.838.940.7
AISC per pound ($/lb)


9.533.370.99
1 By-product credits are presented net of the associated treatment and refining charges.

Year ended December 31, 2025Continuing operations

CandelariaCaseronesChapadaConsolidatedTotal - continuing operations1($ millions, unless otherwise noted)

(Cu)(Cu)(Cu)(Cu)Sales volumes (contained metal):






Tonnes

140,500138,28742,040320,827
Pounds (000s)

309,749304,87092,682707,301








Production costs

783.9854.5306.81,945.21,948.1Less: Royalties and other

(18.6)(52.4)(22.3)(93.3)(96.2)


765.3802.1284.51,851.91,851.9Deduct: By-product credits2

(193.1)(149.8)(220.4)(563.3)(563.3)Add: Treatment and refining charges

22.98.35.036.236.2Cash cost

595.1660.669.11,324.81,324.9Cash cost per pound ($/lb)

1.922.170.751.87








Add: Sustaining capital expenditure

224.4156.396.8

Royalties

15.741.914.5

Reclamation and other closure accretion and depreciation

7.92.76.8

Leases and other

7.563.54.1

All-in sustaining cost

850.6925.0191.3

AISC per pound ($/lb)

2.753.032.06

1 Includes immaterial amounts related to other segments.
2 By-product credits are presented net of the associated treatment and refining charges.
Year ended December 31, 2025Discontinued Operations


EagleNeves-Corvo1Zinkgruvan1Total - discontinued operations($ millions, unless otherwise noted)


(Ni)(Cu)(Zn)Sales volumes (Contained metal):






Tonnes


7,6516,74520,698
Pounds (000s)


16,86814,87045,631








Production costs


150.790.236.9277.8Less: Royalties and other


(15.5)(1.3)—(16.8)



135.288.936.9261.0Deduct: By-product credits2


(92.2)(67.0)(23.3)(182.5)Add: Treatment and refining charges


—5.47.212.6Cash cost


43.027.320.891.1Cash cost per pound ($/lb)


2.551.840.46








Add: Sustaining capital expenditure


21.327.730.4
Royalties


12.61.2—
Reclamation and other closure accretion and depreciation


4.30.70.3
Leases and other


6.20.9—
All-in sustaining cost


87.457.851.5
AISC per pound ($/lb)


5.183.891.13
1 Neves-Corvo and Zinkgruvan results are to April 16, 2025.2 By-product credits are presented net of the associated treatment and refining charges.Year ended December 31, 2024Continuing operations

CandelariaCaseronesChapadaConsolidatedTotal - continuing operations1($ millions, unless otherwise noted)

(Cu)(Cu)(Cu)(Cu)Sales volumes (contained metal):






Tonnes

158,017113,86739,615311,499
Pounds (000s)

348,367251,03387,336686,736








Production costs

726.6776.2282.71,785.51,786.7Less: Royalties and other

(21.6)(38.7)(15.0)(75.3)(76.5)


705.0737.5267.71,710.21,710.2Deduct: By-product credits2

(159.8)(144.7)(147.8)(452.3)(452.3)Add: Treatment and refining charges

58.236.817.9112.9112.9Cash cost

603.5629.6137.71,370.81,370.8Cash cost per pound ($/lb)

1.732.511.582.00








Add: Sustaining capital expenditure

275.7144.0107.8

Royalties

15.732.18.6

Reclamation and other closure

8.6(1.3)10.2

Leases and other

9.169.03.6

All-in sustaining cost

912.6873.4267.9

AISC per pound ($/lb)

2.623.483.07

1 Includes immaterial amounts related to other segments.
2 By-product credits are presented net of the associated treatment and refining charges.
Year ended December 31, 2024
Discontinued operations


EagleNeves-CorvoZinkgruvanTotal - discontinued operations($ millions, unless otherwise noted)


(Ni)(Cu)(Zn)Sales volumes (contained metal):






Tonnes


5,66226,72168,086
Pounds (000s)


12,48358,910150,104








Production costs


111.9323.2122.1557.2Less: Royalties and other


(8.0)(4.8)—(12.8)



103.9318.4122.1544.4Deduct: By-product credits1


(52.1)(213.2)(92.3)(357.6)Add: Treatment and refining charges


0.623.931.556.0Cash cost


52.4129.161.2242.7Cash cost per pound ($/lb)


4.202.190.41








Add: Sustaining capital expenditure


21.289.365.7
Royalties


7.44.0—
Reclamation and other closure accretion and depreciation


6.85.24.0
Leases and other


6.93.30.3
All-in sustaining cost


94.7230.9131.2
AISC per pound ($/lb)


7.603.920.87
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 Consolidated Statements of Earnings as follows:
Three months endedDecember 31,
Year endedDecember 31,($ millions)20252024
202520242023Net earnings (loss) from continuing operations912.3(59.8)
1,417.7267.6183.0Add back:





Depreciation, depletion and amortization169.7139.8
618.9574.2445.8Finance costs, net13.037.2
90.5137.787.1Income taxes expense (recovery)(488.2)58.7
(270.0)258.8211.5EBITDA - continuing operations 606.8175.9
1,857.11,238.3927.4Unrealized foreign exchange (gain) loss5.8(10.8)
5.2(10.9)1.8Unrealized losses (gains) on derivative contracts(7.8)86.0
(29.0)85.28.5Revaluation gain on marketable securities(5.2)(0.9)
(14.9)(7.4)(1.8)Inventory write-down (reversal)88.2(26.6)
88.2(26.6)—Ojos del Salado sinkhole expenses (recoveries)(1.7)(10.0)
10.9(9.5)16.9Gain on partial disposal and contribution to Vicuña——
(3.0)——Goodwill and asset impairment—149.4
—149.4—Write-down of assets—4.2
—22.1—Revaluation of Caserones purchase option——
—(11.7)2.6Caserones inventory fair value adjustment ——
——39.9Gain on disposal of subsidiary——
——(5.7)Other0.3(0.7)
2.6(2.0)3.0Total adjustments - EBITDA79.6190.6
60.0188.665.2Adjusted EBITDA - continuing operations686.4366.5
1,917.11,426.9992.6Including discontinued operations:





Net earnings from discontinued operations107.3(344.6)
235.8(328.9)132.0Add back:





Depreciation, depletion and amortization5.341.1
22.3188.9207.8Finance costs, net0.82.9
9.013.415.6Income taxes expense20.1(46.1)
26.6(42.5)5.1EBITDA - discontinued operations133.5(346.7)
293.7(169.1)360.5Asset impairment (reversal)(88.4)396.1
(22.7)396.1—Contingent consideration revaluation(30.6)—
(47.0)——Gain on disposal of subsidiaries ——
(106.3)——Partial suspension of underground operations at Eagle—11.4
—36.1—Unrealized foreign exchange loss (gain)—(1.0)
1.5(0.2)(0.6)Unrealized losses (gains) on derivative contracts—(0.5)
(0.1)18.613.5Other(0.3)(0.2)
1.1(1.4)(2.6)Total adjustments - EBITDA discontinued operations (119.3)405.8
(173.5)449.210.3Adjusted EBITDA - discontinued operations14.259.1
120.2280.1370.8Adjusted EBITDA (all operations)700.6425.6
2,037.31,707.01,363.4Adjusted Earnings and Adjusted EPS can be reconciled to Net earnings (loss) attributable to Lundin Mining Shareholders on the Company's Consolidated Statements of Earnings as follows:
Three months endedDecember 31,
Year endedDecember 31,($ millions, except share and per share amounts)20252024
202520242023Net earnings (loss) attributable to Lundin Mining shareholders - continuing operations659.9(95.5)
1,047.2125.4109.30Add back:





Total adjustments - EBITDA79.6190.6
60.0188.665.20Tax effect on adjustments(36.3)(33.2)
(39.0)(29.9)(26.90)Recognition of Caserones deferred tax asset(517.0)—
(517.0)——Deferred tax arising from foreign exchange translation12.045.1
(34.1)12.728.80Inventory write-down (reversal), included in depreciation11.7—
11.7——Deferred tax arising from partial disposal and contribution to Vicuña——
9.0——Deferred tax expense due to change in tax rate——
——40.20Non-controlling interest on adjustments153.8(4.1)
150.1(1.9)(22.90)Total adjustments(296.2)198.4
(359.3)169.584.40Adjusted earnings - continuing operations 363.7102.9
687.9294.9193.70Including discontinued operations:





Net earnings (loss) attributable to Lundin Mining shareholders - discontinued operations1107.3(344.6)
235.8(328.9)132.00Add back:





Total adjustments - EBITDA - discontinued operations(119.3)405.8
(173.5)449.210.30Tax effect on adjustments18.7(44.9)
18.8(56.1)—Total adjustments(100.6)360.9
(154.7)393.110.30Adjusted earnings - discontinued operations 6.716.3
81.164.1142.30Adjusted earnings (all operations)370.4119.2
769.0359.0336.00






Basic weighted average number of shares outstanding855,891,254776,720,828
855,632,088774,825,230772,532,260






Basic EPS from continuing operations attributable to shareholders0.77(0.12)
1.220.160.14Total adjustments per share(0.35)0.26
(0.42)0.220.11Adjusted EPS - continuing operations0.420.13
0.800.380.25






Basic EPS from discontinued operations attributable to shareholders0.13(0.44)
0.28(0.42)0.17Total adjustments per share(0.12)0.46
(0.18)0.510.02Adjusted EPS - discontinued operations0.010.02
0.090.080.19






Basic EPS attributable to shareholders0.90(0.57)
1.50(0.26)0.31Total adjustments per share(0.46)0.72
(0.60)0.730.13Adjusted EPS (all operations)0.430.15
0.900.460.441 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 can be reconciled to Cash provided by operating activities on the Company's Consolidated Statements of Cash Flows as follows:
Three months endedDecember 31,
Year endedDecember 31,($ millions)20252024
202520242023Cash provided by operating activities related to continuing operations533.0567.9
1,207.91,311.4644.2Sustaining capital expenditures(157.6)(131.4)
(477.8)(527.9)(549.1)General exploration and business development12.910.9
43.542.138.3Free cash flow from operations - continuing operations388.3447.4
773.6825.6133.4General exploration and business development(12.9)(10.9)
(43.5)(42.1)(38.3)Expansionary capital expenditures(43.5)(50.5)
(191.2)(243.6)(275.9)Free cash flow - continuing operations331.9386.0
538.9539.9(180.8)






Cash provided by operating activities from discontinued operations27.952.4
134.7207.5372.4Sustaining capital expenditures(3.9)(40.4)
(79.4)(176.2)(178.2)General exploration and business development0.26.6
6.916.017.4Free cash flow from operations - discontinued operations24.218.6
62.247.3211.6General exploration and business development(0.2)(6.6)
(6.9)(16.0)(17.4)Expansionary capital expenditures——
———Free cash flow - discontinued operations24.012.0
55.331.3194.2






Free cash flow from operations (all operations)412.5466.0
835.8872.9345.0Free cash flow (all operations)355.9398.0
594.2571.213.4Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash provided by operating activities on the Company's Consolidated Statements of Cash Flows as follows:
Three months endedDecember 31,
Year endedDecember 31,($ millions, except share and per share amounts)20252024
202520242023Cash provided by operating activities from continuing operations533.0567.9
1,207.91,311.4644.2Changes in non-cash working capital items132.1(304.4)
414.0(221.5)65.9Adjusted operating cash flow - continuing operations665.1263.5
1,621.91,089.9710.1






Cash provided by operating activities related to discontinued operations27.952.4
134.7207.5372.4Changes in non-cash working capital items(15.4)(2.0)
(24.1)5.2(58.3)Adjusted operating cash flow - discontinued operations12.550.4
110.6212.7314.1






Adjusted operating cash flow (all operations)677.6313.9
1,732.51,302.61,024.2






Basic weighted average number of shares outstanding855,891,254776,720,828
855,632,088774,825,230772,532,260






Adjusted operating cash flow per share - continuing operations$            0.780.34
$            1.901.410.92Adjusted operating cash flow per share - discontinued operations0.010.06
$            0.120.270.41Adjusted operating cash flow per share (all operations)$            0.790.40
$            2.021.681.33Net cash (debt) can be reconciled to Debt, Current portion of debt and Cash and cash equivalents on the Company's Consolidated Balance Sheets as follows:($ millions)December 31, 2025December 31, 2024December 31, 2023Debt(56.3)(1,412.4)(1,043.6)Current portion of debt(180.8)(344.6)(165.0)Less deferred financing fees (netted in above)(3.7)(7.7)(6.4)
(240.8)(1,764.7)(1,215.0)



Cash and cash equivalents296.2357.5268.8Add cash and cash equivalents related to assets classified as held for sale22.074.8—Net cash (debt)77.4(1,332.4)(946.2)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 results of the Study on the Vicuña Project, including but not limited to the Mineral Resource estimate and the parameters and assumptions used to estimate the Mineral Resources, the life of mine, the life of mine plan, commencement of production, mining methods, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and the timing thereof, economic metrics and sensitivities, estimated economic results (including Project economics, economic metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Vicuña Project, tailings management, infrastructure requirements, development and construction plans (including staged development, Project Stages, sequencing, timing, costs and the effects and benefits), permitting (including timelines and expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the Vicuña Project and the timing thereof, community and social engagement and corporate social responsibility matters, economic, fiscal and other benefits of the Vicuña Project to local communities, host-countries, shareholders and other stakeholders, and the updated Vicuña Project Technical Report and the timing thereof; project studies (including technical, environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to rank among the top five copper, gold and silver mines globally; the Company's credit facility and the amendments thereto, including upsizing, expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended credit facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit facility; Vicuña Project funding and the Company's expectations regarding its funding strategy and its work with BHP;  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; potential for future Mineral Resource expansion; remediation and reclamation obligations, including their anticipated costs and timing; anticipated market prices of metals, currency exchange rates and interest rates; the Company's 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; expected labour stability and operational efficiency resulting from the renewed union agreements at Candelaria; 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; the operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña district; 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 and US 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 with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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 (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts under its credit facility; the successful sanctioning, permitting and development of the Company's Projects (including the Vicuña Project) and commencement of production; successful completion of the Company's projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assumptions as set out herein, in the Vicuña Project Technical Report when filed, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to 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; 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; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the "Risk and Uncertainties" section of the Company's latest Annual Information Form, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile. All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.



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Original: Lundin Mining Reports Fourth Quarter and Full Year 2025 Results

Lundin Mining Announces Declaration of Regular DividendFebruary 19, 2026 6:25 PM
PR Newswire (US)

VANCOUVER, BC, Feb. 19, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars ("CAD") $0.0275 per share, payable on April 8, 2026, to shareholders of record at the close of business on March 20, 2026. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. The declaration, timing, amount, and payment of future dividends remain at the discretion of the Board of Directors. Dividends on shares traded on the Toronto Stock Exchange ("TSX") will be paid in CAD on April 8, 2026. Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear principles on April 13 2026. To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from March 18, 2026, up to and including March 20, 2026, during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm.About Lundin Mining Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.comThe information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2026 at 15:25 Pacific TimeCautionary Statement on Forward-Looking InformationCertain 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; payment of dividends and declaration of future dividends, and timing and amount thereof.; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses; the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts under its credit facility; the successful sanctioning, permitting and development of the Company's projects and commencement of production; successful completion of the Company's projects and initiatives within budget and expected timelines; and such other assumptions as set out herein, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application for the Vicuña Project and those arising from circumstances if the Vicuña Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI PEELP regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to 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; 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; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the "Risk 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 profileAll of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.For further information, please contact: Stephen Williams, Vice President, Investor Relations +1 604 806 3074, Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40 



View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-announces-declaration-of-regular-dividend-302693091.html

Original: Lundin Mining Announces Declaration of Regular Dividend

Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral ReservesFebruary 19, 2026 12:04 AM
PR Newswire (US)

VANCOUVER, BC, Feb. 19, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to report its Mineral Resource and Mineral Reserve estimates effective as of December 31, 2025 (or as otherwise specified herein). On a 100% consolidated basis, the estimated Measured and Indicated Mineral Resources of contained copper is 28,372 kilotonnes ("kt"), 48.2 million ounces ("Moz") gold and 812 Moz silver (8,193 million tonnes ("Mt") at 0.35% Cu, 0.18 g/t Au and 3.08 g/t Ag). Lundin Mining also has significant Proven and Probable Mineral Reserves of contained copper of 6,347 kt, 4.2 Moz of gold, and 27.0 Moz of silver (1,939 Mt at 0.33% Cu, 0.07 g/t Au and 0.43 g/t Ag).1Jack Lundin, President and CEO, commented "This year, the Company significantly expanded its Mineral Resource base, reinforcing the strength of our portfolio and the upside ahead."At Caserones, continued success at the Angélica target is expected to support a maiden Mineral Resource estimate next year, further strengthening the asset. At Chapada's Saúva expansion area, drilling continues to define and expand higher-grade mineralization. Ongoing drilling at Saúva and across Chapada is expected to support the conversion of Mineral Resources to Mineral Reserves by year-end, reflected in an updated technical report."Earlier this week, Vicuña Corp. announced an updated Mineral Resource estimate for the Vicuña Project, increasing contained inferred copper by 28%, gold by 26% and silver by 30%, positioning it among the largest copper-gold-silver development projects globally. As Vicuña advances, we anticipate reclassifying Mineral Resources at Josemaria back into Mineral Reserves."____________________________________________
1 Average grades of all Mineral Resources on a 100% basis. Tonnes and grades are reflective of the combination of all assets and all tonnes, gold and silver grades are diluted by primary copper deposits. Totals may not summate correctly due to rounding.
 2024 vs 2025 Change in Mineral Resources2Measure & Indicated Resources2




100% basis
 Attributable basis

CopperGoldSilverCopperGoldSilver% Increase (Decrease)37 %100 %56 %17 %70 %5 % Inferred Resources2





% Increase (Decrease)863 %1,282 %634 %605 %1,111 %369 %







Mineral Resources increased significantly compared to the prior year's Mineral Resource statement, primarily driven by the updated Mineral Resource estimate at Filo del Sol announced in the news release on February 16, 2026, partially offset by the divestitures of Eagle, Neves-Corvo and Zinkgruvan mines. Proven & Probable Copper Mineral Reserves3

(100% basis)Copper (kt)Tonnes (kt)Grade (Cu%)2024 Copper Reserves (P&P)10,8723,350,5060.32Depletion(-) 405101,6740.40Sale of Eagle mine(-) 323,4840.91Declassification of Filo Mineral Reserves (oxide only)(-) 1,007259,6400.39Declassification of Josemaria Mineral Reserves(-) 3,0411,011,8250.30Net revisions(-) 4034,9720.112025 Copper Reserves (P&P)6,3471,938,9110.33The adjustment in Mineral Reserves was primarily driven by the declassification of Mineral Reserves at the Filo del Sol and Josemaria deposits, as subsequent Mineral Resource updates superseded the prior Prefeasibility and Feasibility studies. As technical studies on the Vicuña Project ("Vicuña") continue to advance, these Mineral Resources are expected to be converted back into Mineral Reserves. In addition, the Company closed the sale of the Eagle Mine to Talon Metals Corp. ("Talon") on January 9, 2026, which removed these Mineral Reserves from the Company's inventory, together with any net revisions resulting from model updates and mine design changes._____________________________________2 2024 Mineral Resources and Mineral Reserves as per the news release dated February 12, 2025 entitled Lundin Mining Announces 2024 Mineral Resource and Mineral Reserve Estimates ". Lundin Mining owns 80% of Candelaria, 70% Caserones and 50% of Vicuna. Totals may not summate correctly due to rounding.3 Table totals may not summate correctly due to rounding.
Mineral Resource and Mineral Reserve HighlightsCandelaria (Chile): Mineral Reserve reductions at Candelaria were primarily driven by depletion from production. Mineral Resources were updated to remove Alcaparossa following the decision from Superintendencia del Medio Ambiente regarding the 2022 sinkhole. A total of 7,642 metres were drilled in 2025 for exploration purposes at Candelaria underground (north and south), La Española and La Portuguesa.Caserones (Chile): Caserones Mineral Reserves and Mineral Resources slightly decreased year over year from depletion and model updates, partially offset by improved recovery models. Exploration activities last year included 18,908 metres of diamond drilling focussed principally at the Caserones and Angélica deposits, as well as airborne and ground-based geophysics.Chapada (Brazil): Mineral Resources and Mineral Reserves at Chapada were not updated but reflect the result of mine depletion during the year. It is anticipated that results of a Technical Report on Chapada, incorporating the Prefeasibility Study at Saúva and an updated Mineral Resource estimate will be released prior to year end. Total exploration drilling at Chapada for 2025 was 12,507 metres, primarily in the Saúva resource area.Vicuña Project (Argentina/Chile): The Company announced an updated Mineral Resource estimate on the Filo del Sol and Josemaria deposits on February 16, 2026 which incorporated an additional 35 holes drilled at Filo del Sol from the initial Mineral Resource estimate (see press releases dated February 16, 2026 and May 4, 2025). Additional resources at Filo del Sol were added at depth and to the east of the deposit increasing the mineral inventory.Mineral Resource and Reserve SummaryThe tables below summarize the Mineral Resource and Mineral Reserve estimates for each of the Company's sites effective as of December 31, 2025 on a 100% basis (or as otherwise stated therein). Important information is included in the notes following this news release. Table totals may not summate correctly due to rounding. Mineral Resources are inclusive of Mineral Reserves. For more information on the prior Mineral Resource and Mineral Reserve estimates for each of the Company's sites effective as of December 31, 2024 that are referred to herein please see the news release dated February 12, 2025, which is available on the Company's SEDAR+ profile at www.sedarplus.ca and on the Company's website at www.lundinmining.com.On April 16, 2025 the Company completed the sale of its European assets to Boliden. See press release "Lundin Mining Completes the Sale of Neves-Corvo and Zinkgruvan to Boliden". In addition, the Company completed the sale of the Eagle mine to Talon on January 9, 2026, see press release "Lundin Mining Completes the Sale of the Eagle Mine and Humboldt Mill to Talon Metals".Mineral Resources (100% basis, inclusive of Reserves)

Grade
Contained Metal
SiteCategoryTonnes
ktCu
%Au
g/tAg
g/tMo
ppm
Cu
ktAu
KozAg
KozMo
ktInterest
%CandelariaMeasured487,1100.400.101.36-
1,9481,51921,236-80 %Open PitIndicated65,3390.260.071.02-
1701512,147-80 %
M&I552,4490.380.091.32-
2,1181,67023,383-80 %
Inferred11,4890.190.050.86-
2120316-80 %La EspanolaMeasured64,2970.380.080.33-
242161684-80 %
Indicated97,5990.310.060.31-
305182960-80 %
M&I161,8960.340.070.32-
5483431,644-80 %
Inferred43,6770.280.050.25-
12266355-80 %UndergroundMeasured192,4020.860.203.57-
1,6551,25022,090-80 %
Indicated259,4160.770.173.14-
2,0001,41826,189-80 %
M&I451,8180.810.183.32-
3,6552,66748,279-80 %
Inferred48,7820.720.152.01-
3492343,156-80 %StockpileMeasured-----
----80 %
Indicated86,1870.290.091.20-
2462383,325-80 %
M&I86,1870.290.091.20-
2462383,325-80 %
Inferred-----
----80 %Ojos del SaladoMeasured51,4940.940.221.96-
4843643,245-80 %UndergroundIndicated53,8880.830.181.96-
4483153,401-80 %
M&I105,3820.880.201.96-
9326806,646-80 %
Inferred23,9630.890.182.48-
2131421,908-80 %
Measured795,3030.540.131.85-
4,3293,29447,255-80 %CandelariaIndicated562,4290.560.131.99-
3,1702,30536,022-80 %TotalM&I1,357,7320.550.131.91-
7,4995,59983,277-80 %
Inferred127,9110.550.111.39-
7054615,735-80 %










CaseronesMeasured357,0200.34--102
1,196--3670 %
Indicated938,9200.26--89
2,404--8470 %
M&I1,295,9400.28--93
3,600--12070 %
Inferred74,7660.20--53
147--470 %












ChapadaMeasured407,2260.250.13--
1,0261,702--100 %Open PitIndicated457,2640.210.11--
9741,544--100 %
M&I864,4900.230.12--
2,0003,246--100 %
Inferred47,5310.220.09--
105138--100 %StockpileMeasured--
--
-
--100 %
Indicated131,8000.170.11--
220445--100 %
M&I131,8000.170.11--
220445--100 %
Inferred--
--
-
--100 %SaúvaMeasured-----
-
--100 %Open PitIndicated249,8580.290.16--
7141,301--100 %
M&I249,8580.290.16--
7141,301--100 %
Inferred2,0280.200.06--
44--100 %SaúvaMeasured-----
----100 %UndergroundIndicated-----
----100 %
M&I-----
----100 %
Inferred25,1840.510.41--
127332--100 %
Measured407,2260.250.13--
1,0261,702--100 %ChapadaIndicated838,9220.230.12--
1,9083,289--100 % TotalM&I1,246,1480.240.12--
2,9354,991--100 %
Inferred74,7440.320.20--
236474--100 %Chapada Suruca
GoldMeasured16,046-0.32--
-163--100 %Indicated96,527-0.45--
-1,393--100 %
M&I112,572-0.43--
-1,557--100 %
Inferred1,361-0.52--
-23--100 %Lundin Mining
Total* 
(100% basis)Measured1,575,5950.420.100.9323
6,5515,16047,25536
Indicated2,436,7970.310.090.4634
7,4826,98736,02284

M&I4,012,3920.350.090.6530
14,03412,14783,277120

Inferred278,7820.390.110.6414
1,0889575,7354
























* Tonnes and grades are reflective of the combination of all assets and all tonnes, gold, silver and molybdenum grades are diluted by primary copper deposits. Totals may not summate correctly due to rounding.Vicuña Corp. Mineral Resources (100% basis)

Grade




Contained MetalSiteCategoryTonnes
MtCu
%Au
g/tAg
g/tMo
ppm
Cu
ktAu
MozAg
MozMo
ktInterest
%Filo del Sol
Gold OxideMeasured-----
----50 %Indicated301-0.252.7-
-2.426-50 %
M&I301-0.252.7-
-2.426-50 %
Inferred711
0.183.0-
-4.169-50 %Filo del Sol
Copper OxideMeasured-----
----50 %Indicated4670.320.272.5-
1,4744.138-50 %
M&I4670.320.272.5-
1,4744.138-50 %
Inferred4310.230.202.2-
9822.730-50 %Filo del Sol
Silver OxideMeasured-----
----50 %Indicated710.360.36119.7-
2540.8272-50 %
M&I710.360.36119.7-
2540.8272-50 %
Inferred950.080.1435.1-
750.4108-50 %
Filo del Sol
SulphideMeasured-----
----50 %Indicated1,7330.460.346.0-
8,03119.2336-50 %
M&I1,7330.460.346.0-
8,03119.2336-50 %
Inferred8,7210.340.182.9-
29,68351.5823-50 %
Filo del Sol Measured-----
----50 %Indicated2,5720.380.328.1-
9,75926.5672-50 %TotalM&I2,5720.380.328.1-
9,75926.5672-50 %
Inferred9,9580.310.183.2-
30,74058.71,030-50 %JosemariaMeasured6480.330.251.2-
2,1435.225-50 %Indicated9610.250.151.1-
2,4364.533-50 %
M&I1,6090.280.191.1-
4,5799.758-50 %
Inferred6830.220.111.0-
1,5152.522-50 %
Vicuña District*Measured6480.330.251.2-
2,1435.225-50 %Indicated3,5330.340.276.2-
12,19530.9704-50 %TotalM&I4,1810.340.275.4-
14,33836.1729-50 %
Inferred10,6410.300.183.1-
32,25561.31,051-50 %* Tonnes and grades are reflective of the combination of all assets and all tonnes, copper grades are diluted by primary gold deposits. Totals may not summate correctly due to rounding.Mineral Reserves (100% basis)



Grade Contained Metal
SiteCategoryTonnes
ktCu
%Au
g/tAg
g/tMo
ppm
Cu
ktAu
KozAg
KozMo
ktInterest
%CandelariaProven269,0010.450.111.37-
1,20891711,823-80 %Open PitProbable24,3720.290.081.09-
7063853-80 %
Total293,3730.440.101.34-
1,27897912,676-80 %La EspanolaProven52,4540.400.080.34-
209138567-80 %
Probable64,3260.360.070.32-
231136668-80 %
Total116,7800.380.070.33-
4402751,235-80 %UndergroundProven20,9990.850.193.33-
1771312,248-80 %
Probable62,8170.780.173.29-
4903436,653-80 %
Total83,8160.800.183.30-
6674748,901-80 %StockpileProven---
-



-80 %
Probable86,1870.290.091.20-
2462383,325-80 %
Total86,1870.290.091.20-
2462383,325-80 %Ojos del SaladoProven2,9840.840.211.97-
2520189-80 %UndergroundProbable9,5720.830.172.13-
8054656-80 %
Total12,5560.830.182.09-
10573845-80 %CandelariaProven345,4380.470.111.34-
1,6191,20614,827-80 %CombinedProbable247,2740.450.101.53-
1,11783412,155-80 %
Total592,7120.460.111.42-
2,7362,04026,981-80 %CaseronesProven218,8830.36--124
797--2770 %ConcentratorProbable302,9300.31--117
939--3570 %
Total521,8130.33--120
1,736--6370 %Dump LeachProven91,2290.28---
255---70 %
Probable184,0280.21---
386---70 %
Total275,2570.23---
641---70 %Caserones
CombinedProven310,1120.34--124
1,051--2770 %Probable486,9580.27--117
1,326--3570 %
Total797,0700.30--120
2,377--6370 %ChapadaProven291,2370.250.14--
7401,311--100 %Open PitProbable126,0920.220.11--
274430--100 %
Total417,3290.240.13--
1,0131,741--100 %StockpileProven


--


--100 %
Probable131,8000.170.11--
220445--100 %
Total131,8000.170.11--
220445--100 %Chapada
CombinedProven291,2370.250.14--
7401,311--100 %Probable257,8920.190.11--
494875--100 %
Total549,1290.220.12--
1,2332,186--100 %Lundin
Mining Total(100% basis)*Proven946,7870.360.080.4929
3,4102,51714,82727
Probable992,1240.300.050.3836
2,9371,70912,15535

Total1,938,9110.330.070.4332
6,3474,22626,98163
* Tonnes and grades are reflective of the combination of all assets and all tonnes, gold, silver and molybdenum grades are diluted by primary copper deposits. Totals may not summate correctly due to rounding.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 18, 2026 at 11:45 PM Eastern Time.Cautionary Notes to Investors – Mineral Resource and Reserve EstimatesIn accordance with applicable Canadian securities laws, all Mineral Reserve and Mineral Resource estimates of the Company disclosed or referenced in this news release have been prepared in accordance with the disclosure standards of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"), and have been classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum's ("CIM") "Definition Standards for Mineral Resources and Reserves" (the "CIM Standards"). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.Notes on Mineral Resource and Mineral Reserve TablesMineral Resource and Mineral Reserve estimates are shown on a 100% basis. The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates. All estimates, with the exception of Chapada and Vicuña are effective as of December 31, 2025.  The effective date of Chapada is as of December 31, 2024 and the effective date of Vicuña is October 31, 2025.Reference herein to $ or USD is to United States dollars, CLP is to Chilean pesos, BRL is to Brazilian real and ARS is to Argentine pesos. Unless noted otherwise, Mineral Reserves for Candelaria and Caserones have been estimated using metal prices of $3.85/lb copper, $1,900/oz gold, $25/oz silver, and $17/lb molybdenum whereas Mineral Resources have been estimated using metal prices of $4.43/lb copper and $2,185/oz gold. Exchange rate used for Caserones and Candelaria was USD/CLP 900 for Mineral Reserve and Mineral Resource estimates. For the Vicuña (Josemaria and Filo del Sol) Mineral Resources, the metal prices used were $4.60/lb copper, $2,875/oz gold and $32.50/oz silver. Exchange rate used for Vicuna was USD/ARS 1,300 for Mineral Resources.Mineral Reserves for Chapada have been estimated using metal prices of $3.85/lb copper, $1,600/oz gold, whereas Mineral Resources have been estimated using metal prices of $4.43/lb copper and $1,840/oz gold. Exchange rate used was USD/BRL 5.00 for Mineral Reserve and Mineral Resource estimates.For a better understanding of each of the Company's deposits readers are encouraged to read the technical reports and other public disclosure of the Company, including all qualifications, assumptions, exclusions and risks that relate to the Mineral Resource and Mineral Reserve estimates. The technical reports for the Company's material projects are listed below, are intended to be read as a whole, and sections should not be read or relied upon out of context.The Mineral Resource estimates for Lundin Mining sites were prepared under the supervision of and verified by Hamilton Matias, Registered Member of SME, Director, Resource Geology except for Chapada which were prepared under the supervision of and verified by Gustavo Campos, FAusIMM, Director Technical Services for Chapada Mine. For the Vicuña Project (Josemaria and Filo del Sol) the Mineral Resources were prepared independently by Mr. Sean Horan, P.Geo., Principal Resource Geologist of Resource Modelling Solutions Ltd.  (Josemaria) and Luke Evans, P.Eng., Global Technical Director, Geology Group Leader, SLR Consulting (Canada) Ltd. (Filo del Sol). Mineral Reserve estimates for Lundin Mining sites were prepared under the supervision of and verified by Claudio Araya, Register QP for the Chilean Mining Commission, Director, Reserves and Mine Planning, Pedro Elissetche, Register QP for the Chilean Mining Commission, Global Practice Lead, Reserves & Mine Planning, and Arthur Oppitz, FAusIMM, Technical Services Manager. They have also reviewed, verified and approved the technical and scientific information in this news release. No limitations were imposed on their verification process. Each of the aforementioned persons is a Qualified Person as defined under NI 43-101. Mineral Reserves for Vicuña (Josemaria and Filo del Sol) Project were declassified on April 15, 2025 as discussed in the NI 43-101 Technical Report Vicuña Project, Argentina and Chile, dated April 15, 2025.Candelaria and Ojos del Salado Candelaria and La Española open pit Mineral Resource estimates are reported within a conceptual pit shell with cut-off grades of 0.12% and 0.14% copper, respectively. Underground Mineral Resources are estimated at cut-off grades of 0.39% and 0.42% copper for Candelaria underground and Ojos del Salado, respectively. Mineral Reserves for the Candelaria open pit, Española open pit, and Candelaria underground are estimated at cut-off grades of 0.14%, 0.16% and 0.45% copper, respectively. Mineral Reserves for the Santos mine at Ojos del Salado is estimated at a cut-off grade of 0.48% copper. Claudio Araya, Director, Reserves and Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.For further information on Candelaria, refer to the Technical Report entitled Technical Report for the Candelaria Copper Mining Complex, Atacama Region, Region III, Chile", dated February 22, 2023, which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca.CaseronesCaserones Mineral Resource estimates are reported within a conceptual pit shell using NSR cut-off values of $13.37/t mineralized material processed at concentrating and $4.28/t for dump leach mineralized material. Mineral Reserves for the Caserones open pit are estimated using open pit discard NSR cut-off values of $13.37/t for ore processed at concentrating and $4.28/t for ore delivered to the heap leach and SX/EW processing. Hamilton Matias, Director, Resource Geology, Lundin Mining has reviewed and verified the Mineral Resources estimates, and Pedro Elissetche, Global Practice Lead, Reserves & Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.For further information on Caserones, refer to the Technical Report entitled NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile, dated July 13, 2023 which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca. ChapadaThe Chapada Mineral Resource estimates are reported within a conceptual pit shell at an open pit discard NSR cut-off value of $6.26/t. For Suruca, an NSR cut-off value of $6.80/t was used for oxide (heap leach) and sulphide portion, and $11.42/t for oxide (carbon-in-leach). Mineral Reserves are estimated using open pit discard NSR cut-off values of $5.87/t for the Chapada open pit.  The Saúva open pit Mineral Resource estimates are reported within a conceptual pit shell with NSR cut-off value of $7.12/t. Saúva underground Mineral Resources are reported within optimized stope volumes with an NSR cut-off value of $34.50/t. Mr. Gustavo Campos, FAusIMM, Director Technical Services for Chapada mine has reviewed and verified the Mineral Resources for Chapada, Suruca and Saúva. Mr. Arthur Oppitz, FAusIMM, Technical Services Manager, Lundin Mining has reviewed and verified the Mineral Reserves estimates.For further information on Chapada, refer to the NI 43-101 Technical Report entitled Independent Technical Report for the Chapada Mine and Saúva Copper-Gold Project, Northern Goiás State, Brazil, dated February 19, 2025 which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca. Vicuña Mineral Resources are reported in situ. The Filo del Sol estimates were current at December 31, 2025, and the Josemaría estimates were current at December 31, 2025. Mineral Resources are reported on a 100% basis. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%. The Qualified Person for the Filo del Sol estimates is Mr. Luke Evans, M.Sc., P.Eng., an SLR Consulting (Canada) Ltd. employee. The Qualified Person for the Josemaría estimate is Mr. Sean D. Horan, P.Geo., a Resource Modelling Solutions Ltd. employee.The Vicuña Mineral Resource estimate was prepared using commercial mine software and geostatistical software. The Mineral Resource estimates for Filo del Sol and Josemaria deposits are based on 224,849 m of drilling in 435 drill holes and 106,504 m in 243 drill holes, respectively. The holes were assayed on a nominal 2-metre basis.  Assays were composited (8 m for Filo del Sol and 4 m for Josemaria) and top-cut (Filo del Sol only) prior to interpolation. The deposits were segregated into multiple estimation domains based on the geological models of lithology, alteration and mineralization style. Density was assigned by using an average per estimation domain for Filo del Sol and simulated for Josemaria, based on the results of specific-gravity samples taken from the drill core. The geological database was closed on October 31, 2025 for Filo del Sol and December 31, 2022 for Josemaria.Metal grades were interpolated using top-cut Ordinary Kriging for Filo del Sol and conditional simulation for Josemaria. Search ellipse anisotropy and orientation were guided by variography and geology. Mineral Resources are classified under the categories of Measured, Indicated, and Inferred according to the CIM Standards. Blocks were coded with the average distance to the nearest three drillholes, and the Mineral Resource classification was based primarily on drill hole spacing with consideration for the continuity of mineralization. Final classification shapes were smoothed by post-processing.Metallurgical testing demonstrates that oxide mineralization at Filo del Sol is amenable to heap leach operations to produce copper cathode and gold/silver doré. Hypogene mineralization at Josemaria and Filo del Sol are considered amenable to conventional milling and flotation to produce copper concentrates. At Josemaria, average flotation recoveries of 82%, 60% and 56% are expected for copper, gold and silver, respectively. At Filo del Sol, flotation recoveries vary by material type.  In the Filo del Sol concentrator, overall average recoveries of 78%, 62% and 62% are expected for copper, gold and silver, respectively. In the Filo del Sol heap leach, recoveries of 67%, 63% and 78% are expected for copper, gold and silver, respectively. Recovery estimates consider metallurgical testwork completed up to January 13, 2025.This Mineral Resource estimate is also based upon the reasonable prospect of eventual economic extraction based on an optimized pit, using cost assumptions consistent with the integrated Preliminary Economic Assessment. The pit optimization results are used solely for testing the "reasonable prospects for eventual economic extraction" and do not represent an attempt to estimate Mineral Reserves.  Conceptual pits for both deposits were generated using $4.60/lb. Cu, $2,875/oz. Au, and $32.50/oz. Ag. Maximum pit slope angle is 45 degrees for Filo del Sol and 45 degrees for Josemaria. At Josemaria, an average mining cost of $1.86/t with incremental costs of $0.049/t/bench are used. At Filo del Sol, an average mining cost of $1.64/t with incremental cost of $0.049/t/bench are used. Average processing costs are estimated at $4.48/t at Josemaria and range from $4.74 to $14.13/t at Filo. G&A cost estimates for both deposits are $1.64/t.Filo del Sol copper equivalent (CuEq) assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.60/lb Cu, $2,875/oz Au and $32.50/oz Ag. The CuEq formula is: CuEq= Cu% + (0.73 * Au g/t) + (0.009 * Ag g/t).For further information on Vicuña, refer to the news dated February 16, 2026 which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca. Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision 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 costs; permitting requirements and timelines; 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, and the parameters and assumptions used to estimate the foregoing; metal grades and production and recovery rates; geological and mineralization interpretations; expectations regarding adding Mineral Reserves at the Company's projects, including upgrading existing Mineral Resources to Minerals Reserves at the Company's operations and projects, including the Saúva deposit and reclassifying Mineral Resources at Josemaria into Mineral Reserves; the timing and expectations of future studies and technical reports; expectations regarding a maiden Mineral Resource estimate at the Caserones Angélica target and the timing thereof; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the Vicuña Project and the Company's 50/50 joint arrangement with BHP; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses; the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts under its credit facility; the successful sanctioning, permitting and development of the Company's projects (including the Vicuña Project) and commencement of production; successful completion of the Company's projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assumptions as set out herein, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application and those arising from circumstances if the Vicuña Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI PEELP regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to 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; 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; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk 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 "Risk 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 are 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.



View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-increases-mi-copper-mineral-resources-by-37-and-updates-mineral-reserves-302692260.html

Original: Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral Reserves

Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral ReservesFebruary 18, 2026 11:45 PM
PR Newswire (Canada)

VANCOUVER, BC, Feb. 18, 2026 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to report its Mineral Resource and Mineral Reserve estimates effective as of December 31, 2025 (or as otherwise specified herein). On a 100% consolidated basis, the estimated Measured and Indicated Mineral Resources of contained copper is 28,372 kilotonnes ("kt"), 48.2 million ounces ("Moz") gold and 812 Moz silver (8,193 million tonnes ("Mt") at 0.35% Cu, 0.18 g/t Au and 3.08 g/t Ag). Lundin Mining also has significant Proven and Probable Mineral Reserves of contained copper of 6,347 kt, 4.2 Moz of gold, and 27.0 Moz of silver (1,939 Mt at 0.33% Cu, 0.07 g/t Au and 0.43 g/t Ag).1Jack Lundin, President and CEO, commented "This year, the Company significantly expanded its Mineral Resource base, reinforcing the strength of our portfolio and the upside ahead."At Caserones, continued success at the Angélica target is expected to support a maiden Mineral Resource estimate next year, further strengthening the asset. At Chapada's Saúva expansion area, drilling continues to define and expand higher-grade mineralization. Ongoing drilling at Saúva and across Chapada is expected to support the conversion of Mineral Resources to Mineral Reserves by year-end, reflected in an updated technical report."Earlier this week, Vicuña Corp. announced an updated Mineral Resource estimate for the Vicuña Project, increasing contained inferred copper by 28%, gold by 26% and silver by 30%, positioning it among the largest copper-gold-silver development projects globally. As Vicuña advances, we anticipate reclassifying Mineral Resources at Josemaria back into Mineral Reserves."____________________________________________
1 Average grades of all Mineral Resources on a 100% basis. Tonnes and grades are reflective of the combination of all assets and all tonnes, gold and silver grades are diluted by primary copper deposits. Totals may not summate correctly due to rounding.
 2024 vs 2025 Change in Mineral Resources2Measure & Indicated Resources2




100% basis
 Attributable basis

CopperGoldSilverCopperGoldSilver% Increase (Decrease)37 %100 %56 %17 %70 %5 % Inferred Resources2





% Increase (Decrease)863 %1,282 %634 %605 %1,111 %369 %







Mineral Resources increased significantly compared to the prior year's Mineral Resource statement, primarily driven by the updated Mineral Resource estimate at Filo del Sol announced in the news release on February 16, 2026, partially offset by the divestitures of Eagle, Neves-Corvo and Zinkgruvan mines. Proven & Probable Copper Mineral Reserves3

(100% basis)Copper (kt)Tonnes (kt)Grade (Cu%)2024 Copper Reserves (P&P)10,8723,350,5060.32Depletion(-) 405101,6740.40Sale of Eagle mine(-) 323,4840.91Declassification of Filo Mineral Reserves (oxide only)(-) 1,007259,6400.39Declassification of Josemaria Mineral Reserves(-) 3,0411,011,8250.30Net revisions(-) 4034,9720.112025 Copper Reserves (P&P)6,3471,938,9110.33The adjustment in Mineral Reserves was primarily driven by the declassification of Mineral Reserves at the Filo del Sol and Josemaria deposits, as subsequent Mineral Resource updates superseded the prior Prefeasibility and Feasibility studies. As technical studies on the Vicuña Project ("Vicuña") continue to advance, these Mineral Resources are expected to be converted back into Mineral Reserves. In addition, the Company closed the sale of the Eagle Mine to Talon Metals Corp. ("Talon") on January 9, 2026, which removed these Mineral Reserves from the Company's inventory, together with any net revisions resulting from model updates and mine design changes._____________________________________2 2024 Mineral Resources and Mineral Reserves as per the news release dated February 12, 2025 entitled Lundin Mining Announces 2024 Mineral Resource and Mineral Reserve Estimates ". Lundin Mining owns 80% of Candelaria, 70% Caserones and 50% of Vicuna. Totals may not summate correctly due to rounding.3 Table totals may not summate correctly due to rounding.
Mineral Resource and Mineral Reserve HighlightsCandelaria (Chile): Mineral Reserve reductions at Candelaria were primarily driven by depletion from production. Mineral Resources were updated to remove Alcaparossa following the decision from Superintendencia del Medio Ambiente regarding the 2022 sinkhole. A total of 7,642 metres were drilled in 2025 for exploration purposes at Candelaria underground (north and south), La Española and La Portuguesa.Caserones (Chile): Caserones Mineral Reserves and Mineral Resources slightly decreased year over year from depletion and model updates, partially offset by improved recovery models. Exploration activities last year included 18,908 metres of diamond drilling focussed principally at the Caserones and Angélica deposits, as well as airborne and ground-based geophysics.Chapada (Brazil): Mineral Resources and Mineral Reserves at Chapada were not updated but reflect the result of mine depletion during the year. It is anticipated that results of a Technical Report on Chapada, incorporating the Prefeasibility Study at Saúva and an updated Mineral Resource estimate will be released prior to year end. Total exploration drilling at Chapada for 2025 was 12,507 metres, primarily in the Saúva resource area.Vicuña Project (Argentina/Chile): The Company announced an updated Mineral Resource estimate on the Filo del Sol and Josemaria deposits on February 16, 2026 which incorporated an additional 35 holes drilled at Filo del Sol from the initial Mineral Resource estimate (see press releases dated February 16, 2026 and May 4, 2025). Additional resources at Filo del Sol were added at depth and to the east of the deposit increasing the mineral inventory.Mineral Resource and Reserve SummaryThe tables below summarize the Mineral Resource and Mineral Reserve estimates for each of the Company's sites effective as of December 31, 2025 on a 100% basis (or as otherwise stated therein). Important information is included in the notes following this news release. Table totals may not summate correctly due to rounding. Mineral Resources are inclusive of Mineral Reserves. For more information on the prior Mineral Resource and Mineral Reserve estimates for each of the Company's sites effective as of December 31, 2024 that are referred to herein please see the news release dated February 12, 2025, which is available on the Company's SEDAR+ profile at www.sedarplus.ca and on the Company's website at www.lundinmining.com.On April 16, 2025 the Company completed the sale of its European assets to Boliden. See press release "Lundin Mining Completes the Sale of Neves-Corvo and Zinkgruvan to Boliden". In addition, the Company completed the sale of the Eagle mine to Talon on January 9, 2026, see press release "Lundin Mining Completes the Sale of the Eagle Mine and Humboldt Mill to Talon Metals".Mineral Resources (100% basis, inclusive of Reserves)

Grade
Contained Metal
SiteCategoryTonnes
ktCu
%Au
g/tAg
g/tMo
ppm
Cu
ktAu
KozAg
KozMo
ktInterest
%CandelariaMeasured487,1100.400.101.36-
1,9481,51921,236-80 %Open PitIndicated65,3390.260.071.02-
1701512,147-80 %
M&I552,4490.380.091.32-
2,1181,67023,383-80 %
Inferred11,4890.190.050.86-
2120316-80 %La EspanolaMeasured64,2970.380.080.33-
242161684-80 %
Indicated97,5990.310.060.31-
305182960-80 %
M&I161,8960.340.070.32-
5483431,644-80 %
Inferred43,6770.280.050.25-
12266355-80 %UndergroundMeasured192,4020.860.203.57-
1,6551,25022,090-80 %
Indicated259,4160.770.173.14-
2,0001,41826,189-80 %
M&I451,8180.810.183.32-
3,6552,66748,279-80 %
Inferred48,7820.720.152.01-
3492343,156-80 %StockpileMeasured-----
----80 %
Indicated86,1870.290.091.20-
2462383,325-80 %
M&I86,1870.290.091.20-
2462383,325-80 %
Inferred-----
----80 %Ojos del SaladoMeasured51,4940.940.221.96-
4843643,245-80 %UndergroundIndicated53,8880.830.181.96-
4483153,401-80 %
M&I105,3820.880.201.96-
9326806,646-80 %
Inferred23,9630.890.182.48-
2131421,908-80 %
Measured795,3030.540.131.85-
4,3293,29447,255-80 %CandelariaIndicated562,4290.560.131.99-
3,1702,30536,022-80 %TotalM&I1,357,7320.550.131.91-
7,4995,59983,277-80 %
Inferred127,9110.550.111.39-
7054615,735-80 %










CaseronesMeasured357,0200.34--102
1,196--3670 %
Indicated938,9200.26--89
2,404--8470 %
M&I1,295,9400.28--93
3,600--12070 %
Inferred74,7660.20--53
147--470 %












ChapadaMeasured407,2260.250.13--
1,0261,702--100 %Open PitIndicated457,2640.210.11--
9741,544--100 %
M&I864,4900.230.12--
2,0003,246--100 %
Inferred47,5310.220.09--
105138--100 %StockpileMeasured--
--
-
--100 %
Indicated131,8000.170.11--
220445--100 %
M&I131,8000.170.11--
220445--100 %
Inferred--
--
-
--100 %SaúvaMeasured-----
-
--100 %Open PitIndicated249,8580.290.16--
7141,301--100 %
M&I249,8580.290.16--
7141,301--100 %
Inferred2,0280.200.06--
44--100 %SaúvaMeasured-----
----100 %UndergroundIndicated-----
----100 %
M&I-----
----100 %
Inferred25,1840.510.41--
127332--100 %
Measured407,2260.250.13--
1,0261,702--100 %ChapadaIndicated838,9220.230.12--
1,9083,289--100 % TotalM&I1,246,1480.240.12--
2,9354,991--100 %
Inferred74,7440.320.20--
236474--100 %Chapada Suruca
GoldMeasured16,046-0.32--
-163--100 %Indicated96,527-0.45--
-1,393--100 %
M&I112,572-0.43--
-1,557--100 %
Inferred1,361-0.52--
-23--100 %Lundin Mining
Total* 
(100% basis)Measured1,575,5950.420.100.9323
6,5515,16047,25536
Indicated2,436,7970.310.090.4634
7,4826,98736,02284

M&I4,012,3920.350.090.6530
14,03412,14783,277120

Inferred278,7820.390.110.6414
1,0889575,7354
























* Tonnes and grades are reflective of the combination of all assets and all tonnes, gold, silver and molybdenum grades are diluted by primary copper deposits. Totals may not summate correctly due to rounding.Vicuña Corp. Mineral Resources (100% basis)

Grade




Contained MetalSiteCategoryTonnes
MtCu
%Au
g/tAg
g/tMo
ppm
Cu
ktAu
MozAg
MozMo
ktInterest
%Filo del Sol
Gold OxideMeasured-----
----50 %Indicated301-0.252.7-
-2.426-50 %
M&I301-0.252.7-
-2.426-50 %
Inferred711
0.183.0-
-4.169-50 %Filo del Sol
Copper OxideMeasured-----
----50 %Indicated4670.320.272.5-
1,4744.138-50 %
M&I4670.320.272.5-
1,4744.138-50 %
Inferred4310.230.202.2-
9822.730-50 %Filo del Sol
Silver OxideMeasured-----
----50 %Indicated710.360.36119.7-
2540.8272-50 %
M&I710.360.36119.7-
2540.8272-50 %
Inferred950.080.1435.1-
750.4108-50 %
Filo del Sol
SulphideMeasured-----
----50 %Indicated1,7330.460.346.0-
8,03119.2336-50 %
M&I1,7330.460.346.0-
8,03119.2336-50 %
Inferred8,7210.340.182.9-
29,68351.5823-50 %
Filo del Sol Measured-----
----50 %Indicated2,5720.380.328.1-
9,75926.5672-50 %TotalM&I2,5720.380.328.1-
9,75926.5672-50 %
Inferred9,9580.310.183.2-
30,74058.71,030-50 %JosemariaMeasured6480.330.251.2-
2,1435.225-50 %Indicated9610.250.151.1-
2,4364.533-50 %
M&I1,6090.280.191.1-
4,5799.758-50 %
Inferred6830.220.111.0-
1,5152.522-50 %
Vicuña District*Measured6480.330.251.2-
2,1435.225-50 %Indicated3,5330.340.276.2-
12,19530.9704-50 %TotalM&I4,1810.340.275.4-
14,33836.1729-50 %
Inferred10,6410.300.183.1-
32,25561.31,051-50 %* Tonnes and grades are reflective of the combination of all assets and all tonnes, copper grades are diluted by primary gold deposits. Totals may not summate correctly due to rounding.Mineral Reserves (100% basis)



Grade Contained Metal
SiteCategoryTonnes
ktCu
%Au
g/tAg
g/tMo
ppm
Cu
ktAu
KozAg
KozMo
ktInterest
%CandelariaProven269,0010.450.111.37-
1,20891711,823-80 %Open PitProbable24,3720.290.081.09-
7063853-80 %
Total293,3730.440.101.34-
1,27897912,676-80 %La EspanolaProven52,4540.400.080.34-
209138567-80 %
Probable64,3260.360.070.32-
231136668-80 %
Total116,7800.380.070.33-
4402751,235-80 %UndergroundProven20,9990.850.193.33-
1771312,248-80 %
Probable62,8170.780.173.29-
4903436,653-80 %
Total83,8160.800.183.30-
6674748,901-80 %StockpileProven---
-



-80 %
Probable86,1870.290.091.20-
2462383,325-80 %
Total86,1870.290.091.20-
2462383,325-80 %Ojos del SaladoProven2,9840.840.211.97-
2520189-80 %UndergroundProbable9,5720.830.172.13-
8054656-80 %
Total12,5560.830.182.09-
10573845-80 %CandelariaProven345,4380.470.111.34-
1,6191,20614,827-80 %CombinedProbable247,2740.450.101.53-
1,11783412,155-80 %
Total592,7120.460.111.42-
2,7362,04026,981-80 %CaseronesProven218,8830.36--124
797--2770 %ConcentratorProbable302,9300.31--117
939--3570 %
Total521,8130.33--120
1,736--6370 %Dump LeachProven91,2290.28---
255---70 %
Probable184,0280.21---
386---70 %
Total275,2570.23---
641---70 %Caserones
CombinedProven310,1120.34--124
1,051--2770 %Probable486,9580.27--117
1,326--3570 %
Total797,0700.30--120
2,377--6370 %ChapadaProven291,2370.250.14--
7401,311--100 %Open PitProbable126,0920.220.11--
274430--100 %
Total417,3290.240.13--
1,0131,741--100 %StockpileProven


--


--100 %
Probable131,8000.170.11--
220445--100 %
Total131,8000.170.11--
220445--100 %Chapada
CombinedProven291,2370.250.14--
7401,311--100 %Probable257,8920.190.11--
494875--100 %
Total549,1290.220.12--
1,2332,186--100 %Lundin
Mining Total(100% basis)*Proven946,7870.360.080.4929
3,4102,51714,82727
Probable992,1240.300.050.3836
2,9371,70912,15535

Total1,938,9110.330.070.4332
6,3474,22626,98163
* Tonnes and grades are reflective of the combination of all assets and all tonnes, gold, silver and molybdenum grades are diluted by primary copper deposits. Totals may not summate correctly due to rounding.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 18, 2026 at 11:45 PM Eastern Time.Cautionary Notes to Investors – Mineral Resource and Reserve EstimatesIn accordance with applicable Canadian securities laws, all Mineral Reserve and Mineral Resource estimates of the Company disclosed or referenced in this news release have been prepared in accordance with the disclosure standards of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"), and have been classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum's ("CIM") "Definition Standards for Mineral Resources and Reserves" (the "CIM Standards"). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.Notes on Mineral Resource and Mineral Reserve TablesMineral Resource and Mineral Reserve estimates are shown on a 100% basis. The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates. All estimates, with the exception of Chapada and Vicuña are effective as of December 31, 2025.  The effective date of Chapada is as of December 31, 2024 and the effective date of Vicuña is October 31, 2025.Reference herein to $ or USD is to United States dollars, CLP is to Chilean pesos, BRL is to Brazilian real and ARS is to Argentine pesos. Unless noted otherwise, Mineral Reserves for Candelaria and Caserones have been estimated using metal prices of $3.85/lb copper, $1,900/oz gold, $25/oz silver, and $17/lb molybdenum whereas Mineral Resources have been estimated using metal prices of $4.43/lb copper and $2,185/oz gold. Exchange rate used for Caserones and Candelaria was USD/CLP 900 for Mineral Reserve and Mineral Resource estimates. For the Vicuña (Josemaria and Filo del Sol) Mineral Resources, the metal prices used were $4.60/lb copper, $2,875/oz gold and $32.50/oz silver. Exchange rate used for Vicuna was USD/ARS 1,300 for Mineral Resources.Mineral Reserves for Chapada have been estimated using metal prices of $3.85/lb copper, $1,600/oz gold, whereas Mineral Resources have been estimated using metal prices of $4.43/lb copper and $1,840/oz gold. Exchange rate used was USD/BRL 5.00 for Mineral Reserve and Mineral Resource estimates.For a better understanding of each of the Company's deposits readers are encouraged to read the technical reports and other public disclosure of the Company, including all qualifications, assumptions, exclusions and risks that relate to the Mineral Resource and Mineral Reserve estimates. The technical reports for the Company's material projects are listed below, are intended to be read as a whole, and sections should not be read or relied upon out of context.The Mineral Resource estimates for Lundin Mining sites were prepared under the supervision of and verified by Hamilton Matias, Registered Member of SME, Director, Resource Geology except for Chapada which were prepared under the supervision of and verified by Gustavo Campos, FAusIMM, Director Technical Services for Chapada Mine. For the Vicuña Project (Josemaria and Filo del Sol) the Mineral Resources were prepared independently by Mr. Sean Horan, P.Geo., Principal Resource Geologist of Resource Modelling Solutions Ltd.  (Josemaria) and Luke Evans, P.Eng., Global Technical Director, Geology Group Leader, SLR Consulting (Canada) Ltd. (Filo del Sol). Mineral Reserve estimates for Lundin Mining sites were prepared under the supervision of and verified by Claudio Araya, Register QP for the Chilean Mining Commission, Director, Reserves and Mine Planning, Pedro Elissetche, Register QP for the Chilean Mining Commission, Global Practice Lead, Reserves & Mine Planning, and Arthur Oppitz, FAusIMM, Technical Services Manager. They have also reviewed, verified and approved the technical and scientific information in this news release. No limitations were imposed on their verification process. Each of the aforementioned persons is a Qualified Person as defined under NI 43-101. Mineral Reserves for Vicuña (Josemaria and Filo del Sol) Project were declassified on April 15, 2025 as discussed in the NI 43-101 Technical Report Vicuña Project, Argentina and Chile, dated April 15, 2025.Candelaria and Ojos del Salado Candelaria and La Española open pit Mineral Resource estimates are reported within a conceptual pit shell with cut-off grades of 0.12% and 0.14% copper, respectively. Underground Mineral Resources are estimated at cut-off grades of 0.39% and 0.42% copper for Candelaria underground and Ojos del Salado, respectively. Mineral Reserves for the Candelaria open pit, Española open pit, and Candelaria underground are estimated at cut-off grades of 0.14%, 0.16% and 0.45% copper, respectively. Mineral Reserves for the Santos mine at Ojos del Salado is estimated at a cut-off grade of 0.48% copper. Claudio Araya, Director, Reserves and Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.For further information on Candelaria, refer to the Technical Report entitled Technical Report for the Candelaria Copper Mining Complex, Atacama Region, Region III, Chile", dated February 22, 2023, which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca.CaseronesCaserones Mineral Resource estimates are reported within a conceptual pit shell using NSR cut-off values of $13.37/t mineralized material processed at concentrating and $4.28/t for dump leach mineralized material. Mineral Reserves for the Caserones open pit are estimated using open pit discard NSR cut-off values of $13.37/t for ore processed at concentrating and $4.28/t for ore delivered to the heap leach and SX/EW processing. Hamilton Matias, Director, Resource Geology, Lundin Mining has reviewed and verified the Mineral Resources estimates, and Pedro Elissetche, Global Practice Lead, Reserves & Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.For further information on Caserones, refer to the Technical Report entitled NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile, dated July 13, 2023 which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca. ChapadaThe Chapada Mineral Resource estimates are reported within a conceptual pit shell at an open pit discard NSR cut-off value of $6.26/t. For Suruca, an NSR cut-off value of $6.80/t was used for oxide (heap leach) and sulphide portion, and $11.42/t for oxide (carbon-in-leach). Mineral Reserves are estimated using open pit discard NSR cut-off values of $5.87/t for the Chapada open pit.  The Saúva open pit Mineral Resource estimates are reported within a conceptual pit shell with NSR cut-off value of $7.12/t. Saúva underground Mineral Resources are reported within optimized stope volumes with an NSR cut-off value of $34.50/t. Mr. Gustavo Campos, FAusIMM, Director Technical Services for Chapada mine has reviewed and verified the Mineral Resources for Chapada, Suruca and Saúva. Mr. Arthur Oppitz, FAusIMM, Technical Services Manager, Lundin Mining has reviewed and verified the Mineral Reserves estimates.For further information on Chapada, refer to the NI 43-101 Technical Report entitled Independent Technical Report for the Chapada Mine and Saúva Copper-Gold Project, Northern Goiás State, Brazil, dated February 19, 2025 which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca. Vicuña Mineral Resources are reported in situ. The Filo del Sol estimates were current at December 31, 2025, and the Josemaría estimates were current at December 31, 2025. Mineral Resources are reported on a 100% basis. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%. The Qualified Person for the Filo del Sol estimates is Mr. Luke Evans, M.Sc., P.Eng., an SLR Consulting (Canada) Ltd. employee. The Qualified Person for the Josemaría estimate is Mr. Sean D. Horan, P.Geo., a Resource Modelling Solutions Ltd. employee.The Vicuña Mineral Resource estimate was prepared using commercial mine software and geostatistical software. The Mineral Resource estimates for Filo del Sol and Josemaria deposits are based on 224,849 m of drilling in 435 drill holes and 106,504 m in 243 drill holes, respectively. The holes were assayed on a nominal 2-metre basis.  Assays were composited (8 m for Filo del Sol and 4 m for Josemaria) and top-cut (Filo del Sol only) prior to interpolation. The deposits were segregated into multiple estimation domains based on the geological models of lithology, alteration and mineralization style. Density was assigned by using an average per estimation domain for Filo del Sol and simulated for Josemaria, based on the results of specific-gravity samples taken from the drill core. The geological database was closed on October 31, 2025 for Filo del Sol and December 31, 2022 for Josemaria.Metal grades were interpolated using top-cut Ordinary Kriging for Filo del Sol and conditional simulation for Josemaria. Search ellipse anisotropy and orientation were guided by variography and geology. Mineral Resources are classified under the categories of Measured, Indicated, and Inferred according to the CIM Standards. Blocks were coded with the average distance to the nearest three drillholes, and the Mineral Resource classification was based primarily on drill hole spacing with consideration for the continuity of mineralization. Final classification shapes were smoothed by post-processing.Metallurgical testing demonstrates that oxide mineralization at Filo del Sol is amenable to heap leach operations to produce copper cathode and gold/silver doré. Hypogene mineralization at Josemaria and Filo del Sol are considered amenable to conventional milling and flotation to produce copper concentrates. At Josemaria, average flotation recoveries of 82%, 60% and 56% are expected for copper, gold and silver, respectively. At Filo del Sol, flotation recoveries vary by material type.  In the Filo del Sol concentrator, overall average recoveries of 78%, 62% and 62% are expected for copper, gold and silver, respectively. In the Filo del Sol heap leach, recoveries of 67%, 63% and 78% are expected for copper, gold and silver, respectively. Recovery estimates consider metallurgical testwork completed up to January 13, 2025.This Mineral Resource estimate is also based upon the reasonable prospect of eventual economic extraction based on an optimized pit, using cost assumptions consistent with the integrated Preliminary Economic Assessment. The pit optimization results are used solely for testing the "reasonable prospects for eventual economic extraction" and do not represent an attempt to estimate Mineral Reserves.  Conceptual pits for both deposits were generated using $4.60/lb. Cu, $2,875/oz. Au, and $32.50/oz. Ag. Maximum pit slope angle is 45 degrees for Filo del Sol and 45 degrees for Josemaria. At Josemaria, an average mining cost of $1.86/t with incremental costs of $0.049/t/bench are used. At Filo del Sol, an average mining cost of $1.64/t with incremental cost of $0.049/t/bench are used. Average processing costs are estimated at $4.48/t at Josemaria and range from $4.74 to $14.13/t at Filo. G&A cost estimates for both deposits are $1.64/t.Filo del Sol copper equivalent (CuEq) assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.60/lb Cu, $2,875/oz Au and $32.50/oz Ag. The CuEq formula is: CuEq= Cu% + (0.73 * Au g/t) + (0.009 * Ag g/t).For further information on Vicuña, refer to the news dated February 16, 2026 which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca. Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision 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 costs; permitting requirements and timelines; 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, and the parameters and assumptions used to estimate the foregoing; metal grades and production and recovery rates; geological and mineralization interpretations; expectations regarding adding Mineral Reserves at the Company's projects, including upgrading existing Mineral Resources to Minerals Reserves at the Company's operations and projects, including the Saúva deposit and reclassifying Mineral Resources at Josemaria into Mineral Reserves; the timing and expectations of future studies and technical reports; expectations regarding a maiden Mineral Resource estimate at the Caserones Angélica target and the timing thereof; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the Vicuña Project and the Company's 50/50 joint arrangement with BHP; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses; the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts under its credit facility; the successful sanctioning, permitting and development of the Company's projects (including the Vicuña Project) and commencement of production; successful completion of the Company's projects and initiatives (including the Vicuña Project) within budget and expected timelines; and such other assumptions as set out herein, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application and those arising from circumstances if the Vicuña Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI PEELP regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to 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; 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; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk 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 "Risk 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 are 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





SOURCE Lundin Mining Corporation

Original: Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral Reserves

Lundin Mining Announces Vicuña Integrated Technical Study Results Highlighting a World-Class Mining DistrictFebruary 16, 2026 3:00 PM
PR Newswire (Canada)

VANCOUVER, BC, Feb. 16, 2026 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the results of the integrated technical study (the Preliminary Economic Assessment "PEA" or the "Study") for the Vicuña project (the "Vicuña Project" or the "Project"). The Vicuña Project is comprised of the Filo del Sol deposit and the Josemaria deposit and is held by Vicuña Corp. ("Vicuña"), a 50/50 joint arrangement between Lundin Mining and BHP. Unless otherwise indicated, all dollar amounts are stated in United States dollars ("$") and presented on a 100% basis.Jack Lundin, President and CEO of Lundin Mining, commented, "The publication of these impressive results marks a significant milestone and a major step towards advancing the Vicuña Project to a sanction decision. The progress achieved since the formation of Vicuña Corp. has been exceptional, and this Study establishes a solid foundation for moving the Project forward while continuing to refine later stages and drive further improvements in cost, schedule, and production."The Study outlines a project that would rank among the top five copper, gold, and silver mines globally. A staged development approach provides a disciplined pathway to unlock the full value of the district, enabling sequenced capital deployment, effective risk management, and ongoing optimization while delivering substantial, long-life copper production growth over multiple decades."With the announcement on Thursday for commitments to upsize our credit facility to $4.5 billion, Lundin Mining is fully funded for the initial phase of construction, and we remain on course to achieve our goal of becoming a top-ten global copper producer with annual production of over 500,000 tonnes of copper and 550,000 ounces of gold once Vicuña is in full operation."Study HighlightsThe development of the Vicuña district is envisioned in a staged approach. Stage 1 encompasses a sulphide mill and the Josemaria deposit, establishing an initial open pit mine and concentrator designed for future expansion to accelerate first production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a corresponding SX/EW plant for copper, gold and silver recovery. Stage 3 represents the long-term maturation of the district through expansion of the concentrator and development of the Filo del Sol sulphide deposit, enabling peak, sustained production, positioning the Vicuña Project as a long-life, globally significant copper operation. Stage 3 also integrates key district infrastructure, including a desalination plant and associated pipeline, and return concentrate slurry pipeline, to support expansion of the district.Potential to be a top five copper, gold, and silver mine: Average annual production of 400,000 tonnes copper, 700,000 ounces ("oz") gold and 22 million ounces ("Moz") silver over the first 25 full years of operation.Peak production of +500 ktpa copper: Average production over a ten-year period of over 500,000 tonnes copper, 800,000 oz gold and 20 Moz silver or 800,000 tonnes copper equivalent1 ("CuEq").Multi-generational asset: Initial +70-year life of mine ("LOM"), producing approximately 22.3 million tonnes ("Mt") of copper, 37.2 Moz of gold and 763 Moz of silver.First quartile cost profile: Average cash cost2 (net of by-product credits) per pound of copper of negative ($0.20/lb) and an all-in sustaining cost2 ("AISC") per pound of copper of $0.47/lb (net of by-product credits) over the first 25 full years of operation.Staged development: Enables Vicuña to incorporate ongoing optimization for the later phases of the Project, manage development risk and fund future development through operating cash flow.Significant free cash flow: Average annual free cash flow2 of $2.2 billion per year (after expansionary capital) during the first 25 full years of operation.Leveraged to copper and gold: LOM revenue contribution of approximately 60% copper, 32% gold and 8% silver.Capital intensity below $30,000/tonne CuEq: Stage 1 capital of $7.1 billion with an after-tax payback period of 8.4 years3 and an after-tax internal rate of return ("IRR") of 14.8% which includes all the stages.Resource growth: The updated Mineral Resource grew significantly compared to the previous estimate4Contained copper of 14 Mt Measured and Indicated ("M&I") and 32 Mt Inferred. An increase of 12% in contained M&I and 28% Inferred copper.Contained gold of 36 Moz M&I and 61 Moz Inferred. An increase of 12% contained M&I gold and 26% Inferred gold.Contained silver of 729 Moz M&I and 1,051 Moz Inferred. An increase of 11% M&I silver and 30% Inferred silver.Base-case scenario that establishes a world-class project: Net present value ("NPV8%") of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver.Stage 1 is clearly defined providing a blueprint for initial development, ongoing studies on Stages 2 and 3 are expected to deliver further optimization.At spot copper, gold and silver prices ($6.00/lb copper, $5,000/oz gold and $80/oz silver), the NPV8% increases to $28.8 billion and the IRR to 25.5% with a payback of 5.4 years._________________________________________________
1 Copper equivalent (CuEq) based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed below for reference.The Study marks a significant milestone for the Company and our partner BHP, positioning us to make a potential sanctioning decision as early as year-end. Next steps include detailed design and engineering for Stage 1, ramp up of project readiness activities and upgrades to the access road, all of which will advance the Project toward long-life, high-quality copper production while unlocking value across the broader district.Details of the Vicuña integrated technical study will be presented in a webcast conference call on Tuesday, February 17, 2026 at 7 AM PT | 10 AM ET. Webcast and conference call details are provided below.Webcast / Conference Call Details:
Date: Tuesday, February 17, 2026
Time: 7:00 AM PT | 10:00 AM ET
Listen only webcast: WEBCAST LINK
Dial In for Investor & Analyst Q&A: DIAL IN LINKThe Preliminary Economic Assessment was prepared in accordance with National Instrument 43-101 ("NI 43-101") standards on a 100% basis. The base case was completed at a copper price of $4.60/lb, a gold price of $3,300/oz and a silver price of $40/oz._____________________________________________________________
2 Cash Cost (net of by-product credits),all-in sustaining cost and free cash flow are Non-GAAP measures, please see the section "Cautionary Note Regarding Non-GAAP Measures" below. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures.3 Initial capital from the start of 2027 and payback period from the start of 2030.4 See news release dated May 4, 2025 and previous technical report entitled "NI 43-101 Technical Report on the Vicuña Project, Argentina and Chile", with an effective date of April 15, 2025 for information with respect to the previous Mineral Resource estimate. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%.The PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the Preliminary Economic Assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.Vicuña Study DetailsVicuña engaged a consortium of independent consultants, led by Fluor Corporation, a leading global engineering, procurement and construction management (EPCM) firm. Fluor provides professional and technical solutions across energy, chemicals, mining, infrastructure, and government sectors. The Study was supported by additional leading consultants with expertise in various fields, including Ausenco Pty Ltd, Inti Mining Smart Solutions., Knight Piesold Ltd., and SLR Consulting (Canada) Ltd.The Study envisions a conventional open pit mining and milling operation with a nominal initial nameplate processing capacity of 175,000 tonnes per day ("tpd") (approximately 64.0 million tonnes per annum "Mtpa"), with an anticipated expansion to 293,000 tpd (approximately 107.0 Mtpa). The Study evaluates the recovery of copper, gold, and silver through a conventional process plant that includes crushing, grinding, and flotation to produce a copper concentrate. In the initial years, the concentrator will be fed with mineralization from the Josemaria deposit and then transition over to mineralization from the Filo del Sol deposit providing higher grades. Oxide material overlaying the Filo del Sol deposit is treated separately via a two-stage heap leach process designed to recover copper-rich, copper–gold, and gold-rich minerals. The heap leach circuit will produce high-purity copper cathode and gold doré product.Table 1. Summary of the Economic Metrics of the Vicuña StudyPEA Results Summary
Copper price (base case)$4.60/lbGold price (base case)$3,300/ozSilver price (base case)$40/ozExchange rate (ARS Peso to US Dollar)1,300:1Peak annual copper production (10 yr avg.)*508 kt/yrPeak annual gold production (10 yr avg.)*801 koz/yrPeak annual silver production (10 yr avg.)*20.2 Moz/yrAverage annual copper production (25 yrs)*395 kt/yrAverage annual gold production (25 yrs)*711 koz/yrAverage annual silver production (25 yrs)*22.2 Moz/yrTotal copper production (LOM)22.3 MtTotal gold production (LOM)37.2 MozTotal silver production (LOM)763 MozMine life+70 years Stage 1 nominal concentrator throughput64.0 Mtpa | 175,000 tpdStage 3 expanded nominal concentrator throughput107.0 Mtpa | 293,000 tpdHeap leach capacity (throughput)24.0 MtpaJosemaria head grade (LOM)0.29% copper0.19 g/t gold1.1 g/t silverFilo del Sol oxide head grade (LOM) 0.24% copper0.28 g/t gold17.9 g/t silverFilo del Sol sulphide head grade (LOM) 0.39% copper0.27 g/t gold4.6 g/t silverJosemaria average recovery (LOM)84.4% copper63.7% gold58.6% silverFilo del Sol oxide recovery (LOM)64.5% copper56.7% gold75.6% silverFilo del Sol sulphide recovery (LOM)83.4% copper59.5% gold55.8% silverAverage operating costs (LOM inc. expansion)Mining – $2.94/t minedConcentrator & roaster – $7.80/t milledLeaching – $11.16/t oxide
Site Services and water – $3.67/t total throughputConc. freight - $1.76/t total throughputG&A – $1.62/t total throughputTotal average annual operating costs (LOM)$2.1 B/yrCash cost (LOM net of credits)*$0.74/lb copperAll-in Sustaining Cost (LOM net of credits)*$1.38/lb copperStage 1 Sulphide mill and Josemaria mine capital$7.1 BStage 2 Filo Oxide capital$3.9 BStage 3 Filo Sulphides and mill expansion capital$7.1 BSustaining capital including capitalized stripping
and closure costs$30.3B (over 70 years)Average annual after-tax free cash flow$2.2 B/yr (25 yrs)NPV8% (after-tax)$9.5 B (base case)IRR (after-tax)14.8% (base case)*First 25 years of commercial production beginning in the first full year of operations. Peak production over a 10 year average includes years 16 to 25. Cash cost per pound of copper, operating costs per tonne milled, free cash flow, expansionary capital and AISC per pound of copper are non-GAAP financial measures and sustaining capital is a supplementary financial measure. Please see "Cautionary Note Regarding Non-GAAP Measures".Table 2. Economic Sensitivities, NPV8% ($B) - Leverage to Copper and Gold Price5Copper /
Gold Price$2,800 (oz)$3,100 (oz)$3,300 (oz)$3,500 (oz)$4,000 (oz)$4,500 (oz)$3.75/lb$3.1$4.4$5.3$6.2$8.3$10.5$4.00/lb$4.4$5.7$6.5$7.4$9.6$11.7$4.25/lb$5.6$6.9$7.8$8.7$10.8$12.9$4.60/lb$7.4$8.7$9.5$10.4$12.5$14.7$5.00/lb$9.4$10.7$11.5$12.4$14.5$16.75.25/lb$10.6$11.9$12.8$13.6$15.8$17.9$5.50/lb$11.9$13.1$14.0$14.8$17.0$19.1$6.00/lb$14.3$15.6$16.5$17.3$19.5$21.6Table 3. Economic Sensitivities, IRR (%) - Leverage to Copper and Gold Price4Copper /
Gold Price$2,800 (oz)$3,100 (oz)$3,300 (oz)$3,500 (oz)$4,000 (oz)$4,500 (oz)3.75/lb10.5 %11.5 %12.1 %12.7 %14.2 %15.6 %$4.00/lb11.4 %12.3 %12.9 %13.5 %15.0 %16.4 %$4.25/lb12.3 %13.1 %13.7 %14.3 %15.7 %17.1 %$4.60/lb13.4 %14.3 %14.8 %15.4 %16.7 %18.1 %$5.00/lb14.6 %15.5 %16.0 %16.5 %17.9 %19.2 %5.25/lb15.4 %16.2 %16.7 %17.3 %18.6 %19.8 %$5.50/lb16.1 %16.9 %17.4 %17.9 %19.2 %20.5 %$6.00/lb17.5 %18.3 %18.8 %19.3 %20.5 %21.8 %Deposit Geology and Mineral ResourceThe Vicuña Project area of the central Andes encompasses the crest of the ridge along the Chile-Argentina border and the area eastward into Argentina between the Maricunga belt to the north and the El Indio belt to the south. Regional mineralization in the area is typically related to porphyry and epithermal systems developed during the Late Oligocene to Miocene compressive stages of Andean arc development. The two major deposits thus far discovered on the Vicuña Project are the porphyry-epithermal systems of Filo del Sol and Josemaria.The Filo del Sol alignment is an approximately 8 kilometre ("km") long, north to northeast trending series of prospects of mid-Miocene porphyry copper-gold and related epithermal mineralization. The Filo del Sol deposit lies along the alignment as an elongate 5.4 km long domain of contiguous mineralization across three zones:  An older, more deeply eroded porphyry copper–gold mineralized domain in the Tamberías area; a slightly younger, partly blind to the surface porphyry copper–gold mineralized intrusions in the Aurora zone in the central domain; and deeper mineralization along a northeast trend in the Bonita area in the north. The domains together represent the mineralization around a large hydrothermal breccia centre cored by porphyry intrusions.The Josemaria deposit area is characterized by a Late Oligocene porphyry copper-gold system, emplaced along a north-trending structural corridor, to the east of Filo del Sol. The system includes disseminated porphyry style mineralization that also saw extreme telescoping and overprinting of the porphyry domain by advanced argillic alteration and related high-sulphidation mineralization. The reconstituted copper mineralization was upgraded in these telescoped domains, which were then additionally enriched through supergene processes when the high-grade part of the system was exposed to surface in modern times. _________________________________________
5 Economic sensitivities use a silver price of $40/oz.Vicuña Mineral Resource HighlightsOne of the world's largest copper, gold, and silver resources6Contained copper of 14 Mt M&I and 32 Mt Inferred.Contained gold of 36 Moz M&I and 61 Moz Inferred.Contained silver of 729 Moz M&I and 1,051 Moz Inferred.Compared to the previous Mineral Resource estimate (see news release dated May 4, 2025), contained metal at Vicuña increased by approximately 23% for copper, 20% for gold, and 21% for silver, reflecting growth across Measured, Indicated, and Inferred resource categories.The table below summarizes the Mineral Resource estimates for Filo del Sol and Josemaria deposits effective as of October 31, 2025 on a 100% basis. Additional important information is included in the notes following this news release. Table totals may not summate correctly due to rounding.Table 4. Vicuña Mineral Resource Estimate100% basis



TypeCategoryTonnes (Mt)Cu (%)Au (g/t)Ag (g/t)
Cu (kt)Au (Moz)Ag (Moz)Filo del Sol
SulphideMeasured----
---Indicated1,7330.460.346.0
8,03119.2336
M&I1,7330.460.346.0
8,03119.2336
Inferred8,7210.340.182.9
29,68351.5823Filo del Sol
Copper OxideMeasured----
---Indicated4670.320.272.5
1,4744.138
M&I4670.320.272.5
1,4744.138
Inferred4310.230.202.2
9822.730Filo del Sol
Gold OxideMeasured----
---Indicated301-0.252.7
-2.426
M&I301-0.252.7
-2.426
Inferred711-0.183.0
-4.169Filo del Sol
Silver OxideMeasured----
---Indicated710.360.36119.7
2540.8272
M&I710.360.36119.7
2540.8272
Inferred950.080.1435.1
750.4108Josemaria Measured6480.330.251.2
2,1435.225Indicated9610.250.151.1
2,4364.533
M&I1,6090.280.191.1
4,5799.758
Inferred6830.220.111.0
1,5152.522Vicuña
DistrictMeasured6480.330.251.2
2,1435.225Indicated3,5330.340.276.2
12,19530.9704
M&I4,1810.340.275.4
14,33836.1729
Inferred10,6410.300.183.1
32,25561.31,051













 Notes:1.      CIM (2014) definitions were followed for Mineral Resources.2.      Mineral Resources are reported on a 100% basis, in situ Mineral Resources are not Reserves do not have demonstrated economic viability. The Project is a 50:50 joint  arrangement between Lundin Mining and BHP Canada. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%.3.      The Qualified Person for the Filo del Sol estimates is Mr. Luke Evans, M.Sc., P.Eng., an SLR Consulting (Canada) Ltd. employee. The Qualified Person for the Josemaría estimate is Mr. Sean D. Horan, P.Geo., a Resource Modelling Solutions Ltd. employee.4.      Mineral Resource estimates for Filo del Sol were constrained within a pit shell with pit slope angles of up to 45o. Metal prices used were US$4.60/lb. copper, US$2,875/oz gold, and US$32.50/oz silver. Net smelter return (NSR) cut-off values and metallurgical recoveries varied by zone, and included:•          Gold Oxide: 73% gold; 63% silver recoveries with an NSR cut-off value of US$10.68/t;•          Copper and Silver Oxide: 67% copper, 63% gold, and 78% silver recoveries with an NSR cut-off value of US$16.58/t;•          Sulphide: 78% copper, 62% gold, and 62% silver recoveries with an NSR cut-off value of $9.84/t.•          Mining cost: $1.64/t (base cost at 4885 m) + incremental costs of $0.049/t/bench below and $0.031/t/bench above•          Processing cost: $7.78/t (gold oxide); $14.13/t (copper and silver oxides); $4.74/t (sulphide)•          Water cost: $2.19/t processed•          Tailing cost: $0.19/t processed•          G&A cost: $1.64/t processed•          Stockpile reclaiming cost: $0.79/t reclaimed•          ROM hauling cost: $0.36/t processed (gold oxide)•          Sustaining mining cost: $0.33/t mined•          Sustaining tailing & mill cost: $1.09/t processed•          Refining costs: $0.07/lb. (copper); $5.0/oz. (gold); $0.5/oz. (silver)•          Treatment costs: $70.0/dmt•          Royalties: 3.0% of gross payable revenue5.      Mineral Resource estimates for Josemaría were constrained within a pit shell with pit slope angles of up to 45 o. Metal prices used were US$4.60/lb. copper, US$2,875/oz gold, US$32.50/oz silver and an NSR cut-off value of US$9.59/t. Other inputs included average metallurgical recoveries of 82%, 60% and 56% for Cu, Au and Ag respectively•          Mining cost: $1.86/t (base cost at 4535 m) + incremental costs of $0.049/t/bench below and $0.031/t/bench above•          Water cost: $2.19/t processed•          Processing cost: $4.48/t processed•          Tailing cost: $0.19/t processed•          G&A cost: $1.64/t processed•          Sustaining mining cost: $0.33/t mined•          Sustaining tailing & mill cost: $1.09/t processed•          Refining costs: $0.07/lb. (copper); $5.0/oz. (gold); $0.5/oz. (silver)•          Treatment costs: $70.0/dmt•          Royalties: 3.0% of gross payable revenue_______________________________________________
6 Based on rankings from S&P Global, including the Filo del Sol and Josemaria deposits.Mineral Resource ExpansionThe updated Mineral Resource estimate for the Vicuña Project, effective October 31, 2025, reflects meaningful growth in the resource base, primarily at the Filo del Sol deposit. Changes relative to the previous estimate are driven mainly by new drilling at Filo del Sol, which supported both resource expansion and conversion to higher confidence categories, together with updated metal price assumptions and cut-off criteria applied in the PEA.No new drilling was incorporated at Josemaría. Changes to the Josemaría Mineral Resource are attributable to updated metal prices and cut-off assumptions.An ongoing drill program at Filo del Sol is focused on continued resource conversion, key mine-site condemnation drilling, and the collection of geotechnical and geometallurgical data to support ongoing technical studies.MiningMining is to be carried out using conventional open pit techniques. The two deposits (Filo del Sol and Josemaria) will share a common fleet of 360 tonne haul trucks, electric rope shovels, hydraulic shovels, and large loaders. The mine design for both pits is based on 15 m benches (often double benching), with slope angles ranging from 33 to 45 degrees. Mining is planned to be done in several phases within the two deposits. In the conceptual mine plan, Josemaria is mined for the first 6 years targeting higher grade material to the mill during the earlier years and/or delaying waste stripping until later years. Mill feed grade averages 0.40% copper, 0.31 g/t gold and 1.41 g/t silver over the first 6 years (Josemaria deposit).The initial mine life is 70 years with upside potential through regional exploration and identification of materialization along strike and to the east and west edges of the pit. The Company believes there are additional opportunities to further extend mine life by exploration.Mine planning and scheduling were engineered to feed up to 64.0 Mt per year of Josemaria mineralization to the process plant. Upon commissioning of the Filo del Sol's district leaching facilities, mining at Filo del Sol will commence, increasing the total mine movement at the Project to 300 Mt of material mined per year. Once Filo del Sol sulphide mineralization becomes higher grade than Josemaria, Josemaria mineralization will be deferred to the end of the mine life.  The Study outlines an average production profile of 400,000 tonnes of copper, 700,000 ounces of gold and 22 Moz of silver over a 25-year period with annual peak production estimates of 580,000 tonnes of copper per year, 1.1 Moz of gold per year and 56 Moz of silver per year.Table 5. Production Profile Year2030203120322033203420352036203720382039204020412042204320442045 - 20542055 - 2100Concentrator Feed (Mt)3655646464646464961071071071071071071,0704,674Copper Grade (%)0.42 %0.45 %0.36 %0.41 %0.38 %0.40 %0.38 %0.41 %0.33 %0.34 %0.38 %0.34 %0.39 %0.44 %0.50 %0.54 %0.32 %Gold Grade (g/t)0.40.40.30.30.30.20.30.30.40.30.30.30.30.30.40.30.2Silver Grade (g/t)2.01.41.21.61.41.22.33.64.37.94.23.15.97.06.08.92.6Copper Recovery (%)77 %81 %83 %85 %84 %83 %79 %80 %81 %82 %83 %82 %82 %84 %85 %85 %83 %Gold Recovery (%)67 %67 %67 %67 %66 %67 %54 %54 %57 %58 %59 %57 %58 %60 %61 %62 %59 %Silver Recovery (%)63 %63 %60 %63 %62 %64 %47 %48 %51 %53 %55 %52 %53 %57 %59 %59 %54 %Copper Recovered (kt)1152001952232042131912072552963342943423924554,89912,445Gold Recovered (koz)3254584194513443033503846176776845555526577637,28018,981Silver Recovered (Moz)1.41.61.52.01.81.52.23.56.714.47.85.510.813.612.0181.8208.3Heap Leach Feed (Mt)--12242424242424241415242414170218Copper Grade (%)--0.26 %0.29 %0.45 %0.44 %0.34 %0.41 %0.32 %0.20 %0.35 %0.30 %0.06 %0.18 %0.21 %0.19 %0.22 %Gold Grade (g/t)--0.50.50.30.30.30.40.40.40.30.30.30.30.20.20.2Silver Grade (g/t)--6.417.626.987.341.963.528.932.74.63.276.117.113.55.25.1Copper Cathode Recovery (%)--69 %71 %72 %67 %52 %60 %58 %57 %67 %61 %22 %47 %53 %44 %48 %Gold Recovery (%)--53 %55 %55 %55 %56 %57 %56 %55 %63 %62 %54 %54 %63 %58 %58 %Silver Recovery (%)--73 %75 %75 %77 %77 %77 %76 %75 %78 %76 %77 %73 %78 %70 %65 %Copper Recovered (kt)--2353847852685232363162518178281Gold Recovered (koz)--111193135129143171167152848413512063734975Silver Recovered (Moz)--1.810.115.652.024.837.717.019.01.61.145.19.44.720.425.7Total Copper Recovered (kt)1152002182762872912442763073293703253474174735,07712,726Total Gold Recovered (koz)3254585316434794324945557848297686396877788258,01419,956Total Silver Recovered (Moz)1.41.63.312.217.453.627.041.223.733.49.46.755.823.016.7202.1234.0Tonnages are rounded to the nearest 1,000 tonnes, metal grades are rounded to two decimal places. Tonnage and grade measurements are in metric units; contained gold and silver are reported as thousands of troy ounces.ProcessingSulphide MineralizationThe process plant design is developed on conventional industry standard unit operations. Run-of-mine mineralization will be processed through crushing and grinding, followed by three stage flotation to produce a gold-rich copper concentrate. Initial installed capacity is anticipated to be 175,000 tonnes per day, the processing plant is expected to be expanded to 293,000 tonnes per day with the development of the Filo del Sol deposit. At this time Josemaria mineralization will be largely deferred to the end of the mine life and the concentrator will be fed primarily from the Filo del Sol deposit.Run-of-mine material will be delivered from the open pit to two gyratory crushers with crushed material transported via conveyor to a covered coarse stockpile. Material will be reclaimed from the coarse stockpile and conveyed to three parallel SAG mill/Ball mill circuits. Ball mill cyclone overflow feed will feed the copper flotation process which will have a target P80 of approximately 130 µm. Conventional copper rougher flotation, followed by concentrate re-grinding and copper cleaner flotation, will result in the production of a copper concentrate with a copper grade of approximately 27%. The final concentrate will be thickened and filtered, ready for shipment by truck to a port in Chile.Extensive metallurgical testing of mineralization at Josemaria has been conducted with prior studies. Testwork focused on the initial five years of mineralization to be processed. The program focused on metallurgical recovery, crushing, grinding, flotation, and liquid-solid separation and included testing of five lithological composites, variability samples and four annual composites. Furthermore, a large sample representing mineralization from the oxide to fresh boundary, indicative of the early years of mining, was tested in a pilot plant to improve confidence and confirm bench scale assumptions.At Filo del Sol, additional metallurgical testing programs were carried out as part of the Study to support the development of the flowsheet. The additional testing primarily focused on the different lithologies and composite samples at Filo del Sol to test variability and characterization of mineralization zones, grind size and leach extraction. Based on recent and historical metallurgical test work, recovery equations were generated and applied at the block level. These equations estimated overall average recoveries in the prospective LOM as 83.4% for copper, 59.5% for gold and 55.8% for silver.Oxide MineralizationFilo del Sol is a high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry copper-gold system. Overlapping mineralizing events combined with weathering effects, including supergene enrichment, have created several different styles of mineralization, including copper-gold oxide (CuAuOx), copper oxide (CuOx) and gold oxide (AuOx). These three main domains are based primarily on mineralogy and have different metallurgical characteristics.Stage 2 introduces leaching facilities at the Filo del Sol site, targeting a heap leaching capacity of up to 90,000 tpd (all mineralization types). Facilities are designed for two main mineralization types (blended material and gold rich material), with distinct processing streams.A target of 60,000 tpd of blended mineralization will undergo crushing and scrubbing to remove sulfate minerals prior to copper oxide recovery by leaching on an on/off heap leach pad. Primary crushed material will be transported via a series of surface conveyors and mobile stacking equipment to the various leach pads. Following copper extraction, the processed material will be reclaimed and transferred to the permanent gold heap leach pad for subsequent gold and silver recovery. In parallel, 30,000 tpd of run-of-mine AuOx mineralization will be transported directly to the gold dump leach pad, where conventional gold leaching will facilitate gold and silver extraction. The Study contemplates conventional open pit mining methods. The oxide material will have a mine life of 35 years with a maximum mining rate of 72 Mt per year. A total of approximately 658 Mt of leach material is expected to be processed over the life of the mineThe pregnant leach solution (PLS) derived from the on/off pad, together with effluent from the acid-washing circuit, will be pumped to the Solvent Extraction and Electrowinning (SX/EW) plant for the production of high-purity copper cathodes. Leach solutions from the gold heap leach and dump leach pads will be directed to the Merrill-Crowe plant, where gold and silver will be recovered via cementation on zinc dust before proceeding to retorting and smelting, resulting in doré production. Filo del Sol Sulphide MineralizationStage 3 involves the processing of Filo del Sol sulphide mineralization through an upgrade and expansion to the concentrator. Filo del Sol sulphide mineralization is mined, crushed, and transported via a 12 km overland conveyor system, which includes two tunnels measuring 3.8 km and 2.5 km, before arriving at the concentrator for processing.In Stage 3, the existing three-line concentrator configuration is adapted and expanded to five lines to accommodate Filo del Sol sulphide mineralization, significantly increasing capacity for coarse material stockpiling, grinding, flotation, regrinding, concentrate thickening, and tailings management. This expansion targets a combined throughput of 293,000 tonnes per day, facilitating the integrated processing of both Josemaria and Filo del Sol materials throughout the life-of-mine plan.The enhanced facility offers greater operational flexibility by enabling simultaneous, yet independent, processing of Josemaria and Filo del Sol mineralization streams through parallel workflows. To address the unique properties of each resource, additional process equipment has been incorporated, including pebble crushers and extended regrind capabilities.Tailings ManagementSulphide tailings generated at the process plant will be segregated into rougher and cleaner tailings streams and discharged via pipelines to a tailings storage facility (TSF) for permanent storage. Thickened slurry tailings will be managed at four main TSFs and progressively developed throughout the mine operating life.All TSF dams are designed as zoned earthfill/rockfill embankments and will be raised using the downstream construction method. Runoff will be managed within each TSF and reclaimed to the process plant throughout the mine life.Capital & Operating CostsFor Stage 1, the Study contemplates a 40-month capital development and construction timeline that includes a 6-month commissioning period. Total initial capital cost for Stage 1 is estimated at $7.1 billion and $18.1 billion for stages 1-3. LOM sustaining capital is estimated at $30.3 billion over 70 years for all stages, including closure costs.The Study outlines a comprehensive development plan for Stage 1, encompassing construction of the concentrator and development of the Josemaria mine. The capital estimates and operating cost estimates are established from first principles.For Stage 1 estimates were completed to a class 3, contingency has been applied to the estimate on an area and discipline basis, variances ranged from -15% to +20% depending on the area and level of quotation. The Stages 2 and 3 estimate are completed to a class 5 and variances range from -35% to +50%.Table 6. Vicuña Capital Cost EstimateItemStage 1 Capital
($B)Stage 2 Capital
($B)Stage 3 Capital
($B)Mine1.00.30.8Crushing and Processing1.11.22.4Tailings Management0.200.1On-Site Infrastructure0.50.50.1Off-Site Infrastructure0.80.00.3Subtotal Direct Costs3.72.13.8Indirect Costs2.01.01.8Subtotal Direct and Indirect5.63.15.6Owner's Costs0.50.10.1Contingency0.90.71.4Total7.13.97.1Table 7. Vicuña Cash Cost and AISCCostsInitial 25 Years ($B)LOM ($B)Mining $11.4$37.3Processing – Concentrator$20.5$54.2Processing – SXEW$5.5$7.8Site Services and water$16.7$32.0Concentrate Freight$3.4$5.8G&A$4.3$12.2Amortization$0.6$1.3Realization Costs$4.5$10.4Royalties$6.5$20.8By-product Credits($77.7)($146.8)Total Cash Costs($4.3)$35.1Cash Cost per pound sold($0.20)/lb$0.74/lbSustaining capital including
capitalized stripping and closure capital$14.3$30.3Total AISC$10.0$65.4AISC per pound sold $0.47/lb$1.38/lbCash cost per pound sold, operating costs per tonne processed, and AISC per pound sold are non-GAAP financial measures, and sustaining capital expenditure is a supplementary financial measure. Please see "Cautionary Note Regarding Non-GAAP Measures".InfrastructureOn-site infrastructure includes a road network, processing plant, mine support facilities, power and water supply and distribution, camp facilities and water and sewage treatment facilities. The site infrastructure layout has been designed to provide a relatively direct flow of material from mine to tailings storage. The plant facilities were arranged to minimize civil earthwork and locate major equipment in areas with favourable geotechnical characteristics while maximizing gravity-assisted material flow where possible.Permanent site access will be provided via an upgraded 220 km access road (Northern Access Road) from the town of Angualasto (San Juan Province), located approximately 206 km northwest of San Juan City on Ruta Nacional 150.  The current access route from San Juan, via the town of Guandacol in the La Rioja Province, will be maintained for construction traffic until the Northern Access Road is complete. Water Supply and DistributionGroundwater sources will be developed to provide fresh water supply to the plant site and ancillary facilities during Stage 1 and Stage 2. Three groundwater well field locations have been identified for the supply of fresh water. Water from the well fields will be pumped to a freshwater pond adjacent to the plant site. The freshwater will be distributed throughout the site from storage tanks, which will maintain dedicated firewater reserves for the fire protection system.The long-term water supply is expected to be augmented by a desalinated seawater system from Chile (see below).PowerDuring Stage 1, electrical power for the Vicuña Project will be supplied from the Argentine national grid via an interconnection point located near the town of Rodeo. A new 500 kV transmission line will extend 167 km north to the newly established Chaparro Substation, where the transmission voltage will transition from 500 kV (single-circuit) to 220 kV (double-circuit). A 220 kV double-circuit transmission line will then continue from Chaparro to the main Josemaria Substation. This infrastructure is designed to support the load requirements for both Stage 1 and Stage 2 (a combined total of 380 MW).To meet the ultimate power demand for all phases (approximately 738 MW), the Project will require expansion of the Chaparro Substation, installation of a second transformer bank, additional reactive-power compensation at Chaparro, a new 220 kV Chaparro–Josemaria transmission line, and construction of a new 500 kV Chaparro–La Rioja Sur transmission line, accompanied by the requisite upgrades at the La Rioja Sur Substation. This expansion scope is anticipated to be constructed to support the Stage 3 Filo del Sol sulphides and mill expansion.Concentrate Treatment The copper concentrate recovered from the Filo del Sol pit is anticipated to have elevated arsenic content, necessitating its removal to enhance suitability for smelter processing. Accordingly, a copper concentrate roasting plant is proposed to support the Stage 3 Filo del Sol sulphides and mill expansion. The plant will be designed to process 1.3 Mt of concentrate annually, utilizing two independent lines to meet production requirements. The roasting operation is projected to produce a marketable calcine.Concentrate Transportation The concentrate transportation system will initially involve the trucking of concentrate using rotainers under a logistics contract from the Stage 1 Josemaria mine site to a Chilean port. This route will utilize the Northern Access Road and subsequently public highways across both Argentina and Chile. Upon arrival, the concentrate will be stored and then loaded onto ocean-going vessels for export to global smelting facilities.To accommodate the increased throughput associated with the Stage 3 Filo del Sol sulphides and mill expansion, a new concentrate pipeline and the associated pumping system will be installed to link the concentrator with the designated roaster.Desalination Plant & Pipeline Water supply for Stage 1 is expected to be sourced from the wellfields previously described. To accommodate the Stage 3 Filo del Sol mine expansion and mill expansion, a desalinated seawater system has been proposed along the Chilean coast, engineered to deliver 2,000 L/s to the Vicuña Project. This initiative includes the development of a dedicated seawater intake, a desalination facility, and a pipeline extending across mountainous terrain to the freshwater pond at the mill site. If makeup water requirements surpass the pipeline's 2,000 L/s capacity, supplemental supply from wellfields will be available to ensure consistent reliability during dry years.The Study assumes that the desalination plant, water pipeline, concentrate pipeline and roaster would be in a separate infrastructure company that would finance the development. Financial costs were included as operating costs with an assumed margin and capital payback.PermittingThe Vicuña Project spans Argentina and Chile and is governed by robust binational regulatory frameworks. In Argentina, the Environmental Impact Assessment (EIA) process culminates in the Declaración de Impacto Ambiental (DIA), while in Chile, projects must obtain an Environmental Qualification Resolution (RCA) through the System for the Evaluation of Environmental Impacts. The Stage 1 exploitation DIA in Argentina has been secured with several updates in progress. Additional permits on both sides of the border, including hydraulic authorizations, blasting permits, and sectoral approvals for water, mining operations, easements, maritime concessions, and discharge infrastructure will be required. Environmental baseline studies for the Project have been extensive and ongoing, covering climate, hydrology, geology, biodiversity, air quality, archaeology, paleontology, and cryology. The high-altitude Andean environment is characterized by semi-arid conditions, sensitive wetland ecosystems (vegas), and notable species of conservation concern. Comprehensive water monitoring networks in both Argentina and Chile have enabled detailed characterization of watershed behavior, water quality, and hydrogeology.Corporate Social ResponsibilityThe Project spans diverse communities in San Juan in Argentina and the Atacama Region of Chile, where mining plays a central socioeconomic role. Vicuña has prioritized engagement, transparency, and shared-value creation. Key themes that emerged from stakeholder engagement include local content, water management, and long-term economic development. The Project's social strategy focuses on building trust, local employment and supplier development, and institutional strengthening. Targeted initiatives also exist for vulnerable groups.Engagement will intensify during construction. Over the life of mine, Vicuña will maintain ongoing dialogue, support shared-value initiatives, and ensure that communities are active participants in project-related planning. Collectively, these initiatives position the Vicuña Project to advance in alignment with regulatory expectations, community priorities, and internationally recognized industry practice.Benefits to Argentina and ChileThe development of the Project is expected to provide substantial economic benefits to Argentina and Chile, both locally and at a national level. Vicuña will be one of the largest foreign direct investments in Argentina in the last 10 years and will be a meaningful contributor to gross domestic product.It is estimated that during production, the Project will contribute about $965 million annually and $69 billion over the LOM in taxes and royalties to the Argentinian economy. During construction, employment including employees of the Company and contractors is estimated to average 5,500 direct workers and 19,000 indirect workers. In addition to the continuation of existing community investment programs and small business development, economic diversification activities to attract and grow other industries will be advanced in parallel.Through the development of modern infrastructure and cross-border integration, Vicuña will support broader economic development in Chile's Atacama region. Meaningful infrastructure investment in Chile – including a port, desalination plant, water pipeline, roaster, and concentrate export facilities – will create long-term strategic assets that enhance regional competitiveness and industrial capacity. These investments, expected to total several billion dollars over the staged construction of the Project, will generate employment, strengthen local supply chains, and deliver sustained economic benefits to the region. In addition, the infrastructure will offer the potential for operational and commercial synergies with Lundin Mining's existing Chilean operations at Candelaria and Caserones, including shared infrastructure, logistics optimization, procurement efficiencies, and knowledge transfer.Next StepsThe Company intends to continue with to work with its partner, BHP, and Vicuña on a work plan to advance the Vicuña Project to production, key activities and milestones include:Ongoing detailed engineering and design activities for Stage 1.Trade off studies and optimization of Stages 2 & 3.Initiate construction of the North Access Road.Further advancement of project readiness and training initiatives in preparation of self-perform early earthworks.Advancement of financing structure within Vicuña to fund construction.Approval of the Incentive Regime for Large Investments under the Long-Term Strategic Export Projects designation (RIGI PEELP) application in Argentina.Receipt of the Project permit amendment.The next phase for the Vicuña Project is detailed design and engineering. The technical team will focus on advancing engineering in order to prepare procurement and other activities to support an efficient project start-up and mitigate risks of increasing lead times and variable international logistics.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 16, 2026 at 3:00 PM Eastern Time.Cautionary Statement Regarding the PEAThe reader is advised that the PEA summarized in this news release is only a conceptual study of the potential viability of the Project, and the economic and technical viability of the Project and its estimated Mineral Resources has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the Project's potential and design options; there is no certainty that the PEA will be realized. The PEA conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves.  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described herein and to be described in the Technical Report.Qualified Person Statements and Related DisclosureThe Technical Report summarizing the results of the Study is being prepared in accordance with NI 43-101 and will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca within 45 days of this news release. The Qualified Persons (as defined under NI 43-101) named below have reviewed and verified the scientific and technical information in respect to the Study in this news release and approve the written disclosure of such information.The Qualified Persons are:Mr. Luke Evans, P.Eng., Global Technical Director, Geology Group Leader, SLR Consulting (Canada) Ltd.
Mr. Paul Daigle, P.Geo., Principal Resource Geologist, AGP Mining Consultants Inc.
Mr. Sean Horan, P.Geo., Director of Resource Modelling, Resource Modelling Solutions Ltd.
Mr. Jeffery Austin, P.Eng., President, International Metallurgical and Environmental Inc.
Mr. Rod Clary, P.Eng., Director – Design Engineering, Fluor Enterprises Inc.
Mr. Kirk Hanson, P.E., Managing Member, KH Mining LLC
Mr. Dustin Smiley, P.Eng., Area Director – Phase II, Vicuña Corp.
Mr. Daniel Ruane, P.Eng., Senior Engineer, Knight Piesold Ltd.In accordance with applicable Canadian securities laws, all Mineral Resource estimates disclosed or referenced in this news release have been prepared in accordance with the disclosure standards of, and have been classified in accordance with Canadian Institute of Mining, Metallurgy and Petroleum's ("CIM") "Definition Standards for Mineral Resources and Reserves". Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into Mineral Reserves. In addition, "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian securities rules, estimates of Inferred Mineral Resources may not form the basis of an economic analysis, except for a preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an Inferred Mineral Resource exists or is economically or legally mineable.Mineral Resource estimates are shown on a 100% basis. The Project is a 50:50 joint arrangement between Lundin Mining and BHP Canada. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%.The Qualified Persons have reviewed and verified the sampling and analytical procedures, results of the QAQC program, database, domain interpretation, estimation parameters and validation of the block model and are of the opinion that Vicuña and their consultants have adopted a generally prudent and acceptable approach to their estimates. There was no limitation on the verification process. The Qualified Persons are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.Mineral Resource EstimationThe Vicuña Mineral Resource estimate was prepared using commercial mine software and geostatistical software. The Mineral Resource estimates for Filo del Sol and Josemaria deposits are based on 224,849 m of drilling in 435 drill holes and 106,504 m in 243 drill holes, respectively. The holes were assayed on a nominal 2-metre basis.  Assays were composited (8 m for Filo del Sol and 4 m for Josemaria) and top-cut (Filo del Sol only) prior to interpolation. The deposits were segregated into multiple estimation domains based on the geological models of lithology, alteration and mineralization style. Density was assigned by using an average per estimation domain for Filo del Sol and simulated for Josemaria, based on the results of specific-gravity samples taken from the drill core. The geological database was closed on October 31, 2025 for Filo del Sol and December 31, 2022 for Josemaria.Metal grades were interpolated using top-cut Ordinary Kriging for Filo del Sol and conditional simulation for Josemaria. Search ellipse anisotropy and orientation were guided by variography and geology. Mineral Resources are classified under the categories of Measured, Indicated, and Inferred according to the CIM's "Definition Standards for Mineral Resources and Reserves". Blocks were coded with the average distance to the nearest three drillholes, and the Mineral Resource classification was based primarily on drill hole spacing with consideration for the continuity of mineralization. Final classification shapes were smoothed by post-processing.Metallurgical testing demonstrates that oxide mineralization at Filo del Sol is amenable to heap leach operations to produce copper cathode and gold/silver doré. Hypogene mineralization at Josemaria and Filo del Sol are considered amenable to conventional milling and flotation to produce copper concentrates. At Josemaria, average flotation recoveries of 82%, 60% and 56% are expected for copper, gold and silver, respectively. At Filo del Sol, flotation recoveries vary by material type.  In the Filo del Sol concentrator, overall average recoveries of 78%, 62% and 62% are expected for copper, gold and silver, respectively. In the Filo del Sol heap leach, recoveries of 67%, 63% and 78% are expected for copper, gold and silver, respectively. Recovery estimates consider metallurgical testwork completed up to January 13, 2025.This Mineral Resource estimate is also based upon the reasonable prospect of eventual economic extraction based on an optimized pit, using cost assumptions consistent with the integrated Preliminary Economic Assessment. The pit optimization results are used solely for testing the "reasonable prospects for eventual economic extraction" and do not represent an attempt to estimate Mineral Reserves.  Conceptual pits for both deposits were generated using $4.60/lb. Cu, $2,875/oz. Au, and $32.50/oz. Ag. Maximum pit slope angle is 45 degrees for Filo del Sol and 45 degrees for Josemaria. At Josemaria, an average mining cost of $1.86/t with incremental costs of $0.049/t/bench are used. At Filo del Sol, an average mining cost of $1.64/t with incremental cost of $0.049/t/bench are used. Average processing costs are estimated at $4.48/t at Josemaria and range from $4.74 to $14.13/t at Filo. G&A cost estimates for both deposits are $1.64/t.Filo del Sol copper equivalent (CuEq) assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.60/lb Cu, $2,875/oz Au and $32.50/oz Ag. The CuEq formula is: CuEq= Cu% + (0.73 * Au g/t) + (0.009 * Ag g/t).Cautionary Note Regarding Non-GAAP MeasuresThe Company has included herein certain performance measures ("Non-GAAP measures") further described below. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable to similar data presented by other mining companies. While there is no standardized meaning of each Non-GAAP measure across the industry, the Company believes that each such measure is useful to external users in assessing operating performance. These measures are 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 Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures.Cash Cost (Net of By-Product Credits) per pound soldCash cost includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges and royalties. Cash Cost includes offsite infrastructure to be funded by a third party and is included in operating costs. Revenue from sales of by-products reduce cash cost. Cash cost per pound sold is calculated by dividend cash cost by the copper sales volume.All-In Sustaining Cost (Net of By-Product Credits) per pound soldAll-In Sustaining Cost includes cash cost (as defined above), sustaining capital expenditure (including deferred stripping), reclamation costs and lease payments (cash basis). All-In Sustaining Cost per pound sold is calculated by dividing AISC by the copper sales volume.Sustaining capital expenditureSustaining capital expenditure is a supplementary financial measure and defined as cash-basis expenditures which maintain operations and sustain production levels.Expansionary capital expendituresExpansionary capital expenditure is defined as cash-basis expenditures which increase 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.Free cash flowFree cash flow is defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above).Operating costs per tonne milledOperating costs per tonne milled is a supplementary financial measure calculated as operating costs divided by tonnes milled.Cautionary Statement on Forward-Looking Information Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision and aspirations and their achievement and timing; the results of the Vicuña Project PEA, including but not limited to the Mineral Resource estimate and the parameters and assumptions used to estimate the Mineral Resources, future expansion of the Mineral Resource estimate and the Project, the life of mine, the life of mine plan, commencement of production, mining methods, estimated workforce and equipment requirements, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, process flowsheet, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and the timing thereof, economic metrics and sensitivities, estimated economic results (including Project economics, economic metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Project, tailings management, Project infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting facilities, pipelines, transportation systems, and desalination plant and pipeline), Project development and construction plans (including staged development, Project Stages, sequencing, timing, costs and the effects and benefits), Project permitting (including timelines and expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the Project and the timing thereof, community and social engagement and corporate social responsibility matters, economic, fiscal and other benefits of the Project to local communities, host-countries, shareholders and other stakeholders, the Vicuña Project Technical Report and the timing thereof; Project studies (including technical, environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to be a world-class project ranking among the top five copper, gold and silver mines globally; the Company's credit facility and the amendments thereto, including upsizing, expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended credit facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit facility; Project funding and the Company's expectations regarding its funding strategy and its work with BHP; 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, cash flow, costs, expenditures and other financial metrics; permitting requirements and timelines; the Company's ability to comply with contractual and permitting or other regulatory requirements; timing and possible outcome of pending litigation and disputes, including tax disputes; the timing and expectations of future studies; 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; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the operation of the Vicuña Project with BHP; expected processing capacities and infrastructure development; the timing and expectations for future regulatory applications; the anticipated economic and fiscal benefits to Argentina and Chile, including expected tax, royalty, employment and infrastructure impacts and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; 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 (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Vicuña Project and commencement of production; successful completion of the Company's projects and initiatives (including the Project) within budget and expected timelines; and such other assumptions as set out herein, in the Project Technical Report when filed, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to 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; 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; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk 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 "Risk 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 are 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.





SOURCE Lundin Mining Corporation

Original: Lundin Mining Announces Vicuña Integrated Technical Study Results Highlighting a World-Class Mining District

Lundin Mining Receives Commitments to Increase its Existing Credit Facility to $4.5 BillionFebruary 12, 2026 7:00 PM
PR Newswire (Canada)

VANCOUVER, BC, Feb. 12, 2026  /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce that the Company has received commitments from 17 lenders to upsize and amend its existing revolving credit facility ("Credit Facility") to $4.5 billion to facilitate funding of the Vicuña Project as well as for general corporate purposes. The commitments are subject to the execution and delivery of definitive documentation satisfactory to the Company and the Credit Facility lenders, and the fulfillment of customary conditions precedent. All monetary amounts in this news release are expressed in United States dollars unless otherwise indicated.Total commitments amount to $4.5 billion, with the Company initially having access to $2.25 billion. Upon satisfaction of certain conditions, the Credit Facility will expand to $3.5 billion, and upon sanctioning Stage 1 of the Vicuña Project, will increase to the full $4.5 billion. In addition, the maturity date will be extended to 2031. Pricing remains unchanged from the current facility and is based on a sliding scale, with margins ranging from 1.45% to 2.50% over adjusted SOFR, depending on the Company's leverage ratio.Teitur Poulsen, Chief Financial Officer, commented "The upsizing of our Credit Facility to $4.5 billion is one of the cornerstones to advancing the Vicuña Project and keeps us on track of our goal to become a top-ten global copper producer with annual production of over 500,000 tonnes of copper once Vicuña is in full operation. We are very pleased with the commitments we have received from 12 of our existing lenders in addition to the 5 new lenders joining our Credit Facility."As we continue to work with our partner BHP to optimize the funding strategy for the Vicuña Project, the extension and upsizing of the Credit Facility further strengthens our financial flexibility and underscores the confidence of our lending partners in the quality of the Vicuña Project and our broader operating portfolio. Combined with our strong balance sheet and consistent operating performance, the Credit Facility positions us to fund our share of the Vicuña Project while continuing annual shareholder distributions of $220 million, creating long-term value for shareholders."The amended Credit Facility is expected to include standard and customary terms and conditions with respect to fees, representations, warranties, and financial covenants.Upon execution, the amended Credit Facility agreement will be filed on SEDAR+ (www.sedarplus.ca).About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 12, 2026 at 4:00 Pacific Time.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 and Talon's respective plans, prospects and business strategies and strategic vision and aspirations, and their achievement and timing; statements regarding the Transaction Credit Facility and the amendments thereto, including the expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended Credit Facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; statements regarding the use of proceeds from the Credit Facility; the Company's expectations regarding its funding strategy for the Vicuña Project and its work with BHP; the Company's expectations regarding its production capacities, operational performance and the timing and amount of future production; the Company's expectations regarding the results of operations; anticipated exploration and development activities at the Company's projects; the Company's growth and optimization initiatives and expansionary projects, including the Vicuña Project and the potential costs, outcomes, results and impacts thereof; the Company's expectations regarding financial performance, adequacy of capital resources, financial flexibility, and liquidity; the Company's ability to fund its share of the Vicuña Project and other obligations, including annual shareholder distributions; the Company's shareholder distribution policy, including with respect to share buybacks and the payment and amount of dividends; benefits of the Transaction for the Company and Talon and the anticipated synergies associated with the Transaction; Lundin Mining's plans relating to its ownership interest in Talon following closing of the Transaction; the anticipated benefit of the Transaction to Lundin Mining's shareholders; 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 assumptions regarding the completion of the amended Credit Facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended Credit Facility, including the fees, representations, warranties and financial covenants; the ability of the Company to access committed amounts, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Vicuña Project that Talon's post-closing results of operations will be consistent with past performance and management expectations in relation thereto; the ability of Talon to achieve post-closing goals and identify and realize post-closing opportunities; that the political environment in which the Company and Talon operates will continue to support the development and operation of mining projects; that the Company can access financing, appropriate equipment and infrastructure and sufficient labour; assumed and future price of copper, gold, zinc, nickel, silver and other metals; anticipated costs, including capital expenditures and operating costs, and no material cost overruns; 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; construction, development, commissioning and ramp-up timelines; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; the Company's ability to comply with contractual and permitting or other regulatory requirements; and such other assumptions as set out herein and in the Company's other public disclosure documents, 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: the failure to realize the anticipated benefits of the Transaction; risks relating to the development, permitting, construction, commissioning and ramp-up of the Vicuña Project and the Company's other projects and initiatives; risks associated with large-scale project financing and the Company's ability to access additional capital on acceptable terms; risks related to the Credit Facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; reputation risks related to negative publicity with respect to the Company, Talon or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Company's and Talon's respective projects; 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, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance and the ability to reach timely decisions on material matters affecting the Vicuña Project; 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, Argentina or Brazil; the impact of global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; 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 of 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; potential for the allegation of fraud and corruption involving the Company, its  or Talon, their respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; 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; currency and 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.





SOURCE Lundin Mining Corporation

Original: Lundin Mining Receives Commitments to Increase its Existing Credit Facility to $4.5 Billion

Lundin Mining Announces Updated Share CapitalJanuary 30, 2026 7:00 PM
PR Newswire (US)

VANCOUVER, BC, Jan. 31, 2026 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act.The number of issued and outstanding shares of the Company has increased by 20,386 to 854,367,977 common shares with voting rights as of January 30, 2026. The increase in the number of issued and outstanding shares from December 31, 2025 to date is a result of the exercise of employee stock options or the vesting of employee share units. During this period, the Company did not purchase any shares for cancelation under its Normal Course Issuer Bid program. About Lundin Mining Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on January 30, 2026 at 16:00 Pacific 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 50



View original content:https://www.prnewswire.co.uk/news-releases/lundin-mining-announces-updated-share-capital-302675461.html

Original: Lundin Mining Announces Updated Share Capital

Lundin Mining Pre-Announces Items Impacting the Fourth Quarter and Full Year 2025 ResultsJanuary 28, 2026 5:30 PM
PR Newswire (Canada)

VANCOUVER, BC, Jan. 28, 2026 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pre-announcing certain items impacting the Company's earnings, adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA")1, adjusted earnings1 and adjusted earnings per share1 for the three months ending December 31, 2025. Unless otherwise stated, dollar amounts are presented in United States dollars ("USD") and are unaudited.Revenue and Provisional Pricing AdjustmentsRevenue in the fourth quarter 2025 is expected to be positively impacted by unaudited provisional pricing adjustments on prior period concentrate sales of approximately $83 million on a pre-tax basis. These adjustments primarily include upward adjustments in relation to prior period copper and gold sales.Foreign Exchange and DerivativesItems of significant impact in the fourth quarter 2025 are expected to include unaudited realized losses on  commodity derivative contracts of approximately $16 million, primarily related to gold collar contracts. Unaudited realized foreign exchange losses in the fourth quarter 2025 are not expected to be significant.In the fourth quarter 2025 the Company is expected to recognize certain non-cash items that will impact the Company's earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share. These include an unaudited unrealized gain of approximately $8 million on a pre-tax basis related to the mark-to-market valuation of the Company's unexpired derivative contracts, primarily due to strengthening Chilean peso against the USD during the quarter. Unaudited unrealized foreign exchange losses are not expected to be significant.Other ItemsThe Company anticipates to recognize other unaudited significant items impacting the fourth quarter 2025 earnings from continuing operations totaling a net positive impact to earnings of approximately $450 million. The items include a non-cash deferred tax recovery at Caserones following a reassessment of the estimated utilization of accumulated tax losses, partially offset by a non-cash write-down of long-term stockpile inventories at Chapada as a result of mine plan changes deprioritizing the timing of processing of stockpiles. These amounts will be excluded from adjusted EBITDA, adjusted earnings, and adjusted earnings per share.Earnings from discontinued operations in the fourth quarter 2025 are expected to be positively impacted by unaudited realized and unrealized gains on contingent consideration related to the sale of the European operations and an unaudited non-cash reversal of impairment at Eagle, totaling approximately $100 million. These amounts will be excluded from adjusted EBITDA, adjusted earnings, and adjusted earnings per share.Fourth Quarter and Full Year 2025 Results Conference Call and Webcast Details The Company will release its fourth quarter 2025 operations and financial results after market close on Thursday, February 19, 2026, and will hold a webcast and conference call on Friday, February 20, 2026 to present the results. Webcast and conference call details are provided below.____________________________________1 These measures are non-GAAP measures. 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.Webcast / Conference Call Details:Date: Friday, February 20, 2026Time: 7:00 AM PT | 10:00 AM ETListen Only Webcast: WEBCAST LINKDial In for Investor & Analyst Q&A: DIAL IN LINKTo participate in the call click on the dial in LINK above and complete the online registration form. Once registered you will receive the dial-in information and a unique PIN to join the call and ask questions.A replay of the webcast will be available by clicking on the webcast LINK above and will be archived on the Company's website for a limited period of time.About Lundin MiningLundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.The information was submitted for publication, through the agency of the contact persons set out below on January 28, 2026 at 14:30 Pacific Time.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 financial results, impacts thereto and the accounting therefor; expected items of significant impact in the fourth quarter and annual results, and the anticipated impact on the Company's revenue, earnings, adjusted EBITDA, adjusted earnings and adjusted earnings per share; expected costs; tax matters and utilization of tax recovery; anticipated market rates of metals, currency exchange rates, and interest rates; timing of future disclosures; the Company's plans, prospects and business strategies; 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 prices of copper, gold, zinc, nickel and other metals; anticipated costs; 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 environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions 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 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; 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 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; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in the jurisdictions in which the Company operates or elsewhere; 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 of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; 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 Company's relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; interests of significant shareholders of the Company; 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 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 are 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. 





SOURCE Lundin Mining Corporation

Original: Lundin Mining Pre-Announces Items Impacting the Fourth Quarter and Full Year 2025 Results

Humongous Sinkhole Appears in Chile, Leaving a Deep Void in The Desert
AFP
4 AUGUST 2022

Experts in Chile on Tuesday were investigating the appearance of an enormous sinkhole, bigger than a tennis court, that has appeared near a copper mine in the Atacama desert.

Experts were dispatched to examine the hole, some 32 meters (104 feet) across and twice as deep, which appeared in an area about 800 kilometers (nearly 500 miles) north of Santiago over the weekend, the National Geology and Mining Service (Sernageomin) said in a statement.
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A 100-meter security perimeter has been erected around the hole in the Tierra Amarilla municipality, near the Alcaparrosa mine operated by Canadian firm Lundin Mining.

The company said in a statement there had been "no impact to personnel, equipment or infrastructure," and the sinkhole has remained stable since its detection.

AerialChileanSinkholeInTierraAmarillaThe sinkhole. (Johan Godoy/AFP)

As a preventive measure, "development work in an area of the Alcaparrosa underground mine has been temporarily suspended," the company said.

Sernageomin director David Montenegro said experts would seek to determine the cause of the collapse and "ensure that all safety measures are taken to safeguard the lives of workers and communities close to the site".

Cristian Zuniga, mayor of the Tierra Amarilla municipality of some 13,000 inhabitants, told journalists the sinkhole was unprecedented.

"We ask that the cause be clarified: whether the collapse is the product of mining activity or something else," he said.

Chile is the world's largest copper producer, responsible for a quarter of global supply.
https://www.sciencealert.com/humongous-sinkhole-in-chile-is-deeper-than-the-leaning-tower-of-pisa-is-tall

Lundin Mining Announces Passing of Founder and Former Chairman Mr. Lukas H. Lundin
Lundin Mining Corporation (CNW Group/Lundin Mining Corporation)
NEWS PROVIDED BY

Lundin Mining Corporation
Jul 27, 2022, 11:30 ET

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TORONTO, July 27, 2022 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") regrets to announce that the Company´s founder and former Chairman, Mr. Lukas H. Lundin, passed away on July 26, 2022 at the age of 64, following a two-year battle with brain cancer.

Over the past 40 years, Lukas has been a driving force behind the tremendous successes of companies within the Lundin Group. Lukas started his career in the international energy and mining sectors in the early 1980s working side-by-side with his father, the late Mr. Adolf H. Lundin.

Lundin Mining Announces Passing of Founder and Former Chairman Mr.& Lukas& H.& Lundin (CNW Group/Lundin Mining Corporation)
Lundin Mining Announces Passing of Founder and Former Chairman Mr.& Lukas& H.& Lundin (CNW Group/Lundin Mining Corporation)
Under the leadership of Lukas and his brother Ian, and in close cooperation with the rest of the Lundin family, the Lundin Group has grown into an internationally recognized portfolio of energy and mining companies with operations spanning the globe. The eleven companies that comprise the Lundin Group today have a combined market capitalization in excess of USD 11 billion, directly employing more than 15,000 people and creating opportunities for tens of thousands more.

Lukas Lundin´s sons Harry, Adam, Jack and William in a joint statement say, "Our father is our biggest inspiration. His passion for the industries to which he devoted his life was unparalleled. Lukas saw people as the key to success and spent decades building some of the strongest management teams in our industries. He always strived to empower those working with him and continuously pushed us to aim higher. We could not have had a better father and mentor.

Our family is deeply saddened about Lukas' passing but takes comfort in the knowledge that his legacy will live on for generations to come. Having worked side-by-side with Lukas for many years, all of us look forward to continuing to build on the successes of the companies within the Lundin Group – with the support of our shareholders and other stakeholders, not least the members of the local communities where we operate. The companies in the Lundin Group stand stronger than ever and the Lundin family is united in our commitment to remain long term shareholders."

Lukas founded Lundin Mining together with his father in the mid-1990s and was a member of the Board of Directors and Chairman of the Company for more than 25 years until he stepped down in May 2022. In his role as Chairman, Lukas oversaw Lundin Mining's development from an exploration-stage company into a global mid-tier producer with a strong copper focus and a portfolio of world-class assets.

Lundin Mining's President and CEO, Peter Rockandel, commented "The many successes of Lundin Mining and the Lundin Group owe directly to Lukas' extraordinary strategic foresight, matched only by his relentless drive. His guidance and support for his colleagues will be deeply missed, however, his pursuit and vision of creating a world-class base metals company lives on. Lukas would say, 'Get the right people. Empower the people. And have good assets.' Those of us that worked closest with Lukas share in his approach and will continue to build upon his legacy."

About Lundin Mining

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

The information was submitted for publication on July 27, 2022, at 11:30 Eastern Time.

SOURCE Lundin Mining Corporation


For further information: Robert Eriksson, The Lundin Group of Companies, reriksson@rive6.ch, +46701112615

Organization Profile

Lundin Mining Corporation
Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel. For more information, visit...

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Lundin Gold Inc. Announces C$50 Million Bought Deal Financing

https://www.investegate.co.uk/article.aspx?id=20200526123002H5873


Lundin Gold Inc. Announces C$50 Million Bought Deal Financing

VANCOUVER, British Columbia, May 26, 2020 (GLOBE NEWSWIRE) -- Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX: LUG, Nasdaq Stockholm: LUG) has announced today that it has entered into an agreement with BMO Capital Markets (“BMO”), under which BMO has agreed to buy on a bought deal basis 4,150,000 common shares (the “Common Shares”), at a price of C$12.05 per Common Share for gross proceeds of approximately C$50 million (the “Offering”). The Company has granted BMO an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The offering is expected to close on or about June 11, 2020 and is subject to Lundin Gold receiving all necessary regulatory approvals.

Newcrest Mining Limited, which currently holds approximately 32% of the Company’s issued and outstanding shares through a wholly-owned subsidiary, has exercised its pre-emptive participation rights in the Offering, along with Orion Mine Finance, which currently holds approximately 11% of the Company’s issued and outstanding shares. The Company expects that Zebra Holdings and Investments S.à.r.l, Lorito Holdings S.à.r.l and/or Nemesia S.à.r.l (the “Lundin Family Trusts”), which collectively hold approximately 27% of the Company’s issued and outstanding shares, will participate in the financing at their collective pro-rata shareholdings.

The net proceeds of the offering will be used to study increased throughput, future resource expansion, potential COVID-19 related costs and for general working capital purposes.

The Common Shares will be offered by way of a short form prospectus in all of the provinces and territories of Canada other than Quebec and may also be offered by way of private placement in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and applicable U.S. state securities laws.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the largest and highest-grade gold deposits in the world.

The Company's board and management team have extensive expertise in mine operations and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the operation of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on May 26, 2020 at 4:25 a.m. Pacific Time through the contact persons set out below.

For more information, please contact

Lundin Gold Inc.
Ron F. Hochstein
President and CEO
+593 2-299-6400
+1-604-806-3589

Lundin Gold Inc.
Sabina Srubiski
Manager, Investor Relations
+1-604-806-3089
info@lundingold.com
www.lundingold.com

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Lundin Gold Inc. Announces C$50 Million Bought Deal Financing


VANCOUVER, British Columbia, May 26, 2020 (GLOBE NEWSWIRE) -- Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX: LUG, Nasdaq Stockholm: LUG) has announced today that it has entered into an agreement with BMO Capital Markets (“BMO”), under which BMO has agreed to buy on a bought deal basis 4,150,000 common shares (the “Common Shares”), at a price of C$12.05 per Common Share for gross proceeds of approximately C$50 million (the “Offering”). The Company has granted BMO an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The offering is expected to close on or about June 11, 2020 and is subject to Lundin Gold receiving all necessary regulatory approvals.

Newcrest Mining Limited, which currently holds approximately 32% of the Company’s issued and outstanding shares through a wholly-owned subsidiary, has exercised its pre-emptive participation rights in the Offering, along with Orion Mine Finance, which currently holds approximately 11% of the Company’s issued and outstanding shares. The Company expects that Zebra Holdings and Investments S.à.r.l, Lorito Holdings S.à.r.l and/or Nemesia S.à.r.l (the “Lundin Family Trusts”), which collectively hold approximately 27% of the Company’s issued and outstanding shares, will participate in the financing at their collective pro-rata shareholdings.

The net proceeds of the offering will be used to study increased throughput, future resource expansion, potential COVID-19 related costs and for general working capital purposes.

The Common Shares will be offered by way of a short form prospectus in all of the provinces and territories of Canada other than Quebec and may also be offered by way of private placement in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and applicable U.S. state securities laws.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the largest and highest-grade gold deposits in the world.

The Company's board and management team have extensive expertise in mine operations and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the operation of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on May 26, 2020 at 4:25 a.m. Pacific Time through the contact persons set out below.

For more information, please contact

Lundin Gold Inc.
Ron F. Hochstein
President and CEO
+593 2-299-6400
+1-604-806-3589

Lundin Gold Inc.
Sabina Srubiski
Manager, Investor Relations
+1-604-806-3089
info@lundingold.com
www.lundingold.com

Follow Lundin Gold on Twitter

RE:CORE GOLD INCORPORATED - SHAREHOLDERS WHO DO NOT WISH TO TEN
Rick Rule Fireside Chat with Lundin Group Executives
8,443 views •Jan 30, 2020







https://www.youtube.com/watch?v=GRkzH3hLBdo


Cambridge House International Inc.
63K subscribers


Moderator Rick Rule has dedicated his entire adult life to many aspects of natural resource securities investing. In addition to the knowledge and experience gained in a long and focused career, he has a worldwide network of contacts in the natural resource and finance worlds. As Director, President, and CEO of Sprott US Holdings, Inc., Mr. Rule leads a highly skilled team of earth science and finance professionals who enjoy a worldwide reputation for resource investment management. Panelists: Ron Hochstein - CEO & Director, Lundin Gold Corp. Adam Lundin - President, CEO & Director, Josemaria Resources Inc. Jamie Beck - President, Filo Mining Corp. David Cates - President & CEO, Denison Mines Corp. Join us at an upcoming event! http://www.cambridgehouse.com Be part of our investment community: http://www.cambridgehouse.com/ https://twitter.com/cambridge https://www.facebook.com/cambridgehou...https://www.linkedin.com/company/camb...


https://www.youtube.com/watch?v=GRkzH3hLBdo



CORE GOLD INCORPORATED - SHAREHOLDERS WHO DO NOT WISH TO TENDER
THEIR SHARES TO THIS OFFER NEED NOT SUBMIT INSTRUCTIONS -

RE:
https://stockhouse.com/companies/bullboard?symbol=v.cgld&postid=30661139

https://stockhouse.com/news/press-releases/2020/01/27/titan-minerals-receives-overwhelming-support-for-takeover-of-core-gold-more

RE: Corporate Action Notice -

BTW.
I DO NOT WISH TO TENDER AND WILL KEEP WHAT I HAVE -
TIA

In GOD We Trust -





https://www.kitco.com/images/live/silver.gif?0.8344882022363285









http://www.kitconet.com/images/live/au0001wb.gif


Gold & Silver is the only REAL Legal Tender -

by The Founding Fathers for your -

Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm

God Bless America
Ps.
opinion appreciated
TIA

Lundin closes $1bn acquisition of Chapada copper-gold mine
MINING.COM Editor | July 5, 2019 | 1:55 pm Latin America Copper Gold



Lundin Mining grabs Brazilian copper-gold mine from Yamana in $1B deal
Chapada mine, in the Brazilian state of Goiás, began production in 2007. (Image courtesy of Sandstorm Gold Royalties)

Lundin Mining on Friday announced it has closed the acquisition of a
100% ownership stake in Mineração Maracá Indústria e Comércio S/A,
which owns the Chapada copper-gold mine in Brazil from Yamana Gold.


https://www.mining.com/lundin-closes-1-billion-acquisition-of-chapada-copper-gold-mine/


The Chapada mine, in the northwest state of Goiás, began production in 2007 and is expected to churn out about 54,500 tonnes of copper and 100,000 ounces of gold this year.

The deal was first announced in April.

Total cash consideration paid at closing by the Lundin was $800 million, funded by cash on hand and the Company’s $550 million revolving credit facility.

Yamana retains a 2.0% net smelter return (NSR) royalty on future gold production from the Suruca gold deposit, receives contingent consideration of up to $125 million over five years if certain gold price thresholds are met and contingent consideration of $100 million on potential construction of a pyrite roaster.

Ace Trader Thank you -
following mark #83 to you -
God Bless

Yer I was there for the showing. I worked for him back in 2014 on his other yacht ! Which I came back to work on. Rouor has it he wants to buy it back in the mean time as he's building a 300 plus yacht. All crew politics that I didnt end up working on it. I still have friends working on there. His head office is back in Praguy now. I heard he hit the mother load with the oil wells off the coast of Norway 2 years ago worth about 4 to 6 billion EU..

PS, the Build name for Savannha was ( Monkey Business)

Michael Welch as Chief Operating Officer ("COO") effective March 1, 2018. As COO, Mr. Welch will assume responsibility for the Company's activities at its Back Forty Project in Michigan where he will lead operational readiness and help drive the seamless integration from project to operations.

Just like Welch got Eagle mine into operation, he will do it again with Aquila's Back Forty project.

TORONTO, March 2, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today the filing of its financial results for the fourth quarter and year ended December 31, 2017. All amounts, unless indicated, are reported in U.S. dollars.

FOURTH QUARTER HIGHLIGHTS

In December 2017, the Michigan Department of Environmental Quality ("MDEQ") deemed Aquila's wetland/stream/floodplain permit application for the Back Forty Project administratively complete and the regulatory technical review process can now move to the next stage. This is final required permit to operate and build the Back Forty Project.
The Company closed a financing transaction with Osisko Bermuda Limited ("OBL"), a wholly owned subsidiary of Osisko Gold Royalties Ltd (TSX & NYSE: OR) pursuant to which OBL has agreed to commit $65 million to Aquila through a $10 million private placement and $55 million gold stream purchase agreement. OBL purchased 49,173,076 units of Aquila at a price of C$ 26 cents per unit for aggregate gross proceeds of $10 million (the "Strategic Investment"). Each unit consists of one common share and one-quarter of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company for C$ 34 cents until May 10, 2021. Concurrent with the Strategic Investment, the parties have entered into a Gold Purchase Agreement (the "Stream") whereby OBL will purchase 18.5% of the refined gold from the Project (the "Threshold Stream Percentage") until the Company has delivered 105,000 ounces of gold (the "Production Threshold"). Upon satisfaction of the Production Threshold, the Threshold Stream Percentage will be reduced to 9.25% of the refined gold. In exchange for the refined gold delivered under the Stream, OBL will pay the Company ongoing payments equal to 30% of the spot price of gold on the day of delivery, subject to a maximum payment of $600 per ounce. In consideration for the Stream, OBL will make four upfront deposit payments to Aquila totaling $55 million, including $7.5 million which was received on close.
The Company released the final results from the Company's 2017 exploration drill program at the Back Forty Project. The drilling program was designed to test the along-strike extension of the 2016 Zone massive sulphide. The results included 1.27 g/t gold, 15.78 g/t silver, 12.17% zinc, over 7.09 meters (drilled thickness) in LK-17-537.
The Company also completed its estimates of capital costs and operating expenditures for the Feasibility Study for the Back Forty Project. Key progress included frozen layout, optimized flow sheet and overall reduction to environmental footprint including water, wetlands and air impacts.
In December of 2017, the State of Wisconsin passed AB 499, the Mining for America Act which, amongst other things, repealed a decades old moratorium on non-ferrous mining in the state. Aquila is currently evaluating its strategy in Wisconsin where it has two earlier stage exploration assets.
As at December 31, 2017, Aquila had cash of $17.2 million and working capital of $15.5 million. This compared to cash of $1.4 million and working capital of $0.6 million at December 31, 2016. The working capital increase was due to the Strategic Investment and the first advance under the Stream in November 2017, the private placement in February 2017 and warrant exercises during Q3 2017 offset by the funding of the Company's permitting activities and development of the Feasibility Study.
POST QUARTER HIGHLIGHTS

In February 2018, the Company announced an updated Mineral Resource Estimate for the Back Forty Project (the "2018 Mineral Resource Estimate"). Highlights of the 2018 Mineral Resource Estimate include a 10% increase in tonnage in the Measured and Indicated Mineral Resource categories versus the prior 2013 Mineral Resource Estimate, a 12% increase in contained zinc and a 4% increase in contained gold. Contained silver, copper and lead also increased versus the 2013 Mineral Resource Estimate.
The Menominee Indian Tribe of Wisconsin recently filed a federal lawsuit in the Eastern District of Wisconsin against the Environmental Protection Agency and the US Army Corps of Engineers, claiming that the federal government should exercise jurisdiction over the wetlands permitting process currently being administered by the State of Michigan and require Aquila to obtain a federal wetlands permit. Both federal agencies rejected this argument when it was presented to them last year, and Aquila anticipates that their position that the State of Michigan is properly exercising its delegated authority to issue a Wetlands Permit will be vindicated by the federal court.
Appointed Michael Welch as Chief Operating Officer ("COO") effective March 1, 2018. As COO, Mr. Welch will assume responsibility for the Company's activities at its Back Forty Project in Michigan where he will lead operational readiness and help drive the seamless integration from project to operations. He will also oversee stakeholder engagement, compliance, sustainability, and the Company's regional strategy. Mr. Welch has more than 25 years of experience in the mining and mineral exploration industry covering grassroots exploration, mine geology/exploration, project management and executive operations management. Prior to joining Aquila, Mr. Welch was the Managing Director and President of the Board of Directors for Lundin Mining Corporation's ("Lundin") Somincor Operations, which include the Neves-Corvo copper and zinc mine in Portugal. Prior to that, he was responsible for the construction completion and start-up of operations for Lundin's Eagle Mine in Northern Michigan, U.S.A. Before joining Lundin, Michael was the Vice President of Operations for Xstrata Nickel's Raglan Operation in Quebec, Canada.
"2017 was a year of considerable progress and achievement for Aquila as we continued to advance the Back Forty Project towards a construction decision," said Barry Hildred, President and Chief Executive Officer of Aquila. "The Company will continue to work with the MDEQ to address any questions concerning the wetlands permit and we anticipate a permit decision in the first half of 2018. In parallel, we are moving ahead on a number of key initiatives including finalizing the Back Forty Feasibility Study, developing an exploration strategy for Back Forty and our earlier stage assets in Wisconsin, continuing to enhance our leadership team, and considering the strategic and financial options available to the Company."

Worlds Largest Yacht Feadship 686 Savannah -



https://www.youtube.com/watch?v=QyzmbbYYNuE


Motor yacht Savannah is currently under construction at Feadship and
is to be delivered to her owner later in 2015.
Savannah is an 83.5 meter (274ft) yacht, built out of steel with an
aluminum superstructure.
She was known as project #686, before being christened Savannah.
The yacht is referred to as a ‘hybrid yacht’, powered by a combination
of a single Wärtsila diesel engine, three diesel-electric generators and
a battery pack.
Propulsion comes from an advanced Azimuth propeller system.
Photos on this page by DutchMegaYachts.

Lukas Lundin
Lukas Lundin is the owner of the yacht Savannah.
Lukas Lundin is the head of the Lundin Group -

Btw.
To 'SeriousStockStoke' on 'Lundin Mining Company' -

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=19318679

I am very happy to see Adolf son will enjoy the world - )

well been in Lundin Mining since the beginning -
it's a long time ago -
since broker asked me who Adolf Lundin is -
I told them and
next day Adolf left the broker with a
>$million - that started it -

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=19318679
Tia
God Bless

http://tmx.com/en/pdf/short_positions/Dec31-2013.pdf

Top 20 Largest - Consolidated Short Position Report
Please find below the Top 20 Largest Consolidated Short Position Report Highlights. The report is produced twice
monthly, effective the 15th and the end of each month. The report below covers the 2-week period ending
December 31, 2013.
TSX Markets (a division of TSX Inc.) collects this information on behalf of Investment Industry Organization of
Canada. Participating Organizations are required to file this information pursuant to Universal Market Integrity
Rule 10.10.
Issue Name Symbol As of Dec 30 As of Dec 15 Net Change
LUNDIN MINING CORPORATION LUN 60,372,644 62,894,431 -2,521,787
BOMBARDIER INC. CL B SV BBD.B 52,650,735 33,988,500 18,662,235
NEW GOLD INC. NGD 46,377,287 47,205,108 -827,821
OSISKO MINING CORPORATION J OSK 43,675,171 43,720,790 -45,619
THOMSON REUTERS CORPORATION TRI 41,633,981 28,979,682 12,654,299
ATHABASCA OIL CORPOATION J ATH 37,568,553 38,388,408 -819,855
MANULIFE FINANCIAL CORPORATION MFC 37,428,824 46,959,284 -9,530,460
BARRICK GOLD CORPORATION ABX 32,416,329 24,026,847 8,389,482
BROOKFIELD OFFICE PROPERTIES INC. BPO 32,255,989 20,777,738 11,478,251
HUSKY ENERGY INC. HSE 29,269,593 26,681,348 2,588,245
LEGACY OIL + GAS INC. LEG 29,210,825 29,114,197 96,628
CELESTICA INC. SV CLS 28,638,415 36,833,550 -8,195,135
BCE INC. BCE 28,544,803 24,118,117 4,426,686
GREAT-WEST LIFECO INC. GWO 27,893,804 26,896,341 997,463
SUNCOR ENERGY INC. SU 27,683,580 18,870,309 8,813,271
ENBRIDGE INC. ENB 25,164,546 28,256,786 -3,092,240
POWER CORPORATION OF CANADA SV POW 24,913,803 16,081,627 8,832,176
TALISMAN ENERGY INC. TLM 24,664,753 37,765,863 -13,101,110
CGI GROUP INC. CL A SV GIB.A 24,629,593 23,945,844 683,749
ELEMENT FINANCIAL CORPORATION J EFN 23,993,221 26,073,275 -2,080,054

Top 20 Largest - Consolidated Short Position Report

http://www.tmx.com/en/pdf/short_positions/Aug15-2013.pdf

Please find below the Top 20 Largest Consolidated Short Position Report Highlights. The report is produced twice
monthly, effective the 15th and the end of each month. The report below covers the 2-week period ending
August 15th, 2013.
TSX Markets (a division of TSX Inc.) collects this information on behalf of Investment Industry Organization of
Canada. Participating Organizations are required to file this information pursuant to Universal Market Integrity
Rule 10.10.
Issue Name Symbol As of August
15
As of July 31 Net Change
KINROSS GOLD CORPORATION K 79,548,968 8,173,938 71,375,030
LUNDIN MINING CORPORATION LUN 67,405,848 67,568,335 -162,487
NEW GOLD INC. NGD 53,102,304 53,731,073 -628,769
HORIZONS BETAPRO NYMEX CRDE OIL
BEAR+ETF A UN
HOD 50,568,625 43,554,555 7,014,070
BOMBARDIER INC. CL 'B' SV BBD.B 48,350,011 39,809,879 8,540,132
CELESTICA INC. SV CLS 41,036,365 41,103,232 -66,867
MANULIFE FINANCIAL CORPORATION MFC 40,293,061 34,724,527 5,568,534
OSISKO MINING CORPORATION J OSK 37,035,408 36,176,726 858,682
LEGACY OIL + GAS INC. LEG 36,203,268 35,214,470 988,798
CGI GROUP INC. CL 'A' SV GIB.A 34,019,727 32,853,097 1,166,630
ATHABASCA OIL CORPORATION J ATH 32,388,267 32,528,295 -140,028
YAMANA GOLD INC. YRI 31,143,997 13,507,062 17,636,935
TRANSCANADA CORPORATION TRP 30,886,355 34,865,414 -3,979,059
TURQUOISE HILL RESOURCES LTD. TRQ 29,578,352 29,754,345 -175,993
TORONTO-DOMINION BANK (THE) TD 28,937,077 29,967,403 -1,030,326
ROYAL BANK OF CANADA RY 28,171,165 25,446,371 2,724,794
IAMGOLD CORPORATION IMG 28,142,410 9,932,127 18,210,283
ENCANA CORPORATION ECA 28,000,138 30,267,766 -2,267,628
ENBRIDGE INC. ENB 27,102,069 21,778,131 5,323,938
ELEMENT FINANCIAL CORPORATION J EFN 23,156,476 27,056,824 -3,900,348
For further information please call Catherine McGravey at 416-947-4655 or, to subscribe call Publications
at 416-947-4778
The information on this page is collected with care but TSX Inc. does not guarantee either the completeness or the accuracy of this
information. The data contained in this report is provided for informational purposes only. This is not an invitation to purchase any security
mentioned herein. You agree not to rely upon the information contained in this report for any trading, business or financial purpose.
By using this report, you expressly agree to the con

Lundin Mining Corp. (LUN)
5.0 ? -0.01 (-0.20%)
Volume: 926,100 @ 11:57:56 AM ET
Bid Ask Day's Range
4.99 5.0 4.96 - 5.02
TSE:LUN Detailed Quote Wiki

Lundin Mining Corp. (LUN)
4.59 ? 0.0 (0.00%)
Volume: 757,500 @ 4:40:25 PM ET
Bid Ask Day's Range
4.59 4.6 4.57 - 4.6
TSE:LUN Detailed Quote Wiki

Lundin Mining Corp. (LUN)
4.0 ? 0.0 (0.00%)
Volume: 587,400 @ 11:08:53 AM ET
Bid Ask Day's Range
4.0 4.01 3.98 - 4.02

Lundin Mining Corp. (LUN)
4.74 ? 0.03 (0.64%)
Volume: 2,478,900 @ 2:48:50 PM ET
Bid Ask Day's Range
4.73 4.74 4.71 - 4.77
TSE:LUN Detailed Quote Wiki

Lundin Mining Corp. (LUN)
5.2 ? 0.08 (1.56%)
Volume: 1,461,600 @ 11:29:50 AM ET
Bid Ask Day's Range
5.2 5.21 5.19 - 5.26
TSE:LUN Detailed Quote Wiki

Lundin Mining Corp. (LUN)
3.7 ? -0.08 (-2.12%)
Volume: 9,963,100 @ 4:00:00 PM ET
Bid Ask Day's Range
3.7 3.71 3.65 - 3.87
TSE:LUN Detailed Quote Wiki

Lundin Mining Corp. (LUN)
5.66 ? 0.51 (9.90%)
Volume: 6,004,600 @ 4:52:11 PM ET
Bid Ask Day's Range
5.66 5.68 5.26 - 5.68
TSE:LUN Detailed Quote

Lundin Mining Corp. (LUN)
7.4 ? 0.23 (3.21%)
Volume: 7,518,300 @ 4:00:02 PM ET
Bid Ask Day's Range
7.39 7.42 7.2 - 7.42
TSE:LUN Detailed Quote

Lundin Mining Corp. (LUN)
6.69 ? 0.05 (0.75%)
Volume: 4,026,300 @ 4:00:00 PM ET
Bid Ask Day's Range
6.69 6.7 6.66 - 6.83
TSE:LUN Detailed Quote

Nice up tick on the news China is back at the buying table.

http://www.theglobeandmail.com/globe-investor/china-group-in-talks-to-buy-lundin/article2002944/

The company could be worth as much as $11.70 a share in a takeover, or almost $6.9-billion, TD Securities analyst Greg Barnes estimated this week.

Nice! Glad I listened to the BOD and held my shares.

Anybody cashing out on the new offer?

ncj167, Thats where it's at.. HUH? Well, time going fast,
I feel it was not long ago a broker called me and asked who is
Adolf Lundin? the stock was at that time South Atlantic at
about $0.25 and Adolf Lundin walked out of Pac.Intn. next day
with a check of more than $million about 15yrs ago -
so Adolf Lundin become a billionaire and his sons got it
now...



I didn't sell when it was high - I am not friend of capital
gain taxes and polo-ticz who gives all taxez to banks bail0uts etc.
God Bless

Lundin Mining Shareholder Rights Plan Is in Effect-TSX Defers Consideration
Apr. 1, 2011 (Marketwire Canada) --
TORONTO, ONTARIO --

http://tmx.quotemedia.com/article.php?newsid=40020575&qm_symbol=LUN

Lundin Mining Corporation
(TSX:LUN)(OMX:LUMI) ("Lundin Mining") announced that it has been notified by the Toronto Stock Exchange (the "TSX") that the TSX will defer consideration of the acceptance of Lundin Mining's limited duration Shareholder Rights Plan (the "Rights Plan") until such time as the TSX is satisfied that the Ontario Securities Commission will not intervene pursuant to National Policy 62-202 – Take-Over Bids – Defensive Tactics. Pursuant to TSX policies, the TSX automatically defers acceptance of shareholder rights plans adopted in response to a specific take-over bid.

Shareholders should note that the Rights Plan remains in effect even though the TSX has deferred its review of the Rights Plan. A copy of the Rights Plan will be available at www.sedar.com.

About Lundin Mining

Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a development project pipeline which includes an expansion project at its Neves-Corvo mine along with its equity stake in the world class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo.

On Behalf of the Board,

Phil Wright

President and CEO

Lundin Mining Corporation
Investor Relations North America
+1-604-689-7842



Lundin Mining Corporation
Senior Business Analyst
+1-416-342-5560



Lundin Mining Corporation
Investor Relations Sweden
+46 8 545 015 50

http://www.lundinmining.com